251120.mbx

251120.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 Thursday, November 20, 2025, Vol. 28, No. 232 Headlines A U S T R A L I A ARAMIS VINEYARDS: Enters Administration Amid Industry Challenges GEORGE & KATIE: Second Creditors' Meeting Set for Nov. 25 GFG ALLIANCE: Two Australian Units Pay Infringement Notices PLAYTIME PRE-SCHOOL: First Creditors' Meeting Set for Nov. 24 PUNJABEEZ CAFE: First Creditors' Meeting Set for Nov. 25 RIO TINTO: Government Mulls Intervention to Save Tomago Smelter SPECIAL GASES: First Creditors' Meeting Set for Nov. 26 STAR ENTERTAINMENT: Fails Performance Hurdles for 7 Straight Years SUPERANNUATION AND INVESTMENTS: S&P Affirms 'BB-/B' ICRs TT-LINE COMPANY: Operator Remains Confident Amid Insolvency Claims VAST RENEWABLES: First Creditors' Meeting Set for Nov. 24 C H I N A [] CHINA: Bankruptcy Tribunal Saves 27 High-Tech Firms I N D I A AIR INDIA: Lobbies to Use Airspace Over China's Xinjiang AURANGABAD MUNICIPAL: ICRA Keeps B+ Rating in Not Cooperating BANDLAGUDA JAGIR: ICRA Keeps B+ Issuer Rating in Not Cooperating BANSIDHAR AGARWALLA: ICRA Keeps D Debt Ratings in Not Cooperating BIRD DELHI: Insolvency Resolution Process Case Summary DISHNET WIRELESS: ICRA Keeps D Debt Ratings in Not Cooperating EKTA TRUST: ICRA Keeps B+ Debt Ratings in Not Cooperating HAREKRUSHNA COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating HBS REALTORS: ICRA Keeps D Debt Rating in Not Cooperating Category HYDERABAD METROPOLITAN: ICRA Keeps B+ Rating in Not Cooperating INDIAN PULP: ICRA Keeps D Debt Ratings in Not Cooperating INTERNATIONAL FRESH: ICRA Keeps D Debt Ratings in Not Cooperating JAI MAAKALI: ICRA Keeps D Debt Rating in Not Cooperating Category KARTHIK: ICRA Keeps D Debt Ratings in Not Cooperating Category KRISHNA NATURAL: ICRA Keeps B Debt Ratings in Not Cooperating MAHAKALESHWAR TOLLWAYS: ICRA Keeps D Rating in Not Cooperating NANDI IRRIGATION: ICRA Keeps D Debt Ratings in Not Cooperating RADHAGOBIND COMMERCIAL: Insolvency Resolution Process Case Summary RAM SWITCHGEARS: ICRA Keeps D Debt Ratings in Not Cooperating SESA MINERALS: ICRA Keeps D Debt Ratings in Not Cooperating SHUBH SWASTIK: ICRA Keeps B Debt Rating in Not Cooperating SORT INDIA: ICRA Keeps D Debt Rating in Not Cooperating Category TURNREST RESOURCES: Insolvency Resolution Process Case Summary J A P A N NISSAN MOTOR: S&P Downgrades ICR to 'BB-', Outlook Negative NISSAN MOTOR: To Set Up Panel With Union Over Oppama Plant Closure M O N G O L I A ARIG BANK:S&P Assigns 'B-/B' Issuer Credit Ratings, Outlook Stable N E W Z E A L A N D DURAN & CARREON: Reynolds & Associates Appointed as Liquidator GREAT RENTALS: Deloitte Appointed as Receivers LUXE DESIGNER: Court to Hear Wind-Up Petition on Dec. 1 NPL HOLDINGS: Creditors' Proofs of Debt Due on Nov. 11 STELLA CONCEPTS: Court to Hear Wind-Up Petition on Dec. 8 P H I L I P P I N E S GOLDEN MV: Manny Villar Loses US$16 Billion as Stock Collapses S I N G A P O R E ART WORKS: Creditors' Meetings Set for Nov. 27 EVENTUS LINK: Court to Hear Wind-Up Petition on Dec. 5 KEAF ALEXANDRA: Creditors' Proofs of Debt Due on Dec. 19 T3N TRADING: Creditors' Proofs of Debt Due on Dec. 16 WEALTH PROPERTY: Creditors' Proofs of Debt Due on Dec. 17 - - - - - ================= A U S T R A L I A ================= ARAMIS VINEYARDS: Enters Administration Amid Industry Challenges ---------------------------------------------------------------- The Greek Herald reports that McLaren Vale wine producer Aramis Vineyards has entered administration with debts exceeding $1 million to the ATO, as global wine consumption declines and the lingering effects of Chinese tariffs and Covid hospitality closures take their toll. Unsecured creditors are owed nearly AUD1.5 million, including AUD1.2 million to the tax office, the report discloses. According to the Greek Herald, George Tsiakiridis, chief financial officer for the Flourentzou family, said the collapse was caused by "recent unprofitable trading caused by industry wide issues and the resultant build up of inventory." He added, "Covid closing venues and restaurants directly impacted our ability to wholesale, while China bans and tariff wars impacted our ability to export. A reduction in consumer consumption . . . has created a market of oversupply and build up of inventory. I think these are issues affecting many in the industry." Despite entering administration, Aramis Vineyards continues to trade while the Flourentzou family prepares a deed of company arrangement proposal for creditors. "There is no intention to wind up the business," the Greek Herald quotes Mr. Tsiakiridis as saying. He also confirmed that the family's Distinctive Homes construction business is not affected. Founded in 1998 by owner Lee Flourentzou, Aramis Vineyards owns 26ha of shiraz and cabernet sauvignon near Aldinga, producing award-winning wines including its flagship The Governor shiraz. The collapse follows similar challenges in the region, including Simon Hackett Wines' liquidation and Maxwell Wines' acquisition of Fox Creek Wines after its AUD10 million collapse, the report notes. GEORGE & KATIE: Second Creditors' Meeting Set for Nov. 25 --------------------------------------------------------- A second meeting of creditors in the proceedings of George & Katie Pty Ltd has been set for Nov. 25, 2025, at 1:30 p.m. virtually via Zoom. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Nov. 24, 2025 at 5:00 p.m. Nathan Lee Deppeler and Matthew James Jess of Worrells was appointed as administrator of the company on Oct. 21, 2025. GFG ALLIANCE: Two Australian Units Pay Infringement Notices ----------------------------------------------------------- Two Australian companies in the GFG Alliance group have paid infringement notices of AUD187,800 each, totalling AUD375,600, following their alleged failure to lodge audited financial reports for the year ended June 30, 2024 within the statutory timeframe. Liberty Infrabuild Limited and its parent company Liberty Holdings Australia Pty Ltd, own or operate businesses involved in the manufacturing, distribution and processing of steel long products and the recycling of scrap steel in Australia and globally. In the 2024 financial year, the group's sales revenue was AUD5.2 billion and the group had liabilities of AUD2.19 billion (excluding liabilities from related parties). After failing to lodge by Oct. 31, 2024, ASIC commenced inquiries with various GFG Alliance companies. Liberty Infrabuild subsequently lodged its financial report on May 23, 2025 with a qualified audit opinion, and Liberty Holdings Australia lodged on Sept. 15, 2025 with a disclaimer audit opinion. At the ASIC Annual Forum last week, ASIC Deputy Chair Sarah Court announced that financial reporting misconduct, including failure to lodge financial reports, would be an enforcement priority for ASIC in 2026. 'These reports provide critical information for investors, creditors and other stakeholders to make informed decisions. 'Delays in lodgement undermine market transparency and confidence, particularly where audit reports are modified or subject to disclaimer opinions,' the Deputy Chair said. Payment of an infringement notice does not constitute an admission of guilt or liability, and the companies are not regarded as having been convicted of the alleged offence. ASIC notes that both companies lodged their FY25 audited financial reports on time. GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has significant operations in Australia, including Infrabuild, Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited (which is currently in voluntary administration), Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. Separate civil proceedings were commenced in the Supreme Court of NSW in June 2025 against Whyalla Steelworks' parent Liberty Primary Metals Australia Pty Ltd (now in voluntary administration), Tahmoor Coal Pty Ltd, and Liberty Bell Bay Pty Ltd for their failure to lodge various annual financial reports at the time the proceedings were commenced. Three GFG Alliance Group companies ordered to lodge outstanding annual reports with ASIC. