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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, November 4, 2025, Vol. 28, No. 220
Headlines
A U S T R A L I A
AMS HOLDINGS: Chris Marco Sentenced to 14 Years Imprisonment
GHT CAROUSEL: First Creditors' Meeting Set for Nov. 7
GRAYS GROUP: Second Creditors' Meeting Set for Nov. 6
HEALTHSCOPE NEWCO: Has Paid Back Deferred Rent, HMC Says
LIBERTY PRIMARY: Goes Into Administration
LUCKY BAO: First Creditors' Meeting Set for Nov. 7
PEPPER COMMERCIAL NO. 1: S&P Assigns Prelim 'B' Rating to F Notes
URBANARCH BUILDING: First Creditors' Meeting Set for Nov. 6
C H I N A
CHINA VANKE: Reports US$2.3BB Loss in Three Mos. Ended Sept. 30
I N D I A
AIR INDIA: Seeks US$1.1 Billion Aid From Tata, SIA After Crash
BAFNA MOTORS: Insolvency Resolution Process Case Summary
BLU-SMART MOBILITY: Insolvency Resolution Process Case Summary
CAB-EEZ INFRA TECH: Insolvency Resolution Process Case Summary
CIAN HEALTHCARE: CRISIL Keeps D Debt Ratings in Not Cooperating
HINDUSTAN CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
JANAK ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
PACT INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
PARKER TILES: CRISIL Keeps D Debt Ratings in Not Cooperating
RAMA PHARMACEUTICAL: CRISIL Keeps B Rating in Not Cooperating
SAMASHTI FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating
SATYAM SOLUTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
SAYA AUTOMOBILES: CRISIL Keeps D Debt Rating in Not Cooperating
SIDDH SAI: CRISIL Keeps D Debt Ratings in Not Cooperating
SMALL WONDER: CRISIL Keeps B Debt Ratings in Not Cooperating
SOCIAL CHANGE: CRISIL Keeps D Debt Ratings in Not Cooperating
SULAIMAN STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
SURYA EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating
TENTIWALA METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
THOUSU PERIYAKKAL: CRISIL Keeps D Debt Ratings in Not Cooperating
TORRID MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
V.M.S. HOSPITAL: CRISIL Keeps B- Debt Rating in Not Cooperating
VIKAS STAINLESS: CRISIL Keeps D Debt Rating in Not Cooperating
WOODVILLE PALACE CRISIL Keeps D Debt Rating in Not Cooperating
M A L A Y S I A
COUNTRY HEIGHTS: Auditor Raises Going Concern Doubt
KNM GROUP: Meeting to Sell German Asset Adjourned to Nov. 6
M O N G O L I A
DEVELOPMENT BANK OF MONGOLIA: S&P Raises Long-Term ICR to 'BB-'
MONGOLIA: S&P Ups Sovereign Credit Ratings to 'BB-', Outlook Stable
N E W Z E A L A N D
LANDED PROPERTY: Court to Hear Wind-Up Petition on Nov. 7
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A U S T R A L I A
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AMS HOLDINGS: Chris Marco Sentenced to 14 Years Imprisonment
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The Supreme Court of Western Australia has sentenced Chris Marco to
14 years imprisonment, with eligibility for parole after 12 years.
Mr. Marco was sentenced on Oct. 30 by the Honourable Justice Whitby
after a jury found Mr. Marco guilty on Sept. 4, 2025 of 43 fraud
offences relating to six investors totalling more than AUD34
million.
ASIC Deputy Chair Sarah Court said, 'Today's sentence finally puts
an end to a distressing chapter for investors who were stung by Mr
Marco's calculated and long running deceitful practices.
'Mr Marco's case represents one of the most serious frauds ASIC has
ever investigated. The sentence handed down by the Supreme Court
today is the highest sentence imposed by an Australian court in
relation to an ASIC criminal investigation.
'This sentence reflects the seriousness of Mr. Marco's fraud and
the impact it had on investors.
'The fraudulent conduct of Mr. Marco was deliberate, well executed
and sustained. His misconduct relied on building and maintaining
trust with clients over long periods of time. Mr. Marco
significantly breached this relationship of trust.
'ASIC pursued this matter as part of our commitment to protect
investors.
'The conclusion of this matter and successful prosecution is a
significant milestone for ASIC, highlighting the rigorous and
thorough work of our investigators, legal teams, and collaborative
efforts with law enforcement agencies on this complex action.'
The matter was investigated by ASIC and prosecuted by the Office of
the Director of Public Prosecutions (Cth) (CDPP).
Following a four-year ASIC investigation, ASIC alleged that between
July 2013 and October 2018, Mr. Marco obtained over AUD36.5 million
from nine investors with intent to defraud, by deceit or fraudulent
means.
In July 2022, Mr. Marco was initially charged with 50 counts of
fraud pursuant to section 409(1)(a) of the Criminal Code (WA). The
matter proceeded to trial on 43 counts of fraud listed on the
indictment.
Following ASIC's continued investigation into Mr. Marco's business,
it was further alleged that between February 2014 and October 2018,
Mr. Marco's former executive assistant, Linda Marissen, enabled or
aided Chris Marco to defraud more than AUD29.5 million from six
investors.
On Sept. 4, 2025, a jury found Mr. Marco guilty of 43 counts of
fraud relating to six investors and a total amount of
AUD34,332,453. Mr. Marco's former executive assistant, Linda
Marissen, was acquitted of all charges of fraud.
The criminal charges followed earlier Federal Court proceedings
taken by ASIC against Mr. Marco and the company previously run by
him, AMS Holdings (WA) Pty Ltd. In those proceedings, the Federal
Court had, on Dec. 7, 2020 ordered the winding up of the
unregistered managed investment scheme operated by Mr. Marco and
AMS Holdings (WA) Pty Ltd. The court also ordered that Mr. Marco be
permanently restrained from carrying on a financial services
business without an Australian Financial Services Licence or
operating an unregistered managed investment scheme. Mr. Marco's
total effective sentence is 14 years imprisonment.
Mr. Marco will be eligible for parole two years before the end of
his sentence. Mr. Marco will serve 12 years before being eligible
for parole not before 2037. Mr. Marco's sentence was backdated to
Sept. 4, 2025 (the date he was remanded in custody following the
jury's guilty verdict).
As reported in the Troubled Company Reporter-Asia Pacific on July
21, 2022, Mr. Marco was charged with 50 counts of fraud under
section 409 of the Criminal Code (WA).
Following an ASIC investigation, it is alleged that between July
2013 and October 2018, Mr. Marco defrauded AUD36.5 million from
nine investors. It is also alleged, of the AUD36.5 million, one
investor was defrauded AUD10 million by investing with Mr. Marco.
The criminal charges come after ASIC took civil action in the
Federal Court in 2020 to wind up the unregistered managed
investment scheme operated by Mr. Chris Marco and AMS Holdings (WA)
Pty Ltd, the AMS Holdings Trust.
This matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.
On Dec. 7, 2020, the Court wound up Mr. Marco's unregistered
managed investment scheme and also ordered Mr. Marco be permanently
restrained from carrying on a financial services business without
an Australian Financial Services Licence or operating an
unregistered managed investment scheme.
