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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, September 25, 2025, Vol. 28, No. 192

                           Headlines



A U S T R A L I A

CORNERDINING PTY: First Creditors' Meeting Set for Sept. 29
HEALTHSCOPE NEWCO: Unions Push Back on 'Unfair' Salary Plan
KMD BRANDS: To Close 14 Stores Amid AUD83.1 Million Loss
MF7 HOLDING: First Creditors' Meeting Set for Sept. 30
MORTGAGE HOUSE NO.1: S&P Assigns Prelim B (sf) Rating to F Notes

PHIL HAMPTON: First Creditors' Meeting Set for Sept. 30
PLANTABL PACKAGING: First Creditors' Meeting Set for Sept. 30
RESOURCE DEVELOPMENT: MinRes Executes Sale Agreement for RDG Assets
SOBAH BEVERAGES: First Creditors' Meeting Set for Sept. 29
SUPERANNUATION & INVESTMENTS: Moody's Affirms 'Ba2' CFR



C H I N A

CHINA JINMAO: Moody's Affirms 'Ba2' CFR, Outlook Remains Negative
CHINA VANKE: Skips Payment on Debt Interest; Seeks Lower Rates
SEAZEN GROUP: S&P Rates U.S. Dollar Senior Unsecured Notes 'B-'
YUEXIU PROPERTY: Moody's Affirms 'Ba1' CFR, Outlook Negative


H O N G   K O N G

VISTRA HOLDINGS: S&P Downgrades ICR to 'B' on Slower Deleveraging


I N D I A

AAYUR TECHNOLOGY: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ALLIED INDIA: CRISIL Keeps B- Debt Ratings in Not Cooperating
DEE PLONE: Insolvency Resolution Process Case Summary
JAI HANUMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
KRISHNA BHOG: CRISIL Keeps B+ Debt Ratings in Not Cooperating

KRUPA SERVICES: CRISIL Keeps B Debt Rating in Not Cooperating
KVR STEELS: Liquidation Process Case Summary
MAHAVEER COTTS: CRISIL Cuts Rating on INR6cr Cash Loan to D
MEGHA PLAST: CRISIL Keeps D Debt Ratings in Not Cooperating
PRATHAMESH INDUSTRIES: CRISIL Withdraws B Rating on LT Debt

RA FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
RADHADEVI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
RAJESHWARI COTSPIN: CRISIL Keeps D Ratings in Not Cooperating
RAN INDIA: Insolvency Resolution Process Case Summary
ROYSONS CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating

SADARAM GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
SANGINI COMMERCE: CRISIL Keeps B- Debt Ratings in Not Cooperating
SANMAAN RICE: CRISIL Keeps B- Debt Ratings in Not Cooperating
SAPTAGIRI BOILED: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SATYA SUBAL: CRISIL Keeps D Debt Ratings in Not Cooperating

SHAHJAHANPUR EDIBLES: CRISIL Keeps D Ratings in Not Cooperating
SHASHIRADHA COLD: CRISIL Keeps B- Debt Ratings in Not Cooperating
SHYAM BEARINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
SILICA HEALTHCARE: CRISIL Keeps B+ Ratings in Not Cooperating
SILIGURI BUILDERS: CRISIL Keeps B Debt Rating in Not Cooperating

SIPL TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
SUMERU DEVELOPERS: CRISIL Keeps B Debt Ratings in Not Cooperating
SURAJ PRAKASH: Voluntary Liquidation Process Case Summary
T. A. ABDUL: CRISIL Moves D Debt Rating From Not Cooperating
UP MONEY: CRISIL Lowers Rating on INR3.97cr PTCs to D(SO)

VEES PROPERTIES: Insolvency Resolution Process Case Summary
VIROO MAL: CRISIL Keeps D Debt Ratings in Not Cooperating


J A P A N

NISSAN MOTOR: France to Review Nissan Europe's Supplier Payments


M A L A Y S I A

MM2 ASIA: Malaysian Unit Shuts Down as it Goes Into Liquidation


N E W   Z E A L A N D

FOREST PARK: Court to Hear Wind-Up Petition on Oct. 30
GROOVED LIMITED: Court to Hear Wind-Up Petition on Oct. 23
KIWI BEVERAGES: Faces Liquidation Over Alleged Unpaid Invoices
LAYBUY GROUP: Creditors' Proofs of Debt Due on Oct. 10
LAYBUY GROUP: Grant Thornton Appointed as Liquidators

PALMERSTON NORTH: BDO Wellington Appointed as Receivers
TUARANGI TOWERS: Creditors' Proofs of Debt Due on Nov. 10


S I N G A P O R E

ALPHA BIZCOM: Court to Hear Wind-Up Petition on Sept. 26
DRB TRANSPORT: Court to Hear Wind-Up Petition on Sept. 26
SG CHEMICALS: Court to Hear Wind-Up Petition on Oct. 3
V.I.P AUTO: Court Enters Wind-Up Order
YONG TENG: Court Enters Wind-Up Order



S R I   L A N K A

SRI LANKA: CBSL Holds Policy Rate Ahead of Budget, IMF Review


V I E T N A M

SOUTHEAST ASIA COMMERCIAL: Moody's Affirms 'Ba3' LT Deposit Ratings

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A U S T R A L I A
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CORNERDINING PTY: First Creditors' Meeting Set for Sept. 29
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Cornerdining
Pty Ltd will be held on Sept. 29, 2025 at 12:00 p.m. at the offices
of O'Brien Palmer, at Level 9, 66 Clarence Street, in Sydney, NSW,
and via Zoom video teleconferencing.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on Sept. 17, 2025.


HEALTHSCOPE NEWCO: Unions Push Back on 'Unfair' Salary Plan
-----------------------------------------------------------
Michael Smith at The Australian Financial Review reports that
Healthscope chief executive Tino La Spina is urging unions to drop
their opposition to a controversial salary packaging proposal to
the group's 19,000 staff, which he says is the only way to keep the
company whole and stave off job cuts amid a lack of buyer
interest.

In a second memo to staff on the sale process in the past
fortnight, Mr. La Spina wrote to the Health Services Union on Sept.
19, warning only a "small number" of the group's 37 hospitals had
strong buyer interest, and a "considerable number" had little or no
interest.

The Financial Review says the HSU has urged its members to vote
against the proposal, which allows employees to receive some of
their salary tax-free. Under the proposed split, 90 per cent of the
benefits would go to the company.

"This sets a dangerous precedent: that private companies can use
worker entitlements to bail themselves out, without accountability
or transparency," the HSU said in a notice published on its
website, notes the report. "While some providers charge modest
admin fees, this proposal is unprecedented and unfair. It's a
blatant attempt to cover financial mismanagement using your
entitlements."

Under his proposal, dubbed "PurposeCo", Mr. La Spina wants to turn
Healthscope into a not-for-profit company to reduce payroll tax
payments and retain its network of 37 hospitals. A staff ballot to
vote on the salary packaging plan will be held on October 9,
according to the Financial Review.

The Financial Review relates that Mr. La Spina wrote to HSU senior
national assistant secretary Kate Marshall late last week, saying
his proposal was an opportunity to keep Australia's second-largest
hospital operator together and preserve jobs that could be lost
under the sale process.

"Through that process, a small number of hospitals have had strong
buyer interest and a considerable number have had little or no
interest," the report quotes Mr. La Spina as saying. "It has been
widely acknowledged, including by the federal government, that the
broader private hospital sector is under intense financial pressure
as a result of underfunding by insurers."

The Financial Review notes that David Di Pilla's HMC Capital, which
is one of Healthscope's major landlords, said on Sept. 22 it had
conditional agreements with alternative tenants for the 11
Healthscope hospitals that its interests own if the sale process
failed to find a buyer.

HMC's listed HealthCo Healthcare & Wellness REIT and its unlisted
Healthcare Fund said in an ASX statement that they would extend a
partial rent deferral agreement with Healthscope by one month, the
Financial Review relays.

This meant 85 per cent of rent for the period from May to October
would be paid at the start of October and the remaining 15 per cent
at the end of the month.

In his letter to the union, Mr. La Spina disputed figures released
by the HSU that said under the proposal, a Healthscope employee
earning AUD80,000 would receive a benefit of AUD590 under the 90/10
split arrangement. According to Mr. La Spina, the company's adviser
Maxxia said the benefit would be AUD833.

According to the Financial Review, Healthscope said that the
proposal is optional, and staff participating would receive an
increase in their take-home pay.

Late-stage bids for the company, which fell into receivership in
May with AUD1.6 billion of debt, are due in late October or early
November, the report says.

Pacific Equity Partners via its Healthe Care business, Ramsay
Health Care, and Catholic hospital operators have expressed
interest in some hospitals in the non-binding bid stage, said
sources close to the process but not authorised to speak publicly,
the Financial Review relays. The bidders or the number of hospitals
they are looking at have not been confirmed publicly.

Mr. La Spina told staff on September 12 that no offer had been made
to buy the nation's second-largest hospital operator as a whole
company, and that there could be job losses and closures of some of
its facilities unless they accepted his restructuring plan.

The Australian Nursing and Midwifery Federation has not formally
advised staff which way to vote, but federal secretary Annie Butler
said Mr. La Spina's warnings about job losses had alarmed staff,
the Financial Review relays.

"This has just made our members extremely anxious. From the
beginning, the management have been saying it is business as usual,
but now it is quite a turnaround and a message that some of the
jobs might be at threat," she said, relates the report.
"Consequently, we are starting to see members leave. We are not
happy with the way these things are being communicated and
delivered."

Federal and state governments are watching the sale process
closely, the Financial Review states. While the federal government
has refused to bail out Healthscope, it is concerned about the
impact of potential hospital closures, particularly in Darwin and
Hobart.

                         About Healthscope

Healthscope provides healthcare services. The Company manages a
network of hospitals, clinics, and physicians for the provision of
emergency care, women's services, cancer care, and pediatric
services. Healthscope operates 38 hospitals across Australia.

On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland &
Katherine Sozou of McGrathNicol Restructuring were appointed as
Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope
NewCo Pty Ltd. The appointments are limited to these two entities
only, which are 'holding companies' within the Healthscope Group
corporate structure.

Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of
KordaMentha were appointed as administrators of Healthscope Newco
Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025.

According to Sky News Australia, the lenders behind Healthscope
have opted to call in receivers to find a buyer for the private
hospital operator. Healthscope was purchased by Canadian asset
management firm Brookfield in 2019, however, it handed control of
the health company to the lenders earlier in May 2025. This
syndicate of hedge funds and banks voted on May 26 to put the
company into receivership, Sky News Australia said.

KMD BRANDS: To Close 14 Stores Amid AUD83.1 Million Loss
--------------------------------------------------------
News.com.au reports that the parent company of two iconic outdoor
brands has announced further store closures in the upcoming year.

In its latest investment presentation, KMD Brands told investors it
was looking to close a further 14 stores across the group over the
next financial year, news.com.au relates.

The business will also add six new stores, including three new
flagship Kathmandu concept stores.

In early September, the retailer said it would shut 21 stores
across its network, with the 14 forming part of this - calling the
move an "organisational restructure" - as it looked to boost
profits and lift its falling share price, news.com.au recalls.

