/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/250415.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 Tuesday, April 15, 2025, Vol. 28, No. 75 Headlines A U S T R A L I A CHEMX MATERIALS: Creditors Approve Deed of Arrangement DEEP BRAIN: Scott Cameron Turner Appointed as Administrator GEEVESTON EX: First Creditors' Meeting Set for April 17 HEATON-BIRMINGHAM GARDENS: First Creditors' Meeting Set for Apr 22 INTERCHANGE HEALTH: Placed Into Voluntary Administration MAIL MARKETING: First Creditors' Meeting Set for April 22 STAR ENTERTAINMENT: Bally's Swooped After Group's Fire Sale TAMWORTH BROADCASTING: First Creditors' Meeting Set for April 17 WILUNA MINING: ASIC Sues for Breach of Continuous Disclosure C H I N A GREENTOWN CHINA: Moody's Alters Outlook on 'B1' CFR to Stable SHIMAO GROUP: Contracted Sales Reached CNY7.07 Billion in Q1 2025 SINO-OCEAN GROUP: Sells 23% Stake in Associate for CNY322 Million H O N G K O N G HENGLI INVESTMENTS: Chairmain Sells Condo on HK's Peak for US$66M LI & FUNG: S&P Affirms 'BB' LongTerm ICR, Outlook Stable I N D I A AA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category AAKASH AGROTECH: CRISIL Reaffirms B+ Rating on INR34cr Cash Loan AARCOT CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating AGRIBASE COMMODITIES: CRISIL Keeps D Ratings in Not Cooperating ALLAHABAD AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating BUDDHA GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating BYJU'S: Creditors Sue Co-Founders, Exec Over Missing US$533MM CLAYMINE MICRONS: CRISIL Keeps D Debt Ratings in Not Cooperating COCHIN GLASS: CRISIL Keeps D Debt Rating in Not Cooperating CONCEPT BIKES: CRISIL Keeps D Debt Ratings in Not Cooperating FRESH CATCH: CRISIL Moves B+ Debt Rating from Not Cooperating GKB OPHTHALMICS: CRISIL Reaffirms D Rating on INR5cr Cash Loan HALDIA NIRMAN: CRISIL Lowers Rating on INR5.65cr Cash Loan to D MALAYALAM VEHICLES: CRISIL Cuts Rating on INR10cr Debt to D MEDSMART LOGISTICS: Ind-Ra Cuts Bank Loan Rating to BB METROPOLITAN LIFESPACE: Ind-Ra Affirms B- Rating, Outlook Stable MISHRA POLYPACKS: Ind-Ra Keeps BB- Loan Rating in NonCooperating MONEYPLUS FINANCIAL: Ind-Ra Affirms BB Bank Loan Rating PROFITMART SECURITIES: Ind-Ra Assigns BB+ Bank Loan Rating RAJIV PETROCHEMICALS: Ind-Ra Affirms BB+ Bank Loan Rating T. A. ABDUL: CRISIL Moves D Debt Ratings to Not Cooperating TPRS ENTERPRISES: Ind-Ra Keeps BB Loan Rating in Non-Cooperating VELOHAR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating VENKATASAI SOLVENT: CRISIL Keeps D Ratings in Not Cooperating VIDHATRI MOTORS: CRISIL Keeps B- Debt Rating in Not Cooperating VIJAY IRON: CRISIL Keeps D Debt Rating in Not Cooperating VIN SEMICONDUCTORS: CRISIL Keeps D Ratings in Not Cooperating VISUAL AND ACOUSTICS: CRISIL Keeps D Ratings in Not Cooperating YP FOODS: CRISIL Keeps B- Debt Ratings in Not Cooperating ZENITH STRIPS: CRISIL Keeps D Debt Ratings in Not Cooperating L A O S XAYABURI POWER: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable N E W Z E A L A N D DAZ'S BARBER: Creditors' Proofs of Debt Due on May 23 G B D THAMES: Thomas Lee Rodewald Appointed as Receiver PROPELLOR PROPERTY: Court to Hear Wind-Up Petition on May 23 RIG AND LIFT: Court to Hear Wind-Up Petition on May 15 TECHNICAL ACCESS: Creditors' Proofs of Debt Due on May 13 S I N G A P O R E AVPV CHIBA: Creditors' Proofs of Debt Due on May 9 BEYOND PERSPECTIVES: Court to Hear Wind-Up Petition on April 25 BOMPIPI LIVE: Court to Hear Wind-Up Petition on April 25 EASTBUILT ENGINEERING: Court to Hear Wind-Up Petition on April 25 SHALLONTEC PTE: Creditors' Proofs of Debt Due on May 9 TRADEGECKO PTE: Creditors' Proofs of Debt Due on May 8 S O U T H K O R E A HOMEPLUS CO: Investors File Complaint vs. Co, MBK Partners Chiefs - - - - - ================= A U S T R A L I A ================= CHEMX MATERIALS: Creditors Approve Deed of Arrangement ------------------------------------------------------ Finance News Network reports that ChemX Materials Limited and its subsidiary HiPura Pty Ltd are set to execute Deeds of Company Arrangement (DOCAs) following creditor approval on April 11, 2025. This marks a significant step in the recapitalization efforts after the appointment of administrators on January 2, 2025. For ChemX Materials, Benelong Capital Partners Pty Ltd will pay a deposit of AUD25,000, followed by AUD125,000 upon fulfilling specific conditions, according to Finance News Network. These conditions include receiving AUD145,000 from BCP, removing all PPSR charges, securing ASIC, ASX, and shareholder approval for BCP's recapitalization proposal, and replacing the company's directors with BCP nominees. If the DOCA is successfully implemented, priority creditors will be paid in full, and unsecured creditors may receive up to 44 cents on the dollar. Finance News Network relates that HiPura's DOCA involves Alluminous Pty Ltd paying AUD2,200,000 by April 28, 2025. Completion hinges on receiving the payment, transferring HiPura shares to Alluminous, replacing HiPura's director with an Alluminous nominee, and assigning the lease at 3 Flindell Street, O'Connor, WA, to Alluminous. Under this arrangement, non-related party creditors' claims will be paid in full, and ChemX Materials, as the parent company, may recover up to 68 cents on the dollar for its loan to HiPura. About ChemX Materials Based in Perth, Australia, ChemX Materials Limited (ASX:CMX) -- https://chemxmaterials.com.au/ -- an advanced materials technology company, develops materials to enable energy transition and decarbonization processes in Australia. The company develops HiPurA Process, a process technology to produce high purity alumina (HPA) and high purity aluminum cathode precursor salts for lithium-ion batteries and synthetic sapphires. It also holds 100% interest in the Eyre Peninsula project comprising two exploration licenses that covers an area of approximately 718 square kilometers located in South Australia. The company was formerly known as NextGen Materials Pty Ltd and changed its name to ChemX Materials Limited in July 2021. Clifford Rocke and Jimmy Trpcevski of WA Insolvency Solutions on Jan. 2, 2025, were appointed as Administrators of Chemx Materials Limited, trading as 'Chemx Materials' & 'Futurex Materials'. DEEP BRAIN: Scott Cameron Turner Appointed as Administrator ----------------------------------------------------------- Scott Cameron Turner on April 8, 2025, was appointed as administrator of Deep Brain Stimulation Technologies Pty Ltd. The administrator may be reached at: Scott Cameron Turner Level 2, 410 Elizabeth St Surry Hills Email: scottcturner@hotmail.com GEEVESTON EX: First Creditors' Meeting Set for April 17 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Geeveston Ex Servicemens and Womens Club Incorporated will be held on April 17, 2025 at 10:00 a.m. at the offices of Rodgers Reidy (TAS) Pty Ltd at Cnr of Bathurst and Argyle Street in Hobart and via virtual meeting technology. Shelley-Maree Brooks of Rodgers Reidy was appointed as administrator of the company on April 7, 2025. HEATON-BIRMINGHAM GARDENS: First Creditors' Meeting Set for Apr 22 ------------------------------------------------------------------ A first meeting of the creditors in the proceedings of Heaton-Birmingham Gardens Bowling Club Ltd will be held on April 22, 2025 at 11:00 a.m. via virtual meeting via Zoom. Chad Rapsey of Rapsey Griffiths Turnaround + Advisory was appointed as administrator of the company on April 8, 2025. INTERCHANGE HEALTH: Placed Into Voluntary Administration -------------------------------------------------------- Interchange Health Cooperative Ltd (IHCO), a Canberra-based bulk-billing allied health and general medical practice, was placed into voluntary administration on April 7, 2025. The organisation, which provides 100 per cent bulk-billing services to some of Canberra's most vulnerable community members, appointed RSM Australia Partner Jonathon Colbran and Director Adam Cormack as Joint and Several Voluntary Administrators of the IHCO at a board meeting on April 7. RSM Australia Partner Jonathon Colbran said the IHCO's voluntary board had advised Administrators that it had implemented a range of initiatives to address challenges in the organisation and ensure it could continue to serve the community, but ultimately was no longer able to meet its operational costs and provide services. "Unfortunately, we are seeing many entities, including in the health sector, turning towards expert assistance to help them navigate financial challenges as a result of increasing business pressures," he said. "Our preliminary review of the IHCO's financial statements and records indicate the business lacks the sufficient funding to continue its operations. As a result, the responsible decision has been made to cease providing all medical care immediately while all options are explored to either recapitalise the business and recommence services or, if necessary, wind up the organisation." Mr. Colbran said a decision on the future of the IHCO would be made in approximately five weeks' time at a second meeting of creditors. "Prior to our appointment, the organisation was providing services to some 4,900 patients with a significant number of these requiring care for complex health issues," Mr Colbran said. "The board, together with key administrative, clinical and medical staff will work closely with Administrators in conjunction with ACT Health to transition existing patients to other service providers, ensuring patients experience as little disruption as possible." "Administrators will write to members and creditors this week to advise them of their appointment and outline the rights of creditors and the steps involved in a voluntary administration," RSM added. Creditors impacted by the administration of the Interchange Health Cooperative Ltd are encouraged to contact RSM via email - IHCOCreditors@rsm.com.au or phone +61 3 9286 8230. Patients who may have questions about the administration process can contact RSM via email - IHCOPatients@rsm.com.au or phone +61 3 9286 8020. Based in Canberra, The Interchange Health Co-operative (IHCO) -- https://www.ihco.net.au/top-quality-health-care -- is a 100% bulk-billed general practice and allied health clinic. MAIL MARKETING: First Creditors' Meeting Set for April 22 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Mail Marketing Works Pty. Limited and Reacon Australia Pty Ltd will be held on April 22, 2025 at 1:00 p.m. via virtual meeting technology - Microsoft Teams. Andrew Blundell and Simon Cathro of Cathro & Partners were appointed as administrators of the company on April 8, 2025. STAR ENTERTAINMENT: Bally's Swooped After Group's Fire Sale ----------------------------------------------------------- Reuters reports that Bally's Corp. considered waiting for Star Entertainment to enter voluntary administration before investing but feared the Australian casino group would have been too hard to rescue, the U.S gaming firm's chairman, Soo Kim, said. According to Reuters, Rhode Island-based Bally's and the Mathieson family - Star's largest investor - engineered a AUD300 million (US$188 million) rescue package, handing over the first AUD100 million last week. The initial funds will keep Star afloat for 15 months while seeking regulatory approval for the full investment, Kim said. Australia's second-largest casino operator behind Crown Resorts, which is controlled by Blackstone, has been struggling to stay afloat amid a growing debt crisis and regulatory investigations over the past two years. Reuters relates that the rescue deal consists of multi-tranche convertible notes and subordinated debt instruments, Star said in an Australian Securities Exchange filing last week. Once the notes are converted, Bally's and the Mathieson family will control around 56% of Star's issued capital. "This came together quickly this year but we had been looking at it for well over a year. When we saw the company start to sell their proverbial furniture, burn the furniture for firewood we decided to move," Kim said in a telephone interview. "We thought about waiting for voluntary administration but we thought, given there was a fire sale of assets, there might not be anything left if administration was to come." Star did not respond to a request for comment. The firm had only one week's cash to remain operational, the Australian Financial Review reported, when it first engaged with Bally's after the latter's initial bid in March. Star said last month it would sell half of its AUD3.6 billion Queen's Wharf project in Brisbane to Hong Kong companies Far East Consortium International and Chow Tai Fook Enterprises for just AUD53 million, Reuters recalls. It has also sold a theatre attached to its main casino in inner-city Sydney. Its deal with Bally's will see the U.S. group assume control should shareholders approve at a meeting in mid June, Reuters notes. Star's board has recommended shareholders vote in favour in the absence of a superior offer. Bally's has applied to New South Wales and Queensland governments and regulators for authorities' approval, Kim said, Reuters relays. A spokesperson for Queensland's attorney-general said the state is working with New South Wales counterparts on probity and suitability investigations as part of the approval process, according to Reuters. Reuters says Kim will join Star's board as an observer while the deal awaits regulatory and investor approval. He said Bally's planned to re-focus Star on catering to Australian gaming customers rather than trying to attract overseas high-rollers. "Gaming is a strange business, as good as it is fundamentally, gaming companies get in trouble all the time," said Kim, whose firm operates 19 casinos across 11 U.S. states and one British asset, according to its website. "For Star to end up near bankruptcy is not uncommon for the industry, it's a small universe and we are one of the few players who specialise in turnaround casinos, so you can make an assumption that when a casino is in trouble we are shown that opportunity." 