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251014.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 14, 2025, Vol. 28, No. 205 Headlines A U S T R A L I A COMBINED HAULAGE: First Creditors' Meeting Set for Oct. 17 ELEGANT ENDS: First Creditors' Meeting Set for Oct. 16 GFG ALLIANCE: Greensill Creditors Claiming AUD900MM from InfraBuild JNN HOLDINGS: First Creditors' Meeting Set for Oct. 20 RIO TINTO: In Talks to Keep Tomago Aluminium Smelter Open TROVON GROUP: First Creditors' Meeting Set for Oct. 17 WAYWARD BREWING: Second Creditors' Meeting Set for Oct. 16 C H I N A CHINA VANKE: Chairman Abruptly Resigns From Stressed Builder CHINA WATER: S&P Rates Proposed USD-Denom. Sr. Unsec. Notes 'BB+' COUNTRY GARDEN: 8 Bonds Receive Approval for Restructuring COUNTRY GARDEN: Chapter 15 Case Summary WINGTECH TECHNOLOGY: Dutch Government Freezes Chip Unit Operations I N D I A AASTHA COLD: CARE Keeps D Debt Rating in Not Cooperating Category AGRASIA IMPEX: ICRA Keeps D Debt Ratings in Not Cooperating ARUN POLYMERS: CARE Keeps D Debt Rating in Not Cooperating ATLANTIC PROJECTS: CARE Keeps D Debt Rating in Not Cooperating BHAVANI RICE: CARE Keeps D Debt Rating in Not Cooperating Category BRIGHTSTAR HEALTHCARE: CARE Keeps C Debt Rating in Not Cooperating EVERGREEN DOOARS: ICRA Keeps B+ Debt Ratings in Not Cooperating GAYATRI AGRO: CARE Keeps B- Debt Rating in Not Cooperating GBL BARALA: ICRA Assigns B+ Rating to INR93cr Term Loan GOWRA VENTURES: CARE Lowers Rating on INR130cr LT Loan to B+ MAGIC INDIA: ICRA Assigns B (Stable) Issuer Rating OZONE HOMES: ICRA Keeps D Debt Rating in Not Cooperating Category ROYAL CASTOR: ICRA Keeps B+ Debt Ratings in Not Cooperating SAICO CRANES: CARE Keeps B- Debt Rating in Not Cooperating SARVESHWARI EXPORTS: ICRA Keeps B+ Ratings in Not Cooperating SATYAM BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating SHARDA RETAILS: CARE Keeps D Debt Rating in Not Cooperating SHREEYA PEANUTS: CARE Keeps C Debt Ratings in Not Cooperating SURESH POULTRY: CARE Keeps B- Debt Rating in Not Cooperating URBAN DESK: CARE Lowers Rating on INR25cr LT Loan to B+ URBANSCAPE PROPERTIES: ICRA Keeps B+ Ratings in Not Cooperating USHA SHRIRAM: ICRA Keeps D Debt Ratings in Not Cooperating VARELI TECNAC: ICRA Withdraws B+ Rating on INR1cr LT Loan I N D O N E S I A KAWASAN INDUSTRI: Fitch Affirms 'B-' Long-Term IDR, Outlook Stable N E W Z E A L A N D DU VAL: FMA Wins NZD46,176 Legal Costs Award vs. Group Entities FIRST WORD: Creditors' Proofs of Debt Due on Nov. 4 KBS CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 5 KBS CONSTRUCTION: In Liquidation; Creditors of Six Companies Named MANN RESTAURANTS: Court to Hear Wind-Up Petition on Nov. 7 PLATINUM POWER: Court to Hear Wind-Up Petition on Oct. 28 ROOKWOOD HOLDINGS: Creditors' Proofs of Debt Due on Nov. 3 S I N G A P O R E AIDRIVERS SINGAPORE: Creditors' Meeting Set for Oct. 17 IOLAIR OFFSHORE: Commences Wind-Up Proceedings REALTY MANAGEMENT: Commences Wind-Up Proceedings SAKAMOTO EDUCATIONAL: Creditors' Proofs of Debt Due on Nov. 3 THREE COBALT: Court to Hear Wind-Up Petition on Oct. 17 V I E T N A M VINGROUP JSC: Seeks US$500MM Private Credit for EV Charging Ports - - - - - ================= A U S T R A L I A ================= COMBINED HAULAGE: First Creditors' Meeting Set for Oct. 17 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Combined Haulage Pty Ltd will be held on Oct. 17, 2025 at 11:00 a.m. via Zoom. Andrew Michael Smith and Robert Allan Jacobs of Auxilium Partners were appointed as administrators of the company on Oct. 7, 2025. ELEGANT ENDS: First Creditors' Meeting Set for Oct. 16 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Elegant Ends Pty Ltd will be held on Oct. 16, 2025 at 11:30 a.m. at the offices of HoganSprowles, at Level 11 South, 350 Collins Street, in Melbourne, VIC, and via virtual facilities. Mark Brereton of HoganSprowles was appointed as administrator of the company on Oct. 6, 2025. GFG ALLIANCE: Greensill Creditors Claiming AUD900MM from InfraBuild ------------------------------------------------------------------- The Australian Financial Review reports that the administrators of collapsed financier Greensill Capital are pursuing a financial claim on InfraBuild, the AUD5 billion Australian steelmaker owned by Sanjeev Gupta, as they seek to recoup AUD900 million in unpaid debts. According to the Financial Review, the administrators of Greensill Capital's UK business, which was owned by Australian financier Lex Greensill and lent billions of dollars to Gupta's GFG Alliance, have taken legal action in the NSW Supreme Court to determine the validity of a security charge held over InfraBuild's shares. The Financial Review relates that the move comes as Gupta's global GFG business, which once employed 35,000 people, is increasingly fraying. The South Australian government forced his Whyalla steelworks into administration in February and the British government took control of UK steelmaking business Speciality Steel in August. The security charge, which was filed with regulators, was given to Greensill Capital UK on March 1, 2021, by GFG's Liberty steel businesses in the UK and Australia, just a week before the financing group imploded, the Financial Review says. At the time, Gupta was trying to secure new loans from Lex Greensill's firm for other parts of his global operations. GFG has been trying to get a declaration from London's High Court to say the security is invalid. Its businesses LibertyOne Steel UK and Liberty Holdings Australia (which owns InfraBuild) filed a claim in the English court in late September. But Greensill Capital UK's administrators, Grant Thornton, have now taken their own legal action in Australia in response to the High Court filings, with counsel representing the administrators appearing in the Supreme Court on Oct. 13, according to the Financial Review. The Financial Review relates that a GFG spokeswoman said the disputed security charge had "no legal foundation. It was conditional on Greensill [Capital] securing insurance and advancing substantial new funding – neither of which ever materialised. "As a result, the security remains unperfected and without consideration. GFG seeks a declaration from the UK court to confirm that the security is invalid." The Financial Review says GFG thinks that if the security charge is declared invalid, it will be in a better negotiating position with Grant Thornton. The administrators are still owed US$587 million (AUD900 million) by GFG and are in court because they have been unable to reach a settlement with the global steel group despite years of negotiation. The global steelmaking group was previously successful in removing a security for a debt linked to its Liberty Primary Metals business in Australia, which owns the loss-making Tahmoor coal mine that was idled earlier this year. That security was linked to a debt paid off in mid-2023. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. JNN HOLDINGS: First Creditors' Meeting Set for Oct. 20 ------------------------------------------------------ A first meeting of the creditors in the proceedings of JNN Holdings Pty Ltd (trading as JNN Haulage) will be held on Oct. 20, 2025 at 12:00 p.m. via virtual meeting only. Manuel Hanna of Romanis Cant was appointed as administrator of the company on Oct. 8, 2025. RIO TINTO: In Talks to Keep Tomago Aluminium Smelter Open --------------------------------------------------------- The Sydney Morning Herald reports that mining giant Rio Tinto is locked in make-or-break negotiations with the federal and NSW governments to avert the closure of Australia's largest aluminium smelter, as a looming blowout in electricity costs threatens the plant's survival. According to SMH, Tomago Aluminium, majority-owned by Rio Tinto, on Oct. 10 said it was working with government ministers on "viable pathways" to keep the 40-year-old smelter in NSW operable beyond 2028 and safeguard the jobs of more than 1,500 employees in the Hunter region. If a taxpayer-funded support deal is reached, it will mark the fourth time the Albanese government has intervened to prop up a struggling metals processor this year after it contributed to bailouts of Glencore's Queensland copper smelter and refinery on Oct. 8, Nyrstar's smelters in Port Pirie and Hobart in August, and the collapsed Whyalla steelworks in February, SMH notes. SMH relates that Tomago chief excutive Jerome Dozol said energy costs, which accounted for more than 40 per cent of the smelter's operational expenses, were set to more than double once its existing contract with AGL expired at the end of 2028, hammering its economic viability. The energy-intensive smelter is the single largest user of electricity in NSW. It consumes more than 10 per cent of the state's power supply. "The greatest challenge for your business is energy, with reliable and affordable power essential for aluminium smelting on a sustainable basis," SMH quotes Mr. Dozol as saying. "Under market proposals for power supply from January 2029, our current energy costs would more than double - fundamentally changing operating economics." Tomago Aluminium, Australia's largest aluminium smelter, produces up to 590,000 tonnes a year of the metal, which is widely used to manufacture construction materials, cars, drink cans, foil packaging and electrical products. Aluminium is also increasingly in demand in the construction of solar panels and wind turbines. Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. TROVON GROUP: First Creditors' Meeting Set for Oct. 17 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Trovon Group Pty Ltd and Trovon Group Pty Ltd will be held on Oct. 17, 2025 at 11:00 a.m. at the offices of BRI Ferrier, at Suite 4, Level 26, 25 Bligh Street, in Sydney, NSW and via virtual meeting. Andrew John Cummins and Peter Paul Krejci of BRI Ferrier were appointed as administrators of the company on Oct. 7, 2025. WAYWARD BREWING: Second Creditors' Meeting Set for Oct. 16 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Wayward Brewing Company Pty Ltd (trading as Square Peg Brewing Company Pty Ltd) has been set for Oct. 16, 2025, at 12:00 p.m. via Zoom. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Oct. 15, 2025 at 4:00 p.m. Henry McKenna of Vincents was appointed as administrator of the company on Sept. 10, 2025. ========= C H I N A ========= CHINA VANKE: Chairman Abruptly Resigns From Stressed Builder ------------------------------------------------------------ Bloomberg News reports that China Vanke's recently appointed chairman has resigned from the role, in another blow to the embattled developer facing liquidity challenges. Xin Jie, who stepped in the chairman role amid an abrupt management overhaul in January, has applied to resign from positions including the chairman, the developer said in an exchange filing to the Hong Kong stock exchange on Oct. 13, Bloomberg relays. Xin's resignation is due to personal reasons, according to the filing. Bloomberg relates that Vanke also elected Huang Liping, deputy party chief and general manager at Shenzhen Metro, and as the chairman. Huang has served as a board member at Vanke since 2021. Bloomberg notes that the surprise twist threatens to further cloud the outlook of Vanke, whose financial position is already vulnerable ahead of a wall of onshore debt maturities. Vanke has been relying on steady liquidity support from its largest state-owned shareholder, Shenzhen Metro Group, which Xin has led as chairman for the past eight years. Xin, 59, spent the majority of his career in state-owned firms in southern Shenzhen city, according to Bloomberg. He earned a bachelor degree of engineering from a university in the industrial city of Shenyang in the 1980s, when China's economy was in the early stages of opening up. After working in a variety of sectors in Shenzhen, ranging from foreign trade to hotels, Xin in 2009 joined the city's state construction firm Shenzhen Tagen Group, where he later took on the chairman role. Xin was appointed chairman of Shenzhen Metro, the city's state-owned transit firm, since late 2017. Just before his appointment, the company became Vanke's largest shareholder after a bitter ownership battle. This January, Xin took over as Vanke's chairman from Yu Liang amid the firm's steepening losses, Bloomberg recalls. Once China's largest developer, the company has become the latest flashpoint in the nation's prolonged property crisis, underscoring the severity of the sector's challenges. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. In August 2025, Fitch Ratings downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC-', from 'CCC+'. Fitch also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC-' from 'CCC', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC-', with a Recovery Rating of 'RR4', from 'CCC'. The downgrade reflects further weakening in China Vanke's liquidity. Fitch believes timely and continued support from Shenzhen Metro Group Co. Ltd (SZMC), the homebuilder's largest shareholder, is essential for China Vanke to address its financial obligations, as Fitch forecasts its free cash flow (FCF) to remain negative in the near term. As reported in the Troubled Company Reporter-Asia Pacific in mid-June 2025, S&P Global Ratings affirmed its 'B-' long-term issuer credit rating on China Vanke Co. Ltd. and its subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK). S&P also affirmed its 'B-' issue rating on Vanke HK's senior unsecured notes. S&P removed the ratings from CreditWatch, where they were placed with developing implications on March 5, 2025. The negative rating outlook on China Vanke reflects S&P's view that the company's liquidity could tighten in the face of deteriorating sales and a bond maturity wall over the next 12 months. The TCR-AP reported on May 20, 2025, Fitch Ratings has downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC', from 'CCC+', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC', from 'CCC+', with a Recovery Rating of 'RR4'. The ratings are removed from Rating Watch Negative. CHINA WATER: S&P Rates Proposed USD-Denom. Sr. Unsec. Notes 'BB+' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term issue rating to U.S. dollar-denominated senior unsecured notes that China Water Affairs Group Ltd. proposes to issue. The rating on the notes is subject to its review of the final terms and conditions. S&P said, "We equalize the issue rating with the issuer credit rating on China Water Affairs (BB+/Stable/--). The China-based water utilities company had a priority debt ratio of 54.8% as of March 31, 2025. Despite the ratio exceeding our 50% threshold for notching down the issue rating, we expect the company to lower the proportion of debt at the subsidiary level as offshore interest rates start to decline, so that the priority debt ratio would approach 50% during the next 12 months." The rating equalization also reflects the fact that the proposed notes are not contractually subordinated. The notes are subject to early redemption under certain events, including change of control. They are also subject to certain covenants, including a fixed-charge coverage ratio (EBITDA over interest and dividends) of not less than 3.0x. China Water Affairs intends to use the net proceeds to repay existing offshore debt, including U.S. dollar-denominated senior notes due in 2026. S&P said, "We expect China Water Affairs to gradually improve its water-supply operating margins in the coming years as more of its water projects obtain tariff-hike approvals from local governments. The company's ambitious capital expenditure reduction plan would also support leverage improvement. "That said, financial capacity above the downside trigger will remain tight. We project the ratio of funds from operations to debt will average 13.3% over fiscals 2026-2028 (years ending March 31), against our downside trigger of 13%." COUNTRY GARDEN: 8 Bonds Receive Approval for Restructuring ---------------------------------------------------------- AASTOCKS.com, citing The Paper, reports that Country Garden Holdings is restructuring nine domestic bonds, with bondholder meetings for eight of these bonds approving the restructuring plan. The remaining balance amounts to RMB13.417 billion. Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Earlier in August 2025, it reached an agreement with a core group of bank creditors that holds 49% of the company's offshore debt, marking another step in its US$14.1 billion restructuring plan, according to Reuters. COUNTRY GARDEN: Chapter 15 Case Summary --------------------------------------- Chapter 15 Debtor: Country Garden Holdings Company Limited Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-111 Cayman Islands Case No.: 25-12175 Business Description: Country Garden Holdings Co. Ltd. is a holding company that has issued, borrowed, or guaranteed secured and unsecured debt as part of a restructuring scheme. It serves as the ultimate parent of the Country Garden Group, a major property developer in Hong Kong and mainland China engaged in property development, construction, interior decoration, and property investment. The group also develops, operates, and manages hotels across its markets. Chapter 15 Petition Date: October 1, 2025 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Philip Bentley Foreign Proceeding: Proceeding in Hong Kong entitled In the Matter of Country Garden Holdings Company Limited (Case Number HCMP 1366/ 2025) Foreign Representative: Fong Ching Lam 11 Duddell Street, Suite 1702 Hong Kong Central Hong Kong Foreign Representative's Counsel: Christopher J. Hunker, Esq. LINKLATERS LLP 1290 Avenue of the Americas New York NY 10104 Tel: (212) 903-9267 Email: christopher.hunker@linklaters.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free at PacerMonitor at: https://www.pacermonitor.com/view/AUOQ2NQ/Country_Garden_Holdings_Company__nysbke-25-12175__0001.0.pdf?mcid=tGE4TAMA About Country Garden Holdings Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Earlier in August 2025, it reached an agreement with a core group of bank creditors that holds 49% of the company's offshore debt, marking another step in its $14.1 billion restructuring plan, according to Reuters. WINGTECH TECHNOLOGY: Dutch Government Freezes Chip Unit Operations ------------------------------------------------------------------ Caixin Global reports that Wingtech Technology Co. Ltd. has temporarily lost control of its Netherlands-based subsidiary Nexperia after the Dutch government intervened on national-security grounds and ordered a freeze on the semiconductor-maker's operations. In a statement on Oct. 12, Shanghai-listed Wingtech said the Dutch Ministry of Economic Affairs issued a ministerial order against Nexperia on Sept. 30, freezing its rights to make adjustments to assets, intellectual property, business operations and personnel for one year across all of its 30 global entities. Wingtech Technology Co., Ltd. engages in electronics manufacturing, primarily smartphones, and also operates in the semiconductor and real estate sectors. ========= I N D I A ========= AASTHA COLD: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aastha Cold Storage (ACS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.90 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 August 30, 2024, placed the rating(s) of ACS under the 'issuer non-cooperating' category as ACS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 16, 2025, July 26, 2025, August 5, 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 Deesa-based (Gujarat) Aastha Cold Storage (ACS) is a partnership firm engaged in the business of providing cold storage services. Established in the year 2013, ACS is operating from its plant located at Modasa-Gujarat. ACS has installed capacity of 5000 metric tonnes of storage capacity as on March 31, 2015. AGRASIA IMPEX: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings of Agrasia Impex (AI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 1.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 1.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with AI, 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. Founded in 2007, as a proprietorship concern Agrasia Impex (AI) is engaged in the trading of chilly and turmeric. Firm was earlier involved in trading of chili powder, based on the orders received from customers. However, since past 4 years the firm has discontinued the sale of chili powder. AI is managed by Mr. Nallamothu Sri Ramanjaneyulu who has more than a decade long experience in trading of chilly and turmeric. ARUN POLYMERS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Arun Polymers (AP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 30, 2024, placed the rating(s) of AP under the 'issuer non-cooperating' category as AP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 16, 2025, July 26, 2025 and August 5, 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 Arun Polymers is a proprietorship firm, incorporated in 2013 by Mr. Arun Kumar. It started commercial operations from April 2013. The firm is engaged in the business of manufacturing polypropylene sack bags (PP bags). The manufacturing unit is located in Dindigul district in the state of Tamil Nadu and has around 40 employees. The major raw material for the unit is virgin raffia (a by-product of petroleum) granules which are majorly purchased from Reliance Industries Limited. The firm had an installed capacity of 100 tons per month as on March 31, 2016, which has been increased to 250 tons per month as on July 31, 2016. The firm has majority of customers in Tamil Nadu and Telangana region. ATLANTIC PROJECTS: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Atlantic Projects Limited (APL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 