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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
Friday, October 24, 2025, Vol. 28, No. 213
Headlines
A U S T R A L I A
5P INDUSTRIES: First Creditors' Meeting Set for Oct. 30
ALPINE RESORTS: Mount Stirling Resort Deficit Prompts Review
ILLAWARRA SERIES 2025-1: S&P Assigns Prelim 'BB' Rating to E Notes
NEXT LEVEL: First Creditors' Meeting Set for Oct. 30
ONESTEEL: KordaMentha Slams William Buck Over Whyalla Valuations
REX AIRLINES: Creditors Seek Answers as Sale to Air T Moves Closer
URBANARCH BUILDING: First Creditors' Meeting Set for Oct. 30
W CAPITAL: First Creditors' Meeting Set for Oct. 30
WEALTH TRAIL: ASIC Cancels AFS Licence After CSLR Payment
ZINA ENTERPRISES: First Creditors' Meeting Set for Oct. 30
C H I N A
CHINA VANKE: Moody's Lowers CFR to Caa2, Outlook Remains Negative
LONGFOR GROUP: Moody's Affirms 'Ba3' CFR, Outlook Remains Negative
NEW ORIENTAL: Moody's Affirms Ba1 CFR, Alters Outlook to Positive
H O N G K O N G
NEW WORLD: Denies Rumours of Scramble to Manage Debt
OCEAN PARK: Mulls Water World Closure and Possible Gov't. Takeover
I N D I A
APBC PRINTING: Voluntary Liquidation Process Case Summary
ARHYAMA SOLAR: ICRA Keeps D Debt Rating in Not Cooperating
ATUL AUTOMOTIVES: ICRA Keeps B+ Debt Rating in Not Cooperating
AUGVER DIGITAL: Insolvency Resolution Process Case Summary
BAGGA LUXURY: ICRA Keeps D Debt Ratings in Not Cooperating
BANSAL IRON: ICRA Keeps B+ Debt Rating in Not Cooperating
BREMELS RUBBER: Insolvency Resolution Process Case Summary
CARBON EDGE: ICRA Withdraws B+ Rating on INR10cr LT Loan
COFFEE DAY: ICRA Keeps D Debt Rating in Not Cooperating Category
CREATIVE TANNERY: ICRA Keeps B+ Debt Ratings in Not Cooperating
DECCAN GRANITES: Voluntary Liquidation Process Case Summary
DHARAMCHAND PARASCHAND: ICRA Keeps D Ratings in Not Cooperating
DHIRAJ FOUNDATION: ICRA Keeps B- Debt Ratings in Not Cooperating
F6 CAPITAL: ICRA Withdraws B+ Rating on INR15cr LT Loan
GREENLANDS (A&M): ICRA Keeps D Debt Ratings in Not Cooperating
HI-TECH GEARS: NCLT Extends Stay on Insolvency Resolution Process
IL&FS SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
JAIN AGENCIES: ICRA Withdraws B+ Ratings on INR10cr Cash Credit
JAINAM COATEX: ICRA Keeps B Debt Ratings in Not Cooperating
KARTHIK ROOFINGS: ICRA Keeps D Debt Ratings in Not Cooperating
KSK MINERAL: ICRA Keeps D Debt Rating in Not Cooperating Category
LEMOSA TILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
MOVNI EXTRACTIONS: Voluntary Liquidation Process Case Summary
PETAL MOTOCON: ICRA Lowers Rating on INR10cr LT Loan to C
PUNJ LLOYD: Adani Infra Emerges as Winning Bidder for Company
RGTL INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
S.V.K. SHIPPING: CARE Lowers Rating on INR9cr LT Loan to D
SHREEDHAR MILK: ICRA Keeps D Debt Rating in Not Cooperating
SIF GARMENTS: Insolvency Resolution Process Case Summary
SONIC CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
SOWBHAGYALAKSHMI PADDY: CRISIL Keeps D Ratings in Not Cooperating
SPS YARNS: CRISIL Keeps B- Debt Ratings in Not Cooperating
SUHASINI BUILDER: CRISIL Keeps B+ Debt Rating in Not Cooperating
SUNBEAM REAL: ICRA Withdraws B+ Rating on INR5.70cr LT Loan
SURYA POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
SURYAPET MUNICIPALITY: ICRA Keeps B+ Issuer Rating in Not Coop.
SWATI EDUCATIONAL: CRISIL Keeps B Debt Rating in Not Cooperating
VIMLA FUELS: Insolvency Resolution Process Case Summary
L A O S
LAOS: Fitch Publishes 'CCC+' Long-Term Foreign-Currency IDR
M O N G O L I A
[] Moody's Upgrades Ratings on 7 Mongolian Banks
N E W Z E A L A N D
CENTRAL BUSINESS: Creditors' Proofs of Debt Due on Nov. 21
DIRECT ENERGY: Court to Hear Wind-Up Petition on Oct. 30
FCQ CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 6
GLOBAL MARKETPLACE: Collapse Left Many Businesses Struggling
SHUTTLEWORTH CHARTERED: Creditors' Proofs of Debt Due on Nov. 12
TATECH LIMITED: Creditors' Proofs of Debt Due on Dec. 14
S I N G A P O R E
AVIATION GROUP: Fitch Rates Proposed Sr. Unsecured Bonds 'B(EXP)'
FUSEPROJECT PTE: Court Enters Wind-Up Order
IMMIGRATION@SG LLP: Court Enters Wind-Up Order
M-WORLD GROUP: Court Enters Wind-Up Order
MATSUURA SINGAPORE: Commences Wind-Up Proceedings
PRIVE GROUP: Commences Wind-Up Proceedings
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A U S T R A L I A
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5P INDUSTRIES: First Creditors' Meeting Set for Oct. 30
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A first meeting of the creditors in the proceedings of 5P
Industries Pty Ltd (formerly trading as Spacecraft Boats) will be
held on Oct. 30, 2025 at 11:00 a.m. via Microsoft Teams.
Daniel Jon Quinn and Hugh Armenis of SV Partners were appointed as
administrators of the company on Oct. 20, 2025.
ALPINE RESORTS: Mount Stirling Resort Deficit Prompts Review
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ABC News reports that the managing body of Victoria's six alpine
resorts said it is reviewing operations at Mount Stirling, which
has been "operating at a financial deficit for many years".
Mount Stirling is a 3,000-hectare resort with 68 kilometres of
cross-country trails, located 35km south of Mansfield in North
Eastern Victoria.
In winter, visitors can access skiing, snowboarding and
tobogganing, while summer activities include four wheel drive
tracks, bush walking and mountain bike trails.
According to the ABC, Alpine Resorts Victoria's general manager for
Mt Stirling Alan Arthur said the statutory authority had no plans
to close Mt Stirling Alpine Resort but was "consulting with staff
and volunteers in relation to proposed operational changes".
The ABC relates that Mr. Arthur said the proposed changes could
affect "guest-facing and operational services at Mt Stirling during
winter".
"There will be no change to summer operations," he said.
Mr Arthur said those impacted by any change were being consulted
with.
"ARV's priority has been to first consult with the staff and
volunteers who could be directly impacted," the ABC quotes Mr.
Arthur as saying. "Once we have a clearer view of the options
available, we will determine what wider consultation may be
appropriate."
The state government has also been contacted for comment.
The resort's winter services are used by a number of school groups
from Melbourne and the local area. Mansfield Steiner School has
used the mountain as a hub for cross-country skiing for four
decades.
In a statement, principal Glenn Hood said the resort offered "a
unique winter environment" that gave users "an experience of the
natural (relatively undeveloped) alpine environment," the ABC
relays.
"Mansfield Steiner School, along with schools all over the state,
has used Mt Stirling in winter as a hub for cross-country skiing
since its inception, and we greatly value its role in experiential
and environmental education for all Victorians," the ABC quotes Mr.
Hood as saying.
The ABC adds that Mayor of Mansfield Shire Steve Rabie said he
hoped any changes would not "impact the bottom line" of Mansfield's
visitor economy.
The High Country town of Mansfield is home to a number of ski shops
and is en route to Mount Buller and Mount Stirling.
"We wish them all the very best in their endeavour to save taxpayer
money," Cr Rabie said, notes the report.
Mount Stirling received 7,919 visitors in 2024 (YTD), a seven per
cent decrease from the previous year, ABC News relates.
ILLAWARRA SERIES 2025-1: S&P Assigns Prelim 'BB' Rating to E Notes
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S&P Global Ratings assigned its preliminary ratings to six of the
seven classes of prime residential mortgage-backed securities
(RMBS) to be issued by BNY Trust Co. of Australia Ltd. as trustee
for Illawarra Series 2025-1 RMBS Trust. Illawarra Series 2025-1
RMBS Trust is a securitization of prime residential mortgage loans
originated by IMB Ltd.
The preliminary ratings reflect the following factors.
The credit risk of the underlying collateral portfolio at
transaction close, including the fact that this is a closed
portfolio, means that no further loans will be assigned to the
trust after the closing date.
The credit support is sufficient to withstand the stresses we
apply. The credit support for the rated notes comprises note
subordination and lenders' mortgage insurance on 18.0% of the
portfolio.
The various mechanisms to support liquidity within the transaction,
including an excess revenue reserve funded by available excess
spread, principal draws, and a liquidity facility equal to 1.1% of
the aggregate invested amount of the notes are sufficient under our
stress assumptions to ensure timely payment of interest.
There is a fixed- to floating-rate interest-rate swap provided by
IMB Ltd. to hedge the mismatch between receipts from any fixed-rate
mortgage loans and the floating-rate notes. National Australia Bank
Ltd. will act as standby swap provider.
Preliminary Ratings Assigned
Illawarra Series 2025-1 RMBS Trust
Class A, A$460.00 million: AAA (sf)
Class AB, A$22.00 million: AAA (sf)
Class B, A$8.00 million: AA (sf)
Class C, A$5.25 million: A (sf)
Class D, A$2.00 million: BBB (sf)
Class E, A$1.50 million: BB (sf)
Class F, A$1.25 million: Not rated
NEXT LEVEL: First Creditors' Meeting Set for Oct. 30
----------------------------------------------------
A first meeting of the creditors in the proceedings of Next Level
Joinery Pty Ltd will be held on Oct. 30, 2025 at 11:00 a.m. via
telephone conference facilities.
Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on Oct. 20, 2025.
ONESTEEL: KordaMentha Slams William Buck Over Whyalla Valuations
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The Australian Financial Review reports that KordaMentha, the
administrator of the Whyalla steelworks, has accused a rival firm
of potentially destabilising the sale of the failed business by
making assumptions about returns to investors, as the process
entered a crucial stage and the deadline for initial bids was
extended.
According to the Financial Review, administrators from accounting
and advisory firm William Buck, led by Michael Brereton, are
handling the separate administration process of Whyalla Ports Pty
Ltd, an entity that controlled the port operations adjacent to the
steelworks, about 385 kilometres north of Adelaide.
But last week, KordaMentha administrators led by Mark Mentha and
Sebastian Hams sent a letter to William Buck stating that
information in a report to Whyalla Ports creditors had not been
cross-checked by KordaMentha, which it said risked destabilising
the sale process for the steelworks, the Financial Review relates.
They told William Buck that a copy of the letter had been sent to
the Australian Securities and Investments Commission.
The Financial Review says non-binding indicative bids were due by
Friday [Oct. 17] under the timetable set out months ago by
KordaMentha's 333 Capital offshoot but the deadline was extended to
allow various parties to conduct further due diligence.
A KordaMentha spokeswoman said on Oct. 15 that a short extension
was granted for bids.
A consortium led by Australia's largest steel maker, BlueScope,
which includes Japan's Nippon Steel, South Korea's POSCO and
India's JSW, is viewed as the frontrunner, the Financial Review
notes.
In the letter, KordaMentha said it was annoyed that William Buck
made the assumption that creditors to OneSteel, the parent entity
of the steelworks and the nearby iron ore mines that are part of
the sale package, would likely receive all the money they were
owed, according to the Financial Review.
When the South Australian government forced the steelworks into
administration in February, it was revealed that creditors were
owed about AUD1.5 billion. British industrialist Sanjeev Gupta, who
owned the steelworks from 2017, was among the creditors.
"The report makes several statements and assumptions about the
value of the OneSteel receivable, the outcome of the OneSteel sale
process and OneSteel's likely return to creditors," KordaMentha, as
cited by the Financial Review, said in the letter. "We do not agree
with the statement of value. We are also concerned that incorrect
statements about OneSteel's value may prejudice the current
OneSteel sale process."
The Financial Review relates that the William Buck report to
creditors of Whyalla Ports said the mineral resources in the
Middleback Ranges had a lifespan of 100 years and made other
assumptions. OneSteel is listed as a creditor to Whyalla Ports and
is owed AUD99.8 million.
KordaMentha said William Buck should have cross-referenced details
with it, but did not.
