/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/250210.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, February 10, 2025, Vol. 28, No. 29 Headlines A U S T R A L I A AUSTRAL RIGGING: First Creditors' Meeting Set for Feb. 14 BENSONS PROPERTY: Avoids Liquidation as Creditors OK Bailout Deal BRIGHTE GREEN 2023-1: Moody's Ups Rating on Class F-C Notes to Ba1 CFS AWESOME: First Creditors' Meeting Set for Feb. 13 CYPRESS PTY: First Creditors' Meeting Set for Feb. 13 EVM NICKEL: Podium Minerals Complete Acquisition Deal GFG ALLIANCE: Tahmoor Mine Stands Down Workers for 4 Weeks JOHNSTON ELECTRICAL: First Creditors' Meeting Set for Feb. 14 LIFESTYLE HOMES: Second Creditors' Meeting Set for Feb. 13 STAR ENTERTAINMENT: High-Fliers to Face Court in Hearing Today C H I N A CHINA VANKE: Ten Executives From Shenzhen Metro to Assume Key Roles HO WAN KWOK: Trustee's Motion to Compromise in W&W Case Granted MERCURITY FINTECH: Wilfred Daye Named CSO and Chaince CEO VIVIC CORP: Director Tse-Ling Wang Resigns; Liao Named COO I N D I A ACE FOOTMARK: CARE Keeps D Debt Ratings in Not Cooperating ANDHRA PRADESH: ICRA Keeps D Debt Rating in Not Cooperating ANIRUTH PAPER: Voluntary Liquidation Process Case Summary ARYAN CASTINGS: Insolvency Resolution Process Case Summary BRAHMA TEJA: CARE Keeps D Debt Ratings in Not Cooperating Category C. P. ISPAT: CARE Keeps D Debt Rating in Not Cooperating Category CORNERSTONE PROPERTY: ICRA Keeps B+ Rating in Not Cooperating DEVANSHI POWERS: CARE Keeps D Debt Rating in Not Cooperating FORTUNE FLORAGRO: Voluntary Liquidation Process Case Summary GANESH COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating GREYFORCE INDUSTRIES: ICRA Keeps B+ Rating in Not Cooperating GURUVAYOOR INFRASTRUCTURE: ICRA Moves D Rating to Not Cooperating KHANDWA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating LALITA FOAMEX: ICRA Keeps D Debt Ratings in Not Cooperating MAITHAN ISPAT: ICRA Keeps D Debt Rating in Not Cooperating MBL (MP) TOLL: Insolvency Resolution Process Case Summary MY CAR: CARE Keeps D Debt Rating in Not Cooperating Category OLIVE TREE: CARE Keeps D Debt Rating in Not Cooperating Category PARISHUDH MACHINES: CARE Keeps D Debt Rating in Not Cooperating RANJAN FABRICS: ICRA Keeps B+ Debt Rating in Not Cooperating RSAL STEEL: ICRA Keeps D Debt Ratings in Not Cooperating Category S.P.Y. AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category SHAH FERROUS: Voluntary Liquidation Process Case Summary SHYAM COTTEX: ICRA Keeps B Debt Ratings in Not Cooperating SIDWIN FABRIC: ICRA Keeps B+ Debt Ratings in Not Cooperating SUNWORLD RESIDENCY: ICRA Keeps D Debt Rating in Not Cooperating THERAPIVA PRIVATE: ICRA Keeps B- Debt Ratings in Not Cooperating UNIWORLD SUGARS: CARE Keeps D Debt Rating in Not Cooperating VIJIT INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating YEDESHWARI AGRO: ICRA Keeps B- Debt Ratings in Not Cooperating I N D O N E S I A EFISHERY: Backers to Weigh Liquidation, Buyout Among Options J A P A N NISSAN MOTOR: Nissan Open to New Partners Including Foxconn N E W Z E A L A N D BROMMEL ROOFING: Creditors' Proofs of Debt Due on April 4 DIRTWORX LIMITED: Creditors' Proofs of Debt Due on March 3 NORTH FACE: Grant Thornton Appointed as Receivers SHINEIN' ARK: SME Financial Appointed as Liquidator TWENTY FOUR: BDO Tauranga Appointed as Liquidators P A K I S T A N PAKISTAN: Structural Reform Progress Key to Credit Profile S I N G A P O R E JXG LOGISTICS: Court Enters Wind-Up Order KHG HOLDINGS: Court Enters Wind-Up Order PEM IMPEX: Commences Wind-Up Proceedings TERA-BARRIER FILMS: Commences Wind-Up Proceedings YEAP TRANSPORT: Court to Hear Wind-Up Petition on Feb. 14 T H A I L A N D DAOL SECURITIES: Fitch Puts 'B+(tha)' Nat'l. LT Rating on NC Bonds - - - - - ================= A U S T R A L I A ================= AUSTRAL RIGGING: First Creditors' Meeting Set for Feb. 14 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Austral Rigging Pty. Ltd. will be held on Feb. 14, 2025 at 11:00 a.m. at the offices of Rodgers Reidy at Level 11, 385 Bourke Street in Melbourne and via electronic conferencing. Renee Sarah Di Carlo and Brent Leigh Morgan of Rodgers Reidy were appointed as administrators of the company on Feb. 4, 2025. BENSONS PROPERTY: Avoids Liquidation as Creditors OK Bailout Deal ----------------------------------------------------------------- Matt Jones at Daily Mail Australia reports that an Aussie property giant has been thrown a lifeline after creditors agreed to take a substantial cut to save them from liquidation. According to Daily Mail Australia, creditors have signed off on a rescue deal with Melbourne-based property developer Bensons Property Group (BPG), settling for half of the more than AUD811 million they were owed. BPG collapsed in December with 1,300 new homes worth a staggering AUD1.5 billion still under construction. Among those owed money were builders, other tradies, investors and a number of state government revenue offices. On Feb. 7, creditors accepted a rescue deal put forward by the company in which the family founders of the group would tip in close to AUD480 million over the next three years, Daily Mail Australia relates. Craig Shepard and Sebastian Ham, of KordaMentha, were announced late last year as voluntary administrators of the business. Daily Mail Australia say KordaMentha recommended creditors take the rescue deal, saying they would secure AUD414 million as opposed to just AUD625,772 paid to employees if the company was liquidated. On Feb. 7, BPG said the decision was 'near unanimous' with 98 per cent of creditors voting in favour of the deal. According to the report, a BPG spokesperson said the company remained committed to its AUD1.5 billion project development pipeline. 'We understand the responsibility that comes with this, and we will work tirelessly to fulfil it,' the spokesperson said. 'We are deeply humbled by the immense trust and support of our employees, trade creditors, project partners and investors throughout this challenging time. 'We recognise the opportunity we have been given, and we are determined to deliver for those who have placed their trust in us.' Administrator Mr Shepard revealed that the company may have been insolvent as early as July 2023. 'Our preliminary investigations suggest the company exhibited indicators of insolvency, and may have been insolvent, as early as 1 July 2023 and as late as 30 June 2024,' he said in a report lodged with the corporate regulator, Daily Mail Australia relays. Daily Mail Australia relates that Mr. Shepard said BPG directors sought 'safe harbour' protection in 2023, theoretically giving them protection from future investigations if the company was to enter liquidation. Safe harbour is a form of protection under the Corporations Act that guards directors from personal liability during insolvency as long as they are taking steps to improve the company's financial situation. There is no suggestion of wrongdoing on the part of BPG directors, Daily Mail Australia relays. BPG, founded in 1994 by multi-millionaire winery owner Elias Jreissati, is building 740 apartments across Melbourne's suburbs, worth an estimated AUD452 million. The KordaMentha report revealed the company's revenue plummeted from AUD243million in 2019 to just AUD4million by December 2024. The company entered administration with AUD163,672 in the bank and in December Bensons CEO Rick Curtis said the voluntary administration was 'not an easy decision'. Strains on the sector including the Covid pandemic and the rising material costs has led to the collapse of other Aussie home builders, including Porter Davis Homes last year. BRIGHTE GREEN 2023-1: Moody's Ups Rating on Class F-C Notes to Ba1 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on nine classes of notes issued from two Brighte Green Trust transactions. The affected ratings are as follow: Issuer: Brighte Green Trust 2022-1 Class B-G Notes, Upgraded to Aaa (sf); previously on Aug 28, 2023 Upgraded to Aa1 (sf) Class C-G Notes, Upgraded to Aa2 (sf); previously on May 9, 2024 Upgraded to Aa3 (sf) Class D-G Notes, Upgraded to A1 (sf); previously on May 9, 2024 Upgraded to A3 (sf) Class E-G Notes, Upgraded to A3 (sf); previously on May 9, 2024 Upgraded to Baa3 (sf) Class F-G Notes, Upgraded to Baa3 (sf); previously on May 9, 2024 Upgraded to Ba2 (sf) Issuer: Brighte Green Trust 2023-1 Class C-C Notes, Upgraded to Aa3 (sf); previously on May 9, 2024 Upgraded to A1 (sf) Class D-C Notes, Upgraded to A2 (sf); previously on May 9, 2024 Upgraded to A3 (sf) Class E-C Notes, Upgraded to Baa2 (sf); previously on May 9, 2024 Upgraded to Ba1 (sf) Class F-C Notes, Upgraded to Ba1 (sf); previously on May 9, 2024 Upgraded to B1 (sf) A comprehensive review of all credit ratings for the transactions has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available for the affected notes and the good collateral performance to date. No action was taken on the remaining rated classes in the deals as credit enhancements for these classes remain commensurate with the current ratings. Brighte Green Trust 2022-1 Following the January 2025 payment date, the note subordination available for the Class B-G has increased to 22.5% from 17.4% at the last rating action for the notes in August 2023. Note subordination for the Class C-G, D-G, E-G and F-G Notes has increased to 16.6%, 13.6%, 8.3% and 7.0% respectively from 14.9%, 11.7%, 6.3% and 5.0% at the last rating action for these notes in May 2024. Principal collections have been distributed on a pro-rata basis among the rated notes since the February 2024 payment date. Current outstanding notes as a percentage of the total closing balance is 43.1%. As of end-December 2024, 1.0% of the outstanding pool was 30-plus day delinquent and 0.1% was 90-plus day delinquent. The portfolio has incurred 0.4% (as a percentage of the original portfolio balance) of losses to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have decreased Moody's expected default assumption to 3.0% of the current pool balance (equivalent to 1.8% of the original balance) from 3.25% of the current pool balance (equivalent to 2.3% of the original balance) at the last rating action in May 2024. Moody's have also decreased Moody's portfolio credit enhancement assumption to 20% from 22% and increased Moody's recovery rate assumption to 12.5% from 10% at the last rating action in May 2024. Brighte Green Trust 2023-1 Following the January 2025 payment date, the note subordination available for the Class C-C, D-C, E-C and F-C Notes has increased to 14.7%, 11.4%, 5.2% and 4.5% respectively from 12.1%, 9.1%, 3.7% and 3.0% at the last rating action for these notes in May 2024. Principal collections have been distributed on a pro-rata basis among the rated notes since the August 2024 payment date. Current outstanding notes as a percentage of the total closing balance is 49.2%. As of end-December 2024, 1.2% of the outstanding pool was 30-plus day delinquent and 0.2% was 90-plus day delinquent. The portfolio has incurred 0.3% (as a percentage of the original portfolio balance) of losses to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have decreased Moody's expected default assumption to 3.0% of the current pool balance (equivalent to 1.8% of the original balance) from 3.25% of the current pool balance (equivalent to 2.5% of the original balance) at the last rating action in May 2024. Moody's have also decreased Moody's portfolio credit enhancement assumption to 20% from 22% and increased Moody's recovery rate assumtpion to 12.5% from 10% at the last rating action in May 2024. The transactions are securitisations of Australian unsecured consumer and commercial Buy Now Pay Later (BNPL), and unsecured loan receivables originated by Brighte Capital Pty Ltd. Moody's have considered sensitivity scenarios with higher default probability rates, higher PCE rates and different default timing to evaluate the resiliency of the note ratings. