251103.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, November 3, 2025, Vol. 28, No. 219
Headlines
A U S T R A L I A
ARRUMAR PRIVATE: ASIC Cancels AFS License for License Failures
COLOUR AND THE SHAPE: First Creditors' Meeting Set for Nov. 6
FIRST MUTUAL: Freezing Orders vs. Gregory Cotton, Co. Continue
FLEXICOMMERCIAL ABS 2: Moody's Affirms B2 Rating on Class D Notes
KOORALBYN RESORT: First Creditors' Meeting Set for Nov. 7
MY SDA: First Creditors' Meeting Set for Nov. 6
OPENN NEGOTIATION: Completes Deed of Company Arrangement
PACIFIC ACQUISITION: First Creditors' Meeting Set for Nov. 7
PEPPER RESIDENTIAL 38: Moody's Ups Rating on Class F Notes to Ba1
PLENTI AUTO 2025-2: Moody's Gives (P)B2 Rating to AUD8.80MM F Notes
VITALA HEALTH: First Creditors' Meeting Set for Nov. 6
C H I N A
CHINA VANKE: Gets US$309MM Lifeline From State-Backed Shareholder
VIVIC CORP: Chen-Hon Chuang Named CEO, CFO
I N D I A
AMALTAS EDUCATIONAL: Ind-Ra Keeps D Rating in NonCooperating
AMIT PETROLUBES: CRISIL Withdraws B Rating on INR30cr Loan
ANURAG 05 24: Ind-Ra Cuts Bank Loan Rating to BB
DYS ROYALS: CRISIL Lowers Rating on INR41.5cr Loan to D
FINE PACKAGING: CRISIL Withdraws B+ Rating on INR12.5cr Loan
FLY EXPRESS: CRISIL Lowers Rating on INR3.1cr Cash Loan to D
GALAXY 06 24: Ind-Ra Cuts Bank Loan Rating to BB+
HIMACHAL SOAP: CRISIL Keeps B- Debt Ratings in Not Cooperating
INCHEON MOTORS: Ind-Ra Affirms BB+ Bank Loan Rating
JALARAM JUTE: CRISIL Keeps D Debt Ratings in Not Cooperating
KAILASANADHA TEXTILES: CRISIL Keeps D Ratings in Not Cooperating
KGEPL ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
KRISHNA SAHAKARI: Ind-Ra Cuts Bank Loan Rating to B
L. V. DAIRYS: CRISIL Keeps D Debt Ratings in Not Cooperating
MAGTORQ PRIVATE: Ind-Ra Moves BB+ Loan Rating to NonCooperating
MANIT 09 04: Ind-Ra Cuts Bank Loan Rating to BB+
MARIKAMBA MICRO: CRISIL Assigns B+ Rating to INR2.5cr LT Loan
MASCHIO GASPARDO: CRISIL Keeps B Debt Ratings in Not Cooperating
MITC METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
NAVYA FASHIONS: CRISIL Lowers Rating on INR15cr Cash Loan to D
NEXT GENERATION: Ind-Ra Keeps D Loan Rating in NonCooperating
NMS ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
PHORUM JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAHEJA DEVELOPERS: NCLAT Restrains Developer From Selling Assets
RANK PROJECTS: Ind-Ra Affirms BB Bank Loan Rating
RDC AUTOMOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating
REVERA MILK: Ind-Ra Assigns BB- Bank Loan Rating
RICHA INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
S. K. MASALA: CRISIL Keeps D Debt Rating in Not Cooperating
SAHYOG JANKALYAN: Ind-Ra Cuts Bank Loan Rating to B
SAJ ROOFING: CRISIL Keeps D Debt Ratings in Not Cooperating
SANGAM CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating
SAVUTE TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
SHAH STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIV LAL: CRISIL Keeps B Debt Ratings in Not Cooperating Category
SPS EDUCATIONAL: CRISIL Moves D Debt Ratings to Not Cooperating
TWIN CITIES: CRISIL Keeps D Debt Ratings in Not Cooperating
UNITED OILCHEM: CRISIL Hikes Ratings on INR62cr Term Loan to B+
V S EDUCATION: Ind-Ra Keeps C Loan Rating in NonCooperating
VENKATESHWARA SHIKSHAN: Ind-Ra Keeps D Rating in NonCooperating
J A P A N
NISSAN MOTOR: Sees US$1.8BB Annual Operating Loss as Tariffs Weigh
N E W Z E A L A N D
GREENLIGHT LAND: Court to Hear Wind-Up Petition on Nov. 20
GURU NZ: Court to Hear Wind-Up Petition on Nov. 6
OFF ROAD: Creditors' Proofs of Debt Due on Nov. 28
ORGANIC THAI2GO: Creditors' Proofs of Debt Due on Nov. 24
SAHANA INZ: Creditors' Proofs of Debt Due on Nov. 24
S I N G A P O R E
FIRST VENTURE: Court to Hear Wind-Up Petition on Nov. 7
NEREUS MARINE: Court to Hear Wind-Up Petition on Nov. 7
PALM TREE: Court Enters Wind-Up Order
PTF PTE: Court Enters Wind-Up Order
UIL SINGAPORE: Court to Hear Wind-Up Petition on Nov. 7
T H A I L A N D
STARK CORP: Court to Declare Former Executive Bankrupt
V I E T N A M
BAC A BANK: Fitch Assigns 'B+' Long-Term IDR, Outlook Stable
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A U S T R A L I A
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ARRUMAR PRIVATE: ASIC Cancels AFS License for License Failures
--------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
cancelled the Australian financial services (AFS) licence of
Arrumar Private Pty Ltd (Arrumar) for failing to comply with
certain license conditions and financial services laws.
ASIC found Arrumar did not comply with its obligations to:
* be a member of an external dispute resolution scheme, and
* lodge with ASIC a true and fair profit and loss statement,
balance sheet and auditor's report for the financial year
ending June 30, 2024.
Under s915C(1) of the Corporations Act, ASIC may cancel an AFS
license for failing to comply with its obligations as a licensee.
The cancellation takes effect from Oct. 23, 2025.
ASIC granted AFS license number 510700 to Arrumar on Jan. 24,
2019.
It was authorised to carry on a financial services business to deal
in and provide financial product advice in relation to deposit and
payment products, debentures, stocks or bonds issued by government,
life products, interests in managed investment schemes, MDA
services, securities, retirement savings accounts, margin lending
and superannuation to retail and wholesale clients.
Arrumar has the right to appeal to the Administrative Review
Tribunal for a review of ASIC's decision.
COLOUR AND THE SHAPE: First Creditors' Meeting Set for Nov. 6
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Colour And
The Shape Landscapes Pty Ltd will be held on Nov. 6, 2025 at 10:00
a.m. via videoconference only.
Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Oct. 27, 2025.
FIRST MUTUAL: Freezing Orders vs. Gregory Cotton, Co. Continue
--------------------------------------------------------------
Freezing orders over the assets (including bank accounts) of
Gregory Raymond Cotton and his company, First Mutual Private Equity
Pty Ltd, will continue following a Federal Court hearing. The
orders were first made on Aug. 15, 2025 following an ASIC
application and then extended on Sept. 10, 2025.
Mr. Cotton and First Mutual are prevented from transferring money
from any of the frozen bank accounts until further order.
ASIC has concerns that Mr. Cotton and/or First Mutual appear to
have raised approximately AUD131 million from around 400 investors
between January 2020 and August 2025 for the purpose of investing
in ASX-listed shares to generate interest payments in
circumstances, with ASIC's investigation indicating that:
* no investment of the funds appears to have taken place,
whether in ASX-listed shares or elsewhere
* investor funds have been largely spent on gambling (around
AUD80 million, with losses of around AUD51 million) and payments to
investors (around AUD67 million), and
* only around AUD7 million in total assets can presently be
identified.
The matter will return to the Court on Dec. 2, 2025 for the hearing
of ASIC's application to appoint receivers to the Defendants'
property. ASIC's investigation is ongoing.
FLEXICOMMERCIAL ABS 2: Moody's Affirms B2 Rating on Class D Notes
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Moody's Ratings has affirmed ratings on six classes of notes issued
by two flexicommercial ABS transactions.
The affected ratings are as follows:
Issuer: flexicommercial ABS Inspire Trust
Class B Notes, Affirmed Baa2 (sf); previously on Aug 22, 2024
Downgraded to Baa2 (sf)
Class C Notes, Affirmed Ba2 (sf); previously on Aug 22, 2024
Downgraded to Ba2 (sf)
Class D Notes, Affirmed B1 (sf); previously on Aug 22, 2024
Downgraded to B1 (sf)
Issuer: flexicommercial ABS Inspire Trust No. 2
Class B Notes, Affirmed Baa2 (sf); previously on Nov 30, 2023
Assigned Baa2 (sf)
Class C Notes, Affirmed Ba1 (sf); previously on Nov 30, 2023
Assigned Ba1 (sf)
Class D Notes, Affirmed B2 (sf); previously on Nov 30, 2023
Assigned B2 (sf)
RATINGS RATIONALE
The affirmations were driven by the sufficiency of credit
enhancement for the current rating of the respective notes and
considered the portfolio top-up option.
Credit enhancement available to the rated notes has increased since
their respective last rating action. The note holders have the
option to subscribe to additional notes on subsequent issue dates,
subject to certain conditions, which could reduce credit
enhancement available to the notes.
flexicommercial ABS Inspire Trust
Following the September 2025 payment date, credit enhancement
available for the Class B, Class C and Class D Notes has increased
to 13.6%, 8.7% and 6.9%, from 8.6%, 5.5% and 4.4% at the time of
the last rating action in August 2024. Principal collections have
been distributed on sequential basis starting from the Class A
Notes since the notes issue date on August 22, 2024. Current
outstanding notes as a percentage of the total notes balance at the
time of last issuance is 63.6%.
As of end-August 2025, 1.6% of the outstanding pool was 30-plus day
delinquent and 0.6% was 90-plus day delinquent. The deal has
incurred 2.5% of net losses (as a percentage of closing pool
balance plus replenishments) to date, which have been covered by
excess spread.
Based on the observed performance to date and loan attributes,
Moody's have considered several combinations of expected asset
assumptions in Moody's analysis, with default rates of 6% to 7%,
recovery rates of 25% to 35%, and expected losses of 4.5% to 5%.
Moody's portfolio credit enhancement assumption is 26%.
flexicommercial ABS Inspire Trust No. 2
Following the September 2025 payment date, credit enhancement
available for the Class B, Class C and Class D Notes has increased
to 17%, 12.5% and 6.6%, from 10.1%, 7.2% and 3.4% at closing.
Principal collections have been distributed on a pro-rata basis
among Class A to Class D Notes since the May 2025 payment date.
Current outstanding notes as a percentage of the total closing
notes balance is 51.9%.
As of end-August 2025, 2.1% of the outstanding pool was 30-plus day
delinquent and 0.5% was 90-plus day delinquent. The deal has
incurred 3.6% of net losses to date, which have been covered by
excess spread.
Based on the observed performance to date and loan attributes,
Moody's have considered several combinations of expected asset
assumptions in Moody's analysis, with default rates of 7% to 9%,
recovery rates of 25% to 35%, and expected losses of 5.1% to 6.8%.
Moody's portfolio credit enhancement assumption is 29%.
Both transactions have a default definition of 120-day delinquent
while the servicer typically charges off loans at around 180-day
delinquent. As such, some loans that were classified as defaulted
and charged off in the transactions are being serviced as
performing by the servicer, which results in recovery proceeds
accruing over the remaining term of those loans. This charge-off
definition mismatch results in higher observed default rate and
higher, albeit delayed, recovery rates in the transactions. The
servicer has informed us that they intend to amend the default
definition of these two transactions to 180-day delinquent, which
will be in-line with their business practices.
The transactions are securitisations of portfolios of equipment and
commercial auto loans and leases originated by Flexirent Capital
Pty Limited and flexicommercial Pty Ltd, each a wholly owned
subsidiary of Humm Group Limited, and serviced by flexicommercial
Pty Ltd.
The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations" published in June 2025.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.
KOORALBYN RESORT: First Creditors' Meeting Set for Nov. 7
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A first meeting of the creditors in the proceedings of Kooralbyn
Resort Pty Ltd (trading as "Kooralbyn Valley National"; "The
Kooralbyn Valley"; and "Kooralbyn Valley Resort") will be held on
Nov. 7, 2025 at 11:00 a.m. at offices of B&T Advisory, Level 19/144
Edward Street, in Brisbane, QLD and via virtual meeting
technology.
Travis Pullen of B&T ADVISORY was appointed as administrator of the
company on Oct. 28, 2025.
MY SDA: First Creditors' Meeting Set for Nov. 6
-----------------------------------------------
A first meeting of the creditors in the proceedings of My SDA & SIL
Victoria Pty Ltd ATF Victoria SDA & SIL Unit Trust, My SDA Central
West NSW Pty Ltd ATF Central West NSW SDA Unit Trust and My SDA
Riverina Pty Ltd ATF Riverina SDA Unit Trust will be held on Nov.
6, 2025 at 10:00 a.m., 2:00 p.m. and 4:00 p.m. via virtual
meeting.
Henry Kwok and Antony Resnick of DVT Mcleods were appointed as
administrators of the company on Oct. 27, 2025.
OPENN NEGOTIATION: Completes Deed of Company Arrangement
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TipRanks reports that Openn Negotiation Limited has completed its
Deed of Company Arrangement, transferring control to a new board of
directors, and is exploring strategic options such as
recapitalization.
TipRanks says the company's shares remain suspended from trading on
the ASX since May 2024, and it is receiving interest-free loans
from its major shareholder to support working capital needs.
Based in Claremont, Australia, Openn Negotiation Limited (ASX:OPN)
-- https://www.openn.com/en-au/ -- offers cloud-based software
platform to support real estate agents in selling property online
by facilitating the negotiation process, streamlining digital
contracting, and automating communication tools that enhances
property transactions.
John Bumbak and Richard Tucker of KordaMentha were appointed
administrators of Openn Pty Ltd, Openn Tech Pty Ltd, Openn World
Pty Ltd, and Openn Negotiation Limited on May 23, 2024.
PACIFIC ACQUISITION: First Creditors' Meeting Set for Nov. 7
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Pacific
Acquisition Pty Ltd will be held on Nov. 7, 2025 at 3:00 p.m. via
virtual meeting.
Lindsay Stephen Bainbridge and Andrew Reginald Yeo of Pitcher
Partners were appointed as administrators of the company on Oct.
28, 2025.
PEPPER RESIDENTIAL 38: Moody's Ups Rating on Class F Notes to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded the rating on Class F notes issued by
Pepper Residential Securities Trust No. 38.
The affected rating is as follows:
Issuer: Pepper Residential Securities Trust No. 38
Class F Notes, Upgraded to Ba1 (sf); previously on Mar 17, 2025
Upgraded to Ba3 (sf)
A comprehensive review of all credit ratings for the respective
transaction(s) has been conducted during a rating committee.
RATINGS RATIONALE
The upgrade was prompted by (1) an increase in credit enhancement
available for the affected notes, and (2) the collateral
performance to date.
No actions were taken on the remaining rated classes in the deal as
credit enhancement remains commensurate with the current rating for
the respective notes.
Following the October 2025 payment date, credit enhancement
available for Class F Notes has increased to 2.8% from 2.1% at the
last rating action in March 2025. Principal collections have been
distributed on a pro-rata basis among the rated notes since the
September 2025 payment date. Current total outstanding notes as a
percentage of the total closing balance is 37.1%.
As of end-September 2025, 5.4% of the outstanding pool was 30-plus
day delinquent and 2.9% was 90-plus day delinquent. The deal has
not incurred any losses to date.
Based on the observed performance to date and loan attributes,
Moody's have updated Moody's expected loss assumption to 2.1% of
the outstanding pool balance (equivalent to 0.8% of the original
pool balance) from 1.9% of the outstanding pool balance (equivalent
to 0.9% of the original pool balance) at the time of the last
rating action. Moody's have maintained Moody's MILAN CE assumption
at 7.5%.
The transaction is an Australian RMBS secured by a portfolio of
residential mortgage loans, originated by Pepper Homeloans Pty
Limited and serviced by Pepper Money Limited. A portion of the
portfolio consists of loans extended to borrowers with prior credit
impairment or made on an alternative documentation basis.
The principal methodology used in this rating was "Residential
Mortgage-Backed Securitizations" published in October 2024.
Factors that would lead to an upgrade or downgrade of the rating:
Factors that could lead to an upgrade of the rating include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.
Factors that could lead to a downgrade of the rating include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.
PLENTI AUTO 2025-2: Moody's Gives (P)B2 Rating to AUD8.80MM F Notes
-------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the notes to be issued by Perpetual Corporate Trust Limited in its
capacity as the trustee of the Plenti Auto ABS 2025-2 Trust.
