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251007.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, October 7, 2025, Vol. 28, No. 200 Headlines A U S T R A L I A ALLIED CREDIT 2025-2: Fitch Assigns 'BB+sf' Final Rating to E Notes BEDFORD GROUP: Kept Afloat With AUD4.4 Million Funding Injection BINDIMAPS PTY: First Creditors' Meeting Set for Oct. 13 BONDI 2025-1: Moody's Assigns B2 Rating to AUD2.4MM F Notes COTTESLOE APARTMENTS: McGrathNicol Appointed as Receivers GRAYS GROUP: Placed Into Voluntary Administration JAFFLE HOLDINGS: Second Creditors' Meeting Set for Oct. 8 LENDLEASE FINANCE: Fitch Rates Subordinated Hybrid Notes 'BB' LONG PIPES: First Creditors' Meeting Set for Oct. 10 M.J. HARRIS: Clients Lose Life Savings as Company Goes Bust MINERAL RESOURCES: Sarah Standish Named as Joint Company Secretary MWL FINANCIAL: First Creditors' Meeting Set for Oct. 9 RESIMAC BASTILLE 2023-1NC: Moody's Ups Rating on F Notes from Ba2 SOLID ENGINEERING: First Creditors' Meeting Set for Oct. 13 WISR FREEDOM 2025-1: Moody's Assigns B2 Rating to AUD4.50MM F Notes I N D I A ACE COMMERCIAL: CRISIL Keeps B Debt Ratings in Not Cooperating ASHOK BRICKS: ICRA Keeps D Debt Ratings in Not Cooperating BABA JATADHARI: ICRA Lowers Rating on INR6.25cr Term Loan to C JAI DURGA: ICRA Withdraws B+ Rating on INR10.75cr LT Loan JAINAM ORNAMENT: CRISIL Keeps B Debt Ratings in Not Cooperating JSW STEEL: Moody's Affirms 'Ba1' CFR, Alters Outlook to Positive KAMRUPA THANDA: CRISIL Keeps B Debt Ratings in Not Cooperating KAN SILOS LUCKNOW: ICRA Lowers Rating on INR40cr Term Loan to B+ KAN SILOS: ICRA Lowers Rating on INR40cr Term Loan to B+ LINERS INDIA: ICRA Keeps D Debt Ratings in Not Cooperating MAA VAISHNAVI: CRISIL Keeps B+ Debt Ratings in Not Cooperating MUNISUVRATA AGRI: ICRA Keeps D Debt Ratings in Not Cooperating MURALI EXPORT: CARE Keeps D Debt Ratings in Not Cooperating RELIANCE COMM: HC Dismisses Anil Ambani's Plea vs. SBI Fraud Tag S R TRANZCARS: ICRA Lowers Rating on INR9.38cr LT Term Loan to C SPD COLD: ICRA Lowers Rating on INR25cr LT Loan to C STATUS CLOTHING: ICRA Keeps D Debt Ratings in Not Cooperating STEELWAYS ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating SUBRAHMANYESWARA SWAMY: CRISIL Keeps B- Rating in Not Cooperating SUSHEEL ENGINEERS: CRISIL Keeps D Debt Rating in Not Cooperating SWARNA ACADEMY: CRISIL Keeps D Debt Ratings in Not Cooperating TARA HEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating TERRA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating THIRU AROORAN: ICRA Keeps D Debt Ratings in Not Cooperating VENKATESWARA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating VICHITRA CONSTRUCTIONS: ICRA Keeps C Ratings in Not Cooperating VR KONKAN: ICRA Moves D Debt Ratings to Not Cooperating Category ZAMBAD INFRASTRUCTURE: CRISIL Keeps D Rating in Not Cooperating ZENICA PERFORMANCE: ICRA Keeps D Debt Ratings in Not Cooperating I N D O N E S I A STAR ENERGY: Fitch Hikes Rating on $580MM Sr. Secured Notes to 'BB' M A L A Y S I A KNM GROUP: Bursa Rejects PN17 Exit Plan, Trading to be Suspended N E W Z E A L A N D 2DEGREES GROUP: Moody's Ups CFR to Ba2, Alters Outlook to Stable ALL STEEL: Court to Hear Wind-Up Petition on Nov. 7 BOXMAN ALPHA: Creditors' Proofs of Debt Due on Oct. 31 DOMINIK CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 29 LOTTE TRAVEL: Creditors' Proofs of Debt Due on Oct. 17 VASANTHAN & COMPANY: Creditors' Proofs of Debt Due on Nov. 20 S I N G A P O R E LEND EAST: Creditors' Meeting Set for Oct. 16 STARFISH DIGITAL: Commences Wind-Up Proceedings TOKEN FACTORY: Court Enters Wind-Up Order TRENDS HOME: Commences Wind-Up Proceedings YELLOW ROAD: Court Enters Wind-Up Order S O U T H K O R E A [] SOUTH KOREA: Bankruptcy Rates of SMCEs Continue to Edge Up S R I L A N K A SRI LANKA: Fitch Affirms 'CCC+' Long-Term Foreign-Currency IDR UNION BANK: Fitch Rates Basel III Subordinated Debt 'BB(EXP)(lka)' - - - - - ================= A U S T R A L I A ================= ALLIED CREDIT 2025-2: Fitch Assigns 'BB+sf' Final Rating to E Notes ------------------------------------------------------------------- Fitch Ratings has assigned final ratings to Allied Credit ABS Trust 2025-2 - Series 1's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian automotive loan receivables originated by entities related to Allied Credit Pty Ltd. The notes are issued by AMAL Trustees Pty Limited as trustee for Allied Credit ABS Trust 2025-2 - Series 1. The final transaction was upsized to AUD925 million, from AUD750 million, and the final ratings on the class B, C and D notes was one notch higher than the expected rating. This was due to a narrower weighted-average (WA) note margin from the indicative WA margin previously modelled, which increased excess available spread. Entity/Debt Rating Prior ----------- ------ ----- Allied Credit ABS Trust 2025-2 – Series 1 A AU3FN0100566 LT AAAsf New Rating AAA(EXP)sf A-X AU3FN0100574 LT AAAsf New Rating AAA(EXP)sf B AU3FN0100582 LT AA+sf New Rating AA(EXP)sf C AU3FN0100590 LT A+sf New Rating A(EXP)sf D AU3FN0100608 LT BBB+sf New Rating BBB(EXP)sf E AU3FN0100616 LT BB+sf New Rating BB+(EXP)sf G LT NRsf New Rating NR(EXP)sf Transaction Summary The total collateral pool as of the 31 July 2025 cut-off date was AUD925 million. The pool consisted of 23,375 receivables with WA seasoning of 5.9 months, WA remaining maturity of 57.3 months and an average contract balance of AUD39,572. KEY RATING DRIVERS Stress Commensurate with Ratings: Fitch has assigned base-case default expectations and 'AAAsf' default multiples as follows: Platinum: 1.0% (7.50x) Titanium: 3.0% (5.50x) Gold: 5.0% (5.00x) Silver: 8.0% (4.50x) The recovery base case for electric vehicles is 24.0% with a 'AAAsf' recovery haircut of 60.0% and 35.0% for non-electric vehicles with a 'AAAsf' recovery haircut of 50.0%. The WA base-case default assumption is 2.2% and the 'AAAsf' default multiple is 5.8x. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.8% in the year to June 2025 and unemployment was 4.2% in August 2025. Fitch forecasts GDP growth of 1.8% in 2025, rising to 2.1% in 2026, with unemployment at 4.2% in 2025 and 4.1% in 2026. Excess Spread Limited by Commission Note Repayment: The transaction includes a class A-X note to fund the purchase-price component related to the unamortised commission paid to introducers for the origination of the receivables. The note will not be collateralised, but will amortise in line with an amortisation schedule. The note's repayment limits the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to E notes. The class A to E notes will receive principal repayments pro rata upon satisfaction of the stepdown criteria. Fitch's cash flow analysis incorporates the transaction's structural features and tests the robustness of the rated notes by stressing default and recovery rates, prepayments, interest-rate movements and default timing. Counterparty Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap providers or transaction account bank fall below a certain level. The transaction includes interest-rate swaps with a fixed schedule, which Fitch expects to be rebalanced, depending on the level of prepayments and defaults. Hence, the transaction is modelled as fully hedged at all times. Low Operational and Servicing Risk: All receivables were originated by related entities of Allied Credit - Allied Retail Finance Pty Ltd, Allcredit Automotive Finance Pty Ltd, IFSA Pty Ltd, KMAF Pty Ltd, MotorCycle Finance Pty Ltd and Mercury Finance Pty Ltd - and serviced by Allied Retail Finance Pty Ltd. Fitch undertook an operational review and found that the operations of the originator and servicer were consistent with market standards for auto lenders. Allied Credit is not rated by Fitch. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated backup servicer is AMAL Asset Management Limited. Fitch undertook an operational and file review and found that the operations of the originator and servicer were comparable with those of other auto and equipment lenders. No Residual Value Risk: There is no residual value exposure in this transaction. However, 23.0% of the portfolio by loan value (including guaranteed future value loans) has balloon amounts payable at maturity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. As a result, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - are modified, while holding others equal. The modelling process modifies default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: Class A-X / Class A / Class B / Class C / Class D / Class E Rating: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf 10% defaults increase: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf 25% defaults increase: AAAsf / AAAsf / A+sf / A-sf / BBB-sf / BBsf 50% defaults increase: AAAsf / AAAsf / Asf / BBBsf / BB+sf / BB-sf 10% recoveries decrease: AAAsf / AAAsf / AAsf / Asf / BBB+sf / BB+sf 25% recoveries decrease: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf 50% recoveries decrease: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf 10% defaults increase / 10% recoveries decrease: AAAsf / AAAsf / AA-sf / Asf / BBBsf / BB+sf 25% defaults increase / 25% recoveries decrease: AAAsf / AAAsf / A+sf / BBB+sf / BBB-sf / BBsf 50% defaults increase / 50% recoveries decrease: AAAsf / AA+sf / A-sf / BBB-sf / BBsf / Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than its baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The class A1 notes are at the highest level on Fitch's scale and cannot be upgraded. Notes: Class B / Class C / Class D / Class E Rating: AA+sf / A+sf / BBB+sf / BB+sf 10% defaults decrease / 10% recoveries increase: AA+sf / AA-sf / A-sf / BBBsf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. 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. BEDFORD GROUP: Kept Afloat With AUD4.4 Million Funding Injection ---------------------------------------------------------------- ABC News reports that Australia's second-largest disability employment provider Bedford will be kept afloat by a federal government funding injection as it seeks a buyer for the embattled business. Bedford avoided entering voluntary administration in July after it aired concerns about its financial position, prompting the South Australian government to provide a AUD15 million lifeline, the ABC recalls. Advisory firm McGrathNicol was also appointed to help restructure the business. According to the ABC, Federal Minister for Health, Ageing and Disability Mark Butler confirmed on Oct. 3 the Commonwealth would provide AUD4.4 million in funding to "continue the employment of 1,500 or so South Australians" who are employed by Bedford while a sale takes place. He told ABC Radio Adelaide a report prepared by the firm had made it clear "the only way Bedford has a future is a sale" and extra funding was needed to keep it operating. "It just gives you a sense of the difficult financial position Bedford got itself into that it can't operate while that sales process is going underway," the ABC quotes Mr. Butler as saying. Mr. Butler also expressed his disappointment at the "very difficult position" the disability employment provider had found itself in. "The more we've got across the detail of Bedford's financial position, the worse it's looked," he said. "I'm pretty unhappy taxpayers are now going to have to put another AUD4 million on the table just to continue the operation of this service while we try to find a way to guarantee a future for Bedford," Mr. Butler added. "But we have to make sure there are services in the future for the many, many hundreds of South Australians living with a disability who rely on it day in and day out." The ABC notes that the announcement follows previous concerns voiced by both the state and federal governments in September about the depth of Bedford's financial woes. Mr. Butler confirmed a sales process was already underway and would "happen over the course of this month" with potential purchasers already expressing interest. "That's what this funding does is allow Bedford to continue operating while the sales process is undertaken and the markets' effectively tested," he said. "Now, if there's not a buyer then, then there will be some difficult decisions. "But we're desperately hopeful there will be a buyer that recognises the quality of these services and is determined to give them a long-term future in South Australia." In a statement, Bedford said "all options" were being considered for its continuity into the future, the ABC relays. "As this process has evolved, it has become apparent that a sale of Bedford is one of the more viable options," the employment provider said. "There has been strong interest in the purchase of all our core businesses and related entities." The ABC adds that the company said it was grateful for the financial support it had received and would provide "detail on Bedford's future" once it could share a firmer update. Bedford Group provides training, employment, and support to people living with disability. BINDIMAPS PTY: First Creditors' Meeting Set for Oct. 13 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Bindimaps Pty Limited will be held on Oct. 13, 2025 at 2:00 p.m. via Zoom and Telephone Conference Facilities Only. Stephen Wesley Hathway of Helm Advisory was appointed as administrator of the company on Sept. 30, 2025. BONDI 2025-1: Moody's Assigns B2 Rating to AUD2.4MM F Notes ----------------------------------------------------------- Moody's Ratings has assigned the following definitive ratings to the notes issued by AMAL Trustees Pty Limited as trustee of Bondi 2025-1 Trust. This is Wave Money Pty Ltd's (Wave Money) first term RMBS transaction. Issuer: AMAL Trustees Pty Limited in respect of Bondi 2025-1 Trust AUD240.0 million Class A1 Notes, Assigned Aaa (sf) AUD114.0 million Class A2 Notes, Assigned Aaa (sf) AUD24.0 million Class B Notes, Assigned Aa2 (sf) AUD4.8 million Class C Notes, Assigned A2 (sf) AUD6.0 million Class D Notes, Assigned Baa2 (sf) AUD4.0 million Class E Notes, Assigned Ba2 (sf) AUD2.4 million Class F Notes, Assigned B2 (sf) The AUD2.8 million Class G1 Notes and AUD2.0 million Class G2 Notes are not rated by us. Class A1 Notes and Class A2 Notes are collectively referred to as Class A Notes; and Class G1 Notes and Class G2 Notes are collectively referred to as Class G Notes. The transaction is a securitisation of first-ranking mortgage loans secured over residential properties located in Australia. The loans were originated and are serviced by Wave Money. Wave Money is a privately held non-bank residential mortgage lender in Australia. It was established in partnership with the Balmain Group in 2021 and began lending in 2022. RATINGS RATIONALE The definitive ratings take into account, among other factors, evaluation of the underlying receivables and their expected performance; evaluation of the capital structure and credit enhancement provided to the notes; the availability of excess spread over the life of the transaction; the liquidity facility in the amount of 1.5% of the rated notes balance subject to a floor of AUD600,000; the legal structure; and the presence of AMAL Asset Management Limited as the sub-servicer and standby servicer. According to Moody's analysis, credit strengths of the transaction include 40.0% subordination available to the Class A1 Notes, compared with 9.2% Moody's Individual Loan Analysis (MILAN) Stressed Loss, and a relatively low weighted average scheduled loan-to-value (LTV) of 65.1%. However, Moody's notes that the transaction features some credit weaknesses, including the originator/servicer's short operating history and relatively small loan book size compared to other lenders in term RMBS transactions. Additionally, there is a relatively high portion of the portfolio underwritten on an alternative documentation (alt doc) basis (75.7%), loans granted to self-employed individual borrowers (64.4%), and relatively high loan concentration risk (the largest, top 10, top 20 loan facilities account for 0.79%, 6.70%, and 12.20% of the pool respectively). MILAN Stressed Loss for the collateral pool — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 9.2%. Moody's expected loss for this transaction is 1.2%, which represents a stressed, through-the-cycle loss relative to Australian historical data. The key transactional features are as follows: -- Principal collections will be distributed on a sequential basis, starting with the Class A Notes, with Class A1 and Class A2 Notes receiving their pro-rata share of principal at first. Starting from the second anniversary from closing, and subject to other step-down conditions being satisfied, all classes of notes may participate in proportional principal collections distribution, with Class G Notes' share of principal allocated in reverse sequential order, starting from Class F Notes. Class G Notes do not receive any principal while any of the other notes are outstanding. -- The step-down conditions include, among others, Class A Note subordination is at least double of that at closing and no unreimbursed charge-offs on any notes. The key pool features are as follows: -- The pool has a weighted-average scheduled loan-to-value (LTV) ratio of 65.1%. None of the loans has scheduled LTV exceeding 85.0%. -- Around 75.7% of the loans were extended on an alternative documentation basis. -- Around 64.4% of loans are to self-employed individual borrowers. -- Around 22.0% of loans are to company or trust borrowers. -- Investment and interest-only (IO) loans represent 42.8% and 35.4% of the pool, respectively. -- The portfolio has a weighted average seasoning of 10.4 months. -- None of the borrowers in the pool have credit impairment history as of the credit assessment date conducted by Wave Money. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's current expectations of loss could be better than its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. The Australian job and the housing markets are primary drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons for worse performance than Moody's expects include poor servicing, error on the part of transaction parties, deterioration in credit quality of transaction counterparties, fraud and insufficient transactional governance. COTTESLOE APARTMENTS: McGrathNicol Appointed as Receivers --------------------------------------------------------- Rob Kirman and Rob Brauer of McGrathNicol were appointed as receivers of Cottesloe Apartments (WA) Pty Ltd on Oct. 2, 2025. Andrew Michael Smith and Robert Alan Jacobs of Auxilium Partners were also appointed as administrators of the company on Sept. 26, 2025. GRAYS GROUP: Placed Into Voluntary Administration ------------------------------------------------- Jason Preston and Damien Pasfield of McGrathNicol were appointed as voluntary administrators of Grays Group of companies on Oct. 3, 2025. Entities within group are: - Grays.com Pty Ltd - Grays Co 2 Pty Ltd - Grays Co 3 Pty Ltd - Grays Co 4 Pty Ltd - Car Buyers Australia Pty Ltd - Grays eCommerce Group Limited - GEG No.1 Pty Ltd - Grays (Aust) Holdings Pty Limited - Graysonline S.A. Pty Limited - Grays Auctioneers Pty Ltd - Grays Real Estate Australia Pty Limited - GEG Capital Pty Limited - GEG International Pty Ltd - Grays (NSW) Pty Limited - Graysfinance Pty Ltd - GLC Fine Wines & Liquor Pty Ltd - Grays (VIC) Pty Limited - Gray Eisdell Timms (QLD) Pty Ltd - Gray Eisdell Timms (WA) Pty Ltd - C M Pty Ltd in its own capacity and in its capacity as trustee of the GEM trust Mr. Pasfield said in a circular to creditors that the Administrators have assumed control of the Grays Group's affairs and operations and have taken possession of the Grays Group's assets. The Administrators have funding available to support the administration process including funding employee wages and ongoing operations, he said. "We will work closely with the Grays Group's employees, customers, financiers, and other stakeholders targeting the best possible outcome for all parties," Mr. Pasfield said. According to Channel News, the collapse follows a July Federal Court ruling that ordered Grays to pay a $10 million fine and compensate hundreds of car buyers misled by deceptive advertising, which left consumers more than $3 million out of pocket. The court found Grays had misrepresented the make, model and features of at least 750 vehicles sold between July 2020 and June 2022, while failing to disclose "obvious faults". Some buyers were forced into costly repairs, while others were forced to resell their vehicles at a loss. Channel News relates that the decision to liquidate also casts doubt on the fate of $115 million owed by former owner Quadrant to Westpac Bank. Quadrant, which had been trying to offload Grays for months amid reputational damage and regulatory pressure, has not responded to media inquiries. Advisory firm 333 Capital (KordaMentha) had been engaged to manage Quadrant's options. Last month, Tim Slattery of Slattery Auctions acquired the Grays.com online platform for $2 million, Channel News recalls. The business had previously been owned by listed leasing company Eclipx, now known as FleetPartners. Grays is a large industrial, auto and commercial eCommerce business, offering a range of industrial, auto, consumer and commercial goods. Grays' online auction platform is used to sell a range of goods, including motor vehicles by auction. JAFFLE HOLDINGS: Second Creditors' Meeting Set for Oct. 8 --------------------------------------------------------- A second meeting of creditors in the proceedings of Jaffle Holdings Pty Ltd and Jaffle IO Pty Ltd has been set for Oct. 8, 2025, at 12:00 p.m. at the offices of SV Partners Melbourne, Level 17, 200 Queen Street, in Melbourne, Victoria, and by way of telephone conference facilities (Microsoft Teams). The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Oct. 7, 2025 at 5:00 p.m. Michael Carrafa and Peter Gountzos of SV Partners were appointed as administrators of the company on Sept. 3, 2025. LENDLEASE FINANCE: Fitch Rates Subordinated Hybrid Notes 'BB' ------------------------------------------------------------- Fitch Ratings has assigned a 'BB' rating to the proposed Australian dollar-denominated non-call (NC) 3 perpetual subordinated hybrid notes to be issued by Lendlease Finance Limited. The proposed notes are guaranteed on a joint and several basis by Lendlease Corporation Limited (Lendlease, BBB-/Stable), Lendlease Responsible Entity Limited in its capacity as responsible entity of the Lendlease Trust, Lendlease Europe Finance plc, Lend Lease (US) Capital Inc and Lendlease Asia Treasury Pte Ltd. The proposed notes are rated two notches below Lendlease's Issuer Default Rating (IDR), which reflects their subordination within Lendlease's capital structure and the ability of the company to defer coupons. The notes do not qualify for equity credit as their effective maturity is deemed to be the first call date, which is within the next five years, due to the applicable step up exceeding 100bp. Fitch understands that the proceeds from the proposed notes will be used to refinance outstanding debt, while providing additional financial flexibility as the company continues to implement its strategy reset. Key Rating Drivers No Equity Credit Applied: Fitch has not applied equity credit to Lendlease's proposed hybrid notes as the effective maturity of the notes under its Corporate Hybrids Treatment and Notching Criteria. This reflects the three-year non-call period, accompanied by a 500bp step up, which exceeds 100bp to be eligible for equity credit. Furthermore, Fitch believes that the notes will not form a permanent part of the capital structure based on its discussions with management. Fitch understands the hybrid notes will be used to provide additional financial flexibility as Lendlease delivers the remainder of its strategy reset over the next two to three years. Balance Sheet Improvement Underway: EBITDA net leverage improved to 4.1x by the financial year ended 30 June 2025 (FYE25), reflecting improved earnings and Lendlease's use of net cash proceeds of around AUD2 billion from capital recycling initiatives to manage debt (FYE24: 5.1x). The company should return leverage to around 3.5x by FYE26 as it progresses the sale of a further AUD4 billion in international assets and capital recycling opportunities. There remains short-term risk due to the size of the transactions; however, the company is committed to its strategy reset. Fitch expects Lendlease's financial profile to continue improving over the medium term, as it delivers a more conservative balance sheet under its new strategy, announced in May 2024. The company is targeting an internal gearing range of 5%-15%, down from 10%-20% previously, with gearing defined as net debt/total tangible assets less cash, which it has committed to delivering by FYE26. Fitch forecasts EBITDA net leverage to average around 2.0x over the cycle under the new capital structure, down from around 3.0x prior to the strategy reset. Lower Diversification Mitigated: Fitch believes Lendlease's exit from the international development and construction businesses and renewed focus on Australia will have limited impact on the company's credit profile. The Australian development business benefits from its leading market position, enabling it to secure high-profile mixed-use precinct, civic and social construction projects. This supports revenue visibility in this cyclical business. A long record of delivering strong EBITDA margins and cash generation at its Australian projects has helped the company absorb and adapt to recent provisioning and weaker earnings in its international development and construction businesses. Strategy Change to Reduce Risks: Fitch expects the successful implementation of Lendlease's strategy reset will improve the company's credit profile over the medium term. This is based on a higher contribution of investment EBITDA towards 50%, the renewed focus on Lendlease's core market of Australia and more conservative financial targets. This will improve revenue visibility by generating more recurring earnings, while supporting Lendlease's ability to minimise upfront capital outlays to provide balance-sheet flexibility across the cycle. Gradual Capital Shift: Lendlease has reached agreements to divest its international construction businesses and other non-core assets and operations, announcing AUD2.6 billion of its AUD2.8 billion capital recycling target by FYE25. However, Fitch expects capital reallocation towards the investment business to be gradual as it increases funds under management (FYE25: nearly AUD50 billion), while delivering large-scale development projects and selling down co-investment positions exceeding its 5%-10% target range. Fitch may consider positive rating action when Lendlease reaches its target capital structure and demonstrates sustained commitment to meeting its new targets. Financial Flexibility Mitigates Weaker Coverage: Fitch expects Lendlease's strong financial flexibility and steps to reduce debt and deliver a more conservative capital structure to mitigate weaker coverage metrics. Its high leverage, amid a period of high interest rates globally, saw FY24 recurring EBITDA interest cover fall below 1.5x - the level below Fitch may takes negative rating action. However, Fitch expects Lendlease's actions to reduce debt and declining interest rates to return coverage to a level commensurate with the rating by FYE27. Joint Venture Structures Bring Complexity: Lendlease uses joint ventures (JVs) to reduce risk on its balance sheet from large development projects. Lendlease and its partners provide equity contributions, with project financing at the JV level on a non-recourse basis. Lendlease also has the ability to sell down its stake and monitor project performance closely. However, there is a risk that it may provide additional support for underperforming projects, especially for high-profile projects. Peer Analysis Lendlease's rating reflects its scale and strong domestic market position, which supports its ability to manage the timing mismatch between investment outflows and cash receipts on its large-scale, multi-year development and construction projects. Its investments business also generates recurring cash flow, supporting balance-sheet strength over the cycle. However, the scale and timing of Lendlease's development pipeline and capital-recycling measures can lead to short-term fluctuations in EBITDA net leverage as it moves through various production phases and cycles. In contrast, Australia-based peer Downer EDI Limited (BBB/Stable) has lower exposure to cyclical cash flow, with a focus on less capital intensive, recurring maintenance-style projects. This allows the company to sustain a more stable and conservative balance sheet and stronger interest coverage over the cycle, offsetting Lendlease's stronger business profile. However, Fitch expects the successful delivery of Lendlease's updated strategy to improve its credit profile in line with Downer's, as the strategy should result in a similar financial structure and lower cyclical cash flow. Mirvac Limited (A-/Stable) is an Australia-based REIT exposed to residential development, with its rating benefiting from a strong investment-property portfolio across office, industrial and retail. The development exposure weighs on Mirvac's rating, given the long cash-conversion cycle between outflows to acquire land for construction and inflows only on settlement. The higher EBITDA contribution from Mirvac's investment portfolio and lower target-capital allocation to development (below 30% of invested capital) explains a rating three notches above that of Lendlease. Lendlease's planned reduction in risk exposure to development could help its profile move closer to that of Mirvac. Key Assumptions Fitch's Key Assumptions Within the Rating Case for the Issuer - Funds under management to reach around AUD60 billion by FYE28, including the additional AUD7.3 billion provided by the completion of capital release unit international development projects. - Co-investments as a proportion of funds under management to trend towards the mid-point of Lendlease's 5%-10% target range. - Development invested capital to trend towards 40% of total invested capital. Australian development return on invested capital to range between 10% and 20% over FY26-FY28. - Australian construction EBITDA margin to range between 2.5%-3.5% from FY26-FY28. - Cash flow from capital release units included in the forecast and actual results, but ongoing operations prior to sale are excluded from EBITDA forecasts. These include AUD2.7 billion in cash proceeds from asset sales from FY26 and AUD700 million in capital contribution to complete international development projects across FY25-FY27. - Dividend payout ratio at the midpoint of 30%-50% of net profit after tax. - Capital returns to equity holders of AUD500 million beginning in FY27; any additional buybacks based on Lendlease reaching the midpoint of its 5%-15% company-defined gearing target. - Cash outflows for provisions within the non-core segment and a potential Australian Taxation Office assessment of around AUD900 million to be realised over FY25-FY27. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Recurring EBITDA coverage falling to below 1.5x for a sustained period. - EBITDA net leverage increasing to above 3.5x for a sustained period. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Successful implementation of the strategic plan and demonstrated record of delivering on new targets, as assessed by: - the completion of planned and announced divestments and exit from international construction; - recurring EBITDA coverage - defined as the ratio of investments segment EBITDA less gains on sales per Lendlease's financial reports to gross interest expense - improving to above 2.5x for a sustained period (FY25: 1.2x); - EBITDA net leverage falling below 2.5x for a sustained period (FY25: 4.1x); and - EBITDA margin rising to above 12% for a sustained period (FY25: 10.7%). Liquidity and Debt Structure Lendlease had strong available liquidity of AUD3.0 billion at FYE25, comprising AUD621 million in cash and AUD2.4 billion in undrawn and committed facilities. The company expects a reversal of working capital build up and proceeds from further asset sales to support liquidity and pay down debt in FY26. Lendlease has indicated that it intends to provide returns to shareholders when it has achieved its stated buyback conditions, including its FYE26 gearing target, alongside other criteria. The company has good access to debt capital markets, issuing bond in multiple currencies, and has consistently demonstrated smooth access to various capital markets. Furthermore, its Presold Lendlease Apartment Cash Flows transactions allow Lendlease to reduce settlement risk on residential developments. Issuer Profile Lendlease is a leading Australian real estate and investment group. It focuses on delivering urban projects and investments that generate social, environmental and economic value in Australia, while managing investments for partners globally. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. 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 ----------- ------ Lendlease Finance Limited Subordinated LT BB New Rating LONG PIPES: First Creditors' Meeting Set for Oct. 10 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Long Pipes Limited will be held on Oct. 10, 2025 at 11:00 a.m. at the offices of KPMG, at Level 8, 235 St Georges Terrace, in Perth, WA and via virtual meeting technology. Martin Bruce Jones and Matthew David Woods of KPMG were appointed as administrators of the company on Sept. 30, 2025. M.J. HARRIS: Clients Lose Life Savings as Company Goes Bust ----------------------------------------------------------- ABC News reports that more than a dozen customers of M.J. Harris Group said they have been left significantly out of pocket after the company went into liquidation last week. Clients of the company have told the ABC they have lost their life savings, with the company owing money to customers and staff. According to the ABC, many are furious that the company was able to trade for as long as it did, despite massive debts, many unfinished projects, court orders against it for unpaid wages and complaints to building regulators. M.J. Harris Group provided home renovations service. Martin Walsh of Walsh & Associates was appointed liquidator of the company on Sept. 30, 2025. MINERAL RESOURCES: Sarah Standish Named as Joint Company Secretary ------------------------------------------------------------------ Mark Wembridge at The Australian Financial Review reports that Mineral Resources' new chairman Malcolm Bundey has stepped up his efforts to polish the loss-making miner's tarnished corporate governance by appointing a new joint company secretary. The Financial Review says the iron ore and lithium miner has become a lightning rod for criticism from superannuation funds and shareholder proxy groups over its related-party transactions, and Bundey was appointed as chair in July with a remit to clean house. Sarah Standish has taken over as joint company secretary from Mark Wilson, who is also MinRes' chief financial officer and known to be close to company founder and managing director Chris Ellison. She will share the role with Derek Oelofse, who returned to the joint secretary job last December after his successor Jenna Mazza quit after less than a year in the role. The job will not be without its challenges, given that MinRes and Ellison are subject of a probe by the Australian Securities and Investments Commission over a series of corporate governance failings, according to the Financial Review. The Financial Review relates that the corporate watchdog's investigation covers MinRes' share trading around Kali Metals′ initial public offering last January where Ellison, his associates and MinRes' senior company executives, including Wilson, owned shares of the then-sought after lithium target. "Standish has 20 years' experience in leading legal, governance, risk and compliance functions at ASX-listed and international companies involved in the mining and energy sectors," MinRes said. She was previously general counsel and company secretary at De Grey Mining, which was recently acquired by Norther Star Resources for about $6 billion, and at gold producer St Barbara. She worked for eight years as general counsel at Imdex, a Perth-based mining services company. The highly indebted miner has stumbled from crisis to crisis over the past year after The Australian Financial Review revealed Ellison's involvement in an alleged offshore tax rort that enriched him at the expense of shareholders. Ellison acknowledging his participation in the scheme, and said he would quit as managing director by mid-2026, although this timeline has become hazy. According to the Financial Review, MinRes established an ethics and governance committee after a board review found Ellison had "failed to be as forthcoming" with the company about his personal transactions, creating a "significant reputational impact" to MinRes. However, all three members of the committee - Jacqueline McGill, Susie Corlett and Denise McComish - quit en masse in April. The three were, privately, the board members most critical of Ellison. MinRes has refused to explain their departure, despite requests from shareholders and proxy groups, the Financial Review relays. Shares in MinRes have recovered from recent lows as Bundey's early moves, including the successful refinancing of US$700 million of debt at a lower interest rate, have been appreciated by the market. The shares, at AUD40.93, are roughly half the AUD80 they hit in May 2024, but remain well above the AUD14 nadir reached a few months ago. Bundey has also earmarked certain MinRes assets - believed to be parts of its lithium operations - that could be sold to pay down its AUD5.4 billion net debt burden, the Financial Review notes. About MinRes Based in Osborne Park, Australia, Mineral Resources Limited (ASX:MIN) -- https://www.mineralresources.com.au/ -- is an ASX-listed company operating across mining services, as well as mining of iron ore and lithium minerals. As reported in the Troubled Company Reporter-Asia Pacific in late September 2025, Moody's Ratings has assigned a Ba3 rating to Mineral Resources Limited's proposed US$700 million senior unsecured notes issuance. The TCR-AP reported in March 2025, Fitch Ratings downgraded Mineral Resources Limited's (MinRes) Issuer Default Rating (IDR) to 'BB-' from 'BB'. The Outlook is Negative. Fitch has also downgraded MinRes' US dollar senior unsecured notes to 'BB-' from 'BB'. The rating downgrade reflects MinRes' high leverage and increased deleveraging risks over the medium term. Fitch expects EBITDA net leverage to worsen to 7.3x in the financial year ending June 2025 (FY25), from 4.9x in FY24, and remain above 3.0x in FY26-FY28, considering Fitch's mid-cycle price assumptions. Reported net debt increased by AUD656 million to AUD5.1 billion at end-December 2024, despite AUD1.9 billion in cash proceeds from the sale of a 49% stake in the Onslow Iron haul road and gas assets. Around AUD320 million of the increase in the company's debt was related to the revaluation of its USD3.1 billion in bonds. The Negative Outlook reflects the execution risks associated with its planned cost improvements, capex discipline and production ramp-up at its Onslow iron ore project that may keep leverage above its expectations, which could lead to negative rating action. MWL FINANCIAL: First Creditors' Meeting Set for Oct. 9 ------------------------------------------------------ A first meeting of the creditors in the proceedings of MWL Financial Group Pty Ltd, MWL Financial Services Pty Ltd, and MWL Accounting Pty Ltd will be held on Oct. 9, 2025 at 10:30 a.m. via online video conference. Daniel Peter Juratowitch and Rachel Burdett of Cor Cordis were appointed as administrators of the company on Sept. 29, 2025. RESIMAC BASTILLE 2023-1NC: Moody's Ups Rating on F Notes from Ba2 ----------------------------------------------------------------- Moody's Ratings has upgraded ratings on three classes of notes issued by Perpetual Trustee Company Limited as trustee of the RESIMAC Bastille Trust in respect of the RESIMAC Series 2023-1NC. The affected ratings are as follows: Issuer: Perpetual Trustee Company Limited as trustee of the RESIMAC Bastille Trust in respect of the RESIMAC Series 2023-1NC Class D Notes, Upgraded to Aa1 (sf); previously on Jan 10, 2025 Upgraded to Aa2 (sf) Class E Notes, Upgraded to A2 (sf); previously on Jan 10, 2025 Upgraded to Baa2 (sf) Class F Notes, Upgraded to Baa2 (sf); previously on Jan 10, 2025 Upgraded to Ba2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancement available to the affected notes and (2) the collateral performance to date. No actions were taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current ratings for the respective notes. Following the September 2025 payment date, credit enhancement available for the Class D, Class E and Class F Notes has increased to 9.3%, 5.0% and 4.1% respectively, from 7.0%, 3.6% and 2.8% at the time of the last rating action for these notes in January 2025. Principal collections have been distributed on a pro-rata basis among the rated notes since the July 2025 payment date. Current total outstanding notes as a percentage of the total closing balance is 31.2%. As of end-August 2025, 5.0% of the outstanding pool was 30-plus day delinquent and 3.2% was 90-plus day delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected loss assumption to 2.0% of the outstanding pool balance (equivalent to 0.6% of the original pool balance) from 2.3% of the outstanding pool balance (equivalent to 1.0% of the original pool balance) at the time of the last rating action in January 2025. Moody's have also updated Moody's MILAN CE assumption to 8.5%, up from 7.8% at the time of the last rating action. The transaction is an Australian RMBS secured by a portfolio of residential mortgage loans, originated by Resimac Limited, an Australian non-bank mortgage lender. A portion of the portfolio consists of loans extended to borrowers with impaired credit histories or made on a limited documentation basis. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. SOLID ENGINEERING: First Creditors' Meeting Set for Oct. 13 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Solid Engineering Pty Limited will be held on Oct. 13, 2025 at 10:00 a.m. at Level 1, 160 Pacific Highway, in Charlestown, NSW. Jeffrey Allan Shute of Shaw Gidley was appointed as administrator of the company on Sept. 30, 2025. WISR FREEDOM 2025-1: Moody's Assigns B2 Rating to AUD4.50MM F Notes ------------------------------------------------------------------- Moody's Ratings has assigned definitive ratings to notes issued by AMAL Trustees Pty Limited as trustee of Wisr Freedom Trust 2025-1. Issuer: AMAL Trustees Pty Limited as trustee of Wisr Freedom Trust 2025-1 AUD185.00 million Class A Notes, Assigned Aaa (sf) AUD19.76 million Class B Notes, Assigned Aa2 (sf) AUD12.50 million Class C Notes, Assigned A2 (sf) AUD7.00 million Class D Notes, Assigned Baa2 (sf) AUD12.00 million Class E Notes, Assigned Ba2 (sf) AUD4.50 million Class F Notes, Assigned B2 (sf) The AUD5.50 million Class G1 Notes and AUD3.74 million Class G2 Notes are not rated by us. The transaction is a cash securitisation of a portfolio of Australian consumer personal loans originated by Wisr Finance Pty Ltd (Wisr). This is Wisr's first term asset-backed securitisation transaction for 2025 and its fifth overall. It has issued three previous consumer loan ABS deals, as well as one auto loan ABS. Wisr is an Australian non-bank lender providing consumer loans, including consumer personal loans and secured auto loans, to borrowers in Australia. As of June 2025, Wisr's total loan book, including consumer loan and auto loan portfolio, amounted to approximately AUD824 million. RATINGS RATIONALE The definitive ratings take into account, among other factors: -- Evaluation of the underlying receivables and their expected performance; -- Evaluation of the capital structure and credit enhancement provided to the rated notes; -- The availability of excess spread over the transaction's life; -- The liquidity facility provided by National Australia Bank Limited (NAB, Aa1/P-1/Aa1(cr)/P-1(cr)) in the amount of 2.0% of the rated notes balance; -- Wisr's experience as servicer and AMAL Asset Management Limited (AMAL) as the back-up servicer. According to Moody's analysis, the transaction benefits from the high level of excess spread available to cover losses arising from the portfolio. The portfolio is highly granular and well-diversified geographically. The key challenge in the transaction is the limited historical data available for the portfolio. Wisr is a relatively new originator, with relevant historical default data only available from the first quarter of 2018. As such, the pool's performance could be subject to greater variability than the currently available default data indicates. Moody's portfolio credit enhancement ("PCE") — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 31.0%. Moody's mean default rate for this transaction is 6.80% and Moody's recovery rate is 7.50%. The default rate, recovery rate and PCE are parameters used by us to calibrate Moody's lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the cash flow model to rate consumer personal loan ABS Key transactional features are as follows: -- The notes will be repaid on a sequential basis initially. Once step-down conditions are satisfied, all notes, excluding Class G1 and Class G2 Notes, will receive their pro-rata share of principal. Step-down conditions include, among others, a minimum 1.5x subordination to the Class A Notes and no unreimbursed charge-offs. The notes' principal repayment priority will revert to sequential on or after the first call option date. -- A swap provided by NAB will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. The notional balance of the swap will follow a schedule based on amortisation of the assets assuming a certain prepayment rate. -- AMAL Asset Management Limited is the back-up servicer. If Wisr is terminated as servicer, AMAL will take over the servicing role in accordance with the standby servicing deed and its back-up servicing plan. Key pool features are as follows: -- As of the August 31, 2025 cut-off date, the securitised pool consisted of 10,001 consumer personal loans. The total outstanding balance of the receivables was AUD249,999,488. -- The weighted average interest rate of the portfolio is 12.2%, with interest rates ranging from around 4% to 24%. -- 77.9% of loans are to borrowers who are in full-time employment. -- The weighted average Equifax credit score of the portfolio is 813. -- The weighted average remaining term of the portfolio is 61.5 months. The weighted average seasoning of the portfolio is 15.2 months. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement due to sequential amortization or a better-than-expected collateral performance. The Australian job market is a primary driver of performance. Factors that could lead to a downgrade of the notes is a worse-than-expected collateral performance, poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, a lack of transactional governance, or fraud. ========= I N D I A ========= ACE COMMERCIAL: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ace Commercial Company Private Limited (Ace) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 2 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Ace for obtaining information through letter and email dated August 6, 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 Ace, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Ace is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Ace continues to be 'Crisil B/Stable Issuer not cooperating'. Ace, incorporated in 1991, provides stevedoring and intra-port transportation services for dry, non-mechanised cargo at Paradip Port Trust, Odisha. It is a family-owned company with Mr. Dharmaditya Patnaik as the managing director, his wife Mrs. Sanjana Sanghamitra Das as director, and his brother Mr. Dibyalok Patnaik as director. The company is based in Odisha, and has established itself at Paradip Port Trust. ASHOK BRICKS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-term and Short-term ratings for the bank facilities of Ashok Bricks Industries Private Limited (ABIPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 11.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.47 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term/ 20.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Non Fund Based remain under 'Issuer Not Others Cooperating' Category Long-term/ 0.03 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Ashok Bricks Industries Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. ABIPL was incorporated in the year 2000 at Jharsuguda, Odisha by the Agarwal family. ABIPL is engaged in civil construction – construction of roads, over-bridges etc. in Odisha. ABIPL is registered as a Special Class civil contractor with the Public Works Department (PWD), Odisha. The company has a reputed clientele with a mix of both government and private entities. ABIPL operates primarily in the state of Odisha, with marginal existence in Jharkhand, Karnataka and Chattisgarh. BABA JATADHARI: ICRA Lowers Rating on INR6.25cr Term Loan to C -------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Baba Jatadhari Agro (India) Private Limited (BJPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.25 [ICRA]C; ISSUER NOT Fund Based- COOPERATING; Rating downgraded Term Loan from [ICRA]B (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long Term- 2.40 [ICRA]C; ISSUER NOT Fund Based- COOPERATING; Rating downgraded Cash Credit from [ICRA]B (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale The rating is downgrade because of lack of adequate information regarding BJPL performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with BJPL, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2011, Baba Jatadhari Agro (India) Private Limited (BJPL) is promoted by the West Bengal-based Shaw family. BJPL is involved in flour milling with an installed capacity of 100 metric tonnes per day (MTPD) at its manufacturing facility located at Abhirampur, Budge Budge, West Bengal. The commercial operations of the facility commenced in October 2016. JAI DURGA: ICRA Withdraws B+ Rating on INR10.75cr LT Loan --------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Jai Durga Oil Extraction Private Limited, at the request of the company and based on the No Objection Certificate received from its bankers. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers and their description, Liquidity Position, Key financial indicators, Rating Sensitivities have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.75 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 3.57 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Long Term- 0.68 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Withdrawn Jai Durga Oil Extraction Private Limited (JDOEPL) was incorporated in 2004 and has its registered office at Bilaspur, Chhattisgarh. The company is involved in extraction and refining of oil from rice bran. The plant is located in 'Sirgitti ndustrial Area' in Bilaspur district of Chhattisgarh. It started with an installed capacity of 45,000 MTPA and over the years, it expanded the capacity to 105,000 MTPA having two solvent-extraction plants and a refinery with an installed capacity of 15,000 MTPA. The company has also set-up a cattle-feed plant in FY2018, having an installed capacity of 45,000 MTPA. JAINAM ORNAMENT: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jainam Ornament Private Limited (JOPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.9 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 1.1 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with JOPL for obtaining information through letter and email dated August 6, 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 JOPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JOPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JOPL continues to be 'Crisil B/Stable Issuer not cooperating'. JOPL, incorporated in July 2013, in Gaya, Bihar, retails gold and diamond studded jewellery including necklaces, earrings, rings, bracelets, and pendants through its outlet at Gaya under a franchise agreement with the jewellery of the Gitanjali group. The promoters are family members who have experience in garment retailing. However, this is their first venture in the gold jewellery segment. The operations are managed by Mr. Manish Jain and Mr. Amit Jain. JSW STEEL: Moody's Affirms 'Ba1' CFR, Alters Outlook to Positive ---------------------------------------------------------------- Moody's Ratings has changed the outlook on JSW Steel Limited (JSW Steel) and Periama Holdings LLC 's (Periama Holdings) ratings to positive from stable. At the same time, Moody's have affirmed: JSW Steel's Ba1 corporate family rating and Ba1 senior unsecured ratings; the Ba1 rating on Periama Holdings' backed senior unsecured notes; and the Ba1 rating on the guaranteed senior unsecured revenue bonds issued by Jefferson County Port Authority. The Ba1-rated notes at Periama Holdings and Jefferson County Port Authority are guaranteed by JSW Steel. "The outlook change to positive reflects JSW Steel's meaningful expansion in operating scale, reinforcing its position as India's largest steel producer. The ramp-up of operations at recently completed projects will drive higher earnings, and support sustained improvement in the company's credit metrics," says Hui Ting Sim, a Moody's Ratings Assistant Vice President and Analyst. "The rating action also reflects Moody's expectations that JSW Steel will implement its growth plans with financial discipline, and it will proactively manage the refinancing of significant debt obligations," adds Sim. RATINGS RATIONALE JSW Steel's production capacity grew by around 20% over the past fifteen months to reach 35.7 million tonnes per annum (mtpa), with plans for a further increase of about 20% by 2028. In its fiscal year ended March 2025 (fiscal 2024-25), the company commissioned 6 mtpa of crude steel capacity in India. It also intends to add 2.2 mtpa at Vijayanagar and Salem through debottlenecking projects in the next 12 months, and an additional 5 mtpa at Dolvi as well as 0.5 mtpa at Bhushan Power and Steel Limited (BPSL) by fiscal 2027-28. The substantial increase in JSW Steel's production capacity supports its ability to meet India's growing steel demand. India is the world's second-largest steel market, with steel consumption rising over 10% annually for the past four years. Moody's anticipates that steel demand in India will grow at a 5%-7% compound annual growth rate until 2030, fueled by infrastructure spending, construction projects, and expansion in industrial production to meet the needs of a rising population. Moody's expects higher sales volumes and profit margins will boost JSW Steel's earnings to about INR300 billion in fiscal 2025-26 and INR350 billion in fiscal 2026-27, from INR223 billion in fiscal 2024-25. Following the commissioning of brownfield facilities over the last twelve months, Moody's estimates the company's steel sales will climb to 28.5 million tonnes (mt) and close to 32 mt in fiscal 2025-26 and fiscal 2026-27 respectively, from 26.5 mt in fiscal 2024-25. Moody's earnings forecasts assume that JSW Steel's EBITDA per tonne will be around INR10,500-10,750, which is in line with its 10-year average. Profit margin for the company was weak in fiscal 2024-25 – as indicated by EBITDA per tonne of close to INR8,500 – due to elevated competition from imports. Lower raw material costs, reduced import competition in India and the US, and cost efficiencies will support margin improvement for JSW Steel over the next two years. India's 12% safeguard duty on certain steel imports, effective for 200 days from April, reflects the government's intent to shield the domestic steel industry from dumping practices. Moody's expects further protective measures will be taken if competitive pressures from steel imports persist or escalate. In the June quarter of fiscal 2025-26, JSW Steel reported an increase in its EBITDA per tonne to about INR11,500. Moody's earnings forecasts have yet to incorporate the financial implications of the Supreme Court's rulings on right of state to levy taxes for mining activities in India last year, as they remain unclear. Higher earnings will drive a decline in JSW Steel's leverage – as measured by debt/EBITDA – to 3.0x-3.5x in the next 12-18 months. Moody's expects the company's debt will increase moderately given its sizeable capital spending plans, but stay close to INR1 trillion. JSW Steel has budgeted capital spending of INR200 billion in fiscal 2025-26 and INR210 billion in fiscal 2026-27, which Moody's have incorporated in Moody's forecasts. Nonetheless, the company has a demonstrated track record of recalibrating investments, especially during downturns. LIQUIDITY JSW Steel's liquidity will be weak over the next 12 months. Its cash and short-term investments of INR165.7 billion and undrawn multiyear loan facilities of INR48 billion as of June 2025, along with Moody's expectations of operating cash flow of around INR238 billion over the next 15 months through September 2026, will be insufficient to cover its debt maturities, capital spending and dividends totaling INR508 billion. Moody's quantitatives approach to liquidity assumes no access to capital or bank markets to provide an isolated view of estimated internal and committed sources of cash. However, liquidity is not a credit constraint because Moody's expects the company to maintain strong access to the domestic and international financial markets. As of June 2025, JSW Steel had short-term fund and non-fund based credit facilities of around INR332 billion (although uncommitted) available for drawdown. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's will upgrade JSW Steel's ratings if the company successfully increases its earnings meaningfully while keeping debt levels largely stable, resulting in a sustained improvement in its credit metrics; demonstrates proactive liquidity management by refinancing lumpy debt obligations well before they fall due; and continues to execute its growth plans prudently by recalibrating capital spending to protect its balance sheet when required. Quantitative metrics indicative of an upgrade include debt/EBITDA below 3.5x and EBIT margin above 10%. The outlook will return to stable if JSW Steel's credit metrics fail to improve because of factors such as operating underperformance or weak market conditions resulting in poor profitability and cash flow generation; it deviates from Moody's expectations of financial prudence by aggressively increasing investments or shareholder returns; or the company's liquidity management falls short of Moody's expectations. Given the positive rating outlook, a rating downgrade will be unlikely. However, downgrade pressure could arise if there is a sharp shift in industry conditions or the company's funding access that result in liquidity strain. Quantitative metrics indicative of a lower rating include Debt/EBITDA higher than 4.5x and EBIT margin lower than 5%. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Steel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE JSW Steel Limited is one of India's largest steel producers with an installed steelmaking capacity of 35.7 mtpa. Its international operations comprise (1) 1.2 million net tonnes per annum (mtpa) plate mills and 0.55 mtpa pipe mills in Texas; (2) a 3.0 mtpa hot rolling mill and a 1.5 mtpa electric arc furnace in Ohio; and (3) a 1.3 mtpa long steel rolling facility in Piombino, Italy. JSW Steel generated consolidated revenues of $20 billion and consolidated EBITDA of $2.6 billion during fiscal 2024-25. KAMRUPA THANDA: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kamrupa Thanda Ghar Private Limited (KTGPL; part of the Kamrupa Thanda Ghar group) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KTGPL for obtaining information through letter and email dated August 6, 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 KTGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KTGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KTGPL continues to be 'Crisil B/Stable Issuer not cooperating'. About the Group The Kamrupa Thanda Ghar group, the promoters of which are based in Assam, has been providing cold storage facilities to potato farmers and traders since 1963. The group comprises four cold storage companies in Assam, of these, KTGPL was incorporated in 2009 and SSCS in 2017. The companies have their cold storage facilities at Kamrup, Assam. KAN SILOS LUCKNOW: ICRA Lowers Rating on INR40cr Term Loan to B+ ---------------------------------------------------------------- ICRA has downgraded and moved the ratings for the bank facilities of Kan Silos Lucknow Private Limited (KSLPL) to the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 40.