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250922.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, September 22, 2025, Vol. 28, No. 189 Headlines A U S T R A L I A BEDFORD GROUP: Financial Situation Concerns SA, Federal Government C.H. SMITH: First Creditors' Meeting Set for Sept. 25 DIRT ART: First Creditors' Meeting Set for Sept. 24 LA TROBE: ASIC Issues DDO Stop Orders on Investment Products MINERAL RESOURCES: WA Court Prevents Release of Explosive Docs PUBLIC HOSPITALITY: ATO Moves to Bankrupt Jon Adgemis REGIONAL EXPRESS: Might Finally Have Found Buyer RELI CAPITAL: ASIC Issues Interim DDO Stop Order SET METRICS: Second Creditors' Meeting Set for Sept. 23 TMW HOLDINGS: First Creditors' Meeting Set for Sept. 24 ZENN GROUP: First Creditors' Meeting Set for Sept. 24 C H I N A NANTONG SANJIAN: To Have Copper Firm Stake Auctioned Off H O N G K O N G CHONG HING: Fitch Rates Basel III AT1 Securities 'BB-(EXP)' I N D I A AHUJA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating BAJAJ ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating BALJEET POULTRY: CARE Keeps B- Debt Rating in Not Cooperating BEEKAY AUTO: Ind-Ra Cuts Bank Loan Rating to BB BHAGIRATH DHANNALAL: CARE Lowers Rating on INR6.50cr LT Loan to D BHIMASHANKAR SAHAKARI: Ind-Ra Moves BB Rating to NonCooperating BONCON TRADE: CARE Keeps B- Debt Rating in Not Cooperating BRIJ KISHORE: CARE Keeps B- Debt Rating in Not Cooperating CAMERICH PAPERS: CARE Keeps D Debt Ratings in Not Cooperating CHAWLA JEWELLERS: CARE Keeps B- Debt Rating in Not Cooperating DODHIA INDUSTRIES: CARE Lowers Rating on INR67.43cr LT Loan to C GREEN BELT: Insolvency Resolution Process Case Summary HARI SHELLAC: CRISIL Keeps B Debt Ratings in Not Cooperating HIGHWAY ON WHEELS: Ind-Ra Cuts Term Loan Rating to BB INDIAN CANE: Ind-Ra Keeps BB+ Loan Rating in NonCooperating J.V AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category JYOTE MOTORS PRIVATE: CARE Cuts Rating on INR89.39cr LT Loan to D JYOTE MOTORS: CARE Lowers Rating on INR11.44cr LT Loan to D K.L. ICE: CARE Keeps B- Debt Rating in Not Cooperating Category KATERRA INDIA: CARE Keeps D Debt Ratings in Not Cooperating KAVED STEEL: Insolvency Resolution Process Case Summary LAXMI SOLAR: Ind-Ra Gives BB+ Bank Loan Rating M/S MOHAN: Ind-Ra Gives BB+ Bank Loan Rating, Outlook Stable MAA GANGA: CARE Keeps C Debt Rating in Not Cooperating Category MAHESHWARI RICE: CARE Keeps B- Debt Rating in Not Cooperating MITTAL AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category MMTC LIMITED: CARE Keeps D Debt Ratings in Not Cooperating NANIS BUILDCON: CARE Keeps B- Debt Rating in Not Cooperating OESPL PRIVATE: Ind-Ra Cuts Bank Loan Rating to BB+ PLATINUM FINWEALTH: Voluntary Liquidation Process Case Summary R B VELHAL: Ind-Ra Withdraws BB+ Term Loan Rating RAIPUR SPECIALITY: CARE Keeps B- Debt Rating in Not Cooperating RAJA MOTORS: CARE Keeps B- Debt Rating in Not Cooperating Category RHC HOLDING: Ind-Ra Keeps D Loan Rating in NonCooperating SENTINAL CAPITAL: Voluntary Liquidation Process Case Summary SHREEJI SALES: CARE Keeps D Debt Rating in Not Cooperating SPECTRA VISION: CARE Keeps B- Debt Rating in Not Cooperating SR UNITED: Ind-Ra Gives BB+ Bank Loan Rating, Outlook Stable SRISHTI BUILDERS: CARE Keeps C Debt Rating in Not Cooperating SUNPOINT TRADING: Liquidation Process Case Summary SUPREME POLYTUBES: Liquidation Process Case Summary UMASONS AUTO: Ind-Ra Moves BB+ Loan Rating to NonCooperating UNITRIVENI OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating UTTARANCHAL WELFARE: CARE Keeps B- Debt Rating in Not Cooperating VIDEOCON INDUSTRIES: Government Seeks SC Nod to Claim Dues J A P A N SOFTBANK GROUP: Moody's Ups CFR to Ba2, Alters Outlook to Stable M A C A U SJM HOLDINGS: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Neg. M A L A Y S I A KNM GROUP: Gets CA Order to Halt Legal Actions Until May Hearing MM2 ASIA: Malaysian Unit Receives MYR1.5 Million Payment Demand PARLO BHD: To Slash MYR47MM From Share Capital to Clear Losses N E W Z E A L A N D HURUNUI LOGGING: Creditors' Proofs of Debt Due on Oct. 13 JUNIOR BUILDERS: Reynolds & Associates Appointed as Liquidator PLUSHAUS LIMITED: Creditors' Proofs of Debt Due on Oct. 16 QUALITY CUT: Court to Hear Wind-Up Petition on Oct. 2 QUALITY EMPLOYMENT: Court to Hear Wind-Up Petition on Oct. 2 P H I L I P P I N E S DEL MONTE: Ernst & Young Issues Disclaimer on Financial Statements S I N G A P O R E DELTA CORP: Court Enters Wind-Up Order HWA GLASS: Court Enters Wind-Up Order RASA 2: Court Enters Wind-Up Order SIGNAL HILL: Creditors' Proofs of Debt Due on Oct. 10 VERONA CENTRAL: Creditors' Proofs of Debt Due on Oct. 13 V I E T N A M CENTRAL POWER: Fitch Affirms & Withdraws 'BB+' IDR, Stable Outlook - - - - - ================= A U S T R A L I A ================= BEDFORD GROUP: Financial Situation Concerns SA, Federal Government ------------------------------------------------------------------ ABC News reports that the federal disability minister said his concerns about the financial state of the country's second-largest employer of people with a disability have grown. According to its website, Bedford provides services to more than 1,500 people with a disability across South Australia. But the company aired concerns it would need to enter voluntary administration in July, the ABC says. The ABC relates that the state government stepped in with a AUD15 million lifeline, in exchange for ownership of a supported accommodation in Adelaide's inner South. While the disability provider avoided administration, advisory firm McGrathNicol was appointed to work with Bedford on a restructure. Federal Minister for Health, Ageing and Disability Mark Butler told ABC Radio Adelaide the extent of the financial struggles Bedford faced had become clearer since McGrathNichol stepped in to develop a recovery plan "if at all possible". "Over the last several weeks, we've understood the depth of the financial problem that Bedford has gotten itself into," the ABC quotes Mr. Butler. "We're working at a federal level very closely with McGrathNicol to understand what that plan looks like, and what we could do to ensure that it is a success." The ABC relates that Mr. Butler said he was "not blase about the depths of the financial challenge". "I don't want to send a message that this is easy. It's not going to be easy," he said, notes the report. It was a similar message that was echoed by South Australia's Premier Peter Malinauskas, relates ABC. "McGrathNicol's intervention . . . has ascertained that the financial position of Bedford was even more dire than what we expected, and that was starting from a pretty low base," he said. "Time will tell whether or not a plan to resurrect Bedford can be arrived at or not. "If it's not, what's critical is the federal government has had that time to be able to do the work to plan for any administration that might ensue, so that there's actual continuity of services for the people that rely upon it." According to the ABC, Mr. Malinauskas said that continuity of services was crucial, even if Bedford was not able to provide it. "What matters is that people are able to continue to go to work. If they end up going to work wearing another service provider's T-shirt rather than Bedford, that's fine by us," he said. "The name on the shirt doesn't matter as much as the dignity that people get from being able to contribute to our society and our economy." In a statement, a Bedford spokesperson said the organisation continues to work in collaboration with McGrathNicol, the ABC relays. "Bedford remains firmly focused on developing a plan which provides stability, jobs and opportunities for people with disability in South Australia," they said. "The process of this financial and structural review is still underway, and we are unable to provide comment on what the outcome will be." C.H. SMITH: First Creditors' Meeting Set for Sept. 25 ----------------------------------------------------- A first meeting of the creditors in the proceedings of C.H. Smith Group Pty Ltd (trading as C.H. Smith Marine) will be held on Sept. 25, 2025 at 11:30 a.m. via Zoom platform. Patrick Loi and John Chand of Greengate Advisory NSW Pty Ltd was appointed as administrator of the company on Sept. 15, 2025. DIRT ART: First Creditors' Meeting Set for Sept. 24 --------------------------------------------------- A first meeting of the creditors in the proceedings of Dirt Art Pty Ltd will be held on Sept. 24, 2025 at 10:00 a.m. at the offices of Rodgers Reidy (TAS) Pty Ltd, at Ground Floor, Cnr Bathurst & Argyle St, in Hobart, TAS, and via virtual meeting technology. Shelley-Maree Brooks of Rodgers Reidy was appointed as administrator of the company on Sept. 12, 2025. LA TROBE: ASIC Issues DDO Stop Orders on Investment Products ------------------------------------------------------------ The Australian Securities & Investments Commission (ASIC) has made interim stop orders against the 12 Month Term Account and 2 Year Account products offered under the La Trobe Australian Credit Fund (Fund), a registered managed investment scheme operated by La Trobe Financial Asset Management Limited (La Trobe) due to deficiencies in the target market determination (TMD) for both products.  ASIC is concerned that target market for La Trobe's 12 Month Term Account and 2 Year Account products: * suggest an inappropriate level of portfolio allocation given the risks of the Fund, and * do not include appropriate distribution conditions. ASIC is taking this action to protect consumers and retail investors from acquiring products that may not be suitable for their financial objectives, situation or needs. The interim orders prevent La Trobe from dealing in interests giving a product disclosure statement for, or providing general financial product advice to, retail clients recommending an investment in the 12 Month Term Account and 2 Year Account products. The orders are valid for 21 days unless revoked earlier. This stop order referral arose from ASIC's retail private credit surveillance which focused on fund transparency, governance, valuation practices, management of conflicts of interest and fair treatment of investors, conducted as part of its response to Australia's evolving capital markets. The Fund provides investment offers in seven investment accounts with different investment terms, yield and characteristics. The 12 Month Term Account and 2 Year Account are invested almost entirely in loans secured by registered first mortgages, with the exception of small cash and term deposit holdings held to meet cash requirements. These products are not bank deposits. The rates of return are not guaranteed and are determined by future revenue of the pool of assets that comprise the account, the investment may also not generate the expected income returns and there are conditions around withdrawals. According to page 3 of the PDS the Fund had AUD11,605 million in assets under management at September 30, 2024. On its website La Trobe promotes itself as one of Australia's premier alternative asset managers with AUD20 billion in assets under management and over 120,000 investors.  Under the design and distribution obligations (DDO), financial product issuers and distributors must ensure the product's TMD is clear and appropriately defines the target market, accurately reflects the product's risks and features and includes appropriate distribution conditions.  To date, ASIC has issued 91 interim stop orders and one final stop order under DDO since the inception of the regime. Where firms are not doing the right thing, ASIC can take quick action under DDO to disrupt poor conduct and prevent potential consumer harm. MINERAL RESOURCES: WA Court Prevents Release of Explosive Docs -------------------------------------------------------------- The Australian Financial Review reports that the most explosive documents detailing alleged misconduct by embattled billionaire Chris Ellison and his loss-making miner Mineral Resources will remain under wraps after a court refused to lift sweeping suppression orders. The Financial Review relates that the decision by Western Australia's Federal Court on Sept. 18 means that untold claims about the controversial New Zealander's alleged behaviour will not be aired, despite efforts by Nine Publishing to overturn the gag order. However, the miner failed to throw a veil of secrecy over more than a dozen documents, as the court ordered they be redacted and made publicly accessible. According to the Financial Review, MinRes' billionaire owner and its former contracts boss Steven Pigozzo had fought a bitter battle for more than two years until a peace deal brought the row to an abrupt end in July 2024. The following month, the miner requested the removal of 19 documents from the court's records or sweeping orders preventing them from being inspected. Nine Publishing intervened arguing it was futile given the volume of information heard in open court and published since the stoush began in 2022, including in the court's own judgments. But Mr. Ellison's lawyers maintained the parties were trying to remedy "scandalous" and "vexatious" allegations that should never have seen the light of day. According to the Financial Review, the bitter court drama began three years ago when the miner alleged Pigozzo had engaged in insider trading, pocketed bonuses and misused company secrets before his sacking. Pigozzo denied the allegations. The skirmish escalated into a war when Pigozzo filed a caustic 155-paragraph Fair Work claim against MinRes and Perth law firm Bennett. The whistleblower claimed that Ellison had directed him to conceal evidence in a AUD6 million lawsuit and unlawfully import COVID-19 testing equipment. Allegations from the filing were leaked to the media before the case file was sealed. Several documents remained covered by gag orders sought by Ellison's legal team, making them inaccessible to anyone outside the company's board, legal team or any government body or agency. An attempt by Pigozzo, a former contracts manager who spent more than a decade with MinRes before allegedly being forced to resign, to share the court file with the corporate regulator was also dismissed. Pigozzo countersued MinRes for unfair dismissal, seeking payment of entitlements. MinRes doubled down on its claims that Pigozzo had taken secret commissions in deals. The company has net debt of at least AUD5.3 billion, while its market capitalisation is AUD7.6 billion, the Financial Review discloses. The miner last year sold a AUD1.1 billion stake in its crumbling iron ore haul road in the Pilbara, and its WA gas holdings to mining magnate Gina Rinehart for AUD800 million. Mr. Ellison has become one of the country's most talked-about ASX bosses after admitting to a series of corporate failings, including his participation in an alleged offshore tax rort that enriched him at the expense of shareholders. MinRes shares have fallen from as high as AUD78 to as low as AUD14 after The Australian Financial Review revealed Ellison's involvement in the governance failings and related-party transactions at the miner. These also include allegations of Ellison forcing MinRes staff to work on his AUD30 million superyacht, Anya. About MinRes Based in Osborne Park, Australia, Mineral Resources Limited (ASX:MIN) -- https://www.mineralresources.com.au/ -- is an ASX-listed company operating across mining services, as well as mining of iron ore and lithium minerals. As reported in the Troubled Company Reporter-Asia Pacific in November 2024, Moody's Ratings has affirmed the Ba3 corporate family rating of Mineral Resources Limited (MinRes). At the same time, Moody's have affirmed the Ba3 senior unsecured bond ratings and changed the outlook to negative from stable. The TCR-AP reported in March 2025, Fitch Ratings downgraded Mineral Resources Limited's (MinRes) Issuer Default Rating (IDR) to 'BB-' from 'BB'. The Outlook is Negative. Fitch has also downgraded MinRes' US dollar senior unsecured notes to 'BB-' from 'BB'. The rating downgrade reflects MinRes' high leverage and increased deleveraging risks over the medium term. Fitch expects EBITDA net leverage to worsen to 7.3x in the financial year ending June 2025 (FY25), from 4.9x in FY24, and remain above 3.0x in FY26-FY28, considering Fitch's mid-cycle price assumptions. Reported net debt increased by AUD656 million to AUD5.1 billion at end-December 2024, despite AUD1.9 billion in cash proceeds from the sale of a 49% stake in the Onslow Iron haul road and gas assets. Around AUD320 million of the increase in the company's debt was related to the revaluation of its USD3.1 billion in bonds. The Negative Outlook reflects the execution risks associated with its planned cost improvements, capex discipline and production ramp-up at its Onslow iron ore project that may keep leverage above its expectations, which could lead to negative rating action. PUBLIC HOSPITALITY: ATO Moves to Bankrupt Jon Adgemis ----------------------------------------------------- The Australian Financial Review reports that the Australian Taxation Office is ramping up its pursuit of Jon Adgemis, asking a court to allow it to take the place of Monaco-based rag trader Richard Gazal in his bankruptcy action against the beleaguered publican. The Financial Review says the ATO applied to the Federal Court on Sept. 18. Mr. Gazal is one of a number of creditors who have been pursuing Mr. Adgemis for more than a year. Tax authorities claim they are owed AUD162 million by Mr. Adgemis. Much of the debt is made up of director penalty notices. But the tax office also has much wider claims against his companies, which Mr. Adgemis is disputing, the Financial Review relates. Mr. Adgemis founded Public Hospitality during the pandemic, accumulating a large portfolio of pubs and development projects across Sydney