According to news.com.au, KMD Brands group chief executive and
managing director Brent Scrimshaw said in early September the
business would launch its Next Level transformation strategy to
unlock the brands' value.

"Since joining KMD Brands as group CEO, I've spent time across each
of our offices and regions, listening to our teams and retail
partners while immersing myself in the business," news.com.au
quotes Mr. Scrimshaw as saying in a statement to the ASX. "That's
why we're launching Next Level - a transformation strategy designed
to align the group behind a brand and product-led customer-centric
growth agenda."

KMD Brands posted a full-year statutory loss of NZD93.6 million
(AUD83.1 million), even as sales rose by 1 per cent, news.com.au
discloses.

The company's underlying net losses also widened to NZD28.3 million
(AUD25.12 million), a substantial increase from the NZD1.1 million
(AUD980,000) loss reported the previous year.

News.com.au relates that KMD Brands said the huge loss was due to
weak sales conditions - heavily discounted items and weaker margins
on products.

Despite a weak trading year, the business highlighted brighter
times ahead, with a strong 10.5 per cent uplift in August sales.

According to the presentation, Kathmandu same-store sales rose 22
per cent in the first seven weeks of FY26, news.com.au relays.

Rip Curl sales were a little softer, with direct-to-customer sales
down 1.2 per cent but same-store sales up 1.5 per cent.

                         About KMD Brands

Based in Christchurch, New Zealand, KMD Brands Limited (ASX:KMD) --
https://www.kmdbrands.com/ -- together with its subsidiaries,
designs, markets, wholesales, and retails apparel, footwear, and
equipment for surfing and the outdoors under the Kathmandu, Rip
Curl, and Oboz brands in New Zealand, Australia, North America,
Europe, Southeast Asia, and Brazil. The company was formerly known
as Kathmandu Holdings Limited and changed its name to KMD Brands
Limited in March 2022.


MF7 HOLDING: First Creditors' Meeting Set for Sept. 30
------------------------------------------------------
A first meeting of the creditors in the proceedings of MF7 Holding
Pty Ltd will be held on Sept. 30, 2025 at 12:00 p.m. via Microsoft
Teams.

David Henry Sampson of BPS Recovery was appointed as administrator
of the company on Sept. 18, 2025.


MORTGAGE HOUSE NO.1: S&P Assigns Prelim B (sf) Rating to F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for Mortgage
House Capital Mortgage Trust No.1 - Mortgage House RMBS Prime
Series 2025-1. Mortgage House RMBS Prime Series 2025-1 is a
securitization of residential mortgages originated by Mortgage
House of Australia Pty Ltd.

The preliminary ratings reflect the following factors.

S&P said, "We have assessed the credit risk of the underlying
collateral portfolio, and we believe the credit support provided to
each class of notes is commensurate with the ratings assigned.
Credit support for the rated notes comprises note subordination,
lenders' mortgage insurance on 1.08% of the loans in the portfolio,
and excess spread.

"We have taken into account the servicing, underwriting standards,
and centralized approval process of the seller, Mortgage House of
Australia."

The various mechanisms to support liquidity within the transaction,
including a liquidity facility equal to 1.5% of the outstanding
balance of the notes and principal draws, are sufficient under our
stress assumptions.

The transaction benefits from a fixed- to floating-rate
interest-rate swap provided by National Australia Bank Ltd. to
hedge the mismatch between receipts from any fixed-rate mortgage
loans and the variable-rate RMBS.

S&P has also factored into its ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.

  Preliminary Ratings Assigned

  Mortgage House Capital Mortgage Trust No.1 --
  Mortgage House RMBS

  Prime Series 2025-1

  Class A1-S, A$162.00 million: AAA (sf)
  Class A1-L, A$288.00 million: AAA (sf)
  Class A2, A$23.25 million: AAA (sf)
  Class B, A$9.50 million: AA (sf)
  Class C, A$9.25 million: A (sf)
  Class D, A$3.00 million: BBB (sf)
  Class E, A$2.50 million: BB (sf)
  Class F, A$0.75 million: B (sf)
  Class G1, A$0.70 million: Not rated
  Class G2, A$1.05 million: Not rated


PHIL HAMPTON: First Creditors' Meeting Set for Sept. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Phil Hampton
Excavations Pty Ltd, trading as Earthlink Civil, will be held on
Sept. 30, 2025 at 12:00 p.m. via virtual meeting facilities.

Edwin Narayan and David Hurst of Mackay Goodwin were appointed as
administrators of the company on Sept. 17, 2025.


PLANTABL PACKAGING: First Creditors' Meeting Set for Sept. 30
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Plantabl
Packaging Pty Ltd (formerly trading as Great Wrap) will be held on
Sept. 30, 2025 at 10:30 a.m. via Microsoft Teams video
teleconferencing.

Shane Justin Cremin and Brent Leigh Morgan of Rodgers Reidy were
appointed as administrators of the company on Sept. 17, 2025.


RESOURCE DEVELOPMENT: MinRes Executes Sale Agreement for RDG Assets
-------------------------------------------------------------------
Mineral Resources (MinRes) said on Sept. 23 that the company has
executed a binding Asset and Share Sale Agreement with the
administrators of Resource Development Group Limited (RDG).

Under the Agreement, MinRes will acquire RDG assets, including the
Lucky Bay garnet mine, following creditor approval of MinRes'
proposed Deed of Company Arrangement (DOCA) on September 1, 2025.

Details of MinRes' DOCA proposal were contained in the
Administrator's Report to Creditors as notified in RDG's
announcement of August 25, 2025.

MinRes will assess options to best realize value from the assets
for the company's shareholders.

All decisions relating to RDG and the acquisition have been
undertaken by the MinRes Board, with Managing Director Chris
Ellison and MinRes nominees on the RDG Board not involved in
deliberations.

"The Board and I sought to ensure that MinRes shareholders could
realise some value from their investment, and that there were no
perceived conflicts in our decisions on RDG's future," said MinRes
Chair Malcolm Bundey.

"I want to thank RDG's employees for continuing to operate safely
and productively during this process."

                     About Resource Development

Based in Osborne Park, Australia, Resource Development Group
Limited (ASX:RDG) -- https://resdevgroup.com.au/ -- provides
contracting and construction services to the resources,
infrastructure, and energy sectors in Australia. The company
undertakes multi-disciplinary construction and remedial works, such
as detailed earthworks, civil and structural works, mechanical
works, bridges, overpasses, piping works, non-process
infrastructure building works, plant upgrade/modifications,
procurement works, and project management solutions. It also holds
Lucky Bay Garnet mine and wind turbines; owns and operates pilot
plants; owns several patents; and holds Ant Hill and Sunday Hill
manganese project. Resource Development Group Limited operates as a
subsidiary of Mineral Resources Limited.

Robert Brauer, Jason Ireland, and Linda Smith of McGrathNicol were
appointed as administrators of the company on July 28, 2025.


SOBAH BEVERAGES: First Creditors' Meeting Set for Sept. 29
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Sobah
Beverages Pty Ltd will be held on Sept. 29, 2025 at 10:30 a.m. at
the offices of Worrells, at Level 1, 160 Brisbane Street, in
Ipswich, QLD, and via video conferencing.

Adam Francis Ward of Worrells was appointed as administrator of the
company on Sept. 17, 2025.



SUPERANNUATION & INVESTMENTS: Moody's Affirms 'Ba2' CFR
-------------------------------------------------------
Moody's Ratings has affirmed Superannuation and Investments Finco
Pty Ltd's ("SIFL") Ba2 Corporate Family Rating and the Ba2 ratings
on SIFL's local and foreign currency senior secured bank credit
facilities. At the same time, Moody's have changed the rating
outlook to stable from negative.

RATINGS RATIONALE

The outlook change to stable from negative reflects SIFL's
improving profitability and Moody's expectation that this
improvement will continue over the next 12 – 18 months, driven by
strong net fund flows, controlled cost growth and lower interest
costs. Additionally the company's leverage, as measured by Moody's
debt-to-adjusted EBITDA, has reduced and will likely reduce further
given the improved earnings outlook.

The affirmation of SIFL's Ba2 ratings reflects its good market
position and the strong resilience of the group's funds under
administration. As one of the leading for-profit players in the
retail superannuation and investments market in Australia, SIFL
managed AUD171 billion in funds under management and administration
as at June 2025. This scale provides the group with a large and
relatively stable asset base, which supports its revenue
generation. The resilience of the group's funds under management,
excluding pension payments, has been strong as reflected in its
high retention and replacement rates.

SIFL's profitability has improved, underpinned by good level of net
fund inflows, growth in funds under management and administration
and controlled cost growth. Moody's expects these trends to
continue. Moody's calculates SIFL's pre-tax margin for the year to
June 2025 at c.21% (excluding strategic project spending),
representing a significant improvement from financial year 2024's
pre-tax margin of c.10%. SIFL's recent renegotiation of its secured
bank facilities should result in lower interest payments supporting
the improved profit outlook.

The group's financial flexibility is benefiting from the company's
strong earnings. While gross debt levels remain high, Moody's
debt-to-adjusted EBITDA measure has improved to 4.2x (excluding
strategic project spending). Moody's believes financial flexibility
could continue to improve over the next 2 years as the group
realizes the benefits of its transformation program.

The Ba2 ratings on SIFL's local and foreign currency senior secured
bank credit facilities are at the same level as the CFR. This
reflects Moody's expectations that the term loans from these credit
facilities represent the majority of the group's debt, with
negative pledge clauses restricting the ability of operating
companies to incur other indebtedness.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

SIFL's ratings could be upgraded if (1) Moody's debt-to-adjusted
EBITDA reduces to below 3.5x consistently, (2) the group's pre-tax
income margin increases and remains well above 20%, and (3) there
is no material deterioration in the resilience of its funds under
administration.

The ratings could be downgraded if (1) the group's pre-tax income
margin falls below 15%, (2) Moody's debt-to-adjusted EBITDA
increases to above 4.5x, or (3) there is a material deterioration
in the resilience of its funds under administration.

The principal methodology used in these ratings was Asset Managers
published in May 2024.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

Superannuation and Investments Finco Pty Limited is an
Australian-based asset and wealth manager. The company's main
operations managed and administered approximately AUD171 billion of
assets as at June 2025.



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C H I N A
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CHINA JINMAO: Moody's Affirms 'Ba2' CFR, Outlook Remains Negative
-----------------------------------------------------------------
Moody's Ratings has affirmed Ba2 China Jinmao Holdings Group
Limited's (China Jinmao) corporate family rating and the backed
senior unsecured rating on the USD notes issued by Franshion
Brilliant Limited, a wholly-owned subsidiary of China Jinmao; and
the B1 backed preferred stock rating.

The notes are unconditionally and irrevocably guaranteed by China
Jinmao.

Moody's have also maintained the negative rating outlooks.

"The affirmation reflects the expected improvement in China
Jinmao's debt leverage to a level commensurate with its standalone
credit profile over the next 12 to 18 months attributable to
recovering profit margins since early 2025 and sustained contracted
sales growth. Moody's also considered the company's good track
record of developing landmark integrated projects, its good-quality
land bank in higher-tier cities and its diversified and solid
access to funding, supported by its state-owned background, " says
Daniel Zhou, a Moody's Ratings Assistant Vice President and
Analyst.