Issuer: Perpetual Corporate Trust Limited in its capacity as the
trustee of the Plenti Auto ABS 2025-2 Trust
AUD473.00 million Class A Notes, Provisional Rating Assigned
(P)Aaa (sf)
AUD9.00 million Class A-X Notes, Provisional Rating Assigned
(P)Aaa (sf)
AUD16.50 million Class B1 Notes, Provisional Rating Assigned
(P)Aa2 (sf)
AUD16.50 million Class B2 Notes, Provisional Rating Assigned
(P)Aa2 (sf)
AUD8.25 million Class C1 Notes, Provisional Rating Assigned (P)A2
(sf)
AUD8.25 million Class C2 Notes, Provisional Rating Assigned (P)A2
(sf)
AUD5.50 million Class D Notes, Provisional Rating Assigned (P)Baa2
(sf)
AUD9.90 million Class E Notes, Provisional Rating Assigned (P)Ba1
(sf)
AUD8.80 million Class F Notes, Provisional Rating Assigned (P)B2
(sf)
The AUD3.30 million Class G Notes are not rated by us.
Plenti Auto ABS 2025-2 Trust (Plenti 2025-2) transaction is a
static cash securitisation of consumer and commercial auto loan
receivables extended to prime borrowers in Australia. The loans are
originated by Plenti Finance Pty Limited (Plenti) and are serviced
by Plenti RE Limited (Plenti RE).
Plenti is a 100%-owned Australian subsidiary of Plenti Group
Limited, established in 2014 focusing on consumer lending. It
started consumer automotive lending in 2017 and commercial
automotive lending in 2021. Following strong growth in its
automotive finance book, Plenti is issuing its sixth auto ABS term
transaction. Plenti is a technology-led lending business, offering
automotive, renewable energy and personal loans, delivered via its
proprietary technology platform.
RATINGS RATIONALE
The ratings take into account, among other factors:
-- The limited amount of historical data. Plenti was established
in 2014, with significant origination growth beginning in 2017
onwards and commercial auto loans commencing in 2021. The
collateral performance data used in Moody's analysis reflects
Plenti's short origination history and does not cover a full
economic cycle.
-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. Initially, the
notes will be repaid on a sequential basis starting with the Class
A notes. Once pro rata paydown conditions are satisfied, principal
will be distributed pro rata among Class A through Class F Notes.
Following the call date, or if the pro rata conditions are
otherwise not satisfied, the principal collections distribution
will revert to sequential. Initially, the Class A, Class B (Class
B1 and B2), Class C (Class C1 and C2), Class D, Class E and Class F
Notes benefit from 14.00%, 8.00%, 5.00%, 4.00%, 2.20% and 0.60% of
note subordination, respectively.
-- The Class A-X Notes are repaid according to a scheduled
amortisation profile. These notes are not collateralised and are
repaid through the interest waterfall only. The notes are sensitive
to very high prepayment rates, which could see the underlying asset
portfolio repay in full before the notes have fully amortised in
September 2028. If the deal is called by the sponsor before
repayment of the Class A-X Notes under the amortisation schedule in
September 2028, the Class A-X Notes will be made whole and repaid
in full. The notes also benefit from access to principal draw
providing the Class A Notes stated amount is above zero.
-- The availability of excess spread over the life of the
transaction. Repayment of the Class A-X Notes in a senior position
the interest waterfall reduces the availability of excess spread
for the other notes.
-- The liquidity facility in the amount of 1.50% of the note
balances, subject to a floor of AUD1.50 million.
-- The interest rate swap provided by National Australia Bank
Limited ("NAB", Aa2/P-1/Aa1(cr)/P-1(cr)).
-- The experience of Plenti RE Limited as servicer, and the
back-up servicing arrangements with Perpetual Corporate Trust
Limited.
MAIN MODEL ASSUMPTIONS
Moody's base case assumptions are a mean default rate of 2.8%, a
recovery rate of 35.0%, and a Aaa portfolio credit enhancement
("PCE") of 13.3%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expects
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by us to
calibrate its lognormal portfolio default distribution curve and to
associate a probability with each potential future default scenario
in its ABSROM cash flow model.
Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 1.8%. The
stress Moody's have applied in determining its mean default rate
reflects the limited historical data available for Plenti's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.
The PCE of 13.3% is broadly in line with other Australian auto ABS
deals and is based on Moody's assessments of the pool taking into
account (i) historical data variability, (ii) quantity, quality and
relevance of historical performance data, (iii) originator quality,
(iv) servicer quality, (v) certain pool characteristics, such as
asset concentration.
Key pool features are as follows:
-- Consumer loans constitute 59.8% of the pool while the remaining
40.2% is made up of commercial loans;
-- The weighted average interest rate of the portfolio is 8.62%;
-- The weighted average remaining term of the portfolio is 60.2
months; and
-- The weighted average seasoning of the initial portfolio is 4.8
months.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
June 2025.
Factors that would lead to an upgrade or downgrade of the ratings:
Up
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.
Down
Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.
VITALA HEALTH: First Creditors' Meeting Set for Nov. 6
------------------------------------------------------
A first meeting of the creditors in the proceedings of Vitala
Health Pty Ltd will be held on Nov. 6, 2025 at 2:00 p.m. at office
of BRI Ferrier, at Level 26, 25 Bligh Street, in Sydney, NSW, and
via virtual meeting technology.
Jonathon Keenan and Peter Krejci of BRI Ferrier were appointed as
administrators of the company on Oct. 27, 2025.
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C H I N A
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CHINA VANKE: Gets US$309MM Lifeline From State-Backed Shareholder
-----------------------------------------------------------------
Caixin Global reports that China Vanke Co. Ltd. will receive an
additional CNY2.2 billion (US$309 million) loan from its largest
shareholder to help repay maturing debt, underscoring continued
support from its state-owned backers despite a recent leadership
change.
Caixin relates that the Shenzhen- and Hong Kong-listed developer
said on Oct. 30 that state-owned Shenzhen Metro Group will provide
the loan, which Vanke used the next day to help repay a CNY2.5
billion domestic bond that came due.
About China Vanke
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-June 2025, S&P Global Ratings affirmed its 'B-' long-term
issuer credit rating on China Vanke Co. Ltd. and its subsidiary,
Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK). S&P also
affirmed its 'B-' issue rating on Vanke HK's senior unsecured
notes. S&P removed the ratings from CreditWatch, where they were
placed with developing implications on March 5, 2025.
The negative rating outlook on China Vanke reflects S&P's view that
the company's liquidity could tighten in the face of deteriorating
sales and a bond maturity wall over the next 12 months.
The TCR-AP reported on May 20, 2025, Fitch Ratings has downgraded
China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch has also
downgraded the Long-Term IDR on China Vanke's wholly owned
subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK),
to 'CCC', from 'CCC+', and its senior unsecured rating and the
rating on its outstanding senior notes to 'CCC', from 'CCC+', with
a Recovery Rating of 'RR4'. The ratings are removed from Rating
Watch Negative.
The TCR-AP in March 2025, S&P Global Ratings placed on CreditWatch
with developing implications the following ratings: the 'B-'
long-term issuer credit ratings on China Vanke and on China Vanke's
subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and
the 'B-' issue ratings on Vanke HK's senior unsecured notes.
VIVIC CORP: Chen-Hon Chuang Named CEO, CFO
------------------------------------------
Vivic Corp. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that the Board of Directors
accepted the resignation of:
(i) Mr. Tse-Ling Wang from his positions as President, Chief
Executive Officer, and Secretary of the Company;
(ii) Andy F Wong, Chief Financial Officer of the Company;
(iii) Amy (Yin-Zhen) Huang, Director of the Company; and
(iv) Richard (Hui Ming) Pao, Director of the Company.
Concurrently, the Board appointed Mr. Chen-Hon Chuang to serve as
the President, Chief Executive Officer, Chief Financial Officer,
and Secretary of the Company.
Mr. Chen-Hon Chuang, 75, has been serving as a Senior Sales
Consultant and Technical Advisor of Vivic Corporation (Hong Kong)
Co. Limited, the Company's subsidiary in Hong Kong, since February
2023.
Mr. Chuang has served in a number of senior management positions in
the yacht industry.
From September 2020 to March 2024, Mr. Chuang served as Electric
Boat Consultant and Sales Director of Guangzhou Weiguan Yacht
Technology Co., Ltd., a yacht sales and marina operation company,
where he oversaw the certification, emission compliance, and safety
standards for electric systems, and supported after-sales service
and technical support coordination.
Mr. Chuang holds a High School degree from Miaoli Dacheng High
School in 1970 and attended the Flight Training Program at the Air
Force Academy from 1970 to 1973.
The Company has entered into an employment agreement with Mr.
Chuang which provides for an initial term expiring October 16,
2026, after which the agreement continues on an "at will" basis.
In consideration of his services, Mr. Chuang is to be issued
100,000 restricted stock units which shall be deemed earned in
equal monthly instalments of 8,333. If Mr. Chuang's employment is
terminated without "cause" or by Mr. Chuang for "good reason", Mr.
Chuang is entitled to receive:
(1) vesting of all RSUs scheduled to be earned during the
remainder of the term; and
(2) retention of all previously earned RSUs, which cannot be
forfeited or clawed back.
A "Qualifying Termination" includes material changes to Mr.
Chuang's duties, title, or responsibilities or a breach of the
agreement by the Company. Severance payments are contingent on Mr.
Chuang's execution of a general release of claims in favor of the
Company and adherence to post-employment restrictive covenants,
including non-competition and non-solicitation obligations for 12
months following termination. No severance is provided for
termination for "cause," Mr. Chuang's voluntary resignation without
good reason, or upon his death or disability.
The foregoing summary of Mr. Chuang's employment agreement is
qualified in its entirety by reference to the terms of the
employment agreement, which is available at
https://tinyurl.com/yw526k5s
No family relationships exist between Mr. Chuang and any other
directors or executive officers of the Company. There are no
transactions to which the Company is or was a participant and in
which Mr. Chuang has a material interest subject to disclosure
under Item 404(a) of Regulation S-K.
About Vivic
Vivic Corp. was established under the corporate laws of the State
of Nevada on February 16, 2017. Beginning with a change in
management resulting from a change in control of the Company at the
end of 2018, the Company has explored and initiated operations in
various business areas related to the pleasure boat industry. These
included yacht sales, marine tourism, development of
electric-powered yachts, development and operation of yacht marinas
in Asia, and development of a yacht rental and timeshare service.
The Company's headquarters are maintained at its branch in the
Republic of China, Vivic Corp. It is mainly engaged in yacht
procurement, sales, and leasing services in Taiwan and other
countries.
As of June 30, 2025, the Company had $3.86 million in total assets,
$2.05 million in total liabilities, and $1.81 million in total
stockholders' equity.
Irvine, California-based YCM CPA INC., the Company's auditor since
2022, issued a "going concern" qualification in its report dated
September 30, 2025, attached to the Company's Annual Report on
Form
10-K for the fiscal year ended June 30, 2025, citing that the
Company had an accumulated deficit of $5.75 million as of June 30,
2025, and negative cash flows from operations. The Company does not
have sustained and stable income, and there is also significant
uncertainty in the income for the next 12 months. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
=========
I N D I A
=========
AMALTAS EDUCATIONAL: Ind-Ra Keeps D Rating in NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Amaltas
Educational Welfare Society's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.
The detailed rating action is:
-- INR470 mil. Bank Loan Facilities maintained in non-cooperating
category with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Amaltas Educational Welfare
Society while reviewing the rating. Ind-Ra had consistently
followed up with Amaltas Educational Welfare Society over emails,
apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Amaltas Educational
Welfare Society on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Amaltas Educational Welfare
Society's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Amaltas Educational Welfare Society has been registered as a
society under the Society Registration Act, 1860. It provides
medical services through its hospital and education via its medical
school. Both facilities are in the Bangar village, Madhya Pradesh.
AMIT PETROLUBES: CRISIL Withdraws B Rating on INR30cr Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Amit Petrolubes Private Limited (APPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Buyer Credit Limit 30 Crisil B/Stable/Issuer Not
Cooperating (Withdrawn)
Crisil Ratings has been consistently following up with APPL for
obtaining information through letter and email dated July 15, 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-cooperation 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 APPL. This restricts Crisil
Ratings' ability to take a forward-looking view on the credit
quality of the entity. Crisil Ratings believes that rating action
on APPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, Crisil Ratings has
continued the rating on bank facilities of APPL continues to be
'Crisil B/Stable Issuer Not Cooperating'.
Crisil Ratings has withdrawn its rating on the bank facilities of
APPL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in line with Crisil
Rating's policy on withdrawal of its rating on bank loan
facilities.
Incorporated in 1999, APPL trades in and supplies commodity
chemicals such as lubricating oils, additives, greases, and
polymers. It is based in Mumbai and promoted by Mr. Hemant Shah and
his family members.
ANURAG 05 24: Ind-Ra Cuts Bank Loan Rating to BB
------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded ANURAG 05 24's
(an asset-backed securitization transaction) pass-through
certificates' (PTCs) rating to 'IND BB(SO)' from 'IND BBB+(SO)',
with a Negative Outlook, as follows:
-- INR90.26 mil. Series A1 pass-through certificates issued on
May 29, 2024 with a coupon rate of 11.50% due on January 15,
2026 downgraded with IND BB(SO)/Negative rating.
*Per annum; payable monthly
Analytical Approach
As part of its analysis, the agency considers the historical data
of the originator's portfolio to determine the base values of key
variables that would influence the level of expected losses in this
transaction. Ind-Ra also studies the performance of market peers
operating in similar segments. At the time of review, Ind-Ra also
considers the actual performance of the transaction. The base
values of the default rate, recovery rate, time to recovery,
collection efficiency, prepayment rate and pool yield are stressed
to assess whether the level of credit enhancement (CE) is
sufficient for the current rating levels.
Ind-Ra also stresses the above variables for the rating level as
per its Asset-Backed Securitizations Rating Criteria. Based on the
rating level, the agency also makes an adjustment for the borrowers
carrying the highest interest rate loans, assuming they will either
prepay or default. Based on the above assumptions, Ind-Ra builds a
pool cash flow model also considering the transaction structure.
Detailed Rationale of the Rating Action
The pool of non-qualifying microfinance loans assigned to the trust
has been originated by Criss Financial Limited (CFL; the originator
or seller and servicer; 'IND BBB/Negative)'. The rating factors in
the originator's servicing and collection capabilities, the
transaction structure, and the availability of the CE, the
transaction performance and rising delinquency trend in the
transaction.
The downgrade reflects the continued rise in serious delinquency
levels and a continued drop in the collection efficiency in the
collateral pool. The underlying asset class has been reporting a
subdued performance due to various events such as overleveraging,
heatwaves, elections, and field-level attrition, which has resulted
in deterioration in the transaction's asset quality. In spite of
various measures taken by CFL to strengthen its collection team,
recoveries in the pool have been minimal, with high roll-over rate
into the deeper buckets. Only 55.15% of the current principal
outstanding (not including over dues) did not have any
delinquencies as of August 2025 collection month.
As per the originator/servicer, several initiatives have been
undertaken to enhance portfolio performance. These include
implementing real-time tracking of collection visits, increasing
bench staff, appointing branch quality managers, and establishing a
dedicated collections vertical focused on hard bucket
delinquencies. However, these efforts have not yet led to any
meaningful improvement in the pool's performance. Moreover, given
the short remaining tenor in the transaction, these measures are
unlikely to have a significant impact on recoveries going forward
as well.
The Negative Outlook reflects the expectation of continued increase
in delinquencies in the pool as well as the deteriorating outlook
for the asset class.
Quality of Asset Pool and Strength of Cash Flows: As per the
details provided by the originator to Ind-Ra, the collateral pool
assigned to the trust at par had a total outstanding principal
balance of INR180.84 million as on the payout date of 15 September
2025. As on the payout date, the 10,523-loan pool had a weighted
average (WA) seasoning of 14.29 months and a WA amortization of
63.9% for outstanding loans. Also, the average outstanding loan
balance was INR17,186 and WA internal rate of return was 26.0%.
The 0+ days past due (dpd) and 90+ dpd as of the September 2025
payout was 23.53% and 20.44%, respectively, of the original
principal outstanding (POS). The agency has seen a cumulative
prepayment of 6.5% in the transaction since the issuance. The
cumulative collection efficiency was 81.5% as of the September 2025
payout.
Payment Structure: The rating of Series A1 PTCs addresses the
timely payment of the interest and the ultimate payment of the
principal by the final maturity date of 15 January 2026, in
accordance with the transaction documentation.
The transaction has a conditional turbo feature based on rating of
the servicer, and the turbo amortization feature has been
activated, and the excess interest spread will be utilized to
prepay the senior investors.
Track Record, Underwriting and Collection Capabilities of
Originator and Quality and Experience of Servicer: The rating is
based on the origination, servicing, collection, and recovery
capabilities of CFL, the legal and financial structure of the
transaction, pool characteristics and the CE provided in the
transaction. The agency is of the opinion that the issuer's
origination and servicing capabilities are of acceptable
standards.
