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250917.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, September 17, 2025, Vol. 28, No. 186 Headlines A U S T R A L I A AUSTRALIAN DISTILLING: First Creditors' Meeting Set for Sept. 19 INFITECS PTY: First Creditors' Meeting Set for Sept. 19 INVENTIS PROPERTIES: Second Creditors' Meeting Set for Sept. 19 OALBAY PTY: First Creditors' Meeting Set for Sept. 18 PUBLIC HOSPITALITY: Adgemis' Kurrajong Hotel Sells for AUD20MM WAYWARD BREWING: First Creditors' Meeting Set for Sept. 22 C H I N A CIFI HOLDINGS: Wins Bondholders' OK for Onshore Bond Restructuring KAISA GROUP: Offshore Debt Restructuring Takes Effect SHANDONG ENERGY: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable YANKUANG ENERGY: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable H O N G K O N G MELCO RESORTS: S&P Rates Proposed USD Senior Unsecured Notes 'BB-' I N D I A BANSAL RICE: CRISIL Keeps B Debt Rating in Not Cooperating BEE KAY: CRISIL Keeps D Debt Ratings in Not Cooperating Category BHAGWATI STONE: CRISIL Keeps B Debt Rating in Not Cooperating BHOLARAM EDUCATION: CRISIL Keeps B- Rating in Not Cooperating CHARBHUJA METAL: ICRA Keeps B- Debt Rating in Not Cooperating DIPANKAR DEY: CRISIL Assigns B+ Rating to INR3.7cr Capital Loan ELECTROMEC ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating GRACE INTERNATIONAL: CRISIL Keeps D Rating in Not Cooperating GRITTON CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating GURMON HOTELS: CRISIL Keeps B- Debt Ratings in Not Cooperating GURU GORAKH: CARE Keeps B- Debt Rating in Not Cooperating Category HARI VEGETABLE: CRISIL Keeps B Debt Rating in Not Cooperating J N S L FERRO: CRISIL Keeps B Debt Ratings in Not Cooperating JAYANTI MOTORS: CRISIL Lowers Rating on INR45.5cr e-DFS to B KHWAHISH MARKETING: CRISIL Keeps D Ratings in Not Cooperating KRISHNA ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating LHASA HOTEL: CRISIL Keeps D Debt Rating in Not Cooperating PARSVNATH DEVELOPERS: CRISIL Keeps D Ratings in Not Cooperating PLANETCAST MEDIA: ICRA Assigns B+ Rating to INR620cr NCDs RAMA PAPER: ICRA Keeps D Debt Ratings in Not Cooperating Category SRINIVASAN CHARITABLE: ICRA Keeps D Rating in Not Cooperating SRINIVASAN HEALTH: ICRA Keeps D Debt Rating in Not Cooperating STANDARD AUTOGEARS: CRISIL Keeps D Ratings in Not Cooperating SUPERTECH LTD: Court-Monitored Resolution Process Needed UP MONEY LIMITED: CRISIL Moves D Debt Rating to Not Cooperating UP MONEY: CRISIL Moves D Debt Rating to Not Cooperating Category VARUN EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating VINAYAK INTERNATIONAL: ICRA D Debt Ratings in Not Cooperating WIND WORLD: NARCL to Auction INR3,700 crore of Debt N E W Z E A L A N D AKENZ LIMITED: Creditors' Proofs of Debt Due on Oct. 18 AUTO TRADING: McGrathNicol Appointed as Receiver and Manager CS DEVELOPMENTS: Court to Hear Wind-Up Petition on Nov. 10 DU VAL: Some Investors May Get Partial Repayment, PwC Report Shows FP IGNITION 2011-1: Moody's Upgrades Rating on Class F Notes to B2 RENEGADE INDUSTRY: Court to Hear Wind-Up Petition on Oct. 3 WIMPEX LIMITED: Creditors' Proofs of Debt Due on Oct. 17 P H I L I P P I N E S DEL MONTE: Shares Trading Suspended Over Annual Report Delay S I N G A P O R E ATRIX DYNAMICS: Court Enters Wind-Up Order BOX BOSS: Court to Hear Wind-Up Petition on Sept. 19 EIGHT PEACE: Court Enters Wind-Up Order M-TECHX ASIA: Court Enters Wind-Up Order VIMBOX MOVERS: Court to Hear Wind-Up Petition on Sept. 26 S O U T H K O R E A S. KOREA: Petrochem Sector Reform Pushed After Near-Default - - - - - ================= A U S T R A L I A ================= AUSTRALIAN DISTILLING: First Creditors' Meeting Set for Sept. 19 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of Australian Distilling Ltd (Trading name: Trading As "Juniper Society", "Old Young's", and "Gingin Gin") will be held on Sept. 19, 2025 at 11:30 a.m. at the offices of RSM Australia Partners, at Level 32, Exchange Tower, 2 The Esplanade, in Perth WA, and via electronic meeting facilities. Phil Davie, Jerome Mohen and Greg Dudley of RSM Australia Partners were appointed as administrators of the company on Sept. 10, 2025. INFITECS PTY: First Creditors' Meeting Set for Sept. 19 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Infitecs Pty Ltd will be held on Sept. 19, 2025 at 11:30 a.m. at the offices of DVT Mcleods, at Level 2, 60 Philip Street, in Parramatta, NSW, and via Microsoft Teams. Henry Kwok and Antony Resnick of DVT Mcleods were appointed as administrators of the company on Sept. 9, 2025. INVENTIS PROPERTIES: Second Creditors' Meeting Set for Sept. 19 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Inventis Properties Pty Ltd, Inventis HR Services Pty Ltd, Workstations Pty Ltd, Bassett Furniture Pty Ltd, Gregory Commercial Furniture Pty Limited and ACN 081 814 717 Pty Ltd (formerly known as Electronic Circuit Designs) has been set for Sept. 19, 2025, at 3:00 p.m. via Microsft Teams. 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. 18, 2025 at 5:00 p.m. Simon Cathro and Andrew Blundell of Cathro Partners were appointed as administrators of the company on June 20, 2025. OALBAY PTY: First Creditors' Meeting Set for Sept. 18 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Oalbay Pty Ltd will be held on Sept. 18, 2025 at 10:00 a.m. via Zoom. Ezio Senatore of Eddie Senatore Advisory was appointed as administrator of the company on Sept. 9, 2025. PUBLIC HOSPITALITY: Adgemis' Kurrajong Hotel Sells for AUD20MM -------------------------------------------------------------- The Australian Financial Review reports that a Sydney hotel owned by embattled pub baron Jon Adgemis before it was taken over by a lender has sold for about AUD20 million, despite not reopening after an extensive renovation. According to the Financial Review, the Kurrajong Hotel at Erskineville in Sydney's inner west had been acquired by the former KPMG deal maker's Jaga Group – now known as Public Hospitality Group - in 2019. It was then significantly revamped through its main bar, kitchen, bathrooms and accommodation rooms, with a third floor also added to the establishment. However, as Mr. Adgemis struggled with mounting debt - about AUD1.8 billion is owed to his creditors - following his rapid expansion during the COVID-19 pandemic, Australia Pacific Mortgage Fund repossessed the venue in 2024, the Financial Review relates. Kurrajong Hotel did not reopen after the extensive renovation and was listed for sale in May this year with AUD20 million price expectations. The Financial Review says the hotel is now in the hands of Millinium Capital Managers' Tom Wallace, according to industry sources. Wallace has previously purchased the Town Hall Hotel in Balmain and Three Weeds in Paddington from the Adgemis portfolio, property records show. "The transaction reflects the continued and patent strength of the Sydney pub market, with significant interest from a broad range of buyers attracted to the hotel's prominent corner position and strategic location with regard the city fringe," the Financial Review quotes HTL Property's Dan Dragicevich, who brokered the latest sale with colleague Andrew Jolliffe, as saying. The Kurrajong Hotel is one of many establishments formerly owned by Public Hospitality which have either been listed for sale, have sold, or removed from the market since Adgemis' debts were revealed, according to the Financial Review. Established in 2021, Mr. Adgemis' pubs empire held a portfolio of more than 20 venues across Sydney and Melbourne at its peak. But financial difficulties led it to the brink of collapse last year before part of the business was rescued through a AUD400 million refinancing agreement led by Deutsche Bank. Since then, Three Weeds, the Town Hall Hotel and now the Kurrajong Hotel have all sold. New York lender Muzinich & Co called in insolvency specialists FTI Consulting as receivers for five of his Sydney pubs; Oxford House, The Exchange, The Norfolk, The Strand Hotel and Camelia Grove Hotel, the Financial Review. They have since been taken off the market. On the market still is the Clifton Hotel in Kew, in Melbourne's inner east, which was put up for grabs in August. It could fetch about AUD8 million, the Financial Review adds. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group has taken another hit with receivers and external managers appointed at five of his Sydney hotels, including Oxford House and The Strand Hotel. Insolvency specialist FTI Consulting has stepped in as receivers and managers to operate Public's hip Redfern pub The Norfolk, Oxford House in Paddington and Darlinghurst's The Strand Hotel, as well as Alexandria's Camelia Grove Hotel and The Exchange Hotel, also in Darlinghurst, Good Food said. The pubs will be sold as soon as possible. Duncan Club and Andrew Sallway of BDO advisory firm have also been appointed voluntary administrators at affiliated companies including Public Lifestyle Management Pty Ltd, Good Food added. WAYWARD BREWING: First Creditors' Meeting Set for Sept. 22 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Wayward Brewing Company Pty Ltd (trading as Square Peg Brewing Company Pty Ltd) will be held on Sept. 22, 2025 at 10:00 a.m. via Zoom. Henry McKenna of Vincents was appointed as administrator of the company on Sept. 10, 2025. ========= C H I N A ========= CIFI HOLDINGS: Wins Bondholders' OK for Onshore Bond Restructuring ------------------------------------------------------------------ The Standard reports that CIFI Holdings (Group) Co Ltd said it has won bondholders' approval for its onshore bond restructuring. The proposal involves adjustments of the repayment arrangements in regard to the principal and interest of the seven existing corporate bonds issued by its domestic unit and provides restructuring options, including bond repurchase, equity economic income right, settling debt via assets, and general creditor claim, according to a filing on Sept. 15, The Standard relays. It had a total of CNY12 billion (HK$13.1 billion) in outstanding onshore corporate bonds as of the end of June, The Standard discloses. About CIFI Holdings CIFI Holdings (Group) Co. Ltd. is an investment holding company principally engaged in property businesses. The Company mainly operates through three segments. Property Development segment is engaged in the development and sales of office properties, commercial properties and residential properties in China. Property Investment segment is engaged in the leasing of investment properties developed or purchased by the Company for the rental income and the appreciation of the properties' values. Property Management, Project Management and Other Property Related Services segment is engaged in property management and project management in China. As reported in the Troubled Company Reporter-Asia Pacific, in October 2022, Fitch Ratings has downgraded China-based property developer CIFI Holdings (Group) Co. Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings to 'CC' from 'BB-'. Fitch has also downgraded CIFI's senior unsecured rating and the ratings on the outstanding notes to 'CC' with a Recovery Rating of 'RR4', from 'BB-'. All the ratings have been removed from Rating Watch Negative. The downgrade reflects CIFI's rising liquidity risks, amid market reports that it failed to make an interest payment for its convertible bonds (maturing April 8, 2025) that was due in early October, and that it was also seeking to delay certain principal and interest payment for other financial obligations. The TCR-AP also reported on Oct. 19, 2022, that Moody's Investors Service has downgraded CIFI Holdings (Group) Co. Ltd.'s corporate family rating to Ca from B3 and senior unsecured rating to C from Caa1. The outlook remains negative. KAISA GROUP: Offshore Debt Restructuring Takes Effect ----------------------------------------------------- The Standard reports that Kaisa Group has confirmed that all conditions for its offshore debt restructuring have been satisfied, with the restructuring becoming effective on September 15. According to The Standard, the restructuring involves the full discharge of claims against obligors and relevant parties in exchange for the issuance of New Notes and Mandatory Convertible Bonds (MCBs) to scheme creditors. These instruments, comprising the restructuring consideration, have been issued by the company with a total value equivalent to approximately HK$104.3 billion. The New Notes and MCBs are scheduled to be listed on the Singapore Exchange on September 16, The Standard says. About Kaisa Group Kaisa Group Holdings Ltd is a major Chinese real estate developer of large-scale residential properties and integrated commercial properties. Kaisa issued the most offshore debt among Chinese developers after China Evergrande Group. Kaisa was China's first real estate company to default on an overseas bond in 2015, but it was able to recover in 2017. By late 2021, Kaisa defaulted on $12 billion of its offshore debt. In July 2023, Kaisa faced a winding-up petition filed in a Hong Kong court in relation to non-payment of CNY170 million (US$23.50 million) onshore bonds. The petitioners were Broad Peak Investment Pte Advisers Ltd, and the issuer of the yuan bonds is Kaisa's wholly-owned subsidiary, Kaisa Group (Shenzhen) Co Ltd. Since then, Kaisa has been working to restructure its debt. In March 2024, Citicorp International, as bond trustee for a major group of dollar bondholders, replaced the original petitioners. Citicorp filed a petition when Kaisa failed to pay a US$750 million bond. Broad Peak withdrew from the case as it sold its debt holdings in early 2024. By August 2024, Kaisa Group reached an offshore debt restructuring agreement with a key group of bondholders, swapping existing debt into new notes and shares in the company. Kaisa proposed to issue US$5 billion worth of new bonds maturing in 2027 to 2032, and US$4.8 billion of mandatory convertible bonds to repay creditors. SHANDONG ENERGY: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed China-based coal producer Shandong Energy Group Co., Ltd.'s Long-Term Issuer Default Rating (IDR) and senior unsecured rating of 'BB+'. The Outlook is Stable. Shandong Energy is wholly owned by the Shandong provincial government. Fitch notch ups its IDR from its assessment of the group's 'b+' Standalone Credit Profile (SCP) under a bottom-up approach in line with its Government-Related Entities Rating Criteria. The SCP reflects the company's large scale, decent unit profitability and smooth access to bank and capital market financing, but is constrained by high leverage in the medium term. The Stable Outlook reflects its expectation that Shandong Energy will retain its market leadership and continue to receive government support. Key Rating Drivers State Decision-Making, Oversight 'Strong': Fitch assesses the government's decision-making and oversight over Shandong Energy as 'Strong'. The company is fully government owned; 70% by the Shandong State-owned Assets Supervision and Administration Commission (SASAC), 20% by Shandong Guohui Investment Holding Group Co., Ltd. (A-/Stable) and 10% by Shandong Caixin Asset Management Co. Ltd. Shandong SASAC appoints the company's management and supervises its operating, investing and financing activities. The entity was formed from a state-initiated merger with Yankuang Group in 2021. Precedents of Support 'Not Strong Enough': The Shandong government has provided tangible support to Shandong Energy, including injected assets, land and regular subsidies. However, the support has not been sufficient to strengthen the company's standalone financial position. Incentive to Support 'Not Strong Enough': Fitch evaluates Shandong Energy's preservation of the government's policy role as 'Not Strong Enough'. Most of its coal demand is met by supply from outside Shandong and more than half of its coal production is outside the province. Hence, Fitch does not expect a default by Shandong Energy to disrupt the province's coal supply. Shandong Energy is tasked with optimising Shandong's energy mix by investing in renewable power, but the scale of its power business is insignificant compared with its coal mining business. 'Strong' Contagion Risk: Shandong Energy is Shandong's largest state-owned enterprise (SOE) by revenue scale and second largest by asset size. Fitch considers it a "back-bone" provincial SOE and believe its default would damage investor sentiment in the capital market and disrupt the ability of other local government-related entities to raise funds in the capital market. Coal Segment Margin under Pressure: Fitch expects Shandong Energy's unit profit per tonne (t) of coal to drop to CNY170/t in 2025, from its estimate of CNY260/t in 2024, on weak coal prices and limited room for further cost reductions. This is likely to see the company's EBITDA decline to CNY50 billion in 2025, from CNY68 billion in 2024. SCP Constrained by Leverage: Shandong Energy's SCP is supported by its large operating scale, moderate cost position and strong funding access, but is constrained by sustained high leverage in the medium term. Fitch forecasts EBITDA net leverage to reach 8.0x-9.0x in 2025-2027, compared with 6.8x in 2024, while EBITDA interest coverage should stay above 2.5x, given the group's low funding costs arising from its SOE status. Peer Analysis Shandong Energy's rating incorporates a three-notch uplift from its SCP under its Government-Related Entities Rating Criteria. Shandong Energy's SCP is comparable to that of HBIS Group Co., Ltd. (BBB+/Stable). Both companies have leading industry positions and a large scale, with their SCPs constrained by high leverage. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer - Average selling price of produced coal at CNY505/t in 2025, CNY479/t in 2026 and CNY477/t in 2027. - Unit coal production cost of CNY335/t in 2025, then mildly trending down together with coal prices. - Sales volume of produced coal of 216 million t in 2025, increasing to 222 million t in 2026 and 223 million t in 2027, due to the contribution from completed expansion projects. - Capex of CNY28 billion in 2025, gradually declining to CNY26 billion in 2027. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA interest coverage below 2.0x (2024: 3.7x) - Significant deterioration in the funding capability of Shandong Energy, excluding Yankuang Energy - Weaker likelihood of support from the Shandong government Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA net leverage sustained below 6.5x - Stronger likelihood of support from the Shandong government Liquidity and Debt Structure Shandong Energy had sufficient liquidity for debt servicing at end-2024, with readily available cash of CNY117 billion compared with debt maturing within one year of around CNY144 billion. In addition, it had total undrawn bank credit facilities of CNY645 billion at end-July 2025. Fitch expects Shandong Energy to continue to benefit from strong access to domestic funding sources due to its large SOE status. Issuer Profile Shandong Energy was created by the merger of Yankuang Group and the previous Shandong Energy, which was officially completed in March 2021. The new entity is among China's three largest coal producers, with 277 million t of coal production in 2024. Other major business segments include trading, coal chemicals, power generation, manufacturing, and new energy and materials. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Shandong Energy has an ESG Relevance Score of '4' for GHG Emissions & Air Quality, due to its revenue concentration in thermal coal, which faces the risk of declining demand in the medium-term because of its high carbon footprint. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Shandong Energy Group Co., Ltd. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ YANKUANG ENERGY: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Yankuang Energy Group Company Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating at 'BB+'. The Outlook is Stable. The ratings on Yankuang Energy are closely aligned with Fitch's internal assessment of the creditworthiness of its 52.83% parent, Shandong Energy Group Co., Ltd. (BB+/Stable), due to the parent's 'High' strategic and operational incentives to support the subsidiary under the "strong parent, weak subsidiary" path of Fitch's Parent and Subsidiary Linkage Rating Criteria. Shandong Energy is wholly owned by the Shandong provincial government. Its 'BB+' ratings are notched up from Fitch's assessment of the group's Standalone Credit Profile of 'b+', based on a bottom-up approach in line with its Government-Related Entities (GRE) Rating Criteria. Key Rating Drivers Parent's 'Strong' State Linkage: Fitch assesses the government's decision-making and oversight over Shandong Energy as 'Strong' because of the full government ownership: 70% by the Shandong State-owned Assets Supervision and Administration Commission (SASAC), 10% by Shandong Caixin Asset Management Co. Ltd. and 20% by Shandong Guohui Investment Holding Group Co., Ltd. (A-/Stable). The Shandong SASAC appoints the company's management team and supervises operating, investing and financing activities. However, Fitch assesses the precedents of support as 'Not Strong Enough'. The company was established from a state-initiated merger between the previous Shandong Energy and previous Yankuang Group, with the Shandong provincial government providing tangible support to both entities, including asset and land injections as well as subsidies. However, the support has not been sufficient to boost the company's standalone financial position to a stronger level. Government's Incentive to Support Parent: Fitch evaluates Shandong Energy's