"The continued negative outlook reflects lingering challenges in
China's property sector which could affect the pace of
deleveraging," adds Zhou.

Moody's also expects that China Jinmao will continue receiving
extraordinary support from its largest shareholder, Sinochem Hong
Kong (Group) Company Limited (Sinochem HK, Baa1 stable) in times of
financial distress, which has resulted in a one-notch rating
uplift.

RATINGS RATIONALE

Moody's forecasts China Jinmao's contracted sales will grow by
around 15% in 2025, supported by its inventory exposure to top-tier
cities where economic fundamentals and underlying demand are
stronger than those of lower-tier cities.

China Jinmao recorded a strong year-on-year 20% increase in
contracted sales in 1H 2025. Around 30% of the company's unsold
inventory are located in first-tier cities as of end-June 2025.
Moody's expects the company to maintain an annual land investment
of around RMB30 billion to support future sales growth.

Moody's projects that China Jinmao's reported gross profit margin
will continue edging up in the next 1-2 years as the destocking
process gradually comes to an end and high-margin projects sold in
2024-2025 are recognized as revenue. China Jinmao's reported gross
profit margin improved to 16.2% in 1H 2025, up from 14.6% in 2024.

With the recovery of revenue recognition and margins, Moody's
expects the company's EBITDA to maintain an annual growth rate of
around 10%-15% over the next 1-2 years, while debt levels are
expected to remain broadly stable.

China Jinmao's adjusted debt/EBITDA will trend toward 7.5x-8.0x in
the next 12-18 months, down from a projected level of 9.3x in 2025.
Moody's calculations of adjusted debts include RMB15 billion
perpetual instruments issued to Sinochem HK.

A notable weakening in sales momentum, resulting in EBITDA recovery
below forecasts, or a more rapid pace of land investment than
projected that leads to increased debt, could delay the company's
deleveraging progress.

China Jinmao's Ba2 corporate family rating (CFR) incorporates its
standalone credit strength and one-notch uplift based on Moody's
expectations that the company will receive extraordinary financial
support from Sinochem HK, which is in turn ultimately owned by
Sinochem Holdings Corporation Ltd. (Sinochem Holdings), a
state-owned enterprise under the central government, in times of
financial distress.

The one-notch support assumption has considered China Jinmao's
operational and financial contribution to Sinochem HK, as well as
Sinochem HK's 38.38% shareholding and management oversight,
including appointment of senior management, in China Jinmao.

Moody's expects Sinochem HK will continue to regard China Jinmao as
a major subsidiary, reflected by the increase in the parent
company's ownership in China Jinmao over the past few years. China
Jinmao has a proven track record of receiving financial support
from Sinochem HK. China Jinmao has also shared the bond issuance
quota and banking facilities under Sinochem Holdings in both
onshore and offshore market for many years, which helps the company
maintain smooth funding channels throughout industry cycles.

China Jinmao's standalone credit strength reflects the company's
good track record of developing landmark integrated projects, its
good-quality land bank in higher-tier cities and its diversified
and solid access to funding, supported by its state-owned
background. Concurrently, the company's standalone credit profile
is constrained by its high leverage.

China Jinmao's liquidity is good, underpinned by the company's good
access to funding. Moody's expects the company's cash holdings,
along with its operating cash flow, to cover its short-term debt
and committed land payments over the next 12-18 months. Its
unrestricted cash balance of RMB34 billion as of end-June 2025
could cover 1.2x of its short-term debt as of the same date.

The company's senior unsecured bond rating is not affected by
subordination to claims at the operating company level. Despite
China Jinmao's status as a holding company with most of the claims
at the operating subsidiaries, Moody's expects support from
Sinochem HK to China Jinmao to flow through the holding company
rather than directly to its main operating companies, which
mitigates structural subordination risk. The B1 backed preferred
stock rating reflects the subordinated nature of the securities.

The company's exposure to environmental and social risks reflects
the nature of its business, which is property development in China.
In terms of governance risk, the company's long track record of
prudent operating and financial management and government
background counterbalance its concentrated ownership.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade of China Jinmao's ratings is unlikely, given the
negative outlook.

However, Moody's could revise the outlook to stable if the company
continues to strengthen its contracted sales and financial metrics,
and maintains access to various types of funding at stable costs,
all on a sustained basis.

Key metrics indicative of a stable outlook include EBIT/interest
coverage rising above 2.5x and adjusted debt/EBITDA falling below
7.0x, both on a sustained basis.

On the other hand, Moody's could downgrade China Jinmao's ratings
if its credit metrics, contracted sales or liquidity weaken, such
that its EBIT/interest falls below 2.0x and adjusted debt/EBITDA is
unlikely to trend toward 7.5x-8.0x over the coming 12 months, both
on a sustained basis.

Any sign of weakening in the likelihood of support from or reduced
ownership by Sinochem HK would be negative for the company's
ratings.

The principal methodology used in these ratings was Homebuilding
and Property Development published in September 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

China Jinmao Holdings Group Limited develops residential and
commercial properties in first-tier and major second-tier cities in
China. As of end-June 2025, the company had a total property
development land bank of approximately 26.8 million square meters
in gross floor area.

The company listed on the Hong Kong Stock Exchange in 2007. As of
end-June 2025, China Jinmao was 38.38% owned by Sinochem HK, which
was in turn 100% owned by Sinochem Holdings.

CHINA VANKE: Skips Payment on Debt Interest; Seeks Lower Rates
--------------------------------------------------------------
Bloomberg News reports that China Vanke Co. is in talks with major
domestic creditors to cut borrowing costs on private debt worth
tens of billions of yuan, as the embattled developer seeks to ease
liquidity stress, according to people familiar with the matter.

Bloomberg relates that Vanke recently decided to skip interest
payments on some private debt as part of the negotiations, said the
people, requesting not to be named because the information is
private. The Shenzhen-based firm told some creditors, including
insurance firms, that it wants to cut interest rates on some debt
to about 3% or lower, from at least 4.3% currently, the people
added.

Creditors are still evaluating the plan, they added.  

According to Bloomberg, the move underscores Vanke's vulnerable
financial position, as it grapples with a wall of onshore debt
maturities, despite receiving liquidity support from its largest
state shareholder since January this year. The company's financial
health also hangs in the balance for a wide array of institutions,
including banks that have remained reluctant to extend the firm's
onshore loans by a decade, the people said.

Vanke's dollar bond due November 2029 is poised for its biggest
fall since April, according to Bloomberg-compiled prices. The 3.5%
note fell about 3 cents on the dollar to 69 cents around 2:40 p.m.
in Hong Kong.

Bloomberg says tate-backed Vanke was once China's largest developer
but has become the latest flashpoint in the nation's prolonged
property crisis, underscoring the severity of the sector's
challenges.

Vanke had about CNY364 billion ($51.2 billion) of interest-bearing
borrowings as of June, 43% of which will mature within 12 months,
Bloomberg discloses citing the company's latest disclosure. Bank
loans accounted for 72.5% of total borrowings.

The firm's biggest maturity wall will be next year, when about 24
billion yuan of onshore public bonds and loans come due.

In January, an official from Shenzhen Metro took over as chairman
for Vanke, recalls Bloomberg. Meanwhile local governments vowed to
"pro-actively support" Vanke's operations.

The state-owned shareholder has since offered multiple loans
totaling about CNY23.9 billion, according to Vanke's interim
report. The loans are all earmarked to help Vanke repay the
principal and interest on publicly issued bonds. Early this month,
Vanke said it would secure another loan of as much as 2.06 billion
yuan from Shenzhen Metro.

Still, the developer reported a loss of 11.95 billion yuan in the
first half, widening from a 9.85 billion yuan loss a year earlier.


Vanke "is likely to face ongoing earnings decline and liquidity
stress," said Bloomberg Intelligence analysts Kristy Hung and
Monica Si in a Sept. 5 note.

                         About China Vanke

China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.

In August 2025, Fitch Ratings downgraded China Vanke Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
to 'CCC-', from 'CCC+'.  Fitch also downgraded the Long-Term IDR on
China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong
Kong) Company Ltd (Vanke HK), to 'CCC-' from 'CCC', and its senior
unsecured rating and the rating on its outstanding senior notes to
'CCC-', with a Recovery Rating of 'RR4', from 'CCC'.

The downgrade reflects further weakening in China Vanke's
liquidity.  Fitch believes timely and continued support from
Shenzhen Metro Group Co. Ltd (SZMC), the homebuilder's largest
shareholder, is essential for China Vanke to address its financial
obligations, as Fitch forecasts its free cash flow (FCF) to remain
negative in the near term.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-June 2025, S&P Global Ratings affirmed its 'B-' long-term
issuer credit rating on China Vanke Co. Ltd. and its subsidiary,
Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK). S&P also
affirmed its 'B-' issue rating on Vanke HK's senior unsecured
notes. S&P removed the ratings from CreditWatch, where they were
placed with developing implications on March 5, 2025.

The negative rating outlook on China Vanke reflects S&P's view that
the company's liquidity could tighten in the face of deteriorating
sales and a bond maturity wall over the next 12 months.

The TCR-AP reported on May 20, 2025, Fitch Ratings has downgraded
China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch has also
downgraded the Long-Term IDR on China Vanke's wholly owned
subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK),
to 'CCC', from 'CCC+', and its senior unsecured rating and the
rating on its outstanding senior notes to 'CCC', from 'CCC+', with
a Recovery Rating of 'RR4'. The ratings are removed from Rating
Watch Negative.

SEAZEN GROUP: S&P Rates U.S. Dollar Senior Unsecured Notes 'B-'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to the
proposed U.S. dollar-denominated senior unsecured notes that Seazen
Group Ltd. and Seazen Holdings Co. Ltd. will unconditionally and
irrevocably guarantee. New Metro Global Ltd., a special purpose
financing vehicle of Seazen Group, will issue the notes.

The issue rating is subject to S&P's review of the final issuance
documentation. Seazen Group intends to use the proceeds to repay
existing debt and for general corporate purposes.

S&P said, "We rate the notes one notch lower than the issuer credit
rating on Seazen Group (B/Negative/--) to reflect subordination
risk. As of June 30, 2025, the company's capital structure included
Chinese renminbi (RMB) 48.3 billion of secured debt. It had about
RMB57.2 billion in total reported debt, resulting in a ratio of
secured debt to total debt of 84.4%, above our 50% threshold for
notching down the issue rating.

"The negative outlook on the long-term issuer credit rating on
Seazen Group and Seazen Holdings (B/Negative/--) reflects our view
that the company's contracted sales could weaken over the next 12
months due to a prolonged market downturn. The liquidity buffer
could further reduce. That said, we expect stable rental income
during the period. We also believe the company could access funding
by pledging its commercial properties, tempering refinancing
risks."


YUEXIU PROPERTY: Moody's Affirms 'Ba1' CFR, Outlook Negative
------------------------------------------------------------
Moody's Ratings has affirmed the following ratings of Yuexiu
Property Company Limited (Yuexiu Property) and its wholly owned
subsidiaries:

1. Yuexiu Property's Ba1 corporate family rating;

2. (P)Ba1 senior unsecured rating on Yuexiu Property's medium-term
note (MTN) program;

3. (P)Ba1 senior unsecured rating on the MTN program of Westwood
Group Holdings Limited, which is guaranteed by Yuexiu Property;
and;

4. Ba1 backed senior unsecured rating on the bonds issued by
Westwood Group Holdings Limited and Joy Delight International
Limited and guaranteed by Yuexiu Property.