and Melbourne. Financing difficulties left it on the brink of collapse last year. While part of his business was rescued in a refinancing agreement led by Deutsche Bank, the unwinding of Public Hospitality left Mr. Adgemis with a long list of unpaid staff and furious creditors, according to the Financial Review. Mr. Gazal issued Mr. Adgemis with a formal demand – known as a bankruptcy notice – to repay AUD26 million that he owed last year. In November, Mr. Adgemis applied to the court to have the notice set aside. Adgemis has previously claimed Mr Gazal's dispute was unrelated to bankruptcy proceedings. As Mr. Gazal pursued him for payment in June, Adgemis signed his property over to WLP Restructuring in order to get his personal creditors to agree to a personal insolvency agreement so he could avoid being deemed a bankrupt, recalls the Financial Review. As part of the vote on the personal insolvency agreement (PIA), Mr. Gazal has had to wait to continue his action against Mr. Adgemis. The ATO and the Australian Financial Security Authority raised major issues with Mr. Adgemis' PIA deal, intervening in two meeting of creditors in August. According to the Financial Review, Mr. Adgemis is fighting to avoid bankruptcy over AUD1.8 billion of debts owed to creditors, largely personal guarantees on money he borrowed in his attempts to build a pub and hotel empire. The trustee prepared a report on his finances addressed to creditors, recommending they accept an offer of 0.17¢ to the dollar with Mr. Adgemis extending a AUD3 million payment over 12 months. The payment was to be secured over a house he owned jointly with his mother, which is encumbered by a host of lenders and bogged down in litigation. In a letter to WLP Restructuring, the Australian Financial Security Authority said it was not satisfied with the investigation into Mr. Adgemis' assets and called for a vote on a deal with creditors to be halted. On Sept. 19, WLP was served with a fresh application by the ATO, which sought to intervene in Mr. Gazal's bankruptcy action against Mr. Adgemis, according to the Financial Review. The ATO's application said it is "seeking to substitute" Mr. Gazal and make itself the applicant in the proceedings against Mr. Adgemis "prior to the further resumed meeting of creditors to be held on October 9", according to a WLP letter sent to creditors on Sept. 19. The trustee said they would consider what the application meant for the PIA vote. The application will be heard on September 29, around a week and a half before the creditors' vote. Documents seen by The Australian Financial Review show potential ATO debts of just under AUD300 million across 27 companies. Mr. Adgemis denies any tax fraud. A trustee's report to creditors noted Mr. Adgemis has "advised that he intends to lodge objections in respect to the tax assessments". 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. REGIONAL EXPRESS: Might Finally Have Found Buyer ------------------------------------------------ The Australian Financial Review reports that as two of Regional Express's ageing Saab 340 aircraft head into maintenance at Bankstown last week, the airline known as Rex may have finally found a buyer. Nasdaq-listed aircraft operator Air T has put together an offer that needs to be deemed acceptable by the highest levels of government, with even Prime Minister (and former transport minister) Anthony Albanese taking a look at the proposal, said people briefed on the matter who agreed to speak under the condition of anonymity, the Financial Review relates. Consulting firm Alvarez & Marsal is understood to be advising Air T. A signed deal is expected to be announced as early as today, Sept. 22, the sources said. Air T is an air operator, currently running cargo flights including for FedEx in the United States, as well as providing commercial aircraft trading, leasing and surplus or aftermarket jet engine parts, airframes, avionics, and logistics to the aviation industry. According to the Financial Review, Air T operates the storage facility at Kingman Airport in Arizona, where a company called Jet Midwest alleged that Rex took possession of four Saab twin-engine turboprops and shipped engines, propellers and other valuable parts to Australia without paying for them. That court case was eventually dismissed when Rex was in the hands of administrators, but appears to have caught the attention of Air T. The Financial Review says taxpayers assumed the role of senior creditor when Transport Minister Catherine King agreed to bail out Asian private equity giant PAG by handing it AUD130 million to avoid the embarrassment of Rex being liquidated before the last federal election. Those with memories that stretch back to where the sordid tale began will recall that Rex entered administration in July 2024, after talks with Virgin Australia about a takeover deal abruptly collapsed, the Financial Review notes. It was a case of things going full circle, as Virgin then picked up three Boeing 737s that Rex had originally secured from Virgin in its pre-administration era. Back then, Rex had grand plans to take on the duopoly of Qantas and Virgin and enter capital city routes. It convinced PAG to stump up AUD150 million to finance to grand experiment, which crashed and burned within 12 months as Virgin aggressively cut prices to keep market share. Administrators from EY, who have collected a handsome swag of more than AUD10 million in fees over the 14 months since the deal with Virgin fell over, have been scouring for a buyer via investment bank Houlihan Lokey ever since. The big issue, of course, is that Rex's planes are old and Saab doesn't make them any more, meaning finding parts is nearly impossible. Adding to the woes is the fact that airlines have to compete with the US military for maintenance because the planes unhelpfully use the same engines as Black Hawk helicopters. All of this means any buyer will have to either have access to an order book of small planes (ATR produces a 42-seat turboprop similar to the Saab) or have spare Saab parts lying around. Rex had been working with another small airline that operates the same plan, Link Airways, to share parts and servicing slots. About Rex Airlines Regional Express Pty. Ltd., trading as Rex Airlines (and as Regional Express Airlines on regional routes), is an Australian airline based in Mascot, New South Wales. It operates scheduled regional and domestic services. It is Australia's largest regional airline outside the Qantas group of companies and serves all 6 states across Australia. It is the primary subsidiary of Regional Express Holdings. On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins of Ernst & Young Australia (EY Australia) were appointed Joint and Several Voluntary Administrators by the Rex Group's respective Boards of Directors. The companies in administration are: * Regional Express Holdings Limited; * Regional Express Pty Limited; * Rex Airlines Pty Ltd; * Rex Investment Holdings Pty Limited; and * Air Partners Pty Ltd. RELI CAPITAL: ASIC Issues Interim DDO Stop Order ------------------------------------------------ The Australian Securities & Investments Commission (ASIC) has made an interim stop order against the RELI Capital Mortgage Fund (Fund), a registered managed investment scheme operated by RELI Capital Limited (RELI Capital) to protect consumers and retail investors from acquiring a product that may not be suitable for their financial objectives, situation or needs. ASIC's action follows concerns that the target market in the Target Market Determination (TMD) for the Fund: * the target market potentially includes investors who intend to hold the Fund as a 'Core Component' (25-75%) of their portfolio * the Fund's risk level 'Risk level 3 (Low to Medium)" is an incomplete measure of the Fund's risk * the TMD states that the Fund is suitable for investors seeking capital preservation, and * the TMD specifies that no distribution conditions are necessary for the Fund. The interim order prevents RELI Capital from dealing in interests giving a product disclosure statement for, or providing general financial product advice to, retail clients recommending an investment in the Fund. The order is valid for 21 days unless revoked earlier. This stop order referral arose from ASIC's retail private credit surveillance which focused on fund transparency, governance, valuation practices, management of conflicts of interest and fair treatment of investors, conducted as part of its response to Australia's evolving capital markets. ASIC recommends investors in the fund review whether the fund remains suitable for their financial objectives, situation or needs. As of December 31, 2024, the Fund held AUD50.9 million in net assets under management. RELI Capital is not the responsible entity of any registered managed investment scheme other than the Fund. Under design and distribution obligations (DDO), financial product issuers must define target markets for each of their products appropriately, with sufficient granularity, having close regard to the risks and features of the relevant product. Issuers also need to consider how their product will be distributed and have appropriate conditions in place to ensure the product is directed to the target market. To date, ASIC has issued 95 interim stop orders and one final stop order under DDO since the inception of the regime. Where firms are not doing the right thing, ASIC can take quick action under DDO to disrupt poor conduct and prevent potential consumer harm. SET METRICS: Second Creditors' Meeting Set for Sept. 23 ------------------------------------------------------- A second meeting of creditors in the proceedings of Set Metrics Pty Ltd has been set for Sept. 23, 2025, at 3:00 p.m. via Microsoft 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. 22, 2025 at 3:00 p.m. Michael Fung and Andrew Lyall Knight of KordaMentha were appointed as administrators of the company on Aug. 19, 2025. TMW HOLDINGS: First Creditors' Meeting Set for Sept. 24 ------------------------------------------------------- A first meeting of the creditors in the proceedings of TMW Holdings Pty Ltd (trading as "Dubbo Trauma Centre" & "Perfect Sense Counselling") will be held on Sept. 24, 2025 at 1:00 p.m. via Microsoft Teams. Mohammad Mirzan Bin Mansoor of Circuit Restructuring was appointed as administrator of the company on Sept. 13, 2025. ZENN GROUP: First Creditors' Meeting Set for Sept. 24 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Zenn Group Pty Ltd will be held on Sept. 24, 2025 at 11:00 a.m. via Microsoft Teams. Sule Arnautovic of Salea Advisory was appointed as administrator of the company on Sept. 12, 2025. ========= C H I N A ========= NANTONG SANJIAN: To Have Copper Firm Stake Auctioned Off -------------------------------------------------------- Yicai Global reports that Nantong Sanjian Holdings' frozen stake in a listed copper processor has been put up for judicial auction, after the general contractor was dragged into a debt crisis as a result of massive arrears owed by bankrupt property developer China Evergrande Group. According to Yicai, Sanjian's 30 percent of Jingyi Metal will be auctioned on Oct. 9, with the starting bid set at CNY725 million (USD101.9 million). The majority stake was pledged and judicially frozen as a consequence of Sanjian's debt crisis, Yicai notes. Jingyi Metal's products are used in the home appliance, vehicle, communications, and new energy sectors. It had a net profit of CNY27.7 million (USD3.9 million) and operating revenue of CNY3.8 billion (USD527.7 million) last year, up 16 percent and 38 percent, respectively. Boosted by rising demand for its products from the new energy industry, Jingyi Metal's shares have soared 69 percent since the end of last year, hitting a record high in mid-July, Yicai notes. They closed 1.8 percent higher at CNY10.86 (USD1.53) each in Shenzhen on Sept. 19. Sanjian was once the general contractor for numerous Evergrande real estate projects across China. During their cooperation, Evergrande used commercial acceptance bills as the main payment method, according to Yicai. On the eve of Evergrande's own debt crisis in 2021, the overdue commercial bills and undue project funds, including advanced funds, that Evergrande owed to Sanjian exceeded CNY36 billion (USD5.1 billion), Yicai relates. The arrears led directly to a break in Sanjian's capital chain. As of March 31, the firm had CNY7.4 billion in overdue interest-bearing debt, Yicai discloses. The company has been involved in more than 5,500 lawsuits related to its overdue debts, and was listed as a dishonest debtor over 430 times, facing enforcement actions totaling over CNY1.6 billion. This has resulted in its assets being forced into auction. At its peak business period in 2018, Sanjian ranked 157th on the China Top 500 Enterprises list and 39th on the China Top 500 Private Enterprises list. It had revenue exceeding CNY100 billion (USD14.1 billion) that year, ranking second among private firms in Nantong, Yicai discloses citing data from the local bureau of industry and information technology. ================= H O N G K O N G ================= CHONG HING: Fitch Rates Basel III AT1 Securities 'BB-(EXP)' ----------------------------------------------------------- Fitch Ratings has assigned Chong Hing Bank Limited's (CHB, BBB/Stable/bbb) proposed offshore yuan-denominated, Basel III-compliant additional Tier 1 (AT1) capital securities an expected rating of 'BB-(EXP)'. The AT1 securities will be issued under CHB's USD2 billion medium-term note and perpetual capital securities programme. The proceeds will be used to enhance the bank's capital base and fund its business development. Fitch has also assigned a long-term expected rating of 'BBB(EXP)' and a short-term expected rating of 'F2(EXP)' to the senior unsecured part of the programme. However, there is no assurance that notes issued under the programme in the future will be assigned a rating, or that the rating assigned to a specific issue under the programme will have the same rating as the programme rating. The agency does not assign generic programme ratings to subordinated and junior notes, which will be rated on a case-by-case basis. The final ratings on the proposed AT1 securities and the senior unsecured part of the programme are subject to the receipt of final documentation conforming to information already received. Key Rating Drivers The 'BB-(EXP)' expected rating on the AT1 capital securities is four notches below CHB's standalone Viability Rating (VR). The notching comprises two notches for loss severity due to the deep subordination status and two notches for higher non-performance risk, given the full discretionary, non-accumulative coupon payments for the proposed securities. The notching is in line with Fitch's baseline notching for AT1 capital securities, according to its Bank Rating Criteria. The proposed securities will qualify as the bank's AT1 capital, as the terms include a point of non-viability that the authorities may trigger at their discretion. In addition, the Hong Kong resolution authorities can, through their statutory powers, override the securities' contractual terms if they consider it necessary to restore the bank's viability. The securities have a contractual loss-absorption feature that triggers a permanent write-down. The expected ratings for the senior unsecured part of the programme are at the same level as CHB's VR-driven Issuer Default Rating (IDR). Key rating drivers and rating sensitivities for CHB's VR can be found in the rating action commentary, Fitch Affirms Chong Hing Bank at 'BBB'; Outlook Stable, published on 12 November 2024. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The rating of the AT1 securities would be downgraded if the bank's VR is downgraded. The rating of the senior unsecured part of the programme would be downgraded if the bank's VR-driven IDR is downgraded. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The rating of the AT1 securities would be upgraded if the bank's VR is upgraded. The rating of the senior unsecured part of the programme would be upgraded if the bank's VR-driven IDR is upgraded. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Chong Hing Bank Limited Subordinated LT BB-(EXP) Expected Rating senior unsecured LT BBB(EXP) Expected Rating senior unsecured ST F2(EXP) Expected Rating ========= I N D I A ========= AHUJA AUTOMOBILES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ahuja Automobiles (AA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 10, 2024, placed the rating(s) of AA under the 'issuer non-cooperating' category as AA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 27, 2025, August 6, 2025, August 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in 2008, Ahuja Automobiles (AA) is a partnership entity based in Amritsar, Punjab. The entity is currently being managed by Mr Harish Ahuja, Mr Gagan Ahuja and Mrs Madhu Ahuja, sharing profit and loss in an equal proportion. The entity is operating 3S facilities (Sales, Service and Spares) of Hyundai Motor India Limited (HMIL), with an authorized dealership of entire range of passenger vehicles (PV), since 2008. AA operates through its three showrooms-cum-workshops in Amritsar and Distt. Tarn Taran, Punjab. BAJAJ ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bajaj Alloys (BA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 11, 2024, placed the rating(s) of BA under the 'issuer non-cooperating' category as BA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 28, 2025, August 7, 2025, August 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in 2015, Bajaj Alloys (BA) is a Bhiwadi, Rajasthan based partnership firm promoted by Mr. Manish Bajaj and Mrs. Lalita Bajaj. The firm is currently being managed by Mr. Manish Bajaj. BA is engaged in the manufacturing of Aluminum and Copper ingots which find their application in various industries such as automobile and other consumer goods. The manufacturing unit of BA is located at RIICO Industrial Area in Bhiwadi, Rajasthan. BALJEET POULTRY: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Baljeet Poultry Farm (BPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 7.00 CARE B-; Stable; Issuer not Facilities cooperating; Rating continues to Remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 9, 2024, placed the rating(s) of BPF under the 'issuer non-cooperating' category as BPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BPF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 26, 2025, August 5, 2025 and August 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Haryana-based, Baljeet poultry Farm (BPF) was established in 2005 as a partnership firm by Mr. Jagtar Singh, Mr. Kulbir Singh, Mr. Baljeet Singh. BPF is engaged in poultry business which includes broiler farming which involves growing of one day chick into egg laying birds. The processing facility of the firm is divided into 3 units, each located at Assandh, Karnal, Haryana. BEEKAY AUTO: Ind-Ra Cuts Bank Loan Rating to BB ----------------------------------------------- India Ratings and Research (Ind-Ra) the rating on downgraded Beekay Auto Private Limited's (BAPL) bank loan facilities to 'IND BB' from 'IND BB+'. The Outlook is Stable. The detailed rating action is: -- INR1.010 bil. Bank loan facilities Long-term rating downgraded ;short-term rating affirmed with IND BB/Stable/IND A4+ rating. Detailed Rationale of the Rating Action The downgrade factors in BAPL's continued medium scale of operations, modest profitability and credit metrics, and stretched liquidity position. While the revenue remained mostly stagnant, there was a fall in EBITDA margins and deterioration in credit metrics during the year. The ratings, however, are supported by the company's long association with Maruti Suzuki India limited (MSIL) and its promoters' experience of three decades in the auto dealership business. Detailed Description of Key Rating Drivers Medium Scale of Operations: BAPL's revenue remained largely flat at INR3,382 million in FY25 (FY24: INR3,331 million, FY23: INR3,484 million) amid the increased competition from other Maruti dealers in West Bengal. The scale of operations remains medium. The sale of new vehicles dominates the revenue composition, comprising 75%-80% of the sales, followed by spare parts (6%-8%) and old vehicles (4%-5%). FY25 are provisional financial numbers. The company recorded a revenue of around INR1,000 million in 4MFY26; Ind-Ra expects the revenue to increase slightly in the near-to-medium term with the addition of Nexa dealerships and an overall improving demand prospect in the passenger vehicle segment. Modest Profitability Margins: The operating profitability remained modest with an EBITDA margin of 4.6% in FY25 (FY24: 5.4%, FY23: 4.2%) and a return on capital employed of 7.5% (8.5%, 6.1%). The operating profitability margins remain muted owing to the dealership nature of business with a low bargaining power, low value addition and high competition the market although partially benefit from the high-margin restaurant and hotel business. However, the overall low attribution limits benefit. Management expects the margins to trail at a broadly similar level with no major variance due to the similar nature of business operations. Modest Credit Metrics: BAPL's interest coverage (operating EBITDAR/gross interest expense) deteriorated to 1.34x in FY25 (FY24: 1.61x, FY23: 1.52x) amid higher interest expenses, combined with lower absolute operating profitability of around INR157 million (INR180 million, INR145 million). The net leverage (net debt/ operating EBITDA) also deteriorated to 6.88x in FY25 (FY24: 5.86x, FY23: 7.33x) amid addition of new term debt for the construction of an arena in the Siliguri store and a Nexa showroom in Darjeeling. Ind-Ra expects the credit metrics to remain at similar levels in FY26, and then moderate gradually with an improving scale and operating profitability and scheduled debt repayments and absence of any major debt-funded capex plans in the near-to-medium term. Competitive industry: The automotive industry is characterized by a large of players and remains intrinsically exposed to intense competition due to low entry barriers. As a result, the profitability also remains thin also due to low value addition in the product. The firms remains exposed to competition from the organized as well as unorganized secondary passenger vehicles markets and from other leading and established players in the market. Any competitively priced vehicle launch by other automobile companies will reduce MSIL's market share and thus will affects its dealers including BAPL. Cyclical Automobile Industry: BAPL is majorly into the sales of MSIL's passenger vehicles and related spare parts; hence, the company highly depends on the performance of the automobile industry, which is cyclical in nature, largely linked to the growth prospect of the overall economy, macro-economic fundamentals, and industrial production. Notably, this industry is highly fragmented in nature with the presence of several units. Long Association with MSIL: BAPL has an operating track record of around 30 years in the West Bengal automobile industry. The company has a dealership of MSIL since 1995 and has presence across Asansol, Behrampur, Burdwan and Siliguri. BAPL operates six showrooms, equipped with 3S (sales, service and spare parts) facilities across the four districts along with four True Value (pre-owned car) outlets in West Bengal. All the service outlets are strategically located within the existing showroom premises. BAPL enjoys exclusivity for MSIL in North Bengal through showrooms in Siliguri and Burdwan Experienced Management: The ratings are also supported by the presence of experienced promoters. BAPL is headed by NC Garg, Nirmal Garg and YR Garg, who have more than two decades of experience in the dealership operations. Ind-Ra believes the promoter's experience in dealership operations will aid BAPL in expanding its operations in a sustainable manner. Liquidity Stretched: The company's maximum utilization of the fund-based working capital limits (inventory funding) stood around 85% and that for the cash credit (EDFS facility) stood at around 98% with some instances of overutilization for up to 2 days as discussed with the banker for the 12 months period ended June 2025. The cash flow from operations improved to INR75.9 million in FY25 (FY24: INR5.09 million, FY23: negative INR196.45 million), despite the muted operational results amid a lower quantum of unfavorable changes in working capital. The company has debt repayment obligations of INR36.8 million in FY26, INR40.6 million in FY27 and INR44.5 million in FY28. The debt service coverage ratio continues to be tight around 1.0x and shortfalls are likely to be met by promoter infusions, as discussed with the management. The cash and cash equivalents stood at INR89.2 million as on 31 March 2025 (31 March 2024: INR79.2 million). The company does not have any capital market exposure and relies only on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the scale of operations or credit metrics or a further pressure on the liquidity position, all on a sustained basis, could lead to a negative rating action. Positive: A sustained improvement in the scale of operations, leading to an improvement in the overall credit metrics with the net leverage reducing below 4.5x, along with an improvement in the liquidity position, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 1995, BAPL is an authorized dealer for MSIL's cars. The company has five showrooms in West Bengal, one each in Siliguri and Behrampur, two in Burdwan and two in Asansol. It also has seven workshops in West Bengal. BHAGIRATH DHANNALAL: CARE Lowers Rating on INR6.50cr LT Loan to D ----------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Bhagirath Dhannalal (BD), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 6.50 CARE D Downgraded from bank facilities CARE B-; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 13, 2024, placed the rating(s) of BD under the 'issuer non-cooperating' category as BD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BD continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 30, 2025, August 9, 2025, August 19, 2025 and September 11, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of BD have been revised on account of non-availability of requisite information. The revision further considers the delays in debt servicing as recognized from publicly available information i.e., CIBIL filings. Analytical approach: Standalone Outlook: Not Applicable Bhagirath Dhannalal (BD) based out of Indore (Madhya Pradesh) is engaged in the business of processing of Moong Dal, Chana Dal and grading of wheat. It purchases the commodities from local mandi and sells it in Madhya Pradesh, Tamil Nadu, Delhi and Maharashtra under brand name of 'Love Story' and 'Om Brand' through 40-50 authorized broker. BHIMASHANKAR SAHAKARI: Ind-Ra Moves BB Rating to NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Bhimashankar Sahakari Sakhar Karkhana Limited's (BSSKL) bank loan facilities to Negative from Stable and has simultaneously migrated the ratings to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The ratings will now appear as 'IND BB/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR580 mil. Bank loan facilities Outlook revised to Negative and migrated to non-cooperating category with IND BB/Negative (ISSUER NOT COOPERATING) rating. ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information Detailed Rationale of the Rating Action The migration of rating to the non-cooperating and the Outlook revision to Negative are in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Non-Cooperation by the Issuer Ind-Ra has not been able to conduct management interactions with BSSKL while reviewing the rating. Ind-Ra had consistently followed up with BSSKL for the required information since May 9, 2025 and for conducting management interactions since August 11, 2025 over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of BSSKL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. BSSKL has been non-cooperative with the agency since July 2025. About the Company Established in 1994, BSSKL is a co-operative society located at Pargaon, Ambegaon, in the Pune district of Maharashtra. The company manufactures and sells sugar and has a fully integrated facility having a sugar mill with a crushing capacity of 6,000 tons of cane per day; a cogeneration plant with a power generation capacity of 29 megawatts; and a newly set up distillery with an ethanol production capacity of 95 kilo liters per day, operational since March 2024. BONCON TRADE: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Boncon Trade Private Limited (BTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 16, 2024, placed the rating(s) of BTPL under the 'issuer non-cooperating' category as BTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 2, 2025, August 12, 2025, August 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in the year 2013, BTPL is a part of Calyx Group based out of Pune, Maharashtra and is currently engaged in wholesale trading of mobile handsets for Lenovo, Gionee and Samsung (no contract). The company is registered with Amazon India, Flipkart and Snapdeal for online selling. BRIJ KISHORE: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Brij Kishore Prasad Exports Private Limited (BKPEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 22, 2024, placed the rating(s) of BKPEPL under the 'issuer non-cooperating' category as BKPEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BKPEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 7, 2025, June 17, 2025, June 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Brij Kishore Prasad Exports Private Limited (BKPEPL) was incorporated in 2008 by Mr. Rahul Raj Prasad and Mrs. Saraswati Prasad based out of Siliguri, West Bengal. The company exports food grains such as rice, pulses, flour, mustard oil cake, coal, soyabeans etc. to Bangladesh only. BKPEPL procures its traded goods mainly from Uttar Pradesh, Bihar and West Bengal etc. CAMERICH PAPERS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Camerich Papers Private Limited (CPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 122.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 18, 2024, placed the rating(s) of CPPL under the 'issuer non-cooperating' category as CPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 4, 2025, August 14, 2025, August 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in 2014, CPPL (CIN: U21000GJ2014PTC080492) had setup a green field project of manufacturing of duplex and triplex paper board with specialty packaging boards like Folding Box Board (FBB) and white top Craft Liners (WTLs) which commenced commercial operation in June, 2018. The Plant is located at Morbi, Gujarat for manufacturing of different type of paper from waste/recycled papers. CPPL is promoted by Mr. Kamlesh Sitapara, Mr. Arjun Sitapara (Sitapara family), Mr. Gunvant Surani (Surani family), Mr. Yogeshkumar Patel and Mr. Mohanbhai Donga. CHAWLA JEWELLERS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Chawla Jewellers (CJ) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 12, 2024, placed the rating(s) of CJ under the 'issuer non-cooperating' category as CJ had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CJ continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 29, 2025, August 8, 2025 and August 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable New Delhi based Chawla Jewellers is a partnership firm established in 1995 by Mr. OP Chawla, Mr. Hemant Chawla & Mr. Rahul Chawla as partners. The firm is engaged in the business of trading of gold jewellery, diamond studded jewellery and precious and semi-precious stones studded jewellery. DODHIA INDUSTRIES: CARE Lowers Rating on INR67.43cr LT Loan to C ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Dodhia Industries Limited (DIL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 67.43 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Short Term Bank 77.65 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 11, 2024, placed the rating(s) of DIL under the 'issuer non-cooperating' category as DIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 27, 2025, September 6, 2025 and September 11, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. Rating revision also considers one instance of delay in interest collection of working capital term loan facility (not rated by CARE) as the account was freeze due to income tax dispute as recognized from lender feedback. Analytical approach: Standalone Outlook: Stable Incorporated in 1987, Dodhia Industries Limited (formerly Dodhia Synthetics Limited) is engaged in dyeing of yarn, texturizing & twisting of dyed yarn. The company also has a wind mill in Sangli. DIL is part of Dodhia group of companies. The group is a closely held family-owned business. Dodhia group is engaged in manufacturing of dyed polyester yarn, specialty yarn and high bulk carpet yarn, chemical manufacturing etc. DIL has six manufacturing facilities at Maharashtra and the Union Territory of Dadra and Nagar Haveli (two in Bhiwandi; one each in Wada and Dapoda and two in Silvassa). GREEN BELT: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Green Belt Industry Private Limited H. No.- 71, Beltol, Kharguli, Guwahati, Assam, 781004 Insolvency Commencement Date: August 21, 2025 Estimated date of closure of insolvency resolution process: February 21, 2026 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Neha Agarwal 226, 2nd Floor, Bepin Behari Ganguly Street, BowBazar, Near ICICI Bank, Kolkata, West Bengal, 700012 Email: nehabagarwalandco@qmail.com Mousumi Co. Op. Housing Society Ground Floor, 15B, Ballygunge Circular Road, Kolkata-700019 Email id- greenbeltindustry.ibc@gmail.com Last date for submission of claims: September 4, 2025 HARI SHELLAC: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Hari Shellac Industries (HSI) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 Crisil B/Stable (Issuer Not Cooperating) Export Packing 9.5 Crisil B/Stable (Issuer Not Credit Cooperating) Crisil Ratings has been consistently following up with HSI 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 HSI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HSI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HSI continues to be 'Crisil B/Stable Issuer not cooperating'. HSI, set up in 1980, processes paddy into non-basmati rice; it also manufactures shellac. The facility at Gondiya (Maharashtra) has daily capacity of 150 tonne for rice and 1 tonne for shellac. Mr Hanumandas Agarwal and family are the promoters. HIGHWAY ON WHEELS: Ind-Ra Cuts Term Loan Rating to BB ----------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Highway on Wheels Transport Private Limited's (HOWTPL) bank loan facility rating to 'IND BB/Negative (ISSUER NOT COOPERATING)' from 'IND BBB-/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The instrument-wise rating action is: -- INR1.90 bil. Bank Loan Facilities downgraded with IND BB/ Negative (ISSUER NOT COOPERATING) rating. NOTE: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The downgrade and Negative Outlook are in accordance with the agency's Guidelines on What Constitutes Non-Cooperation. As per the guidelines, if an issuer has an investment grade rating outstanding while being noncooperative for more than six months with Ind-Ra, then Ind-Ra will necessarily downgrade such rating to the non-investment grade, while maintaining the Issuer Not Cooperating status. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with HOWTPL while reviewing the ratings. Ind-Ra had consistently followed up with HOWTPL over emails starting November 2024, apart from phone calls. The issuer has submitted the no default statement until October 2024. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of HOWTPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. HOWTPL has been non-cooperative with the agency since February 7, 2025. About the Company Incorporated in 2013, HOWTPL is located at Mumbai, Maharashtra. The company is engaged in transportation services with a fleet size of 385 bulker trucks and trailers at end-FY24. The major geographies the company operates in are Maharashtra, Andhra Pradesh and Gujarat. INDIAN CANE: Ind-Ra Keeps BB+ Loan Rating in NonCooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Indian Cane Power Limited's (ICPL) bank facility ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR7.50 bil. Bank loan facilities maintained in non- cooperating category and withdrawn. *Maintained at 'IND BB+/Negative (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The ratings have been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a request for withdrawal of ratings and no-objection certificate issued by the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with ICPL while reviewing the rating. Ind-Ra had consistently followed up with ICPL over emails, apart from phone calls. The issuer has also not been submitting the monthly no default statement. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of ICPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. ICPL has been non-cooperative with the agency since June 2025. About the Company Incorporated in 2002, up to FY23 ICPL had a sugar unit at Uttur, Karnataka, with a crushing capacity of 24,000 tons of canes per day and a co-generation facility with a capacity of 83MW. The company also operates a distillery unit at Bellary, Karnataka, with a capacity of 180KLPD. With increase in capacity in FY24 and FY25, presently ICPL has 39,500TCD of crushing capacity and a co-generation facility of 129MW. J.V AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of J.V Agro Exports (JAE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.64 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 9, 2024, placed the rating(s) of JAE under the 'issuer non-cooperating' category as JAE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JAE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 26, 2025, August 5, 2025 and August 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable J.V. Agro Exports (JAE) was established as a partnership firm in December 2017 by Mr. Deepak Goel and Mr. Sahil Kadyan sharing profit and loss equally. JVA is engaged in manufacturing and trading of rice, rice bran, husk, etc. at its facility located at District Karnal, Haryana. JYOTE MOTORS PRIVATE: CARE Cuts Rating on INR89.39cr LT Loan to D ----------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Jyote Motors Private Limited (JMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 89.39 CARE D Downgraded from bank facilities CARE BB+; Stable Rationale and key rating drivers The revision in rating assigned to the bank facilities of Jyote Motors Private Limited (JMPL) takes into account several instances of delay in repayment of term loan obligation by the company in the past. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Track record of timely servicing of debt obligations for more than 90 days. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: Key weaknesses * Delay in debt servicing: There have been several instances of delay in servicing of term loan obligation by the company in the past. Key Strengths: Not Applicable Liquidity: Poor There have been instances of delay in debt servicing reflecting poor liquidity profile. Incorporated in 2000, JMPL is an authorised dealer of PV and light commercial vehicle (LCV) of MSIL and 2W of SMIPL in the state of Odisha having widespread presence in all major towns namely Bhubaneswar, Nayagarh, Keonjhar and Cuttack. It is a closely held company established by Devjyoti Patnaik. The company sells a varied range of vehicles along with services like sale of second-hand cars (True Value), repairs and spare parts through its 10 showrooms and seven workshops spread across Odisha. JYOTE MOTORS: CARE Lowers Rating on INR11.44cr LT Loan to D ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Jyote Motors (Balasore) Private Limited (JMBPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 11.44 CARE D Downgraded from bank facilities CARE B+; Stable Short-term bank facilities 60.40 CARE D Downgraded from CARE A4 Rationale and key rating drivers The revision in ratings to the bank facilities of JMBPL take into account several instances of delay in repayment of term loan obligation by the company in the past. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Track record of timely servicing of debt obligations for more than 90 days. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: Key weaknesses * Delays in debt servicing: There have been several instances of delays in servicing of term loan obligation by the company in the past. Key Strengths: Not Applicable Liquidity: Poor There have been instances of delay in debt servicing reflecting poor liquidity profile. Incorporated in 2009, JMBPL is an authorised dealer of passenger vehicle (PV) and light commercial vehicle (LCV) of MSIL. It is a closely held company established by Devjyoti Patnaik. The company sells a varied range of vehicles along with services like sale of second-hand cars (True Value), repairs and spare parts through its 11 showrooms (including 1 true value showroom) and 8 workshops spread across Balasore. The company is a group company of Jyote Motors Private Limited. K.L. ICE: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of K.L. Ice And Cold Storage (KICS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.83 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 9, 2024, placed the rating(s) of KICS under the 'issuer non-cooperating' category as KICS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KICS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 26, 2025, August 5, 2025 and August 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Uttar Pradesh based KICS is a partnership firm established in April 2011 and is currently being managed by Mr. Rajesh Bansal, Mr. Ashok Bansal, Mr. Krishna Murari Bansal and Mr. Naresh Bansal. KICS is engaged in renting of its cold storage facility in Agra, Uttar Pradesh. KATERRA INDIA: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Katerra India Private Limited (KIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 310.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 190.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 3, 2024, placed the rating(s) of KIPL) under the 'issuer non-cooperating' category as KIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025, June 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Katerra India Private Limited (KIPL) was incorporated as KEF Infrastructure Private Limited in July'13 by Mr. Faizal Kottikollon. During FY19, Katerra Inc. (backed by Softbank Vision fund), through its subsidiary, Katerra Operating Company Inc. has acquired major stake in KEF Infrastructure Pte Ltd. (Singapore), which is the holding company of KIPL. KIPL is engaged in offsite construction technology & solutions including precast, prefabricated structures, joinery and aluminium glazing catering to various corporates and real estate developers. The company has a fully integrated manufacturing facility at Industrial Park in Krishnagiri (Tamil Nadu). KAVED STEEL: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: M/S KAVED STEEL PRODUCTS PRIVATE LIMITED D-531, 544, 5th Floor Clover Center Moledina Road, Camp, Pune, Maharashtra, India, 411001 Insolvency Commencement Date: August 25, 2025 Estimated date of closure of insolvency resolution process: February 21, 2026 (180 Days) Court: National Company Law Tribunal, Mumbai Bench-VI Insolvency Professional: Mr. Arihant Nenawati Nenawati & Associates B 202, Sheraton Classic, Dr Charat Singh Colony Chakala, Andheri East, Mumbai City, Maharashtra, 400069 Email ID: arihant.nenawati@truvisoryipe.com 410, 4th Floor, Bluerose Industrial Estate Near Metro Mall and Tata Power Petrol Pump Western Express Highway, Borivali East – 400066 Mumbai Email ID: ibc.kavedsteel@gmail.com Last date for submission of claims: September 14, 2025 LAXMI SOLAR: Ind-Ra Gives BB+ Bank Loan Rating ---------------------------------------------- India Ratings and Research (Ind-Ra) has rated Laxmi Solar Power Systems Private Limited's (LSPSPL) bank loan facilities as follows: -- INR500 mil. Bank loan facilities assigned with IND BB+/ Stable /IND A4+ rating. Detailed Rationale of the Rating Action The rating reflects LSPSPL's small scale of operations, lack of operational track record, and average credit metrics. The rating, however, is supported by LSPSPL's healthy EBITDA margin and the likely growth in the renewable energy industry. In the medium term, Ind-Ra expects an improvement in the scale of operations and absolute EBITDA, while the EBITDA margin is likely to decline. Detailed Description of Key Rating Drivers Small Scale of Operations; Lack of Track Record: The ratings reflect LSPSPL's small scale of operations, as indicated by revenue of INR540.31 million in FY25 (FY24 (revenue from trading of solar products and EPC activities): INR106 million) and EBITDA of INR100 million (INR11.76 million). In FY25, the revenue improved on account of commencement of manufacturing operations at its solar photovoltaic modules (PV) unit with an annual capacity of 250MW. The ratings also reflect LSPSLPL's short track record of performance, as FY26 would be the first full year of operations for the manufacturing unit. The manufacturing unit was completed in May 2024, and it became operational in July 2024, yielding a revenue of INR54 million in the first nine months. During 4MFY26, LSPSPL booked a revenue of INR911 million. The company had an order book of INR471 million as of August 2025, to be executed by October 2025. In FY25, the total installed capacity stood at 250MW, i.e. 3,60,000 units of solar PV module annually; the capacity utilization was 10.78% in FY25, owing to the nascent stage of operations. In FY26, Ind-Ra expects the revenue to improve as a result of operational efficiencies and likely growth in the orderbook. Average Credit Metrics: LSPSLPL's interest coverage (operating EBITDA/gross interest expenses) deteriorated to 4.04x in FY25 (FY24: 6.61x) due to increased interest expenses from the commencement of bank limit utilization. However, the net leverage (total adjusted net debt/operating EBITDAR) improved to 2.27x in FY25 (FY24: 19.94x) because of higher operating EBITDA of INR100 million (INR11.76 million). In FY26, despite a likely increase in the operating EBITDA, Ind-Ra expects the interest coverage to sustain at similar levels on account of an estimated increase in interest expenses to INR31.71 million (FY25: INR24.98 million), and the net financial leverage is likely to deteriorate due to likely higher utilization of working capital limits. LSPSPL has planned capex of INR456.9 million during FY26-FY28, to completed by March 2028, which will be funded through a term loan of INR50 million, equity of INR23million and rest INR383.9 million through internal accruals and unsecured loans. As of August 2025, LSPSPL had already incurred capex of INR1.9 million, which was completely funded by internal accruals. Healthy EBITDA Margin; Profitability Likely to Decline in FY26: In FY25, despite an increase in the cost of goods sold to 75% (FY24: 70%), LSPSPL's EBITDA margin rose to 18% (11.09%) on account of better absorption of fixed cost due to revenue growth. The ROCE was 16.8% in FY25 (FY24: 5.9%). In FY26, the management as well as Ind-Ra expect the EBITDA margin to decline on account of higher cost of goods sold. Growth Potential of Renewable Energy Industry: Ind-Ra estimates the company to witness continued order inflow in the near-to-medium term due to the healthy size of renewable energy projects being auctioned by Solar Energy Corporation of India and other states in line with the government's vision to increase India's solar capacity to 300GW by 2030. Liquidity Stretched: LSPSPL's average maximum utilization of the fund-based limits was 93.36% during the 12 months ended July 2025. The cash flow from operations remained negative and deteriorated to negative INR55.47 million in FY25 (FY24: negative INR 27.93 million) due to unfavorable changes in the working capital. Furthermore, the free cash flow turned negative at INR109.34 million (FY24: negative INR251.02 million) due to capital expenditure of INR53.87 undertaken during the year (INR 223.09 million) towards capacity installation. The net working capital cycle improved to 91 days in FY25 (FY24: 104 days), mainly on account of a shift in the line of business from trading of solar products to manufacturing solar PV modules. The company provides a credit period of 20-30 days to its customers and receives a credit period of 10-15 days from its suppliers. The inventory holding period ranges between 30-45 days (with raw material holding of 14-20 days, work-in-progress of seven-to-10 days and finished good stocking of five-to-seven days). LSPSPL has debt repayment obligations of INR33.95 million and INR34.57 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR0.49 million at FYE25 (FYE24: INR0.75 million). Furthermore, LSPSPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics, with high net leverage or further pressure on the liquidity position, could lead to negative rating action. Positive: A substantial increase in the scale of operations, along with an improvement in the overall credit metrics, with the net leverage remaining below 3x along with an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in August 2018, LSPSPL manufactures solar PV modules with a current capacity of 250 megawatt (MW). Promoted by Hari Narayan Gupta, the manufacturing unit of LSPSPL is located in Raipur, Chhattisgarh. M/S MOHAN: Ind-Ra Gives BB+ Bank Loan Rating, Outlook Stable ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has rated M/s. MOHAN BREEDING FARM's (MBF) bank facilities as follows: -- INR250 mil. Bank loan facilities assigned with IND BB+/Stable /IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect MBF's poor liquidity position, elongated working capital cycle, along with revenue decline in FY25. The ratings are also constrained by MBF's susceptibility to volatility in raw material prices, and operational risks in poultry and broiler farming. However, the ratings are supported by the partners' extensive experience in the poultry industry, integrated operations, healthy EBITDA margins, comfortable credit metrics. Ind-Ra expects the credit metrics to remain stable in FY26. FY25 financials are provisional in nature. Revenue Declined in FY25; Medium Scale of Operations: MBF's revenue declined to INR3,594.76million in FY25 (FY24: INR4,299.0 million), due to seasonal demand fluctuations, disruptions in the supply chain, increased competition, lower sales volumes due to environmental challenges and decreased market reach. The absolute EBITDA stood at INR161.5 million in FY25 (FY24: INR147.5million). The capacity utilization reduced to 65% in FY25 (FY24: 78%) in the feed segment and 74% (86%) in the live birds segment. MBF generates a majority of its revenue from the domestic markets. In the first 4MFY26, the company earned revenue of INR920 million (4MFY25: INR1,324 million). Ind-Ra expects the revenue to improve in the medium term on account of a stable demand for protein-rich foods. Susceptibility to Volatility in Raw Material Prices: MBF's operating margin is susceptible to price volatility in raw materials such as maize and soya. Any changes in the prices of key raw materials can impact the business risk profile. Stability in operating margin is a key monitorable. Operational Risks in Poultry and Broiler Farming: The poultry and broiler farming industry faces several inherent risks, including regional demand-supply imbalances due to transportation challenges and the perishable nature of products. Intense market competition restricts the ability to fully pass on rising input costs. Additionally, the business is vulnerable to disease outbreaks, which can significantly impact sales and price realization. Seasonal demand fluctuations, influenced by religious and cultural factors, further add to the volatility in performance. Established Industry Presence with Integrated Operations and Experienced Partners: MBF has maintained a strong presence in the poultry industry since 1998, operating two breeding farm units one each in Tamil Nadu and Kerala. The firm has its own hatcheries, feed factories, commercial broiler farms, two retail outlets and a parent farm shed. MBF produces and sells broiler chickens. The firm benefits from its integrated operations with its in-house feed manufacturing unit. The business partners have more than three decades of industry experience, which has resulted in longstanding relationships with suppliers and customers. Also, MBF's strategic location enables efficient access to key markets in Tamil Nadu and Kerala, strengthening its distribution network and responsiveness to regional demand. Healthy EBITDA Margins: MBF's EBITDA margins increased to 4.5% in FY25 (FY24: 3.5%; FY23: 2.2%) due to lower raw material costs and favorable market pricing. Its absolute EBIDTA stood at INR161.5 million in FY25 (FY24: INR147.5 million). The return on capital employed was 18.8% in FY25 (FY24: 22.4%). In