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in credit enhancement available for the notes, and (3) a deterioration in the credit quality of the transaction counterparties. CFS AWESOME: First Creditors' Meeting Set for Feb. 13 ----------------------------------------------------- A first meeting of the creditors in the proceedings of CFS Awesome Foods Pty Ltd will be held on Feb. 13, 2025 at 3:00 p.m. by virtual meeting via Microsoft Teams. Paul Vartelas of B K Taylor & Co was appointed as administrator of the company on Feb. 4, 2025. CYPRESS PTY: First Creditors' Meeting Set for Feb. 13 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Cypress Pty. Ltd. and Central (Qld) Aviation Pty. Ltd. will be held on Feb. 13, 2025 at 10:30 a.m. and 10:45 a.m. respectively, virtually via Microsoft Teams. Marcus Watters, Richard Albarran and Brent Kijurina of Hall Chadwick Chartered Accountants were appointed as administrators of the company on Feb. 3, 2025. EVM NICKEL: Podium Minerals Complete Acquisition Deal ----------------------------------------------------- Mining Technology reports that Australia-based Podium Minerals has completed the acquisition of EV Metals Group's subsidiary EVM Nickel, also referred to as EV Nickel. According to the report, the acquisition integrates EV Nickel's Range Well Nickel Project with Podium's Parks Reef PGM Project, located in Western Australia, providing an opportunity to streamline project development and optimise future operations. Podium finalised the acquisition under the terms of a Deed of Company Arrangement (DOCA) initially signed in October 2024. The assets of EV Nickel, a company that had been in voluntary administration, now fall under Podium's control, Mining Technology says. As part of the transaction, Podium issued 110.7 million shares to Johnson Matthey, a platinum group metal (PGM) company and one of EV Nickel's largest creditors, and 2.3 million shares to EV Metals Group, Mining Technology relates. Johnson Matthey now holds a 16.25% shareholding in Podium through this transaction. Mr. Matthey also secured a 1.5% net smelter royalty over the Range Well Project through this deal. Additionally, Podium paid AUD1.17 million (USD728,103) in cash to the administrators for distribution. "The successful completion of Podium's DOCA for EV Nickel marks a significant strategic milestone for the company. This transformational transaction allows Podium to reassert primacy over its mining leases by combining the Range Well and Parks Reef Projects under a unified ownership structure," the report quotes Podium executive chairman Rod Baxter as saying. "Furthermore, reconsolidation of the projects unlocks access to a larger footprint for the Parks Reef PGM Project, which will simplify project development activities and benefit future operations. "The transaction also sees Johnson Matthey join the register as our largest shareholder. Johnson Matthey is a global PGM player and is one of the world's largest recyclers of autocatalysts, with deep technical and expert PGM processing know-how, and an extensive industry network." Thomas Birch of Cor Cordis was appointed as administrator of EVM Nickel Pty Limited on Feb. 19, 2024. GFG ALLIANCE: Tahmoor Mine Stands Down Workers for 4 Weeks ---------------------------------------------------------- ABC News reports that hundreds of workers at an Australian mine owned by Indian-born British billionaire Sanjeev Gupta have been stood down for four weeks, with his embattled global consortium GFG Alliance failing to pay outstanding debts. According to the ABC, management at the Tahmoor colliery in the NSW Wollondilly region have told workers that from Feb. 10 they will remain at home on paid leave for four weeks. It comes as suppliers providing critical materials to the mine have stopped deliveries over unpaid bills. The ABC relates that Mining and Energy Union district secretary Andy Davey said workers were concerned about the company's financial situation. "We have got some really anxious people," he said, notes the report. The Tahmoor mine employs about 450 workers with 250 contracted through labour hire agencies. All will be paid for four weeks while they are stood down. While staff will officially cease work on Feb. 10, the ABC understands that production at the mine has recently slowed to a crawl due to a shortage of critical supplies. "They are low on diesel, chemicals, bolts, and other bits and pieces that allow them to continue cutting coal," the report quotes Mr. Davey as saying. The Tahmoor mine is managed by SIMEC, a subsidiary of GFG Alliance. The mine has traditionally been one of the main sources of coking coal for the company's other Australian business, the Whyalla Steelworks, the report says. The prolonged shutdown of the Whyalla Steelworks last year has compounded GFG Alliance's financial woes, after it was significantly impacted by the collapse of one of its largest lenders, Greensill Capital, in 2021, the ABC notes. Late last year, Whyalla contractors began reporting that the company had stopped paying them. The Whyalla Steelworks resumed steelmaking last month with its blast furnace running at half capacity. In contrast to Whyalla, the Tahmoor Colliery has been expanding its operations since it was approved to mine 15 new longwalls, according to the report. While the mine has not supplied Whyalla since early 2024, it has increased its coal production and remained profitable by selling coal overseas. But Mr Davey said GFG was using its profitable Australian businesses to pay off debts within other parts of the business. "Through the efforts of Tahmoor, the colliery itself, and what is happening down in Whyalla, that is where they are skimming all the money off to prop the company up in other parts of the world," he said, relates the report. ABC News meanwhile reports that the uncertainty around GFG's finances has sparked interest from other mining companies in the colliery. The ABC relates that two parties have so far expressed interest in purchasing the mine, with the union claiming one potential buyer took a tour of the mine last week. "One particular company did make an offer to buy it that was knocked back," Mr. Davey said, notes ABC News. "The mine is quite viable, and we believe that there will be no dramas if it was to come up on the market to be sold and that they would keep the workforce they have and they would soldier on." A GFG Alliance spokesperson said all Tahmoor Colliery employees continued to be paid, with mining operations at a reduced capacity for a short period. The company expects to return to normal production soon, the ABC says. GFG Alliance provides financial services intended to serve steel, aluminium and energy industries clients. The company offers established partnerships with employees to create self-determined change and transform manufacturing processes by harnessing renewable power and agile production. JOHNSTON ELECTRICAL: First Creditors' Meeting Set for Feb. 14 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Johnston Electrical Contracting Pty Ltd will be held on Feb. 14, 2025 at 10:00 a.m. at the offices of SV Partners at Level 6/ La Balsa, 45 Brisbane Road in Mooloolaba. David Michael Stimpson of SV Partners was appointed as administrator of the company on Feb. 4, 2025. LIFESTYLE HOMES: Second Creditors' Meeting Set for Feb. 13 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Lifestyle Homes Management (Act) Pty Ltd has been set for Feb. 13, 2025 at 11:00 a.m. at the offices of KPT Restructuring at Suite 1 Level 20, 20 Bond Street in Sydney and via telephone conference. 