Moody's have maintained the negative outlooks on all entities.

"The affirmation reflects Moody's expectations that Yuexiu
Property's debt leverage will improve to a level commensurate with
its standalone credit profile over the next 12 to 18 months, as
supported by steady contracted sales growth and profit margin
expansion. At the same time, Moody's also expects the company to
maintain stable operations and sound liquidity position, which is
supported by the company's good-quality land bank and its
state-owned background," says Daniel Zhou, a Moody's Ratings
Assistant Vice President and Analyst.

"The negative outlook continues to reflect the challenges in the
property sector which could impact its pace of deleveraging," adds
Zhou.

RATINGS RATIONALE

Yuexiu Property Company Limited's Ba1 CFR incorporates its
standalone credit quality and a two-notch uplift to reflect a
strong likelihood of extraordinary support from its ultimate
parent, Guangzhou Yue Xiu Holdings Limited (Guangzhou Yue Xiu),
which is one of the largest enterprises owned by the Guangzhou
municipal government through the Guangzhou State-owned Assets
Supervision and Administration Commission.

Yuexiu Property's standalone credit quality reflects its good track
record of property development in Guangzhou, its good-quality land
bank in the Greater Bay Area and Eastern China, and its close
relationship with the Guangzhou municipal government.

Yuexiu Property's standalone credit profile also reflects its
fairly high concentration in Guangdong province and high leverage.

Following a 4% year-on-year growth in the first eight months of
2025, Moody's forecasts Yuexiu Property's gross contracted sales
will rise by 3%-5% over the next 12-18 months. The
better-than-market contracted sales performance in the first eight
months of 2025 was driven by Yuexiu Property's good-quality land
bank with a strong focus on higher-tier cities where demand is
higher.

Moody's also expects Yuexiu Property's gross profit margin to
gradually improve from low levels, as the legacy high land cost
impact gradually fades away and the company recognizes more
high-margin projects from higher-tier cities.

Moody's projects Yuexiu Property's adjusted debt/EBITDA to
gradually decrease and trend toward 7.5x over the next 12-18
months. The company's deleveraging effort, however, could be
stalled by lingering challenges within China's property industry.
These challenges include homebuyers' prolonged concerns over
economic growth and property price declines.

Yuexiu Property's liquidity is good, underpinned by its sizable
cash on hand and good access to funding, supported by its
state-owned background. Moody's expects the company's cash holding
and operating cash flow to be sufficient to cover its maturing
debt, committed land payments and dividend payments over the next
12-18 months.

Moody's assessments of a strong likelihood of support for Yuexiu
Property from Guangzhou Yue Xiu factors in (1) the parent's status
as Yuexiu Property's single-largest shareholder, with close
management oversight of the company, (2) the track record of
financial assistance from the parent, (3) Yuexiu Property's
significant contributions to the group's revenue and earnings, and
(4) the company's strategic role in developing the parent's core
property business, particularly in the Greater Bay Area.

The senior unsecured ratings for Yuexiu Property and its fully
owned subsidiaries are not affected by the subordination to claims
at the operating company level. This is because, despite the
company's status as a holding company, Moody's expects parental
support to flow through to the companies rather than directly to
its main operating subsidiaries, thereby mitigating any differences
in expected losses from structural subordination.

In terms of environmental, social and governance (ESG)
considerations, Yuexiu Property's Ba1 CFR considers the company's
ownership by Guangzhou Yue Xiu and Guangzhou Metro Group Co., Ltd.
(A1 negative), which are in turn owned by the Guangzhou municipal
government and are under the government's supervision; and the
company's track record of maintaining stable business and financial
performance.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade of Yuexiu Property's ratings is unlikely, given the
negative outlook.

However, Moody's could change the outlook to stable if the
company's credit metrics improve, with its EBIT/interest rising
above 3.0x and its adjusted debt/EBITDA improving to less than
6.5x; the company maintains its strong strategic and economic
importance to Guangzhou Yue Xiu; and Guangzhou Yue Xiu's capacity
to provide support remains strong.

On the other hand, Moody's could downgrade the ratings if Guangzhou
Yue Xiu's ability or willingness to provide support declines;
Yuexiu Property's sales decline significantly; its liquidity
deteriorates because of weak sales or aggressive growth; or its
credit metrics are unlikely to improve toward 7.0x – 7.5x over
the next 12 months.

The principal methodology used in these ratings was Homebuilding
and Property Development published in September 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

Yuexiu Property listed on the Hong Kong Stock Exchange in 1992. The
company's and its subsidiaries' core businesses are in property
development and investment.

As of December 31, 2024, Yuexiu Property was 45.34% owned by
Guangzhou Yue Xiu Holdings Limited and 19.9% owned by Guangzhou
Metro Group Co., Ltd. Both Guangzhou Yue Xiu and Guangzhou Metro
are owned by the Guangzhou municipal government.



=================
H O N G   K O N G
=================

VISTRA HOLDINGS: S&P Downgrades ICR to 'B' on Slower Deleveraging
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Vistra Holdings Ltd. to 'B' from 'B+'. S&P also lowered its issue
ratings on the first-lien term loans that the company guarantees to
'B' from 'B+'. The recovery rating remains at '3' with recovery
prospects unchanged at 55%.

The stable outlook reflects S&P's view that Vistra will grow its
topline at 5%-7% and improve free operating cash flow (FOCF). This
should help the fund and corporate service provider gradually lower
its debt-to-EBITDA ratio to 7.3x in 2026, from 7.9x as of June
2025.

Unfavorable business conditions will lead to slower organic growth
for Vistra. S&P anticipate organic revenue growth for 2025-2026
will slow to 3%-5% annually, from its previous expectation of
6%-7%. This is mainly due to business challenges in the U.S. and
Europe, which will only be partially offset by good growth in
Asia.

Vistra's topline and EBITDA have underperformed S&P's expectations
in the first half of 2025. Management EBITDA grew by 4% year on
year in the period, significantly lower than its forecast of 17%.

Geopolitical uncertainty and proposed tariffs have significantly
dampened outbound investment by U.S. corporations. These factors
contributed to a reduced appetite for international expansion,
which S&P believes weighed on Vistra's growth trajectory. Organic
revenue growth was 2% in the first half of 2025, a decrease from 4%
in 2024. Higher competition from new entrants and clients deciding
to insource more discretionary services may have led to lower
revenue at the company.

S&P assumes an acceleration in topline growth to 6% year on year
during the second half of 2025. This will be driven by delayed
revenue recognition from the first half, modest price rises, and
better conversion from the company's order pipeline. Organic growth
may stay slow in 2026 because price increases will likely become
more difficult as clients come under budget constraints, especially
in more discretionary services such as advisory.

Higher staff costs and exceptional charges could weigh on margins.
Since the start of 2025, Vistra has shifted its strategy to offer
multi-country solutions instead of single country-specific
services. Its sales process has also prioritized large projects,
with a greater emphasis on Europe and the U.S. That means Vistra is
competing more directly with established firms in those markets.

To capture inbound business flows in the U.S., Vistra's plan to
build up a local presence will likely add to staff costs. During
the first half of 2025, management EBITDA margin was flat on a
yearly basis at 33%. This is despite Vistra's good execution of
cost synergies from the merger with Tricor Holdings Ltd. by
migrating staff to lower-cost locations, rightsizing duplicated
staff, and savings from consolidating its real estate presence. S&P
anticipates that increased costs associated with frontline team
redeployment and developing service capabilities in higher-cost
countries will likely offset the cost synergies.

In addition, the desire to expand quickly could fuel a greater
appetite for acquisitions and increased exceptional spending. In
2024, higher exceptional spending related to M&A ate into cost
synergies from the Tricor merger, resulting in Vistra's EBITDA
margin declining to 31.2% from 33.7% (proforma 2023 financials).
Consequently, S&P lowered its EBITDA margin forecast to 31%-32% for
2025-2026, from 34%-35% previously.

S&P said, "We forecast Vistra's debt leverage will exceed 7.0x
until 2027. The pace and scale of the company's acquisitions have
been higher than our expectations. We had assumed annual
acquisition spending of US$50 million. In the first half of 2025,
the company already spent US$105 million for acquiring payroll
servicing company iiPay. This could add 2% on top of 4% organic
growth in 2025, but the incremental EBITDA will not help the
company deleverage meaningfully with the additional debt.

"Vistra will generate FOCF of US$72 million in 2025 and US$88
million in 2026, according to our estimates. However, we assume
most of this cash flow will be deployed on tuck-in acquisitions. As
a result, the company's debt leverage will not decrease
significantly from 7.9x for the 12 months ended June 30, 2025.

"The stable outlook is based our assumption that Vistra will grow
revenue at 5%-7%, primarily via cross selling, modest price
increases, and some bolt-on acquisitions. We expect the company to
improve FOCF and gradually reduce leverage to 7.3x in 2026 from
7.8x in 2024.

"We could lower the rating if Vistra's recurring revenues decline
significantly due to heightened competition, or if margins erode
due to lower returns on staffing investments than we expect."

This could be indicated by an adjusted debt-to-EBITDA ratio
exceeding 8.0x or EBITDA interest coverage falling below 2.0x.

S&P could raise the ratings if Vistra is able to maintain a
debt-to-EBITDA ratio below 6.5x and EBITDA interest coverage above
3.0x.



=========
I N D I A
=========

AAYUR TECHNOLOGY: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Aayur
Technology Solutions Private Limited (ATSPL) continue to be 'Crisil
B+/Stable Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3         Crisil B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     1.44      Crisil B+/Stable (Issuer Not  
   Bank Loan Facility               Cooperating)

   Term Loan              1.93      Crisil B+/Stable (Issuer Not
                                    Cooperating)

   Working Capital        2.89      Crisil B+/Stable (Issuer Not
   Term Loan                        Cooperating)

Crisil Ratings has been consistently following up with ATSPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ATSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ATSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ATSPL continues to be 'Crisil B+/Stable Issuer not cooperating'.  

ATSPL, incorporated in 2006, is engage in manufacturing of
integrated systems and electro-mechanical equipment's for the
defense sector. ATSPL is owned & managed by Captain OP Dua (CEO),
Mr.S D Shenoy (Chairman & Director) & Mr Kiran K Jyothis (Managing
Director). ATSPL's facilities is located at Rajajinagar,
Bangalore.


ALLIED INDIA: CRISIL Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Allied India
Iron and Steels Private Limited (AI) continue to be 'CRISIL
B-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.5         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Cash Credit          10.5         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with AI for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of AI
continues to be 'Crisil B-/Stable Issuer not cooperating'.  

AI was set up in 2004, by Mr Mahboob Alam. The company commenced
commercial production in January 2009. It manufactures
thermo-mechanically treated bars at its facility in Giridih
(Jharkhand).