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. TAMWORTH BROADCASTING: First Creditors' Meeting Set for April 17 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of Tamworth Broadcasting Society Incorporated will be held on April 17, 2025 at 10:00 a.m. at the offices of Psarakis Accounting at 18 Darling Street in Tamworth and via virtual meeting technology. Andrew James Barnden of Rodgers Reidy was appointed as administrator of the company on April 9, 2025. WILUNA MINING: ASIC Sues for Breach of Continuous Disclosure ------------------------------------------------------------ The Australian Securities & Investments Commission (ASIC) has commenced civil penalty proceedings in the Federal Court against Wiluna Mining Corporation, its former chair Milan Jerkovic and former chief commercial officer James Malone. ASIC alleges that Wiluna breached continuous disclosure obligations and Mr. Jerkovic, amongst other matters, his director duties, by failing to accurately announce the amount raised by Wiluna via a rights issue to the Australian Securities Exchange (ASX). ASIC also alleges Mr. Malone failed to take reasonable steps to ensure that statements to the ASX were not false and misleading. ASIC Chair Joe Longo said, 'Wiluna, its director and chief commercial officer allegedly engaged in serious contraventions of the Corporations Act and made misleading claims to investors. 'The lack of transparency and subsequent corporate failure have the potential to drive a loss of confidence in our capital markets. Market integrity concerns like this may lead to diminished investor participation in capital raisings in all or sections of Australian equity markets, which ultimately impacts the Australian economy and international standing. 'ASIC's action highlights the importance of the need for strong corporate governance within ASX listed entities. ASIC will continue to take action to hold directors and officers of publicly listed companies accountable for their misconduct.' On June 17, 2022, Wiluna announced to the market that it had raised AUD57.3 million as part of a capital raising, but of those funds AUD7 million was never received. The company went into administration just over a month later on July 21, 2022. ASIC is seeking declarations of contravention Wiluna, and declarations of contravention and pecuniary penalties against Mr. Jerkovic and Mr. Malone. Wiluna Mining Corporation Limited (formerly Blackham Resources Limited) is a gold mining company that operated the Wiluna gold mine in the northern goldfields of Western Australia. On July 21, 2022, the board of Wiluna went into voluntary administration and appointed Michael Ryan, Kate Warwick, Ian Francis and Daniel Woodhouse of FTI Consulting as the administrators of Wiluna. Between the June 17 announcement and the appointment of the administrators, the market was never informed that AUD7 million of the capital raising was never received by Wiluna. Wiluna was de-listed by the ASX on April 5, 2024 after failing to lodge the half year report for the six-month period ended December 31, 2022. ========= C H I N A ========= GREENTOWN CHINA: Moody's Alters Outlook on 'B1' CFR to Stable ------------------------------------------------------------- Moody's Ratings has revised to stable from negative the outlook on Greentown China Holdings Limited (Greentown). At the same time, Moody's have affirmed Greentown's B1 corporate family rating, backed senior unsecured rating, and senior unsecured rating. "The change in outlook to stable reflects Greentown's ability to maintain steady operating and financial performance, along with a solid liquidity buffer despite market challenges. This is supported by Greentown's better-than-market sales performance and continued diverse funding access," says Daniel Zhou, a Moody's Ratings Assistant Vice President and Analyst. "The rating action also reflects Moody's expectations that Greentown will continue to receive extraordinary financial support from its largest shareholder, China Communications Construction Group Limited (CCCG), as indicated by the one-notch uplift. This is driven by Greentown's continued strategic and economic value to CCCG as the latter's major property development platform," adds Zhou. RATINGS RATIONALE Greentown's B1 CFR incorporates its standalone credit strength and one-notch uplift based on Moody's expectations that the company will receive extraordinary financial support from CCCG in times of need. Greentown's standalone credit strength reflects its strong brand name and established market position, supporting the company's sales to outperform the broader market, as well as good liquidity. The company's standalone credit strength is constrained by its exposure to cyclicality in the Chinese property sector, improving yet still moderate debt leverage, and exposure to joint ventures (JVs), although such exposure is declining. Moody's expects that Greentown will continue to outperform the broader market in terms of sales performance in the coming 12-18 months, despite continuing market challenges. This is supported by Greentown's strong brand name and established market position, particularly its presence in Yangtze Delta River region, which has a more affluent economy, and larger exposure to higher-tier cities. Specifically, Moody's forecastz Greentown's annual gross contracted sales decline to narrow to around 5% over the next 12-18 months from the 12% fall recorded in 2024. Moody's expectations of gradual sector and company's sales recovery are also supported by the government's policy stimulus introduced since September 2024. Moody's estimates Greentown's annual revenue to moderate to RMB140-150 billion over the next 12-18 months after growing by 21% to RMB159 billion in 2024. The decline in gross contracted sales will be partly offset by the increasing number of consolidated projects. Greentown's gross profit margin will remain low as a result of legacy high land costs and pricing pressure, resulting in lower earnings generation as measured by EBITDA. But Moody's also expects the company to be prudent in land acquisition, and use cash flow to reduce debt. On the net, Moody's projects Greentown's total debt will fall more than its EBITDA. As a result, Moody's projects Greentown's adjusted debt/EBITDA to further decline to 6.5x-6.8x over the next 12-18 months from around 7.0x in 2024 and 7.9x in 2023. Similarly, Greentown's interest coverage — measured as EBIT/interest — will rise mildly to 3.0x-3.2x over the next 12-18 months from around 3.0x in 2024 and 2.6x in 2023. These metrics are strong for Greentown's standalone credit profile. Greentown's liquidity is good. The company's cash holdings, together with its operating cash flow, can sufficiently cover its maturing debt, committed land premiums and dividends over the next 12-18 months. Greentown maintains smooth access to different types of onshore and offshore funding channels, supported by its ownership by CCCG as a state-owned enterprise. Greentown's good funding access is also exemplified by its issuance of USD500 million offshore bond in February 2025, which marked the first successful US dollar bond issuance by a Chinese property developer after nearly two years of absence. The one-notch uplift reflects Greentown's operational significance to CCCG, given Greentown's status as the major property development arm of CCCG. The uplift is also supported by Greentown's continued financial contribution to CCCG, given Greentown's stable operating and financial performance amid gradual sector recovery. The support assumptions also factor in CCCG's strong influence over and track record of providing financial support to Greentown, and CCCG's strong ability to provide support. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable rating outlook reflects Moody's expectations that Greentown will maintain stable financial metrics and good liquidity over the next 12-18 months. In addition, the outlook reflects Moody's expectations that the likelihood of the company receiving support from CCCG in times of need will remain unchanged. Moody's could upgrade Greentown's ratings if the company strengthens its sales and financial position; or if support from CCCG increases. Specifically, Moody's could upgrade the ratings if Greentown's debt/EBITDA falls below 6.5x-7.0x and EBIT interest coverage rises above 2.5x-3.0x, both on a sustained basis. Moody's could downgrade Greentown's ratings if its sales decline or it aggressively grows its business, such that its credit metrics and liquidity weaken, with its EBIT/interest coverage falling below 1.5x; or its liquidity deteriorates, reflected in its unrestricted cash/short-term debt falling below 1.0x. Any sign of weakening in likelihood of support from or reduced ownership by CCCG would also strain the company's rating. The principal methodology used in these ratings was Homebuilding and Property Development published in October 2022. Greentown is one of China's main property developers, focused on Hangzhou city and Zhejiang province. As of December 31, 2024, the company had 146 projects with a total gross floor area of 27.5 million square meters (sqm), with 17.9 million sqm attributable to the company. Greentown listed on the Hong Kong Stock Exchange in July 2006. CCCG is the company's largest shareholder, with a 28.94% equity stake as of December 31, 2024, followed by Wharf (Holdings) Limited with a 22.95% stake. Song Weiping, Greentown's founder, owned 7.93% of the company as of December 31, 2024. SHIMAO GROUP: Contracted Sales Reached CNY7.07 Billion in Q1 2025 ----------------------------------------------------------------- TipRanks reports that Shimao Group Holdings Limited reported unaudited operating statistics for the first quarter of 2025, with aggregated contracted sales reaching approximately CNY7.07 billion and a contracted sold area of 579,735 sq.m. The average selling price during this period was CNY12,188 per sq.m. In March 2025 alone, the company achieved contracted sales of CNY3.00 billion and a sold area of 249,242 sq.m. These figures are based on preliminary internal data and may differ from future audited financial statements, thus investors are advised to exercise caution, TipRanks relays. About Shimao Group China-based Shimao Group Holdings Ltd, formerly Shimao Property Holdings Ltd, is an investment holding company principally engaged in the sale of properties. The Company operates its business through four segments. The sales of Properties segment is mainly engaged in the development of residential real estate. The Property Management Income and Others is mainly engaged in property management. The Hotel Operation Income segment is mainly engaged in hotel operations. The Commercial Properties Operation Income segment is mainly engaged in the development, investment and operation of commercial, office and industrial park property projects. As reported in the Troubled Company Reporter-Asia Pacific, Shimao Group has missed the interest and principal payment of a US$1 billion offshore bond due on July 3, 2022. SINO-OCEAN GROUP: Sells 23% Stake in Associate for CNY322 Million ----------------------------------------------------------------- TipRanks reports that Sino-Ocean Group Holding Limited has entered into a Disposal Agreement to sell 23% of its equity interests in an associate company for CNY322,304,479.76. This transaction, classified as a discloseable transaction under the Listing Rules, involves strategic financial restructuring and asset reallocation, potentially impacting the company’s financial standing and governance structure within the industry. About Sino-Ocean Group Sino-Ocean Group Holding Limited, formerly Sino-Ocean Land Holdings Limited, is an investment holding company principally engaged in property development and property investment in the People's Republic of China (the PRC). The Company is engaged in property development in Beijing-Tianjin-Hebei, Northeast, Central and Southern. As reported in the Troubled Company Reporter-Asia Pacific in early July 2024, Sino-Ocean Group Holding Ltd. has received a winding-up petition in a Hong Kong court. According to Bloomberg News, the case was filed by The Bank of New York Mellon, London Branch. The builder said that it would oppose the petition vigorously, according to a filing to the Hong Kong exchange on June 28. It noted that the petition was related to the non-repayment of the 3.25% dollar bond due 2026 issued by its unit and guaranteed by the company with an aggregate principal amount of US$400 million and accrued interest. Once considered one of the stronger names among China's debt-laden developers, Sino-Ocean became a defaulter in September 2023 when it suspended payment on all its offshore borrowings. ================= H O N G K O N G ================= HENGLI INVESTMENTS: Chairmain Sells Condo on HK's Peak for US$66M ----------------------------------------------------------------- Mingtiandi reports that a decade after buying Asia's priciest condo, a mainland tycoon who defaulted on loan obligations linked to his purchase of a Quarry Bay office complex has sold the home on Hong Kong's Peak for HK$512 million (US$66 million), according to public records. Mingtiandi relates that Chen Chang Wei, chairman of Hengli Investments Holding, and once a significant shareholder in China's Dalian Wanda Group, sold his penthouse in Opus Hong Kong for HK$2.4 million more than he paid to acquire it in 2015, in what was then the continent's most expensive apartment purchase. According to the report, the mainland property investor has had the home on the market since mid-2024 with Hengli having failed since 2023 to make payment on a loan linked to Chen's HK$15 billion purchase of the Cityplaza Three and Cityplaza Four office towers in Hong Kong's Quarry Bay area in 2018. Mingtiandi notes that Chen's sale comes as falling real estate values and challenging lending conditions, along with a slumping economy in mainland China have led to growing number of distressed tycoons selling Hong Kong properties. In 2023, a fifth floor unit formerly belonging to Cheung Kei Group chairman Chen Hongtian was sold after being seized by a bank in the wake of a loan default. With the sale price translating to HK$94,048 per square foot, Chen sold the property