Robert Kirman and Robert Brauer of McGrathNicol, Perth have been
appointed as receivers and managers of Chris Marco and AMS Holdings
(WA) Pty Ltd and AMS Holdings (WA) Pty Ltd as trustee for the AMS
Holdings Trust. Mr. Brauer and Mr. Kirman have also been appointed
as liquidators over the scheme and AMS Holdings (WA) Pty Ltd. The
Court also made orders terminating the appointment of Cameron Shaw,
Richard Albarran and Marcus Watters of Hall Chadwick as liquidators
of AMS Holdings (WA) Pty Ltd.
GHT CAROUSEL: First Creditors' Meeting Set for Nov. 7
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A first meeting of the creditors in the proceedings of GHT Carousel
Pty Ltd (trading as The Waverley Brewhouse) will be held on Nov. 7,
2025 at 10:00 a.m. via Microsoft Teams.
Mathieu Tribut of Mackay Goodwin was appointed as administrator of
the company on Oct. 28, 2025.
GRAYS GROUP: Second Creditors' Meeting Set for Nov. 6
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A second meeting of creditors in the proceedings of Grays Group of
companies:
- Grays.com Pty Ltd
- Grays Co 2 Pty Ltd
- Grays Co 3 Pty Ltd
- Grays Co 4 Pty Ltd
- Car Buyers Australia Pty Ltd
- Grays eCommerce Group Limited
- GEG No.1 Pty Ltd
- Grays (Aust) Holdings Pty Limited
- Graysonline S.A. Pty Limited
- Grays Auctioneers Pty Ltd
- Grays Real Estate Australia Pty Limited
- GEG Capital Pty Limited
- GEG International Pty Ltd
- Grays (NSW) Pty Limited
- Graysfinance Pty Ltd
- GLC Fine Wines & Liquor Pty Ltd
- Grays (VIC) Pty Limited
- Gray Eisdell Timms (QLD) Pty Ltd
- Gray Eisdell Timms (WA) Pty Ltd
- C M Pty Ltd in its own capacity and in its capacity as
trustee of the GEM trust
has been set for Nov. 6, 2025, at 12:00 p.m. via virtual
facilities.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 5, 2025 at 4:00 p.m.
Damien Pasfield and Jason Preston of McGrathNicol were appointed as
administrators of the company on Oct. 3, 2025.
HEALTHSCOPE NEWCO: Has Paid Back Deferred Rent, HMC Says
--------------------------------------------------------
The Australian Financial Review reports that property funds
controlled by David Di Pilla's HMC Capital said they are looking to
enter into final lease agreements with alternative tenants for 11
Healthscope facilities if the sale process for the hospital group
fails to find suitable new operators.
The Financial Review relates that HMC's listed HealthCo Healthcare
& Wellness REIT and its unlisted Healthcare Fund, which own 11 of
the 37 properties in the Healthscope network, also said on Nov. 3
the hospital operator had paid all deferred rent from May to
October and the November rent had been paid in full.
The funds reiterated that landlords had entered into conditional
agreements with alternative tenants for the hospitals but have not
named them, the Financial Review relays.
"The landlords will look to enter into final lease agreements with
these alternative tenants in the event the current receiver-led
Healthscope sale process does not result in one or more proposed
assignees and lease arrangements which the landlords consent to,"
HealthCo said in an ASX-statement.
According to Financial Review, Healthscope wrote to the landlords
last week promising to pay back tens of millions of dollars in
deferred rent. However, the hospital operator and its lenders will
demand the landlords agree to significant permanent rent reductions
to make the assets more appealing to potential bidders.
HealthCo did not say if it was open to lower rents, but has
indicated previously it was unlikely to budge.
The Financial Review says Healthscope will also make similar
demands on its largest landlord, Toronto-listed Northwest
Healthcare Properties Real Estate Investment Trust, which owns 12
hospitals.
The hospital operator, which had been owned by Brookfield, fell
into receivership with $1.6 billion of debt in May. It expects
final bids for the company's assets by late November.
The Financial Review relates that the letter said Healthscope and
receiver McGrathNicol could pay back deferred rents but only as a
precursor for talks which would result in permanent reductions. If
they do not negotiate, receivers plan to stop paying rent.
Healthscope could seek to halve the rent it pays on some
hospitals.
The hospital operator's major lenders include British credit
manager Polus Capital and Dallas-based hedge fund Canyon Partners.
Commonwealth Bank and Westpac are also part of the 30-plus strong
lending syndicate backing the move to pressure landlords.
People briefed on the discussions between the lenders and
McGrathNicol, who spoke on condition of anonymity citing the
sensitive nature of those talks, said the syndicate was supportive
of being more aggressive with landlords to get a better deal on
rents. However, the landlords argue they are working to try and
keep all the hospitals in the portfolio open, the Financial Review
relays.
The Financial Review adds that many of Australia's private hospital
operators are reviewing Healthscope's assets, including Catholic
hospital operators, Ramsay Health Care, St Vincent's, and private
equity-owned Healthe Care. Some of Healthscope's hospitals are
expected to close if a bidder cannot be found for the entire
network.
About Healthscope
Healthscope provides healthcare services. The Company manages a
network of hospitals, clinics, and physicians for the provision of
emergency care, women's services, cancer care, and pediatric
services. Healthscope operates 38 hospitals across Australia.
On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland &
Katherine Sozou of McGrathNicol Restructuring were appointed as
Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope
NewCo Pty Ltd. The appointments are limited to these two entities
only, which are 'holding companies' within the Healthscope Group
corporate structure.
Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of
KordaMentha were appointed as administrators of Healthscope Newco
Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025.
According to Sky News Australia, the lenders behind Healthscope
have opted to call in receivers to find a buyer for the private
hospital operator. Healthscope was purchased by Canadian asset
management firm Brookfield in 2019, however, it handed control of
the health company to the lenders earlier in May 2025. This
syndicate of hedge funds and banks voted on May 26 to put the
company into receivership, Sky News Australia said.
LIBERTY PRIMARY: Goes Into Administration
-----------------------------------------
The Australian Financial Review reports that another of Sanjeev
Gupta's Australian companies has gone into administration, with
William Buck appointed at Liberty Primary Metals Australia ahead of
a Federal Court hearing into whether it should be liquidated.
LPMA is the holding company for shares in the Tahmoor coal mine in
NSW. It does not operate any businesses of its own but was once the
main Australian company that controlled the Whyalla steelworks in
South Australia, Liberty Bell Bay manganese smelter in Tasmania and
the Tahmoor colliery in NSW.
Documents lodged with the Australian Securities and Investments
Commission show Michael Brereton from William Buck has been
appointed as administrator to LPMA, the Financial Review
discloses.
According to the Financial Review, global parent company GFG
Alliance said on Nov. 3 it had "voluntarily" appointed William Buck
as administrator to LPMA to assist with restructuring the company.
"The voluntary administration of our holding company, LPMA, under
William Buck is intended to help clear the decks at the corporate
level following the forced and unprecedented administration of
OneSteel Manufacturing," it said.
OneSteel Manufacturing was the entity that owned the Whyalla
steelworks and nearby iron ore mines in South Australia, the
Financial Review notes. It was forced into administration in
February after the SA government led by Premier Peter Malinauskas
became frustrated by months of unpaid bills as Gupta's GFG empire
faltered globally.
KordaMentha is handling a sale process for the Whyalla steelworks.
The Financial Review relates that GFG on Nov. 3 said the LPMA
administration "will not impact the current plans for Tahmoor's
business or GFG's Liberty Bell Bay manganese smelter in Tasmania".
William Buck late on Nov. 3 said "the administrators have received
a proposal for a Deed of Company Arrangement and are in the process
of assessing its merits".