123.45 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 19, 2024, placed the rating(s) of APL under the 'issuer non-cooperating' category as APL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 5, 2025, August 15, 2025, August 25, 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 APL was incorporated in October, 1999, promoted by Mr Siddharth Mehra and his brother Mr Kapil Mehra. The company commenced operation in 2005 by venturing into the cotton trading business. The company traded in raw cotton, cotton yarn and fabrics and catered to both the domestic and export market. The company forayed into executing civil construction work for public sector enterprises and was awarded contracts for construction of multipurpose cyclone shelters and food godowns. BHAVANI RICE: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Bhavani Rice Mill (BRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 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 25, 2024, placed the rating(s) of BRM under the 'issuer non-cooperating' category as BRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 11, 2025, August 21, 2025, August 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Bavla (Gujarat) based Bhavani Rice Mill (BRM) was established in 1975 as a proprietorship firm by Mr. Bhailalbhai Patel and later converted into partnership firm. BRM is engaged in the milling and processing of non-basmati rice. BRM is operating from its sole manufacturing plant located in Bavla (Gujarat). BRIGHTSTAR HEALTHCARE: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Brightstar Healthcare Private Limited (BHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 19, 2024, placed the rating(s) of BHPL under the 'issuer non-cooperating' category as BHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 5, 2025, August 15, 2025, August 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Moradabad, Uttar Pradesh based Brightstar Healthcare Private Limited (BHPL) is a private limited company and was incorporated in November, 2012. BHPL is setting up a 300-bed multi-specialty hospital in new Moradabad, Uttar Pradesh. The hospital would provide healthcare services in cardiology and cardiac surgery, nephrology, neurology, neurosurgery, anaesthesiology & critical care, orthopaedics, urology, among others. EVERGREEN DOOARS: ICRA Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-term and Short-term ratings for the bank facilities of Evergreen Dooars Tea Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 3.16 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Short Term- 0.30 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term/ 12.54 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with Evergreen Dooars Tea Pvt. Ltd., 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. Evergreen Dooars Tea Pvt. Ltd. was incorporated in the year 1998 to set up a bought leaf plant for manufacturing Crush Tear Curl (CTC) variety of tea. However, there were no operations within the company. In 2011, the current management, Mr. Rajeev Baid and Mr. RajKaran Pincha, took over the company to establish a tea processing plant. The manufacturing facility of the company is located in Jalpaiguri, West Bengal with an installed annual tea manufacturing capacity of 25 lakh kgs. Commercial production at the manufacturing facility commenced from September 2013 and the company produced 22.26 lakh kgs of tea during FY15. GAYATRI AGRO: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gayatri Agro Oil and Food Products (GAOFP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.61 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 18, 2024, placed the rating(s) of GAOFP under the 'issuer non-cooperating' category as GAOFP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GAOFP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 4, 2025, August 14, 2025, August 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in January 2004, Gayatri Agro Oil and Food Products (GAOFP) was promoted by Mr. Amit Agrawal, Mr. Pawan Kumar Agrawal and Ms. Sarita Agrawal. The firm is engaged in the extraction and refining of edible oil (mainly rice bran oil and its byproduct de-oiled cake from rice bran) with an edible oil extraction capacity of 200 tons per day and refining capacity of 50 tonnes per day. The extraction cum refinery plant of the company is located at Kalahandi, Odisha. The firm sells its products under the brand name 'Shankh' and 'Sobha' in the state of Odisha. GBL BARALA: ICRA Assigns B+ Rating to INR93cr Term Loan ------------------------------------------------------- ICRA has assigned rating to the bank facilities of GBL Barala Healthcare Private Limited (GBHPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term- 93.00 [ICRA]B+ (Stable); assigned Fund based- Term Loan Rationale The rating assigned to GBHPL reflects ICRA's expectations that the company will leverage from the promoters' experience in the healthcare industry and location of the site in Chomu, Rajasthan with limited multispecialty hospital in the nearby area. The company is constructing a multispecialty hospital with 275 beds, which will provide a bouquet of healthcare services in various segments such as oncology, cardiology, orthopedic, neurology, plastic surgery, dental, ophthalmology, ear, nose, and throat (ENT) services and other general surgery facilities. The unit is expected to have 12 operation theatres along with outside patient department (OPD), pharmacy and in-house laboratories. The rating is further supported by the limited funding risk as term debt required to fund the hospital has already been tied up and the project is expected to commence operations from August 2026. The progress of the project is as per the scheduled timeline. The rating is, however, constrained by the nascent stage of the project, resulting in prevalent execution risk. Any time and cost overrun will adversely impact the company's financial risk profile and will remain a key rating monitorable. The company's ability to commence operations in a timely manner, ability to generate revenues and profit margins, hire and retain experienced professionals in the medical field will remain critical. Any major delay in commencement of operations may result in increased funding requirement, which is likely to be funded by the promoter. The Stable outlook on the long-term rating reflects ICRA's opinion that the company is likely to leverage from the modern healthcare facility and its promoters' experience in the medical field, which will support its growth in the near future. Key rating drivers and their description Credit strengths * Extensive experience of the promoter in similar line of business: GBHPL is setting up a 275-bed multi-speciality hospital in Tehsil Chomu, Jaipur, with operations expected to begin by August 2026. The project is promoted by the Barala family, comprising experienced medical professionals including Dr. Gyarsi Lal Barala, anaesthetist and chief intensivist; Dr. Babulal Barala, general surgeon; Dr. Shikha Meel Barala, gynaecologist and in-vitro fertilisation (IVF) specialist, Dr. Amit Barala, chief neurosurgeon; Dr. Vipin Barala, chief plastic surgeon; and Dr. Annu Barala, cardiac department head. * Limited funding risk as entire term debt tied up; healthy net worth of promoters: The project is funded by a mix of term loan and contribution by the promoters in the form of equity capital and unsecured loans. The term loan has been secured by the company and partial infusion of equity and unsecured loan is also done by the promoters. The company has kept an additional contingency buffer, which can be further infused as unsecured loans if any incremental funding is required. The net worth of the promoters stands at Rs. 95.1 crore as on March 31, 2024. Credit challenges * Execution risk persists: The project is at an initial stage of construction, where civil work is ongoing and once it gets completed, the focus will shift towards sourcing equipment. Post commencement, stabilisation of operations in a timely manner remains a critical challenge. It is essential for the company to obtain all necessary statutory approvals in a timely manner, as this remains a key area of monitoring. * Challenges in tying up with skilled personnels and medical professionals: The presence of qualified medical professionals, including doctors, paramedical staff, and support personnel, is essential for a hospital's success and sustained trust within the local community. In a competitive healthcare environment, where specialised medical talent is increasingly becoming scarce, a hospital's ability to attract and retain reputed specialists for long-term engagement becomes a critical differentiator. Nonetheless, ICRA notes that the vast experience of the existing promoters in the medical field will benefit the company. * Timely completion of the project without any time and cost overrun is critical: The project is currently in its early construction phase, with civil work underway and procurement of essential equipment in progress. Any delay at this stage could lead to cost overrun and operational challenges. Additionally, the company may face rising input costs, which could further impact the overall execution budget. Timely receipt of all necessary regulatory approvals is critical for maintaining the project timeline and cost efficiency and thus remains a key monitorable, going forward. Liquidity position: Stretched The company's liquidity position is expected to remain stretched as the project is currently in the nascent stage. The cash flow generation will take some time and is expected to commence before sizeable repayment obligations begin after expiry of the moratorium period extended by the lenders. The partners will extend funding support in case of any cost overrun or cash flow mismatch. No working capital limits have been sanctioned till date. Rating sensitivities Positive factors – Timely completion of the project without any debt funded cost overrun may also result as a positive factor. Negative factors – Delay in commissioning of the project or any additional large debt funded capex or cost overrun leading to increase in leverage levels may put pressure on the ratings. GBHPL is developing a 275-bed multi-speciality hospital in Tehsil Chomu, Jaipur, with operations expected to begin by August 2026. The company is promoted by the Barala family, comprising experienced medical professionals. Dr. Gyarsi Lal Barala, a seasoned anaesthetist and chief intensivist with over 40 years of experience, holds a 40% stake. His wife, Ms. Kamala Barala, owns a 10% stake. Dr. Babulal Barala, a general surgeon with over 30 years of experience, also holds a 40% stake, while his wife, Ms. Meena Barala, owns the remaining 10% stake. GOWRA VENTURES: CARE Lowers Rating on INR130cr LT Loan to B+ ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Gowra Ventures