"However, we have not engaged with you in relation to any of these
complex issues and therefore those forward-looking statements are
incorrect," the letter stated.
A spokeswoman for William Buck said the firm did not want to
comment on the letter, the Financial Review relays.
KordaMentha last month won a court case giving it clear control of
the Whyalla port next to the steelworks, recalls the Financial
Review.
Justice David O'Callaghan ruled in the Federal Court in Melbourne
that a purported lease over the port claimed by Gupta was
unenforceable and void.
The Financial Review adds that KordaMentha said in the letter that
the value of the steelworks, mines and port infrastructure could
not be determined by just one part.
"The businesses are inexorably connected and co-dependent on one
another. It is not right to base any valuation on the OneSteel
receivable solely on a purported value of the mining resource in
the Middleback Ranges, without having regard to the Whyalla
Steelworks Act 1958."
About OneSteel Manufacturing
OneSteel Manufacturing Pty Limited manufactures steel products. The
Company offers a variety of products including steel pipes, valves,
and sheets. OneSteel is part of the GFG corporate group and is the
legal entity that owns and operates the Whyalla steelworks and the
iron ore mining operations in the Middlebank Range in South
Australia.
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.
REX AIRLINES: Creditors Seek Answers as Sale to Air T Moves Closer
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ABC News reports that creditors owed millions of dollars after Rex
Airlines went into voluntary administration are still in the dark
about whether they will get their money back, despite a new owner
being found for the embattled airline.
The regional carrier collapsed into voluntary administration last
year before the federal government gave it a multi-million-dollar
lifeline to keep its services operating.
Administrators confirmed on Oct. 21 that they had entered into a
sale and implementation deed with Air T, a US-based air services
company, the ABC says.
Air T did not respond to the ABC's request for an interview but
confirmed in a statement that it expects to "close the deal" by the
end of the financial year, pending creditor and other approvals.
"Air T will work to ensure Rex will continue to operate on a
sustainable basis, thereby providing critical services to regional
Australians," the statement said.
According to the ABC, Air T chief executive Nick Swenson said the
acquisition fits with the company's experience with regional
aircraft. "We have high confidence in the quality of Rex Regional's
management team and employees."
The ABC relates that the organisation said it was working with the
Commonwealth and was committed to transparency during the process.
The ABC says several regional airports across Australia are owed
money by Rex Airlines, including the Albany Regional Airport, 420
kilometres south-east of Perth.
The airport is managed and run by the Albany City Council.
The ABC relates that Mayor Greg Stocks said the city was owed about
AUD456,000 from the beleaguered airline, but was doubtful it would
recover any of the funds owed.
"There are 5,000 creditors, there is AUD500 million worth of debt,
and we are a minnow in an ocean of unsecured creditors," the ABC
quotes Cr Stocks as saying. "I don't think there's any chance given
what we've just heard, and what we've known about what the
administration looks like, that we would get a return at all."
The shire of Esperance, 700km south-east of Perth, is also owed
just under AUD500,000, the ABC relays. Shire president Ron Chambers
said it was unlikely that money would be repaid under the new
agreement.
"We sit right alongside Albany as far as the minnows go, we're part
of that school," he said, notes the report. "They owe us
AUD430,000, and I don't know that we're actually going to see any
of that at all."
While "cautiously optimistic" about the sale and efforts to keep an
airliner operating in the regions, Mr. Chambers said impacted
communities should have a say in how the new airline would be
supported, the ABC relays.
"When the state government sits down to start to renegotiate, maybe
this time we'll get a seat at the table, and we'll get some input
in how that's done and how that is secured so that we don't see a
repeat of this should it happen in the future," he said, according
to ABC. "The invitation is there for them [Air T] to contact us.
We'd love to sit down and have that conversation."
In western New South Wales, Dubbo Regional Council is also one of
the creditors owed money by Rex Airlines.
CEO Murray Wood said the council had been formally notified of the
sale.
"As part of the communication, we were advised that a further
update will be provided to all creditors at a later date," the ABC
quotes Mr. Wood as saying. "At this time, no date has been set for
that meeting."
When asked by the ABC whether the government would offer any
assistance to Rex's creditors including local councils, Transport
Minister Catherine King's office declined to comment.
About Rex Airlines
Regional Express Pty. Ltd., trading as Rex Airlines (and as
Regional Express Airlines on regional routes), is an Australian
airline based in Mascot, New South Wales. It operates scheduled
regional and domestic services. It is Australia's largest regional
airline outside the Qantas group of companies and serves all 6
states across Australia. It is the primary subsidiary of Regional
Express Holdings.
On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins
of Ernst & Young Australia (EY Australia) were appointed Joint and
Several Voluntary Administrators by the Rex Group's respective
Boards of Directors. The companies in administration are:
* Regional Express Holdings Limited;
* Regional Express Pty Limited;
* Rex Airlines Pty Ltd;
* Rex Investment Holdings Pty Limited; and
* Air Partners Pty Ltd.
URBANARCH BUILDING: First Creditors' Meeting Set for Oct. 30
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A first meeting of the creditors in the proceedings of UrbanArch
Building Pty Limited will be held on Oct. 30, 2025 at 10:00 a.m. at
the offices of JLA Insolvency & Advisory, at Level 13, 50 Margaret
Street, in Sydney, NSW.
Jamieson Louttit of JLA Insolvency & Advisory was appointed as
administrator of the company on Oct. 20, 2025.
W CAPITAL: First Creditors' Meeting Set for Oct. 30
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A first meeting of the creditors in the proceedings of W Capital
Advisors Pty Ltd ATF W Capital Advisors Fund will be held on Oct.
30, 2025 at 9:30 a.m. via Microsoft Teams.
Bradley John Tonks of PKF was appointed as administrator of the
company on Oct. 20, 2025.
WEALTH TRAIL: ASIC Cancels AFS Licence After CSLR Payment
---------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
cancelled the Australian financial services (AFS) licence of Wealth
Trail Pty Ltd (In Liquidation) following a payment of compensation
by the Compensation Scheme of Last Resort (CSLR).
On April 14, 2025, the Australian Financial Complaints Authority
(AFCA) made a determination against Wealth Trail, which Wealth
Trail failed to pay. Subsequently, on Sept. 11, 2025, the CSLR made
a payment of AUD150,000 for the AFCA determination and notified
ASIC. As a result, on Oct. 16, 2025, ASIC cancelled Wealth Trail's
AFS licence.
ASIC must cancel the AFS licence of a licensee where that licensee
fails to pay an AFCA determination and the CSLR subsequently pays
compensation.
The cancellation is not subject to discretion or merits review. In
making the cancellation order, ASIC has specified that Wealth Trail
is able to maintain its membership with AFCA to allow for any
complaints to be filed with AFCA for a further 12 months, to Oct.
15, 2026.
The CSLR was established in June 2023, commencing operations in
April 2024. It can pay up to AUD150,000 in compensation to
consumers who have an unpaid determination from AFCA relating to
authorised personal financial advice, credit intermediation,
securities dealing or credit provision, and where other eligibility
criteria are met.
The AFCA complaint process must first be completed before a claim
can be lodged with the CSLR. All reasonable steps to obtain
compensation from the financial firm must be taken before a CSLR
payment can be made.
ASIC's decision to cancel the AFS licence of Wealth Trail follows
previous ASIC decisions. ASIC has cancelled ten AFS licences and
four credit licences since the commencement of the CSLR.
ZINA ENTERPRISES: First Creditors' Meeting Set for Oct. 30
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A first meeting of the creditors in the proceedings of Zina
Enterprises Pty Ltd (Church Point Cellars and The Waterfront Store
& Cafe Church Point) will be held on Oct. 30, 2025 at 11:00 a.m.
via virtual facilities only.
Andrew John Spring and Bruce Sam Huynh of Jirsch Sutherland were
appointed as administrators of the company on Oct. 21, 2025.
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C H I N A
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CHINA VANKE: Moody's Lowers CFR to Caa2, Outlook Remains Negative
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Moody's Ratings has downgraded the following ratings of China Vanke
Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate (Hong
Kong) Company Limited.
1. China Vanke's corporate family rating to Caa2 from Caa1;
2. Backed senior unsecured rating on the medium-term note (MTN)
program of Vanke Real Estate to (P)Caa3 from (P)Caa2; and
3. Backed senior unsecured rating on the bonds issued by Vanke
Real Estate to Caa3 from Caa2.
The MTN program and senior unsecured bonds are supported by a deed
of equity interest purchase undertaking and a keepwell deed between
China Vanke, Vanke Real Estate and the bond trustee.
Moody's have also maintained the negative outlooks of the
entities.
"The downgrade and negative outlook reflect further deterioration
in China Vanke's liquidity over the next 6-12 months, which is
driven by persistently sluggish sales performance. In view of its
sizable near-term debt maturities, Moody's expects refinancing
risks will continue to heighten," says Daniel Zhou, a Moody's
Ratings Assistant Vice President and Analyst.
"While China Vanke's largest shareholder Shenzhen Metro Group Co.,
Ltd. (Shenzhen Metro) has extended financial support, it remains
uncertain whether these measures can fully and timely address the
company's upcoming repayment obligations," adds Zhou.
RATINGS RATIONALE
Moody's expects China Vanke to face increasing refinancing risk for
the sizable debt maturities over the next 6-12 months, including
around RMB22 billion onshore bonds due or becoming puttable by
September 2026, because of its deteriorating liquidity. The
company's reducing cash and operating cash flow, as a result of
weak operations and tight funding access, will be insufficient to
cover its repayment needs in this period.
Particularly, Moody's forecasts that China Vanke's gross contracted
sales will further decline meaningfully over the next 6-12 months,
after dropping by 46% year-on-year in the first half of 2025. This
primarily reflects subdued homebuyers' confidence in purchasing
properties from weaker developers.
In addition, creditors' risk aversion to developers under liquidity
stress continues to constrain China Vanke's funding access, which
could worsen amid ongoing negative news.
Shenzhen Metro's provision of funding support to China Vanke,
totaling around RMB26 billion mainly in the form of shareholder
loans, has helped China Vanke to repay part of its maturing debt.
While shareholder support will likely continue, it remains
uncertain whether it can fully address China Vanke's large funding
gap.
The senior unsecured ratings on Vanke Real Estate's bonds and MTN
program incorporate the company's standalone credit strength and a
one-notch uplift for parental support to reflect Moody's
expectations that China Vanke will provide financial support to
Vanke Real Estate when needed.
In terms of environmental, social, and governance (ESG) factors,
China Vanke's governance risk assessment reflects its weak
financial and liquidity management, as reflected by the heightened
refinancing risk.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The negative outlook reflects China Vanke's constrained ability to
meet its debt repayment needs in the next six to twelve months.
An upgrade of the ratings is unlikely given the negative outlook.
However, positive rating momentum could develop if the company
successfully addresses its near-term debt repayment and improves
its operating cash flow, liquidity and access to funding over the
next 12-18 months.
Moody's could downgrade the ratings if China Vanke defaults on its
debt repayment.
The principal methodology used in these ratings was Homebuilding
and Property Development published in September 2025.
China Vanke's Caa2 CFR is below the scorecard-indicated outcome of
B2. This reflects the company's weak liquidity and heightened
refinancing risk over the next 6-12 months.
China Vanke was founded in 1984 and started its real estate
operations in 1988. The company listed on the Shenzhen Stock
Exchange in 1991 and on the Hong Kong Stock Exchange (HKSE) in
2014. Shenzhen Metro, which is wholly owned by the State-owned
Assets Supervision and Administration Commission of the Shenzhen
government, was China Vanke's largest shareholder in the company as
of June 30, 2025.
LONGFOR GROUP: Moody's Affirms 'Ba3' CFR, Outlook Remains Negative
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Moody's Ratings has affirmed Longfor Group Holdings Limited's Ba3
corporate family rating and B1 senior unsecured rating.
Moody's have maintained the negative outlook.
"The affirmation of Longfor's Ba3 CFR considers its growing
recurring income from investment properties (IPs) operation and
property management service, disciplined financial management and
good liquidity. Moody's also expects that the company's weakened
credit metrics will recover over the next 12–18 months, supported
by rising high-margin recurring income and ongoing debt reduction",
says Daniel Zhou, a Moody's Ratings Assistant Vice President and
Analyst.
"The negative outlook reflects the company's challenges associated
with its business transition, weak though recovering margin in its
property development business; which altogether could affect its
pace of deleveraging", adds Zhou.
RATINGS RATIONALE
Longfor's Ba3 CFR reflects its recurring income from IPs operation
and property management business, strong brand name and quality
land banks in high-tier cities, disciplined financial management
and good liquidity.
These strengths are counterbalanced by the company's weakened
credit metrics due to exposure to business volatility in the
residential property sector and its constrained access to long-term
unsecured financing.
Moody's expects Longfor's recurring rental income from its IPs
operation to continue growing at approximately 5%-7% annually,
reaching RMB15-RMB16 billion over the next 1-2 years. This is
supported by the organic growth from its existing retail malls
following upgrades and renovations, as well as incremental revenue
contributions from newly opened malls during this period.