preservation of the government's policy role as 'Not Strong Enough'. Fitch does not expect a default by Shandong Energy to pose a risk to the province's coal supply as other provinces supply most of Shandong's coal needs. In addition, over half of the company's coal production is outside the province, limiting its contribution to provincial tax. It is tasked with improving the province's energy source mix by investing in renewable power, which is insignificant in scale compared with its coal business. Parent's 'Strong' Contagion Risk: Shandong Energy ranks as the largest provincial state-owned enterprise (SOE) in Shandong by revenue and the second largest by assets. It is among the back-bone provincial SOEs and Fitch believes a default would damage investor sentiment in the capital market and disrupt the ability of other local GREs to raise funds in the market. Parent's 'High' Incentive to Support: Fitch assesses Shandong Energy's strategic and operational incentives to support Yankuang Energy as 'High'. Yankuang Energy contributed 67% of group EBITDA in 2024. Fitch expects it to account for over 70% of the group's coal sales volume in 2025 after consolidation of Northwest Mining. Yankuang Energy buys assets from and pays large dividends to the parent. The companies share the same chairperson, and another two of Yankuang Energy's board members and three board of supervisor members hold positions in Shandong Energy. Fitch assesses Shandong Energy's legal incentives to support Yankuang Energy as 'Low'. Fitch expects loans guaranteed by Shandong Energy to gradually decline, and the parent believes Yankuang Energy is capable of securing financing without its guarantee. The amount guaranted, CNY2.2 billion at end-2024, accounts for less than 2% of Yankuang Energy's total debt. Asset Injection Lifts Leverage: Yankuang Energy acquired 51% of Northwest Mining from the parent in July 2025 for a cash consideration of CNY4.7 billion and a committed cash capital injection of CNY9.3 billion. The transaction will boost Yankuang Energy's scale, but Fitch estimates it will increase EBITDA net leverage by 0.5x-0.6x over 2025-2028. Fitch expects Northwest Mining, whose annual capacity is 30 million tonnes (mt), will contribute to Yankuang Energy's total production and EBITDA starting from July 2025 after the completion of the ownership transfer. Mining Margin Trending Down: Fitch expects Yankuang Energy's profit per tonne to fall to CNY172/tonne (t) in 2025, from CNY279/t in 2024, due to weak coal prices and limited room for further cost reductions. Fitch expects its coal sales volume to be 148mt in 2025 (1H25: 62mt), up from 130mt in 2024, with the increment mainly from the contribution of newly acquired mining assets. Increasing Leverage: Fitch expects Yankuang Energy's EBITDA net leverage will rise to 4.3x in 2025 (2023: 2.5x). This is based on its expectation of net debt increasing to CNY134 billion by end-2025, after the payment of CNY7.7 billion in dividends, CNY20 billion estimated capex and the impact of asset injections. Meanwhile, EBITDA is likely to weaken to CNY32 billion in 2025 from CNY48 billion in 2024, due to a lower margin. Greenhouse Gas Emissions; Air Quality: The company faces pressure due to its revenue concentration in thermal coal, as Fitch expects declining demand in the medium term due to the high carbon footprint. However, Fitch believes the near-term impact on Yankuang Energy's rating is limited, because the decline is likely be a slow process, especially in Asia. Financing for coal mining in China is not constrained, unlike in some other countries. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer - Average selling price of produced coal at CNY526/t in 2025, CNY494/t in 2026 and CNY492/t in 2027 - Unit coal production cost of CNY355/t in 2025, then mildly trending down together with coal prices - Sales volume of produced coal of 148 million t in 2025 and further increasing to 165 million t in 2026-2027 due to asset injections - Capex of CNY20 billion in 2025, then gradually declining to CNY15 billion in 2027 RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch lowering its internal assessment of Shandong Energy's credit profile, which could occur if the company's EBITDA interest coverage stays below 2.0x, if Shandong Energy's funding capability - excluding Yankuang Energy - deteriorates significantly, or if the likelihood of support from the Shandong government to Shandong Energy weakens. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Shandong Energy's EBITDA net leverage sustained below 6.5x; - Stronger likelihood of support from the Shandong government to Shandong Energy. Liquidity and Debt Structure Yankuang Energy has sufficient liquidity, with CNY37.7 billion of debt maturing within one year at end-2024 that could be covered by adjusted readily available cash of CNY17.9 billion, based on Fitch's definition, and undrawn bank credit facilities of CNY166.1 billion. These are uncommitted facilities, but Fitch believes they are adequate, as committed facilities are uncommon in China. Issuer Profile Yankuang Energy, previously named Yanzhou Coal Mining Company Limited, is a listed company under Shandong Energy, which ranks third in China in terms of coal production volume. Yankuang Energy is also a major coal-mining company in China, with coal production of 142mt in 2024, and runs other businesses such as coal chemical production, transportation and power generation. Public Ratings with Credit Linkage to other ratings The ratings of Yankuang Energy are equalised with those of its parent, Shandong Energy. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Yankuang Energy has an ESG Relevance Score of '4' for GHG Emissions & Air Quality due to its revenue concentration in thermal coal, which faces the risk of declining demand in the medium term due to its high carbon footprint. This has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Yankuang Energy Group Company Limited LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ ================= H O N G K O N G ================= MELCO RESORTS: S&P Rates Proposed USD Senior Unsecured Notes 'BB-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' long-term issue rating to the U.S. dollar-denominated senior unsecured notes that Melco Resorts Finance Ltd. proposes to issue. The rating is subject to its review of the final terms and conditions. Melco Resorts Finance intends to use the proceeds to repay its senior unsecured notes due in 2026. S&P therefore regards the transaction as neutral for the group's leverage. The rating on the proposed notes reflects S&P's long-term issuer credit rating on Melco Resorts (Macau) Ltd. (BB-/Stable/--), a Macau-based operator of integrated resorts. Melco Resorts (Macau) is a key operating subsidiary and rating driver of the Melco group, while Melco Resorts Finance is a financing parent company of Melco Resorts (Macau). S&P believes the risk of subordination in Melco Resort Finance's capital structure is insignificant. The company had about US$5.0 billion in senior unsecured notes and outstanding unsecured bank facilities as of June 30, 2025. Of this, US$1.2 billion was at the subsidiary level. It also had US$0.1 million in secured credit facilities. ========= I N D I A ========= BANSAL RICE: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Bansal Rice Mill Private Limited (BRMPL; part of the Bansal group) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BRMPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BRMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BRMPL continues to be 'Crisil B/Stable Issuer not cooperating'. The Bansal group is based in Sitapur, Uttar Pradesh, and processes non-basmati rice and masoor dal (red lentils). It is promoted and managed by Mr Sanjay Kumar Agarwal and his family members. BEE KAY: CRISIL Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bee Kay Precision India Private Limited (Bee Kay Precision) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Bee Kay Precision for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Bee Kay Precision, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Bee Kay Precision is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Bee Kay Precision continues to be 'Crisil D/Crisil D Issuer not cooperating'. Bee Kay Precision was originally established as a proprietorship concern in Kanpur (Uttar Pradesh). This firm was reconstituted as a private limited company in 2006. Bee Kay Precision manufactures sheet metal and machined components. BHAGWATI STONE: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Bhagwati Stone Industries (BSI) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BSI for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BSI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BSI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BSI continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2009, Uttarakhand-based BSI, a partnership firm of Mr Vinay Kumar Mittal, Mr Akshay Bansal, Mr Prerit Bansal and Mr Rachit Bansal, crushes and processes river bed material, boulders into stone chips, stone grits and sand stone that find usage in the construction industry. The primary raw materials such as boulders, and river bed materials are procured through local suppliers. BHOLARAM EDUCATION: CRISIL Keeps B- Rating in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Bholaram Education Society (BES) continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 6 Crisil B-/Stable (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with BES for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BES, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BES continues to be 'Crisil B-/Stable Issuer not cooperating'. Set up in 2002, BES, promoted by Mr Apoorva Goenka and family, runs DPS in Gandhinagar, Goenka Research Institute of Dental Sciences (GRIDS), Manjushree research institute of Ayurvedic Science, and the 100-bed multi-speciality Goenka Hospital in Piplaj (Gujarat). CHARBHUJA METAL: ICRA Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-term rating for the bank facilities of Charbhuja Metal Udhyog Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 35.00 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Charbhuja Metal Udhyog Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Charbhuja Metal Udhyog Private Limited (erstwhile Siyaram Metal Udyog Private Limited) is a metal merchant based in Jamnagar, Gujarat and has been in operations for the last two decades. The company primarily trades non-ferrous metallic scrap in and around Jamnagar. SMUPL imports nonferrous scrap. The product profile includes brass scrap, ingots and other copper alloys, as well as zinc. DIPANKAR DEY: CRISIL Assigns B+ Rating to INR3.7cr Capital Loan --------------------------------------------------------------- Crisil Ratings has assigned its 'Crisil B+/Stable' rating to the long-term bank facilities of Dipankar Dey (DD). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.8 Crisil B+/Stable (Assigned) Cash Credit 1.0 Crisil B+/Stable (Assigned) Proposed Working Capital Facility 3.7 Crisil B+/Stable (Assigned) The rating reflects modest scale of operations, susceptibility to risks inherent in tender-based business and subdued debt protection metrics. These weaknesses are partially offset by the extensive experience of the proprietor in the construction industry. Analytical approach Crisil Ratings has considered the standalone business and financial risk profiles of DD. Key rating drivers and detailed description Weaknesses: * Modest scale of operations and susceptibility to risks inherent in tender-based business: Intense competition constrains scalability, as reflected in modest revenue of around INR20 crore in fiscal 2025 (around INR7 crore in fiscal 2024). The firm has operations in Tripura and hence geographical concentration risk persists. Tender-based operations and intense competition constrain the firm's scalability and operating margin. * Subdued debt protection metrics: The debt protection metrics were modest, as reflected in interest coverage and net cash accrual to total debt ratios of 9.13 times and 0.30 time, respectively, in fiscal 2025. The ratios are expected at similar levels over the medium term. Strength: Extensive industry experience of the proprietor: The proprietor has experience of over a decade in the civil construction industry. This has given them an understanding of the market dynamics and enabled them to establish relationships with suppliers and customers. Liquidity: Stretched Bank limit utilisation was moderate at less than 90% on average for the 12 months through July 2025. Cash accrual is expected to be over INR1 crore per fiscal against yearly term debt obligation of less than INR1 crore over the medium term. Outlook: Stable Crisil Ratings believes DD will continue to benefit from the extensive experience of the proprietor and its established relationships with clients. Rating sensitivity factors Upward factors: * Increase in revenue to more than INR40 crore and sustenance of operating margin leading to higher net cash accrual * Improvement in the working capital cycle Downward factors: * Stretched working capital cycle * Decline in profitability or topline leading to net cash accrual of less than INR1 crore Set up in 2010, DD undertakes civil construction works, such as construction of buildings and allied works. ELECTROMEC ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Electromec Engineering Enterprises (EME) continues to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.25 Crisil D (Issuer Not Cooperating) Overdraft Facility 3.50 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with EME for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of EME, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EME is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of EME continues to be 'Crisil D/Crisil D Issuer not cooperating'. EMENGE was established in 1988 by Mr Sulabh Raj Gupta, Mr Nirmal Goyal, and Mr Suhaas Gupta. It manufactures and services power and distribution transformers and related components. GRACE INTERNATIONAL: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Grace International (GI) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GI for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GI continues to be 'Crisil D Issuer not cooperating'. GI was set up by Mr. Vikram Jain as a proprietorship firm in 1993. It trades in buttons, hooks, patches, zipper sliders, cufflinks, belt buckles, and other garment accessories. Its registered office is in Delhi. GRITTON CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gritton Ceramics Private Limited (GCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL D (Issuer Not Cooperating) Cash Credit 8.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GCPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2014, GCPL is promoted by Ahmedabad, Gujarat-based Mr Ashok Garg, Mr Pervinderkumar Mechu, and Mr Rameshbhai Patel. The company manufactures ceramic wall tiles. GURMON HOTELS: CRISIL Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Gurmon Hotels Private Limited (GHPL) continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 20 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GHPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GHPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 2011 in Delhi and promoted by the Arora family, GHPL is constructing a hotel at Sohna Road, Gurgaon (Haryana). The company is being managed by Mr. Vikas Arora. GURU GORAKH: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shri Guru Gorakh Nath Rice Mill (SGGNRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 4, 2024, placed the rating(s) of SGGNRM under the 'issuer non-cooperating' category as SGGNRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGGNRM 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 Shri Guru Gorakh Nath Rice Mill (SGGNRM) was established in 1990 as a partnership firm with three partners Ms. Pushpa Devi, Mr. Brijesh Kumar and Mr. Bankey Lal with profit and loss sharing ratio of 1:2:2. The firm is primarily engaged in milling and processing of basmati rice at its sole processing facility situated at Dadri, Uttar. HARI VEGETABLE: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Hari Vegetable Products Private Limited (HVPPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HVPPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HVPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HVPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HVPPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1989, HVPPL is owned and managed by Mr Jyoti Swarup Agarwal and his brother, Mr Bhupesh Agarwal. It processes mustard oil and oil cake, and sells them under its Engine brand. The processing facility is in Bharatpur (Rajasthan). J N S L FERRO: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of J N S L Ferro Alloys (JFA) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.9 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 1.6 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JFA for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JFA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JFA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JFA continues to be 'Crisil B/Stable Issuer not cooperating'. JFA, a proprietorship firm, was incorporated in 2006-07 (refers to financial year, April 1 to March 31) by Mr. Lakesh Juneja. It trades in various ferrous metals like hot-rolled coils/sheets, cold rolled coils/sheets, structured steel products, stainless steel products and metal scrap. JFA has also developed a shopping mall in Ludhiana (Punjab) which is expected to commence operations in October 2015. JAYANTI MOTORS: CRISIL Lowers Rating on INR45.5cr e-DFS to B ------------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of Jayanti Motors Private Limited (JMPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Electronic Dealer 45.5 Crisil B/Stable (ISSUER NOT Financing Scheme COOPERATING; Revised from (e-DFS) 'Crisil BB+/Stable ISSUER NOT COOPERATING*') Term Loan 4.5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with JMPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JMPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable Issuer not cooperating'. Incorporated in 2011 and promoted by Ms. Kritika Saluja and Mr. Mayank Saluja, JMPL is an authorized dealer of vehicles of Kia Motors. JMPL has showrooms and service centers in Lajpat Nagar and Mathura Road in New Delhi. KHWAHISH MARKETING: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Khwahish Marketing Private Limited (KMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 7.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 12.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with KMPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2005 as private limited company, KMPL is a trader of iron and steel products. Based in Ghaziabad, Uttar Pradesh, the firm is managed and promoted by Mr. Prashant Sharma. KRISHNA ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Krishna Enterprises - Mathura (KE) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KE for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KE continues to be 'Crisil B/Stable Issuer not cooperating'. Set up as a proprietorship firm in 1990 by Mr. Ajay Arora, KE manufactures bathroom taps and cocks at its facility in Mathura, which has an installed capacity of 8000 pieces of taps per day. LHASA HOTEL: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Lhasa Hotel & Restaurant (LHR) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 5.8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LHR for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LHR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LHR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LHR continues to be 'Crisil D Issuer not cooperating'. Established in 2009, LHR operates a hotel and restaurant in Dharamshala. Operations are managed by Mr. Karthikeya Bhardwaj, son of Mr. Kul Prakash Bhardwaj. PARSVNATH DEVELOPERS: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Parsvnath Developers Limited (PLDPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 29.74 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with PLDPL for obtaining information through letters and emails dated July 21, 2025 and August 22, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the company's management, Crisil Ratings did not receive any information on the financial performance or strategic intent of the company, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. The rating action on PLDPL is consistent with Assessing Information Adequacy Risk. Based on the last available information, the rating on bank facilities of PLDPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1990, PDL develops real estate projects and has a well-diversified portfolio of residential apartments, integrated townships, commercial and retail projects, SEZs, IT parks, and hotels. It is also engaged in the construction contracting business. While the company has delivered about 1.78 crore square feet (sq ft) through its 68 completed projects, the ongoing project portfolio comprises around 39 projects spread over about 3.59 crore sq ft. It has pan-India presence but has undertaken majority of projects in Delhi and the National Capital Region PLANETCAST MEDIA: ICRA Assigns B+ Rating to INR620cr NCDs --------------------------------------------------------- ICRA has assigned rating to the bank facilities of Planetcast Media Services Limited (PMSL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible Debentures 620 [ICRA]B+(Stable) Assigned