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 Feb. 12, 2025 at 4:00 p.m. Jason Tang and Ozem Kassem of KPT Restructuring were appointed as administrators of the company on Jan. 21, 2025. STAR ENTERTAINMENT: High-Fliers to Face Court in Hearing Today -------------------------------------------------------------- The Sydney Morning Herald reports that as Star Entertainment is rapidly running out of both cash and options for survival, the corporate legal battle of the decade begins today, Feb. 10, to determine whether Star's previous board should have known earlier about the scandals that have torched more than AUD4 billion worth of shareholder funds. The Herald relates that Justice Michael Lee - after a one-year delay thanks to the Bruce Lehrmann defamation trial - will preside over Federal Court civil proceedings between the Australian Securities and Investments Commission (ASIC) and 10 former Star board members and executives for breaching their duty to act with care and diligence. According to the report, ASIC has accused them of not paying sufficient attention to the risks of money laundering and criminal association that have unravelled the casino operator. There could be profound implications for corporate Australia, pertaining to how much trust directors can place in management assurances that a business is running well. "The real issue they're tackling is the ability of the board to say they didn't know," the report quotes corporate governance expert Helen Bird as saying. "That provision is really being tested for the first time." The Herald says the trial might last longer than the casino operator, which lost its casino licences and is running out of cash following successive probes into the money laundering and criminal association issues. "You would want your board to ask these hard questions because look where it led to . . . the debacle that is Star to this day," the report quotes Ms. Bird as saying. "You have got to wonder if they'd been more effective with these issues earlier, some of this could have been avoided." ASIC already has its first scalp. In a federal courtroom on Feb. 5, Star Entertainment's former finance boss, Harry Theodore, broke ranks with his former colleagues and settled with ASIC on charges that he knowingly misled NAB about its ATMs being used to funnel more than AUD900 million into Star's Sydney casino, the Herald reports. "ASIC and Mr. Theodore have agreed terms of settlement, but the agreed penalty hearing is yet to occur," an ASIC spokeswoman said, the report relates. The admission by Mr. Theodore, who faces a fine and ban from managing a corporation, is not a big surprise, according to the Herals. At the 2022 hearing into whether Star should retain its casino licence, he admitted to acting unethically when approving communications from the casino to NAB that tried to disguise banned gambling transactions as hotel expenses. There is some solace for the remaining 10 former Star executives and board members facing charges that they were not sufficiently attentive to these risks. "Admissions by Mr. Theodore are not admissible against the other defendants," the ASIC spokeswoman said, notes the Herald. He will play no part in the trial of former colleagues, the report states. This includes former chairman John O'Neill - better known as the sports supremo who brought Australian rugby union into the professional era and did much the same with soccer via the creation of the A-League. 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. 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. According to The Sydney Morning Herald, the Star reiterated that it had AUD78 million left in cash - after previously indicating earlier in the month that it is burning through about AUD35 million a month - which prompted Morningstar's analyst to warn the company may not survive until its results in late February. As it fights for survival, Star said it was continuing discussions to attempt to deal with the crunch on its finances, but there was no guarantee it would be able to reach a deal to resolve its situation, the Herald relayed. It acknowledged the uncertainty over its ability to continue operating if the negotiations were unsuccessful. ========= C H I N A ========= CHINA VANKE: Ten Executives From Shenzhen Metro to Assume Key Roles ------------------------------------------------------------------- Caixin Global reports that China Vanke Co. Ltd. has revealed in an internal announcement that 10 executives from its state-owned shareholder Shenzhen Metro Group are to assume key positions in the troubled developer's core departments and regional companies. Caixin relates that the move follows a takeover of Vanke's Shenzhen Hongshuwan project by the shareholder and the replacement of Vanke's chairman Yu Liang by Shenzhen Metro Chairman Xin Jie last month. China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 22, 2025, S&P Global Ratings lowered its long-term issuer credit rating on China Vanke Co. Ltd. by two notches to 'B-' from 'B+' and its long-term issuer credit rating on China Vanke's subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) to 'B-' from 'B'. S&P also lowered the issue rating on Vanke HK's senior unsecured notes to 'B-' from 'B'. S&P placed all these ratings on CreditWatch with negative implications. The TCR-AP on Jan. 28, 2025, reported that Fitch Ratings has downgraded Chinese homebuilder China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B-', from 'B+'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC+', from 'B', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC+', from 'B', with a Recovery Rating of 'RR4'. The ratings are on Rating Watch Negative (RWN). The downgrade reflects a deterioration in China Vanke's sales and cash generation, which is eroding its liquidity buffer against large capital market debt maturities in 2025. HO WAN KWOK: Trustee's Motion to Compromise in W&W Case Granted --------------------------------------------------------------- Judge Julie A. Manning of the United States Bankruptcy Court for the District of Connecticut granted the motion to compromise filed by Luc A. Despins, in his capacity as Chapter 11 trustee for the bankruptcy estate of Ho Wan Kwok, to resolve the adversary proceeding captioned as LUC A. DESPINS, IN HIS CAPACITY AS CHAPTER 11 TRUSTEE FOR THE ESTATE OF HO WAN KWOK, Plaintiff, v. WILDES & WEINBERG, P.C., Defendant, Adv. P. No. 24-05187 (JAM) (Bankr. D. Conn.). On Feb. 12, 2024, the Trustee filed a complaint with a single claim against Wildes & Weinberg, P.C. seeking avoidance and recovery of unauthorized post-petition transfers pursuant to 11 U.S.C. Secs. 549 and 550. On Sept. 19, 2024, the Trustee filed the Motion to Compromise. The Trustee seeks authority under Fed. R. Bankr. P. 9019 to enter into a settlement agreement with defendant W&W to resolve the adversary proceeding. The Trustee further requests authority to file the terms of the settlement agreement under seal for a period of 180 days after the entry of an order granting the Motion to Compromise. The Trustee argues the settlement agreement is a positive outcome for the estate and its creditors, is fair and reasonable to the estate and its creditors, and should be approved. The Mediator's Report recommends approval of the settlement agreement. No party has objected on the merits of the Motion to Compromise. While the terms of the settlement agreement have been filed under seal, the U.S. Trustee and the Committee have both been provided with unredacted copies of the settlement agreement. G Club objects to the sealing of the settlement agreement, but does not seek access to the settlement terms in order to object to the merits of the Motion to Compromise. The Court has reviewed the terms of the settlement agreement. It finds that: (i) the settlement amount reflects the amount sought, the litigation's possibility of success, and the likely costs and expenses of litigation; (ii) while creditors have not generally reviewed the terms of the settlement agreement, neither have they objected to the Motion to Compromise requesting such review; (iii) moreover, the Committee, a fiduciary for the unsecured creditors, has reviewed the unredacted terms of the settlement agreement and has not objected; (iv) the releases are narrow and solely related to the claims brought in the adversary proceeding; and (v) the settlement agreement is the product of arm's length negotiations. The Court concludes the settlement agreement does not fall below the lowest point in the range of reasonableness and is fair and equitable to the estate and its creditors. Because of the large number of similar avoidance claims, the Court is persuaded public disclosure of the settlement agreement at this time would have a significant impact on the recovery to all unsecured creditors. The Court concludes the 180-day sealing period agreed to by the Trustee and the U.S. Trustee strikes a reasonable balance between avoiding the harm the Trustee alleges and providing public access to judicial records. G Club's objection to the Motion to Compromise is overruled. The U.S. Trustee's objection is deemed withdrawn due to the resolution reached between the Trustee and the U.S. Trustee. Pursuant to Fed. R. Bankr. P. 9019, the settlement agreement is approved. A copy of the Court's decision dated Feb. 3, 2025, is available at https://urlcurt.com/u?l=N6HZZk from PacerMonitor.com. About Ho Wan Kwok Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge Julie A. Manning oversees the case. Dylan Kletter, Esq., is the Debtor's legal counsel. Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman. According to Reuters, Guo was a former real estate magnate who fled China for the U.S. in 2014 ahead of corruption charges. Guo filed for bankruptcy after a New York court ordered him to pay lender Pacific Alliance Asia Opportunity Fund $254 million stemming from a contract dispute. PAX had initially loaned two of Guo's companies $100 million in 2008 for a construction project in Beijing and sued Guo when he failed to pay off the loan. An Official Committee of Unsecured Creditors has been appointed in the case and is represented by Pullman & Comley, LLC. Luc A. Despins was appointed Chapter 11 Trustee in the case. MERCURITY FINTECH: Wilfred Daye Named CSO and Chaince CEO --------------------------------------------------------- Mercurity Fintech Holding Inc. filed a Form 6-K Report with the U.S. Securities and Exchange Commission disclosing the appointment of Wilfred Daye as the Chief Strategy Officer and as the Chief Executive officer of JVDA, LLC, a subsidiary of the Company doing business as "Chaince Securities," effective February 1, 2025. Mr. Daye is the CEO and Co-Founder of Samara Alpha Management and Sylvanus Technologies, Inc., an alternative asset manager and a FinTech platform specializing in trading, portfolio, and risk management systems, roles he has held since January 2023 and April 2024, respectively. From October 2021 to December 2022, he served as the CEO of Securitize Capital, the asset management arm of Securitize, a trailblazer in Real-World Asset (RWA) tokenization, and a recognized leader in blockchain-enabled financial solutions. Prior to that, Mr. Daye served as the CEO of Enigma Securities Ltd., a crypto broker and liquidity provider, from February 2020 to October 2021. From June 2018 to January 2020, he served as the CEO of OK Securities LLC and Head of Financial Markets at OKCoin, a major cryptocurrency exchange. Mr. Daye earned a B.S. in Biochemistry from the University of California, Riverside, an ABD in Molecular Pathology from the USC School of Medicine, an M.S. in Financial Engineering from Claremont Graduate University, and a diploma in Private Equity from the Saïd Business School at the University of Oxford. In his dual leadership roles, Daye will focus on driving strategic innovation and operational excellence across both organizations. As Chief Strategy Officer at