Longfor's IPs operation has maintained a high gross profit margin
of approximately 75% over the past three years and has become the
major profit contributor since FY2024. Moody's expects the trend to
persist in the coming few years.
Longfor also derives a recurring income stream from its property
management service, which amounted to RMB5.5 billion in the first
half of 2025 (1H 2025). Moody's anticipates that this income will
continue to grow steadily at around 5% year-over-year, supported by
the ongoing expansion of gross floor area (GFA) under management
and enhanced service offerings to clients.
These increasing streams of high-margin recurring income are
expected to gradually offset the impact of reduced EBITDA from the
property development business.
Longfor's property sales performance remains sluggish. The
company's contracted sales declined by 31% year-over-year to RMB51
billion in the first nine months of 2025. Moody's expects the
company's sales to decline to RMB60-70 billion over the next 1-2
years, in view of muted demand in the property market and the
company's limited landbank replenishment.
The company's gross profit margin of property development further
decreased to 0.2% in 1H 2025 from 6% in 2024 due to destocking.
Moody's anticipates the margin will gradually recover in 2026-2027
as the destocking process winds down and newly sold higher-margin
projects begin to be recognized as revenue over the same period.
Longfor has demonstrated a strong commitment to debt reduction,
with adjusted net debt decreasing from RMB150 billion at end-2022
to RMB140 billion as of June 2025. Although Longfor's adjusted
EBITDA declined to RMB7 billion in 1H 2025, the company generated
stronger operating cash inflow compared to1H 2024 as a result of
reduced land payment and construction costs. Moody's expects the
company to continue using the operating cash inflow for debt
reduction in the next 1-2 years.
Consequently, Moody's projects that the company's adjusted net
debt/EBITDA will improve to around 6.5x by 2026 from 7.9x for LTM
June 2025; its adjusted EBITDA/interest coverage will trend up to
around 3.0x from 2.5x during the same period.
Longfor's liquidity profile remains good. Moody's projects its
unrestricted cash of RMB42.6 billion as of June 2025 and projected
operating cash flow will be sufficient to cover its committed land
payments, dividend payments and maturing debt over the next 12-18
months.
Longfor's B1 senior unsecured rating is one notch lower than its
CFR because of the risk of structural subordination. This
subordination risk reflects the fact that the company has increased
its usage of secured bank loans to refinance its unsecured bonds.
Most of Longfor's claims are at the operating subsidiaries and have
priority over claims at the holding company in a bankruptcy
scenario.
In terms of environmental, social and governance (ESG) factors,
Moody's have considered Longfor's concentrated ownership by its key
shareholder Madam Cai Xinyi – who is the daughter of Madam Wu
Yajun – through XTH Trust, which holds a 44.01% stake in the
company as of June 2025. The company also has a track record of
disciplined financial and liquidity management.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of Longfor's ratings is unlikely, given the negative
outlook.
However, Moody's could revise the outlook to stable if the company
strengthens its financial metrics and restores access to unsecured
financing.
Key metrics indicative of an outlook change to stable include its
EBITDA/interest coverage rising above 2.0x and its adjusted net
debt/EBITDA falling below 7.0x-7.5x, both on a sustained basis.
Moody's could downgrade the ratings if Longfor's operations,
financial metrics or liquidity deteriorates.
Key metrics indicative of a downgrade include EBITDA/interest
coverage falling below 2.0x and adjusted net debt/EBITDA rising
above 7.0x-7.5x, both on a sustained basis.
The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in May 2025.
Longfor's Ba3 CFR is two notches below the scorecard-indicated
outcome of Ba1 for the twelve months ended June 30, 2025. The
difference reflects the company's weak margin in its property
development business and the challenges it faces during its
business transition amid the volatility in China's property
market.
Longfor Group Holdings Limited is a developer in China's
residential and commercial property development sector. Founded in
1993, the company began its business in Chongqing and has
eventually established a solid brand name in the country.
As of the end of June 2025, Longfor operated 89 retail malls in 24
higher-tier cities of China with a total GFA of 9.4 million sqm.
The company also had 28.4 million sqm land bank for property
development in China.
NEW ORIENTAL: Moody's Affirms Ba1 CFR, Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Ratings has affirmed New Oriental Education & Technology
Group Inc.'s (New Oriental) Ba1 corporate family rating and revised
its outlook to positive from stable.
"The positive outlooks reflects New Oriental's track record of
restoring and further growing its business scale and scope through
economic cycles and regulatory changes, while maintaining a solid
financial profile that is strong for the current rating category",
says Shawn Xiong, a Moody's Ratings Vice President and Senior
Analyst.
"Moody's expects the company will continue to adhere to its prudent
financial policy, maintain its strong balance sheet and very good
liquidity while developing its businesses," adds Xiong.
RATINGS RATIONALE
New Oriental's Ba1 CFR reflects its position as a leading private
education services provider in China, with an established track
record of over 30 years, good brand recognition through business
cycles and regulatory changes. The company's solid credit profile
and strong net cash position provide a credit buffer against
potential business and economic uncertainty.
However, the company's CFR is constrained by the fierce competition
in China's private education market and the execution risks
associated with its new business initiatives.
Since the implementation of the "Double Reduction" policy in
2021—which aims to reduce the academic burden on students and
regulate K-9 academic after-school tutoring services—New Oriental
has, over the past two to three years, successfully transitioned
away from these services. Instead, the company has focused on
providing services relating to overseas test preparation, domestic
adults and university study, intelligent learning systems and
devices, and nonacademic tutoring.
These new services also broadened the company's offerings and have
exhibited strong growth over the past two years, driving core
revenue recovery back to levels comparable to FY2021.
Moody's forecasts New Oriental's revenue from its core education
business to continue growing steadily, albeit at a slower rate of
around 5%-10%, over the next 12-18 months. This is supported by
steady demand for non-K9 educational services, though growth in
overseas test preparation and consulting segment is likely to
moderate due to a weakened economic climate.
Revenue contribution from New Oriental's livestreaming business
declined to approximately 12% in FY2025 from 21% in FY2024,
following the spin-off of its "Time with Yuhui" platform. Moody's
projects that the livestreaming segment will achieve low
single-digit revenue growth with a stable margin over the next
12–18 months. The livestreaming business would not require
significant capital expenditures during this period.
Moody's forecasts that the company's adjusted EBITDA margin will
improve slightly to 21%-22% over the next 12-18 months, up from
20%-21% as of FY2025, supported by a series of cost reduction
measures initiated since March 2025. Consequently, Moody's expects
New Oriental's debt leverage, as measured by Moody's-adjusted
debt-to-EBITDA, to stay below 1.0x during this period, a leverage
strong for its current rating category.
New Oriental's liquidity position is very good. Its cash and cash
equivalents, restricted cash, current term deposits and short-term
investments totaled approximately $4.8 billion as of May 31, 2025.
The strong cash position, combined with its expected operating cash
flow, will be more than sufficient to cover its expected capital
spending, dividend distribution and share repurchase.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS
New Oriental demonstrates a track record of prudent financial
policy, reflected in its net cash position and low financial
leverage. The company has low exposure to environmental risks in
terms of pollution and carbon emissions. Its operations are spread
across a wide range of locations throughout China, which helps
mitigate the risks associated with both natural and man-made
disasters.
New Oriental's operations could be subject to potential regulatory
changes in China's education sector, but this uncertainty is partly
mitigated by the company's diversified service offerings, robust
financial and liquidity buffers, and strong execution
capabilities.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Moody's will upgrade the rating if New Oriental continues to
sustain organic revenue growth and maintain its strong credit
profile and net cash position.
Downgrade is unlikely given the positive outlook.
Moody's could revise the rating outlook to stable if the company
records significant declines in revenue or margin; it adopts an
aggressive debt-funded expansion strategy that weakens its good
liquidity; or its credit metrics weaken, with adjusted debt/EBITDA
above 3.0x or EBITA margin falling below 10% over a sustained
period.
The principal methodology used in this rating was Business and
Consumer Services published in November 2021.
New Oriental's Ba1 CFR is two notches below the scorecard-indicated
outcome of Baa2 for FY2025. The difference reflects the stringent
regulation of China's education sector and the execution risk
associated with company's new business initiatives.
Established in 1993, New Oriental Education & Technology Group Inc.
is a leading provider of private education services in China. The
company has operated for over 30 years, and has strong brand
recognition and a diverse geographic footprint in China. The
company has been listed on the New York Stock Exchange since 2006
as well as on the Hong Kong Stock Exchange since 2020.
=================
H O N G K O N G
=================
NEW WORLD: Denies Rumours of Scramble to Manage Debt
----------------------------------------------------
Aileen Chuang at South China Morning Post reports that New World
Development (NWD) denied market speculation that it is conducting a
liability-management exercise involving its perpetual bonds or
other debt securities and seeking equity financing from investors,
according to an exchange filing on Oct. 21.
The Post relates that the Hong Kong-based property developer, which
has been battling liquidity problems for the past three years, made
the statement in response to media reports that said the firm was
in the process of preparing for these moves.
"Shareholders, holders of the debt and other securities, and
potential investors are advised not to rely on market rumours in
relation to the group," NWD said in the filing.
A liability-management exercise in the bond market refers to a set
of techniques an issuer uses to restructure or optimise outstanding
debt before maturity to improve its balance sheet, manage
refinancing risks or amend bond terms.
In June, Bloomberg reported that debt adviser PJT Partners had
talked with some of NWD's bondholders about the possibility that
the firm would pursue discounted exchanges as part of a potential
liability-management exercise, the Post recalls. The distressed
developer had deferred some interest payments and chose not to
redeem some of its perpetual bonds earlier this year, heightening
concerns about its liquidity.
In September, it was reported that NWD's controlling shareholder,
the billionaire Cheng family, was considering a capital injection
and seeking a partner to provide an equity stake.
NWD's net gearing ratio – a measure of indebtedness – worsened
to 58.1 per cent from 55 per cent in the financial year ended June
30 from a year earlier, the company reported last month. Its total
debt declined by HK$5.7 billion (US$733 million) to HK$146.1
billion, while losses increased 38 per cent from a year earlier to
HK$16.3 billion.
The Post notes that the developer continues to seek ways to sell a
range of assets to reduce debt and boost liquidity.
Last month, NWD reached an agreement for a HK$5.9 billion loan
facility from Deutsche Bank by pledging as collateral its Victoria
Dockside development in east Tsim Sha Tsui. The Post also reported
in July that discussions were in progress to hand its mall
development near Hong Kong's international airport back to the
Airport Authority.
In June, NWD struck a last-minute deal with banks and creditors to
refinance HK$88.2 billion in debt, narrowly avoiding a default that
could have shaken Hong Kong's financial and property sectors.
About New World Development
New World Development Company Limited -- https://www.nwd.com.hk/ --
an investment holding company, operates in the property development
and investment business in Hong Kong and Mainland China. Its
property portfolio includes residential, retail, office, and
industrial properties. The company is also involved in the loyalty
program, fashion retailing and trading, and land development
businesses; and development and operation of sports park. In
addition, it operates club houses, golf and tennis academies, and
shopping malls; constructs and operates Skycity complex; and
operates department stores.
New World is still facing challenges even after it pulled off one
of Hong Kong's biggest refinancing deals worth US$11 billion
earlier this year. It has also been trying to secure a loan of as
much as HKD15.6 billion led by Deutsche Bank, though it recently
missed a self-imposed target for that effort, Bloomberg News.
Controlled by Hong Kong's Cheng family, New World carries the
heaviest debt burden among major developers in the city, amid a
prolonged real estate downturn in the financial hub and mainland
China. Its net debt reached 95.5 per cent of shareholders' equity
as at December, according to Bloomberg Intelligence.
OCEAN PARK: Mulls Water World Closure and Possible Gov't. Takeover
------------------------------------------------------------------
Dimsum Daily Newsroom reports that Ocean Park is weighing the
future of its Water World attraction, with closure and a handover
of operating rights to the government both under active
consideration as the park seeks to stem red ink.
According to Dimsum Daily, Chairman Paulo Pong said the park
recorded a HK$274.7 million (US$31.8 million) deficit over the past
year, driven largely by Water World's performance. He noted that
management would discuss all options with stakeholders, including
transferring the facility to the Leisure and Cultural Services
Department, and that a government takeover would be positively
assessed should officials be willing to resume operating rights.
Dimsum Daily relates that Mr. Pong outlined that the most helpful
step taken so far has been shutting Water World during the autumn
and winter months to reduce losses. Conceived in 2013 and opened
after eight years of development, the water park has faced
headwinds since its 2021 debut, including shifts in visitor
behaviour and spending by inbound tourists. After a seven‑month
seasonal closure, Water World is scheduled to reopen in May next
year. Management has consulted operators of comparable attractions
in the mainland and overseas on possible adjustments, ranging from
adding to or trimming facilities, while acknowledging the
operational challenges.
