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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, September 16, 2025, Vol. 28, No. 185
Headlines
A U S T R A L I A
BEGA GROUP: Sells Peanut Processing Plants to Crumpton Group
ESTONE DIRECT: First Creditors' Meeting Set for Sept. 18
INDIGO BUILDING: Second Creditors' Meeting Set for Sept. 17
JAPANESE QUALITY: First Creditors' Meeting Set for Sept. 19
JUICY FESTIVALS: Creditors' Proofs of Debt Due on Sept. 30
MOSAIC BRANDS: Ordered to Pay Penalties of AUD25 Million
NORTH SHORE: First Creditors' Meetings Set for Sept. 19
PRICE PLASTICS: First Creditors' Meeting Set for Sept. 18
PROGRESS 2025-2: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes
RUBY BOND 2025-1: S&P Assigns Prelim BB+ (sf) Rating to E Notes
B A N G L A D E S H
DUTCH-BANGLA BANK: Moody's Withdraws 'B2' Deposit & Issuer Ratings
C H I N A
HOZON NEW: Administrators in Talks With Data Provider of Neta
HOZON NEW: Creditor Claims Hit Over USD700MM in Bankruptcy Case
H O N G K O N G
ELECT GLOBAL: Moody's Rates USD Junior Subordinated Notes 'Ba1'
LI & FUNG: S&P Withdraws 'BB' Rating on USD2-Bil. MTN Program
I N D I A
ANUPAM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
ASHTVINAYAK LEISURE: CARE Keeps C Debt Rating in Not Cooperating
CASTINGS INDIA: CARE Keeps C Debt Rating in Not Cooperating
DANEM HEAVY: CARE Keeps C Debt Rating in Not Cooperating Category
EARTH HOME: CARE Keeps C Debt Rating in Not Cooperating Category
ETERNAL MOTORS: CARE Keeps D Debt Ratings in Not Cooperating
GREEN VIEW: CARE Keeps B- Debt Rating in Not Cooperating Category
INDIAN INFRADEVELOPERS: CARE Keeps B- Rating in Not Cooperating
L. N. ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
MA MONI: CARE Keeps B- Debt Rating in Not Cooperating Category
MAHAVIR CASHEW: CARE Keeps D Debt Rating in Not Cooperating
MARKANDA STEEL: CARE Keeps B- Debt Rating in Not Cooperating
MOHAN COLD: CARE B- Debt Rating in Not Cooperating Category
NAMITA RICE: CARE Keeps C Debt Rating in Not Cooperating Category
NARAYAN INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
NARWAL HATCHERIES: CARE Keeps B- Debt Rating in Not Cooperating
PAVITHRA CONSTRUCTIONS: CARE Keeps D Ratings in Not Cooperating
PRERNA STRIPS: CARE Keeps C Debt Rating in Not Cooperating
PROCESS CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
R. VINUDHANU: CARE Keeps B- Rating in Not Cooperating Category
RAJ OVERSEAS: CARE Keeps C Debt Rating in Not Cooperating Category
RAJA AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
SIMPLEX CASTINGS: CARE Withdraws C Rating on INR50cr LT Loan
TIRUMULA INDUSTRIES: CARE Keeps B Debt Rating in Not Cooperating
TIRUPATI TRADING: CARE Keeps B- Debt Rating in Not Cooperating
N E P A L
NEPAL: Sets March Elections After Naming Interim Prime Minister
N E W Z E A L A N D
AIRWORK HOLDINGS: Owes Creditors NZD145MM, Receivers' Report Shows
COUNTIES COMMERCIAL: Court to Hear Wind-Up Petition on Oct. 9
PITS4U LIMITED: Court to Hear Wind-Up Petition on Oct. 16
ROLAND INVESTMENTS: Creditors' Proofs of Debt Due on Oct. 3
SCOOP GELATO: Creditors' Proofs of Debt Due on Sept. 30
SMITHS CITY: Two More Stores Close as Final Sale Nears its End
P A K I S T A N
PAKISTAN: Flood Spending, Budget Agility to be Reviewed, IMF Says
S I N G A P O R E
BIZALLIANZ HOLDINGS: Court to Hear Wind-Up Petition on Sept. 26
ECHO TRAVELS: Court to Hear Wind-Up Petition on Sept. 26
FALAINA PTE: Court to Hear Wind-Up Petition on Sept. 26
IT TECH: Court to Hear Wind-Up Petition on Sept. 26
MAXEON SOLAR: Shareholders OK All Proposals at Annual Meeting
T&H CLEANING: Court to Hear Wind-Up Petition on Sept. 19
S R I L A N K A
SRI LANKA: Central Bank Has Room to Cut Rates but Will be Cautious
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A U S T R A L I A
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BEGA GROUP: Sells Peanut Processing Plants to Crumpton Group
------------------------------------------------------------
ABC News reports that a major deal has been struck that may provide
a lifeline to Queensland's peanut industry.
Bega announced plans in July to shut down its processing plants at
Kingaroy in the South Burnett region and Tolga in Far North
Queensland due to financial pressures.
According to the ABC, the news left farmers and about 150 employees
in limbo about the future of the peanut industry in their regions.
However, Bega Group has announced it will now sell its assets at
the sites, including land, buildings and equipment, to
Kingaroy-based Crumpton Group.
The ABC relates that Bega chief executive Pete Findlay said the
group would still shut down the Peanut Company of Australia part of
the business.
But he was pleased with the sale of the processing sites, which he
said would keep the assets in "local hands".
"We're selling the properties around Kingaroy and Tolga to
Crumpton, so they'll . . . look to utilize those properties in
future peanut processing," the ABC quotes Mr. Findlay as saying.
Mr. Findlay said the sale included the main silos and roasting
facility at Kingaroy, the primary processing plant and refrigerated
storage at Tolga, plus some distribution centers.
"We will separate the employees with all of their entitlements as
we've discussed, and we'll support those employees as we
discussed.
"Crumptons will buy the properties and then they'll look to operate
them in whatever format they see fit, and will employ some people
back into the business again."
The ABC adds that Crumpton Group general manager Sonie Crumpton
said the company bought the assets to give the industry a way
forward.
He said while some staff would be re-hired, it was too early to
know all the details.
"We're definitely going to re-hire some of those staff, but at the
moment I don't know who that will be," the ABC quotes Mr. Crumpton
as saying.
Crumpton Group is a family-owned business that has been processing
peanuts for decades. Its products include raw and roasted peanuts,
peanut butter and peanut oil, among others.
According to the ABC, Mr. Crumpton said when Bega announced the
looming closures, the company began talking with growers across the
South Burnett.
Shortly after, the group was also approached by growers in Tolga,
which pushed the company to step up and negotiate the deal, the ABC
relays.
ESTONE DIRECT: First Creditors' Meeting Set for Sept. 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Estone
Direct Pty Ltd will be held on Sept. 18, 2025 at 3:30 p.m. via
Zoom.
Gideon Isaac Rathner of Lowe Lippmann was appointed as
administrator of the company on Sept. 9, 2025.
INDIGO BUILDING: Second Creditors' Meeting Set for Sept. 17
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Indigo Building
Group Pty Ltd, DSH Group Holdings Pty Ltd, and DSH Group
Investments Pty Ltd, has been set for Sept. 17, 2025, at 10:00 a.m.
via virtual facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 16, 2025 at 4:00 p.m.
Matthew Hudson and Terry van der Velde of SV Partners were
appointed as administrators of the company on Aug. 13, 2025.
JAPANESE QUALITY: First Creditors' Meeting Set for Sept. 19
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Japanese
Quality Whisky Society Pty Ltd will be held on Sept. 19, 2025 at
2:00 p.m. via virtual meeting only.
Manuel Hanna of Romanis Cant was appointed as administrator of the
company on Sept. 9, 2025.
JUICY FESTIVALS: Creditors' Proofs of Debt Due on Sept. 30
----------------------------------------------------------
Creditors of Juicy Festivals Australia Limited are required to file
their proofs of debt by Sept. 30, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Sept. 2, 2025.
The company's liquidators are:
Fabian Kane Micheletto
SV Partners Insolvency (Vic)
Level 17
200 Queen Street
Melbourne, Victoria 3000
MOSAIC BRANDS: Ordered to Pay Penalties of AUD25 Million
--------------------------------------------------------
The Australian Competition & Consumer Commission (ACCC) said that
former fashion retailer Mosaic Brands Limited has been ordered by
the Federal Court to pay $25.05 million in penalties for consumer
law breaches that included accepting payment but failing to deliver
items to consumers within a reasonable time.
Mosaic Brands, which is now in liquidation, was the owner of
well-known brands including Noni B, Rivers, Katies, Rockmans,
Millers, Autograph, Beme, Crossroads and W. Lane.
