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251027.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, October 27, 2025, Vol. 28, No. 214 Headlines A U S T R A L I A BUILT LIFESTYLES: Goes Into Liquidation; Owes More Than AUD300K LIBERTY FUNDING 2025-1: Moody's Assigns (P)B2 Rating to Cl. F Notes NOVECO GROUP: McGrathNicol Appointed as Receivers PRO-PAC PACKAGING: Enters Voluntary Administration, Buyer Sought RAMS FINANCIAL: Penalised AUD20 Million for Compliance Failings ROGUE TRADERS: Second Creditors' Meeting Set for Oct. 31 SPRING GULLY: First Creditors' Meeting Set for Nov. 3 THALIA DEVELOPMENT: First Creditors' Meeting Set for Oct. 31 UNITED GLOBAL: CADB Cancels Company Auditor's Registration WATTWATCHERS PTY: First Creditors' Meeting Set for Oct. 31 ZINA ENTERPRISES: First Creditors' Meeting Set for Oct. 30 C H I N A COUNTRY GARDEN: Nov. 14, 2025 Chapter 15 Recognition Hearing MINMETALS LAND: Plans to Go Private Following Multi-Year Losses I N D I A AAJ KA: CRISIL Keeps D Debt Ratings in Not Cooperating Category B. N. GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating CPR CAPITAL: CRISIL Keeps C Debt Rating in Not Cooperating EXULT LOGISTICS: CRISIL Keeps B Debt Ratings in Not Cooperating FPC UNIPRO: CRISIL Keeps D Debt Ratings in Not Cooperating G. N. PET: CRISIL Keeps D Debt Ratings in Not Cooperating GOLDEN AGRARIAN: CRISIL Keeps D Debt Rating in Not Cooperating INCAS INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating JAGDAMBA CEREALS: CRISIL Keeps D Debt Ratings in Not Cooperating JAIPRAKASH ASSOCIATES: NCLT Orders Insolvency Process Against Unit JAYAWANTI BABU: CRISIL Keeps D Debt Rating in Not Cooperating JUNNAR SUGARS: CRISIL Lowers Rating on INR50cr Term Loan to C K.S. IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating KHUKHRAIN BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating KMB GRANITE: CRISIL Keeps D Rating in Not Cooperating Category KRIPA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating KRIPA ANAND: CRISIL Keeps B Debt Ratings in Not Cooperating LOTUS POWERGEAR: CRISIL Keeps D Debt Ratings in Not Cooperating MARS PLYWOOD: CRISIL Keeps D Debt Ratings in Not Cooperating MATHURA DEVELOPER: CRISIL Keeps D Debt Ratings in Not Cooperating NATURAL PRODUCTS: CRISIL Keeps C Debt Ratings in Not Cooperating NILKANTH COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating OM ESHA: CRISIL Keeps D Debt Ratings in Not Cooperating Category ORION WATER: CRISIL Keeps D Debt Ratings in Not Cooperating PRABAL ROLLER: CRISIL Keeps D Debt Ratings in Not Cooperating PRIYESH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating M A C A U LAS VEGAS SANDS: AAEC Case Remains Pending in Nevada Court N E W Z E A L A N D AOTEAROA ABEL: Creditors' Proofs of Debt Due on Nov. 16 COASTAL VIEW: Court to Hear Wind-Up Petition on Nov. 20 DRONE BROTHERS: Creditors' Proofs of Debt Due on Nov. 30 GLOBAL MARKETPLACE: Creditors' Proofs of Debt Due on Oct. 31 MITRE 10: Posts NZD27.1MM Loss in FY2025 Despite Revenue Growth P3 EARTHWORKS: Court to Hear Wind-Up Petition on Nov. 10 S I N G A P O R E AVATION GROUP: Moody's Assigns (P)B2 Rating to USD1BB GMTN Program DJETAIR PTE: Court Enters Wind-Up Order FG FOOD: Commences Wind-Up Proceedings I-MAX PTE: Court Enters Wind-Up Order SCHELLDEN GLOBAL: Court Enters Wind-Up Order SINGAPORE COMMODITIES: Court Enters Wind-Up Order V I E T N A M ASIA COMMERCIAL: Moody's Affirms 'Ba3' Deposit & Issuer Ratings - - - - - ================= A U S T R A L I A ================= BUILT LIFESTYLES: Goes Into Liquidation; Owes More Than AUD300K --------------------------------------------------------------- News.com.au reports that Built Lifestyles, a Sydney boutique builder, has gone into liquidation owing creditors hundreds of thousands of dollars. Built Lifestyles was a custom residential building and design company that operated for more than 15 years in Sydney. The company went into voluntary liquidation on Oct. 20 and had its contractor license cancelled the following day. Mohammad Najjar from Vanguard Insolvency was appointed liquidator estimating the company owed more than AUD300,000, news.com.au discloses. He told The Daily Telegraph the company ceased trading and did not have any construction work, news.com.au relays. According to news.com.au, Australian Securities and Investments Commission data shows more than 3,500 construction companies entered insolvency for the first time in the last financial year. Covid, rising costs, red tape and labour shortages have been blamed for the high number insolvencies in the construction industry which has continued to worsen in recent years, news.com.au relates. LIBERTY FUNDING 2025-1: Moody's Assigns (P)B2 Rating to Cl. F Notes ------------------------------------------------------------------- Moody's Ratings has assigned the following provisional ratings to the notes to be issued by Liberty Funding Pty Ltd in respect of Liberty Series 2025-1 SME. Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series 2025-1 SME AUD390.0 million Class A1 Notes, Assigned (P)Aaa (sf) AUD90.0 million Class A2 Notes, Assigned (P)Aaa (sf) AUD23.4 million Class A3 Notes, Assigned (P)Aaa (sf) AUD59.4 million Class B Notes, Assigned (P)Aa2 (sf) AUD3.0 million Class C Notes, Assigned (P)A2 (sf) AUD15.0 million Class D Notes, Assigned (P)Baa2 (sf) AUD15.0 million Class E Notes, Assigned (P)Ba2 (sf) AUD3.0 million Class F Notes, Assigned (P)B2 (sf) The AUD1.2 million Class G Notes are not rated by us. The securitised receivables are first-ranking mortgage loans to self-managed superannuation funds (SMSF, 78.8%), companies (18.4%) or individuals (2.8%). The loans are secured by commercial (65.2%), residential (34.5%) or mixed (0.3%) properties located in Australia. A portion of the portfolio consists of loans extended to borrowers with impaired credit histories (2.5%), or made on an alternative (9.2%) or no documentation (10.2%) basis. The loans were originated and are serviced by Liberty Financial Pty Ltd (Liberty). Liberty is an Australian non-bank lender that started originating non-conforming residential mortgages in 1997. It subsequently expanded into prime residential mortgage origination, as well as auto loans, small commercial mortgage loans and personal loans. As of June 2025, Liberty had total receivables of AUD14.8 billion. RATINGS RATIONALE The provisional ratings take into account, among other factors: -- The evaluation of the underlying receivables and their expected performance; -- The credit enhancement provided by note subordination, the guarantee fee reserve and excess spread; -- The legal structure and availability of the liquidity facility; -- The experience of Liberty as servicer; and -- Presence of Perpetual Trustee Company Limited as the back-up servicer. According to Moody's analysis, the transaction benefits from various credit strengths such as low weighted average loan to value (LTV) of the underlying portfolio and a guarantee fee reserve. However, Moody's notes that the transaction features some credit weaknesses such as a proportion of bullet loans (10.2%) and alternative documentation loans (9.2%) within the portfolio. Key transactional features are as follows: -- Class A1, Class A2, and Class A3 Notes benefit from 35%, 20%, and 16.1% of subordination respectively. -- Principal collections will be at first distributed sequentially. Starting from the second anniversary from closing, all notes may participate in proportional principal collections distribution, with the Class G Note principal allocation repaying principal in reverse order starting from Class F, subject to the step down conditions being satisfied. The step down criteria include, among others, no charge offs on any of the notes and average arrears greater than 60 days not exceeding 4.0% of the aggregate loan amount. Principal paydown will revert to sequential once the invested amount of the notes is 20.0% or less than that at closing, or on and following the payment date in September 2029. -- The guarantee fee reserve, which is unfunded at closing, will build up to a limit of AUD1.8 million from excess spread. The reserve will be available to cover (1) any required payment shortfalls resulting from insufficient interest collections for that collection period and (2) losses on the loans that are not covered by excess spread. Key portfolio features are as follows: -- The weighted average scheduled LTV of the portfolio is 65.3%, with only 3.9% of the loans with scheduled LTV above 80.0%. -- Around 10.2% of loans are non-amortising and require a lump sum repayment at loan maturity, which can be up to five years. Most of these loans have been assessed on the basis of borrower's declaration of their repayment capacity over the term of the loan, without income verification. -- Around 2.5% of the loans were granted to borrowers with prior credit impairment (default, judgement or bankruptcy). Key model and portfolio assumptions: Due to the mixed nature of the pool, Moody's categorized it into SME and residential loan sub-pools, and arrived at the following assumptions for each sub-pool: --For the SME sub-pool, the SME Stressed loss is 19.6% and median expected loss is 1.9%. --For the residential loan sub-pool, Moody's MILAN Stressed Loss is 7.4% and median expected loss is 0.80%. The SME and MILAN Stressed Loss for the SME and residential loan sub-pools respectively capture the loss Moody's expects the portfolios to suffer in the event of a severe recessionary scenario. The Portfolio EL for each sub-pool represents a stressed, through-the-cycle expected loss relative to Australian historical data. The SME sub-pool, representing 65.9% of the overall portfolio, primarily includes loans to company borrowers and SMSFs secured by commercial properties. The residential loan sub-pool, representing 34.1% of