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250923.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 Tuesday, September 23, 2025, Vol. 28, No. 190 Headlines A U S T R A L I A AGRIPOWER AUSTRALIA: First Creditors' Meeting Set for Sept. 25 ALERTVALE PTY: SMW Group Goes Into Voluntary Administration AUSTRALIAN DISTILLING: Enters Voluntary Administration MS SOCIETY: Multiple Sclerosis Organization Enters Administration ORION TRUST 2025-1: S&P Assigns B (sf) Rating to Class F Notes PANORAMA 2025-3: Fitch Assigns 'BBsf' Final Rating to Class E Notes PEDDLE THORP: Second Creditors' Meeting Set for Sept. 24 PUCH CONSTRUCTION: First Creditors' Meeting Set for Sept. 24 RNB PLUMBING: First Creditors' Meeting Set for Sept. 26 ROSE & CO: First Creditors' Meeting Set for Sept. 24 C H I N A COUNTRY GARDEN: Seeks to Push USD2BB of Bond Repayments to 2035 KAISA GROUP: High Court Dismisses Winding-Up Petition vs. Company I N D I A AMMA CHANDRAVATI: ICRA Keeps B+ Debt Ratings in Not Cooperating ANJALI INFRACRETE: ICRA Keeps B Debt Ratings in Not Cooperating AQUA TERRA: ICRA Keeps D Debt Ratings in Not Cooperating Category AURAYA HEALTHCARE: ICRA Keeps B+ Debt Ratings in Not Cooperating B. K. EXPORTS: ICRA Lowers Rating on INR25cr LT Loan to C BALAJI MOTORS: ICRA Keeps B Debt Ratings in Not Cooperating EXPERTUS INFOTECH: Liquidation Process Case Summary GREEN DOT ELECTRIC: Voluntary Liquidation Process Case Summary H.R. EDUCATIONAL: ICRA Keeps D Debt Rating in Not Cooperating HOSHIAR NIRVAIR: Liquidation Process Case Summary INDIAN GEM: ICRA Keeps D Debt Ratings in Not Cooperating Category JAI DURGA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category JINDAL TRADING: ICRA Keeps D Debt Ratings in Not Cooperating JSB ALUMINIUM: ICRA Keeps B+ Debt Ratings in Not Cooperating K.P.R. AGROS: ICRA Keeps B+ Debt Ratings in Not Cooperating KALIS SPARKLING: ICRA Keeps B+ Debt Ratings in Not Cooperating KRANTHI EDIFICE: ICRA Keeps D Debt Ratings in Not Cooperating KSHITIJ KUMAR: ICRA Keeps B+ Debt Rating in Not Cooperating KSR PROPERTIES: ICRA Keeps D Debt Rating in Not Cooperating L&T CHENNAI: ICRA Keeps D Debt Rating in Not Cooperating Category LOT MOBILES: ICRA Keeps B+ Debt Rating in Not Cooperating LUCKY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating M. S. ENGINEERING: ICRA Keeps B+ Debt Ratings in Not Cooperating MARSHALL MACHINES: Insolvency Resolution Process Case Summary MATESWARI ROYALTIES: ICRA Keeps B+ Debt Rating in Not Cooperating MEAR LOGISTICS: ICRA Keeps B+ Debt Ratings in Not Cooperating MEH INDIA: ICRA Keeps B+ Debt Rating in Not Cooperating Category METRO HOSPITAL: ICRA Keeps B+ Debt Rating in Not Cooperating MRN AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category SICAL LOGISTICS: ICRA Withdraws D Rating on INR526.01cr Term Loan N E W Z E A L A N D DDD INTERIOR: Creditors' Proofs of Debt Due on Oct. 10 JAYU DEVELOPMENTS: Court to Hear Wind-Up Petition on Oct. 28 KITCHEN THINGS: Two Stores Shut as Buyers Can't Be Found NAPA'A CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 23 SONS CONSTRUCTION: Creditors' Proofs of Debt Due on Oct. 10 SS GREENERY: Creditors' Proofs of Debt Due on Oct. 10 S I N G A P O R E CMC MATERIALS: Creditors' Proofs of Debt Due on Oct. 13 GLORIA TAN: Creditors' Proofs of Debt Due on Oct. 4 HPL GATEWAY: Creditors' Proofs of Debt Due on Oct. 13 RASA 2: Court Enters Wind-Up Order [] SINGAPORE: Food Suppliers Hit by Months-Long Payment Delays S R I L A N K A SRI LANKA: S&P Raises Foreign Currency SCRs to 'CCC+/C' V I E T N A M VIETNAM AIRLINES: State Investment Reverses Negative Equity - - - - - ================= A U S T R A L I A ================= AGRIPOWER AUSTRALIA: First Creditors' Meeting Set for Sept. 25 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Agripower Australia Ltd will be held on Sept. 25, 2025 at 11:00 a.m. via Teleconference Only. David Ross and David Ingram of I & R Advisory were appointed as administrators of the company on Sept. 15, 2025. ALERTVALE PTY: SMW Group Goes Into Voluntary Administration ----------------------------------------------------------- Industry Queensland reports that Central Queensland mining services firm SMW Group said standards would be maintained as they worked through voluntary administration. Darryl Kirk and Stephen Earel of restructuring advisory firm Cor Cordis were appointed voluntary administrators of Alertvale Pty Ltd trading as SMW Group on Sept. 18, Industry Queensland discloses. The process included a delisting on the New Zealand Stock Exchange, company director and chair of the board Jack Trenaman said. "As part of our NZX delisting and restructure process, the trading entity Alertvale will be put into voluntary administration (VA) to conclude this formal restructuring process," Industry Queensland quotes Mr. Trenaman as saying. "We will always be transparent about this final element of this formal delisting process, and I am reassuring you all that we will be operating 'business as usual' while continuing to deliver on all our contracts being fully committed to supporting all our clients, employees and suppliers both on-site and off-site. "This VA step allows us the time to restructure the business while continuing to trade in the view of a full return to a private ownership structure as soon as possible." According to Industry Queensland, Cor Cordis said the appointment formed part of a broader restructuring process following SMW Group's decision to delist, with voluntary administration providing the best opportunity to reset the business and position it for a more sustainable future. The company continued to trade while the administrators undertook an urgent assessment of its operations, the administrators said in a statement. "During this period, the administrators will work closely with management and stakeholders to explore options to restructure the business, preserve jobs and ensure continuity of services to clients." Voluntary administration provided an opportunity for SMW Group to restructure its operations and stabilise its financial position, Mr. Kirk said, Industry Queensland relays. "Our focus over the coming weeks is to assess the company's affairs, work with stakeholders and identify the best path forward for the business, its employees and its customers." The first meeting of creditors will be convened shortly, with details to be provided directly to stakeholders in accordance with statutory requirements, Industry Queensland notes. Industry Queensland says SMW has moved to reduce costs including closing its Brisbane office and largely shutting the doors in its Mackay operation. It provided the continuity needed to continue to work through to a private structure that was more efficient, stronger and more resilient, Mr. Trenaman said. "This is a planned strategic process which protects all our operations while preserving all employee entitlements, roles, and responsibilities," he said. "We shall continue providing all critical field service maintenance and engineering support for all our clients, safely and without interruption. "The continuation of our employee teams on-site, our mobilised hire equipment, and our ongoing commitment to high safety standards and service will not be compromised through this restructure process." SMW Group provides field services, maintenance and support to the mining and industrial sectors. AUSTRALIAN DISTILLING: Enters Voluntary Administration ------------------------------------------------------ Rupert Hohwieler at The Spirits Business reports that Old Young's and Gingin Gin producer Australian Distilling has entered voluntary administration. The distillery is located in Swan Valley, near Perth in Western Australia, and trades as the three companies: Old Young's, Juniper Society and Gingin Gin. Representing RSM Partners and National Directors Recovery and Restructuring, Greg Dudley, Phil Davies and Jerome Mohen were appointed voluntary administrators on September 9, The Spirits Business discloses. They have since taken control of the company. According to the report, Mr. Mohen said the group was "undertaking an urgent assessment of its financial position to form a view regarding its future viability, and to provide the company with the opportunity to restructure its business". Australian Distilling will operate 'business as usual' in the interim. In the administration period, director and Old Young's founder James Young is expected to put forward a restructuring proposal. He said: "We are working with our advisors to formulate a restructuring proposal that will provide the best outcome for creditors and ensures shareholders retain their shares as we exit administration, including those issued via previous crowdfunding campaigns." Mr. Young confirmed to The Spirits Business that Old Young's is trading as usual and that no staff have been affected yet. "We are confident we can come up with a restructuring plan over the next few weeks that will ensure we continue to trade well into the future," he said, notes the report. Mr. Young founded Old Young's in 2016, which produces gin and vodka. The distillery previously had a restaurant, Old Young's Kitchen, which is now closed, The Spirits Business notes. Despite the restaurant's closure, it still hosts events. Mr. Mohen said this business was not under the voluntary administration, as it is operated by a separate related company - and it will continue trading as usual, with all planned events to go ahead, adds The Spirits Business. MS SOCIETY: Multiple Sclerosis Organization Enters Administration ----------------------------------------------------------------- ABC News reports that non-profit organization MS Society SA & NT has gone into voluntary administration. In an email to donors, supporters and partners, the organization - which supports almost 3,000 clients living with multiple sclerosis - said that the "difficult decision" included its disability employment arm, Multiple