According to the Financial Review, William Buck said it had already
engaged with several key stakeholders and received indications of
support for the administration process.
The decision to put LPMA in administration came ahead of a Federal
Court hearing in Perth on Nov. 4 over whether it should be
liquidated over unpaid debts to mining contractor Golding, owned by
ASX-listed NRW Holdings, which was the main contractor at iron ore
mines which supplied the Whyalla steelworks.
The Financial Review says the future of the Tahmoor coal mine,
south of Sydney, is uncertain after mining was halted in February.
Accounts lodged last week by another Gupta business, InfraBuild,
show that on October 8 the mine secured a deal with Oaktree Capital
fund Luminith for financing in three tranches of US$10 million
(AUD15.2 million), US$40 million, and US$45 million, but there were
complex conditions attached.
Dozens of workers with mining contractor RStar left the mine almost
two weeks ago, the Financial Review recalls.
The Financial Review notes that Liberty Bell Bay has been
mothballed since May and GFG is under pressure from the federal and
state governments to outline its plans for the smelter in northern
Tasmania after it received a AUD20 million taxpayer loan in August
to buy 48,000 tonnes of ore to restart the plant.
The ore was delivered to the plant on October 5, but operations
have not resumed yet despite a restart by September 30 being
mentioned as one of the conditions tied to the loan.
The Financial Review says the Tasmanian government has accused GFG
of several breaches of conditions tied to the loan, which also
included Liberty Bell Bay not being used as security for any other
parts of the GFG empire. Documents filed in London suggest that the
condition has been ignored by GFG.
The smelter made a loss of AUD80 million in the 2025 financial
year, the Financial Review discloses citing documents lodged with
the corporate regulator.
LUCKY BAO: First Creditors' Meeting Set for Nov. 7
--------------------------------------------------
A first meeting of the creditors in the proceedings of Lucky Bao
Pty Ltd will be held on Nov. 7, 2025 at 10:00 a.m. via virtual
meeting.
Glenn Thomas O'Kearney of GT Advisory & Consulting was appointed as
administrator of the company on Oct. 28, 2025.
PEPPER COMMERCIAL NO. 1: S&P Assigns Prelim 'B' Rating to F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven of the
eight classes of small-ticket commercial mortgage-backed, floating
rate, pass-through notes to be issued by Permanent Custodians Ltd.
as trustee of Pepper Commercial and Residential Securities Trust
No. 1.
Pepper Commercial and Residential Securities Trust No. 1 is a
securitization of loans to small-ticket commercial and residential
borrowers, secured by first-registered mortgages over Australian
small-ticket commercial or residential properties originated by
Pepper Homeloans Pty Ltd. (Pepper).
The preliminary ratings reflect the following factors.
S&P said, "We have assessed the credit risk of the underlying
collateral portfolio, including the fact that this is a closed
portfolio, which means no further loans will be assigned to the
trust after the closing date.
"Our analysis of credit risk for the small-ticket commercial
mortgage loans is based on our "Principles Of Credit Ratings"
criteria; however, where factors that affect borrower performance
are similar to those for residential mortgage loans, we have
applied similar assumptions.
"The credit support is sufficient to withstand the stresses we
apply. This credit support comprises note subordination for each
class of rated note."
The transaction's cash flows can meet timely payment of interest
and ultimate payment of principal to the noteholders under the
rating stresses. Key factors are the level of subordination
provided, an amortizing liquidity facility sized at 1.5% of the
outstanding aggregate invested amount of the notes, and the
principal draw function.
An extraordinary expense reserve of A$250,000, funded from day one
by Pepper, will be available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.
S&P's ratings also reflect the legal structure of the trust, which
has been established as a special-purpose entity and meets our
criteria for insolvency remoteness.
Preliminary Ratings Assigned
Pepper Commercial and Residential Securities Trust No. 1
Class A1, A$325.00 million: AAA (sf)
Class A2, A$70.00 million: AAA (sf)
Class B, A$35.50 million: AA (sf)
Class C, A$29.50 million: A (sf)
Class D, A$18.50 million: BBB (sf)
Class E, A$8.00 million: BB (sf)
Class F, A$10.00 million: B (sf)
Class G, A$3.50 million: Not rated
URBANARCH BUILDING: First Creditors' Meeting Set for Nov. 6
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of UrbanArch
Building Pty Limited will be held on Nov. 6, 2025 at 10:00 a.m. at
the offices of JLA Insolvency & Advisory, at Level 13, 50 Margaret
Street, in Sydney, NSW.
Jamieson Louttit of JLA Insolvency & Advisory was appointed as
administrator of the company on Oct. 20, 2025.
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C H I N A
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CHINA VANKE: Reports US$2.3BB Loss in Three Mos. Ended Sept. 30
---------------------------------------------------------------
Bloomberg News reports that China Vanke reported a deeper
third-quarter loss, highlighting mounting challenges as the
prolonged property market downturn continues to weigh on its
sales.
The Shenzhen-based company posted a loss of CNY16.1 billion (US$2.3
billion) in the three months ended September 30, roughly doubling
its loss from a year earlier, Bloomberg discloses. That brings its
combined losses for the first nine months of the year to CNY28
billion, according to a statement to the Shenzhen exchange on Oct.
30.
Persistent weakness in China's housing market is creating pressure
on the developer's bottom line, despite increased financial support
from its largest state-owned shareholder, Shenzhen Metro Group,
Bloomberg notes. The company's financial position remains
vulnerable as it deals with a wall of onshore debt maturities.
The country's home sales deteriorated further in July, and new-home
prices fell at an accelerated pace. The price slump is deterring
homebuyers who are increasingly concerned about the viability of
buying real estate as a store of wealth.
The developer's gross contracted sales will likely further decline
over the next six to 12 months, Moody's Ratings said in a note
earlier this month, Bloomberg recalls.
Vanke was once China's largest developer but has become the latest
flashpoint in the nation's prolonged property crisis, underscoring
the severity of the sector's challenges.
The country's new home sales by area may decline about 15 per cent
from their current level before the sector stabilises, Fitch
Ratings analyst Lulu Shi said earlier last week, according to
Bloomberg.
The builder still has CNY10.8 billion of onshore debt maturing by
the end of this year. Its biggest maturity wall will be next year,
when about CNY24 billion of onshore public bonds and loans come
due.
"Vanke could face a more than CNY100 billion drop in sales
proceeds, which would worsen its funding gap and raise the costs of
a government rescue," Bloomberg Intelligence analyst Kristy Hung
said in a note last week.
Separately, Vanke said earlier in October that recently appointed
Chairman Xin Jie resigned and that Huang Liping, general manager of
Shenzhen Metro, would take over the role. Huang has served as a
board member at Vanke since 2021.
Investors grew concerned about future state support after the
sudden resignation, leading to a mild decline in one of its dollar
notes.
Still, Vanke said in the earnings release that Shenzhen Metro
intended to provide another loan not exceeding CNY2.2 billion,
Bloomberg reports. The funds are earmarked to help Vanke repay
principal and interest on publicly issued bonds, the same purpose
as the loans the shareholder provided earlier this year.
The developer has secured sufficient funds to redeem a CNY2.5
billion bond ahead of its maturity, Bloomberg News reported on Oct.
30, a move that may help soothe market worries.
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.
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AIR INDIA: Seeks US$1.1 Billion Aid From Tata, SIA After Crash
--------------------------------------------------------------
Bloomberg News reports that unprofitable Air India Ltd. is seeking
at least INR100 billion ($1.1 billion) in financial support from
its owners Tata Sons Pvt. and Singapore Airlines Ltd., said people
familiar with the matter, as the airline grapples with the
aftermath of a deadly plane crash among other challenges.
