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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

          Monday, September 29, 2025, Vol. 28, No. 194

                           Headlines



A U S T R A L I A

AEGROS BIOPHARMA: First Creditors' Meeting Set for Oct. 1
CORONADO GLOBAL: Moody's Confirms 'Caa2' CFR, Outlook Negative
CYCLONE CITY: First Creditors' Meeting Set for Oct. 1
FREEDOM FM: First Creditors' Meeting Set for Sept. 30
M PLUS: First Creditors' Meeting Set for Oct. 1

MINERAL RESOURCES: Moody's Rates New USD700MM Sr. Unsec. Notes Ba3
NICKEL INDUSTRIES: Fitch Rates New USD500MM Sr. Unsec. Bonds 'B+'
NICKEL INDUSTRIES: Moody's Rates New Senior Unsecured Notes 'B1'
SURE PEOPLE: First Creditors' Meeting Set for Oct. 3


C A M B O D I A

ACLEDA BANK: S&P Affirms 'B+/B' ICRs, Outlook Stable
ADVANCED BANK: S&P Affirms 'B+' Long-Term ICR, Outlook Stable


C H I N A

AIRNET TECH: Renames to Yueda Digital Holding
XINYUAN REAL ESTATE: Appeals NYSE Delisting Determination
ZHAOJIN MINING: S&P Affirms 'BB+' ICR, Outlook Stable
ZW DATA: CNET to Acquire 19.6% Stake in Titans Investment for $720K


H O N G   K O N G

CHONG HING: Fitch Assigns 'BB-' Final Rating to AT1 Securities
NEW WORLD: Post HKD16.3BB Annual Net Loss for Year Ended June 30


I N D I A

A. GANGWAL REAL ESTATE: Insolvency Resolution Process Case Summary
ABU GHAZALEH: Voluntary Liquidation Process Case Summary
AGS TRANSACT: Insolvency Resolution Process Case Summary
ARUNACHALA & CO: CRISIL Keeps B Debt Ratings in Not Cooperating
ASHWANI GOYAL: CARE Keeps D Rating in Not Cooperating Category

ASIAN IMPEX: CARE Keeps D Debt Rating in Not Cooperating Category
ASTEN PROPERTIES: Liquidation Process Case Summary
BATHSHA MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating
BVSR HARDA: CRISIL Keeps B Debt Ratings in Not Cooperating
CITYSTAR INFRASTRUCTURES: Insolvency Resolution Case Summary

CU ENERGIES: Insolvency Resolution Process Case Summary
DEVARAJA AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
DIGIZONE TECHNOLOGY: Insolvency Resolution Process Case Summary
DISTICHEMI PROCESS: CRISIL Keeps D Ratings in Not Cooperating
DOLPHIN OFFSHORE: CRISIL Keeps C Debt Ratings in Not Cooperating

GSR AND KKR: CRISIL Keeps D Debt Ratings in Not Cooperating
HEMNIL METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
JAYA BAKERS: CRISIL Keeps B Debt Ratings in Not Cooperating
LAKSHMI TOBACCOS: CARE Keeps D Debt Rating in Not Cooperating
MANGALORE FISHMEAL: CARE Keeps D Debt Rating in Not Cooperating

MOTI RAM: CARE Keeps D Debt Rating in Not Cooperating Category
NAMAN METAL: CRISIL Keeps B Debt Rating in Not Cooperating
NATHJI COTTON: CARE Keeps D Debt Rating in Not Cooperating
PREMIER PROTEINS: Insolvency Resolution Process Case Summary
REDDY VEERANNA: CRISIL Keeps D Debt Ratings in Not Cooperating

REPUTE FOODS: Insolvency Resolution Process Case Summary
S C ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
SHAN PAVE: Voluntary Liquidation Process Case Summary
SHIVSWATI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
SIKKA MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category

SILK COTTON: CARE Keeps D Debt Rating in Not Cooperating Category
SUKH SAGAR: CARE Keeps B- Debt Rating in Not Cooperating Category
SUMATHI SPINNING: CRISIL Keeps B Debt Rating in Not Cooperating
VASUPUJYA ENTERPRISES: Insolvency Resolution Process Case Summary
VICEROY EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating

VISION MINERALS: CRISIL Keeps D Debt Ratings in Not Cooperating
VR COMMODITIES: Insolvency Resolution Process Case Summary


J A P A N

NIDEC CORP: Annual Report Submitted on Time; No Auditor Opinion


M A C A U

SJM HOLDINGS: Moody's Affirms Ba3 CFR, Alters Outlook to Negative


N E W   Z E A L A N D

HQ ARTS: Creditors' Proofs of Debt Due on Oct. 16
LAYBUY HOLDINGS: Creditors' Proofs of Debt Due on Oct. 10
M & J CONTRACTING: Creditors' Proofs of Debt Due on Nov. 4
PHILIP MOORE: Court to Hear Wind-Up Petition on Sept. 30
TOIMATA BUILDERS: Court to Hear Wind-Up Petition on Sept. 30



P H I L I P P I N E S

CORK WINE: Swings to Loss in 2024; Equity Deficit Widens 173%


S I N G A P O R E

APROWERKS SINGAPORE: Court Enters Wind-Up Order
ARJAN INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 3
BRAWN VIETNAM: Creditors' Meeting Set for Sept. 30
GRIP PRINCIPLE: Court Enters Wind-Up Order
MAXEON SOLAR: Amends Development Deal With TCL Zhonghuan Units

TE2KS-RH PTE: Creditors' Proofs of Debt Due on Oct. 17


V I E T N A M

TIEN PHONG: Moody's Cuts Bank Deposit & Issuer Ratings to B1

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A U S T R A L I A
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AEGROS BIOPHARMA: First Creditors' Meeting Set for Oct. 1
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Aegros
Biopharma Pty Ltd will be held on Oct. 1, 2025 at 11:00 a.m. at the
offices of RSM Australia Partners, at Level 3, 488 Queen Street, in
Brisbane, QLD, and via virtual meeting technology.

Mitchell Herrett and Brett Lord of RSM Australia Partners were
appointed as administrators of the company on Sept. 19, 2025.


CORONADO GLOBAL: Moody's Confirms 'Caa2' CFR, Outlook Negative
--------------------------------------------------------------
Moody's Ratings has confirmed Coronado Global Resources Inc.'s
corporate family rating and the backed senior secured notes rating
of Coronado Finance Pty Ltd at Caa2. The outlook is negative.
Previously, all ratings were on review for downgrade.

This concludes the review for downgrade initiated on July 07,
2025.

RATINGS RATIONALE

The rating confirmation reflects Moody's views that Coronado has
taken steps to improve its near-term liquidity position,
particularly through the amended Stanwell agreement and continued
access to its ABL facility following its recent review event. The
confirmation also reflects Moody's views that recovery prospects
have remained relatively stable over the last several months.

However, the company continues to remain exposed to elevated
default risk over the next 12 to 18 months. This risk is driven by
Coronado's high operational and financial leverage and is
compounded by the absence of a sustained recovery in coal prices or
further material liquidity-enhancing measures, such as minority
asset sales, customer prepayments, or other forms of external
support.

Coronado's June quarterly results demonstrated progress in cost
management and project execution, with production volumes
increasing and further ramp-up expected at Mammoth and Buchanan.
However, Moody's remains cautious regarding the sustainability of
these improvements, given ongoing balance sheet pressures and a
persistently weak coal market. While operational performance is
expected to improve in the second half of 2025, covenant buffers
under the ABL facility remain tight and may come under further
pressure as terms become more restrictive. Moody's expects cash
balances to decline materially from the reported US$262 million at
June 30, 2025, driven by ongoing cash burn, variable working
capital needs, insurance and rail obligations, coupon payments, and
execution risks associated with ramp-up activities.

These concerns are heightened by tightening covenants,
rating-linked triggers, and lender discretion, all of which
constrain Coronado's financial flexibility heading into 2026. This
is particularly relevant as Stanwell rebate payments are scheduled
to resume in January 2026. Moody's anticipates potential covenant
breaches in the first half of next year, alongside limited debt
capacity and continued negative free cash flow until at least 2027.
As a result, the company will need to continue exploring liquidity
levers, including minority asset sales or other funding actions,
though execution risks remain elevated given current market
conditions.

While cash burn may moderate through the remainder of 2025,
supported by rebate relief and ongoing cost-out initiatives, the
absence of a sustained recovery in coal prices or meaningful cost
improvements is likely to lead to accelerated cash depletion in
2026, resulting in a funding shortfall and a heightened probability
of default. Moody's will continue to monitor whether developments
around production volumes and lower unit costs translate into a
more stable operating profile, particularly as funding requirements
persist amid ongoing coal market volatility.

The negative outlook reflects ongoing uncertainty around Coronado's
ability to deliver a sustainable operating position, maintain
access to committed funding, and secure additional liquidity in the
absence of a coal market recovery. Without material cost reductions
or external liquidity support, the company may struggle to offset
the impact of persistently low prices, increasing the risk of
further cash erosion and financial distress over the near-term.

LIQUIDITY

Coronado's liquidity profile remains weak and highly sensitive to
coal price volatility. As of June 30, 2025, the company reported
cash and cash equivalents of US$262 million, with an additional
US$22 million available under the ABL facility, bringing total
available liquidity to US$284 million.

The ABL facility was refinanced in June 2025, with US$75 million
drawn and the remaining US$75 million available for 12 months,
subject to borrowing base eligibility and covenant compliance.
While access to the facility has been maintained following the
recent review event, further drawdowns remain uncertain given
tighter covenant headroom and ongoing funding requirements related
to ramp-ups, insurance payments, take-or-pay obligations, and
coupon payments. Operational challenges may further pressure cash
balances and covenant compliance. Although the facility provides
near-term flexibility, access remains contingent on covenant
compliance, which is increasingly challenged in the current price
environment despite more lenient terms through early 2026.

The amended Stanwell agreement provided US$150 million in near-term
liquidity support, comprising a US$75 million prepayment and up to
US$75 million in rebate deferrals from April to December 2025.
These measures offer critical short-term relief but introduce
long-term repayment obligations, with the deferred amounts
repayable through coal deliveries from 2027 over five years.

Assuming a metallurgical coal price of US$180 per tonne for the
remainder of 2025 and no additional liquidity support, Coronado is
expected to remain free cash flow negative over the next 12 to 18
months. This reflects the expiry of rebate relief and ongoing
funding needs. It remains uncertain whether Stanwell would agree to
extend deferrals if requested again in 2026.

While there has been progress on cost-out initiatives and early
signs of unit cost improvement from the Mammoth and Buchanan
ramp-ups, sustained gains remain to be seen.

Liquidity remains vulnerable to coal price and debt market
volatility, which could impact both the timing and terms of any new
funding. While the ABL facility remains in place, there is a
near-term risk of covenant breach, particularly given expectations
of weak EBITDA. The tightening of covenants into 2026 adds further
uncertainty around Coronado's ability to maintain access to the
facility and secure waivers in a timely manner.

The company continues to explore additional liquidity levers,
including minority asset sales, customer prepayments, and other
funding options. However, execution risks remain elevated amid
ongoing market uncertainty, and the success of these initiatives
will be critical to mitigating near-term funding pressures.

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

Coronado's ratings could be downgraded further if the risk of
default intensifies or if recovery prospects for creditors weaken.
This could occur if 1) liquidity deteriorates more than expected;
2) high operating costs persist; 3) the company is unable to
maintain access to the ABL facility, or if an event of default is
triggered, and/or; 4) it fails to execute liquidity-enhancing
transactions needed to avoid a potential default.

Conversely, the ratings could be upgraded if Coronado takes timely
and effective steps to materially improve its liquidity profile and
strengthen financial flexibility over the next 12 to 18 months.
This could include the successful execution of asset sales,
securing new sources of funding, or other liquidity-enhancing
measures. A recovery in coal prices or sustained improvements in
cost performance could also support a more stable credit profile.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATION

Coronado Global Resources Inc.'s ESG Credit Impact Score is CIS-5
indicating that the credit rating is lower than it would have been
if ESG risk exposures did not exist. Coronado's credit impact score
reflects the company's exposure to environmental and social risks
related to its coal mining operations. Further, governance risks
stem from its liquidity and risk management practices as well as
majority private equity ownership.

METHODOLOGY

The principal methodology used in these ratings was Mining
published in April 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.

Coronado Global Resources Inc. (ASX:CRN) was founded in 2011 with
the intention to acquire and develop existing met coal operations.
Coronado owns a portfolio of eight active operating mines across 3
mining complexes located in Queensland, Australia, and in the
states of Virginia and West Virginia in the US. Coronado is
majority owned by the Energy & Minerals Group (EMG), a private
investment firm, and has been listed on the Australian Stock
Exchange (ASX) since 2018.

The company generated around $2.5 billion in revenue and $170
million of Moodys-adjusted EBITDA in 2024.

CYCLONE CITY: First Creditors' Meeting Set for Oct. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Cyclone City
Cleaners Pty Limited will be held on Oct. 1, 2025 at 10:00 a.m. at
Ground Floor 195, Victoria Square, in Adelaide, SA.

Michael van Dissel of Bernardi Martin was appointed as
administrator of the company on Sept. 22, 2025.


FREEDOM FM: First Creditors' Meeting Set for Sept. 30
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Freedom Fm
(ACT) Pty Limited will be held on Sept. 30, 2025 at 9:30 a.m. at
Beacon Advisory, at Level 6, AMP 1 Hobart Place, in Canberra, ACT
and via Zoom.

Anthony Lane of Beacon Advisory was appointed as administrator of
the company on Sept. 18, 2025.