Solutions, the ABC relates. "This difficult decision follows a period of significant challenges, including changes to the NDIS, the outcome of the recent Inclusive Employment Australia tender, and a decline in lottery sales which have long helped fund our services," the email said, notes the report. "We are currently working with administrators from Heard Phillips Lieberenz who are continuing to trade the organisation while they explore every possible option to retain vital support services for people in South Australia and the Northern Territory living with multiple sclerosis." The ABC says the email also thanked supporters and said further updates would be provided in the future. According to the MS Society SA & NT annual report for 2023-2024, the organization had 2,985 clients, which was 150 more clients than the previous financial year. According to the ABC, the move comes as disability support service and employer Bedford announced in July that it was planning to go into voluntary administration, before the South Australian government stepped in with a AUD15 million lifeline. Last week, Federal Minister for Health, Ageing and Disability Mark Butler said he was "not blase about the depths of the financial challenge" facing Bedford, while Premier Peter Malinauskas said "the financial position of Bedford was even more dire than what we expected," recalls the ABC. Multiple sclerosis is a degenerative disease that progressively damages nerves, making it increasingly difficult for the brain and the body to communicate. There is no known single cause of MS and there is no cure. According to the ABC, the MS Society SA & NT 2023-24 annual report noted the organization had a "tough year financially" during that period, due to factors including the loss of its home lottery program. "The cost-of-living crisis has impacted our other fundraising programs and lowered the financial performance of Multiple Solutions' program," the report said. In the report, then chief executive Janine Jackson - who left the organisation at the end of last year - said Multiple Solutions had "faced market pressure, including tighter conditions, increased competition, changes in government funding and rising costs". "Despite these challenges, we are committed to securing new opportunities to adapt to the current market," she said in the report. A spokesperson from the federal Department of Social Services said the tender process for the new Inclusive Employment Australia (IEA) model contracts was conducted at "arms length from government" and acknowledged that "changeovers can be difficult". "The tender documents were consulted on extensively with the sector, and the tender was overseen by independent procurement and probity experts," the spokesperson said. In a separate statement, a federal health spokesperson said MS Society SA & NT was "well known to many in the SA community, especially through their lottery sales," the ABC relays. "This is the first the government has heard of them going into voluntary administration," the spokesperson said. "The Department of Health, Disability and Ageing will engage with MS SA and NT for further information." The ABC has made attempts to contact the organization, while SA Minister for Human Services Nat Cook was not available for comment. ORION TRUST 2025-1: S&P Assigns B (sf) Rating to Class F Notes -------------------------------------------------------------- S&P Global Ratings assigned its ratings to eight classes of residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee of Orion Trust 2025-1. Orion Trust 2025-1 is a securitization of residential mortgage loans originated by Brighten Financial Pty Ltd. The ratings reflect the following factors. The credit risk of the underlying collateral portfolio, which comprises low-documentation residential mortgage loans to Australian resident borrowers, and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination and excess spread, if any. Our assessment of credit risk considers Brighten Financial's underwriting standards and approval process, and its servicing quality. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, principal draw function, provision of a liquidity facility, and provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and S&P assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also take into account the counterparty exposure to Westpac Banking Corp. as bank account provider and by Commonwealth Bank of Australia as liquidity facility provider. We also have factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness. "We have assessed the servicing and standby servicing arrangements in this transaction under our "Global Framework For Assessing Operational Risk In Structured Finance Transactions" criteria, published Oct. 9, 2014, and concluded that there are no constraints on the maximum rating that can be assigned to the notes." Ratings Assigned Orion Trust 2025-1 Class A-S, A$240.00 million: AAA (sf) Class A-L, A$375.00 million: AAA (sf) Class A2, A$63.75 million: AAA (sf) Class B, A$30.37 million: AA (sf) Class C, A$21.00 million: A (sf) Class D, A$10.20 million: BBB (sf) Class E, A$4.43 million: BB (sf) Class F, A$2.55 million: B (sf) Class G, A$2.70 million: Not rated PANORAMA 2025-3: Fitch Assigns 'BBsf' Final Rating to Class E Notes ------------------------------------------------------------------- Fitch Ratings has assigned final ratings to Panorama Auto Trust 2025-3's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian automotive lease and loan receivables originated by Angle Auto Finance Pty Ltd (AAF). The notes were issued by Perpetual Corporate Trust Limited as trustee for Panorama Auto Trust 2025-3. AAF was formed in June 2021 through a joint venture between Cerberus Capital Management, L.P. (80%) and Deutsche Bank AG, Sydney Branch (20%). In March 2022, AAF completed the acquisition of Westpac Banking Corporation's (WBC, AA-/Stable/F1+) motor-vehicle dealer finance and novated leasing business. The acquisition included front book origination relationships with dealer groups and novated leasing introducers, as well as the majority of the business's employees in the areas of sales and distribution, credit, underwriting and risk. Origination processes, underwriting policies and procedures, and collections processes are consistent with those that were in place at WBC. Entity/Debt Rating Prior ----------- ------ ----- Panorama Auto Trust 2025-3 Commission Note AU3FN0101309 LT AAAsf New Rating AAA(EXP)sf A AU3FN0101259 LT AAAsf New Rating AAA(EXP)sf B AU3FN0101267 LT AAsf New Rating AA(EXP)sf C AU3FN0101275 LT Asf New Rating A(EXP)sf D AU3FN0101283 LT BBBsf New Rating BBB(EXP)sf E AU3FN0101291 LT BBsf New Rating BB(EXP)sf G LT NRsf New Rating NR(EXP)sf Transaction Summary The total collateral pool at the 31 August 2025 cut-off date was AUD1.3 billion, up from AUD750 million at the time of the expected rating. The pool consisted of 28,513 receivables with weighted-average (WA) seasoning of 3.6 months, WA remaining maturity of 54.9 months and an average contract balance of AUD45,593. KEY RATING DRIVERS Stress Commensurate with Ratings: Its base-case gross-loss expectations and 'AAAsf' default multiples are as follows: Novated leases: 1.0% (7.5x) Consumer loans: 3.5% (5.25x) Commercial loans: 4.0% (5.25x) The recovery base case for electric vehicles (EVs) is 24.0%, with a 'AAAsf' recovery haircut of 60.0%, and for non-EVs 35.0%, with a 'AAAsf' recovery haircut of 50.0%. The WA base-case default assumption is 2.5% and the 'AAAsf' default multiple is 5.64x. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.8% for the year to June 2025 and unemployment was 4.2% in July 2025. Fitch forecasts GDP growth of 1.8% in 2025 and 2.1% in 2026, with unemployment at 4.2% and 4.1%, respectively. Excess Spread Limited by Commission Note Repayment: The transaction includes a commission note to fund the purchase-price component of the unamortised commission paid to introducers for the origination of receivables. The note will not be collateralised and will amortise in line with an amortisation schedule. Its repayment reduces the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to E notes. Structural Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap, liquidity facility or transaction account bank providers fall below a certain level. The class A to E notes will receive principal repayments pro rata upon satisfaction of stepdown criteria. The percentage of credit enhancement provided by the G notes will increase as the A to E notes amortise. Fitch's cash flow analysis incorporates the transaction's structural features and tests each note's robustness by stressing default and recovery rates, prepayments, interest-rate movements and default timing. All notes have passed their relevant rating stresses. Low Operational and Servicing Risk: All receivables were originated by AAF, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by standby servicing arrangements. The nominated standby servicer is Perpetual Corporate Trust. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other auto lenders. No Residual Value Risk: There is no residual value exposure in this transaction. However, 51.7% of the portfolio by receivable value has balloon amounts payable at maturity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Downside Sensitivities Note: Commission / A / B / C / D / E Ratings: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf Rating Sensitivity to Increased Default Rates 10% defaults increase: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf 25% defaults increase: AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / B+sf 50% defaults increase: AAAsf / AA-sf / A-sf / BBBsf / BBsf / Bsf 10% recoveries decrease: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf 25% recoveries decrease: AAAsf / AAAsf / AA-sf / A-sf / BBBsf / BBsf 50% recoveries decrease: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BB-sf 10% defaults increase / 10% recoveries decrease: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BB-sf 25% defaults increase / 25% recoveries decrease: AAAsf / AAsf / Asf / BBB+sf / BB+sf / B+sf 50% defaults increase / 50% recoveries decrease: AAAsf / A+sf / BBB+sf / BBB-sf / BB-sf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than its baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The commission and class A notes are at the highest level on Fitch's scale and cannot be upgraded. Note: B / C / D / E Ratings: AAsf / Asf / BBBsf / BBsf Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf / BBB+sf / BB+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information, and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. Date of Relevant Committee 21 August 2025 ESG Considerations Panorama Auto Trust 2025-3, in which EVs form 17.9% of the pool, has an ESG Relevance Score (RS) of '4' for Energy Management, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The ESG RS is higher than the baseline RS of '2' for this general issue in the Australian auto sector. There is limited credit performance data for EVs, and available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction was not adjusted, due purely to the "green" nature of the underlying collateral, but Fitch referenced available market data for EVs in determining its recovery assumptions. 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. PEDDLE THORP: Second Creditors' Meeting Set for Sept. 24 -------------------------------------------------------- A second meeting of creditors in the proceedings of Peddle Thorp & Harvey Pty. Ltd. has been set for Sept. 24, 2025, at 10:30 a.m. at the offices of SV Partners, 22 Market Street, in Brisbane, Qld and via electronic facilities. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Sept. 23, 2025 at 5:00 p.m. Adam Kersey and Terry van der Velde of SV Partners were appointed as administrators of the company on Aug. 20, 2025. PUCH CONSTRUCTION: First Creditors' Meeting Set for Sept. 24 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Puch Construction & Building Pty Ltd will be held on Sept. 24, 2025 at 10:00 a.m. at the offices of Puch Construction & Building Pty Ltd at Unit 27, 13-15 Baker St, in Banksmeadow, NSW and via virtual meeting technology. Martin Walsh of Walsh & Associates was appointed as administrator of the company on Sept. 15, 2025. RNB PLUMBING: First Creditors' Meeting Set for Sept. 26 ------------------------------------------------------- A first meeting of the creditors in the proceedings of RNB Plumbing Pty Ltd (trading as RNB Plumbing Pty Ltd) will be held on Sept. 26, 2025 at 12:00 p.m. via Microsoft Teams. David Henry Sampson of BPS Recovery was appointed as administrator of the company on Sept. 16, 2025. ROSE & CO: First Creditors' Meeting Set for Sept. 24 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Rose & Co Franchise Pty Ltd will be held on Sept. 24, 2025 at 12:00 p.m. via Zoom Meeting. Danny Vrkic and Daniel O'Brien of DV Recovery Management were appointed as administrators of the company on Sept. 15, 2025. ========= C H I N A ========= COUNTRY GARDEN: Seeks to Push USD2BB of Bond Repayments to 2035 --------------------------------------------------------------- Yicai Global reports that Country Garden Holdings is seeking to restructure nine publicly traded bonds worth CNY13.9 billion (USD2 billion), proposing to extend repayments over a decade through 2035, according to a media report. Yicai relates that the bonds, due between 2023 and next year, would be repaid in nine semi-annual installments from Sept. 2, 2031, to Sept. 2, 2035, media outlet The Paper reported recently, citing the Foshan-based company's restructuring plan. Country Garden's financial issues were exposed in 2023 when it defaulted on offshore debt amid a widespread property sector downturn. According to Yicai, the proposed repayment schedule would begin with four smaller installments -- 1 percent, 2 percent, 3 percent, and 4 percent of principal -- and then increase to 15 percent, 15 percent, 20 percent, and 30 percent, reaching full repayment in 2035. Interest would be fixed at a simple annual rate of 1 percent and paid in full on Sept. 2, 2035. Creditors that accept the terms must also agree to revisions in credit enhancement measures, including the release of certain guarantees. Yicai says the developer is also offering options to bondholders, including a cash buyback, a stock-for-debt swap, and a general creditor arrangement. Under the buyback plan, up to CNY450 million (USD63.3 million) of bonds would be repurchased at 12 percent of face value on a pro-rata basis. For the equity swap, Country Garden would issue a specified number of ordinary shares to a special purpose trust in Hong Kong, priced at HKD2.60 (33 US cents) each, notes the report. The trust would gradually sell the shares within 24 months, using the proceeds to repay creditors in yuan equivalent to their bond holdings. Creditors would receive cash and would not directly hold the new shares. Another option would allow creditors to convert their bond holdings into general non-bond claims, with repayment deferred to 2033 and interest set at 1 percent per year, Yicai relays. To encourage approval of the restructuring plan, Country Garden is offering a consent fee. Creditors who vote in favor of all resolutions at a bondholders meeting will receive an early repayment equivalent to 0.1 percent of their holding, which will then be canceled, adds Yicai. About Country Garden Holdings Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Earlier in August 2025, it reached an agreement with a core group of bank creditors that holds 49% of the company's offshore debt, marking another step in its $14.1 billion restructuring plan, according to Reuters. KAISA GROUP: High Court Dismisses Winding-Up Petition vs. Company ----------------------------------------------------------------- The Standard reports that Kaisa Group on Sept. 22 said the High Court has dismissed a winding-up petition against the company after parties jointly applied via consent summons. The company added that, there is no outstanding winding-up petition against it, The Standard relates. Kaisa's Hong Kong-listed shares rose as much as 10 percent, the report says. The Standard notes that the developer earlier announced that all conditions for its offshore debt restructuring had been met and the plan was fully effective. About Kaisa Group Kaisa Group Holdings Ltd is a major Chinese real estate developer of large-scale residential properties and integrated commercial properties. Kaisa issued the most offshore debt among Chinese developers after China Evergrande Group. Kaisa was China's first real estate company to default on an overseas bond in 2015, but it was able to recover in 2017. By late 2021, Kaisa defaulted on $12 billion of its offshore debt. In July 2023, Kaisa faced a winding-up petition filed in a Hong Kong court in relation to non-payment of CNY170 million (US$23.50 million) onshore bonds. The petitioners were Broad Peak Investment Pte Advisers Ltd, and the issuer of the yuan bonds is Kaisa's wholly-owned subsidiary, Kaisa Group (Shenzhen) Co Ltd. Since then, Kaisa has been working to restructure its debt. In March 2024, Citicorp International, as bond trustee for a major group of dollar bondholders, replaced the original petitioners. Citicorp filed a petition when Kaisa failed to pay a US$750 million bond. Broad Peak withdrew from the case as it sold its debt holdings in early 2024. By August 2024, Kaisa Group reached an offshore debt restructuring agreement with a key group of bondholders, swapping existing debt into new notes and shares in the company. Kaisa proposed to issue US$5 billion worth of new bonds maturing in 2027 to 2032, and US$4.8 billion of mandatory convertible bonds to repay creditors. ========= I N D I A ========= AMMA CHANDRAVATI: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the long-term rating of Amma Chandravati Educational and Charitable Trust (ACE) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 16.75 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 56.75 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 16.50 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with ACE, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the afore said policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is base don't he best available information. ACE was established in 2006 and is a registered trust operating engineering, management, teaching, and medical college through two campuses in Gurgaon and Jhajjar (Haryana). The trust is managed by Dr. Narendra Singh, who is the managing trustee and dean of the college. The trust started its operations by offering graduate courses in engineering, teacher training and management, with an initial combined capacity of 2860 students. Besides educational institutes, the trust runs a 379-bedded charitable-cum-teaching hospital. The hospital offers treatments across various specialties such as gynecology, radiology, general medicine, dermatology, dentistry, and orthopedics. ANJALI INFRACRETE: ICRA Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Anjali Infracrete Private Limited (AIPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 3.50 [ICRA]B (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund based- 2.05 [ICRA]B (Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Unallocated 4.45 [ICRA]B (Stable) ISSUER NOT Limits COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with AIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in October 2009, by the Radadiya family of Surat, Anjali Infracrete Private Limited (AIPL) manufactures Autoclaved Aerated Concrete (AAC) blocks. The manufacturing unit of the company is located at Dhamrol near Surat (Gujarat) and has an installed capacity to produce 1,00,000cubic meters of AAC blocks annually. The plant was commissioned in February 2014. AQUA TERRA: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Aqua Terra Coke & Energy Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term-Non 75.50 [ICRA]D ISSUER NOT COOPERATING; Fund Based Rating continues to remain in Others the 'Issuer Not Cooperating' Category Long Term- 14.00 [ICRA]D ISSUER NOT COOPERATING; Non Fund Based Rating continues to remain in Others the 'Issuer Not Cooperating' Category Long-term- 24.