FY26, Ind-Ra expects the margins to remain at 4%-5%, backed by cost efficiencies, stable input prices, operational scale-up, and improved pricing power. Comfortable Credit Metrics: MBF's gross interest coverage (operating EBITDAR/gross interest expense + rents) increased to 4.62x in FY25 (FY24: 3.88x), led by the increase in the absolute EBIDTA. The net leverage (adjusted net debt/operating EBITDAR) deteriorated marginally to 3.02x in FY25 (FY24: 2.41x) due to an increase in total debt to INR488.88 million (INR356.77 million). Ind-Ra expects the credit metrics to remain comfortable over the medium term, on back of the likely improvement in operating EBITDA and scheduled debt repayments. No Significant Capital Withdrawals despite Partnership Nature Business: The ratings are not constrained by the partnership nature of the business, as there have not been any substantial withdrawals of capital by the partners since FY22. Ind-Ra understands that this will be followed in the foreseeable future. Liquidity Poor: MBF had cash and equivalents of about INR1.18 million at FYE25 (FY24: 1.87 million). The average peak utilization of its fund-based working capital limits was around 97.12% during the 12 months ended May 2025 and likely to have remained at the same level during June and July 2025. The firm availed an ad-hoc limit of INR20 million during June to August 2024, and a temporary overdraft limit of INR20 million during January to February 2025, and both the facilities have been closed. Moreover, the firm received an additional INR200 million working capital facility during March 2025, which was utilized for repayment to creditors. It also had a short-term working capital limit of INR30 million. The company has debt repayments of INR39.08 million in FY26 and INR22.05 million in FY27 which will be met through its internal accruals. The fund flow from operations remained positive at INR127.6 million in FY25 (FY24: INR111.8 million) due to the increased operating EBITDA. The working capital cycle elongated to 45 days in FY25 (FY24: 18 days) on account of high inventory holding days of 78 (52), debtor days of 17 (13) and high payable days of 50 (48). MBF does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: Substantial deterioration in the scale of operations or operating profitability or deterioration in the credit metrics with an interest coverage ratio of below 2.0x or deterioration in the liquidity position, all on a sustained basis, could be negative for the ratings. Positive: Maintaining medium scale of operations and operating profitability along with an improvement in the liquidity position and credit metrics, all on a sustained basis, could be positive for the ratings. About the Company MBF, founded in 1998, is a partnership firm specializing in broiler chicken breeding and farming. With a capacity of 120,000 parent birds, MBF incubates eggs and supplies chicks to over 750 contract farms. It sells over 900,000kg of chicken weekly, mainly in Kerala and Tamil Nadu. The firm's infrastructure includes parent sheds, hatching sheds, egg storage rooms, vehicles, power backup systems, a windmill. MBF is managed by six partners, led by A. Sundararajan. MAA GANGA: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Maa Ganga Rice Mill (MGRM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.80 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.32 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 6, 2024, placed the rating(s) of MGRM under the 'issuer non-cooperating' category as MGRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MGRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 23, 2025, August 2, 2025, August 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Maa Ganga Rice Mill (MGRM) was set up as a partnership firm in the year 1996 by Shri Rajendra Prosad Agarwala and his brother Shri Tarak Nath Agarwala of Burdwan, West Bengal. Later on, in 2000, it has been converted into proprietorship entity in the name of Rajendra Prasad Agarwala. The entity is engaged in the processing and milling of rice. The milling unit of the entity is located at Burdwan, West Bengal. MGRM procures paddy from farmers & local agents and sells its products through the wholesalers and distributors in the state of West Bengal. MAHESHWARI RICE: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Maheshwari Rice Mills (MRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.19 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 11, 2024, placed the rating(s) of MRM under the 'issuer non-cooperating' category as MRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 28, 2025, August 7, 2025 and August 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Lakhimpur Kheri (U.P.) based Maheshwari Rice Mills (MRM) was established in 1984 as a partnership concern by three partners namely Mr. Sanjay Maheshwari, Mr. Vijay Maheshwari and Mrs. Revti Devi. Furthermore, On October 21, 2015, it was reconstituted as a partnership firm with Mr. Sanjay Maheshwari and Mrs Usha Maheshwari as partners. MRM is engaged in milling, processing and trading of non-basmati rice with its manufacturing unit located in Lakhimpur Kheri (U.P.). MITTAL AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Mittal Agro Oil Industries (MAOI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 11, 2024, placed the rating(s) of MAOI under the 'issuer non-cooperating' category as MAOI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAOI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 28, 2025, August 7, 2025, August 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable The entity was established as 'Mittal Cotton Factory', a proprietorship firm in 1989 by Mr Vijay Mittal. In 2011, the constitution got converted to a partnership firm with Mr Vijay Mittal, Mr Deepak Mittal and Mr Sunil Mittal as its partners sharing profit and loss equally. Furthermore, in July 2015, the name of the entity was changed to Mittal Agro Oil Industries. The firm is engaged in cotton ginning, pressing and crushing at its manufacturing facility located at Rohtak, Haryana, to produce cotton seed cake, cotton oil and cotton bales. Furthermore, the firm also commenced operations of oil refinery unit w.e.f April 2016. MMTC LIMITED: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of MMTC Limited (MMTC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 55.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 700.00 CARE D; ISSUER NOT COOPERATING Short Term Rating continues to remain Bank Facilities under ISSUER NOT COOPERATING category Short Term 800.00 CARE D; ISSUER NOT COOPERATING Bank Facilities Rating continues to remain to ISSUER NOT COOPERATING under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from MMTC to monitor the ratings vide email communications dated January 30, 2025, May 10, 2025, and April 30, 2025, September 9, 2025, and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CARE Ratings has reviewed the rating based on the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Ratings on MMTC's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Further, CARE Ratings Limited (CareEdge Ratings) has withdrawn the rating assigned to Term loan facility of MMTC Limited (MMTC) with immediate effect, as the company has repaid the amount in full and there is no amount outstanding against the facility as on date. The above action has been taken considering the receipt of 'No Due Certificates'. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using above rating(s) Rating sensitivities: Not applicable Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating on March 16, 2023, the following were the rating weaknesses and strengths Key weaknesses * High group exposure Neelachal Ispat Nigam Limited leading to moderation in financial & liquidity profile of MMTC: The Cabinet Committee on Economic Affairs (CCEA) had given an 'in-principle' approval for strategic disinvestment of 100% equity of Neelachal Ispat Nigam Limited in January 2020. As per BSE announcement dated Feb. 1, 2022, strategic buyer has been approved for privatization of Neelachal Ispat Nigam Limited. The highest bidder i.e. M/s Tata Steel Long Products Limited (TSPL) for 93.71% of shares of Joint Venture partners of 4 CPSEs and 2 Odisha Govt State PSEs has been approved at the Bid Enterprise Value of INR12,100 cr. In July 2022, Tata Steel Long Products Limited ('TSLP'), a subsidiary of Tata Steel, has completed the acquisition of 93.71% in 1 million tons per annum 'NINL' from MMTC Ltd., NMDC Ltd., MECON Ltd., Bharat Heavy Electricals Ltd., Industrial Promotion and Investment Corporation of Odisha Ltd., Odisha Mining Corporation Ltd., President of India, Government of Odisha. The acquisition has been completed as per the terms and conditions of the Share Sale and Purchase Agreement entered on March 10, 2022, and in accordance with the process being run by Department of Disinvestment & Public Asset Management (DIPAM). The aggregate consideration which has been paid out by TSLP is INR12,100 crores. Accordingly, all the principal payment of the bank debt has been paid however there are ongoing discussions for waiver of penal interest and other charges. Key strengths * MMTC's position as India's largest international trading house and established track record of trading in diverse commodities: As apprised by the company management, there are no business operations in MMTC currently and the final announcement on its closure of operations is awaited. Liquidity: Not Available MMTC, a public sector undertaking, was incorporated on September 26, 1963, to facilitate foreign trade in India and canalize the export and import of essential minerals and metals. It is under the administrative control of the Ministry of Commerce & Industry, and Government of India (GOI) held 89.93% stake in the company as on March 31, 2025. MMTC deals in multiple products and markets. The business operations of the company span across six major divisions i.e. minerals, metals, precious metals, agro products, fertilizers & chemicals and coal & hydrocarbons. NANIS BUILDCON: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Nanis Buildcon Private Limited (NBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 17, 2024, placed the rating(s) of NBPL under the 'issuer non-cooperating' category as NBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 3, 2025, August 13, 2025, August 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in February 2006, NBPL is a Nagpur based company engaged in real estate development business and has completed 14 projects in Nagpur since inception. OESPL PRIVATE: Ind-Ra Cuts Bank Loan Rating to BB+ -------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded OESPL Private Limited's bank loan facilities to 'IND BB+' from 'IND BBB-'. The Outlook is Stable. The detailed rating action is: -- INR3.817 bil. Bank loan facilities downgraded with IND BB+/ Stable rating. Detailed Rationale of the Rating Action The downgrade reflects OESPL's low average cash debt service coverage ratio (DSCR) of 1.06x over the loan tenure as the issuer availed an additional loan of INR750 million particularly to fund the group companies. However, OESPL used to collect interest rate on such advances to the group companies on a cumulative basis. Given the low DSCR level, any liquidity stress may pressure its company's repayments. The rating reflects OESPL's modest credit metrics in FY25 and moderate DSCR. However, the rating is supported by the continued growing scale of operations of its mall in Noida (Okaya Centre) in FY25, along with an improvement in rentals. The rating is also supported by the favorable location of the mall and the company's adequate liquidity. Ind-Ra expects OESPL's financial performance to improve on a yoy basis over the near- to medium term, supported by an improvement in its rentals along with the renewal of its contracts. Detailed Description of Key Rating Drivers Matured Operating Performance: As per the provisional numbers of FY25, OESPL's revenue increased to INR728.6 million (FY24: INR679.1 million; FY23: INR652.02 million), supported by an increase in its rental income. The EBITDA margins also improved to 77% in FY25 (FY24: 74%; FY23: 66.87%), led by a decline in the commission and brokerage expenses and a reduction in its overhead costs. Ind-Ra expects the revenue to increase annually in the medium term, supported by the presence of a yearly price escalation clause of 5% and an additional 15% in every three years in its lease agreements along with full occupancy levels. Modest Credit Metrics: OESPL's credit metrics remained modest but improved with the gross interest coverage (operating EBITDA/gross interest expense) increasing to 1.7x in FY25 (FY24: 1.05x; FY23: 0.87x) and the net leverage (total adjusted net debt/operating EBITDAR) reducing to 6.76x (7.79x; 9.56x), supported by an increase in the absolute EBITDA to INR564.32 million (INR500.31 million; INR436.02 million) and a reduction in the debt to INR3,841 million (INR4,041 million; INR4,173 million). Ind-Ra expects the presence of a three-month debt service reserve account (DSRA) with its lender will provide a cushion to its liquidity position. OESPL had also given unsecured loans and advances to its subsidiary companies, bearing an interest rate of around 9%. In FY25, the loans and advances stood at INR2,577 million (FY24: INR2,192 million; FY23: INR1,945.3 million). Ind-Ra expects the credit metrics to deteriorate in the medium term, due to the company availing the additional loan of INR750 million. Single Asset Concentration Risk: OESPL's dependence on its single asset (Okaya Centre) exposes the company to risks arising from any adverse change in the operational profile of the asset, as well as the demand-supply scenario of the Noida retail market. Reputed Tenants, Moderate Renewal Risk: OESPL has a stable revenue steam given its long-term associations and contracts (of average nine years) with established tenants such as Kronos Solutions India Private Limited, Tavant Technologies India Private Limited, Tata Projects Limited ('IND AA'/Stable) and Indus Towers, which together accounted for 85% of the total leased carpet area. Furthermore, OESPL's association with its tenants helps it in renewing contracts basis mutual consent, thereby providing a strong revenue visibility. As on 25 April 2025, the building had 100% occupancy level with a total carpet area of 0.77 million square feet. OESPL has a sizable renewal coming up in FY26, the management is in discussion with tenant and expects the lease to be rolled over. The renewal risk is key monitorable. Favorable Location of Okaya Centre: OESPL owns and operates a commercial building, which is located in Sector-63, Noida, and thus enjoys significant competitive advantage due to its proximity to the metro, bus stand and expressway. Promoter's Experience: OESPL's founder, chairman and managing director, Rajesh Gupta, has around nine years of experience in the leasing of immoveable property. He was associated with Microtek International Private Limited ('IND AA-'/Stable)) from 1986 till 2017. Thereafter, he promoted Okaya Power Private Limited ('IND A'/Stable) and headed its operations during 2002 to 2017. Liquidity Stretched: OESPL's average cash DSCR declined to 1.06x from 1.15x due to increased repayment obligations as the company availed the additional loan of INR750 million to fund the group companies. The company has a DSRA of about INR150 million, equivalent to three months of repayment obligations in the form of fixed deposits. The company has free cash balance of INR24.8 million at FY25 (FY24: INR142.2 million; FY23: INR2.95 million). Furthermore, the rent collected is deposited into an escrow bank account and the surplus cash is available to the company only after meeting the debt service obligations. OESPL has debt obligations of around INR276 million and INR315 million in FY26 and FY27, respectively. Rating Sensitivities Negative: Any substantial outflow to the subsidiary company and any decline in the occupancy levels and/or delays in the receipt of rental income, leading to deterioration in liquidity, on a sustained basis, could be negative for the ratings. Positive: Higher-than-expected rental income, leading to higher cash generation, average cash DSCR above 1.05x and a substantial improvement in liquidity, on a sustained basis, could be positive for the ratings. About the Company Incorporated in May 2006, OESPL operates out of Noida and is primarily engaged in the business of leasing out immoveable property. PLATINUM FINWEALTH: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Platinum Finwealth Private Limited B-57 Okhla Industrial Area Phase-1, South Delhi, Delhi, India, 110020 Liquidation Commencement Date: August 28, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Mr. Amit Jain D 32 East of Kailash New Delhi 110065 Email: amitjain32@gmail.com Email: platinum.vl2025@gmail.com Mobile: 9818582552 Last date for submission of claims: September 27, 2025 R B VELHAL: Ind-Ra Withdraws BB+ Term Loan Rating ------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn R B Velhal Infrastructures Private Limited's Long-Term Issuer Rating. The detailed rating action is as follows: -- The 'IND BB+/Stable' rating on the Long-Term Issuer Rating is withdrawn. About the Company R B Velhal Infrastructures, Kolhapur, is an emerging company in infrastructure development, with the headquarters at Kolhapur, Maharashtra. The company began operations as an infrastructure development contractor in 1993 in the name of M/s Ramchandra Balkrishna Velhal. It was converted into a private limited company in 2018. RAIPUR SPECIALITY: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Raipur Speciality Steels Private Limited (RSSPL) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.61 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 23, 2024, placed the rating(s) of RSSPL under the 'issuer non-cooperating' category as RSSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RSSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 8, 2025, June 18, 2025, June 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Raipur Speciality Steels Private Limited (RSSPL), incorporated in March 2004 by one Mr. George Mathew of Raipur, is in the business of iron and steel products trading. The company trades the products like TMT bar, HR Sheet, MS Angle, MS Flat, wires etc. During December 2016, the company took over a local proprietorship firm named by "Royal Grand Cable Industries". Mr George Mathew, Director, looks after the day to day operations of the company with adequate support from other two directors and a team of experienced personnel. RAJA MOTORS: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Raja Motors Bathinda (RMB) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.63 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 9, 2024, placed the rating(s) of RMB under the 'issuer non-cooperating' category as RMB had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RMB continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 26, 2025, August 5, 2025 and August 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Punjab-based RMB was established in 2008 by Mr. Om Parkash Makkar, Mr. Rajesh Makkar and Ms. Rupesha Rani as a partnership firm. RMB works as an authorized dealer of personal vehicles for Hyundai Motor India Limited (HMIL) from its own showroom and sells spare parts as well, in Bathinda itself. RHC HOLDING: Ind-Ra Keeps D Loan Rating in NonCooperating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained RHC Holding Private Limited's (RHC) debt ratings in the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating actions are: -- INR2.0 bil. Secured long-term non-convertible debentures (long-term)* maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR750 mil. Bank loan facilities (long-term) maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. *Details in annexure Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with RHC while reviewing the rating. Ind-Ra had consistently followed up with RHC. The issuer has also not been submitting the no default statement. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of RHC, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company RHC was incorporated in 2007 as Solaries Finance Pvt. Ltd. It was renamed in November 2008. The company is a closely held investment company, held by Malvinder Mohan Singh and Shivinder Mohan Singh. As of March 31, 2017, RHC held stakes in several unlisted subsidiaries and group companies. SENTINAL CAPITAL: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: SENTINAL CAPITAL LIMITED D-BASEMENT, 195, ARCADIAN, N. C. P. MARG, NARIMAN POINT, MUMBAI, Maharashtra, India, 400021 Liquidation Commencement Date: August 25, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Mr. Sandeep Jawaharlal Singhal 313/314, Giri Shikhar, Plot No. 8891, Opposite Goenka Hall, J B Nagar, Andheri(east), Mumbai City, Maharashtra,400059 Email Id: sandeepjsinghal@hotmail.com Contact Number: 9820060027 Last date for submission of claims: September 24, 2025 SHREEJI SALES: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shreeji Sales Corporation (SSC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.49 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 23, 2024, placed the rating(s) of SSC under the 'issuer non-cooperating' category as SSC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 9, 2025, July 19, 2025, July 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable SSC was established as proprietorship firm in 2012 by Mr Bharat Shah. SSC was established for trading of di-calcium phosphate and mono-calcium phosphate. SSC is recently completed project of manufacturing di-calcium phosphate and mono-calcium phosphate from raw phosphate instead of trading with total project cost of INR4.64 crore. The plant will be located at Vadodara (Gujarat) with area of 1 lakh sq. ft. with proposed installed capacity of 300 tonnes per month. SPECTRA VISION: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Spectra Vision (SV) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 10, 2024, placed the rating(s) of SV under the 'issuer non-cooperating' category as SV had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SV continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 27, 2025, August 6, 2025, August 16, 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 Spectra Vision (SV) was established in 1984 as a partnership firm and the same was reconstituted as on April 1, 2008 as one of the partner Mr. Sakti Kanta Rath has expressed his willingness to resign from firm with effect from March 31, 2008 due to his personal reason and the firm was continued with remaining partners in equal profit-sharing ratio. The firm is into trading of electronics goods like TV, fridge, AC, camera, mobile phones, etc. The showroom of the firm is located at Plot No235, Bapuji Nagar, Bhubaneswar, Khurdha - 751009, Odisha. SR UNITED: Ind-Ra Gives BB+ Bank Loan Rating, Outlook Stable ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has rated SR United Infra Developers' (SRUID) bank loan facilities as follows: -- INR600 mil. Bank loan facilities assigned with IND BB+/ Stable /IND A4+ rating. Detailed Rationale of the Rating Action The rating reflects the firm's modest revenue from operations, adequate-albeit-geographically concentrated order book and the risks inherent to its constitution as a partnership firm. However, the rating is supported by the company's healthy profitability and comfortable credit metrics. Detailed Description of Key Rating Drivers Adequate-albeit-geographically Concentrated Order Book: SRUID had an unexecuted orderbook of INR6,490.76 million as of April 2025, translating into revenue visibility of 2.7x of the FY25 revenue. The average time taken by SRUID to complete a contract is one-to-three years majorly. Geographically, SRUID order book is mainly concentrated in Tamil Nadu. Segment-wise, 17% of the orders pertain to roads construction, 38% to building construction, 11% to solid waste management and the balance is towards other civil work. Majority of the road & building projects are from state government departments and the solid waste management project is solely from Tiruchirappalli City Municipal Corporation. Majority of the projects executed by the company are based out of a single state, which exposes a large portion of the revenue to significant geographical and political risk. To mitigate the concentration risks, the company has started obtaining projects in other states. Moderate-yet-anticipated Revenue Growth in FY26: After substantial revenue growth during FY24 to INR2,583 million (FY23: INR1,287 million), the revenue slightly declined in FY25 to INR2,393 million. The revenue growth in FY24 was attributed to higher project execution, along with a high proportion of income generated from construction equipment hire, renting, and material supply. However, in FY25, the firm shifted its focus primarily to core engineering, procurement, and construction (EPC) contracts and solid waste management projects. With the 2.7x order book visibility, SRUID's revenue is likely to improve in FY26. Partnership Nature of Constitution The partnership nature of SRUID poses the risk of capital withdrawal by the partners, potentially deteriorating the capital structure. Any disproportionate capital withdrawal will be critical for credit stability. Tender-based Operations SRUID operates in the infrastructural construction industry which is highly competitive due to the presence of several small, regional and large players. EPC projects executed by the company are tender based, awarded to the lowest bidder who meets the terms and conditions set by the respective bidding agencies. Aggressive bidding can put a strain on its profitability. Healthy EBITDA Margins; Likely to Sustain: SRUID's EBITDA margins have remained healthy over the years, in the range of 16% to 24% since FY23, and were 20.79% in FY25 (FY24: 16.43%, FY23: 24.29%). The margins improved despite the slight dip in the revenue during FY25 owing to increased execution of a higher-margin, labor-intensive solid waste management project. The margins depend on the types of projects undertaken by the firm. Moreover, the absolute EBITDA increased to INR497.74 million in FY25 (FY24: INR424.47 million; FY23: INR312.67 million). The ROCE was 31.6% in FY25 (FY24: 20.9%; FY23: 16.9%). Ind-Ra expects the EBITDA margins to be at a similar level in FY26, given the similar nature of operations. Comfortable Financial Risk Profile; Similar Trend Likely in FY26: SRUID's credit metrics remained comfortable in FY25, owing to lower reliance on external debt to fund its operations. The net leverage (net debt/EBITDA) improved to 0.58x in FY25 (FY24: 1.09x; FY23: 2.05x) and interest coverage (EBITDA/gross interest cost) improved to 8.86x (6.45x; 6.99x), due to the rise in EBITDA levels and a reduction in debt levels. Ind-Ra expects the financial risk profile of the company to remain comfortable in FY26, with the likely improvement in operating performance and absence of any major debt-funded capex plans. Liquidity Stretched: SRUID's average maximum utilization of the fund-based limits including bank guarantee limit (which is a sub-limit of fund based working capital limit) was 88% during the 12 months ended May 2025, with instances of penal interest. The receivable days extended to 108 days in FY25 (FY24: 83 days), primarily due to delays in receivable collections and the inherently long-term nature of the projects executed by the firm. The firm has repayment obligations of INR88.6 million in FY26 and INR5.36 million in FY27. SRUID does not have any exposure to capital markets and relies solely on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A substantial decline in the scale of operations or delays in project execution or pressure on the liquidity or the net leverage exceeding 3.0x , all on a sustained basis, could be positive for the ratings. Positive: Growth in the scale of operations, along with an improvement in the corporate governance structure and timely project completion along with an improvement in the overall credit metrics and liquidity position, all on a sustained basis, could lead to a positive rating action. About the Company SRUID undertakes projects for the state public works department, state highways department and municipal corporations as a class 1 contractor. SRUID specializes in civil construction work on the EPC basis. Its scope of work majorly includes construction of roads, & highways, building, irrigation works, specialty material supply and other civil construction works. Additionally, the firm is involved in door-to-door collection and transportation of municipal solid waste and executes solid waste management contracts. Its registered office is situated in Pudukkottai city, Tamil Nadu, and S Ramachandran and R Balashanmugam are the partners. SRISHTI BUILDERS: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Srishti Builders (SB) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 11, 2024, placed the rating(s) of SB under the 'issuer non-cooperating' category as SB had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SB continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 28, 2025, August 7, 2025 and August 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Kota (Rajasthan) based Srishti Builders (SB) was formed in February, 2015 by Mr. Sanjay Khatri and Mr. Ajay Khatri. Subsequently, in June, 2015, there is change in the partnership deed with introduction of 3 partners. SB is engaged in the development of housing projects in Kota, Rajasthan. The firm is a part of Srishti group which is engaged in the wide range of projects in real estate industry. SB is mainly engaged in the real estate development. SUNPOINT TRADING: Liquidation Process Case Summary -------------------------------------------------- Debtor: Sunpoint Trading Limited (Formerly known as Sun Finlease (Gujarat) Limited) 3, Ravipushp Apartment B/s. Navneet House Memnagar, Ahmedabad, Gujarat, India, 380052 Liquidation Commencement Date: August 29, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: CA Gomti Ramchandra Choudhary 9-B, Vardan Complex, Near Vimal House, Lakhudi Circle, Navrangpura, Ahmedabad - 380014 Email Id: cagomtirchoudhary@gmail.com Email Id: cirpsunpointtradinglimited@gmail.com Last date for submission of claims: September 28, 2025 SUPREME POLYTUBES: Liquidation Process Case Summary --------------------------------------------------- Debtor: Supreme Polytubes Limited Bugrian Road Dhuri Punjab-148024 Liquidation Commencement Date: August 29, 2025 Court: National Company Law Tribunal, Chandigarh Bench- II Liquidator: Mr. Mukesh Kumar Jain T-1, 3rd Floor, Front Right Portion, Pankaj Arcade, Pocket MLU, Plot No. 16, Sector-5, Dwarka, Delhi, South West, National Capital Territory of Delhi- 110075 Email Id: fcafcs19@gmail.com Mavent Restructuring Services LLP S-376, Panchshila Park, Panchsheel Enclave, South Delhi, New Delhi- 110017 Email Id: liq.supremepolytubes@gmail.com Last date for submission of claims: September 28, 2025 UMASONS AUTO: Ind-Ra Moves BB+ Loan Rating to NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Umasons Auto Compo Private Limited's (UACPL) bank loan facilities to the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR600 mil. Bank loan facilities migrated to non-cooperating category and withdrawn. *Migrated to 'IND BB+/Stable (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The rating has been migrated to the non-cooperating category before being withdrawn as the issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls, and has not provided information about latest audited financial statement, sanctioned bank facilities, business plans and projections for the next three years. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the rating, as the agency has received no-objection certificate from the lenders and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with UACPL while reviewing the rating. Ind-Ra had consistently followed up with UACPL over emails, apart from phone calls since July 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of UACPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated in 2000, UACPL manufactures press, fabricated, surface coated automotive components and assemblies majorly for Bajaj Auto Limited ('IND AAA'/Stable). Promoted by Ramchandra Bhogale and Kedar Deshpande, Aurangabad-based UACPL has a manufacturing capacity of 23,000 million tons per year. UNITRIVENI OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Unitriveni Overseas (UO) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 9, 2024, placed the rating(s) of UO under the 'issuer non-cooperating' category as UO had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UO continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 26, 2025, August 5, 2025, August 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Unitriveni Overseas (UO) was constituted as a partnership firm on May 06, 2008 by Bhattacharya family of Kolkata, West Bengal. The firm is engaged in processing and export of sea food, primarily Vannami and black tiger prawns. UO has its processing facilities on lease rental basis at Kolkata, West Bengal (owned by Sunshine Packaging Industries). The facility has an aggregate processing capacity of 28 metric tonnes per day (MTPD) of seafood. The firm has One Star Export House status from the Government of India. The firm exports its products mainly to USA, France, Vietnam, etc. UO procures prawn from the open market from farmers and agents for processing and export. The plant is appropriately located in proximity to several aquaculture farms in West Bengal which reduces the risk of raw material availability and also keeps the inward freight costs under control. UTTARANCHAL WELFARE: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Uttaranchal Welfare Society (UWS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.60 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 9, 2024, placed the rating(s) of UWS under the 'issuer non-cooperating' category as UWS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UWS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 26, 2025, August 5, 2025, August 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable UWS was formed in 1998 by Mr Umesh Gautam to provide professional education. UWS started its first college in 1998 under the name of Invertis Institute of Management Studies (IIMS) in Bareilly, UP offering education in BBA, BCA, and MBA. During September 2010, UWS established Invertis University, a private university under established by the Government of UP under the UGC Act, 1956 vide Invertis University Act 22 of 2010. Invertis University, spread over 14 acres, has various courses including Diploma, UG, PG, M. Phil and PhD. VIDEOCON INDUSTRIES: Government Seeks SC Nod to Claim Dues ---------------------------------------------------------- The Economic Times reports that nearly five years after initiation of insolvency proceedings against the Videocon group, the petroleum ministry on Sept. 18 moved the Supreme Court seeking intervention in the case. According to ET, the ministry has sought recovery of $525.62 million towards its "legitimate sovereign claims" against debt-laden Videocon Industries, even as it raised allegations that Vedanta group company Twinstar Technologies' bid has no provision to clear the government's dues. Videocon Industries sells consumer products like color televisions, washing machines, air conditioners, refrigerators, microwave