M PLUS: First Creditors' Meeting Set for Oct. 1
-----------------------------------------------
A first meeting of the creditors in the proceedings of M Plus
Advisers Pty Ltd will be held on Oct. 1, 2025 at 11:00 a.m. via
telephone conference.

Jason Tang and Ian Niccol of KPT Restructuring were appointed as
administrators of the company on Sept. 19, 2025.


MINERAL RESOURCES: Moody's Rates New USD700MM Sr. Unsec. Notes Ba3
------------------------------------------------------------------
Moody's Ratings has assigned a Ba3 rating to Mineral Resources
Limited's (MinRes, or the "Company") proposed US$700 million senior
unsecured notes issuance.

The notes, issued by MinRes, will be unconditionally and
irrevocably guaranteed on a senior unsecured basis by all
wholly-owned subsidiaries of the Company (other than any immaterial
or unrestricted subsidiaries).

Proceeds from the notes will be used to redeem the Company's
outstanding US$700 million 8.125% Senior Notes due May 2027.

Moody's have also conducted a review of MinRes's ratings, including
the Ba3 corporate family rating (CFR) and the Ba3 senior unsecured
bond ratings, through a rating committee. The ratings and the
negative outlook remain unchanged.

RATINGS RATIONALE

The Ba3 rating assigned to the notes reflects MinRes' overall
credit profile. The rating is supported by (1) the diversity of its
operations, including good-quality lithium assets, a solid position
in mining services that provides revenue stability, and a portfolio
of iron ore assets that will strengthen further with the ramp-up of
the Onslow Iron project. Sustained performance at Onslow is
expected to materially improve MinRes's cost base and earnings
profile, helping offset the impact of weak lithium prices; (2) the
resilience and growth of its Mining Services division, which
delivered record EBITDA in FY25 and is expected to continue growing
with the Onslow project, benefiting from long-term contracts and
strong customer retention; and (3) management's recent actions to
strengthen governance and capital discipline, with a focus on both
organic and inorganic deleveraging aligned with prudent financial
policies.

The rating also considers (1) MinRes's direct and indirect exposure
to commodity price volatility, particularly in iron ore and
lithium, which has weighed on earnings and leverage in recent
periods; (2) elevated capital spending, driven by growth appetite
and ongoing investment in Onslow Iron and related infrastructure;
and (3) uncertainty around the final financial, legal, and
reputational implications of recent governance issues, including
ongoing ASIC investigations. The Board has announced a series of
actions to strengthen corporate governance, including board
renewal, enhanced compliance processes, and a leadership succession
plan. While these steps represent progress, the final outcomes and
implications remain uncertain and continue to pose risks to
stakeholder relationships and the company's strategic direction.
Execution risks also remain, particularly around the haul road
operations at Onslow, which will be closely monitored alongside
cost discipline and other initiatives.

MinRes's reported leverage—measured by Moody's adjusted gross
debt to EBITDA—is expected to remain elevated and above Moody's
4.0x tolerance level for the rating over the next 12 months,
reflecting debt-funded capital spending and continued weakness in
lithium prices. However, EBITDA is expected to improve in the
fiscal year ending June 2026 (fiscal 2026), supported by the
ramp-up of Onslow Iron and resilient Mining Services earnings.
This, together with reduced capital spending and anticipated
liquidity inflows, including Onslow carry loan repayments, the $200
million contingent payment from Morgan Stanley Infrastructure
Partners (MSIP), and other balance sheet initiatives, should
support an overall improvement in the company's financial profile.
Moody's notes the Board has set a long-term target of gross
leverage below 2.0x EBITDA.

MinRes's liquidity position remains adequate. As of June 30, 2025,
the company reported cash and cash equivalents of $412 million and
maintained access to approximately $705 million in undrawn
revolving credit facilities. The $800 million RCF is the only
secured debt in the capital structure and contains financial
maintenance covenants, which are being closely monitored as
leverage remains elevated. Although Onslow is now operating at
nameplate capacity, liquidity is expected to remain below
historical averages in the near term, given continued weak lithium
prices and remaining growth capital spending for FY26.

MinRes has demonstrated flexibility in managing liquidity,
including dividend suspension, capex deferral, and asset recycling,
and retains the ability to further defer spending or pursue
additional asset sales, if required. Management remains confident
that equity raising is not required at this stage, with organic and
inorganic deleveraging expected to support the balance sheet.
Moody's expects MinRes to become free cash flow positive over the
next 12-18 months, as Onslow delivers stable cash flows,
anticipated liquidity inflows materialize, and capital spending
moderates.

A comprehensive review of all credit ratings for the respective
issuer has been conducted during a rating committee.

OUTLOOK

The negative outlook reflects Moody's expectations that (1)
MinRes's credit metrics will remain weak for the rating over the
next 12 months, with improvement contingent on sustained delivery
at Onslow and potential execution risks, particularly around the
haul road, which is critical for maintaining nameplate capacity and
margin improvement, as well as any further progress on inorganic
deleveraging; and (2) free cash flow will remain negative over the
next 12 months, requiring MinRes to manage capital spending
prudently to maintain adequate liquidity buffers in the current
pricing environment. The outlook also captures ongoing
uncertainties regarding the potential reputational, financial, and
regulatory implications of ongoing corporate governance
investigations.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

MinRes' CIS-3 indicates that ESG considerations have a limited
impact on the current credit rating with the potential for greater
negative impact over time. MinRes has exposure to environmental and
social risks, but the company's lithium operations face lower
carbon transition risk given its commodities produced and the
benefit from demographic and social trends of moving towards
battery electric vehicles. More importantly, MinRes has increased
credit exposure to governance risk arising from corporate
governance issuer, with the potential reputational and financial
implications of these still uncertain. However, the company is
working to address these issues through a board refresh and ongoing
executive succession planning.

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

Moody's could stabilize the outlook if Onslow delivers sustained
operational performance in line with expectations or the company
demonstrates further progress on deleveraging, such that
debt/EBITDA is below 4.0x and EBIT/interest expense is above 2.0x.
Stabilization would also require the company to maintain good
liquidity buffers and progress or greater clarity on outstanding
governance and regulatory matters, for which the final implications
to the company remain uncertain.

An upgrade of the ratings is unlikely in the near term. However,
longer term, Moody's could upgrade the ratings if MinRes
successfully sustains Onslow at nameplate or above nameplate
capacity and establishes a track record of production, with Mining
Services earnings continuing to be robust while operating with a
conservative financial policy. Specifically, an upgrade would also
require: (1) debt/EBITDA sustained below 2.5x and (2) EBIT/interest
expense sustained above 3.0x.

Moody's could downgrade the ratings if MinRes underperforms Moody's
earnings expectations as a result of (1) operational challenges at
its mines; (2) execution issues with sustained production at
Onslow, including haul road reliability; (3) lower than expected
commodity prices for a protracted period; or (4) material Mining
Services contract losses. Ratings could also be downgraded if
MinRes commits to multiple growth projects that increase funding
needs to a level inconsistent with its current financial policy.
Specifically, Moody's could downgrade the ratings if: (1)
debt/EBITDA is sustained above 4.0x; (2) EBIT/interest expense is
sustained below 2.0x; (3) there is prolonged negative free cash
flow generation; and/or (4) its available liquidity (cash and
committed undrawn credit facilities) deteriorates materially.

RATING METHODOLOGY

The principal methodology used in this rating was Mining published
in April 2025.

MinRes's Ba3 rating is two notches above the scorecard-indicated
outcome of B2, reflecting the company's diversified operations and
resilient mining services earnings amid weaker commodity prices and
elevated debt from significant capital expenditure. While credit
metrics peaked at their weakest levels as at December 31, 2024,
Moody's expects gradual improvement supported by the Onslow iron
ore project reaching nameplate capacity. Nevertheless, execution
risks related to the haul road and uncertain market conditions
remain.

PROFILE

Mineral Resources Limited (ASX: MIN) is an ASX-listed company
operating across mining services, as well as mining of iron ore and
lithium minerals.

NICKEL INDUSTRIES: Fitch Rates New USD500MM Sr. Unsec. Bonds 'B+'
-----------------------------------------------------------------
Fitch Ratings has assigned a 'B+' rating with a Recovery Rating of
'RR4' to Nickel Industries Limited's (NIC, B+/Stable) proposed
senior unsecured bonds of USD500 million. They are rated at the
same level as the Issuer Default Rating as they constitute the
senior, unsecured and unsubordinated obligations of NIC.

NIC intends to refinance existing debt by tendering the existing
USD400 million of senior unsecured notes, with the remainder to
bolster liquidity, which has been significantly reduced by
challenging commodity markets and rising pressure on cash flow from
debt amortisation and capex. Fitch expects liquidity to improve
with the proposed bond issue; however, Fitch could take negative
rating action if NIC is unable to successfully place the bonds.

Key Rating Drivers

Tight Liquidity: Fitch expects NIC's proposed bonds to address its
liquidity shortfall in 2H25 and 2026, including USD209 million of
debt amortisation. Fitch believes NIC has some flexibility over the
acquisition of the Excelsior Nickel Cobalt (ENC) high pressure acid
leach (HPAL) project with respect to payments of USD253 million in
total to its major shareholder, currently scheduled in 1H26.

ENC Commissioning Delay: Fitch expects the later start of the first
production at ENC to have a manageable impact on NIC's leverage.
Fitch estimates EBITDA leverage to rise to around 4.5x in 2025
before improving in 2026 to below its negative rating trigger of
3.5x, the level at which Fitch would consider taking negative
rating action. Deleveraging would be supported by its expectation
of debt amortisation repayments and EBITDA contributions from new
projects, including ENC and the Sampala mine.

Elevated Regulatory Risks: NIC's rating incorporates its exposure
to higher-risk mining jurisdictions, less stable regulations,
progressively increasing mining costs through the delayed renewal
of the Kerja dan Anggaran Biaya Indonesian mining licence and
raised royalty rates. Fitch believes the changes would have a less
material impact on companies like NIC due to its size and
integration in downstream operations. However, the effect on NIC's
credit profile could be greater if the impact of further regulatory
reforms deviates from its expectations.

Cost Position Protects Profitability: NIC has a solid cash cost
position at its nickel pig iron (NPI) facilities and ownership of
power stations at the Angel Nickel Project (ANI) and Oracle Nickel
Project (ONI). Average cash costs at its rotary kiln-electric
furnaces (RKEFs) declined to USD10,233/tonne (t) in 2024, from
USD11,385/t in 2023, supporting the 12% EBITDA margin for RKEFs.
Fitch forecasts the margin to improve to 15% on stable volumes in
2025, and to 18% by 2027 despite an expected moderation in nickel
prices to USD15,000 under Fitch's price deck.

Acquisitions Improve Self-Sufficiency. NIC's binding acquisition
agreements for the Sampala project consist of three nickel mining
licences covering 6,654 hectares. The company is targeting the
first production by early 2026, with USD50 million in capex.
Sampala will increase self-sufficiency of nickel ore feedstock at
NIC's RKEFs and HPAL processing operations to 100%, supporting the
stability of supply.

Peer Analysis

NIC is a relatively large nickel producer with integrated upstream
operations, supplying around 60% of the feedstock for its
processing facilities. This is similar to the US's Cleveland-Cliffs
Inc. (BB-/Stable). NIC's low-cost operations place it in a better
position on the industry cost curve compared with Cleveland-Cliffs
and United States Steel Corporation (BBB-/Stable). However, NIC's
competitive cost position has been under increasing pressure due to
rising costs from mining regulation changes in Indonesia.

NIC has operated with a significantly higher average EBITDA margin
of 21% over the last three years, compared with a 8%-16% range
among its peers. However, higher-rated peers are typically
significantly larger in operational scale and revenue generation,
including Cleveland-Cliffs, United States Steel, and India's JSW
Steel Limited (BB/Stable). They also tend to be more diversified
and have higher exposure to value-added products. This gap could be
narrowed over the short term when NIC's major project ENC produces
at full capacity.

NIC's financial profile has worsened compared with the peer
average. Still, its credit metrics remain comparable with those of
JSW Steel, which has also required large capex in a
weak-commodity-price environment, and Fitch expects NIC's leverage
to improve in 2025.

Key Assumptions

Fitch's Key Assumptions Within the Rating Case for the Issuer:

- Nickel spot prices of USD15,300/t in 2025 and USD15,000/t
thereafter;

- NPI nickel equivalent price of around 75% to London Metal
Exchange nickel prices on average in 2025-2028;

- Stable production of NPI at Ranger Nickel (RNI), ANI, ONI and
Hengjaya Nickel (HNI) in 2025-2028;

- Capex on the ENC project of USD253 million in 2026, and first
production in March 2026;

- Fitch-calculated EBITDA margin of between 16% and 26% in
2025-2028.

Recovery Analysis

The recovery analysis assumes NIC would be reorganised as a going
concern in bankruptcy rather than liquidated. Fitch assumes a 10%
administrative claim.

Its going-concern EBITDA estimate of USD500 million reflects its
view of a sustainable, post-reorganisation EBITDA level on which
Fitch bases the enterprise valuation, as well as the mid-cycle
nickel price and stable lateritic nickel rotary kiln operations at
HNI, RNI, ANI, ONI, and the ENC project commencing production in
2H25.

Fitch uses a multiple of 5x to estimate a value for NIC, because of
its geographical concentration in Indonesia and smaller operational
scale compared with peers. This is despite stronger growth
prospects following ONI's production commencement.