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating downgraded Term Loan from [ICRA]BB- (Stable) and moved to 'Issuer Not Cooperating' category The rating downgrade is because of the lack of adequate information regarding KSLPL's performance. Hence, there is uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its 'Policy in respect of non-cooperation by a rated entity' available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating, as the rating does not adequately reflect the credit risk profile of the entity, despite the downgrade. As a part of its process and in accordance with its rating agreement with KSLPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Kan Silos Lucknow Pvt. Ltd. is a special purpose vehicle (SPV), set up to undertake the silos project for foodgrains storage. The company was incorporated on August 23, 2018 under the provisions of the Companies Act, 2013 and has its registered office on Faizabad Road, Lucknow. The company was selected as a successful bidder after technical and financial evaluation by FCI for the construction of silos for storage of wheat in Lucknow, Uttar Pradesh under DBFOO basis of public private partnership, for 30 years. The concession agreement between the two parties was signed in January 2019. Silo project means the development, design, construction, financing, procurement, engineering, operations and maintenance of silo complex in accordance with the provisions of the agreement and includes all incidental and auxiliary works and services related to or in respect of the project. KAN SILOS: ICRA Lowers Rating on INR40cr Term Loan to B+ -------------------------------------------------------- ICRA has downgraded and moved the ratings for the bank facilities of Kan Silos Gorakhpur Private Limited (KSGPL) to the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 40.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating downgraded Term Loan from [ICRA]BB- (Stable) and moved to 'Issuer Not Cooperating' category The rating downgrade is because of the lack of adequate information regarding KSGPL's performance. Hence, there is uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its 'Policy in respect of non-cooperation by a rated entity' available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating, as the rating does not adequately reflect the credit risk profile of the entity, despite the downgrade. As a part of its process and in accordance with its rating agreement with KSGPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Kan Silos Lucknow Pvt. Ltd. is a special purpose vehicle (SPV), set up to undertake the silos project for foodgrains storage. The company was incorporated on August 23, 2018 under the provisions of the Companies Act, 2013 and has its registered office on Faizabad Road, Lucknow. The company was selected as a successful bidder after technical and financial evaluation by FCI for the construction of silos for storage of wheat in Lucknow, Uttar Pradesh under DBFOO basis of public private partnership, for 30 years. The concession agreement between the two parties was signed in January 2019. Silo project means the development, design, construction, financing, procurement, engineering, operations and maintenance of silo complex in accordance with the provisions of the agreement and includes all incidental and auxiliary works and services related to or in respect of the project. LINERS INDIA: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Liners India Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 27.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 7.20 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Fixed Deposit 5.00 [ICRA]D; ISSUER NOT COOPERATING; Rating Continues to remain under issuer not cooperating category Short Term- 15.75 [ICRA]D; ISSUER NOT COOPERATING; Non Fund Rating Continues to remain under Based-Others issuer not cooperating category Long-term/ 0.05 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Liners India Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Liners India Limited was originally established in 1974 as a partnership firm by Mr. S Ganesh; the firm was reconstituted as a private limited company in 1986 and to a public limited company in 1994. LIL has two divisions: cylinder liner manufacturing and automobile components trading. LIL manufactures cylinder liners and cast-iron products. The centrifugally cast cylinder liners are used in diesel automotive engines. LIL supplies to original equipment manufacturers of heavy, medium, and light commercial vehicles, tractors, and diesel engines worldwide. The company has manufacturing units in Vijayawada (Andhra Pradesh), and Rudrapur (Uttarakhand) with an installed capacity of 24 crore liners per annum. The company has set up the trading division after acquisition of Jai Motors Ltd in January 2009. Under this division, LIL is a distributor in South India for automotive component manufacturing companies. It is an exclusive distributor of Shriram Pistons & Rings Ltd and Allied Nippon Ltd for AP, Telangana, Karnataka, Kerala, and Tamil Nadu. It is also a distributor of six other automotive component manufacturing companies in South India. MAA VAISHNAVI: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maa Vaishnavi Automotive Private Limited (MVAPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 CRISIL B+/Stable (ISSUER NOT COOPERATING) Electronic Dealer 5.3 CRISIL B+/Stable (ISSUER NOT Financing Scheme COOPERATING) (e-DFS) Proposed Fund- 1.4 CRISIL B+/Stable (ISSUER NOT Based Bank Limits COOPERATING) Term Loan 0.3 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with MVAPL for obtaining information through letter and email dated August 6, 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 MVAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MVAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MVAPL continues to be 'Crisil B+/Stable Issuer not cooperating'. MVAPL, incorporated in 2015, deals in passenger cars manufactured by Renault. It has two showrooms-cum-workshops each in Nagaon and Tejpur, both in Assam. The company is also into spares and service, and receives commission income for vehicles financed by various agencies. Mr Sanjay Kumar Agarwala and Mr Arbin Agarwala are the promoters. MUNISUVRATA AGRI: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Sri Munisuvrata Agri International Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 69.45 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term- 104.25 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short Term-Non 330.00 [ICRA]D ISSUER NOT COOPERATING; Fund Based Rating continues to remain in Others the 'Issuer Not Cooperating' Category Short Term- 43.00 [ICRA]D ISSUER NOT COOPERATING; Unallocated Rating continues to remain in the 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Sri Munisuvrata Agri, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established as a partnership firm in 1968, Sri Munisuvrata Agri International Limited (earlier known as LMJ International Ltd.) was converted into a closely-held public limited company in 1992. The company is primarily involved in the trading of agro and non-agro commodities in domestic as well as international markets. Besides, the company is involved in the processing of few agro products like rice, wheat, pulses and coffee. The company has its processing units located in Kushalnagar (Karnataka), Coimbatore (Tamil Nadu), Vizag (Andhra Pradesh), Panipat (Haryana) and Sankrail (West Bengal). Apart from these, LIL also provides storage facilities to various parties with its warehouses located at Kushalnagar (Karnataka), Vizag (Andhra Pradesh), Panipat (Haryana), Sankrail (West Bengal) and Kolkata (West Bengal). Thecompany is an ISO 22000:2005 certified and a Government-recognised export house. MURALI EXPORT: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Murali Export House (MEH) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 12, 2024, placed the rating(s) of MEH under the 'issuer non-cooperating' category as MEH had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MEH continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 29, 2025, August 8, 2025, August 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Kolkata (West Bengal) based Murali Export House (MEH) was initially set up as a partnership firm in the year 1992 by Mr. Shekhar Mohan Saha, Mr. Debasis Mohan Saha and Mr. Tapan Mohan Saha. Subsequently, it was converted into proprietorship firm in the year 2014 by Mr. Sekhar Mohan Saha. Since its inception, MEH has been engaged in trading of industrial chemicals like caustic soda, bleaching powder and acetic soda. The firm sells its products through local distributors and retailers in Kolkata, this apart the firm also exports to Banglades h which constitutes 95% of TOI for FY18. Currently the day to day activities of the entity are looked after by Mr. Sekhar Mohan (Proprietor) having more than two decades of experience in similar line of business, along with a team of experienced marketing professionals who are having long experience in this industry. RELIANCE COMM: HC Dismisses Anil Ambani's Plea vs. SBI Fraud Tag ---------------------------------------------------------------- The Economic Times, citing Live Law, reports that the Bombay High Court on Oct. 3 dismissed a plea by businessman Anil Ambani challenging the State Bank of India's classification of his loan account and that of Reliance Communications (RCom) as "fraud." A division bench of Justices Revati Mohite-Dere and Dr Neela Gokhale pronounced the order. According to ET, the classification had been made on June 13, 2025, in accordance with the Reserve Bank of India's Master Directions on Fraud Risk Management and SBI's internal policy. Ambani had approached the court contending that the bank did not follow principles of natural justice, as he was not given an opportunity to be heard before his account was tagged as fraud. He also noted that certain material relied upon for the classification was not initially shared with him and was only provided after a six-month delay. SBI's classification of RCom and its promoter comes amid a significant credit exposure, ET says. The bank's fund-based principal outstanding to RCom stands at INR2,227.64 crore, along with accrued interest and expenses from August 26, 2016, in addition to a non-fund-based bank guarantee of INR786.52 crore. About Reliance Communications Based in Mumbai, India, Reliance Communications Ltd is a telecommunications service provider. The Company operates through two segments: India Operations and Global Operations. India operations segment comprises wireless telecommunications services to retail customers through global system for mobile communication (GSM) technology-based networks across India; voice, long distance services and broadband access to enterprise customers; managed Internet data center services, and direct-to-home (DTH) business. Global operations comprise Carrier, Enterprise and Consumer Business units. It provides carrier's carrier voice, carrier's carrier bandwidth, enterprise data and consumer voice services. The Company owns and operates Internet protocol (IP) enabled connectivity infrastructure, comprising over 280,000 kilometers of fiber optic cable systems in India, the United States, Europe, Middle East and the Asia Pacific region. The National Company Law Tribunal on May 9, 2019, allowed Reliance Communications (RCom) to exclude the 357 days spent in litigation and admitted it for insolvency. With this, RCom, which owes over INR50,000 crore to banks, has become the first Anil Ambani group company to be officially declared bankrupt after the NCLT on May 9 superseded its board and appointed a new resolution professional to run it and also allowed the SBI-led consortium of 31 banks to form a committee of creditors. RCom is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, with a resolution plan approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai, on March 6, 2020, awaiting NCLT approval. S R TRANZCARS: ICRA Lowers Rating on INR9.38cr LT Term Loan to C ---------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of S R Tranzcars Private Limited (SRTPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 9.38 [ICRA]C; ISSUER NOT Fund Based- COOPERATING; Rating downgraded Term Loan from [ICRA]B (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long Term- 7.80 [ICRA]C; ISSUER NOT Fund Based- COOPERATING; Rating downgraded Cash Credit from [ICRA]B (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Short Term- 32.00 [ICRA]A4; ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.82 [ICRA]C; ISSUER NOT Unallocated/ COOPERATING/[ICRA]A4; ISSUER Short Term- NOT COOPERATING; Long Term Unallocated rating Downgraded from [ICRA]B(Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category; Short Term rating continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade is because of lack of adequate information regarding SRTPL's performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with S R Tranzcars Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SRTPL was incorporated in May 2014 by Mr. S. Sakthivel and Ms. C. Ramya. It offers a wide range of sales and services of TML passenger cars and Jeep cars in Coimbatore, Tirupur and Pollachi. The entity operates five showrooms (as a dealer of Tata Motors Limited (TML) and Jeep) and two service stations. SPD COLD: ICRA Lowers Rating on INR25cr LT Loan to C ---------------------------------------------------- ICRA has revised the ratings on certain bank facilities of SPD Cold Storage LLP, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 25.00 [ICRA]C; ISSUER NOT Fund Based- COOPERATING; Rating downgraded Cash Credit from [ICRA]B+ (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale The rating is downgrade Based on the publicly available information on IBBI regarding SPD Cold Storage LLP performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with SPD Cold Storage LLP, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The Group is entirely run by the close-knit Shah family based out of Pune, Maharashtra. The Shah family Group trades in fast moving consumer goods (FMCG) products like farchan, agarbatti (incense sticks), Society Tea, khari, etc., distribution of dairy products for the companies like Warana Dairy, Amul, Gowardhan, Nutralite, Microlite, trading of frozen food products like green peas and strawberry, distribution of FMCG products like cosmetics, detergents and food products for Hindustan Unilever Ltd, cold storage services ranging from automated blast freezing and sortation, packaging, chilled and frozen storage, crossdock order picking, valueadded logistic services, consolidation and import/export management programmes and partnerdedicated tailored facilities. The proprietor of the Group, Mr. Rajendra Shah along with Mr. Ashok Popatlal Shah, started the business of mix - farchan, agarbatti, Society Tea, khari, Vadilal Ice-Cream one by one in Pimpri Chinchwad and Pune, and then started the distribution of dairy products for companies Warana Dairy, Amul, Gowardhan, Nutralite, Microlite for products such as ghee, cheese, butter, cheese spread, shrikhand, milk powder, chocolate, dahi, unsalted butter. The Group also has a trading business of frozen green peas and strawberry. It also has distribution for Hindustan Unilever Ltd. in cosmetics, detergent and food products. Moreover, the Group offers skimmed milk powder, buffalo skimmed milk powder and buffalo yellow butter. The firm operates cold storage in Kolhapur on a rental basis with total capacity in the range of 10000-12000 MT. The firm is also investing currently on the capex and is constructing its owned cold storage in Kolhapur, Maharashtra and is expected to start operating from FY2023 onwards. STATUS CLOTHING: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the long-term rating of Status Clothing Company Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 9.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 5.