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. PLAYTIME PRE-SCHOOL: First Creditors' Meeting Set for Nov. 24 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Playtime Pre-School Centre Association Incorporated will be held on Nov. 24, 2025 at 12:30 p.m. virtually via Zoom. Scott Andersen and Nathan Deppeler of Worrells were appointed as administrators of the company on Nov. 12, 2025. PUNJABEEZ CAFE: First Creditors' Meeting Set for Nov. 25 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Punjabeez Cafe & Restaurant Pty Ltd will be held on Nov. 25, 2025 at 11:00 a.m. online via videoconference only. Roberto Crispino and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Nov. 13, 2025. RIO TINTO: Government Mulls Intervention to Save Tomago Smelter --------------------------------------------------------------- ABC News reports that the federal government is considering a dramatic intervention in the electricity market to save the struggling Tomago aluminium smelter while accelerating the lagging rollout of renewables. According to the ABC, Tomago's owner, Rio Tinto, has warned it could be forced to close the Hunter Region smelter when its current coal-fired power contract with AGL expires at the end of 2028 because of rising electricity costs. "The cost of both coal-fired and renewable energy options from January 2029 would increase significantly, fundamentally changing operating economics and leaving the smelter unviable," the company said in October. Faced with the prospect of 1,000 workers losing their jobs, and Australia losing its largest aluminium smelter, Labor has promised to throw everything at finding a fix and, in recent weeks, has been locked in negotiations with the mining giant, the New South Wales government and unions, the ABC relays. The ABC has been told Climate Change and Energy Minister Chris Bowen's department is considering the possibility of a energy supply deal with Snowy Hydro, a government-owned entity that could offer Rio Tinto clean energy at more competitive prices. Another option under active consideration is for the government itself to become a "middle-man" in the market by signing long-term supply contracts with renewable energy developers which it could then on-sell to heavy industrial users, like Tomago, for a stable price, the ABC relates. This proposal, which is supported by former Clean Energy Finance Corporation chief executive Oliver Yates, would remove some of the risk for wind and solar farm proponents because they could more confidently invest in a project knowing there was a buyer for the energy produced. Australia is not currently on track to reach the government's target of 82 per cent renewables by 2030, with the transition facing multiple roadblocks, including community opposition, rising costs and approval delays. According to the Clean Energy Council's quarterly investment report in August, no new wind farms had been committed in 2025. Mr. Yates wrote in the Australian Financial Review that a "scheme finance vehicle" is a tried and tested idea which, he believes, would end the cycle of bailouts while cutting the cost of capital for developers. "This isn't just about saving one smelter. It is about locking in cheaper, cleaner, more reliable power for NSW industry and using that certainty to retain and create jobs, lift exports and grow state revenue," he wrote. "Get the model right and it can be applied to steel, hydrogen, ammonia, cement, fertiliser, and even data centres - anywhere long-term clean power is the foundation of competitiveness." Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. SPECIAL GASES: First Creditors' Meeting Set for Nov. 26 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Special Gases Enterprises Pty Ltd will be held on Nov. 26, 2025 at 11:00 a.m. at the offices of LangdonGrant at Suite 209, 134 Logis Boulevard in Dandenong. Ian Graham Grant and Paul William Langdon of LangdonGrant were appointed as administrators of the company on Nov. 14, 2025. STAR ENTERTAINMENT: Fails Performance Hurdles for 7 Straight Years ------------------------------------------------------------------ Reuters reports that Star Entertainment said on Nov. 19 that long-term performance rights awarded to its top executives and managers have lapsed for the seventh consecutive year after the company once again failed to meet key performance hurdles. Reuters relates that the rights granted for the year ending in June 2022 were canceled after Star fell short on all three metrics used to determine vesting - earnings per share, relative total shareholder return, and return on invested capital. Each measure accounts for one-third of the award and vests only if Star's relative TSR meets or exceeds the 50th percentile of its peer group - a threshold the company has not cleared since 2019, Reuters notes. According to Reuters, Star's total annualised return in Australian dollar terms has fallen 37.7% since the start of fiscal 2019, compared with an 8.8% growth in the ASX 200 benchmark index as per LSEG data. Its earnings per share, one of the key targets, fell from 32 Australian cents in 2017 to a loss of AUD2.117 in 2023, before narrowing to a loss of 14.9 Australian cents in 2025, Reuters states. Reuters says the cash-strapped casino firm over the past few years has struggled to keep customers and has been pushed to the brink of bankruptcy, initially by pandemic-related disruptions and later by regulatory curbs following scrutiny over potential breaches of anti-money laundering and counter-terrorism financing laws. The LTI design was amended in fiscal 2025 to allocate 100% of the award to relative TSR, following a review. About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. The casino operator posted a statutory net loss after tax of AUD471.5 million for the year ended June 30, 2025. As reported in the the Troubled Company Reporter-Asia Pacific on Jan. 21, 2025, Star Entertainment has warned that it faces "material uncertainty" over its ability to stay afloat unless it finds a solution to its worsening financial woes. In a quarterly update to investors on Jan. 20, ASX-listed Star said its revenue had fallen 15 per cent in the December quarter, citing ongoing weakness in its operating performance. It pointed to a "challenging" consumer environment, the impact of carded play in NSW, and expenses caused by a series of regulatory and compliance problems. SUPERANNUATION AND INVESTMENTS: S&P Affirms 'BB-/B' ICRs -------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' long-term and 'B' short-term issuer credit ratings on Superannuation Investments Finco Pty Ltd. (SIF) and its 'BB-' long-term issue credit rating and '3' recovery rating on its debt. The stable outlook reflects S&P's expectation that SIF will operate with a ratio of debt to adjusted EBITDA at the high end of 4.0x-5.0x over the next year. SIF's separation of its master trust and transformation of its wrap platform will support our assessment of its business risk profile as satisfactory. S&P said, "We identified and corrected an error in how we apply our recovery criteria to SIF's senior secured term loan B. We also revisited the recovery assessment with no impact on the recovery rating. "We expect SIF's newly launched wrap platform to drive net inflows of funds under management and administration (FUMA), further supporting our assessment of its business risk profile as satisfactory. In recent years, SIF suffered net outflows, with growth in FUMA coming entirely from positive market movements." However, by fiscal 2025 (ended June 30, 2025), SIF successfully launched its revamped investment management service. While this service manages a modest amount of about A$30 billion of SIF's total A$171 billion FUMA, it brought in A$590 million in new inflows that year. SIF's master trust offering, FirstChoice, also delivered positive inflows of about A$870 million. While FirstChoice makes up most of SIF's FUMA, we expect the new Edge wrap platform to drive most net new inflows over the next few years. This is due to positive interest from SIF's advisor network and increasing demand for these type of services from mass affluent and high-net-worth investors. S&P expects this positive momentum to further reinforce SIF's strong market position, particularly in the increasingly competitive wrap platform market, and our business risk assessment of satisfactory. The completed separation of SIF's master trust and transformation of its wrap platform will support profitability in the future, but its debt remains elevated. S&P projects SIF's ratio of debt to adjusted EBTIDA will remain between 4.0x and 5.0x over the next year. At the end of fiscal 2025, SIF's debt-to-EBITDA ratio was 5.2x, down from 5.7x in fiscal 2024, due to improvements in both revenue and EBITDA margin. SIF's net revenue grew about 13% in fiscal 2025, owing largely to an increase in FUMA to A$171 billion, from A$154 billion at the end of 2024. At the same time, nearing the end of a A$430 million digital transformation program led to a drop in spending on strategic projects to about A$70 million, from A$145 million in 2024. Combined with an associated reduction in IT and infrastructure expenses, SIF's S&P Global Ratings-adjusted EBITDA margin strengthened to 30% from 14% in 2024. However, SIF's S&P Global Ratings-adjusted debt remains elevated at nearly A$1.8 billion. S&P also expects SIF to remain under financial sponsorship in the short term, keeping its debt commensurate with our assessment of its financial risk profile as highly leveraged. SIF's liquidity