The going-concern enterprise value corresponds to a 'RR3' Recovery
Rating for NIC's senior unsecured bonds after adjusting for
administrative claims and secured credit facilities. Nevertheless,
Fitch rates the senior unsecured notes at 'B+' and 'RR4', because
NIC's operating assets are located in Indonesia. Under its
Country-Specific Treatment of Recovery Ratings Criteria, Indonesia
is classified under the Group D of countries in terms of creditor
friendliness and Recovery Ratings are subject to a cap at 'RR4'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- An increase in EBITDA leverage to above 3.5x for a sustained
period;

- A decrease in EBITDA interest coverage to below 4.0x for a
sustained period;

- Weakening funding access;

- Weakening of Tsingshan's ability to make timely payments to NIC
related to NPI offtake purchases.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- An increase in production scale, while demonstrating improved
customer diversification;

- EBITDA leverage sustained below 2.5x.

Liquidity and Debt Structure

NIC's liquidity decreased to USD222 million in cash by end-2024 and
to USD145 million by end-June 2025, from USD779 million in December
2023.

Issuer Profile

NIC is a producer of Class 2 and Class 1 nickel, with four smelter
assets and one mining asset in Indonesia. NIC's ownership interest
in all four smelters - HNI, RNI, ANI and ONI - is 80%, with the
remaining 20% owned by Shanghai Decent Investment (Group) Co., Ltd,
a Tsingshan group company. NIC is progressing with the construction
of ENC, where the company's interest will be 55%. NIC also holds an
80% share in PT Hengjaya Mineralindo, a nickel and cobalt deposit
in the Morowali area.

Date of Relevant Committee

13 March 2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating         Recovery   
   -----------             ------         --------   
Nickel Industries
Limited

   senior unsecured     LT B+  New Rating   RR4

NICKEL INDUSTRIES: Moody's Rates New Senior Unsecured Notes 'B1'
----------------------------------------------------------------
Moody's Ratings has assigned a B1 rating to the proposed senior
unsecured notes due 2030 to be issued by Nickel Industries Limited
(NIC). Moody's have also conducted a review of NIC's existing
ratings, including its B1 Corporate Family Rating (CFR) and senior
unsecured ratings through a rating committee. These ratings and
stable outlook remain unchanged.

The expected use of proceeds for the bond issue is the repayment of
NIC's outstanding $400 million bonds due in October 2028, with the
remainder for general corporate purposes.

The rating of the proposed notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by us to date and assume that these
agreements are legally valid, binding and enforceable.

RATINGS RATIONALE

The B1 rating assigned to the proposed senior unsecured notes will
rank pari passu with all other unsecured, unsubordinated
indebtedness of the Company. The rating is at the same level as the
existing CFR of Nickel Industries Limited.

NIC's B1 rating continues to reflects (1) the solid operating
performance of its rotary kiln-electric furnace (RKEF) assets and
competitive unit costs owing to its vertically integrated nickel
operations, (2) increasing product diversity, with earnings derived
from the production of Nickel Pig Iron (NPI), nickel matte and
mixed hydroxide precipitate (MHP), an intermediate product used in
the production of nickel cathode and nickel sulfate, and (3) the
company's staged approached to growth funding.

The company's credit profile remains constrained by (1) exposure to
commodity price fluctuations with significant exposure to nickel
and derivative products; (2) its reliance on, and concentrated
exposure to Tsingshan group, a private entity; and (3) ongoing
focus on growth spending and acquisitions, which constrains free
cash flow.

NIC delivered a solid operating performance in 1H2025, although
overall Group EBITDA remained relatively flat. This outcome
reflects the company's integrated nickel operations, where rising
nickel ore prices supported stronger results from Hengjaya Mine,
offset by weaker profitability from its RKEF operations.

Over the next 12-18 months, NIC's credit profile will be, supported
by a material uplift in earnings and operating cash flow. This
improvement is underpinned by higher saleable production from the
Hengjaya Mine—contingent on the approval of the RKAB
extension—which is expected to lift output to 19Mt in 2025.
Further upside is anticipated from the commissioning of the ENC
HPAL plant in early 2026.

NIC's 44% interest in the ENC Project is backed by robust
contractual protections, including a capital expenditure guarantee,
a nameplate capacity guarantee of 72,000 tonnes of nickel metal per
annum, and a commissioning guarantee from Shanghai Decent. These
provisions enhance visibility over project execution and
operational performance, positioning the ENC Project to deliver
meaningful incremental earnings and cash flow contributions from
2026 onward.

Liquidity headroom reduced in the first half of 2025, with reported
cash reserves of $145 million as at June 30, 2025. Over the next 12
months, the company faces debt amortisation obligations of $209
million and Moody's estimates of $50 million of capex. The company
has demonstrated flexibility with respect to the remaining ENC
payments totalling $253 million, which have been deferred from
January 01, 2026 and April 01, 2026, to July 01, 2026 and October
01, 2026.

Moody's expects that completing the proposed notes issuance would
allow the company to maintain adequate liquidity headroom
consistent with its B1 rating. The successful execution of this
transaction will reduce near-term funding requirements, better
positioning the company to navigate its short-term obligations
while preserving sufficient liquidity buffers.

While Moody's understands the company has secured liquidity
backstop facilities totaling $100 million, liquidity headroom will
become inadequate in the event the company fails to successfully
issue the proposed notes, or execute on other potential liquidity
enhancing transactions.

Moody's adjusted Debt/ EBITDA registered at 3.5x for the last
twelve months (LTM) ended June 2025, and Moody's expects this to
register between 1.5x and 1.9x over the next 12–18 months,
supported by earnings contributions from ENC. NIC's historically
low financial leverage and its use equity to fund growth further
support its credit profile.

A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.

OUTLOOK

The outlook reflects Moody's expectations that the company's
liquidity headroom will be supported by the proposed notes issue
and that the company's upcoming payment obligations will be
manageable over the next several quarters under the agency's base
case.

Further, the outlook also reflects the rating agency's expectation
that NIC's credit metrics will remain consistent with the
parameters Moody's expects for its B1 rating.

LIQUIDITY

The rating action reflects Moody's expectations of an improvement
in the NIC's liquidity profile following the proposed bond issue.

The company reported cash and cash equivalents of $145.4 million as
of June 30, 2025. Moody's expects this to be applied in conjunction
with operating cash flows and expected bond proceeds to meet its
funding obligations in the near term.

At June 30, 2025, the company's current financing obligations
included debt amortisation obligations of $209 million and Moody's
estimates of $50 million of capex. The company has demonstrated
flexibility with respect to the remaining ENC payments totalling
$253 million, which have been deferred from January 01, 2026 and
April 01, 2026, to July 01, 2026 and October 01, 2026.

Moody's expects the company to apply the bond proceeds to repay its
outstanding October 2028 bonds to improve its debt amortization
profile, with any remaining proceeds to be used for general
corporate purpose to support its liquidity profile

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

Moody's may consider an upgrade to the credit ratings if the
company diversifies its revenue base to other customers such that
the concentration risk associated with Tsingshan is reduced.

The rating could also be upgraded if NIC maintains a track record
of consistent operating performance and maintenance of its low-cost
position across its key currently producing RKEF facilities.
Further, the agency would expect NIC to maintain a strong financial
profile with credit metrics consistent with a higher rating, and a
materially improved liquidity profile.

The ratings could be downgraded if the company fails to
successfully issue the proposed notes and/or is unable to execute
on other potential liquidity enhancing transactions.

The rating could also be downgraded as a result of material delays
to the granting of the anticipated RKAB mine license extension,
delays in the commissioning of its ENC plant, or operating
challenges at the company's existing operations that result in
further liquidity pressure.

The rating could be downgraded if realised NPI prices, and
consequently NIC's NPI margins, fall well below Moody's base
sensitivity assumptions on a sustained basis and/or the company's
cost and operating performance deteriorates meaningfully.

Specifically, financial metrics that Moody's would consider for a
downgrade include EBIT/interest expense below 3.0x and/or
debt/EBITDA above 4.0x on a consistent basis. The rating could also
be downgraded if NIC's free cash flow generation turns negative for
a protracted period and/or liquidity deteriorates meaningfully.

The principal methodology used in this rating was Steel 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.

PROFILE

Nickel Industries Limited (NIC) is an Australian Securities
Exchange-listed company with assets in Indonesia, primarily
producing nickel pig iron (NPI) but also nickel matte. NIC is now
transitioning its production to focus on the electric vehicle (EV)
battery supply chain. NIC operates in partnership with the world's
largest stainless-steel producer, Tsingshan, which is also the
largest shareholder in NIC.

SURE PEOPLE: First Creditors' Meeting Set for Oct. 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of Sure People
Solutions Pty Ltd will be held on Oct. 3, 2025 at 2:00 p.m. via
Zoom.

Robert Allan Jacobs and Andrew Michael Smith of Auxilium Partners
were appointed as administrators of the company on Sept. 22, 2025.




===============
C A M B O D I A
===============

ACLEDA BANK: S&P Affirms 'B+/B' ICRs, Outlook Stable
----------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term and 'B' short-term
issuer credit ratings on ACLEDA Bank PLC. The rating outlook is
stable.

ACLEDA is likely to maintain its strong business position and
funding profile in Cambodia over the next 12-18 months. These
factors will underpin stable and healthy earnings.

S&P said, "We forecast ACLEDA will maintain its market share over
the next 12-18 months, with loans growing at 8%-13%, in line with
the Cambodian industry. That said, ACLEDA remains exposed to
headwinds facing the Cambodian economy and the banking sector.
These factors could weigh on its asset quality.

"We anticipate ACLEDA's RAC ratio will settle below 7% over the
next 12-18 months. The ratio had touched 7.2% in 2024, driven by
slower loan growth, overseas placements, steady earnings, and 90%
earnings retention. A pick up in loan growth as credit demand
recovers, gradual winding down of low-risk external assets, and
elevated credit losses will cause the RAC ratio to trend lower.

"In our view, ACLEDA's investment of excess funds in overseas
assets is opportunistic. The funds will likely be redeployed in
domestic assets, predominantly loans, as conditions improve. The
bank will likely also use subordinated debt to support growth.

"We do not factor any capital infusion into ACLEDA over the next
12-18 months. The bank's capital adequacy ratio remains well over
the regulatory minimum of 15%."

Elevated credit losses and high operational costs will drag down
ACLEDA's earnings. S&P forecasts a slight decrease in return on
average assets (ROAA) to 1.4%-1.5% (from 1.6% annualized for the
six months ended June 2025) due to higher operating costs from
continued investment in ACLEDA's extensive branch network and
elevated provisioning. Nevertheless, the ROAA will remain superior
to Cambodian peers'.

That said, S&P anticipates ACLEDA's net interest margin (NIM) will
improve, driven by stable lending rates, lower funding costs, and a
projected decline in U.S. interest rates.

ACLEDA's nonperforming loans (NPLs) will remain elevated. The
bank's gross NPLs (under IFRS stage 3) increased to 6.7% of
customer loans as of June 30, 2025 (versus 6.3% as of end-2024) and
3.1% at end-2022.

S&P said, "We expect the sector's NPLs to touch 10% over 2025-2026,
before starting to trend down gradually. In our view ACLEDA's NPLs
(as per International Financial Reporting Standards) and credit
losses would also increase to 8% and 140 basis points (bps)
respectively by 2026, from 6.3% and 109 bps in 2024. This reflects
continued stress in some sectors the bank has exposure to.
Cambodia's uneven recovery and stress in the hospitality and real
estate sectors has hit ancillary sectors such as trade. Retail and
wholesale trade accounted for at 34% of ACLEDA's loan book as of
Dec. 31, 2024.

"We expect the deterioration in asset quality to be manageable for
ACLEDA, thanks to bank's adequate and steady risk management.
ACLEDA has much lower-than-industry restructuring levels and lower
exposure to the construction, and real estate sectors.

"We believe ACLEDA can weather this period of some covenant ratios
not being in line with thresholds set by lenders on some borrowings
with no major dent to its financial risk profile. The bank's NPL
ratios as of June 30, 2025, are not in line with a few debt
covenants on some borrowings. That said, ACLEDA has a record of
securing necessary waivers from its lenders. We expect such waivers
will continue."

The bank has demonstrated an ability to raise cheaper funding from
its robust deposit base as well as an issuance of subordinated debt
in 2025.

S&P said, "The stable rating outlook reflects our expectation that
ACLEDA will maintain its longstanding and dominant franchise in
Cambodia over the next 12-18 months. We believe a deterioration in
the bank's asset quality because of macroeconomic conditions will
remain manageable.

"We could downgrade ACLEDA if macroeconomic conditions in Cambodia
deteriorate more than we expect. This could happen due to a sharp
and protracted economic downturn.

"The SACP could come under pressure if ACLEDA's asset quality
weakens significantly more than our base case. This would be
particularly likely if the deterioration coincides with a much
weaker economic recovery than we expect.

"We could upgrade ACLEDA if macroeconomic conditions in Cambodia
improve and the bank maintains its financial profile. The SACP
could improve if the RAC ratio sustains above 7% while the bank
maintains its asset quality."

ADVANCED BANK: S&P Affirms 'B+' Long-Term ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term and 'B' short-term
issuer credit ratings on Advanced Bank of Asia Ltd. (ABA). The
outlook on the long-term rating is stable.

S&P said, "We affirmed our ratings on ABA to reflect the bank's
well established domestic franchise, robust funding profile, and
strengthened capitalization.

"We expect ABA to continue to build up its capital over the next
12-18 months with slower loan growth, sound earnings with 100%
retention, substantial capital injection, and investments in
lower-risk assets. The bank will likely maintain its financial
profile despite headwinds for the Cambodian economy and banking
sector. ABA's sole focus on the Cambodian market exposes it to the
country's uneven economic recovery.

