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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
Friday, November 7, 2025, Vol. 28, No. 223
Headlines
A U S T R A L I A
AG MERCHANT: Second Creditors' Meeting Set for Nov. 10
DYNAMONEY ABS 2025-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
HOANG KIM: First Creditors' Meeting Set for Nov. 11
HOLMIT CONSTRUCTION: First Creditors' Meeting Set for Nov. 10
JAMHEIDMCAULIFFE PTY: First Creditors' Meeting Set for Nov. 11
JNN HOLDINGS: Second Creditors' Meeting Set for Nov. 12
METIGY: Former CEO Pleads Guilty to Misleading Investors
PET CIRCLE: Annual Losses Widen to AUD36.9MM as Costs Jump
RANGI BROTHERS: First Creditors' Meeting Set for Nov. 10
REGIONAL EXPRESS: Second Creditors' Meeting Set for Nov. 11
SQUARES AND PADDOCKS: Second Creditors' Meeting Set for Nov. 10
C H I N A
COUNTRY GARDEN: Creditors Approve Offshore Debt Restructuring Plan
SHANSHAN GROUP: Creditors Block Group's $463MM Restructuring Plan
SUNAC CHINA: Court Approves Offshore Debt Restructuring
I N D I A
BEVCON WAYORS: ICRA Keeps D Debt Ratings in Not Cooperating
CHANDRI PAPER: ICRA Keeps D Debt Ratings in Not Cooperating
COASTAL ENERGEN: ICRA Keeps D Debt Ratings in Not Cooperating
DECO EQUIPMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
ETHICS POLYSACK: ICRA Keeps D Debt Ratings in Not Cooperating
GANAPATI MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating
GENID SHIPPING: ICRA Keeps B+ Debt Ratings in Not Cooperating
JABALPUR ENTERTAINMENT: ICRA Keeps B+ Ratings in Not Cooperating
JOT IMPEX: ICRA Keeps D Debt Rating in Not Cooperating Category
KARNATAKA HANDLOOM: ICRA Keeps B+ Debt Rating in Not Cooperating
LAKSHMIDURGA TEXTILES: ICRA Keeps B+ Ratings in Not Cooperating
LANCO SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
MATHIYAN CONSTRUCTION: ICRA Keeps C+ Rating in Not Cooperating
MUKTA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
NATURAL SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating
PEPSU ROAD: ICRA Keeps B+ Debt Ratings in Not Cooperating
PRECISION ENGINEERING: ICRA Keeps D Ratings in Not Cooperating
SHL AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
SUMAN PROTEINS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SUNAHRI MULTI: ICRA Keeps B Debt Ratings in Not Cooperating
M A L A Y S I A
CAREPLUS GROUP: Auditor Raises Going Concern Doubt
M O N G O L I A
GOLOMT BANK: S&P Affirms 'B+' LT ICR, Alters Outlook to Positive
TRADE AND DEVELOPMENT: S&P Affirms 'B+' ICR, Alters Outlook to Pos.
N E W Z E A L A N D
D S SCOTT: Court to Hear Wind-Up Petition on Nov. 11
KEANI LIMITED: Court to Hear Wind-Up Petition on Nov. 11
RS TRADING: Court to Hear Wind-Up Petition on Nov. 27
STREET LEGAL: Placed Into Voluntary Liquidation
VCOMMS CONNECT: Court to Hear Wind-Up Petition on Nov. 11
S I N G A P O R E
BOS MARINE: Creditors' Meeting Set for Nov. 10
MYROOM RETAIL: Court to Hear Wind-Up Petition on Nov. 14
SII SCIENTIFIC: Creditors' Meeting Set for Nov. 10
SPEAKERBUS PTE: Commences Wind-Up Proceedings
THREEONE RECRUITANT: Creditors' Meeting Set for Nov. 11
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A U S T R A L I A
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AG MERCHANT: Second Creditors' Meeting Set for Nov. 10
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A second meeting of creditors in the proceedings of AG Merchant Pty
Ltd has been set for Nov. 10, 2025, at 11:30 a.m. at Bunbury
Geographe Chamber of Commerce and Industry, at 15 Stirling Street,
in Bunbury, WA, and via virtual meeting technology.
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. 7, 2025 at 5:00 p.m.
Aaron Dominish and Richard Albarran Cameron Shaw of Hall Chadwick
were appointed as administrators of the company on July 15, 2025.
DYNAMONEY ABS 2025-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the ABS notes to be issued by AMAL Trustees Pty Limited, as trustee
of Dynamoney ABS Trust 2025-1.
Issuer: AMAL Trustees Pty Limited as trustee of Dynamoney ABS Trust
2025-1
AUD226.50 million Class A Notes, Assigned (P)Aaa (sf)
AUD27.60 million Class B Notes, Assigned (P)Aa2 (sf)
AUD13.20 million Class C Notes, Assigned (P)A2 (sf)
AUD7.20 million Class D Notes, Assigned (P)Baa2 (sf)
AUD15.90 million Class E Notes, Assigned (P)Ba2 (sf)
AUD1.20 million Class F Notes, Assigned (P)B2 (sf)
The AUD5.40 million Class G1 Notes and AUD3.00 million Class G2
Notes (together, the Class G Notes) are not rated by us.
Dynamoney ABS Trust 2025-1 is a securitisation of commercial auto
and equipment loan receivables extended to Australian small and
medium sized businesses. The portfolio consists of chattel
mortgages, which are secured by vehicles, and wheeled and
non-wheeled equipment, rental or operating lease. All receivables
were originated and serviced by Dynamoney Limited (Dynamoney).
Dynamoney, formerly Grow Finance Limited, established in 2016, is a
leading lending partner for SME businesses, originally specialising
in trade finance. Dynamoney offers prime customer lending solutions
designed to meet the evolving needs of SMEs, including asset and
equipment finance, business loans and insurance premium finance. As
of September 30, 2025, Dynamoney has lent over AUD2.0 billion asset
and equipment finance loans.
RATINGS RATIONALE
The provisional ratings take into account, among other factors, (1)
Moody's evaluations of the underlying receivables and their
expected performance; (2) evaluation of the capital structure and
credit enhancement provided to the rated notes; (3) availability of
excess spread over the transaction's life; (4) the liquidity
facility in the amount of 1.5% of all notes other than the Class G
Notes; (5) the legal structure; (6) experience of Dynamoney as
servicer; and (7) the presence of AMAL Asset Management Limited as
the backup servicer.
The transaction benefits from the high level of excess spread
available to cover losses arising from the portfolio. The key
challenge in the transaction is the limited historical data
available for the portfolio. Dynamoney was established in 2016 and
started originating primary asset chattel mortgages with
significant volumes in late 2019. The historical default data for
its auto and equipment commercial loan book for primary assets is
only available from 2019. As such, the pool's performance could be
subject to greater variability than the observed data indicates.
TRANSACTION STRUCTURE AND POOL CHARACTERISTICS
Key transactional features are as follows:
-- The notes will be repaid on a sequential basis initially. On
and after the payment date occurring twelve months after the deal
closing date and the Class Subordination is at least 1.5x the
Original Class A subordination , all notes, other than the Class G
Notes, will receive their pro-rata share of principal, provided
step-down conditions are satisfied. These include, among others, no
unreimbursed charge-offs and the payment date occurring prior to
the call option date. If step-down conditions are no longer met,
the repayment of principal will revert to sequential. The call
option date will occur on the earlier of the payment date in
December 2028 and the invested amount of the notes falling below
15% of the initial invested amount of the notes.