to overseas registered private company Harbour Sky Group Limited at a markup of 0.5 percent over the 2015 purchase price. Adding in stamp duty of HK$21.7 million paid at the time of the 2015 purchase and a broker's commission of HK$5.1 million on the sale, Chen will book a loss of about HK$24.4 million, Mingtiandi notes. Situated at 53 Stubbs Road, Opus Hong Kong was developed by Swire Properties and designed by American architect Frank Gehry, with just 14 units in the tower. The only previous resale of a property in the building was the 2023 sale of Cheng Hongtian's fifth floor unit for HK$418 million (US$53.4 million), with that deal taking place at 39 percent below valuation or HK$81,102 per square foot. "The low transaction price [of Chen Hongtian's seized home] was probably due to the forced sale . . . Being such a unique property in such a prime location, the market value could fluctuate a lot due to the lack of direct comparables," Bobby Mak, real estate valuer at Hong Kong-based CHFT Advisory and Appraisal, told Mingtiandi. Hengli Investments Holding (Group) Limited operates as an investment company. LI & FUNG: S&P Affirms 'BB' LongTerm ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term issuer credit rating on Li & Fung. S&P also affirmed its 'BB' long-term issue ratings on the company's senior unsecured notes (with a recovery rating of '3') and 'B' long-term issue rating on its subordinated perpetual hybrid securities. The stable rating outlook reflects our view that Li & Fung will continue to improve its operational performance over the next two years. Gains in Europe and value-driven channels can offset weakness in U.S. and department stores. Leverage will likely decrease to at about 4x in 2025 from 4.4x in 2024, with a sufficient cash balance to cover interest bearing bonds and loans. S&P said, "We affirmed our ratings on Li & Fung on prospects of a further recovery in EBITDA. Revenue for the Hong Kong-based supply chain manager rose 7.4% in 2024, a reversal from an annual decline of about 20% in 2022-2023. While the growth was below our expectation of 15%-20%, the bulk of the shortfall came from the department store channel. Excluding department stores, the company's revenue growth was 17% in 2024. We expect revenue and EBITDA will likely improve further in 2025 on the back of market share gains." Complex and fast changing supply chain conditions could be a tailwind for new orders. Li & Fung's value proposition for its clients will increase during the significant flux in market conditions. Customers would need greater supply chain sourcing flexibility, including the ability to source from more countries with the shortest possible lead time. Li & Fung has a global network spanning approximately 40 economies and experience in managing supply chain complexity at competitive pricing for customers. This will help it solidify and expand market share with existing and new clients, including fast growing channels such as discounters and big box retailers. Li & Fung's revenue growth was lower than S&P expected in 2024 due to three reasons: weaker U.S. department stores, a large drop in average unit cost (AUC), and some cancelled orders. Going forward, it expects: (1) The company to reduce exposure to U.S. department stores. Most department store operators in the U.S. reported lower sales in 2024, including Li & Fung's department-store customers. The department store channel (including non-U.S. customers) made up 26% of the company's revenue at the beginning of 2024. S&P said, "We estimate revenue in this sector dropped by 20%-25% in 2024. The company is activity reducing its exposure to department stores due to lower growth and increasing credit risk. The decline in this channel could be even steeper at 50%-60% in 2025. Lower sales from this segment will partially offset 15%-20% revenue growth from other customer segments in 2025, by our estimates. We forecast low single digit revenue growth for 2025, before a 10%-15% increase in 2026." (2) AUC to moderately decline this year, before flattening out in 2026. Excluding department stores, Li & Fung's volume shipments to other clients increased by 32% in 2024. These customers were mainly discounters and supermarkets/clubs, which are much more price sensitive with lower unit prices. Industry suppliers were also eager to fill their factory capacity due to soft global retail volume demand. The company's AUC was down 15% in 2024, netting off about half the gains from unit shipment gains. (3) The order book remains healthy, including from a new retailing channel--pharmacies. Nonetheless, orders are not firm commitments. Potential order cancellations remain an overhang for revenue and EBITDA. Li & Fung will continue to rebalance its portfolio amid tariffs. U.S. tariffs could have a dual negative impact. The first is the direct impact on China-sourced, U.S.-bound goods, which made up about 18% of Li & Fung's revenue in 2024. Customers will look to reduce their reliance on China-sourced goods. The second is the secondary impact from weaker consumption volume. As of now, management has not seen any order cancelations. On the contrary, enquiries from potential customers have surged. Li & Fung has been tilting its portfolio away from the U.S. market and soft goods (mainly apparel) in recent years, and 2024 was an acceleration of that. Hard goods revenue increased 38% for the company in 2024, offsetting a decline in soft goods revenue. Its Europe exposure also rose nearly 50%, followed by 6% in Asia. This shift will likely more than offset an 8% decline in U.S. revenue in 2025. S&P believes Europe, Asia, and hard goods will continue to offset ongoing weakness in U.S. and soft goods revenue in 2025. Li & Fung's cash balance will help it manage the changing environment and bond maturities. The company had a debt-to-EBITDA ratio of 4.4x in 2024, weaker than our 3.4x expectation. The reason was the slower EBITDA growth than S&P expected. The company has about US$646 million of cash on hand, including US$145 million cash it drew down from loan facilities as a standby for refinancing. This is more than sufficient to cover US$313 million of bonds due in August 2025. S&P said, "We do not project material changes to the net cash balance for 2025. Li & Fung could have free operating cash flow sufficient to cover dividends (including for perpetual bonds) and bolt-on acquisitions. The company has US$100 million due from a shareholder. Although this is repayable on demand, we do not expect it utilize the amount over our forecast period. "The stable outlook reflects our view that Li & Fung's operating performance will continue to gradually improve. Positive gains from other channels will offset a material reduction in department store customers. We expect leverage to trend at 4x in 2025 with a cash balance sufficient to cover bond maturities. "We could lower the rating if Li & Fung's trading business weakens. Declining revenue or EBITDA without a strong recovery in sight could trigger a downgrade. "We could also lower the rating if Li & Fung's financial measures deteriorate, reflected through leverage staying above 4x, and the cash balance falling below outstanding bond and loan obligations. "We could upgrade Li & Fung if we believe the company can significantly increase its market share and customer traction to enlarge and diversify its revenue sources. This scenario should be accompanied by the debt-to-EBITDA ratio falling below 2x." ========= I N D I A ========= AA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of AA Agro Energy Private Limited (AAE) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Long Term Loan 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AAE for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AAE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AAE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AAE continues to be 'Crisil D Issuer not cooperating'. AAE, incorporated in 1983 by Mr Ashok Kumar Agarwal, was earlier a manufacturer of sewage pipe and bricks, and subsequently set up its rice unit in fiscal 2014. The plant at Banur, Mohali (Punjab) processes basmati rice, with total milling and sorting capacity of 12 tonnes per hour. AAKASH AGROTECH: CRISIL Reaffirms B+ Rating on INR34cr Cash Loan ---------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facilities of Aakash Agrotech Private Limited (AAPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 34 Crisil B+/Stable (Reaffirmed) Proposed Fund- Based Bank Limits 1.26 Crisil B+/Stable (Reaffirmed) Term Loan 2.07 Crisil B+/Stable (Reaffirmed) Warehouse Receipts 12.61 Crisil B+/Stable (Reaffirmed) Warehouse Receipts 12.39 Crisil B+/Stable (Reaffirmed) The rating continues to reflect vulnerability to volatility in raw material prices and regulatory changes, and modest financial risk profile. These weaknesses are partially offset by the extensive experience of the promoters in the basmati rice industry and the geographically diversified revenue profile of the company. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of AAPL. Key Rating Drivers & Detailed Description Weaknesses: * Vulnerability to volatility in raw material prices and regulatory changes: Uncertainty in monsoon or inadequate rainfall can lead to fluctuations in availability and prices of paddy and weaken the business risk profile of players in the rice industry, such as AAPL. The company also remains vulnerable to changes in government regulations with regard to prices of agro commodities, and export and import restrictions, among others. * Modest financial risk profile: The financial risk profile is constrained by high gearing and total outside liabilities to adjusted networth ratio of 2.29 times and 3 times, respectively, as on March 31, 2024. Debt protection metrics were subdued, as indicated by interest coverage and net cash accrual to total debt ratios of 1.36 times and 0.05 time, respectively, in fiscal 2024. Sizeable debt will continue to constrain the debt protection metrics over the medium term. Strengths: * Extensive experience of the promoters: The two-decade-long experience of the promoters in the basmati rice industry, their strong understanding of market dynamics and established relationships with suppliers and customers will continue to support the business risk profile. * Geographical diversification in revenue: AAPL caters to a wide number of clients, in India and overseas. The top 10 customers contributed 25-30% of the revenue in fiscal 2024. The company consistently derives 20-25% of its revenue from exports. Diversity in geographic reach and clientele will continue to support the business risk profile. Liquidity: Stretched Bank limit utilisation is high at around 99.89 percent for the past twelve months ended February 2025. Cash accruals are expected to be over INR1-2 crore which are sufficient against term debt obligation of INR1-1.4 crore over the medium term. In addition, it will act as a cushion to the liquidity of the company. The current ratio are moderate at 1.2 times on March 31, 2024. Outlook: Stable Crisil Ratings believes AAPL will continue to benefit from the extensive experience of its promoters and their established relationships with clients. Rating sensitivity factors Upward factors * Sustained growth in revenue and operating margin of more than 2.3%, leading to higher cash accruals * Improvement in the liquidity with higher cushion in bank lines and financial risk profile Downward factors * Decline in revenue by over 20% or dip in operating margin, leading to lower cash accruals * Any large debt-funded capital expenditure or substantial increase in working capital requirement, weakening the liquidity and financial risk profile Incorporated in 2012, AAPL processes different types of rice, such as basmati rice, non-basmati rice, broken rice and rice bran. Also, it exports basmati rice. Its milling unit is in Karnal, Haryana. The promoters, Mr Anil Kumar Goel, Mr Anand Kumar Goel and Mr Mukesh Goel, oversee the daily operations. AARCOT CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aarcot Ceramic Private Limited (ACPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Cash Term Loan 4.6 CRISIL D (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 4.4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ACPL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ACPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ACPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ACPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. ACPL, incorporated in Morbi (Gujarat) in 2013, is promoted by Mr. Jitendra Lavjibhai Dekavadiya and Mr. Lakhmanbhai Madhavbhai Zalariya. The company has set up a factory to manufacture digital wall tiles and started commercial operation in November 2014. AGRIBASE COMMODITIES: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Agribase Commodities (ABC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.85 CRISIL D (Issuer Not Cooperating) Foreign Exchange 0.33 CRISIL D (Issuer Not Forward Cooperating) Term Loan 0.16 CRISIL D (Issuer Not Cooperating) Warehouse Receipts 1.15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ABC for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ABC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ABC continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up as a partnership firm in 1997, ABC is engaged in the processing and sale of cashew kernels. The firm operates through a processing facility located near Mangalore (Karnataka) and is managed by Mr. Umesh Kamath, the managing partner. ALLAHABAD AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Allahabad Agro Commodities Private Limited (AACPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Foreign Letter 2.23 CRISIL D (Issuer Not of Credit Cooperating) Long Term Loan 1.77 CRISIL D (Issuer Not Cooperating) Proposed Fund- 1 CRISIL D (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with AACPL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AACPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AACPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AACPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2016, AACPL