Private Limited (GVPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 130.00 CARE B+; Stable; ISSUER NOT Bank Facilities COOPERATING; Downgraded from CARE BB; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from GVPL to monitor the rating(s) vide e-mail communications dated May 27, 2025, to September 16, 2025, and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on Gowra Ventures Private Limited bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating(s). The last rating assigned to Gowra Ventures Private Limited was constrained due to fluctuating total operating income (TOI) during FY21-FY24 (FY refers from April 1 to March 31), stretched liquidity profile, weak debt service coverage indicators due to high repayment obligations till March 31, 2027, leveraged capital structure, significant high exposure to its group entity. The rating also factored segmental concentration risk and inherent cyclicality associated with the sector and presence in competitive industry. The rating, however; derived strength from experienced promoters with long association in the real estate sector, favorable location of the commercial property with long-term lease agreement having healthy occupancy ratio (GVPL share), presence of escrow arrangement for its lease rental debt (LRD) repayment and satisfactory profit margins. The rating further drew comfort from promoter's support through its group companies, who are also into lease rental business in the Hyderabad market. Analytical approach: Standalone (Factoring linkages with Gowra Palladium Private Limited and Urban Desk Private Limited through the common promoters) Outlook: CARE Ratings believes that the entity will continue to benefit from the extensive experience of the promoters in the real estate market in Hyderabad. Detailed description of key rating drivers: At the time of last rating on September 17, 2024, the following were the rating strengths and weaknesses. Key weaknesses * Rollover risk of the existing leases and vacancy risk: Lease agreements have lock in period of 3 & 5 years along with escalation clause which is around 5% after expiry of every -year. After expiry of lock in period company will be exposed to vacancy risk in case tenants fails to generate revenue based on their projections, however, the commercial building is located in IT hub of Hyderabad, which indicates high probability of getting the vacant space leased out. Hence, rollover of the existing leases or leasing the space to new tenants at higher than the existing rates will be key rating monitorable. * Fluctuating total operating income (TOI) with satisfactory profitability: GVPL has two primary revenue streams: the execution of construction activities (residential and commercial buildings) for its group companies, and lease rentals from its sole commercial property, Gowra Fountainhead. The company's total operating income (TOI) has been on an upward trend, increasing from INR28 crore in FY20 to INR32 crore in FY21, and further to INR40 crore in FY22, driven by proceeds from the sale of units in the Gowra Fountainhead under GVPL's share. However, the TOI declined in FY23 to INR27 crore and to INR19 crore in FY24 due to gradual drop-in subcontracting services in civil construction for its group companies and lower revenue booked from sale of units from its commercial property. The company also receives a notable amount of interest income from its loans and advances extended to its group concern, which adds up in the profits. The PBILDT margin has improved during FY21-FY24, and stands satisfactory at 35% in FY24 as against 24% in FY23. However, the PAT margin was fluctuating during FY21 to FY24, and has declined to ~2% in FY24 from ~11% in FY23, due to increase in interest expenses on account of additional debt availed by capitalizing the unsold area of the commercial property Gowra Fountainhead. * Leveraged capital structure backed by elevated debt levels with weak debt coverage indicators: The capital structure of the company marked by overall gearing stands leveraged due to lower net worth base of INR34 crore, and having consistent high debt levels. The debt profile of the company is mixed of inventory (unsold) and LRD finance. The overall gearing stands at 3.63 as on March 2024 compared to 1.51x as on March 2022. The Total Debt/GCA and interest coverage stands weak at 38.66x and 0.56x as on March 31, 2024 as against 21.57x and 0.80x as on March 31, 2023. The debt service coverage ratio (DSCR) for the projected period of FY25-FY27 is expected to be below unity, however, given the resourcefulness of the promoter, the shortfall in debt repayment obligations will be covered by the promoters, as previously demonstrated. * Significant exposure towards group companies: GVPL's have extended loans and advances to its group company and promoter almost 3.2 times of its net worth to INR111.43 crore as on March 31, 2024. These loans and advances were utilized towards the construction of a new commercial Grade A office property known as Gowra Palladium, which was developed under Gowra Palladium Pvt Ltd. The tenants are majorly from the IT/ITES space and operate as Global Capability Centres (GCC). Having said that these loans carry interest rates of around 7-8% on the outstanding debt, which provides GVPL some liquidity cushion with regular interest incomes. * Inherent risk associated with cyclical nature of real estate sector: The real estate sector in India is highly fragmented with many regional players, who have significant presence in their respective local markets which in turn leads to intense competition within the industry. This sector is also sensitive to the macroeconomic cycle and interest rates. Key Strengths * Experienced promoter with long association in the real estate sector: GVPL is part of the Gowra Group, which operates in various sectors including real estate, petrochemicals, aerospace, and food processing. The real estate division is led by Mr. Aditya Gowra, while his brothers manage the other businesses, specifically Gowra Aerospace Technologies Pvt Ltd and Gowra Petrochem Pvt Ltd. GVPL focuses on commercial and residential projects primarily in Telangana. Mr. Aditya Gowra, an engineering graduate with over 3 decades of real estate experience, oversees GVPL's day-today operations. * Long term lease agreement with healthy occupancy ratio: GVPL has entered into long term lease agreement with majorly from IT/ITES space having a healthy occupancy of 98% (GVPL share). The lease tenure extends up to June 2032 with a lock-in period of 3 & 5 years and escalation in rent at 5% year on year. All tenants are currently under lock-in period, providing comfort on revenue visibility. The present tenant profile comprises companies belonging to IT/ITES space, which results in a moderate segmental concentration. Recessionary cycles may adversely impact GVPL's revenue. However, this is partly mitigated by the fact that most clients have long lease agreements upto 9 years with lock in period of 3 years. * Escrow arrangement for its LRD debt repayment: The company has taken an LRD loan from Karur Vysya Bank, which would be ending March 2038. Further, in line with the sanctioned terms and conditions of the lender, there is an escrow account arrangement where proceeds from GVPL's share from Gowra Fountainhead lease rentals gets deposited and the amount credited first utilized towards taxes and statutory payments followed by the payment of debt servicing obligations of LRD loan and then general operational expenses. The company has also availed additional debt from Axis Finance Ltd where the existing cash flows are not sufficient to repay its yearly debt obligation. Nevertheless, the promoter has been regularly infusing funds to repay its debt obligation of Axis Finance, which is expected to continue till the loan is closed. Liquidity: Stretched The liquidity position of the company is stretched, with insufficient projected cash flows to cover its debt obligations from FY25 to FY27, necessitating infusion of funds by promoter/promoter group entities. In FY23, the company availed additional debt from Axis Finance majorly to finance the commercial project of its group concern, and considering the total debt repayment (LRD and inventory financing), the existing lease rental are not sufficient for its repayments. However, Liquidity of the company is supported by the promoters through unsecured loans, which has been demonstrated in the past. Gowra Ventures Pvt Ltd (GVPL), incorporated in 2006, is engaged in developing residential and commercial real estate project, and executes civil construction activities for the real estate project (residential/commercial) of its group companies in and around Telangana. GVPL has also entered leasing business of its recently constructed Grade A commercial office space project "Gowra Fountainhead" in Hyderabad in 2021. It's located in one of the prime locations of Hyderabad i.e. Madhapur, known as IT hub, and spaces are primarily leased to IT/ITES on medium to long term commercial leasing arrangements. Gowra Fountainhead was constructed by GVPL under JDA (70:30) with its own promoter, The commercial property consists of 13 floors with 3 basement parking space, with a total area of 5.01 lakh square feet (lsf), of which 2.11 lsf has been sold off, and remaining 2.90 lsf is for lease of which GVPL owns 1.52 lsf and remaining belongs to the promoter. MAGIC INDIA: ICRA Assigns B (Stable) Issuer Rating -------------------------------------------------- ICRA has assigned rating to the bank facilities of Magic India Hitech Projects Private Limited (MIHPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer rating - [ICRA]B (Stable); assigned Rationale The assigned rating for MIHPPL factors in the promoters' extensive experience of over 15 years in the real estate sector, primarily in acquisitions and sale of land parcels in West Uttar Pradesh (UP) and the Delhi NCR region. The assigned rating also considers the favourable location of the company's ongoing projects, situated near Jewar Airport, near Greater Noida and Shakumbhari Temple, Saharanpur, which benefit from good intercity connectivity and proximity to commercial establishments, which in turn support saleability of the ongoing projects. Further, the rating derives comfort from the company's healthy inventory book, comprising approximately 39,500 square yards of unsold land as of August 2025. However, the rating remains constrained by the small scale of operations, limiting operational and financial flexibility. The rating is further impacted by market and execution risks associated with current and upcoming projects amid about 55% of land parcel that are unsold as of August 2025. The company faces high geographical concentration risk, with operations restricted to West UP and Delhi NCR. Additionally, the cyclical nature of the real estate sector and its dependence on