remains strong owing to a meaningful cash balance and availability of a revolving facility. S&P said, "We expect SIF's liquidity to remain strong, supported by about A$100 million in unrestricted cash and a A$200 million undrawn revolving credit facility as of Oct. 1, 2025. At the same time, SIF's scheduled debt amortization, working capital needs, and capital expenditure (capex) are minimal. We also do not forecast dividend payments or shareholder distributions over the next 12 months, further supporting SIF's liquidity position." S&P said, "As part of a recent review of our analysis on SIF, we determined that we misapplied our recovery rating methodology when assigning a '3' recovery rating to the entity's senior secured term loan facilities. S&P Global Ratings identified and corrected an error relating to amortization of the first-lien term loan when assessing recovery. "Independent of the error, we revisited our recovery assessment, leaving the recovery rating unchanged at '3'. This is because we continue to assess the recovery prospects as being within the 50%-70% range, which is consistent with a '3' recovery rating. Issue ratings also remain unchanged at 'BB-', in line with the issuer credit rating. "We previously based the recovery estimate on an incorrect assumption about scheduled amortization used to estimate SIF's default EBITDA at the simulated point of default. The revised recovery analysis results in a slightly higher emergence EBITDA than previously estimated. "The stable outlook reflects our expectation that SIF will operate with a weighted average debt to adjusted EBITDA ratio at the high end of 4.0x-5.0x over the next year and an assessed financial policy commensurate with high leverage. "We could lower the long-term rating if SIF's weighted average debt to adjusted EBITDA ratio weakens to above 6.0x on a sustained basis, for example due to deteriorating operating performance or a material increase in gross debt. "We are unlikely to raise the rating over the next year while SIF remains financial-sponsor owned, and its weighted average debt to EBITDA remains above 4.0x." TT-LINE COMPANY: Operator Remains Confident Amid Insolvency Claims ------------------------------------------------------------------ ABC News reports that Tasmania's auditor-general has confirmed he referred Spirit of Tasmania operator TT-Line to the corporate regulator after suspecting its directors were in breach of the Corporations Act. According to the ABC, Auditor-General Martin Thompson said he made the referral to the Australian Securities and Investments Commission (ASIC) on July 31, having formed the view earlier in the month that TT-Line was insolvent. He appeared at a budget estimates hearing on Nov. 17, where he confirmed he informed TT-Line of his conclusion on insolvency on July 22, but the company continued to trade. TT-Line denies the claim and argues that it can pay its debts when they fall due, the ABC says. The ABC relates that Treasurer Eric Abetz said the government would not allow the state-owned company to go under. Mr. Thompson's view that TT-Line was insolvent was first made public in a report on the finances of state-owned companies, released last week. On Nov. 17, Mr. Thompson was asked if he has since changed his mind. TT-Line received a AUD75 million equity injection from the Tasmanian government in the recent state budget, the ABC notes. Mr. Thompson did not specify under which provisions he referred TT-Line to ASIC, but told the parliamentary hearing that the laws are clear. "The definition of insolvent is really quite clear in the legislation," the ABC quotes Mr. Thompson as saying. According to the ABC, auditor-general's public comments on TT-Line's finances have again heightened scrutiny on the ferry operator, which has faced repeated scandals over the botched rollout of two new vessels. Mr. Thompson provided parliament with a timeline on how he reached the insolvency conclusion, adds the ABC. The ABC says since the height of the Spirit rollout debacle, TT-Line has appointed a new board and new senior management. The company is yet to draw down on its AUD400 million additional borrowing capacity. It will provide an updated corporate plan to the government in the coming months, in which it says it will provide the government with options on how it plans to address its debt in the long term. When asked about Mr. Thompson's public comments in parliament, TT-Line referred the ABC to its statement from last week to reiterate its position. "The board disagrees (based on specialist external advice) with the auditor-general's commentary on insolvency and remains confident of its position," the ABC quotes TT-Line chair Ken Kanofski as saying. "The TT-Line position remains unchanged. "The directors, based on expert external advice, are of the view that there has been no breach of the Corporations Act." On Nov. 18, Mr. Abetz clarified that he had not personally seen the advice relied on by TT-Line. "It is privileged advice and therefore I have not seen it but I have been briefed about it," he told a parliamentary scrutiny committee. TT-Line Company Pty Ltd is a Tasmanian government-owned company that operates the Spirit of Tasmania ferry service, connecting mainland Australia (Geelong, Victoria) to Tasmania (Devonport). The company provides transport for passengers, vehicles, and freight. VAST RENEWABLES: First Creditors' Meeting Set for Nov. 24 --------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Vast Renewables Limited; - Vast Energy Technologies Pty Ltd; - Vast Employee Share Holdings Pty Ltd; - Vast Solar Consulting Pty Ltd; - Vast Intermediate Holdco Pty Ltd; - Vast Australia Holdco Pty Ltd; - HyFuel Solar Refinery Pty Ltd; - Vast Solar 1 Pty Ltd; - Solar Methanol 1 Pty Ltd; - NWQHPP Pty Ltd; and - Vast Solar Aurora Pty Ltd will be held on Nov. 24, 2025 at 11:00 a.m. virtually via Microsoft Teams. Peter Gothard and Amanda Coneyworth of KPMG were appointed as administrators of the company on Nov. 13, 2025. ========= C H I N A ========= [] CHINA: Bankruptcy Tribunal Saves 27 High-Tech Firms ------------------------------------------------------ Global.ChinaDaily.com reports that focusing on the needs of technology-driven enterprises, Beijing bankruptcy tribunal has, since 2024, rescued 27 small and medium-sized high-tech businesses through the rule of law, helping them overcome operational difficulties and serving industrial development. These rescued companies are involved in cutting-edge sectors, such as artificial intelligence, big data, intelligent healthcare, digital culture and tourism, and computing power infrastructure, Global.ChinaDaily.com relates citing a statement from the tribunal under the Beijing No 1 Intermediate People's Court. "Through restructuring and settlements, we've introduced CNY2.4 billion ($337 million) in investments, resolving over CNY10 billion in various debts for these enterprises, and stabilized the jobs of more than 2,000 employees," Li Zhongyong, vice-president of the court, told a news conference on Nov. 18. He emphasized the importance of judicial measures, noting that they have contributed to maintaining the operation of technological projects related to people's livelihood, including those in finance and healthcare, Global.ChinaDaily.com says. "In the high-tech industry, the technology lifecycle is short, and market demands change rapidly," Global.ChinaDaily.com quotes Li as saying. "If a company falls behind market needs and loses its competitiveness, it may quickly face operational difficulties." "This situation places high demands on the timeliness of judicial actions to rescue such enterprises," he said. Meanwhile, the core competitiveness of tech innovation enterprises lies in their research personnel and scientific technologies, with a significant portion of their assets being intangible, such as copyrights and patents, and substantial investment in research and development, "all of which have increased the complexity of using legal measures to help these companies repay their debts," he added. To address these issues, he revealed that the tribunal has streamlined case handling procedures and suitably relaxed the legal standards for case reviews, enabling distressed companies to swiftly enter bankruptcy protection proceedings, according to Global.ChinaDaily.com. In addition, the tribunal listened to the opinions of different departments and stakeholders within the enterprises to tailor debt settlement plans, he said, adding that the approach ensures that the businesses continue with technological research during the restructuring and liquidation processes, Global.ChinaDaily.com relays. "We'll further improve the rules for helping high-tech enterprises get out of operational difficulties, with more efforts in educating legal talent to make relevant