Financial disclosures show mixed results across the group.
Including the annual HK$280 million conservation and education
subsidy, EBITDA swung to a HK$42.4 million operating surplus, with
the main park's operating surplus rising 14 per cent to nearly
HK$191 million. Water World narrowed its loss year on year but
still posted a HK$148 million shortfall. The consolidated accounts
recorded an annual net loss of HK$275 million, wider than the
HK$216 million loss in 2023/24, Dimsum Daily discloses.
The four‑year public subsidy for conservation and education,
introduced from the 2022/23 financial year, is due to end after
2025/26. Mr. Pong said the park hopes to discuss an extension with
the government in the coming months, Dimsum Daily relays. Around 30
per cent of spending currently goes to education and conservation,
benefiting some 400,000 people to date. Without continued support,
he cautioned, some programmes may have to be scaled back to avoid
undue financial strain.
Visitor metrics continue to improve, with revenue rising for a
fourth consecutive year. Attendance and income are climbing
steadily, as local and non‑local visits increased by 9 per cent
and 12 per cent respectively in the last financial year. EBITDA
moved from a HK$17.2 million loss to a HK$42.4 million profit,
which management described as encouraging.
Dimsum Daily adds that Mr. Pong highlighted the park's six giant
pandas as a core draw and a platform for long‑term brand and
merchandise development. Hong Kong hosts the largest number of
giant pandas outside the mainland, and Ocean Park plans to leverage
their popularity through expanded exhibits, new design elements and
related products. He added that successful breeding in Hong Kong
would bring further positive momentum for the park's appeal and
educational mission.
Ocean Park, situated on the southern side of Hong Kong Island, is
Hong Kong's premier educational theme park. The current park covers
more than 915,000 square metres of land and features a diverse
selection of world-class animal attractions, thrill rides and shows
divided between The Waterfront and The Summit. Operated by the
Ocean Park Corporation, a statutory board, it is a not-for-profit
organization that aims to provide elements of entertainment,
education and conservation at an affordable price.
=========
I N D I A
=========
APBC PRINTING: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: APBC PRINTING INKS PRIVATE LIMITED
3-4-481/3 Barakatpura, Hyderabad,
Telangana, 500027
Liquidation Commencement Date: October 10, 2025
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: BeenaNayar
F-1305, Sri Aditya Athena, OU Colony,
Shaikpet, Hyderabad 500008
Email id: beenaanayar@gmail.com
Mobile No. 9849986881
Last date for
submission of claims: November 9, 2025
ARHYAMA SOLAR: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term rating of Arhyama Solar Power Private
Limited (ASSPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 31.65 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with ASSPL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Arhyama Solar Power Private Limited (ASSPL) was incorporated in
September 2012. ASPPL has setup a 6 MW solar power plant at
Kolanpak Village, Aleir Mandal, Nalgonda District of Telangana. The
solar power plant commenced its commercial operations from February
2014 and a Power Purchase Agreement has been signed by ASPPL with
Dr Reddy's Laboratories Limited (DRL) for a period of 20 years. The
company is promoted by group of entrepreneurs Arhyama Solar Power
who has prior experience of more than 20 years in solar power EPC,
Agriculture commodities and financial management.
ATUL AUTOMOTIVES: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term rating of Atul Automotives (AA) in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 11.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with AA, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is base don't he best available information.
Atul Automotives (AA) is a part of the Rajkot (Gujarat)-based Atul
Group of companies, owned by the Chandra family. The firm was
established in 2003 and is an authorised automobile dealer, spares
distributor and service provider for Mahindra & Mahindra Limited.
The firm has three showrooms in Lalpur, Jamnagar and Porbandar and
also has one salecum-service outlet across Jamnagar and Porbandar.
Besides, the firm also provides car finance and car insurance
facilities through reputed channel partners (leading banks and
insurance companies).
AUGVER DIGITAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Augver Digital Solutions Private Limited
No. 719, 1st floor, 17th Main,
38th Cross 4th 'T' Block Jayanagar, Banglore,
Banglore, Karnataka, India, 560041
Insolvency Commencement Date: September 24, 2025
Estimated date of closure of
insolvency resolution process: March 25, 2026
Court: National Company Law Tribunal, Bengaluru Bench
Insolvency
Professional: Ramamoorthi Srinivasan
E 902 Mantri Tranquil,
Off Kanakapura Road
Gubbalala, Bangalore,
Karnataka 560061
Email: Usne902@gmail.com
Last date for
submission of claims: October 14, 2025
BAGGA LUXURY: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings of Bagga Luxury
Motorcars Llp in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 7.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term- 7.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Bagga Luxury Motorcars Llp, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Bagga Luxury Motorcars LLP is part of Planet Petal group which is
promoted by Mr. Sukhbir Bagga along with his family members. Planet
Petal group is a diversified group having operations in the western
region of India and is having presence in the fields of automotive
dealership, retail, real estate and finance business. Bagga Luxury
Motorcars LLP is an authorized dealer for Italian car Maserati for
western region of India. Bagga Luxury Motorcars LLP operates its
business through outlet located in Mumbai. There are only two other
showrooms for Italian luxury car Masserati located in India.
BANSAL IRON: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-term rating of Bansal Iron & Steel Rolling
Mills (BISRM) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with BISRM, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Bansal Iron & Steel Rolling Mills (BISRM) is a partnership firm
engaged in the rolling of steel ingots/billets into girders and
channels. These are primarily used for structural and construction
purposes. The firm was promoted in 1971 and its manufacturing
facility is located in Mandi Gobindgarh (Punjab) with an installed
annual capacity of 39,000 M.T per annum.
BREMELS RUBBER: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: BREMELS RUBBER INDUSTRIES PRIVATE LIMITED
Reg. office:
No-16D, 1st Floor, KIADB Complex,
SRS Road, Opposite 1st Main,
Peenya I Stage, Bangalore -560058
Principal office:
Plot No 12, Aspeninfra Padubidri Pvt Ltd,
Nadsal Village, Post Padubidri, Udupi – 574 111
Insolvency Commencement Date: September 29, 2025
Estimated date of closure of
insolvency resolution process: March 25, 2026
Court: National Company Law Tribunal, Bengaluru Bench
Insolvency
Professional: Ratnakar Shetty
C801, Mantri Serenity Apt,
Daddakalsandra, Subramanyapura Post,
Bengaluru - 560 062
E-mail: rcshetty.co@gmail.com
RPAR & Co LLP,
#16, Level 3, Skyline Towers,
7th Cross, Sampige Road,
Malleswaram, Bengaluru - 560 003
Email: bremel.cirp@gmail.com
Last date for
submission of claims: October 20, 2025
CARBON EDGE: ICRA Withdraws B+ Rating on INR10cr LT Loan
--------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Carbon Edge Industries Limited (CEIL), at the request of the
company and based on the No Objection Certificate/Closure
Certificate received from its bankers. However, ICRA does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed. The Key Rating Drivers and their
description, Liquidity Position, Key financial indicators, Rating
Sensitivities have not been captured as the rated instruments are
being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 3.00 [ICRA]A4 ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Short Term- 60.00 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Withdrawn
Others
Long Term/ 4.06 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Unallocated Withdrawn
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Long Term- 4.94 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Term Loan
Founded by Mr. Vijay Khanna in 1982 as a coal trading company, CEIL
is engaged in the manufacturing of low ash metallurgical (LAM) coke
in Kutch, Gujrat. The company uses by-product generation technology
for manufacture of LAM coke and also obtains coal tar and coke oven
gas as key by-products along with LAM coke.
COFFEE DAY: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Coffee Day Enterprises
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 315.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Coffee Day Enterprises Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Coffee Day Enterprises Limited is the holding company for Coffee
Day group, promoted by Mr. V G Siddhartha. The key companies of the
group are –Coffee Day Global Limited (coffee business), Sical
Logistics Limited (integrated logistics), Tanglin Development
Limited (real estate), Way2Wealth (financial services) and Coffee
Day Hotels and Resorts Limited (Hospitality).
CREATIVE TANNERY: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Creative
Tannery Limited 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- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 1.00 [ICRA]B+(Stable) ISSUER NOT
Short Term COOPERATING/[ICRA]A4 ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term- 4.00 [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 Creative Tannery Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2008, Creative Tannery Limited was promoted by Mr
Tridip Kumar Dugar as a result of demerger from Creative Limited
which has presence in leather industry for almost three decades.
CTL is involved in the business of leather tannery and has a
tannery unit located at Kodungaiyur, Chennai, with a production
capacity of six lakh sq ft per month. CTL also manufactures other
leather products like wallets and belts through job workers.
The promoter also owns Intan Exim Private Limited (Intan) which is
involved in manufacturing of finished leather products, ladies bag
and gent's wallet, from its manufacturing unit in Kolkata, with a
capacity to manufacture 25000 bags and 50000 wallets every month
and caters to the export markets.
DECCAN GRANITES: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: DECCAN GRANITES LIMITED
1-2-38/6, Plot No. 11, Lake View Colony,
Near BhavyasAnandam, Nizampet Road,
Kukatpally, Hyderabad,
Telangana, India, 500085
Liquidation Commencement Date: September 30, 2025
Court: National Company Law Tribunal, Hyderabad Bench
Liquidator: Sirisha Chintapalli
Flat No: 306, Block No.5A, Divya Shakthi Apartments,
Ameerpet, Opp Lal Bungalow,
Hyderabad, Telangana, 500016
Email: acs.sirisha@gmail.com
Email: deccangranitesvlp@gmail.com
Contact Number: +91-7702228050
Last date for
submission of claims: October 30, 2025
DHARAMCHAND PARASCHAND: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Short-Term rating of Dharamchand Paraschand
Exports in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 58.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term- 8.00 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short Term- (58.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Dharamchand Paraschand Exports, ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Established in 1974, Dharamchand is involved in the business of
trading, manufacturing and exporting cut and polished diamonds
(CPD). The firm currently operates from Bharat Diamond Bourse in
Bandra Kurla Complex and has a processing facility in Surat,
Gujarat.
DHIRAJ FOUNDATION: ICRA Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Dhiraj Foundation in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B-(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 20.63 [ICRA]B- (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.13 [ICRA]B- (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Dhiraj Foundation, 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.
Dhiraj Foundation registered in December 2010 is promoted by Mr. A.
Dhirajlal Gandhi. DF commenced operations in July 2011 with
'Dhirajlal Gandhi College of Technology' (DGCT) at Salem, Tamil
Nadu. The college offers five Undergraduate (UG) courses and four
Post-graduate (PG) courses. The college is approved by the AICTE
(All India Technical Council for Technical Education) and is
affiliated to Anna University, Tamil Nadu.
F6 CAPITAL: ICRA Withdraws B+ Rating on INR15cr LT Loan
-------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
F6 Capital & Finance Private Limited at the request of the company
and in accordance with ICRA's policy on withdrawal. However, ICRA
does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers and their description, Liquidity Position, Rating
Sensitivities, Key Financial Indicator have not been captured as
the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 15.00 [ICRA]B+(Stable); ISSUER NOT
Unallocated COOPERATING; Withdrawn
Incorporated in June 1979, F6 Capital & Finance Private Limited
(Formerly known as Bajaj Chit fund Co Private Limited) is is
registered as a non-banking financial company (NBFC) with the
Reserve Bank of India (RBI). The company was acquired by the
current promoters in May 2019. Following the change in ownership,
the company actively commenced offering gold loans to individuals
and jewellers in Mumbai Metropolitan Region (MMR). As on March 31,
2021 the company had a loan book of INR9.12 crore on a net worth of
INR2.36 crore.
GREENLANDS (A&M): ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating and Short-Term rating of
Greenlands (A&M) Corporation (GLC) 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- 18.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short Term-Non 1.25 [ICRA]D ISSUER NOT COOPERATING;
Fund Based Rating continues to remain in
Others the 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with GLC, 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.
GLC started operations in 1950 with the Tractors and Farm Equipment
Limited (TAFE) dealership. The firm's promoters have since then
added dealerships of other OEMs across different segments, namely,
TVS Motors Limited (since 1985), Force Motors (since 2008), Atul
Auto Limited (2010) and VE Commercial Vehicles Limited (2010). GLC
also provides transportation services to India Yamaha Motor Private
Limited and TVS.
HI-TECH GEARS: NCLT Extends Stay on Insolvency Resolution Process
-----------------------------------------------------------------
TipRanks reports that Hi-Tech Gears Limited said the National
Company Law Appellate Tribunal (NCLAT) has extended the interim
stay on the Corporate Insolvency Resolution Process (CIRP),
initially granted in September 2024, due to a delay in proceedings.
The next hearing is scheduled for December 16, 2025.
This development may impact the company's operational stability and
stakeholder confidence as the resolution process remains in limbo,
TipRanks relays.