The Court found that Mosaic Brands breached the Australian Consumer
Law over a 6-month period when it failed to deliver 739,114 items
across its nine brands within the delivery times specified on its
websites, or a reasonable time. Of these items, 4,213 were not
delivered at all.
In doing so, Mosaic Brands was found to have wrongfully accepted
payment from consumers and engaged in misleading or deceptive
conduct.
"Delivery times matter and it is unacceptable to mislead consumers
about this aspect of a sale. A large number of Australians - and
close to a quarter of online goods ordered from the Mosaic Group
were affected by it," ACCC Deputy Chair Catriona Lowe said.
"Our investigation revealed that more than half of the items in
question were dispatched from Mosaic Brands' warehouses 30 or more
days after the order date, and about one-third were dispatched 40
or more days after the order date."
"One person who reported to us experienced the dual disappointment
of never receiving the goods they'd paid for and then having to
wait six months for a refund," Ms. Lowe said.
The almost 740,000 goods that the Court found Mosaic Brands
wrongfully accepted payment for made up almost one-quarter of the
total online items ordered and dispatched by Mosaic Brands during
the six-month period.
In addition, Mosaic Brands did not have reasonable grounds for
making delivery time representations on its websites due to
Mosaic's deficient and defective warehousing and logistics systems
and operations.
The Court also found that Mosaic Brands breached the Australian
Consumer Law when, in a 13-month period between 2021 and 2022, it
stated on eight of its brands' websites that consumers were only
eligible for a refund for a faulty item if they sought the refund
within six months of the purchase date.
Under the Australian Consumer Law, a consumer's right to a refund
for a faulty item does not have a set time limit: it applies for a
"reasonable time", which depends on factors such as the price and
quality of the item.
"All online retailers should be aware that excessive delivery
delays after accepting payment can lead to penalties of this
magnitude," Ms. Lowe said.
The ACCC commenced court proceedings against Mosaic Brands in the
Federal Court in March 2024. The Court made orders on 28 August
2025, with reasons to follow.
Mosaic Brands entered voluntary administration in October 2024. The
company then entered liquidation in July 2025.
The Court granted the ACCC leave to continue proceedings against
Mosaic Brands, and since January 2025 the matter has been
undefended.
Mosaic Brands was a publicly listed company specialising in women's
fashion. At its peak, it had approximately 7.8 million online
members and operated about 800 stores across Australia.
Mosaic Brands previously paid a total of $896,400 for infringement
notices issued by the ACCC in May 2021 and September 2022, and gave
a court enforceable undertaking in May 2021 in relation to
misrepresentations on its websites, including about refunds for
faulty goods.
Consumer issues in domestic supply chains, including issues such as
misrepresentations of delivery timeframes and non-delivery of
products, was an ACCC enforcement priority in 2023-2024.
NORTH SHORE: First Creditors' Meetings Set for Sept. 19
-------------------------------------------------------
A first meeting of the creditors in the proceedings of North Shore
Partnership Manager Pty Ltd, Partnership Manager 116 Mountain Gate
Pty Ltd and Partnership Manager Kotara 113 Pty Ltd, will be held on
Sept. 19, 2025 at 9:30 a.m., 9:45 a.m. and 10:00 a.m.,
respectively, at the offices of Robson Cotter Insolvency Group, at
Unit 1, 78 Logan Rd, in Woolloongabba, QLD, and via telephone
facilities.
William Roland Robson of Robson Cotter Insolvency Group was
appointed as administrator of the companies on Sept. 9, 2025.
PRICE PLASTICS: First Creditors' Meeting Set for Sept. 18
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Price
Plastics Pty. Ltd (trading as Price Plastics) and Price Plastics
Holdings Pty Limited will be held on Sept. 18, 2025 at 10:30 a.m.
via Microsoft Teams.
James Dampney, David Hardy, and Gayle Dickerson of KPMG were
appointed as administrators of the company on Sept. 9, 2025.
PROGRESS 2025-2: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee for Progress 2025-2 Trust.
Progress 2025-2 Trust is a securitization of prime residential
mortgages originated by AMP Bank Ltd.
S&P said, "The preliminary ratings reflect our view of the credit
risk of the underlying collateral portfolio and the credit support
provided to each class of rated notes are commensurate with the
ratings assigned. Credit support is provided by subordination,
lenders' mortgage insurance (LMI), and excess spread, if any. Our
assessment of credit risk considers AMP Bank's underwriting
standards and approval process, which are consistent with
industrywide practices, the servicing quality of AMP Bank, and the
support provided by the LMI policies on 14.0% of the portfolio.
"We believe the rated notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the LMI cover, the
mechanism for trapping excess spread into an excess reserve, the
provision of a liquidity reserve, and the provision of an income
reserve--funded by AMP Bank at closing to cover extraordinary
expenses--sized at a level consistent with the ratings. All rating
stresses are made on the basis that the trust does not call the
notes at or beyond the first call-option date, and that all rated
notes must be fully redeemed via the principal waterfall mechanism
under the transaction documents.
"Our ratings also consider the counterparty exposure to Australia
and New Zealand Banking Group Ltd. and MUFG Bank Ltd. as bank
account providers. The transaction documents include downgrade
remedies consistent with our counterparty criteria. The legal
structure of the trust is established as a special-purpose entity
and meets our criteria for insolvency remoteness."
Preliminary Ratings Assigned
Progress 2025-2 Trust
Class A, A$460.00 million: AAA (sf)
Class AB, A$20.00 million: AAA (sf)
Class B, A$8.55 million: AA (sf)
Class C, A$5.75 million: A (sf)
Class D, A$2.15 million: BBB (sf)
Class E, A$1.85 million: BB (sf)
Class F, A$1.70 million: Not rated
RUBY BOND 2025-1: S&P Assigns Prelim BB+ (sf) Rating to E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of residential mortgage-backed securities (RMBS) to be
issued by Perpetual Corporate Trust Ltd. as trustee for Ruby Bond
Trust 2025-1. Ruby Bond Trust 2025-1 is a securitization of prime
residential mortgage loans originated by BC Securities Pty Ltd.
The preliminary ratings assigned to the floating-rate RMBS reflect
the following factors.
The credit risk of the underlying collateral portfolio, which
predominantly comprises residential mortgage loans to nonresidents
of Australia, and the credit support provided to each class of
notes are commensurate with the ratings assigned. Credit support is
provided by subordination, lenders' mortgage insurance covering
77.4% of the loan portfolio, excess spread, if any, and a loss
reserve funded by the trapping of excess spread, subject to
conditions. S&P's assessment of credit risk considers BC
Securities' underwriting standards and approval process as well as
its servicing quality.
The rated notes can meet timely payment of interest and ultimate
repayment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the loss reserve,
the principal draw function, the liquidity reserve, and the
provision of an extraordinary expense reserve. S&P's analysis is on
the basis that the notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and it assumes the notes are not called at or
beyond the call-option date.
S&P said, "Our ratings also take into account the counterparty
exposure to Australia and New Zealand Banking Group Ltd. and
National Australia Bank Ltd. as the bank account providers. The
transaction documents include downgrade remedy language consistent
with our counterparty criteria.
"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.
"We have assessed the servicing and standby servicing arrangements
in this transaction under our "Global Framework For Assessing
Operational Risk In Structured Finance Transactions" criteria,
published on Oct. 9, 2014, and concluded that there are no
constraints on the maximum rating that can be assigned to the
notes."
Preliminary Ratings Assigned
Ruby Bond Trust 2025-1
Class A1-MM, A$134.00 million: AAA (sf)
Class A1-AU, A$181.00 million: AAA (sf)
Class A2, A$132.50 million: AAA (sf)
Class B, A$38.00 million: AA (sf)
Class C, A$25.00 million: A (sf)
Class D, A$7.50 million: BBB+ (sf)
Class E, A$5.50 million: BB+ (sf)
Class G, A$1.50 million: Not rated
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B A N G L A D E S H
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DUTCH-BANGLA BANK: Moody's Withdraws 'B2' Deposit & Issuer Ratings
------------------------------------------------------------------
Moody's Ratings has withdrawn all ratings of Dutch-Bangla Bank
PLC., including the B2 long-term (LT) and NP short-term (ST) local
currency (LC) and foreign currency (FC) deposit and issuer ratings
and the b2 Baseline Credit Assessment (BCA) and Adjusted BCA.
Moody's have also withdrawn the bank's B2/NP LT/ST FC Counterparty
Risk Ratings, B1/NP LT/ST LC Counterparty Risk Ratings, and
B1(cr)/NP(cr) LT/ST Counterparty Risk Assessments.
Prior to the withdrawal, the outlooks on the LT deposit and issuer
ratings were negative.
RATINGS RATIONALE
Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).