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 110.83 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 75.67 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Aqua Terra Coke & Energy Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. A part of Bhatia Group of Indore, Aqua Terra Coke & Energy Limited (formerly known as Bhatia Coke & Energy Limited) is a manufacturer of coke with an installed capacity of 340,000 MTPA. In addition, the company also has 22.5MW capacity for power generation using waste heat recovered from coke oven plant. BCEL was incorporated in June 2008; however, it didn't undertake any operations till business transfer agreement was signed with erstwhile flagship company of the group i.e. Bhatia International Limited, which has been renamed to Asian Natural Resources (India) Limited (ANRIL). As a part of Bhatia Group's restructuring plans, coke manufacturing unit having capacity of 168,000 MTPA and 10MW power plant based on waste heat recovered from coke oven plant were transferred to BCEL. The effective date of transfer of business to BCEL was October 2009; however, actual transfer happened in February 2011 after appraisal and approval of bankers. Subsequently in FY2013, BCEL completed brown-field capacity expansion program at its unit in Gummidipoondi, Tamil Nadu, whereby coke manufacturing capacity was doubled to about 340,000 MTPA and power generation capacity was increased to about 22.5 MW. AURAYA HEALTHCARE: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Auraya Healthcare (AUH) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with AUH, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. AUH is a partnership firm, formed in July 2006, by Mr. Vipul Chanana, Mr. Amit Chanana, Mr. Alok Madhok and Mr. Gautam Madhok; and it primarily makes water for injection and sodium chloride solutions. It is an ISO 9001:2008 and cGMP certified firm. It has a manufacturing unit in Baddi, Himachal Pradesh with an installed capacity of 24 crore units per annum. In addition to AUH, the partners also manufacture automobile filters (through Hira Filters and Udbhav Industries) and aluminum profiles (through Virgo Graces Laboratories). B. K. EXPORTS: ICRA Lowers Rating on INR25cr LT Loan to C --------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of B. K. Exports, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 25.00 [ICRA]C (Stable) ISSUER NOT Fund Based- COOPERATING; Rating downgraded Cash Credit from [ICRA]B- (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale The rating is downgrade because of lack of adequate information regarding B. K. Exports performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with B. K. Exports, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. B.K. Exports was set up in 2008 as a proprietorship concern by Mr Bellam Kotaiah. The firm is involved in trading of tobacco comprising FCV (Flue Cured Virginia) tobacco and burley tobacco. The firm procures FCV tobacco from Tobacco Board of Guntur and Karnataka through auction, while burley tobacco is purchased from farmers. BALAJI MOTORS: ICRA Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the long-term rating of Balaji Motors (BM) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 4.80 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.20 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with BM, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is base don't he best available information. Established in 2004, Balaji Motors (BM) started commercial operations from September 25, 2015 as an authorised dealer of Mahindra & Mahindra Limited (MML). The firm sells and services passenger and commercial vehicles besides selling spare parts and accessories. BM also sells used vehicles through Mahindra First Choice. BM has one 3-S facility (sales services-spares), located at Jagdalpur in the Bastar district of Chhattisgarh. Apart from Bastar, the firm also operates in other surrounding districts -Sukma, Bijapur, and Dantewada and is the sole MML dealer in those districts. The firm is promoted by the Jagdalpur based Kapoor family. EXPERTUS INFOTECH: Liquidation Process Case Summary --------------------------------------------------- Debtor: M/s. EXPERTUS INFOTECH PRIVATE LIMITED Reg. Office: 180, Kodambakkam High Road, Nungambakkam, Chennai-600034 Principal Office: No.9/10, Gokul Tower 4th Floor, CP Ramaswamy Road, Alwarpet, Chennai-600080 Liquidation Commencement Date: August 20, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: V. Duraisamy Precision Plaza, No.23, 3rd Floor, 397, Anna Salai, Teynampet, Chennai-600018 Email: karurdurai.samy@gmail.com Email: eiplliquidator@gmail.com Last date for submission of claims: September 19, 2025 GREEN DOT ELECTRIC: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: M/s. Green Dot Electric Limited G-9, Hemkunt Tower, 98, Nehru Place, New Delhi - 110019, INDIA Liquidation Commencement Date: August 25, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: SHASHI BHUSHAN PRASAD E-43, LGF, PANCHSHEEL PARK, NEW DELHI - 110017 Email: shashibpd@gmail.com 9810332269 Last date for submission of claims: September 24, 2025 H.R. EDUCATIONAL: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the long-term rating of H.R. Educational Foundation Trust (HREFT) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with HREFT, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is base don't he best available information. Established in 2006, HREFT is a single-school entity operating the Prestige International School in Mangalore. The trust is a part of the Presidency Homes and Infrastructure Group, promoted by Mr. Hyder Ali, the Chairman of the school. The school is affiliated to Central Board of Secondary Education Board (CBSE) and follows the curriculum based on the continuous and comprehensive evaluation assessment. It offers education from pre-primary to pre-university levels. In FY2019, on provisional basis, the trust reported a net profit of INR0.3 crore on an operating income(OI) of INR8.1 crore compared to a net loss of INR0.2 crore on an OI of INR7.1 crore in the previous year. HOSHIAR NIRVAIR: Liquidation Process Case Summary ------------------------------------------------- Debtor: Hoshiar Nirvair Tractors Private Limited Khasra No.411, 412, Village Bela Bathri Tehsil Haroli, District Una Himachal Pradesh 174301, Liquidation Commencement Date: August 29, 2025 Court: National Company Law Tribunal, Chandigarh Bench-II Liquidator: Pooja Gupta House No. 1419, First Floor, Sector 44-B, Chandigarh 160047 Email: ippoojagupta.chd@gmail.com D-253, 7th Floor, Phase - 8A, Sector – 75, Industrial Area, Mohali - 160055, Punjab Email:n iphntp@gmail.com Last date for submission of claims: September 28, 2025 INDIAN GEM: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Indian Gem & Jewellery Imperial Private Limited (IGJIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 30.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term 5.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with IGJIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in November 2006 by Mr. Prasanna Dugar, IGJIPL is involved in manufacturing and trading of gold, diamond and stone-studded jewellery. The promoter was earlier involved in the jewellery business through Indian Gem & Jewellery Private Limited. However, the same was demerged in FY2007 and accordingly, IGJIPL was formed. The company earns revenue from both wholesale and retail sales. JAI DURGA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Jai Durga Oil Extraction Private Limited (JDOEPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.75 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.57 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.68 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with JDOEPL, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Jai Durga Oil Extraction Private Limited (JDOEPL) was incorporated in 2004 and has its registered office at Bilaspur, Chhattisgarh. The company is involved in extraction and refining of oil from rice bran. The plant is located in 'Sirgitti ndustrial Area' in Bilaspur district of Chhattisgarh. It started with an installed capacity of 45,000 MTPA and over the years, it expanded the capacity to 105,000 MTPA having two solvent-extraction plants and a refinery with an installed capacity of 15,000 MTPA. The company has also set-up a cattle-feed plant in FY2018, having an installed capacity of 45,000 MTPA. JINDAL TRADING: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Jindal Trading Company (JTC) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 1.05 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term/ 2.95 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with JTC, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. JTC is a proprietorship firm established in 2014, which trades in PVC products –PVC resin, calcium carbonate and PVC pipes. The firm was involved in wholesale trading of these PVC products till FY2018, but has started its PVC pipe manufacturing facility from the products which it already trades –PVC resin and calcium carbonate. JSB ALUMINIUM: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of JSB Aluminium Private Limited (JAPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with JAPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. JSB Aluminum Private Limited (JAPL) was initially incorporated as M/S Shree Balaji Aluminum Casting in Faridabad in February 2000 by Mr. Radhey Shyam Aggarwal and Mr. Ashok Kumar Aggarwal. Prior to that, the two brothers were actively involved in trading of ferrous and non-ferrous scrap. During the 2000s, M/S Shree Balaji Aluminum Casting was renamed M/S Shree Balaji Alloy and started its operation from Kathua in Jammu & Kashmir. Finally, in 2006, the entity started producing aluminum alloy ingots under the brand name of JSB Aluminum Private Limited and later shifted the manufacturing unit to Alwar, Rajasthan. The manufacturing facility is spread over an area of roughly 6,000 square meters, which has an office, a testing laboratory, warehouse facility and the factory. The factory has three furnaces with capacity of two 7 metric tonnes (MT) and one of 9 MT. The installed capacity is 2,000 MT per month or 24,000 MT per annum. The average temperature of the furnaces to melt the metals range from 650 C to 850 C. Currently, the company is undertaking capex to add another furnace with 8,000-MT capacity, taking the total annual capacity to 32,000 MT. K.P.R. AGROS: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating of K.P.R. Agros Poultries Private Limited (KPRAPPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 13.