According to Bloomberg, the request includes funds for overhauling
Air India's systems and services as well as developing in-house
engineering and maintenance departments, some of the people said,
requesting not to be identified as the information is not public.
Bloomberg relates that the ailing carrier is far from a goal of
breaking even operationally by end of March next year after facing
multiple setbacks. The appeal for more funding underscores the
challenges of operating in the India's aviation market where many
carriers have exited after burning cash. Sector leader Interglobe
Aviation Ltd., which operates the IndiGo fleet, is the only
profitable domestic carrier with over 64% market share.
Bloomberg notes that the carrier is 74.9% owned by the Tata Group,
with the rest held by SIA. Any financial support would be
proportional to ownership, the people said, adding that the owners
would decide if the funding will be an interest-free loan or via
equity.
Spokespersons for Tata Sons and Air India did not respond to
emailed queries seeking comments on the financial support sought by
the carrier.
SIA "has been working closely with" Tata Sons to help with Air
India's transformation program, the carrier said in an email Oct.
31, Bloomberg relays. "This includes providing our expertise and
support to Air India, where necessary," it added but directed all
queries on financial requirements to Air India.
Bloomberg says Air India's pursuit of profitability was already
tottering in early June as it had to fly longer hours for its
non-stop west-bound flights from India after an armed border
conflict in May with Pakistan led to airspace curbs.
The financial math worsened after one of its Boeing 787 Dreamliner
headed for London crashed immediately after take off from Ahmedabad
on June 12, killing all but one on board. Safety concerns following
the tragedy led to a system-wide audit by India's aviation
regulator. Air India also slashed international flights on widebody
jets by 15% starting June through August, which curbed revenue as
well.
According to Bloomberg, SIA is closely involved in key functions
such as engineering, operations and airport services at the airline
after the Ahmedabad crash, the people said.
AI Engineering Services Ltd. - a government-owned entity and
formerly a subsidiary of Air India - does maintenance work for the
airline, Bloomberg says. The financial support will help Air India
scale up its own engineering and maintenance capabilities by
building hangars at key airports in the country, the people said.
Airport services at six key airports are done through Air
India-Singapore Airport Terminal Services - an equal joint venture
between Air India and SATS, the people said, adding that ground
services at other airports were also being looked into, Bloomberg
adds.
Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and Boeing
aircraft serving various domestic and international airports. It
is headquartered at the Indian Airlines House in New Delhi.
BAFNA MOTORS: Insolvency Resolution Process Case Summary
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Debtor: Bafna Motors Private Limited
Registered Address:
Puranik Capital, Office No. 402,
Ghodbunder Road, Kasarvadavali
Thane - 400 615
Insolvency Commencement Date: October 14, 2025
Court: National Company Law Tribunal, Mumbai Bench (Court-VI)
Estimated date of closure of
insolvency resolution process: April 12, 2026
Insolvency professional: Shailesh Bhalchandran Desai
Interim Resolution
Professional: Shailesh Bhalchandran Desai
Headway Resolution and Insolvency Services Pvt. Ltd.
708, Raheja Centre, Nariman Point,
Mumbai 400021, Maharashtra
Email: ip10362.desai@gmail.com
Email: cirpbafna@gmail.com
Last date for
submission of claims: October 28, 2025
BLU-SMART MOBILITY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Blu-Smart Mobility Tech Private Limited
Registered Address:
15th Floor, A Block, Westgate Business Bay,
S.G Road, Jivraj Park, Ahmedabad,
Ahmadabad City, Gujarat, India, 380051
Insolvency Commencement Date: October 14, 2025
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: April 12, 2026
Insolvency professional: Pawan Kumar Goyal
Interim Resolution
Professional: Pawan Kumar Goyal
304. D.R. Chamber, 12/56, D.B Gupta Road,
Karol Bagh, New Delhi-110005
Email: ca.pawangoyal@gmail.com
Email: blusmartmt.cirp@gmail.com
Last date for
submission of claims: October 28, 2025
CAB-EEZ INFRA TECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: CAB-EEZ Infra Tech Limited
Registered Address:
Office No 105, G&E 1st Floor, Marwah Complex,
Krishnalal Marwah Marg, Sakinaka, Andheri East,
Mumbai, Mumbai City, 400072 Maharashtra
Insolvency Commencement Date: October 15, 2025
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: April 13, 2026
Insolvency professional: Manish Lalji Dawda
Interim Resolution
Professional: Manish Lalji Dawda
205-A, 2nd Floor, Plot No 408,
Hiren Light Industrial Estate,
Bhagoj Keer Marg,
Near Paradise Cinema, Mahim,
Mumbai City, Maharashtra 400016
Email: ip.dawdamanish@gmail.com
Email: cirpcabeez@gmail.com
Last date for
submission of claims: October 29, 2025
CIAN HEALTHCARE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Cian
Healthcare Limited (CHL) continue to be 'Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.4 Crisil D (Issuer Not
Cooperating)
Cash Credit 5.7 Crisil D (Issuer Not
Cooperating)
Cash Credit 12.4 Crisil D (Issuer Not
Cooperating)
Proposed Fund- 4.52 Crisil D (Issuer Not
Based Bank Limits Cooperating)
Term Loan 9.98 Crisil D (Issuer Not
Cooperating)
Term Loan 2.31 Crisil D (Issuer Not
Cooperating)
Term Loan 4.22 Crisil D (Issuer Not
Cooperating)
Term Loan 1.47 Crisil D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with CHL for
obtaining information through letter and email dated 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 CHL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CHL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CHL continues to be 'Crisil D Issuer not cooperating'.
CHL was incorporated in January 2003 and was listed on the Bombay
Stock Exchange (BSE: SME) in May 2019. The company manufactures
pharmaceutical formulations in the form of tablets, capsules,
liquid orals, ointments, creams, lotions, gels and sachets. CHL
markets its products under the brand name, CIAN. It has two
manufacturing facilities in Roorkee, Uttarakhand. CHL is promoted
by Mr Suraj Zanwar and his family members. CHL has a subsidiary, Dr
Smith Biotic Pvt Ltd, which manufactures cosmetics and toiletries
that includes pre-shave, shaving or after-shave preparations,
personal deodorants and antiperspirants, perfumed bath salts and
other bath preparations, beauty or make-up preparations. The
subsidiary is ramping up its operations and is not expected to
require any funding support from CHL going forward.
HINDUSTAN CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hindustan
Construction - Raebareli (HC) 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 6 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 0.47 CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with HC 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 HC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of HC
continues to be 'Crisil D/Crisil D Issuer not cooperating'.
HC was established as a proprietorship firm in 2005 by Mr
Pushpendra Singh. It is an A class approved government contractor
working for the PWD, AA class approved contractor for the
Irrigation Department, and a contractor for Power Corporation of
India to undertake projects related to construction of roads,
buildings, drainage, and other works. The registered office is at
Raebareli.
JANAK ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Janak
Enterprise (JE) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.95 CRISIL D (Issuer Not
Cooperating)
Packing Credit 1.30 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with JE 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 JE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of JE
continues to be 'Crisil D/Crisil D Issuer not cooperating'.
JE was established in 2004 as a partnership firm by Mr Dhaval
Hasmuklal Shah and Ms Kuntiben Dhaval Shah. The firm manufactures
and exports specialty dyes such as inkjet dyes, digital textile
printing ink dyes and stationery dyes. Its facility is in Narol in
Ahmedabad, Gujarat.