DEE PLONE: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Dee Plone Polyster Pvt Ltd
Floor-1, 10/12, Budharji B Building,
        Vithoba Lane, Vitthalwadi,
        Kalbadevi, Mumbai, Maharahstra-400002

Insolvency Commencement Date: September 2, 2025

Estimated date of closure of
insolvency resolution process: March 1, 2026

Court: National Company Law Tribunal, Mumbai Bench-II
Insolvency
Professional: Mr. Anuj Bajpai
       708, Raheja Centre,
              Nariman Point, Mumbai City,
              Maharahstra-400021
              Email: anuj19603@yahoo.co.in

              c/o Resurgent Resolution Professionals LLP
              602, 6th Floor, Central PLaza
              166 CST Road, Kolivery Village
              Santacruz (East), Mumbai 400098
              Email: cirpdeeplone@gmail.com

Last date for
submission of claims: September 16, 2025


JAI HANUMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jai Hanuman
Agrotech Private Limited (JHAPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     0.18       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              3.62       CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with JHAPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of JHAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JHAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JHAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


JHAPL was set up by Mr Santosh Kumar, Mr Ajeet Kumar and Mr. Pramod
Kumar for providing a multipurpose cold storage facility in Patna.
The total capacity is 10,000 tonne and has been operational since
March 2015.


KRISHNA BHOG: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Krishna Bhog
Rice Industries Private Limited (KBRIPL) continue to be 'Crisil
B+/Stable Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.10       Crisil B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         4.15       Crisil B+/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with KBRIPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of KBRIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
KBRIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of KBRIPL continues to be 'Crisil B+/Stable Issuer not
cooperating'.  

Established in 2014 by Mr. Niranjan Kumar Agarwal, KBRIPL processes
paddy into non-basmati raw and parboiled rice. The firm has its
manufacturing facility at Burdwan in West Bengal.


KRUPA SERVICES: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Shri Krupa
Services Private Limited (SKSPL; part of the SKSPL group) continues
to be 'Crisil B/Stable Issuer not cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.5        Crisil B/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with SKSPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SKSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SKSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SKSPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

The SKSPL group, set up by Mr DB Khedkar and family in 1991,
provides support services such as security, housekeeping facility
management, and manpower staffing to corporate entities. The
Pune-based group is also present in Mumbai, Bengaluru, Goa,
Gujarat, Delhi, and Chennai. Operations are managed by Mr Mahesh
Khedkar and Mr Raghavendra Khedkar.


KVR STEELS: Liquidation Process Case Summary
--------------------------------------------
Debtor: KVR Steels Orissa Ltd
Baruan Shegarh, Balarose,
        Orissa, India-756060

Liquidation Commencement Date: August 24, 2025

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Umesh Chandra Sahoo
     Plot No-4, Snowdro Apartment,
            Laxmi Sagar, Cuttack Road,
            Bhubaneswar-751006
            Email: info@nayadarshan.com

            NAYADARSHAN ASSOCIATES
            Plot No-282, Shop No-3 First Floor
            Essen City Center
            Cuttack Road, Bhubaneswar-751006
            Email: cirp.kvrsteels@gmail.com  

Last date for
submission of claims: September 24, 2025


MAHAVEER COTTS: CRISIL Cuts Rating on INR6cr Cash Loan to D
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Mahaveer Cotts Strings Limited (MCSL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6        Crisil D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'Crisil B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with MCSL for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of MCSL, which restricts Crisil
Ratings' ability to take a forward-looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MCSL
is consistent with 'Assessing Information Adequacy Risk'.

The rating on the bank facilities of MCSL has been downgraded to
'Crisil D Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not
Cooperating' basis the delay in the debt servicing obligation as
per the publicly available information

MCSL was set up in 2008 by Mr. Kamalchand Jain and his family. The
company, based in Bhikangaon district (Madhya Pradesh), produces
cotton bales by ginning and pressing raw cotton (kapas).


MEGHA PLAST: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Megha Plast
Private Limited (MPPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       3          CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with MPPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of MPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Incorporated in 2002, Meghalaya-based MPPL commenced operations in
November 2005. Mr Trilokchand Agrawal, Mr Suresh Agrawal, and Mr
Ayush Agrawal are the promoters, while Mr Sohan Gupta (the
director) manages the operations. The company manufactures PP/HDPE
bags for cement companies in northeast India.


PRATHAMESH INDUSTRIES: CRISIL Withdraws B Rating on LT Debt
-----------------------------------------------------------
Crisil Ratings has withdrawn its rating on the bank facilities of
Prathamesh Industries (PI) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with Crisil Rating's policy on withdrawal of its rating
on bank loan facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating      -          Crisil B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

Crisil Ratings has been consistently following up with PI for
obtaining information through letter and email dated April 4, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of PI. This restricts Crisil
Ratings' ability to take a forward looking view on the credit
quality of the entity. Crisil Ratings believes that rating action
on PI is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of PI continues to be 'Crisil B/Stable Issuer Not
Cooperating'.

PI, a partnership firm set up in January 2001, manufactures
thermoset plastic-molded components (the core business for the
electrical industry), along with sheet metal parts and turned
parts. It also designs and produces tools and dies required for
molding and sheet metal. Further, it undertakes assemblies and
kitting requirements for the switchgear, motor, alternator
industries. Its facility is at Ahmednagar in Maharashtra. Mr
Ramchandra M Sukhtankar and Mr Chinmay R Sukhtankar own and manage
the business.


RA FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RA Fashions
Private Limited (RAFPL; part of the Ashro group) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.50       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         1.91       CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        2.59       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

Crisil Ratings has been consistently following up with RAFPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of RAFPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RAFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RAFPL continues to be 'Crisil D Issuer not cooperating'.  

ATPL and RAFPL were incorporated in 2011 by Mr Ravinder Agarwal.
The group manufactures readymade garments for men and women. The
weaving unit is in Wada (Thane) and the stitching unit in
Bengaluru.


RADHADEVI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radhadevi
Industries (RDI) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.5        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         1.2        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     6.3        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with RDI for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of RDI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RDI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RDI continues to be 'Crisil D Issuer not cooperating'.  

RDI was set up in 2005 by Mr. Bosukunda Radhakrishna and his family
members. The firm manufactures forged components for the automobile
industry. It is based in Kakinada, Andhra Pradesh.


RAJESHWARI COTSPIN: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Rajeshwari
Cotspin Limited (RWCL) continue to be 'Crisil D/Crisil D Issuer not
cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit            2.5        Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit            5          Crisil D (Issuer Not
                                     Cooperating)

   Term Loan             14.04       Crisil D (Issuer Not
                                     Cooperating)

   Term Loan             13          Crisil D (Issuer Not
                                     Cooperating)

   Working Capital        4.46       Crisil D (Issuer Not
   Term Loan                         Cooperating)

Crisil Ratings has been consistently following up with RWCL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of RWCL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RWCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RWCL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Incorporated in February 2013, RWCL undertakes cotton ginning and
spinning to manufacture cotton yarn in multiple counts, which is
used in products such as bedsheets, terry towels, suiting, shirting
and hosiery. Its facility is located at Dahegam. Mr Maheshbhai
Bachubhai Patel and Mr Pravinbhai Nagjibhai Khunt are the
promoters.


RAN INDIA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: RAN INDIA STEELS PTIVATE LIMITED
First Floor, New No.510, Old No.164,  
        T.T.K. Road, Alwarpet, Chennai,
        Tamil Nadu - 600018

Insolvency Commencement Date: September 1, 2025

Estimated date of closure of
insolvency resolution process: March 1, 2026

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: P Balasubramanian
       85/3, Sukkaliyur,
              Karuppampalayam Village, Karur – 639003
              Email: karurbalaw@gmail.com

              Door No.3&4, 157E Ground Floor,
              Mahathma Gandhi Road,
              Bharathi Nagar, Karur – 639002
              Email: cirp.ranindia@gmail.com

Last date for
submission of claims: September 16, 2025


ROYSONS CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Roysons
Ceramics Private Limited (RCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.35        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             12.5        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with RCPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of RCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RCPL continues to be 'Crisil D Issuer not cooperating'.  

RCPL, incorporated in August 2016, manufactures products such as
general castable, calcined clay, high alumina castable and mortar,
magnesite ramming mass, and bed materials. The plant in Burdwan
(West Bengal) has production capacity of 31,200 tonne per annum.
Commercial operations started from February 2018. Mr Saubhik Ray,
Mr Subhankar Ray and Mr Gopal Ray are the directors.


SADARAM GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sadaram
Ginning and Pressing Industries (SGPI) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         3          CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SGPI for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SGPI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SGPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SGPI continues to be 'Crisil D Issuer not cooperating'.  

SGPI was set up in 2014 by Mr. Dashrath Bhatiya. The firm is
engaged in ginning and pressing of raw cotton. Its ginning unit is
based in Patan (Gujarat). Since last three years the manufacturing
facility is non-operational.


SANGINI COMMERCE: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sangini
Commerce Private Limited (SCPL) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             35         CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Term Loan             15         CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Working Capital        3         CRISIL B-/Stable (Issuer Not
   Demand Loan                      Cooperating)

   Working Capital        2         CRISIL B-/Stable (Issuer Not
   Demand Loan                      Cooperating)

Crisil Ratings has been consistently following up with SCPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SCPL continues to be 'Crisil B-/Stable Issuer not cooperating'.  

SCPL was incorporated in March 2007 by Mr. Pun Pun Agrawal and Mr.
Pawan Agrawal to undertake trading operations. In September 2009,
SCPL was acquired by Ms. Rani Maurya and Mr. Madhukar Maurya to
enter the hotel business. The company is constructing a 150-room
premium (five-star category) hotel at Sarnath in Varanasi (Uttar
Pradesh), and recently entered into an agreement with the Hyatt
group for management of the hotel.


SANMAAN RICE: CRISIL Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Sanmaan Rice
Mills (SRM) continue to be 'Crisil B-/Stable Issuer not
cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            13         Crisil B-/Stable (Issuer Not
                                     Cooperating)

   Term Loan               6         Crisil B-/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SRM for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SRM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SRM continues to be 'Crisil B-/Stable Issuer not cooperating'.  

Muktasar (Punjab)-based SRM was set up in 1998 as a partnership
firm. It mainly processes basmati rice, and sells it under the
Sanmaan brand in both domestic and export markets.


SAPTAGIRI BOILED: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Saptagiri
Boiled and Raw Rice Mill (SBRRM) continues to be 'Crisil B+/Stable
Issuer not cooperating'.  

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         Crisil B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Cash          1         Crisil B+/Stable (Issuer Not
   Credit Limit                     Cooperating)

Crisil Ratings has been consistently following up with SBRRM for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SBRRM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SBRRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SBRRM continues to be 'Crisil B+/Stable Issuer not cooperating'.  

SBRRM, a partnership firm of Mr. Kodala Uma Venkata Subba Rao and
Mrs. Kodali Padma Thulasi is engaged in processing and milling of
non-basmati rice. Its processing facility has installed capacity of
4 tonnes per hour and is located in Ongole, Andhra Pradesh.


SATYA SUBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Satya Subal
Himghar Private Limited (SSHPL) continues to be 'Crisil D Issuer
not cooperating'.  

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Fund-Based             10         CRISIL D (ISSUER NOT
   Facilities                        COOPERATING)

Crisil Ratings has been consistently following up with SSHPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SSHPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSHPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 2012 and promoted by Mr Bhaskar Ghosh, Mr Dipankar
Ghosh, Mr Sasanka Ghosh, Mr Shankar Ghosh and Mr Kinkar Prasad
Ghosh, SSHPL operates a potato cold storage facility in
Chandrakona, West Bengal, which has capacity of 172,000 quintal per
annum.