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term 5.50 [ICRA]B+ (Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with KPRAPPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. K.P.R. Agro Poultries Private Limited (KPRAPPL) was promoted by Mr. K. Bhaskar Raghu Rama Reddy in 2008 as a proprietorship firm named K P R Agro. In 2012, the constitution of the firm was changed to private limited and name was changed to K.P.R. Agro Poultries Private Limited. The company is engaged in the business of commercial layer poultry farming. The company operates through its unit located at Hagarai Bommanahalli (capacity of 529000 layers), Bellary district of Karnataka and is involved in sales of table eggs. KALIS SPARKLING: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings of Kalis Sparkling Water (P) Ltd. (KSPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 56.08 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with KSPL. ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Kalis Sparkling Water (Private) Limited ("KSPL"), incorporated in 2010 is engaged in the manufacture of carbonated soft drinks (CSD) which is marketed under its own brands – "Bovonto" and "Kalimark Panneer" and "Kali's Club Soda". The company is entirely held by the promoter family. KSPL traces its roots to the business set up by Mr. P.V.S. Kaliappan Palaniappa Nadar in 1916, commencing commercial production from Virudhunagar, Tamil Nadu. The brand "Bovonto" – the group's largest selling product – was introduced in 1959 by the group's second-generation promoters. Currently run by the fourth-generation scions, KSPL functions largely as a manufacturing company, effecting the entirety of its sales to group company Kali Aerated Water Works (Private) Limited. KSPL operates a fully automated; ISO 22000:2005 certified manufacturing facility in Nilakottai, Dindigul, with an installed bottling capacity of 260 bottles per minute (bpm) for 200 to 500 ml, 90 bpm for 1.5 litres and 60 bpm for tin cans. New manufacturing plant at Sri City which is operational from July 2019 has an installed capacity of 300bpm/ 150bpm (200 ml and 500 ml/1500ml respectively) which will aid the company in considerably lowering its logistics costs and cater to new geographies. The plant will currently manufacture the group's famous brands Bovonto and Vibro. Apart from its existing plant, KSPL has an agreement with an external job-worker in Villupuram M/s Asian Beverage for the want of additional capacity. The third-party has a capacity of 250 BPM of which 80% will be utilized for 500 ML Pet bottle production alone. In Aug 2017, the company had transferred one of its bottling facility from KAPL to KSPL's Sricity plant, hence job work will discontinue going forward, due to lower logistics cost from Sri City plant as compared to Villupuram. KRANTHI EDIFICE: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term ratings of Kranthi Edifice Private Limited (KEPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 12.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 110.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with KEPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Kranthi Edifice Private Limited (KEPL), formerly Kranthi Constructions a partnership firm formed in 1983 and converted to private limited company in May 2012. KEPL is promoted by Mr. M Pratap Reddy and is in to the construction business for the past 30 years. KEPL is predominantly into irrigation projects and has executed contracts for various dams, lift irrigation projects, canals, aqueducts etc. Kranthi is Special Class & Class I contractor for Andhra Pradesh, Telangana and Karnataka Government state irrigation projects. KSHITIJ KUMAR: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the long-term ratings of Kshitij Kumar Choudhary in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Kshitij Kumar Choudhary, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Kshitij Kumar Choudhary, incorporated in 2009 is a partnership concern, promoted by Mr. Kshitij Kumar Choudhary. The firm is a royalty contractor for Sand Stone & Khanda mining in Jodhpur region in the state of Rajasthan. These contracts are awarded on competitive bidding by Directorate of Mines and Geology (DMG), Government of Rajasthan. Under these contracts, the firm collects royalties from the miners based on volumes extracted by the latter and in turn pays a fixed royalty amount to DMG as per the pre-fixed schedule. Currently, Kshitij Kumar Choudhary is working on a toll collection contract in Rajasthan. Details about which are further discussed in report. KSR PROPERTIES: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the long-term rating of KSR Properties Private Limited (KSR) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 30.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with KSR, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. KSR Properties Private Limited (KSR) was incorporated in 1999 and Mr. Ramana Reddy Kunduru is the Managing Director. The entity is involved in the business of real-estate development and has completed three projects since its inception. The company's main areas of activities are apartments and luxury villas. At present, the company is involved in execution of two residential apartment projects named KSR Cordelia and KSR Basil in KR Puram and Old Madras Road, respectively in Bangalore. In the future, the company plans to launch one row house project with an aggregate saleable area of 1.41 lakh square feet (sqft). In FY2017, the company reported a net profit of INR0.5 crore on an operating income of INR14.8 crore compared to a net profit of INR0.6 crore on an operating income of INR12.0 crore in the previous year. L&T CHENNAI: ICRA Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the long-term rating of L&T Chennai-Tada Tollway Private Limited (L&T-CTTPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 475.0 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with L&T-CTTPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the afore said policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is base don't he best available information. L&T Chennai-Tada Tollway Private Limited (L&T-CTTPL) is an SPV incorporated in March 2008 for implementing the Chennai-Tada Toll Road project. L&T-CTTPL was a 100% subsidiary of L&T – Transco Private Limited, (in turn a 100% subsidiary of Larsen and Toubro Ltd). The project scope includes widening the 43.4 km (from Km 11.00 to Km 54.40) long four-lane highway on NH 5 from Chennai to Tada in Tamil Nadu to six -lane. The project is a part of Golden Quadrilateral project, under National Highway Development Programme (NHDP) Phase V, which involves six-laning of selected high-density corridors of national highways. The route is a part of NH-5 corridor that connects Chennai and Kolkata. The project was awarded by NHAI. LOT MOBILES: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term rating of Lot Mobiles Private Limited (LMPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with LMPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Lot Mobiles Private Limited (LMPL) was incorporated in 2012 in order to undertake retailing of Telecommunication devices, particularly mobiles phone and tablets and telecommunication services through a chain of multi -brand and multi service outlets under the brand name of 'LOT'. Currently, LMPL has total 108 retail outlets in various cities of Andhra Pradesh and Telangana selling mobiles communication devices of brands such as Apple, Blackberry, Celkon, HTC, Karbon, Micromax, Nokia, Samsung, LG, and Sony. LMPL also provides accessories and services like recharge, new sim card, hello-tunes and other downloads. LUCKY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the short-term ratings of Lucky Exports (LE) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING" Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term- 46.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Non-fund 120.00 [ICRA]D ISSUER NOT COOPERATING; Based- Rating continues to remain under Limits 'Issuer Not Cooperating' Category Short-term 4.