macroeconomic factors expose the firm's sales to potential downturn in demand. The Stable outlook reflects ICRA's opinion that MIHPPL will be able to improve its collections from the sale of its existing plots and upcoming launches, owing to its established position in its operational real estate market. Key rating drivers and their description Credit strengths * Extensive experience of promoters in real estate industry: The promoters have over 15 years of experience in the real estate industry, with a focus on the purchase and sale of land parcels, primarily in West UP and the Delhi NCR region. Their long presence and domain expertise have supported the company's operations. * Favourable location of projects: MIHPPL is currently executing four projects, all of which are in favourable advantageous areas. These include sites near the upcoming Jewar Airport and Shakumbhari Temple in Saharanpur, which benefit from good intercity connectivity and proximity to commercial and religious hubs. These locational advantages are expected to support the saleability of the ongoing projects. * Healthy inventory book: MIHPPL has a healthy inventory of over 39,500 square yards of land available for sale to residential and commercial customers as of August 2025. This includes approximately 8,000 square yards from a newly acquired project in Saharanpur during FY2026. The sizeable land bank is expected to support future sales and cash flow generation over the near to medium term. Credit challenges * Small scale of operations: MIHPPL is a small-scale player in the competitive real estate industry, as reflected in its modest operating income of INR4.1 crore in FY2025, on a provisional basis. However, ICRA expects the company to witness moderate revenue growth over the medium term, supported by its healthy inventory position in the form of unsold land parcels, which provide visibility for future sales. * Execution risks for ongoing and upcoming projects: MIHPPL remains exposed to execution risks associated with the development of land parcels for resale to residential and commercial customers across its ongoing and upcoming projects. Timely completion and development are critical to mobilising customer advances. Additionally, the firm faces market risks related to the sale of the balance inventory, which could be influenced by demand fluctuations and competitive pressures in the real estate sector. * Geographical and asset concentration risks and exposure to cyclicity in the real estate industry: MIHPPL faces high geographical concentration risk, with all its projects located in West UP and the Delhi NCR region. Additionally, the limited portfolio of only four projects exposes it to asset concentration risk. The real estate sector is inherently cyclical, characterised by price volatility and a fragmented market structure due to the presence of numerous regional players. Further, the sector's dependence on macroeconomic conditions heightens the company's vulnerability to potential downturns in demand. Liquidity position: Stretched MIHPPL's liquidity profile is stretched, with reliance on incremental sales and customer advances to fund land acquisitions and meet debt obligations, although the debt levels are limited. The company had INR0.8 crore of cash and cash equivalents as on March 31, 2025. Rating sensitivities Positive factors – ICRA could upgrade Magic India's rating if there is sustained improvement in its scale of operations while maintaining steady earnings. Additionally, the rating could be upgraded if sales and collections for their existing or upcoming projects are healthy on a sustained basis. Negative factors – ICRA could downgrade Magic India's rating if there are subdued bookings or collections, or a significant increase in indebtedness weakens its liquidity position. MIHPPL was incorporated in 2012 and is headquartered in Noida, Uttar Pradesh. The company focuses exclusively on buying, selling, and development of open land parcels. It has established an operational footprint across Delhi NCR, Uttarakhand and Uttar Pradesh, catering to residential, commercial, and future development land needs. OZONE HOMES: ICRA Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating for the NCD programme of Ozone Homes Private Limited (OHPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- NCD/DebtBonds/ 180.00 [ICRA]D; ISSUER NOT COOPERATING; NCD/LTD Rating Continues to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with OHPL, 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. Ozone Homes Private Limited (OHPL) is a special purpose vehicle (SPV) of the Ozone group which is currently developing Ozone Autograph, a residential real estate project in Dadar, Mumbai. OHPL has some unsold inventory in Ozone Gardenia, a completed project in Chennai. OHPL also owns 11 units in Ozone Metrozone project, Chennai which has been provided as security for the rated NCD programme. Tuscan Consultants & Developers Private Limited (TCDPL) is the majority shareholder of the company, with a shareholding of 99.8%. TCDPL is 100% owned by Mr. S Vasudevan, who is the chairman of the Ozone group. ROYAL CASTOR: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Royal Castor Products Limited (RCPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- NCD/Debt- 10.00 [ICRA]B+(Stable); ISSUER NOT Fixed Deposit COOPERATING; Rating Continues to remain under issuer not cooperating category Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- (20.00) [ICRA]B+ (Stable) ISSUER NOT Interchangeable COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Short Term- 55.00 [ICRA]A4 ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 3.00 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Short Term (10.00) [ICRA]A4; ISSUER NOT Interchangeable COOPERATING; Rating Continues Others to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with RCPL, 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. Royal Castor Products Limited (RCPL) was incorporated in August 1994 and is based out of Siddhpur in the Patan district of Gujarat. The Company was initially promoted by Mr. Mohanbhai M Patel and presently has more than 50 shareholders. Standard Greases & Specialities Private Limited has a stake of around 23%. In FY 2013, Kusumoto Chemicals Limited, (a company with whom RCPL has established relations for over a decade) infused around INR11.10 Cr for an 8.8% stake in the company. RCPL is engaged in the business of manufacturing derivative products by processing castor oil and refined castor oil. Its portfolio consists of more than 20 derivative products. It has a refining plant with a capacity of 73,214 tonnes per annum (TPA). SAICO CRANES: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Saico Cranes Private Limited (SCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.30 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 23, 2024, placed the rating(s) of SCPL under the 'issuer non-cooperating' category as SCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 9, 2025, August 19, 2025, August 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in 2004 by Alimchandani family, SCPL is engaged in manufacturing of heavy material handling equipment viz. EOT (Electrical Overhead Traveller) cranes, traversers, transfer trolleys, spares, etc. finding wide range of applications as material handling equipment for heavy equipment viz. railway wagons, heavy steel items, heavy automobile parts, etc. SARVESHWARI EXPORTS: ICRA Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-term and Short-Term ratings of Sarveshwari Exports Private Limited (SEPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]B+(Stable) ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.45 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term/ 0.17 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category Short Term- 0.38 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SEPL, 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 March 2011, SEPL is involved in processing and export of shrimps. In December 2012, the company took over the entire business of the partnership firm, M/s Sarveshwari Exports which was also engaged in the same line of business since 2002. The company exports the shrimps under the registered brand names of 'Mizu Fresh', 'Udori Ebi' and 'Max Ultra'. SATYAM BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Satyam Builders (SB) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 18, 2024, placed the rating(s) of SB under the 'issuer non-cooperating' category as SB had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SB continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 4, 2025, August 14, 2025, August 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jharkhand based, SB was set up as a partnership firm in 2003 by two brothers Mr. Vinay Kumar Thakur and Mr. Mithilesh Kumar Thakur. Since its inception, the firm has been engaged in civil construction activities in the segments like roads, bridges, buildings and railways works. The firm is registered as a Class 1 contractor. Over the years, it has completed a good number of small sized and few medium sized projects for Government and semi-government organizations. SHARDA RETAILS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sharda Retails Private Limited (SRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 26.72 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 17, 2024, placed the rating(s) of SRPL under the 'issuer non-cooperating' category as SRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 3, 2025, August 13, 2025, August 23, 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 based Sharda Retails Private Limited (SRPL) was incorporated as a private limited company in November 1990. Currently, the company is managed by Mr. Brijesh Kumar Agarwal and Mr. Suman Agarwal. Since its incep tion, the company has been engaged in retailing of readymade garments for men and women. The company also deals in various other accessories and household items. The company procures its traded materials from various states like Mumbai, Kolkata, Delhi, Ghaziabad, Ahmadabad and others. The company sells its products through 13 exclusive showrooms under the brand name “Geeta Fashions spreading across various states of Eastern India like West Bengal, Jharkhand and Orrisa. Furthermore, the company also sells its products through vendors all over India. SHREEYA PEANUTS: CARE Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shreeya Peanuts Private Limited (SPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.46 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 15.00 CARE C/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 25, 2024, placed the rating(s) of SPPL under the 'issuer non-cooperating' category as SPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 11, 2025, August 21, 2025, August 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in