Hi-Tech Gears Limited operates manufacturing facilities, focusing
on the production of automotive components. It has subsidiaries in
Canada and the USA.
IL&FS SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the BLR and Non-Convertible Debenture ratings of
IL&FS Solar Power Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 45.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Bonds/NCD/LTD 360.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating' category
As part of its process and in accordance with its rating agreement
with IL&FS Solar Power Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
IL&FS Solar Power Limited, a 100% subsidiary of IL&FS Energy
Development Private Limited, has been set up to install a 100-MW
(AC)/ 130-MW (DC) ground mounted solar PV power project at Ittigi
(40 MW), Nellukudure (28 MW) and Mooregeri (32 MW) villages of the
Bellary district of Karnataka. The project capital cost stood at
about INR685 crore. The project wasdeveloped under build, finance
and transfer arrangement by ISPL. ISPL signed a DPA with EEPL as
per which the latter, post commissioning, will be paying monthly
payments to ISPL for the duration of 15 years. The solar power
generated by the project is being supplied to the various office
parks/commercial properties operated by the Embassy Group.
JAIN AGENCIES: ICRA Withdraws B+ Ratings on INR10cr Cash Credit
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Jain Agencies, at the request of the company and based on the No
Objection Certificate/Closure Certificate received from its
bankers. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers and their description, Liquidity
Position, Rating Sensitivities, key financial indicators have not
been captured as the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Withdrawn
Cash Credit
Incorporated in August, 2012, Jain Agencies is an authorised
distributor of Samsung Electronics India Limited in Sivasagar,
Jorhat, Dibrugarh, Tinsukia and Nagaon districts of Assam. The firm
sells consumer durables such as television, refrigerator, air
conditioners, etc. The firm is promoted by the Guwahati-based Jain
family, who have long experience in the distribution business
through various group entities.
JAINAM COATEX: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Jainam Coatex LLP (JCL) in
the 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 2.50 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.25 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 2.50 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with JCL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in September 2014, JCL is a limited liability
partnership firm and is owned and managed by Mr. Hitesh Parekh
along with four other partners. The firm is involved in
manufacturing of artificial/synthetic leather from its
manufacturing facility in Rajkot (Gujarat) with installed capacity
of producing 18,00,000 metre of artificial leather per annum.
KARTHIK ROOFINGS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating and Short-Term rating of Karthik
Roofings (KR) in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 5.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 1.73 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 2.77 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with KR, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Karthik Roofings (KR) was established in the year of 2001 as a
manufacturer of wide range of various roofing and cladding steel
products with a State of art manufacturing facility in Bangalore,
promoted by Ms. Srinivas Leelavathi. The key products of KR
includes trapezoid steel sheets and accessories, tile profiled
steel sheets, metal decking sheets, polycarbonate sheets, Z&C
Section and turbo ventilators like PUF panels and EDS panels. In
2013, the company has forward integrated to manufacture
pre-engineered building systems (PEB), Truss-less roofing system,
Glass-wool insulated roofing system under Karthik Roofings and
Structurals Pvt Ltd.
KSK MINERAL: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term rating of Ksk Mineral Resources Private
Limited (KMRPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 451.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with KMRPL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
KMRPL is a special purpose vehicle (SPV) promoted by the Hyderabad
based KSK Group for development of captive coal and lignite mines
for fuel supply to power projects promoted by the group. KMRPL
developed 22 million-ton (MT) Gurha East lignite mine located in
the Bikaner district of Rajasthan, with lignite from the mine being
supplied to 135 MW power project by VSLPL in Rajasthan. This mine
has now been transferred to VS Lignite Power Private Limited. The
company was also involved in the development of the Gare Pelma III
coal mine in Chhattisgarh, before its deallocation by the Supreme
Court order in September 2014. This coal mine was allocated for
supply of fuel to the 3600 MW thermal power project of the group in
Chhattisgarh.
LEMOSA TILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term ratings of Lemosa Tiles Llp in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Lemosa Tiles Llp, ICRA has been trying to seek information
from the entity so as to monitor its performance Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Lemosa Tiles LLP was established in April 2016, as a limited
liability partnership with an objective to engage in the
manufacturing of glazed ceramic wall tiles in three sizes viz. 10"
X 13", 12" X 18" and 12" X 24". The manufacturing facility of the
firm is located at Morbi with an installed capacity to manufacture
30,000 Metric Tonnes (7,000 boxes per day) of glazed ceramic wall
tiles per annum. The unit became fully operational from January
2017.
MOVNI EXTRACTIONS: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: MOVNI EXTRACTIONS PRIVATE LIMITED
701 Centrum, Plot No C-3,
S G Barve Road, Wagle Estate,
Wagle I.E., Thane 400604
Liquidation Commencement Date: September 30, 2025
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Manoj Kumar Jain
11, Friend's Union Premises Cooperative Society Ltd,
2nd Floor, 227, P.D'Mello Road,
Mumbai – 400001
Email: manojj2102@gmail.com
Telephone: 2207-5289
Last date for
submission of claims: October 30, 2025
PETAL MOTOCON: ICRA Lowers Rating on INR10cr LT Loan to C
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Petal
Motocon Pvt. Ltd., as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 10.00 [ICRA]C; ISSUER NOT COOPERATING;
Fund based Rating downgraded from[ICRA]B-
Cash Credit [ICRA]B- (Stable); ISSUER NOT
COOPERATING and continues to
remain under 'Issuer Not
Cooperating' category
The rating is downgrade based on publicly available information
(CIBIL) regarding Petal Motocon performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.
As part of its process and in accordance with its rating agreement
with Petal Motocon 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.
Petal Motocon Private Limited is part of Planet Petal group which
is promoted by Mr. Sukhbir. Along with his family members. Planet
Petal group is a diversified group having operations in the western
region of India and is having presence in the fields of automotive
dealership, retail, real estate and finance business. Petal Motocon
Private Limited is an authorized dealer for
Hyundai Motors India Limited (HMIL), Nissan cars as well as Ashok
Leyland light commercial vehicle for Ahmedabad region. PMPL
operates its business through nine outlets.
PUNJ LLOYD: Adani Infra Emerges as Winning Bidder for Company
-------------------------------------------------------------
TipRanks reports that Punj Lloyd Limited, currently undergoing a
Corporate Insolvency Resolution Process, has announced that Adani
Infra (India) Limited has been declared the successful bidder for
the acquisition of the company on a going concern basis.
This development follows the conclusion of the 14th round of
e-auction under the Insolvency and Bankruptcy Code, 2016, and the
subsequent approval through e-voting by the Stakeholders
Consultation Committee, according to TipRanks.
TipRanks adds that the acquisition by Adani Infra is a significant
step in the liquidation process and is expected to impact the
company's future operations and stakeholder interests.
About Punj Lloyd
Punj Lloyd Ltd (PLL), promoted by Mr. Atul Punj in 1988, was an
engineering & construction company in India, providing integrated
design, engineering, procurement, construction (EPC) and project
management services for oil & gas, process industry and
infrastructure sector projects. PLL has various subsidiaries
operating in multiple geographies and engaged in EPC in the field
of oil and gas and infrastructure sector.
In March 2019, the Principal Bench of the National Company Law
Tribunal (NCLT) had admitted an insolvency plea against the company
filed by ICICI Bank.
In June 2022, the dedicated bankruptcy court admitted Punj Lloyd
for liquidation after its lenders rejected the revival plan
submitted by a consortium of Prudent ARC and Payard Investments.
RGTL INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term and Short-Term ratings of RGTL
Industries Limited (RIL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short-term 1.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long Term- 8.79 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Long-term- 29.32 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term- 125.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with RIL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
RGTL Industries Limited (RIL, erstwhile Rathi Rajasthan Steel Mills
Limited) is a public limited company engaged in the manufacturing
of Thermo Mechanically Treated (TMT) bars. RIL was promoted in 2004
by Mr. Raj Kumar Rathi and became a 100% subsidiary of Rathi
Graphic Technologies Limited in 2007-08. Rathi Graphic Technologies
Limited now holds 49.18% stake in RIL. Rathi Graphic Technologies
Limited is a public limited listed company engaged in manufacturing
toners and developers which are used in photocopier machines, laser
and inkjet printers. The promoter Mr. Raj Kumar Rathi belongs to
the Rathi family which has a long track record and established name
in manufacturing of TMT bars. RIL has its manufacturing unit in
Bhiwadi (Rajasthan), wherein the rolling mill capacity has recently
been enhanced to 150000 TPA.
S.V.K. SHIPPING: CARE Lowers Rating on INR9cr LT Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
S.V.K. Shipping Services Private Limited (SSSPL), as:
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 and Downgraded from
CARE B-; Stable
Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category and Downgraded from
CARE A4
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 20, 2024, placed the rating(s) of SSSPL under the
'issuer non-cooperating' category as SSSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
6, 2025, August 16, 2025, August 26, 2025, October 15, 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 cautionwhile using the
above rating(s).
The ratings assigned to the bank facilities of SSSPL have been
revised on account of non-availability of requisite information.
Further, the revision also considers delays in debt servicing as
recognized from publicly available information i.e. NCLT filings.
Analytical approach: Standalone
Outlook: Not Applicable
SVK shipping was established in early 2000 by Sri. Ch. Malakondiah
and Sri Ch. Srinivasa Rao as a proprietorship firm. Subsequently,
the constitution of the entity was changed to partnership firm by
the name SVK shipping in the year 2007. Later, the firm was
converted to Private Limited company and name changed to current
nomenclature i.e. S.V.K Shipping Services Private Limited (SVK)
during November 2009. SVK is an ISO 9001:2008 Certified Stevedores,
C & F Agents and Transport Contractors. SVK is specialized in
business of Stevedoring, C&F, Logistics and Handling of Bulk Cargo
at Visakhapatnam Port to cater the export requirements of
customers. SVK is also specialized in handling of Iron Ore Fines in
Visakhapatnam Port.
SHREEDHAR MILK: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the rating of Non-Convertible Debenture of Shreedhar
Milk Foods Limited (SMFL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 20.00 [ICRA]D; ISSUER NOT
Debentures (NCD) COOPERATING; Rating Continues
to remain under issuer not
cooperating category
As part of its process and in accordance with its rating agreement
with Shreedhar Milk Foods Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Incorporated in 2005, Shreedhar Milk Foods Limited is a
medium-sized dairy processing company engaged in processing liquid
milk and manufacturing various milk-based products such as skimmed
milk powder (SMP), pure clarified butter (ghee), white butter,
cottage cheese, curd and sweets. The company's processing facility
is located at Joya in Uttar Pradesh, with a processing capacity of
14.30 lakh liters per day (LLPD). With a product mix concentrated
in favor of SMP, pure ghee and related derivatives, SMFL largely
caters to the bulk/institutional segment under its brand,
'Shreedhar', through its network of C&F agents. A small proportion
of the company's business is also generated from contract
manufacturing operations for players like Mother Dairy and COMFED.
While a majority of SMFL's business comes from the bulk segment, it
is currently in the midst of expanding its direct marketing
business, especially for polypack milk. To achieve this, it has
recently started procuring milk directly from villages by setting
up Village Level Collection Centres (VLCCs) and Milk Chilling
Centres (MCCs).
SMFL is promoted by the Delhi-based Goel family. The promoters have
significant experience in the dairy industry, with their roots in
the milk trading business for the last four generations. With its
plans of expanding its retail presence, the company has inducted
professional management with significant experience in the dairy
industry. SMFL also raised equity funding from a Mauritius-based
private equity fund, 'The Great Indian Tusker Fund', and another
entity, Omrudra International Trading LLC. Following the equity
infusion, the promoter's stake in the company stood at 93.3% as of
June 2016.
SIF GARMENTS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s SIF Garments Private Limited (Under CIRP)
1212A, Chiranjiv Tower 43, Nehru Place,
South Delhi, New Delhi – 110019,
India
Insolvency Commencement Date: September 15, 2025
Estimated date of closure of
insolvency resolution process: March 16, 2026 (180 Days)
Court: National Company Law Tribunal, New Delhi Bench-V
Insolvency
Professional: Resurgent Resolution Professionals LLP (IPE)
905, 9th Floor, Tower C, Unitech Business Zone
Nirvana Country Sector-50,
Gurgaon-122018
Email: legal@resurgentindia.com
Email: cirp.sifgarments@resurgentrpl.com
Last date for
submission of claims: October 1, 2025
SONIC CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Sonic Ceramic
Private Limited (SCPL) continue to be 'Crisil D/Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 Crisil D (Issuer Not
Cooperating)
Cash Credit 4 Crisil D (Issuer Not
Cooperating)
Long Term Loan 14 Crisil D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SCPL for
obtaining information through letter and email dated September 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
SCPL was incorporated on October 1, 2007, in Rajkot, Gujarat.