MFH, Daye will lead the company's efforts in global expansion and digital asset adoption, bringing a unique blend of strategic insight and market expertise to accelerate the firm's growth initiatives. His leadership will ensure MFH remains at the forefront of innovation in the rapidly evolving technology landscape. In his capacity as CEO of Chaince Securities, Daye will run a client-centric investment banking and capital formation practice. His vision is to deliver tailored solutions that meet the needs of an increasingly dynamic and sophisticated market. With a forward-thinking mindset and extensive expertise in structured credit trading and financial innovation, Daye brings over two decades of leadership at the crossroads of Wall Street and digital innovation. He previously served as CEO of Securitize Capital, the asset management arm of Securitize, a trailblazer in Real-World Asset (RWA) tokenization, and a recognized leader in blockchain-enabled financial solutions. Under his leadership, Securitize successfully tokenized private equity assets for industry giants such as KKR and Hamilton Lane, marking a significant milestone in the adoption of digital assets. Daye has also held pivotal roles at some of the world's leading financial institutions. As a trader at UBS, he specialized in complex cash and synthetic structured products, driving advancements in financial engineering. He also held senior positions at Deutsche Bank and Barclays Capital, where he focused on global credit products. Additionally, he was a key member of the structured credit team at D.B. Zwirn after beginning his career at Lehman Brothers. "What excites me most about joining MFH and Chaince Securities is the unique opportunity to shape the future of finance at a time when innovation and tradition are finding powerful new synergies," said Wilfred. "Throughout my career, I've seen how transformative the right combination of technology and financial expertise can be. I look forward to working alongside our talented teams to build something truly exceptional--a bridge between traditional financial services and the digital future that creates lasting value for our clients and partners." Shi Qiu, CEO of Mercurity Fintech Holding Inc., further commented: "When we envisioned the next chapter of MFH's growth, we knew we needed a leader who not only understands the complexities of both traditional and digital finance but also shares our commitment to innovation with purpose. In Wilfred, we've found that rare combination. His genuine passion for financial innovation and deep understanding of institutional markets makes him the perfect architect for our future. We're delighted to welcome him to our leadership team." The Company has entered into an employment agreement with Mr. Daye. As part of the employment arrangement, the employee shall receive 100,000 ordinary shares of the Company to be vested over a one-year period, issued and received in equal monthly installments. There is no family relationship between Mr. Daye and any of our other officers and directors. Except for the employment described above, Mr. Daye has not had any transaction with the Company since the beginning of our last fiscal year. About Mercurity Formerly known as JMU Limited, Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries specializing in distributed computing and digital consultation across North America and the Asia-Pacific region and is in the process of applying for FINRA approval to add brokerage services to its business. The Company's focus is on delivering innovative financial solutions while adhering to principles of compliance, professionalism, and operational efficiency. The Company's aim is to contribute to the evolution of digital finance by providing secure and innovative financial services to individuals and businesses. Singapore-based Onestop Assurance PAC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 22, 2024, citing that the Company has incurred recurring operating losses and negative cash flows from operating activities and has an accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. Mercurity reported a net loss of $9.36 million for the year ended Dec. 31, 2023, compared to a net loss of $5.63 million for the year ended Dec. 31, 2022. As of Dec. 31, 2023, the Company had $30.39 million in total assets, $12.56 million in total liabilities, and $17.83 million in total shareholders' equity. VIVIC CORP: Director Tse-Ling Wang Resigns; Liao Named COO ---------------------------------------------------------- Vivic Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on January 25, 2025, Tse-Ling Wang resigned from his position as a member of the Board of Directors. Mr. Wang's resignation was not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices. On the same date, the Board appointed Mr. Kun-Teng Liao as Chief Operating Officer of the Company. Mr. Liao, 57, resigned from the Board of Directors and from his position as Secretary of the Company effective October 9, 2024. From August 2021 to October 2024 Mr. Liao served as a director and secretary of Vivic. Upon resignation from his positions as a director and Secretary, he began to function in the capacity of Chief Operating Officer and was officially appointed as our Chief Operating Officer effective January 25, 2025. From October, 2015 until March, 2020, Mr. Kung served as the Chairman of Sino-Phoenix Limited a company based in Taiwan engaged in international trade where he was responsible for ensuring corporate governance, and facilitating communication. He received an MBA degree from Seton Hall University, located in New Jersey in 2013. From 2006 to 2016, he was the chairman of EcallBuy Trading Company Limited. Mr. Liao is party to an Employment Agreement with the Company which commenced October 1, 2024. The agreement may be terminated by the Company at any time, with or without cause. Mr. Liao was issued 50,000 shares of the Company's common stock in consideration of his services through the year ended September 30, 2025, and is to receive 20,000 shares in respect of each year served thereafter. Mr. Liao is to report directly to the President of the Company. The agreement contains customary non-disclosure provisions and prohibitions against competing with the Company for a period of two years after termination of his agreement and soliciting any employee to leave the service of the Company during the eighteen-month period commencing as of termination of the agreement. About Vivic Vivic Corp. was established under the corporate laws of the State of Nevada on February 16, 2017. Beginning with a change in management resulting from a change in control of the Company at the end of 2018, the Company has explored and initiated operations in various business areas related to the pleasure boat industry. These included yacht sales, marine tourism, development of electric-powered yachts, development and operation of yacht marinas in Asia, and development of a yacht rental and timeshare service. The Company's headquarters are maintained at its branch in the Republic of China, Vivic Corp. It is mainly engaged in yacht procurement, sales, and leasing services in Taiwan and other countries. Irvine, California-based YCM CPA INC., the Company's auditor since 2022, issued a "going concern" qualification in its report dated October 22, 2024, citing that the Company had an accumulated deficit as of June 30, 2024, and negative cash flows from operations. The Company does not have sustained and stable income, and there is also significant uncertainty in the income for the next 12 months. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ========= I N D I A ========= ACE FOOTMARK: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ace Footmark Private Limited (AFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.58 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 2.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING Rating continues to Bank Facilities remain under ISSUER NOT COOPERATING category Short Term Bank 4.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Ltd. had, vide its press release dated January 19, 2024, placed the rating(s) of AFPL under the 'issuer non-cooperating' category as AFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 4, 2024, December 14, 2024, December 24, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable ACE Footmark Private Limited was incorporated in July 2000 and currently being managed by Mr. Arjun Puri, Mr. Akash Kapoor and Mr. Angad Puri. The company is engaged in the manufacturing of footwear products like hawai slipper, sandal, etc. The manufacturing facility of the company is located in Bahadurgarh, Haryana. The company has its own in-house ethylene vinyl acetate (EVA) compounding unit which produces EVA sheets from EVA granules. The company sells its products under the brand name 'FIZIK' in India through its distributor network. Beside ACE, group also consists of Saraswati Timber Private Limited and Focus Shoes Private Limited. Both are engaged in the manufacturing of footwear. ANDHRA PRADESH: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Debenture Programme of Andhra Pradesh Power Finance Corporation Limited (APPFCL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING ". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4,053.30 [ICRA]D; ISSUER NOT COOPERATING; Non-convertible Rating continues to remain under Debentures (NCD) 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with APPFCL, 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. APPFCL was incorporated in July 2000 by the GoAP with the main objective of providing debt and equity funding to enterprises engaged in the power sector in the state. It is registered as a non-banking financial company with the Reserve Bank of India. APPFCL reported a profit after tax (PAT) of INR99.1crore (provisional) in H1 FY2024 on a loan book of INR13,388.5crore as on September 30,2023. ANIRUTH PAPER: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: M/s. Aniruth Paper Products Private Limited Door No:3/367-368, Ketchanipatti, Eriyodu, Vedasandur (Tk), Dindigul, Tamil Nadu, India, 62470 Liquidation Commencement Date: January 21, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: Sankar Varadharajan, No.6/12, Appavoo Gramani, 1st Street, Mandaveli, Chennai- 600028 Mobile no: 9791169369 Email ID: advsankarirp@gmail.com Last date for submission of claims: February 20, 2025 ARYAN CASTINGS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Aryan Castings Private Limited Gat No. 232, Lakhampur Taluka-Dindori Nashik-422 202, Maharashtra, India Insolvency Commencement Date: January 17, 2025 Estimated date of closure of insolvency resolution process: July 16, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Ms. Sonu Gupta 42/1201 11th Floor, N.R.I Complex, Seawoods Estates, Nerul Navi, Mumbai, Maharashtra-400 706 Email: rpsonugupta@gmail.com Email: cirparyancastings@gmail.com Last date for submission of claims: January 31, 2025 BRAHMA TEJA: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Brahma Teja Paper Products (BTPP) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.45 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.55 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 31, 2024, placed the rating(s) of BTPP under the 'issuer non-cooperating' category as BTPP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BTPP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 16, 2024, December 26, 2024, January 5, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Hyderabad based, Brahma Teja Paper Products (BTPP) was established in the year 1998 by Mrs. Janaki Paruchuri under Khadi and Village Industries Board margin scheme. The firm is engaged in manufacturing of paper products and paper goods and also offering paper printing services. The raw material used in manufacturing paper products includes paper, chemicals & inks, duplex board, art cards, which the firm procures from dealers and distributors located in Telangana region. The firm procures its orders through tenders majorly from Andhra Pradesh, Telangana and Karnataka state government departments for printing of text books. Furthermore, the customer base of the firm also includes educational institutions to which it supplies note book. C. P. ISPAT: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of C. P. Ispat Private Limited (CPIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 18, 2024, placed the rating(s) of CPIPL under the 'issuer non-cooperating' category as CPIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CPIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 3, 2024, December 13, 2024, December 23, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable C.P. Ispat Pvt. Limited (CPIPL), incorporated in the year 2006, was initially promoted by the Kolkata-based Chawla family and was earlier managed by Mr. Amarjeet Chawla. CPIPL commenced commercial production in July 2009 at its facility in Bankura, West Bengal. However, in September 2013, the Chawla family leased out the plant to the Durgapur-based Jayshree group owned by Mr. Amit Agarwal and his family. Since September 15, 2013, operations of the plant have been managed by the Jayshree group. In February 2014, the Jayshree group entered into an agreement with the Chawla family to purchase CPIPL with effect from April 2014. CPIPL is engaged in the manufacturing of sponge iron at its plant located at Barjora, Bankura with a current installed capacity of 60,000 metric tonne per annum (MTPA). Status of non-cooperation with previous CRA: CRISIL has continued the rating assigned to the bank facilities of CPIPL into ISSUER NOT COOPERATING category vide press release dated September 11, 2024 on account of its inability to carry out a review in the absence of requisite information from the company. Brickwork has continued the rating assigned to the bank facilities of CPIPL into ISSUER NOT COOPERATING category vide press release dated August 06, 2024 on account of its inability to carry out a review in the absence of requisite information from the company. CORNERSTONE PROPERTY: ICRA Keeps B+ Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Cornerstone Property Investments Pvt. Ltd. (CPIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 110.00 [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 CPIPL, 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. CPIPL is a part of Cornerstone group which is a leading property group in the business of land banking, development (primary residential) and joint development partnerships. Cornerstone Group is one of the largest owners of real estate in Bangalore with a land bank in excess of 2,500 acres and a development portfolio of over 9 million square feet. CPIPL, along with its promoters and another group company, have entered into an MoU with the Embassy Group for jointly developing approximately 100 acres of land in Varthur, Bengaluru. The Embassy Group will acquire 30 acres of land out of the larger property and the balance will be developed under the JDA route. DEVANSHI POWERS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Devanshi Powers Limited (DPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 9, 2024, placed the rating(s) of DPL under the 'issuer non-cooperating' category as DPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DPL continues to be non-cooperative despite repeated requests for submission of information through emails dated November 24, 2024, December 4, 2024, December 14, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Initially established in July 2006 as a partnership firm 'M/s. Devanshi Electricals' by Mr. Pankaj Shah, Mr. Pradip Shah, and Ms Varsha Shah, Devanshi Powers Limited (DPL) was converted into closely held Public Limited Company in October 4, 2012. DPL manufactures bare copper wires and various types of copper and aluminum-based household, industrial and instrumentation cables. The Shah family is into business of copper products since 1982 at Jaipur, Rajasthan through its group concern, M/s Shree Jagdish Electrics & Engineering Works. The group has shifted its base to Anand, Gujarat since 2006. Status of non-cooperation with previous CRA: CRISIL has continued the ratings assigned to the bank facilities of DPL to 'Issuer Not Cooperating' category vide press release dated May 27, 2024 on account of its inability to carry out a review in the absence of the requisite information from the company. FORTUNE FLORAGRO: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: M/s. Fortune Floragro India Limited 121, Candappa Street, Pondicherry-605001 Liquidation Commencement Date: January 20, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: Mr. Mathur Sabhapathy Viswanathan Plot No. 22, Vallalar Street, Nilamangai Nagar, Adambakkam, Chennai-600088, Tamil Nadu Email: floriagrovl@gmail.com Mobile No: 9884085514 Last date for submission of claims: February 19, 2025 GANESH COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Shree Ganesh Cotton Industries-Rajkot in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.27 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.03 [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 Shree Ganesh Cotton Industries-Rajkot, 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 2015, Shree Ganesh Cotton Industries- Rajkot is involved in the business of raw cotton ginning and pressing to produce cotton bales and cotton seeds and cottonseed crushing to produce cottonseed oil and cottonseed oilcake. The manufacturing facility, located at Rajkot in Gujarat, is equipped with 36 ginning machines and one pressing machine with an installed capacity of 180 bales per day. The firm also has 8 expellers for carrying out the crushing activities. The partners of the firm have extensive experience in the cotton industry through their association with companies in the similar line of business. GREYFORCE INDUSTRIES: ICRA Keeps B+ Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank Facility of Greyforce Industries Limited (formerly known as Ganpati Advisory Limited) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable);ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Greyforce Industries Limited (formerly known as Ganpati Advisory 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. Greyforce Industries Limited (formerly known as Ganpati Advisory Limited) was incorporated as a closely held public limited company in the year 2003. It was formed to invest in group concerns which are engaged in the manufacturing of cement, but later on seeing the opportunity lying in the cement sector, GAL commenced cement production at a newly built plant situated at Raebareli, Uttar Pradesh 2013. The factory premise of the concern is spread in an area of ~4 acre. The concern manufactures and sells cement under the unregistered brand name of "Shakti" & "Kohinoor Gold Cement", which is also having ISI 1489 Part I certification. Company is also engaged in the trading of clinkers. GURUVAYOOR INFRASTRUCTURE: ICRA Moves D Rating to Not Cooperating ----------------------------------------------------------------- ICRA has moved the ratings for the bank facilities of Guruvayoor Infrastructure Private Limited (GIPL) to the 'Issuer Not-Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term loan 212.0 [ICRA]D ISSUER NOT COOPERATING; Rating moved to "ISSUER NOT COOPERATING" category based on information Non-convertible 53.0 [ICRA]D ISSUER NOT COOPERATING; Debenture Rating moved to "ISSUER NOT COOPERATING" category based on information As a part of its process and in accordance with its rating agreement with GIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In absence of the requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. GIPL is a special purpose vehicle (SPV) formed for four-laning of the Thrissur-Angamali section of NH-47 (in Kerala) from km 270.00 to km 316.00, and improvement, operation and maintenance from km 316.70 to km 342.00 on a build, operate and transfer (BOT) toll basis. The project was secured by a consortium of KMC Infratech Limited and SREI Equipment Finance Limited with equity interest of 51% and 49%, respectively. However, later Bharat Road Network Limited (BRNL) took over 76% equity interest (49% from SREI and 25% from KMC). At present, the SPV is held by BRNL. The project achieved PCOD in December 2011, and tolling operations commenced in February 2012. The total project cost was INR726 crore, which was funded by the promoter's contribution of INR226 crore (INR169 crore as equity and INR57 crore as unsecured loans from promoters) and external debt of INR465 crore. KHANDWA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Khandwa Industries Private Limited (KIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.15 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated December 21, 2023, placed the rating(s) of KIPL under the 'issuer non-cooperating' category as KIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 5, 2024, November 15, 2024 and November 25, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable KIPL was incorporated in the year 2008 for manufacturing of cotton bales & seeds and trading of cotton bales, oil, cakes and seeds. KIPL is promoted by the Gupta family who are into the cotton business since the year 1950. Mr. Sandeep Gupta and Ms Ramadevi Gupta are actively involved in operations of KIPL. KIPL is primarily engaged in trading of ginned cotton. LALITA FOAMEX: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating of Lalita Foamex Private Limited (LFPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 1.