Dutch-Bangla Bank PLC. is headquartered in Dhaka and reported total
consolidated assets of BDT743 billion as of June 2025.
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C H I N A
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HOZON NEW: Administrators in Talks With Data Provider of Neta
-------------------------------------------------------------
Yicai Global reports that after Neta car owners reported losing
access to vehicle telematics, the court-appointed administrators of
parent company Hozon New Energy Automobile said the third-party
data provider had shut off services without warning and pledged to
keep negotiating for a solution.
According to Yicai, Lenovo Connect unilaterally ended its vehicle
connectivity services deal with Neta, the administrators announced
on Sept. 11, adding that it will hold more talks with the smart
Internet of Things services provider, while reserving the right to
pursue legal action.
Neta cars lost internet connection in the past few days, Yicai
learned. Hozon Auto notified owners Sept. 11 that they should
purchase data plans on Lenovo Connect's WeChat account if their
vehicles have no internet. Without a data plan, they will not be
able to use the Neta app, which enables remote vehicle controls.
Formed in 2014, Shanghai-based Hozon Auto entered bankruptcy
restructuring in June and has an administration team that was set
up by Zhejiang Haihao Law Firm, Zhejiang Zicheng Law Firm, and
Shanghai Junyue Law Firm.
Lenovo Connect claimed that Hozon Auto's operational issues and
months of failed payment negotiations created huge cost pressure
and posed a major risk to service guarantees for vehicle owners.
The administration team said it has been fulfilling the agreement
with Lenovo Connect since taking over Neta's operations.
This is not the first time Neta vehicles have lost connectivity. In
April, many owners told Yicai they could not unlock their cars or
adjust the air conditioner remotely using the app. Service was
restored only after several days.
Neta sold 152,000 cars in 2022, leading other electric vehicle
startups by sales volume. But since last October, it has struggled
with unpaid wages and mass layoffs.
About Hozon Auto
Tongxiang-based Hozon Auto manufactures electric car. It produces
vehicles under the Neta brand.
As reported in the Troubled Company Reporter-Asia in mid-June 2025,
Hozon New Energy Automobile has entered bankruptcy reorganization
proceedings. According to Yicai Global, the National Enterprise
Bankruptcy Information Disclosure Platform updated its information
about Hozon Auto's bankruptcy case on June 13, adding Zhejiang
Zicheng Law Firm as the administrator, along with other key
management personnel, indicating that the company has officially
entered bankruptcy.
HOZON NEW: Creditor Claims Hit Over USD700MM in Bankruptcy Case
---------------------------------------------------------------
Yicai Global reports that Hozon New Energy Automobile, the owner of
the Neta electric vehicle brand, has revealed details of its
bankruptcy reorganization, with creditor claims reaching CNY5.1
billion (USD716.4 million) so far.
A total of 1,631 creditors have filed claims, which could
eventually amount to more than CNY26 billion, the Shanghai-based
company announced on Sept. 12, revealing that it has just held its
first online meeting with creditors, three months after the
bankruptcy process was first announced, Yicai relays.
In addition, Hozon Auto said that it owes about CNY460 million in
unpaid salaries to over 5,000 employees. The company also said it
has accounts receivable of CNY9.3 billion, and Neta has a cash
balance of about CNY15.46 million, according to Yicai.
Formed in 2014, Hozon Auto entered bankruptcy restructuring in June
and has an administration team that was set up by Zhejiang Haihao
Law Firm, Zhejiang Zicheng Law Firm, and Shanghai Junyue Law Firm.
To maintain normal operations at Neta, Hozon Auto said it is in
talks with suppliers to keep in-vehicle infotainment service
systems running, Yicai relays. Neta's owner base numbers over
400,000 and the stability of this owner community is crucial for
the preservation of the brand's value, it said, adding that if the
company were to cease operations, it would be difficult to protect
the rights and interests of the owners.
Meanwhile, the six-month delay in salary payments has led to a
talent drain in some core positions, Yicai reports. In response,
Hozon Auto is implementing measures such as paying full salaries to
existing staff, capping the salaries of some high-paid executives,
and suspending salary payments to founding partners.
Neta's overseas business remains a key asset and a major area of
focus for potential investors, Hozon Auto said. Neta began its
international expansion in 2022, establishing operations in
Thailand and Indonesia, and its total overseas user base has
exceeded 25,000.
About Hozon Auto
Tongxiang-based Hozon Auto manufactures electric car. It produces
vehicles under the Neta brand.
As reported in the Troubled Company Reporter-Asia in mid-June 2025,
Hozon New Energy Automobile has entered bankruptcy reorganization
proceedings. According to Yicai Global, the National Enterprise
Bankruptcy Information Disclosure Platform updated its information
about Hozon Auto's bankruptcy case on June 13, adding Zhejiang
Zicheng Law Firm as the administrator, along with other key
management personnel, indicating that the company has officially
entered bankruptcy.
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H O N G K O N G
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ELECT GLOBAL: Moody's Rates USD Junior Subordinated Notes 'Ba1'
---------------------------------------------------------------
Moody's Ratings has assigned a Ba1 rating to the backed USD junior
subordinated notes to be issued by Elect Global Investments
Limited. The proposed securities will be irrevocably and
unconditionally guaranteed by Hysan Development Co., Ltd. (Hysan;
Baa2 stable).
Hysan will use the proceeds from the notes for general corporate
purposes and the refinancing of existing indebtedness.
Moody's have also conducted a review of Hysan's ratings, including
the Baa2 issuer rating, the (P)Baa2 backed senior unsecured rating
on Hysan (MTN) Limited's medium-term note (MTN) program, the Baa2
backed senior unsecured ratings on the notes issued under the MTN
program, the Baa2 backed senior unsecured and the Baa3 backed
subordinate ratings on Elect Global Investments Limited, through a
rating committee. These ratings and the stable outlook remain
unchanged.
RATINGS RATIONALE
The Ba1 rating is two notches below Hysan's Baa2 issuer rating,
reflecting that the notes are deeply subordinated and will rank
junior not only to all senior debt obligations and also to Hysan's
perpetual securities which are rated at Baa3. The rating
differentials are consistent with Moody's methodologies guidance
for notching corporate instrument ratings based on differences in
security and priority of claim.
The proposed securities will not receive any equity credit and will
be treated as 100% debt for financial leverage purposes, reflecting
their short 5-year tenor, even though the coupons can be deferred
on a cumulative basis.
As the proposed securities' rating is positioned two notches below
Hysan's issuer rating, any change in this issuer rating could
affect the rating of the junior subordinated notes.
Hysan's Baa2 ratings are underpinned by the company's excellent
liquidity and high-quality portfolio in the prime shopping area of
Hong Kong SAR, China (Aa3 stable), which generates generally stable
recurring income through economic cycles. Other key credit factors
include the company's geographic concentration and elevated
leverage.
Moody's expects Hysan's adjusted net debt/EBITDA (after pro rata
consolidation of its Lee Garden Eight joint venture (LG8 JV)
project) to remain high at 9.5x-9.6x in the next 12-18 months,
similar to that in 2024, driven by continued capital spending
related to the LG8 project until 2026. The company's adjusted
EBITDA/interest coverage will also remain weak at 2.1x-2.2x over
the same period. These financial metrics fit more appropriately at
the low end of the Baa2 range.
A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The stable rating outlook reflects Hysan's ability to achieve
moderate rental growth and high occupancy rates amid Hong Kong's
tough operating environment, as well as the company's excellent
liquidity. It also reflects the expectation that the company's
credit metrics will improve significantly once the LG8 project
begins to generate rental income.
An upgrade of the ratings is unlikely in the near term.
Nevertheless, upward rating pressure could emerge over time if
Hysan (1) reduces its debt leverage, (2) continues to improve its
earnings, scale, and geographic diversification, and (3) improves
its adjusted net debt/EBITDA and EBITDA/interest expense (after the
pro-rata consolidation of its LG8 JV project) to below 8.5x and
above 3.0x, respectively, over a sustained period.
On the other hand, Moody's could downgrade Hysan's ratings if its
operating performance deteriorates beyond Moody's expectations due
to a weakening in its asset quality, occupancy levels, or earnings,
while its debt remains high. An inability to improve its financial
metrics could also lead to a downgrade, including its adjusted net
debt/EBITDA (after pro-rata consolidation of its LG8 JV project)
staying above 9.5x and EBITDA/interest expense remaining below
2.25x-2.50x, even after the LG8 project is completed. A downgrade
is also likely if the company's liquidity becomes inadequate.
In addition, any significant change to Hysan's business profile
driven by accelerated expansion could constrain its ratings.
The principal methodology used in this rating was REITs and Other
Commercial Real Estate Firms published in May 2025.
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.