Rationale The assigned rating factors in the extensive experience of the promoters, spanning over three decades, given their track record as founding members of PMSL and their ability to scale businesses successfully. Arugn Technologies Private Limited (ATPL) was incorporated by the promoters and this entity is now being used as a special purpose vehicle to acquire majority stake in PMSL. ICRA has assessed the credit quality of ATPL on a standalone basis till the time certainty on the acquisition is achieved. It currently has small trading operations, the scale of which is modest and the same is exposed to intense competition. ATPL is in a fray to acquire majority stake in PMSL from its existing shareholders and the proposed transaction entails ATPL raising INR600 crore through the proposed NCD issuance, to be deployed towards funding the acquisition of PMSL. As per the proposed arrangement, this entity will be merged into PMSL in 12-15 months period. However, till that time, there will be a sizeable increase in the debt of ATPL, although the same will be backed by investment in PMSL which is a healthy cash flow generating entity. Key rating drivers and their description Credit strengths * Experience promoters: The company is backed by two seasoned promoters, Mr. M.N Vyas and Mr. Lallit Jain, each with over three decades of extensive industry experience. Both the promoters were instrumental as the founding members of the entity now being acquired, PMSL. * Proposed acquisition of majority shareholding of an established company: The proposed acquisition, if successful will result in ATPL holding majority stake in a well-established and healthy cash generating entity. Credit challenges * No major operations as on date: ATPL has been chosen as a SPV for the purpose of the proposed acquisition and currently does not have any major operations of its own. Its existing activities are limited to negligible trading, which does not meaningfully contribute to revenue or cash flows. * Intense competition in the trading operations: ATPL's current operations are limited to small-scale trading, which contributes insignificantly to revenues. Moreover, the trading business is characterised by intense competition and thin margins, thereby offering limited scope for profitability and cash flow generation. * Sizeable debt proposed to be added post the completion of transaction, if the same is successful: ATPL plans to raise NCDs amounting to INR600 crore, which will moderate the financial risk profile of ATPL increasing the overall leverage, however comfort can be drawn from the fact that post the completion of proposed acquisition, ATPL will be merged into the PMSL, which has a healthy cash generation rack record. Liquidity position: Adequate ATPL's liquidity position is adequate as there are no major cash flow requirements as of now. While there is no cash on the books, the repayment commitments will kick-in only after 1-year and that too can be met from cashflows of PMSL, in case transaction is successful. However, if the transaction does not go through, the debt is not likely to come on the books of the company. Rating sensitivities Positive factors – ICRA could upgrade the ratings in case ATPL successfully acquires majority stake in PMSL, strengthening the debt servicing capability. Negative factors – The ratings can be downgraded in case there are any adverse changes in the transaction structure or terms of the debt, thereby impacting the debt servicing ability. ATPL is a SPV chosen to acquire 90% stake in Planetcast Media. The company is owned by Mr. M.N Vyas and Mr. Lallit Jain who are also the promoter founders for PMSL. ATPL currently have negligible trading operations. RAMA PAPER: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term ratings of Rama Paper Mills Limited (RPML) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 18.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 53.81 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with RPML, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Rama Paper Mills Limited (RPML), which is in the business of manufacturing and selling of paper and board related products was established in December 1985 at Kiratpur, (District Bijnor, Uttar Pradesh). The company has been promoted by Mr. Pramod Agarwal and his brother Mr. Arun Goel, who are professionally qualified. While RPML started off with an initial installed capacity of 3300 Metric Ton (MT); over the years, the company has increased its installed capacity to 61,000 MT with capacity additions and modernization of existing lines. With four production lines, RPML has a presence in product segments such as Newsprint, cream woven paper, duplex board and poster paper. SRINIVASAN CHARITABLE: ICRA Keeps D Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Srinivasan Charitable and Educational Trust in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 175.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Srinivasan Charitable and Educational Trust, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. DS Group was established in 1994 by Mr. Srinivasan, with an objective to run charitable institutions, educational institutions and hospitals. DS group of trusts (including a private limited company) operate engineering colleges, medical college, hospital, polytechnic college and hotel in which location. The group runs three trusts and a private limited company which encompasses 23 colleges (6 – Engineering, 1 – Agricultural, 2 – Pharmacy, 3 – Arts & Science, 2 – Polytechnic, 3 – Nursing, 4 – Educational, 2 - Medical), 2 hospitals, 3 schools and 1 hotel. The institutes are present in 3 locations in Tamil Nadu (Perambalur, Chennai & Trichy). SRINIVASAN HEALTH: ICRA Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Srinivasan Health and Educational Trust in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 181.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Srinivasan Health and Educational Trust, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. DS Group was established in 1994 by Mr. Srinivasan, with an objective to run charitable institutions, educational institutions and hospitals. DS group of trusts (including a private limited company) operate engineering colleges, medical college, hospital, polytechnic college and hotel in which location. The group runs three trusts and a private limited company which encompasses 23 colleges (6 – Engineering, 1 – Agricultural, 2 – Pharmacy, 3 – Arts & Science, 2 – Polytechnic, 3 – Nursing, 4 – Educational, 2 - Medical), 2 hospitals, 3 schools and 1 hotel. The institutes are present in 3 locations in Tamil Nadu (Perambalur, Chennai & Trichy). STANDARD AUTOGEARS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Standard Autogears Private Limited (SAPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 3 CRISIL D (Issuer Not Cooperating) Bill Discounting 0.75 CRISIL D (Issuer Not Cooperating) Open Cash Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Cash 0.5 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with SAPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAPL continues to be 'Crisil D Issuer not cooperating'. SAPL, incorporated in 1997 in Mohali (Punjab) by Mr. Anil Atri, manufactures ceiling fan blades and refrigerator components. It has a fan blade manufacturing plant in Mohali with capacity of 100,000 packs. SUPERTECH LTD: Court-Monitored Resolution Process Needed -------------------------------------------------------- The Economic Times reports that the Supreme Court on Sept. 12 was suggested to adopt a court-monitored hybrid resolution mechanism on the line of Amrapali and Unitech Groups but headed by former apex court judge Navin Sinha for completion of the Supertech Realtors' ambitious 'Supernova project' in Noida. Supertech Realtors is a wholly owned subsidiary of the beleaguered realty major Supertech Ltd which is facing insolvency proceedings and is constructing a mixed-use real estate project 'Supernova' consisting of residential, commercial, office space, studio apartment, service apartment and shopping centers in Sector 94 of Noida. ET notes that the building under the project is believed to comprise 80 floors, being the tallest building in Delhi-NCR with a 300-metre height. According to ET, advocate Rajiv Jain, assisting in the matter related to insolvency proceedings of the project, informed a bench of Justices Surya Kant and Joymalya Bagchi that all stakeholders including homebuyers, financial creditors, banks, financial institutions and others have expressed confidence in a court-monitored process of resolution. "The evolved jurisprudence in the cases of Amrapali, JAL/YEIDA (Jaypee Group case), and Supertech reveal a clear trajectory; when ordinary insolvency processes fail to protect homebuyers, the judiciary has not hesitated to innovate," the report of the amicus said. The report said in the present matter too, a court-monitored hybrid mechanism, strengthened by the fit and proper standard for developers and project managers, was both necessary and viable, ET relays. "Such a framework will balance the rights of financial creditors with the overriding need to deliver homes to buyers, thereby achieving the 'complete justice' that this court has repeatedly sought to achieve in analogous cases," it added. The report suggested the appointment of a former top court judge or a former chief justice of a high court for closer supervision of the resolution mechanism and to empower them in order to avoid frequently coming to court, ET relays. ET says Jain suggested the name of former apex court judge Navin Sinha and former chief justice of Jammu and Kashmir High Court M M Kumar, former president of NCLT and former member of NHRC supervising the process. "The promoter/appellant should be displaced from control; if necessary, his role may be limited to technical co-operation only. Further, the key management personnel should also not be part of any resolution mechanism," he said. The report suggested a forensic audit of the accounts of the Supertech Realtors and its parent company Supertech Ltd by a "reputed and experienced" entity. According to ET, the amicus said the opinions of the homebuyers were divided over the model of resolution process to be adopted for completion of the project. He said Supernova Apartment Owners Association, represented by advocate Govind Jee in the apex court, opposed the engagement of the co-developer Parmesh Construction Company Limited (PCCL), of the Bhutani Infra group. The association contended that a suspended director cannot be allowed to choose a co-developer. Jain, who held discussions and took suggestions from all stakeholders, told the bench that court-monitored resolution process, whilst non-traditional, is legally viable under this court's plenary powers under Article 142 of the constitution, ET relays. "It