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Continues to remain under the Limites 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with LE, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. LE was established in 1990 with focus on export of agri & other commodities to Russia & Commonwealth of Independent States. Over the years, LE diversified its geographical presence into African countries as well. Starting from 2004, it ventured into proje management related activities in African countries, mostly under the line of credit facility of the Indian Govt. or grants or aid programme of other international developmental agencies. M. S. ENGINEERING: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the long-term ratings of M/S. M. S. Engineering (MSE) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.50 [ICRA]B+ (Stable); ISSUER Fund Based/CC NON COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with MSE, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1984 as a partnership firm, M/S. M. S. Engineering (MSE) is promoted and managed by Mr. Debabrata and Mr. Satyabrata Das. MSE construct, repairs and maintains roads and bridges. The firm undertakes projects for Government departments like the Public Works Department (PWD) and the Pradhan Mantri Gram Sadak Yojana (PMGSY) of West Bengal and companies like Indian Oil Corporation Limited, Haldia Petrochemicals Limited etc. It is recognised as a Class-I Government contractor by the government departments in West Bengal. MARSHALL MACHINES: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Marshall Machines Limited (Under CIRP) C-86 Phase V, Focal Point, Ludhiana, Punjab-141010, India Insolvency Commencement Date: August 29, 2025 Estimated date of closure of insolvency resolution process: February 25, 2026 Court: National Company Law Tribunal, Chandigarh Bench-II Insolvency Professional: Mr. Kanti Mohan Rustagi F-14, First Floor, Kailash Colony, New Delhi-110048 Email: kanti.rustagi@patanjaliassociates.com C/o Resurgent Resolution Professionals LLP (IPE) 905, 9th Floor, Tower C, Unitech Business Zone Nirvana Country Sector-50, Gurgaon-122018 Email: cirp.mml@resurgentrpl.com Last date for submission of claims: September 15, 2025 MATESWARI ROYALTIES: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of Mateswari Royalties in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Mateswari Royalties, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Mateswari Royalties, incorporated in FY 2016 is a partnership concern, promoted by Mr. Sunil kulhari (60%), Mr Sunil Kumar (20%) and Mr Narendra (20%). The firm is a royalty contractor for Masonary Stone and other minerals in the state of Rajasthan. Such contracts are awarded on competitive bidding by Directorate of Mines and Geology (DMG), Government of Rajasthan. Under these contracts, the firm collects royalties from the miners based on volumes extracted by the latter and in turn pays a fixed royalty amount to DMG as per the pre-fixed schedule. Currently, Mateswari Minerals is working on three Royalty collections for mining area in Bikaner, Jaipur and Tonk region of Rajasthan. Details about which are further discussed in report. MEAR LOGISTICS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank Facility of Mear Logistics LLP in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.29 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.77 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Mear Logistics LLP, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Mear Logistics LLP, established in September 2019, provides cargo handling services such assupplying equipment and labour for railway wagon loading from rakes and rake cleaning at Gangavaram Port in Vizag (Andhra Pradesh). The firm was established by Mr. G Angad RR Raju and Mr. Mential Raju. The firm's corporate office is located in Khairatabad, Hyderabad (Telangana). MEH INDIA: ICRA Keeps B+ Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Meh India Overseas Private Limited (MIOPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with MIOPL, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. MIOPL, incorporated in 2009, processes natural stone products. The company is managed by Mr. Alok Mehta. The company's manufacturing facility is located at Behror, Rajasthan. It exports mainly to European countries. MIOPL reported a net profit of INR0.29 crore on operating income (OI) of INR20.14 crore in FY2017 compared with a net profit of INR0.35 crore on OI of INR22.59 crore in the previous year. METRO HOSPITAL: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term ratings for the Bank Facility of Metro Hospital and Cancer Research Centre in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Metro Hospital and Cancer Research Centre, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Metro Hospital and Cancer Research Centre (Hospital) is multispecialty hospital located in Jabalpur, Madhya Pradesh. The hospital is a unit of Satya Sai Cancer Society (the society) which commenced operations in 2007 to create awareness about the cancer disease. The society also operates a medical institute known as Balashree Institute of Paramedical Sciences. Mr. Saurabh Baderia and his brother Mr. Rajiv Baderia manage the society. The hospital is situated in the Jabalpur, Madhya Pradesh and spread in an area of 50,000 sqft. The hospital is specializing in oncology and cardiology. The hospital has 130 bedded capacities. The hospital is empaneled with CGHS, CSMA, ESI, and other PSUs. The hospital also has tie-ups with insurance companies such as Bajaj Allianz, Aviva Life Insurance, Apollo Munich Health Insurance, ICICI Lombard etc. The following is the table depicting the specialization of the hospital. MRN AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the long-term ratings of MRN Agro Industries (MRN) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term 17.50 [ICRA]B+ (Stable) ISSUER NOT Fund based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with V, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2016, MRN is a proprietorship firm managed by Mr. Pavan Kumar. The firm is involved in milling, processing and selling of boiled rice, raw rice, bran and husk. It procures a predominant share of its raw material requirements from farmers located in Raichur and its neighbouring districts in Karnataka and sells the same in the domestic market (mainly Tamil Nadu) through brokers. The firm's manufacturing facility is located in Gadwal Road, Raichur in Karnataka with an aggregate installed capacity of 8 tonne per hour of milling. SICAL LOGISTICS: ICRA Withdraws D Rating on INR526.01cr Term Loan ----------------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Sical Logistics Limited, at the request of the company and based on the No Due Certificate received from its lenders. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 300.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Withdrawn Cash Credit Long-term- 526.01 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Withdrawn Term Loan Long Term- 6.53 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Withdrawn Short-term- 29.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Withdrawn Cash Credit Short-term 383.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating Withdrawn Other Non-Convertible 100.00 [ICRA]D; ISSUER NOT COOPERATING; Debenture Rating Withdrawn Programme Incorporated in 1955, Sical Logistics Limited (formerly South India Corporation (Agencies) Limited) is into the business of multi-modal logistics for bulk and containerized cargo port terminals, mining, port handling, trucking and warehousing, retail logistics, ship agency, container freight stations, container rail operations, customhouse agency and offshore supply logistics. The company was promoted by Mr. M.A. Chidambaram Chettiar (and his son Mr. AC Muthiah) to provide ship and custom agency services apart from the core activity of trading. Over the years, the company entered into port handling, container terminal operations (through JV) and logistics. In February 2006, name of the company was changed to Sical Logistics Limited. Sical Logistics Ltd also entered Mining and retail logistics segments in the last three to four years which currently contribute major chunk of revenues for the company. ===================== N E W Z E A L A N D ===================== DDD INTERIOR: Creditors' Proofs of Debt Due on Oct. 10 ------------------------------------------------------ Creditors of DDD Interior Services Limited are required to file their proofs of debt by Oct. 10, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 10, 2025. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 JAYU DEVELOPMENTS: Court to Hear Wind-Up Petition on Oct. 28 ------------------------------------------------------------ A petition to wind up the operations of Jayu Developments Limited will be heard before the High Court at Whangarei on Oct. 28, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 26, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 KITCHEN THINGS: Two Stores Shut as Buyers Can't Be Found -------------------------------------------------------- Radio New Zealand reports that failed premium appliance company Kitchen Things' Napier and Nelson stores permanently closed down last weekend. Kitchen Things - aside from its independent Hamilton store - entered administration and receivership in August amid mounting losses due to weak consumer demand and competition. Receivers Grant Thornton said all stock would be made available below cost. According to RNZ, receiver Stephen Keen of Grant Thornton said the receivership sale continued for stores in Auckland, Christchurch, Tauranga and Wellington, with products at these locations being sold at cost. "It's unfortunate there has been a lack of interest in the Napier and Nelson stores, but we remain optimistic the other stores in Auckland, Tauranga, Wellington and Christchurch may be acquired by one of the interested parties we are working with," RNZ quotes Mr. Keen as saying. "In the meantime, we are continuing to sell stock held at heavily discounted prices to achieve the best possible recovery." RNZ relates that Mr. Keen said while prices for big name brands were "heavily reduced", buyers should be aware all stock must be bought on an "as is, where is" basis, with no warranties or guarantees. Returns, refunds and exchanges were also not available. In the first