Unsecured Asset Class with Deteriorating Asset Performance Outlook:
The underlying loans are unsecured in nature. The asset quality in
this segment is more vulnerable to economic downturns. Furthermore,
the loans have been provided to non-qualifying microfinance
borrowers. This segment has suffered from high stress in recent
times and Ind-Ra has a deteriorating asset performance outlook on
this sector.
Rising Delinquency Levels: The pool had observed peak 0+ dpd and
90+ dpd of 23.53% and 20.44%, respectively, of the original POS.
The transaction has seen a rapid rise in the 0+ and 90+ days past
due, and therefore, the future asset quality of the pool will be a
key rating monitorable.
Unsatisfactory Repayment Track Record of Borrowers in Pool: The
pool has a WA seasoning of 14.29 months with WA amortization of
63.9%. However, this is slower than the expected pool amortization
schedule, due to higher-than-expected delinquencies in the pool.
Provision for Appointment of Back-Up Servicer: In the event of
servicer's event of default or other events as defined in the
documents, the trustee, on behalf of majority investors, shall be
entitled to terminate the services of the servicer and appoint
alternative/successor servicer in the manner as specified under
transaction documents.
Adequacy of CE for 'IND BB(SO)' rating level: The transaction
benefits from the available internal and external CE. The internal
CE for the Series A1 PTCs is in the form of over-collateralization
(which has been built to 16.66% form initial 11.50%) and excess
interest spread of 3.85% of the future POS.
The transaction also benefits from the presence of an external CE
which has been built to 14.23% of total current POS which is in the
form of fixed deposits at The Federal Bank Limited (debt rated at
'IND AA+'/Stable) with lien marked in favor of the trustee.
Given the transaction structure as well as the key assumptions for
the pool, the credit enhancements available are sufficient to
ensure timely payments to PTC holders, factoring in an 'IND BB(SO)'
level stress.
Key Assumptions
Given the performance and delinquency trend in the pool, Ind-Ra has
derived a future base case gross default rate of 7.75%-8.75% for
the transaction. The agency has analyzed the characteristics of the
pool and established its base case assumptions through the four key
performance variables that collectively affect the credit risk in a
transaction - default rate, recovery rate, recovery timeline and
prepayment rate.
Ind-Ra has derived the recovery rate and monthly prepayment rate
based on the performance of the agency-rated transactions of the
originator and market inputs. Ind-Ra has assumed a base case
recovery rate of 10%-20%, with a base case recovery time of
four-to-six months. The pool cash flow is further adjusted for
prepayments of underlying loans, assuming a base case monthly
prepayment rate of 0.25%-0.75%.
As represented by the originator, Ind-Ra understands that the pool
assigned is as per the selection criteria applicable to the
transaction.
Liquidity
Poor for Series A1 PTCs: For the current transaction, the external
and internal CEs add liquidity comfort. Assuming a base case
default scenario, there is a liquidity cover of less than 1.25x of
the promised monthly obligations for the Series A1 PTCs.
Rating Sensitivities
Positive:
An improvement in the CE coverage driven by robust transaction
performance would lead to a positive rating action.
Negative:
If the assumptions of base case default rate and recovery rate are
worsened by 20%, the model-implied rating sensitivity suggests that
the ratings of Series A1 PTCs will be downgraded by two notches.
The CE is in the name of originator with lien marked in the favor
of the trustee. In case the rating of CE provider falls below 'IND
BB-', and if the CE is not placed in the name of the trust, then
the rating of Series A1 PTCs would be partially linked to the
rating of the CE provider.
In case the long-term rating of the servicer falls below 'IND BB-'
and not replaced with a servicer having a long-term rating of at
least 'IND BB-' or above, the rating of Series A1 PTCs would be
partially linked to the rating of the servicer.
In case the long-term rating of the account banks falls below 'BB'
by any of the Securities and Exchange Board of India-accredited
credit rating agencies, and if the account bank is not replaced
with a bank having a rating of 'BB' or above, the ratings of Series
A1 PTCs would be partially linked to the rating of the account
bank.
Any Other Information
Key terms of servicer contracts: The key terms of servicer as per
transaction documents
In consideration of servicer fees, the servicer shall administer
and service the assets and devote reasonable time and exercise
skill, care and diligence in the administration and enforcement of
the rights, powers, privileges and securities in respect of the
assets assigned to the trust.
The servicer shall hold all documents and instruments on behalf of
the trust and shall handover such documents to trustee upon demand
The servicer shall collect all amounts in terms of loan agreements
including receivable, prepayments, default amount, claims,
penalties, expenses, among others. and deposit the amounts
collected in collection and payout account in accordance with the
transaction documents.
The servicer shall take required legal proceedings on behalf of the
trust, against the obligors as may be necessary to recover the
receivables and enforce the underlying security as specified under
the transaction documents.
The servicer shall be responsible for monitoring the performance by
the obligors of their obligations under the underlying documents
and shall submit to the trustee monthly reports of the same which
shall include details on billing, collections, recoveries,
prepayments, cashflows to investors, CE utilization, details/ageing
schedule of outstanding pool and future cashflow schedules or any
other information as may be required by the trustee.
In the event of servicer's event of default or other events as
defined in the documents, the trustee, on behalf of majority
investors, shall be entitled to terminate the services of the
servicer and appoint alternative/successor servicer in the manner
as specified under transaction documents.
On termination of the services of the servicer, the servicer shall
immediately transfer collection to the collection and payout
account and shall notify obligor to make payment to the
alternate/successor servicer or directly into collection and payout
account in terms of transaction documents.
About the Trust
The trust, ANURAG 05 2024, is a special purpose entity and has been
set out primarily to acquire, set apart, hold and administer the
assigned assets in trust for the benefit of the beneficiaries to
whom securitization instruments issued by the trust. The
securitization instruments were issued by the trust acting through
the trustee in accordance with the terms and conditions set out in
the transaction documents. The underlying loan receivables,
including security interest in any underlying assets, have been
assigned to the trust for the benefit of securitization instruments
investors.
About the Originator
About the Originator: Criss is a non-banking financial company that
was incorporated in 1992. Criss was acquired by Spandana in FY19
from Padmaja Reddy, the erstwhile managing direction and chief
executive officer of Spandana.
At end-June 2025, Spandana held 99.90% equity stake in the company.
Criss operates largely in Andhra Pradesh (52.6%), Telangana
(17.5%), Rajasthan (13.6%). Spandana disburses unsecured
microfinance loans, while Criss' loan book consists of individual
unsecured loans, LAP and other unsecured loans.
DYS ROYALS: CRISIL Lowers Rating on INR41.5cr Loan to D
-------------------------------------------------------
Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, Crisil Ratings had migrated its
rating on the bank loan facilities of DYS Royals Private Limited
(DRPL) to 'Crisil BB/Stable Issuer Not Cooperating'. However, the
company's management has subsequently started sharing the
information necessary for a comprehensive review of the ratings.
Consequently, Crisil Ratings is downgraded the rating of DRPL to
'Crisil D' from 'Crisil BB/Stable/Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Drop Line 7.1 Crisil D (Downgraded from
Overdraft Facility 'Crisil BB/Stable ISSUER NOT
COOPERATING')
Lease Rental 41.5 Crisil D (Downgraded from
Discounting Loan 'Crisil BB/Stable ISSUER NOT
COOPERATING')
Lease Rental 38.4 Crisil D (Downgraded from
Discounting Loan 'Crisil BB/Stable ISSUER NOT
COOPERATING')
The rating downgrade reflects the instances of delays by DRPL in
servicing of bank debt in the month of October due to delays in the
payment received from the counterparty. The rating also factors in
leveraged capital structure. These weakness are partly offset by
extensive experience of the promoters.
Analytical Approach
Crisil Ratings has evaluated the standalone business and financial
risk profiles of DRPL.
Key Rating Drivers - Weaknesses
* Delays in debt servicing: DRPL has delayed in the servicing of
its term debt obligations for the month of October. The loan
installment was due on 7th October 2025 but was repaid on 16th
October 2025 for the term loan due to delayed in receipt of payment
from the counterparty and hence affecting the company's ability to
service its term debt obligation
* Leveraged capital structure: Gearing was weak at around 4.2 times
and total outside liabilities to adjusted networth (TOLANW) ratio
leveraged at around 4.5 times in fiscal 2025. This, along with low
cash accrual from operations has led to muted debt protection
metrics. However, with a ramp-up in operations and continued
accretion to reserves, financial risk profile is expected to
improve over the medium term.
Key Rating Drivers - Strength
* Extensive experience of the promoters: The promoters have
technical and marketing experience of more than a decade in
developing, maintaining and operating commercial properties. The
company's commercial property has six clients, and all the lease
agreements are of more than 10 years, with a lock-in period of 4-8
years; resulting low risk of vacancy. The company also trades in
various commercial items such as metals, and industrial utensils
and RFID cards. Growth in the trading business will remain
monitorable over the medium term.
Liquidity Poor
The company wasn't able to service its term debt obligation for the
month of October 2025, wherein the installment was due on 7th
October 2025 but the same was repaid on 16th October 2025, due to
delayed in receipt of payment from the counterparty and hence
affecting the company's ability to service its term debt
obligation. Going forward, unexpected vacancies, non-renewal of
lease agreements or any extraordinary expenses in any particular
fiscal could lead to further stretch in liquidity. Need-based
financial aid from the promoters will also support liquidity.
Rating sensitivity factors
Upward factors
* Track record of timely debt servicing for 90 days or more
* Maintenance of healthy customer profile with DSCR of more than
1.7-1.8 times and presence of escrow mechanism for rental
collection.
* Improvement in capital structure.
DRPL was incorporated in April 2012 in New Delhi and is promoted by
Ms Prerna Sethi, Mr Pawan Baweja and Ms Nishi Baweja. The company
operates a commercial property of 85,407 square feet in Manesar
(Haryana); it also offers consultancy services. It recently began
trading in household and industrial utensils, bathroom fittings,
hardware items, and automobile parts.
FINE PACKAGING: CRISIL Withdraws B+ Rating on INR12.5cr Loan
------------------------------------------------------------
Crisil Ratings has withdrawn its rating on the bank facilities of
Fine Packaging Private Limited (FPPL) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with Crisil Rating's policy on withdrawal
of its rating on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12.5 Crisil B+/Stable/Issuer Not
Cooperating (Withdrawn)
Long Term Loan 7.5 Crisil B+/Stable/Issuer Not
Cooperating (Withdrawn)
Crisil Ratings has been consistently following up with FPPL for
obtaining information through letters and emails dated August 13,
2025 and September 30, 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 FPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on FPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, Crisil Ratings has migrated the
rating on bank facilities of FPPL to 'Crisil B+/Stable Issuer Not
Cooperating'.
Incorporated in 1995, FPPL is engaged in manufacturing printed and
laminated films in roll form, centre sealed pouches, side sealed
pouches, stand-up pouches and zipper-locked pouches.
FPPL's manufacturing facility is located in K-64/65, MIDC-Waluj,
Aurangabad, Maharashtra. FPPL is owned and managed by Mr. Mukund
Dilip Soni and Mr. Amit Dilip Soni.
FLY EXPRESS: CRISIL Lowers Rating on INR3.1cr Cash Loan to D
------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Fly Express Logistics Private Limited (FELPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.1 Crisil D (ISSUER NOT
COOPERATING; Downgraded from
Crisil B+/Stable ISSUER NOT
COOPERATING)
Proposed Fund- 1.9 Crisil D (ISSUER NOT
Based Bank Limits COOPERATING; Downgraded from
Crisil B+/Stable ISSUER NOT
COOPERATING)
Term Loan 5 Crisil D (ISSUER NOT
COOPERATING; Downgraded from
Crisil B+/Stable ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with FELPL for
obtaining information through letters and emails dated October 16,
2025 and October 27, 2025, 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 FELPL, which restricts Crisil
Ratings' ability to take a forward-looking view on the entity's
credit quality. Crisil Ratings believes that rating action on FELPL
is consistent with 'Assessing Information Adequacy Risk'.
Based on the publicly available information, Crisil Ratings
understands that the trust had irregularity in its account conduct.
Hence, the rating on bank facilities of FELPL have been downgraded
to 'Crisil D Issuer not cooperating' from 'Crisil B+/Stable Issuer
not cooperating'.
FELPL was initially set up as Fly Logistics in 2001 and converted
into private limited company in 2009. The company, promoted by Mr
Arun Kumar Pandey and Mr Ayush Kumar Pandey, provides
transportation and logistics services throughout India.
GALAXY 06 24: Ind-Ra Cuts Bank Loan Rating to BB+
-------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Galaxy 06 24's
(an asset-backed securitization transaction) pass-through
certificates' (PTCs) rating to 'IND BB+(SO)' from 'IND BBB+(SO)',
with a Negative Outlook, as follows:
-- INR84.50 mil. Series A1 pass-through certificates issued on
June 227, 024 coupon rate 11.50% due on February 15, 2026
downgraded with IND BB+(SO)/Negative rating.
Analytical Approach
As part of its analysis, the agency considers historical data of
the originator's portfolio to determine the base values of key
variables that would influence the level of expected losses in this
transaction. Ind-Ra also studies the performance of market peers
operating in similar segments. At the time of review, Ind-Ra also
considers the actual performance of the transaction. The base
values of the default rate, recovery rate, time to recovery,
collection efficiency, prepayment rate and pool yield are stressed
to assess whether the level of credit enhancement (CE) is
sufficient for the current rating levels.
Ind-Ra also stresses the above variables for the rating level as
per its Asset-Backed Securitizations Rating Criteria. Based on the
rating level, the agency also makes an adjustment for the borrowers
carrying the highest interest rate loans, assuming they will either
prepay or default. Based on the above assumptions, Ind-Ra builds a
pool cash flow model also considering the transaction structure.
Detailed Rationale of the Rating Action
The pool of non-qualifying microfinance loans assigned to the trust
has been originated by Criss Financial Limited (CFL; the originator
or seller and servicer; 'IND BBB/Negative). The rating factors in
the originator's servicing and collection capabilities, the
transaction structure, and the availability of the CE, the
transaction performance and rising delinquency trend in the
transaction.
The downgrade reflects the continued rise in serious delinquency
levels and a continued drop in the collection efficiency in the
collateral pool. The underlying asset class has been reporting a
subdued performance due to various events such as overleveraging,
heatwaves, elections, and field-level attrition, which has resulted
in deterioration in the transaction's asset quality. In spite of
various measures taken by CFL to strengthen its collection team,
recoveries in the pool have been minimal, with high roll-over rate
into the deeper buckets. Only 56.37% of the current principal
outstanding (not including over dues) did not have any
delinquencies as of the August 2025 collection month.
As per the originator/servicer, several initiatives have been
undertaken to enhance portfolio performance. These include
implementing real-time tracking of collection visits, increasing
bench staff, appointing branch quality managers, and establishing a
dedicated collections vertical focused on hard bucket
delinquencies. However, these efforts have not yet led to any
meaningful improvement in the pool's performance. Moreover, given
the short remaining tenor in the transaction, these measures are
unlikely to have a significant impact on recoveries going forward
as well.
The Negative Outlook reflects the expectation of continued increase
in delinquencies in the pool as well as the deteriorating outlook
for the asset class.
Quality of the Asset pool and the Strength of Cash Flows: As per
the details provided by the originator to Ind-Ra, the collateral
pool assigned to the trust at par had an aggregate outstanding
principal balance of INR179.9 million as on the payout date of 15
September 2025. As on the payout date, the 11,208-loan pool had a
weighted average (WA) seasoning of 14.2 months and the WA
amortization of the outstanding pool was 66.6%. Also, the average
outstanding loan balance was INR16,050 and the WA internal rate of
return was 26.0%. The agency has seen a cumulative prepayment of
7.4% in the transaction since the issuance. The cumulative
collection efficiency was 80.9% as of the September 2025 payout.
The 0+dpd and 90+dpd on the original POS in the pool, as of the
September 2025 payout, was 22.95% and 20.23%, respectively.
Payment Structure: The rating of the Series A1 PTCs addresses the
timely payment of the interest and the ultimate payment of the
principal by the final maturity date of 15 February 2026 in
accordance with the transaction documentation.
The transaction has a conditional turbo feature based on rating of
the servicer, and the turbo amortization feature has been
activated, and the excess interest spread will be utilized to
prepay the senior investors.
Track record, Underwriting and Collection Capabilities of
Originator and Quality and Experience of Servicer: The rating is
based on the origination, servicing, collection, and recovery
capabilities of CFL, the legal and financial structure of the
transaction, pool characteristics and the CE provided in the
transaction. The agency is of the opinion that the issuer's
origination and servicing capabilities are of acceptable
standards.
Detailed Description of Key Rating Drivers
Geographical Concentration in Pool: The pool is highly
concentrated, with borrowers from only single state, i.e. Andhra
Pradesh.