SHAHJAHANPUR EDIBLES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shahjahanpur
Edibles Private Limited (SEPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             3         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               7         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SEPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SEPL continues to be 'Crisil D Issuer not cooperating'.  

SEPL was set up in 2014 and is currently promoted by Mr. Shivkumar
Agarwal and his family. The company is engaged in manufacturing of
Liquid Glucose, Malto Dextrin Powder and Gluten in Shahjahanpur,
Uttar Pradesh. Its promoters have two decades of experience in
trading of food grains and gunny bags.


SHASHIRADHA COLD: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Shashiradha
Cold Storage Private Limited (SCSPL) continue to be 'Crisil
B-/Stable Issuer not cooperating'.  

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.9       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

   Term Loan             4.2       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

   Working Capital
   Facility              0.4       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

Crisil Ratings has been consistently following up with SCSPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SCSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SCSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SCSPL continues to be 'Crisil B-/Stable Issuer not cooperating'.  

SCSPL, incorporated in 2015, operates a cold storage unit for
potatoes, with capacity of 1,83,000 quintal, in Pashchim Medinipur,
West Bengal. The company occasionally trades in potatoes to ensure
optimum capacity utilisation of the cold storage unit. It also
finances farmers' potato storage, which is refinanced by banks.


SHYAM BEARINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Shyam
Bearings Private Limited (SSBPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            22         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        2.5       CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SSBPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SSBPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSBPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


SSBPL, based in Kolkata, was set up in 2005 to take over operations
of Shree Shyam Enterprises, established in 1995. The company is an
authorised distributor of bearings for principals NSK Ltd, Japan,
and MinsK Bearings Plant, Belarus. It is also an authorised dealer
for fire extinguishers of Siam Safety Premier Company Ltd,
Thailand.


SILICA HEALTHCARE: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Silica
Healthcare Private Limited (SHPL) continue to be 'Crisil B+/Stable
Issuer not cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan       68          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)
   
   Long Term Loan        0.32       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

Crisil Ratings has been consistently following up with SHPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SHPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SHPL continues to be 'Crisil B+/Stable Issuer not cooperating'.  

SHPL was incorporated in year 2020. SHPL is currently setting up a
plant to manufacture Intravenous (IV) Fluids in District -
Vaishali, Bihar with installed capacity of IV Fluids by ISBM Line
of 600 Lakh Bottles per annum and IV Fluids by FFS Line of 240 Lakh
Bottles per annum.

The plant is expected to be commissioned in May 2024.

SHPL is owned & managed by Mr. Abhinav Mayank and Mr. Amrendra
Kumar.


SILIGURI BUILDERS: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Siliguri
Builders Stores (SBS) continues to be 'Crisil B/Stable Issuer not
cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         Crisil B/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with SBS for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SBS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SBS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SBS continues to be 'Crisil B/Stable Issuer not cooperating'.  

Established in 1964 as a proprietorship concern of Siliguri-based
Mr Ram Kumar Agarwal, SBS was reconstituted as a partnership
concern on April 1, 2015, when Mr Kailash Agarwal and Mr Om Prakash
Agarwal (third generation of Agarwal family) joined as partners.
The firm is an authorised distributor of JSW for sale of galvanised
plain/galvanised corrugated/pre-painted galvanised iron sheets and
thermo-mechanically treated (TMT) bars in five northern districts
of West Bengal. The firm also sells TMT bars of local players in
Durgapur, West Bengal. Moreover, it is the sole distributor of
Vishaka Industries Ltd's asbestos sheets in North Bengal.


SIPL TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SIPL Textiles
Private Limited (SIPL; earlier Saurer Embroidery Systems India Pvt
Ltd) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.1        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            3.75       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.59       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              1.2        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              2.86       CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SIPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Incorporated in 1997, SIPL embroiders fabric. It was the sole
marketing and servicing agent for Switzerland-based Oerlikon Saurer
(manufacturer of shuttle embroidery machines) products in India.
However, this business was discontinued in fiscal 2016. SIPL's
manufacturing plant is in Gurgaon, Haryana.



SUMERU DEVELOPERS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sumeru
Developers (SD) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              8         CRISIL B/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with SD for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SD, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SD is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SD
continues to be 'Crisil B/Stable Issuer not cooperating'.  

SD, based at Pune and established in 2006, is a proprietorship firm
of Pune-based Raikar family. The firm develops real estate. It has
completed one project, Sushrut, and is undertaking construction of
a residential project in Pune.


SURAJ PRAKASH: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Suraj Prakash Estates Private Limited
4th Floor, C-216, Nirman Vihar,
        Delhi, India, 110092

Liquidation Commencement Date: August 28, 2025

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Saurabh Agrawal
     403, Nirmal Tower,
            26 Barakhamba Road,
            Connaught Place, New Delhi 110001
            Email Id: saurabhfcs@gmail.com
            Telephone Number: +91 9811365004,
                              011-40366403

Last date for
submission of claims: September 27, 2025


T. A. ABDUL: CRISIL Moves D Debt Rating From Not Cooperating
------------------------------------------------------------
Due to inadequate information and in line with the guidelines of
the Securities and Exchange Board of India, Crisil Ratings had
migrated the ratings on the bank facilities of T. A. Abdul Rahiman
(TAAR) to 'Crisil D/Crisil D Issuer Not Cooperating'. However, the
management has subsequently started sharing the requisite
information necessary for carrying out a comprehensive review of
the ratings. Consequently, Crisil Ratings is migrating the ratings
of TAAR to 'Crisil D/Crisil D' from 'Crisil D/Crisil D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         Crisil D (Migrated from
                                     'Crisil D ISSUER NOT
                                     COOPERATING')

   Short Term Rating       -         Crisil D (Migrated from
                                     'Crisil D ISSUER NOT
                                     COOPERATING')

The ratings reflect delay in servicing interest and repayment of
guaranteed emergency credit line (GECL) term loans and commercial
vehicle loan facilities during the past 90 days due to poor
liquidity.

The ratings continue to reflect the modest scale of operations and
exposure to risks arising from intense competition and geographical
concentration in revenue as well as susceptibility of the margin to
volatility in raw material prices. These weaknesses are partially
offset by the extensive experience of the proprietor in the civil
construction industry and TAAR's moderate financial risk profile.

Analytical approach: Standalone

Crisil Ratings has followed the standalone approach while assessing
the credit profile of TAAR.

Key rating drivers and detailed description

Weaknesses:

* Modest scale of operations amidst intense competition: The civil
construction industry is highly fragmented, and the consequent
intense competition may continue to constrain scalability, pricing
power and profitability. The revenue was subdued at INR93.34.32
crore in fiscal 2025 against INR89.32.83 crore in fiscal 2024.

* High degree of geographical concentration: TAAR's operations are
restricted to Kerala, with most work orders undertaken for the
roads and bridges department. Thus, business is likely to remain
vulnerable to concentration risk, in terms of customer and
geographical presence.

Strengths:

* Extensive experience of the proprietor: The three-decade-long
experience of the proprietor, Mr T. A. Abdul Rahiman, in the civil
construction business has helped the firm establish a strong
presence in Kerala. Furthermore, the proprietor has a keen
understanding of local market dynamics and maintains healthy
relationships with suppliers and customers.

* Moderate financial risk profile: The capital structure is
moderate as reflected by estimated gearing of 1.25 times as on
March 31, 2025, while networth was estimated at INR33.48. crore.
The debt protection metrics were comfortable, as indicated by
interest coverage and net cash accrual to adjusted debt ratios of
1.99 times and 0.11 time, respectively, in fiscal 2025.

Liquidity: Poor

Bank limit utilisation was high at 83.50% on average for the 12
months through April 2025. Current ratio are moderate at estimate
1.71 times on March 31, 2025. There are delays in repayment of TL
in the recent past.

Rating sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least 90 days
* Improvement in the working capital cycle

Set up in 1992 as a proprietorship firm by Mr T. A. Abdul Rahiman,
TAAR undertakes civil construction contracts, mainly building roads
and bridges in Kerala.


UP MONEY: CRISIL Lowers Rating on INR3.97cr PTCs to D(SO)
---------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Up Money Limited (Up Money), as:

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Series A1 PTCs- LT     3.97       Crisil D (SO) (Issuer Not
                                     Cooperating) Downgraded from
                                     'Crisil B+ (SO) ISSUER NOT
                                     COOPERATING'; Removed from
                                     'Rating Watch with Negative
                                     Implications'

Crisil Ratings has been consistently following up with Up Money,
the originator and servicer in the transaction, for obtaining
information through emails dated August 25, 2025, August 26, 2025
and August 28, 2025, apart from telephonic communication.

Subsequently on September 2, 2025, Crisil Ratings issued letter to
the originator on critical information requested under Clause
28.4.2 of SEBI circular on 'Monitoring and Review of Ratings by
Credit Rating Agencies'. Follow-up emails were sent on September 5,
2025, September 8, 2025, September 9, 2025, September 10, 2025 and
September 15, 2025. However, Up Money has not provided the required
data.   

The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Crisil Ratings has downgraded the rating to 'Crisil D (SO) Issuer
Not Cooperating' from 'Crisil B+ (SO) Issuer Not Cooperating' for
the Series A1 pass-through certificates (PTCs) issued by Currus 12
2024. The rating has been removed from 'Rating Watch with Negative
Implications'. The pool is backed by receivables from vehicle and
unsecured MSME loans originated and serviced by Up Money Limited
(Up Money).

The rating action is a result of the delay in servicing interest of
INR0.04 crore, which was due and payable on September 12, 2025.
This delay was caused by the servicer's non-adherence to
transaction structure and procedural delay in the liquidation of
adequate cash collateral, available in the transaction structure.

The Trustee has intimated that Up Money has neither shared the
collection report for August 2025 nor transferred the collections
to the Collection and Payout (C&P) account to date. Notably, the
expected collections from the underlying pool for August 2025 were
INR0.68 crore, which is approximately 17 times higher than the
interest payout due and payable of INR0.04 crore on September 12,
2025.

As an additional layer of safety, the transaction has a cash
collateral of INR0.41 crore, in the form of a fixed deposit (lien
marked to the trust), which amounts to approximately 10 times the
promised interest payout for September 2025. The cash collateral
fixed deposit has been kept with Capital Small Finance Bank
Limited.

According to the structure, the Trustee is required to send
instructions to the cash collateral bank for liquidation of the
fixed deposit, which is lien marked in favor of the Trust, one
business day prior to the payout date of September 12, 2025, as
required under the Trust Deed. The instruction to liquidate the FD
was sent by the Trustee to the bank in a timely manner, as per the
transaction terms. Crisil Ratings understands that the Trustee has
been repeatedly following up with the cash collateral bank for cash
collateral invocation, as directed by the transaction terms and
existing regulations. The Trustee also issued a legal notice to the
bank on September 8, 2025. Nevertheless, as of the current date,
the liquidation of cash collateral is still under process across
all transactions due to procedural delays in the bank.