PACT INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pact
Industries Limited (PIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
Standby Letter 1 CRISIL D (Issuer Not
of Credit Cooperating)
Crisil Ratings has been consistently following up with PIL 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 PIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PIL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Established in 1990 by Mr Avtar Singh and Mr Harpreet Singh,
Punjab-based PIL is a public limited company listed on the Bombay
Stock Exchange. It manufactures and trades in knitted fabric and
also steel and iron rods and ingots. Products are sold to local
customers.
PARKER TILES: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Parker Tiles
Private Limited (PTPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 13 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1 CRISIL D (Issuer Not
Cooperating)
Term Loan 10.24 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PTPL 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 PTPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Incorporated in 2003, PTPL was registered as Nova Gold Floor Tiles
Pvt Ltd and was renamed Nova Gold Sanitaryware Pvt Ltd in 2005. The
company got its present name in 2011. Initially, it manufactured
sanitary ware. The business was discontinued in fiscal 2012 and the
company replaced machinery with that for manufacturing digitally
printed wall tiles. The unit is at Muli near Surendranagar, and has
installed capacity of 10,000 square metre per day. The company
manufactures digitally printed glazed wall tiles of various sizes
which are sold under the SOL brand.
RAMA PHARMACEUTICAL: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Sri Rama
Pharmaceutical Distributors (SRPD) continues to be 'Crisil B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with SRPD 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 SRPD, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SRPD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SRPD continues to be 'Crisil B/Stable Issuer not cooperating'.
SRPD was set up in in 1990 by Mr. Mahidhar Reddy and his family
members. The firm, based in Hyderabad, distributes pharmaceutical
products in Telangana and Andhra Pradesh.
SAMASHTI FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Samashti
Foods Private Limited (SFPL) continue to be 'Crisil B/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 2.7 Crisil B/Stable (Issuer Not
Overdraft facility Cooperating)
Long Term Loan 2 Crisil B/Stable (Issuer Not
Cooperating)
Proposed Long Term 5.3 Crisil B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with Samashti
Foods Private Limited (SFPL) 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 SFPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SFPL continues to be 'Crisil B/Stable Issuer not cooperating'.
SFPL was incorporated in 2015. SFPL is engaged in manufacturing of
vermicelli, potato snacks pellet, corn puff snacks & puff snacks.
The facility is located at Village Kondapur Mandal, Medak,
Hyderabad. SFPL is owned & managed by Sri GA Rama Rao and Smt. A
Sravani.
SATYAM SOLUTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satyam
Solutions Limited (SSL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Electronic Dealer 10 CRISIL D (Issuer Not
Financing Scheme Cooperating)
(e-DFS)
Overdraft Facility 2.5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SSL 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 SSL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Incorporated in 1986 and promoted by Garg family, SSL is an
authorised dealer of Ashok Leyland.
SAYA AUTOMOBILES: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Saya
Automobiles Limited (SAL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 45 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SAL 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 SAL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SAL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SAL continues to be 'Crisil D Issuer not cooperating'.
SAL, promoted by Mr. Ramesh Handa and his wife Ms. Uma Handa in
1984, was set up as a limited company and started commercial
operation in 1987 as an authorised dealership for MSIL at GT Karnal
Road, New Delhi. SAL also has an authorised service station for
MSIL at GT Karnal Road, and a workshop and accessories and body
shop at Badli, New Delhi, which has a capacity to provide servicing
facility for 55-60 cars per day at both service stations.
SIDDH SAI: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siddh Sai
Developers Private Limited (SSDPL) continue to be 'CRISIL D/CRISIL
D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Standby Line 1.8 CRISIL D (Issuer Not
of Credit Cooperating)
Crisil Ratings has been consistently following up with SSDPL 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 SSDPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSDPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
SSDPL was incorporated in 2008 by Delhi-based Agarwal family. Mr.
Atul Agarwal and his nephews, Mr. Shikhar Agarwal and Mr. Shivam
Agarwal, are the key promoters of the company and are actively
managed in its day-to-day operations. SSDPL trades in iron and
steel scrap, sponge iron, mild steel billets/ingots, and other long
steel products such as thermo-mechanically treated bars and angels
in Uttar Pradesh and the National Capital Region (NCR).
SMALL WONDER: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Small Wonder
Education Society (SWES) continue to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Cash 2.75 Crisil B/Stable (Issuer Not
Credit Limit Not Cooperating)
Term Loan 7.25 Crisil B/Stable (Issuer Not
Not Cooperating)
Crisil Ratings has been consistently following up with SWES 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 SWES, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SWES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SWES continues to be 'Crisil B/Stable Issuer not cooperating'.
SWES was established in 2004 by Mr Girish Arora, Mr Vinod Kumar
Arora, and Ms Priyanka Arora. The society runs the Small Wonder
Public School, a middle school in Hisar. It has already received
permission from the Central Board of Secondary Education (CBSE) to
start classes up to the 12th standard from academic year 2019-20.
SOCIAL CHANGE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Social Change
and Development Trust (SCAD) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 2 CRISIL D (ISSUER NOT
Overdraft facility COOPERATING)
Cash Credit/ 10.8 CRISIL D (ISSUER NOT
Overdraft facility COOPERATING)
Cash Credit/ 12.75 CRISIL D (ISSUER NOT
Overdraft facility COOPERATING)
Cash Credit/ 1.5 CRISIL D (ISSUER NOT
Overdraft facility COOPERATING)
Long Term Loan 0.5 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 7 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 0.62 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 14.65 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Crisil Ratings has been consistently following up with SCAD 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 SCAD, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SCAD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SCAD continues to be 'Crisil D Issuer not cooperating'.
SCAD was set up in 1994 in Tirunelveli (Tamil Nadu) by Dr. Cletus
Babu. The trust operates various institutes offering graduate and
postgraduate courses.
SULAIMAN STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sulaiman
Steels Private Limited (SSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 3.7 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.3 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with SSPL 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 SSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSPL continues to be 'Crisil D Issuer not cooperating'.
SSPL, incorporated in 2012 in Cheyyar, Tamil Nadu, manufactures
mild steel ingots.
SURYA EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Surya Exim
Limited (SEL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with SEL 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 SEL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SEL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
SEL, incorporated in 1989, is a Surat (Gujarat)-based company that
processes and trades in products such as coal, specialised yarn,
and polymer resins; it also provides logistic services and is an
authorised distributor of Indian Oil Corporation Ltd for selling
plastic granules. The operations are managed by Mr J P Saboo.
TENTIWALA METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tentiwala
Metal Products Limited (TMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL D (ISSUER NOT
COOPERATING)
Overdraft Facility 17.30 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 8.15 CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with TMPL 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 TMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TMPL continues to be 'Crisil D Issuer not cooperating'.
Incorporated in 1994, TMPL is owned and managed by Mr. Radhapad
Tetiwala. It manufactures submersible copper winding wires,
aluminium extrusions, and enamelled copper wires. Its plant is in
Mathura, Uttar Pradesh.
THOUSU PERIYAKKAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thousu
Periyakkal Educational Health and Charitable Trust (TPHCT) continue
to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.6 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 5.76 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 13.18 CRISIL D (Issuer Not
Cooperating)
Overdraft Facility 2.7 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with TPHCT 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 TPHCT, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TPHCT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TPHCT continues to be 'Crisil D Issuer not cooperating'.