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 4.75 [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 LFPL, 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. Lalita Foamex Private Limited (LFPL) incorporated in April, 2013 by Mr. Bibekanada Pati and Mr. Aditya Pati in Bolangir, Odisha is involved in manufacturing and sales of general purpose polystyrene (GPPS) disposable products such as bowls, plates and dinnerware. The manufacturing facility of the company commenced on 28th June, 2014 and has an annual installed capacity of 600 metric tonnes. MAITHAN ISPAT: ICRA Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Maithan Ispat Limited (MIL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- NCD/Debt- 357.66 [ICRA]D; ISSUER NOT COOPERATING; Preference Rating continues to remain under Shares 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with MIL, 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. Maithan Ispat Limited (MIL) was set up in August 2003 by the promoters of Maithan Group. Subsequently, on March 31, 2015, MESCO Group took over MIL, and a consortium of bankers restructured the debt facilities of MIL under the CDR scheme. At present, the company is a subsidiary of Mideast Integrated Steels Ltd. (MISL, the flagship company of MESCO Group), and is involved in manufacturing of sponge iron and billets. The company has a 2*350-TPD sponge iron facility, a 210,000MTPA billet production unit and a 30-MW power production unit situated in Jajpur, Odisha. MBL (MP) TOLL: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: MBL MP Toll Road Company Limited Regd Office: Baani Corporate One Tower, Suite No. 303, 3rd Flr, Pt No. 5, Dist. Commercial Cent, Re Jasola South Delhi, New Delhi, Delhi, India 110076 Principal Office: M.B.L., Newargaon Gram Post Newargaon Tehsil Waraseoni Lalburra, Balaghat Madhya Pradesh, 481331 Insolvency Commencement Date: January 21, 2025 Estimated date of closure of insolvency resolution process: July 20, 2025 Court: National Company Law Tribunal, Principal Bench New Delhi Insolvency Professional: Piyush Moona Unit 1406-B, 14TH Floor, ICONIC Tower-Corenthum, A-41, Sector 62, Noida, Uttar Pradesh-201 301 Email: piyushmoona@gmail.com Email: cirpofmblmptollroad@gmail.com Last date for submission of claims: February 4, 2025 MY CAR: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of My Car Nexa Private Limited (MCNPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 29, 2024, placed the rating(s) of MCNPL under the 'issuer non-cooperating' category as MCNPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MCNPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 14, 2024, December 24, 2024 and January 3, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Kanpur (Uttar Pradesh) based My Car Nexa Private Limited (MCNPL) was incorporated on November 5, 2015. The company is currently being managed by Mr. Vijay Garg, Sh. Purshottam Das Garg and Mrs. Kavita Garg. MCNPL is an authorized dealer for passenger cars manufactured by Maruti Suzuki India Ltd for its premium sales channel, 'NEXA'. The showroom became operational in January 2016; MSIL currently sells the Baleno (All variants), S-Cross, Ciaz (All variants) and Ignis through NEXA outlets. The company manages its operations through its 3S (Sales, spare and service) facility located in Kanpur, Uttar Pradesh. The showroom has attached workshop facility for the post sales services of cars. OLIVE TREE: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Olive Tree Retail Private Limited (OTRPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 10, 2024, placed the rating(s) of OTRPL under the 'issuer non-cooperating' category as OTRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OTRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 25, 2024, December 5, 2024, December 15, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Olive Tree Retail Private Limited (OTRPL) was incorporated in August 2009 by Basuray family of Kolkata, West Bengal. OTRPL is engaged in retail business of apparel, footwear, baby products and accessories. It operates in Kolkata, Siliguri, Bangalore, Mumbai, New Delhi and Pune with 25 retail outlets of established brands viz. Puma, Calvin Klein, FCUK (French Connection, UK) and BIBA. In addition to that OTRPL has two other retail outlets in the name of "Slice of Bengal" and "Babeez world store" in New Delhi and an online store in the name of "Babeez world online". Further, the company has tie-ups with e-commerce websites like Snapdeal, Flipkart and Amazon to sell its baby products and BIBA brands online. PARISHUDH MACHINES: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Parishudh Machines Private Limited (PMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 30, 2024, placed the rating(s) of PMPL under the 'issuer non-cooperating' category as PMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 15, 2024, December 25, 2024 and January 4, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Uttar Pradesh-based, PMPL was incorporated on February 6, 1987, by Mr. V.S. Goindi and Mr. G.S. Goindi. It started its commercial operations in 1988. PMPL is engaged in manufacturing and servicing of Computerized-Numerical-Control (CNC) turning and grinding machines and automatic lathes with the plant being located at Ghaziabad (UP) and Sitarganj (Uttaranchal). The manufacturing facility of PMPL is well equipped with modern amenities and is ISO 9001:2008 certified. This apart, PMPL also manufactures various engineering components. PMPL markets its products under the brand name 'Parishudh'. RANJAN FABRICS: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Ranjan Fabrics Private Limited (RFPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.25 [ICRA]B+ (Stable); ISSUER NOT Fund Based- COOPERATING; Rating Continues Cash Credit to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with RFPL, 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. RFPL is mainly engaged in manufacturing of grey and finished fabric for suitings at its unit in Bhilwara on job-work basis for its clients as well as for direct sales to the market under its brand name "Ranjan Premium Suitings". The entire selling is carried out through network of regional agents and dealers throughout the country. RSAL STEEL: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term and Short Term ratings of RSAL Steel Private Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 34.93 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 35.59 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 206.55 [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 RSAL Steel 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. RSAL Steel Private Limited (RSPL) was incorporated in December 2010, as a wholly owned subsidiary of Ruchi Strips & Alloys Limited (RSAL), a Ruchi Group Company, with the objective of taking over the steel business of the holding company. RSAL was founded in 1987 and is promoted by the Shahra family. The manufacturing facility of RSAL is situated in Village- Sejwaya, District Dhar, Madhya Pradesh, around 60 Kms from Indore. The plant commenced commercial production in the year 1991, then under the name of RSAL. S.P.Y. AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of S.P.Y. Agro Industries Limited (SAIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 163.44 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 14.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 4, 2024, placed the rating(s) of SAIL under the 'issuer non-cooperating' category as SAIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated November 19, 2024, November 29, 2024, December 9, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SPY Agro Industries Limited (SAIL), incorporated in 1955, belong to the Nandi group of companies. SAIL is engaged in manufacturing of alcohol and related products and has a grain-and-molasses-based distillery unit with installed capacity of 145 kilo litres per day at its manufacturing facilities located at Nandyal, Andhra Pradesh. The group is based out of Nandyal (Andhra Pradesh) and has presence in other businesses such as cement, dairy, PVC pipes, construction, TMT bars etc. SHAH FERROUS: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Shah Ferrous Private Limited Bldg No. 16, Block No.17, 4th Floor, Mukund Soc, Phase lV, Gavanpada Road, Mulund East, Mumbai, Maharashtra- 400081 Liquidation Commencement Date: January 13, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Ajay Kumar 103, A.S. Dias Building 1st Floor, 268/272 Dr. Cawasji Hormasji Street, Marine Lines, Mumbai-400002 Email: ajayfcs@gmail.com Tel No: 022-22078438 Last date for submission of claims: February 11, 2025 SHYAM COTTEX: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term rating of Shyam Cottex in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.38 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 4.00 [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 Shyam Cottex, 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 2014, Shyam Cottex is a partnership firm, engaged in the business of ginning and pressing of raw cotton to produce cotton bales and cotton seeds. The manufacturing facility of the firm is located at Jivapar, (distt: Rajkot) and is currently equipped with 24 ginning machines and 1 pressing machine having a capacity to produce 250 cotton bales per day. The firm mainly deals in Shankar-6 type of raw cotton. SIDWIN FABRIC: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Sidwin Fabric Private Limited (SFPL) 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- 5.