administrators report by accounting firm BDO, Kitchen Things owed creditors NZD16.6 million, with ASB owed nearly NZD10 million, RNZ discloses. It said the company had just NZD3,000 cash-in-hand at the end of July. RNZ relates that BDO said Kitchen Things benefited through the Covid period, but sales fell "significantly" afterwards. "With the decline in sales and margins, the high fixed cost base made it unprofitable," the BDO report said, notes the report. "Restructure steps were undertaken to reduce costs with store closures and staff reductions." RNZ adds that BDO said cost-cutting measures did not pay off, and attempts to raise money and sell the business or parts of it did not succeed. BDO recommended the creditors vote against returning control of the companies to its directors, and to vote in favour of placing them into liquidation, says RNZ. About Kitchen Things Kitchen Things is a New Zealand family-owned retailer of premium kitchen and laundry appliances. Malcolm Russell Moore, Stephen Speers Keen and Adele Irene Hicks of Grant Thornton New Zealand Limited on Aug. 20, 2025, were appointed as receivers and managers of: - Kitchen Things IP Limited - Kitchen Things Holdings Limited; - Jones Family Investments Limited; - Kitchen Things NZ Limited; - Appliance Works (2015) Limited; - Applico Limited; and - Baumatic Appliances Limited George Bannerman and Rees Logan of BDO were also appointed as administrators of the company on Aug. 20, 2025. NAPA'A CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 23 -------------------------------------------------------------- A petition to wind up the operations of Napa'a Construction Limited will be heard before the High Court at Auckland on Oct. 23, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 8, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 SONS CONSTRUCTION: Creditors' Proofs of Debt Due on Oct. 10 ----------------------------------------------------------- Creditors of Sons Construction Limited are required to file their proofs of debt by Oct. 10, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 10, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 SS GREENERY: Creditors' Proofs of Debt Due on Oct. 10 ----------------------------------------------------- Creditors of SS Greenery Limited are required to file their proofs of debt by Oct. 10, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 10, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 ================= S I N G A P O R E ================= CMC MATERIALS: Creditors' Proofs of Debt Due on Oct. 13 ------------------------------------------------------- Creditors of CMC Materials EC 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. 3, 2025. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 GLORIA TAN: Creditors' Proofs of Debt Due on Oct. 4 --------------------------------------------------- Creditors of Gloria Tan Pte. Ltd. are required to file their proofs of debt by Oct. 4, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 28, 2025. The company's liquidator is: Tan Mai Gek c/o G. S. Tan & Co. 7500A Beach Road #15-302 The Plaza Singapore 199591 HPL GATEWAY: Creditors' Proofs of Debt Due on Oct. 13 ----------------------------------------------------- Creditors of HPL Gateway Investments 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. 8, 2025. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin 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 [] SINGAPORE: Food Suppliers Hit by Months-Long Payment Delays -------------------------------------------------------------- VnExpress reports that many Singapore food suppliers are struggling to collect payments from their customers who are extending their debts up to several months as the food and beverage sector is hit with difficulties. VnExpress relates that Dessert Guru, a supplier of purees, syrups and bubble tea toppings to restaurants, said that clients who used to clear invoices within 30 days are now taking up to 120. "Everybody is suffering . . . no one is spared. Even the giants are taking a longer time to pay us," said Ken Tan, co-owner of the business, as reported by Channel News Asia, VnExpress relays. Late payments became more common from late 2023, affecting liquidity as Dessert Guru pays its own suppliers immediately upon delivery or within a month. "We are paying upfront . . . only for them to pay us back in three to four months, so it is a bit painful for us," he added, notes the report. According to VnExpress, Singapore's food and beverage sector has long been a weak point in the economy. The Monetary Authority of Singapore reported in July that sales have broadly declined for three years, while the Ministry of Trade and Industry said in August it expected only lacklustre growth as more locals spend abroad. More than 3,000 establishments shut down in 2024, the highest number in almost 20 years, VnExpress notes. Against such risks, suppliers are pulling back credit and tightening payment terms. Over 1,700 food and beverage establishments have closed as of this August, VnExpress discloses citing The Accounting and Corporate Regulatory Authority. The closures include several well-known brands such as American chain Eggslut, which closed its last outlet in Singapore in early 2025, and Haidilao, which shuttered three restaurants in Bedok, Pasir Ris and Punggol. Burger & Lobster, the London-based chain, has also ceased Singapore operations, according to The Business Times. Two outlets of Euphoria Restaurant and Alma by Juan Amador shut their doors this August, adds VnExpress. "The economy for fine-dining is quite bad as people can travel. We don't compete with our own country, but Asia and the world," said Euphoria chef-owner Jason Tan, as quoted by The Straits Times. ================= S R I L A N K A ================= SRI LANKA: S&P Raises Foreign Currency SCRs to 'CCC+/C' ------------------------------------------------------- On Sept. 19, 2025, S&P Global Ratings raised its long- and short-term foreign currency sovereign credit ratings on Sri Lanka to 'CCC+/C' from 'SD/SD'. S&P also affirmed its 'CCC+/C' long- and short-term local currency ratings. The outlook on both the long-term foreign and local currency ratings is stable. The transfer and convertibility assessment remains 'CCC+'. Outlook The stable outlook reflects a balance between S&P's expectation of Sri Lanka's continued economic recovery, supported by fiscal reform and external improvements, and the country's high debt and heavy interest burden over the next one to two years. Downside scenario S&P could lower the ratings on Sri Lanka if it sees indications of renewed funding and liquidity stresses. Developments that could precede such signs include a rapid rise in inflation, a further rise in the government's interest burden, or significantly weaker fiscal performance, leading to funding pressures. Upside scenario S&P could raise the ratings if economic growth continues to be robust and it believes that Sri Lanka's fiscal and external improvements are more entrenched. This would improve the government's ability to manage its large debt. Rationale The upgrade reflects Sri Lanka's recent efforts to complete the restructuring of its remaining commercial debt, including government-guaranteed Sri Lankan Airlines (SLA) bonds, following its December 2024 exchange of most of its Eurobonds. Negotiations on restructuring the SLA debt began earlier this year, with the airline and government making an offer based on comparability of treatment with other external creditors. S&P said, "We see a possibility that some lenders could become holdout creditors, making a further resolution in the negotiations unlikely, based on the passage of time. "We believe this situation is also unlikely to disrupt or unwind the debt restructuring process, given the principles of comparability of treatment and the most-favored creditor clauses in Sri Lanka's restructured bonds." The ratings on Sri Lanka are supported by its strong economic recovery, rapid fiscal consolidation and reform (supported by an ongoing IMF program), accumulation of foreign exchange reserves, an improving external position, and sustained progress in reducing fiscal risks from its state-owned enterprises (SOE). These strengths are counterbalanced by the country's high debt--as most of its high-yielding domestic commercial debt was excluded from the debt restructuring exercise--and a very heavy interest burden of about 50% of general government revenue. These structural vulnerabilities will take time to unwind, particularly as external debt servicing will start to increase in 2029. The 'CCC+' ratings reflect S&P's views that Sri Lanka's creditworthiness is vulnerable and dependent upon favorable financial and economic conditions, but the government does not face a near-term payment crisis. Institutional and economic profile: Political stability and robust growth underpin improving macroeconomic indicators -- Political stability and policy predictability have improved following the strong mandate that the National People's Power (NPP) party won at the presidential and parliamentary elections in late 2024. -- S&P expects sustained growth in the manufacturing and services sectors, which have been recovering steadily following restoration of social stability. Global trade uncertainty could weigh on the performance of Sri Lanka's external sector, although reduced tariffs on Sri Lanka's exports to the U.S. will help to lower business uncertainty. The ruling NPP secured a supermajority parliament following the 2024 general elections and also controls a majority of local councils following elections in May. This situation is relatively uncommon for Sri Lanka, which has historically been characterized by frequent political factionalism and crossovers. S&P believes the government's strong mandate demonstrates improved political stability and policy predictability, despite the NPP's limited