Unsecured Asset Class With Deteriorating Asset Performance Outlook:
The underlying loans are unsecured in nature. The asset quality in
this segment is more vulnerable to economic downturns. Furthermore,
the loans have been provided to non-qualifying microfinance
borrowers. This segment has suffered from high stress in recent
times and Ind-Ra has a deteriorating asset performance outlook on
this sector.
Rising Delinquency Levels: The pool has observed peak 0+ dpd and
90+ dpd of 22.95% and 20.23%, respectively, of the original POS.
The transaction has seen a rapid rise in the 0+ and 90+ days past
due, and therefore, the future asset quality of the pool will be a
key rating monitorable.
Unsatisfactory Repayment Track Record of Borrowers in Pool: The
pool has a WA seasoning of 14.2 months with WA amortization of
66.61%. However, this is slower than the expected pool amortization
schedule, due to higher-than-expected delinquencies in the pool.
Provision for Appointment Of Back-Up Servicer: In the event of
servicer's event of default or other events as defined in the
documents, the trustee, on behalf of majority investors, shall be
entitled to terminate the services of the servicer and appoint
alternative/successor servicer in the manner as specified under
transaction documents.
Adequacy of CE for 'IND BB+(SO)' rating level: The transaction
benefits from the available internal and external CE. The internal
CE for Series A1 is in the form of overcollateralization, which has
been built to 15.20%, and excess interest spread of 4.05% of the
future POS.
The transaction also benefits from the presence of an external CE
of 14.99% of the total current POS which is in the form of fixed
deposits at Federal Bank ('IND AA+'/Stable) and is in the name of
the originator, with a lien marked in favor of the trustee.
Given the transaction structure as well as the key assumptions for
the pool, the credit enhancements available are sufficient to
ensure timely payments to PTC holders, given a 'IND BB+(SO)' level
stress.
Key Assumptions
Given the performance and delinquency trend in the pool, Ind-Ra has
derived a future base case gross default rate of 8.50%-9.50% for
the transaction. The agency has analyzed the characteristics of the
pool and established its base case assumptions through the four key
performance variables that collectively affect the credit risk in a
transaction - default rate, recovery rate, recovery timeline and
prepayment rate. Ind-Ra considers both the long-term historical
average of the key performance variables of the static pools, both
from the originator and the market peers, which includes the
pandemic period performance. Thus, the impact of the pandemic is
part of the static pool delinquency data that was analyzed by the
agency.
Ind-Ra has derived the recovery rate and monthly prepayment rate
based on the performance of the agency-rated transactions of the
originator and market inputs. Ind-Ra has assumed a base case
recovery rate of 10%-20%, with a base case recovery time of
four-to-six months. The pool cash flow has been further adjusted
for the prepayments of underlying loans, assuming a base case
monthly prepayment rate of 0.25%-0.75%.
As represented by the originator, Ind-Ra understands that the pool
assigned is as per the selection criteria applicable to the
transaction.
Liquidity
Poor for Series A1 PTCs: For the current transaction, the external
and internal CEs add liquidity comfort. Assuming a base case
default scenario, there is a liquidity cover of less than 1.25x of
the promised monthly obligations for the Series A1 PTCs.
Rating Sensitivities
Positive
An improvement in the CE coverage, driven by robust transaction
performance, would lead to a positive rating action.
Negative
-- If the assumptions of base case default rate and recovery rate
are worsened by 20%, the model-implied rating sensitivity suggests
that the ratings of the Series A1 PTCs will be downgraded by one
notch.
-- The CE is in the name of originator with lien marked in the
favor of the trustee. In case the rating of CE provider falls below
'IND BB', and if the CE is not placed in the name of the trust,
then the rating of Series A1 PTCs would be partially linked to the
rating of the CE provider.
-- In case the long-term rating of the servicer falls below 'IND
BB', and the servicer is not replaced with one having a long-term
rating of at least 'IND BB' or above, the rating of Series A1 PTCs
would be partially linked to the rating of the servicer.
-- In case the long-term rating of the account banks falls below
'BB+' by any of the Securities and Exchange Board of
India-accredited credit rating agencies, and if the account bank is
not replaced with a bank having a rating of 'BB+' or above, the
ratings of Series A1 PTCs would be partially linked to the rating
of the account bank.
Any Other Information
Key terms of servicer contracts: The key terms of servicer as per
transaction documents
-- In consideration of servicer fees, the servicer shall
administer and service the assets and devote reasonable time and
exercise skill, care and diligence in the administration and
enforcement of the rights, powers, privileges and securities in
respect of the assets assigned to the trust
-- The servicer shall hold all documents and instruments on behalf
of the trust and shall handover such documents to trustee upon
demand.
-- The servicer shall collect all amounts in terms of loan
agreements including receivable, prepayments, default amount,
claims, penalties, expenses, among others. and deposit the amounts
collected in collection and payout account in accordance with the
transaction documents.
-- The servicer shall take required legal proceedings on behalf of
the trust, against the obligors as may be necessary to recover the
receivables and enforce the underlying security as specified under
the transaction documents.
-- The servicer shall be responsible for monitoring the
performance by the obligors of their obligations under the
underlying documents and shall submit to the trustee monthly
reports of the same which shall include details on billing,
collections, recoveries, prepayments, cashflows to investors, CE
utilization, details/ageing schedule of outstanding pool and future
cashflow schedules or any other information as may be required by
the trustee.
-- In the event of servicer's event of default or other events as
defined in the documents, the trustee, on behalf of majority
investors, shall be entitled to terminate the services of the
servicer and appoint alternative/successor servicer in the manner
as specified under transaction documents.
-- On termination of the services of the servicer, the servicer
shall immediately transfer collection to the collection and payout
account and shall notify obligor to make payment to the
alternate/successor servicer or directly into collection and payout
account in terms of transaction documents.
About the Trust
The trust, Galaxy 06 2024, is a special purpose entity and has been
set out primarily to acquire, set apart, hold and administer the
assigned assets in trust for the benefit of the beneficiaries to
whom securitizations instruments issued by the trust. The
securitizations instruments were issued by the trust acting through
the trustee in accordance with the terms and conditions set out in
the transaction documents. The underlying loan receivables,
including security interest in any underlying assets, have been
assigned to the trust for the benefit of securitization instruments
investors.
About the Originator
Criss is a non-banking financial company that was incorporated in
1992. Criss was acquired by Spandana in FY19 from Padmaja Reddy,
the erstwhile managing direction and chief executive officer of
Spandana.
At end-June 2025, Spandana held 99.90% equity stake in the company.
Criss operates largely in Andhra Pradesh (52.6%), Telangana
(17.5%), Rajasthan (13.6%). Spandana disburses unsecured
microfinance loans, while Criss' loan book consists of individual
unsecured loans, LAP and other unsecured loans.
HIMACHAL SOAP: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Himachal Soap
and Detergents Private Limited (HSDPL) continue to be 'Crisil
B-/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 Crisil B-/Stable (Issuer Not
Cooperating)
Proposed Long Term 3 Crisil B-/Stable (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with HSDPL for
obtaining information through letter and email dated September 5,
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 HSDPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HSDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
HSDPL continues to be 'Crisil B-/Stable Issuer not cooperating'.
HSDPL was incorporated in 2009 by Gurgaon (Haryana)-based Saxena
family. It manufactures household FMCG goods at its unit in
Parwanoo (Himachal Pradesh). The unit's operations are managed by
Mr. Ram Kishore Saxena.
INCHEON MOTORS: Ind-Ra Affirms BB+ Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Incheon Motors
Private Limited's (IMPL) bank loan facilities as follows:
-- INR3,232.40 bil. Bank loan facilities affirmed with IND BB+/
Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The affirmation reflects IMPL's weak credit metrics and
geographical concentration risk. However, the ratings are supported
by the company's large scale of operations and average EBITDA
margins, in line with industry peers. Ind-Ra expects them to
improve in the near to medium term.
Detailed Description of Key Rating Drivers
Weak Credit Metrics; Likely to Improve in Near to Medium Term:
LMPL's net adjusted leverage (net debt including promoter
loans/EBITDA) increased to 6.37x in FY25 (FY24: 5.24x; FY23: 5.7x;
FY22: 5.2x), while gross interest coverage ratio (EBITDA/gross
interest expenses) declined to 2.18x (2.41x; 2.3x; 2.7x). This was
due to the additional debt taken for setting up showrooms and
service centers. The promoters have extended interest-free
unsecured loans to IMPL, which have a flexibility repayment
reschedule. The promoter's loan stood at INR246 million, out of the
total debt of INR2,938 million as of FY25. IMPL's performance has
largely remained in line with its peers. Ind-Ra expects the credit
metrics to improve from FY26, on account of a likely improvement in
the EBITDA, with an net leverage ratio of 5.5-6.0x and an interest
coverage ratio of 2.0x.
Geographical Concentration Risk: The company operates only in
Kerala, hence it remains exposed to the geographical concentration
risk. The management has no plans to enter into any other
geography, exposing it to changes in demand within the state. Also,
IMPL's revenue entirely depends on demand for Kia vehicles. Hence,
the company is also exposed to the risk of Kia inducting other
dealers to scale up its operations in India.
Large Scale of Operations; Likely to Increase: IMPL's revenue grew
8% yoy to INR9,245 million in FY25 (FY24: INR8,576 million; FY23:
INR7,942 million), driven by higher volumes and new models
launches. The company had 10 facilities at FYE25 and is planning to
set up five-to-six more facilities in Kerala over FY25-FY26. Out of
the 10 facilities, two are owned by the promoters. Ind-Ra expects
the company's revenue to be INR10,000 million-10,500 million in
FY26 and INR10,500 million -11,500 million in FY27.
Improvement in EBITDA; Likely to Continue: IMPL's EBITDA improved
to INR425 million in FY25 (FY24: INR311 million; FY23: INR209
million; FY22: INR150 million), due to the increased scale and
better cost control. Ind-Ra expects the EBITDA growth to continue
over the near to medium term, as the company scales up its
operations. However, its EBITDA margins remained average at 2%-5%
over FY21-FY25, primarily on the account of the revenue being
concentrated in the low-margin dealership model and sales of
vehicles. The ROCE for FY25 is 12.3% (FY24: 12.8%). Ind-Ra expects
the EBITDA margins to improve over FY26-FY27, aided by the business
support income, new model launches by Kia, increased revenue from
the high-margin services segment and the setup of more dealership
facilities. Furthermore, the agency takes comfort from IMPL being a
part of KIA Corporation network, as the original equipment
manufacturer takes care of its ecosystem by providing support as
and when needed.
Strong Promoter Group: The ratings are supported by the experience
and expertise of its promoters. IMPL is directly managed by its
directors Shada Moopan, Naeem Shahul, Babu Moopan, and Seba Moopan.
Babu Moopan has over 25 years of industry experience. Although the
company operates as a separate entity, the promoters extend support
to IMPL in the form of interest-free unsecured loans as and when
required.
Liquidity
Stretched: IMPL's average maximum monthly utilization the
fund-based limits of INR2,562.5 million was 79% for the 12 months
ended August 2025. The company's unencumbered cash balance stood at
INR2225 million at FY25 (FY24: INR304 million; FYE23: INR120
million). IMPL's free cash flows remained negative at INR1,082.18
million in FY25 (FY24: negative INR447 million; FY23: negative
INR373 million), owing to the negative changes in working capital.
Ind-Ra believes the free cash flow to turn positive in FY27, owing
to the company planning a modest capex for its facility expansion
coupled with its improved EBITDA levels. The working capital cycle
increased to 80 days in FY25 (FY24: 44 days; FY23: 29 days; FY22:
11 days), primarily due to an increase in inventory days to 80 (48;
33) because of the stocking of test drive vehicles along with an
increase in stock maintenance at year end. The management expects
the company's working capital cycle to moderate over the medium
term. The company incurred capex of INR205 million in FY25, and is
planning to incur INR254 million in FY26, mainly to expand its
facilities in Kerala. The capex will be funded to the extent of
INR150 million by bank loans and the remaining by promoter funds
and Internal accruals. IMPL has repayment obligations of INR173
million in FY26 and INR133 million in FY27, which are to be met
through internal accruals.
Rating Sensitivities
Negative: Lower-than-expected profitability, leading to a further
weakening of the credit metrics and the liquidity profile, on a
sustained basis, could be negative for the ratings.
Positive: An improvement in the overall scale of operations with
the interest coverage exceeding 2.5x while maintaining adequate
liquidity on a sustained basis, along with the company's ability to
raise funds from the promoters, could lead to a positive rating
action.
About the Company
Incorporated in 2018, IMPL is an authorized dealer for Kia Motors.
The activities of the company comprise purchase and sales of Kia
passenger vehicles, spare parts and after-sales services. It is
directly managed by Shada Moopan and her husband Naeem Shahul. IMPL
has 10 showrooms and one certified pre-owned car showroom across
six districts in Kerala. The company's showrooms span over 2,00,000
square feet to accommodate over 60 cars for display, and over 80
workshop bays.
JALARAM JUTE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Jalaram
Jute and Polymers (SJP) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Proposed Cash 7 CRISIL D (Issuer Not
Credit Limit Cooperating)
Crisil Ratings has been consistently following up with SJP for
obtaining information through letter and email dated September 5,
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 SJP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SJP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SJP continues to be 'Crisil D Issuer not cooperating'.
SJP was set up in 2010 Mr. Chandrakanth Thakker, Mr. Bharath
Thakker, Mr. Hasmuk Thakker, and their family members. The firm
manufactures polypropylene woven sacks used for packaging in
various industries such as cement, fertiliser, and rice. Its
manufacturing unit is in the Nizamabad district of Telangana.
KAILASANADHA TEXTILES: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Kailasanadha Textiles Private Limited (SKT) continue to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 9.04 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SKT for
obtaining information through letter and email dated September 5,
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 SKT, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SKT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SKT continues to be 'Crisil D Issuer not cooperating'.
SKT was set up in 2013 Mr. Tulabandula Paripurna Krishna Rao, Mr.
T. Ram Kalyan, and their family members. The company is engaged in
ginning and pressing of raw cotton. The firm's ginning unit is
located in Guntur district in Andhra Pradesh.
KGEPL ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KGEPL
Engineering Solutions Private Limited (KIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 100 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 20 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 60 CRISIL D (Issuer Not
Cooperating)
Cash Credit 75 CRISIL D (Issuer Not
Cooperating)
Cash Credit 52.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Corporate Loan 20.5 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 KIPL for
obtaining information through letter and email dated September 25,
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 KIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Incorporated on October 20, 2007, and promoted by the Kalyani
group, KIPL manufactures, assembles, erects, and installs wind
turbine generators, and also develops wind farms. The company
focuses on multi-megawatt onshore turbines. It has two platforms, K
82- 2.0 megawatt (MW) and K110- 2.4 MW, in India. KIPL has a
full-scale assembling facility in Baramati, Maharashtra, with
annual capacity of 220 MW.
KRISHNA SAHAKARI: Ind-Ra Cuts Bank Loan Rating to B
---------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded The Krishna
Sahakari Sakkare Karkhane Niyamit's (TKSSKN) bank loan facilities
to 'IND B' from 'IND B+', with a Stable Outlook.
The instrument-wise rating actions are:
-- INR71.55 mil. Bank loan facilities assigned with IND B/Stable
rating; and
-- INR2,928.45 bil. Bank loan facilities downgraded with IND B/
Stable rating.
Detailed Rationale of the Rating Action
The downgrade reflects a continued fall in TKSSKN's revenue in
FY25, and the sharp deterioration in the EBITDA margin and credit
metrics during the year. The rating further reflects its stretched
liquidity, the working capital-intensive nature of its business,
and regulatory risks. Furthermore, while TKSSKN has been timely
servicing its debt obligations on the loans rated by Ind-Ra, it has
defaulted on the repayment of a Sugar Development Fund (SDF) loan,
which is not rated by Ind-Ra, according to the email communication
received from the SDF department of the government of India.
However, the details regarding the default have not been made
available to Ind-Ra. Post the default, the SDF loans were
restructured, and the first instalment after restructuring was due
for payment on 1 November 2024. However, as informed by the
management, TKSSKN did not make the payment the due date and the
entity has requested the authorities to reschedule the commencement
of instalments to March 2026.
The ratings, however, are supported by vast experience of the
cooperative's board members in the sugar industry.
Detailed Description of Key Rating Drivers
Delay in Servicing of SDF Loans (not rated by Ind-Ra): TKSSKN has
defaulted on SDF loans (not rated by Ind-Ra). According to the
defaulters list published by the SDF department dated May 31, 2024,
TKSSKN is liable to pay INR205.51 million, which includes principal
of INR107.90 million, interest of INR82.04 million and penal
interest of INR15.57 million. Post the default, the loan was
restructured by SDF, and the first restructured instalment was due
on 1 November 2024. However, as informed by management, TKSSKN did
not make the payment on the due date and has requested the
authorities to reschedule the commencement of instalments to March
2026.