October 2013, Shreeya Peanuts Private Limited (SPPL) is engaged in groundnut oil milling, solvent extraction and refinery of edible oil with an installed capacity for the oil mill plant is 22,000 MTPA, 44,000 MTPA for the solvent plant and 22,000 MTPA for the refinery plant. SURESH POULTRY: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sri Suresh Poultry Complex (SSPC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 7.00 CARE B-; Stable; Issuer not Facilities cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 30, 2024, placed the rating(s) of SSPC under the 'issuer non-cooperating' category as SSPC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSPC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 16, 2025, July 26, 2025 and August 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Karnataka based, Sri Suresh Poultry Complex (SSPC) was established in the year 1998 as a Partnership concern by Mr. S. Trinadha Reddy (Managing Partner), Mr. Venkata Reddy along with other family members. Mr. S. Trinadha Reddy (Managing Partner) has an experience of more than two decades in the poultry business. The firm is engaged in farming of egg laying poultry birds (chickens) along with trading of eggs and cull birds. The firm has its plant located at Chamalapur Village, Koppal district, Karnataka covering an area of 16 acres. The firm sells its products like eggs and cull birds in the local market covering Hubli, Vijayapur and other parts of Karnataka. On demand, the firm also sells the manure of the birds in the local market. URBAN DESK: CARE Lowers Rating on INR25cr LT Loan to B+ ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Urban Desk Private Limited (UDPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 25.00 CARE B+; Stable; ISSUER NOT Bank Facilities COOPERATING; Downgraded from CARE BB; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from UDPL to monitor the rating(s) vide e-mail communications dated May 27, 2025, to September 16, 2025, and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on Urban Desk Private Limited bank facilities will now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating(s). The last rating assigned to Urban Desk Private Limited was constrained due to cash losses incurred during FY24 (FY refers to April 1 to March 31) leading to weak financial risk profile with negative networth base as on March 31, 2024 (Provisional), moderate risk of renewal, and vulnerable to cyclicality and changes in interest rates. The rating, however; derived strength from growing scale of operation, experienced promoters with long association in the real estate sector, favourable location of the commercial properties with short to Long-term sublease agreement, including fit-out rentals having satisfactory occupancy ratio, presence of escrow arrangement for its lease rental debt (LRD) debt. The rating further drew comfort from promoter's support in the form of unsecured loan. Analytical approach: Standalone. (Factoring linkages with Gowra Palladium Private Limited and Gowra Ventures Private Limited through the common promoters). Outlook: Stable CARE Ratings believes that the entity will continue to benefit from the extensive experience of the promoters in the real estate market in Hyderabad. Detailed description of key rating drivers: At the time of last rating on September 17, 2024, the following were the rating strengths and weaknesses. Key weaknesses * Rollover risk of the existing leases and vacancy risk: UDPL's revenue comes from two sources: sub-lease rentals and fit-out rentals with property management services to two of its commercial property i.e. Gowra Palladium and Gowra Fountainhead. Currently, these services are provided only to its group companies in Hyderabad. UDPL remains exposed to sub-lease renewal risks, given that short-medium term lease agreements. Additionally, the risk is elevated when substantial fit-out expenses have been incurred, and the tenant terminates the agreement before the lock-in period. Although, considering the long association of the group in the commercial lease business, the renewal rates are expected to be higher. The renewal rates of the future lease expiry will remain a key monitorable. The occupancy level for Gowra Palladium and Gowra Fountainhead stands satisfactory at 69% and 40% as on July 10, 2024 with a short to long term lease agreement in nature for 1-9 years between the tenants. After expiry of lease period company will be exposed to vacancy risk, however, the commercial building is located in IT hub of Hyderabad, which indicates high probability of getting the vacant space leased out. Hence, rollover of the existing leases will be key rating monitorable. * Fluctuating PBILDT levels with cash losses in FY24 albeit growing scale of operations: The total operating income (TOI) of the company has been on an increasing trend from INR0.05 crore in FY20 to INR13 crore FY24 on account of addition of tenants from the commercial properties. The profitability margin has been fluctuating during FY21-FY24, and overall, it remained at a moderate level considering the short track record of operations in providing services like property management services, sublease and fitout rentals. The PBILDT margin improved from 23% in FY22 to 43% in FY23 owing to rise in fitout service for the tenants of Gowra Fountainhead. However, the PBILDT margin declined in FY24 to 5%, due to incurring fixed lease rental against the sublease spaces in the commercial building Gowra Palladium (owned by Gowra Palladium Pvt Ltd). Apart, the company has to incur upfront fitout expenses wherever it has received LOI (letter of intent) from the tenants and post customization of fitouts the agreement comes into effect. Due to the above the expenses were higher, resulting in lower PBILDT in FY24. Further, the PAT stood negative registering a negative GCA of INR1.60 crore due to incurring interest expenses against the utilization of its DLOD limit (sanctioned INR25 crore). The losses were absorbed by way of infusing USL from the promoters. With the major expenses for fit outs completed in FY24 and further increase in occupancy levels in both commercial properties, revenue is expected to rise. * Weak financial risk profile backed by negative Networth base: The financial risk profile of the company stands weak due to negative Networth base and high debt levels as on balance sheet date of 2024. The company incurred net losses in FY24, which were absorbed by way of infusing fresh USL from the promoters, and the support is expected to continue on need basis. The debt coverage indicator deteriorated and stood weak in FY24 due to lower PBILDT and high debt levels. The debt was majorly utilized towards the fitout expenses and managing the two commercial properties. The financial position is expected to improve due to major expenses towards the fitout for Gowra Palladium and Fountainhead have been incurred till FY24, and from FY25, the company would get only rentals against its recurring expenses like maintenance, admin, and salaries, wherein these expenses have less proportion in the cost structure of UDPL. * Inherent risk associated with cyclical nature of real estate sector: The real estate sector in India is highly fragmented with many regional players, who have significant presence in their respective local markets which in turn leads to intense competition within the industry. This sector is also sensitive to the macroeconomic cycle and interest rates. * Debt coverage metrics susceptible to change in interest rate: The debt coverage indicators are susceptible to any increase in interest rates or reduction in occupancy levels. However, considering the yearly escalation of rentals, the company cash flow would be sufficient enough to service the interest obligation. Key Strengths * Experienced promoter with long association in the real estate sector. UDPL is part of the Gowra Group, which operates in various sectors including real estate, petrochemicals, aerospace, and food processing. The real estate division is led by Mr. Aditya Gowra, while his brothers manage the other businesses, specifically Gowra Aerospace Technologies Pvt Ltd and Gowra Petrochem Pvt Ltd. Mr. Aditya Gowra, an engineering graduate with over 3 decades of real estate experience, oversees UDPL's day-to-day operations. URBANSCAPE PROPERTIES: ICRA Keeps B+ Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-term rating of Urbanscape Properties LLP (USP) under the 'Issuer Not Cooperating' category. The rating is denoted as: "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer rating - [ICRA]B+(Stable); ISSUER NOT COOPERATING; Rating Continuous to remain under 'ISSUER NOT COOPERATING' category As a part of its process and in accordance with its rating agreement with USP, 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 continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Urbanscape Properties LLP (USP), a limited liability partnership firm, is a part of the Bhima Group, which is one of the prominent jewellery brands in South India. The firm is into developing residential apartments in Kerala, where it has already completed two projects and has one ongoing apartment project, Urbanscape Solitaire, in Trivandrum. USHA SHRIRAM: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-term and Short-term ratings for the bank facilities of USHA Shriram Enterprises Private Limited (USEPL) 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- 21.