ought to ensure a balanced outcome: financial creditors retain recourse to surplus recoveries once projects are complete, while homebuyers obtain the delivery of their long-awaited flats/units. Importantly, it avoids the inequity of liquidation, which would extinguish buyers' hopes and leave only fragmented assets," Jain submitted in his report. The bench posted the matter for further hearing on September 17. ET adds that the 721-page report of the amicus further suggested the court to appoint a new board of directors of the Supertech Realtors and a Project Management Consultant, like the NBCC for completion of the ambitious project. The amicus also suggested to the court that the Interim Resolution Professional appointed by the insolvency tribunal should be changed as despite her appointment many months back, she has not been able to take control of the company. About Supertech Supertech Limited (STL), incorporated in 1995, was promoted by Mr. R. K. Arora. The company is in the business of developing real estate projects in the residential, commercial and retail segments in the NCR region and other prominent places in Uttar Pradesh, Uttarakhand and Bangalore. As reported in the Troubled Company Reporter-Asia Pacific in late March 2022, insolvency proceedings have been initiated against Supertech Ltd after a National Company Law Tribunal (NCLT) bench on March 25, 2022, admitted a petition filed by Union Bank of India for non-payment of dues by the company. An interim resolution professional (IRP) has also been appointed for Supertech, superseding the company's board. UP MONEY LIMITED: CRISIL Moves D Debt Rating to Not Cooperating --------------------------------------------------------------- Crisil Ratings has migrated rating to 'Crisil D (SO) Issuer not cooperating' from 'Crisil D (SO)' on Series A1 pass-through certificates (PTCs) issued by 'GripX Sage May 2025'. The securitisation transaction pool is backed by receivables from unsecured SME and vehicle loans originated and serviced by Up Money Limited (Up Money). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Series A1 PTCs LT 11.43 Crisil D (SO) (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Up Money, the originator and servicer in the transaction, for obtaining information through emails dated August 25, 2025, August 26, 2025 and August 28, 2025, apart from telephonic communication. Subsequently on September 2, 2025, Crisil Ratings issued letter to the originator on critical information requested under Clause 28.4.2 of SEBI circular on 'Monitoring and Review of Ratings by Credit Rating Agencies'. Follow-up emails were sent on September 5, 2025, September 8, 2025, September 9, 2025 and September 10, 2025. However, Up Money has not provided the required data. The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Crisil Ratings has migrated rating to 'Crisil D (SO) Issuer not cooperating' from 'Crisil D (SO)' on Series A1 pass-through certificates (PTCs) issued by 'GripX Sage May 2025'. The securitisation transaction pool is backed by receivables from unsecured SME and vehicle loans originated and serviced by Up Money Limited (Up Money). Crisil Ratings believes that rating action on Series A1 PTCs is consistent with 'Assessing Information Adequacy Risk'. Crisil Ratings has not received critical information including clarification on non-adherence to transaction structure in August 2025, and originator's financial performance. This is despite repeated attempts to engage with the management. There was delay in servicing of the interest of INR0.11 crore which was due and payable on August 25, 2025. This was due to non-adherence of structure by servicer and other counterparties despite sufficient collections from underlying pool and availability of adequate cash collateral. The servicer, Up Money, did not adhere to the transaction structure as the underlying collections were not transferred to the Collection & Payout (C&P) account by the pay-in date of August 22, 2025. As per the servicer report, INR1.55 crore was collected from the underlying pool in July 2025 which was significantly higher (~14 times) than interest payout of INR0.11 crore. Further, as an additional layer of safety, cash collateral of INR0.94 crore (~8.5 times of the promised interest payout) was also available to service the due interest obligations. However, owing to operational reasons, this cash collateral was not liquidated in a timely manner, resulting in default. As per the structure, the trustee is required to send instructions to the cash collateral bank for liquidation of fixed deposit which is lien marked in favour of the Trust, one business day prior to the pay-out date of August 25, 2025, as required under the Trust Deed. However, there was no documentary evidence furnished by the trustee to establish that the necessary instruction was sent to the bank in a timely manner. As on date, liquidation of cash collateral is still under process with the bank for those transactions. The transaction has a 'par with Timely Interest Ultimate Principal' payment mechanism. Consequently, only interest payment is due and payable on each payout date. The principal is only payable on each payout date subject to adequacy of funds in C&P account but becomes due and payable on the final maturity date. Cash collateral (CC) of INR0.94 crore in the form of fixed deposit (lien marked to the Trust) is available in the transaction structure to make the promised interest payouts. Payment structure The transaction has a 'par with Timely Interest Ultimate Principal' payment mechanism turbo amortisation, wherein the trust settled by the Trustee i.e Catalyst Trusteeship Limited has issued Series A1 PTCs to investors for amounts equal to 84.0% of initial pool principal as on the cut-off date. Series A1 PTC holders are promised timely interest payments on a monthly basis. Principal repayment, while expected on a monthly basis, is promised only on an ultimate basis by the instrument's final maturity date. Adequacy of credit enhancement The promised monthly interest payouts due on August 28, 2025 was INR0.11 crore. In relation to that, external credit enhancement in the form of cash collateral amounted to INR0.94 crore, almost 8.5 times the promised interest payout. However, no documentary evidence has been furnished by the trustee to establish that instruction was sent to the bank (Capital Small Finance Bank) in a timely manner to invoke and utilise the cash collateral (lying in the form of fixed deposit) in turn resulting in delay in servicing the promised interest payout to the investors. Initial pool characteristics The salient features of the pool as on the cut-off date (March 31, 2025) based on the loan-level information submitted to Crisil Ratings are as follows: * The contracts in the pool pertain to unsecured SME loans originated by Up Money Limited. * All the contracts in the pool are current as of cut-off date. *The minimum seasoning of contracts is 4 monthly instalments paid. Furthermore, the originator has also represented the following: * None of the loans in the pool has been restructured or rescheduled. * The loans are not hypothecated to any lender and do not have any encumbrances on the date of securitisation. About the Originator Up Money Limited is spearheaded by its promoters - Mr. Ajit Singh Chawla, Mr. Parveen Kaur Chawla and Mr. Sumel Singh Chawla and is currently present in 9 states and nearby suburbs through a network of 84 branches, of which 40 are in Punjab. The company extends unsecured MSME loans to rural and semi-urban customers for enhancing existing their business. The company also provides secured loans against property and vehicle loans like two wheelers, commercial vehicles, electric vehicles. UP MONEY: CRISIL Moves D Debt Rating to Not Cooperating Category ---------------------------------------------------------------- Crisil Ratings has migrated ratings to ‘Crisil D (SO) Issuer not cooperating’ from ‘Crisil D (SO)’ on Series A1 pass-through certificates (PTCs) issued by ‘GripX Sage Feb 2025’. The securitisation transaction pool is backed by receivables from unsecured SME loans originated and serviced by Up Money Limited (Up Money). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Series A1 PTCs LT 9.27 Crisil D (SO) (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Up Money, the originator and servicer in the transaction, for obtaining information through emails dated August 25, 2025, August 26, 2025 and August 28, 2025, apart from telephonic communication. Subsequently on September 2, 2025, Crisil Ratings issued letter to the originator on critical information requested under Clause 28.4.2 of SEBI circular on 'Monitoring and Review of Ratings by Credit Rating Agencies'. Follow-up emails were sent on September 5, 2025, September 8, 2025, September 9, 2025 and September 10, 2025. However, Up Money has not provided the required data. The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Crisil Ratings has migrated ratings to 'Crisil D (SO) Issuer not cooperating' from 'Crisil D (SO)' on Series A1 pass-through certificates (PTCs) issued by 'GripX Sage Feb 2025'. The securitisation transaction pool is backed by receivables from unsecured SME loans originated and serviced by Up Money Limited (Up Money). Crisil Ratings believes that rating action on Series A1 PTCs is consistent with 'Assessing Information Adequacy Risk'. Crisil Ratings has not received critical information including clarification on non-adherence to transaction structure in August 2025, and originator's financial performance. This is despite repeated attempts to engage with the management. There was delay in servicing of the interest of INR0.10 crore which was due and payable on August 25, 2025. This was due to non-adherence of structure by servicer and other counterparties despite sufficient collections from underlying pool and availability of adequate cash collateral. The servicer, Up Money, did not adhere to the transaction structure as the underlying collections were not transferred to the Collection & Payout (C&P) account by the pay-in date of August 22, 2025. As per the servicer report, INR1.28 crore was collected from the underlying pool in July 2025 which was significantly higher (~13 times) than interest payout of INR0.10 crore. Further, as an additional layer of safety, cash collateral of INR0.79 crore (~8 times of the promised interest payout) was also available to service the due interest obligations. However, owing to operational reasons, this cash collateral was not liquidated in a timely manner, resulting in default. As per the structure, the trustee is required to send instructions to the cash collateral bank for liquidation of fixed deposit which is lien marked in favour of the Trust, one business day prior to the pay-out date of August 25, 2025, as required under the Trust Deed. However, there