case handling more professional," he added. ========= I N D I A ========= AIR INDIA: Lobbies to Use Airspace Over China's Xinjiang -------------------------------------------------------- Reuters reports that Air India is lobbying the Indian government to convince China to let it use a sensitive military airspace zone in Xinjiang to shorten routes as the financial toll from a ban on Indian carriers flying over Pakistan mounts, a company document showed. According to Reuters, the unusual request comes just weeks after direct India-China flights resumed after a five-year hiatus following a Himalayan border clash between the nations. Reuters says Air India has been seeking to rebuild its reputation and international network after a London-bound Boeing 787 Dreamliner crashed in Gujarat in June, killing 260 people and forcing it to briefly cut flights for safety checks. But that effort is being complicated by the closure of Pakistan airspace to Indian carriers since their diplomatic tensions erupted in late April. For Air India, the country's only carrier with a major international network, fuel costs have risen by as much as 29% and journey times by up to three hours on some long-haul routes, according to the previously unreported document submitted to Indian officials in late October and reviewed by Reuters. The Indian government is reviewing Air India's plea to diplomatically ask China to allow an alternative routing and emergency access to airports in case of diversions at Hotan, Kashgar and Urumqi in Xinjiang, aiming to reach U.S., Canada and Europe faster, the document said. "Air India's long-haul network is under severe operational and financial strain ... Securing Hotan route will be a strategic option," it added. According to Reuters, the airline, owned by Tata Group and Singapore Airlines, estimated the Pakistan airspace closure's impact on its profit before tax at $455 million annually - a significant amount given its fiscal 2024-25 loss stood at $439 million. The Chinese foreign ministry said it was not aware of the situation and referred Reuters to the "relevant authorities". Air India and civil aviation authorities in India, China and Pakistan did not respond to Reuters' queries. About Air India Air India Ltd -- http://www.airindia.com/-- offers passenger and cargo air transportation services. It operates a wide range of aircraft under three categories, namely, wide body, narrow body Air India Express, and Alliance Air. Air India also offers cargo handling and accommodation services. The company serves domestic and international destinations in Asia-Pacific, Europe, Africa, the Middle East, and North America. The company also provides aircraft maintenance and engineering support services. Air India is owned by the Tata Group (74.9%) and Singapore Airlines (25.1%). Air India reported consolidated annual net losses of INR10,859 crore, INR4,444 crore and INR11,387 crore for the financial years 2025, 2024 and 2023, respectively. AURANGABAD MUNICIPAL: ICRA Keeps B+ Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Aurangabad Municipal Corporation in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer Rating - [ICRA]B+ (Stable) 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 Aurangabad Municipal Corporation, 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. The Aurangabad Municipal Corporation, an urban local body (ULB) was initially established in 1936 as a Municipal Council, with an area of about 54.50 km2. Later in 1982, the status of the ULB was upgraded to a Municipal Corporation. Gradual addition of peripheral villages and new areas under its jurisdiction has now led to an overall expansion, covering a total area of 175.65 km2 at present and a population of 11.75 lakh (Census 2011). The ULB provides municipal services to the city of Aurangabad, situated in the Aurangabad division (also known as Marathwada region) of Maharashtra. The city houses many small/medium scale industries and is also a popular tourist hub with the historical sites of the Ajanta/Ellora caves situated nearby. The ULB is administered by the Urban Development Department of the Government of Maharashtra (GoM) as per provisions of the Maharashtra Municipal Corporations Act 1949. The ULB jurisdiction is divided into 115 municipal wards and is governed by an elected body (Council), headed by a Mayor, while the Commissioner acts as the chief executive, overseeing its everyday functioning. BANDLAGUDA JAGIR: ICRA Keeps B+ Issuer Rating in Not Cooperating ---------------------------------------------------------------- ICRA has kept the long-term rating of Bandlaguda Jagir Municipal Corporation (BJMC) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING" Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer Rating - [ICRA]B+(Stable); 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 BJMC, 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 base don't he best available information. Bandlaguda Jagir Municipal Corporation (BJMC) is an urban local body (ULB) that has been recently constituted. It was initially constituted as a municipality by merging five-gram panchayats namely Bandlaguda Jagir, Himayathsagar, Hydershakote, Kismathpur and Peeramcheruvu in April 2019. Subsequently, its status was upgraded to a municipal corporation in June 2019. The ULB provides urban infrastructure services to Bandlaguda Jagir and is governed by the Telangana Municipalities Act 2019 (Act). The BJMC covers an area of37.1 sq. km. and serves a population of 1.52 lakh (projected as on date). Its main functions include solid waste management and construction, repair and maintenance of roads and streetlights. The ULB is divided into 22 municipal wards and is governed by an elected body (Council) headed by a mayor, while the Commissioner acts as the chief executive, overseeing its everyday functioning. BANSIDHAR AGARWALLA: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Bansidhar Agarwalla and Co. Pvt Ltd Unit- Chinsurah Cold Storage (CCS) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 4.11 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 1.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 0.17 [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 CCS, 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. CCS, a cold storage unit of Bansidhar Agarwalla & Company Pvt. Ltd was set up in 1963 in Chinsurah, in the Hooghly district of West Bengal. CCS is primarily engaged in the business of storage and preservation of potatoes and occasionally carries out trading of potatoes as well. Currently, CCS has an annual storage capacity of 20,000 tonne. BIRD DELHI: Insolvency Resolution Process Case Summary ------------------------------------------------------ 123456789012345678901234567890123456789012345678901234567890123456 Debtor: Bird Delhi General Aviation General Aviation Services Private Limited (formerly known as Bird Execujet Airport Services Pvt Ltd) Registered Address: 422, Udyog Vihar, Phase-III, Gurgaon, Haryana, Haryana, India Address at which the books of account are to be maintained: E-9, Connaught House, Connaught Place, New Delhi, Delhi, India, 110001 Insolvency Commencement Date: November 7, 2025 Estimated date of closure of insolvency resolution process: May 6, 2026 Court: National Company Law Tribunal, Chandigarh Bench Insolvency Professional: Ankur Bansal SCO 66, SECTOR 47D Chandigarh, 160047 Email: ip.caankun@gmail.com Email: cirp.birdair@gmail.com Last date for submission of claims: November 21, 2025 DISHNET WIRELESS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings of Dishnet Wireless Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 13,729 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term 3,750 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Dishnet Wireless 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. Aircel Limited, along with its subsidiaries Aircel Cellular Limited and Dishnet Wireless Limited, was a telecom service provider with a pan India presence. Aircel Smart Money Limited, another wholly owned subsidiary of Aircel Limited, provided mobile banking services. Aircel Limited was incorporated in December 1994 as Srinivas Cellcom Limited and started by offering services in the Tamil Nadu circle in April 1999. Over the years, it won licences and launched services in all the 22 telecom circles in the country. Later in 2006, Maxis Communications Berhad, Malaysia (Maxis), acquired majority stake in the company. Maxis, through Global Communication Services Holdings Ltd and Deccan Digital Networks Private Limited, effectively has approximately 73.99% equity interest in Aircel Limited. The balance equity is held by the Sindya Securities & Investments Private Limited. Maxis also has a substantial shareholding in Maxis Berhad, the leading telecommunication operator in Malaysia. EKTA