-- Swaps provided by National Australia Bank Limited (NAB,
Aa1/P-1/Aa1(cr)/P-1(cr)) and Westpac Banking Corporation (Westpac,
Aa1/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow the
schedule amortisation of the portfolio assuming a 6% prepayment
rate.
-- AMAL Asset Management Limited (AMAL) is the backup servicer. If
Dynamoney is terminated as servicer, AMAL will take over the
servicing role in accordance with the standby servicing deed and
its backup servicing plan.
Key pool features are as follows:
-- The pool has a weighted average seasoning of 6.7 months.
-- The portfolio is diversified both at an obligor level and a
geographical level. The largest obligor concentration is 0.2%.
-- The portfolio has a high yield of 10.21% which provides excess
spread to cure portfolio losses.
-- Trucks and trailers are the largest asset component making up
35.4% of the portfolio, followed by passenger vehicles, plant and
equipment, and other tertiary assets with 19.7%, 16.0% and 12.5%
respectively.
MAIN MODEL ASSUMPTIONS
Moody's portfolio credit enhancement ("PCE") is 28.0%. Moody's
expected default rate for this transaction is 6.0% and expected
recovery is 25%, resulting in an expected loss of around 4.5%.
The expected loss captures Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expects the portfolio to suffer in the event of a
severe recession scenario. The expected default rate, recovery and
PCE are parameters used by us to calibrate its lognormal portfolio
loss distribution curve and to associate a probability with each
potential future loss scenario in Moody's cash flow model.
To address the limited historical loss data on Dynamoney's
portfolio, Moody's have benchmarked the performance to data from
comparable Australian commercial auto and equipment ABS
originators. Moody's have also overlaid additional stresses into
Moody's default and PCE assumptions.
Methodology Underlying the Rating Action
The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations" published in June 2025.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortisation or a
better-than-expected collateral performance. The Australian economy
and job market are primary drivers of performance.
Factors that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.
HOANG KIM: First Creditors' Meeting Set for Nov. 11
---------------------------------------------------
A first meeting of the creditors in the proceedings of Hoang Kim
Enterprise Pty Ltd will be held on Nov. 11, 2025 at 10:00 a.m. via
videoconference only.
Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Oct. 30, 2025.
HOLMIT CONSTRUCTION: First Creditors' Meeting Set for Nov. 10
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Holmit
Construction Group Pty Ltd will be held on Nov. 10, 2025 at 10:00
a.m. at the offices of Rodgers Reidy (TAS), Ground Floor, Cnr
Bathurst & Argyle St, in Hobart, TAS.
Shelley-Maree Brooks of Rodgers Reidy (TAS) was appointed as
administrator of the company on Oct. 30, 2025.
JAMHEIDMCAULIFFE PTY: First Creditors' Meeting Set for Nov. 11
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Jamheidmcauliffe Pty Ltd will be held on Nov. 11, 2025 at 10:00
a.m. at the offices of B&T Advisory, at Level 19, 144 Edward
Street, in Brisbane, QLD.
Travis Pullen of B&T Adivsory was appointed as administrator of the
company on Nov. 2, 2025.
JNN HOLDINGS: Second Creditors' Meeting Set for Nov. 12
-------------------------------------------------------
A second meeting of creditors in the proceedings of JNN Holdings
Pty Ltd (trading as JNN Haulage) has been set for Nov. 12, 2025, at
11:00 a.m. via virtual meeting only.
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. 11, 2025 at 12:00 p.m.
Manuel Hanna of Romanis Cant was appointed as administrator of the
company on Oct. 8, 2025.
METIGY: Former CEO Pleads Guilty to Misleading Investors
--------------------------------------------------------
The former CEO of Metigy, David Fairfull, has pleaded guilty to one
count of making false and misleading statements and one count of
dishonestly using his position as a director to gain an advantage
contrary to the Corporations Act 2001.
During 2018 to 2021, the Metigy group of companies developed a
software product designed to harness advances in artificial
intelligence to assist small to medium businesses with digital
marketing strategies.
Mr. Fairfull provided false information about the revenue and
income of the companies to potential investors and used his
position as a director to obtain a loan for his own personal
benefit.
The statements related to:
* three capital raises between October 2018 and October 2020
which raised approximately AUD23.4 million from investors
* a secondary share sale in July 2021 in which investors paid
approximately AUD15.68 million for shares a planned capital raise
of AUD50 million.
In November 2021, Mr. Fairfull dishonestly used his position as a
director of one of the Metigy companies to lend AUD7.7 million from
Metigy to finance the purchase of real estate for himself.
Mr. Fairfull first appeared in the Downing Centre Local Court on
November 8, 2024.
The matter was committed to the Federal Court of Australia on
November 17, 2025 for a first case management date.
The matter is being prosecuted by the Office of the Director of
Public Prosecutions (Cth) (CDPP) following a referral from ASIC.
Mr. Fairfull pleaded guilty to one count of making false and
misleading statements contrary to s 1041E(1) of the Corporations
Act 2001 and one count of dishonestly using his position as a
director to gain an advantage contrary to s 184(2) of the
Corporations Act 2001.
About Metigy
Founded in 2015 by David Fairfull and Johnson Lin, Sydney-based
Metigy provided an all-in-one marketing platform tailored for the
needs of SMEs. The Metigy platform includes video creation and
image editing systems, a live ad creation tool, and a 'marketing
command center' providing "recommendations tailored to your
brand".
Simon Cathro and Andrew Blundell of Cathro Partners were appointed
as administrators of the company on July 29, 2022.
On Sept. 2, 2022, Metigy's creditors voted to put the company into
liquidation.
PET CIRCLE: Annual Losses Widen to AUD36.9MM as Costs Jump
----------------------------------------------------------
Isabella Freeland at The Australian Financial Review reports that
Pet Circle, an online pet products retailer backed by prominent
venture capital firms, fell deeper into the red in the past
financial year as rapid expansion sent costs soaring.
Filings with the Australian Securities and Investments Commission
showed revenues had fallen - down 2.9 per cent to AUD373 million in
the 12 months to June 30 - and losses growing by AUD10.5 million to
AUD36.9 million, the Financial Review discloses.
According to the Financial Review, Pet Circle said the revenue drop
was due to falling prices and disruption from expansion.
Pet Circle was founded by former investment banker Michael Frizell
and data scientist James Edwards in 2011. It specialises in the
delivery of pet products from food and flea treatments to litter,
and has more recently entered into the insurance market.
Once dominated by canned food and budget toys, the country's pet
market has been booming as consumers increasingly spend on
household animals. The pet supplies market recorded revenue of
US$1.5 billion in 2025 and that number is expected to increase.
In response to slowing growth, Pet Circle appointed a new chief
executive in August - Alistair Venn, a former Menulog Australia
boss, SafetyCulture chief operating officer and Woolworths
e-commerce executive, the Financial Review recalls.
Venn, acknowledging the lukewarm results, said that the "the
multi-year investment in infrastructure has laid the foundation for
Pet Circle to lead the digitisation of pet retail".