the overall portfolio, primarily includes loans to individuals. Methodology Underlying the Rating Action The methodologies used in these ratings were "SME Asset-backed Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include better-than-expected collateral performance. The Australian economy is a primary driver of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Additionally, Moody's could downgrade the ratings in case of poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, or lack of transactional governance and fraud. NOVECO GROUP: McGrathNicol Appointed as Receivers ------------------------------------------------- Barry Kogan and Mark Holland of McGrathNicol on Oct. 22, 2025, were appointed receivers and managers of Noveco Group Pty Ltd, Noveco Surfaces Pty Ltd and Noveco Manufacturing Pty Ltd. Christian Sprowles and Michael Hogan of HoganSprowles were appointed as administrators of the group on Oct. 10, 2025. Nowra-based Noveco Group engages in ceramic product manufacturing. PRO-PAC PACKAGING: Enters Voluntary Administration, Buyer Sought ---------------------------------------------------------------- Lindy Hughson at Packaging News reports that Pro-Pac Packaging Group (PPG) has appointed partners from McGrathNichol Restructuring as voluntary administrators, as a buyer is sought for all or parts of the business. The administrators for PPG's Australian entities are Keith Crawford and Rob Smith, and for New Zealand entities, Andrew Grenfell and Kare Johnston, PKN discloses. There are 23 listed entities for Australia and two for New Zealand. In a media statement on the ASX, McGrathNichol Restructuring partner Rob Smith said, "We are urgently engaging with key stakeholders to maximise the prospect of successfully completing a sale or recapitalisation of PPG, or sales of its various business units. We are exploring options that offer continued employment of PPG's workforce, and enable the business to continue producing high-quality packaging solutions for domestic and international customers," PKN relays. The first statutory meeting of creditors will take place on November 3. According to PKN, the company has been facing difficulties for some time. After a challenging FY24, its first-half FY25 results saw revenue for continued operations down by 10.1 per cent across the group, at AUD142.9 million, while losses (profit before tax) were in the red to the tune of AUD12.8 million, some AUD7.3 million more than the corresponding period in the prior year. Reasons cited were a tightening market, adverse currency exchanges, and a dramatic decline in sales to its major Middle East customer, which alone left a AUD13.6 million hole in revenue, PKN relays. Excluding that hit, volumes in the Flexibles business were still down by three per cent, which were attributed to "challenging market conditions and weather conditions in Australia and New Zealand which impact agricultural volumes". Pro-Pac Packaging Limited (ASX:PPG) -- https://www.ppgaust.com.au/ -- together with its subsidiaries, manufactures and distributes flexible and industrial packaging products in Australia and New Zealand. RAMS FINANCIAL: Penalised AUD20 Million for Compliance Failings --------------------------------------------------------------- The Federal Court has ordered RAMS Financial Group Pty Ltd (RAMS) to pay a AUD20 million penalty after admitting to widespread compliance failures in relation to arranging home loans. The Court found that between June 2019 and April 2023, RAMS breached its obligations as an Australian Credit Licensee and contravened the Credit Act by: * dealing with unlicensed referrers, * failing to have in place adequate arrangements to ensure that customers were not disadvantaged by any conflicts of interest, * failing to supervise RAMS representatives to ensure compliance with credit laws (which included failures to create and enforce adequate policies and procedures, and failures to investigate misconduct), and * failing to do all things necessary to ensure that the credit activities authorised by the licence are engaged in efficiently, honestly and fairly. The Court held that RAMS failed to have in place effective processes and controls following internal findings of possible misconduct, which included instances of franchise staff submitting false pay slips from non-existent employers and altering customers' liabilities and expenses to ensure loan applications were approved. ASIC Deputy Chair Sarah Court said, 'financial entities must adhere to their obligations under the law and consumers must be protected from lending practices which can expose them to harm.' 