Hysan Development Co., Ltd. invests in commercial and residential
properties in Hong Kong SAR, China. It is one of the largest
commercial landlords in the city's Causeway Bay. As of June 30,
2025, the company was 42% owned by Lee Hysan Company Limited, which
is controlled by the founding Lee family.
LI & FUNG: S&P Withdraws 'BB' Rating on USD2-Bil. MTN Program
-------------------------------------------------------------
S&P Global Ratings withdrew its 'BB' senior unsecured and 'B'
subordinated issue level ratings on Li & Fung Ltd.'s US$2 billion
medium-term note program at the issuer's request. The MTN program
has lapsed.
The issuer credit rating on Li & Fung (BB/Stable/--) and the issue
ratings on the company's outstanding debt issuances are
unaffected.
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I N D I A
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ANUPAM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Anupam
Industries (AI) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.68 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 4.95 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 5, 2024, placed the rating(s) of AI under the
'issuer non-cooperating' category as AI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
22, 2025, August 1, 2025, August 11, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Established in April 2010 as a partnership firm, Anupam Industries
(AI) was formed by Mr. Anil Kumar Arora, Mr. Ravindra Singh Arora
and Mr. Amit Wadhwa. The firm has set up a manufacturing plant in
Daman to manufacture mild steel (MS) ingots which commenced
operations in November 2012.
ASHTVINAYAK LEISURE: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashtvinayak
Leisure Private Limited (ALPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.58 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 16, 2024, placed the rating(s) of ALPL under the 'issuer
non-cooperating' category as ALPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ALPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 1, 2025, June
11, 2025, June 23, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Indore (Madhya Pradesh) based Ashtvinayak Leisure Private Limited
(ALPL) was incorporated in 2010 by Mr. Anand Goyal along with other
family members with an objective to establish a hotel. The hotel
facility will be constructed at 4,147.24 sq. meter having total 102
rooms which includes standard, deluxe and suite. Further, the hotel
property will have a cafeteria, restaurants and three banquet halls
each with capacity of 1000, 800 and 300 persons each. ALPL
undertook the project in May, 2015 and envisaged total project cost
of INR50.90 crore towards the project to be funded through term
loan of INR20.00 crore, promoter's capital of INR25.00 crore and
remaining through unsecured loans from promoters and relatives. The
company was expected to start its operations from December, 2019.
CASTINGS INDIA: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Castings
India Private Limited (CIPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.76 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 18, 2024, placed the rating(s) of CIPL under the 'issuer
non-cooperating' category as CIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
CIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 3, 2025, June
13, 2025, June 23, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Castings India Private Limited (CIPL) was initially set up as a
partnership firm in 1974 by the Sharoff family based out of
Jharkhand and the same was converted into private limited company
in March 1996. Currently the company is managed by Mr. Surendra
Kumar Shroff and Ms. Mina Shroff. Since its inception the company
has been engaged in manufacturing rolled iron, MS flat angles, MS
sections, TMT bars, rods, Hot rolled sheets, guide channels etc.
The manufacturing facility of the company is located at industrial
area, Saraikela, Kharanwan, Jharkhand.
DANEM HEAVY: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Danem Heavy
Industries Private Limited (DHIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 30.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 19, 2024, placed the rating(s) of DHIPL under the
'issuer non-cooperating' category as DHIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DHIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
4, 2025, June 14, 2025, June 24, 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
M/s. Danem Heavy Industries Private Limited (DHIPL) was
incorporated on 1st March 2016, registered under companies' act
2013. The company is having its registered office at Ernakulum,
Kerala. The company proposes to engage in fabrication of Windmill
Tower, Pressure Vessels & Tanks, Structural Steel, Material
Handling equipments, Gas Turbine Auxiliaries and Supply Auto
Auxiliaries. DHIPL belongs to Danem Group, headquartered in UAE.
The promoters are Mr. Parayil Daniel Mathew and Ms. Susan Mathew,
who are also the directors of other associate companies under Danem
Group. The current project is yet to be executed.
EARTH HOME: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Earth Home
(EH) continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 5, 2024, placed the rating(s) of EH under the
'issuer non-cooperating' category as EH had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. EH continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
22, 2025, August 1, 2025, August 11, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Incorporated in 2012, Earth Home (EH) is into developing of real
estate properties.
ETERNAL MOTORS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Eternal
Motors Private Limited (EMPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 8.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 4.00 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 EMPL under the
'issuer non-cooperating' category as EMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. EMPL 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
Incorporated in 1998, EMPL was promoted by Mr. Subodh Jain & Mrs.
Shalini Jain. EMPL is engaged in sale of new cars, used cars, spare
parts & accessories and servicing of vehicles, pertaining to MSIL.
EMPL manages its operations through 7 showrooms, one premium car
showroom under the brand “Nexa” and 10 workshops with 3-S
(Sales, Service and Spares) facilities. Further, EMPL was
developing one showroom for used cars and Nexa workshop in
Bhavnagar.
GREEN VIEW: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Green View
Udyog Private Limited (GVUPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 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 30, 2024, placed the rating(s) of GVUPL under the
'issuer non-cooperating' category as GVUPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GVUPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
16, 2025, July 26, 2025, August 5, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Assam based Green View Udyog Private Limited (GVUPL) was
incorporated in 2009 to setup a manufacturing unit of PVC pipes.
Since its inception, the company has been engaged in manufacturing
of polyvinyl chloride (PVC) pipes & fittings. The pipes and
fittings manufactured by the company find application in
irrigation, agriculture, potable water supply, sewerage & drainage
systems, tube wells etc. The manufacturing facility of the company
is located at Guwahati, Assam. Mr. Gajen Kalita, having around
three decades of experience in this line of business, look s after
the day to day operations of the company. He is supported by other
promoters Ms. Purabi Talukdar, Ms. Momi Talukdar and Ms. Moon
Talukdar along with a team of experienced professional.
INDIAN INFRADEVELOPERS: CARE Keeps B- Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Indian
Infradevelopers (II) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE B-; 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 21, 2024, placed the rating(s) of II under the 'issuer
non-cooperating' category as II had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
II continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 7, 2025, July
17, 2025 and July 27, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Established in January 2013, Surendranagar-based (Gujarat) II is a
partnership firm run by four partners having equal profit and loss
sharing proportion in the firm. II is engaged into the business of
construction, repair & maintenance of roads. II is registered as
'AA' class approved contractor by Government of Gujarat and works
generally on road construction, repair and maintenance contract of
roads for Government of Gujarat.
L. N. ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of L. N.
Enterprises (LNE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 6, 2024, placed the rating(s) of LNE under the
'issuer non-cooperating' category as LNE had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. LNE continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
23, 2025, August 2, 2025, August 12, 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
L. N. Enterprises (LNE) was established in the year 2009, as a
partnership firm by Mr. Rupesh Dhirwani, Mr. Ramlal Pahuja and Mr.
Nikhil Pahuja. The firm is engaged in trading of wires and cables
viz. Co Axial wires, Flexibles, industrial wires, LAN cables,
service wires, telephone cables, LED lights etc. The firm operates
through its registered office in Thane, Maharashtra.
MA MONI: CARE Keeps B- Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ma Moni
Cold Storage Private Limited (MMCSPL) continues to remain in the
'Issuer Not Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.50 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 18, 2024, placed the rating(s) of MMCSPL under the
'issuer non-cooperating' category as MMCSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MMCSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
3, 2025, June 13, 2025, June 23, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Ma Moni Cold Storage Private Limited (MMCSPL) was incorporated on
May 28, 1987 for setting up a cold storage facility by Samanta
family of Paschim Medinipur, West Bengal. MMCSPL is engaged in the
business of providing cold storage services primarily for potatoes
to local farmers and traders on rental basis with an aggregate
storage capacity of 233,100 metric ton per annum (MTPA). The cold
storage is located at Paschim Medinipur district of West Bengal.
Besides providing cold storage facility, the company also provides
interest bearing advances to farmers & traders for potato farming &
storing purposes against potato stored. The board of MMCSPL
comprises six directors, belonging to the promoter's family &
relative. The day to day operations of the company are being
managed by Mr. Bajradhari Samanta with adequate support from the
other co-directors.
MAHAVIR CASHEW: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahavir
Cashew Industries (MCI) 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 & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 6, 2024, placed the rating(s) of MCI) under the
'issuer non-cooperating' category as MCI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MCI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
23, 2025, August 2, 2025, August 12, 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
Mahavir Cashew Industries (MCI) was established in 2015, as a
partnership firm by Mr. Nilesh Savla, Mr. Piyush Gogri and Mrs.
Bharati Savla who have reasonable experience in cashew processing
and trading business. MCI is engaged in the processing of cashew.