The Financial Review relates that a Pet Circle spokesman said the
company had been investing heavily over two years and, despite the
softer result, was "confident [the investments] will result in
positive customer and shareholder results in the coming years."
The company's expansion - revenues growing by over 300 per cent
between 2013 and 2015 – handed it a valuation of over AUD1
billion in 2021. This came after a Series C funding round of AUD125
million, backed by AirTree Ventures, Prsym Capital and TDM Growth
Partners.
At the time, Pet Circle was reaping the rewards of a pandemic-era
surge in pet ownership. Pet ownership increased by about 10 per
cent during the pandemic; now, almost 75 per cent of households own
an animal.
Pet Circle's competitors include Petbarn and online-only store
Waggly. Lyka – which markets itself as a "real" dog food company
– is the latest premium pet products player, the Financial Review
says.
Lyka is focused on life-extending, high nutrient dog food, which it
says is made from human-quality ingredients. Lyka has raised
capital eight times, totalling AUD88 million and has backing from
Point King Capital, Afterwork Ventures and Stepstone.
The founder of Lyka, Anna Podolsky, made her Young Rich List debut
this year with an estimated net wealth of AUD220 million.
According to the Financial Review, Pet Circle's operating costs
increased by almost AUD18 million over the past year, rising to
AUD28 million in 12 months to June 30, halving the company's cash
supply. These substantial costs were the result of a full
technology overhaul and major investments in automating warehouses
across four states.
The company ended the financial year with AUD59 million in the
bank, almost half the previous financial year. In 2024, they
reported AUD109 million in cash, although that had been inflated by
AUD75 million raised from investors.
In the 12 months to June 30, Pet Circle said it had worked on a
number of projects to expand the platform to "underpin its
long-term competitive position, growth and operational
scalability." Liabilities, the company's filings show, fell
slightly from AUD68.7 million to AUD68 million over the course of
the year.
The Financial Review adds that Pet Circle said that those
investments have "super-charged [their] ability to offer next-day
delivery of over 17,000 pet products to 80 per cent of
Australians."
RANGI BROTHERS: First Creditors' Meeting Set for Nov. 10
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Rangi
Brothers Transport Pty Ltd will be held on Nov. 10, 2025 at 10:30
a.m. via Microsoft Teams.
Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Oct. 29, 2025.
REGIONAL EXPRESS: Second Creditors' Meeting Set for Nov. 11
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Regional
Express Holdings Limited, Air Partners Pty Ltd, Regional Express
Pty Ltd, Rex Investment Holdings Pty Ltd and Rex Airlines Pty Ltd
has been set for Nov. 11, 2025, at 2:00 p.m. via Microsoft Teams.
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. 7, 2025 at 12:00 p.m.
Samuel John Freeman of Ernst & Young was appointed as administrator
of the company on July 30, 2025.
SQUARES AND PADDOCKS: Second Creditors' Meeting Set for Nov. 10
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Squares and
Paddocks Pty Ltd (Formally known as Du Plessis and Du Plessis
Architects Pty Ltd) has been set for Nov. 10, 2025, at 11:00 a.m.
at the offices of Hogan Sprowles, at Level 1, 44 Pitt Street, in
Sydney, NSW, and 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. 7, 2025 at 4:00 p.m.
Michael Hogan of Hogan Sprowles was appointed as administrator of
the company on Oct. 3, 2025.
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C H I N A
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COUNTRY GARDEN: Creditors Approve Offshore Debt Restructuring Plan
------------------------------------------------------------------
Yicai Global reports that the creditors of Country Garden Holdings
have approved the troubled Chinese builder's offshore debt
restructuring plan.
The approval rate in Nov. 5's vote was 83.7 percent among syndicate
group creditors and 96 percent among other creditors, both
exceeding the minimum requirement of 75 percent, the Foshan-based
company announced on Nov. 5, Yicai relays. The High Court of Hong
Kong will hold a hearing on the scheme on Dec. 4.
Once the restructuring is completed, Country Garden will see its
offshore debts slashed by about CNY84 billion (USD11.8 billion),
the firm noted.
Country Garden announced the key terms of its offshore debt
restructuring scheme in January, Yicai recalls. It involves about
USD17.7 billion in principal and interest and offers creditors
multiple options: cash payments, full debt-to-equity conversions,
full debt retention, and a combination of debt-to-equity conversion
and debt retention.
Yicai says the company's controlling shareholder demonstrated its
commitment last month by fully converting hundreds of millions of
US dollars in existing shareholder loans into equities.
Country Garden is the second troubled Chinese real estate developer
to have achieved significant progress in its offshore debt
restructuring after Sunac China Holdings, which announced on Nov. 5
that the court approved its second overseas debt restructuring plan
involving a total of USD9.6 billion in offshore debts.
Yicai learned that Country Garden is also actively promoting its
onshore debt restructuring. Once approved by creditors, the scheme
will likely more than halve the company's debt, eliminate repayment
pressure for the next five years, and lower the bond interest rate
to 1 percent, thus significantly alleviating its cash flow
pressure.
While easing its debt pressure, Country Garden is also working hard
to complete the construction of and sell new homes, aiming to
achieve its annual delivery target, Yicai states. According to data
from China Real Estate Information, the firm delivered around
130,000 new homes this year as of Sept. 30, and more than 1.8
million units in the past three years.
CRIC estimates that Country Garden should be able to achieve its
annual delivery target of 200,000 to 210,000 new homes this year.
About Country Garden
Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.
As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.
The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.
The developer defaulted on US$11 billion of offshore bonds in late
2023 and is in the process of an offshore debt restructuring.
Earlier in August 2025, it reached an agreement with a core group
of bank creditors that holds 49% of the company's offshore debt,
marking another step in its US$14.1 billion restructuring plan,
according to Reuters.
Country Garden Holdings sought relief under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12175) on October 1,
2025. Honorable Bankruptcy Judge Philip Bentley handles the case.
The Debtor is represented by Christopher J. Hunker, Esq. of
Linklaters LLP.
SHANSHAN GROUP: Creditors Block Group's $463MM Restructuring Plan
-----------------------------------------------------------------
Caixin Global reports that a proposed CNY3.3 billion ($463 million)
restructuring plan for debt-laden Shanshan Group Co. Ltd. has
collapsed after key creditor and shareholder groups voted it down,
derailing the recovery effort of the once-prominent private
enterprise.
The Ningbo-based Shanshan Group Co. Ltd., now focused on battery
materials and polarizers, has been under court-supervised
restructuring since February 2025, following the death of founder
Zheng Yonggang and a subsequent family dispute, Caixin discloses.
Creditors have filed claims totaling more than CNY44.2 billion.
SUNAC CHINA: Court Approves Offshore Debt Restructuring
-------------------------------------------------------
Yicai Global reports that Sunac China Holdings has received
approval by the court to convert its offshore bonds worth a total
of USD9.6 billion into shares, with the restructuring plan expected
to free the property developer of all its debts upon completion.
The offshore debt restructuring scheme was sanctioned by the High
Court of Hong Kong, with the sanction order already delivered for
registration, the Tianjin-based company announced on Nov. 5, Yicai
relays.
According to Yicai, the scheme was first proposed in April and
included the issuance of two mandatory convertible bonds,
encouraging all offshore creditors to become Sunac shareholders.