SDF was established in 1982, through an act of Parliament by the
government of India. Through this scheme, the government grants
loans at a concessional rate to sugar mills for facilitating the
rehabilitation and modernization of any sugar factory in India.
High Leverage and Low Coverage: TKSSKN's net leverage deteriorated
to 49.44x in FY25 (FY24: 6.61x) due to significant fall in EBITDA
to INR66.06 million (FY24: INR497.04 million). Also, the interest
service coverage ratio (EBITDA/interest expense) deteriorated to
0.19x in FY25 (FY24: 1.17x) and DSCR to 0.13x (1.07x). However,
Ind-Ra expects TKSSKN's credit metrics to improve over the medium
term.
TKSSKN's ethanol plant project was delayed due to delays in
receiving approvals from regulatory authorities and tie-up of
funds. Meanwhile, TKSSKN has revised the installed capacity of
ethanol production plant project to 200 kilo liters per day (KLPD)
and expect to restart the project work from FY27. The estimated
project cost is INR1,500 million and it is proposed to be funded
with a mix of 95% bank debt and the balance through own funds. The
management of TKSSKN has informed that own contribution will be
raised by collecting additional share capital from cane growers who
are members of the society.
Decline in Operating Revenue: TKSSKN revenue declined steadily
during FY24-FY25 due to lower cane output and reduced sugar
recovery, resulting from drought conditions. TKSSKN's operating
revenue declined 17.41% yoy to INR2,543.58 million in FY25 (FY24:
down 18.08% yoy). The cooperative crushed 4,36,080 tons of cane
juice in FY25 (FY24: 5,60,917 tons) over a crushing period of 81
days (93 days). Consequently, the total sugar produced declined to
a five-year low of 47,550 tons in FY25 (FY24: 60,800 tons), with a
recovery rate of 11.05% (10.96%). However, Ind-Ra expects TKSSKN's
revenue to improve over FY26-FY27 due to an increase in sugarcane
yields, led by improved rainfall in 2024 and 2025 (until September
2025). The sale of sugar and by-products accounted for 89% of the
total revenue in FY25 (FY24: 88%). TKSSKN's scale of operations
remains medium, due to the cyclical nature of operations in the
sugar industry.
EBITDA Margin Declined in FY25; Likely to Improve over Medium Term:
Ind-Ra expects TKSSKN's EBITDA margin to improve in the
near-to-medium term owing to a likely recovery in the operating
performance due to favorable monsoons during 2024-2025. In FY25,
the EBITDA margin declined sharply to 2.59% (FY24: 16.09%), mainly
due an increase in raw material prices. Furthermore, TKSSKN
reported a net deficit of INR348.76 million in FY25 as against a
net surplus of INR6.59 million in FY24.
Working Capital Intensive Business; Regulatory Risk: The sugar
business is inherently working capital-intensive, given the
seasonality in the industry and higher levels of inventory holding.
The net working capital cycle remained elongated at 198 days in
FY25 (FY24: 258 days) due to higher inventory holding period.
Also, the sugar industry is highly regulated, with sugar defined as
an essential commodity under the Essential Commodities Act, 1955.
The government intervenes through various measures such as
stock-holding limits and export-import duties to manage any
imbalance in sugar demand-supply and keep the prices in check. The
government fixes the remuneration (fair and remunerative prices)
payable on sugarcane to farmers before the start of the sugar
season. Some states also determine the fair price payable on
sugarcane in the form of the state advised price. Being an
agro-based industry, the sugar business is susceptible to the
vagaries of monsoons. The production and recovery from sugarcane
heavily influence the performance of the sugar industry.
Vast Experience of Board Members: The cooperative's promoters have
an experience of over three decades in the sugar industry.
Liquidity
Stretched: Ind-Ra expects TKSSKN's liquidity to remain stretched
over the near-to-medium term. TKSSKN's cashflow from operations
increased to INR231.22 million in FY25 (FY24: INR183.55 million),
led by a decrease in inventory levels. However, the liquidity
buffers remain low. The cooperative had an unencumbered cash and
bank balance of INR30.71 million at FYE25 (FYE24: INR47.62
million). The monthly utilization of the fund-based limits averaged
82% for the 12 months ended September 2025. The net working capital
cycle remained elongated in FY25 due to continued high inventory
holding period, but it improved to 198 days during the year (FY24:
258 days). Ind-Ra expects TKSSKN's cash flow from operations, and
unrestricted cash and bank balances to be adequate for its debt
serving obligations (principal and associate intertest cost) of
around INR587 million for FY26 and INR748 million in FY27.
Rating Sensitivities
Negative: Continued deterioration in the operating performance,
leading to deterioration in the credit metrics, and further stress
on the liquidity position, all on a sustained basis, will be
negative for the ratings.
Positive: Improvement in the operating performance, leading to
reduction in the leverage and improvement in the coverage ratios
and liquidity, all on a sustained basis, could lead to a positive
rating action.
About the Company
TKSSKN came into existence in 1984 after it received an industrial
license from the government of India under the Industrial Act of
1951. The cooperative was registered on 10 March 1981 under
Karnataka Co-operative Societies Act, 1959. The cooperative
operates a 5,500TCD sugar plant and a 27MW capacity cogen power
plant in Athani Taluk of Belgaum district in Karnataka.
L. V. DAIRYS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of L. V. Dairys
- Patas (LV) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.4 CRISIL D (Issuer Not
Cooperating)
Term Loan 3 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with LV for
obtaining information through letter and email dated September 5,
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 LV, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on LV is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of LV
continues to be 'Crisil D Issuer not cooperating'.
Set up in 2005 as a partnership firm by Mr. Mangesh L Doshi, Mr.
Mahesh L Doshi, and Mr. Milind L Doshi, LVDP processes milk
(pasteurised, homogenised, and standardised) for sale under own
brands. It also manufactures ghee and ice-cream. The firm has a
milk-handling capacity in Patas village, Pune, and is installing
plant and machinery to produce milk powder and butter.
MAGTORQ PRIVATE: Ind-Ra Moves BB+ Loan Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Magtorq Private Limited's (MPL) bank loan facilities to Negative
from Stable and has simultaneously migrated to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
ratings will now appear as 'IND BB+/Negative (ISSUER NOT
COOPERATING)' on the agency's website.
The detailed rating action is:
-- INR450 mil. Bank loan facilities Outlook revised to Negative;
migrated to non-cooperating category with IND BB+/Negative
(ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information.
Detailed Rationale of the Rating Action
The migration of rating to the non-cooperating category is in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook reflects the likelihood of a
downgrade of the entity's ratings on continued non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not been able to receive required information and
conduct management interactions with MPL while reviewing the
ratings. Ind-Ra had consistently followed up with PIL for required
information over emails since July 9, 2025, apart from phone
calls.
Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of MPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Incorporated in 1989, MPL is into the designing, development and
manufacturing of customized gear boxes at its facility at SIPCOT,
Tamil Nadu. It mostly supplies the end-products to the defense
sector. It also caters to industries such as sugar and material
handling.
MANIT 09 04: Ind-Ra Cuts Bank Loan Rating to BB+
------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Manit 09 24's
(an asset-backed securitization transaction) pass-through
certificates' (PTCs) rating to 'IND BB+(SO)' from 'IND BBB+(SO)',
with a Negative Outlook, as follows:
-- INR128.97 mil. Series A1 pass-through certificates issued on
September 26, 2024 coupon rate 11.25% due on April 15, 2026
downgraded with IND BB+(SO)/Negative rating.
*Per annum; payable monthly
Analytical Approach
As part of its analysis, the agency considers the historical data
of the originator's portfolio to determine the base values of key
variables that would influence the level of expected losses in this
transaction. Ind-Ra also studies the performance of market peers
operating in similar segments. At the time of the review, Ind-Ra
also considers the actual performance of the transaction. The base
values of the default rate, recovery rate, time to recovery,
collection efficiency, prepayment rate and pool yield are stressed
to assess whether the level of credit enhancement (CE) is
sufficient for the current rating levels.
Ind-Ra also stresses the above variables for the rating level as
per its Asset-Backed Securitizations Rating Criteria. Based on the
rating level, the agency also makes an adjustment for the borrowers
carrying the highest interest rate loans, assuming they will either
prepay or default. Based on the above assumptions, Ind-Ra builds a
pool cash flow model also considering the transaction structure.
Detailed Rationale of the Rating Action
The pool of non-qualifying microfinance loans assigned to the trust
has been originated by Criss Financial limited Financial Limited
(CFL; the originator or seller; debt rated at 'IND BBB/Negative').
The rating factors in the originator's servicing and collection
capabilities, the transaction structure, and the availability of
the CE, the transaction performance and rising delinquency trend in
the transaction.
The downgrade reflects the continued rise in serious delinquency
levels and a continued drop in the collection efficiency in the
collateral pool. The underlying asset class has been reporting a
subdued performance due to various events such as overleveraging,
heatwaves, elections, and field-level attrition, which has resulted
in deterioration in the transaction's asset quality. In spite of
various measures taken by CFL to strengthen its collection team,
recoveries in the pool have been minimal, with high roll-over rate
into the deeper buckets. Only 59.33% of the current principal
outstanding (not including over dues) did not have any
delinquencies as of the August 2025 collection month.
As per the originator/servicer, several initiatives have been
undertaken to enhance portfolio performance. These include
implementing real-time tracking of collection visits, increasing
bench staff, appointing branch quality managers, and establishing a
dedicated collections vertical focused on hard bucket
delinquencies. However, these efforts have not yet led to any
meaningful improvement in the pool's performance. Moreover, given
the short remaining tenor in the transaction, these measures are
unlikely to have a significant impact on recoveries going forward
as well.
The Negative Outlook reflects the expectation of continued increase
in delinquencies in the pool as well as the deteriorating outlook
for the asset class.
Quality of the Asset pool and the Strength of Cash flows
As per the details provided by the originator to Ind-Ra, the
collateral pool assigned to the trust at par had an aggregate
outstanding principal balance of INR221.86 million as of the
September 2025 payout. As of the September 2025 payout, the 12,568
-loan pool had a weighted average (WA) seasoning of 13.9 months and
the WA amortization of outstanding pool was 59.4 %.Also, the
average outstanding loan balance stood at INR17,653 and the WA
internal rate of return was 26.0%. The agency has seen a cumulative
prepayment of 6.00% in the transaction since the issuance. The
0+dpd and 90+dpd on the original POS in the pool, as of the
September 2025 payout, was 25.49% and 20.81%, respectively. The
cumulative collection efficiency was 80.5% as of the September 2025
payout.
Payment Structure
The rating of the Series A1 PTCs addresses the timely payment of
the interest and the ultimate payment of the principal by the final
maturity date of 15 April 2026, in accordance with the transaction
documentation.
The transaction has a conditional turbo feature based on rating of
the servicer, and the turbo amortization feature has been
activated, and the excess interest spread will be utilized to
prepay the senior investors.
Track record, Underwriting and Collection Capabilities of
Originator and Quality and experience of Servicer: The rating is
based on the origination, servicing, collection, and recovery
capabilities of CFL, the legal and financial structure of the
transaction, pool characteristics and the CE provided in the
transaction. The agency is of the opinion that the issuer's
origination and servicing capabilities are of acceptable
standards.
Detailed Description of Key Rating Drivers
Geographical Concentration In The Pool: The pool is highly
concentrated, with borrowers from only two states, i.e. Andhra
Pradesh (66%) and Telangana (34%).
Unsecured Asset Class with Deteriorating Asset Performance Outlook:
The underlying loans are unsecured in nature. The asset quality in
this segment is more vulnerable to economic downturns. Furthermore,
the loans have been provided to non-qualifying microfinance
borrowers. This segment has suffered from high stress in recent
times and Ind-Ra has a deteriorating asset performance outlook on
this sector.
Rising Delinquency Levels: The pool has observed peak 0+ dpd and
90+ dpd of 25.49% and 20.81%, respectively, of the original POS.
The transaction has seen a rapid rise in the 0+ and 90+ days past
due, and therefore, the future asset quality of the pool will be a
key rating monitorable.
Unsatisfactory Repayment Track Record of Borrowers in Pool: The
pool has a WA seasoning of 13.9 months, with WA amortization of
59.4%. However, this is slower than the expected pool amortization
schedule, due to higher-than-expected delinquencies in the pool.
Provision for Appointment Of Back-Up Servicer: In the event of
servicer's event of default or other events as defined in the
documents, the trustee, on behalf of majority investors, shall be
entitled to terminate the services of the servicer and appoint
alternative/successor servicer in the manner as specified under
transaction documents.
Adequacy of CE for 'IND BB+(SO)' rating level: The transaction
benefits from the available internal and external CE. The internal
CE for the Series A1 PTCs is in the form of the
over-collateralization, which has been built to 19.52% (from
initial 12%) and EIS of 5.82% of the future POS. The transaction
also benefits from the presence of an external CE, which has been
built to of 11.21% from total current POS, and is kept at The
Federal Bank Limited (IND AA+/Stable). The fixed deposit is placed
in the name of the originator, with a lien marked in favor of the
trustee.
Given the transaction structure as well as the key assumptions for
the pool, the credit enhancements available are sufficient to
ensure timely payments to PTC holders, given a 'IND BB+(SO)' level
stress.
Liquidity
Stretched for Series A1 PTCs: For the current transaction, the
external and internal CEs add liquidity comfort. Assuming a base
case default scenario, there is a liquidity cover of less than 1.5x
of the promised monthly obligations for the Series A1 PTCs.
Rating Sensitivities
Positive
An improvement in the CE coverage, driven by robust transaction
performance, would lead to a positive rating action.
Negative
If the assumptions of base case default rate and recovery rate are
worsened by 20%, the model-implied rating sensitivity suggests that
the ratings of the Series A1 PTCs will be downgraded by two
notches.
The CE is in the name of originator with lien marked in the favor
of the trustee. In case the rating of CE provider falls below 'IND
BB', and if the CE is not placed in the name of the trust, then the
rating of Series A1 PTCs would be partially linked to the rating of
the CE provider.
In case the long-term rating of the servicer falls below 'IND BB',
and if the servicer is not replaced with one having a long-term
rating of at least 'IND BB' or above, the rating of Series A1 PTCs
would be partially linked to the rating of the servicer.
In case the long-term rating of the account banks falls below 'BB+'
by any of the Securities and Exchange Board of India-accredited
credit rating agencies, and if the account bank is not replaced
with a bank having a rating of 'BBB+' or above, the ratings of
Series A1 PTCs would be partially linked to the rating of the
account bank.
Any Other Information
Key terms of servicer contracts: The key terms of servicer as per
transaction documents.
In consideration of servicer fees, the servicer shall administer
and service the assets and devote reasonable time and exercise
skill, care and diligence in the administration and enforcement of
the rights, powers, privileges and securities in respect of the
assets assigned to the trust.
The servicer shall hold all documents and instruments on behalf of
the trust and shall handover such documents to trustee upon demand
The servicer shall collect all amounts in terms of loan agreements
including receivable, prepayments, default amount, claims,
penalties, expenses, among others. and deposit the amounts
collected in collection and payout account in accordance with the
transaction documents.
The servicer shall take required legal proceedings on behalf of the
trust, against the obligors as may be necessary to recover the
receivables and enforce the underlying security as specified under
the transaction documents.
The servicer shall be responsible for monitoring the performance by
the obligors of their obligations under the underlying documents
and shall submit to the trustee monthly reports of the same which
shall include details on billing, collections, recoveries,
prepayments, cashflows to investors, CE utilization, details/ageing
schedule of outstanding pool and future cashflow schedules or any
other information as may be required by the trustee.
In the event of servicer's event of default or other events as
defined in the documents, the trustee, on behalf of majority
investors, shall be entitled to terminate the services of the
servicer and appoint alternative/successor servicer in the manner
as specified under transaction documents.
On termination of the services of the servicer, the servicer shall
immediately transfer collection to the collection and payout
account and shall notify obligor to make payment to the
alternate/successor servicer or directly into collection and payout
account in terms of transaction documents.
About the Trust
The trust, Manit 09 2024, is a special purpose entity and has been
set out primarily to acquire, set apart, hold and administer the
assigned assets in trust for the benefit of the beneficiaries to
whom securitization instruments issued by the trust. The
securitization instruments were issued by the trust acting through
the trustee in accordance with the terms and conditions set out in
the transaction documents. The underlying loan receivables,
including security interest in any underlying assets, have been
assigned to the trust for the benefit of securitization instruments
investors.
About the Originator
Criss is a non-banking financial company that was incorporated in
1992. Criss was acquired by Spandana in FY19 from Padmaja Reddy,
the erstwhile managing direction and chief executive officer of
Spandana.
At end-June 2025, Spandana held 99.90% equity stake in the company.