Operations are managed by the promoters, Mr Ratilal Matholiya, Mr
Rameshkumar Lakhani, Mr Bharat Khambhaliya, Mr Pratap Matholiya, Mr
Shailesh Kanetiya and Mr Vishal Kanetia. The company manufactures
brick tiles, printed tiles, decorative tiles, wall tiles, Lily
tiles, Linning tiles, Orbit tiles, Candy Rosa tiles and Crystal
tiles.
SOWBHAGYALAKSHMI PADDY: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Sowbhagyalakshmi Paddy Boiling Industries (SLPB; part of the
Sowbhagya group) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 17 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SLPB for
obtaining information through letter and email dated September 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SLPB, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SLPB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SLPB continues to be 'Crisil D Issuer not cooperating'.
The Sowbhagya group's first firm, SRB, was set up in 1988 by Mr V
Gopal Naidu and his family. In 1997, SLPB was set up and in 2000,
SBV. All these entities mill and process paddy into rice; they also
generate by-products such as broken rice, bran, and husk. Their
rice mills are in Nellore, Andhra Pradesh.
SPS YARNS: CRISIL Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of SPS Yarns
Private Limited (SPS) continue to be 'Crisil B-/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.45 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Long Term Loan 6.55 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Crisil Ratings has been consistently following up with SPS for
obtaining information through letter and email dated September 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SPS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SPS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SPS continues to be 'Crisil B-/Stable Issuer not cooperating'.
Established in 2011 as a private limited company, SPS is engaged in
manufacturing of Polyester and plastic Zippers. Based in Hyderabad
(Telangana), the company is promoted and managed by Mr K D
Chuttar.
SUHASINI BUILDER: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Suhasini
Builder (SB) continues to be 'Crisil B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 20 Crisil B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with SB for
obtaining information through letter and email dated September 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SB, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SB is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SB
continues to be 'Crisil B+/Stable Issuer not cooperating'.
Established in 2014 as a partnership concern by Mr Anand Gopal
Maity and Mr Nilakshaya Karan, SB primarily constructs apartments
and villas and has one ongoing project.
SUNBEAM REAL: ICRA Withdraws B+ Rating on INR5.70cr LT Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Sunbeam Real Ventures Pvt Ltd (SRVPL), at the request of the
company and based on the No Due Certificate/Closure Certificate
received from its lenders. The Key Rating Drivers and their
Description, Liquidity Position, Rating Sensitivities have not been
captured as the rated instruments are being withdrawn.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.30 [ICRA] B+(Stable); ISSUER NOT
Fund Based COOPERATING; Withdrawn
Term loan
Long Term- 5.70 [ICRA] B+(Stable); ISSUER NOT
Unallocated COOPERATING; Withdrawn
SRVPL was incorporated in November 2013 as a private limited
company by Mr. Sunil Gadhoke. The company is engaged in the system
designing, engineering, installation and operation and maintenance
of rooftop solar power plants for residential, institutional,
industrial and commercial clients under the brand name "Vibyor
Energy". SRVPL executes solar power projects under RESCO and CAPEX
model. The company develops solar power plants on the
rooftop/premises of the residential, institutional, industrial and
commercial customer. The entire power generated from the power
plant is exclusively supplied to the customer. The company is also
involved in the business of marketing specialized additives to
Indian solar cell manufacturers.
SURYA POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Surya
Poultry Farm (SSPF) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4.2 CRISIL D (Issuer Not
Cooperating)
Long Term Bank 7.3 CRISIL D (Issuer Not
Facility Cooperating)
Proposed Working 0.5 CRISIL D (Issuer Not
Capital Facility Cooperating)
Crisil Ratings has been consistently following up with SSPF for
obtaining information through letter and email dated September 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SSPF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSPF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSPF continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Set up in 2011 as a partnership firm by Mr. Srinivas Reddy and his
family, Andhra Pradesh-based SSPF is engaged in the poultry
business and has installed capacity of 2.24 lakh layer birds.
SURYAPET MUNICIPALITY: ICRA Keeps B+ Issuer Rating in Not Coop.
---------------------------------------------------------------
ICRA has kept the Issuer ratings of Suryapet Municipality in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer ratings - [ICRA]B+(Stable); ISSUER NOT
COOPERATING; Rating Continues
to remain under issuer not
cooperating category
As part of its process and in accordance with its rating agreement
with Suryapet Municipality, 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 foresaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
The SM was upgraded a Municipality in 1998. The ULB provides
municipal services to the city of Suryapet, situated in the
Suryapet district of Telangana and is governed by the Telangana
Municipalities Act 2019 (Act). It covers an area of 93 square
kilometre (sq. km.) and serves a population of 1,50,000 (projected
of 2021). The limits of the ULB were expanded in 2018 as seven
villages merged with the ULB. The major functions of the SM involve
water supply, solid waste management, repair and maintenance of
roads and street lighting in its area The ULB is divided into 48
municipal wards and is governed by an elected body (Council),
headed by a Chairperson, while the Commissioner acts as the chief
executive overseeing its everyday functioning.
SWATI EDUCATIONAL: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Swati
Educational Society (SWES) continues to be 'Crisil B/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 10 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SWES for
obtaining information through letter and email dated September 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SWES, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SWES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SWES continues to be 'Crisil B/Stable Issuer not cooperating'.
SWES was established in 2004 as a charitable educational society by
Mr Satyavir Yadav, his wife, Ms Sarla Yadav, and their daughter, Ms
Swati Yadav. It set up a school in Sector 37D, Gurgaon, under the
Euro International brand. It has recently commenced its second
school in Sector 84 in Gurgaon.
VIMLA FUELS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Vimla Fuels & Metals Limited
Office Nos. 1&2, Ground floor, Aum Ganatra Plaza,
Plot no.97, Sector 8, Gandhidham
Kachchh, Gujarat 370140
Survey No. 522, Bhachau-Bhuj Highway
Village: Shikra, District: Kachchh,
Taluka: Bhachau, Gujarat-370201
Insolvency Commencement Date: October 6, 2025
Estimated date of closure of
insolvency resolution process: April 4, 2026
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Mr. Anil Kumar Satyanarayan Agarwal
301-302, Vraj Bhoomi, Complex,
Nr. Prarthana Flat B/H, Ship, Bldg,
Off C.G. Road, Navrangpura,
Ahmadabad, Gujarat, 380009
Email ID: cirp.vimlafuels@gmail.com
Contact Mobile: 9898909823
Last date for
submission of claims: October 20, 2025
=======
L A O S
=======
LAOS: Fitch Publishes 'CCC+' Long-Term Foreign-Currency IDR
-----------------------------------------------------------
Fitch Ratings has published Laos' Long-Term Foreign-Currency Issuer
Default Rating (IDR) of 'CCC+'. Fitch typically does not assign
Outlooks to sovereigns with a rating of 'CCC+' or below.
Key Rating Drivers
Large Financing Needs; Improving Policies: Laos's 'CCC+' rating
reflects risks from high external debt repayment obligations,
constrained financing sources, modest foreign-exchange reserves,
high government debt and relatively low GDP per capita. However, an
ambitious macro-adjustment strategy, underpinned by significant
monetary and fiscal tightening, is reducing imbalances. These
policy actions are contributing to sharply lower inflation,
enhanced domestic FX liquidity, exchange rate stabilisation, and
declining government debt-to-GDP.
High Public Debt Repayments: Laos has nearly USD1.3 billion (8.1%
of GDP) in external public principal and interest payments due in
2026 and around USD1 billion in each year until 2029 (not adjusted
for China debt repayment deferrals). In 4Q25, USD314 million in
principal repayments are due, including a USD162 million bond
issued in Thailand maturing in December. Earlier this year, the
government made USD1.1 billion in principal repayments, including
USD214 million in Thai baht bonds and USD538 million in commercial
bank loans.
Reliance on Chinese Deferrals: Laos is likely to remain reliant on
deferrals on bilateral debt from China to ease its debt repayment
profile. Fitch estimates that in 2025 Laos is receiving principal
deferrals of about USD560 million and Fitch assumes these deferrals
will continue until at least 2027 accounting for about USD500
million each year. Roughly half of external debt is owed to China.
Discussions with China over debt deferral and potential bilateral
debt restructuring appear to be ongoing, but there is limited
clarity on the duration and nature of the debt deferrals. Between
2020 and 2024 Laos received USD2.3 billion (14% of GDP) in debt
deferrals from China.
Commitment to Pay Private Creditors: Laos has demonstrated its
willingness to meet its obligations to private creditors. Laos has
continued to service its private bond obligations in the Thai
market, its 150 million USD private placement paid in 2021, and
commercial bank loans, despite the economic and external stress
since 2020. If Laos reaches a broader deal with China on
restructuring its bilateral debt, Fitch does not believe equal
treatment of private obligations would be part of the deal. China
has granted debt deferrals over the past five years while Laos has
continued payments on its private obligations.
Financing Options: External financing options are limited. With
ample domestic FX liquidity, the government has increased domestic
FX borrowing from bond issuances and domestic commercial bank
loans, as access to new foreign sources are limited. It plans to
issue US dollar bonds in the international market in 2025 and the
next several years. Non-borrowing sources from FX fiscal revenue,
early royalty payments and asset sales are important financing
components. Strains at the state-owned electricity company,
Electricite du Laos, could increase financing needs if it is unable
to transfer funds to the government to meet its obligations from
on-lent debt (25% of public external debt).
More Stable Exchange Rate: Exchange rate pressures have abated
since mid-2024 on the back of tighter macro policy settings and
improved domestic FX liquidity. Fitch expects the kip to remain
broadly stable against the US dollar over the next year and
forecast only modest depreciation thereafter. The gap between the
official and commercial bank FX rates has largely closed, pointing
to limited near-term depreciation pressures.
External Liquidity Improving: A current account surplus and FX
repatriation requirements for export proceeds have helped boost
domestic FX liquidity and build FX reserves. Fitch forecasts a
current account surplus of 5.7% of GDP in 2025, from 3.3% in 2024,
due to robust exports. Fitch expects the surplus to narrow to 2.2%
of GDP by 2027. FX reserves grew to USD2.7 billion (2.8 months
current external payments) in July from USD1.8 billion a year ago
and Fitch expects reserves to gradually trend further upward in the
next two years.
Primary Fiscal Surpluses: Fitch expects sustained, but narrowing,
primary surpluses in the medium term. Fitch forecasts the overall
surplus to fall to 0.1% of GDP in 2025 from 2.3% in 2024, with the
primary surplus falling to 3.9% from 5.6%. This is a substantial
fiscal adjustment from an overall deficit of 5.3% of GDP in 2020,
led by revenue increases and expenditure cuts. Efforts to improve
tax administration and limit tax concessions should lead to
continued revenue growth, but expenditure is also likely to rise to
accommodate more social and capex. Consequently, Fitch expects a
modest deficit of 0.2% of GDP in 2026.
High Government Debt: General government debt is high, but fell to
81% of GDP in 2024 (publicly guaranteed debt is an additional 13%
of GDP) and Fitch forecasts a further decline to near 60% by 2029
from a peak of 96% in 2022. Sustained primary surpluses, nominal
GDP growth of around 10% and modest exchange rate depreciation
support this downward trend. The key risk is the reemergence of
severe exchange rate pressures. Sharp kip depreciation was largely
responsible for the jump in debt from 59% in 2019. Even as debt
trends downward, high projected gross financing needs are a key
challenge for debt sustainability.
Rising Interest Spending: The interest-to-revenue ratio is rising
as non-concessional debt is rolled over at higher costs and
interest payments on Chinese debt have resumed. The ratio is
forecast to rise to 16% in 2025 from 8% in 2020, above the 13% CCC
median. Risks of a sharp rise are reduced by the large 60% share of
concessional to total public external debt.
Tighter Monetary Policy Lowers Inflation: Tighter monetary settings
have been integral to fostering macro-stability as the central bank
tightened reserve requirements, mopped up liquidity, raised
interest rates (only partially reversed) and ceased direct
financing of the government, sharply curtailing money supply
growth. The Bank of Laos has shifted towards greater use of a
policy rate tool, although policy transmission is constrained by
high dollarisation. Inflation has slowed considerably, reaching
4.5% in September from an average of 31% in 2023, helped by
stabilisation of the exchange rate. Fitch expects inflation to rise
modestly over the next year to around 7%.
GDP Growth Slowing Gradually: Fitch forecasts growth to moderate to
3.8% in 2025 and 3.5% in 2026 from 4.2% in 2024, and a medium-term
trend of 3.2%, supported by the ongoing recovery in tourism and
further foreign direct investment-driven expansion of the
hydropower, mining, logistics, infrastructure and tourism sectors.
However, outward migration and efforts to keep fiscal risks in
check will likely constrain growth. Laos experienced robust growth
in the 2010s averaging 7.3%, but this was largely driven by a rapid
rise in debt for hydropower and infrastructure development.