The support rate was 75 percent by June and 98.5 percent in
October.
This approval will likely make Sunac the first major Chinese
builder to complete its offshore debt restructuring process since
the real estate crisis began in 2021.
Yicai says Sunac's first restructuring plan adopted the 'debt
reduction plus extension' approach, but failed to help the firm
completely overcome its debt crisis because of the continuous deep
adjustment in the property market. On the contrary, this latest one
focuses on the 'debt-to-equity conversion' strategy, which can
rapidly reduce the debt burden.
In January, Sunac secured a deal to halve its CNY15.4 billion
(USD2.1 billion) onshore debt, Yicai recalls. The firm said it
would rearrange the principal and interest repayments for all 10
bonds after their holders agreed to its second onshore debt
restructuring plan.
Chinese real estate firms facing debt crises still experience
pressure to adjust their balance sheet, even after completing debt
restructurings, according to the China Index Academy.
Therefore, some of them have shifted their focus towards light
asset businesses and the development of services, such as
construction management, property management, and asset management.
This strategy aims to help developers restore their self-sustaining
capabilities at the lowest possible cost, Yicai notes.
Sunac is expected to achieve its annual sales target of over 50,000
new homes this year, according to data previously released by the
company. Its luxury project One Sino Park in Shanghai's central
Huangpu district has logged a cumulative sales amount of over CNY22
billion (USD3 billion) since the beginning of the year.
Moreover, Sunac's construction management platform ranked 15th in
the industry by newly signed construction contracts in the first
three quarters of the year, Yicai relates.
About Sunac China
Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.
Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.
Creditors of Sunac China Ltd have approved its US$9 billion
offshore debt restructuring plan, the company said on Sept. 18,
2023, marking the first approval of such debt overhaul by a major
Chinese property developer.
Sunac China Holdings Limited sought creditor protection in the
United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy
Judge Philip Bentley presides over the Chapter 15 proceedings.
Sidley Austin is the legal counsel to Sunac China.
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I N D I A
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BEVCON WAYORS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Bevcon Wayors
Private Limited (BWPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 11.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 2.66 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 75.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term/ 8.34 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with BWPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Bevcon Wayors Private Limited (BWPL) was incorporated in October
31, 1994 and is engaged in manufacturing of Bulk Material Handling
Products as well as providing EPC/turnkey solutions of Balance of
Plant (BOP) requirements of customers across diverse sectors such
as power, steel, cement, mining, sugar, ports, paper, pharma, FMCG,
etc. The company has its manufacturing unit in Hyderabad. The
company is currently headed by Mr Y. Srinivas Reddy, who is the
Managing Director of the company and has nearly 25 years of
experience in material handling products line of business.
CHANDRI PAPER: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating of Chandri Paper
& Allied Products Private Limited (CPAPPL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 12.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 21.25 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with CPAPPL, ICRA has been trying to seek information from the
entity so as to monitor its performance Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
CPAPPL was incorporated in the year 2003 with an objective of
manufacturing and trading paraffin wax from slack wax and had
established its manufacturing facilities at Tarapur (Maharashtra)
with a capacity to produce 3,600 MT of paraffin wax annually. Since
inception, CPAPPL has been supplying paraffin wax primarily to the
local customers engaged in the manufacture of candles. In 2008, the
company forayed into the business of trading base oil, wherein it
imported base oil from oil refining companies based in Iran,
Hongkong, and Singapore and sold them in the domestic market to
companies involved in manufacturing of oil related products such as
vaseline, grease, engine oil, and transformer oil.
COASTAL ENERGEN: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Coastal
Energen Private Limited (CEPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 1150.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 6113.79 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 465.20 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
Unallocated 25.21 [ICRA]D; ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating'
Category
Short-term 40.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Continues to remain under the
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with CEPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
CEPL is a special purpose vehicle (SPV) promoted by Mr. Ahmed
Buhari (promoter of the Coal & Oil Group) for the development of a
1200-MW imported coal-based thermal power plant at Tuticorin in
Tamil Nadu. The Coal & Oil Group is a Dubai-based energy
conglomerate that operates as an integrated fuel solution provider
with interests in coal trading, technical consultancy for fuel
sourcing, handling, shipping, logistics etc. The flagship company
of the Group is Coal & Oil Company DMCC (C&O). The total project
cost for CEPL of INR7,870 crore was funded through a debt to equity
ratio of 80:20. Its unit-1 contributing to 600- MW power commenced
operations from December 2014 and unit-2 from January 2016.
DECO EQUIPMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings of Deco Equipments Private
Limited (DEPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 8.19 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with DEPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 1989, Deco Equipments Private Limited manufactures
custom-made axel parts, break assembly related parts, engine &
transmission components, earth moving components etc., which finds
its application in commercial vehicles and construction equipments.
DEPL is a closely held company and managed by Mr. Deric Fernandis,
Managing Director who served as an Engineer at Machinery
Manufactures Corporation – textile division for 8 years before
starting DEPL in 1989. DEPL's manufacturing facility is located in
Hebbal industrial area at Mysore in Karnataka and presently employs
around 160 workers (85 permanent employees and the rest on
contractual basis).
ETHICS POLYSACK: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Ethics Polysack LLP in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 1.40 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 4.60 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Ethics Polysack LLP, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Ethics Polysack LLP was established in March 2016 as a limited
liability partnership with Mr. Darshan Jivani, Mr. Jaysukh Jivani,
Mr. Mitesh Patel, Mr. Jayesh Fefar and Mr. Piyush Fefar as
partners. It is setting up a greenfield project at Tankara, Gujarat
and proposes to engage in manufacture of woven sacks, fabrics and
tarpaulin. The facility will be equipped with 1 extrusion plant, 33
looms, 1 lamination plant and 2 heat sealing machines with a
proposed installed capacity of manufacturing 1500 tonnes of PP/HDPE
laminated fabric per annum. The company's commercial operational
are expected to commence by April 2017, as against the planned
commissioning in January 2017 owing to non-availability of
machinery with its suppliers, who in turn import it from Germany
and USA.
GANAPATI MOTORS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Ganapati Motors (GM) in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based- 28.50 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with GM, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in 2004, Ganapati Motors (GM) is involved in the
automobile dealership business as an authorised dealer of Maruti
Suzuki India Limited in Bhilai, Chhattisgarh.
GENID SHIPPING: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Genid Shipping and Logistics
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 2.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Genid Shipping and Logistics Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Genid Shipping and Logistics Private Limited, incorporated in
October 2019, is an international freight forwarder providing
end-to-end services such as ocean freight services, customs
clearance, warehousing, chartering, stevedoring and supply chain
solutions. The company has 5 branches spread across India with 22
trailers and has partnered with over 50 liners. It derived 60% of
its revenues from freight forwarding segment and remaining 40% of
its revenues from chartering and stevedoring in FY2021. The company
is promoted by Mr. T Johnson and Ms. Sneha Britto.
JABALPUR ENTERTAINMENT: ICRA Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Jabalpur Entertainment
Complexes Private Limited (JECPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.85 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 7.15 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with JECPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
JECPL is promoted by Mr. Vishwa Mohan, who comes from the
well-known family of Raja Gokuldas of Jabalpur. The family has
contributed greatly to the development of the city of Jabalpur, the
freedom movement, literature, legislatures and the Indian
parliament. The family is influential and enjoys a good reputation
in the state. JECPL is managed by qualified professionals under a
regular monthly monitoring by the board of directors. Board of
directors comprises of Mr. Vishwa Mohan and Mr. Rajesh Maheshwari.