"We anticipate ABA's risk-adjusted capital (RAC) ratio will settle
at 9.1%-9.3% over the next two years. This is thanks to the bank's
cautious approach to growth amid asset quality concerns, with loan
growth decelerating to 10.7% in 2024, significantly lower than
historical levels. We forecast growth will remain at less than 20%
over the next two years. ABA's RAC ratio touched 9.4% in 2024,
driven by slower loan growth, overseas placements, and a capital
infusion of US$220 million from its parent National Bank of
Canada.

"To manage weak domestic demand for credit, ABA has invested excess
funds in overseas assets. We view this as an opportunistic
strategy. We believe these funds will likely be redeployed in
domestic assets, predominantly loans, as conditions improve."

S&P forecasts ABA's core earnings as a percentage of average
adjusted assets will remain flattish at 2.1%-2.3% over 2025-2028,
compared with 2.2% in 2024. Earnings will benefit from an
improvement in net interest margin as loan volumes recover and
funds are deployed in high-yield loans, funding costs stay low
following the U.S. Federal Reserve's cut in interest rates, and a
substantial 76% of the deposit base comprises current and savings
account deposits. Higher provisions will temper the gains.

ABA's capital adequacy ratio remains well above regulatory minimum
of 15%.

ABA's nonperforming loans (NPLs) will remain elevated. The bank's
gross NPL ratio rose to 6.8% as of end-2024, from 3.9% at end
2023.

S&P expects the Cambodian banking sector's NPLs to touch 10% of
total loans over 2025-2026 before gradually trending down. In its
view, ABA's NPL ratio and credit losses would also increase to 9%
and about 170 basis points, respectively, by 2026, reflecting
stress in sectors the bank has exposure to. This compares with
6.75% and 108 basis points in 2024. Cambodia's uneven recovery and
stress in the hospitality and real estate sectors have hit
ancillary sectors such as trade. Retail and wholesale trade
accounted for 44% of ABA's loan book as of December 2024.

ABA's NPLs have been historically lower than the sector's. However,
the bank has a large restructured loan book. ABA's trend loan
growth remains higher than industry's and S&P expects the gap to
persist though lower than in the past. The bank's real estate
exposure is predominantly toward income-producing ready properties.
However, the bank remains exposed to the ongoing correction in the
domestic property sector and significant challenges in realization
of property collateral.

ABA's lower exposure to microfinance than domestic peers' and
client selection based on cash flow analysis temper the asset
quality risk. Further, slower growth than in the past could reduce
the risk of a large unseasoned book.

S&P believes National Bank of Canada's oversight of ABA will
support the bank's risk management.

The stable rating outlook on ABA reflects S&P's view that the bank
will maintain calibrated loan growth, sufficient deposit
mobilization, and sound underwriting standards over the next 12-18
months.

S&P believes a deterioration in ABA's asset quality because of
macroeconomic conditions will remain manageable.

S&P could downgrade ABA if macroeconomic conditions in Cambodia
deteriorate more than we expect. This could be due to a sharp and
protracted economic downturn.

The SACP could come under pressure if ABA's asset quality weakens
significantly more than S&P's base case. This would be particularly
likely if the deterioration coincides with a much weaker economic
recovery than it expected.

S&P could upgrade ABA if macroeconomic conditions in Cambodia
improve and the bank maintains its financial profile.




=========
C H I N A
=========

AIRNET TECH: Renames to Yueda Digital Holding
---------------------------------------------
AirNet Technology Inc. announced that it will change its name to
"Yueda Digital Holding" after receiving the Certificate of
Incorporation on Change of Name from the Registry of Companies,
Cayman Islands, on September 11, 2025, and it will change its
ticker symbols from "ANTE" to "YDKG."

According to the results of the Company's EGM, as furnished with
the Securities and Exchange Commission on Form 6-K on September 5,
2025, the shareholders approved the re-designation of shares,
pursuant to which each ordinary share has been re-designated as one
Class A ordinary share and each preferred share as one Class B
ordinary share.

The Company's CUSIP number will remain unchanged.

                      About AirNet Technology

AirNet Technology Inc. was incorporated in the Cayman Islands on
April 12, 2007. AirNet, its subsidiaries, through its variable
interest entities and the VIEs' subsidiaries, operate its
out-of-home advertising network, primarily air travel advertising
network, in the People's Republic of China. The Company also
conducts cryptocurrencies mining business operations by its Hong
Kong subsidiary, Blockchain Dynamics Limited.

Singapore-based Assentsure PAC, the Company's auditor since 2025,
issued a "going concern" qualification in its report dated May 2,
2025, attached to the Company's Annual Report on Form 10-K for the
year ended December 31, 2024, citing that the Company has a history
of operating losses and negative operating cash flows and has
negative working capital of approximately US$52.6 million as of
December 31, 2024. These conditions raise substantial doubt about
the Company's ability to continue as a going concern. Historically,
the Company has relied principally on both operational sources of
cash and non-operational sources of equity and debt financing to
fund its operations and business development. The Company's ability
to continue as a going concern depends on management's ability to
successfully execute its business plan which includes increasing
the utilization rate of existing staffs and potential financing
from public market or private placement. However, there is no
assurance that the measures can be achieved as planned.

As of Dec. 31, 2024, the Company had $72.17 million in total
assets, $93.26 million in total liabilities, and a total deficit of
$21.09 million.


XINYUAN REAL ESTATE: Appeals NYSE Delisting Determination
---------------------------------------------------------
XINYUAN Real Estate, Co., Ltd. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that it submitted
a letter of appeal to The New York Stock Exchange, along the
payment of the delisting appeal fee, to formally appeal the
Exchange's delisting determination on September 3rd, based on an
equity investment in the Company by an existing major shareholder.

In its appeal letter, the Company requested an opportunity to
present the Company's case directly to Committee of the Board of
Directors of the NYSE.

The Company will make subsequent disclosures of this appeal
process, as needed.

             About Xinyuan Real Estate Co. Ltd.

Xinyuan Real Estate Co. Ltd., headquartered in Beijing, is a
residential real estate developer primarily focused on China's
tier-one and tier-two cities. Founded in 1997, the Company targets
middle-income homebuyers with large-scale, high-quality housing
projects and has extended its operations to the U.S., U.K., and
Malaysia. Xinyuan also offers property management and ancillary
services, and its shares trade on the New York Stock Exchange under
the ticker symbol XIN.

Creditors of Xinyuan Real Estate Co. Ltd. sought involuntary
petition under Chapter 11 of the U.S. Bankruptcy (Bankr. S.D.N.Y.
Case No. 25-10745) on April 14, 2025.

The Debtor is represented by Paul R. DeFilippo, Esq., at Wollmuth
Maher & Deutsch, LLP.

ZHAOJIN MINING: S&P Affirms 'BB+' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit
rating on Zhaojin Mining, a China-based gold producer.

S&P said, "The stable rating outlook reflects our view that the
group will remain one of the largest gold miners in China and its
Haiyu mine will commence operations in late 2027. The group will
likely maintain high leverage (debt-to-EBITDA ratio) over the next
24 months. We also believe Zhaojin Mining will remain a core
subsidiary of the group and the parent will continue to benefit
from a high likelihood of receiving extraordinary support from the
Zhaoyuan government when needed."

Zhaojin Mining will maintain solid earnings over 2025-2026 on the
back of rising output and strong gold prices. S&P expects the
company's output of mine-produced gold to increase to 19 metric
tons (tons) to 20 tons in 2025 and 21 tons-22 tons in 2026. It
produced 18.3 tons of mined gold in 2024. This reflects a full-year
consolidation of Tietto Minerals Ltd. and the Komahun gold mine,
alongside capacity expansion at existing mines.

S&P said, "We assume an average gold price of US$2,900 per ounce
for the rest of 2025, followed by a moderation to US$2,500 per
ounce in 2026 and US$2,100 per ounce in 2027. Gold prices reached
an all-time high in early September and remain above US$3,400 per
ounce, indicating potential upside to our base case.

"We expect Zhaojin Mining's EBITDA to rise to Chinese renminbi
(RMB) 5.2 billion-RMB7.1 billion in 2025-2026, from RMB4.4 billion
in 2024." The company's EBITDA margin could expand to 38%-48%, from
38.4% in 2024. These forecasts mainly reflect resilient gold prices
despite elevated production costs from deeper mining and higher
input costs.

Upon completing its Haiyu project in late 2027, Zhaojin Mining will
cut debt meaningfully. The company will have significant capital
expenditure (capex) needs over the next two years, mainly for
Haiyu. Annual capex could climb to RMB2.6 billion in 2025-2026 from
RMB1.9 billion in 2024. Adjusted debt could therefore remain RMB20
billion-RMB21 billion over the next two years.

S&P said, "We expect meaningful debt reduction from 2028 after
Haiyu commences operation in late 2027. The mine will become
Zhaojin Mining's key profit and cash flow driver once fully
operational in 2028. It will add mined gold output of about 15 tons
per year, representing 82% of the company's mined gold output in
2024. Haiyu's low-cost operations should also improve Zhaojin
Mining's cost profile once it ramps up production.

"If gold prices remain higher than our assumptions, Zhaojin Mining
may reduce debt earlier than we expect.

"The group's debt-to-EBITDA ratio will remain elevated over the
next two years. Zhaojin Group has higher leverage than Zhaojin
Mining due to higher debt. We expect the group's debt-to-EBITDA
ratio to remain at 6.9x-9.4x over the next two years."

However, the group has enhanced its financial buffer. Its EBITDA
interest coverage ratio could be 3.6x-4.8x in 2025-2026, above our
downside trigger of 2.0x. Improved earnings and reduced funding
costs onshore amid low domestic interest rates will be the main
reasons.

Zhaojin Mining will remain a core subsidiary of the Zhaojin Group.
The group will remain the company's largest shareholder, in our
view. The company will likely remain the group's flagship
subsidiary, running its gold mining business. Accordingly, we
believe it will receive timely and sufficient support from the
group if needed.

Zhaojin Mining accounted for 12% of the parent's revenue and 93% of
its EBITDA in 2024. Haiyu will increase this contribution after
ramping up. Zhaojin Mining will remain integral to the group's
development strategy as a major profit contributor. Therefore, our
ratings on Zhaojin Mining move in tandem with our assessment of the
group credit profile.

A high likelihood of extraordinary support from the Zhaoyuan
government if needed will continue to help the group's credit
quality. This mainly reflects the group's very strong link with the
Zhaoyuan government and important role in the local economy.

The Zhaoyuan government owns 90% of the group. It exercises strong
influence over the group's strategy and development. The gold
sector is a pillar industry in Zhaoyuan and one of the most
important sectors in Shandong province.

Zhaojin Group is the largest gold producer in Zhaoyuan, the second
largest in Shandong, and the fourth largest in China. It is also
the local government's designated consolidator for the gold
industry.

Zhaojin Group's credit standing is essential to the local
government as the largest state-owned enterprise (SOE) in Zhaoyuan.
Therefore, S&P continues to assess the group as having a high
likelihood of receiving extraordinary government support from
Zhaoyuan in case of financial distress.

S&P said, "The stable outlook on Zhaojin Mining reflects our view
that Zhaojin Group will remain one of the largest gold miners in
China. The Haiyu mine's large and high-grade reserves will further
strengthen Zhaojin Mining's market position and reserve quality.
The mine will likely commence operations in late 2027 and reach
full capacity in 2028. Meanwhile, we expect the group's leverage to
remain high over the next two years.

"We expect Zhaojin Mining to remain a core subsidiary of the
Zhaojin Group. We also anticipate a high likelihood of the parent
receiving extraordinary government support from the Zhaoyuan
government if needed."

S&P could lower the rating on Zhaojin Mining if Zhaojin Group's
EBITDA interest coverage falls substantially below 2.0x for a
sustained period. This could happen if:

-- Gold prices are well below our forecasts; or

-- The group has significant overruns in production costs or
capex, or faces prolonged delays in commencement of Haiyu.
S&P said, "We could also lower the rating on Zhaojin Mining if the
Zhaoyuan government's credit quality weakens.

"We could upgrade Zhaojin Mining if Zhaojin Group's financial
metrics improve significantly for a sustained period and the
Zhaoyuan government's credit quality strengthens.

"An indication of improvements in Zhaojin Group's financial metrics
would be the group's debt-to-EBITDA ratio falling below 4.0x. This
could happen if the group's cash flow improves on higher gold
prices or lower capex. We see limited rating upside potential over
the next 12 months."


ZW DATA: CNET to Acquire 19.6% Stake in Titans Investment for $720K
-------------------------------------------------------------------
ZW Data Action Technologies Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that CNET
Technology Limited, a wholly-owned subsidiary of the Company in the
British Virgin Islands, entered into a purchase agreement with B
Ocean Capital Management Limited, a Cayman Islands company, Oasis
Management Consultant Limited, a Hong Kong company, and Titans
Investment Asset Holdings Limited, a British Virgin Islands
company, pursuant to which each seller will sell its 9.80% equity
interests in Titans to CNET.

In consideration for the Equity Interests, CNET shall pay to the
Sellers totaling $300,000 in cash and cause the Company to issue
200,000 shares of common stock of the Company, having a total value
of $420,000 and valued at $2.10 per share, to the Sellers.

The closing of the acquisition is subject to customary terms and
conditions as set forth in the Acquisition Agreement.

A copy of the Acquisition Agreement is available at
https://tinyurl.com/3v46dx39

                 About ZW Data Action Technologies

Beijing, China-based ZW Data Action Technologies Inc., established
in 2003, is an ecological enterprise that provides digital services
to sales and marketing channels through blockchain, big data, and
precision marketing. ZW Data Action is committed to empowering SMEs
to achieve more efficient and accurate operations and management,
resulting in additional value for clients.