MARKANDA STEEL: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Markanda Steel Rolling Mills (SMSRM) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 5, 2024, placed the rating(s) of SMSRM under the
'issuer non-cooperating' category as SMSRM had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SMSRM continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
22, 2025, August 1, 2025 and August 11, 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
Shri Markanda Steel Rolling Mills (SMSRM) was established in
1983/2000 as a proprietorship concern by Mrs. Anita Dhiman. SMSRM
is engaged in manufacturing of iron and steel products at its
facility located in Mandi Gobindgarh, Punjab.
MOHAN COLD: CARE B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mohan Cold
Storage Private Limited (MCSPL) continue sto remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 18, 2024, placed the rating(s) of MCSPL under the
'issuer non-cooperating' category as MCSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MCSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
3, 2025, June 13, 2025, June 23, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Mohan Cold Storage Private Limited (MCSPL) was established as a
private limited company in 1965. MCSPL is owned by the Samastipur
(Bihar) based family having extensive experience of around five
decades in cold storage industry. Since its inception, the company
provides cold storage services for potatoes. The cold storage unit
of the company is located at N.H. – 28, Tajpur, Dist-Samastipur,
Bihar. Mr. Sushant Anil (aged about 33 years), and Mrs. Kajal Anil
(aged about 35 years) has experience of around a decade in cold
storage industry, looks after the overall management of the
company. They are supported by other director Mrs. Soni Kumari
(aged about 31 years) who also has around five years of experience
in this line of business. The promoters are supported by a team of
experienced professionals.
NAMITA RICE: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Namita
Rice Mill Private Limited (NRMPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.75 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.19 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 17, 2024, placed the rating(s) of NRMPL under the
'issuer non-cooperating' category as NRMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NRMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
2, 2025, June 12, 2025, June 23, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Namita Rice Mill Private Limited (NRMPL) was incorporated on May 2,
2011 in the name of 'Sree Jaganath Enterprises Private Limited'.
However, later on September 26, 2017 the name of the company has
changed to its current name i.e. 'Namita Rice Mill Private
Limited'. It is a Nadia; West Bengal based company promoted by Mr.
Sujit Kumar Ghosh and Mrs. Chameli Ghosh to initiate business of
milling and processing of rice.
NARAYAN INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Narayan
Industries (Chattisgarh) (NI) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 1.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 30, 2024, placed the rating(s) of NI under the 'issuer
non-cooperating' category as NI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 16, 2025, July
26, 2025, August 05, 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
Chhattisgarh based Narayan Industries (NI) was established in 2007
as a proprietorship firm. The firm has installed a rice and pulse
milling unit at Bhatapara in Chhattisgarh. NI sells finished rice,
broken rice, rice bran and various types of pulses like Masoor Dal,
Moong Dal, Urad Dal etc. The day -to-day affairs of the firm are
looked after by Mr Mukesh Motwani (Proprietor) along with a team of
experienced personnel.
NARWAL HATCHERIES: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Narwal
Hatcheries (NH) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.45 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 September 4, 2024, placed the rating(s) of NH under the
'issuer non-cooperating' category as NH had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NH 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 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
Narwal Hatcheries (NH) was established in April 2004 as a
partnership firm and is currently being managed by Mr. Surjeet
Singh, Mr. Kuldeep Singh, Mr. Kulbir Singh, Mr. Satpal Singh, Mr.
Lehna Singh, Mrs. Ratni Devi and Mr. Gaurav Narwal as its partners.
The firm is engaged in the hatchery business at its farm located in
Karnal, Haryana.
PAVITHRA CONSTRUCTIONS: CARE Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Pavithra Constructions (SPC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 10.00 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 30, 2024, placed the rating(s) of SPC under the
'issuer non-cooperating' category as SPC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SPC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
16, 2025, July 26, 2025, August 5, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Andhra based, Sri Pavithra Constructions (SPC) was established in
the year 2007 as a partnership firm by Mr. Bandi Pitchi Reddy
(Managing partner) and his son Mr. Bandi Praveen Kumar Reddy
(partner). Partners of the firm have experience of more than two
decades in civil construction industry. The firm takes up
construction and repair work contracts from Indian Railways, such
as gauge conversion work, repairs to bridges and platforms,
building subways in lieu of unmanned level crossings, and
construction of staff quarters. The firm procures its work orders
through online tenders from state government of Andhra Pradesh,
Telangana.
PRERNA STRIPS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prerna
Strips (PS) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.65 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 5, 2024, placed the rating(s) of PS under the
'issuer non-cooperating' category as PS had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PS continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
22, 2025, August 1, 2025, August 11, 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
PS was established as a proprietorship firm in 2011. PS is engaged
in the manufacturing of steel products at its manufacturing
facility located in Derabassi, Punjab.
PROCESS CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Process
Construction and Technical Services Private Limited (PCTSPL)
continue to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.80 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Long Term/ 66.70 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Short Term Bank 17.50 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 August 28, 2024, placed the rating(s) of PCTSPL under the
'issuer non-cooperating' category as PCTSPL had failed
to provide information for monitoring of the rating as agreed to in
its Rating Agreement. PCTSPL 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
Incorporated in the year 2006, Process Construction and Technical
Services Private Limited (PCTSPL) is a closely held company
promoted by Mr. K. P. Francis and his family. It offers engineering
and technical services to off-shore/on-shore clients in the field
of Oil & Gas Sector.
R. VINUDHANU: CARE Keeps B- Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R.
Vinudhanu Commerce (RVC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; 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 30, 2024, placed the rating(s) of RVC under the 'issuer
non-cooperating' category as RVC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RVC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 15, 2025, June
25, 2025, July 5, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
R Vinudhanu Commerce is a partnership firm established in the year
2016, promoted by Mr. R Ramesh and Mrs. R Kalaivani at Salem,
Tamilnadu. The firm engaged in trading of steel, copper and
aluminium scraps within Tamil Nadu. The firm purchases scraps from
local suppliers as well as imports the same and selling it to its
local customers. The promoters of the firm have more than two
decades of experience in this business.
RAJ OVERSEAS: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raj
Overseas (RO) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.20 CARE C; 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 September 4, 2024, placed the rating(s) of RO under the
'issuer non-cooperating' category as RO had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RO 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 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Agra, Uttar Pradesh based Raj Overseas (RO) was established in
October, 2010 by Mr. Kaustubh Raj Yadav and Mrs. Rekha Yadav.
However, it is currently being managed by Mr. Kaustubh Raj Yadav
and Mr. Rajveer Singh Yadav sharing profit and losses equally. The
firm is engaged in manufacturing of footwear products like shoes,
slippers, sandals etc. The manufacturing facility of the company is
located at Agra in Uttar Pradesh.
RAJA AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raja Agro
Cold Storage (RACS) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.56 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 2, 2024, placed the rating(s) of RACS under the
'issuer non-cooperating' category as RACS had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RACS continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
19, 2025, July 29, 2025, August 8, 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
Raja Agro Cold Storage (RACS) was established as a partnership firm
in 2016 by Mr. Raju Gopal Sahu and Mrs. Sakunta la Sahu to set up a
multipurpose cold storage facility in Balasore, Odisha. The firm
has commenced commercial operations from April 2018 onwards. RACS
is engaged in the business of providing cold storage facility
primarily for potatoes, vegetables, fruits and eggs for farmers &
traders and trading of the agro products.
SIMPLEX CASTINGS: CARE Withdraws C Rating on INR50cr LT Loan
------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Simplex Castings Limited (SCL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 50.00 CARE C; Stable; Reaffirmed at
Facilities CARE C; Stable and Withdrawn
Rationale and key rating drivers
CARE Ratings Ltd. has reaffirmed and withdrawn the outstanding
ratings of 'CARE C; Stable' [C; Outlook: Stable] assigned to the
bank facilities of SCL with immediate effect. The above action has
been taken at the request of SCL and 'No Objection Certificate'
received from the bank that have extended the facilities rated by
CARE Ratings Ltd. The reaffirmation in ratings assigned to bank
facilities of Simplex Castings Limited (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.
Analytical approach: Standalone
Outlook: Stable
The stable outlook is on account of experienced management and
improved financial performance.
Detailed description of key rating drivers:
Key weaknesses
* Delay in servicing of debt obligation not rated by CARE albeit
timely servicing of debt rated by CARE: The company has availed a
Loan Against Property (LAP) amounting to ₹4.5 crore from Axis
Finance Ltd., which is not rated by CARE. Monthly EMI is scheduled
to be paid on 5th of every month from Kotak Mahindra Bank cash
credit account. However, the EMI due on June 5, 2025, could not be
recovered from the said cash credit account due to insufficient
funds at the time of debit. The company subsequently paid the EMI
on June 6, 2025. There are no delays in servicing of interest
obligation pertaining to cash credit account and no invocation of
BG issued by Kotak Mahindra Bank (debt facilities being rated by
CARE).