Mr. Rajesh Maheshwari has extensive administrative and managerial
experience and is President of Jabalpur Chamber of Commerce &
Industries. He has also served as adviser to Perfect Refractories
Ltd, Vallabh Refractories &
Ceramic Product Ltd, and Narmada Ceramics Ltd, Jabalpur. Further,
Mr. Rajesh Maheshwari has held several distinguished posts and has
been awarded for his administrative and leadership qualities. The
board of JECPL is also advised by experience professionals, sharing
over 40 years of combined experience in project management and
auditing.
JOT IMPEX: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term ratings of Jot Impex Pvt Ltd (JIPL) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with JIPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Jot Impex Private Limited (JIPL) was incorporated in 1998 by first
generation entrepreneur Mr. Gurinder Sahni to carry out
distribution & marketing of various international brands like Baume
& Mercier, Gucci, S.T. Dupont, Harry Winston and Jaeger LeCoulture
in India. The company carries out marketing of the above mentioned
international brands in India. The company is a distributor as well
as retailer for the mentioned brands. JIPL is exclusive dealer for
the above stated brands in India. The product portfolio of the
company includes watches, men accessories, writing instruments,
belts, wallets, travel bags etc
KARNATAKA HANDLOOM: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of The Karnataka Handloom
Development Corporation Limited (KHDC) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable);
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 27.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with KHDC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
The Karnataka Handloom Development Corporation Ltd (KHDC) was
incorporated in 1975 under the 20-Point Programme of the GoI and
the GoK to promote the handloom industry and thus ensure the
economic and social welfare of the weavers in Karnataka. The KHDC
provides raw materials to weavers and procures fabric from them
against the payment of conversion charges. The company also has a
retail network of more than 50 showrooms across the state through
which its products are sold under the brand Priyadarshini
Handlooms. The registered office is at Hubli while its corporate
office is at Bangalore.
LAKSHMIDURGA TEXTILES: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term ratings of Lakshmidurga Textiles
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.05 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Lakshmidurga Textiles Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Lakshmidurga Textiles Private Limited, incorporated in 2010, is
involved in ginning and pressing of cotton lint, trading of cotton
lint and seed, and has 48 gins to process 350 bales of cotton per
day. The company is located in Chilakamarri village of Nalgonda
district in Telangana.
LANCO SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and short-Term ratings for the Bank
Facility of Lanco Solar Energy Private Limited (LSEPL) in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 425.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term- 150.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with LSEPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Lanco Solar Energy Private Limited (LSEPL) is a 100% subsidiary of
Lanco Infratech Limited. LSEPL was established in June 2009 and is
engaged in providing design & engineering, procurement of
equipment's and complete construction of solar power projects. The
company has so far executed turnkey EPC contracts for~250.0 MW
solar power projects located majorly in Rajasthan, Gujarat and
Maharashtra.
MATHIYAN CONSTRUCTION: ICRA Keeps C+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Mathiyan
Construction Pvt. Ltd. (MCPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]C+/[ICRA]A4; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short term 35.00 [ICRA]A4; ISSUER NOT
Non fund based COOPERATING; Rating continues to
Others remain under 'Issuer Not
Cooperating' category
Long Term- 10.00 [ICRA]C+ ISSUER NOT COOPERATING;
Fund Based Rating continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with MCPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Based at Muzaffarnagar in Uttar Pradesh, Mathiyan Constructions
Private Limited (MCPL) was incorporated in 2007 by Mr. Rajeev Kumar
and his brother, Mr. Subhash Chand. The promoters have a decade
-long experience in the construction sector. The company undertakes
work related to road construction and maintenance mainly for the
Public Works Department (PWD) and Pradhan Mantri Gram Sadak Yojana
(PMGSY). In FY2017, the company reported a net profit of INR1.83
crore on an operating income of INR54.31 crore, as compared to a
net profit of INR1.24 crore on an operating income of INR40.81
crore in the previous year. In 10M FY2018 (provisional financials),
the company reported a net profit of INR2.25 crore on an operating
income of INR40.88 crore.
MUKTA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Mukta
Industries Private Limited (MIPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING
/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 25.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 5.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term/ 5.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with MIPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in 1994 as a private limited company, Mukta Industries
Private Limited (MIPL) is a metal trading company involved in
various metal products, which include alloy steel bars and rods,
billets, channels, wire rods and plates of different alloy grades.
The Mukta Group of Industries consists of other entities namely
Prakash Steel Corporation (PSC), Vastupal Bearing Races Limited
(VBRL), Mukta Automation Private Limited (MAPL) and Vastupal Sales
& Services LLP (VSSL). While PSC manufactures bright bars using
different grade of stainless steel, alloy steel and carbon steel,
VBRL manufactures forged and machined bearing used in ball bearing,
roller bearings, taper bearings and auto ancillary industry. MAPL
manufactures machined items as per customer's specifications and
VSSL provides financial services. 3 In FY2019, on a provisional
basis, the company reported a net profit of INR0.44 crore on an
operating income of INR80.80 crore, as compared to a net profit of
INR0.24 crore on an operating income of INR133.44 crore in the
previous fiscal.
NATURAL SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Natural Sugar and Allied Industries Limited (NSAIL) in the 'Issuer
Not Cooperating' category. The ratings are denoted as "[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 140.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with NSAIL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 1998, the Ranjani, Dist. Osmanabad (Maharashtra)
headquartered Natural Sugar and Allied Industries Limited (NSAIL)
is mainly involved in manufacture of sugar and by products. NSAIL
operates an integrated sugar unit at Ranjani having 5000 tons per
day (TCD) of sugar crushing capacity, 23 Mega Watt (MW) power
cogeneration unit and 30 Kilo Litres per day (KLPD) distillery
unit. The company also has another sugar unit in Yawatmal having
2500 TCD of crushing capacity, which was acquired in March 2016.
NSAIL is also involved in manufacture of processed milk and milk
products and has a processing unit with 70,000 litres per day of
installed capacity. The company is promoted by Mr. B.B.Thombare.
PEPSU ROAD: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term ratings of Pepsu Road Transport
Corporation (PRTC) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 15.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with PRTC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Pepsu Road Transport Corporation (PRTC) was established by the GoP
in October 1956 under the provision of the Road Transport
Corporations (RTC) Act, 1950 with a view to provide efficient,
adequate, economic and properly co-ordinated operation system of
Road Transport Services in the southern region (erstwhile PEPSU -
Patiala and East Punjab States Union) of Punjab. Apart from
providing services in the districts of Patiala, Bathinda,
Kapurthala, Barnala, Sangrur, Budhlada, Farid kot and Ludhiana, it
also provides interstate services to the neighbouring states of
Haryana, Himachal Pradesh, Rajasthan, Jammu & Kashmir, Uttar
Pradesh, Uttaranchal, Delhi and Chandigarh. As on September 30,
2020, the PRTC had a fleet strength of 1113, which also includes
150 hired buses. Currently, the PRTC has a total staff of around
3,970, of which around 80% are contractual.
