251112.mbx

251112.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, November 12, 2025, Vol. 28, No. 226 Headlines A U S T R A L I A CAMPBELL AND TAYLOR: First Creditors' Meeting Set for Nov. 13 CONNECTED PROPERTY: First Creditors' Meeting Set for Nov. 12 EPSILON HEALTHCARE: Effectuates DOCA for Epsilon Clinics I AM QUANTUM: Goes Into Voluntary Liquidation LASER CLINICS: Hires PwC to Sell Global Biz Amid Lender Waivers SOUTHERN BACKGROUNDING: McGrathNicol Appointed as Receivers TT-LINE COMPANY: Deemed 'Insolvent' in August; Board Disagrees C H I N A CHINA VANKE: S&P Downgrades ICR to 'CCC', Outlook Negative I N D I A ACCIL CORPORATION: Insolvency Resolution Process Case Summary ARUNESH SAW: ICRA Keeps B Debt Rating in Not Cooperating Category ARYAN CONSTRUCTION: ICRA Keeps B+ Debt Ratings in Not Cooperating AVANI PETROCHEM: ICRA Keeps B+ Debt Ratings in Not Cooperating BAFNA MOTORS: Insolvency Resolution Process Case Summary BARDHAMAN AGRO: CARE Keeps B- Debt Rating in Not Cooperating BHILAI JAYPEE: Insolvency Resolution Process Case Summary BVL GRANITES: ICRA Keeps B+ Debt Ratings in Not Cooperating BYJU'S K3 EDUCATION: Insolvency Resolution Process Case Summary C M SMITH: Insolvency Resolution Process Case Summary CENTERPIECE BUSINESS: Voluntary Liquidation Process Case Summary GARVIT INNOVATIVE: Liquidation Process Case Summary HANDICRAFT & HANDLOOM: CARE Keeps C Debt Rating in Not Cooperating IL&FS FINANCIAL: ICRA Keeps D Debt Rating in Not Cooperating INFRASTRUCTURE LEASING: ICRA Keeps D Rating in Not Cooperating JHARKHAND INFRA: ICRA Keeps D Ratings in Not Cooperating Category K.M M. FOODS: CARE Keeps D Debt Rating in Not Cooperating KAMACHI STEELS: Insolvency Resolution Process Case Summary KIRORIMAL KASHIRAM: CARE Lowers Rating on INR49.50cr LT Loan to D LOKESH INDUSTRIAL: CARE Keeps B- Debt Rating in Not Cooperating LORD SHIVA: CARE Keeps D Debt Ratings in Not Cooperating Category NAIK ENVIRONMENTAL: ICRA Reaffirms B Rating on INR6.0cr LT Loan NAVA VISION: Insolvency Resolution Process Case Summary OVERSEAS TRADERS: ICRA Keeps D Debt Ratings in Not Cooperating PACIFIC GARMENTS: ICRA Keeps D Debt Ratings in Not Cooperating PARAMOUNT RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating POINT DEVELOPERS: Liquidation Process Case Summary RAMEE HOTELS: ICRA Withdraws D Rating on INR48.50cr Term Loan SAMPAT ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating SARDAR COTTON: CARE Keeps D Debt Rating in Not Cooperating SENTINI HEALTHCARE: ICRA Keeps B+ Debt Ratings in Not Cooperating SENTINI HOSPITALS: ICRA Keeps B+ Debt Ratings in Not Cooperating SHIMLA TOLLS: ICRA Keeps D Debt Ratings in Not Cooperating SHIVALIK VYAPAAR: CARE Keeps D Debt Rating in Not Cooperating SHREE RAM: Liquidation Process Case Summary SHREEJI CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating TIRUMALLA AGRO: Insolvency Resolution Process Case Summary USHDEV INTERNATIONAL: Liquidation Process Case Summary USHDEV WINDPARK: Insolvency Resolution Process Case Summary I N D O N E S I A GARUDA INDONESIA: To Raise US$1.4 Billion Via Private Placement J A P A N NISSAN MOTOR: Returns to Operating Profit in Q2, Keeps Forecast L A O S LAOS: Fitch Assigns 'CCC+' Rating to Proposed USD Bonds N E W Z E A L A N D COASTAL PROPERTIES: Creditors' Proofs of Debt Due on Nov. 28 FORTUNE FERN: Creditors' Proofs of Debt Due on Nov. 30 OMEGA TRANSPORT: Court to Hear Wind-Up Petition on Dec. 4 TAURANGA BUILDING: Court to Hear Wind-Up Petition on Dec. 8 URBAN VAPE: Creditors' Proofs of Debt Due on Dec. 1 S I N G A P O R E DEEP IDENTITY: Creditors' Proofs of Debt Due on Dec. 5 ECOSOFTT PTE: Court to Hear Wind-Up Petition on Nov. 14 K.T. CENTURY: Court to Hear Wind-Up Petition on Nov. 21 LS E&C: Court to Hear Wind-Up Petition on Nov. 14 MM2 ASIA: Woes Deepen as UOB Demands SGD74.6 Million Payment TWELVE CUPCAKES: Creditors' Meeting Set for Nov. 24 S O U T H K O R E A QOO10 GROUP: Court Declares WeMakePrice Bankrupt T A I W A N CONCORD SECURITIES: Fitch Affirms BB+ Long-Term IDR, Outlook Stable ORIENTAL SECURITIES: Fitch Affirms 'BB+' LT IDR, Outlook Negative V I E T N A M VIETCOMBANK: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable VIETINBANK: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable VIETNAM BANK: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable - - - - - ================= A U S T R A L I A ================= CAMPBELL AND TAYLOR: First Creditors' Meeting Set for Nov. 13 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Campbell and Taylor Investments Pty Limited (trading as Urban Spa Beecroft and Urban Spa Breakfast Point) will be held on Nov. 13, 2025 at 11:00 a.m. at the offices of Level 26, 25 Bligh Street, in Sydney, NSW, and via virtual meeting technology. Peter Paul Krejci & Andrew John Cummins of BRI Ferrier were appointed as administrators of the company on Nov. 3, 2025. CONNECTED PROPERTY: First Creditors' Meeting Set for Nov. 12 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Connected Property Services Pty Ltd will be held on Nov. 12, 2025 at 11:00 a.m. via Microsoft Teams. Joanne Dunn and John Park of FTI Consulting were appointed as administrators of the company on Nov. 3, 2025. EPSILON HEALTHCARE: Effectuates DOCA for Epsilon Clinics -------------------------------------------------------- TipRanks reports that Epsilon Healthcare Limited has announced its quarterly activities report for the period ending March 31, 2025, highlighting strategic growth and operational improvements. The company has commenced operations at Epsilon Pharmacy, extended a AUD4.8 million loan facility, and effectuated a deed of company arrangement for Epsilon Clinics. These developments are part of Epsilon's strategy to build an integrated healthcare ecosystem, enhance medicine accessibility, and improve financial performance and shareholder value. Based in Sydney, Australia, Epsilon Healthcare Limited (ASX: APN) -- https://epsilonhealthcare.com.au/ -- operates as a healthcare and pharmaceuticals company primarily in Australia and Canada. It engages in the manufacture and distribution of hydroponics equipment, materials, and nutrients; and development and delivery of medicinal cannabis, as well as provides turnkey cannabis cultivation solutions. The company was formerly known as THC Global Group Limited and changed its name to Epsilon Healthcare Limited in February 2021. Ian Purchas and Hugh Armenis of SV Partners were appointed as administrators of the company on Dec. 17, 2023. I AM QUANTUM: Goes Into Voluntary Liquidation --------------------------------------------- News.com.au reports that a second company owned by ex-Ninja Warrior contestant and life coach Espen Wold-Jensen has collapsed, with the self-described entrepreneur's organisations now owing millions. News.com.au says Espen Wold-Jensen - who goes by Dr Espen online - runs seminars on energy and healing, with the events costing participants thousands of dollars. Dr Wold-Jensen is set to hold a three-day event in Sydney on November 21 called the Quantum Advanced Seminar. General access tickets to the seminar cost AUD1995, while a VIP ticket, which includes a private dinner with Dr Wold-Jensen, will set you back AUD3,495. News.com.au relates that the seminar from the "business mentor" comes at a rocky time, however, for his own ventures with a second company built by Dr Epsen, which went into liquidation last week. In 2024, his company, Dr Espen Enterprises Pty Ltd, collapsed with debts of more than AUD6.4 million and around AUD21,000 left in the bank. Now, another company founded by Mr Wold-Jensen – I Am Quantum Pty Ltd – has gone into voluntary liquidation owing creditors AUD1.1 million, according to news.com.au. Mr. Wold-Jensen was director of the company; however handed the role to Aditya Sudan in February. ASIC documents obtained by news.com.au show I Am Quantum Pty Ltd owes the ATO AUD906,000, as well as AUD9,488 to the Crown Melbourne and more than AUD64,000 to American Express. In a report dated September 2024, liquidators identified Dr Espen Enterprises Pty Ltd owed thousands in wages and superannuation to employees, as well as owing AUD6,397,282 to five unnamed creditors. The report also revealed Dr Espen Enterprises Pty Ltd had around AUD21,000 in the bank. "The total recoveries from cash at the bank are expected to be in the amount of AUD21,296.24," the report revealed. In a statement provided to media, Dr Wold-Jensen said he was forced to close I Am Quantum Pty Ltd due to the impacts of Covid-19, news.com.au relays. "It was made only after exploring every possible avenue to protect our team, students, and partners - and always with the values of honesty, compassion, and integrity at heart," Dr Wold-Jensen wrote. "Choosing voluntary liquidation was therefore an act of responsibility - a transparent step to meet all legal obligations, protect the interests of our employees and stakeholders, and close this chapter with integrity. "The work of human transformation, education, and consciousness that began with I Am Quantum continues - stronger, wiser, and more sustainable - through Quantum Global and our future initiatives." LASER CLINICS: Hires PwC to Sell Global Biz Amid Lender Waivers --------------------------------------------------------------- Australian Financial Review's Street Talk reports that KKR and The Growth Fund's Laser Clinics is ready to zap its international business, weeks after securing covenant waivers from its lender group, including global asset management firm Barings and New York-headquartered HPS Investment Partners. Street Talk can reveal Laser Clinics has hired PwC to sell the United Kingdom and North American operations, which accounted for AUD34.5 million or about a fifth of the AUD187.3 million group revenue for the 2025 financial year. The loss-making group owes banks and credit funds nearly AUD325 million. Laser Clinics offers a range of aesthetic and cosmetic services, primarily focusing on non-invasive treatments. SOUTHERN BACKGROUNDING: McGrathNicol Appointed as Receivers ----------------------------------------------------------- Jonathan Henry and Katherine Sozou of McGrathNicol on Nov. 4, 2025, were appointed as receivers and managers of Southern Backgrounding Pty Ltd. TT-LINE COMPANY: Deemed 'Insolvent' in August; Board Disagrees -------------------------------------------------------------- ABC News reports that Tasmania's auditor-general said that Spirit of Tasmania operator TT-Line was insolvent in August, but the state-owned company has disputed that claim. According to the ABC, Auditor-General Martin Thompson released a report on Nov. 10 into the financial statements of state entities, pointing out the financial challenges facing TT-Line, along with the Motor Accidents Insurance Board (MAIB). His assessment of TT-Line came after its borrowing limit was increased from AUD990 million to AUD1.4 billion, but before the government provided a AUD75 million equity injection. The ABC relates that the report stated that TT-Line could meet its short-term debts, but not for the long term. "I issued my audit report on the financial statements of TT-Line on 19 August 2025. At that date, it was my opinion that TT-Line was insolvent, in that it had incurred debt that it did not have the ability to repay." Over the past four years, TT-Line has gone from a AUD4.2 million underlying profit to a AUD24 million loss, while it provided no returns to the government in the past financial year. Passenger numbers also declined by 4.9 per cent in the past financial year. TT-Line is coming to the end of its scandal-plagued ferry replacement, with both new vessels expected to start operating in October next year. It has also undergone major changes in its board and management, withdrawn its corporate plan, and is creating a new corporate plan, which it expects to provide to the government in the coming months. It is yet to draw down on its AUD400 million increased debt capacity. The ABC says the company's board disagreed with the auditor-general's comment about "insolvency". Chair Ken Kanofski said the board "remains confident of its position". "TT-Line has already almost fully paid for the new ships and has more assets than liabilities," the ABC quotes Mr. Kanofski as saying. "The directors and management, with the assistance of our specialist advisers, continue to work on developing a range of long-term financially sustainable options for the government to consider." TT-Line Company Pty Ltd, trading as Spirit of Tasmania, provides ferry services between mainland Australia and Tasmania. ========= C H I N A ========= CHINA VANKE: S&P Downgrades ICR to 'CCC', Outlook Negative ---------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on China Vanke Co. Ltd. (China Vanke) to 'CCC' from 'B-' and its long-term issuer credit rating on China Vanke's subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) to 'CCC' from 'B-'. S&P also lowered the issue rating on Vanke HK's senior unsecured notes to 'CCC' from 'B-'. The negative rating outlook on China Vanke reflects S&P's view that the company's financial commitments appear to be unsustainable. S&P expects it will need to rely on favorable conditions such as continuing loans from Shenzhen Metro and cash collection from contracted asset disposals to meet its debt obligations. S&P said, "China Vanke financial commitments appear unsustainable, in our view, as its contracted sales and liquidity further deteriorate. We estimate the company's reported cash flow from operations will be negative in 2025. "In our view, if the company fails to continue to obtain timely and sufficient loans from its shareholder Shenzhen Metro Group Co. Ltd (Shenzhen Metro) and fails to collect sufficient proceeds from contracted asset disposals, it could default on its debt obligations over the next 12 months. "We expect China Vanke's reported operating cash flow will be negative in 2025. Between January and October 