was no documentary evidence furnished by the trustee to establish that the necessary instruction was sent to the bank in a timely manner. As on date, liquidation of cash collateral is still under process with the bank for those transactions. The transaction has a 'par with Timely Interest Ultimate Principal' payment mechanism. Consequently, only interest payment is due and payable on each payout date. The principal is only payable on each payout date subject to adequacy of funds in C&P account but becomes due and payable on the final maturity date. Cash collateral (CC) of INR0.79 crore in the form of fixed deposit (lien marked to the Trust) is available in the transaction structure to make the promised interest payouts. Payment structure The transaction has a 'par with Timely Interest Ultimate Principal' payment mechanism, wherein the trust settled by the Trustee i.e Catalyst Trusteeship Limited has issue Series A1 PTCs to investors for amounts equal to 84.05% of initial pool principal as on the cut-off date. Series A1 PTC holders are promised timely interest payments on a monthly basis. Principal repayment, while expected on a monthly basis, is promised only on an ultimate basis by the instrument's final maturity date. Adequacy of credit enhancement The promised monthly interest payouts due on August 25, 2025 was INR0.10 crore. In relation to that, external credit enhancement in the form of cash collateral amounted to INR0.79 crore, almost 8 times the promised interest payout. However, there was no documentary evidence furnished by the trustee to establish that instruction was sent to the bank (Capital Small Finance Bank) in a timely manner to invoke and utilise the cash collateral (lying in the form of fixed deposit) in turn resulting in delay in servicing the promised interest payout to the investors. Initial pool characteristics The salient features of the pool as on the cut-off date (January 31, 2025) based on the loan-level information submitted to Crisil Ratings are as follows: * The contracts in the pool pertain to unsecured SME loans originated by Up Money Limited. * All the contracts in the pool are current as of cut-off date. * The minimum seasoning of contracts is 4 monthly instalments paid. Furthermore, the originator has also represented the following: * None of the loans in the pool has been restructured or rescheduled. * The loans are not hypothecated to any lender and do not have any encumbrances on the date of securitisation. About the Originator Up Money Limited is spearheaded by its promoters - Mr. Ajit Singh Chawla, Mr. Parveen Kaur Chawla and Mr. Sumel Singh Chawla and is currently present in 9 states and nearby suburbs through a network of 84 branches, of which 40 are in Punjab. The company extends unsecured MSME loans to rural and semi-urban customers for enhancing existing their business. The company also provides secured loans against property and vehicle loans like two wheelers, commercial vehicles, electric vehicles. VARUN EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Varun Exports (VE) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter Of Guarantee 0.05 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.20 CRISIL D (Issuer Not Cooperating) Packing Credit 7.50 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.21 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VE for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VE continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up as a partnership firm in 1985, VE manufactures leather footwear in Agra, Uttar Pradesh. Its operations are managed by Mr Arun Ahluwalia and his son, Mr Varun Ahluwalia. VINAYAK INTERNATIONAL: ICRA D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Vinayak International in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 20.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 10.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Vinayak International, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in the year 2005, Vinayak international is a proprietorship concern of Mr. Vikas Agarwal engaged in manufacturing and processing of (i) Cold rolled sheets (CR sheets/coils) used in manufacturing of bicycles, furniture, electrical panels etc as CR sheets have high strength, dent resistance and tensile property (ii) Hot rolled sheets (HR sheets/coils) mainly used in construction industry, manufacturing of bicycles frames, engineering and military equipments, LPG cylinders, Shuttering plates etc (iii) Galvanized Plain Coils (GP Coils) used in manufacturing of automobiles, washers, vending machines, microwaves etc. Along with this, the firm is also engaged in generation of wind energy having installed capacity of 600 Kw located at Khala site in Jaisalmer which has been recently started by the firm in November 2015. WIND WORLD: NARCL to Auction INR3,700 crore of Debt --------------------------------------------------- The Economic Times reports that the National Asset Reconstruction Company (NARCL) is selling INR3,763 crore debt of Wind World with a reserve bid of INR1,250 crore. The government-backed bad loan bank had acquired it 18 months ago. Omkara ARC has now emerged as the anchor bidder with an offer of around INR1,250 crore, people familiar with the matter said, ET relays. Prudent ARC had earlier put in a bid of about INR1,200 crore and lost to Omkara in the first round. The Swiss Challenge auction is expected to wrap up soon, ET notes. Wind World (India) Limited (WWIL) (formerly known as Enercon India Limited) engages in the wind power industry. WWIL commenced Corporate Insolvency Resolution Process (CIRP) on Feb. 20, 2018. The Ahmedabad bench of the National Company Law Tribunal (NCLT) had admitted a petition filed by IDBI Bank Ltd. to initiate insolvency proceedings against the company. The NCLT has appointed Shri Shailen Shah as the Interim Resolution Professional (IRP). ===================== N E W Z E A L A N D ===================== AKENZ LIMITED: Creditors' Proofs of Debt Due on Oct. 18 ------------------------------------------------------- Creditors of Akenz Limited, Billfold Solutions Limited, Sm-Bm Marketing Limited, and Ecozone Homes Limited are required to file their proofs of debt by Oct. 18, 2025, to be included in the company's dividend distribution. Akenz Limited commenced wind-up proceedings on Sept. 2, 2025. Billfold Solutions, Sm-Bm Marketing and Ecozone Homes commenced wind-up proceedings on Sept. 3, 2025. The company's liquidators are: Daniel Zhang Keaton Pronk Boris Van Delden Iain Mclennan Steve Farquhar McDonald Vague Limited PO Box 6092 Victoria Street West Auckland 1142 AUTO TRADING: McGrathNicol Appointed as Receiver and Manager ------------------------------------------------------------ Andrew Grenfell of McGrathNicol on Sept. 9, 2025, was appointed as receiver and manager of Auto Trading Limited, Auto Compliance & Repairs Limited and Vehicle Direct Limited. The receiver and manager may be reached at: Andrew Grenfell McGrathNicol Level 17 41 Shortland Street Auckland CS DEVELOPMENTS: Court to Hear Wind-Up Petition on Nov. 10 ---------------------------------------------------------- A petition to wind up the operations of CS Developments Pyes PA Limited will be heard before the High Court at Tauranga on Nov. 10, 2025, at 10:00 a.m. Cooney Lees Morgan filed the petition against the company on Aug. 26, 2025. The Petitioner's solicitor is: P. J. Anderson ANZ Centre, Level 3 247 Cameron Road (PO Box 143) Tauranga 3140 DU VAL: Some Investors May Get Partial Repayment, PwC Report Shows ------------------------------------------------------------------ Radio New Zealand reports that investigators are still struggling to get a hold on exactly how much the collapsed Du Val property group owes, one year after it went into statutory management. But the latest update shows a limited number of investors are in for a partial repayment as some of the group's properties are sold. According to RNZ, the total known debt had fallen from NZD306 million to NZD268 million since March. That was in part because of the sale of some Du Val property interests - and the payment of some debts as a result. But people owed money were continuing to come forward and the complete picture of the debt was not known. RNZ says the information was from the latest six-monthly report released by the statutory managers from PWC into the affairs of the group founded by Charlotte and Kenyon Clarke. PWC has previously described the 70 Du Val entities and their relationship with each other as being like a bowl of spaghetti. The latest report said the quest to understand the group was ongoing, RNZ relays. "The Du Val Group's accounting records are materially incomplete, with a large volume of related party transactions, requiring extensive further forensic accounting analysis," the report said, notes RNZ. In its March update, PWC had concerns about GST transactions, and also about assets in the Clarkes' personal possession that appeared to have been paid for by Du Val companies. The latest report showed those concerns remained - and new ones has arisen. But it did not want to disclose what they were so it did not prejudice any "formal action" that might arise, RNZ relates. The statutory managers - who were also the personal receivers for the Clarkes - wanted to interview the couple but the pair were fighting that in the courts. According to RNZ, PWC said it was continuing to investigate the Du Val directors and their actions to see if there were any other "avenues for recovery." They are calling on people to come forward with any evidence that will help them. The latest report showed some of Du Val's property interests and land had been sold or were in the process of being sold, notes the report. That included its Build to Rent fund developments in Mangere Bridge and Mangere East which sold for about NZD31 million. The Build to Rent, and a lease agreement associated with it, could allow some Build to Rent investors to get 40 to 44 cents in the dollar back on their investment within the next three months, the report, as cited by RNZ, said. However, those investors in Du Val's Opportunity Fund and the Mortgage Fund were unlikely to benefit. The China Construction Bank had been repaid NZD18 million, relates RNZ. Other developments or units were with real estate agents and some were under sales negotiations. RNZ adds that the report also showed and undisclosed number of Du Val employees has been paid NZD42,000 between them. Inland Revenue had also received about NZD130,000. About Du Val Group Du Val Group developed large-scale residential projects in New Zealand, renowned for their innovative design. As reported in the Troubled Company Reporter-Asia Pacific, the Financial Markets Authority on Aug. 21, 2024, confirmed that the Governor-General, on the advice of the Minister of Commerce and Consumer