TPHCT, located in Trichy (Tamil Nadu), was set up in 2004 by Mr. B
Selvaraj as a trust registered under the Indian Trust Act, 1881.The
trust offers undergraduate, post-graduate, and diploma courses in
engineering and teacher education courses.
TORRID MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Torrid Motors
(Torrid) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Term Loan 1 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with Torrid 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 Torrid, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Torrid is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of Torrid continues to be 'Crisil D Issuer not
cooperating'.
Torrid, incorporated in September 2013, is the sole proprietorship
of Mr. Jitendra Pal Singh Chadha. The firm is an authorized dealer
of Fiat passenger vehicles, and has one showroom and workshop in
Mumbai (Maharashtra).
V.M.S. HOSPITAL: CRISIL Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of V.M.S.
Hospital (VMS) continues to be 'Crisil B-/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 27 Crisil B-/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with VMS 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 VMS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VMS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VMS continues to be 'Crisil B-/Stable Issuer not cooperating'.
VMS is setting up a 99-bed multi-speciality hospital in Avadi,
Chennai. The firm is promoted by Mr. V M Sulthan Mohideen along
with 16 other partners who are family members.
VIKAS STAINLESS: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Vikas
Stainless Steel India Private Limited (VSSIPL) continues to be
'Crisil D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 35 CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with VSSIPL 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 VSSIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
VSSIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of VSSIPL continues to be 'Crisil D Issuer not
cooperating'.
VSSIPL Faridabad-based, (Haryana) was established in 2005 as a
partnership firm by Mr Vijender Kumar Gupta and Vikas Gupta. VSSIPL
is primarily engaged in trading of stainless-steel products such as
sheets, plates, coils, pipes and rounds. The firm caters to various
companies domestically. The firm caters to customers of industries
such as auto components, air conditioning and railways.
WOODVILLE PALACE CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Woodville
Palace Hotel (WPH) continues to be 'Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 20 Crisil D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with WPH 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 WPH, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on WPH
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
WPH continues to be 'Crisil D Issuer not cooperating'.
Established in 1980 as a proprietorship firm by Mr Raj Kumar Uday
Singh, WPH operates a hotel, Woodville Palace, in Shimla. The
property comprises 24 rooms, and is currently being renovated and
expanded to 50 rooms.
===============
M A L A Y S I A
===============
COUNTRY HEIGHTS: Auditor Raises Going Concern Doubt
---------------------------------------------------
The Malaysian Reserve reports that Country Heights Holdings Bhd's
external auditor UHY Malaysia has raised a material uncertainty
over the group's ability to continue as a going concern, after it
posted a net loss of MYR286.8 million for FY2025 and recorded
liabilities exceeding assets by MYR526.3 million at group level.
Despite this, the auditor did not modify its opinion on the
financial statements, the Malaysian Reserve says.
The Malaysian Reserve relates that UHY also highlighted an
impairment of MYR10.19 million in trade receivables as a key audit
matter due to uncertainties over recoverability.
According to the Malaysian Reserve, Country Heights said it plans
to undertake cost-rationalisation, asset realisation, fundraising,
debt restructuring and credit-control measures to stabilise its
finances, targeting progress within 12 to 18 months.
The board said it believes the group will be able to continue as a
going concern under its ongoing strategic restructuring and capital
management plans, the Malaysian Reserve relays.
Based in Seri Kembangan, Malaysia, Country Heights Holdings Bhd
(KL:CHHB) -- https://countryheights.com.my/ -- engages in the
property development, investment, hotel and resort management,
healthcare, event planning and exhibitions, and timeshare
businesses in Malaysia and South Africa.
KNM GROUP: Meeting to Sell German Asset Adjourned to Nov. 6
-----------------------------------------------------------
The Star reports that as KNM Group Bhd teeters on the brink of
delisting, the financially distressed engineering group has gained
a crucial opening to push through the sale of its prized German
asset.
According to The Star, the Practice Note 17 (PN17) company
announced that shareholders have approved an adjournment of its EGM
on the proposed EUR270mil (MYR1.32BB) sale of its subsidiary,
Deutsche KNM GmbH (DKNM), to Japan's NGK Insulators Ltd.
The Star relates that under the resolution passed on Oct. 30, the
EGM - originally convened to vote on the disposal - will now take
place on Nov. 6, a day after KNM's scheduled delisting from Bursa
Malaysia on Nov. 5.
The company said no fresh notice is required as the adjourned
meeting will reconvene within 30 days of the initial session and
will carry the same agenda and resolutions, The Star relays.
The timing of this adjournment is critical.
Once delisted, KNM will no longer fall under the Main Market
Listing Requirements, which mandate prior approval from Bursa
Malaysia before a listed entity can undertake a major disposal.
This effectively means KNM can move forward with the sale of DKNM
without facing further procedural hurdles from the exchange, The
Star notes.
About KNM Group
KNM Group Berhad (KLSE:KNM) -- https://www.knm-group.com/ -- is
engaged in the investment holding and the provision of management
services. It operates through three geographical segments: Asia and
Oceania, Europe and America. The Asia and Oceania segment includes
Malaysia, Thailand, Indonesia, Myanmar, Australia and Mauritius.
The Europe segment includes Germany, Italy, United Arab Emirates,
United Kingdom, British Virgin Islands, Netherlands, Saudi Arabia,
and Isle of Man. The America segment includes the United States of
America and Canada. Its subsidiary KNM Process Systems Sdn. Bhd.
is engaged in the design, manufacture, assembly and commissioning
of process equipment, pressure vessels, heat exchangers, skid
mounted assemblies, process pipe systems, storage tanks,
specialized structural assemblies and module assemblies for the
oil, gas and petrochemical industries. Its other subsidiaries
include KNM International Sdn. Bhd., KNM Capital Sdn. Bhd. and KNM
Renewable Energy Sdn. Bhd.
On Oct. 31, 2022, KNM Group Bhd said it had become an affected
listed issuer under the Practice Note 17 (PN17) on the basis that
Paragraph 2.1(e) of the note was triggered in its audited
consolidated financial statements for the period ended June 30,
2022, which were published on Oct. 31, 2022. The company said its
auditor had highlighted a material uncertainty over its ability to
continue as a going concern.
===============
M O N G O L I A
===============
DEVELOPMENT BANK OF MONGOLIA: S&P Raises Long-Term ICR to 'BB-'
---------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Development Bank of Mongolia LLC (DBM) to 'BB-' from 'B+'. The
rating outlook is stable. At the same time, S&P affirmed its 'B'
short-term issuer credit rating on the Mongolia-based policy bank.
S&P said, "The upgrade follows our rating action on Mongolia. We
believe DBM will continue to play critical policy roles as the only
policy bank with export-import and development bank functions. We
also expect the bank to maintain its integral link with the
government, its sole owner. DBM will likely remain a
government-related entity with an almost certain likelihood of
receiving extraordinary government support if needed. We therefore
equalize the ratings on DBM with those on Mongolia.
"We anticipate DBM will continue to contribute to Mongolia's
economic growth and stability. The bank mainly provides funds for
projects that are essential to the country's export-related sectors
and economic development. We expect DBM to issue at least 60% of
its loans to promote export-related sectors such as mining,
agriculture, and transportation. The bank will resume policy
lending in the coming year, following a period of asset recovery
efforts triggered by a sharp deterioration in asset quality after
Bank of Mongolia's (BOM) special audit in late 2021.