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 9.20 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Limits 'Issuer Not Cooperating' Category Long-term/ 0.80 [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 USEPL, ICRA has been trying to seek information from the entity so as to monitor its performance, but 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 continued to remain under the "Issuer Not Cooperating" category. The rating is based on the best available information. USEPL is a multi-product company established in the year 1983. The product range falls under the Consumer Durables category. It has a range of products from Home & Institutional Lighting, Furniture & Mattresses, Pressure Cookers & Cookware, Televisions & Accessories, Water & Air Purifiers, Mobiles and CCTV Camera among others. The products are marketed under the brand USHA/ USHA Shriram. The Fans & Appliances are marketed exclusively under the premium brand "EUROLEX". VARELI TECNAC: ICRA Withdraws B+ Rating on INR1cr LT Loan --------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Vareli Tecnac Private Limited, at the request of the company and No Due Certificate received from its bankers in accordance with ICRA's policy on withdrawal. The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities and Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 10.00 [ICRA]A4; ISSUER NOT COOPERATING; Non-Fund Based- ISSUER NOT COOPERATING; Others Withdrawn Long Term- 1.00 [ICRA]B+(Stable); ISSUER NOT Fund Based- COOPERATING; ISSUER NOT Cash Credit COOPERATING; Withdrawn The company was initially set up as an investment company in the name of Vareli Trexim Pvt. Ltd. In March 1994. Subsequently, with an intention to foray into the IT business, the promoters changed the company's name to Vareli Tecnac Pvt. Ltd. In November, 2018. VTPL acts as a system integrator, and is also engaged in hardware reselling, software licensing, development and implementation, as well as leasing, maintenance and servicing of various IT assets. Besides its main office at Kolkata, VTPL also operates from branch offices at different cities all over India. ================= I N D O N E S I A ================= KAWASAN INDUSTRI: Fitch Affirms 'B-' Long-Term IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Indonesia-based PT Kawasan Industri Jababeka Tbk's (KIJA) Long-Term Issuer Default Rating (IDR) at 'B-'. The Outlook is Stable. The agency has also affirmed the rating on KIJA's USD185.9 million secured notes due 15 December 2027 at 'B-' with a Recovery Rating of 'RR4'. The 2027 secured notes are issued by KIJA, guaranteed by certain subsidiaries and secured by first-ranking mortgages over land parcels. The 'B-' IDR reflects KIJA's cyclicality of its industrial land sales, counterbalanced by improving non-development cash flow from its power plant, dry port and estate-management services that cover its interest expenses. The rating considers KIJA's financial flexibility given a large maturity in December 2027. Fitch Ratings Indonesia has simultaneously affirmed KIJA's National Long-Term Rating at 'BB+(idn)'. The Outlook is Stable. 'BB' National Ratings denote an elevated default risk relative to other issuers or obligations in the same country or monetary union. Key Rating Drivers Healthy Non-Development Interest Cover: Fitch forecasts non-development EBITDA to reach around IDR600 billion in 2025 from around IDR470 billion in 2024, driven by higher power sales and estate-management fees as its Cikarang and Kendal townships expand. Fitch expects higher recurring cash flow from non-development activities to offset cyclical industrial-property sales and the coupon step-up on KIJA's 2027 notes. Fitch projects non-development EBITDA interest coverage to approach 2.0x over the next three years (2024: 1.5x). Small, Steady Pre-Sales: KIJA's scale is small, with annual pre-sales of around IDR1 trillion. Fitch forecasts pre-sales, excluding 51%-owned PT Kawasan Industri Kendal (KIK), to remain steady at about IDR1.0 trillion-IDR1.2 trillion over the next three years. Fitch expects total pre-sales to increase by 7% in 2025, driven by stronger land-plot sales, and grow at a low single-digit rate on average over the next two years amid stiffer competition. Industrial Demand Supported by FDI: Fitch expects pre-sales for industrial land plots and buildings to benefit from potential interest-rate cuts and steady FDI into Indonesia, as manufacturers diversify supply chains. This is reflected in increased investments in KIK from textile, automotive and electronics manufacturers. Industrial land and building sales should account for the majority of pre-sales over the next three years, with affordable residential units and shophouses comprising the remainder. Land Acquisition to Support Industrial Pre-Sales: KIJA has a large land bank of over 1,200 hectares in Cikarang, sufficient for more than 20 years of pre-sales. However, the company may need to acquire plots within and around the township to form contiguous parcels to support medium-term industrial pre-sales. Fitch believes KIJA has the flexibility to prioritise liquidity over land acquisitions in the near term. Weak Residential and Commercial Pre-Sales: Fitch forecasts residential and commercial pre-sales to decline by about 30% in 2025 (2024: -17%). Fitch estimates pre-sales for landed houses, high-rise buildings and commercial shophouses to fall by around 30%, 20% and 65%, respectively, in 2025. High-rise pre-sales have weakened over the past two years due to a lack of new launches. Fitch expects low single-digit growth in 2026-2027 as township expansion gradually supports demand in the residential and commercial segments. Neutral-to-Positive FCF: Fitch forecasts neutral-to-positive free cash flow (FCF) in 2025-2027, supported by higher pre-sales and dividends from KIK, despite higher maintenance capex and land-acquisition costs. Fitch expects annual maintenance capex of IDR200 billion in 2025-2027. Fitch estimates land acquisitions of around IDR100 billion in 2025, excluding Kendal township investments, with purchases gradually ramping up after a slowdown over the past three years. JV Deconsolidated: Fitch deconsolidates KIK in its rating assessment. KIK is not a guarantor of the US dollar notes, and KIJA requires the consent of PT Sembcorp Development Indonesia, which owns the remaining 49% of the JV, to upstream dividends. KIJA received dividends of IDR132 billion from KIK in 2023, IDR165 billion in 1H24 and IDR276 billion in 1H25. Fitch forecasts subsequent annual dividends of around IDR200 billion. No Expected Support for JV: Fitch does not expect KIJA to provide support to the JV, as KIK is self-sufficient, with steady operating cash flow and no debt. KIJA and Sembcorp have not guaranteed KIK's debt historically. Peer Analysis KIJA's rating is constrained by its smaller scale relative to PT Bukit Makmur Mandiri Utama (BUMA, BB-/Stable), with EBITDA about one-sixth of BUMA's. BUMA has an established market position in coal mining services in Indonesia and Australia, whereas KIJA operates as one of many developers in Indonesia without a significant market share. BUMA is also more geographically diversified, with operations across multiple markets, while KIJA operates solely in Indonesia. These factors support the three-notch rating differential in favour of BUMA. Key Assumptions Fitch's key assumptions within its rating case for the issuer: - Pre-sales, excluding KIK, of IDR1,118 billion in 2025 and IDR1,135 billion in 2026 - Non-development EBITDA of around IDR600 billion in 2025 and IDR630 billion in 2026 - Land bank acquisition costs and capex, excluding KIK, of around IDR300 billion per year in 2025 and 2026 - Dividend income from KIK of IDR276 billion in 2025. Fitch assumes recurring annual dividend income of around IDR200 billion from 2026. Recovery Analysis Key Recovery Rating Assumptions Fitch assumes KIJA will be liquidated in a bankruptcy than continue as a going concern, as it is an asset-trading company. - Fitch uses KIJA's financials, excluding KIK, to compute liquidation value under a distressed scenario of IDR5.3 trillion as of end-December 2024. - The estimate reflects its assessment of the value of trade receivables at a 75% advance rate; inventory at a 50% advance rate; and property, plant and equipment at a 50% advance rate, which primarily comprised a power plant, dry port and wastewater treatment plant. The discount takes into consideration the power plant's age, at more than 10 years, with less than 10 years remaining under its power purchase agreement, and the dry port's strategic location. - Fitch believes the 25% discount over trade receivables is more than sufficient to cover potential bad debt, given KIJA's allowance for bad debt of less than 5% of total receivables as of end-2024. - Fitch assigns a 50% advance rate to inventory, which incorporates a substantial discount to market value, as KIJA reports inventory at historical acquisition cost. Fitch also assigns a 50% recovery rate to KIJA's 51% share of the KIK JV, as KIK's net worth mainly reflects its inventory balance. These assumptions result in a 'RR2' recovery rate for the outstanding bonds. Nevertheless, Fitch rates the outstanding bonds at 'B-' with a Recovery Rating of 'RR4' because Indonesia falls into Group D of creditor-friendliness under its Country-Specific Treatment of Recovery Ratings Criteria and the instrument ratings of issuers with assets in this group are subject to a soft cap at the company's IDR and Recovery Rating of 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakened liquidity, evident from FCF turning negative or lack of funding access; - Non-development EBITDA gross interest cover below 1.0x for a sustained period. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Refinancing of the USD185.9 million notes due December 2027 Liquidity and Debt Structure KIJA had around IDR1,040 billion of cash at its wholly owned subsidiaries as of end-June 2025. Fitch expects FCF to be neutral to positive in 2025 to 2027, which will be boosted by recurring dividends from KIK. Fitch expects KIJA to tap external financing to fund capex and construction spending if required, freeing up its cash flow to meet the loan amortisation and maintain cash reserves. Issuer Profile KIJA is an Indonesia-based industrial township developer. The company generates pre-sales from its two flagship projects, Kota Jababeka in Cikarang, West Java, and Kendal, in Central Java. It had around 1,700 hectares of land bank across its two estates at end-June 2025, which was sufficient for more than 20 years of development. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor 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 Recovery Prior ----------- ------ -------- ----- PT Kawasan Industri Jababeka Tbk LT IDR B- Affirmed B- Natl LT BB+(idn) Affirmed BB+(idn) senior secured LT B- Affirmed RR4 B- ===================== N E W Z E A L A N D ===================== DU VAL: FMA Wins NZD46,176 Legal Costs Award vs. Group Entities --------------------------------------------------------------- Rob Stock at The Post reports that the Financial Markets Authority has been awarded costs of NZD46,176 against entities in the failed Du Val group of companies. According to The Post, the costs relate to the hearings concerning the legality of of asset preservation orders imposed on Du Val entities and founders. The orders aimed to prevent the sell-off of assets, so creditors of the failed property development and investment company could be paid using the proceeds if that was a later decision. The Post relates that Du Val founders Kenyon Clarke and Charlotte Clarke challenged the decision to appoint receivers over them, and wanted orders preventing them from dealing with their assets, or travelling overseas without permission of the court, to be lifted. But having lost the legal tussle over preservation orders, the Clarkes opposed costs being awarded against them, claiming the legal tussle over whether the preservation orders should stand "concerned a matter of public interest", and that the Clarkes had acted reasonably in their opposition. Alternately, the Clarkes argued the costs sought by the FMA were excessive. At the High Court in Auckland Justice Jane Anderson awarded the costs the FMA