earlier traded in basmati rice. It set up a unit for processing (milling, polishing and sorting) basmati rice in fiscal 2020 at Hollagarh in Allahabad, with installed capacity of 15 tonne per hour. The unit commenced operations in January 2020. Mr Pawan Kumar Gupta, Ms Sushma Gupta and Mr Gopesh Gupta are the promoters of the company. BUDDHA GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Buddha Global Limited (BGL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Overdraft Facility 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BGL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BGL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BGL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BGL continues to be 'Crisil D/Crisil D Issuer not cooperating'. BGL was incorporated in 2011. It is engaged in importing and trading agro commodities and other items such as rice, wheat, pulses and other related food products. It is located in Delhi and promoted by Mr. Deept Sarup Agarwal and Mr. Anil Tekriwal. BYJU'S: Creditors Sue Co-Founders, Exec Over Missing US$533MM ------------------------------------------------------------- The Financial Times reports that creditors of fallen edtech company Byju's have sued its co-founders and strategy chief for allegedly "masterminding the theft of more than half a billion dollars" in the latest salvo of an acrimonious legal battle against what was once India's most valuable start-up. The FT relates that a lawsuit filed in a Delaware bankruptcy court alleges Byju Raveendran, a former teacher and the eponymous company's charismatic frontman, along with his wife Divya Gokulnath and Byju's chief of strategy Anita Kishore, "orchestrated an ongoing illegal scheme to take and then conceal" $533 million of loan proceeds. The US action, which references previous reporting by the Financial Times, marks the latest move to claw back funds from a defaulted $1.2 billion term loan originally made in 2021 to a US entity controlled by Byju's, a company that sold tutoring services to millions of Indian families. According to the FT, Byju's founders said in a statement on April 10 that the allegations by creditors were "completely baseless and untrue". "This lawsuit is a part of their conspiracy to wrestle control of Byju's through all possible nefarious means," they said. "A signed and verified affidavit that we submitted in the court of Delaware has the details of how the entire $1.2 billion loan was spent, to the last dollar." A message to Kishore's official company email address requesting comment bounced back, the FT notes. In its heyday, Byju's secured investment from the likes of asset manager BlackRock, investment group Prosus and Meta chief Mark Zuckerberg, according to the FT. The company used such funding to help it go on a worldwide acquisition spree and sponsor the Fifa World Cup in Qatar, as well as India's national cricket team. But, from being worth an estimated $22 billion in 2022 as India's most valuable start-up, it fell from grace as soaring interest rates after the pandemic led to the drying up of cheap money. Investors were forced to write off stakes in Byju's worth hundreds of millions of dollars as its value dropped. The company has also shed thousands of employees and struggled to pay salaries, although Byju's website continues to advertise and offer tutoring lessons, the FT says. Soon after taking out the loan, Byju's became embroiled in a transnational tussle with its former creditors and backers in courtrooms across the US and India, with allegations being aired that raised serious questions about the company's corporate governance. In February, a Delaware judge ruled there had been "fraudulent transfer" of the loan proceeds by Byju's entities and associates, the FT recalls. "In light of the court's recent decision, there can be no doubt that they acted unlawfully and tried to cover their tracks," said the creditors in a statement, the FT relays. They are seeking damages, as well as an accounting for the missing funds and reimbursement of expenses and legal costs. Court documents and testimony showed the $533 million had been transferred from a Byju's company to a little-known Miami hedge fund, which used to have its corporate headquarters registered to a pancake chain. The money was then moved to a UK company. Raveendran told the FT last year "there has never been any fraud" and his company no longer had access to capital, with the entirety of the term loan spent. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than $3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's $1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. CLAYMINE MICRONS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Claymine Microns LLP (CML) continue to be â€˜CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.19 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Term Loan 13.8 CRISIL D (Issuer Not Cooperating) Term Loan 1.01 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CML for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CML, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CML is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CML continues to be 'Crisil D/Crisil D Issuer not cooperating'. CML is a limited liability partnership formed in 2017. The firm set up a manufacturing unit for purification of potash and sodium feldspar, which are key raw materials in the ceramic industry. The unit has production capacity of 150,000 MT per annum and is located at Wankaner, in the Morbi district of Gujarat. COCHIN GLASS: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Cochin Glass House Private Limited (CGPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CGPL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CGPL continues to be 'Crisil D Issuer not cooperating'. CGPL, established in 2010, trades in glass and plywood. Operations of the Cochin-based company are managed by Mr Shajen K R. CONCEPT BIKES: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Concept Bikes (CONBIK) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with CONBIK for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CONBIK, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CONBIK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CONBIK continues to be 'Crisil D/Crisil D Issuer not cooperating'. CONBIK (a part of the Concept group of companies) is a proprietary concern set up by Mr Firozkhan Abdullatheef in September 2013.The firm is an authorised dealer for two wheelers (Royal Enfield) with four showrooms in Thiruvananthapuram. FRESH CATCH: CRISIL Moves B+ Debt Rating from Not Cooperating ------------------------------------------------------------- Due to inadequate information, Crisil Ratings, in line with the Securities and Exchange Board of India guidelines, had migrated its ratings on the bank facilities of Fresh Catch Exports (FCE) to 'Crisil B+/Stable/Crisil A4 Issuer Not Cooperating'. However, the management has subsequently started sharing the requisite information necessary for carrying out a comprehensive review of the ratings. Consequently, Crisil Ratings is migrating the rating on bank facilities of FCE to 'Crisil B+/Stable/Crisil A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Bill 1 CRISIL A4 (Migrated from Purchase 'ISSUER NOT COOPERATING') Packing Credit 7 CRISIL B+/Stable (Migrated from 'ISSUER NOT COOPERATING') The ratings continue to reflect the extensive experience of the partners in the seafood industry and their continued fund support. These strengths are partially offset by modest scale of operations, below-average financial risk profile and exposure to change in regulations. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of FCE. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operations and susceptibility to changes in regulations: The scale remains muted with operating income projected at INR30-40 crore per fiscal over the medium term. The marine export industry also remains vulnerable to risks arising from regulatory changes in client countries and the high-quality conscious nature of clients. * Below-average financial risk profile: Financial risk profile may continue to be weak because of a small networth of INR6.95 crore as on March 31, 2025. Gearing and total outside liabilities to tangible networth ratio are to be weak at 1.31 times and 2.31 times, respectively. Strength: * Extensive experience and fund support of the partners: The partners, Mr Abdul Ziyad and his wife, Mrs Wahida Abdul Ziyad, have spent over three decades in the seafood industry. They have also infused need-based capital to support the operations. Liquidity: Stretched Liquidity will be constrained by marginal cash and cash equivalent and tightly matched cash accrual against debt obligation. The fund-based limit of INR7 crore was utilised to the extent of 95% in the 12 months through November 2024. Outlook: Stable Crisil Ratings believes FCE will continue to benefit from the extensive experience of its partners in the seafood industry. Rating sensitivity factors Upward factors: Increase in total operating income to over INR50 crore and net cash accrual to INR2.25-2.5 crore Improvement in the financial risk profile supported by capital infusion and reduction of debt Downward factors: * Stretch in working capital cycle with gross current assets exceeding 250 days * Any major debt-funded capital expenditure or sizeable capital withdrawal further weakening liquidity FCE was set up in 2014 as a partnership firm by Mr Abdul Ziyad and his wife, Mrs Wahida Abdul Ziyad. The Kakinada (Andhra Pradesh)-based firm processes and exports seafood. GKB OPHTHALMICS: CRISIL Reaffirms D Rating on INR5cr Cash Loan -------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil D/Crisil D' ratings on the bank loan facilities of GKB Ophthalmics Limited (GKB). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.6 Crisil D (Reaffirmed) Bank Guarantee 0.3 Crisil D (Reaffirmed) Cash Credit 3.7 Crisil D (Reaffirmed) Cash Credit 5 Crisil D (Reaffirmed) Export Packing Credit 0.5 Crisil D (Reaffirmed) Letter of Credit 0.7 Crisil D (Reaffirmed) Letter of Credit 2 Crisil D (Reaffirmed) Proposed Working Capital Facility 1.3 Crisil D (Reaffirmed) Working Capital Term Loan 1 Crisil D (Reaffirmed) The ratings continue to reflect GKB's modest scale of operations, large working capital requirement and weak debt protection metrics. These weaknesses are partially offset by the extensive experience of the promoters in the ophthalmic lenses industry. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of GKB. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operations and large working capital requirement: Although on an improving trend, the scale of operations of the company continue to remain modest and working capital intensive as indicated by an expected revenue of around Rs.32 Cr in fiscal 2025 and expected Gross current asset (GCA) days of 139 days as on March 31, 2025. Higher GCA days are driven by high expected debtor and inventory days of 78 and 54 days respectively, which are met by a stretched creditor days of around 140-150 days as on March 31, 2025. Steady increase in scale of operations remains monitorable over the medium term. * Subdued operating profits: The company has been reporting EBITDA losses for last 6 years. Also company continued to report EBITDA losses in 9 months ending FY2025. The company is planning to improve profitability over the medium term with improved product mix. However, Improvement in operating margin will remain monitorable. * Weak debt protection metrics: Losses at operating level has led to weaker debt protection metrics, as indicated by expected interest coverage and net cash accruals to adjusted debt ratios of negative 0.35 times and negative 0.14 time in fiscal 2025. Improvement in the operating efficiency thus leading to better debt protection metrics remains a key monitorable. Strength: * Promoters' extensive experience: The three-decade-long experience of the promoters and their longstanding relationships with suppliers and customers have helped the company successfully navigate business cycles over the years. Liquidity: Poor The liquidity of the company is poor as the expected net cash accruals are insufficient to repay debt obligations worth Rs. 31-35 Lakhs over medium term. Bank limits of the company have been fully utilized for the last twelve months ended February 2025. Rating sensitivity factors Upward Factors: * Track record of timely debt servicing for 90 days or more. * Improvement in operating performance resulting in better liquidity. Incorporated in 1981, GKB commenced operations in 1983. The company manufactures ophthalmic lenses, such as single-vision glass, single-vision plastic, bifocal plastic and photochromic plastic lenses. Mr KG Gupta, Mr Vikram Gupta and Mr Gaurav Gupta are the promoters of the company. HALDIA NIRMAN: CRISIL Lowers Rating on INR5.65cr Cash Loan to D --------------------------------------------------------------- Crisil Ratings has downgraded the ratings of Haldia Nirman Projects Private Limited (HNPPL) to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B/Stable/Crisil A4 Issuer nor cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.85 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Cash Credit 5.65 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Proposed Short Term 0.50 Crisil D (ISSUER NOT Bank Loan Facility COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') CRISIL Ratings has been consistently following up with HNPPL for obtaining information through letters and emails dated April 9, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HNPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. The company has remained non-cooperative since June, 2019. Crisil Ratings believes that rating action on HNPPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation coupled with adverse information in the public domain, Crisil Ratings has downgraded the ratings to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B/Stable/Crisil A4 Issuer nor cooperating'. The downgrade reflects delay in servicing of debt obligations by HNPPL Incorporated in 2004 and promoted by