"The government's significant capital injection plan underscores
its commitment to the bank, in our view. The government approved a
capital injection worth Mongolian tugrik (MNT) 1.5 trillion into
the bank in May 2025. The amount is substantial, at about 3.7x of
the bank's shareholders' equity at end-2024. The capital injection
will strengthen DBM's ability to fulfil its policy mandate of
financing large-scale infrastructure, industrial, and
export-oriented projects that align with the country's long-term
sustainable development goals. The government plans to provide the
corresponding cash injection to DBM during the second half of
2025.
"We believe a proposed amendment to DBM law will not materially
change the bank's critical policy functions. The amendment is
mainly aimed to improve DBM's governance structure by clearly
defining roles and responsibilities of the board and executive
management, enhance legal responsibilities for borrowers to reduce
moral hazard, and expand support for export and import financing.
Currently, the law is pending parliamentary approval.
"Our assessment of DBM's role and link with the Mongolian
government is comparable with that of other policy banks in
Asia-Pacific. This includes Korea Development Bank (KDB) and China
Development Bank (CDB). KDB provides long-term facility loans on
the back of its development financing role, with a specialty in
corporate financing. CDB plays a critical role as the government's
key vehicle for development finance. They are both also fully owned
by their respective governments.
"We believe DBM will not face any significant refinancing risk over
the next 12 months. The bank issued US$500 million bonds with a
three-year tenor in July 2025. A portion of the proceeds will
likely be allocated to refinance maturing bonds totaling about
US$232 million due in December 2025 (US$32 million) and March 2026
(US$200 million).
"The stable rating outlook on DBM reflects that on the sovereign
credit rating on Mongolia (BB-/Stable/B). We expect the bank to
remain a government-related entity with an almost certain
likelihood of receiving extraordinary government support, when
needed, at least for the next few years.
"Our view considers DBM's critical policy role in development and
export-import banking, and integral link with the government, its
sole owner. We therefore equalize the ratings on the bank with
those on the sovereign.
"We would lower the ratings on DBM if we were to lower the
sovereign ratings on Mongolia. This could happen if Mongolia's
economic growth trajectory is derailed, bringing economic growth
down to unexceptional levels when compared with economies at
similar levels of average income.
"The ratings would also come under pressure if Mongolia's fiscal
policy anchors weaken, resulting in persistently wider deficits and
an increase in net general government debt to more than 30% of
GDP.
"We could upgrade DBM if we raise the sovereign ratings on Mongolia
while the bank remains a critical policy bank for the government.
"We could raise the ratings on Mongolia if its external settings
and fiscal position improve further, such that narrow net external
debt declines to less than 50% of current account receipts and the
average annual change in net general government debt falls below 1%
of GDP on a structural basis. This scenario would be underpinned by
continued strong growth in the mining sector and a political
commitment to fiscal consolidation.
"We could also raise the ratings if Mongolia materially improves
its institutional settings, especially the predictability of
policymaking."
MONGOLIA: S&P Ups Sovereign Credit Ratings to 'BB-', Outlook Stable
-------------------------------------------------------------------
On Oct. 30, 2025, S&P Global Ratings raised its long-term foreign
and local currency sovereign credit ratings on Mongolia to 'BB-'
from 'B+'. The outlook on the long-term rating is stable.
At the same time, S&P affirmed its 'B' short-term foreign and local
currency sovereign credit ratings.
S&P also revised the transfer and convertibility assessment to 'BB'
from 'BB-'.
Outlook
The stable outlook on the long-term sovereign rating reflects our
view that Mongolia will sustain robust economic expansion and keep
fiscal deficits low over the next 12-24 months. S&P expects broad
policy continuity despite recent domestic political developments.
Downside scenario
S&P could lower the ratings if Mongolia's economic growth
trajectory is derailed, bringing economic growth down to
unexceptional levels when compared with economies at similar levels
of average income.
The ratings would also come under pressure if Mongolia's fiscal
policy anchors weaken, resulting in persistently wider deficits and
an increase in net general government debt to more than 30% of
GDP.
Upside scenario
S&P said, "We could raise the ratings on Mongolia if its external
settings and fiscal position improve further, such that narrow net
external debt declines to less than 50% of current account receipts
and the average annual change in net general government debt falls
below 1% of GDP on a structural basis. This scenario would be
underpinned by continued strong growth in the mining sector and a
political commitment to fiscal consolidation.
"We could also raise the ratings if Mongolia materially improves
its institutional settings, especially the predictability of
policymaking."
Rationale
S&P upgraded Mongolia to reflect its improving debt metrics.
Government revenue has soared over the past three years on the back
of exuberant mining activity. The government ran three consecutive
years of budget surpluses, enabling it to almost halve the ratio of
net general government debt to GDP and significantly lower
interest-servicing costs.
Mongolia has sustained robust growth in recent years, spurred by
strong commodities exports. Though coal prices have weakened of
late, this was offset by increased production of copper concentrate
and a rebound in the agriculture sector. S&P continues to view
Mongolia's long-term growth prospects to be stronger than that of
sovereign peers with similar income levels.
Domestic politics in Mongolia are in a state of flux since the
prime minister's resignation in June 2025 and the subsequent
occurrences of discord within the ruling Mongolia People's Party
(MPP). However, S&P's expect policy continuity because politicians
across factions are in broad consensus on the fiscal consolidation
path and the economic agenda.
S&P said, "Our ratings on Mongolia reflect the country's elevated
external imbalances and evolving institutional settings. Mongolia
also faces significant vulnerabilities stemming from its
concentrated economic base. We weigh these factors against the
country's strong growth prospects and the government's recent
record of fiscal discipline. Mongolia's steady access to
concessional funding from multilateral and bilateral partners also
helps to keep financing costs down."
Institutional and economic profile: Mining sector to support
growth; evolving political situation unlikely to affect credit
metrics
-- S&P expects Mongolia's economy to sustain strong growth in
2025, despite lower coal exports.
-- Economic growth over the next two to three years is likely to
outpace sovereign peers' and will continue to be propelled by
strong exports and foreign direct investments in mining.
-- S&P believes the ongoing political turbulence will not lead to
significant changes in policymaking.
S&P forecasts Mongolia's real GDP will increase 5.5% this year,
after growth of 5.1% in 2024. The growth momentum continued in the
first half of 2025, with the economy expanding by 5.7%, supported
by continued coal exports, a recovering agriculture sector, and
steeply rising copper exports. Mongolia's copper exports benefitted
from higher production in the underground site of Oyu Tolgoi, one
of the world's largest copper mines. Additionally, household
consumption continued to expand with a modest rise in wages. That,
combined with continued government spending, should sustain the
economic expansion.
China's demand for coal from Mongolia has risen. China has in
recent years increasingly turned to Mongolia for high-quality
coking coal used in steel production, reflecting geopolitical
tensions. Mongolia's export volume of coal reached all-time highs
of more than 80 million tons in 2023 and 2024, more than double the
level in prior years.
However, the momentum in coal exports has slowed this year, with
58.4 million tons of coal exported in the first nine months; coal
prices have also moderated since the start of 2025. However, the
weakness in coal is alleviated by a substantial 45% year-on-year
increase in production of copper concentrate to 1.45 million tons
in the eight months, amid steady copper prices. Agriculture and
livestock, which underperformed in the past two years due to severe
winters, are also recovering and should help offset the weakness in
coal exports.
S&P said, "Mongolia has a promising economic outlook, in our view.