* Volatility in price of raw material and finished goods: SCL does
not have any backward integration as the primary raw material for
SCL is iron/steel scrap, it is dependent on steel price
fluctuation. However, this is partly offset by the fact that the
finished product is also a steel related item, and the company can
pass on the price fluctuation to its customers, to a certain
extent. Prices of raw material as well as finished goods (C. I.
Castings, SG Iron castings, MS ingots etc.) have always been
volatile. SCL operates on moderate margin and raw material cost is
one of the major cost drivers. Hence, SCL is sensitive
to adverse movement in prices of finished goods and/or raw
materials.
* Intense competition and cyclicality in the steel industry: Steel
is a cyclical industry, strongly correlated to economic cycles
since its key users; construction, infrastructure, automobiles, and
capital goods are heavily dependent on the state of the economy.
Fall in demand in these sectors directly impacts demand of steel
products. The steel industry is sensitive to shifting business
cycles, including changes in general economy, interest rates and
seasonal changes in the demand and supply conditions in the market.
The steel industry is highly competitive with organized and
unorganized players and limited product
diversity due to commodity nature of products. Over the years, the
industry has become more organized with the share of unorganized
players reducing, margins continue to be under pressure due to
industry fragmentation.
* Working capital intensive nature of operation: The operation of
the company is working capital intensive in view of adequate
inventory to be kept and credit period to be given to customers to
gain market share. This leads to higher working capital
requirement. The working capital requirement of the SCL will be
mainly financed through bank borrowings and creditors. The
operating cycle of the company elongated to 184 days in FY25 (171
days in FY24) mainly on the back of elongation in collection cycle
from 58 days in FY24 to 80 days in FY25 amid increase in retention
money and reduction in creditor days from 84 days in FY24 to 47
days in FY25.
Key strengths
* Long experience of promoters: The company is promoted by Mr.
Ketan Shah & Mrs Sangeeta K Shah. The promoters have more than two
decades of experience in the same industry. Mr Ketan Shah joined
Simplex Castings Limited in March 1993 as a Director. He became the
Managing Director of the Company in July 2010 and Chairman of the
Company in August, 2015. Mrs. Sangeeta Ketan Shah holds master's
degree in business administration. She is an active member of
Industrial Association, CII, IIF, Chhattisgarh Skills Development,
and holds membership in various other associations. Since a decade,
she worked in different capacities in Simplex Castings Limited and
joined Board of the company as an Executive Director from October
1, 2014.
* Diversified product portfolio catering to varies industries and
reputed clientele: SCL is engaged in manufacturing of heavy
engineering castings in grey cast iron, alloy cast iron, stainless
steel and steel which find usage in core industries like steel,
power, cement, sugar, railways, mining, etc. This enables the
company to diversify the industry concentration risk.
* Improved financial performance in FY25 and Q1FY26: The total
operating income of the company has improved by 40% to INR172.03
crore in FY25 over FY24 on account of improved demand from
customers as indicated by y-o-y volume growth of around 26.41% and
improvement in sales realisation by 10%. PBILDT margin has improved
from 11.48% in FY24 to 18.44% in FY25 and further to 20.33% in
Q1FY26 primarily driven by lower power and job work cost. Earlier,
the company used to manufacture all the components of a casting
product including smaller components. The company took a conscious
decision to purchase smaller components from outside and
concentrate on its core competency of manufacturing larger
components. As a result, job work charges and power expenses
declined. Additionally, the increase in total Operating Income
(TOI) led to better absorption of fixed overheads, further
contributing to the margin enhancement. In Q1FY26, the company has
achieved Total Operating Income (TOI) of INR45.25 crore.
* Improved capital structure and debt coverage indicators: The
capital structure of the company has improved with overall gearing
improving to 1.36x as on Mar 31, 2025 in FY25 as against 2.17x as
on Mar 31, 2024 on account of infusion of share capital of INR10.67
crore and accretion of profit to reserves. Moreover, the company's
overall working capital limits (fund and non fund based) limits has
also reduced from INR72.00 Crore to INR50.00 Crore. Interest
coverage ratio improved to 3.50x in FY25 as against 1.64x in FY24
on the back of improved profitability.
* Strategic location of plant: The facility is in proximity to
source of raw material due to which they can easily procure their
raw material from vendor by incurring low transportation cost and
also able to sale to its customers in a short period of time. As
there are number of companies operating in this region producing
raw materials for iron & steel industry, availability of raw
material is not an issue.
Liquidity: Stretched
The liquidity of SCL is stretched due to fund based working capital
limits remaining at INR34 crore amid growing scale of operations
and elongation in working capital cycle. The average utilization of
fund-based working capital limit stood at 92.21% and maximum
utilization above 95% for last 12 months ending Jun 2025. The
company earned gross cash accrual of INR23.51 crore against debt
repayment obligation of INR1.72 crores in FY25. In FY26, the debt
repayment stands at INR1.40 Crore.
Simplex Castings Ltd. (SCL), incorporated in 1970 as a partnership
firm, was promoted by Shri H.B. Shah of Bhilai. It was converted
into public limited company in January 1980. Currently the company
is managed by Mr. Ketan Shah. The company is engaged in
manufacturing of heavy engineering castings in grey cast iron,
alloy cast iron and stainless steel at three manufacturing
facilities in Chhattisgarh. It has installed capacities of 36000
MTPA for Cast Iron Castings (C. I Castings), Steel, Spheroidal
Graphite Iron (S G Iron), Special Alloy Castings and fabricated
equipment. The company's major products include heavy railway
structures, coke oven doors and other structural required for heavy
engineering industries. SCL's Bhilai foundry certified from
Research Designs & Standards Organisation RDSO as “A” Class
foundry for Indian Railway (IR).
TIRUMULA INDUSTRIES: CARE Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirumula
Industries Private Limited (TIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 12, 2024, placed the rating(s) of TIPL under the 'issuer
non-cooperating' category as TIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 28, 2025, June
7, 2025, June 17, 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
Tirumula Industries Private Limited (TIPL) was incorporated in June
2001 by Mr. Polaki Gopalkrishna, Mrs. Polaki Anita, Mr. Polaki
Tirumula and Mr. Rajesh Polaki. The company is into manufacturing
and sales of spices and pan masala. The manufacturing unit of the
company is located at Berhampur, Moreover, the company has started
trading business of gold and gold jewellery from January 2021.
TIRUPATI TRADING: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirupati
Trading Corporation (TTC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 3, 2024, placed the rating(s) of TTC under the
'issuer non-cooperating' category as TTC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. TTC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
20, 2025, July 30, 2025, August 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: Stable
Delhi based Tirupati Trading Corporation (TTC) was established in
October, 2004 as a partnership firm and is currently managed by Mr.
Vivek Bansal and Mrs. Parul Bansal sharing profit and losses
equally. The firm is engaged in the wholesale trading of food
grains like rice, pulses, maize, etc. to exporting companies
directly and through commission agents.
=========
N E P A L
=========
NEPAL: Sets March Elections After Naming Interim Prime Minister
---------------------------------------------------------------
Reuters reports that Nepal's President Ramchandra Paudel has
dissolved parliament and called for fresh elections on March 5
following a week of deadly violence that culminated in the
appointment of the country's first woman prime minister.
Reuters relates that the statement from Paudel's office late on
Sept. 12 came just hours after he announced former Chief Justice
Sushila Karki would lead the country on an interim basis following
the deadly "Gen Z"-led anti-graft protests that forced former Prime
Minister K.P. Sharma Oli to resign.
According to the statement, the president has "dissolved the House
of Representatives" and fixed March 5 next year for the elections,
Reuters relays.
Karki was appointed after two days of intense negotiations between
Paudel, army chief Ashok Raj Sigdel and the protest leaders behind
Nepal's worst upheaval in years, in which at least 51 people were
killed and more than 1,300 injured.
Reuters relates that Nepal's southern neighbour, India, said it
hoped that the developments would help foster peace and stability.
"Heartfelt congratulations to the Honorable Sushila Karki Ji on
assuming the office of Prime Minister of Nepal's interim
government. India is fully committed to the peace, progress, and
prosperity of Nepal's brothers and sisters," Indian Prime Minister
Narendra Modi said in a post on X.
The country-wide protests were sparked by a social media ban that
has since been rolled back. The violence subsided only after Oli
resigned on Sept. 9, Reuters relays.
Nepal has grappled with political and economic instability since
the abolition of its monarchy in 2008, while a lack of jobs has
driven millions of young people to seek work in other countries
like the Middle East, South Korea and Malaysia.
By Saturday [Sept. 13], normality was returning in the country of
30 million people tucked between China and India, with most parts
of the capital Kathmandu seeing shops reopening and vehicles
returning to the streets after some prohibitory orders in force
since Sept. 9 were suspended.