Crisil Ratings believes that rating action on Series A1 PTCs is
consistent with 'Assessing Information Adequacy Risk'. Despite
repeated attempts to engage with the management, Crisil Ratings has
not received critical information including servicer collections
report and originator's financial performance.

The transaction has a par with Timely Interest Ultimate Principal'
payment mechanism. Consequently, only interest payment is due and
payable on each payout date. The principal is only payable on each
payout date subject to adequacy of funds in C&P account but becomes
due and payable on the final maturity date. Cash collateral (CC) of
INR0.41 crore in the form of fixed deposit (lien marked to the
Trust) is available in the transaction structure to make the
promised interest payouts.

* Payment structure: The transaction has a 'par with Timely
Interest Ultimate Principal' payment mechanism, wherein the trust
settled by the Trustee i.e Catalyst Trusteeship Limited has issued
Series A1 PTCs to investors for amounts equal to 87.5% of initial
pool principal as on the cut-off date.

Series A1 PTC holders are promised timely interest payments on a
monthly basis. Principal repayment, while expected on a monthly
basis, is promised only on an ultimate basis by the instrument's
final maturity date.

* Adequacy of credit enhancement: As after August 2025 payouts, the
PTC payouts are supported by external credit enhancement through
cash collateral amounting to INR0.41 crore (which can be drawn down
to meet promised investor payouts). The external credit enhancement
amounts to ~10 times of promised interest payout for September
2025. While the cash collateral was invoked in timely manner by
trustee, payment was delayed due to procedural delay by cash
collateral bank.

* Initial pool characteristics: The salient features of the pool as
on the cut-off date (November 30, 2024) based on the loan-level
information submitted to Crisil Ratings are as follows:

   - The contracts in the pool pertain to unsecured MSME and
Vehicle loan (two-wheeler & electric vehicle) loans originated by
Up Money Limited.

    - All the contracts in the pool are current as of cut-off
date.

    - The minimum seasoning of contracts is 4 monthly instalments
paid.


Furthermore, the originator has also represented the following:

    - None of the loans in the pool has been restructured or
rescheduled.

    - The loans are not hypothecated to any lender and do not have
any encumbrances on the date of securitisation.

Up Money Limited is spearheaded by its promoters - Mr. Ajit Singh
Chawla, Mr. Parveen Kaur Chawla and Mr. Sumel Singh Chawla and is
currently present in 9 states and nearby suburbs through a network
of 84 branches, of which 40 are in Punjab. The company extends
unsecured MSME loans to rural and semi-urban customers for
enhancing their existing business. The company also provides
secured loans against property and vehicle loans like two wheelers,
commercial vehicles, electric vehicles.


VEES PROPERTIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: VEES PROPERTIES LIMITED
       (Formerly known as KGS Developers Limited)
        No.10, 2nd Cross Street Raja Annamalaipuram,
        Chennai, Tamil Nadu, India, 600028

Insolvency Commencement Date: September 3, 2025

Estimated date of closure of
insolvency resolution process: March 2, 2026

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Ashish Vyas
              B-1A Viceroy Court CHS, Thakur Village,
              Kandivali (East), Mumbai Suburban,
              Maharashtra - 400101
              Email id: info@dimax.in

              A-402 Suashish IT Park, Dattapada Road,
              Borivali (East), Mumbai – 400066
              Email id: cirp.vpl@gmail.com

Classes of Creditors: Home Buyers, if any

Authorized Representative
of creditors in a class: 1. Mr. Alok Murarka
                         2. Mr. Rakesh Kumar Tulsyan
                         3. Mr. Dinesh Gopal Mundada

Last date for
submission of claims: September 17, 2025


VIROO MAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Viroo Mal
Mulkh Raj Jain Rice Mills Private Limited (Viroo) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit              58       CRISIL D (Issuer Not
                                     Cooperating)

   Warehouse Financing      10       CRISIL D (Issuer Not
                                     Cooperating)

   Warehouse Financing       2       CRISIL D (Issuer Not
                                     Cooperating)

   Warehouse Financing       7       CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with Viroo for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Viroo, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on Viroo
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
Viroo continues to be 'Crisil D Issuer not cooperating'.  

Viroo was set up as a proprietorship firm by Mr Gulshan Jain in
2003; it was reconstituted as a partnership firm in July 2012, and
as a private limited company in March 2015. The company processes
and trades in rice.




=========
J A P A N
=========

NISSAN MOTOR: France to Review Nissan Europe's Supplier Payments
----------------------------------------------------------------
Reuters reports that the French government is reviewing whether
Nissan Motor's European business paid suppliers on time, and it has
asked the automaker to submit extensive financial records for 2024,
correspondence reviewed by Reuters showed.

The French economy ministry's competition department informed
Nissan Automotive Europe of the review last month, saying it was
part of a broader effort to ensure companies were paying their
suppliers promptly, according to an August 19 letter, Reuters
relays.

It plans to inspect Nissan's regional headquarters in
Montigny-le-Bretonneux near Paris on October 7 as part of the
process, the letter shows.

According to Reuters, the scrutiny comes as the company is
undertaking a sweeping global turnaround plan aimed at cutting $3.4
billion in costs and returning to growth.

The Japanese automaker has not been accused of any wrongdoing,
Reuters notes. Nissan Europe was instructed in the letter to submit
accounting and payment records from January 1 to December 31, 2024,
and other documentation ahead of the inspection of its regional
headquarters.

Nissan could face administrative punishment, including fines, if
violations are found, it was told in the letter cited by Reuters.
Under French law, companies must pay suppliers within 60 days of an
invoice being issued or risk penalties of up to EUR2 million
(US$2.36 million).

The French investigation and other contents of the correspondence,
which did not name the affected suppliers or the number involved,
have not been reported previously.

Reuters reported in June that Nissan offered some suppliers in the
European Union and Britain the option to get paid more if they
agreed to accept delayed payment, a move that would help the
struggling automaker free up short-term cash.

It is not uncommon for companies to request payment extensions from
suppliers to manage cash flow, and it was not clear what prompted
regulators to scrutinise Nissan's actions, Reuters states.

Nissan Automotive Europe received a request for information from a
French authority about supplier payments made from its European
headquarters in France, the company said in a statement to Reuters,
without providing further details.

"No wrongdoing by Nissan has been indicated in the request, and we
are fully cooperating with the authority in question and ready to
provide the necessary information and clarifications," it added,
without naming the authority requesting the information.

A spokesperson for the French economy ministry's competition
department declined to comment, Reuters notes.

                          About Nissan Motor

Japan-based Nissan Motor Co., Ltd. manufactures and distributes
automobiles and related parts. The Company produces luxury cars,
sports cars, commercial vehicles, and more. Nissan Motor markets
its products worldwide.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-July 2025, Fitch Ratings has assigned a rating of 'BB' to
Nissan Motor's (BB/Negative) proposed senior unsecured US dollar
and euro notes.  The proposed notes are rated in line with Nissan's
Long-Term Foreign-Currency Issuer Default Rating (IDR), as they
represent the company's direct, unsecured and unsubordinated
obligations, and rank pari passu with all its other unsecured and
unsubordinated debt. The proceeds will be used for general
corporate purposes.  The company expects the proceeds from the new
notes to be used to prefund the refinancing of maturing notes.
Fitch does not expect the company's net debt balance after issuance
to change materially, leaving the company's financial structure
unchanged.

Fitch Ratings, in April 2025, downgraded Nissan Motor's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) and
senior unsecured rating to 'BB' from 'BB+'. The Outlook is
Negative. Fitch has affirmed the Short-Term Foreign- and
Local-Currency IDRs at 'B'.

The TCR-AP reported on July 9, 2025, S&P Global Ratings assigned
its 'BB' issue credit rating to Nissan Motor's (BB/Negative/B)
three proposed U.S.-dollar denominated senior unsecured notes and
two proposed euro-denominated senior unsecured notes. The notes
differ in maturities.  In March 2025, S&P lowered its long-term
issuer credit ratings on Nissan Motor and its overseas subsidiaries
to 'BB' and affirmed its short-term issuer credit ratings on each
company at 'B'. The negative outlook reflects S&P's view that the
company's creditworthiness may continue to deteriorate as a
challenging operating environment hampers profitability improvement
and free cash flow losses continue.

Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3
the senior unsecured rating for Nissan Motor Co., Ltd. At the same
time, Moody's have assigned a Ba1 corporate family rating and
withdrawn the company's Baa3 issuer rating. Moody's have also
maintained the negative rating outlook.




===============
M A L A Y S I A
===============

MM2 ASIA: Malaysian Unit Shuts Down as it Goes Into Liquidation
---------------------------------------------------------------
Malay Mail reports that cinema chain mmCineplexes announced on its
social media channels that it was shutting down.

In a "notice of creditors voluntary liquidation", mmCineplexes
announced that mm2 Star Screen Sdn Bhd has been placed into
creditors voluntary liquidation (CVL), Malay Mail relates.

No other details were given besides the company's immediately
ceasing operations.

According to Malay Mail, the company also stated that any future
correspondence be directed to the liquidators Rodgers Reidy & Co
via email at mss@rodgersreidy.com.my.

While mmCineplexes is not as widely known as the bigger cinema
chains such as GSC and TGV there had not been obvious signs of any
issues, what with its social media channels actively posting right
up to the day of its liquidation announcement, Malay Mail says.

The cinema chain, that claims to be Malaysia's third largest, had
thirteen locations, with its Kuala Lumpur cineplex in Berjaya Times
Square, one in Kuching, Sarawak as well as cineplexes in Johor,
Melaka, Kedah, Perak and Penang.

mm2 Star Screen Sdn Bhd is a Malaysian subsidiary of entertainment
group mm2 Asia Ltd.

Based in Singapore, mm2 Asia Ltd. (SGX:1B0) --
https://www.mm2asia.com/ -- primarily engages in the media and
entertainment industry, focusing on the production, distribution,
and exhibition of films and television content. The company
operates through its subsidiaries, including Cathay Cineplexes,
which manages cinema operations.

On Sept. 1, 2025, Luke Anthony Furler and Tan Kim Han of Quantuma
(Singapore) were appointed as Joint and Several Provisional
Liquidators of Cathay Cineplexes Pte Ltd pursuant to Section 161 of
the Insolvency, Restructuring and Dissolution Act 2018.  




=====================
N E W   Z E A L A N D
=====================

FOREST PARK: Court to Hear Wind-Up Petition on Oct. 30
------------------------------------------------------
A petition to wind up the operations of Forest Park Development
Limited will be heard before the High Court at Auckland on Oct. 30,
2025, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 14, 2025.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


GROOVED LIMITED: Court to Hear Wind-Up Petition on Oct. 23
----------------------------------------------------------
A petition to wind up the operations of Grooved Limited will be
heard before the High Court at Auckland on Oct. 23, 2025, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 11, 2025.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


KIWI BEVERAGES: Faces Liquidation Over Alleged Unpaid Invoices
--------------------------------------------------------------
The Post reports that a supplier is seeking to liquidate drinks
maker Kiwi Beverages Sugar Free Ltd after alleging the company
failed to pay overdue invoices for more than two years.

Kiwi Beverages is owned by David Thexton, who previously founded
Rio Beverages which was sold to Australian-based Coca-Cola Amatil
and US-based Coca-Cola Company for NZD40 million in 2002.