record and lack of governing experience. S&P anticipates the government will continue the reform agenda under the IMF program, particularly in implementing revenue-based budget repair, cost-recovery pricing for utilities, and other structural reform of public financial and debt management. The government has demonstrated strong commitment to the IMF program, mostly meeting--although some with delay--quantitative indicators and structural benchmarks, even when it involved politically difficult reform. Sri Lanka has completed four reviews under the IMF program, unlocking about US$1.74 billion in program funding. Against this backdrop, S&P expects Sri Lanka's economic growth to continue its strong recovery this year. Real GDP growth in the second quarter was above expectations at 4.9%, building on strong momentum from 2024. The economy is performing well across sectors including agriculture, textile and garment manufacturing, and tourism, which were previous economic bright spots before the economic crisis. S&P said, "However, we expect economic momentum to slow in the second half of 2025 as external uncertainties mount. Reduced U.S. reciprocal tariffs on Sri Lankan exports of 20% are unlikely to directly affect export competitiveness, as this rate is consistent with those for regional peers. However, the potential second-order impact on business investment decisions and U.S. final demand is more unpredictable." S&P's forecasts real GDP growth of 4.2% in 2025. Over the next three to four years, supply constraints, particularly given chronic underspending in capital expenditure, could keep growth more subdued at about 3.5%. This would put GDP per capita at US$4,900 in 2025 and 10-year weighted average per capita real GDP growth at 2.2%. Although growth has improved substantially, it remains below the average of peers with similar income levels. Given the economy's strong performance and an increase in the value of the Sri Lankan rupee, it is likely that the upside threshold in Sri Lanka's macro-linked bonds (MLBs) will be breached. This would trigger higher coupon payouts of 1.75%-2% over 2029-2032 and higher principal payouts of 17%-22%, depending on the bond series. Flexibility and performance profile: Fiscal consolidation is underway but vulnerabilities in debt profile will linger -- Lifting of vehicle import restrictions has led to surging revenue collection. -- Debt remains high, with an exceptionally heavy interest burden. -- The external position has improved due to strong remittances and tourism flows. Sri Lanka's fiscal position has improved tremendously since 2022, when the ratio of revenue to GDP falling to less than 9% in 2021 and 2022. Since the lifting of all vehicle import restrictions earlier this year, customs revenue have risen to become the largest revenue contributor for the first seven months of 2025. This drove a 26.5% increase in overall revenue over the same period in 2024. Government revenue is well on track to reach budget estimates of 15% of GDP. This means Sri Lanka is likely to run a primary surplus this year, with the overall deficit likely narrowing to 5.4% and further to 4.5% by 2028. S&P expects the change in net general government debt to average 5.3% from 2025-2028, after factoring in higher payouts on the MLBs. Sri Lanka's strong fiscal performance reflects sustained fiscal reform just prior to and under the IMF program. These include changes to personal and corporate income tax rates, raising the value-added tax (VAT) registration threshold, removing sector-specific income tax exemptions, raising the withholding tax rate, and introducing taxes on digital services and services exports. However, this year's outperformance also benefitted from pent-up demand in vehicle imports following a prolonged period of restrictions. This effect may not be repeated in coming years. Further fiscal reform, such as repealing Sri Lanka's simplified VAT system and implementation of property tax, could help entrench the country's improving fiscal trajectory. According to Sri Lanka Treasury data, Sri Lanka's external debt restructuring would result in an upfront reduction of US$3.7 billion on its US$12.55 billion International Sovereign Bond (ISBs) debt and a 33% reduction in the coupon rate in the MLB baseline scenario. Additionally, official creditors agreed to about US$8 billion in debt relief. However, most of Sri Lanka's domestic commercial debt was excluded from the debt restructuring process. Therefore, compared with other countries that have emerged from similar processes, Sri Lanka's government debt remains high. S&P said, "We forecast net general government debt, including SOE guarantees, will be about 101% of GDP for 2025. We expect this to decline gradually to about 93.4% in 2028. Additionally, Sri Lankan banks purchase substantial quantities of government debt, with aggregate exposure significantly exceeding 20% of system assets. "Interest expenditure also remains very substantial. We expect interest payments to reach 51% of government revenue in 2025 and to average about 47% from 2025-2028." Sri Lanka's external position has improved. Its current account balance flipped to surpluses starting from 2023 from sustained structural deficits. While the current account surplus was initially due to wide-ranging import restrictions, it has remained even in the first seven months of this year following the lifting of vehicle import restrictions. This was due to very strong remittance flows from overseas workers, some of whom left the country during the economic crisis. In addition to the recovery in goods exports, tourism earnings have also rebounded strongly, with tourist arrival numbers surpassing pre-pandemic levels. Favorable developments in the current account, flows from the IMF program and other multilateral organizations, sustained foreign direct investment inflows even during the crisis, a stronger rupee, and reduced external debt servicing flows have allowed Sri Lankan authorities to rebuild foreign exchange reserves. S&P said, "We expect gross external financing needs as a share of current account receipts and usable reserves to average 107% from 2025-2028. This compares favorably with the pre-crisis average of more than 120%. We expect external debt net of public and financial sector external assets to average 118% of current account receipts over the same period, compared with the pre-crisis average of more than 130%." Inflation has been muted in Sri Lanka since late 2023, with growth in the headline Colombo CPI (CCPI) turning negative since September 2024. Prices started to rise again in August 2024, with the CCPI growing 1.2%. Lower price pressures should give the central bank more flexibility to keep policy rates in check, allowing the government to gradually replace high-yielding debt issued during the crisis with cheaper debt. S&P said, "Even though we continue to view Sri Lanka's monetary settings as a credit weakness, policy credibility will likely improve with a longer record of policy autonomy following the passage of the Central Bank Act in 2023. We also note that extensive foreign exchange restrictions imposed during the previous period have largely been removed. Remaining minor restrictions will likely be phased out in the next two years. "In accordance with our relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision." After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee's assessment of the key rating factors is reflected in the Rating Component Scores above. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. Ratings List Upgraded; Outlook Action To From Sri Lanka Sovereign Credit Rating Foreign Currency CCC+/Stable/C SD/--/SD Ratings Affirmed Sri Lanka Sovereign Credit Rating Local Currency CCC+/Stable/C Transfer & Convertibility Assessment Local Currency CCC+ Senior Unsecured CCC+ Ratings Unchanged Sri Lanka SriLankan Airlines Ltd. Senior Unsecured D ============= V I E T N A M ============= VIETNAM AIRLINES: State Investment Reverses Negative Equity ----------------------------------------------------------- VnExpress reports that state-owned Vietnam Airlines has reversed its negative net worth thanks to a VND7.77 trillion (US$295 million) infusion of capital by the government. According to VnExpress, the State Capital Investment Corporation (SCIC) said in a statement Sept. 16 that it had completed the purchase of additional Vietnam Airlines shares on Sep. 12, helping the airline "secure stable long-term cash flows, enhance its ability to meet debt obligations and possess resources for future fleet expansion." The capital injection allowed Vietnam Airlines to move out of negative shareholders' equity, which, as its consolidated financial statements showed, was nearly VND3.1 trillion as of June 30 this year, VnExpress relates. VnExpress says SCIC's newly acquired shares are part of the government-owned carrier's issuance of 900 million new shares to existing shareholders to raise VND9 trillion to overcome the financial difficulties caused by the Covid-19 pandemic. Shareholders having 1,000 shares could apply for 406 new shares. In September 2021 SCIC plowed in VND6.98 trillion to support Vietnam Airlines' liquidity and maintain operations during the peak of the pandemic, recalls VnExpress. It now owns a 47.09% stake in the airline. Vietnam Airlines has rebounded from a slump starting early last year. In the first half of this year its revenues rose by 10% year-on-year to VND58.68 trillion, while profit before tax jumped 19.3% to VND6.68 trillion, VnExpress discloses. Vietnam Airlines is the national airline of Vietnam and majority-owned by the Vietnamese government. Vietnam Airlines operates an extensive network of domestic and regional services within Southeast and North Asia and international services to Europe and Australia. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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