Criss operates largely in Andhra Pradesh (52.6%), Telangana
(17.5%), Rajasthan (13.6%). Spandana disburses unsecured
microfinance loans, while Criss' loan book consists of individual
unsecured loans, LAP and other unsecured loans.
MARIKAMBA MICRO: CRISIL Assigns B+ Rating to INR2.5cr LT Loan
-------------------------------------------------------------
Crisil Ratings has assigned its 'Crisil B+/Stable' rating to the
proposed long-term bank loan facility of Shree Marikamba Micro
Finance Private Limited (Shree Marikamba).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 2.5 Crisil B+/Stable (Assigned)
Bank Loan Facility
The rating reflects Shree Marikamba's small scale of operations
with geographic concentration and modest resource profile. These
weaknesses are partially offset by the company's moderate
capitalisation supported by internal accruals.
Analytical Approach
For arriving at the rating, Crisil Ratings has considered the
standalone business and financial risk profiles of Shree
Marikamba.
Key Rating Drivers - Weaknesses
* Small scale of operations with geographical concentration:
Shree Marikamba, incorporated in February 2014, commenced
operations in fiscal 2016 and therefore has a limited operational
track record. The company's scale of operations remains modest,
with assets under management (AUM) standing at INR12.9 crore as of
June 30, 2025, as against INR12.3 crore as of March 31, 2025, and
INR11.8 crore as of March 31, 2024. As far as asset quality (90+
dpd) is concerned, it stood at 2.1% as on June 30, 2025 as against
1.5% as on March 31, 2025.
Shree Marikamba's product offerings primarily consist a range of
loan products, including loans to JLG/SHGs and vehicle loans with
target customer segment having occupations such as tailoring,
flower vending and cobbling. The company is currently lending all
loans through 1 branch in Shimoga, Karnataka. Ability to scale up
operations and diversify the portfolio across geographies remains
monitorable.
* Modest resource profile: The company is highly dependent on funds
from directors. There are negligible external borrowings as on
date. However, the management plans to raise funds from banks in Q3
and Q4 of fiscal 2026. The company's ability to improve its
resource profile and raise bank loans will be critical to fund
future growth and, hence, will remain a key rating monitorable.
Key Rating Drivers - Strength
* Moderate capitalisation supported by internal accruals:
Capitalisation is supported by a networth of INR7.0 crore and a
gearing of 0.6 times as on March 31, 2025 as against a networth of
INR6.7 crore and a gearing of 0.7 times on March 31, 2024. The
capitalisation is further supported by internal accruals; the
company has been reporting profits in range of INR0.6-0.7 crore
consistent basis for last 2-3 years with average return on managed
assets (RoMA of 5% during this period. These steady level of
accretions has supported the growth in scale despite no additional
equity infusion from promoters during last 3 years. Going forward,
the ability of the company to raise sufficient capital to support
next level of growth will remain key monitorable.
Liquidity Stretched
The company had liquidity of INR4.2 crore in the form of Cash and
bank balance as of July 31, 2025, which is sufficient to cover
outflows over next 2-3 months. The liquidity cover stood at over 3
times.
Outlook Stable
Crisil Ratings believes Shree Marikamba will continue to benefit
from its adequate capitalisation metrics.
Rating sensitivity factors
Upward factors:
* Ability to raise sufficient resources
* Substantial improvement in scale of operations with asset quality
(gross NPAs) remaining at less than 1%
Downward factors:
* Steady state gearing to exceed 6 times.
* Deterioration in asset quality resulting impact on earnings
profile
Shree Marikamba is a registered non-banking financial company
(NBFC) founded in 1996. The company specializes in providing
individual loans to women entrepreneurs and small businesses,
focusing on supporting underserved communities and fostering
sustainable growth. With a customer-centric approach and commitment
to financial inclusion, Shree Marikamba aims to drive inclusive
development and create value for all stakeholders. The company has
a strong leadership team, including Sanjay Gupta, Mukesh Chabda,
and Anand Ambasta, who have extensive experience in finance,
operations, and risk management. Shree Marikamba offers various
financial products, including secured and unsecured loans, and has
a presence in Tier 3/4 cities. The company plans to achieve
sustainable growth through strategic expansion, with a target to
open 5 new branches every 6 months and achieve break-even within 6
months per branch. With a projected steady increase in profits and
loan disbursements, Shree Marikambai's committed to driving
inclusive development and supporting innovative financial
solutions.
MASCHIO GASPARDO: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Maschio
Gaspardo India Private Limited (MGIPL) continue to be 'Crisil
B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 Crisil B/Stable (Issuer Not
Cooperating)
Cash Credit 35 Crisil B/Stable (Issuer Not
Cooperating)
Cash Credit 20 Crisil B/Stable (Issuer Not
Cooperating)
Sales Bill 25 Crisil B/Stable (Issuer Not
Discounting Cooperating)
Crisil Ratings has been consistently following up with MGIPL for
obtaining information through letter and email dated September 5,
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 MGIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MGIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MGIPL continues to be 'Crisil B/Stable Issuer not cooperating'.
Incorporated in 2011, MGIPL manufactures farm equipment such as
rotary tillers at its facilities in Ranjangaon, Maharashtra. The
company has capacity of 42,000 tillers per annum.
MITC METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Mitc Metals
Private Limited (SVCPL; earlier knwon as Shree Vaishnav Casting
Private Limited) continue to be 'Crisil D/Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 Crisil D (Issuer Not
Cooperating)
Bank Guarantee 1 Crisil D (Issuer Not
Cooperating)
Cash Credit 32 Crisil D (Issuer Not
Cooperating)
Cash Credit 15 Crisil D (Issuer Not
Cooperating)
Letter of Credit 14 Crisil D (Issuer Not
Cooperating)
Letter of Credit 28 Crisil D (Issuer Not
Cooperating)
Proposed Short Term 30.97 Crisil D (Issuer Not
Bank Loan Facility Cooperating)
Standby Line 5 Crisil D (Issuer Not
of Credit Cooperating)
Term Loan 11.35 Crisil D (Issuer Not
Cooperating)
Term Loan 5 Crisil D (Issuer Not
Cooperating)
Term Loan 50.68 Crisil D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SVCPL for
obtaining information through letter and email dated September 5,
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 SVCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SVCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
SVCPL, incorporated in 2007, manufactures mild steel billets. The
company has its manufacturing facilitates in Nashik (Maharashtra)
and registered office in Mumbai (Maharashtra). SVCPL is also
setting up a rolling mill in Nashik.
NAVYA FASHIONS: CRISIL Lowers Rating on INR15cr Cash Loan to D
--------------------------------------------------------------
Crisil Ratings has downgraded its rating on the bank facilities of
NFPL to 'Crisil D Issuer not cooperating' from 'Crisil B/Stable
Issuer not cooperating' as the entity has delayed servicing its
debt obligation, as per publicly available information.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 Crisil D (ISSUER NOT
COOPERATING; Downgraded from
'Crisil B/Stable ISSUER NOT
COOPERATING')
Term Loan 2 Crisil D (ISSUER NOT
COOPERATING; Downgraded from
'Crisil B/Stable ISSUER NOT
COOPERATING')
Crisil Ratings has been consistently following up with NFPL for
obtaining information through letters and emails dated July 15,
2025 and October 15, 2025 and among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.
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 has been
arrived at without any interaction with the management and is based
on best available, limited or dated information regarding the
company. Such non-cooperation by a rated entity may be a result of
weakening of its credit risk profile. Ratings with the 'issuer not
cooperating' suffix lack a forward-looking component.
Detailed Rationale
Despite repeated attempts to engage with the management of NFPL,
Crisil Ratings did not receive any information on the financial
performance or strategic intent of the entity. This restricts the
ability of Crisil Ratings to take a forward-looking view on the
credit quality of the company. The rating action on NFPL is
consistent with the criteria detailed in 'Assessing information
adequacy risk'.
Based in Bhilwara, Rajasthan and incorporated on 23rd October 2007
by Mr. Naresh Baldi (M.D.), Navya is engaged in the manufacturing
of cotton fabrics, Lycra and other cotton blended fabrics.
NEXT GENERATION: Ind-Ra Keeps D Loan Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Next Generation
Charitable Trust's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.
The detailed rating action is:
-- INR53.11 mil. Bank Loan Facilities maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Next Generation Charitable
Trust while reviewing the rating. Ind-Ra had consistently followed
up with Next Generation Charitable Trust over emails, apart from
phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Next Generation
Charitable Trust on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Next Generation Charitable
Trust's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Next Generation Charitable Trust was established in 2013 by Chandan
Agarwal. The trust established its first school G.D. Goenka Public
School in collaboration with G. D. Goenka Private Limited in
Bareilly.
NMS ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of NMS Enterprises
Limited (NMSEL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with NMSEL for
obtaining information through letter and email dated September 5,
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 NMSEL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NMSEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NMSEL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
NMSEL was incorporated in 1991 to provide payroll management
services for telecom companies in India. Subsequently, the company
diversified into fields of construction and skill development
services. Operations are managed by Mr Pankaj Chander and Mr Sanjay
Gupta.
PHORUM JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Phorum Jewels
Limited (PJL) continue to be 'Crisil D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 Crisil D (Issuer Not
Cooperating)
Proposed Long Term 4 Crisil D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with PJL for
obtaining information through letter and email dated September 5,
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 PJL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PJL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PJL continues to be 'Crisil D Issuer not cooperating'.
PJL was incorporated in 2001 by Mr. Bharat Mewawala and his family.
The company retails in plain gold and diamond-studded gold
jewellery. PJL has two retail showrooms - one in Byculla and
another in the Opera House (both in Mumbai).
RAHEJA DEVELOPERS: NCLAT Restrains Developer From Selling Assets
----------------------------------------------------------------
The Economic Times reports that the Principal Bench of the National
Company Law Appellate Tribunal (NCLAT), Delhi, has restrained
Raheja Developers from creating third-party rights by selling units
or land.
"It is clarified that, insolvency having commenced, we have no
doubt that the management of the corporate debtor shall not create
any third-party rights in the immovable properties," the NCLAT said
in its order, ET relays.
Earlier, the homebuyers had raised concerns that the assets of the
company were being sold and transferred without the instructions of
the IRP.
Raheja Developers Limited is engaged in real estate development
(residential and commercial).
The company commenced insolvency proceedings on Aug. 21, 2025.
RANK PROJECTS: Ind-Ra Affirms BB Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Rank Projects and Development Private Limited's (RPDPL)
bank loan facilities:
-- INR1.30 bil. Bank loan facilities affirmed with IND BB/Stable/
IND A4+ rating; and
-- INR2.0 bil. Proposed bank loan Facilities assigned with IND
BB/Stable/IND A4+ rating.
Detailed Rationale of the Rating Action
The ratings reflect RPDPL's modest EBITDA margins, average credit
metrics, and Ind-Ra's expectation of continued deterioration in the
credit metrics in FY26. The ratings factor in the concentrated
orderbook and stretched liquidity. Ind-Ra expects the EBITDA margin
to sustain in FY26. The ratings, however, is supported by the
medium scale of operations and the promoters' experience of nearly
four decades in the civil construction industry.
Detailed Description of Key Rating Drivers
Modest EBITDA Margin; Likely to Sustain in FY26: RPDPL's EBITDA
margin fell to a modest 8.08% in FY25 (FY24: 12.38%) due to a rise
in the cost of goods sold to 27.14% (21.31%), resulting from raw
material cost fluctuations, and a rise in personnel expenses to
8.8% (6.86%). The return on capital employed was 8.7% in FY25
(FY24: 10.8%). In FY26, Ind-Ra expects the EBITDA margin to remain
at similar levels due to similar nature of operations. The figures
for FY25 are provisional in nature.
Average Credit Metrics; Continued Deterioration Likely in FY26:
RPDPL's credit metrics remained average in FY25, with interest
coverage (operating EBITDA/gross interest expenses) of 2.71x (FY24:
2.74x) and net leverage (total adjusted net debt/operating EBITDAR)
of 3.73x (2.25x). The credit metrics weakened in FY25 due to an
infusion of INR173 million of interest-bearing unsecured funds from
the promoters, which led to an increase in the overall debt levels,
and a consequent rise in interest expenses to INR45.38 million
(INR42.19 million). However, the interest coverage witnessed only a
marginal decline as the rise in operating EBITDA was sharper than
that in interest expenses.
In FY26, Ind-Ra expects the credit metrics to deteriorate further
due to a likely enhancement in the short-term funds by INR3,000
million, of which INR1,000 million will be fund-based and the
balance INR2,000 million will be non-fund-based. Furthermore, RPDPL
has planned capex of INR70.65 million to be completed by March
2026, which will be funded through a term loan of INR7.2 million,
and internal accruals and unsecured loans amounting to a total of
INR63.46 million.
High Orderbook Concentration: Maharashtra and Kerala, with a total
of only three projects, accounted for a combined 68% of the total
order book of INR11,555.56 million as of September 31, 2025,
reflecting a significant concentration. Furthermore, Maharashtra,
with only one ongoing project, holds an order book value of
INR3,690 million, contributing 30% to the total order book.
Similarly, Kerala, with two projects, accounts for INR5,052.88
million or 34% of the total order book. While these projects
represent strong revenue potential, the heavy reliance on a few
high value contracts introduces concentration risk, emphasizing the
need for diversification and efficient project execution to ensure
financial stability and sustained growth. Ind-Ra expects a slight
delay in the order execution of these high-value projects beyond
the estimated completion timelines.
Tender-based Operations; Intense Competition: Given the intense
competition, the revenue and profitability of entities in this
business entirely depend on the ability to win tenders. Thus, they
have to bid aggressively to obtain contracts, which restricts the
operating margin to moderate levels.
Medium Scale of Operations; Revenue to See Continued Growth in
FY26: RPDPL's revenue increased to INR1,520.95 million in FY25
(FY24: INR932.68 million) because of an increase in the number of
orders executed by the company. The EBITDA rose to INR122.9 million
in FY25 (FY24: INR115.46 million) due to the growth in revenue. At
end-FY25, the scope of orderbook had increased by INR724.8 million,
resulting in total unexecuted orderbook size of INR1,2167.76
million. During 5MFY26, RPDPL booked revenue of INR632 million, and
it has an order book of INR11,555 million as of October 2025, to be
executed by April 2028, providing a revenue visibility of 8x of
FY25 revenue. In FY26, Ind-Ra expects the revenue to improve on a
yoy basis, led by the strong order book and likely improved
execution.
Experienced Promoters: The ratings are supported by the promoters'
experience of nearly four decades in the civil construction
industry, which has helped the company establish strong
relationships with customers as well as suppliers.
Liquidity
Stretched: RPDPL's average month-end utilization of the fund-based
limits was 94.74% and that of the non-fund-based limits was 99.24%
during the 12 months ended August 2025. There were multiple
instances of overutilization of the fund-based working capital
limits up to one day in the months of January, April, June and
August, on account of interest charged at the month-end. In FY25,
despite a decline in creditor days to 27 days (FY24: 81 days), the
company's net working capital cycle improved to 685 days (FY24:
1,073 days), due to a fall in the inventory days to 617 days (1,073
days). The inventory period decreased because of a reduction in
construction work-in-progress pertaining to work that has been
completed but is yet to be billed. The cash and cash equivalents
stood at INR4.24 million at FYE25 (FYE24: INR3.865 million). The
cash flow from operations remained negative at INR216.64 million in
FY25 (FY23: negative INR616.59 million), mainly due to unfavorable
changes in working capital. Furthermore, the free cash flow
remained negative and deteriorated to negative INR225.95 million in
FY25 (FY24: INR193.96 million) owing to the maintenance capex
undertaken during the year. RPDPL has scheduled debt repayments of
INR10.9 million in FY26 and INR7.1 million in FY27. RPDPL does not
have any capital market exposure and relies on banks and financial
institutions to raise funds to meet its funding requirements.
Rating Sensitivities
Negative: A decline in the scale of operations, leading to a
deterioration in the overall credit metrics and/or further pressure
on the liquidity position, all on a sustained basis, could lead to
a negative rating action.
Positive: An improvement in the liquidity and working capital cycle
and timely execution of orders, along with maintaining overall
credit metrics, with the interest coverage remaining above 2.5x,
all on a sustained basis, could lead to a positive rating action.
About the Company
RPDPL was initially established as a partnership firm in 2013.
Later, the firm transitioned into a private limited company and
was officially registered as Rank Projects and Developers Private
Limited. In its early years, the company focused exclusively on
constructing private apartments and individual houses. Following
its incorporation as private limited company, RPDPL broadened its
scope by taking on government projects, further diversifying its
portfolio.
RDC AUTOMOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RDC
Automobile Private Limited (RDC) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Drop Line 3.6 CRISIL D (Issuer Not
Overdraft Facility Cooperating)
Electronic Dealer 15.0 CRISIL D (Issuer Not
Financing Scheme Cooperating)
(e-DFS)
Crisil Ratings has been consistently following up with RDC for
obtaining information through letter and email dated September 5,
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 RDC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RDC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RDC continues to be 'Crisil D Issuer not cooperating'.