According to The Post, one of the Papakura, Auckland-based
company's suppliers, Doehler NZ, filed to put it into liquidation
in July. A Doehler NZ spokesperson told The Post it was trying to
claw back invoice funds.

"Doehler NZ is trying to put Kiwi Beverage on liquidation for
outstanding debt, with the hope that the return to creditors from
the liquidation could help us cover the debt," The Post quotes the
spokesperson as saying.

"Kiwi Beverage Co is Doehler NZ Limited's customer, and they
haven't paid for overdue invoices, which have been outstanding for
over two years," the spokesperson said. "We finally received their
repayment plan by July last year, however, it hasn't been followed
up."

Doehler Group produces and markets natural ingredients for the food
and beverage industries with local operations based in Australia
through Doehler Australia and NZ.

The spokesperson did not confirm how much was owed to Doehler NZ,
The Post notes.

Mr. Thexton served as the company's founding director and held 50%
of shares at the time of the application while managing director
Amanda Morgan held the other 50% of company shares.

The liquidation application was lodged on July 17 and is set to be
heard in the High Court at Auckland on October 2.

Kiwi Beverages Sugar Free Ltd manufactures a range of drinks
including sugar-free and keto beverages such as Kiwi Sunshine,
Frutee, Rio Gold Juice and Dirty Dog sugar-free energy drinks.
Stockists included New World, Pak'nSave, Fresh Choice, Four Square
and other small Aotearoa retailers.


LAYBUY GROUP: Creditors' Proofs of Debt Due on Oct. 10
------------------------------------------------------
Creditors of Laybuy Group Holdings 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. 12, 2025.

The company's liquidators are:

          Stephen Speers Keen
          Malcolm Russell Moore
          Grant Thornton New Zealand Limited
          PO Box 1961
          Auckland



LAYBUY GROUP: Grant Thornton Appointed as Liquidators
-----------------------------------------------------
NZ Herald reports that buy now, pay later service Laybuy, which has
been in receivership since June last year, has gone into
liquidation.

The company owed more than NZD15 million to creditors at the time
of its receivership, including NZD8.5 million owing to Kiwibank.

Russell Moore and Stephen Keen of Grant Thornton have been
appointed liquidators, NZ Herald discloses.

                           About Laybuy

Based in Auckland, New Zealand, Laybuy Group Holdings Limited
provides consumer financing services in New Zealand, Australia, and
the United Kingdom.  It offers a line of credit products to
customers in buy now, pay later model through an integrated payment
platform.

Gary Rohloff founded Laybuy in 2016.  On June 17, 2024, Laybuy
Group Holdings Ltd, Laybuy Holdings Ltd and Laybuy Australia were
placed in receivership.   Deloitte Australia has been named as
receivers for the companies.



PALMERSTON NORTH: BDO Wellington Appointed as Receivers
-------------------------------------------------------
Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington
Limited on Sept. 9, 2025, were appointed as receivers and managers
of Palmerston North Engineering Limited (previously known as Gary
Douglas Engineers Limited).

The receivers and managers may be reached at:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington Limited
          Level 1, 50 Customhouse Quay
          Wellington 6011


TUARANGI TOWERS: Creditors' Proofs of Debt Due on Nov. 10
---------------------------------------------------------
Creditors of Tuarangi Towers Limited are required to file their
proofs of debt by Nov. 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:

          David Edward Thomas
          Don't Be Limited
          C/- 13C/65 Chapel Street
          Tauranga Central Shopping Centre
          Tauranga
          New Zealand




=================
S I N G A P O R E
=================

ALPHA BIZCOM: Court to Hear Wind-Up Petition on Sept. 26
--------------------------------------------------------
A petition to wind up the operations of Alpha Bizcom Pte. Ltd. will
be heard before the High Court of Singapore on Sept. 26, 2025, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 1, 2025.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542  


DRB TRANSPORT: Court to Hear Wind-Up Petition on Sept. 26
---------------------------------------------------------
A petition to wind up the operations of DRB Transport & Logistics
Pte. Ltd. will be heard before the High Court of Singapore on Sept.
26, 2025, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 3, 2025.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542  


SG CHEMICALS: Court to Hear Wind-Up Petition on Oct. 3
------------------------------------------------------
A petition to wind up the operations of SG Chemicals Pte. Ltd. will
be heard before the High Court of Singapore on Oct. 3, 2025, at
10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on Sept. 9, 2025.

The Petitioner's solicitors are:

          Quantum Law Corporation
          No. 10 Anson Road
          #26-10 International Plaza
          Singapore 079903



V.I.P AUTO: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Sept. 5, 2025, to
wind up the operations of V.I.P Auto Nation Pte. Ltd.

DBS Bank Ltd 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


YONG TENG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Sept. 5, 2025, to
wind up the operations of Yong Teng Pte. Ltd.

United Overseas Bank 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





=================
S R I   L A N K A
=================

SRI LANKA: CBSL Holds Policy Rate Ahead of Budget, IMF Review
-------------------------------------------------------------
Reuters reports that Sri Lanka's central bank kept its overnight
policy rate unchanged on Sept. 24, as it aims to underpin growth
ahead of the country's budget and a visit by a delegation of the
International Monetary Fund for its latest review.

The Central Bank of Sri Lanka (CBSL) held the overnight policy rate
at 7.75%.

According to Reuters, the central bank said in a statement that
gross domestic product expanded by an annual 4.8% in the first half
of 2025, with inflation expected to hit its target of 5% by
mid-2026.

Reuters relates that Governor P. Weerasinghe said similar growth
was anticipated for the July-September quarter during a briefing in
Colombo.

"Monetary policy has filtered well into the economy. Indicators
tracked by us point to economic growth continuing for the rest of
the year," he said, Reuters relates.

Sri Lanka, recovering from a severe financial crisis triggered by a
dollar shortage in 2022, is targeting 4.5% GDP growth this year,
Reuters notes.

Markets had widely anticipated the monetary board's decision, given
inflation was just 1.2% year-on-year in August.

"Another policy cut this year depends on the playoff created by the
cut in U.S. rates, potential global volatilities that influence
energy prices, alongside what levels of inflation Sri Lanka will
realise in the next few months," Reuters quotes Anjali Hewapathage,
deputy head of macroeconomic research at Frontier Research, as
saying.

The last CBSL policy meeting for this year will be held on November
25, Reuters says.

The central bank trimmed its benchmark interest rate by 25 basis
points in May in a surprise move to support growth.

According to Reuters, President Anura Kumara Dissanayake, who also
serves as finance minister, will present the 2026 budget on
November 7, which is expected to outline plans for record capital
expenditure.

A delegation of the IMF will be in Colombo to conduct a fifth
review, says Reuters. Sri Lanka completed a $22.5 billion debt
rework last December with bilateral creditors and bondholders after
defaulting on its foreign debt at the height of the crisis in May
2022.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia.  Sri Jayawardenepura Kotte is its legislative capital, and
Colombo is its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.

S&P Global Ratings, on Sept. 19, 2025, 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+'.

Fitch Ratings upgraded Sri Lanka's Long-Term Foreign-Currency IDR
to 'CCC+', from 'RD' (Restricted Default) on Dec. 20, 2024.  Fitch
also upgraded the Long-Term Local-Currency IDR to 'CCC+', from
'CCC-', to align with the Long-Term Foreign-Currency IDR.

Moody's also upgraded Sri Lanka's long-term foreign currency issuer
rating to Caa1 from Ca on Dec. 23, 2024.  The outlook is stable.




=============
V I E T N A M
=============

SOUTHEAST ASIA COMMERCIAL: Moody's Affirms 'Ba3' LT Deposit Ratings
-------------------------------------------------------------------
Moody's Ratings has affirmed Southeast Asia Commercial Joint Stock
Bank's (SeABank) Ba3 local currency (LC) and foreign currency (FC)
long-term (LT) bank deposit and issuer ratings, as well as its b1
Baseline Credit Assessment (BCA) and Adjusted BCA.

Moody's have also affirmed SeABank's Ba3 LT FC and LC Counterparty
Risk Ratings (CRRs) and Ba3(cr) LT Counterparty Risk (CR)
Assessment, NP short-term (ST) FC and LC CRRs, ST FC and LC bank
deposit ratings, ST FC and LC issuer ratings and NP(cr) ST CR
Assessment.

The rating outlook, where applicable, remains stable.

RATINGS RATIONALE

The affirmation of SeABank's Ba3 ratings is driven by Moody's
expectations that the bank's above peer average capitalization and
stable asset quality will help mitigate risks from its very high
reliance on market funds and modest liquidity.

SeABank's asset quality remained broadly stable with its
nonperforming loans ratio (NPL) increasing marginally to 2.0% as of
June 2025 compared to 1.9% in December 2024, with most of its
delinquencies from retail borrowers and small and medium-sized
enterprises. New delinquencies over the next 12-18 months will
remain low given the bank's adequate track record in asset quality
management.

SeABank's capitalization is a credit strength, with its tangible
common equity (TCE) as a percentage of adjusted risk-weighted
assets (RWA), or TCE ratio, at 12.1% as of June 2025, the highest
among its similarly rated peers. While higher RWA growth and weaker
internal capital generation will weigh negatively on the bank's
capitalization, Moody's expects the bank's TCE ratio to remain
around 11.5% over the next 12-18 months.

The bank's profitability, based on net income / tangible assets,
improved in the first half of 2025 compared to a year ago,
supported by the sale of its consumer finance subsidiary. Without
this one-off gain, core profitability weakened over the same period
because of lower net interest margin (NIM) and non-interest income
and will remain under pressure in 2026 amid further narrowing in
NIM and a modest increase in credit costs.

SeABank's funding structure has deteriorated with its reliance on
market funds the highest among Moody's-rated peers in Vietnam. Its
market funds as a percentage of tangible banking assets was 44% as
of June 2025. The increase was driven by significant interbank
operations on both sides of SeABank's balance sheet. The bank has
modest liquidity buffers, with its high-quality liquid assets, such
as cash, balances with the central bank and government securities,
accounting for around 8% of its tangible banking assets as of June
2025.

The bank's Ba3 deposit ratings are one notch above its b1 BCA
reflecting Moody's assumptions of a moderate probability of support
to SeABank from the Government of Vietnam (Ba2 stable) in times of
need.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade the BCA if the bank lowers its reliance on
market funds to below 25% of tangible banking assets and increases
high-quality liquid assets as a percentage of tangible banking
assets to above 15%. Improvements in asset quality and
profitability will also be positive for the BCA.

Moody's could downgrade SeABank's b1 BCA and ratings if its asset
quality deteriorates, leading to higher credit costs and a decrease
in the return on tangible assets to below 1%. A decline in its
tangible common equity to adjusted risk weighted assets ratio
(TCE/RWA) below 11.5% on a sustained basis or further weakening in
its funding and liquidity will also be negative for the BCA and
ratings.

Moody's would also downgrade SeABank's ratings if Moody's assesses
that government support for the bank has weakened.

The principal methodology used in these ratings was Banks published
in November 2024.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

Southeast Asia Commercial Joint Stock Bank (SeABank), headquartered
in Hanoi, reported total assets of VND379 trillion as of June 30,
2025.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2025.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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