Kolkata-based Mr Sourav Kumar Bera, HNPPL is engaged in the civil construction and structural fabrication business. The company has undertaken projects such as reservoir construction, civil foundation, housing, and land development. HNPPL also does fabrication and erection of structure and equipment, piling, and piping. It undertakes work for government and private companies. MALAYALAM VEHICLES: CRISIL Cuts Rating on INR10cr Debt to D ----------------------------------------------------------- Crisil Ratings has revised the ratings on long term bank facilities of Malayalam Vehicles India Private Limited (MVHIPL) have been downgraded to 'Crisil D Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 8 Crisil D (ISSUER NOT Facility COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Inventory Funding 1 Crisil D (ISSUER NOT Facility COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Inventory Funding 10 Crisil D (ISSUER NOT Facility COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Inventory Funding 2 Crisil D (ISSUER NOT Facility COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Inventory Funding 1 Crisil D (ISSUER NOT Facility COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Proposed Long Term 7.2 Crisil D (Issuer Not Bank Loan Facility COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with MVHIPL for obtaining information through letters and email dated November 11, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MVHIPL, which restricts Crisil Ratings ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on MVHIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on long term bank facilities of MVHIPL have been downgraded to 'Crisil D Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not Cooperating' owing to delay in debt servicing as confirmed by the banker. MVIPL, incorporated in April 2017 and based out of Ernakulam (Kerala), is an authorized dealer for passenger vehicles of Tata Motors Limited. The company is promoted by Mr Rajwanth Ben and Mr Shamier Marickar. MEDSMART LOGISTICS: Ind-Ra Cuts Bank Loan Rating to BB ------------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Medsmart Logistics Private Limited's (MLPL) bank facilities' ratings to 'IND BB/Negative (ISSUER NOT COOPERATING)' from 'IND BBB-/Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating action is: -- INR500 mil. Fund-based working capital limit downgraded with IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. NOTE: ISSUER NOT COOPERATING: Issuer did not cooperate; based on best available information Detailed Rationale of the Rating Action The downgrade and the Negative Outlook is in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. As per the guidelines, if an issuer has an investment grade rating outstanding while being non-cooperative for more than six months with Ind-Ra, then Ind-Ra will necessarily downgrade such rating to the non-investment grade, while maintaining the Issuer Not Cooperating status. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with MLPL while reviewing the ratings. Ind-Ra had consistently followed up with the company over emails since July 31, 2024, apart from phone calls. The issuer has also not been submitting their monthly no-default statement since July 2024. Limitations regarding Information Availability Ind-Ra has reviewed the of the credit ratings of MLPL based on best available information and is unable to provide an updated forward-looking view. Hence, the current outstanding rating might not reflect the company's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in Transparency of Financial Information. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The company has been non-cooperative with the agency since August 2024. About the Company Incorporated in August 2016, MLPL is aggregator and distributor of surgical and medical consumables, and equipment. The company has distribution centers in over 13 cities with more than 8,500 stock keeping units. The company is led by Managing Director G Narotham Reddy. METROPOLITAN LIFESPACE: Ind-Ra Affirms B- Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Metropolitan Lifespace Real Estate Developers Private Limited's (MLREDPL) non-convertible debentures' (NCDs) rating as follows: -- INR325.63 mil. (reduced from INR990.47 mil.) Non-convertible debenture affirmed with IND B-/Stable rating. *Details in Annexure I **Outstanding as of December 31, 2024 Detailed Rationale of the Rating Action The ratings remain constrained by MLREDPL's continued weak operating performance in 9MFY25 along with a concentration of cash flows in a single project, Bestech Altura. The cash flows from this project are insufficient to fully cover the redemption of the outstanding NCDs at par, after accounting for overhead expenses. At 9MFYE25, the outstanding balance of the NCDs stood at INR435.9 million, with unsold inventory and pending receivables contributing to a persistently strained liquidity position. The risk of a shortfall in full redemption of NCDs is heightened by ongoing lower-than-expected sales and collections, leading to continued concerns about MLREDPL's ability to fully repay the borrowed amount. Additionally, the dependency on a single project for revenue continues to pose concentration risk. Also, MLREDPL's liquidity position remains poor, with the absence of any undrawn limits or any additional comfort in the form of a debt service reserve account (DSRA). However, the ratings are supported by the favorable terms of MLREDPL's NCDs, which continue to offer flexibility in amortization and mitigate the risk of default. The NCDs remain redeemable from available cash flows, with structured repayment terms that allow for gradual amortization over time. The company's strategic investments have led to the ongoing completion and sale of projects, with the remaining project, Bestech Altura, nearing full completion. The risk of project completion remains minimal, as all projects have received occupancy certificates (OC) and continue to progress as planned. Detailed Description of Key Rating Drivers Weak Operating Performance: MLREDPL derives its entire cash flows from a single project, Bestech Altura, as its other four projects have been fully completed and sold out, and the company has collected the entire funds from the same. Furthermore, the cash flows from Bestech Altura are insufficient to fully cover the redemption of the outstanding NCDs at par, after accounting for overhead expenses. At 9MFYE25, the outstanding balance of the NCDs was INR435.9 million. For the same period, the issuer had an unsold area of 4,165 square feet (two units), estimated to be worth INR47.54 million, and pending receivables from already sold areas, which the agency estimates to be worth INR331 million. Additionally, the company needs to incur expenses to facilitate sales and support its day-to-day operations from these cash flows. Also, the management has indicated to the agency that MLREDPL is likely to report a deficit in the redemption of the NCDs. Risk of Shortfall in Full Redemption of NCDs: The company's muted operational performance, coupled with weaker-than-expected results in 9MFY25, as assessed by Ind-Ra, raises concerns about the full redemption of the outstanding NCDs. The agency anticipates a shortfall, indicating that the balance outstanding may not be redeemed at par, leading to a deficit in the full redemption. However, the favorable terms of the NCDs mitigate the risk of default. Poor Liquidity: MLREDL's liquidity position is poor, primarily due to the concentration of pending receivables, amounting to INR331 million at 9MFYE25, from a single project. Additionally, the completed unsold inventory was estimated at INR47.54 million at 9MFYE25. While MLREDL recorded cash and cash equivalents of INR130.27 million at 9MFYE25, the outstanding balance of NCDs stood at INR435.90 million. Furthermore, the agency expects MLREDL to incur total expenses of INR185.35 million over the remaining tenor of the vehicle. These factors collectively contribute to a strained liquidity position. Furthermore, there are no available undrawn limits or additional comfort in the form of DSRA. Project Concentration Risk: MLREDL faces concentration risk due to its reliance on a single project, Bestech Altura, for revenue. The total saleable area of Bestech Altura is 225,345sf, and nearly 98% of the project had been sold at 9MFYE25. The project is more than 95% complete in terms of construction costs incurred, and the OC was received in FY23. While these factors indicate low execution risk and advanced project progress, the dependency on this single project for financial performance poses a concentration risk. Favorable Terms of NCDs: The rated zero-coupon NCDs, issued at a face value, are redeemable from available cash flows and the obligation with respect to redemption was set at a maximum return (cap) rather than a minimum promised internal rate of return (floor). This indicates flexibility in the amortization structure as long as it is within the terms of the NCDs. Additionally, the flexibility is supported by the terms of the NCDs, wherein there would be no amortization in the first 12 months from the date of allotment of NCDs. During 12-24 months, cumulatively only up to 30% of the outstanding face value of NCDs can be repaid. During 24-36 months, cumulatively only up to about 60% of the face value of NCDs can be repaid. Beyond 36 months, there is no restriction on amortization. Most of the NCDs were allotted more than 36 months ago, and therefore, there is no restriction on the amortization of these NCDs. The management stated that all available cash flows from Bestech Altura project (after deducting operational expenses) would be used towards the amortization of these NCDs. Minimal Risk of Project Completion: MLREDPL faces minimal risk of project completion due to its strategic investments and successful track record. The company has invested in five projects in India, partnering with reputed developers in key micro-markets. By the end of December 2024, all five projects had been fully completed and had received the OC. Four out of the five projects have been fully sold out and possession has been handed over. The remaining project, Bestech Altura, is approximately 95% complete in terms of project cost incurred, with handover expected by end-June 2025. This project is around 98% sold out, with collections at approximately 83% at end-December 2024. Liquidity Poor: MLREDPL had cash and cash equivalents of about INR130.27 million in its various accounts at 9MFYE25. The company also had pending receivables of INR331 million from the sale of units in the project, Bestech Altura, and the agency estimates an additional amount of INR47.54 million from the sale of the pending units. However, against such cash inflows, MLREDPL had an outstanding balance of INR435.90 million redeemable in NCDs at 9MFYE25, and an estimated pending cost of INR185.35 million. The agency expects a deficit of INR120 million-130 million in redemption that will be borne by the NCD subscribers. However, the favorable terms of the NCDs permit redemption of the NCDs based on available cash flows with the company, providing significant mitigation against the risk of default. There are no available undrawn limits or additional comfort in the form of DSRA. Rating Sensitivities Negative: The non-redemption of NCDs (part or full) as per the funding terms could result in a rating downgrade. Positive: An improvement in the sales in Bestech Altura and an increase in the sales prices, such that the NCDs can be redeemed in line with the terms of the NCDs, could result in a rating upgrade. About the Company MLREDPL is a real estate company formed to invest in real estate projects in India. The company is owned by two entities, IPF II Singapore 5 Pte. Ltd (which owns 99.99% of MLREDPL) and IPF II Singapore 8 Pte. Ltd (which owns 0.01% of MLREDPL). MISHRA POLYPACKS: Ind-Ra Keeps BB- Loan Rating in NonCooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Mishra Polypacks Private Limited's instrument (MPPL) bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR150 mil. Fund-based working capital limits maintained in non-cooperating category and withdrawn. *Maintained at 'IND BB-/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The rating has been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a request for withdrawal of ratings and a no-objection certificate issued by the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with MPPL while reviewing the ratings. Ind-Ra had consistently followed up with MPPL over emails starting 2018, apart from phone calls. The issuer has not submitted no default statement for the past 12 months. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of MPPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. MPPL has been non-cooperative with the agency since April 13, 2018. About the Company Incorporated in September 1994, MPPL trades high-density polyethylene, polypropylene bags, gunny bags, and iron and steel products in Hyderabad, Telangana. MONEYPLUS FINANCIAL: Ind-Ra Affirms BB Bank Loan Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed MoneyPlus Financial Services Limited's (MFSL; formerly MoneyPlus Financial Services Private Limited) bank loans as follows: -- INR50 mil. Bank loan affirmed with IND BB/Stable rating. Detailed Rationale of the Rating Action The affirmation of the rating reflects MFSL's continued high geographical concentration, deteriorating asset quality and low funding mix. However, the rating continues to factor in the adequate capitalization and improving financial performance of the company. Detailed Description of Key Rating Drivers High Geographic and Borrower Concentration Risk: MFSL is exposed to geographical concentration risk. At end-September 2024, the company had a significant presence in the Delhi-National Capital Region (86% of assets under management (AUM)), followed by Rajasthan (6%) and Haryana (7%). The top 10 accounts in its loan book formed 70% of the book in 1HFY25 (FY24: 68%). Moreover, the loan against share (LAS) portfolio was highly concentrated with three accounts accumulating to around INR938 million at end-1HFY25 (FYE24: INR508 million). Also, the AUM growth in 1HFY25 was largely driven by unsecured business loans and LAS products. As part of the retail loan growth strategy and to enhance geographic diversity, the company entered into the states of Gujrat and Uttar Pradesh in FY25 and opened nine new branches across states. The company plans to grow its retail loan book in FY26, comprising small business mortgage loans and two-wheeler loans, to reduce the borrower and geographical concentration, which would be a rating monitorable. Asset Quality under Pressure: The company's delinquencies increased with more focus on small ticket retail loans, with gross non-performing assets (GNPAs) increasing to 1.33% (based on 120 days past due) at end-September 2024 (FY24: 1.36%, FY23: 1.02% (based on 180 days past due). The provision coverage ratio also reduced to 11% in 1HFY25 (FY24: 15%). At end-September 2024, the asset quality of its loan against property portfolio remained under pressure at 5.5% in 1HFY25 (FYE24: 4.3%, FY23: 4.1%). GNPA in the two-wheeler portfolio rose to 5.6% in 1HFY25 (FY24: 2.33%,FY23: 1.1%), while the LAS portfolio remained healthy with nil delinquencies. While MFSL's promoter has an experience of over a decade in the LAS segment, the ability of the management in growing the retail book with control on the asset quality remains a monitorable. Low Funding Flexibility: Of the total borrowings of INR1,412 million at end-September 2024, inter-corporate deposits and deposits from related parties and loans from directors/relatives accounted for 47%, followed by non-bank financial companies (43%), banks (7%) and non-convertible debentures (3%). The ability of the company to raise funds from diverse lenders remains a monitorable. Adequate Capitalization: MFSL's tangible net worth stood at INR355 million at end-1HFY25 (FYE24: INR316 million, FY23; INR264.9 million). The leverage (debt/tangible equity) increased to 3.95x at end-1HFY25 (FYE24: 2.46x). The tier 1 was adequate at 20.47% in 1HFY25 (FY24: 28.41%, FY23: 22%) for the current scale; however, its plan to grow the retail book may require capital support from its shareholders to keep the leverage below 5x. The management expects to infuse equity in FY26 which will improve the leverage. Ind-Ra believes the capital is important for MFSL to mobilize adequate equity to meet its medium-term growth objectives. Improving Financial Performance: MFSL's loan book grew 56% in 1HFY25 to INR1,728.5 million, primarily driven by its LAS and unsecured business loan books. It reported a profit of INR39 million in 1HFY25 (FY24: INR53 million, FY23: INR26 million) resulting in return on assets of 5.42% (4.5%, 2.25%). The improvement in profitability was due to a controlled operating expenses to average asset ratio of 4% in 1HFY25 (FY24: 4.89%, FY23: 4.20%), despite new branch openings in the year. MFSL's credit cost (provisions + write-off/average advances) increased to 1.33% in 1HFY25 from 0.08% in FY24 where the company took a hit in P&L due to the pressure on its asset quality. Ind-Ra believes the ability to manage credit cost and operating leverage as the operations scale up further will be key in scaling-up the profitability for the company. Liquidity Adequate: At end-1HFYE25, MFSL maintained a cumulative surplus of around 12% of its total assets in up-to-one-year bucket. Despite the stress on its inflows, its asset-liability statement remains cumulatively positive in up-to-one-year bucket. At end-February 2025, the company also had INR686 million of unutilized bank lines and INR7.59 million of cash and liquid investments, sufficient to meet debt obligations of up to one month. Rating Sensitivities Negative: Significant deterioration in the asset quality and the profitability metrics, the leverage increasing above 4.5x, on a sustained basis, and funding challenges would lead to a negative rating action. Positive: A substantial increase in the loan book with the scaling up and seasoning of the granular retail book while maintaining its control over the asset quality and funding diversification could lead to a positive rating action. About the Company MFSL is a Reserve Bank of India-registered non-bank financial company focused in extending finance to micro, small and medium enterprises, and its product offerings include LAS, loan against property, business loans, personal loans and two-wheelers. PROFITMART SECURITIES: Ind-Ra Assigns BB+ Bank Loan Rating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Profitmart Securities Private Limited's (PSPL) debt instrument as follows: -- INR50 mil. Non-convertible debentures# assigned with IND BB+/Stable rating. #Yet to be issued Detailed Rationale of the Rating Action The rating reflects PSPL's modest market position in the broking industry, the uncertainties inherent in the capital market business, the high competition in the capital market industry and the company's susceptibility to the risk of regulatory changes. The rating also factors in the exit of one of the co-promoters through a buy-back of shares, although it has not impacted PSPL's overall financial performance. However, the rating is supported by the company's adequate capitalization, adequate risk management practices, and the extensive experience of its promoters in the broking business. PSPL has planned to enter in the wealth management segment and margin trade financing together by shifting its business model more towards own sourcing. Detailed Description of Key Rating Drivers Earnings Profile Vulnerable to Uncertainties Inherent in Capital Markets Business: Being a broking company, PSPL is subjected to capital market fluctuations in earnings, as the profitability is a function of broking income, and hence is dependent on trading volumes. While volatility in a capital market augurs well for short-term trading which mitigates the risk to some extent for PSPL, its ability to diversify its revenue profile will be a key monitorable. Revenue is skewed towards broking and commission (which is around two-thirds of the total income). Moreover, the company has high dependence on authorized persons (AP) for sourcing and to some extent on income from proprietary trading activities. To mitigate the risk, it has consciously reduced the number of APs in the past couple of years, is increasing its team for own sourcing and plans to enter in other segments such as wealth management, margin trade facility mutual fund and insurance. Therefore, a demonstration of performance in the planned segments and any significant volatility in the market will directly impact the overall income. The cost-to-income ratio (8MFY25: 80.1%, FY24: 77.8%, FY23: 84.1%) has been high because of the sizeable overheads and as the company shares a large portion of its commission income (share of gross brokerage: has come down to 72% in 8MFY25; from 92% in FY22) with its sub-broker network. Yet to Demonstrate Capability in Newer Segments: PSPL was generating most of the business from APs and has presence all over India with 40 branches. However, it has consciously reduced the dependency on APs from FY22 and has planned to move towards wealth management and margin trade financing. It has plans to increase the number of branches to 50 by end-FY26 which may help to grow the business and service to customers from own sourcing. However, the company is new to these segments, and thus it must build trust and demonstrate the full potential to onboard new customers and generate revenue from newer segments. Modest Market Position in Broking Business: PSPL has a modest market position and geographic concentration in the revenue profile. The company's active client base is small with around 35,000 clients as of 8MFY25. Rather than client addition, PSPL's focus is more towards creating a profitable client base. The presence of the company has also remained restricted with 40 branches and around 1,100 sub-brokers. Also, most of the business is from top three states Maharashtra, West Bengal, and Tamil Nadu, constituting around 65% of gross brokerage income at end-8MFY25. Ind-Ra believes that PSPL's market position in the retail broking business will remain modest and concentrated in few geographies over the medium term. Promoters' Extensive Experience in Retail Broking Business: The promoters' have been engaged in the retail broking business for more than two decades and have developed extensive experience in capital market-related businesses. The active involvement of the promoters in day-to-day operations has enabled PSPL to develop a loyal client base and franchise network over the years. The tangible net-worth of the company increased to INR603.7 million at end-November 2024 (FY24: INR505.8 million). PSPL's capital position has improved substantially during the past few years, on account of healthy internal accruals. Overall, the financial performance in 8MFY25 was supported by a higher traded turnover and an increase in active clients, resulting in a sizeable accretion to reserves. PSPL's profit after tax stood at INR97.9 million in 8MFY25 (FY24: INR110 million). Its profit margin improved to 18.4% in 8MFY25 (FY24: 12.1%, FY23: 11.8%). As per the management, the gearing has remained low and is not expected to increase materially over the medium term. Adequate Risk Management Practices: PSPL' s risk management systems largely offset the risks arising from uncertainties inherent in the broking business. The company sets client trading limits upfront and monitors client exposure on a real-time basis. Ind-Ra expects PSPLs with its moderate risk management systems to be able to maintain adequate level of margins with stock exchanges. However, any instances of high utilization of margin in future may materially impact the liquidity of company. Liquidity Adequate: PSPL's liquidity profile is adequate with a cash and bank balance (including fixed deposits under lien of INR541.1 million) of INR589.4 million, as of 8MFY25. The company maintains adequate margins at the exchanges in the form of bank guarantees and cash deposits. Margin utilization at the exchanges remained slightly higher at 75%-85% including bank guarantee. The liquidity was comfortable with largely unutilized fund based in the form of overdrafts and high utilization of non-fund-based limits. Rating Sensitivities Negative: A decline in the growth or profitable business, sharply reduced promoter ownership or significant regulatory observations pertaining to compliance which impact the business in any way could lead to a rating downgrade. Furthermore, a significantly high core cost-to-income ratio (excluding proprietary income) of over 100% on a sustained basis over the medium term could lead to a rating downgrade. Positive: Sustained and material growth in the size and scale of operations, establishment of business in the planned newer segments and a meaningful contribution from wealth management towards profitability and increased own sourcing could be positive for the ratings. Additional diversification in the sources of revenue will entail positive implications on the rating. About the Company PSPL started its operations in 2016 and is engaged majorly in retail broking. It has diversified investment offerings such as equities, derivatives, currency, commodities, and mutual funds. PSPL is a member of the National Stock Exchange, BSE Ltd, MCX etc. and undertakes broking business uber a platform (web-based and mobile application-based) called Profitmax. It had 40 branches in pan India at end-11MFY25. RAJIV PETROCHEMICALS: Ind-Ra Affirms BB+ Bank Loan Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Rajiv Petrochemicals Private Limited's (RPPL) bank facilities to Positive from Stable, while affirming the ratings on them, as follows: -- INR20 mil. (reduced from INR34.72 mil.) Term loan due on March 31, 2028 affirmed; Outlook revised to Positive with IND BB+/ Positive rating; -- INR190 mil. (reduced from INR390 mil.) Fund-based working capital limit affirmed; Outlook revised to Positive with IND BB+/Positive rating; -- INR240 mil. Fund-based working capital limits assigned with IND BB+/Positive rating; -- INR200 mil. (reduced from INR300 mil.) Non-fund-based working capital limits affirmed with IND A4+ rating; and -- INR100 mil. Non-fund-based working capital limits assigned with IND A4+ rating. Detailed Rationale of the Rating Action The Outlook revision to Positive reflects Ind-Ra expectations of an improvement in RPPL's EBITDA margins and credit metrics in the medium term, due to an increase in the commission in consignment agreements. The ratings continue to be constrained by RPPL's medium scale of operations, and average EBITDA margin and credit metrics in FY24. However, Ind-Ra expects the scale of operations to improve in FY25, in view of the strong revenue generation until 11MFY25 due to an increase the commission in consignment agreements and the commencement of operations in Mumbai, Daman and Silvassa. The ratings are supported by the promoters' 10 years of operations in the petrochemical trading industry. Detailed Description of Key Rating Drivers Improvement in EBITDA Margins, but Remains Average: RPPL has average EBITDA margins due to the trading nature of its business. The entity is engaged in the trading of poly vinyl chloride resins, low-density polyethylene and high-density polyethylene polymers and polyester films; the prices of which are linked to the price of crude oil. This exposes the company to price volatility risk. The EBITDA margin improved to 7.14% in FY24 (FY23: 3.47%), due to an increase in sales commission. The ROCE improved to 10.6% in FY24 (FY23: 7.3%). Ind-Ra expects the EBITDA margin to improve in FY25, backed by the commencement of operations in Mumbai, Daman and Silvassa along with an increase in the sales commission in consignment agreements. Continued Average Credit Metrics: The ratings factor in RPPL's average credit metrics. The gross interest coverage (operating EBITDA/gross interest expense) increased to 3.14x in FY24 (FY23: 2.04x), as the EBITDA improved to INR87.66 million (INR41.26 million). The net leverage (adjusted net debt/operating EBITDA) weakened to 7.92x in FY24 (FY23: 