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Status Clothing Company Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is base don't he best available information. Status Clothing Company Limited was set up in 1996 as a partnership firm. In July 2011, the firm was converted into a private limited company and the name was changed to its current name. It is engaged in manufacturing and trading of greige fabric i.e. fabric for shirtingand suiting. The registered office and manufacturing plant of the company is located in Tarapur, Thane. The manufacturing plant is spread over an area of 45,000 square feet with installed capacity of 5.60 lakh meters per month. The company primarily sells greige fabric mainly to exporters and local traders. It is also an outsourcing house for other branded finished fabric players. The company has an in-house design team and also manufactures as per customer's design specifications. STEELWAYS ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Steelways Enterprises (SE) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SE for obtaining information through letter and email dated August 6, 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 SE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SE continues to be 'Crisil D Issuer not cooperating'. SE was set up in 1983 as a partnership firm by Delhi-based Sharma family. After a family separation, SE was reconstituted as a proprietorship firm owned by Mr. B N Sharma. SE trades in tool steels and alloy steels, such as cold work tool steel, plastic mould steel, stainless steel, high-speed steel, and die block steel, in the National Capital Region, Punjab, and Uttar Pradesh. Mr. B N Sharma and his son Mr. Pawan Sharma actively manage the firm's day-to-day operations. SUBRAHMANYESWARA SWAMY: CRISIL Keeps B- Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Subrahmanyeswara Swamy Rice Mill (SSRM) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL B-/Stable (Issuer Not Cooperating) Long Term Loan 5.79 CRISIL B-/Stable (Issuer Not Cooperating) Proposed Long Term 3.21 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SSRM for obtaining information through letter and email dated August 6, 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 SSRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSRM continues to be 'Crisil B-/Stable Issuer not cooperating'. SSRM was established in 1983, promoted by Mr V Peddanna , Mr V Rajendra Prasad, and their family members. The firm mills and processes paddy into rice, rice bran, broken rice, and husk. It has an installed paddy milling capacity of 4 tonne per hour (tph) at its mill in Guntur, Andhra Pradesh. SUSHEEL ENGINEERS: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Susheel Engineers (SE) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 6.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SE for obtaining information through letter and email dated August 6, 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 SE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SE continues to be 'Crisil D Issuer not cooperating'. SE was establish in 1994 by its proprietor Mr. Sidram. G. Sidrure and is based out of Pune (Maharashtra). It manufactures boiler components, steel casing, industrial chimney, collector columns, industrial duct etc. SWARNA ACADEMY: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Swarna Academy of Sciences (SAS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 4.5 CRISIL D (Issuer Not Overdraft facility Cooperating) Proposed Long Term 1.0 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAS for obtaining information through letter and email dated August 6, 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 SAS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAS continues to be 'Crisil D Issuer not cooperating'. SAS was founded in 2007, in Vijaywada, Andhra Pradesh by Mrs M Swarna Devi and other associates. SAS operates an institute called MVR College of Engineering and Technology, offering post-graduate courses in engineering, business management (MBA), technology TARA HEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tara Health Foods Limited (THFL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 217.54 CRISIL D (Issuer Not Cooperating) Term Loan 84.46 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with THFL for obtaining information through letter and email dated August 6, 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 THFL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on THFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of THFL continues to be 'Crisil D Issuer not cooperating'. THFL was incorporated in 1977 and was acquired in 2004 by the current promoter. The company is currently owned and managed by Mr. Balwant Singh, managing director, who is a first-generation entrepreneur with about nine years of experience in the cattle-feed industry. THFL produces and supplies compounded cattle feed and refines and processes edible oil, including olive oil and blended oil, primarily in northern India. TERRA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Terra Energy Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 8.95 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 9.89 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 20.16 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 11.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Terra Energy Limited, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Terra Energy Limited was incorporated in March 2000, following the demerger of the cogeneration plants of TASL. It has installed capacity of 47.1 MW. TASL is the holding company of TEL with 66% shareholding. The second-generation plants are located adjacent to the sugar plants of TASL and TEL has barter arrangement with TASL for supply of steam and power in lieu of bagasse. TEL exports surplus power to TANGEDCO. THIRU AROORAN: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Thiru Arooran Sugars Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 29.70 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 56.84 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 16.11 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term 235.03 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Short-term 1.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Thiru Arooran Sugars Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1954, Thiru Arooran Sugars Limited is one of the oldest sugar companies and was incorporated in 1954. Its sugar plants are based in Cuddalore and Thanjavur districts of Tamil Nadu. It has 8500 TCD of cane crushing capacity in its two plants, and 60 klpd distillery. Its units are also integrated with 47.10 MW cogeneration units of its subsidiary Terra Energy Limited (TASL holds 66.19% stake in Terra Energy Limited), with which it has barter arrangement for supply of steam and power. VENKATESWARA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Venkateswara Rice Mill (SVRM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 1 CRISIL D (Issuer Not Cooperating) Proposed Long Term 4 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 8 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with SVRM for obtaining information through letter and email dated August 6, 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 SVRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVRM continues to be 'Crisil D Issuer not cooperating'. SVRM is engaged in milling and processing of paddy into rice, rice bran, broken rice and husk. The firm is promoted by Mr.T.Sura Reddy and his family members. The firm is based in Komaripalem, Andhra Pradesh. VICHITRA CONSTRUCTIONS: ICRA Keeps C Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the long-term rating of Vichitra Constructions Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]C; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 3.00 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 3.00 [ICRA]C; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 6.00 [ICRA]C ISSUER NOT COOPERATING; Non Fund Based Rating continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Vichitra Constructions Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is base don't he best available information. Vichitra Group of Companies had its inception in the year 1980 under the leadership of Mr. R.N. Aggarwal. We established the first unit of RCC Pipes- Durgesh Hume Pipes at Najafgarh, Delhi. After having Expertise in RCC Pipes Manufacturing, we established another Unit- Pragati Concrete Udyog also at Najafgarh Delhi in 1982. We took over M/s U.P. Concrete Products (P) Ltd. at Hapur road, Ghaziabad (U.P.) in 1986. We shifted towards laying of all types of underground Telephone cables such as PIJF, Coaxial Cable, Optical Fibre Cable and Construction of Cable Duct works for the Deptt., of Telecom, govt. of India and established M/s Vichitra Constructions Pvt. Ltd., during October- 1982. At present, it is registered with the various Govt. Dept./Public Sector, agencies such as MTNL, HCL, RITES, ITI, DMRC, Railways, DOT& PWD- Punjab for executions works. VR KONKAN: ICRA Moves D Debt Ratings to Not Cooperating Category ---------------------------------------------------------------- ICRA has moved the ratings for the non-convertible debenture (NCD) programme of VR Konkan Private Limited (VRKPL) to the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 815.00 [ICRA]D; ISSUER NOT debentures COOPERATING; Rating moved to 'Issuer Not Cooperating' category The rating is based on limited cooperation from the entity since the time it was last rated in June 2025. As a part of its process and in accordance with its rating agreement with VR Konkan Private Limited, ICRA has been sending repeated reminders to the entity for payment of the surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite cooperation and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. VRKPL was incorporated on May 23, 2019, to set up an asset in Thane. It plans to construct a mixed-use asset including mall, flex office, residential and service apartments. At present, the key approvals required for construction are yet to be received and active development of the project has been suspended since October 2022. ZAMBAD INFRASTRUCTURE: CRISIL Keeps D Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Zambad Infrastructure Limited (ZIL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ZIL for obtaining information through letter and email dated August 6, 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 ZIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ZIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ZIL continues to be 'Crisil D Issuer not cooperating'. Promoted by Mr. Subhash Zambad, ZIL started construction activity in 1982. The company is undertaking a commercial real estate project in Aurangabad (Maharashtra). ZENICA PERFORMANCE: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Zenica Performance Cars Private Limited (ZPCPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 40.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 10.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with ZPCPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2013, Zenica Performance Cars Private Limited (ZPCPL) was the first authorised dealership of Porsche in Indian automotive market with its sales showroom cum service workshop, Porsche Centre Gurgaon, located in Gurgaon, Haryana (Golf Course Road). In addition, company also has a Porsche workshop in Chandigarh. The company is a part of the Zenica Group which also operates an Audi dealership, Zenica Cars India Private Limited, in Delhi-NCR comprising two Audi showrooms, one Audi Approved Plus (pre-owned cars showroom) and one Audi Service Gurgaon. Further, the group has diversified interest with presence of I Zenica stores (Zenica Lifestyle Private Limited) across the country which are engaged in reselling of Apple, Inc. products. ================= I N D O N E S I A ================= STAR ENERGY: Fitch Hikes Rating on $580MM Sr. Secured Notes to 'BB' ------------------------------------------------------------------- Fitch Ratings has upgraded the rating on Star Energy Geothermal (Wayang Windu) Ltd.'s (SEGWW) USD580 million fully amortising 6.75% senior secured notes due 2033 to 'BB', from 'BB-'. The Outlook is Stable. RATING RATIONALE The upgrade reflects its expectation that SEGWW's credit profile will strengthen as it continues to expand, building cash flow and scale. The expansion comprises a newly built 30 megawatt (MW) Unit 3 and an 18.4MW retrofit to Units 1 and 2. Fitch expects 64% of capex for the expansion to be funded with equity or a shareholder loan, both subordinated to the existing notes, around 20% from internal cash and 16% via new debt. This funding mix should allow SEGWW's revenue and cash flow to rise without a commensurate increase in debt service obligations. Fitch forecasts an average debt service coverage ratio (DSCR) during the loan tenor under its rating case to reach 1.41x, from 1.34x prior to the expansion plan. Fitch excludes 2025 figures from its forward-looking multi-year average DSCR calculation but expect the ratio to fall to below 1.00x during the year due to advancement of maintenance capex to 2026 from 2028 to coincide with the expansion. The reserve mechanism also squeezes 2025 cash flow available for debt service. However, Fitch regards this as a timing issue related to capex and it does not alter its overall view. The rating is also underpinned by SEGWW's strong operational record. Fitch expects a reliable supply of geothermal resources, subject to timely maintenance and planned drilling. SEGWW benefits from long-term energy sales contracts (ESCs) to access geothermal resources and to sell electricity to Indonesia's state-owned utility, PT Perusahaan Listrik Negara (Persero) (PLN, BBB/Stable). Its take-or-pay power-purchase agreement — with a flat tariff for Unit 1 and fixed-indexed tariffs for Units 2 and 3 — largely eliminates volume and merchant price risks. KEY RATING DRIVERS Exposed to Cost Volatility; Robust Operating Record: Operation Risk - Weaker SEGWW has a solid record of high average availability and capacity factors of above 95% for both units, excluding a 2015 outage due to a landslide. SEGWW operates the power plant and the lack of a fixed operation and maintenance contract poses risks of cost overruns and cost variability, especially for drilling activities. This is mitigated by a detailed investment plan for drilling new wells and maintaining existing wells until 2057, which the external technical consultant, GeothermEx, is satisfied with. However, timing is uncertain due to the assets' nature. Its assessment is constrained by a lack of detailed operating cost analysis and third-party verification. A reserve account will prefund 25% of the well drilling cost in each half-year period for major drilling programmes, with capex exceeding USD100 million over the next two years. The reserve account will also provide for the next six months of planned maintenance costs. While the single-site operation, with only two units, was a limiting factor, expansion, with the addition of the third unit, should alleviate operational risk. Stable Supply Outlook: Revenue Risk - Volume - Midrange The volatility and decline inherent in geothermal resources introduce supply risk to electricity generation. However, SEGWW maintains steam supply through a well intervention programme and make-up well drilling. The next campaign is due in 2025-2026 after a successful campaign in 2020-2021. Steam supply was 475 kilograms/second (kg/s) at end-June 2025; 46kg/s above the steam requirement. SEGWW's resources are sufficient to support 280MW of electricity generation for 30 years until 2055, based on GeothermEx's 2022 study. Curtailment risk is