TRUST: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Ekta Trust 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- 5.08 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 2.92 [ICRA]B+ (Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with Ekta Trust, 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. Ekta Trust, Navi Metral, Gujarat was formed through a trust Deed dated 12th March 1991. The trust has been registered as a public trust under the Bombay Public Trust Acts, 1950 bearing Registration No. E/ 1966/Sabarkantha. The objectives of the trust as stated in the trust deed include as a main object the setting up of educational institutions to serve the needs of students. Trust started his first activity in the year 2004-05 by establishing P.T.C. & B. Ed. College then started Engineering BCA and Nursing College in the year 2011-12 and Diploma College and B.Sc. College from the year 2012-13.The engineering courses are offered under "Arrdekta Institute of Technology", B. Ed course is run under "Ekta College of Institute", PTC is run under "Ekta Trust PTC College", nursing course is run under "Ekta Nursing School & College", B. Sc isrun under "Arrdekta Institute of Science" and BCA is run under "Arredekta Institute of B.C.A." by Ekta Trust. HAREKRUSHNA COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the long-term ratings of Harekrushna Cottex (HC) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.22 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.20 [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 HC, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite Information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in April 2015 as a partnership firm, Harekrushna Cotex (HC) is into the business of raw cotton ginning and pressing. The manufacturing facility of the firm is located at Rajkot in Gujarat and is equipped with 24 ginning machines and 1 pressing machine with total input capacity of processing 12,442 MTPA of raw cotton. The firm commenced its commercial production from February 2016. HBS REALTORS: ICRA Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ ICRA has kept the Non-Convertible Debenture of HBS Realtors Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Bonds/NCD/LTD 53.56 [ICRA]D; ISSUER NOT COOPERATING; Rating Continues to remain under the 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with HBS Realtors 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 base don't he best available information. Incorporated in 1995, HBS Realtors Private Limited is a Mumbai-based real estate developer involved in large scale city-centric developments in commercial as well residential segments. The group has adiversified product mix with a strong presence in residential, retail, commercial, hospitality and SEZ developments. Over the last decade, HBS has built strategic partnership swith reputed business houses such as Phoenix Mills Limited for the development of its 'Marketcity' projects, and with the Mody Group of JB Chemicals and Pharmaceuticals for the development of its pharma SEZ project. Over the years, HBS has also attracted various financial investors like IL&FS, MPC Fund, SREI Infrastructure Finance Ltd. and Edelweiss across its various projects. HYDERABAD METROPOLITAN: ICRA Keeps B+ Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Hyderabad Metropolitan Water Supply and Sewerage Board (HMWSSB) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1,000 [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 HMWSSB, 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. HMWSSB was constituted in 1989 under a separate Act of the State Legislature. HMWSSB today operates as the planning, designing, implementing and operating and maintenance agency for the water supply and sewerage infrastructure of Hyderabad city. HMWSSB is governed by its board, the members of which are nominated by the state government. The Chief Minister of the state heads the board as a Chairman and the Minister for Municipal Administration and Urban Development (MAUD) as the Vice Chairman. The regular operations of HMWSSB are supervised by the Managing Director, who is appointed by the state government. The board is administered by the MAUD as per the provisions of the Hyderabad Metropolitan Water Supply and Sewerage Board Act, 1989. The board provides services within the jurisdiction of the Greater Hyderabad Municipal Corporation (GHMC), Secunderabad Cantonment Board (SCB) and a number of villages/municipal councils around the Outer Ring Road (ORR) with a total service area of 1,480 sq. km. The population within the HMWSSB's service area is estimated at 1.68 crore. At present, HMWSSB supplies ~1,954 million litres per day (MLD) of water in its service area. INDIAN PULP: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term ratings of Indian Pulp & Paper Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 15.93 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 24.47 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 13.60 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Indian Pulp & Paper 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. The company was incorporated in 2004 by the Kolkata-based Agarwal family in the name of Balaji Kagaz Private Limited. In 2006, it acquired Indian Paper Pulp Company Limited (IPPCL) from the Government of West Bengal and subsequently its name was changed to Indian Pulp & Paper Private Limited (IPPL). IPPL, at present, manufactures kraft paper (with 16-30 burst factor) by recycling of waste paper. Its manufacturing facility is in Naihati, West Bengal with a capacity of 45,000 metric tonnes (MT) per annum. INTERNATIONAL FRESH: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the long-term ratings of International Fresh Farm Products India Limited (IFPIL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 13.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 17.00 [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 IFPIL, 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 1996, International Fresh Farm Products India Limited (IFPIL) is a limited company promoted by Mr. Sukhinder Singh and his family members. Initially the company was engaged in the business of providing cold storage and warehousing facility on a rental basis. In FY2012, the company ventured into processing of wheat and started manufacturing various Wheat Products like Atta, Maida, Suji, Bran and other by products. In FY2014, the company commenced processing of vegetables and installed a cold chain facility for frozen vegetables. The company mainly store vegetables like Peas and Potatoes (~80%). The company procures most of its requirement of Peas from farmers, local vendors, and from open market. IFPIL sells its frozen food products under its own in-house brands "Fresh Farm". JAI MAAKALI: ICRA Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Jai Maakali Fish Farms Private Limited (JMFFPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 45.00 [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 JMFFPL, 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. Jai Maakali Fish Farms Private Limited (JMFFPL) is part of the Jai Maakali Group of companies based at Tanuku, West Godavari district. JMFFPL was incorporated in 2003 and is engaged in fish farming. The company is engaged in cultivation of fish such as Rohu and Katla in 2380 acres at Pothunuru and Dosapadu villages in West Godavari District (Andhra Pradesh). The annual production capacity is around 10000 tons. KARTHIK: ICRA Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Karthik Roofings and Structurals Pvt Ltd (KR) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/ [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 2.