sought against the list of more than 60 Du Val parties, including the Clarkes, The Post says. She did not find that the Clarkes' opposition to asset preservation orders constituted an issue of genuine public interest that went beyond their own personal interests. "The opposition was motivated by and conducted in the respondents' own private interests," she said. There were no novel legal issues that distinguished their opposition to make it a "test case". The Post notes that the Clarkes argued that for part of the period for which the FMA sought legal costs they were unrepresented by lawyers and that contributed to the number of steps in the legal fight. They claimed the FMA bore some responsibility for them being temporarily unrepresented, as their inability to find a lawyer was a consequence of the FMA having obtained "without notice" orders against them. However, Justice Anderson ruled: "Those orders have been determined to have been properly made by the FMA's successful on notice application." And, she said: "There is an element of circularity in seeking a costs reduction because of orders the court has determined to be necessary or desirable, which is the determination that has given rise to the respondents' liability for costs. "Further, the respondents have not demonstrated why their failure to secure legal representation was out of their hands. The court has no visibility on their communications with the Legal Services Agency." The property development and investment group is made up of about 70 companies, limited partnerships, trusts and funds, several of which raised money from investors. The group was put into interim receivership last year at the request of the FMA, before Commerce and Consumer Affairs Minister Andrew Bayly ordered it into statutory management. Its debts have now mounted to more than NZD300 million. The FMA's investigations into the Du Val group were ongoing, Justice Anderson said. In statements to media, the Clarkes have said they were confident they had done nothing wrong, and that had the Du Val group been allowed to carry on trading, it would still be building and selling homes, The Post reports. About Du Val Group Du Val Group developed large-scale residential projects in New Zealand, renowned for their innovative design. As reported in the Troubled Company Reporter-Asia Pacific, the Financial Markets Authority on Aug. 21, 2024, confirmed that the Governor-General, on the advice of the Minister of Commerce and Consumer Affairs given in accordance with a recommendation from the FMA, declared a number of entities within the Du Val group be placed in statutory management under the terms of the Corporations (Investigation and Management) Act 1989 (the Corporations Act). Statutory management for these entities was announced by the Minister on Aug. 21, 2024, effective immediately. John Fisk, Stephen White and Lara Bennett of PwC New Zealand, who were appointed as interim receivers on Aug. 2, 2024, have been appointed as the Statutory Managers. FIRST WORD: Creditors' Proofs of Debt Due on Nov. 4 --------------------------------------------------- Creditors of The First Word Limited are required to file their proofs of debt by Nov. 4, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 3, 2025. The company's liquidators are: Kristal Pihama Luke Norman KPMG 79 Cashel Street Level 5, PO Box 1739 Christchurch 8140 KBS CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 5 --------------------------------------------------------- Creditors of: - KBS Construction Limited; - Henderson Green Limited; - Hobson Green Limited; - Pooks Green Development Limited; - South Pacific Green Development Limited; - Swanson Project Limited; - CK Concrete & Kerbing Limited; - Anim Studio Limited (formerly Mukpuddy Animation Limited); and - Frank TKH Limited are required to file their proofs of debt by Nov. 5, 2025, to be included in the company's dividend distribution. KBS Construction, Henderson Green, Hobson Green, Pooks Green Development, South Pacific Green Development, Swanson Project Limited and CK Concrete & Kerbing commenced wind-up proceedings on Oct. 3, 2025. Anim Studio commenced wind-up proceedings on Oct. 6, 2025. Frank TKH commenced wind-up proceedings on Oct. 7, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 KBS CONSTRUCTION: In Liquidation; Creditors of Six Companies Named ------------------------------------------------------------------ NZ Herald reports that six related Auckland property companies have failed, owing NZD20 million-plus to creditors, including Inland Revenue, a Hong Kong financier and big-name corporates. KBS Construction, Henderson Green, Hobson Green, South Pacific Green Development, Pooks Green Development and Swanson Project are in liquidation, NZ Herald relates. Auckland-based KBS Construction specialises in project management and co-ordination of residential construction projects. MANN RESTAURANTS: Court to Hear Wind-Up Petition on Nov. 7 ---------------------------------------------------------- A petition to wind up the operations of Mann Restaurants Limited will be heard before the High Court at Auckland on Nov. 7, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 26, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 PLATINUM POWER: Court to Hear Wind-Up Petition on Oct. 28 --------------------------------------------------------- A petition to wind up the operations of Platinum Power Limited will be heard before the High Court at Whangarei on Oct. 28, 2025, at 10:00 a.m. Climatech NZ Limited filed the petition against the company on July 17, 2025. The Petitioner's solicitor is: Trent Bowler Neilsons Lawyers Level 1, 270 Neilson Street Onehunga Auckland 1061 ROOKWOOD HOLDINGS: Creditors' Proofs of Debt Due on Nov. 3 ---------------------------------------------------------- Creditors of Rookwood Holdings Limited are required to file their proofs of debt by Nov. 3, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 30, 2025. The company's liquidators are: Wendy Somerville Malcolm Hollis C/- PricewaterhouseCoopers PwC, Level 4 60 Cashel Street Christchurch 8013 ================= S I N G A P O R E ================= AIDRIVERS SINGAPORE: Creditors' Meeting Set for Oct. 17 ------------------------------------------------------- Aidrivers Singapore Pte. Ltd. will hold a meeting for its creditors on Oct. 17, 2025, at 3:30 p.m., via electronic means. Agenda of the meeting includes: a. to present a Statement of the Company's affairs showing in respect of assets the method and manner in which the valuation of the assets was arrived at, together with a list of the creditors and the estimated amount of the claims; b. to consider the nomination of the Liquidator for the Company and on the appointment of Mr. Lam Zi Yang as the Liquidator of the Company pursuant to Section 167(1) of the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018); and c. to consider any other matter which may properly be brought before the meeting. Mr. Lam Zi Yang of Argile Partners was appointed as provisional liquidator of the Company on Sept. 19, 2025. IOLAIR OFFSHORE: Commences Wind-Up Proceedings ---------------------------------------------- Members of Iolair Offshore Pte. Ltd. on Sept. 25, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are Bernard Juay and Shirley Lim. REALTY MANAGEMENT: Commences Wind-Up Proceedings ------------------------------------------------ Members of Realty Management Services (Pte) Ltd. on Sept. 29, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms Chin Moy Yin 101 Upper Cross Street #05-24 People's Park Centre Singapore 058357 SAKAMOTO EDUCATIONAL: Creditors' Proofs of Debt Due on Nov. 3 ------------------------------------------------------------- Creditors of Sakamoto Educational Systems Pte. Ltd. are required to file their proofs of debt by Nov. 3, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 25, 2025. The company's liquidator is: Kenji Wakabayashi c/o 75 Marine Drive #06-29 Singapore 440075 THREE COBALT: Court to Hear Wind-Up Petition on Oct. 17 ------------------------------------------------------- A petition to wind up the operations of Three Cobalt Pte. Ltd. will be heard before the High Court of Singapore on Oct. 17, 2025, at 10:00 a.m. SQC Metals Limited filed the petition against the company on Sept. 26, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 ============= V I E T N A M ============= VINGROUP JSC: Seeks US$500MM Private Credit for EV Charging Ports ----------------------------------------------------------------- Bloomberg News reports that Vingroup is seeking a US$500 million private credit loan to expand its electric vehicle (EV) charging station network across the region, according to sources familiar with the matter. Bloomberg relates that the group approached private credit funds in late September seeking participation, the sources said, declining to be identified speaking on private matters. The interest rate for the deal, which is still in early stages, is expected to be around 10 per cent or less, they added. The deal is the latest in a string of borrowings by Vingroup and its subsidiaries for interests ranging from real estate to private education. VinFast Auto, the EV business, secured a US$150 million loan from Barclays for working capital last month and tapped a US$510 million private credit facility in July, Bloomberg recalls. It comes as investment in the sector heats up across the globe. Cumulative investment in EV charging infrastructure reached US$148 billion at the end of last year and is expected to soar to US$386 billion by the end of the decade, according to research firm BloombergNEF. Bloomberg says China dominates the global public charging market with more than 850,000 installations last year, more than double the installations in the rest of the world. Pham Nhat Vuong, the chairman of Vingroup and founder of VinFast, last year set up a separate business to develop its network of charging stations, according to Bloomberg. That business, known as V-Green, is 90 per cent owned by Vuong and said in May that it would jointly invest a total of US$300 million with four other companies to develop charging stations throughout Indonesia. A Vingroup representative declined to comment on the deal, but said that the company "reviews and implements various fundraising options as part of our normal business operations to support development plans, including EV charging infrastructure," adds Bloomberg. Vingroup JSC engages in real estate business. It also involves in investment activities and provides general administrative services. As reported in the Troubled Company Reporter-Asia Pacific in mid-May 2020, S&P Global Ratings said that it affirmed its 'B+' long-term issuer credit rating on Vingroup Joint Stock Co. with a negative outlook. S&P then withdrew the rating at the issuer's request. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***