ovens and many other home appliances in India. Videocon, owned by the Dhoot family, was taken to bankruptcy court after it failed to repay INR230 crore to SBI in 2017. It was among the first 12 companies pushed into bankruptcy after directions from the Reserve Bank of India in 2017. On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai bench, admitted a petition for initiating insolvency resolution process against the company under the Insolvency and Bankruptcy Code, 2016. The company's total debt stood at over INR635 billion in 2019, according to Business Standard, citing bankruptcy case-related disclosures on the company's website. ========= J A P A N ========= SOFTBANK GROUP: Moody's Ups CFR to Ba2, Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings has upgraded SoftBank Group Corp.'s (SBG) corporate family rating and senior unsecured ratings to Ba2 from Ba3, and subordinated debt rating to B1 from B2, and revised its outlook to stable from positive. RATINGS RATIONALE The upgrade of SBG's CFR to Ba2 reflects the improvement in its credit fundamentals, as demonstrated by a sustained reduction in its leverage and secured debt, coupled with the progress in its asset divestments. SBG's execution of its investment strategies and financial management over the past 12-18 months also demonstrate a reduction in governance risks. SBG's financial strategy and risk management have improved with a decrease in leverage, while the reduction of secured debt contributes to a more transparent capital structure. SBG has lowered its leverage, with market value-based leverage (MVL) consistently remaining in the low-to-mid-20% range over the past 12-18 months. Moody's estimates that SBG's MVL was about 23% at the end of June 2025. This marks a significant improvement from the company's previous MVL in the high-30%-to-low-40% range. SBG has completed the divestment of its stake in Alibaba Group Holding Limited (Alibaba, A1 negative). SBG consistently deployed its stake in Alibaba to physically settle all Alibaba prepaid forward contracts, which Moody's counted as debt. Moody's estimates that the proportion of secured debt, including margin loans and forward contracts, has decreased to about 20% of SBG's debt at the holding company level at the end of June 2025 from about 50% a year earlier. The improvement in MVL is also due to an increase in the value of SBG's investment portfolio. SBG's Ba2 CFR is underpinned by the significant value of its investment portfolio including listed marketable investments, which provide alternatives to financing. SBG's listed assets account for about 70% of its total portfolio value. These listed assets largely comprise Arm Holdings plc, SoftBank Corp. (SBKK) and T-Mobile US, Inc. These credit strengths are counterbalanced by its exposure to event risks from large and unpredictable transactions, which could significantly alter the value and quality of its investment portfolio, as well as its capital structure. In addition, SBG's CFR is constrained by its low interest coverage. SBG's recurring income still relies primarily on dividends from SBKK. The degree of concentration in the investment portfolio's largest assets remains very high. Although SBG's liquidity profile temporarily weakened at the end of June 2025, the company's subsequent bond issuances and asset sales have sufficiently mitigated liquidity risks. The company faces increased refinancing needs in the quarter which will end in June 2026. Nonetheless, the company's visible progress in bond issuances and asset sales from July through September 2025 provided additional funds, enabling SBG to cover about two years of debt maturities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable rating outlook is based on Moody's expectations that SBG's MVL will remain below 30% for the next 12-18 months, even if the company raises additional debt to support significant investment initiatives such as those related to Ampere Computing Holdings LLC and OpenAI. The stable outlook also incorporates Moody's expectations that the company will maintain good liquidity with sufficient cash balance. SBG's CFR could be upgraded if there are improvements in its governance, mitigating risks related to shifting investment strategies and shareholder returns, for example. An upgrade will also require sustained improvement in its interest coverage driven by an increase in dividends and other recurring sources of income. Upward rating pressure will arise if the company further builds a track record of investment returns, especially from unlisted companies. Greater visibility over the company's long-term investment strategy, risk-return profile and asset allocation policy will also add to upward pressure. Downward rating pressure will arise if the value or credit quality of SBG's investee companies deteriorate. A downgrade is possible if the proportion of listed assets in its total investment portfolio declines significantly. Moody's will consider a downgrade if the company's liquidity profile materially weakens from a reduction in cash held at the holding company level or an increase in its near-term refinancing needs, such that SBG's cash on hand no longer covers two years of scheduled debt maturities. Moody's will also consider downgrading if SBG's leverage deteriorates with MVL sustained above 30%. Downward pressure will also arise if material legal or other contingent obligations crystallize or governance risks rise. The rating of SBG's unsecured debt could be downgraded if its secured debt becomes the clear majority of debt held. The principal methodology used in these ratings was Investment Holding Companies and Conglomerates (Japanese) published in April 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Tokyo, SoftBank Group Corp. is a Japanese investment holding company with subsidiaries in various businesses, including telecommunications, semiconductors and other technologies. ========= M A C A U ========= SJM HOLDINGS: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Neg. ---------------------------------------------------------------- Fitch Ratings has revised the Outlook on SJM Holdings Limited's (SJMH) Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable, and affirmed the IDR and senior unsecured rating at 'BB-'. Fitch has also affirmed the 'BB-' rating on the outstanding notes issued by SJMH's subsidiary, Champion Path Holdings Limited. The notes are rated at the same level as SJMH's senior unsecured rating, as they represent the company's unconditional and irrevocable obligations. The Negative Outlook reflects heightened uncertainty around SJMH's deleveraging trajectory, as recent results indicate slowing EBITDA and cash flow improvement from the Grand Lisboa Palace (GLP) resort. Fitch still expects SJMH's leverage metrics to improve to within the 'BB-' threshold over the forecast period, but any further operational weakness could lead to negative rating action. Key Rating Drivers Delayed Deleveraging Trajectory: Fitch expects SJMH's EBITDA leverage to increase to over 8x in 2025 (2024: 7.0x), before gradually falling to below 5x in 2027 in its rating case. Fitch believes SJMH remains on a deleveraging path in the medium term, with improvement in free cash flow and a focus on debt reduction. However, the deleveraging trajectory has been delayed compared with its previous expectations, and uncertainty remains over the ramp-up of GLP and the impact of its satellite casino closures and restructuring. Slowdown at GLP: SJMH's weak 2Q25 results were partly due to unfavourable VIP hold rates affecting profits, but GLP's revenue growth of 1% qoq and EBITDA margin of 3% in 2Q25 were both below expectations even on a luck-adjusted basis. This contrasted with strong industry-wide gross gaming revenue growth during the quarter (8% yoy), as SJMH lost market share to competitors' newly opened hotels and intensified promotional activities. GLP also recorded a significant increase in operating expenses during the quarter, mainly due to increased marketing expenses. This, along with stagnant revenue growth, led to margin contraction. The company continues to work on various initiatives to improve GLP's mass appeal through better connectivity, food and beverage, and retail and event offerings, but its effectiveness in increasing market share remains uncertain. Satellite Restructuring: SJMH will reallocate gaming resources upon the closure of its satellite casinos by end-2025, including around 458 tables and over 4,000 staff, to its self-owned casinos. As part of the process, SJMH is acquiring additional gaming floor area at Casino Lisboa from its parent, Sociedade de Turismo e Diversões de Macau, to house more tables. It also intends to acquire the properties where Casino L'Arc Macau and Casino Ponte 16 are located, such that they can continue to operate as self-owned casinos with additional tables allocated. The impact on SJMH's credit profile will depend on its ability to recapture the market share of the outgoing satellite casinos, as well as the terms of the acquisitions. Fitch's base case assumes that SJMH will retain two-thirds of the outgoing satellite casinos' market share, with tables reallocated to its properties on the peninsula, given their proximity and similar positioning. Such tables should generate higher margins than the previous satellite operations, leading to EBITDA accretion. Bond Refinancing on Track: SJMH has a USD500 million bond due in January 2026 and HKD1.25 billion and MOP300 million of bonds due in May 2026. Fitch expects the company will be able to secure new bank loans to refinance the majority of its USD500 million bond maturing in January 2026. The remaining bond maturities can be covered by drawing down on its HKD3.1 billion undrawn revolver as of end-1H25. Peer Analysis SJMH's business profile is weaker than that of its US-based peers, such as Wynn Resorts, Limited (BB-/Stable), MGM Resorts International (BB-/Stable) and Las Vegas Sands Corp. (BBB-/Stable). This is because of its concentration in the competitive Macao market and its weaker portfolio of assets within that market, as reflected in its market share. Compared with Wynn and MGM, Fitch expects SJMH to deleverage towards a more conservative balance sheet over the next few years, as it repays the debt built up for the GLP development and during the pandemic. Key Assumptions - Industry gross gaming revenue growth of 8% in 2025, 4% in 2026 and 2% thereafter - Total market share of 12.1%, 10.6% and 10.8% in 2025-2027 (2024: 12.7%), including GLP's market share of 2.5%, 2.7% and 2.9% in 2025-2027 (2024: 2.3%) - Revenue growth of 2%, -8% and 4% in 2025-2027 (2024: 33%) - EBITDA margin of 12%, 18% and 19% in 2025-2027 (2024: 13%) - Capex of HKD2 billion in 2025 and HKD1.5 billion thereafter. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Adjusted gross debt/EBITDA failing to trend towards 5.0x - Ongoing market share losses after restructuring of satellite casino Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - The Outlook will be revised to Stable if the negative sensitivities are not met. Liquidity and Debt Structure SJMH had HKD2.3 billion of available cash (excluding HKD1 billion of cage cash) and HKD3.1 billion of undrawn revolver facilities as of end-1H25. This compared with HKD8.9 billion of short-term debt, including HKD1.6 billion of revolvers, HKD1.8 billion of term loans and HKD5.5 billion of bonds. Fitch expects the revolvers to be rolled over, while the bonds and term loan maturity will be covered by new bank loans and liquidity on hand. Issuer Profile SJMH is the holding company of SJM Resorts, S.A. (SJM), one of six casino operators in Macao. SJM operates 12 casinos in Macao, including four self-promoted casinos and eight satellite casinos. SJMH is 55% owned by Sociedade de Turismo e Diversões de Macau and is listed on the Hong Kong stock exchange. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- SJM Holdings Limited LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- Champion Path Holdings Limited senior unsecured LT BB- Affirmed BB- =============== M A L A Y S I A =============== KNM GROUP: Gets CA Order to Halt Legal Actions Until May Hearing ---------------------------------------------------------------- The Edge Malaysia reports that KNM Group Bhd has secured an interim order from the Court of Appeal restraining all existing and future legal actions against the group, pending disposal of its main appeal fixed for hearing in May next year. In a filing with Bursa Malaysia on Sept. 18, KNM said the appellate court had allowed its application to stay and restrain proceedings, The Edge relates. This covers court, winding-up and arbitration proceedings, as well as enforcement processes, labour and industrial court matters, adjudication under the Construction Industry Payment and Adjudication Act 2012, and actions to enforce securities, guarantees or liens. According to The Edge, the court order also restrains creditors from appointing liquidators, receivers, judicial managers or supervisors, or from dealing with the group's assets without its consent or a further court order. The Edge relates that the decision, which effectively shields the group's operations and assets in Malaysia and abroad from creditor enforcement while the appeal is pending, follows a series of legal manoeuvres since KNM and its subsidiary KNM Process Systems Sdn Bhd sought court protection in April 2024 to implement a new scheme of arrangement with creditors. In March this year, the High Court allowed KNM to convene meetings with creditors to deliberate on its proposed scheme of arrangement, noting the plan had "evolved positively” and offered a viable path for the financially troubled group to sustain operations. However, the court declined to grant a restraining order at the time. KNM later obtained an ad-interim restraining order pending appeal, recalls The Edge. On Aug. 11, KNM said its scheme creditors approved the group's restructuring plan, which involves shaving off MYR182.04 million in interest and penalties from MYR1.93 billion owed by KNM Process Systems, The Edge relays. At the group level, KNM currently owes MYR1.23 billion to scheme creditors. The Edge notes that KNM's regularisation plan to exit its PN17 status hinges largely on asset sales. The group has agreed to sell its German unit Deutsche KNM GmbH - the holding company of its main earnings contributor Borsig GmbH - to Japan's NGK Insulators Ltd for EUR270 million (MYR1.3 billion). Proceeds are earmarked for debt settlement and issuance of MYR204.8 million in zero-coupon redeemable unsecured loan stock. The Edge adds that the group is also pushing through the disposal of its Italian unit FBM Hudson Italiana SpA, after three failed attempts. A binding offer worth EUR19.5 million (MYR101 million) from Switzerland's SymbEx GmbH and Germany's Terragarda GmbH is under negotiation. About KNM Group KNM Group Berhad (KLSE:KNM) -- https://www.knm-group.com/ -- is engaged in the investment holding and the provision of management services. It operates through three geographical segments: Asia and Oceania, Europe and America. The Asia and Oceania segment includes Malaysia, Thailand, Indonesia, Myanmar, Australia and Mauritius. The Europe segment includes Germany, Italy, United Arab Emirates, United Kingdom, British Virgin Islands, Netherlands, Saudi Arabia, and Isle of Man. The America segment includes the United States of America and Canada. Its subsidiary KNM Process Systems Sdn. Bhd. is engaged in the design, manufacture, assembly and commissioning of process equipment, pressure vessels, heat exchangers, skid mounted assemblies, process pipe systems, storage tanks, specialized structural assemblies and module assemblies for the oil, gas and petrochemical industries. Its other subsidiaries include KNM International Sdn. Bhd., KNM Capital Sdn. Bhd. and KNM Renewable Energy Sdn. Bhd. On Oct. 31, 2022, KNM Group Bhd said it had become an affected listed issuer under the Practice Note 17 (PN17) on the basis that Paragraph 2.1(e) of the note was triggered in its audited consolidated financial statements for the period ended June 30, 2022, which were published on Oct. 31, 2022. The company said its auditor had highlighted a material uncertainty over its ability to continue as a going concern. MM2 ASIA: Malaysian Unit Receives MYR1.5 Million Payment Demand --------------------------------------------------------------- The Business Times reports that a Malaysian subsidiary of entertainment group mm2 Asia received a payment demand for the sum of MYR1.5 million from film distributor Antenna Entertainments, said the company in a bourse filing on Sept. 17. The amount owed, supposedly due on Sept. 2, was for film distribution agreements. Antenna had filed the claim against MM2 Star Screen in the High Court of Malaya on the same day, BT relates. Among its other demands, the film distributor is also asking MM2 Star Screen to pay a 5 per cent interest on the outstanding amount from the date of the court filing till the date the sum is fully settled, along with its legal costs. This claim against MM2 Star Screen comes less than two weeks after another one of mm2 Asia's Malaysian subsidiaries, MM2 Screen Management, received a payment demand of around MYR1.3 million from the same company, according to BT. That sum owed was also for film distribution agreements. The payment was due on Sept. 2, the same day that Antenna filed the claim in the High Court of Malaya. The board of MM2 Star Screen is seeking legal advice and intends to review the matter and respond in accordance with legal advice, read the bourse filing, BT relays. Both MM2 Screen Management and MM2 Star Screen had previously received letters of demand from Disney for a payment of around MYR1.2 million. Based in Singapore, mm2 