As of Dec. 31, 2024, the Company had US$9.7 million in total
assets, US$6 million in total liabilities, and a total equity of
US$3.7 million. As of June 30, 2025, the Company had US$9.25
million in total assets, US$5.67 million in total liabilities, and
a total equity of US$3.57 million.

Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated April 15, 2025, attached to the Company's Annual Report on
Form 10-K for the year ended December 31, 2024, citing that the
Company has accumulated deficit of $63.5 million from recurring net
losses and significant net operating cash outflow for the year
ended December 31, 2024. All these factors raise substantial doubt
about its ability to continue as a going concern.




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

CHONG HING: Fitch Assigns 'BB-' Final Rating to AT1 Securities
--------------------------------------------------------------
Fitch Ratings has assigned Chong Hing Bank Limited's (CHB,
BBB/Stable/bbb) CNY2.133 billion Basel III-compliant Additional
Tier 1 (AT1) capital securities a final rating of 'BB-'.

The AT1 securities will be issued on 23 September 2025 under CHB's
USD2 billion medium-term note and perpetual capital securities
programme and will be listed on the Hong Kong Stock Exchange. The
proceeds will be used to enhance the bank's capital base and fund
its business development.

The securities carry a fixed distribution rate of 3.9% annually, up
to but excluding the first reset date on 23 September 2030. The
issuance is callable on the first reset date and every distribution
payment date thereafter. If not called, the distribution rate will
be reset on the first reset date and every five years thereafter to
a fixed annual rate equal to 2.311% over the prevailing five-year
China sovereign bond rate.

Fitch has also assigned a final long-term rating of 'BBB' and a
short-term rating of 'F2' to the senior unsecured part of CHB's
programme. However, there is no assurance that notes issued under
the programme will be assigned a rating or that the rating assigned
to a specific issue will be the same rating as the programme
rating. The agency does not assign generic programme ratings to
subordinated and junior notes, which will be rated on a
case-by-case basis.

The assignment of the final ratings follows the receipt of final
documentation conforming to information previously received and is
the same as the expected ratings assigned on 14 September 2025.

Key Rating Drivers

The rating on the AT1 capital securities is four notches below
CHB's standalone Viability Rating (VR). The notching comprises two
notches for loss severity due to the deep subordination status and
two notches for higher non-performance risk, given the full
discretionary, non-accumulative coupon payments for the proposed
securities. The notching is in line with Fitch's baseline notching
for AT1 capital securities, according to its Bank Rating Criteria.

The securities will qualify as the bank's AT1 capital, as the terms
include a point of non-viability that the authorities may trigger
at their discretion. In addition, the Hong Kong resolution
authorities can, through their statutory powers, override the
securities' contractual terms if they consider it necessary to
restore the bank's viability. The securities have a contractual
loss-absorption feature that triggers a permanent write-down.

The ratings for the senior unsecured part of the programme are at
the same level as CHB's VR-driven Issuer Default Rating (IDR).

Key rating drivers and rating sensitivities for CHB's VR can be
found in the rating action commentary, Fitch Affirms Chong Hing
Bank at 'BBB'; Outlook Stable, published 12 November 2024.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

The rating of the AT1 securities would be downgraded if the bank's
VR is downgraded. The rating of the senior unsecured part of the
programme would be downgraded if the bank's VR-driven IDR is
downgraded.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

The rating of the AT1 securities would be upgraded if the bank's VR
is upgraded. The rating of the senior unsecured part of the
programme would be upgraded if the bank's VR-driven IDR is
upgraded.

Date of Relevant Committee

22-Aug-2025

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating            Prior
   -----------             ------            -----
Chong Hing Bank
Limited

   senior unsecured     LT BBB New Rating    BBB(EXP)

   subordinated         LT BB- New Rating    BB-(EXP)

   senior unsecured     ST F2  New Rating    F2(EXP)

NEW WORLD: Post HKD16.3BB Annual Net Loss for Year Ended June 30
----------------------------------------------------------------
Bloomberg News reports that New World Development Co. posted a
second straight year of losses as debt pressures and a weak
property market took a toll on the distressed Hong Kong builder.

The developer controlled by the billionaire Cheng family lost
HKD16.3 billion ($2.1 billion) from continuing operations in the
year ended June 30, mainly due to one-time impairment provisions
and losses, Bloomberg discloses citing a filing to the Hong Kong
stock exchange on Sept. 26. That's steeper than the HKD11.8 billion
loss a year earlier.

The results cap another tumultuous year for the property firm,
which has been trying to alleviate a liquidity crunch during the
real estate slump.

According to Bloomberg, chief executive officer Echo Huang said
that the group will make "every effort" to reduce debt, including
by accelerating property sales and expediting asset disposals. It
plans to raise HKD27 billion from contracted property development
sales and asset disposals in the year ending next June.

"The group's top priority is to prioritise cash flow and reduce
overall indebtedness," Bloomberg quotes Huang as saying in the
annual report.

The company has decided to halt dividend payments and defer
distribution on perpetual capital securities to improve financial
flexibility, Huang said in an online briefing, Bloomberg relays.
The firm has no plans for rights issue or placements at the moment,
said chief financial officer Edward Lau.  

After securing an US$11 billion refinancing deal earlier this year,
New World said last week that it obtained a separate loan of
HKD3.95 billion, which was 75 per cent less than the upper end of
its original target, according to Bloomberg. The company is also in
talks with firms, including Blackstone for a capital injection.

The residential sectors in Hong Kong and mainland China, where New
World sells homes, remain sluggish. Home values in Hong Kong have
yet to recover after falling almost 30 per cent from their peak in
2021, while China's housing crisis has dragged on for more than
four years with no end in sight.

On top of that, a weak commercial real estate market is suppressing
the value of New World's assets as it seeks to raise cash from
disposals. Prices of office units and retail space have slumped by
48 per cent and 41 per cent respectively from their 2018 highs,
according to government data.

New World booked an impairment loss of HKD2.7 billion after
revising the valuation of its 11 Skies airport mall, it said,
Bloomberg relays. The company has been in talks with Hong Kong's
airport authority to explore any possibility for changes in the
contractual arrangements of the project, it said.

The developer is seeking to sell the project to address its
liquidity concerns, sources familiar with the matter said in July,
recalls Bloomberg.

Consolidated net debt fell to HKD120.1 billion as at June from
HKD123.7 billion a year earlier, the results, as cited by
Bloomberg, showed.

Considered one of the Big Four developers in Hong Kong, New World
has faced a slew of challenges in the past year, from mounting
debts to frequent management changes after the sudden departure of
heir Adrian Cheng in September 2024, Bloomberg notes.

On Sept. 26, New World's CEO Huang also said that Adrian's new firm
K11 by AC has no relations to the K11 branded properties owned and
operated by New World, adds Bloomberg.

                    About New World Development

New World Development Company Limited -- https://www.nwd.com.hk/ --
an investment holding company, operates in the property development
and investment business in Hong Kong and Mainland China. Its
property portfolio includes residential, retail, office, and
industrial properties. The company is also involved in the loyalty
program, fashion retailing and trading, and land development
businesses; and development and operation of sports park. In
addition, it operates club houses, golf and tennis academies, and
shopping malls; constructs and operates Skycity complex; and
operates department stores.

New World is still facing challenges even after it pulled off one
of Hong Kong's biggest refinancing deals worth US$11 billion
earlier this year. It has also been trying to secure a loan of as
much as HKD15.6 billion led by Deutsche Bank, though it recently
missed a self-imposed target for that effort, Bloomberg News.

Controlled by Hong Kong's Cheng family, New World carries the
heaviest debt burden among major developers in the city, amid a
prolonged real estate downturn in the financial hub and mainland
China. Its net debt reached 95.5 per cent of shareholders' equity
as at December, according to Bloomberg Intelligence.



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

A. GANGWAL REAL ESTATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: A. Gangwal Real Estate LLP

        Registered Address:
        The Crest, Suite No. 9, Plot No. A-4
        Airport Enclave Scheme, Tonk Road,
        Jaipur, Rajasthan 302018

Insolvency Commencement Date: August 22, 2025

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: February 18, 2026

Insolvency professional: Asheesh Saxena

Interim Resolution
Professional: Asheesh Saxena
              C-142, Premaashrya,
              Hari Marg, Malviya Nagar
              Opposite B Lai Laboratory,
              Jaipur Rajasthan 302017
              Email: saxena.asheesh@gmail.com
              Email: cirp.agangwalrellp@gmail.com

Last date for
submission of claims: September 5, 2025


ABU GHAZALEH: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Abu Ghazaleh Education and Consultants Private Limited
        Office No 203, 2nd Flr, Metro Avenue,
        Shivajicolony 4, Pereieahtll Road,
        (Off Andherikurla, Road),
        Mumbai City, Andheri East,
        Maharashtra, India, 400069

Liquidation Commencement Date: August 28, 2025

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Ashok Kumar Agarwal
            Ashwini - D/4,
            Neelachal Abasan Co Operative Society Ltd.,
            98 Rajdang Gold Park, Kasba, E.K.T,
            Kolkata, West Bengai - 700107
            Email: ashok.agarwal@singhiipsolutions.com
            Phone: +91 9831060452

Last date for
submission of claims: September 27, 2025


AGS TRANSACT: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: AGS Transact Technologies Limited

        Registered Address:
        601-602 Trade World B-Wingkamala Mill Compound
        Senapati Bapat Marg Lower Parel,
        Mumbai, Maharashtra, India, 400013

Insolvency Commencement Date: August 25, 2025

Court: National Company Law Tribunal, Mumbai Bench, Court-VI

Estimated date of closure of
insolvency resolution process: February 21, 2026

Insolvency professional: Brijendra Kumar Mishra

Interim Resolution
Professional: Brijendra Kumar Mishra
              Flat No. 202, 2nd Floor, Bhoj Bhavan,
              Plot No. 18-D, Shivpuri, Sion-Trombay Road,
              Chembur (East), Mumbai City, Maharashtra,400071
              Email: mishrabk1959@gmail.com
              Email: agscirp@gmail.com

Last date for
submission of claims: September 8, 2025


ARUNACHALA & CO: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arunachala &
Co (AC) continue to be 'Crisil B/Stable Issuer not cooperating'.  

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.4        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    6.6        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Working Capital       3.0        CRISIL B/Stable (ISSUER NOT
   Loan                             COOPERATING)

Crisil Ratings has been consistently following up with AC 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 AC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of AC
continues to be 'Crisil B/Stable Issuer not cooperating'.  

Set up in 2000, AC is engaged in rice trading.


ASHWANI GOYAL: CARE Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashwani
Goyal (AG) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.38       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 16, 2024, placed the rating(s) of AG under the
'issuer non-cooperating' category as AG had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AG continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
2, 2025, August 12, 2025, August 22, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

AG is a proprietorship firm established by Mr. Ashwani Goyal in
2004. However, the firm commenced the development of 4 Star hotel
project in 2013 with total capacity of 75 rooms and other
facilities such as bar restaurant, banquet, gymnasium and health
zone.



ASIAN IMPEX: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Asian Impex
(AI) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 13, 2024, placed the rating(s) of AI under the
'issuer non-cooperating' category as AI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
30, 2025, August 9, 2025, August 19, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Asian Impex (AI), incorporated in 2010, is promoted by Mr. Haron
Haji Panja, Mr. Altaf Chhel, Mr. Ashif Harun Panja, Mr. Kashif
Harun Panja, Ms. Halima Safi Panja and Mr. Aaysa Harun Panja. AI is
engaged in processing of sea foods and exports the same to Europe,
Gulf countries, Africa and China. AI has a processing cum storage
facility located at Veraval (Gujarat) with total installed capacity
of 50 MTPD (metric ton per day) for processing of Sea Foods and
1,000 metric tons storage capacity as on March 31, 2016.


ASTEN PROPERTIES: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Asten Properties and Developers Private Limited
        28, 2nd Floor, Asten NH Bye Pass,
        Opposite Spices Board,
        Ernakulam Vennala PO,
        Kerala, India, 682028

Liquidation Commencement Date: August 1, 2025

Court: National Company Law Tribunal, Kochi Bench

Liquidator: Rajmohan R
            Rajbhavan, Krishnapuram
            St No 6, HS 175A & 514-12/1,
            Ollukkara (PO) Thrissur - 680655
            Email: rajmohanip@gmail.com
            Email: astprocirp@gmail.com

Last date for
submission of claims: August 31, 2025


BATHSHA MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bathsha
Marine Exports Private Limited (BMEPL) continue to be 'Crisil
D/Crisil D Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Foreign Bill           5.0       CRISIL D (ISSUER NOT
   Purchase                         COOPERATING)

   Packing Credit         4.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Fund-         0.36      CRISIL D (ISSUER NOT
   Based Bank Limits                COOPERATING)

   Term Loan              0.14      CRISIL D (ISSUER NOT
                                    COOPERATING)

Crisil Ratings has been consistently following up with BMEPL 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 BMEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BMEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BMEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


BMEPL was incorporated in 1997. It is engaged in processing and
exporting of sea food products such as shrimp, cuttle fish, Indian
mackerel, yellow fin tuna, etc. Also provides storage facility of
for sea food. Company has processing unit located in Aroor- Kochi-
Kerala and owned by Mr. Akbar Bathsha, Mrs. Sunitha Bathsha and Mr.
Yazar Bathsha.


BVSR HARDA: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of BVSR Harda
Betul Road Projects Private Limited (BVSR Harda) continue to be
'Crisil B/Stable Issuer not cooperating'.  