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term/ 5.03 [ICRA]B+ (Stable) ISSUER NOT Short Term- COOPERATING/[ICRA]A4; ISSUER Unallocated NOT COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with SFPL, 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 the 2011, Sidwin Fabric Private Limited (SFPL) manufactures non-woven polypropylene fabrics. The company commenced commercial production from June 2012 from its manufacturing facility in Himatnagar. The annual installed capacity of the unit is dependent on the linear density, expressed in GSM (gram per square metre) of the fabric being manufactured, which is around 2,700 MTPA. With the existing machinery, the company can manufacture nonwoven fabrics of GSM ranging from 8-200 and having width of 3.2 metres. The company's products find application in various industries such as agriculture, medical and hygiene and packaging. SUNWORLD RESIDENCY: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term ratings of Sunworld Residency Private Limited (SRPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 90.00 [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 SRPL, 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. SRPL, incorporated in June 2010, had leased a 10 acre land parcel from NOIDA to develop a residential housing in Sector 168, Noida. The company is currently developing a residential housing project on the ~10 acre land parcel in sector 168, Noida named Sunworld Arista and launched in December, 2011. Sunworld Arista consists of 10 towers and some commercial Area. THERAPIVA PRIVATE: ICRA Keeps B- Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of Therapiva Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B- (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 39.00 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 103.80 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 75.20 [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 Therapiva 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. Therapiva Private Limited is a 49:51 JV between Omnicare Drugs Private Limited (a 100% subsidiary of Neo Pharma LLC) and Laxai Life Sciences Private Limited (promoted by Mr. Vamsidhar Maddipatla). It manufactures API, intermediates and specialty chemicals for regulated and unregulated markets. It was incorporated in December 2017 and commenced operations in April 2018 through the acquisition of a manufacturing facility at Pashamylaram (old factory), Hyderabad from Ogene Systems India Limited (which was a sick unit). Therapiva bought the second manufacturing unit at Jeedimetla, Hyderabad from DRL in November 2018. While the first manufacturing facility complies with all regulatory guidelines and requirements of current Good Manufacturing Practices (cGMP), the second manufacturing has approvals from USFDA, EDQM, COFEPRIS, KFDA, MHRA and PMDA. UNIWORLD SUGARS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Uniworld Sugars Private Limited (USPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 60.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated February 2, 2024, placed the rating(s) of USPL under the 'issuer non-cooperating' category as USPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. USPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 18, 2024, December 28, 2024 and January 7, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable USPL is an equal joint venture between ED & F Man Sugar Netherlands BV (EDF), one of the largest commodity traders in the world markets and Simbhaoli Sugars Limited (SSL), having one of the largest sugar refineries in India. USPL is engaged in refinery operations which processes raw sugar into white refined sugar though ION exchange process and sells its product under the brand name "Tiger". SSL and EDF formed a joint venture to set up a manufacturing facility at the port of Kandla, Gujarat. VIJIT INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Vijit International Private Limited (VIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated January 18, 2024, placed the rating(s) of VIPL under the 'issuer non-cooperating' category as VIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 3, 2024, December 13, 2024, December 23, 2024 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Vijit International Private Limited (VIPL) was incorporated in October 2000 and it was taken over by Mrs. Prity Sharma and Mr. Madhusudan Agarwalla in July 2015. The company is engaged in trading of iron and steel products like coils, angles, channels, pipes and TMT bar etc. YEDESHWARI AGRO: ICRA Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank Facility of Yedeshwari Agro Products Limited (YAPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B-(Stable);ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 35.70 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 27.30 [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 YAPL, 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, Yedeshwari Agro Products Limited (YAPL) was promoted by Mr. Bajarang Sona wane and is a closely held company with majority of shareholdings with the Sona wane family. The company is involved in manufacturing sugar with total crushing capacity of 3500 TCD (tons crushed per day). The plant is forward integrated with a 10 MW cogeneration unit. The plant is located at Anandgaon, Tehsil Kaij. District Beed, Maharashtra. ================= I N D O N E S I A ================= EFISHERY: Backers to Weigh Liquidation, Buyout Among Options ------------------------------------------------------------ Bloomberg News reports that an adviser probing the alleged accounting fraud at Indonesian agritech company eFishery recommended that investors make a decision on whether to liquidate or restructure the firm as soon as this month, in light of the rapid unravelling of the high-profile startup, according to a document reviewed by Bloomberg News. In a few weeks, shareholders should vote on whether to wind down, restructure, or sell the company entirely or partially, according to a letter of engagement from FTI Consulting Singapore, the adviser hired by eFishery's board, Bloomberg relays. Meanwhile, a trade union organised by staff is pushing for the company to cancel mass job-cut plans and resume its business. The adviser will first conduct an independent review to assess eFishery's cash flow position and projections, the solvency of the business, its loans and guarantees as well as its assets and liabilities position, Bloomberg relates citing the nine-page document. Shareholders will then decide on a course forward. The timeline is still fluid and the review might take longer to complete than currently estimated, according to a source familiar with the matter. A recent internal probe into the startup, backed by investors including SoftBank Group and Temasek Holdings, alleged that eFishery inflated its revenue and profit over several years, Bloomberg says. Investigators estimated that management inflated revenue by almost US$600 million in the nine months to September last year. That would mean more than 75 per cent of the reported figures were fake. eFishery, which deploys feeders to fish and shrimp farmers in Indonesia, was a darling of the nation's startup scene and scored a valuation of US$1.4 billion when G42, an AI firm controlled by United Arab Emirates royal Sheikh Tahnoon bin Zayed Al Nahyan, backed its latest funding round. It has raised hundreds of millions of US dollars in an attempt to modernise the country's fish industry, providing farmers with smart feeding devices as well as feed, and then buying their produce to sell into the broader market. Indonesia-based eFishery is an aquaculture company that offers feeding solutions for fish and shrimp farming. ========= J A P A N ========= NISSAN MOTOR: Nissan Open to New Partners Including Foxconn ----------------------------------------------------------- Reuters reports that Nissan Motor is open to working with new partners after merger talks with Honda, two people familiar with its thinking said on Feb. 6, with Taiwan's Foxconn seen as one candidate. According to Reuters, the struggling Japanese automaker is again at a crossroads after backing out of negotiations with bigger rival Honda to create the world's No. 3 automaker, a deal that would have been the latest major change in the shifting global car industry. Nissan CEO Makoto Uchida met with Honda counterpart Toshihiro Mibe earlier on Feb. 6 to say he wanted to end the discussions after Honda proposed making Nissan a subsidiary, according to a third person, who had knowledge of the matter. All three people declined to be identified because of the sensitivity of the topic. Nissan is now open to working with new partners, including technology companies, as it looks to navigate the technological upheaval brought by electric vehicles, software-driven cars and new, fast-moving Chinese manufacturers, the two people familiar with its thinking said, Reuters relays. It was also open to working with Taiwan's Foxconn, the world's largest contract electronics maker, one of them said. Foxconn, which manufactures Apple's iPhones and has been seeking to expand its nascent EV contract manufacturing business, approached Nissan about a bid but was rejected by the carmaker, Reuters reported in December. Foxconn's EV business is led by a former Nissan senior executive, Jun Seki, who was once seen as a contender to become the automaker's CEO, before the job went to current boss Uchida. Nissan and Honda spokespeople declined to comment on the status of their talks, repeating earlier statements that they aimed to finalise a future direction by mid-February, Reuters notes. About Nissan Motor 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-January 2025, S&P Global Ratings revised to negative from stable its outlook on Nissan Motor Co. Ltd. and affirmed its 'BB+' long-term rating and 'B' short-term rating on the company. The negative outlook reflects S&P's view that the company's creditworthiness will continue to deteriorate if profitability does not improve and positive free cash flow is not secured in a challenging business environment. ===================== N E W Z E A L A N D ===================== BROMMEL ROOFING: Creditors' Proofs of Debt Due on April 4 --------------------------------------------------------- Creditors of Brommel Roofing Limited and MMS Group Limited are required to file their proofs of debt by April 4, 2025, to be included in the company's dividend distribution. The High Court at Wellington appointed Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington as liquidators on Feb. 4, 2025. DIRTWORX LIMITED: Creditors' Proofs of Debt Due on March 3 ---------------------------------------------------------- Creditors