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 4.17 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 3.83 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with KR, 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. Karthik Roofings and Structurals Pvt Ltd (KR) was established in the year of 2001 as a manufacturer of wide range of various roofing and cladding steel products with a State of art manufacturing facility in Bangalore, promoted by Ms. Srinivas Leelavathi. The key products of KR includes trapezoid steel sheets and accessories, tile profiled steel sheets, metal decking sheets, polycarbonate sheets, Z&C Section and turbo ventilators like PUF panels and EDS panels. In 2013, the company has forward integrated to manufacture preengineered building systems (PEB), Truss-less roofing system, Glass-wool insulated roofing system under Karthik Roofings And Structurals Pvt Ltd and Structurals Pvt Ltd. Facilities KR's and KRSPL's, products are fabricated at the plant at Tumkur, Bangalore and facilities are spreads over 25,000 sq. feet & 60,000 sq. feet respectively, which enables company to design and manufacture products of highest quality. The products are manufactured using internationally accepted engineering practices in production, planning and control. KRISHNA NATURAL: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term ratings of Krishna Natural Fibre Private Limited (KNFPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.90 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.05 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with KNFPL, 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 October 1999, Krishna Natural Fibre Private Limited (KNFPL) is engaged in the business of cotton ginning and pressing. KNFPL's manufacturing facility is located at Borisana, Kadi in Gujarat and is currently equipped with 24 ginning machines and 1 pressing machine. The promoters of KNFPL have long experience in cotton cultivation and ginning business and are also involved in the operations of a few other cotton ginning companies, either as directors or partners. MAHAKALESHWAR TOLLWAYS: ICRA Keeps D Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Mahakaleshwar Tollways Private Limited (MTPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer Rating - [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 MTPL, 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. MTPL is a special purpose vehicle (SPV) promoted majorly by Bharat Road Network Limited (BRNL) and SREI Infrastructure Finance Limited, for implementing a BOT toll road project in Madhya Pradesh, along the Indore-Ujjain Road, on SH-27 from km 5/2 at Indore to Km 53 at Ujjain (Total length- 49 km). The 25-year concession agreement for the project was signed in September 2008 with MPRDC, with appointed date of May 2009. The project achieved COD in February 2011. NANDI IRRIGATION: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the long-term and short-term ratings of Nandi Irrigation Systems Limited (NISL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 6.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating continues to remain under Cash Credit 'Issuer Not Cooperating' category Short-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Non Fund based Rating continues to remain under Others 'Issuer Not Cooperating' category Long Term/ 3.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term- COOPERATING; Rating continues to Unallocated remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with NISL, 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. Nandi Irrigation Systems Limited (NISL) was incorporated in 2007 and is promoted by Mr. Sajjala Sreedhar Reddy. The company is engaged in the manufacturing of Polyvinyl-Chloride (PVC) pipes, lateral pipes and sprinklers used in irrigation. NISL has its plant located in Nandyal, Kurnool district of Andhra Pradesh and is a part of the Nandi group of Industries based out of Andhra Pradesh. The group has diversified business interest such as cement, dairy, PVC pipes, construction etc. RADHAGOBIND COMMERCIAL: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: M/s Radhagobind Commercial Limited 40, Metcalfe Street 3rd Floor, Room No-339 Kolkata, West Bengal, India 700013 Insolvency Commencement Date: October 30, 2025 Estimated date of closure of insolvency resolution process: April 26, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Adv. Najeeb T P Baithussalam, Balankinar Kattampally Road, Near Indus Motor Maruti Service Centre Kannur, Kerala - 670 011 Email: najetpip@gmail.com Email: radhagobindcirp2025@gmail.com Last date for submission of claims: November 12, 2025 RAM SWITCHGEARS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Shri Ram Switchgears Limited (SRSL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 17.00 [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; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SRSL, 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. Shri Ram Switchgears Limited (SRSL), promoted by the Jhalani family of Ratlam (Madhya Pradesh) since 1985, manufactures electrical items such as distribution transformers, switchgear, meter boxes, feeder pillars, distribution boxes, and junction boxes used in the distribution of power and also undertake erection, installation, and operation and maintenance of these items for its customers. Its manufacturing units are located in Ratlam. Customer profile mainly consists of power discoms in Madhya Pradesh and Mumbai. The contracts are primarily secured through biding for tenders floated by the discoms. SESA MINERALS: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the long-term and short-term ratings of Sesa Minerals Limited (SML) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 35.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term- 20.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short Term- (35.80) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SML, 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 2007, SML trades in steel products such as iron ore pellets, steel scrap, sponge iron, steel billets, wire rods, angle, channel, round and TMT bars. The company mainly operates in West Bengal; however, it has commenced exports to Nepal, Bangladesh etc. in FY2019. SHUBH SWASTIK: ICRA Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Shubh Swastik Dal Mill Co. Pvt. Ltd. (SSDMCPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [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 SSDMCPL, 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. Shubh Swastik Dal Mill Company Private Limited (SSDMCPL) processes red gram (arhar dal), red lentil (masoor dal), bengal gram (chana dal), yellow peas (matar dal), corn flakes, soya bean nuggets among others at its facility in Raipur, Chhattisgarh, with an installed capacity of 50 metric tonnes (MT) per day. Promoted by the Raipur-based Sachdev family, the entity was set up in 2002 as a proprietorship concern named Swastik Industries and was converted into a private limited company in 2011. The promoters have a long experience in the pulses-processing industry. SORT INDIA: ICRA Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-term rating for the NCD of Sort India Enviro Solutions Limited (SIESL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- NCD/DebtBonds/ 8.00 [ICRA]D; ISSUER NOT COOPERATING; NCD/LTD Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SIESL, 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 January 2010, Sort India Enviro Solutions Limited (SIESL) is engaged in collection and sorting of paper recyclables in major cities of Gujarat namely Vadodara, Ahmedabad, Surat, Mehsana, Rajkot, Anand & Nadiad. The company promotes itself under the name Pastiwala.com and collects recyclables from various sources like households, companies, banks, retailers etc & also from local waste pickers. The recyclables are then manually sorted into different categories and sold to various recycling units. In addition, the company also provides shredding services to banks, accountants, lawyers, doctors etc for disposal of confidential data. The company has its warehouse facility in BIDC Vadodara and is promoted by Mr. Paresh Parekh and other relatives. TURNREST RESOURCES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Turnest Resources Private Limitted D-1001, Swati Crimson & Clov Near Shilaj Circle Village Shilaj, Tal: Dask, Roi, Ahmedabad, Gujarat, India 380059 Insolvency Commencement Date: November 7, 2025 Estimated date of closure of insolvency resolution process: May 6, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Rajendra Devidas Puranik C-601 Dindoshi Onkar Chs Ltd Shivdham Comples, Off gen Ak Vaidya Marg, Opposite Fire Brigade Malad East, Mumbai Suburban Maharashtra, 400097 Email: rdpuranik@gmail.com Email: cirp.turnrestresources@gmail.com Mobile No: 9820127828 Last date for submission of claims: November 21, 2025 ========= J A P A N ========= NISSAN MOTOR: S&P Downgrades ICR to 'BB-', Outlook Negative ----------------------------------------------------------- S&P Global Ratings lowered its long-term ratings on Nissan Motor Co. Ltd. and its overseas subsidiaries to 'BB-' from 'BB' and affirmed its short-term ratings at 'B'. The negative outlook reflects S&P's view that prolonged weak profitability and negative FOCF may further deteriorate the company's creditworthiness. Nissan Motor's profitability will remain subdued. The EBITDA margin of its automotive division will improve only to approximately 3% in fiscal 2027, even if Nissan Motor executes turnaround actions as planned, in our view. Tariff costs, a challenging competitive landscape, and rising expenses under inflationary pressures serve as headwinds to its performance recovery. The company's competitiveness in key markets and operational efficiency have diminished, leaving its performance