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term     52.19       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan              15.27       CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

Crisil Ratings has been consistently following up with BVSR Harda
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 BVSR Harda, which restricts
Crisil Ratings' ability to take a forward looking view on the
entity's credit quality. Crisil Ratings believes that rating action
on BVSR Harda is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the rating on bank
facilities of BVSR Harda continues to be 'Crisil B/Stable Issuer
not cooperating'.  

BVSR Harda is a SPV promoted by BCPL, KCM Infratech Pvt Ltd and
NSPR Constructions Pvt Ltd. BVSR Harda has designed and
rehabilitated the 29.3-kilometre (km) Harda-Chippaner road and the
34.5-km Betul-Atner road in Madhya Pradesh. The company completed
the project in March 2014, and operates and maintains the roads.
MPRDCL awarded the BOT project to BVSR Harda on an annuity basis,
and the latter is scheduled to receive 26 semi-annual annuity
payments of INR8.17 crore each from September 2014. The project
concession period ends in March 2027.


CITYSTAR INFRASTRUCTURES: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: Citystar Infrastructures Limited

        Registered Address:
        5 Gorky Terrace, 2nd Floor,
        Kolkata, West Bengal, India 700017

Insolvency Commencement Date: August 29, 2025

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: February 20, 2026

Insolvency professional: Aditya Kumar Tibrewal

Interim Resolution
Professional: Aditya Kumar Tibrewal
              Nicco House, 1st Floor, 2 Hare Street,
              Room No. 29, Kolkata 700001
              Email: adityatibre@gmail.com
              Email: cirp.citystar@gmail.com

Last date for
submission of claims: September 9, 2025


CU ENERGIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: CU Energies Limited

        Registered Address:
        E-30 Shatabdipuram Ews, Ukhri Road,
        Vijay, Nagar Colony, Jabalpur,
        Madhya, Pradesh, India 482002

Insolvency Commencement Date: August 28, 2025

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: February 28, 2026

Insolvency professional: Navin Khandelwal

Interim Resolution
Professional: Navin Khandelwal
              206, Navneet Plaza 5/2
              Old Palasia, Indore 452018
              Email: navink25@yahoo.com
              Email: ibc.cuenergies@gmail.com

Last date for
submission of claims: September 15, 2025


DEVARAJA AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shre Devaraja
Agro Aseptic Industries (SDAAI; part of Devaraja Group) continue to
be 'Crisil B/Stable Issuer not cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Export Packing        0.5        CRISIL B/Stable (ISSUER NOT
   Credit                           COOPERATING)

   Export Packing       14.5        CRISIL B/Stable (ISSUER NOT
   Credit                           COOPERATING)

Crisil Ratings has been consistently following up with SDAAI 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 SDAAI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SDAAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SDAAI continues to be 'Crisil B/Stable Issuer not cooperating'.  

SDAI was established in 2005 in Tamil Nadu, as a partnership firm
promoted by Mr D Mathiyalazhagan and his family. It manufactures
pulp and concentrates of fruits such as mango, guava, papaya, and
tomato. SDAAI and DTF, also promoted by Mr D Mathiyalazhagan, were
established in 2007 and 2010, and manufacture the same products.


DIGIZONE TECHNOLOGY: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Digizone Technology Private Limited

        Registered Address:
        A-504, Pranay Vidya, Sky Build Village,
        Off Borsapada Road, Kandivali West,
        Mumbai Maharashtra - 400067

Insolvency Commencement Date: August 26, 2025

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: February 22, 2026

Insolvency professional: Kailash Shah

Interim Resolution
Professional: Kailash Shah
              505, 21st Century Business Center,
              Near World Trade Centre Ring Road,
              Surat, Gujarat - 395002
              E-mail ID: ipktshah@gmail.com

Last date for
submission of claims: September 9, 2025


DISTICHEMI PROCESS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Distichemi
Process Engineering Private Limited (DPEPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        2.07        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           7           CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan      33           CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with DPEPL 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 DPEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DPEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DPEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


Incorporated in 2007, DPEPL undertakes engineering and designing of
turnkey projects for distilleries, and ethanol- and alcohol-based
chemical plants. The company is managed by Mr. Sunil Kansara.



DOLPHIN OFFSHORE: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dolphin Offshore
Shipping Limited (DOSL, part of the Dolphin Grou) continue to be
'CRISIL C Issuer Not Cooperating'.

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

   Fund & Non Fund        3.5       CRISIL C (Issuer Not
   Based Limits                     Cooperating)

   Proposed Long Term     7.0       CRISIL C (Issuer Not
   Bank Loan Facility               Cooperating)

Crisil Ratings has been consistently following up with DOSL 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 DOSL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DOSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DOSL continues to be 'Crisil C Issuer not cooperating'.  

Dolphin OffshoreShipping Ltd. (DOEIL) is the flagship company of
the Dolphin group and is in the business of providing a complete
range of offshore support services to the oil and gas industry. The
services include diving and underwater engineering services, marine
operations and management (vessel management), fabrication and
installation, ship repairs, geo-technical services, Engineering,
Procurement and Construction activities (EPC), etc.

DOSL is DOEIL's wholly-owned subsidiary and engaged in chartering
of vessels and tugs to oil and gas exploration companies.


GSR AND KKR: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GSR and KKR
Educational Society (GSR) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         6          CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with GSR 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 GSR, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GSR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GSR continues to be 'Crisil D Issuer not cooperating'.  

GSR was established in 2007 under the Society's Registration Act,
1861.The society operates an education institute, KKR & KSR
Institute of Technology & Sciences, in Vinjanampadu, near Guntur in
Andhra Pradesh. The college offers undergraduate and post graduate
courses in engineering and business management.


HEMNIL METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hemnil Metal
Processors Private Limited (HMPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        7         CRISIL D (Issuer Not Cooperating)
   Term Loan          9.62      CRISIL D (Issuer Not Cooperating)

Crisil Ratings has been consistently following up with HMPPL 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 HMPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HMPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
HMPPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 1996, HMPPL cuts coils or sheets in sizes as
specified by customers, mainly from the automobile industry.
Operations are managed by key promoter, Mr. Hemant Mehta.


JAYA BAKERS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jaya Bakers
and Restaurant (JBR) continue to be 'Crisil B/Stable Issuer not
cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.5        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     3.6        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Proposed Long Term     0.5        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan              2.16       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Term Loan              1.3        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Term Loan              1.94       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with JBR 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 JBR, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JBR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JBR continues to be 'Crisil B/Stable Issuer not cooperating'.  

Set up in 2003 as proprietorship firm by Mr S Sudheer, JBR
restaurants in Kerala.


LAKSHMI TOBACCOS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lakshmi
Tobaccos (LT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.90       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 7, 2024, placed the rating(s) of LT under the 'issuer
non-cooperating' category as LT had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
LT continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 23, 2025, July
3, 2025, July 13, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Andhra Pradesh based, Lakshmi Tobaccos (LT) was established in the
year 2000 as a proprietorship concern by Mr.S. Narayana Rao.
Lakshmi Tobaccos (LT) is an authorized licensed dealer in tobacco
registered with Tobacco Board for trading of Virginia tobacco
(VFC). LT is mainly engaged in trading of Virginia tobacco

MANGALORE FISHMEAL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mangalore
Fishmeal and Oil Company (MFOC) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.67       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 2, 2024, placed the rating(s) of MFOC under the
'issuer non-cooperating' category as MFOC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MFOC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
18, 2025, June 28, 2025, July 8, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not applicable

Mangalore Fish Meal and Oil Company (MFOC) is a partnership firm
started in 2008 by 4 partners namely, Mr. Mohammed Mustafa and Mr.
B M Mumtaz Ali, Mr. A K Faisal, and Mr. B A Moidin Bava. The
partnership was reconstituted and the firm was acquired by Mr.
Iqbal Ahmed and his wife Mrs Mumtaz Sahul in 2010. The firm is
engaged in manufacturing of Fish Meal, Fish Oil, Allied-Fish
Products and Concentrated fish soluble.


MOTI RAM: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Moti Ram
Sunil Kumar (MRSK) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.67       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 12, 2024, placed the rating(s) of MRSK under the
'issuer non-cooperating' category as MRSK had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MRSK continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
29, 2025, August 08, 2025 and August 18, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Moti Ram Sunil Kumar (MRSK) was established as a proprietorship
firm in 2006 by Mr. Sunil Kumar. The manufacturing unit is located
at Karnal, Haryana. The firm is engaged in processing (milling) of
paddy (rice). The firm also works on job work basis for Government
departments.


NAMAN METAL: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Naman Metal
(NM) continue to be 'Crisil B/Stable Issuer not cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          6.25        Crisil B/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with NM 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 NM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of NM
continues to be 'Crisil B/Stable Issuer not cooperating'.  

NM a proprietorship firm, is involved in trading of stainless steel
scrap and is based out of Mumbai. The firm imports scrap materials
and sells it to domestic customers.


NATHJI COTTON: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Nathji Cotton & Oil Industries (SNCOI) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.66       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 18, 2024, placed the rating(s) of SNCOI under the
'issuer non-cooperating' category as SNCOI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SNCOI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
4, 2025, August 14, 2025, August 24, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Morbi-based (Gujarat) SNCOI is a partnership firm and was
established in July, 2015 by Mr. Kamleshbhai Likhiya Mr. Girishbhai
Likhiya and Mr. Bharatbhai Charola. SNCOI is engaged into cotton
ginning, cleaning and bailing process. The firm procures raw cotton
from farmers and sells its products in domestic market to the
states like Maharshtra, Tamilnadu etc.


PREMIER PROTEINS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Premier Proteins Limited

        Registered Address:
        45-47-A Industrial Area No.1 A.B. Road,
        Dewas, Madhya Pradesh, India 455001

Insolvency Commencement Date: August 28, 2025

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: February 28, 2026

Insolvency professional: Navin Khandelwal

Interim Resolution
Professional: Navin Khandelwal
              206, Navneet Plaza
              Old Palasia, Indore 452018
              Email: navink25@yahoo.com
              Email: ibc.proteins@gmail.com

Last date for
submission of claims: September 15, 2025


REDDY VEERANNA: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Reddy
Veeranna Constructions Private Limited (RVCPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         15         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     25         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with RVCPL 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 RVCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RVCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RVCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


RVCPL was set up as a proprietorship firm, Reddy Veeranna & Co in
1980; the firm was reconstituted as a private limited company with
the current name in 2002. It is based in Bengaluru and promoted by
Mr. Reddy Veeranna The company undertakes civil construction works
such as construction of roads, bridges, BOT (build, operate,
transfer) projects, irrigation works, and office buildings, for
government entities and private players in various south India
states.


REPUTE FOODS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Repute Foods Private Limited

        Registered Address:
        Plot No.-6, Survey No. 244, Shapar,
        Rajkot, Gujarat, India - 360024

Insolvency Commencement Date: August 29, 2025

Court: National Company Law Tribunal, Ahmedabad Bench, Court-1

Estimated date of closure of
insolvency resolution process: February 25, 2026

Insolvency professional: Chirag Rajendra Kumar Shah

Interim Resolution
Professional: Chirag Rajendra Kumar Shah
              208, Ratnaraj Spring,
              Beside Navnirman Co. Op. Bank,
              Opp. HDFC Bank House,
              Navrangpura, Ahmedabad - 380009
              Email ID: chirag.irp@gmail.com
              Email ID: cirp.rfpl@gmail.com

Last date for
submission of claims: September 12, 2025


S C ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S C
Enterprises (SCE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 12, 2024, placed the rating(s) of SCE under the
'issuer non-cooperating' category as SCE had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SCE continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
29, 2025, August 8, 2025 and August 18, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Faridabad (Haryana) based S.C Enterprises (SCE) was established in
1995 as a proprietary firm by Mr. Subhash Chand. SCE is engaged
trading of textile products viz. fabrics of ladies and gents'
suits, mattress cover, blankets, slipcover, sofa covers, cushion
covers etc.


SHAN PAVE: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Shan Pave Industries Private Limited
        No. 8 Perianna Street
        Erode - 638001
        Tamil Nadu, India

Liquidation Commencement Date: September 1, 2025

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Palanigounder Eswaramoorthy
            44,44/1, 5th Street,
            Ramalinga Jothi Nagar,
            Ramanathapuram, Coimbatore 641045
            Email: eswarfcs@gmail.com
            Phone: 0422-2322333

Last date for
submission of claims: September 30, 2025


SHIVSWATI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivswati
Enterprises Private Limited (SEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.85       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 13, 2024, placed the rating(s) of SEPL under the
'issuer non-cooperating' category as SEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
30, 2025, August 9, 2025, August 19, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated with the name Shiv Swati Enterprises Private Limited
on August 29, 1988 which was later merged on June 30, 2016 with
Pragati Industries (Proprietorship firm) as private Limited Company
and named as Shivswati Enterprises Private Limited (SEPL). The
company is engaged in trading & manufacturing of Chandelier Lights
and Metal Components and the product find its application in
electrical and defence industry. The manufacturing facility of the
company is located at Greater Noida and Sahibabad and registered
office located at Delhi.


SIKKA MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sikka
Motors Private Limited (SMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      49.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category


Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 12, 2024, placed the rating(s) of SMPL under the
'issuer non-cooperating' category as SMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
29, 2025, August 8, 2025, August 18, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in 2013, Sikka Motors Private Limited (SMPL) is
promoted by Mr. Gurinder Singh Sikka, Mr. Harvinder Singh Sikka,
Ms. Jasvinder Kaur and Ms. Kusham Kaur. SMPL's commercial
operations commenced from October 2016. The company is an
authorised dealership of Hyundai Motors India Limited (HMIL) for
Passenger vehicles.