'ASIC will continue to scrutinise those involved in the whole home lending process and will hold financial institutions accountable for misconduct.' In handing down his decision, Justice Shariff found, 'the contraventions here were serious in that they pertained to obligations that are designed to proscribe unlicensed and other related conduct that is essential to protect consumers and to regulate industry participants including the representatives of licensees.' Further, his Honour stated, 'I am satisfied that [RAMS'] contravening conduct exposed consumers to a risk of loss that the loans they entered may not have been suitable for their circumstances which also exposed them to a risk that they may have been unable to service their loans without substantial hardship, or may have defaulted on their loan repayments and incurred fees or charges, as a consequence of those defaults.' RAMS is a wholly owned subsidiary of Westpac Banking Corporation. It operated as a standalone business within the Westpac Group, through a franchise network of independent franchisees and staff employed by them. RAMS provided credit services for RAMS-branded home loans targeting first home buyers and self-employed borrowers. It holds an ACL authorising it to perform non-credit providing functions, including as a credit assistance provider. In early 2024, Westpac commenced a sale process for RAMS. In April 2024, Westpac terminated the sale process and subsequently commenced a process of winding down the RAMS business. RFG wound down the RAMS Franchise Network in its entirety, by Aug. 6, 2024. Westpac and RAMS continue to support existing customers who entered into RAMS-branded home loans. On June 4, 2025, ASIC sued RAMS for systemic misconduct in arranging home loans. RAMS admitted liability for the contraventions. RAMS has remediated customers that have suffered detriment arising from the misconduct. ROGUE TRADERS: Second Creditors' Meeting Set for Oct. 31 -------------------------------------------------------- A second meeting of creditors in the proceedings of Rogue Traders Group Pty Ltd has been set for Oct. 31, 2025, at 11:00 a.m. at the offices of Romanis Cant, at Level 2, 106 Hardware Street, in Melbourne, Vic. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Oct. 30, 2025 at 12:00 p.m. Manuel Hanna of Romanis Cant was appointed as administrator of the company on Sept. 25, 2025. SPRING GULLY: First Creditors' Meeting Set for Nov. 3 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Spring Gully Foods Pty Ltd will be held on Nov. 3, 2025 at 11:00 a.m. via electronic facilities. James Stuart McPherson of Meertens was appointed as administrator of the company on Oct. 22, 2025. THALIA DEVELOPMENT: First Creditors' Meeting Set for Oct. 31 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Thalia Development Pty Ltd ATF Thalia Development Unit Trust will be held on Oct. 31, 2025 at 12:00 p.m. via virtual meeting facilities. Jialan Xu and Andrew Stewart Reed Hewitt of Grant Thornton Australia Limited were appointed as administrators of the company on Oct. 21, 2025. UNITED GLOBAL: CADB Cancels Company Auditor's Registration ---------------------------------------------------------- The Companies Auditors Disciplinary Board (CADB) handed down its decision on Oct. 24, 2025 to cancel the registration of company auditor Ryan William O'Shea, for failing to carry out or perform adequately and properly his duties as auditor of: * United Global Capital Pty Ltd (UGC) for the financial years ended June 30, 2021 and 2022; * Global Capital Property Fund Limited (GCPF) for the financial years ended June 30, 2021, 2022, and 2023; * UGC Global Alpha Fund Limited (Alpha Fund) for the financial years ended June 30, 2021, and 2022. Over AUD92 million was invested into GCPF and Alpha Fund, predominantly by self-managed superannuation funds. UGC used a client onboarding and advice process that lured people into investing their retirement savings in UGC-related products, including recommending speculative investments in GCPF. In making the decision to cancel Mr. O'Shea's registration, the CADB determined, among other findings, that he had failed to obtain sufficient appropriate audit evidence concerning: * the value of GCPF's investments in 15 property developments (totalling AUD93 million in the 2023 financial year) five of which were related to GCPF's directors; * unit trust investments held by Alpha Fund of approximately AUD6.5 million; * the recoverability of loans from UGC to Mr. Hewish, for which there were no loan agreements or representations from UGC's management provided. The CADB also found that the extensive and serious nature of the audit failures, meant that Mr. O'Shea was not a fit and proper person to remain a registered company auditor. The CADB made no orders in relation to costs on submission of the parties. ASIC acknowledges Mr. O'Shea's cooperation throughout the CADB proceedings. Deputy Chair Sarah Court said, 'This case strikes at the heart of two of ASIC's enforcement priorities for 2025 – exploiting superannuation savings and auditor misconduct. Auditors are critical gatekeepers, and when they fail in their duties, the consequences for investors can be severe.' CADB proceedings are confidential until the CADB reaches its decision and notifies the affected parties. Recent orders and decisions can be found on the CADB's website. ASIC made interim stop orders on July 5 and July 21, 2022 (respectively), preventing the offer of shares under GCPF's prospectus as well as further interim stop orders on August 29 and Sept. 13, 2022 (respectively) preventing the issue of shares due to a deficient target market determination. On June 3, 2024, ASIC banned UGC's director and key person/responsible manager Joel Hewish for ten years and cancelled UGC's Australian financial services licence.  