PRECISION ENGINEERING: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term and Short-term rating for the bank
facilities of Precision Engineering Corporation (PEC) in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 9.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 1.08 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 1.92 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with PEC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Set up in 1982 as a proprietorship firm, PEC was converted into a
partnership firm in 2009. The firm is involved in the manufacturing
of tubular pressure parts, steam pipe lines, bridges and structures
for the Indian Railways and other engineering products as well as
execution of construction projects for thermal and cogeneration
power plants. PEC has manufacturing facility in Bhilai,
Chhattisgarh.
SHL AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of SHL Agro Foods Inc in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 7.19 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SHL Agro Foods Inc, ICRA has been trying to seek information
from the entity so as to monitor its performance Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
SHL Agro Foods Inc is a partnership firm located in Chandigarh. It
was established in 2013 by Mr. Surjit Singh Kohli. The firm is into
poultry processing and supplies fresh and frozen raw-ready to cook
chicken products packaging material.
SUMAN PROTEINS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Suman Proteins Private
Limited (SPPL) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SPPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 1997, SPPL is a carrying and forwarding agent for
'Engine' brand mustard oil in West Bengal. Besides, the company
produces mustard oil itself. The company also has a separate
packaging unit where various types of refined edible oils are
packed and sold. The manufactured and packaged edible oils are sold
under the brand name 'Suman'. The production facility for mustard
oil is equipped with four expellers and twenty kolhus with an
installed capacity of 979 TPA (tonne per annum); whereas, the
packaging unit has the capacity of 20 TPD (tonne per day). The
manufacturing facilities of the company are located in Uluberia,
West Bengal.
SUNAHRI MULTI: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Sunahri Multi Grain Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 6.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Sunahri Multi Grain Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Sunahri Multi Grain Private Limited (erstwhile RLJ Multigrain
Private Limited) was originally incorporated as a partnership firm
M/s Swastik Udyog. Subsequently the promoters reconstituted the
company as a private limited entity in 2012. The company is
promoted by Jain family based out of Kolkata and the unit has rice
milling annual capacity of 63,000 tons. RLJ Multigrain Private
Limited has been renamed as Sunahri Multi Grain Private Limited.
===============
M A L A Y S I A
===============
CAREPLUS GROUP: Auditor Raises Going Concern Doubt
--------------------------------------------------
The Malaysian Reserve reports that Careplus Group Bhd's auditor
Deloitte Malaysia PLT has raised a material uncertainty over the
group's ability to continue as a going concern after it posted net
losses of MYR82.47 million for FY2025.
Deloitte cited the ongoing glove industry oversupply, weak selling
prices, and rising costs, alongside challenges in Careplus' new
energy vehicle (NEV) segment due to its Neta principal's financial
distress and high project funding needs, The Malaysian Reserve
realtes.
Despite the pressures, management has drawn up recovery plans that
include new glove orders, EV inventory monetisation, cost
restructuring, potential private placement, director financial
support, and non-core asset disposals.
The Malaysian Reserve says Careplus also recognised an impairment
loss of MYR28.78 million on property, plant and equipment.
The Malaysian Reserve adds that the group said it has begun
assembling commercial vehicles from other brands and aims to
develop its NEV Manufacturing Hub by end-2025, while exploring
fresh capital injection from potential investors.
Careplus Group Berhad is an investment holding company. The
Company's subsidiaries manufacture, process, and trade gloves,
including latex, nitrile, and vinyl gloves. Careplus Group also
provides other disposable protection products such as facemasks,
respirators, gowns, and caps.
===============
M O N G O L I A
===============
GOLOMT BANK: S&P Affirms 'B+' LT ICR, Alters Outlook to Positive
----------------------------------------------------------------
S&P Global Ratings revised its outlook on the long-term issuer
credit rating on Golomt Bank JSC to positive from stable. At the
same time, we affirmed our 'B+' long-term and 'B' short-term issuer
credit ratings on the Mongolia-based bank.
S&P also affirmed its 'B+' long-term foreign currency issue rating
on the bank's outstanding U.S. dollar-denominated senior unsecured
notes.
S&P said, "The outlook revision reflects our view of Golomt Bank's
enhanced risk management. The bank's well-diversified loan
portfolio and tightened risk control will likely help it maintain
its improved asset quality and profitability over the next 12-18
months. Golomt Bank's nonperforming asset ratio (NPA) fell to about
4.6% at end-2024, from a peak of 29.6% at end-2020. The NPAs are
the sum of stage 3 loans, restructured loans, and repossessed loans
under international financial reporting standards.
"We believe Golomt Bank is building up a record of adequate asset
quality management, after very high loan growth in recent years.
Its NPA ratio is lower than the average of about 10.0% for the
Mongolian banking industry (including Development Bank of
Mongolia), by our estimate.
"Regulatory supervision of the banking sector in Mongolia is
improving, in our view. Tightened measures over the past couple of
years will likely strengthen banks' loss-absorbing capacity. These
measures include an asset quality review targeted at domestic
systemically important banks (D-SIBs) including Golomt Bank,
implementation of IFRS 9, and requirement of a 4% additional
capital buffer and listing on the stock exchange for D-SIBs. Pilot
testing of internal capital and liquidity adequacy assessments
indicates the regulator's continuing efforts to narrow the gap with
international standards.
"We believe Golomt Bank will continue to strengthen its governance
and transparency. In our opinion, Golomt Bank has become more
transparent about its management strategy, disclosure of financial
information, and risk control following heightened public oversight
after the bank's listing in 2022. In 2025, Golomt Bank's board
became the first in Mongolia to have a majority of independent
directors."
Golomt Bank's reduced exposure to risky industries will likely
mitigate volatility in asset quality. The bank, like its peers in
Mongolia, is exposed to inherent credit risk emanating from
cyclical corporate sectors. That said, Golomt Bank's proportion of
loans to mining, construction, and manufacturing industries has
materially declined to about 15% of total loans as of June 2025,
from about 31% at end-2020. The bank has a diversified loan
portfolio, consisting of about 30% large corporates, 25% small and
midsize enterprises, 26% retail, and 19% mortgage loans at end-June
2025.
Moreover, S&P expects Golomt Bank to continue to tightly manage
related-party transactions, such that related-party lending to a
single borrower does not exceed 5% of the bank's total capital and
20% of the total capital for all related parties. This is in
accordance with the central bank's requirement.
Golomt Bank's tightened underwriting standards could prevent a
material deterioration in asset quality. The bank's very high loan
growth in recent years could mask some deterioration in asset
quality and test its risk management. Golomt Bank's tight
underwriting for retail loans and high collaterals against
corporate loans will help contain asset quality pressure, in S&P's
opinion. For example, while the central bank tightened the debt
service-to-income ratio requirement for new consumer loans to 50%
from 55% in March 2025 to curb rapid growth in lending, Golomt Bank
applied a stricter internal cap of 45%.
S&P said, "Golomt Bank will maintain its current level of
risk-adjusted capitalization, in our view. This considers the
bank's moderating loan growth and efforts to manage the regulatory
capital ratio with a buffer. We forecast Golomt Bank's
risk-adjusted capital (RAC) ratio, a key measure we use to assess
capital strength for banks, will be 4.5%-5.0% over the next two
years, compared with about 4.6% as of end-2024. The lower risk
weights on Golomt Bank's government exposures following our upgrade
of Mongolia will lift the bank's RAC ratio by about 10 basis
points. Golomt Bank's current risk-adjusted capitalization does not
warrant a higher rating despite a potentially higher anchor for
banks operating in Mongolia due to improving regulatory
supervision.