Asia Ltd. (SGX:1B0) -- https://www.mm2asia.com/ -- primarily engages in the media and entertainment industry, focusing on the production, distribution, and exhibition of films and television content. The company operates through its subsidiaries, including Cathay Cineplexes, which manages cinema operations. On Sept. 1, 2025, Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were appointed as Joint and Several Provisional Liquidators of Cathay Cineplexes Pte Ltd pursuant to Section 161 of the Insolvency, Restructuring and Dissolution Act 2018. PARLO BHD: To Slash MYR47MM From Share Capital to Clear Losses -------------------------------------------------------------- The Malaysian Reserve reports that loss-making Parlo Bhd has decided to withdraw its proposed rights issue and share consolidation, and will proceed solely with a share capital reduction of MYR47 million. The Malaysian Reserve relates that the move, approved by the board, will offset the company's accumulated losses, leaving a residual retained earnings balance of about MYR12.9 million for the group. The exercise is not expected to affect the total shares in issue, shareholders' holdings, earnings per share, or outstanding warrants. According to the report, the company said the capital reduction will strengthen its financial position, improve net assets, and enhance credibility with investors, bankers, suppliers, and customers. The proposal will be tabled for shareholder approval at an upcoming EGM. TA Securities has been appointed as adviser for the exercise, The Malaysian Reserve adds. Parlo Berhad -- https://parlogroup.com/ -- operates in the areas of leisure travel, travel related and ancillary products, as well as corporate travel such as meetings, incentives, conferences and events (MICE). ===================== N E W Z E A L A N D ===================== HURUNUI LOGGING: Creditors' Proofs of Debt Due on Oct. 13 --------------------------------------------------------- Creditors of Hurunui Logging 2021 Limited are required to file their proofs of debt by Oct. 13, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 8, 2025. The company's liquidators are: Robin Crimp RAC Insolvency Limited PO Box 1477 Christchurch 8140 JUNIOR BUILDERS: Reynolds & Associates Appointed as Liquidator -------------------------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates Limited on Sept. 10, 2025, was appointed as liquidator of Junior Builders Limited and Andersil Cleaning Limited. The liquidator may be reached at: Grant Bruce Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 PLUSHAUS LIMITED: Creditors' Proofs of Debt Due on Oct. 16 ---------------------------------------------------------- Creditors of Plushaus Limited are required to file their proofs of debt by Oct. 16, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 9, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 QUALITY CUT: Court to Hear Wind-Up Petition on Oct. 2 ----------------------------------------------------- A petition to wind up the operations of Quality Cut & Core Limited will be heard before the High Court at Christchurch on Oct. 2, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 4, 2025. The Petitioner's solicitor is: Rosa Brooke Inland Revenue 663 Colombo Street Christchurch Central Christchurch 8011 QUALITY EMPLOYMENT: Court to Hear Wind-Up Petition on Oct. 2 ------------------------------------------------------------ A petition to wind up the operations of Quality Employment Limited will be heard before the High Court at Christchurch on Oct. 2, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 4, 2025. The Petitioner's solicitor is: Rosa Brooke Inland Revenue 663 Colombo Street Christchurch Central Christchurch 8011 ===================== P H I L I P P I N E S ===================== DEL MONTE: Ernst & Young Issues Disclaimer on Financial Statements ------------------------------------------------------------------ Manila Bulletin reports that Del Monte Pacific Limited's external auditor, Ernst & Young LLP of Singapore, has issued a disclaimer of opinion on the group's financial statements for the fiscal year ending April 2025, primarily due to the valuation of the company's US assets that are up for sale. "In view of the significance of the matter referred to in the Basis for Disclaimer of Opinion of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements," the auditor said, Manila Bulletin relays. It noted that, "We were engaged to audit the financial statements of Del Monte Pacific Limited and its subsidiaries (collectively, the Group), which comprise the statements of financial position of the Group and the Company as at April 30, 2025." This includes the income statements, statements of comprehensive income, statements of changes in equity and statements of cash flows of the Group and the Company for the year then ended, and notes to the financial statements, including material accounting policy information. It explained that, the conflict arises from the carrying values of assets held for disposal, namely DMPL's US operations under Del Monte Foods Holdings Limited (DMFHL). According to Manila Bulletin, DMPL carries the assets of DMFHL as assets held for disposal, including the liabilities associated with the assets. The Group has assessed the carrying value of the assets held for disposal and recognized impairment losses of $703.4 million in fiscal year 2025. The Company has applied the equity method for its investments in DMFHL in the financial statements. However, Ernst & Young said that, "Based on information available to us, we were unable to obtain sufficient appropriate audit evidence to assess whether the carrying values of the assets held for disposal and liabilities directly associated with assets held for disposal in the consolidated financial statements represents the fair value less costs to sell of the disposal group," Manila Bulletin relays. This is based on the requirements of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Thus, it also does not have enough data to gauge the appropriateness of the impairment losses recognized within "Loss from discontinued operations" in the income statement, says the report. "Similarly, we were also unable to obtain sufficient appropriate audit evidence to assess the appropriateness of the carrying value of the investment in subsidiaries in the Company's statement of financial position and the share in net losses of DMFHL in the Company's income statement," the auditor added. Because of these, Ernst & Young said "we were unable to determine whether any adjustments might have been found necessary in respect of the Group and Company's carrying values of the assets and liabilities directly associated with the held for disposal and investment in subsidiaries, respectively, and the elements making up the income statement and disclosures in the notes to the financial statements," notes Manila Bulletin. About De Monte Del Monte Pacific Limited (DMPL) is an investment holding company with subsidiaries that are principally engaged in growing, processing, and selling packaged fruits, vegetable and tomato. On July 1, 2025, DMPL's U.S. subsidiary Del Monte Foods Corporation II, Inc., and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. The Debtors' bankruptcy cases are pending before the Honorable Michael B. Kaplan. Herbert Smith Freehills Kramer (US) LLP and Cole Schotz P.C. are serving as legal counsel to Del Monte, Alvarez & Marsal North America, LLC is serving as financial advisor, and PJT Partners is serving as investment banker to the Company. Stretto is the claims agent. Wilmington Savings Fund Society, FSB, as DIP Term Loan Agent, is represented by ArentFox Schiff LLP. JPMorgan Chase Bank, N.A., as Prepetition and DIP ABL Agent, is represented by Greenberg Traurig, LLP and Simpson Thacher & Bartlett LLP. The Official Committee of Unsecured Creditors of Del Monte Foods Corporation II Inc. has retained Morrison Foerster and Kelley Drye & Warren LLP as counsel. ================= S I N G A P O R E ================= DELTA CORP: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on Aug. 29, 2025, to wind up the operations of Delta Corp Shipping Pte. Ltd. LYM Holdings Ltd filed the petition against the company. The company's liquidators are: Farooq Ahmad Mann Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 HWA GLASS: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Aug. 29, 2025, to wind up the operations of HWA Glass Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 RASA 2: Court Enters Wind-Up Order ---------------------------------- The High Court of Singapore entered an order on Aug. 29, 2025, to wind up the operations of Rasa 2 Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SIGNAL HILL: Creditors' Proofs of Debt Due on Oct. 10 ----------------------------------------------------- Creditors of Signal Hill Private Equity VCC Pte. Ltd. are required to file their proofs of debt by Oct. 10, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 1, 2025. The company's liquidators are: Lin Yueh Hung Goh Wee Teck c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 VERONA CENTRAL: Creditors' Proofs of Debt Due on Oct. 13 -------------------------------------------------------- Creditors of Verona Central Pte. Ltd. are required to file their proofs of debt by Oct. 13, 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: Toh Ai Ling Chan Kwong Shing, Adrian c/o 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 ============= V I E T N A M ============= CENTRAL POWER: Fitch Affirms & Withdraws 'BB+' IDR, Stable Outlook ------------------------------------------------------------------ Fitch Ratings has affirmed Central Power Corporation's (EVNCPC), Southern Power Corporation's (EVNSPC), Northern Power Corporation's (EVNNPC), Ho Chi Minh City Power Corporation's (EVNHCMC) and Hanoi Power Corporation's (EVNHanoi) Long-Term Foreign-Currency Issuer Default Ratings at 'BB+' with Stable Outlook. The ratings of the five Vietnamese power distribution companies (PCs) are equalised with that of their 100% parent, Vietnam Electricity (EVN, BB+/Stable), in line with Fitch's Parent and Subsidiary Linkage Rating Criteria. Fitch continues to assess the PCs' Standalone Credit Profiles (SCP) at 'bb', which is at the same level as EVN's SCP. This is because EVN exerts significant control over their financial profiles, including determining their profitability. The SCPs also reflect their stable operating profiles as pure distribution utilities with monopoly positions in their respective areas of operation. Fitch has chosen to withdraw the rating of EVNCPC for commercial reasons and will no longer provide rating and analytical coverage on it. Key Rating Drivers 'High' Strategic Incentives: Fitch believes EVN has a 'High' strategic incentive to support the PCs should they face financial difficulties, given the subsidiaries' monopoly in electricity distribution in their individual operating regions in Vietnam. Fitch believes the PCs provide significant competitive advantages to EVN in light of their critical role in the power sector. 'High' Operational, 'Low' Legal Incentives: Fitch regards operational synergies between EVN and the PCs as 'High' because the subsidiaries are an integral part of EVN's electricity value chain in Vietnam. EVN also has significant control over their strategic, operational and financial decisions. Fitch views the legal incentives as 'Low' in the absence of any parent-guaranteed debt or cross-default provisions in the parent's debt that would link it with the subsidiaries' distress. Controlled Tariff Increases: EVN can raise retail electricity tariffs every three months under Vietnam's regulatory framework. However, Fitch expects tariff increases to continue to be influenced by the government's socio-political considerations. Low ROE: Fitch expects the PCs' return on equity (ROE) to remain low, averaging flat to 2.0% from 2025 to 2028. EVN sets the bulk-supply tariff (BST), the major cost component for the PCs, with the aim of providing them with a modest profit. The BST's considerations include variances in earnings from the PCs' customer profiles, as the mix of industrial, residential, and commercial customers vary across regions, as well as the PCs' capital intensity. Strong Market Position: The PCs benefit from their monopoly positions in electricity distribution in Vietnam. Fitch expects Vietnam's strong growth prospects to continue to drive power demand and revenue growth for the PCs over the medium term. Fitch estimates overall electricity demand for the PCs to rise by 4.5% in 2025 and about 7% over the medium term. Diversified Counterparties, Low Receivables: The PCs' credit profiles benefit from their stable and diversified customer base, with the top-20 customers accounting for 6%-12% of total revenue. Lower counterparty risk is also reflected in the PCs' high collection rates and low receivables. Capex to Remain High: Fitch expects capex for the PCs to remain high in the medium term, accounting for 3%-8% of revenue. The PCs will continue to invest in enhancing the distribution grid, and build substations and transmission lines to improve the power supply capacity to accommodate new capacity additions from renewable energy segments over the next few years. This is in line with the government's Power Development Plan 8, which was revised in 2025. Low Leverage Despite Capex: Fitch estimates EBITDA net leverage to hover between 1.4x and 3.2x for the PCs in 2025-2028, which is healthy for their SCPs, supported by a short time lag of no more than 12 months on average between investment and EBITDA generation. Peer Analysis The PCs' ratings are equalised to that of their parent, state-owned EVN, which holds 100% of the PCs, based on 'High' incentives to support, in line with its Parent and Subsidiary Linkage Rating Criteria. Fitch expects the PCs' ratings to remain equalised with EVN's even if their SCPs weaken, provided its assessment of their linkages with EVN remains unchanged. In comparison, the rating on EVN's other subsidiary, National Power Transmission Corporation (EVNNPT, BB+/Stable), reflects its SCP. EVNNPT has lower operating risk as a pure transmission company with better geographical diversification than the PCs. Furthermore, EVNNPT's ROE is determined by the regulator, albeit in consultation with EVN. This compares with EVN's more significant influence over the PCs, including determining their profitability, which explains the PCs' one-notch lower SCPs than that of EVNNPT. The rating of Global Power Synergy Public Company Limited (GPSC, BBB-/Stable) incorporates a two-notch uplift from its 'bb'/'a-(tha)' SCP due to its linkage with Thailand's PTT Group. GPSC has a lower EBITDA contribution to PTT than other key PTT group companies and lower avoidance cost for PTT in the event of a power disruption due to the availability of back-up power supply from Thailand's Provincial Electricity Authority. This results in its assessment of 'Medium' strategic and operational incentives for PTT to support GPSC. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuers: - Electricity demand: increase by 6% in 2025 for EVNNPC and EVNCPC; fall by 2% in 2025 for EVNHanoi; 44% growth in 2025 for EVNHCMC while EVNSPC's to decline by 12% as two provinces previously under EVNSPC have been transferred to EVNHCMC starting 3Q25. - Weighted-average retail tariffs to increase by 5%-7% in 2025 and 1%-2% annually in 2026-2028. - BSTs to rise by 5%-10% in 2025 and 2%-5% annually from 2026 to 2028. - Distribution losses to remain stable at 3%-4% in 2025-2028. - Capex to range from VND4.3 trillion to VND6.5 trillion annually from 2025 to 2028 for EVNCPC, EVNHCMC and EVNHanoi. - Capex to range from VND11 trillion to VND16 trillion annually from 2025 to 2028 for EVNNPC and EVNSPC. RATING SENSITIVITIES EVNHanoi, EVNHCMC, EVNNPC, EVNCPC, EVNSPC Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative rating action on EVN. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating action on EVN. For EVN's rating, the following sensitivities were outlined by Fitch in a Rating Action Commentary on 27 August 2025: Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Positive rating action on the sovereign. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Negative rating action on the sovereign. Liquidity and Debt Structure Fitch believes the PCs' operating cash flow will be adequate to cover annual debt maturities. However, the companies would require external funds to support annual capex. The PCs have strong access to domestic debt markets and overseas development assistance due to their direct linkage to EVN and indirect linkage to the state. Issuer Profile The five Vietnamese electricity distribution companies have monopoly positions over electricity distribution in their respective operating regions in Vietnam. They are responsible for the development, operation, and maintenance of facilities for the distribution of electricity. Public Ratings with Credit Linkage to other ratings The PCs' ratings are directly linked to the credit quality of the parent, EVN. A change in Fitch's assessment of the credit quality of the parent would automatically result in a change in the PCs' rating. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Following the withdrawal of ratings for EVNCPC, Fitch will no longer be providing the associated ESG Relevance Scores. Entity/Debt Rating Prior ----------- ------ ----- Central Power Corporation LT IDR BB+ Affirmed BB+ LT IDR WD Withdrawn Hanoi Power Corporation LT IDR BB+ Affirmed BB+ Ho Chi Minh City Power Corporation LT IDR BB+ Affirmed BB+ Northern Power Corporation LT IDR BB+ Affirmed BB+ Southern Power Corporation LT IDR BB+ Affirmed BB+ ********* 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. 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