SILK COTTON: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Silk Cotton
(SC) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.52       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 19, 2024, placed the rating(s) of SC under the
'issuer non-cooperating' category as SC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
5, 2025, August 15, 2025, August 25, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Jasdan-based (Gujarat) SC was formed in February 2014 as a
partnership firm by Mr. Kalpeshbhai Vaghasiya and Manishbhai
Vekariya with the main objective to carry out cotton ginning and
pressing. SC has already started manufacturing activity from
November 2015.


SUKH SAGAR: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sukh Sagar
Industries (SSI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.02       CARE B- Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 13, 2024, placed the rating(s) of SSI under the
'issuer non-cooperating' category as SSI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
30, 2025, August 9, 2025, August 19, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Sukh Sagar Industries (SSI) was established in the year 2006 by Mr.
Virendra Kumar Tirthani as a proprietorship firm. SSI is engaged in
processing of Arhar Dal (Toor dal) and trading of Arhar chuni bhusi
(used as cattle feed) and sells its product under the brand name
'Nagarseth', 'Rajdhani' and 'Cow Bashra'. The entity's plant is
located at Katni, Madhya Pradesh with an installed capacity of
18,000 Metric Tonnes Per Annum (MTPA). SSI procures raw material
from the local market and sells it in Maharashtra, Madhya Pradesh,
Uttar Pradesh and Bihar through a network of dealers.


SUMATHI SPINNING: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sumathi
Spinning Mills Private Limited (SSMPL) continues to be 'Crisil
B/Stable Issuer not cooperating'.  

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              3         Crisil B/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with SSMPL 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 SSMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSMPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

Incorporated in 2005 in Coimbatore and promoted Mr. S Karthikeyan
and his wife, Ms. Sumathy Karthikeyan, SSMPL manufactures cotton
yarn in 30-40 counts.


VASUPUJYA ENTERPRISES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Vasupujya Enterprises Pvt Ltd

        Registered Address:
        35, Chittaranjan Avenue,
        Kolkata, West Bengal, India, 700012

        Address at which the books of account
        are to be maintained:
        SKP House 132A, Shyama Prasad Mukherjee Road,
        Kolkata, West Bengal, India, 700026

Insolvency Commencement Date: September 2, 2025

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Kanchan Dutta

Interim Resolution
Professional: Kanchan Dutta
              Chatterjee International Centre,
              14th Floor, Flat No. l3A,
              33 A J.L. Nehru Road, Kolkata 700071
              Email id: kanchan@kers.in
              Email id: cirp.vepl@gmail.com

Last date for
submission of claims: September 16, 2025


VICEROY EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Viceroy
Exports India Private Limited (VEIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Discounting Bill        5         CRISIL D (Issuer Not
   Purchase                          Cooperating)

   Foreign Discounting     5         CRISIL D (Issuer Not
   Bill Purchase                    Cooperating)

   Packing Credit         10         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      5         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with VEIPL 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 VEIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VEIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VEIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


Incorporated in 2011 by Mr. Roy J Vayalat, Ernakulam (Kerala)-based
VEIPL processes exports marine products, which mainly include the
cephalopods category comprising cuttle fish, squid, octopus, and
tuna.


VISION MINERALS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vision
Minerals and Energy (VME) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.25        CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing        6.00        CRISIL D (Issuer Not
   Credit & Export                   Cooperating)  
   Bills Negotiation/
   Foreign Bill
   discounting     

Crisil Ratings has been consistently following up with VME 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 VME, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VME
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VME continues to be 'Crisil D Issuer not cooperating'.  

VME was established in 2007 by Mr. Sikander Alam as a
proprietorship firm. It sells drilling fluids and mud chemicals to
oil and gas drilling and exploration companies. VME has a presence
in the domestic as well as export market and is based in Delhi.



VR COMMODITIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: VR Commodities Private Limited

        Current Registered Office Address:
        SY NO 133/7-Sri Shirdi Sai Veterinary Colony,
        Hanumanthwaka, Ground Floor,
        Plot No 166 Visalakshi Nagar,
        Govt Dairy Farm, Visakhapatnam,
        Visakhapatnam (Urban),
        Andhra Pradesh, India 530040

        Old Registered Office Address:
        9-30-4 Balaji Nagar, Siripuram,
        Visakhapatnam, Andhra Pradesh - 530003

        Books of Accounts of the corporate debtor
        maintained at:
        6-3-652/K/16/4, IV Floor,
        Kautiya Complex, Somajiguda, Hyderabad
        Nampally, Telangana, India - 500082

Insolvency Commencement Date: August 25, 2025

Court: National Company Law Tribunal, Amaravati Bench

Estimated date of closure of
insolvency resolution process: February 21, 2026

Insolvency professional: Chaitanya Kiran Immaneni

Interim Resolution
Professional: Chaitanya Kiran Immaneni
              #40-26-22, Mohiddin Street,
              Chandramoulipuram,
              Opp BSNL Telephone Exchange,
              MG Road, Vijayawada, NTR District
              Andhra Pradesh - 520010
              Email: cimmaneni@outlook.com
              Email: cirp.vrcommodities2025@gmail.com

Last date for
submission of claims: September 9, 2025




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

NIDEC CORP: Annual Report Submitted on Time; No Auditor Opinion
---------------------------------------------------------------
Reuters reports that Nidec Corporation met a delayed deadline to
file its fiscal 2024 annual report, a regulatory filing showed on
Sept. 19, but the company's auditor withheld an opinion on its
financial statements.

Reuters relates that Nidec had postponed its annual report
submission in June after saying it needed time to conduct an
investigation into potential errors in country-of-origin
declarations for motors produced at a subsidiary in Italy.

According to Reuters, Nidec's auditor, PwC Japan, withheld an
opinion on the company's consolidated financial statements for the
past financial year ended March 2025, citing insufficient audit
evidence.

The Kyoto-based manufacturer of precision motors also vowed to take
fresh steps to shore up internal controls, pledging to foster a
corporate culture prioritising compliance and to strengthen its
global governance, adds Reuters.

NIDEC Corporation manufactures and sells electric motors and
related components and equipment worldwide.  The company was
founded in 1973 and is headquartered in Kyoto, Japan.





=========
M A C A U
=========

SJM HOLDINGS: Moody's Affirms Ba3 CFR, Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Ratings has affirmed SJM Holdings Limited's Ba3 corporate
family rating. Moody's also affirmed the B1 backed senior unsecured
rating on the bonds issued by Champion Path Holdings Limited and
guaranteed by SJM.

At the same time, Moody's have changed the outlook to negative from
stable.

"The change of outlook to negative reflects a high likelihood that
SJM's financial leverage will remain elevated over the next 12-18
months, given its weaker-than-expected results in the first six
months of 2025 (H1 2025). While Moody's expects visible
improvements in both earnings and financial leverage in 2026, it is
uncertain if adjusted debt/EBITDA can fall to 5.5x or below from
the current 7.4x" says Stephanie Lau, a Moody's Ratings Vice
President and Senior Credit Officer.

RATINGS RATIONALE

Without assuming any acquisitions of satellite casino properties,
Moody's projects SJM's debt/EBITDA to stay high at 7.3x in 2025,
similar to 7.4x for the 12 months ended June 30, 2025.

This higher-than-expected leverage in 2025 primarily reflects a 5%
decline in adjusted EBITDA in H1 2025 from a year ago. Weaker
earnings were driven by high operating expenses and exceptionally
low win rates. With an expected recovery through normalized win
rates in H2 2025, Moody's assumes its adjusted EBITDA in 2025 will
be similar to the level in 2024. On the other hand, Moody's expects
its debt level at the end of 2025 will be moderately higher than
the level at the end of 2024.

Subsequently, Moody's expects adjusted debt/EBITDA will improve
visibly to about 5.7x in 2026, driven by about 15%-20% increase in
EBITDA and a modest debt reduction. Higher earnings will be mainly
supported by the reallocation of satellite casino tables to SJM's
existing self-owned properties. Other contributing factors include
continued moderate growth in gaming revenue, a further ramp-up of
Grand Lisboa Palace (GLP), and a normalization of the win rates.

While the projected 2026 leverage will trend toward the required
Ba3 threshold, there is uncertainty around customer retention or
the extent of earnings generation from the satellite table
reallocation, and the likelihood of higher debt incurrence to fund
satellite casino acquisitions.

SJM's Ba3 CFR reflects its long-standing presence in Macao's gaming
market and the city's favorable long-term growth outlook. At the
same time, the rating captures risks from its high financial
leverage and geographic concentration in Macao, where gaming
revenue remains sensitive to policy shifts in both Macao and
China.

SJM's liquidity is adequate. Its cash holdings (excluding
restricted cash) of HKD2.1 billion, and its available revolving
credit facility, will be more than sufficient to cover its cash
needs and maturing debt over the next 12-18 months. The company
will need to secure waivers for a likely breach of financial
covenants in the coming few quarters to maintain funding lines'
access, though Moody's do not expect difficulty in obtaining them.

The B1 rating on Champion Path Holdings Limited's senior unsecured
notes is one notch lower than SJM's CFR because bank loans and
subsidiary-level liabilities are a significant portion of SJM's
liability structure and have priority over the senior unsecured
claims at the holding company in a default scenario.

In terms of environmental, social and governance (ESG) factors, SJM
is exposed to the social risks inherent in the gaming industry. The
company is also exposed to governance risks driven by its
concentrated ownership and control by its parent, SJM by Sociedade
de Turismo e Diversões de Macau, and its high leverage. These
governance risks are mitigated by expectations that leverage will
gradually improve through earnings recovery in the next 12-18
months.

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

An upgrade of SJM's ratings is unlikely at present, given the
negative outlook.

Moody's could revise SJM's outlook to stable if SJM improves its
earnings, reduces debt, and maintains adequate liquidity. Credit
metrics indicative of this scenario includes SJM's adjusted
debt/EBITDA trending toward 5.5x or lower on a sustained basis.

Conversely, Moody's could downgrade SJM's ratings if Moody's
expects that the company's adjusted debt/EBITDA will stay above
5.5x, due to a slower-than-expected earnings increase or a failure
to reduce debt.

The principal methodology used in these ratings was Gaming
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.

SJM Holdings Limited (SJM) develops and operates casinos and
integrated resort facilities in Macao. The company is 63% owned by
Sociedade de Turismo e Diversoes de Macau (STDM). Listed on the
Hong Kong Stock Exchange, the company had a market capitalization
of HKD23 billion ($3.0 billion) as of September 19, 2025.



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

HQ ARTS: Creditors' Proofs of Debt Due on Oct. 16
-------------------------------------------------
Creditors of HQ Arts NZ Limited, Waikato General Haulage Limited
and Seems Automotive & Panel Works Limited are required to file
their proofs of debt by Oct. 16, 2025, to be included in the
company's dividend distribution.

HQ Arts NZ commenced wind-up proceedings on Sept. 9, 2025.

Waikato General Haulage commenced wind-up proceedings on Sept. 16,
2025.

Seems Automotive & Panel Works commenced wind-up proceedings on
Sept. 17, 2025.

The company's liquidator is:

          Pritesh Patel
          PO Box 23296
          Manukau City
          Auckland 2241


LAYBUY HOLDINGS: Creditors' Proofs of Debt Due on Oct. 10
---------------------------------------------------------
Creditors of Laybuy Holdings Limited and Laybuy SPV (NZ) Limited
are required to file their proofs of debt by Oct. 10, 2025, to be
included in the company's dividend distribution.

The companies commenced wind-up proceedings on Sept. 16, 2025.

The companies' liquidators are:

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


M & J CONTRACTING: Creditors' Proofs of Debt Due on Nov. 4
----------------------------------------------------------
Creditors of M & J Contracting Limited are required to file their
proofs of debt by Nov. 4, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 16, 2025.

The company's liquidators are:

          BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3144


PHILIP MOORE: Court to Hear Wind-Up Petition on Sept. 30
--------------------------------------------------------
A petition to wind up the operations of Philip Moore & Co (S.I.)
Limited will be heard before the High Court at Wellington on Sept.
30, 2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 30, 2025.

The Petitioner's solicitor is:

          Tara Nicola Carr
          Legal Services
          55 Featherston Street (PO Box 895)
          Wellington 6011


TOIMATA BUILDERS: Court to Hear Wind-Up Petition on Sept. 30
------------------------------------------------------------
A petition to wind up the operations of Toimata Builders Limited
will be heard before the High Court at Wellington on Sept. 30,
2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 30, 2025.

The Petitioner's solicitor is:

          Ashley Ashika Singh
          Legal Services
          55 Featherston Street (PO Box 895)
          Wellington 6011




=====================
P H I L I P P I N E S
=====================

CORK WINE: Swings to Loss in 2024; Equity Deficit Widens 173%
-------------------------------------------------------------
Bilyonaryo.com reports that Cork Wine Bar - the alleged corruption
nook of Senator Francis "Chiz" Escudero and his supposed bagman,
China special envoy Maynard Ngu - has sunk deeper into the red
seven years after its formation.

Bilyonaryo.com relates that that Babbler obtained Cork's financial
statement, which showed a PHP25.662 million loss in 2024, a
PHP33.221 million swing from a PHP7.559 million profit in 2023.

Sales plunged 67% to PHP68.377 million (from PHP205.652 million in
2023). Operating expenses fell only 16% to PHP52.13 million (from
PHP62.11 million).

According to Bilyonaryo.com, Babbler said this showed that Cork has
been too slow to react to the crash in its sales, probably because
its owners where too busy with dealmaking.

The firm's stockholders' equity deficit widened 173% to -PHP42.203
million in 2024, Bilyonaryo.com discloses. This is a red flag as it
signals serious financial stress, meaning losses have piled up so
badly that even owners' investments were wiped out.