"Golomt Bank's loan growth will likely slow down over the next
12-18 months. We forecast the bank's loan growth will be 15%-17%
annually over the next two years, slowing from 54% in 2024 and 25%
in 2023. We attribute Golomt Bank's high loan growth in recent
years to: (1) Mongolia's solid economic expansion that has boosted
loan demand; (2) the bank's rebalancing of its asset portfolio in
favor of loans over lower-yielding interbank deposits and cash
equivalents; and (3) deployment of proceeds from senior unsecured
bonds issued totaling US$400 million in 2024. Its reported
loan-to-deposit ratio increased to about 83% as of June 30, 2025,
from 78% at end-2024 and 59% at end-2023.
"We expect Golomt Bank to generate sound profitability. This is
despite a moderation from high levels in recent years as some of
the positive effects of recoveries and net reversals of provisions
fade away. The bank's healthy net interest margin will support its
profit despite an increase in credit losses. We forecast Golomt
Bank's return-on-average-assets will be 1.8%-2.0% over the next two
years (2024: 3.1% and 2023: 2.0%).
"The positive outlook on the long-term issuer credit rating on
Golomt Bank reflects our view that the bank will likely maintain
its improved asset quality over the next 12-18 months, backed by
its enhanced risk management. We also expect Golomt Bank to
maintain its current level of capitalization during the period
along with moderating loan growth and steady profits.
"We may revise the outlook to stable if Golomt Bank's asset quality
worsens significantly along with a seasoning of its loan book. This
could be indicated by, for example, a material rise in the gross
NPA ratio that stays higher than the domestic peers' average.
"We could upgrade Golomt Bank if the bank maintains its improved
asset quality while controlling its growth and risk appetite."
TRADE AND DEVELOPMENT: S&P Affirms 'B+' ICR, Alters Outlook to Pos.
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on long-term issuer credit
rating on Trade and Development Bank JSC (TDB) to positive from
stable. S&P affirmed its 'B+' long-term and 'B' short-term issuer
credit ratings on the Mongolia-based bank.
S&P also affirmed its 'B+' long-term foreign currency issue rating
on the bank's outstanding U.S. dollar-denominated senior unsecured
notes.
TDB will benefit from Mongolia's improving regulatory framework.
Tightened measures over the past couple of years will likely
support sustainably better asset quality and profitability for
Mongolian banks. These measures include an asset quality review
targeted at domestic systemically important banks (D-SIBs)
including TDB, implementation of International Financial Reporting
Standard 9 (IFRS 9), and requirement of a 4% additional capital
buffer and listing on the stock exchange for D-SIBs.
Pilot testing of internal capital and liquidity adequacy assessment
process indicates the regulator's continuing efforts to strengthen
banks' risk management and to narrow the gap with international
standards. Reducing industry risk for the banking system could lead
to a higher anchor (the starting point of our rating) of 'bb-' for
banks mainly operating in Mongolia, from the current 'b+'. Our view
of TDB's improved risk-adjusted capitalization, albeit moderate,
could enable the bank to benefit from a higher anchor.
S&P said, "We expect the Mongolian banking sector's nonperforming
asset (NPA) ratio (including Development Bank of Mongolia) to
improve to 8.5%-9.0% over the next two years, from about 10.0% at
end-2024. The ratio has steadily fallen from about 18.1% at
end-2020. The NPA ratio is based on our estimate of the sum of
stage 3 loans, restructured loans, and repossessed assets under
IFRS.
"We expect TDB to shift its focus to capital management rather than
growth. The bank's risk-adjusted capital (RAC) ratio, a key measure
we use to assess capital strength for banks, also benefits from the
upgrade of Mongolia. The higher sovereign rating translates into
lower risk weights on the bank's government exposures, lifting the
RAC ratio by about 15 basis points. We forecast TDB's RAC ratio
will stay at 5.2%-5.7% over the two years, compared with about 5.6%
at end-2024. This is above the 5% threshold for a moderate
assessment for the bank's capital and earnings.
"We believe TDB will remain committed to maintaining its regulatory
capital ratios with a buffer. We expect the bank to refrain from
excessive growth, and tighten risk control and profitability, given
that its regulatory capital buffer has narrowed. TDB's regulatory
Tier 1 ratio fell to 13.1% as of end-June 2025, from 14.8% at
end-2024. This compares with the minimum requirement of 13%
(including an additional capital buffer of 4% as a D-SIB).
"TDB's loan growth will likely slow down over the next 12-18
months. We project the bank's loan growth at 13%-15% over the next
one to two years. TDB grew 24% during the first six months of 2025,
following a 21% expansion in full-year 2024.
"We attribute the bank's high loan growth in recent years to
Mongolia's solid economic expansion that has boosted loan demand,
the bank's rebalancing of its asset portfolio in favor of more
loans over lower-yielding interbank deposits and cash equivalents,
and deployment of proceeds from senior unsecured bonds issued in
late 2024-early 2025 (totaling US$350 million). Its reported
loan-to-deposit ratio increased to about 71% as of June 30, 2025,
from 63% at end-2024.
"We expect TDB to record sound profitability. The bank's efforts to
diversify its loan portfolio and enhance risk control over the past
few years will likely mitigate earnings volatility. We believe
TDB's net interest margin will widen due to moderate loan growth
and a hike in Mongolia's policy rate by 200 basis points to 12% in
March 2025. This will likely offset a rise in credit losses. We
expect TDB's return-on-average assets to be about 1.5% over the
next two years, normalizing from a high of 2.2% in 2024 when the
bank benefitted from fairly contained credit costs. This compares
with about 1.1% on average during 2019-2023.
"TDB's asset quality will remain weaker than that of major domestic
bank peers despite a notable improvement. The bank's high exposure
to cyclical corporate sectors poses inherent credit risks, in our
view. Although TDB has reduced the proportion of loans to the
mining, construction, and manufacturing industries, they still
accounted for about 28% of the bank's total loans at end-June 2025.
This is higher than the industry average of about 20%, by our
estimate.
"We expect TDB's NPA ratio to improve modestly over the next 12-18
months. That said, a delayed recovery of legacy problematic
exposures could hinder the improvement. We estimate about 60% of
TDB's NPAs are repossessed assets and assets held for sale. The
bank had seized them from borrowers for settlement of impaired
assets. High credit growth in recent years will also test TDB's
risk management capabilities. The bank's NPA ratio was about 9.5%
as of end-June 2025, down from about 23.5% at end-2022.
"The positive outlook on the long-term rating reflects our view
that TDB will likely benefit from the reducing industry risk for
Mongolia's banks on the back of improving regulatory supervision.
We also expect TDB to maintain its well-established market presence
with strength in corporate banking and current level of
capitalization over the next 12-18 months."
S&P could revise the outlook to stable if:
-- The industry risk of Mongolia's banking sector remains elevated
due to materially heightened credit risk and weakening of profits;
or
-- TDB's capitalization deteriorates such that its RAC ratio
sustainably falls below 5%. This could be due to rapid business
expansion or excessive dividend payouts.