vulnerable to sustained pressure. Strain on Nissan Motor's finances is increasing, in the view of S&P Global Ratings. S&P said, "We forecast FOCF for the automotive division will remain negative for the next one to two years, given its stagnant profitability and the burden of investments aimed at enhancing competitiveness." A decrease in net cash with widening negative free cash flow has shrunk financial capacity in the automotive division. Net cash for the division stood at approximately JPY1 trillion as of September 2025, down from approximately JPY1.5 trillion at the end of March 2025. S&P said, "We believe its financial flexibility will be underpinned by adhering to fiscally conservative policies that prioritize soundness, such as not paying dividends, and selling assets. Furthermore, we have a view that its bond issuance worth approximately JPY860 billion in July 2025 has mitigated immediate funding risks." Nissan Motor's profitability and cash flow will continue to show a large gap against peers with similar ratings. France-based Renault S.A. (BB+/Positive/B), Sweden-based Volvo Car AB (BB+/Negative/--), and Japan-based Mitsubishi Motors Corp. (BB+/Negative/--), are likely to maintain their EBITDA margins at 5%-8% over the next one to two years, even in a difficult business environment. In contrast, S&P forecasts that Nissan Motor's EBITDA margin will improve only to around 1% in fiscal 2026 from a negative figure in fiscal 2025 (ending March 31, 2026). The negative outlook reflects S&P's view that the difficult business environment will continue to weigh on Nissan Motor's credit profile. There are heightened uncertainties in the company's path to restoring profitability and cash flow, while it is restructuring. S&P may consider a downgrade if either of the following scenarios become more likely in the next six to 12 months or so: -- The company's profitability and cash flow deviate significantly from the base case, leading to a persistently high erosion of its net cash position, which can be caused by factors such as a larger sales decline than we assume or delayed cost reductions. -- Further deterioration in performance causes issues regarding liquidity. S&P will consider revising the outlook upward if it sees heightened likelihood of recovery in the company's profitability and FOCF in its automotive division in the next few years as it maintains sales volume and implements cost-cutting measures. NISSAN MOTOR: To Set Up Panel With Union Over Oppama Plant Closure ------------------------------------------------------------------ The Japan Times reports that Nissan Motor will set up a labor-management committee to discuss the shutdown of a major production plant south of Tokyo at the end of fiscal 2027, sources said Nov. 14. According to the Japan Times, the committee will hold its first meeting as early as this month to begin talks on measures for current workers at the Oppama plant in Yokosuka, Kanagawa Prefecture, such as transferring them to Nissan Motor Kyushu Co., a subsidiary based in Kanda, Fukuoka Prefecture, southwestern Japan, which will take over operations from the plant After the talks conclude, management is planning to interview individual plant workers from February. The schedule may be delayed if the talks are difficult. The Japan Times relates that the committee, which will include senior officials from the personnel affairs department, is also expected to discuss possible additional retirement benefits for plant workers who choose to leave, as well as support for them to find new jobs. Currently, about 2,400 employees are engaged in vehicle production at the Oppama plant, the report notes. Nissan's basic plan is to transfer them all to Nissan Motor Kyushu, but how many of them will accept the offer is unclear because they would need to relocate. In addition, companies nearby are offering to hire them amid labor shortages, according to a Nissan labor official. Earlier this month, Nissan formally informed its labor union that it will stop vehicle production at the Oppama plant in March 2028. The company also presented plans to maintain about 160 jobs, including for the production of repair parts and vehicle emissions testing, as well as research and development facilities. 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. =============== M O N G O L I A =============== ARIG BANK:S&P Assigns 'B-/B' Issuer Credit Ratings, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings assigned its 'B-' long-term and 'B' short-term issuer credit ratings to Mongolia-based Arig Bank LLC. The outlook on the long-term rating is stable. S&P said, "The ratings on Arig Bank reflect the bank's small but growing market presence in Mongolia, especially in wholesale and retail trade loans for SMEs. We believe the bank's rapid business growth will test its ability to manage credit risks. Arig Bank's small deposit franchise could also constrain its funding capability. We assess the bank's stand-alone credit profile at 'b-'. "In our analysis of Arig Bank, we do not consider potential extraordinary support or intervention from related corporate group Nomin Holdings and its subsidiaries. We view Arig Bank to be directly controlled by an individual shareholder, Mr. Bayarsaikhan Shagdarsuren, while he fully owns Nomin as the founder. Nomin does not consolidate Arig Bank in its financial statements. "In our view, regulatory oversight over related-party transactions and public disclosure of such information would prevent potential conflicts of interest between Arig Bank and Nomin. The bank's related-party lending is small, at 3.1% of its total equity for a single entity and 5.4% of equity for all related parties as of end-June 2025. These ratios were below the regulatory limits of 5% and 20%, respectively." Arig Bank will continue to seek to develop its market presence. The bank's market share has risen to about 1.0% of system loans and deposits as of end-2024, from about 0.2% and 0.1%, respectively, as of end-2021. Arig Bank has turned around its business in the past few years, after significant losses and asset quality problems in the past. This follows a change in ownership structure and management team, with new capital injections in 2021-2022. Arig Bank will remain focused on SMEs and small businesses, particularly in wholesale and retail trading industries. The bank will likely collaborate with Nomin to strengthen its business franchise and expand its customer base. Nomin has nationwide supermarket chains and a wide supplier network. Arig Bank had a loan portfolio of about 54% corporates (primarily SMEs), 30% consumer loans, and 16% mortgage loans as of end-2024. Arig Bank's capitalization will likely stay moderate over the next 12-18 months. This is in view of a likely slowdown in the bank's loan growth to 30%-40% over this period, from a very rapid pace during 2022-2024. S&P said, "We believe Arig Bank will maintain some buffers against regulatory capital requirements. The bank's regulatory Tier 1 capital ratio was 23.6% as of end-June 2025, above the minimum requirement of 9%. We forecast its risk-adjusted capital (RAC) ratio will be at 5%-6% over the next 12-18 months, compared with about 7.6% as of end-2024." Arig Bank's earnings will remain highly volatile. In particular, the bank could continue to face high credit losses arising from its unsecured digital retail loans. S&P believes these loans were extended with more relaxed underwriting requirements than traditional loans, with borrowers occasionally taking up loans from multiple banks at the same time. Arig Bank posted a net loss of Mongolian tugrik 4.9 billion in the first half of 2025 (annualized return on average assets (ROAA) of negative 1.3%), mainly due to provisions on these loans. This is compared with ROAA of about 1.7% in 2024 and 3.4% in 2023. Arig Bank has a limited record of managing asset quality through the cycle, in S&P's view. The bank's very high loan growth in the past few years will likely strain its asset quality as the loan book seasons. Arig Bank's ratio of gross nonperforming assets (including stage 3 impaired loans, restructured loans, and repossessed assets under IFRS) will likely rise moderately, after it dropped to about 9.5% at end-2024, from about 61.9% as of end-2021. This is higher than the average of domestic commercial banks of about 6.0% at end-2024. S&P believes Arig Bank will refrain from increasing its digital retail loans and focus on collection efforts from delinquent borrowers. Digital retail loans and cyclical construction loans were sizable, at about 15% and 10% of total loans, respectively, at end-2024, by our estimate. A small deposit franchise will constrain Arig Bank's funding. The bank relies heavily on term deposits, which accounted for about 84% of its customer deposits at end-2024. These term deposits