According to Reuters, relatives of the deceased gathered outside
the Prime Minister's official residence in Kathmandu, demanding
martyr status for those killed - which confers recognition that
they died in the service of their country - and compensation.
Some refused to take the bodies of their relatives from the morgue
until their demands were met.
"My brother should be declared a martyr as he died for the country,
and the government should give compensation to my parents," Reuters
quotes Sumitra Mahat, sister of 21-year-old Umesh Mahat, who was
killed during the protest, as saying.
She along with other family members stood in front of the Prime
Minister's official residence with a banner displaying pictures of
some of those that died. Most said their relatives had been shot.
About Nepal
Nepal is a landlocked Himalayan country in South Asia bordered by
India and China. It has a population of 30 million and contains
eight of the world's ten highest peaks, including Mount Everest the
highest mountain in the world. Kathmandu is its capital and largest
city.
As reported in the Troubled Company Reporter-Asia Pacific in early
December 2024, Fitch Ratings has assigned Nepal a Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'BB-' with a Stable
Outlook.
=====================
N E W Z E A L A N D
=====================
AIRWORK HOLDINGS: Owes Creditors NZD145MM, Receivers' Report Shows
------------------------------------------------------------------
Radio New Zealand reports that long-established air freight company
Airwork Group owes its secured creditors NZD145 million, according
to the first receivers' report lodged at the Companies Office.
The company failed in early July, with Calibre Partners appointed
as receivers.
RNZ notes that the primary source of Airwork's woes was Russia's
invasion of Ukraine. It racked up hundreds of millions of dollars
of losses after five Boeing 757 freighter aircraft were trapped and
seized in Russia.
That forced the company to write off its value, and it became
trapped in ongoing litigation with its insurers.
According to RNZ, the receivers also blamed challenging trading
conditions, the loss of customers and unsustainable debt levels.
Airwork, one of New Zealand's oldest aviation companies and tracing
its roots back to 1936, has a fleet of Boeing 737 freighters and
operates an air freight, maintenance, and aircraft leasing
business.
The company was briefly listed on the stock exchange in 2013 before
a Chinese company, Zhejiang Rifa Holdings, took it private in
2017.
The company sold its helicopter operations in 2022 and sold several
surplus aircraft and engines to try and stay afloat.
More recently, Airwork defaulted on a US$83.5 million (NZD140
million) bank loan and was pushed into receivership by the Bank of
New Zealand, which appears to be its largest creditor, according to
RNZ.
RNZ notes that the company continues to trade while in
receivership, flying air freight across New Zealand and Australia.
Separately, the receivers are also trying to sell the assets of the
company that are not used as part of its air-freight business, RNZ
reports.
Calibre Partners did not reveal the value of Airwork's assets in
the first receivers' report, citing commercial sensitivity as it
tries to sell the company.
About Airwork Holdings
Airwork Holdings Limited operates as a holding company. The
Company, through its subsidiaries, owns, operates, leases,
maintains, upgrades, and supports helicopter and fixed wing
aircraft. Airwork Holdings serves clients in Australia and New
Zealand.
On July 2, 2025, Neale Jackson, Brendon James Gibson and Daniel
Stoneman of Calibre Partners were appointed as receivers and
managers of Airwork Holdings Limited, Airwork Flight Operations
Limited, AFO Aircraft (NZ) Limited, Contract Aviation Industries
Limited and Airwork Fixed Wing Limited.
COUNTIES COMMERCIAL: Court to Hear Wind-Up Petition on Oct. 9
-------------------------------------------------------------
A petition to wind up the operations of Counties Commercial Centre
Limited will be heard before the High Court at Auckland on Oct. 9,
2025, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on July 30, 2025.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
PITS4U LIMITED: Court to Hear Wind-Up Petition on Oct. 16
---------------------------------------------------------
A petition to wind up the operations of Pits4u Limited will be
heard before the High Court at Napier on Oct. 16, 2025, at 2:15
p.m.
Peter John Crarer filed the petition against the company on Aug.
21, 2025.
The Petitioner's solicitor is:
Paul Morgan
Carlile Dowling
Level 2
180 Dalton Street (PO Box 801)
Napier 4110
ROLAND INVESTMENTS: Creditors' Proofs of Debt Due on Oct. 3
-----------------------------------------------------------
Creditors of Roland Investments Limited (formerly trading as Big
Mountain Naturally (Aoraki) Limited) are required to file their
proofs of debt by Oct. 3, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Aug. 29, 2025.
The company's liquidator is:
Robin Crimp
RAC Insolvency
PO Box 1477
Christchurch 8140
SCOOP GELATO: Creditors' Proofs of Debt Due on Sept. 30
-------------------------------------------------------
Creditors of Scoop Gelato NZ Limited (trading as Pastrami & Rye)
are required to file their proofs of debt by Sept. 30, 2025, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Aug. 26, 2025.
The company's liquidators are:
Benjamin Francis
Garry Whimp
Blacklock Rose Limited
PO Box 6709, Victoria Street West
Auckland 1142
SMITHS CITY: Two More Stores Close as Final Sale Nears its End
--------------------------------------------------------------
Stuff.co.nz reports that two further Smiths City stores have closed
their doors as the retailer prepares to wrap up its liquidation
sale this weekend.
Stores in Gore and Greymouth had sold out of stock by Sept. 10 and
are now closed, while the Dunedin store remains closed, Stuff
relates.
According to Stuff, the sale will continue through to Sunday, with
remaining stock being sold at 70% off the lowest in-store ticketed
prices.
Stock is being sold at stores in Auckland, Christchurch, Oamaru,
Alexandra and Invercargill.
Stuff says the sale continues as administrators confirmed staff
will be paid 100% of their holiday pay by the end of September.
According to Stuff, administrators Colin Gower and Diana Matchett
of BDO Christchurch said that Smiths City staff numbers will
significantly reduce from Sept. 16, with remaining staff to assist
over the coming week with delivering orders purchased during the
liquidation sale.
Several large local retailers have reached out with employment
opportunities for Smiths City staff, and these are being explored
by individual team members.
Administrators held the first creditors meeting on Sept. 11 where a
creditors' committee was appointed, Stuff discloses.
Stuff says the company first announced they were downsizing in
August after its business dropped 40% from two years ago. At the
time, stores in Nelson, Blenheim, Wellington, Palmerston North and
Tauranga had already closed.
The company, which has been around 107 years, specialises in
furniture and appliances, and at its height had 35 stores.
In early September, the company then announced they were in
voluntarily administration. Administrators said this was to achieve
the best outcome for all stakeholders.
Speaking to The Post, Smiths City owner Colin Neal was blunt in his
assessment of the situation. "Retail is tough," he said. "It's the
economy . . . you don't buy a TV to eat," Stuff relays.
"We've reduced staff at head office, we've reduced staff in stores.
We're just doing business as usual, trying to do best in our
environment," Mr. Neal said.
Numbers released to Stuff in June by MBIE (Ministry of Business,
Innovation & Employment) showed that the number of retail business
closures in the three years between 2021 and 2024 had nearly
doubled from 2,704 to 4,167.
Smiths City Group Limited -- https://www.smithscity.co.nz/ -- is a
retail chain selling furniture and home appliances. Smiths City was
founded in Christchurch in 1918 and was floated on the stock
exchange in 1972. It has nine stores across New Zealand and an
online store.
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P A K I S T A N
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PAKISTAN: Flood Spending, Budget Agility to be Reviewed, IMF Says
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Reuters reports that the International Monetary Fund expressed deep
condolences on Sept. 13 for the loss of life caused by Pakistan's
devastating floods and said its upcoming Extended Fund Facility
review mission will evaluate whether the country's fiscal policies
and emergency provisions can effectively address the crisis, a
senior IMF official said.
"The mission will assess whether the FY26 budget, its spending
allocations and emergency provisions remain sufficiently agile to
address the spending needs necessitated by the floods," Reuters
quotes Mahir Binici, the IMF's resident representative in Pakistan,
as saying.
The flash floods have killed 972 people so far, according to
Pakistan's National Disaster Management Authority.
The floods have destroyed crops, livestock and homes across Punjab
province and are now pushing into Sindh, threatening fresh food
inflation and deeper hardship in the cash-strapped South Asian
nation.
Pakistan's central bank was expected to keep its key rate at 11% on
Monday, Sept. 15, a Reuters poll showed, as policymakers weigh
inflation risks from crop losses against a slowing economy. An
analyst estimated agricultural damage could shave up to 0.2
percentage points off growth this year, with reconstruction-led
demand offering only partial offset.
IMF's board approved a fresh $1.4 billion loan in May to help
Pakistan strengthen its economic resilience to climate
vulnerabilities and natural disasters.
The disbursement of funds is contingent upon successful completion
of reviews under the EFF, the official said.