2025, the company's contracted sales shrank by about 43% year on year. This is weaker than our previous expectation of a 40% decline for full year 2025. Previously, we expected China Vanke's reported cash flow from operations in 2025 could barely break even. "We have revised down our contracted sales forecast for China Vanke to a decline of 47% in 2025 to Chinese renminbi (RMB) 131 billion. At this level of sales, we estimate China Vanke's reported cash flow from operations will be negative. During the first nine months of 2025, China Vanke reported a negative operating cash flow of RMB5.9 billion. In 2026, we expect its contracted sales could slip further to RMB103 billion. "In our view, China Vanke could default on its debt obligations if it does not receive timely and sufficient loans from its largest shareholder, Shenzhen Metro. So far in 2025, Shenzhen Metro has provided more than RMB29 billion in shareholder loans to China Vanke. China Vanke has used such loans to repay bonds." Between January and early November 2025, China Vanke repaid about RMB29 billion equivalent of onshore and offshore bonds. It also announced it will exercise the call option on its RMB1.6 billion onshore bond puttable on Nov. 13, 2025. In an announcement on Nov. 2, 2025, regarding a loan framework agreement between China Vanke and Shenzhen Metro, China Vanke said it could obtain a further RMB2.29 billion loan from Shenzhen Metro until China Vanke's next annual general meeting (scheduled for no later than June 30, 2026). This compares with an onshore bond maturity wall of about RMB15 billion between Nov. 13, 2025, to June 30, 2026. S&P said, "Although we estimate China Vanke still has RMB13 billion in uncollected proceeds from contracted asset disposals, we think the collection progress has been slow during the second quarter and third quarter of 2025. During the first nine months, cash inflow from asset disposals was about RMB4.4 billion. Of this, China Vanke collected about RMB3.7 billion in the first quarter. In our view, China Vanke's liquidity could improve if the company engages in further material asset disposals and collects further proceeds from its contracted disposals on a timely basis. "We believe China Vanke has stable relationships with financial institutions. We expect the company will be able to refinance its bank loans and the majority of its borrowings from insurers. In the third quarter of 2025, we estimate China Vanke's net repayment of borrowing from financial institutions was only RMB2.3 billion. This excludes cash inflow from shareholder's loans and cash outflow due to repayment of bonds. That was relatively stable when compared with RMB2.2 billion in the second quarter, and slightly higher than RMB1.4 billion in the first quarter. "We currently do not consider Shenzhen Metro to be China Vanke's parent. We could reassess China Vanke's relationship with, as well as importance to, Shenzhen Metro, if we receive indication that Shenzhen Metro has control over China Vanke's strategy and cash flow. Out of China Vanke's nine board members, only three are from Shenzhen Metro or Shenzhen's other state-owned enterprises. This includes China Vanke's newly appointed chairman (on Oct. 13, 2025), Mr. Liping Huang, who is also a director and the general manager of Shenzhen Metro. Thus far, Shenzhen Metro also does not consolidate China Vanke's results. "The negative rating outlook on China Vanke reflects our view that the company's financial commitments appear unsustainable as its contracted sales and liquidity further deteriorate. "We expect both China Vanke and Vanke HK will need to rely on favorable conditions such as continuing shareholder loans from Shenzhen Metro and cash collection from contracted asset disposals to meet their debt obligations. "We may lower our ratings on China Vanke if we determine the company could default on its debt obligations or engage in a distressed exchange or restructuring in the next six months. This could occur if China Vanke fails to obtain sufficient shareholder loans from Shenzhen Metro on a timely basis. "We could lower the rating on Vanke HK if we downgrade China Vanke. In addition, we may lower the rating on Vanke HK if we believe China Vanke's ability or willingness to support the company has weakened." S&P may consider a positive rating action on China Vanke if: -- The company's contracted sales and liquidity improve markedly; or -- S&P confirm that Shenzhen Metro has control over China Vanke, and that China Vanke is important to Shenzhen Metro's long-term strategy. In such a case, it would also expect Shenzhen Metro to provide timely and sufficient extraordinary liquidity support to China Vanke amid its liquidity strain. ========= I N D I A ========= ACCIL CORPORATION: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Accil Corporation Private Limited Registered Address: Plot No. 1, Raj Mahal Palace Scheme Sahkar Circle, Sardar Patel Marg, Jaipur, Rajasthan, India, 302001 Insolvency Commencement Date: October 15, 2025 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: April 13, 206 Insolvency professional: Ajay Kumar Atolia Interim Resolution Professional: Ajay Kumar Atolia 889 Mahaveer Nagar First, Near Durgapura Railway Station, Tonk Road, Jaipur, Rajasthan, 302018 Email ID: ajay@srgoyal.com -- and -- 109, Surya Kiran Building, KG Marg, New Delhi - 110001, New Delhi, National Capital Territory of Delhi, 110001 Email ID: ip.accilcorporation@gmail.com Last date for submission of claims: October 29, 2025 ARUNESH SAW: ICRA Keeps B Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Arunesh Saw Mills (ARSM) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 6.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with ARSM, 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. Ananda Saw Mills (ANSM) was originally established in 1982 as a partnership by Mr. Alagaraja along with other partners. However, the firm was closed in 2016 and a new firm was opened in January 2017 under the same name. The partners comprise of Mr. M.R. Alagaraja and his family including Mrs. A. Padma, Mr. Dhiyaneswaran and Mrs. Priyadarshini. The firm's saw mill is located at Tenkasi (Tamil Nadu) with an installed capacity of 100 cubic meters/ per day. Arunesh Saw Mills (ARSM) was established as a Partnership firm in 2000 by Mr. Alagaraja and his family as partners. The firm's saw mill is located at Tenkasi (Tamil Nadu) with an installed capacity of 100 cubic meters/per day. The firm is engaged in the import of round timber logs and processing them into various commercial sizes as per the requirement of its customers. ARYAN CONSTRUCTION: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term ratings of Aryan Construction & Associates in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Bank Guarantee to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Aryan Construction & Associates, 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. Aryan Construction & Associates was formed in 2007. The firm is engaged in civil construction works primarily into construction and up gradation of roads. The firm is enlisted as a Class-1 contractor (for road works) of Public Works Department, Uttrakhand (PWD, Uttrakhand) and Public Works Department, Uttar Pradesh (PWD, UP). The firm participates in tenders issued by Public Works Department, in the state of Uttar Pradesh, Punjab and Rajasthan majorly and undertakes road construction works for the National Highways majorly. The firm has projects in Punjab and U.P. outstanding as of September 2022. The contracts awarded are related to upgradation of roads, mainly the national highways. AVANI PETROCHEM: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Avani Petrochem Private Limited (APPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 35.60 [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 Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term (35.60) [ICRA]A4; ISSUER NOT Interchangeable COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with APPL, 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. Avani Petrochem Private Limited (APPL) was established 1980 by Mr Dipak Shah. The company uses fractional distillation process to manufacture petroleum specialty products mainly dearomatized hydrocarbon solvents and oils for polymers, mosquito repellents, paints, ink and aluminum industry. The company procures the key raw materials (dearomatized kerosene oil) from Korea and Saudi Arabia as this process is not carried out by any refinery in India. APPL also procures the same from importers based in India. APPL is a promoter driven company with the operations and administration primarily being managed by the promoter Mr. Dipak Shah and his son Mr. Harsh Shah. The company has its distillation towers in Halol, Vadodara with capacity of 16000 kilo liters per annum. GIL is promoted by the Garg family - Mr. Narsi Das Garg, Mr. Vinod Garg and Mr. Balraj Garg. The promoters have been engaged in the Iron and Steel industry for a long time and have promoted two other companies- Raipur Power and Steel Limited (RPSL) and Parth Concast Limited (PCL). BAFNA MOTORS: Insolvency Resolution Process Case Summary -------------------------------------------------------- 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 BARDHAMAN AGRO: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Bardhaman Agro Products (I) Private Limited (BAPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.20 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 11, 2024, placed the rating(s) of BAPPL under the 'issuer non-cooperating' category as BAPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BAPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 27, 2025, September 6, 2025, September 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bardhaman Agro Products (I) Private Ltd (BAPPL), incorporated in 2009, commenced operation from October, 2009. The company is engaged in processing and milling of Govind Bhog rice at its milling unit located at Burdwan, West Bengal. BAPPL procures paddy from farmers & local agents and sells its products through the wholesalers and distributors across south India mainly areas like Bangalore, Kerala and Pondicherry. The company also exports its branded products to some of the Middle East countries. The company also has premium flagship brands named 'ROSE' and 'Tripple Deer'. Mr. Sekh Rabikul Haque (Director) and Mr. Samir Kanti Sikdar (Director) has over two decades of experience in rice milling, looks after the day to day operations of the company. They are further supported by a team of experienced professionals. BHILAI JAYPEE: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Bhilai Jaypee Cement Limited Registered Address: Grinding Plant Bhilai Steel Plant Premises, Slag Road, Bhilai, Chattisgarh, 490001 - India Insolvency Commencement Date: October 15, 2025 Court: National Company Law Tribunal, Cuttack Bench Estimated date of closure of insolvency resolution process: April 13, 2026 Insolvency professional: Ashutosh Khemani Interim Resolution Professional: Ashutosh Khemani Office No. 1-C, 3rd Floor, Shyam Plaza, Pandri, Opp New Bus Stand, Raipur, Chhattisgarh, 492001 Email: ashutosh.khemani@gmail.com Email: cirp.bjcl@gmail.com Last date for submission of claims: October 29, 2025 BVL GRANITES: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings of BVL Granites in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 28.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues Limits to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with BVL Granites, 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. BVL Granites was established in the year 2007 as a partnership firm and is into granite quarrying, processing and export. The firm operates out of a plant spread over an area of 18.75 acres with an overall production capacity of 7,43,218 sqm./annum in Prakasam, Andhra Pradesh. BVL Granites is a part of the BVL Group of Companies based in Ongole, Andhra Pradesh, India. The group has major presence in tobacco processing and export, construction, real estate and in granite quarrying, processing and exporting. However, each firm is operated independently and transactions, if any, are carried out at arm's length. BYJU'S K3 EDUCATION: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: BYJU'S K3 EDUCATION PRIVATE LIMITED Registered Address: IBC Knowledge Park, 4/1, 2nd Floor Tower D, Bannerghatta Main Road, Bangalore, Karnataka, India, 560029 Insolvency Commencement Date: October 15, 2025 Court: National Company Law Tribunal, Bangalore Bench Estimated date of closure of insolvency resolution process: April 13, 2026 Insolvency professional: Pankaj Kumar Singhal Interim Resolution Professional: Pankaj Kumar Singhal WP-509, 3rd Floor, Wazirpur Village, Ashok Vihar I, Ashok Vihar I, Near Airtel Store, New Delhi - 110052 Email: aprassociatesllp@gmail.com Email: ip.byjusk3@gmail.com Last date for submission of claims: October 31, 2025 C M SMITH: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: C M Smith And Sons Limited Registered Address: Dashrath Wadi, Court Road Nadiad, Dist-Kheda, Nadiad, Gujarat, India, 387001 Insolvency Commencement Date: October 16, 2025 Court: National Company Law Tribunal, Ahmedabad Bench II Estimated date of closure of insolvency resolution process: April 14, 2026 Insolvency professional: Janak Jagjivan Shah Interim Resolution Professional: Janak Jagjivan Shah 201, Kamdhenu Complex, Near Toran Dining Hall, Opp. Sales India, Income Tax, Ashram Road, Ahmadabad, Gujarat - 380009 Email id: iprvcajanakshah@gmail.com -- and -- 10th Floor, 1003, Zion Z1, Near Avalon Hotel, Sindhu Bhavan Road, Thaltej, Ahmedabad - 380054 Email id: cirp.cmsmith@npvinsolvency.in Last date for submission of claims: October 30, 2025 CENTERPIECE BUSINESS: Voluntary Liquidation Process Case Summary ---------------------------------------------------------------- Debtor: Centerpiece Business Solutions Private Limited E-19 Ground Floor Lajpat Nagar-III Lajpat Nagar, New Delhi, New Delhi, Delhi, India, 110024 Liquidation Commencement Date: October 15, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Hardev Singh 101, Plot No. 6, LSC, Vardhman Rajdani Plaza, New Pajdhani Enclave, Delhi 110092 Email: singh_hardev@rediffmail.com Tel: +919810331425 Last date for submission of claims: November 14, 2025 GARVIT INNOVATIVE: Liquidation Process Case Summary --------------------------------------------------- Debtor: Garvit Innovative Promoters Limited Plot No. 1, Chiti, Greater Noida, Gautam Buddh Nagar, Uttar Pradesh - 203202 Liquidation Commencement Date: October 15, 2025 Court: National Company Law Tribunal, Allahabad Bench Liquidator: Nirmal Kumar Bhesoni A-211, Ground Floor, Gali no1, Hardev Nagar Burari, Delhi-110084 ipnirmalkumar@gmail.com -- and -- 2A, Royal flats, Shipra Suncity, Indirapuram, Ghaziabad U.P 201014 Email: garvit.liquidation@gmail.com Last date for submission of claims: November 15, 2025 HANDICRAFT & HANDLOOM: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Handicraft & Handloom Export Corporation of India Limited (HHECOIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank Facilities 18.40 CARE A4; ISSUER NOT COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 23, 2024, placed the rating(s) of HHECOIL under the 'issuer non-cooperating' category as HHECOIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HHECOIL continues to be noncooperative despite repeated requests for submission of information through e-mails dated September 8, 2025, September 18, 2025 and September 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Handicraft & Handloom Export Corporation of India Limited (HHECOIL) was established in 1958 and presently operates as an independent Public Sector Undertaking (PSU) under the administrative control of Ministry of Textile (MoT). HHECOIL operates under two segments, namely, handicraft and handloom segment (H&H segment) and bullion segment. H&H segment involves direct export sale of handicraft, handloom & carpets etc, and indirect export (througfffh exhibitions and fairs) and sale of gold and silver jewellery. HHECOIL also has a manufacturing facility at Noida (Uttar Pradesh) and Chennai (Tamil Nadu) for manufacturing ready-to-wear garments. IL&FS FINANCIAL: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the rating for the Commercial Paper programme of IL&FS Financial Services Limited (IFIN) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Commercial paper 4,000 [ICRA]D; ISSUER NOT COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with IFIN, ICRA has been trying to seek information from the entity so as to monitor its performance, 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. IL&FS Financial Services Ltd. (IFIN) is a wholly owned subsidiary of Infrastructure Leasing and Financial Services Limited (IL&FS). IFIN is registered as a NBFC and is the lending arm of IL&FS Group. Infrastructure Leasing & Financial Services Limited (IL&FS) is the holding company of IL&FS Group (302 entities). By way of an order dated October 1, 2018 National Company Law Tribunal (NCLT) granted approval to the Government of India (GoI) to appoint a new board of directors for the debt resolution of IL&FS and Group companies. INFRASTRUCTURE LEASING: ICRA Keeps D Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the ratings of Infrastructure Leasing & Financial Services Limited 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 ---------- ----------- ------- Bonds/NCD/LTD 5,225 [ICRA]D; ISSUER NOT COOPERATING; Rating Continues to remain under 'Issuer Not Cooperating' Category Commercial 2,500 [ICRA]D; ISSUER NOT COOPERATING; paper Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term 350 [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 Infrastructure Leasing & Financial Services Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, 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. IL&FS Limited was incorporated in 1987 with the objective of promoting infrastructure projects in the country. IL&FS was promoted by the Central Bank of India (CBI), Housing Development Finance Corporation Limited (HDFC) and Unit Trust of India (now, Specified Undertaking of Unit Trust of India - SUUTI). While SUUTI has largely exited (stake of 0.82% as on March 31, 2019), the shareholding has broadened over the years with the participation of many institutional shareholders. As on March 31, 2019, Life Insurance Corporation of India (LIC) and ORIX Corporation Japan were the largest shareholders in IL&FS with their stake holding at 25.34% and 23.54% respectively, while Abu Dhabi Investment Authority (ADIA), HDFC, CBI and SBI stake holding are at 12.56%, 9.02%, 7.67% and 6.42% respectively. Over the years IL&FS' focus has steadily shifted from project sponsorship to that of project advisory and project facilitator for development and implementation of projects. IL&FS acts as the main holding company of the IL&FS Group with most business operations domiciled in separate companies. IL&FS's Group companies are currently involved in infrastructure related project sponsorship, development & advisory, investment banking, corporate advisory, asset management and advisory services in environmental and social management, with presence across sectors like surface transportation, urban infrastructure, energy (thermal and renewable), education, maritime & ports etc. JHARKHAND INFRA: ICRA Keeps D Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the rating of Jharkhand Infrastructure Implementation Company Limited (JIICL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 382.67 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 60.53 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As a part of its process and in accordance with its rating agreement with JIICL, 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 cooperation and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, the rating has been continued in the "Issuer Not Cooperating" category. The rating is based on the best available information. Jharkhand Infrastructure Implementation Company Limited (JIICL), a wholly-owned subsidiary of IL&FS Transportation Networks Limited (ITNL), was incorporated in 2015, to develop a six-lane divided carriageway with paved shoulders on Ranchi Ring Road (section VII) on Build, Operate and Transfer (BOT) annuity basis. The project stretch starts from design chainage Km 0.000 near Kathitar Junction on NH-75 via Sukurhuttu Pithorato design chainage Km. 23.575 at Vikas on NH-33, in Jharkhand, having a length of 23.575 km. The total project cost of INR636 crore was funded by equity infusion of INR80 crore, promoter sub-debt of INR80 crore and INR476 crore of bank debt. The project achieved provisional completion certificate on November 21, 2018 and received the final completion certificate on May 16, 2019. K.M M. FOODS: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of K. M. M. Foods Private Limited (KMMFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.66 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 14, 2024, placed the rating(s) of KMMFPL under the 'issuer non-cooperating' category as KMMFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KMMFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 30, 2025, September 9, 2025, September 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable KMMFPL was incorporated in 2007 by Mr Prem Manglani and Mr. Ghanshyam S Manglani. It is a contract-based manufacturer of Parle 20-20 biscuits for Parle Products Limited (PPPL). The company has its manufacturing unit in Ahmedabad, Gujarat. KAMACHI STEELS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Kamachi Steels Private Limited Registered Address: No.664, T.H.Road, Tondiarpet, Chennai - 600 081, Tamil Nadu, India Insolvency Commencement Date: October 15, 2025 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: April 13, 2026 Insolvency professional: Piyush Kisanlal Jani Interim Resolution Professional: Piyush Kisanlal Jani Om Ashray, New Laxminagar, behind Mazar Ring Road, Gondia, Maharashtra - 441614 Email: capiyushj@gmail.com -- and -- Plot No. 212, Pragati Colony, 2nd Floor, Ring Rd, Chhatrapati square, near Kalpavruksha Hospital, Nagpur, Maharashtra - 440015 Email: cirp.kamachisteels@gmail.com Last date for submission of claims: October 30, 2025 KIRORIMAL KASHIRAM: CARE Lowers Rating on INR49.50cr LT Loan to D ----------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Kirorimal Kashiram Marketing Andagencies Private Limited (KKMAPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 49.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated January 28, 2025, placed the rating(s) of KKMAPL under the 'issuer non-cooperating' category as KKMAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KKMAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of KKMAPL have been revised on account of non-availability of requisite information. The revision also factored delays in debt servicing recognized from lender feedback. Analytical approach: Standalone Outlook: Not Applicable Kirorimal Kashiram Marketing and Agencies Private Limited was incorporated in 1995. The company is primarily engaged in processing and trading of basmati rice and trading of pulses to a smaller extent. KKMAPL sells rice under three brand names 'Double Deer', 'Postman' and 'Bullet'. The company has two rice mills in Chennai (120 TPD) and a leased unit in Delhi (100 TPD) and has constructed a new rice mill in Sonepat, Haryana. The Company also has storage facility of around 4000 MT. The day-to day operations of the company are managed by Mr. Arun Kumar Aggarwal who is assisted by his son, Mr. Jatin Aggarwal. LOKESH INDUSTRIAL: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Lokesh Industrial Services Private Limited (LISPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 8, 2024, placed the rating(s) of LISPL under the 'issuer non-cooperating' category as LISPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LISPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 24, 2025, September 3, 2025, September 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable LISPL is a part of Lokesh Group, incorporated in 2007. LISPL is mainly engaged in material handling activities and road construction spread across Pan India. LORD SHIVA: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Lord Shiva Construction Co Private Limited (LSCCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 7.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 1.38 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 23, 2024, placed the rating(s) of LSCCPL under the 'issuer non-cooperating' category as LSCCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LSCCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 8, 2025, September 18, 2025 and September 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Haryana-based Lord Shiva Construction Co. Pvt. Ltd. (LSCCPL) was incorporated in July 1992 and is currently being managed by Mr Anil Jain and his wife Mrs Sunita Jain. The company is engaged in construction works which involve construction of roads and civil construction (buildings). In road segment, LSCCPL executes contracts mainly for PWD (Public Work Department), Haryana, and in civil construction the company had constructed buildings for government colleges based out of Haryana. NAIK ENVIRONMENTAL: ICRA Reaffirms B Rating on INR6.0cr LT Loan --------------------------------------------------------------- ICRA has reaffirmed ratings on certain bank facilities of Naik Environmental Engineers Private Limited (NEEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B (Stable); Reaffirmed Fund Based- assigned for enhanced amount Cash Credit Short Term- 2.95 [ICRA]A4; Reaffirmed Non Fund Based assigned for enhanced amount Others Rationale The ratings action of NEEPL reflects extensive experience of its promoters, spanning over three decades in wastewater treatment industry. The ratings are further supported by healthy revenue visibility from confirmed orders from operation & maintenance (O&M) services and product sales, backed by strong order book position, which stood at INR92.7 crore as on August 11, 2025. Nonetheless, timely execution of these orders remains a key monitorable. However, the ratings are constrained by NEEPL's relatively small scale of operations, which limits its financial flexibility and ability to absorb market shocks. The company's profitability is also exposed to risks arising from fluctuations in raw material prices, which can adversely impact the company's profit margins. Moreover, NEEPL has high working capital intensity, driven by extended receivable cycles and significant inventory holding requirements. These factors can affect liquidity and operational efficiency, posing challenges to revenue growth. The Stable outlook reflects ICRA's opinion that NEEPL's credit profile is expected to improve, going forward, backed by consistent execution of orders in hand, leveraging extensive experience and technical expertise of its promoters in the wastewater treatment industry. Key rating drivers and their description Credit strengths * Experience of promoters in wastewater management: The promoters have over three decades of experience in the water treatment industry. The company is engaged in manufacturing, supply, and installation of a wide range of wastewater treatment equipment, serving both Government bodies and private clients. The company has developed and patented its own in-house sewage treatment plants (STPs) and also offers customised solutions along with O&M services. * Revenue visibility from confirmed orders: The company has a total order book of INR92.7 crore, with INR20-25 crore scheduled for execution by March 2026, offering strong revenue visibility. Around 