are predominantly of short terms and typically fund longer-tenor loans, causing some mismatches. While Arig Bank has sizable interbank deposits, those are largely matched with short-term interbank placements, tempering liquidity risk. Arig Bank has an adequate liquidity profile, in our view. The bank's broad liquid assets covered its short-term wholesale funding by 1.6x at end-2024. These liquid assets are typically of high quality, mainly comprising cash, central bank deposits, government securities, and short-term interbank placements. That said, Arig Bank could see its liquidity constrained under a stressed scenario, especially compared with major domestic banks. S&P said, "We believe extraordinary government support for Arig Bank is unlikely. In our view, the bank has low systemic importance in the Mongolian banking system due to its small scale. The government is likely to be selective in extending extraordinary support, as demonstrated by its record of liquidating a small bank. "The stable outlook on the long-term rating reflects our view that Arig Bank's asset quality and profitability could see some strain over the next 12-18 months even as industry risk in Mongolia's banking system is easing on the back of improving regulatory supervision." A potentially higher anchor for banks operating in Mongolia following sustainably enhanced asset quality and profit generation in the system is unlikely to lead to an upgrade of Arig Bank over the period. S&P could lower the ratings on Arig Bank if any of the below scenarios are likely to materialize, while industry risk in Mongolia's banking sector remains elevated due to materially heightened credit risk and weakening of profits. -- Arig Bank delivers poor financial performance relative to its domestic bank peers, which could undermine its franchise and business stability; -- The bank's asset quality deteriorates significantly below the industry peer average, with a surge in credit losses; or -- The bank is exposed to heightened funding and liquidity risk, as indicated by greater mismatches in the maturities of assets and liabilities or high reliance on wholesale funding for its asset growth. S&P said, "We could upgrade Arig Bank if the bank's capitalization strengthens, such that its RAC ratio remains sustainably above 7%. The improvement in capitalization could be driven by, for example, controlled growth and risk appetite along with strong profits. However, we consider this as unlikely over the next 12-18 months, given the bank's ongoing high growth." ===================== N E W Z E A L A N D ===================== DURAN & CARREON: Reynolds & Associates Appointed as Liquidator -------------------------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates on Nov. 11, 2025, was appointed as liquidator of Duran & Carreon Limited. The liquidator may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 GREAT RENTALS: Deloitte Appointed as Receivers ---------------------------------------------- David Sean Webb and Robert Edward Campbell of Deloitte on Nov. 18, 2025, were appointed as receivers and managers of Great Rentals Limited and Lease2Go Limited. The receivers and managers may be reached at: Deloitte Level 20, Deloitte Centre 1 Queen Street Auckland 1010 LUXE DESIGNER: Court to Hear Wind-Up Petition on Dec. 1 ------------------------------------------------------- A petition to wind up the operations of Luxe Designer Homes Limited will be heard before the High Court at Hamilton on Dec. 1, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Oct. 14, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton NPL HOLDINGS: Creditors' Proofs of Debt Due on Nov. 11 ------------------------------------------------------ Creditors of NPL Holdings Limited 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 Nov. 11, 2025. The company's liquidators are: Gareth Russel Hoole Raymond Paul Cox Ecovis KGA Limited, Chartered Accountants Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 STELLA CONCEPTS: Court to Hear Wind-Up Petition on Dec. 8 --------------------------------------------------------- A petition to wind up the operations of Stella Concepts Limited and Hide Bar 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 Oct. 9, 2025. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton ===================== P H I L I P P I N E S ===================== GOLDEN MV: Manny Villar Loses US$16 Billion as Stock Collapses -------------------------------------------------------------- Bloomberg News reports that one of the frothiest stocks in the Philippines has plunged in recent days, erasing more than US$16 billion (SGD20 billion) of its founder's fortune and raising new questions about its remarkable ascent and sudden nosedive. According to Bloomberg, property developer Golden MV Holdings began falling on Nov. 13 after regulators lifted a six-month trading suspension on the stock, continuing through the morning of Nov. 18. So far it's down 76 per cent, its worst streak as a public company. It has also knocked Golden MV founder Manuel Villar off the perch as the richest man in the Philippines. He is now worth US$5.6 billion, according to the Bloomberg Billionaires Index, eclipsed by business tycoon Enrique Razon. Golden MV told regulators both on Nov. 14 and Nov. 17 that it did not know why the stock dropped, filings show, Bloomberg relays. "When a stock returns from trading halt – especially one linked to a high-profile tycoon like Mr Manny Villar – investors typically reassess" its price relative to the company's fundamentals, said Mr Toby Allan Arce, an analyst at Globalinks Securities & Stocks. "The market appears to have concluded that the company's pre-suspension valuation was far too rich." Regulators suspended the stock in May after the company failed to file financial results because of a disagreement with its auditor, Bloomberg recalls. The sticking point was the valuation of land that Golden MV acquired from its founder for US$93 million and subsequently revalued to US$23.3 billion. That transaction followed a run-up in Golden MV's stock price that pushed the company's price-to-earnings ratio above 1,000 and perplexed Manila's financial community, Bloomberg says. Mr. Villar and parties related to him control 89 per cent of the company's shares. In its 2024 annual report filed last week, Golden MV noted that it had agreed to value the land using a method suggested by its external auditors, which yielded a value closer to what the company paid for it, Bloomberg adds. Golden MV Holdings, Inc., engages in the development and sale of memorial lots across various parts of the Philippines. The Company also develops, constructs and operates columbarium facilities. ================= S I N G A P O R E ================= ART WORKS: Creditors' Meetings Set for Nov. 27 ---------------------------------------------- Art Works Pte. Ltd. will hold a meeting for its creditors on Nov. 27, 2025, at 4:00 p.m., via electronic means. 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. Ms. Ellyn Tan Huixian of Forvis Mazars Consulting was appointed as provisional liquidator of the Company on Oct. 30, 2025. EVENTUS LINK: Court to Hear Wind-Up Petition on Dec. 5 ------------------------------------------------------ A petition to wind up the operations of Eventus Link Pte. Ltd. trading as Eventus will be heard before the High Court of Singapore on Dec. 5, 2025, at 10:00 a.m. Razer (Asia-Pacific) Pte. Ltd. filed the petition against the company on Nov. 12, 2025. The Petitioner's solicitors are: Ascendant Legal LLC 9 Straits View Marina One West Tower, #09-09 Singapore, 018937 KEAF ALEXANDRA: Creditors' Proofs of Debt Due on Dec. 19 -------------------------------------------------------- Creditors of Keaf Alexandra Pte. Ltd. are required to file their proofs of debt by Dec. 19, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 14, 2025. The company's liquidator is: Mr. Liew Khee Soon 60 Paya Lebar Road #04-51, Paya Lebar Square Singapore 409051 T3N TRADING: Creditors' Proofs of Debt Due on Dec. 16 ----------------------------------------------------- Creditors of T3N Trading Pte. Ltd. are required to file their proofs of debt by Dec. 16, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 13, 2025. The company's liquidators are: Mr. Abuthahir Abdul Gafoor Ms. Yessica Budiman AAG Corporate Advisory 11 Collyer Quay #07-02 The Arcade Singapore 049317 WEALTH PROPERTY: Creditors' Proofs of Debt Due on Dec. 17 --------------------------------------------------------- Creditors of Wealth Property Pte. Ltd. are required to file their proofs of debt by Dec. 17, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 14, 2025. The company's liquidator is: Lee Chong Xiang Tan, Chan & Partners 26 Eng Hoon Street Singapore 169776 ********* 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 ***