A peek into Cork's ownership underscores Escudero's long ties with
Mr. Ngu, the billionaire behind Cherry Mobile who contributed PHP30
million to Escudero's 2022 Senate campaign, according to
Bilyonaryo.com.

Joseph John A. Quirante - husband of Escudero's sister, Rep. Marie
Bernadette "Dette" Guevara Escudero-Quirante - owns 40% of Cork,
equal to Mr. Ngu's 40%.

The balance is held by economic czar Frederick Go. While Mr. Ngu is
president and CEO, Ms. Quirante - who resides near the Escuderos'
New Manila address - is corporate secretary.

Cork was formed in September 2018, with offices at the W 5th
Building in BGC.




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

APROWERKS SINGAPORE: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on Aug. 29, 2025, to
wind up the operations of Aprowerks Singapore Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778



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

Maybank Singapore Limited filed the petition against the company on
Sept. 11, 2025.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


BRAWN VIETNAM: Creditors' Meeting Set for Sept. 30
--------------------------------------------------
Brawn Vietnam Pte. Ltd. will hold a meeting for its creditors on
Sept. 30, 2025, at 4:00 p.m. at 10 Collyer Quay #05-04/05 Ocean
Financial Centre, in Singapore, via video conference.

Agenda of the meeting includes:

   a. to receive a full statement of the company's affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to appoint liquidators;

   c. to form a committee of inspection of not more than
      5 members, if thought fit;

   d. to resolve that the Liquidators be at liberty to open,
      maintain and operate any bank account or an account for
      monies received by them as Liquidators of the Company, with
      such bank as the Liquidators deem fit; and
   e. any other business.

Jason Aleksander Kardachi and Alton Murray Chun-Wen Poon of Kroll
Pte. Limited were appointed as provisional liquidators of the
Company on Sept. 12, 2025.


GRIP PRINCIPLE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Aug. 29, 2025, to
wind up the operations of Grip Principle Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


MAXEON SOLAR: Amends Development Deal With TCL Zhonghuan Units
--------------------------------------------------------------
As previously disclosed, in connection with Maxeon Solar
Technologies Ltd.'s sale of 100% of its equity interest in SunPower
Philippines Manufacturing Ltd, a Cayman incorporated legal entity
and a wholly owned indirect subsidiary of Maxeon, to TCL Zhonghuan
Renewable Energy Technology Co Ltd. and/or its subsidiaries, the
Company's controlling shareholder (collectively, "TZE"), on
February 28, 2025 ("Closing Date"), subsidiaries of TZE and Maxeon,
respectively, entered into a Bilateral Development Services
Agreement.  

The Original Agreement contemplated that Lumetech PTE Ltd., a
subsidiary of TZE and purchaser of SPML and Maxeon Solar Pte Ltd.,
a subsidiary of the Company and a Singapore corporation, would both
agree to use their respective assets and human resources in the
Republic of the Philippines and the United States of America to
further the development of MAX8 Technology. The parties agreed to
both invest on the development of MAX8 Technology for a period of
two years from the Closing Date, and within 30 days after the
Closing Date, establish a joint, co-chaired joint Management
Committee that would be responsible for the overall strategic
alignment and direction with respect to the Collaboration. For
information on the additional terms of the Original Agreement,
refer to the Signing 6-K.

Since the Closing Date, the Original Agreement was not
substantially performed and the parties decided to renegotiate the
financial structure of the Original Agreement.

On September 17, 2025, Zhonghuan Hong Kong Limited, a Hong Kong
company and a subsidiary of TZE, Lumetech, and MSPL entered into
the Amended Bilateral Development Services Agreement. Under the
amended terms, Lumetech, and MSPL release and discharge each other
from all claims of any form against the other that existed prior to
July 1, 2025 and waive all rights and discharge all obligations to
each other under the Original Agreement.

TZE HK has agreed to fund a greater share of the research and
development costs in exchange for closer technology collaboration
and expanded intellectual property ownership rights.  Through the
amendment, the scope of the Original Agreement was also broadened
to include geographies in addition to the Philippines and US
(Singapore and China), with a particular focus on exclusive MAX8
development.

The Original Agreement provided for a split of labor costs by
geography and a 50/50 annual sharing of non-labor costs. The
Amended Bilateral Development Services Agreement shifts all labor
costs across all regions to TZE HK, while non-labor costs remain
split 50/50 but are managed regionally. The payment process is now
governed by monthly rolling forecasts and reviews, with payments
capped at the approved forecast unless otherwise agreed.   

The amended Bilateral Development Services Agreement contemplates
that in addition to an annual forecast prepared by MSPL and TZE HK,
the parties will prepare monthly rolling forecasts.  These
forecasts will be reviewed on the 25th of each month, and payments
will be due within five business days of approval.  If no
objections are raised within five business days, the forecast is
deemed approved. The overall collaboration budget will be based on
the annual and monthly forecasts.  Payments are capped at the
amount specified in the approved budget unless additional approval
is obtained.  

The amended Bilateral Development Services Agreement eliminates the
joint management committee, which was responsible for quarterly
milestone planning and overall project supervision.  Under the
amended agreement, TZE HK will have strategic control over the
project, and conduct bi-weekly review meetings to monitor progress.
MSPL will be responsible for executing the project with key
individuals devoting their working time and attention to the
Collaboration without competing with TZE HK and MSPL with the
exception of limited passive investments. TZE HK will have
authority to review personnel performance and approve staffing
changes only if they would result in cost overruns.   

The Amended Bilateral Development and Services Agreement amends the
prior provisions regarding allocation of IP rights.  TZE HK will
become the sole owner of all Foreground IP (as such term is defined
in the Amended Bilateral Development and Services Agreement),
except for US Patents (as such term is defined in the Amended
Bilateral Development and Services Agreement), which remain jointly
owned.  Parties have agreed to license the Background IP (as such
term is defined in the Amended Bilateral Development and Services
Agreement) for collaboration use during the term of the amended
agreement, with a covenant not to sue solely to enable
commercialization of Foreground IP.  Patent prosecution
responsibilities have also been reallocated, with TZE HK taking the
lead except for US patents.

The term of the amended agreements remains unchanged - two years
with automatic one-year renewals.  TZE HK, however, now can
exercise termination rights for performance issues, change of
control, or insolvency.  MSPL retains the right to terminate the
amended agreement for a breach of the agreement by TZE HK.
Additional provisions include a two-year post-employment
non-compete and solicitation ban for key individuals, with TZE HK.
Enforcement of such restrictive covenants is subject to applicable
law and the Company's ability to enforce them, and TZE HK will bear
all costs associated with any such enforcement request.

The foregoing description of the Amended Bilateral Development
Agreement and the transactions contemplated thereby does not
purport to be complete and is qualified in its entirety by
reference to the full text of the Amended Bilateral Development
Services Agreement, which is available at
https://tinyurl.com/3thujmu4. A copy of the Amended Bilateral
Development Services Agreement has been included to provide
shareholders of Maxeon with information regarding their terms and
are not intended to provide any factual information about the
parties thereto, or any of their respective affiliates or
subsidiaries, as applicable.

The Amended Bilateral Development Services Agreement contains
representations, warranties, covenants and agreements, which were
made only for purposes of such agreement and as of a specified
date. The representations and warranties in the Amended Bilateral
Development Services Agreement reflect negotiations between the
parties to the Amended Bilateral Development Services Agreement and
are not intended as statements of fact to be relied upon by
stockholders, or any individual or other entity other than the
parties.

In particular, the representations, warranties, covenants and
agreements in the Amended Bilateral Development Services Agreement
may be subject to limitations agreed by the parties and have been
made for purposes of allocating risk among the parties rather than
establishing matters of fact. In addition, the parties may apply
standards of materiality in a way that is different from what may
be viewed as material by investors. As such, the representations
and warranties in the Amended Bilateral Development Services
Agreement may not describe the actual state of affairs at the date
they were made or at any other time and you should not rely on them
as statements of fact.

Moreover, information concerning the subject matter of the
representations and warranties may change after the date of the
Amended Bilateral Development Services Agreement, and unless
required by applicable law, the Company undertakes no obligation to
update such information.

                        About Maxeon Solar

Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.

Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
April 30, 2025, attached to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and negative
free cash flows and has stated that substantial doubt exists about
the Company's ability to continue as a going concern.

As of Dec. 31, 2024, the Company had $376.27 million in total
assets, $664.64 million in total liabilities, and $288.37 million
in total deficit.

TE2KS-RH PTE: Creditors' Proofs of Debt Due on Oct. 17
------------------------------------------------------
Creditors of Te2ks-RH Pte. Ltd. are required to file their proofs
of debt by Oct. 17, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 16, 2025.

The company's liquidator is:

          Lee Chong Xiang
          Tan, Chan & Partners
          26 Eng Hoon Street
          Singapore 169776




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

TIEN PHONG: Moody's Cuts Bank Deposit & Issuer Ratings to B1
------------------------------------------------------------
Moody's Ratings has downgraded Tien Phong Commercial Joint Stock
Bank (TPBank) long-term (LT) foreign currency (FC) and local
currency (LC) bank deposit and issuer ratings to B1 from Ba3.
Moody's have also downgraded the bank's Baseline Credit Assessment
(BCA) and Adjusted BCA to b2 from b1.

At the same time, Moody's have affirmed TPBank's LT FC and LC
Counterparty Risk Ratings (CRRs) at Ba3 and its LT Counterparty
Risk (CR) Assessment at Ba3(cr), and affirmed its Not Prime (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.

Moody's have changed the outlooks where applicable to stable from
negative.

RATINGS RATIONALE

The downgrade of TPBank's long-term ratings and BCA reflects the
bank's higher asset quality risks and Moody's expectations that the
rebuilding of its loss absorption buffers will be constrained by
rapid growth and weaker profitability. The downgrade also considers
the deterioration in the bank's funding structure and modest
liquidity buffers. The change in outlook to stable from negative
reflects Moody's expectations that downside risks to the bank's
credit profile in 2025-2026 are adequately reflected at the b2 BCA
level.

TPBank's asset quality deteriorated with its nonperforming loans
ratio (NPL) increasing to 2.0% as of June 2025 from 1.5% in
December 2024, driven by higher delinquencies in retail and
corporate loans. Moody's expects asset quality pressures for TPBank
to remain elevated as unseasoned risk from its high loan growth
materializes over the next 12-18 months. The bank's exposure to the
construction and real estate sector will also continue to pose
asset risks, given the weakened debt servicing capacity of some of
its large corporate borrowers. The decline in the NPL coverage
ratio to 63% from 81% over the same period will provide modest
buffers against future losses.

TPBank's annualized return on assets remained stable at 1.5% as
June 2025, with the decline in the bank's net interest margin (NIM)
balanced by lower credit costs. The bank's profitability will
remain under negative pressure over the next 12-18 months, given
Moody's expectations of narrowing NIM and increase in credit costs
to historical levels as asset risks materialize.

Cash dividends and high loan growth have constrained the bank's
ability to strengthen its core capitalization buffer over the past
few years, with its tangible common equity (TCE) to risk weighted
assets (RWA), or TCE ratio, declining to 10.1% as of June 2025 from
10.4% a year earlier. Moody's expects the bank's TCE ratio to
remain under negative pressure as capital consumption will likely
outpace its internal capital generation. In addition, TPBank's
planned capital injection in Tien Phong Securities Joint Stock
Company (TPS), a securities company affiliated with the bank, will
also weaken overall capitalization.

TPBank's funding profile has deteriorated moderately with its
market funds as a percentage of tangible banking assets increasing
to 32% as of June 2025 from 30% a year earlier. Moody's expects the
bank's reliance on market funds to remain higher than most of
Moody's-rated peers in Vietnam given its modest deposit franchise.
The bank also has a modest liquidity buffer, with its high-quality
liquid assets, such as cash, balances with the central bank and
government securities, accounting for around 8% of its total
tangible banking assets as of June 2025.

The prosecution of TPBank's former vice chairman, who was also
TPS's chairman, on fraud charges is credit negative and highlights
governance risks. These considerations are reflected in the bank's
Governance Issuer Profile Score of G-3.

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

TPBank's ratings and BCA could be upgraded if the bank's solvency
and liquidity metrics improve on a sustained basis, including:

-- Material strengthening of NPL coverage.

-- Increase in TCE ratio to more than 11.5% while maintaining
high-quality liquid assets as a percentage of tangible banking
assets above 10%.

-- Lower reliance on market funds, with market funds as a
percentage of tangible banking assets ratio declining to below
30%.

TPBank's ratings and BCA would be downgraded if the bank's asset
quality deteriorates, leading to higher credit costs and a decline
in its return on tangible assets to below 1%, or if the bank's TCE
ratio declines below 7.5%. Further weakening in TPBank's funding
and liquidity will also be negative for the BCA. A significant
negative impact on TPBank's financial performance because of lapses
in risk management can also lead to pressure on its rating.

The bank's deposit and issuer ratings would be downgraded if
Moody's assesses that government support for the bank has
weakened.

Environmental, social and governance (ESG) considerations are a key
driver of the rating action. TPBank's ESG Credit Impact Score of
CIS-3, reflects that ESG considerations have a limited impact on
the current credit rating with potential for greater negative
impact over time.

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

TPBank's BCA of b2 is two notches lower than the
scorecard-indicated outcome of ba3. This difference notably
reflects TPBank's unseasoned risk from its high loan growth,
weakened capitalization and deterioration in funding structure.

Tien Phong Commercial Joint Stock Bank (TPBank), headquartered in
Hanoi, reported total assets of VND428 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
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