ESG - Governance: Laos has ESG Relevance Scores of '5[+]' and '5'
for Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption,
respectively. These scores reflect the high weight that the World
Bank Governance Indicators (WBGI) have in its proprietary Sovereign
Rating Model. Laos has a low WBGI ranking at the 28th percentile,
reflecting weak rights for participation in the political process,
weak institutional capacity, uneven application of the rule of law
and a high level of corruption, but with a high degree of political
stability.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Fiscal/External Finances: Signs of substantial external financing
stress, for instance, from a tightening of domestic FX liquidity
amid continued difficulty in accessing external financing or a
cessation of bilateral debt relief.
- Macro/External Finances: A reversal of macro-stabilisation
policies resulting in the re-emergence of FX liquidity stress,
sharp exchange rate depreciation pressures and high inflation.
- Fiscal: A sustained rise in public and publicly guaranteed
debt/GDP, for instance, from a return to wide fiscal deficits or a
constant and large exchange rate depreciation.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Fiscal/External Finances: A sustained reduction in external debt
repayments, for instance, from greater clarity on a more permanent
arrangement for bilateral debt relief addressing Laos's high
external debt service costs, along with a sharp, sustained decline
in government debt/GDP.
- External Finances: A further easing of external liquidity
pressure, evident in a continued increase in foreign-exchange
reserves or greater confidence in sustained high current account
surpluses.
- Macro: Continued implementation of macro-stabilisation policies
that sustainably reduces economic imbalances and generates a record
of more sound policy implementation.
Sovereign Rating Model (SRM) and Qualitative Overlay (QO)
Fitch's proprietary SRM assigns Laos a score equivalent to a rating
of 'CCC+' on the Long-Term Foreign-Currency IDR scale. However, in
accordance with its rating criteria, Fitch's sovereign rating
committee has not utilised the SRM and QO to explain the ratings in
this instance. Ratings of 'CCC+' and below are instead guided
directly by the rating definitions.
Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.
Debt Instruments: Key Rating Drivers
Fitch does not currently rate any debt instruments for Laos.
Country Ceiling
The Country Ceiling for Laos is 'B-'. For sovereigns rated CCC+ or
below, Fitch assumes a starting point of CCC+ for determining the
Country Ceiling. Fitch's Country Ceiling Model produced a starting
point uplift of 0 notches. Fitch's rating committee applied a +1
notch qualitative adjustment to this, under the Balance of Payments
Restrictions pillar, reflecting that the private sector has not
been significantly impeded from converting local currency into
foreign currency and transferring the proceeds to non-resident
creditors to service debt payments.
Fitch does not assign Country Ceilings below 'CCC+' and only
assigns a Country Ceiling of 'CCC+' if transfer and convertibility
risk has materialised and is affecting the majority of economic
sectors and asset classes.
Date of Relevant Committee
21-Oct-2025
Climate Vulnerability Signals
The results of its Climate.VS screener did not indicate an elevated
risk for Laos.
ESG Considerations
Laos has an ESG Relevance Score of '5[+]' for Political Stability
and Rights as WBGI have the highest weight in Fitch's SRM and are
therefore highly relevant to the rating and a key rating driver
with a high weight. As Laos has a percentile rank above 50 for the
respective Governance Indicator, this has a positive impact on the
credit profile.
Laos has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGI have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Laos has a percentile rank below 50 for the
respective Governance Indicators, this has a negative impact on the
credit profile.
Laos has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGI is relevant to the rating and a rating driver. As Laos has a
percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.
Laos has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Laos, as for all sovereigns. As Laos has
received bilateral debt deferrals from China annually since 2020,
Fitch considered this a restructuring of bilateral debt obligations
for each year a debt deferral is agreed to and granted, and this
has a negative impact on the credit profile.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Laos LT IDR CCC+ Publish WD
ST IDR C Publish WD
LC LT IDR CCC+ Publish WD
LC ST IDR C Publish WD
Country Ceiling B- Publish WD
===============
M O N G O L I A
===============
[] Moody's Upgrades Ratings on 7 Mongolian Banks
------------------------------------------------
Moody's Ratings has taken rating actions for Mongolian banks
following Moody's upgrade of the Government of Mongolia's issuer
rating to B1 from B2 with a stable outlook.
The upgrade of the sovereign rating reflects Moody's expectations
of more stable economic growth, underpinned by ongoing steps to
diversify the commodity mix and improvements in policy
effectiveness. The upgrade also reflects continued traction on
reforms in governance and institutional effectiveness, which
Moody's expects to further reinforce stable growth.
For Khan Bank JSC (Khan Bank) and XacBank JSC (XacBank), Moody's
upgraded the long-term (LT) foreign currency and local currency
deposit ratings and issuer ratings to B1 from B2, the LT local
currency Counterparty Risk Rating (CRR) to Ba3 from B1, the LT
foreign currency CRR to B1 from B2, and the LT Counterparty Risk
Assessment (CR Assessment) to Ba3(cr) from B1(cr), as well as the
Baseline Credit Assessment (BCA) and Adjusted BCA to b1 from b2.
For XacBank, Moody's also upgraded the foreign currency senior
unsecured medium-term note (MTN) program rating to (P)B1 from
(P)B2.
For State Bank JSC (State Bank), Moody's upgraded the LT foreign
currency and local currency deposit ratings to B1 from B2, and the
LT foreign currency CRR to B1 from B2.
For Development Bank of Mongolia LLC (DBM), Moody's upgraded the LT
foreign currency issuer ratings to B1 from B2, the LT foreign
currency and local currency CRRs to B1 from B2, and the LT CR
Assessment to B1(cr) from B2(cr).
For Golomt Bank JSC (Golomt Bank) and Trade and Development Bank of
Mongolia JSC (TDBM), Moody's upgraded the LT foreign currency and
local currency CRRs to B1 from B2, and the LT CR Assessments to
B1(cr) from B2(cr).
For Bogd Bank JSC (Bogd Bank), Moody's upgraded the LT foreign
currency CRR to B1 from B2.
At the same time, Moody's affirmed all other ratings and
assessments for the seven banks above. In addition, Moody's
affirmed all ratings and assessments for Capitron Bank Closed JSC
(Capitron Bank) and M Bank Closed JSC (M Bank).
The nine banks' ratings outlooks, where applicable, remain stable.
The Mongolian sovereign rating upgrade does not affect the Macro
Profile for the Mongolian banking system, which remains at "Weak
–".
A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=SUM2ue
RATINGS RATIONALE
Khan Bank and XacBank
The banks' deposit ratings and issuer ratings upgrades were driven
by the removal of the constraint imposed on the banks' BCAs by the
Mongolian government's previous B2 rating, as well as the banks'
improved financial profiles. Following the Mongolian government's
rating upgrade, the banks' BCAs were upgraded to b1, and their LT
deposit ratings and issuer ratings to B1.
State Bank
The bank's deposit ratings upgrade was driven by the introduction
of government support uplift, reflecting the Mongolian government's
improved capacity to provide support if required. As a result, the
bank's LT deposit ratings incorporate one notch of government
support uplift from its b2 BCA.
DBM
The bank's issuer ratings upgrade was driven by the expansion of
government support uplift, reflecting the Mongolian government's
improved capacity to provide support, if required. As a result, the
bank's ratings incorporate three notches of government support
uplift from its caa1 BCA.
The government-backed level of support reflects (1) its role as
Mongolia's sole policy and export-import bank, with an objective to
foster economic development; (2) the government's full ownership of
the bank; and (3) the legal basis for government support under the
Development Bank of Mongolia Law.
Moody's considers Mongolia a jurisdiction with a nonoperational
resolution regime. For nonoperational resolution regime countries,
the preliminary rating assessments for the CRRs and CR Assessments,
prior to the incorporation of government support, are one notch
above the banks' Adjusted BCAs. That said,
local-currency/foreign-currency CRRs are subject to
local-currency/foreign-currency country ceilings, respectively.
For Khan Bank and XacBank, the CR Assessments before government
support are one notch above Mongolia's B1 government bond rating,
thus, Moody's do not add any uplift from government support. For
State Bank, the CR Assessment before government support is in line
with Mongolia's B1 government bond rating, thus, Moody's do not add
any uplift from government support. For DBM, the CR Assessment
before government support is B3(cr), thus, Moody's add a two-notch
uplift to reflect the government support up to the sovereign
rating.
For Golomt Bank and TDBM, their CRRs and CR Assessments upgrades
were driven by the introduction of government support uplift,
reflecting the Mongolian government's improved capacity to support
if required. The banks' CRRs/CR Assessments before government
support are B2/B2(cr), thus, Moody's add a one-notch government
support uplift.
The high level of support reflects (1) their status as domestic
systemically important banks (D-SIBs); (2) the government's track
record of supporting systemically important banks; and (3) the
legal framework for support stipulated in Mongolia's Banking Law.
For Bogd Bank, the bank's foreign-currency CRR upgrade was driven
by the change of Mongolia's foreign-currency country ceiling to B1
from B2, as a result of Mongolia's sovereign rating upgrade.
For Capitron Bank and M Bank, the banks' ratings affirmation
reflects Moody's views that the banks' ratings and assessments are
appropriately positioned. They remain unaffected by Mongolia's
sovereign rating upgrade, given Moody's assumptions of a low level
of government support.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
-- Bogd Bank
Moody's could upgrade Bogd Bank's ratings if the banks' BCA is
raised, while Mongolia's sovereign rating remains unchanged.
The bank's BCA could be upgraded if it diversifies its funding
channels toward a more balanced mix, while maintaining an impaired
loan ratio of 2.5% on a sustained basis and keeping capital robust
at a level that is well above banking system average.
Moody's could downgrade Bogd Bank's ratings if the bank's BCA is
lowered.
The bank's BCA could be downgraded if its capitalization weakens
meaningfully with its tangible common equity (TCE)/risk-weighted
assets (RWA) falling below 15% level; its liquidity deteriorates
significantly with its liquid banking assets/tangible banking
assets declining below 30% level; its reliance on market funding
rises significantly, particularly borrowings from banks and
financial institutions; and its asset quality deteriorates with its
annual new nonperforming loan (NPL) loan formation ratio rising
above 5%, on a sustained basis.
-Capitron Bank
Moody's could upgrade Capitron Bank's ratings if the bank's
systemic importance increases with its designation as D-SIB or the
bank's BCA is raised.
Capitron Bank's BCA could be raised if the bank's asset quality
improves and its concentration in cyclical sectors, such as in
mining, construction and trade, is lowered on a sustained basis,
without a weakening in its TCE/RWA and liquidity.
Moody's could downgrade Capitron Bank's ratings if the bank's BCA
is lowered.
The bank's BCA could be lowered if the bank's solvency weakens with
its TCE/RWA falling below 10%; its liquidity deteriorates with
liquid banking assets/tangible banking assets declining below 35%,
on a sustained basis; or its asset quality deteriorates
significantly.
-- DBM
DBM's rating is at the same level as the sovereign rating, and a
positive rating action is unlikely in the absence of an upgrade of
the sovereign rating.
Moody's could upgrade DBM's BCA upon receipt of planned equity
injections and progress in addressing its legacy asset quality
issues.
Moody's could downgrade DBM's rating if the sovereign rating is
downgraded; the government's support for DBM weakens; or the bank's
strategic role and importance to Mongolia weaken.
DBM's BCA could be lowered if its capitalization and liquidity
deteriorates without meaningful intervention from the government.
-- Golomt Bank
Golomt Bank's ratings could be upgraded if the bank's BCA is
raised, while Mongolia's sovereign rating remains unchanged.
Moody's could upgrade the bank's BCA if the bank's asset quality
improves with a meaningful reduction in its loan borrower
concentration; and its return on assets remains above 0.8%, all on
a sustained basis, without a weakening in its capitalization, and
funding and liquidity profiles.
Moody's could downgrade Golomt Bank's ratings if the bank's BCA is
lowered.
The bank's BCA could be lowered if the bank's TCE/RWA falls below
10%; its funding and liquidity deteriorate significantly; and its
asset quality deteriorates such that its annual new NPL formation
ratio rises significantly.
-- Khan Bank
Khan Bank's ratings are at the same level as the sovereign rating,
and a positive rating action is unlikely in the absence of an
upgrade of the sovereign rating.
Moody's could downgrade Khan Bank's ratings if the sovereign rating
is downgraded.
The bank's BCA could be lowered if its asset quality deteriorates,
such that its annual NPL formation ratio rises significantly;
capitalization weakens substantially; and funding and liquidity
deteriorate significantly, with its market funds/tangible banking
assets rising well above 30% and liquid banking assets/tangible
banking assets falling below 20%, both on a sustained basis.
-- M Bank
Moody's could upgrade M Bank's ratings if the bank's credit profile
improves such that its BCA is upgraded.
The bank's BCA could be upgraded if the bank's asset quality
improves with reduced unseasoned risks by normalizing its loan
growth and targeting borrowers with better credit profiles;
profitability improves through enhancing its operational efficiency
meaningfully; capitalization strengthens through capital injections
from the parent and a normalization of loan growth; and funding
profile improves with enhanced deposit quality, such as a higher
proportion of time deposits, or increasing the term of its market
funding.