We forecast real GDP growth will average about 5.5% annually
through 2028, on the back of sustained investments in the Tavan
Tolgoi and Oyu Tolgoi mining projects." Simplified customs
clearance at the China-Mongolia border has also eased trucking
bottlenecks. The government's progress in developing new railway
lines and completion of transshipping facilities will also
significantly increase carrying capacity.
Nevertheless, downside risks to growth remain. Mongolia's economy
is highly vulnerable to exogenous shocks due to its heavy
dependence on mineral exports to China. This was evident when
restrictions at the Chinese border prevented Mongolia from fully
capitalizing on high commodity prices in 2022. Acute shifts in
commodity cycles could also heighten volatility in economic and
fiscal outcomes.
Institutional and governance weaknesses remain rating limitations.
Youth-led protests in May 2025 over alleged corruption resulted in
the ousting of Prime Minister Luvsannamsrai Oyun-Erdene. On Oct.
17, the newly appointed Prime Minister Gombojavy Zandanshatar was
dismissed by Parliament over procedural issues in the appointment
of a cabinet minister. The constitutional court has since reversed
the decision and reinstated Zandanshatar as prime minister.
S&P said, "We continue to monitor closely these evolving events.
Our base case remains that the government's economic policies and
fiscal stance will be unchanged regardless of the potential
shuffling in political appointments in the coming weeks. This is
because key agendas such as fiscal prudence, promoting foreign
investments, and prioritizing infrastructure continue to have wide
support across the political spectrum."
Flexibility and performance profile: Commodity boom has improved
fiscal settings and allowed rapid deleveraging; external position
has also benefitted but remains weak
-- Mongolia's fiscal position has improved materially in recent
years, and the government will likely maintain modest deficits to
support the economy.
-- External indebtedness relative to current account receipts has
declined, but external metrics remain weak.
-- The sovereign's steady access to concessional funding mitigates
some credit risks associated with elevated levels of external
indebtedness.
S&P said, "After consecutive years of fiscal surpluses over 2022 to
2024, Mongolia is likely to have a small general government deficit
this year as declining exports weigh on revenue. Over the next two
to three years, we envisage execution capacity will catch up to the
larger revenue base. Therefore, we project modest deficits
throughout our forecast horizon. Even so, we expect public debt
ratios to improve as net general government debt averages 28% of
GDP through to 2028 (and on a declining trend) on the back of
strong economic expansion and moderate increases in spending."
Mongolia's government receipts increased on average by more than
30% annually over the past three years as windfall profits from the
minerals sector filled fiscal coffers through royalties, dividends,
and corporate taxes. Our forecast for a deficit of 0.5% of GDP this
year is in line with the supplementary budget passed in August
2025. The initial budget projected a balanced position of 0% of
GDP. The amended budget expects dampening of government revenues by
Mongolia tugrik (MNT) 3.3 trillion on weaker coal prices. To
counter the revenue shortfall, the government is reducing
nonessential spending and has halted financing for uncontracted
projects after May 2025. The estimated savings from these measures
is about MNT2 trillion (2% of GDP).
"We expect Mongolia to record modest fiscal deficits averaging 1.3%
of GDP over 2026-2028. Government spending will remain high as
authorities continue to support the economy through social benefit
and infrastructure projects. That said, we believe deficits will be
contained because an amendment to the Fiscal Stabilization Law will
anchor prudence. In addition to the existing rule of structural
deficits of not more than 2% of GDP, the amendment mandates a
"base" fiscal surplus of at least 2% of GDP from 2025. This is
after including net new borrowings; the surpluses can only be used
to pay down government debt.
"High nominal GDP growth alongside fiscal consolidation has enabled
Mongolia to significantly reduce its debt burden. The ratio of net
general government debt to GDP declined by 35 percentage points to
32% of GDP in 2024, from the 2020 level. We forecast this ratio
will decline further to 31.2% in 2025 and stay less than 30% from
next year onward. Robust revenue growth has also enabled Mongolia
to reduce its debt-servicing cost, as measured by the ratio of
government interest payment to revenue. This has gone below 5%
since 2022 and we expect it to stay so. A substantial concessional
component caps Mongolia's borrowing costs."
Nevertheless, Mongolia's fiscal outcomes can be volatile, driven by
the vagaries of commodity cycles. The government's revenue base is
highly dependent on the mining sector. Debt stock dynamics can, at
times, be disconnected from budget performance because the bulk of
government debt is denominated in foreign currencies. For example,
in 2022, despite a general government surplus of 0.7% of GDP, net
government debt increased by 10% of GDP because of a sharp
depreciation of the tugrik.
Mongolia's financial and public enterprise sectors pose limited
contingent liabilities for the government, in S&P's opinion. This
is due to the modest size of the financial sector. That said, the
country's banks remain vulnerable to risks associated with an
under-developed and primarily commodity-based economy.
S&P said, "We also observe continued weaknesses in Mongolia's
regulatory framework, transparency, and disclosures. Our Bank
Industry Credit Risk Assessment for Mongolia is '9' (with '1' being
the highest assessment and '10' being the lowest).
"Our key measure of external assessment, narrow net external debt
to current account receipts, has been declining for Mongolia due to
high growth in the denominator. From 184% in 2020, we estimate the
ratio decreased to 81% in 2025. However, Mongolia has a much higher
net liability position compared with its narrow net external debt.
This is due to the country's large inflows of foreign direct
investments into mining projects. We expect this ratio to remain
above 250% over the next two years.
"We forecast Mongolia's current account deficit will stay at 8%-10%
of GDP over the next two to three years. The current account had
gone into a small surplus in 2023, the first in 15 years, owing to
record coal exports. But the current account reversed to a deficit
last year to about 10% of GDP. Trade flows have continued so far in
2025. Mongolia's current account had a deficit of more than US$1.8
billion (7.7% of GDP) as of end-August, fueled by an increase in
capital imports and slower merchandise exports on weaker coal
prices. High import intensity will persist, coupled with
normalization of coal demand from China and lower commodity
prices."
Mongolia's external liquidity position, as measured by its gross
external financing needs (current account payments plus short-term
external debt), will also likely stay at more than 100% of current
account receipts plus usable reserves, indicating elevated
liquidity pressures. Risks associated with Mongolia's high external
indebtedness and financing needs are partially mitigated by strong
donor and lending support from both bilateral and multilateral
partners.
Inflation in Mongolia rose in the first nine months of 2025,
reaching 9% year on year in September. This is after a dip to 6.8%
in 2024, from double digits in the years before. Mongolia's central
bank halted in 2024 the monetary easing of 300 basis points in
total. It has since hiked rates by 200 basis points in March 2025
to address rising prices.
Mongolia's central bank had previously executed quasi-fiscal
spending programs on behalf of the government. Therefore, S&P deems
the bank's independence as limited. Although the central bank has
strengthened governance through reforms since 2016, its record of
operational independence remains short.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Rating Component Scores above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
Upgraded; Outlook Action
To From
Mongolia
Sovereign Credit Rating BB-/Stable/B B+/Positive/B
Upgraded
To From
Mongolia
Transfer & Convertibility Assessment
Local Currency BB BB-
Senior Unsecured BB- B+
=====================
N E W Z E A L A N D
=====================
LANDED PROPERTY: Court to Hear Wind-Up Petition on Nov. 7
---------------------------------------------------------
A petition to wind up the operations of Landed Property Group
Limited will be heard before the High Court at Auckland on Nov. 7,
2025, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 19, 2025.
The Petitioner's solicitor is:
Hosanna Tanielu
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Copyright 2025. All rights reserved. ISSN: 1520-9482.
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