4.28x), due to an increase in the short-term debt to INR633.10 million (INR122.20 million). Ind-Ra expects the credit metrics to improve in the medium term backed by an increase in profitability and lack of any debt led capex. The company achieved EBITDA of INR142.50 million in 11MFY25. Continued Medium Scale of Operations: RPPL has medium scale of operations, as indicated by revenue of INR1,227.43 million in FY24 (FY23: INR1,190.65 million). The revenue increased in FY24 to due to an increase in the product demand. The company achieved revenue of INR1,450 million in 11MFY25. Ind-Ra expects the revenue to improve on a yoy basis in FY25, led by the commencement of operations in Mumbai, Daman and Silvassa along with an increase in the sales commission in consignment agreements. Liquidity Stretched: In FY24, the adjusted net working capital cycle improved to 17 days in FY24 (FY23: 21), on account of an increase in the creditor days to 10 (8), an increase in debtor days to 24 (18), and a decrease in inventory days to 3 (10). RPPL's average maximum utilization of the fund-based and the non-fund-based limits was 77.27% and 35.73%, respectively, during the 12 months ended December 2024. The cash flow from operations turned positive to INR3.35 million in FY24 (FY23: negative INR83.66 million), due to the increase in EBITDA and favorable changes in working capital. Consequently, the free cash flow improved to INR2.54 million in FY24 (FY23: negative INR84.13 million). The cash and cash equivalents stood at INR63.66 million at FYE24 (FYE23: INR4.16 million), against repayment obligations of INR10.97 and INR8.23 million for FY26 and FY27, respectively. The company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the scale of operations or deterioration in the credit metrics with the interest coverage falling below 2.6x and/or the liquidity position, on a sustained basis, could be negative for the ratings. Positive: A significant increase in the scale of operations along with an improvement in the credit metrics, with the interest coverage exceeding 2.6x, on a sustained basis, could be positive for the ratings. About the Company Incorporated in October 1993 by Rajiv Vastupal Mehta, RPPL is a part of the Gujarat-based Rajiv group. It is engaged in the trading of poly vinyl chloride resins, low-density polyethylene and high-density polyethylene polymers and polyester films. The registered office is in Ahmedabad. In addition to the trading activity, it acts as an consignment agent for plastic granules for companies such as HPCL-Mittal Energy Limited (debt rated at 'IND AA+/Stable'). T. A. ABDUL: CRISIL Moves D Debt Ratings to Not Cooperating ----------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of T. A. Abdul Rahiman (TAAR) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 15 Crisil D (Issuer Not Cooperating) Cash Credit 15 Crisil D (Issuer Not Cooperating) Working Capital 5 Crisil D (Issuer Not Demand Loan Cooperating) Crisil Ratings has been consistently following up with TAAR for obtaining information through letter and email dated March 20, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TAAR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TAAR is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of TAAR to 'Crisil D/Crisil D Issuer not cooperating'. TAAR was set up in 1992 as a Proprietorship firm by Mr. T. A. Abdul Rahiman. The firm undertakes civil construction contracts, and mainly builds roads and bridges in Kerala. TPRS ENTERPRISES: Ind-Ra Keeps BB Loan Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained TPRS Enterprises Private Limited's bank facilities' ratings in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating actions are: -- INR95 mil. Fund-based working capital limit* maintained in non-cooperating category and withdrawn; -- INR10 mil. Non-fund-based working capital limit** maintained in non-cooperating category and withdrawn; and -- INR54 mil. Term loan# due on March 31, 2021 maintained in non- cooperating category and withdrawn. * Maintained at 'IND BB/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn ** Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn # Maintained at 'IND BB/Stable (ISSUER NOT COOPERATING)' before being withdrawn Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based on best available information Detailed Rationale of the Rating Action The rating has been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a request for withdrawal of ratings and no-objection certificate issued by the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with TPRS Enterprises while reviewing the rating. Ind-Ra had consistently followed up with TPRS Enterprises over emails since October 2017 , apart from phone calls. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of TPRS Enterprises as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. TPRS Enterprises has been non-cooperative with the agency since September 2018. About the Company TPRS Enterprises was established in 2005. It processes glass sheets into toughened and laminated glasses. The processed glass caters to the architectural needs and for automotive purposes. VELOHAR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Velohar Infra Private Limited (Velohar) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Velohar for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Velohar, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Velohar is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Velohar continues to be 'Crisil D/Crisil D Issuer not cooperating'. Velohar, incorporated in 2009 and promoted by Mr. G Thiyagu and Ms. S Vijayalakshmi, is an engineering, procurement, and construction (EPC) contractor in the infrastructure segment. VENKATASAI SOLVENT: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Venkatasai Solvent India Private Limited (VSIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.41 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.59 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VSIPL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VSIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VSIPL continues to be 'Crisil D Issuer not cooperating'. Established as a private limited company in April, 2012, VSIPL is engaged in extraction of edible rice bran oil (RBO) and de-oiled rice bran (DORB) cake. The company has its manufacturing facility located in Nalgonda district of Telangana. The company is promoted and managed by Mr.Vinjam Sridhar. VIDHATRI MOTORS: CRISIL Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Vidhatri Motors Private Limited (VMPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.2 Crisil B-/Stable (Issuer Not Cooperating) Inventory Funding 8 Crisil B-/Stable (Issuer Not Facility Cooperating) Long Term Loan 0.8 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VMPL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VMPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 2012, VMPL is a dealer of passenger vehicles of Renault India Ltd in Mysore, Karnataka. The company has a showroom and a workshop in Hinkal in Mysore. The company also has a showroom in Hassan, Karnataka. VIJAY IRON: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Vijay Iron and Steel Co. (VISC) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VISC for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VISC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VISC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VISC continues to be 'Crisil D Issuer not cooperating'. Established in 1972 in Jalandhar, Punjab, as a proprietorship firm by Mr Ramniwas Bansal, VISC trades in steel products such as hot-rolled coils, sheets, and plates. VIN SEMICONDUCTORS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vin Semiconductors Private Limited (VSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Letter of Credit 4.75 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.03 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VSPL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. VSPL, established in 2009, manufactures LED signage, lights, and displays. Its facility is located in Bhiwandi, Maharashtra. VSPL is promoted by Mr. Subash Pawar. VISUAL AND ACOUSTICS: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Visual and Acoustics Corporation LLP (Visual) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 15 CRISIL D (Issuer Not Cooperating) Bill Discounting 6 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Packing Credit 6 CRISIL D (Issuer Not Cooperating) Packing Credit 8 CRISIL D (Issuer Not in Foreign Currency Cooperating) Crisil Ratings has been consistently following up with Visual for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Visual, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Visual is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Visual continues to be 'Crisil D/Crisil D Issuer not cooperating'. FCEL is a part of the Five Core group that manufactures electronic equipment, including public address systems, speakers, amplifiers, microphones, woofers; and electrical accessories under the 5 Core brand. The group exports products to 56 countries. Mr Amarjit Kalra and his family manage the operations. Incorporated in 2002, FCEL is listed on the NSE Emerge platform since May 2018, and has manufacturing units in Delhi and Bhiwadi, Rajasthan. Set up in 2008 as a partnership firm, EMS has a facility in Kashipur, Uttarakhand. Visual is a limited liability partnership firm set up in 2008, with a unit in Mundka, Delhi. Neha was set up as a proprietorship firm in 2009, and has a unit at Daruhera, Gurugram. Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are private limited companies with units in Noida, Bhiwadi, and Delhi, respectively. 5Core, set up in 2012, has a unit in Bhiwadi. YP FOODS: CRISIL Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of YP Foods Private Limited (YP Foods) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 Crisil B-/Stable (Issuer Not Cooperating) Proposed Long Term 2.9 Crisil B-/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 6.1 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with YP Foods for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of YP Foods, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on YP Foods is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of YP Foods continues to be 'Crisil B-/Stable Issuer not cooperating'. YP Foods, incorporated in 2013, is a Howrah (West Bengal)-based company that manufactures ready-to-eat snacks such as fryums. Mr Amit Jhunjhunwala (director) and Mr Chandra Prakash Jhunjhunwala are the promoters. ZENITH STRIPS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Zenith Strips Limited (ZSL) continue to be CRISIL D Issuer Not Cooperating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ZSL for obtaining information through letter and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ZSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ZSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ZSL continues to be 'Crisil D Issuer not cooperating'. Established as a proprietorship firm in 1998, ZSL was reconstituted as a public-limited company with its current name in 2009. Promoted by Mr. Arjun Karsawara and Mr. Rajesh Karsawara, ZSL manufactures and trades in SS tubes and pipes of various types, which find application in the sugar, petrochemicals, oil and gas, pharmaceuticals, and chemicals and fertilizers industries. Its manufacturing facility in Santej, Gujarat, has manufacturing capacity to produce 800 tonne per month of SS pipes and tubes. ======= L A O S ======= XAYABURI POWER: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has assigned Laos-based Xayaburi Power Company Limited (XPCL) a first-time Long-Term Issuer Default Rating (IDR) of 'B+' with a Stable Outlook. RATING RATIONALE XPCL operates a 1,285 megawatt (MW) run-of-the-river hydropower plant on Laos's Mekong River. The ratings reflect its credit quality assessment of its hydropower project, which started operation in 2019 and benefits from long-term fixed-price offtake agreements with Electricity Generating Authority of Thailand (EGAT, BBB+/Stable) and Electricite du Laos (EDL). Project cash flow is exposed to hydrology risk in the absence of availability-based payments. At the same time, XPCL's ratings are constrained by the limited hydrological data available for the project. Fitch assesses XPCL's credit profile as better than its internal assessment of the Laos sovereign's credit profile and country ceiling, as the project's structural features mitigate the country, transfer and convertibility risks associated with operating in Laos. These include XPCL's run-of-the-river nature and primary transmission line that connects to Thailand's grid. The line evacuates the majority of the power generated, reducing operational risk from local conditions in Laos. The project's proven, low-complexity technology also minimises labour intensity. The concession agreement approved by Laos shields XPCL from regulatory risk arising from changes in laws, including compensation for adverse economic impacts. It also mitigates transfer and convertibility risk by allowing XPCL to hold offshore bank accounts in Thailand for all revenue and debt repayments in both US dollars and Thai baht. These measures limit exposure to changes in foreign-currency regulations in Laos. However, any change in its internal assessment of Laos's credit profile could still affect XPCL's ratings. Fitch believes EDL's interest in the hydropower project, through its indirect 20% shareholding in XPCL, is aligned with the power sector's strategic importance to Laos. Power exports to Thailand are the country's largest source of export revenue and Laos has a memorandum of understanding with Thailand to supply 10,500MW of power, including XPCL's project. KEY RATING DRIVERS Established In-House O&M Team - Operation Risk: Midrange XPCL utilises conventional, commercially proven technology and has been operational for about 5.5 years. A dedicated in-house team oversees routine maintenance, while operations and maintenance (O&M) is supported by technical advisors and the engineering team at CK