RDC, incorporated in 2015, is an authorised dealer for cars of Jeep
India. Jeep is a brand of American automobiles that is a division
of FCA US LLC (formerly Chrysler Group, LLC), a wholly owned
subsidiary of Fiat Chrysler Automobiles. The promoters also own RDC
Motors Pvt Ltd (an authorised dealer for cars of Fiat India
Automobiles Ltd) in Chennai and Vellore (both in Tamil Nadu). The
operations are managed by Mr Chandrasekar.
REVERA MILK: Ind-Ra Assigns BB- Bank Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Revera Milk and Foods
Pvt Ltd.'s (RFMPL) bank loan facilities as follows:
-- INR894.10 mil. Bank loan facilities assigned with IND BB-/
Stable rating.
Detailed Rationale of the Rating Action
The rating reflects the time and cost overrun risks associated with
RMFPL's ongoing residential project. The company has not achieved
the overall financial closure, despite the projects being 37%
complete as of June 2025. Furthermore, the rating factors in
RMFPL's stretched liquidity and medium offtake risk, with around
10.54% of the total saleable area still needs to be sold
additionally to achieve financial closure, and the debt service
coverage ratio (DSCR) of around 1x.However, the rating is supported
by the project's favorable location, close to metro station and
Kolkata airport.
Detailed Description of Key Rating Drivers
Medium Offtake Risk; Financial Closure Pending: The rating factors
in the medium offtake risk for RMFPL, as only 30 units of the total
154 units were booked as of August 2025. The project was registered
with Real Estate Regulatory Authority in February 2024. The project
depends on 38% customer advances for project completion. As of June
30, 2025, the project was 37% complete, and the balance project
cost of INR1,594.50 million was yet to be tied up using a mix of
debt, promoters' contribution and collections. With receivables
from the already booked units, pending term loan disbursement and
the need to sell additional 10.54% of the total area for financial
closure, Ind-Ra expects bookings to ramp up in FY26 and improve, as
the project approaches completion.
Time and Cost Overrun Risk: Although the project construction is in
line with the execution schedule, it faces time and cost overrun
risks. The total cost of the ongoing project of, INR2,514.80
million, is to be funded by promoters' contribution of INR654.60
million (24%), customer advances of INR966.10 million (38%)and a
term loan of INR894.10 million (36%). RMFPL has incurred around
INR920.30 million of the project cost till 30 June 2025, which was
funded through a promoters' contribution of INR673.30 million,
customer advances of INR171 million, and a term loan of INR76
million. A term loan of INR170 million was disbursed in September
2025.
Stretched Liquidity: The rating is constrained by a likely cash
flow mismatch if customer advances are lower than Ind-Ra's
expectations. The firm does not have any capital market exposure
and relies on bank loan and promoters' funds to meet is funding
requirements. However, the promoters have already infused their
entire contribution before loan disbursement, as per sanction
terms, and will fund any cost overruns.
Favorable Location: The project is located in New Town Action
Area-I, Rajarhat, Kolkata, nearly 12km from the Kolkata Airport and
0.2km from the nearest metro station, with proximity to shopping
complexes, educational hubs and hospitals.
Experienced Promoters: Ind-Ra draws comfort from the promoters'
over two decades of experience in real estate development. The
group has successfully completed and sold more than four projects
in Kolkata, including Active Business Park (built-up area: 2.25 lac
sq ft) and One Rajarhat (built-up area: 5.75 lac sq ft).
Liquidity
Stretched: RMFPL had a low cash balance of INR0.43 million at
FYE25. The company does not have any debt repayments in the near
term, but around INR350 million and INR544.10 million will become
due in FY28 and FY29, respectively. The minimum debt service
coverage ratio, as per the management, will be 1.61x during
FY25-FY30.
Rating Sensitivities
Negative: Time or cost overruns and a lower-than-expected sales
volume or lower realization from bookings, leading to stressed cash
flows, could lead to a negative rating action.
Positive: Higher-than-expected sales and timely receipts of
customer advances and utilization of the same primarily for
construction purposes, leading to stronger cash flows and an
improvement in the liquidity, could lead to a positive rating
action.
About the Company
Incorporated in 1996, RMFPL undertakes construction of residential
and commercial real estate projects in Kolkata, West Bengal. Manish
Sahara is the promoter. The company is developing a
residential-cum-commercial project One Victoria in New Town Action
Area-I, Kolkata. The company is part of Ruchi Realty group, which
has developed and constructed projects namely One Rajarhat, Active
Acre I, Active Acre II and Active Business Park in New Town Area,
Kolkata.
RICHA INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Richa
International (RI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of Credit 1 CRISIL D (Issuer Not
Cooperating)
Packing Credit 6 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RI for
obtaining information through letter and email dated September 5,
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 RI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RI
continues to be 'Crisil D/Crisil D Issuer not cooperating'.
RI, a partnership firm, was set up in 1993 by Mr. Anil Dani in
Mumbai. The firm exports agricultural commodities, mainly maize,
rice, and sugar. It also exports commodities such as millet,
sorghum and turmeric occasionally.
S. K. MASALA: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings the rating on bank facilities of S. K. Masala and
Foods Limited-(Dissolved) (SK Masala) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.6 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SK Masala
for obtaining information through letter and email dated September
5, 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 SK Masala, which restricts
Crisil Ratings' ability to take a forward looking view on the
entity's credit quality. Crisil Ratings believes that rating action
on SK Masala is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the rating on bank
facilities of SK Masala continues to be 'Crisil D Issuer not
cooperating'.
SK Masala was established as a partnership firm named M/s S
Khusaldas and Co. over four decades ago by Panjwani family and was
reconstituted as a closely held limited company with the present
name in March 2017. The company manufactured, processed and traded
blended spices, grounded spices, flour, Instant ' ready mix food,
pickle and ghee' sold under the brand name of 'SK Masala'. The
manufacturing facility is located near Surat, Gujarat.
SAHYOG JANKALYAN: Ind-Ra Cuts Bank Loan Rating to B
---------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sahyog Jankalyan
Samiti rating to 'IND B/Negative (ISSUER NOT COOPERATING)'. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.
The detailed rating actions are as follows:
-- INR692.4 mil. Bank Loan Facilities downgraded with IND
B/Negative (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Detailed Rationale of the Rating Action
The downgrade is in accordance with Ind-Ra's policy, Guidelines on
What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative issuers may get downgraded during subsequent
reviews, if the issuer continues to remain non-cooperative. With
passage of time and absence of updated information, the risk of
sustaining the rating at current levels by relying on dated
information increases, which may be reflected through a downgrade
rating action. The Negative Outlook reflects the likelihood of
further downgrade of the entity's ratings on continued
non-cooperation.
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Sahyog Jankalyan Samiti
while reviewing the rating. Ind-Ra had consistently followed up
with Sahyog Jankalyan Samiti over emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Sahyog Jankalyan Samiti
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Sahyog Jankalyan Samiti's credit strength.
If an issuer does not provide timely business and financial updates
to the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
SAJ ROOFING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Saj Roofing
Solutions Private Limited (SRS) continue to be 'Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.2 Crisil D (Issuer Not
Cooperating)
Cash Term Loan 4 Crisil D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SRS for
obtaining information through letter and email dated September 5,
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 SRS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SRS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SRS continues to be 'Crisil D Issuer not cooperating'.
SRS was established in 2016 by Mr Sebastien Cletus in Coimbatore,
Tamil Nadu. The company manufactures roofing sheets for industrial
use.
SANGAM CONSTRUCTION: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sangam
Construction (SC) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.2 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SC for
obtaining information through letter and email dated September 5,
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 SC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SC
continues to be 'Crisil D Issuer not cooperating'.
Established in the 2004, SC is proprietorship firm of Mr. Shanker
Bajirao. The firm is engaged in executing civil construction
contracts mainly for Government of Goa.
SAVUTE TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Savute
Textiles Private Limited (STPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with STPL for
obtaining information through letter and email dated September 5,
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 STPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on STPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
STPL continues to be 'Crisil D Issuer not cooperating'.
Started in 2012, Kerala based Savute Textiles Private Ltd is
engaged in the manufacturing of linen fabric. The company's day to
day operations are managed by its director Mr. Stephen Logan and Mr
Gopinathan.
SHAH STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Shah Steel Impex
Private Limited (SSIPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 0.5 CRISIL D (Issuer Not
Cooperating)
Channel Financing 10 CRISIL D (Issuer Not
Cooperating)
Channel Financing 40 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 59.5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SSIPL for
obtaining information through letter and email dated September 5,
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 SSIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
SSIPL, is a Mumbai based company, is engaged in trading of HR/CR
coils, galvanised coils, etc. It an authroised distributor for JSW,
which constitutes around 50% of total purchases.
SHIV LAL: CRISIL Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv Lal
Trading Co (SLTC) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.4 CRISIL B/Stable (Issuer Not
Cooperating)
Warehouse Receipts 8.0 CRISIL B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SLTC for
obtaining information through letter and email dated September 5,
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 SLTC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SLTC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SLTC continues to be 'Crisil B/Stable Issuer not cooperating'.
SLTC, a proprietorship concern established in 1990, trades in wheat
and paddy in the domestic market and is based in Delhi. The firm is
managed by Mr. Subhash Chand.
SPS EDUCATIONAL: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------------
Crisil Ratings has migrated the rating on bank facilities of SPS
Educational Trust (Regd.) (SPS) to 'Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 0.3 Crisil D (Issuer Not
Cooperating; Rating migrated)
Term Loan 24.7 Crisil D (Issuer Not
Cooperating; Rating migrated)
Crisil Ratings has been consistently following up with SPS for
obtaining information through letter and email dated October 9,
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 SPS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SPS
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the rating on
bank facilities of SPS to 'Crisil D Issuer not cooperating'.
Set up in 2010 by Mr Suresh Chand Bhardwaj and his family members,
SPS manages a senior secondary school, SPS International, in Palwal
(Haryana). The school is affiliated to the Central Board for
Secondary Education and offers education from nursery to standard
12.
TWIN CITIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Twin Cities
Steel Re-Rolling Mills Private Limited (TCSPL) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.50 CRISIL D (Issuer Not
Cooperating)
Corporate Loan 2.42 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with TCSPL for
obtaining information through letter and email dated September 5,
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 TCSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TCSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TCSPL continues to be 'Crisil D Issuer not cooperating'.
TCSPL was set up in 1985 by Mr. R K Agarwal, Mr. Adarsh Agarwal,
and their family members. The company, based in Hyderabad,
manufactures and trades in steel structurals.
UNITED OILCHEM: CRISIL Hikes Ratings on INR62cr Term Loan to B+
---------------------------------------------------------------
Crisil Ratings has upgraded its rating on the long-term bank
facilities of United Oilchem Pvt Ltd (UOPL) to 'Crisil B+/Stable'
from 'Crisil B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 15 Crisil B+/Stable (Upgraded
Overdraft facility from 'Crisil B/Stable')
Term Loan 62 Crisil B+/Stable (Upgraded
from 'Crisil B/Stable')
The rating upgrade factors in the scheduled commencement of the
company's project in April 2026. The company has acquired land for
the project and construction is progressing at a healthy pace. The
unit is being set up and machinery has been ordered; sizeable part
of the machinery is under installation, which mitigates
implementation risk. The company remains exposed to implementation
and financing risks. While exposure to demand risk persists, the
promoters have extensive experience in the oleochemical industry,
which will help them in getting orders. Timely completion and
successful stabilisation of operations at the unit will remain a
key rating sensitivity factor.
The rating reflects the initial stage of operations and expected
leveraged capital structure. These weaknesses are partially offset
by the extensive industry experience of the promoters.
Analytical Approach
Crisil Ratings has considered the standalone business and financial
risk profiles of UOPL.
Key Rating Drivers - Weaknesses
* Initial stage of operations: UOPL is scheduled to commence
operations in April 2026. Timely completion of the project and
successful stabilisation of operations at the unit will remain
monitorable over the medium term. While demand risk persists, the
promoters have extensive industry experience, which will help them
in getting orders.
* Expected leveraged capital structure: The project is funded via
term debt of INR62 crore and equity contribution of INR44 crore
from the promoters. This has resulted in debt to equity ratio of
1.4 times. The capital structure will likely remain leveraged over
the medium term with high gearing owing to initial stage of
operations.
Key Rating Drivers - Strength
* Extensive industry experience of the promoters: The promoters
have experience of over two decades in the edible oil and
oleochemical industries. This has given them an understanding of
the market dynamics and enabled them to establish relationships
with suppliers and customers, which will continue to support the
business.
Liquidity Poor
Expected cash accrual above INR8.9 crore per fiscal will
sufficiently cover yearly term debt obligation of INR1.5 crore over
the medium term. Current ratio is expected to be moderate in fiscal
2026.
Outlook Stable
Crisil Ratings believes UOPL will benefit from the extensive
industry experience of the promoters.
Rating sensitivity factors
Upward factors
* Timely completion of the project with no time or cost overrun
* Successful scaling up of operations post completion of the
project, leading to cash accrual of more than INR15 crore
Downward factors
* Delay in commencement of operations of the new unit
* Failure to ramp up operations post completion of the project,
leading to cash accrual below INR2 crore
UOPL was incorporated on June 7, 2024, in Gondal, Gujarat. The
company will manufacture high-quality oleochemicals from natural
oils and fats. These chemicals serve as eco-friendly alternatives
to petroleum-based feedstocks, aligning with global efforts towards
environmental sustainability. UOPL is promoted by the directors and
Mr Prakash Manshukhbhai Kukadiya, Mr Darvin Maradiya, Mr Parth
Himmatlal Gol and Dr Mahesh Bavanjibhai Bokarwadia.
V S EDUCATION: Ind-Ra Keeps C Loan Rating in NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained V S Education
Foundation's instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND C (ISSUER NOT COOPERATING)'
on the agency's website.
The detailed rating action is:
-- INR75 mil. Bank Loan Facilities maintained in non-cooperating
category with IND C (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with V S Education Foundation
while reviewing the rating. Ind-Ra had consistently followed up
with V S Education Foundation over emails, apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of V S Education Foundation
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect V S Education Foundation's credit
strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.
About the Company
V S Education Foundation, established by Vishal Kansal, operates
Delhi Public World School in Ludhiana, Punjab, in collaboration
with DPS World Foundation.
VENKATESHWARA SHIKSHAN: Ind-Ra Keeps D Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri
Venkateshwara Shikshan Sanstha's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.
The detailed rating action is:
-- INR121.7 mil. Bank Loan Facilities maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
Non-Cooperation by the Issuer
Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Shri Venkateshwara Shikshan
Sanstha while reviewing the rating. Ind-Ra had consistently
followed up with Shri Venkateshwara Shikshan Sanstha over emails,
apart from phone calls.
Limitations regarding Information Availability
Ind-Ra has reviewed the credit ratings of Shri Venkateshwara
Shikshan Sanstha on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Shri Venkateshwara Shikshan
Sanstha's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.
About the Company
Shri Venkateshwara Shikshan Sanstha was established in 2000 under
the leadership of Vanashri Nanasaheb Mahadik. It runs 12
institutions under its umbrella (offering engineering, management
and polytechnic courses), along with three schools, two junior
colleges, two industrial training institutes and a career academy.
It is situated in Peth near Pune.
=========
J A P A N
=========
NISSAN MOTOR: Sees US$1.8BB Annual Operating Loss as Tariffs Weigh
------------------------------------------------------------------
Reuters reports that Nissan Motor said on Oct. 30 it expects to
book a JPY275 billion (US$1.82 billion) in annual operating losses
due to the impact of U.S. tariffs and warned that supply chain
risks would be the biggest headwind in its fiscal second half.
Reuters relates that the automaker expected the hit from tariffs
would be JPY25 billion smaller in the second half of the fiscal
year to March 2026, as Japan reached a trade deal with the U.S.
that has lowered levies on Japanese cars to 15%.
According to Reuters, Japan's third-largest automaker has also put
in place mitigation measures to reduce the impact of the tariffs,
Nissan Chief Financial Officer Jeremie Papin told reporters,
without elaborating.
Mr. Papin, however, cautioned that its free cash flow would not be
positive in the full year due to various supply chain risks.
Nissan said its full-year outlook for net income remained
undetermined, Reuters relays.
The company said its first-half loss would be sharply narrowed from
its previous forecast thanks to lower costs relating to emissions
regulations and cost savings.
It now expects an operating loss of JPY30 billion in the first half
of the financial year through September, against a previous
estimated loss of JPY180 billion, Reuters discloses.
Reuters adds that Nissan will release second-quarter financial
results on November 6.