70% of the orders pertains to supply, installation, and commissioning of STPs, while the remaining 30% relates to O&M services. However, maintaining adequate liquidity will depend on timely execution and subsequent receipt of payments from customers. Credit challenges * Small scale of operations: NEEPL has maintained a modest scale of operations over the years, with revenues in the range of INR9.3-INR10.0 crore during FY2021 to FY2025, except in FY2024, when it recorded higher revenue of INR11.3 crore. While the company's revenue is expected to grow with the execution of existing orders and new inflows, the overall scale is likely to remain limited. The company's small revenue and net worth base restrict its financial flexibility and ability to absorb short-term disruptions, making it vulnerable to business downturns. Additionally, it faces intense competition from established players in the water treatment industry. * High working capital intensity of operations: The company's operations remain highly working capital intensive, primarily due to an extended receivable cycle of 236 days and a high inventory holding period of 369 days as on March 31, 2025, driven by a lengthy manufacturing process. The company maintains 30-60 days of raw material inventory, with the remainder comprising work in progress. Although bill realisations generally occur within 60 days, clients retain 5% of the billed amount until installation, resulting in elevated receivables. These high working capital requirements continue to exert pressure on NEEPL's liquidity. * Vulnerability of profitability to adverse fluctuations in raw material prices: The company receives product-specific orders with long execution timelines, while prices are fixed at the tender stage. In the absence of a price variation clause, NEEPL's profit margins remain exposed to fluctuations in steel prices over the contract period. Although raw materials are generally procured immediately upon order receipt, offering some protection, profitability remains sensitive to volatility in input costs. Liquidity position: Stretched NEEPL's liquidity position remains stretched, with modest cash and bank balances and limited cushion in undrawn working capital limits as of March 2025. The company faces debt repayment obligation of INR1.5 crore in FY2025, though no significant capital expenditure is planned. The company may require funding support from promoters in case of any shortfall. Rating sensitivities Positive factors – ICRA could upgrade NEEPL's ratings if there is a significant growth in scale and profitability along with an improvement in working capital cycle, strengthening the overall liquidity and the financial risk profile. Negative factors – Pressure on NEEPL's ratings could arise if there is a sustained decline in its revenue and profitability. Further, sustained pressure on the working capital cycle, adversely impacting the liquidity, may result in ratings downgrade. Naik Environmental Engineers Private Limited (NEEPL), incorporated in 1990, is involved in manufacturing, supply and installation of energy-efficient water treatment solutions for wastewater treatment. Dr. Shirish Naik, Ms. Veena Naik, Dr. Kartiki Naik, and Ms. Gauravi Naik are the Directors of the company. Dr. Shirish Naik, a PhD from Sensitivity Label: Public IIT Bombay and a former Professor, manages the overall business. The management of the company consists of highly experienced professionals, supported by qualified technicians, engineers, and chemists. The company has its own invented and patented product, ECO-BIOPACK, based on the rotating media bio reactor (RMBR) technology. It also specialises in rendering customised services such as consulting, engineering design, laboratory testing, equipment supply, besides standard O&M services in the environmental engineering field. NEEPL has its owned registered office and warehouse at Kopar Khairane, Navi Mumbai, and a manufacturing unit/workshop at Khopoli, Raigad. The company's clients are spread across India. NAVA VISION: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Nava Vision Global Education Private Limited Registered Address: B-104, 499, MAP Enclave Apartments 3rd Main Road, New Thippasandra Post, Vi, Gnananagar, Bangalore, Bangalore, Karnataka, India, 560075 Insolvency Commencement Date: October 13, 2025 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: April 11, 2026 Insolvency professional: K.J. Vinod Interim Resolution Professional: K.J. Vinod Flat No B-602, Santha Towers, Paruthipattu, Avadi, Chennai PIN 600 071 Email: Kjvinod05@rediffmail.com Email: nvgeplcirp@gmail.com Last date for submission of claims: October 27, 2025 OVERSEAS TRADERS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Overseas Traders 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 ---------- ----------- ------- Short-term 2.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the Other '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 Long Term- (18.00) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term- 12.00 [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 Overseas Traders, ICRA has been trying to seek information from the entity so as to monitor its performance, but 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. Overseas Traders is a partnership firm established in 1977 and is involved in exporting agricultural commodities like onions, potatoes, tendu (beedi) leaves, fresh fruits and vegetables, with onion constituting majority of the sales. The commodities are procured from the domestic market and exported majorly to Sri Lanka, Malaysia, Pakistan and the UAE. OT has its registered office in Mumbai and is managed by the Katharani family. PACIFIC GARMENTS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Pacific Garments Pvt. Ltd. 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 ---------- ----------- ------- Short-term- 3.75 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.25 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 4.72 [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 Pacific Garments Pvt. Ltd., ICRA has been trying to seek information from the entity so as to monitor its performance, but 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 1995 by Mrs. Madhushree Gupta, PGPL is a private limited company engaged in manufacturing and exporting of women's garments. The firm's manufacturing unit is located in Noida. PARAMOUNT RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Paramount Rice Pvt. Ltd. (PRPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.86 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 15.00 [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 PRPL, ICRA has been trying to seek information from the entity so as to monitor its performance, but 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. Paramount Rice Pvt. Ltd. (PRPL) was established by Mr. Narayan Prasad Jhanwar & Mr. Girraj Mal Nyati as a partnership firm, however in the year 1998 partnership firm was converted into a private limited company with all the partners as shareholders. The directors of the company are Mr. P.L. Jhanwar, Mr. K.C. Jhanwar, Mr. M.P. Jhanwar and Ms. Lalita Devi Nyati. PRPL is engaged in processing and trading of rice. Head office of the company is located at Chittor road, Bundi Rajasthan. Manufacturing plant of PRPL is located at Bundi (Rajasthan) which has a milling capacity of 2 tonnes per hour. Company sells rice in the domestic market only however there are few dealers who are exporting the rice of PRPL to countries like Middle East, Saudi Arabia, Dubai, Europe and Kuwait. POINT DEVELOPERS: Liquidation Process Case Summary -------------------------------------------------- Debtor: Point Developers Private Limited Office No.505, Businesspoint, DK Sandhu Marg, Chembur, Mumbai, Maharashtra, India - 400071 Liquidation Commencement Date: September 23, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Umesh Balaram Sonkar 10, Om Shanti CHS, Plot No. 8/10/12, Road No. 4. Sector-11, New Panvel 410206 E-Mail: rosonkar1603@gmail.com -- and -- No.25, 146-B, Chikhal House, 3rd floor, Princess Street, Kalbadevi, Mumbai - 400002 E-mail: point.liquidation1@gmail.com Last date for submission of claims: October 31, 2025 RAMEE HOTELS: ICRA Withdraws D Rating on INR48.50cr Term Loan ------------------------------------------------------------- ICRA has withdrawn the rating assigned to the bank facilities of Ramee Hotels Private Limited at the request of the company and in accordance with ICRA's policy on withdrawal of credit ratings. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 48.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based and withdrawn Term Loan Long-term/ 0.25 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; and withdrawn Unallocated Short-term 2.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based and withdrawn Others The key rating drivers, Liquidity position, rating sensitivities, key financial indicators have not been captured as the rated instruments are being withdrawn. Incorporated in 1998 and promoted by the Shetty family, Ramee Hotels Private Limited is engaged in the hospitality business and operates two hotels in Mumbai and Pune. Its registered office is in Dadar, Mumbai. The company's promoter, Mr. Vardaraj M Shetty, is actively involved in the Group's business. The Ramee India Group, comprising two other companies and around six subsidiaries, is engaged in the hospitality, construction and real estate and security and protection business. Ramee acts as a holding company for its subsidiaries and holds stake in two other Group companies. The three companies operating in India—Ramee Hotels Pvt. Ltd. (RHPL), Ramani Hotels Limited (RHL) and Creative Hotels Pvt. Ltd. (CHPL)—share a common management and brand, 'Ramee Guestline Hotels', while deriving considerable synergy from intra-group operational and financial linkages. The Group also operates 34 hotels worldwide, with a total capacity of ~3,000 rooms, with focus on the West Asian market. SAMPAT ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sampat Aluminium Private Limited (SAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.54 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 11, 2024, placed the rating(s) of SAPL under the 'issuer non-cooperating' category as SAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 27, 2025, September 6, 2025, September 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ahmedabad - based (Gujarat) Sampat Aluminium Private Limited (SAPL) is a private limited company incorporated in June 11, 1999, promoted by Mr. Sanjay Deora, accompanied by Mr. Sanket Deora. Further the company is also getting benefit of Mr. Samyak Deora (working as director in group companies). SAPL is engaged into manufacturing of aluminum wires and conductors, which finds its application in power utility sector for transmission of electricity. Its manufacturing unit is located at Rakanpur, Santej, Gujarat with an installed capacity of 7200 Metric Tonnes per year per annum as on March 31, 2018. SARDAR COTTON: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sardar Cotton (SC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.87 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 14, 2024, placed the rating(s) of SC under the 'issuer non-cooperating' category as SC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 30, 2025, September 9, 2025, September 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Rajkot (Gujarat)-based, SC is a partnership firm established in 2012 by Mr. Pravinbhai Kurjibhai Mendpara, Mr. Ajaybhai Haribhai Zalavadiya and Mr. Dineshbhai Virjibhai Tada. The firm is engaged into the business of cotton ginning and pressing of raw cotton to produce cotton bales and cottonseeds. SC spreads across 2 acres and possesses set of 24 cotton ginning machines with an installed capacity of manufacturing 200 bales per day. SENTINI HEALTHCARE: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term ratings of Sentini Healthcare India 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- 2.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 26.00 [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 Sentini Healthcare India 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. Sentini Healthcare India Private Limited was incorporated in 2022 by Mr. Seshagiri Rao along with the other directors, Mrs. Padma Movva and Mr. Anand Srinivas Movva. It is setting up a 125-bed hospital in Vijayawada, Andhra Pradesh and the commercial operations are likely to start from March 2024 with main concentration on specialties like Neurology, Gynecology and Oncology. The company is promoted by the Sentini group and is headed by Dr. Padma Movva. The hospital is spreads over an area of 33,000 sq.ft located in the prime are of the Vijayawada city. SENTINI HOSPITALS: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term ratings of Sentini Hospitals Private Limited (SHPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.25 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 7.05 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term 21.70 [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 SHPL, 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. Sentini Hospitals Private Limited (SHPL) was established in 2010 to operate a 150-bed super speciality hospital in Vijayawada, Andhra Pradesh and commenced its operations in February 2012. The company is promoted by the Sentini Group and is headed by Dr. Padma Movva. The hospital is spread over an area of 80,000 sq. ft located about 9 km from the heart of the city. It received NABH accreditation in September 2015. The company has acquired 25 bed building, laser instruments and equipment for a lease from Sahrudaya Healthcare and the commercial operations of the same started in April 2023. The company introduced neurology, gynecology and oncology in the 25-bed building. SHIMLA TOLLS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term ratings of Shimla Tolls and Projects Pvt. Ltd. (STPPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.15 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 32.