S&P could upgrade TDB if it believes industry risk for Mongolia's
banking sector has diminished, as demonstrated by sustainably
enhanced asset quality and profitability in the sector, while TDB
maintains its moderate risk-adjusted capitalization.
=====================
N E W Z E A L A N D
=====================
D S SCOTT: Court to Hear Wind-Up Petition on Nov. 11
----------------------------------------------------
A petition to wind up the operations of D S Scott Limited will be
heard before the High Court at Wellington on Nov. 11, 2025, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Oct. 9, 2025.
The Petitioner's solicitor is:
Jack David Laird
Legal Services
55 Featherston Street (PO Box 895)
Wellington 6011
KEANI LIMITED: Court to Hear Wind-Up Petition on Nov. 11
--------------------------------------------------------
A petition to wind up the operations of Keani Limited will be heard
before the High Court at Wellington on Nov. 11, 2025, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 24, 2025.
The Petitioner's solicitor is:
Jack David Laird
Legal Services
55 Featherston Street (PO Box 895)
Wellington 6011
RS TRADING: Court to Hear Wind-Up Petition on Nov. 27
-----------------------------------------------------
A petition to wind up the operations of RS Trading Limited will be
heard before the High Court at Auckland on Nov. 27, 2025, at 10:00
a.m.
President Level 8 Limited filed the petition against the company on
Sept. 17, 2025.
The Petitioner's solicitor is:
Brett Martelli
Martelli Yaqub Lawyers
273/6 Neilson Street
Onehunga, Auckland Central
Auckland
STREET LEGAL: Placed Into Voluntary Liquidation
-----------------------------------------------
Brett Kerr-Laurie at The Press reports that a Canterbury shoe
retailer has been placed in voluntary liquidation after two
decades, despite shareholders fronting up their own cash in an
attempt to stay afloat.
More than 50 creditors claimed upwards of NZD600,000 from Street
Legal Shoes Ltd after it was placed in voluntary liquidation on
October 21, an initial report revealed on Oct. 29.
According to The Press, liquidator Andrew Marchel Oorschot from
Ashton Wheelans identified NZD219,000 of inventory - but predicted
there would be "inadequate funds available to satisfy all
creditors".
Street Legal was incorporated in 2004 and sold a plethora of
popular and practical shoes at Northlands and South City Shopping
Centres, plus in Rangiora and Dunedin, and online.
"While Street Legal has enjoyed many successful years of supplying
quality footwear at competitive prices, the last two years have
seen an increasingly challenging operating environment," Mr.
Oorschot recorded.
Changing consumer purchasing behaviour, increased competition and -
"most significantly" - poor economic conditions from a cost of
living crisis, all contributed to the challenges.
Shareholders and management took "substantial steps", including
injecting shareholder capital into the business, but an economic
turnaround never materialised, Mr. Oorschot, as cited by The Press,
noted.
"The shareholders have made the decision to put the company into
voluntary liquidation to mitigate any further potential loss to
creditors."
An estimated NZD395,000 was owed to ANZ Bank, which had a general
security agreement, NZD102,000 to Inland Revenue, NZD90,000 to
secured creditors, and NZD20,000 in holiday and wage entitlements.
Unsecured creditors were yet to be calculated, The Press notes.
Shoe companies such as Australian Footwear, Globe, Mr Shoes and
Shoe Collective, as well as cleaning and administration companies,
were among more than 50 unique creditors listed in the report.
Mr. Oorschot estimated the liquidation would be completed in 3 to 6
months, The Press notes.
VCOMMS CONNECT: Court to Hear Wind-Up Petition on Nov. 11
---------------------------------------------------------
A petition to wind up the operations of Vcomms Connect Limited will
be heard before the High Court at Wellington on Nov. 11, 2025, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Sept. 26, 2025.
The Petitioner's solicitor is:
Jack David Laird
Legal Services
55 Featherston Street (PO Box 895)
Wellington 6011
=================
S I N G A P O R E
=================
BOS MARINE: Creditors' Meeting Set for Nov. 10
----------------------------------------------
BOS Marine Pte. Ltd. will hold a meeting for its creditors on Nov.
10, 2025, at 9:30 a.m., via electronic means.
Agenda of the meeting includes:
a. to present a Statement on the company's affairs showing the
assets and its estimated realisable value, together with a
list of creditors and the estimated amount of the claims;
b. to confirm the appointment of the Liquidators;
c. to appoint a Committee of Inspection;
d. to authorise the Liquidators to be at liberty to exercise
all or any of the powers conferred on them pursuant to the
Insolvency, Restructuring and Dissolution Act 2018 (Act 40
of 2018), including but not limited to the powers to appoint
solicitors and to compromise debts and claims; and
e. Any other resolutions.
Messrs Tan Wei Cheong and Lim Loo Khoon of Deloitte on Oct. 13,
2025, were appointed as provisional liquidator of the company.
MYROOM RETAIL: Court to Hear Wind-Up Petition on Nov. 14
--------------------------------------------------------
A petition to wind up the operations of Myroom Retail Private
Limited will be heard before the High Court of Singapore on Nov.
14, 2025, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Oct. 21, 2025.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
SII SCIENTIFIC: Creditors' Meeting Set for Nov. 10
--------------------------------------------------
SII Scientific (S) Pte. Ltd. will hold a meeting for its creditors
on Nov. 10, 2025, at 11:30 a.m., via electronic means.
Agenda of the meeting includes:
a. to present a Statement on the company's affairs showing the
assets and its estimated realisable value, together with a
list of creditors and the estimated amount of the claims;
b. to confirm the appointment of the Liquidators;
c. to appoint a Committee of Inspection;
d. to authorise the Liquidators to be at liberty to exercise
all or any of the powers conferred on them pursuant to the
Insolvency, Restructuring and Dissolution Act 2018 (Act 40
of 2018), including but not limited to the powers to appoint
solicitors and to compromise debts and claims; and
e. Any other resolutions.
Messrs Tan Wei Cheong and Lim Loo Khoon of Deloitte on Oct. 13,
2025, were appointed as provisional liquidator of the company.
SPEAKERBUS PTE: Commences Wind-Up Proceedings
---------------------------------------------
Members of Speakerbus Pte Ltd on Oct. 22, 2025, passed a resolution
to voluntarily wind up the company's operations.
The company's liquidator is:
Bernard Juay
c/o 10 Anson Road
#29-07 International Plaza
Singapore 079903
THREEONE RECRUITANT: Creditors' Meeting Set for Nov. 11
-------------------------------------------------------
Threeone Recruitant Pte. Ltd. will hold a meeting for its creditors
on Nov. 11, 2025, at 11:00 a.m., via electronic means.
Agenda of the meeting includes:
a. to present a Statement on the company's affairs showing the
assets and its estimated realisable value, together with a
list of creditors and the estimated amount of the claims;
b. to confirm the appointment of the Liquidators;
c. to appoint a Committee of Inspection;
d. to authorise the Liquidators to be at liberty to exercise
all or any of the powers conferred on them pursuant to the
Insolvency, Restructuring and Dissolution Act 2018 (Act 40
of 2018), including but not limited to the powers to appoint
solicitors and to compromise debts and claims; and
e. Any other resolutions.
Messrs Tan Wei Cheong and Lim Loo Khoon of Deloitte on Oct. 13,
2025, were appointed as provisional liquidator of the company.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***