About Nissan Motor
Japan-based Nissan Motor Co., Ltd. manufactures and distributes
automobiles and related parts. The Company produces luxury cars,
sports cars, commercial vehicles, and more. Nissan Motor markets
its products worldwide.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-July 2025, Fitch Ratings has assigned a rating of 'BB' to
Nissan Motor's (BB/Negative) proposed senior unsecured US dollar
and euro notes. The proposed notes are rated in line with Nissan's
Long-Term Foreign-Currency Issuer Default Rating (IDR), as they
represent the company's direct, unsecured and unsubordinated
obligations, and rank pari passu with all its other unsecured and
unsubordinated debt. The proceeds will be used for general
corporate purposes. The company expects the proceeds from the new
notes to be used to prefund the refinancing of maturing notes.
Fitch does not expect the company's net debt balance after issuance
to change materially, leaving the company's financial structure
unchanged.
Fitch Ratings, in April 2025, downgraded Nissan Motor's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) and
senior unsecured rating to 'BB' from 'BB+'. The Outlook is
Negative. Fitch has affirmed the Short-Term Foreign- and
Local-Currency IDRs at 'B'.
The TCR-AP reported on July 9, 2025, S&P Global Ratings assigned
its 'BB' issue credit rating to Nissan Motor's (BB/Negative/B)
three proposed U.S.-dollar denominated senior unsecured notes and
two proposed euro-denominated senior unsecured notes. The notes
differ in maturities. In March 2025, S&P lowered its long-term
issuer credit ratings on Nissan Motor and its overseas subsidiaries
to 'BB' and affirmed its short-term issuer credit ratings on each
company at 'B'. The negative outlook reflects S&P's view that the
company's creditworthiness may continue to deteriorate as a
challenging operating environment hampers profitability improvement
and free cash flow losses continue.
Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3
the senior unsecured rating for Nissan Motor Co., Ltd. At the same
time, Moody's have assigned a Ba1 corporate family rating and
withdrawn the company's Baa3 issuer rating. Moody's have also
maintained the negative rating outlook.
=====================
N E W Z E A L A N D
=====================
GREENLIGHT LAND: Court to Hear Wind-Up Petition on Nov. 20
----------------------------------------------------------
A petition to wind up the operations of Greenlight Land Limited
will be heard before the High Court at Invercargill on Nov. 20,
2025, at 11:45 a.m.
Pounamu Strategic Holdings LP filed the petition against the
company on Sept. 15, 2025.
The Petitioner's solicitor is:
Thomas David Bloy
C/- Evolution Lawyers
Suite 2A
109 Dominion Road
Auckland
GURU NZ: Court to Hear Wind-Up Petition on Nov. 6
-------------------------------------------------
A petition to wind up the operations of Guru NZ Forests Limited
will be heard before the High Court at Auckland on Nov. 6, 2025, at
10:00 a.m.
Chunhui Hu and Zuguang Wang as trustees of the Brilliance Family
Trust filed the petition against the company on Nov. 6, 2025.
The Petitioner's solicitor is:
Eddie Taia
Franklin Law
Level 2
1 Wesley Street
Pukekohe
OFF ROAD: Creditors' Proofs of Debt Due on Nov. 28
--------------------------------------------------
Creditors of Off Road Caravans New Zealand Limited, Black & White
At Bay Limited (trading as Kebabs on Queens) and Cad Lab Limited
are required to file their proofs of debt by Nov. 28, 2025, to be
included in the company's dividend distribution.
Off Road Caravans New Zealand commenced wind-up proceedings on Oct.
17, 2025.
Black & White at Bay commenced wind-up proceedings on Oct. 21,
2025.
Cad Lab Limited commenced wind-up proceedings on Oct. 22, 2025.
The company's liquidators are:
Benjamin Francis
Garry Whimp
Blacklock Rose Limited
PO Box 6709
Victoria Street West
Auckland 1142
ORGANIC THAI2GO: Creditors' Proofs of Debt Due on Nov. 24
---------------------------------------------------------
Creditors of Organic Thai2go Limited are required to file their
proofs of debt by Nov. 24, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 19, 2025.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
SAHANA INZ: Creditors' Proofs of Debt Due on Nov. 24
----------------------------------------------------
Creditors of Sahana INZ Limited are required to file their proofs
of debt by Nov. 24, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 15, 2025.
The company's liquidator is Kevyn Botes of i-Business Recovery
Limited.
=================
S I N G A P O R E
=================
FIRST VENTURE: Court to Hear Wind-Up Petition on Nov. 7
-------------------------------------------------------
A petition to wind up the operations of First Venture Express Pte.
Ltd. will be heard before the High Court of Singapore on Nov. 7,
2025, at 10:00 a.m.
The Comptroller of Goods and Services Tax filed the petition
against the company on Oct. 13, 2025.
The Petitioner's solicitors are:
Infinitus Law Corporation
77 Robinson Road
#16-00, Robinson 77
Singapore 068896
NEREUS MARINE: Court to Hear Wind-Up Petition on Nov. 7
-------------------------------------------------------
A petition to wind up the operations of Nereus Marine Services Pte.
Ltd. will be heard before the High Court of Singapore on Nov. 7,
2025, at 10:00 a.m.
The Petitioner's solicitors are:
Gabriel Law Corporation
50 Raffles Place
#13-07 Singapore Land Tower
Singapore 048623
PALM TREE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Oct. 10, 2025, to
wind up the operations of Palm Tree Foods Pte. Ltd.
Right Choice Payments Pte. Ltd. filed the petition against the
company.
The company's liquidators are:
Cameron Lindsay Duncan
David Dong-Won Kim
KordaMentha Pte. Ltd.
50 Raffles Place
#25-01 Singapore Land Tower
Singapore 048623
PTF PTE: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on Oct. 10, 2025, to
wind up the operations of PTF Pte. Ltd.
Right Choice Payments Pte. Ltd. filed the petition against the
company.
The company's liquidators are:
Cameron Lindsay Duncan
David Dong-Won Kim
KordaMentha Pte. Ltd.
50 Raffles Place
#25-01 Singapore Land Tower
Singapore 048623
UIL SINGAPORE: Court to Hear Wind-Up Petition on Nov. 7
-------------------------------------------------------
A petition to wind up the operations of UIL (Singapore) Pte. Ltd.
will be heard before the High Court of Singapore on Nov. 7, 2025,
at 10:00 a.m.
Tan Wei filed the petition against the company on Oct. 6, 2025.
The Petitioner's solicitors are:
Quahe Woo & Palmer LLC
510 Thomson Road
#08-00 SLF Building
Singapore 298135
===============
T H A I L A N D
===============
STARK CORP: Court to Declare Former Executive Bankrupt
------------------------------------------------------
Bangkok Post reports that the Central Bankruptcy Court is set to
issue a ruling declaring Vonnarat Tangkaravakoon, former executive
and major shareholder of scandal-plagued Stark Corporation (STARK),
bankrupt, with orders to distribute assets to 3,417 creditors whose
combined claims total THB131.4 billion.
The case is now awaiting a ruling from the Criminal Court to
determine whether Mr. Vonnarat is guilty of wrongdoing and liable
for investor damages, according to the Thai Investors Association
(TIA), Bangkok Post relays.
To protect shareholder rights, the TIA earlier urged all Stark
common shareholders affected by the fraud to file debt claims with
the Legal Execution Department by April 11, according to Bangkok
Post. On Sept. 27, the first creditors' meeting was held and
confirmed there were 3,417 creditors with total claims of more than
THB131.4 billion, Bangkok Post relays.
According to Bangkok Post, creditors are divided into four
categories, comprising financial institutions, tort creditors
(including bondholders and common shareholders), Phelps Dodge
International (Thailand) Ltd and Piyachanok Tangkaravakoon, who is
Mr Vonnarat's spouse.
Since Mr. Vonnarat did not submit a debt settlement plan, the
receiver has recommended the court issue a bankruptcy judgement
against him.
Meanwhile, the Criminal Court case, filed by public prosecutors
against Mr. Vonnarat and associates, is still underway, Bangkok
Post says.
Bangkok Post relates that the receiver has informed the court that
Mr. Vonnarat is now under absolute receivership and in bankruptcy
proceedings, but the court should continue its criminal trial to
determine his guilt and liability for damages.
Once the Criminal Court issues its ruling, the receiver will decide
on compensation and determine the repayment amounts due to tort
creditors, including both bondholders and common shareholders,
according to the TIA.
Bangkok Post notes that the receiver is now collecting Mr.
Vonnarat's assets and verifying all creditor claims. Debt
investigations for common shareholders will begin after the
Criminal Court delivers its verdict.
The next step will be for the Bankruptcy Court to officially
declare Mr. Vonnarat bankrupt, allowing the receiver to liquidate
assets and distribute repayments to all approved creditors.
The TIA released this updated information to inform Stark
shareholders and affected investors of the ongoing legal and
procedural developments in the case, the TIA stated, Bangkok Post
relays.
Bangkok Post notes that the Stark case began in mid-2023, when the
company failed to submit its 2022 financial statements, prompting
the Stock Exchange of Thailand (SET) to suspend trading in June
2023.
Subsequent investigations uncovered large-scale accounting fraud,
including falsified financial statements and suspicious fund
transfers worth over THB100 billion, Bangkok Post notes.
Bangkok Post says the Securities and Exchange Commission (SEC)
later filed civil and criminal charges against key executives,
including Mr Vonnarat, in late 2023. The case has since proceeded
to the Central Bankruptcy Court and Criminal Court in 2024.
About Stark Corp
Headquartered in Bangkok, Thailand, Stark Corporation Public
Company Limited -- https://www.starkcorporation.com/ -- together
with its subsidiaries, engages in the electric wire and cable
business in Thailand and internationally. It manufactures,
distributes, trades in, and provides service test for wire products
made from copper and aluminum, which are used in electrical
transition, telecommunications, and construction applications. The
company also offers manpower services; human resource management
and recruitment services for the petroleum industry; warehouses
rental services; transportation services; and consultancy services
related to petroleum business. In addition, it engages in the
manufacture of electric wires, cables and non-ferrous; import and
manufacture copper and aluminuium for cable wire; tolling of copper
rod; sales and distribution of accessories for energy and
telecommunication applications; and develop the infrastructure
relating to energy and digital technology, as well as trading of
other materials. The company was formerly known as Siam Inter
Multimedia Public Company Limited and changed its name to Stark
Corporation Public Company Limited in July 2019.
As reported in the Troubled Company Reporter-Asia Pacific in late
June 2023, Stark Corporation Public Company Limited plans to
restructure its debt to stave off a forced delisting. Stark has
seen its shares sink by 99% in June 2023 after defaulting on some
of its THB30 billion (US$842 million) in liabilities, according to
Bloomberg News. It has also revealed that PricewaterhouseCoopers
(PwC) found irregularities in its past accounting, requiring it to
restate financial reports to show consecutive years of net losses.
=============
V I E T N A M
=============
BAC A BANK: Fitch Assigns 'B+' Long-Term IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (IDR) of 'B+' to Bac A Commercial Joint Stock Bank (BAC A
BANK). The Outlook on the IDR is Stable. The agency has also
assigned BAC A BANK a Viability Rating (VR) of 'b' and Government
Support Rating (GSR) of 'b+'.
Key Rating Drivers
IDR Driven by State Support: BAC A BANK's Long-Term IDR is driven
by its expectation of government support in times of need. The
rating takes into consideration the state's strong propensity to
support the banking system due to its vital financial
intermediation role in the economy. This is offset by the banking
system's large size relative to GDP, as well as BAC A BANK's
moderate systemic importance, reflected in its deposit market share
of less than 1%, which makes support less likely than for much
larger peers in times of stress.
Modest Franchise Drives VR: BAC A BANK's VR considers its modest
business franchise and market position, which have contributed to
its high reliance on more expensive deposits to fund assets,
resulting in below-average profitability. Its assessment also takes
into consideration asset-quality performance that is better than
the industry average as well as a high proportion of secured loans
that has helped to temper impairment risks.
Resilient Economy: Vietnam's GDP growth picked up to 7.9% in 9M25,
from 7.1% in 2024. Fitch believes some of the outperformance is
driven by the frontloading of manufacturing and merchandise exports
amid global trade tensions and economic activity is likely to
moderate in the later part of 2025 and into 2026. Nevertheless,
announced US tariff rates on Vietnamese exports have been reduced
to 20% from an initial 46%, easing the risks of a much worse trade
contraction. Fitch believes Vietnam's medium-term economic
prospects remain promising, providing a favourable environment for
the banking system's growth.
Small Niche Bank: BAC A BANK has a higher proportion of lending
towards agriculture (18% of loans) and the rural sector relative to
other private bank peers. This underscores its business strategy
and close association with TH Group, a local conglomerate with
business interests in sectors such as agriculture, dairy and
healthcare. BAC A BANK's pricing power is constrained by its modest
franchise, contributing to above-average deposit costs and a loan
portfolio that is skewed towards small businesses and household
borrowers.
Niche Focus, Economy Support Asset Quality: BAC A BANK's loan
quality is a relative rating strength. Its non-performing loan
ratio of 1.2% at end-June 2025 is lower than most of its peers',
helped by its more moderate risk appetite and the buoyant economy.
This is offset by risks associated with its high large-borrower
concentration, a trait shared by many of its small local peers, and
its focus on business borrowers that tend to be smaller than those
at larger banks.
Below-Average but Steady Profitability: BAC A BANK's operating
profit/risk-weighted asset (RWA) ratio of 0.8% is lower than that
of most locally rated peers, which reflects the bank's narrower net
interest margin and higher cost structure. Nevertheless, its
profitability metrics have been steadier than that of most small
bank peers, reflecting a consistent business strategy and
manageable credit costs. Fitch expects its risk-adjusted
profitability to remain broadly steady in the next 12-18 months.
Higher-Cost Funding Dominates: Its assessment of BAC A BANK's
funding and liquidity score takes into consideration its broadly
adequate liquidity buffers, reflected in its loan-to-deposit ratio
of 88% at end-June 2025, and its reliance on higher-cost deposits
(97% of deposits) to fund its assets. This leaves the bank more
vulnerable to changes in funding conditions relative to its larger
peers. Nevertheless, Fitch expects system liquidity to remain
broadly conducive over the next 12 months.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
IDR and GSR
A downgrade in Vietnam's sovereign rating (BB+/Stable) or a
revision in the sovereign's rating Outlook to Negative is likely to
result in similar action on the bank's GSR and Long-Term IDR.
VR
Fitch may take negative action on the bank's VR should its Fitch
Core Capital (FCC) ratio decline towards 5% without credible plans
to rebuild its buffers. The VR could also be downgraded if Fitch
sees a sudden and material weakening of its liquidity position.
Structurally weaker profitability, such as an operating profit/RWA
ratio that falls below 0.5% over a prolonged period, may also
pressure its VR.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
IDR and GSR
The GSR and Long-Term IDR may be upgraded if the sovereign rating
is upgraded or if BAC A BANK's systemic importance increases, which
would be reflected in a deposit market share that is 3% or higher.
Such a large increase in market share is unlikely to occur in the
near term.
VR
Fitch may take positive action on the bank's VR if its FCC ratio
were to rise and stay above 8% over a sustained period. There can
also be positive action on the VR if Fitch sees material
enhancements in its business profile or if its operating profit/RWA
ratio were to rise and stay above 1.25% over a prolonged period.
This assumes that its risk profile does not change materially.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
The Short-Term IDR is mapped from the Long-Term IDR in accordance
with Fitch's Bank Rating Criteria.
The bank's Long-Term IDRs (xgs) of 'B(xgs)' are aligned with its VR
as the assumption of government support is excluded from its
underlying rating. The Short-Term IDRs (xgs) are assigned in
accordance with its Long-Term IDRs (xgs) and the short-term mapping
outlined in Fitch's criteria.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
The Long-Term IDRs (xgs) will mirror any rating changes in the VR.
The Short-Term IDRs (xgs) could be downgraded if the VR is
downgraded below 'b-', or upgraded if the VR is upgraded above
'bb+', but the near-term prospects of both scenarios are remote.
VR ADJUSTMENTS
The operating environment score has been assigned above the implied
score due to the following adjustment reason: economic performance
(positive).
The asset quality score has been assigned below the implied score
due to the following adjustment reason: underwriting standards and
growth (negative).
The funding and liquidity score has been assigned below the implied
score due to the following adjustment reason: deposit structure
(negative).
Date of Relevant Committee
24-Oct-2025
Public Ratings with Credit Linkage to other ratings
BAC A BANK's Long-Term IDR is driven by and linked to Vietnam's
sovereign rating.
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
----------- ------
Bac A Commercial
Joint Stock Bank LT IDR B+ New Rating
ST IDR B New Rating
LC LT IDR B+ New Rating
LC ST IDR B New Rating
Viability b New Rating
Government Support b+ New Rating
LT IDR (xgs) B(xgs) New Rating
ST IDR (xgs) B(xgs) New Rating
LC LT IDR (xgs) B(xgs) New Rating
LC ST IDR (xgs) B(xgs) New Rating
*********
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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9482.
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