The Global Climate Risk Index places Pakistan among the countries
most vulnerable to climate change.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As reported in the Troubled Company Reporter-Asia Pacific on Aug.
21, 2025, Moody's Ratings has upgraded the Government of Pakistan's
local and foreign currency issuer and senior unsecured debt ratings
to Caa1 from Caa2. Moody's have also upgraded the rating for the
senior unsecured MTN programme to (P)Caa1 from (P)Caa2.
Concurrently, Moody's changed the outlook for the Government of
Pakistan to stable from positive.
The TCR-AP reported in April 21, 2025, Fitch Ratings has upgraded
Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR)
to 'B-' from 'CCC+'. The Outlook is Stable.
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S I N G A P O R E
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BIZALLIANZ HOLDINGS: Court to Hear Wind-Up Petition on Sept. 26
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A petition to wind up the operations of Bizallianz Holdings Pte.
Ltd. will be heard before the High Court of Singapore on Sept. 26,
2025, at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on Sept. 3,
2025.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
ECHO TRAVELS: Court to Hear Wind-Up Petition on Sept. 26
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A petition to wind up the operations of Echo Travels & Tours Pte.
Ltd. will be heard before the High Court of Singapore on Sept. 26,
2025, at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on Sept. 1,
2025.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
FALAINA PTE: Court to Hear Wind-Up Petition on Sept. 26
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A petition to wind up the operations of Falaina Pte. Ltd. will be
heard before the High Court of Singapore on Sept. 26, 2025, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Sept. 1, 2025.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
IT TECH: Court to Hear Wind-Up Petition on Sept. 26
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A petition to wind up the operations of IT Tech and Design
Solutions Pte. Ltd. will be heard before the High Court of
Singapore on Sept. 26, 2025, at 10:00 a.m.
DBS Bank Ltd filed the petition against the company on Sept. 2,
2025.
The Petitioner's solicitors are:
Rajah & Tann Singapore LLP
9 Straits View
#06-07 Marina One West Tower
Singapore 018937
MAXEON SOLAR: Shareholders OK All Proposals at Annual Meeting
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Maxeon Solar Technologies, Ltd. held its Annual General Meeting of
Shareholders. At the Annual General Meeting, the shareholders voted
on five proposals, each of which was described in more detail in
its Notice of Annual General Meeting of Shareholders provided to
shareholders. The Notice of Annual General Meeting of Shareholders
was also attached as Exhibit 99.1 to a Report of Foreign Private
Issuer on Form 6-K that the Company furnished to the Securities and
Exchange Commission on 7 August 2025.
Based on the presence by proxy of holders of the Company's
outstanding ordinary shares constituting a quorum, each of the
following proposals was duly approved and/or ratified:
Proposal 1: To receive and adopt the Directors' Statement and
Audited Financial Statements for the financial period ended 31
December 2024 and the Auditor's Report thereon.
Proposal 2: To re-elect Dr. Teo Tong Kooi as a Director pursuant to
Regulation 94 of the Constitution of the Company.
Proposal 3: To approve Dr. Teo Tong Kooi's Directors' annual fees
of US$254,000 to be paid pro rata on a quarterly basis, based on
the Company's Outside Director Compensation Policy.
Proposal 4: To appoint NLA DFK Assurance PAC as the statutory
auditor of the Company and Marcum Asia CPAs LLP as the auditor of
the Company for other applicable reporting requirements under
relevant securities rules and regulations which the Company is
subject to as a NASDAQ-listed company and to authorize the
Directors to fix their respective remuneration.
Proposal 5: To authorize the Directors of the Company to issue
shares pursuant to Section 161 of the Companies Act, Cap. 50.
About Maxeon Solar
Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.
Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
April 30, 2025, attached to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and negative
free cash flows and has stated that substantial doubt exists about
the Company's ability to continue as a going concern.
As of Dec. 31, 2024, the Company had $376.27 million in total
assets, $664.64 million in total liabilities, and $288.37 million
in total deficit.
T&H CLEANING: Court to Hear Wind-Up Petition on Sept. 19
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A petition to wind up the operations of T&H Cleaning 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. 29, 2025.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
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S R I L A N K A
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SRI LANKA: Central Bank Has Room to Cut Rates but Will be Cautious
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Reuters reports that Sri Lanka's central bank has room to cut
interest rates further but is treading carefully to preserve a
buffer against potential external shocks, Governor P. Nandalal
Weerasinghe told Reuters on Sept. 12, ahead of its policy meeting
on Sept. 23.
According to Reuters, the Central Bank of Sri Lanka surprised
markets in May by trimming its overnight policy rate by 25 basis
points to 7.75%, a move Weerasinghe said had "nicely transmitted
into the marketplace" with "very stable structures."
"If we think we need to support the economy short term, in terms of
kind of closing the output gap, then we have space here, but I
think we have to be a bit cautious in our approach," said
Weerasinghe, who became central bank governor in 2022 during the
peak of Sri Lanka's worst economic crisis in decades, notes the
report. "We need to maintain key buffers in case there are any
external shocks, we should be able to use that buffer if that is
needed in the future."
Sri Lanka's economy contracted sharply in 2022 and 2023, hit by a
sovereign debt default, runaway inflation and acute shortages of
fuel, food and medicine, Reuters says. The crisis triggered mass
protests and political upheaval, forcing the government to seek a
bailout from the International Monetary Fund.
Since then, the country has made significant progress in
stabilising its macroeconomic fundamentals. Inflation has eased,
foreign reserves have improved and the rupee has strengthened,
allowing the central bank to gradually shift from crisis management
to a more balanced monetary stance.
In an interview at his office in Colombo overlooking the Indian
Ocean, Weerasinghe said monetary policy can offer short-term
support but is not a sustainable driver of growth, Reuters
relates.
"The central bank, by providing credit or loosening too much
monetary policy, cannot support the boost of growth. It can happen
in the short term, but it won't sustain long term," Reuters quotes
Weerasinghe as saying. "Right now, it's a balanced monetary
policy," he added. "Whether we're loosening or tightening, we'll
certainly be on a forward-looking and data-driven basis."
Reuters relates that Weerasinghe emphasised that fiscal
sustainability and structural reforms, not monetary easing, are key
to achieving GDP growth of around 5%, which is the central bank's
target and was last year's growth rate. He pointed to foreign
direct investment, support for small and medium-sized enterprises,
tourism and export competitiveness as critical levers for growth.
The policy decision on September 23 will incorporate the latest
data on inflation, output, and external balances. "We make a
decision based on how indicators are moving forward," he said,
adding that the bank's current stance is "the right position,"
according to Reuters.
Reuters relates that the central bank is now focused on maintaining
a comfortable level of foreign reserves to meet external debt
obligations, a key lesson from the 2022 crisis. Weerasinghe said
that prior to the crisis, the country faced annual debt servicing
needs of $6 billion with only $8 billion in reserves, an
unsustainable position that worsened as reserves depleted to zero.
Looking ahead, Sri Lanka's average annual external obligations are
expected to be around $3.5 billion to $4 billion over the next
decade. If reserves can be maintained at $8 billion or more, the
country would be in a far more stable and resilient position than
during the crisis years. Current reserves are at $6.2 billion.
The country of 20 million is growing faster than needed to maintain
economic sustainability, he said, citing recent growth rates of
nearly 5% - well above the IMF's baseline requirement of 3% for
medium-term stability, Reuters relays.
This stronger-than-expected recovery suggests the country could
reach a more stable and sustainable economic footing faster than
previously projected. If growth continues in the 3–5% range, Sri
Lanka could improve living standards and macroeconomic resilience
over the next 5–10 years, he said.
Weerasinghe added that current indicators show the economy is
recovering steadily, and the outlook remains positive.
"You need to have steady, sustainable growth. You can earn
something higher short term, it's not sustainable," he said, notes
Reuters.
About Sri Lanka
Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. Sri Jayawardenepura Kotte is its legislative capital, and
Colombo is its largest city and financial centre.
The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.
Fitch Ratings upgraded Sri Lanka's Long-Term Foreign-Currency IDR
to 'CCC+', from 'RD' (Restricted Default) on Dec. 20, 2024. Fitch
also upgraded the Long-Term Local-Currency IDR to 'CCC+', from
'CCC-', to align with the Long-Term Foreign-Currency IDR.
Moody's also upgraded Sri Lanka's long-term foreign currency issuer
rating to Caa1 from Ca on Dec. 23, 2024. The outlook is stable.
S&P Global Ratings on Dec. 27, 2024, affirmed its 'SD/SD'
(selective default) long- and short-term foreign currency and
'CCC+/C' long- and short-term local currency sovereign credit
ratings on Sri Lanka. The outlook on the long-term local currency
rating is stable.
*********
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,
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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.
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