of Dirtworx Limited and Temperature Solutions Limited are required to file their proofs of debt by March 3, 2025, to be included in the company's dividend distribution. Dirtworx Limited commenced wind-up proceedings on Jan. 29, 2025. Temperature Solutions Limited commenced wind-up proceedings on Feb. 3, 2025. The company's liquidator is: Heath Gair Palliser Insolvency Level 2, 40 Lady Elizabeth Lane Wellington PO Box 57124 Mana Porirua 5247 NORTH FACE: Grant Thornton Appointed as Receivers ------------------------------------------------- David Ian Ruscoe and Adele Irene Hicks of Grant Thornton New Zealand on Feb. 4, 2025, were appointed as receivers and managers of North Face Construction 2022 Limited. The receivers and managers may be reached at: Grant Thornton New Zealand Limited 215 Lambton Quay PO Box 10712 Wellington 6143 SHINEIN' ARK: SME Financial Appointed as Liquidator --------------------------------------------------- Geoffrey Alexander Hamilton of SME Financial Limited on Feb. 4, 2025, was appointed as liquidator of Shinein' Ark Properties Limited. The liquidator may be reached at: SME Financial Limited 6 Boston Road Mt Eden Auckland TWENTY FOUR: BDO Tauranga Appointed as Liquidators -------------------------------------------------- Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on Feb. 4, 2025, were appointed as liquidators of Twenty Four (2020) Limited. The liquidators may be reached at: Paul Thomas Manning Thomas Lee Rodewald BDO Tauranga Limited Level 1, The Hub 525 Cameron Road PO Box 15660 Tauranga 3144 =============== P A K I S T A N =============== PAKISTAN: Structural Reform Progress Key to Credit Profile ---------------------------------------------------------- Pakistan has continued to make headway restoring economic stability and rebuilding external buffers, says Fitch Ratings. Progress on difficult structural reforms will be key to upcoming IMF programme reviews and continued financing from other multilateral and bilateral lenders. The State Bank of Pakistan's decision to cut policy rates to 12% on January 27 underscored recent progress in taming consumer price inflation, which fell to just over 2% yoy in January 2025, down from an average of nearly 24% in the fiscal year ended June 2024 (FY24). Rapid disinflation reflects fading base effects from earlier subsidy reforms and exchange rate stability, underpinned by a tight monetary policy stance, which in turn has subdued domestic demand and external financing needs. Economic activity, having absorbed tighter policy settings, is now benefitting from stability and falling interest rates. Fitch expects real value added to expand by 3.0% in FY25. Growth in credit to the private sector turned positive in real terms in October 2024 for the first time since June 2022. Strong remittance inflows, robust agricultural exports and tight policy settings have allowed Pakistan's current account to move into a surplus of about USD1.2 billion (over 0.5% of GDP) in the six months to December 2024, from a similarly sized deficit in FY24. Foreign exchange market reforms in 2023 also facilitated the shift. When upgrading Pakistan's rating to 'CCC+' in July 2024, Fitch expected a slight widening of the current-account deficit in FY25. Fitch says foreign reserves are set to outperform targets under Pakistan's USD7 billion IMF Extended Fund Facility (EFF) and Fitch's earlier forecasts. Gross official reserves reached over USD18.3 billion by end-2024, about three months of current external payments, up from around USD15.5 billion in June. Reserves remain low relative to funding needs. Over USD22 billion of public external debt matures in the whole of FY25. This includes nearly USD13 billion in bilateral deposits, which Fitch believes bilateral partners will roll over, as per their promises to the IMF. Saudi Arabia rolled over USD3 billion in December, and the UAE USD2 billion in January. As Fitch noted in recent research, it expects new bilateral capital flows to be increasingly commercial, and conditional on reforms. Discussions on the partial sale of the government's stake in a copper mine to a Saudi investor exemplify such commercial flows. Pakistan and Saudi Arabia also recently agreed on a deferred oil payment facility. Securing sufficient external financing remains a challenge, considering large maturities and lenders' existing exposures. The authorities budgeted for about USD6 billion of funding from multilaterals, including the IMF, in FY25, but about USD4 billion of this will effectively refinance existing debt. A recently announced USD20 billion 10-year framework with the World Bank Group appears broadly in line with this. The group's current project portfolio is about USD17 billion, and its net new yearly lending to Pakistan averaged around USD1 billion over the past five years. There has been progress on fiscal reform, despite some setbacks. The primary fiscal surplus has outperformed IMF targets, although federal tax revenue grew less than required under the IMF's indicative performance criterion in the first six months of FY25. All provinces have recently legislated higher agricultural income taxes, a key structural condition of the EFF, although delays mean that the programme's January 2025 implementation deadline for the reform was missed. In July, Fitch noted that positive rating action could be driven by a sustained recovery in reserves and further significant easing of external financing risks, and/or implementation of fiscal consolidation in line with IMF commitments. Meanwhile, deteriorating external liquidity, for example linked to delays in IMF reviews, could lead to negative action. ================= S I N G A P O R E ================= JXG LOGISTICS: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Jan. 24, 2025, to wind up the operations of JXG Logistics (S) Pte. Ltd., formerly known as GPA Logistics (S) Pte. Ltd. Bigfoot Meats Pte. Ltd. (formerly known as S.P.M frozen Food Pte. Ltd.) filed the petition against the company. The company's liquidator is: Mr. Yiong Kok Kong c/o AVIC DKKY Pte. Ltd. 180 Cecil Street #12-04 Bangkok Bank Building Singapore 069546 KHG HOLDINGS: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Jan. 24, 2025, to wind up the operations of KHG Holdings Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Lin Yueh Hung Ng Kian Kiat RSM SG Corporate Advisory 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 PEM IMPEX: Commences Wind-Up Proceedings ---------------------------------------- Members of Pem Impex Pte. Ltd. on Dec. 27, 2024, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Farooq Ahmad Mann No. 3 Shenton Way #03-06C Shenton House Singapore 068805 TERA-BARRIER FILMS: Commences Wind-Up Proceedings ------------------------------------------------- Members of Tera-Barrier Films Pte. Ltd. on Jan. 22, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Farooq Ahmad Mann No. 3 Shenton Way #03-06C Shenton House Singapore 068805 YEAP TRANSPORT: Court to Hear Wind-Up Petition on Feb. 14 --------------------------------------------------------- A petition to wind up the operations of Yeap Transport Pte. Ltd. will be heard before the High Court of Singapore on Feb. 14, 2025, at 10:00 a.m. Dover Court International School (Pte.) Ltd. filed the petition against the company on Jan. 22, 2025. The Petitioner's solicitors are: Oon & Bazul LLP 36 Robinson Rd #08-01/06 City House Singapore 068877 =============== T H A I L A N D =============== DAOL SECURITIES: Fitch Puts 'B+(tha)' Nat'l. LT Rating on NC Bonds ------------------------------------------------------------------ Fitch Ratings (Thailand) has assigned a National Long-Term Rating of 'B+(tha)' to DAOL Securities (Thailand) Public Company Limited's (DAOLSEC, BB(tha)/Stable) upcoming issue of subordinated bonds under the Thai Securities and Exchange Commission's (SEC) new 'net capital' bonds (NC bonds) framework for securities firms. The bonds will be issued in multiple tranches with tenors of up to one year and six months. The company plans to use the proceeds for refinancing. Key Rating Drivers The rating on the upcoming NC bonds is two notches below the company's National Long-Term Rating. This reflects the instrument's subordinated status and going-concern loss absorption features. The NC bonds contain loss absorption features in the form of coupon or principal deferral, or coupon cancellation, in the event that the issuer is unable to maintain minimum regulatory requirements related to its net capital and net capital ratio, or if there is a failed settlement by the issuer to the clearing house or its clients. Fitch has not applied additional notching as Fitch believes these loss absorption triggers are not yet close to activation over the rating horizon under its base case scenario. In addition, the bonds do not allow for principal write-down or equity conversion. Fitch has assigned no equity credit to the instrument as its tenor is relatively short and it does not meet the requirements for equity recognition. Under Fitch's rating definitions, a National Long-Term Rating of 'B+(tha)' indicates a significantly elevated level of default risk relative to other issuers or obligations in the same country. This rating does not affect the ratings on DAOLSEC's existing subordinated debts, which were issued under the SEC's previous guidelines and do not incorporate going-concern loss absorption features. For further details on DAOLSEC's key rating drivers and rating sensitivities, please see Fitch Downgrades DAOL Securities (Thailand) to 'BB(tha)'; Outlook Stable, published on 25 November 2024. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The rating on the proposed NC bonds is sensitive to any change in DAOLSEC's National Long-Term Rating. A downgrade of DAOLSEC's National Long-Term Rating would result in corresponding action on the NC bonds. Material further deterioration in DAOLSEC's credit profile or any significant weakening in its capital or liquidity buffers could also result in wider notching for the proposed NC bonds relative to DAOLSEC's National Long-Term Rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of DAOLSEC's National Long-Term Rating would lead to similar rating action on the NC bonds. Entity/Debt Rating ----------- ------ DAOL Securities (Thailand) Public Company Limited Subordinated Natl LT B+(tha) New Rating ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- 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. 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