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 1.50 [ICRA]D ISSUER NOT COOPERATING; Non Fund Based Rating continues to remain in Others the 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with STPPL. 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. Shimla Tolls & Projects Pvt. Ltd. (STPPL) is a special purpose vehicle (SPV) promoted by Shri Parmod Sood (44.16%), Shri Kawaljeet Singh Duggal (49.16%), M/s P. K. Construction Shimla Pvt. Ltd. (6.67%) and M/s A.N.S. Constructions Ltd. (0.01%) to develop the parking complex at lift area in Shimla with a parking capacity of 700 car spaces through public private partnership (PPP) on design, build, operate and transfer (DBOT) basis. The project was awarded by Himachal Pradesh Infrastructure Development Board (HPIDB), for a concession period of 30 years. The concession agreement between the Shimla Municipal Corporation (Authority) and STPPL (Concessionaire) was signed on February 26, 2011. In FY2020, the company reported a net loss of INR1.5 crore on an OI of INR3.6 crore compared to a net loss of INR2.0 crore on an OI of INR2.2 crore in the previous year. SHIVALIK VYAPAAR: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shivalik Vyapaar Private Limited (SVPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE C; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 14, 2024, placed the rating(s) of SVPL under the 'issuer non-cooperating' category as SVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 30, 2025, September 9, 2025, September 19, 2025, October 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SVPL have been revised on account of delays in debt servicing recognised from publicly available information. i. e. CIBIL check. Analytical approach: Standalone Outlook: Not Applicable Indore (Madhya Pradesh) based Shivalik Vyapaar Private Limited (SVPL) was incorporated in 2006 by Mr. Rajendra Agrawal along with his family members. SVPL is engaged in the business of manufacturing of batteries and lead. The manufacturing unit of the company is located near Indore with total installed capacity of 45 lakh batteries and 3250 Metric Ton Per Annum (MTPA) of lead as on March 31, 2017. SHREE RAM: Liquidation Process Case Summary ------------------------------------------- Debtor: Shree Ram Cottex Industries Private Limited Survey No. 39, Opp Biliyala Bus Stop, National Highway 8-B, AT. Biliyala, Rajkot, Gondal Gujarat, India 360311 Liquidation Commencement Date: October 17, 2025 Court: National Company Law Tribunal, Ahmehdabad Bench Liquidator: Pankaj Khetan K-37A, Basement Kailash Colony, Near Kailash Colony Metro Station, New Delhi-110048 Email: ippankajkhaitan@gmail.com -- and -- 824, Sector 14, Gurugram 122001 Email: liquidationshreeramcottex@gmail.com Last date for submission of claims: November 16, 2025 SHREEJI CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings of Shreeji Construction (SC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SC, 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, Shreeji Construction (SC) is a proprietorship which operates as a civil contractor based in Mumbai. The firm was started by Late Mr. Mahendra Sheth and is currently managed by Mr. Bhavesh M. Sheth. It specializes in the construction of asphalt and concrete roads, drains and allied activities and operates primarily in Mumbai and its suburbs. Its clients typically consist of Maharashtra government and semi government agencies such as MMRDA, MBMC, and VVMC etc. among others. TIRUMALLA AGRO: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Tirumalla Agro Industrries Private Limited Registered Address: Office No. 1307,1308,1309, Plt No.229, Sec-13 Kharghar, The Pacific, Navi Mumbai, Raigarh, Panvel, Maharashtra, India, 410210 Insolvency Commencement Date: October 9, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: April 12, 2026 Insolvency professional: Srigini Rajat Naidu Interim Resolution Professional: Srigini Rajat Naidu Block No. 11-12, First floor, Mount Annex, Opp. Oriental Insurance Co., Mount Road, Ext. Sadar, Nagpur 440001 Email: rajat_naidu@yahoo.com -- and -- CMA Srigini Rajat Naidu 1502-Ved Solitaire, Cement Road, Dharampeth Extension, Shivaji Nagar, Nagpur (MH) 440010 Email: tirumallaagro.cirp@gmail.com Last date for submission of claims: October 28, 2025 USHDEV INTERNATIONAL: Liquidation Process Case Summary ------------------------------------------------------ Debtor: Ushdev International Limited New Harileela House 6th Floor, Mint Road, Fort, Mumbai, Maharashtra - 400001 Corp. office: Apeejay House, 6th Floor, 130 Mumbai Samachar Marg, Fort, Mumbai, Maharashtra – 400023 Liquidation Commencement Date: October 16, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Trupalkumar Patel C/505, The First, B/H ITC Narmada, Vastrapur, Ahmedabad - 380015 Email: trupal.ip@gmail.com Email: liquidation.ushdev@gmail.com Last date for submission of claims: November 15, 2025 USHDEV WINDPARK: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Ushdev Windpark Private Limited Registered Address: No.262/2, 2nd Floor, JP Complex, 2nd Middle Street, Maharajanagar, Tirunelveli, Tamil Nadu - 627011, India Previous Registered Office: No. A9, First Floor, (Old No. 18) Parsn Commercial Complex, No. 600, Mount Road, Chennai, Tamil Nadu - 600006, India Insolvency Commencement Date: October 14, 2025 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: April 11, 2026 Insolvency professional: Rajendran Shanmugam Interim Resolution Professional: Rajendran Shanmugam C/o. S Rajendran & Associates 2nd Floor, Hari Krupa, 71/1, Mc Nicholas Road, Chetpet, Chennai - 600 031 Email: cs.srajendran.associates@gmail.com Email: cirp.ushdevwindpark@gmail.com Last date for submission of claims: October 28, 2025 ================= I N D O N E S I A ================= GARUDA INDONESIA: To Raise US$1.4 Billion Via Private Placement --------------------------------------------------------------- The Jakarta Post reports that PT Garuda Indonesia plans to issue 315.6 billion series D shares to raise IDR23.67 trillion (US$1.4 billion), comprising IDR17.02 trillion in capital deposits and IDR6.65 trillion in shareholder loan conversion into equity, in a bid to support its operations and strengthen its financial position. The Jakarta Post relates that the shares are to be issued through a private placement at a price of IDR75 per share. About Garuda Indonesia Garuda Indonesia is the flag carrier of Indonesia. On Oct. 22, 2021, one of Garuda's creditors filed a PKPU petition against Garuda to commence the PKPU Proceeding under Indonesian Insolvency Law. PKPU is a court-enforced suspension of payments process which is designed to provide a debtor a definite period of time to restructure its debt and reorganize its affairs pursuant to a composition plan with its creditors. The Indonesian Court granted the PKPU Petition on Dec. 9, 2021 and appointed Jandri Siadari, S.H., Dip.Mkt., LL.M., Martin Patrick Nagel, S.H., M.H., Albert Hasoloan Limbong, S.H., Asri, S.H., M.H., Mulyadi, S.H., LL.M., William Eduard Daniel, S.E., S.H., LL.M., MBL as administrators who, together with the Debtor, manage the Debtor's assets during the PKPU Proceeding. On June 17, 2022, Garuda proposed to creditors the PKPU Plan developed in consultation with an ad hoc group of its aircraft lessors, Sukuk Holders and a number of other creditors working to facilitate the restructuring of Garuda's debts. The PKPU Plan anticipates Garuda continuing to operate in the ordinary course. PT Garuda Indonesia (Persero) Tbk filed a Chapter 15 petition in New York (Bankr. S.D.N.Y. Case No. 22-bk-11274) on Sept. 23, 2022, to seek U.S. recognition of its debt restructuring in Jakarta, Indonesia. The U.S. case is overseen by Honorable Bankruptcy Judge Lisa G Beckerman. The Debtor is represented by Thomas S. Kessler of Cleary Gottlieb Steen & Hamilton LLP in the U.S. ========= J A P A N ========= NISSAN MOTOR: Returns to Operating Profit in Q2, Keeps Forecast --------------------------------------------------------------- Reuters reports that Nissan Motor swung back to an operating profit in the second quarter on Nov. 6 reporting its best quarterly result in more than a year due to efforts to reduce fixed costs as part of its turnaround plan and stronger sales in North America. Nissan booked JPY51.5 billion (SGD437.4 million) in operating profit for July-September, up 61 per cent from JPY31.9 billion a year earlier and beating a forecast for an average JPY70.9 billion loss from five analysts polled by LSEG, according to Reuters. The result marked its best single-quarter finish since a US90.3 billion profit in the final quarter of fiscal 2023. Reuters relates that the result comes as the automaker presses ahead with a sweeping turnaround plan that includes reducing its global manufacturing plants to 10 sites from 17 and laying off 15 per cent of its workforce. Reuters says the company maintained a forecast released last week for a JPY275 billion annual operating loss in the year through March 2026 due to the hit from US tariffs and supply chain risks, including from problems with the supply of Nexperia chips. The company is scaling back production of its top-selling Rogue sport utility vehicle in Japan from next week due to a short supply of chips from Dutch firm Nexperia, a person familiar with the matter told Reuters on Nov. 5. Nissan said earlier on Nov. 6 it has concluded a JPY97 billion deal to sell and lease back its global headquarters in Yokohama, adds Reuters. About Nissan Motor Japan-based Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. As reported in the Troubled Company Reporter-Asia Pacific in mid-July 2025, Fitch Ratings has assigned a rating of 'BB' to Nissan Motor's (BB/Negative) proposed senior unsecured US dollar and euro notes. The proposed notes are rated in line with Nissan's Long-Term Foreign-Currency Issuer Default Rating (IDR), as they represent the company's direct, unsecured and unsubordinated obligations, and rank pari passu with all its other unsecured and unsubordinated debt. The proceeds will be used for general corporate purposes. The company expects the proceeds from the new notes to be used to prefund the refinancing of maturing notes. Fitch does not expect the company's net debt balance after issuance to change materially, leaving the company's financial structure unchanged. Fitch Ratings, in April 2025, downgraded Nissan Motor's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. The TCR-AP reported on July 9, 2025, S&P Global Ratings assigned its 'BB' issue credit rating to Nissan Motor's (BB/Negative/B) three proposed U.S.-dollar denominated senior unsecured notes and two proposed euro-denominated senior unsecured notes. The notes differ in maturities. In March 2025, S&P lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. ======= L A O S ======= LAOS: Fitch Assigns 'CCC+' Rating to Proposed USD Bonds ------------------------------------------------------- Fitch Ratings has assigned Laos' proposed US dollar bond a 'CCC+' rating, with a Recovery Rating of 'RR4'. The issuer plans to use the proceeds for repayment of government debt, including commercial and bilateral obligations, and for general governmental purposes. Key Rating Drivers The bond rating is equalised with the Long-Term Foreign-Currency Issuer Default Rating (IDR) on Laos, reflecting Fitch's expectation of average recovery prospects in a default scenario. On 21 October 2025, Fitch published Laos' Long-Term Foreign-Currency IDR at 'CCC+'. The following ESG issues represent Key Rating Drivers for the proposed bond; other Key Rating Drivers can be found in the issuer rating action commentary dated 21 October 2025: ESG - Governance: Laos has ESG Relevance Scores of '5[+]' and '5' for Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption, respectively. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in its proprietary Sovereign Rating Model. Laos has a low WBGI ranking at the 28th percentile, reflecting weak rights for participation in the political process, weak institutional capacity, uneven application of the rule of law and a high level of corruption, but with a high degree of political stability. The rating on the proposed bonds is sensitive to any changes in the Long-Term Foreign-Currency IDR, which has the following rating sensitivities (as per the aforementioned issuer rating action commentary). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fiscal/External Finances: Signs of substantial external financing stress, for instance from a tightening of domestic FX liquidity amid continued difficulty in accessing external financing or a cessation of bilateral debt relief. - Macro/External Finances: A reversal of macro-stabilisation policies resulting in the re-emergence of FX liquidity stress, sharp exchange rate depreciation pressures and high inflation. - Fiscal: A sustained rise in public and publicly guaranteed debt/GDP, for instance from a return to wide fiscal deficits and/or a constant and large exchange rate depreciation. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fiscal/External Finances: A sustained reduction in external debt repayments, for instance from greater clarity on a more permanent arrangement for bilateral debt relief addressing Laos' high external debt service costs, along with a sharp, sustained decline in government debt/GDP. - External Finances: A further easing of external liquidity pressure, evident in a continued increase in foreign-exchange reserves or greater confidence in sustained high current account surpluses. - Macro: Continued implementation of macro-stabilisation policies that sustainably reduces economic imbalances and generates a record of more sound policy implementation. Date of Relevant Committee 21-Oct-2025 ESG Considerations The ESG profile is in line with that of Laos. Entity/Debt Rating Recovery ----------- ------ -------- Laos senior unsecured LT CCC+ New Rating RR4 ===================== N E W Z E A L A N D ===================== COASTAL PROPERTIES: Creditors' Proofs of Debt Due on Nov. 28 ------------------------------------------------------------ Creditors of Coastal Properties Orewa Limited are required to file their proofs of debt by Nov. 28, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 29, 2025. The company's liquidators are: Kristal Pihama Leon Francis Bowker KPMG 18 Viaduct Harbour Avenue PO Box 1584 Shortland Street Auckland 1140 FORTUNE FERN: Creditors' Proofs of Debt Due on Nov. 30 ------------------------------------------------------ Creditors of Fortune Fern Construction Limited are required to file their proofs of debt by Nov. 30, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 29, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 OMEGA TRANSPORT: Court to Hear Wind-Up Petition on Dec. 4 --------------------------------------------------------- A petition to wind up the operations of Omega Transport Limited will be heard before the High Court at Auckland on Dec. 4, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 13, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 TAURANGA BUILDING: Court to Hear Wind-Up Petition on Dec. 8 ----------------------------------------------------------- A petition to wind up the operations of Tauranga Building Solutions Limited will be heard before the High Court at Tauranga on Dec. 8, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 23, 2025. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton URBAN VAPE: Creditors' Proofs of Debt Due on Dec. 1 --------------------------------------------------- Creditors of Urban Vape City Limited and Vapemall HQ Limited are required to file their proofs of debt by Dec. 1, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 28, 2025. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 ================= S I N G A P O R E ================= DEEP IDENTITY: Creditors' Proofs of Debt Due on Dec. 5 ------------------------------------------------------ Creditors of Deep Identity Pte. Ltd. are required to file their proofs of debt by Dec. 5, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 31, 2025. The company's liquidators are: Goh Wee Teck Lin Yueh Hung RSM SG Corporate Advisory c/o 8 Wilkie Rd #03-08 Wilkie Edge Singapore 228095 ECOSOFTT PTE: Court to Hear Wind-Up Petition on Nov. 14 ------------------------------------------------------- A petition to wind up the operations of Ecosoftt Pte. Ltd. will be heard before the High Court of Singapore on Nov. 14, 2025, at 10:00 a.m. Hydro Dynamic Engineering Pte. Ltd. filed the petition against the company on Oct. 21, 2025. The Petitioner's solicitors are: Christopher Bridges Law Corporation 151 Chin Swee Road #08-15, Manhattan House Singapore 169876 K.T. CENTURY: Court to Hear Wind-Up Petition on Nov. 21 ------------------------------------------------------- A petition to wind up the operations of K.T. Century Engineering Construction and Development Pte. Ltd. will be heard before the High Court of Singapore on Nov. 21, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Oct. 31, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 LS E&C: Court to Hear Wind-Up Petition on Nov. 14 ------------------------------------------------- A petition to wind up the operations of LS E&C Pte. Ltd. (formerly known as Lian Seng Hardware & Engineering Pte. Ltd.) will be heard before the High Court of Singapore on Nov. 14, 2025, at 10:00 a.m. Goldwind Services Pte. Ltd. filed the petition against the company on Oct. 21, 2025. The Petitioner's solicitors are: Christopher Bridges Law Corporation 151 Chin Swee Road #08-15, Manhattan House Singapore 169876 MM2 ASIA: Woes Deepen as UOB Demands SGD74.6 Million Payment ------------------------------------------------------------ The Business Times reports that entertainment group mm2 Asia on Nov. 10 said in a bourse filing that UOB has demanded repayment of about SGD74.6 million from the company and its subsidiaries. BT relates that the sum - roughly three times the size of mm2 Asia's SGD26 million market value – follows millions of dollars in payment demands from landlords over the group's failed Cathay Cineplexes chain. One of the biggest claims was Frasers Centrepoint Trust's SGD2.6 million demand in relation to its Causeway Point lease. Standard Chartered last month also sent mm2 Asia a SGD905,000 payment demand, BT says. According to BT, UOB's letter was sent on Nov. 7 to mm2 Asia and its subsidiaries mm2 Entertainment, Unusual Management, mm2 Connect and mm Plus. BT relates that the last two companies were guarantors, likely for Cathay Cineplexes, which ceased operations in September after entering voluntary liquidation. "A full loss will raise UOB's gross bad-loan ratio only from about 1.65 per cent to 1.68 per cent, but lag major peers' risk profiles," said Bloomberg Intelligence analyst Rena Kwok, who noted that UOB may initiate legal proceedings if mm2 Asia does not pay. "With SGD1.36 billion allowances taken in Q3, including a pre-emptive SGD615 million provision, the impact is easily absorbed," she added. mm2 Asia's financial statement for the financial year ended Mar 31, 2025, it has total borrowings of SGD217 million, of which SGD201 million are due within a year, BT discloses. Trade and other payables totalled SGD102.5 million. The group had SGD310 million of current liabilities as at Mar 31, against SGD263.6 million of current assets. BT adds that the entertainment group said it is seeking legal advice on UOB's demand and will continue to monitor the situation. Earlier in August, mm2 Asia said it had received eight letters of demand totalling SGD17.6 million but said then that it could continue as a going concern, BT recalls. About mm2 Asia Based in Singapore, mm2 Asia Ltd. (SGX:1B0) -- https://www.mm2asia.com/ -- primarily engages in the media and entertainment industry, focusing on the production, distribution, and exhibition of films and television content. The company operates through its subsidiaries, including Cathay Cineplexes, which manages cinema operations. On Sept. 1, 2025, Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were appointed as Joint and Several Provisional Liquidators of Cathay Cineplexes Pte Ltd pursuant to Section 161 of the Insolvency, Restructuring and Dissolution Act 2018. TWELVE CUPCAKES: Creditors' Meeting Set for Nov. 24 --------------------------------------------------- Twelve Cupcakes Pte. Ltd. will hold a meeting for its creditors on Nov. 24, 2025, at 4:00 p.m., via audio visual communication. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Mr. Abuthahir Abdul Gafoor and Ms. Yessica Budiman of AAG Corporate Advisory were appointed as provisional liquidators of the Company on Oct. 29, 2025. ===================== S O U T H K O R E A ===================== QOO10 GROUP: Court Declares WeMakePrice Bankrupt ------------------------------------------------ Yonhap News Agency reports that a Seoul court on Nov. 10 announced the liquidation of e-commerce platform operator WeMakePrice, two months after terminating the company's rehabilitation proceedings. WeMakePrice, along with its then sister company TMON, entered court-led rehabilitation proceedings in July last year, after they struggled to make payments to vendors due to liquidity issues, Yonhap notes. The Seoul Bankruptcy Court in September this year terminated the proceedings for WeMakePrice as it failed to submit a rehabilitation plan, Yonhap relates. Yonhap, citing industry sources, relates that the bankruptcy of WeMakePrice will affect some 108,000 people and their financial damage is estimated at KRW600 billion (US$413 million). The company's total assets were tallied at KRW48.6 billion, while its debts reached KRW446 billion, Yonhap discloses. According to Yonhap, the value of its ongoing concern was set at KRW223 billion, while its liquidation value stood at KRW13.4 billion. WeMakePrice has sought for a swift acquisition to pay off its liabilities but has struggled to find a buyer. Meanwhile, TMON was acquired by grocery delivery platform Oasis Corp. in June after the court approved its rehabilitation plan, recalls Yonhap. About Qoo10 Singapore-based Qoo10 Group retails e-commerce products. The Company offers personal care, sports apparel, consumer electronics, home furnishing, food, toys, and other consumer products. Qoo10 serves customers worldwide. Qoo10 owns Korean online shopping platforms TMON and WeMakePrice. As reported the Troubled Company Reporter-Asia Pacific on Sept. 11, 2024, the Seoul Bankruptcy Court on Sept. 10 granted a rehabilitation process for liquidity crisis-hit e-commerce platforms TMON and WeMakePrice, allowing them to restructure their debts to creditors under the supervision of court-appointed custodians. According to Yonhap News Agency, the decision came more than a month after TMON and WeMakePrice filed for court-supervised rehabilitation, following overdue payments to vendors operating on their platforms that reached nearly KRW1 trillion (US$744 million). In November 2024, a liquidator was appointed to take over management of the insolvent company after Korea Culture Promotion (KCP), which operates culture portal sites and issues culture gift certificates in South Korea, sued Qoo10 for nearly KRW76 billion (SGD69 million) in unpaid debt, The Straits Times said. Singapore's High Court approved the winding up of Qoo10 in November 2024 and allowed 21st Century Healthcare, which said it is owed SGD954,115, to replace KCP as the claimant. A committee of inspection - a group that represents the interests of the creditors - was appointed on Jan. 17, 2025, to supervise and assist the liquidator with the administration of Qoo10's affairs. This includes appointing lawyers, approving the liquidator's fees and starting legal proceedings for asset recovery. =========== T A I W A N =========== CONCORD SECURITIES: Fitch Affirms BB+ Long-Term IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Taiwan-based Concord Securities Co., Ltd.'s Long-Term Issuer Default Rating (IDR) at 'BB+' and National Long-Term Rating at 'A-(twn)'. The Outlook on both ratings is Stable. Fitch has also affirmed the Short-Term IDR at 'B' and the National Short-Term Rating at 'F2(twn)'. Key Rating Drivers Moderate Franchise: The ratings for Concord Securities are supported by its stable - albeit moderate - presence in Taiwan's securities sector and its adequate capital profile. The ratings also reflect a business model that relies more heavily on volatile capital-market activities than those of larger, more diversified financial institutions in Taiwan. Stable Operating Environment: Fitch anticipates Taiwan's steady economic growth and prudent regulatory oversight will sustain stable operating conditions for the financial sector, despite global economic and geopolitical headwinds and market volatility. Tighter regulatory limits on leverage in the sector, measured by business risk exposure, should curb excessive risk-taking, while regulatory relaxation in ancillary investments, margin financing and asset- management services should support further business diversification. Market activity recovered in 3Q25, with average daily turnover on the Taiwan Stock Exchange up by 24% and the index up by 16% over the quarter. This followed a 15% fall in average daily turnover in 1H25 on weak investor confidence amid tariff and geopolitical uncertainty. Corporate financing also slowed on delayed capex. Fitch expects trade policy, geopolitical and US rate uncertainty to persist, but the end of monetary tightening should support equity turnover, and artificial intelligence adoption should bolster technology sector fundraising. Variable Profitability: Fitch expects Concord Securities' return profile to remain volatile and driven by market trading activities in the medium term, similar to its peers. Earnings weakened in 1H25 as lower capital market activity put pressure on brokerage and proprietary trading income. Annualised operating profit/average equity fell to -7.6% (2024: 10.4%), although it recovered subsequently (9M25 annualised: 8.4%). Earnings may improve in 2026 with more accommodative US monetary policy and the cessation of Taiwanese rate hikes, which should lift equity-market sentiment and support fixed-income carry spreads. Adequate Capitalisation: Fitch anticipates that Concord Securities will maintain an adequate capital buffer despite its relatively modest absolute capital base. This is key in underpinning its ratings amid volatile earnings performance. Net tangible leverage increased slightly to 4.0x in 1H25 (end-2024: 3.7x), due mainly to higher settlement-related and investment assets. Even so, local regulatory capital requirements and the company's maintenance ratios and risk limits should ensure adequate capital to withstand potential market shocks. Reliance on Wholesale Funding: Concord Securities is exposed to funding market volatility due to its reliance on short-term wholesale funding, including the use of repos to finance its bond investments. That said, liquidity risk is mitigated by adequate collateral management, with repos backed by government, financial institution, and high-quality corporate bonds. It also maintains adequate liquid assets to cover short-term repayment needs. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Concord Securities' ratings could come under downward pressure if intensifying market competition leads to a sustained deterioration in its market position, or if business growth weakens its capital, funding, or liquidity buffers significantly. Signs of an increased risk appetite - such as higher balance-sheet exposure to investment risk or greater revenue sensitivity to trading activities - would also weigh on the ratings. In addition, operational or risk-management lapses that result in unexpected substantial losses and strain the capital position would be credit negative. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A rating upgrade is less likely, given Concord Securities' moderate franchise relative to local competitors. However, a substantial improvement in business diversity and earnings quality - such as increased contributions from segments with more stable and recurring income streams - would be positive for the credit profile. ADJUSTMENTS The Capitalisation & Leverage score has been assigned below the implied score due to the following adjustment reason(s): Size of capital base (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason(s): Funding flexibility (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Concord Securities Co., Ltd. LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B Natl LT A-(twn) Affirmed A-(twn) Natl ST F2(twn) Affirmed F2(twn) ORIENTAL SECURITIES: Fitch Affirms 'BB+' LT IDR, Outlook Negative ----------------------------------------------------------------- Fitch Ratings has affirmed Oriental Securities Corporation's 'BB+' Long-Term Issuer Default Rating (IDR) and 'A-(twn)' National Long-Term Rating with a Negative Outlook. Fitch has also affirmed the Short-Term IDR of 'B' and National Short-Term Rating of 'F1(twn)'. Key Rating Drivers Competition Pressures Business Profile: Oriental Securities' ratings reflect a moderate profile, with a modest domestic market share and a business mix exposed to more volatile brokerage and proprietary trading income. The Negative Outlook captures intensifying competition from the securities arms of large financial holding companies, which is weighing on the company's market position. The ratings also reflect benefits from affiliation with the Far Eastern Group, including strong equity support, which supports the company's balance-sheet resilience through periods of volatility, as well as brand association and potential cross-selling synergies. Collaboration with Far Eastern International Bank (BBB/A+(twn)/Stable) began in 2025, although the financial benefit is small at present. The company's ability to harness group links to strengthen its market position will be critical for its ratings in the near to medium term. Stable Operating Environment: Fitch anticipates Taiwan's steady economic growth and prudent regulatory oversight will sustain stable operating conditions for the financial sector, despite global economic and geopolitical headwinds and market volatility. Tighter regulatory limits on leverage in the securities sector, measured by business risk exposure, should curb excessive risk-taking, while regulatory relaxation in ancillary investments, margin financing and asset management services should support further business diversification. Market activity recovered in 3Q25, with average daily turnover on the Taiwan Stock Exchange up by 24% and the index up by 16% over the quarter. This followed a 15% fall in average daily turnover in 1H25 on weak investor confidence amid tariff and geopolitical uncertainty. Corporate financing also slowed on delayed capex. Fitch expects trade policy, geopolitical and US rate uncertainty to persist, but the end of monetary tightening should support equity turnover, and artificial intelligence adoption should bolster technology sector fundraising. Variable Profitability: Earnings can be volatile, like that of many domestic peers. Annualised operating profit/average equity fell to -2.5% in 1H25 (2024: 1.6%) as lower capital-market activity placed pressure on brokerage and trading income. Earnings rebounded in 3Q25 on improved equity-market conditions. Fitch expects a more accommodative US monetary policy and the end of Taiwanese rate hikes in 2026, and regulatory relaxation enabling cross-sector partnerships could also add upside via synergies with other Far Eastern Group companies. Adequate Capitalisation: Fitch expects Oriental Securities to maintain an adequate capital buffer against potential market shocks, notwithstanding a modest absolute capital base. This is key in anchoring the company's rating stability in spite of fluctuating profitability. Net tangible leverage remained moderate at 3.1x in 1H25, and the regulatory capital adequacy ratio of 347% remained significantly above the regulatory minimum of 150%. Stable Liquidity Profile: Fitch expects a stable funding and liquidity profile, with sufficient short-term liquidity coverage. The company's adequate capital position and links to the domestically well-regarded Far Eastern Group support its funding flexibility relative to peers. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Oriental Securities' ratings may be downgraded if meaningful synergies from the Far Eastern Group are not evident in the form of market-share expansion and visible earnings improvement by 2026. In addition, a four-year average operating profit below 3% of average equity would indicate weaker earnings capacity relative to the current ratings level. Indications of an increased risk appetite, such as disproportionate balance-sheet exposure to investment risk or heightened revenue sensitivity to trading activities, would place downward pressure on the ratings. Operational or risk-management lapses that result in large unexpected losses and pressure the capital position would also be credit negative. A downgrade could occur if Fitch assesses weakening ties with the Far Eastern Group - for example, if the major shareholder reduces its stake significantly or stops channeling capital market-related activities through the securities firm. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A rating upgrade is less likely due to the company's modest franchise and the Negative Outlook on its ratings. An improved business profile - such as a recovering market share, more diversified business mix or increased contribution from segments with more stable and recurring income streams - would support the business profile and could result in Fitch revising the Outlook to Stable. ADJUSTMENTS The Business Profile score has been assigned above the implied score due to the following adjustment reason(s): Group benefits and risks (positive). The earnings and profitability score has been assigned above the implied score due to the following adjustment reasons: portfolio risk (positive), historical and future metrics (positive). The capitalisation and leverage score has been assigned below the implied score due to the following adjustment reason(s): size of capital base (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Oriental Securities Corporation LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B Natl LT A-(twn) Affirmed A-(twn) Natl ST F1(twn) Affirmed F1(twn) ============= V I E T N A M ============= VIETCOMBANK: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Joint Stock Commercial Bank for Foreign Trade of Vietnam's (Vietcombank) Long-Term Issuer Default Ratings (IDR) at 'BB+' with a Stable Outlook. At the same time, Fitch has affirmed the Viability Rating (VR) at 'bb-' and the Government Support Rating (GSR) at 'bb+'. Key Rating Drivers Sovereign Support Drives IDR: The GSR and Long-Term IDRs are equalised with Vietnam's sovereign rating (BB+/Stable), as Fitch believes that the state is likely to extend extraordinary support to the bank, if needed. This takes into consideration Vietcombank's majority state ownership, high systemic importance as indicated by its 9%-10% share of system loans and deposits, and the authorities' strong propensity to support the banking system in general. Solid Economic Performance: Vietnam's economy grew by a robust 7.9% in 9M25, accelerating from 2024's 7.1%. Fitch believes the government's recent pro-growth policies are likely to support the momentum and forecast GDP growth to remain above 6% in 2026. This favourable economic environment should generate significant business growth opportunities for banks and keep a lid on the NPL formation in the near term. However, rapid loan growth in the system - which Fitch projects at 18% in 2026 - would exacerbate the high levels of leverage in the economy. Leading Franchise: Vietcombank is one of the largest banks in the system and has a well-entrenched market position that gives it an edge in accessing competitively priced funding. Its relatively large balance sheet and state linkages also give the bank preferential access to loan opportunities in the corporate segment over mid-sized peers, in its view. Above-Average Asset Quality: Vietcombank's NPL ratio was steady at 1.0% at end-1H25 (end-2024: 1.0%) and remained below the industry average, which reflects its consistent credit underwriting and risk controls, in its view. Fitch believes credit impairment risks are receding amid solid economic growth and Vietcombank continues to hold one of the highest reserve coverage ratios among peers. Fitch has revised the outlook on asset quality to positive from stable. However, such positive momentum may falter if loan growth accelerates beyond its expectations. Margin Pressure to Subside: Fitch expects the net interest margin (NIM) to recover modestly in 2026 following a significant compression in 2025, as Fitch believes lending rates are likely to stabilise in the near term. The repricing of deposits, coupled with continued expansion in higher-yielding retail lending, should lead to a modestly wider NIM. Fitch also projects Vietcombank's cost/income ratio to continue to improve and provide additional support to profitability. Marginal Rise in Capitalisation: The Fitch Core Capital ratio inched up to 11.4% by end-1H25 (2024: 11.3%) and Fitch forecasts only a modest improvement in capitalisation over the next 12-18 months. A long-delayed private placement of new shares continues to be underway and Fitch estimates it could buoy the bank's capital buffers by more than 1.5pp. State Linkages Support Funding, Liquidity: Vietcombank's loan/deposit ratio was unchanged at 97% during 1H25 even as ratios at many peer banks rose significantly. Fitch believes the bank's moderate loan growth target, strong funding franchise and below-average funding costs place it in a better position than peers to weather periods of tight system liquidity. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The IDRs and GSR are sensitive to changes in Vietnam's sovereign rating, with the IDR Outlook likely to mirror the sovereign rating's Outlook. Fitch may takes negative rating action on the GSR and IDRs if Fitch perceives that the state's propensity to support Vietcombank has diminished significantly, such as if the bank has a much lower systemic importance or ceases to be majority state-owned, both of which are unlikely for the foreseeable future. Vietcombank's VR could face pressure if the Fitch Core Capital ratio declines below 10% for an extended period, potentially due to substantially faster balance-sheet growth without a commensurate increase in internal capital generation. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Positive action on Vietnam's sovereign rating is likely to lead to corresponding changes in the GSR and IDRs, provided the state's propensity to support Vietcombank is unchanged. Fitch may upgrades the VR if the bank's Fitch Core Capital ratio rises to 14% on a sustained basis. The VR could also be upgraded if its risk profile and asset quality improve, such that its NPL ratio improves to below 1% over a sustained period, assuming other financial metrics remain broadly intact. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The Short-Term IDRs are mapped from the Long-Term IDRs in accordance with Fitch's Bank Rating Criteria. The bank's Long-Term Foreign-Currency (FC) and Local-Currency (LC) IDRs (xgs) exclude the assumption of government support from its underlying rating and is, therefore, driven by its VR. The Short-Term FC and LC IDRs (xgs) are assigned in accordance with its Long-Term IDRs (xgs) and the short-term rating mapping outlined in Fitch's criteria. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES The Short-Term IDRs will be downgraded to 'C' if the Long-Term IDRs are downgraded to below 'B-', and will be upgraded to 'F3' if the Long-Term IDRs are upgraded above 'BB+'. The Long-Term FC and LC IDRs (xgs) could be downgraded if the VR is downgraded. The bank's Short-Term FC and LC IDRs (xgs) could be downgraded if the VR is downgraded to below 'b-'. The Long-Term FC and LC IDR (xgs) could be upgraded if the VR is upgraded. The bank's Short-Term FC and LC IDRs (xgs) could be upgraded if the VR is upgraded to above 'bb+'. VR ADJUSTMENTS The operating environment score has been assigned above the implied score for the following adjustment reason: economic performance (positive). Public Ratings with Credit Linkage to other ratings Vietcombank's IDRs are linked to Vietnam's sovereign rating based on its expectation of extraordinary support. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Joint Stock Commercial Bank For Foreign Trade of Vietnam LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ LC ST IDR B Affirmed B Viability bb- Affirmed bb- Government Support bb+ Affirmed bb+ LT IDR (xgs) BB-(xgs) Affirmed BB-(xgs) ST IDR (xgs) B(xgs) Affirmed B(xgs) LC LT IDR (xgs) BB-(xgs) Affirmed BB-(xgs) LC ST IDR (xgs) B(xgs) Affirmed B(xgs) VIETINBANK: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has upgraded Vietnam Joint Stock Commercial Bank for Industry and Trade's (Vietinbank) Viability Rating to 'b+' from 'b' and affirmed its Long-Term Issuer Default Ratings (IDRs) at 'BB+'. The Outlook on the IDRs is Stable. At the same time, Fitch has affirmed the Government Support Rating (GSR) at 'bb+'. Key Rating Drivers Improved Capitalisation: The VR upgrade is driven by the modest but steady rise in Vietinbank's Fitch Core Capital ratio over the past few years. The VR was previously below the implied VR because of thin capitalisation. Fitch believes further improvements are likely to be gradual as rapid balance-sheet growth will consume most of its accrued earnings, but capitalisation is now less of a drag on the bank's overall standalone credit profile. Sovereign Support Drives IDR: Vietinbank's GSR and Long-Term IDRs are equalised with Vietnam's sovereign rating (BB+/Stable), as Fitch believes the bank is likely to receive extraordinary support from the state in times of need. This factors in the bank's majority state ownership, high systemic importance as one of the country's largest state-owned banks, and its assessment of the state's high propensity to support the banking system. Solid Economic Performance: Vietnam's economic growth accelerated to 7.9% in 9M25, from 7.1% in 2024. Fitch believes the government's recent pro-growth policies are likely to support the economic momentum and forecast GDP growth to be sustained above 6% in 2026. The favourable economic environment should generate significant business growth opportunities for banks and keep a lid on non-performing loan (NPL) formation in the near term. However, rapid loan growth in the system - which Fitch projects at 18% in 2026 - would exacerbate the high levels of leverage in the economy. Large State-Owned Bank: Vietinbank is one of Vietnam's largest banks, with about an 11% share of system loans and deposits. In addition, its state ownership and ties strengthen its relationship with some of the country's large corporates, including state-owned enterprises, by more than at mid-sized peers. Improving Asset Quality: Vietinbank's NPL ratio was little changed at 1.3% at end-1H25 (2024: 1.2%) and Fitch forecasts it will hold steady over the next 12-18 months. Fitch has revised the outlook on the asset quality score to positive from stable as Fitch believes near-term impairment risks have diminished amid Vietnam's strong economic momentum and continued write-offs. Nevertheless, Fitch continues to assess the bank's asset quality score below its implied score as Fitch believes rapid loan growth masks underlying credit risks associated with a relatively unseasoned loan portfolio. This is a negative adjustment that Fitch applies to most banks in Vietnam. Margin Pressure Likely to Ease: Vietinbank faced significant pressure on loan yields in 1H25, like most Vietnamese banks, which weighed on its net interest margin. However, operating efficiency gains and lower credit costs still led to improved profitability in 1H25 and Fitch forecasts earnings to improve modestly in 2026 as margin pressure subsides. Adequate Funding Profile: Vietinbank's funding profile is underpinned by its strong state linkages and established franchise. Its loan/deposit ratio was steady at 101% at end-1H25 (2024: 101%) and Fitch believes the bank continues to have ready access to customer deposits, wholesale funding and, if necessary, contingent funding from the central bank. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The Long-Term IDRs and GSR are sensitive to Vietnam's sovereign rating, and the Outlook on the IDRs is likely to mirror the Outlook on the sovereign rating. Fitch may take negative rating action on the GSR and IDRs if Fitch perceives the state's propensity to support Vietinbank has diminished, for instance, if the bank has much lower systemic importance or ceases to be majority state-owned, neither of which Fitch considers likely in the near term. A decline in the Fitch Core Capital ratio significantly below 7% without a credible plan to rebuild it towards 8% could lead us to downgrade the VR. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of Vietnam's sovereign rating is likely to lead to a corresponding upgrade of the GSR and IDRs, provided the state's propensity to support Vietinbank is unchanged. The VR could be upgraded if the Fitch Core Capital ratio rises towards 10% and is accompanied by steady asset-quality performance. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The Short-Term IDRs are mapped from the Long-Term IDRs in accordance with Fitch's Bank Rating Criteria. The bank's Long-Term Foreign- and Local-Currency IDRs (xgs) exclude the assumption of government support from its underlying rating and are therefore driven by its VR. The Short-Term Foreign- and Local-Currency IDRs (xgs) are assigned in accordance with its Long-Term IDRs (xgs) and the short-term rating mapping outlined in Fitch's criteria. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES The Short-Term IDRs will be downgraded to 'C' if the Long-Term IDRs are downgraded to 'CCC+' or below, and will be upgraded to 'F3' if the Long-Term IDRs are upgraded to 'BBB-'. The Long-Term Foreign- and Local-Currency IDRs (xgs) could be downgraded if the VR is downgraded. The Short-Term Foreign- and Local-Currency IDRs (xgs) could be downgraded if the VR is downgraded to below 'b-'. The Long-Term Foreign- and Local-Currency IDRs (xgs) could be upgraded if the VR is upgraded. The Short-Term Foreign- and Local-Currency IDRs (xgs) could be upgraded if the VR is upgraded above 'bb+'. VR ADJUSTMENTS The VR has been assigned in line with the implied VR. The weakest link - capitalisation and leverage - was identified as a relevant negative factor in the assessment. The operating environment score has been assigned above the implied score for the following adjustment reason: economic performance (positive). The asset-quality score has been assigned below the implied score for the following adjustment reason: underwriting standards and growth (negative). Public Ratings with Credit Linkage to other ratings Vietinbank's GSR and IDRs are credit linked to Vietnam's sovereign rating based on its expectation of extraordinary support. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Vietnam Joint Stock Commercial Bank for Industry and Trade LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ LC ST IDR B Affirmed B Viability b+ Upgrade b Government Support bb+ Affirmed bb+ LT IDR (xgs) B+(xgs) Upgrade B(xgs) ST IDR (xgs) B(xgs) Affirmed B(xgs) LC LT IDR (xgs) B+(xgs) Upgrade B(xgs) LC ST IDR (xgs) B(xgs) Affirmed B(xgs) VIETNAM BANK: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has upgraded Vietnam Bank for Agriculture and Rural Development's (Agribank) Viability Rating to 'b+' from 'b' and affirmed its Long-Term Issuer Default Ratings (IDR) at 'BB+'. The Outlook on the IDRs is Stable. At the same time, Fitch has affirmed the Government Support Rating (GSR) at 'bb+'. Key Rating Drivers VR Upgrade Driven by Better Credit Management: Fitch has upgraded the VR on account of Agribank's risk profile and asset quality performance, with reported core metrics improving steadily over the past several years and Fitch forecasts these to be sustained. Fitch believes the bank's credit underwriting standards and collateralisation policies have improved and its risk controls mitigate the higher credit impairment risks associated with its borrowers that tend to have lower average incomes. Ratings Driven by Sovereign Support: Agribank's GSR and Long-Term IDRs are equalised with the sovereign rating of Vietnam (BB+/Stable) reflecting its view that the state is likely to provide extraordinary support to the bank, if needed. This considers Agribank's 100% state ownership, high systemic importance as reflected in its 14% share of system deposits, and its strategic role in supporting financial inclusion, especially in the agriculture and rural sectors. Solid Economic Performance: Vietnam's economy grew by a robust 7.9% in 9M25, accelerating from 2024's 7.1%. Fitch believes the government's recent pro-growth policies are likely to support the momentum and forecast GDP growth to remain above 6% in 2026. This favourable economic environment should generate significant business growth opportunities for banks and keep a lid on NPL formation in the near term. However, rapid loan growth in the system - which Fitch projects at 18% in 2026 - would exacerbate the high levels of leverage in the economy. Improved Asset Quality: Agribank's NPL ratio fell to 1.4% by end-1H25 from 1.7% at end-2024, and Fitch expects further modest improvements in 2026 amid the benign economic environment. Fitch has revised the asset quality score to 'b+' from 'b' and the outlook is stable. However, the score continues to be below its implied score in the 'bb' category because Fitch believes that the NPL ratio does not fully reflect underlying credit risks, as rapid loan growth means the loan portfolio is relatively unseasoned. This is a negative adjustment that Fitch has applied to most banks in Vietnam for similar reasons. Steady Profitability: Fitch forecasts Agribank's profitability to remain steady in the next two years as it is likely to continue to manage pressure on its net interest margin better than many peers. This is in part due to its business strategy and niche areas of focus that give it some degree of pricing power to withstand lower lending yields. Agribank also has better deposit liquidity than most peers, giving it more latitude in asset-liability management if the cost of deposits in the system rises. Capitalisation Improves But Remains a Drag: Agribank's capitalisation has continued to improve, with the Fitch Core Capital (FCC) ratio holding above 8% and Fitch forecasts this to be sustained. Steady profitability and the continued retention of all profits within the bank due to its exemption from paying cash dividends should enable the bank to continue to accrue capital while supporting its target pace of balance-sheet growth. This led us to revise the capitalisation and leverage score to 'b+' from 'b'. Nevertheless, its capital buffer remains thin relative to peers and the VR continues to be constrained by weakness in its capitalisation and leverage. Stable Funding Profile: Agribank's loan/deposit ratio of 89% as of June 2025 is lower than that of most rated peers and about 94% of its funding is sourced from customer deposits. The bank's higher proportion of term deposits in its funding structure has resulted in higher funding costs than the peer average. However, this is matched by higher average loan yields and Fitch views term deposits as stable sources of funding. Fitch believes that Agribank, together with other state-owned banks, is likely to benefit from a flight to quality by depositors during times of stress. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Any negative action taken on Vietnam's sovereign rating is likely to be mirrored in the Long-Term IDRs and GSR on Agribank. Fitch may also take negative rating action on these ratings on the bank if Fitch perceives that the state's propensity to support Agribank has diminished materially, such as if the bank has much lower systemic importance or ceases to be majority state-owned, neither of which Fitch consider likely. A decline in Agribank's FCC ratio to less than 7% without a credible plan to restore it back to 8% could lead to a downgrade of the VR. Material deterioration of its risk profile, which could be reflected in excessively rapid growth or a major increase in policy lending to higher-risk borrowers, in tandem with significantly worse asset-quality metrics, may also pressure the VR. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of Vietnam's sovereign rating is likely to lead to a corresponding upgrade of the GSR and Long-Term IDRs, provided the state's propensity to support Agribank is unchanged. The VR is constrained by the bank's low capitalisation and may be upgraded if Fitch sees further improvements in its capitalisation, such as the FCC ratio rising towards 10%. This needs to be accompanied by continued improvements in its risk profile and asset quality over a sustained period. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The Short-Term IDRs are mapped from the Long-Term IDRs in accordance with Fitch's Bank Rating Criteria. The bank's Long-Term Foreign-Currency (FC) and Local-Currency (LC) IDRs (xgs) exclude the assumption of government support from its underlying rating and is, therefore, driven by its VR. The Short-Term FC and LC IDRs (xgs) are assigned in accordance with its Long-Term IDRs (xgs) and the short-term rating mapping outlined in Fitch's criteria. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES The Short-Term IDRs will be downgraded to 'C' if the Long-Term IDRs are downgraded below 'B-', and will be upgraded to 'F3' if the Long-Term IDRs are upgraded above 'BB+'. The Long-Term IDRs (xgs) could be downgraded if the VR is downgraded. The Short-Term IDRs (xgs) could be downgraded if the VR is downgraded below 'b-'. The Long-Term IDRs (xgs) could be upgraded if the VR is upgraded. The Short-Term IDRs (xgs) could be upgraded if the VR is upgraded above 'bb+'. VR ADJUSTMENTS The VR has been assigned below the implied VR for the following adjustment reason: weakest link - capitalisation and leverage (negative). The operating environment score has been assigned above the implied score for the following adjustment reason: economic performance (positive). The asset-quality score has been assigned below the implied score for the following adjustment reason: underwriting standards and growth (negative). Public Ratings with Credit Linkage to other ratings Agribank's GSR and IDRs are credit-linked to Vietnam's sovereign rating based on its expectation of extraordinary support. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Vietnam Bank for Agriculture and Rural Development LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ LC ST IDR B Affirmed B Viability b+ Upgrade b Government Support bb+ Affirmed bb+ LT IDR (xgs) B+(xgs) Upgrade B(xgs) ST IDR (xgs) B(xgs) Affirmed B(xgs) LC LT IDR (xgs) B+(xgs)Upgrade B(xgs) LC ST IDR (xgs) B(xgs) Affirmed B(xgs) ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***