Power Public Company, XPCL's parent. The plant is well-maintained and consistently delivers reliable performance. Fitch believes the availability of replacement contractors is facilitated by the presence of multiple plants along the Mekong River. XPCL manages and reviews its spare parts inventory annually. In addition, a major maintenance reserve account is kept for major overhauls that are scheduled every 12 years. However, its factor assessment is limited to 'Midrange', because operating cost forecasts have not been validated by an independent technical advisor. XPCL holds comprehensive insurance policies that cover losses from property damage and business interruption. Limited Operating History, Hydrology Risk - Revenue Risk, Volume: Midrange XPCL's energy generation and revenue are reliant on the Mekong River's water flow, with no payments from offtakers for plant availability during periods of lower flow. XPCL has projected hydrology internally since it commenced operation in 2019, using actual data from 2009 that reflects the stabilising effect of upstream Chinese dams, which help maintain water flow during the dry season. The original hydrology study benefited from extensive historical data, but did not account for the effects of upstream Chinese dams. Hydrology risk is partially alleviated by power purchase agreement (PPA) provisions that allow XPCL to designate a low hydrology year as a "drought year" once every 15 years, and by a provision to carry forward surplus energy generated beyond committed levels for up to 10 years. Fixed Tariff, Long-Term PPAs - Revenue Risk, Price: Stronger XPCL contracts its entire capacity through long-term PPAs with EGAT and EDL, shielding the project from merchant price volatility. The tariff structure lacks inflation protection, but the EGAT PPA tariffs are in US dollars and Thai baht for the primary energy component, offering a natural hedge against XPCL's US dollar bank loans. Energy payments under the EDL PPA use a fixed Thai baht tariff. Medium-Term Debentures, Fully Amortising Bank Loans - Debt Structure: Midrange XPCL's consolidated debt structure primarily comprises fully amortising, floating-rate secured bank loans in US dollars and Thai baht, alongside unsecured, fixed-rate Thai baht debentures with bullet payments. Interest-rate risk on bank loans is partially mitigated through interest-rate swaps, while foreign-exchange risk is naturally hedged as a portion of revenue is received in US dollars. Both bank loans and debentures benefit from debt service reserve accounts and a joint waterfall mechanism. XPCL's total debt incorporates a tail period of about 17 years until the PPAs mature. Financial Profile Fitch assumes XPCL will issue debentures over 2025 to 2027 to refinance its current debentures issued in 2022 and 2023, with the new debentures to be repaid by 2032. Its base case includes yearly maximum gross electricity generation based on the company's estimate, stressed by 2.5% for the EGAT portion. Fitch also incorporates higher insurance premiums and interest rates in line with XPCL's estimates on the new debentures to be issued between 2025-2027. The debt-service coverage ratio (DSCR) averages 1.20x under its base case over the debt repayment period from 2025 to 2032. Its rating case stresses the yearly maximum gross electricity generation by 5.0% for the EGAT portion and a similar 50% stress for the energy-related EDL portion, in addition to a 5% stress on O&M and major maintenance expenses. The DSCR averages 1.15x over 2025-2032. The credit metrics remain comfortable at the current rating level even in a stress scenario, assuming no revenue accruing from EDL. PEER GROUP XPCL can be compared with JSW Hydro Energy Limited (senior secured rating: BB+/Stable). JSW Hydro operates two run-of-the-river hydropower projects: its 1,091MW Karcham Wangtoo plant on the Satluj River and 300MW Baspa II plant on the Baspa River, both located in the state of Himachal Pradesh, India. Fitch assesses volume risk at JSW Hydro as 'Stronger', owing to its regulated business model that ensures medium-term profitability if its projects remain available, regardless of actual off-take. In contrast, XPCL faces hydrology risk, restricting its volume risk assessment to 'Midrange'. JSW Hydro's rating-case DSCR is 1.77x, against 1.15x for XPCL. Despite JSW Hydro's robust financial profile, its rating is constrained by uncertainty around the terms of future debt refinancing and systemic risk from its exposure to state-owned power-distribution companies, justifying a three-notch rating difference with XPCL. XPCL can also be compared with the financing vehicle, Clean Renewable Power (Mauritius) Pte. Ltd (CRP, senior secured rating: BB-/Stable), wholly owned by Hero Future Energies Asia Pte. Ltd. CRP's renewable energy portfolio includes wind (46%) and solar (54%) projects. Its rating case DSCR stands at 1.29x. A portion of CRP's revenue is derived from Indian state-owned distribution companies, which could cause liquidity pressure and justifies the one-notch rating difference with XPCL. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Annual average DSCR persistently falling below 1.10x - Any significant adverse changes to Fitch's internal evaluation of Laos's country ceiling Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A longer operating record that provides greater assurance on the project's hydrology, combined with annual average DSCR exceeding 1.15x on a sustained basis and no increased exposure to Laos's local conditions or transfer and convertibility risk. Date of Relevant Committee March 28, 2025 ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Xayaburi Power Company Limited LT IDR B+ New Rating ===================== N E W Z E A L A N D ===================== DAZ'S BARBER: Creditors' Proofs of Debt Due on May 23 ----------------------------------------------------- Creditors of Daz's Barber Shop Limited and Northland Powersports Limited are required to file their proofs of debt by May 23, 2025, to be included in the company's dividend distribution. Daz's Barber Shop Limited commenced wind-up proceedings on April 1, 2025. Northland Powersports Limited commenced wind-up proceedings on April 9, 2025. The company's liquidators are: Derek Ah Sam Paul Vlasic Rodgers Reidy (NZ) Limited PO Box 45220 Te Atatu Auckland 0651 G B D THAMES: Thomas Lee Rodewald Appointed as Receiver ------------------------------------------------------- Thomas Lee Rodewald of Rodewald Consulting on April 11, 2025, was appointed as receiver and manager of G B D Thames Limited. The receiver and manager may be reached at: C/- Rodewald Consulting Limited Level 1, The Hub 525 Cameron Road PO Box 15543 Tauranga 3144 PROPELLOR PROPERTY: Court to Hear Wind-Up Petition on May 23 ------------------------------------------------------------ A petition to wind up the operations of Propellor Property Investments Limited will be heard before the High Court at Auckland on May 23, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 20, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 RIG AND LIFT: Court to Hear Wind-Up Petition on May 15 ------------------------------------------------------ A petition to wind up the operations of Rig and Lift Solutions Limited will be heard before the High Court at Auckland on May 15, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on March 10, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 TECHNICAL ACCESS: Creditors' Proofs of Debt Due on May 13 --------------------------------------------------------- Creditors of Technical Access Solutions Limited are required to file their proofs of debt by May 13, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 10, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ================= S I N G A P O R E ================= AVPV CHIBA: Creditors' Proofs of Debt Due on May 9 -------------------------------------------------- Creditors of AVPV Chiba Kita III SG Holding Pte. Ltd., AVPV East Logi SG Holding Pte. Ltd, AVPV Toyota SG Holding Pte. Ltd, and AVPV 3 SG Holding Pte. Ltd., are required to file their proofs of debt by May 9, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 1, 2025. The company's liquidator is: Chek Khai Juat c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 BEYOND PERSPECTIVES: Court to Hear Wind-Up Petition on April 25 --------------------------------------------------------------- A petition to wind up the operations of Beyond Perspectives Pte. Ltd. (f.k.a Xintesys Consultancy Pte. Ltd.) will be heard before the High Court of Singapore on April 25, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 2, 2025. The Petitioner's solicitors are: Tito Isaac & Co LLP 1 North Bridge Road #30-00 High Street Centre Singapore 179094 BOMPIPI LIVE: Court to Hear Wind-Up Petition on April 25 -------------------------------------------------------- A petition to wind up the operations of Bompipi Live Pte. Ltd. will be heard before the High Court of Singapore on April 25, 2025, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on April 3, 2025. The Petitioner's solicitors are: Quantum Law Corporation No. 10 Anson Road #26-10 International Plaza Singapore 079903 EASTBUILT ENGINEERING: Court to Hear Wind-Up Petition on April 25 ----------------------------------------------------------------- A petition to wind up the operations of Eastbuilt Engineering Pte. Ltd. will be heard before the High Court of Singapore on April 25, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 1, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 SHALLONTEC PTE: Creditors' Proofs of Debt Due on May 9 ------------------------------------------------------ Creditors of Shallontec Pte. Ltd. are required to file their proofs of debt by May 9, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 1, 2025. The company's liquidator is: Chek Khai Juat c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 TRADEGECKO PTE: Creditors' Proofs of Debt Due on May 8 ------------------------------------------------------ Creditors of Tradegecko Pte. Ltd. are required to file their proofs of debt by May 8, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 1, 2025. The company's liquidators are: Lim Loo Khoon Tan Wei Cheong c/o Deloitte & Touche LLP 6 Shenton Way, #33-00 OUE Downtown 2 Singapore 068809 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Investors File Complaint vs. Co, MBK Partners Chiefs ----------------------------------------------------------------- Korea JoongAng Daily reports that investors who purchased asset-backed short-term bonds (ABSTB) linked to Homeplus filed a group complaint on April 11 against MBK Partners Chairman Michael ByungJu Kim and Homeplus CEO Joh Ju-yeon, accusing them of fraud in connection with the company's recent corporate restructuring scandal. According to Korea JoongAng, the Homeplus Bond Investors Emergency Committee submitted the complaint to the Seoul Central District Prosecutors' Office following a press conference in front of the courthouse. Korea JoongAng relates that the complaint also targets MBK Vice Chairman Kim Gwang-il and Homeplus CFO Lee Sung-jin on charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes and violations of the Capital Markets Act. At the heart of the scandal are allegations that MBK and Homeplus sold ABSTBs worth hundreds of billions of won to investors while secretly preparing for corporate restructuring, despite being aware that Homeplus' credit rating was likely to be downgraded. "The accused concealed the fact that Homeplus was preparing to file for corporate rehabilitation due to deteriorating financial soundness, a surge in debt ratios, and the parent company's attempts to recover investments,” the committee said, according to the complaint, the report relays. "They promoted ABSTBs as a stable investment product to individual investors while planning to evade repayment obligations through court receivership.” Korea JoongAng says the complaint claims that MBK Chairman Kim and Homeplus executives anticipated a downgrade to the company's credit rating around late February this year and began preparing a court-led rehabilitation process in January. Nevertheless, Homeplus expanded its ABSTB issuance, shifting the liquidity risk onto investors. The committee also accused Homeplus of misleading securities firms even after learning from a credit rating agency on Feb. 25 that a downgrade was likely, insisting that the company's creditworthiness would remain unchanged to push the ABSTB issuance through, Korea JoongAng relays. The company's credit downgrade was officially announced on Feb. 28, and Homeplus applied for court receivership just two business days later, on March 4. "It is difficult to believe that such a major decision as filing for corporate rehabilitation could have been discussed and finalized within such a short period,” the complaint said. MBK has maintained that it only began discussing corporate rehabilitation after the downgrade was publicly disclosed. "The accused used fraudulent means and omitted critical information when issuing and selling ABSTBs, misleading retail investors into purchasing them under the false impression that repayment would proceed normally,” the committee argued. The committee estimated that Homeplus gained approximately KRW200 billion ($138 million) through this scheme, adds Korea JoongAng. Separately, securities firms including Shinyoung Securities, Hana Securities, Hyundai Motor Securities and Eugene Investment & Securities - all involved in issuing and distributing the ABSTBs - have filed their own complaints against Homeplus and its management, Korea JoongAng reports. The Seoul Central District Prosecutors' Office has launched an investigation into the case. Korea JoongAng adds that the Financial Supervisory Service (FSS) is also conducting its own investigation, saying at a briefing on April 1 that it believes MBK may have prepared for court receivership before Homeplus' credit downgrade. The FSS said it would transfer the case to prosecutors if evidence of criminal activity is confirmed. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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