limited by the take-or-pay nature of the ESC, which requires PLN to pay for 95% of the rated capacity of each generator if it does not dispatch all the electricity nominated by SEGWW due to failure in its electrical system. Long Term Offtake Contracts Support Revenue: Revenue Risk - Price - Stronger SEGWW has no merchant price risk, as all power is sold to PLN under ESCs. Unit 1's tariff is fixed from 2022 to the end of its production period and can be extended to align with any expansion unit. Bond covenants require USD50 million to be added to the debt‑reserve account if Unit 1's ESC is not acceptably extended by end‑2028, providing a cash cushion from 2030 to bond maturity in 2033. Unit 2's tariff is indexed using public, broad‑based formulas until February 2031, then becomes flat. Tariffs are US-dollar denominated and partially indexed to the US dollar/Indonesian rupiah rate. SEGWW has no foreign-exchange hedges, leaving it exposed to exchange-rate risk. Fully Amortising Debt: Debt Structure - Midrange The debt's senior rank, full amortisation and fixed-coupon rate are 'Stronger' features. However, the six-month debt service reserve account is a 'Midrange' attribute and the lock-up regime, at a 1.1x backward-looking DSCR, is 'Weak' and there is no cash sweep mechanism. The full amortisation that begins in the first year results in steady deleveraging, but cash flow and DSCRs are sensitive to capex timing. Project debt is in US dollars, providing a natural hedge against US-dollar revenue, but some costs, particularly employee compensation, are in rupiah, exposing the project to foreign-exchange risk. Financial Profile Its base case largely follows management's forecasts for generation, operating expenses and capital expenditure, with an average annual DSCR forecast of 1.58x and a minimum of 1.25x. Its rating case applies several stresses. It assumes a 3% reduction in generation across all units, while Fitch applies a 15% stress to opex and a 5% stress to capex. This results in an average annual DSCR of 1.41x and a minimum of 1.13x. SEGWW's coverage profile reflects the higher lifecycle capex risk associated with geothermal facilities compared with other renewable projects. Resource underperformance, higher‑than‑expected capex or reduced operational efficiency could weaken SEGWW's capacity to service debt. PEER GROUP Fitch rates the senior secured notes of Star Energy Geothermal (Salak-Darajat) Restricted Group (SEGSD RG), SEGWW's sister company, at 'BBB-' with a Stable Outlook. Both companies operate under long-term take-or-pay ESCs with PLN and their geothermal resources are validated by engineering consultants. However, SEGSD RG's notes are rated higher than SEGWW's notes, as it benefits from a longer operating history, economies of scale and diversification across ten generation units (including binary unit) at two sites. SEGSD RG also has lower required capex/MW of installed capacity, partly because it does not own or operate four of its units, which are operated and maintained by PLN. It also benefits from detailed cost analysis by a technical advisor, which is absent for SEGWW. SEGSD RG also benefits from a stronger reserve feature, with a major maintenance reserve account equal to a third of total capex in the next three years. In comparison, SEGWW's major maintenance reserve account equals planned maintenance costs for the next six months and prefunding of 25% of the major drilling programme for each half-year period over the next two years. SEGSD RG has a higher lock-up ratio at 1.15x on the basis of a 12-month backward-looking DSCR, compared with SEGWW's 1.10x. SEGSD RG's DSCR under its rating case is also much higher at 2.42x, supported by a lower initial debt load, despite SEGWW's higher tariff. Fitch rates the notes of PT Sorik Marapi Geothermal Power (SMGP) at 'BB+'/Stable. SEGWW and SGMP operate single sites under long-term take-or-pay ESCs with PLN and receive tariffs that are either fixed or indexed. SMGP's take-or-pay sales contract covers a minimum 90% of the latest unit rated capacity, while SEGWW's ESC is for a minimum 95%. SMGP operates five units, with total net installed generation capacity of around 190MW. However, Fitch rates SMGP one notch higher than SEGWW due to its better financial profile. SMGP's metric of a 3.0x DSCR during the refinancing period under its rating case is significantly stronger than SEGWW's 1.41x. This is partly due to lower initial debt/MW and ongoing capex/MW. Fitch also believes SEGWW is more exposed to landslide risk, which is heightened by its limited diversification and operating scale. This counterbalances SMGP's higher refinancing risk that stems from partial amortisation and a mandatory cash sweep, a shorter operational record, less proven technology and higher uncertainty about its production decline. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Projected average DSCR sustained below 1.35x across the bond tenor in its rating case. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Positive rating action is unlikely over the medium term, due to ongoing capex and is contingent on the projected average DSCR remaining above 1.45x during the forecast period across the bond tenor under its rating case. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Star Energy Geothermal (Wayang Windu) Ltd. Star Energy Geothermal (Wayang Windu) Ltd. /Project Revenues – First Lien/1 LT LT BB Upgrade BB- =============== M A L A Y S I A =============== KNM GROUP: Bursa Rejects PN17 Exit Plan, Trading to be Suspended ---------------------------------------------------------------- The Malaysian Reserve reports that Bursa Malaysia has rejected KNM Group Bhd's plan to exit its Practice Note 17 (PN17) status, saying the company failed to prove it can grow and sustain its business, and that its proposal does not fully address the issues behind its financial troubles. Following the decision, trading of KNM shares will be suspended on Oct. 13, the report relates. The stock may be delisted by Nov. 5, unless the group appeals. According to Malaysian Reserve, Bursa noted KNM's plan to sell its German unit Deutsche KNM GmbH would leave it mainly with Malaysian operations, which have been loss-making since 2024. The unit made MYR6.44 million in 2024 and MYR1.38 million in the first half of 2025, against a restructured share capital of MYR275.97 million. About KNM Group KNM Group Berhad (KLSE:KNM) -- https://www.knm-group.com/ -- is engaged in the investment holding and the provision of management services. It operates through three geographical segments: Asia and Oceania, Europe and America. The Asia and Oceania segment includes Malaysia, Thailand, Indonesia, Myanmar, Australia and Mauritius. The Europe segment includes Germany, Italy, United Arab Emirates, United Kingdom, British Virgin Islands, Netherlands, Saudi Arabia, and Isle of Man. The America segment includes the United States of America and Canada. Its subsidiary KNM Process Systems Sdn. Bhd. is engaged in the design, manufacture, assembly and commissioning of process equipment, pressure vessels, heat exchangers, skid mounted assemblies, process pipe systems, storage tanks, specialized structural assemblies and module assemblies for the oil, gas and petrochemical industries. Its other subsidiaries include KNM International Sdn. Bhd., KNM Capital Sdn. Bhd. and KNM Renewable Energy Sdn. Bhd. On Oct. 31, 2022, KNM Group Bhd said it had become an affected listed issuer under the Practice Note 17 (PN17) on the basis that Paragraph 2.1(e) of the note was triggered in its audited consolidated financial statements for the period ended June 30, 2022, which were published on Oct. 31, 2022. The company said its auditor had highlighted a material uncertainty over its ability to continue as a going concern. ===================== N E W Z E A L A N D ===================== 2DEGREES GROUP: Moody's Ups CFR to Ba2, Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings has upgraded the corporate family rating and senior secured first-lien term loan facility ratings of 2degrees Group Ltd (2degrees) to Ba2 from Ba3. The outlook was changed to stable from positive. RATINGS RATIONALE The ratings upgrade reflects 2degrees' track record of earnings growth and deleveraging since the initial rating was assigned, and Moody's expectations that Moody's adjusted debt/EBITDA will reduce to around 3.6x-3.8x over the next 12-18 months from 4.1x in the twelve months to June 30, 2025 (fiscal 2025). The upgrade also reflects Moody's views that management will remain committed to deleveraging the business over time, and any potential shareholder returns will initially consider deleveraging and reinvestment needs. 2degrees' Ba2 ratings also reflect its position as the third-largest integrated player in the New Zealand telecommunications market, with the ability to offer a full suite of products to retail, commercial, wholesale and government customers, in a country with a favourable regulatory environment. Management's commitment to deleveraging was demonstrated through the repayment of debt following the tower sale in 2023. While the improvement to leverage was modest, it shows the willingness to employ measures to maintain its deleveraging targets. The company and its shareholders maintain that any future dividend payments will take into account deleveraging and reinvestment needs of the business and Moody's forecasts do not assume any dividends for the next 3 years. Therefore, Moody's forecasts headroom against Moody's rating tolerance level to increase over time. Moody's expects 2degrees' to maintain its solid operating performance, underpinned by sustained growth in postpaid mobile subscribers, and ARPU improvement from price increases and growing share in higher value segments. 2degrees increased its market share over major competitors in fiscal 2025, during weak economic conditions in New Zealand, as it remains well positioned as a value player relative to competitors. Macroeconomic conditions in New Zealand are forecast to improve over the next few years, and Moody's anticipates that competition will remain rationale, allowing for improvement in EBITDA margins over the next 12-18 months. Moody's predicts strong EBITDA growth of around 7-10% in fiscal 2026 will support natural deleveraging as debt levels remain relatively stable. The integration of the merger has been completed ahead of schedule, with realised financial synergies of around NZD77 million, driven by cross-selling and head office cost reduction. With lower capital spending related to the integration, lower overall capital intensity, and no spectrum renewals in the next three years, Moody's are forecasting free cash flows to improve and for deleveraging to accelerate. The rating remains constrained by (1) 2degrees' EBITDA margins, which are low for the rating level; (2) the structure of the New Zealand broadband market with equal-access fibre wholesale network that lowers barriers to entry, and (3) smaller scale relative to peers. The stable outlook reflects Moody's views that 2degrees' will reduce and maintain its leverage below 4.0x over the next 12-18 months, primarily through EBITDA growth. It also reflects Moody's assumptions that 2degrees' will keep good liquidity over the next 12-18 months, and management will maintain financial discipline in terms of shareholder returns. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade 2degrees' rating if debt/EBITDA improves to below 3.25x while it maintains sufficient liquidity and consistent positive free cash flow. Moody's could downgrade the rating if 2degrees' debt/EBITDA remains above 4.0x on a sustained basis; and/or there is a change to its financial policy, such as shareholder-friendly activity, that pressures credit metrics; and/or if its liquidity deteriorates meaningfully. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Telecommunications Service Providers published in November 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE 2degrees Group Ltd (formerly Voyage Digital (NZ) Limited) is New Zealand's third-largest full-service telecommunications company, providing mainly fixed broadband and mobile services to the government, enterprises, small- and medium-sized businesses and consumers. ALL STEEL: Court to Hear Wind-Up Petition on Nov. 7 --------------------------------------------------- A petition to wind up the operations of All Steel Projects Limited will be heard before the High Court at Auckland on Nov. 7, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 20, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 BOXMAN ALPHA: Creditors' Proofs of Debt Due on Oct. 31 ------------------------------------------------------ Creditors of Boxman Alpha Limited and Boxman Storage Limited are required to file their proofs of debt by Oct. 31, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 3, 2025. The company's liquidator is: John Scutter Fervor Limited Level 1 17–19 Seaview Road Paraparaumu Beach DOMINIK CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 29 --------------------------------------------------------------- A petition to wind up the operations of Dominik Construction Limited will be heard before the High Court at Auckland on Oct. 29, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 19, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 LOTTE TRAVEL: Creditors' Proofs of Debt Due on Oct. 17 ------------------------------------------------------ Creditors of Lotte Travel Retail New Zealand Limited are required to file their proofs of debt by Oct. 17, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 19, 2025. The company's liquidators are: Andrew Grenfell Kare Johnstone McGrathNicol Level 17 41 Shortland Street Auckland VASANTHAN & COMPANY: Creditors' Proofs of Debt Due on Nov. 20 ------------------------------------------------------------- Creditors of Vasanthan & Company Limited are required to file their proofs of debt by Nov. 20, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 25, 2025. The company's liquidators are: Derek Ah Sam Lynda Smart Rodgers Reidy (NZ) Limited PO Box 45220 Te Atatu Auckland 0651 ================= S I N G A P O R E ================= LEND EAST: Creditors' Meeting Set for Oct. 16 --------------------------------------------- Lend East Pte. Ltd. will hold a meeting for its creditors on Oct. 16, 2025, at 10:30 a.m., via audio visual communication. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Mr. Abuthahir Abdul Gafoor and Ms. Yessica Budiman of AAG Corporate Advisory were appointed as provisional liquidators of the Company on Sept. 22, 2025. STARFISH DIGITAL: Commences Wind-Up Proceedings ----------------------------------------------- Members of Starfish Digital Pte. Ltd. on Sept. 18, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Muk Siew Peng c/o Guardian Advisory 531A Upper Cross Street #03-118 Singapore 051531 TOKEN FACTORY: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Sept. 19, 2025, to wind up the operations of Token Factory Private Limited. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 TRENDS HOME: Commences Wind-Up Proceedings ------------------------------------------ Members of Trends Home Electrical Pte. Ltd. on Sept. 22, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Chiang Kar Fong Dorothy 1 Coleman Street #05-13A The Adelphi Singapore 179803 YELLOW ROAD: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Sept. 19, 2025, to wind up the operations of Yellow Road Rangers Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== [] SOUTH KOREA: Bankruptcy Rates of SMCEs Continue to Edge Up ------------------------------------------------------------- Maeil Business reports that amid the continued bankruptcies of small and medium-sized construction companies due to the severe downturn in the South Korean construction industry, the insolvency rate of small and medium-sized construction companies that borrowed through the government's credit guarantee fund is also rising. The insolvency rate of the small and medium-sized construction industry borrowed through the Korea Credit Guarantee Fund reached 5.5% (incompatible KRW123.5 billion) as of the end of July this year, Maeil Business discloses citing data received by Kang Joon-hyun of the Democratic Party of Korea, a member of the National Policy Committee of the National Assembly, from the Korea Credit Guarantee Fund. It is the highest in five years since the first quarter of 2020, when related statistics began to be compiled, Maeil Business notes. The insolvency rate of small and medium-sized construction fell to 2.2% in 2021 from 3.2% in the first quarter of 2020, but has since gradually increased to 4.4% in the fourth quarter of 2024. It started to exceed 5% in the first quarter of this year (5.4%). As the insolvency rate of the small and medium-sized construction industry increased, the amount of subrogation payments, which the Korea Credit Guarantee Fund pays off the loan amount instead, also reached the highest level in five years, according to Maeil Business. In the second quarter of this year, Shinbo's subrogation payments to small and medium-sized construction companies recorded KRW60.7 billion (5.1% of subrogation rates). It exceeded KRW50 billion for the first time since 2020. However, Shinbo has not recovered most of these amounts, Maeil Business says. The debt that Shinbo paid off instead remains a reimbursement bond (the right of the third party to claim a return from the main debtor after the third party pays off the main debtor's debt on behalf of the principal debtor). However, the amount of these reimbursement bonds has risen sharply in five years. The amount of indemnity bonds, which reached KRW222.4 billion in 2020 based on the small and medium-sized construction industry, increased 1.4 times to KRW318.6 billion in 2024. Considering that the number of SMEs increased 1.3 times during the same period, the amount of indemnity bonds increased even more steeply. Due to the recent rapid deterioration in the construction industry, the financial deterioration of the new report is expected to continue, Maeil Business states. For now, more and more construction companies are closing their businesses. According to the Ministry of Land, Infrastructure and Transport's Construction Industry Knowledge Information System, 486 construction companies reported their closure between January and September this year, 11.7% more than the same period last year (435 cases), Maeil Business discloses. Compared to the same period four years ago (226 cases), it is more than twice as many. Profits in the professional construction industry are also rapidly decreasing, according to Maeil Business. According to the Professional Construction Mutual Aid Association, the provisional value of professional construction orders in the third quarter of this year was KRW6.756 trillion, down 13.1% from the same month last year. Maeil Business adds that political circles point out that comprehensive measures are needed to restore the construction industry. "Small and medium-sized construction industries are key pillars of the local economy and jobs," Kang said. "Risk management is important, but comprehensive measures should be prepared to cover poor management and support a comeback." ================= S R I L A N K A ================= SRI LANKA: Fitch Affirms 'CCC+' Long-Term Foreign-Currency IDR -------------------------------------------------------------- Fitch Ratings has affirmed Sri Lanka's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'CCC+'. Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below. Key Rating Drivers Ratings Affirmed: Sri Lanka's 'CCC+' sovereign rating remains constrained by elevated general government indebtedness and a high interest-revenue ratio despite completion of the sovereign's debt restructuring in 2024. Sustained adherence to a path of reforms is facilitating a solid economic recovery, low inflation, a substantial fiscal adjustment, and improvements in the external finance position. Reforms to Continue: Substantial progress has been made under the 48-month IMF programme. Momentum includes passage of the 2025 budget in March in line with programme targets, and restoration of cost-recovery pricing for electricity. Additional measures include greater tax compliance and revenue administration, and reforms to the Ceylon Electricity Board and state-owned enterprises. The investment climate, particularly FDI, is likely to be remain a priority - to bolster medium-term growth, albeit with incremental progress. The Central Bank of Sri Lanka (CBSL) continues to refrain from monetary financing of the deficit, and exchange-rate flexibility has been maintained. Debt-management functions carried out by CBSL are gradually being taken over by the Public Debt Management Office (PDMO).Full operationalisation of the PDMO is expected by January 2026. High Government Debt: Debt remains elevated despite the sharp fiscal adjustment and debt restructuring, though Fitch expects gradual debt reduction over the medium term. Fitch forecasts gross general government debt-GDP to reach about 96% in 2027 but will remain well above the 'CCC' median of 74%. Risks to the debt outlook remain high over the medium term, particularly after 2027. High Interest Burden: Fitch projects interest/revenue to fall to 46.5% in 2027, although this would still be above the 14.3% 'CCC' median. Fitch assumes the first threshold of average US dollar GDP under conditions of Macro-Linked Bonds to be triggered due to the economic recovery and stronger exchange-rate assumptions. This would result in higher principal and coupon payments from 2028. Fitch expects this to be accommodated with debt declining if primary surpluses are maintained and GDP growth is sustained at 3.5% in line with its baseline. Primary Surplus Sustained: Fitch expects primary surpluses of around 2.7% of GDP on average between 2025 and 2027. The surplus reached 2.2% of GDP in 2024 from a primary deficit of 5.7% GDP in 2021, driven primarily by a sharp rise in revenues. The 2025 budget targets an overall deficit of 6.7% of GDP, but Fitch sees a 5.4% deficit owing to lower interest costs and spending under-execution. Fitch expects further gradual narrowing of the fiscal deficit to 4.2% by 2027 as revenues keep the primary surplus steady and interest costs decline. Rising Revenues: Revenues rose 27% yoy between January-July 2025. Tax revenues - nearly 93% of total revenue - were up by 28% yoy. Revenue gains are also due to the revenue-raising measures announced and implemented. Fitch forecasts revenue/GDP at 15.2% and stabilisation at 15.3% over 2026-2027, still lower than the 'CCC' median average of 22.5%, reflecting frontloading of revenue gains under the IMF programme. Additional revenue-enhancing measures in the pipeline are an upside to its projections. External Finances Stable: FX reserves in July-August 2025 were about USD6.2 billion, up from a low of USD 1.9 billion in 2022. The external liquidity ratio as of end-2024 rose to 96.5% from 55.1% in 2022. Fitch expects reserves to rise gradually to USD6.4 billion by end-2025 on the expectation of the CBSL continuing to make direct FX purchases. Fitch forecasts reserve coverage of current external payments at 2.8 months. Upfront debt relief from restructuring is benefiting external finances. Current Account Surplus: Fitch forecasts a surplus in 2025, having been USD 1.2 billion in 2024 (1.2% of GDP), driven by remittances, receipts from services including tourism, and a slight trade deficit. Remittances were up 19% yoy between January-August 2025. Growth Improving: The economy is showing signs of stabilisation after the 2022-2023 contraction up by 5% in 2024 and 4.8% in 1H25. Growth in 1H25 was supported by industry and services, up by 7.9% and 3.3% yoy, respectively. Fitch expects full-year growth at 4.4%, with 3.8% in 2026 and 3.6% in 2027. US tariffs will be a growth headwind, but the revised reciprocal tariff rate of 20% is now in line with peers, reducing risks to exports. Fitch sees low average inflation, but to rise gradually to 5% in 2027, in line with the CBSL's inflation target. ESG - Governance: Sri Lanka has an ESG Relevance Score of '5' for Political Stability and Rights as well as for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in Fitch's proprietary Sovereign Rating Model (SRM). Sri Lanka has a medium WBGI ranking in the 38th percentile, reflecting a recent record of peaceful political transitions, a moderate level of rights for participation in the political process, moderate institutional capacity, established rule of law and a moderate level of corruption. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Public Finances/Macro: Inability to sustain reforms, leading to a derailment of the IMF programme or disruption to other external inflows that increases financing pressures. - External Finances: Inability to rebuild foreign-exchange reserves that weakens debt-repayment capacity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Public Finances: A substantial decline in the general government debt/GDP ratio that is underpinned by strong implementation of a credible medium-term fiscal consolidation strategy; growth in fiscal revenue; and faster economic growth. - Macro: A lengthening record of policy coherence and credibility that supports macroeconomic stability and leads to a reduction in external and fiscal vulnerabilities. Sovereign Rating Model (SRM) and Qualitative Overlay (QO) Fitch's proprietary SRM assigns Sri Lanka a score equivalent to a rating of 'CCC+' on the Long-Term Foreign-Currency IDR scale. However, in accordance with the rating criteria, Fitch's sovereign rating committee has not utilised the SRM and QO to explain the ratings in this instance. Ratings of 'CCC+' and below are instead guided directly by the rating definitions. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within its criteria that are not fully quantifiable and/or not fully reflected in the SRM. Debt Instruments: Key Rating Drivers Fitch removes Sri Lanka's debt instruments from UCO and affirms them at 'CCC+'. Senior Unsecured Debt Equalised: The senior unsecured long-term debt ratings are equalised with the applicable long-term IDR, reflecting Fitch's expectation of average recovery prospects in a default scenario. A Recovery Rating of RR4 has been assigned to these debt instruments. The RR4 reflects weak public finances, including an elevated general government debt-GDP ratio. Country Ceiling The Country Ceiling for Sri Lanka is affirmed at 'B-'. Fitch assumes a starting point of 'CCC+' to determine the Country Ceiling for sovereigns rated 'CCC+' and below. Fitch's Country Ceiling Model produced a starting point uplift of zero notches above the IDR. Fitch applied a +1 notch qualitative adjustment to the model result, under the balance of payments restrictions pillar. The Country Ceiling reflects Fitch's view that the private sector has not been prevented or significantly impeded from converting local currency into foreign currency and transferring the proceeds to non-resident creditors to service debt. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Sri Lanka. ESG Considerations Sri Lanka has an ESG Relevance Score of '5' for Political Stability and Rights as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Sri Lanka has a percentile rank below 50 for the respective Governance Indicator, this has a negative impact on the credit profile. Sri Lanka has an ESG Relevance Score of '5' for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Sri Lanka has a percentile rank below 50 for the respective Governance Indicators, this has a negative impact on the credit profile. Sri Lanka has an ESG Relevance Score of '4' for Human Rights and Political Freedoms as the Voice and Accountability pillar of the World Bank Governance Indicators is relevant to the rating and a rating driver. As Sri Lanka has a percentile rank below 50 for the respective Governance Indicator, this has a negative impact on the credit profile. Sri Lanka has an ESG Relevance Score of '4' for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for Sri Lanka as for all sovereigns. As Sri Lanka had a recent event of default on public debt in 2022, this has a negative impact on the credit profile. 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 Recovery Prior ----------- ------ -------- ----- Sri Lanka LT IDR CCC+ Affirmed CCC+ ST IDR C Affirmed C LC LT IDR CCC+ Affirmed CCC+ LC ST IDR C Affirmed C Country Ceiling B- Affirmed B- senior unsecured LT CCC+ Affirmed RR4 CCC+ Senior Unsecured- Local currency LT CCC+ Affirmed RR4 CCC+ UNION BANK: Fitch Rates Basel III Subordinated Debt 'BB(EXP)(lka)' ------------------------------------------------------------------ Fitch Ratings has assigned Union Bank of Colombo PLC's (UB; BBB-(lka)/Negative) proposed Sri Lankan rupee-denominated Basel III-compliant subordinated debentures of up to LKR3 billion an expected National Long-Term Rating of 'BB(EXP)(lka)'. The proposed debentures, which will have maturities of five years, will be listed on the Colombo Stock Exchange. The bank plans to use the proceeds to strengthen its Tier 2 capital and support the expansion of its loan book. The bank expects the proposed debentures to qualify as Basel III-compliant regulatory Tier 2 capital. The debentures include a non-viability clause whereby they convert to ordinary voting shares subject to the occurrence of a trigger event, as determined by the Governing Board of the Central Bank of Sri Lanka. The final rating is subject to the receipt of final documentation conforming to information already received. Key Rating Drivers Fitch rates the proposed Basel III Tier 2 notes two notches below the bank's National Long-Term Rating to reflect Fitch's baseline notching for loss severity for this type of debt and expectation of poor recoveries. There is no additional notching for non-performance risk, as the proposed notes do not incorporate going-concern loss-absorption features. UB's National Long-Term Rating is used as the anchor rating for the instrument, because the rating reflects the bank's standalone financial strength and best indicates the risk of the bank becoming non-viable. Fitch reviewed UB's ratings with no rating action on 8 September 2025. Please refer to the latest rating action commentary - Fitch Upgrades 10 Sri Lankan Banks' National Ratings and Affirms Five after Scale Recalibration - published on 21 January 2025 for the key rating drivers and sensitivities. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade of the bank's National Long-Term Rating would lead to the downgrade of the expected rating on the proposed debentures Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of the bank's National Long-Term Rating would lead to the upgrade of the expected rating on the proposed debentures. Entity/Debt Rating ----------- ------ Union Bank of Colombo PLC Subordinated Natl LT BB(EXP)(lka) Expected Rating ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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