Moody's could downgrade M Bank's ratings if the bank's BCA is
downgraded.
The bank's BCA could be downgraded if the bank's asset quality
deteriorates significantly from its unseasoned loan portfolio;
capitalization weakens due to strong balance sheet growth without
timely capital injections from the parent; liquidity ratio falls
below 30% due to rapid loan growth; or profitability deteriorates
with greater net losses incurred, on a sustained basis.
-- State Bank
State Bank's ratings are at the same level as the sovereign rating,
and a positive rating action is unlikely in the absence of an
upgrade of the sovereign rating.
Moody's could upgrade the bank's BCA if the bank's funding profile
improves with lower reliance on market funds; its asset quality
improves; and its return on assets improves, all on a sustained
basis, without a weakening in its capitalization and liquidity
profile.
Moody's could downgrade State Bank's ratings if the sovereign
rating is downgraded or if the bank's BCA is lowered.
The bank's BCA could be lowered if, on a sustained basis, it
maintains aggressive asset expansion that leads to material decline
in TCE/RWA; and its asset quality deteriorates, with its annual new
NPL formation ratio rising above 5%.
-- TDBM
TDBM's ratings could be upgraded if the bank's BCA is raised, while
Mongolia's sovereign rating remains unchanged.
Moody's could upgrade the bank's BCA if the bank's asset quality
improves with a meaningful reduction in its loan concentration in
cyclical sectors; and its return on assets remains above 0.8%, all
on a sustained basis, without a weakening in its capitalization,
and funding and liquidity profiles.
Moody's could downgrade TDBM's ratings if the bank's BCA is
lowered.
The bank's BCA could be lowered if its TCE/RWA falls below 10%; its
funding and liquidity deteriorate significantly; and its asset
quality deteriorates, such that its annual new NPL formation ratio
rises significantly.
-- XacBank
XacBank's ratings are at the same level as the sovereign rating,
and a positive rating action is unlikely in the absence of an
upgrade of the sovereign rating.
Moody's could downgrade XacBank's ratings if the sovereign rating
is downgraded.
The bank's BCA could be lowered if its TCE/RWA weakens
substantially; its asset quality deteriorates, such that the annual
new NPL formation ratio rises above 5%; and its reliance on market
funding rises significantly, particularly borrowings from banks and
financial institutions.
The principal methodology used in these ratings was Banks published
in November 2024.
Bogd Bank's assigned BCA score of b2 is set two notches below the
initial Financial Profile score of ba3 to reflect the expected
trend in its capital as loan disbursements may accelerate in the
next 12 months, as well as the expected trend in its profitability
and its earnings volatility.
For Khan Bank, XacBank, State Bank, DBM, Golomt Bank, TDBM,
Capitron Bank, and M Bank, the net effect of any adjustments
applied to rating factor scores or scorecard outputs under the
primary methodology(ies), if any, was not material to the ratings
addressed in this announcement.
=====================
N E W Z E A L A N D
=====================
CENTRAL BUSINESS: Creditors' Proofs of Debt Due on Nov. 21
----------------------------------------------------------
Creditors of Central Business Admin Limited (previously known as
2BC Holdings Limited) are required to file their proofs of debt by
Nov. 21, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 14, 2025.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
DIRECT ENERGY: Court to Hear Wind-Up Petition on Oct. 30
--------------------------------------------------------
A petition to wind up the operations of Direct Energy Solutions
Limited will be heard before the High Court at Auckland on Oct. 30,
2025, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 13, 2025.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
FCQ CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 6
----------------------------------------------------------
A petition to wind up the operations of FCQ Construction Limited
will be heard before the High Court at Auckland on Nov. 6, 2025, at
10:45 a.m.
Bremner Residential Limited filed the petition against the company
on Aug. 27, 2025.
The Petitioner's solicitor is:
Anna Fuiava
Denham Bramwell
Level 4, 3 Osterley Way
Manukau
Auckland
GLOBAL MARKETPLACE: Collapse Left Many Businesses Struggling
------------------------------------------------------------
Radio New Zealand reports that the collapse of Global Marketplace
New Zealand, which operates GrabOne in New Zealand, has left many
businesses struggling to cover the cost of vouchers that the site
sold, but has not paid the retailers for.
Some of the businesses said they simply can not afford to honour
the deals, worth thousands of dollars, RNZ says.
For one Coromandel holiday park, it was the third liquidation to
affect the business in a year, pushing the total owed to them up to
nearly NZD60,000.
Coromandel Shelly Beach Top 10 Holiday Park owner Aaron McFarlane
has deals with GrabOne and told Checkpoint the liquidation had left
them with empty pockets, RNZ relays.
The e-commerce website offered cut price deals - customers bought
vouchers directly from the site and it paid business their share,
keeping a commission fee.
It was placed into liquidation last week, RNZ notes.
RNZ relates that the liquidators have said retailers are unlikely
to be reimbursed for the vouchers, and consumers should contact
individual merchants or register their claims with the liquidator.
It has created a dilemma for businesses wanting to protect their
reputation and their bottom line.
According to RNZ, Mr. McFarlane said while they had been paid out
90 percent of what they were owed by GrabOne, they were still
waiting on close to NZD1,000. "This is the third liquidation that
I've had in the last 12 months - that's cost the business quite a
lot of money. So that's scary."
On top of the money he is owed by GrabOne, Mr. McFarlane had
already lost close to NZD59,000 to two other businesses over the
past 12 months.
"We lost about NZD9000 to a building contractor staying in the area
and then lost about NZD49,000 to a tiny home builder that was
building a cabin for me.
"It is very tough, it just makes business harder and harder and
we'll make cuts in different bits."
RNZ adds that Mr. McFarlane said GrabOne had been two months behind
in their payments to his business, before they received the
liquidation email last week.
He said GrabOne was selling deals right up to the liquidation, and
since it was announced his business has been left in the dark.
"Well, we've been locked out. We can't see any vouchers or anything
like that purchased after the date, so that's the hard bit. We
don't know what they've sold after the liquidators got in there."
While it was the latest of blows for the holiday park, Mr.
McFarlane remained positive.
"[It's a] bit gutting for everyone. But yeah, we're probably a
little bit better than most people, we have been paid some money
from GrabOne."
Despite the loss, the holiday park would be honouring every voucher
to 100 percent value, RNZ relays.
About GrabOne
GrabOne was launched in 2010 and offered discounts on goods and
services for local businesses.
It was sold to Global Marketplace New Zealand by former owner NZME
in 2021, for NZD17.5 million.
Global Marketplace New Zealand Limited operates as an investment
company.
On Oct. 16, 2025, Daniel Stoneman and Neale Jackson of Calibre
Partners were appointed liquidators of Global Marketplace New
Zealand, which operates GrabOne in New Zealand.
SHUTTLEWORTH CHARTERED: Creditors' Proofs of Debt Due on Nov. 12
----------------------------------------------------------------
Creditors of Shuttleworth Chartered Accountants Limited and YX
Consulting Limited are required to file their proofs of debt by
Nov. 12, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 8, 2025.
The company's liquidators are:
Benjamin Francis
Garry Whimp
Blacklock Rose Limited
PO Box 6709
Victoria Street West
Auckland 1142
TATECH LIMITED: Creditors' Proofs of Debt Due on Dec. 14
--------------------------------------------------------
Creditors of Tatech Limited (trading as Northern Sheetmetals) are
required to file their proofs of debt by Dec. 14, 2025, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 14, 2025.
The company's liquidator is:
David Edward Thomas
Don't Be Limited
C/- 13C/65 Chapel Street
Tauranga Central Shopping Centre
Tauranga
New Zealand
=================
S I N G A P O R E
=================
AVIATION GROUP: Fitch Rates Proposed Sr. Unsecured Bonds 'B(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned an expected long-term debt rating of
'B(EXP)' with a Recovery Rating of 'RR4' to Avation PLC's (Avation,
B/Stable) proposed senior unsecured bonds. The bonds will be issued
by Avation Group (S) Pte. Ltd. (Avation Group) under its existing
USD1 billion global medium-term note programme, and will be fully
and unconditionally guaranteed by Avation. Avation Group is a
100%-owned subsidiary of Avation, and is the group's applicant
member of the Singapore Aircraft Leasing Scheme.
Net proceeds will primarily be used to refinance the outstanding
unsecured bond and for repayment of secured loans or fleet
expansion.
Key Rating Drivers
The unsecured bond rating is equalised with Avation's Issuer
Default Rating (IDR) as the bonds will constitute Avation's direct,
unconditional, unsubordinated and unsecured obligations under the
guarantee, and rank equally with all other unsecured obligations of
Avation. The bonds' rating also reflects Fitch's expectation of
average recoveries for the senior unsecured debtholders.
Avation's IDR reflects its modest franchise as an established
global lessor of current-technology narrowbody and widebody
aircraft and ATR turboprops; operating record through economic and
market cycles; absence of significant orderbook commitments, which
reduces placement and funding risks compared with peers; and
experienced management team.
However, the rating is constrained by significant lessee
concentration in emerging markets, with the top-five lessees
accounting for 72% of net book value across a concentrated
portfolio of 33 aircraft. The company operates a smaller, less
liquid fleet than peers, comprising higher proportions of tier 2
(46%) and tier 3 (20%) aircraft as categorised by Fitch.
Additional constraints include refinancing risks due to the
concentrated maturity profile associated with the senior unsecured
bonds, and a weaker liquidity coverage ratio compared with
higher-rated peers with no undrawn committed facilities. Its
leverage, measured by gross debt-to-tangible equity, of over 4.0x
is also considered high among the rated aircraft lessors. Leverage
could increase further on the proposed bond issuance but should
remain below 5.0x.
For more information on Avation's Key Rating Drivers, please see
"Fitch Assigns 'B' Rating to Avation; Outlook Stable", published on
31 July 2025.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The expected rating assigned to the senior unsecured debt is
sensitive primarily to changes in Avation's Long-Term IDR and the
relative recovery prospects of the instruments. Negative action on
Avation's rating would lead the bond rating to move in tandem. In
addition, the unsecured debt rating could be notched below
Avation's IDR should secured debt increase as a percentage of total
debt such that the unencumbered pool contracts and affects expected
recoveries on the senior unsecured debt.
Delays in addressing the refinancing needs for Avation's existing
senior unsecured debt by end-2025 could lead to heightened
refinancing and liquidity risks, resulting in a downgrade of
Avation's IDR. Negative rating action could also arise from a
reduction in liquidity sources relative to upcoming needs and/or
the credit deterioration of underlying lessees, particularly those
that represent a meaningful portion of Avation's portfolio.
Other factors that could lead to negative action on Avation's
rating could include leverage rising to above 5.5x; rapid expansion
that is not accompanied by consistent underwriting standards and
commensurate growth in capital and staffing; deterioration in
residual value realisation; and increased balance-sheet
encumbrance. The net margin falling below 3% - driven by elevated
funding costs or weakening lease yields on a risk-adjusted basis -
could also drive negative rating action.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Positive action on Avation's IDR could lead to positive action on
its bond rating, provided the recovery prospects remain unchanged.
Avation's IDR could be positively influenced by reduced
concentration in the debt maturity schedule, with the liquidity
coverage ratio rising to above 1.0x and net spread improving to
over 5% on a sustained basis. Enhanced scale efficiency with higher
geographical and/or lessee diversification, provided such actions
are undertaken at a moderate pace and do not adversely affect
underwriting or pricing terms, would also be positive for the
rating. A lower debt-to-tangible ratio approaching 3.0x could also
result in positive rating action.
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
----------- ------ --------
Avation Group (S)
Pte. Ltd.
senior unsecured LT B(EXP) Expected Rating RR4
FUSEPROJECT PTE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Oct. 3, 2025, to
wind up the operations of Fuseproject Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
Ms. Lim Soh Yen
Ms. Tan Suah Pin
c/o Acutus Advisory
133 New Bridge Road
#24-01/02 Chinatown Point
Singapore 059413
IMMIGRATION@SG LLP: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Oct. 10, 2025, to
wind up the operations of Immigration@Sg LLP Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt and
Dev Kumar Harish Nandwani
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
M-WORLD GROUP: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Oct. 10, 2025, to
wind up the operations of M-World Group Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt and
Dev Kumar Harish Nandwani
BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
MATSUURA SINGAPORE: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Matsuura Singapore Pte. Ltd. on Oct. 14, 2025, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Mr. Chua Kaw Kia @ Chua Soo Chiew
101 Upper Cross Street
#06-11 People’s Park Centre
Singapore 058357
PRIVE GROUP: Commences Wind-Up Proceedings
------------------------------------------
Members of Prive Group Pte. Ltd. on Oct. 9, 2025, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Ng Kian Kiat
Goh Wee Teck
RSM SG Corporate Advisory
c/o 8 Wilkie Rd
#03-08 Wilkie Edge
Singapore 228095
*********
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.
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