Affairs given in accordance with a recommendation from the FMA, declared a number of entities within the Du Val group be placed in statutory management under the terms of the Corporations (Investigation and Management) Act 1989 (the Corporations Act). Statutory management for these entities was announced by the Minister on Aug. 21, 2024 effective immediately. John Fisk, Stephen White and Lara Bennett of PwC New Zealand, who were appointed as interim receivers on Aug. 2, 2024, have been appointed as the Statutory Managers. FP IGNITION 2011-1: Moody's Upgrades Rating on Class F Notes to B2 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on five classes of notes issued by NZGT (FP) Trustee Limited in its capacity as trustee of the FP Ignition Trust 2011-1 - New Zealand in relation to Series 2024-1. The affected ratings are as follow: Issuer: NZGT (FP) Trustee Limited in its capacity as trustee of the FP Ignition Trust 2011-1 - New Zealand in relation to Series 2024-1 Class B Notes, Upgraded to Aa1 (sf); previously on Nov 15, 2024 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to A1 (sf); previously on Nov 15, 2024 Definitive Rating Assigned A3 (sf) Class D Notes, Upgraded to Baa2 (sf); previously on Nov 15, 2024 Definitive Rating Assigned Baa3 (sf) Class E Notes, Upgraded to Ba2 (sf); previously on Nov 15, 2024 Definitive Rating Assigned Ba3 (sf) Class F Notes, Upgraded to B2 (sf); previously on Nov 15, 2024 Definitive Rating Assigned B3 (sf) A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in note subordination available for the affected notes and the good performance of the underlying collateral pool to date. No action was taken on the remaining rated class in the deal as credit enhancement remains commensurate with the current rating for the notes. Following the August 2025 payment date, note subordination available for the Class B, Class C, Class D, Class E and Class F Notes has increased to 30.5%, 23.5%, 20%, 13.7% and 8.2% respectively from 26.2%, 20.2%, 17.2%, 11.8% and 7% at closing. Principal collections have been distributed on a sequential basis starting from the Class A Notes. Current total outstanding notes as a percentage of the total closing balance is 85.9%. As of end-July, 0.2% of the outstanding pool was 30-plus day delinquent, and 0.1% was 90-plus day delinquent. The portfolio has incurred 0.04% (as of % of original balance) of gross losses to date, which have been covered by excess spread. Based on the current portfolio characteristics and historical performance data, Moody's have maintained the haircut to the residual value cash flow: Aa1 haircut of 32.1%, A1 haircut of 27.7%, Baa2 haircut of 22.1%, Ba2 haircut of 16% and B2 haircut of 9.1%. The transaction is a static cash securitisation of operating and finance leases extended to New Zealand corporates, government and small and medium-sized businesses. The leases are originated and managed by FleetPartners Holding (NZ) Limited, a subsidiary of FleetPartners Group Limited and secured by passenger cars and commercial vehicles. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in credit enhancement available for the notes, and (3) a deterioration in the credit quality of the transaction counterparties. RENEGADE INDUSTRY: Court to Hear Wind-Up Petition on Oct. 3 ----------------------------------------------------------- A petition to wind up the operations of Renegade Industry Group Limited will be heard before the High Court at Nelson on Oct. 3, 2025, at 10:00 a.m. Chief Executive of New Zealand Customs Service filed the petition against the company on July 15, 2025. The Petitioner's solicitor is: Sarah Leslie Luke Cunningham Clere, Level 20 157 Lambton Quay Wellington WIMPEX LIMITED: Creditors' Proofs of Debt Due on Oct. 17 -------------------------------------------------------- Creditors of Wimpex Limited are required to file their proofs of debt by Oct. 17, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 4, 2025. The company's liquidators are: Judith Shields Malcolm Hollis PwC Christchurch PO Box 13244 City East Christchurch 8141 ===================== P H I L I P P I N E S ===================== DEL MONTE: Shares Trading Suspended Over Annual Report Delay ------------------------------------------------------------ Bilyonaryo.com reports that the Philippine Stock Exchange (PSE) has suspended trading of Del Monte Pacific Limited shares after the company failed to file its annual report for the fiscal year ended April 30, 2025. Under PSE rules, non-compliance with structured reportorial requirements automatically triggers a trading suspension. As of Sept. 16, Del Monte Pacific had not submitted its SEC Form 17-A, the exchange said, Bilyonaryo.com relates. According to Bilyonaryo.com, the PSE had earlier warned that trading would be halted on Sept. 15 if the report was not submitted by Sept. 12. The company had already missed an extended filing deadline of Aug. 28. Del Monte Pacific's audits are conducted by Ernst & Young LLP and Sycip Gorres Velayo & Co. Del Monte Pacific Limited is an investment holding company with subsidiaries that are principally engaged in growing, processing, and selling packaged fruits, vegetable and tomato. ================= S I N G A P O R E ================= ATRIX DYNAMICS: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on Aug. 29, 2025, to wind up the operations of Atrix Dynamics Pte. Ltd. Standard Chartered Bank (Singapore) Limited filed the petition against the company. The company's liquidators are: Goh Wee Teck Lin Yueh Hung c/o RSM SG Corporate Advisory 8 Wilkie Road #03-03, Wilkie Edge Singapore 228095 BOX BOSS: Court to Hear Wind-Up Petition on Sept. 19 ---------------------------------------------------- A petition to wind up the operations of Box Boss 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. 28, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 EIGHT PEACE: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Aug. 29, 2025, to wind up the operations of Eight Peace Private Limited. Lim Hong Kheng filed the petition against the company. The company's liquidators are: Abuthahir s/o Abdul Gafoor Yessica Budiman c/o AAG Corporate Advisory 11 Collyer Quay #07-02 The Arcade Singapore 049317 M-TECHX ASIA: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Aug. 29, 2025, to wind up the operations of M-Techx Asia Pte. Ltd. United Innovations Company Pte. Ltd. filed the petition against the company. The company's liquidators are: Lau Chin Huat Yeo Boon Keong M/s Technic Inter-Asia 50 Havelock Road #02-767 Singapore 160050 VIMBOX MOVERS: Court to Hear Wind-Up Petition on Sept. 26 --------------------------------------------------------- A petition to wind up the operations of Vimbox Movers 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: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 ===================== S O U T H K O R E A ===================== S. KOREA: Petrochem Sector Reform Pushed After Near-Default ----------------------------------------------------------- Bloomberg News reports that a near-default by a major player has become a flashpoint for South Korea's struggling petrochemical industry, intensifying concerns over corporate debt and prompting government calls for restructuring - with hints of possible intervention, if needed. Authorities are prepared to act if necessary, according to a financial regulatory official familiar with the matter, Bloomberg relays. The government's KRW100 trillion (US$72 billion) market stabilisation programme - implemented in past crises, including an incident involving a Legoland amusement park in 2022 - is on standby to be used, though officials haven't seen signs of market contagion, the person said. According to Bloomberg, petrochemical firms, a key export sector, have been under pressure in recent years from a global supply glut and aggressive capacity expansion in China, which have eaten into margins and led to plant closures. With a wall of bond maturities looming, the government's urging for major companies to restructure operations and debt - and their agreements to do so - suggest the industry may be getting serious about reform. More than three trillion won in local bonds from those companies come due in the next year, according to Bloomberg-compiled data. "The recent developments are definitely posing a risk," Bloomberg quotes Earl Shin, head of investment strategy at Sangsangin Investment & Securities, as saying. "Considering the weakened business environment, a single default could have ripple effects." Bloomberg notes that the issue came to a head last month when Yeochun NCC Co, one of Korea's largest ethylene producers, faced a near default until it secured emergency financing from major shareholders. The event partly prompted the government to summon 10 major players on Aug. 20, including LG Chem Ltd and Lotte Chemical Corp, to discuss restructuring plans. During the meeting, the companies agreed to cut their capacity for naphtha cracking - a key process in plastics production - and submit detailed plans by year-end. Together, they hold about KRW15 trillion in outstanding local bonds and another US$7.4 billion of dollar bonds, according to Bloomberg-compiled data. Investor caution has been building for months amid sluggish performance, concerns over potential defaults, and a string of credit rating downgrades. Yeochun NCC - a joint venture between Hanwha Solutions Corp and DL Chemical Co - still faces about KRW280 billion in bonds maturing by the end of next year, according to Bloomberg-compiled data. "Concerns about corporate debt repayment will continue to exist," Bloomberg quotes Sangin Kim, credit analyst at Shinhan Securities, as saying. "If corporate bond issuance gets essentially blocked, companies will face difficulties in financing." In line with the Aug. 20 meeting, Finance Minister Koo Yun-cheol said the government plans to prepare a comprehensive set of measures to support the industry, including deregulation and financial and tax initiatives, if companies' restructuring plans are deemed sincere. Bloomberg relates that the Financial Services Commission, a market regulator, also said banks and others have agreed in principle to provide "joint creditor agreements" when they're necessary and adopt a "stand-still" approach - such as holding off on demanding repayment of existing credit - to give petrochemical firms breathing room. Many of these companies are backed by large conglomerates, which could offer additional support, said Sang-man Kim, credit analyst at Hana Securities. Still, financing won't be easy, he said, Bloomberg relays. "It won't be easy to repay the debt through public offerings," he said. "These firms will likely tap into private debt, short-term commercial papers, or seek support from its affiliates via guarantees and collateral." ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***