Mr. Hewish appealed to the Administrative Appeals Tribunal for a review of ASIC's decision which was dismissed by the Administrative Review Tribunal.  On June 20, 2024, ASIC obtained interim orders from the Federal Court freezing the assets of UGC and GCPF. On July 5, 2024, UGC entered voluntary administration and on Aug. 9, 2024 UGC's creditors resolved to wind-up UGC and appoint David Stimpson of SV Partners as liquidator. In September 2024, ASIC applied to the Federal Court for orders to appoint provisional liquidators to GCPF and to wind-up GCPF. On Oct. 3, 2024, the Federal Court made orders for Global Capital Property Fund (GCPF) to be wound up on just and equitable grounds, appointing Ross Blakely and Kelly-Anne Trenfield of FTI Consulting as liquidators. WATTWATCHERS PTY: First Creditors' Meeting Set for Oct. 31 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Wattwatchers Pty Ltd will be held on Oct. 31, 2025 at 11:00 a.m. via virtual facilities. Lindsay Stephen Bainbridge and Timothy James Bradd of Pitcher Partners were appointed as administrators of the company on Oct. 23, 2025. ZINA ENTERPRISES: First Creditors' Meeting Set for Oct. 30 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Zina Enterprises Pty Ltd will be held on Oct. 30, 2025 at 11:00 a.m. via virtual facilities. Andrew John Spring and Bruce Sam Huynh of Jirsch Sutherland were appointed as administrators of the company on Oct. 21, 2025. ========= C H I N A ========= COUNTRY GARDEN: Nov. 14, 2025 Chapter 15 Recognition Hearing ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of New York has scheduled a hearing to consider the relief requested by Fong Ching Lam, as foreign representative of Country Garden Holdings Company, in the Chapter 15 Petition for 10:00 a.m. (Eastern Time) on November 14, 2025. Any party-in-interest wishing to submit a response or objection to the Chapter 15 Petition must do so so as to be actually received on or before November 7, 2025. If no response or objection is timely filed, the Court may grant the relief without further notice or hearing. About Country Garden Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Earlier in August 2025, it reached an agreement with a core group of bank creditors that holds 49% of the company's offshore debt, marking another step in its US$14.1 billion restructuring plan, according to Reuters. MINMETALS LAND: Plans to Go Private Following Multi-Year Losses --------------------------------------------------------------- Yicai Global reports that Minmetals Land, a Chinese property developer backed by state-owned conglomerate China Minmetals, will delist from the Hong Kong Stock Exchange through privatization after reporting losses for three consecutive years. Its shares surged over 90 percent on Oct. 24. Shares of Minmetals Land [HK: 0230] jumped 92 percent to close at HKD0.94 (US 10 cents), giving the firm a market capitalization of about HKD3.1 billion (USD398.9 million), Yicai says. The stock had been suspended since Sept. 30 pending a major announcement and had already risen 40 percent on its last trading day before the suspension. June Glory International, a subsidiary of China Minmetals, will acquire all of Minmetals Land's publicly traded shares at HKD1 apiece -- a 104 percent premium to the closing price on Sept. 29 -- the company said on Oct. 23, Yicai relays. June Glory, which already owns about 61.9 percent of Minmetals Land, will pay HKD1.3 billion in cash to remaining shareholders. According to Yicai, Minmetals Land said the decision to delist was due to persistently low trading volumes and a continued undervaluation of its shares, which have constrained its ability to raise capital and weakened the advantages of maintaining a listing. Minmetals Land has reported net losses for three straight years amid China's prolonged property market downturn, recording losses of HKD1.4 billion in 2022, HKD1 billion in 2023, and HKD3.5 billion in 2024, Yicai discloses. Business performance has yet to recover this year, Yicai notes. In the first half, the firm's net loss narrowed 44 percent to HKD585 million (USD75.3 million) from a year earlier, but revenue plunged 61 percent to HKD2 billion, its latest financial report showed. Founded in 1993, Minmetals Land is a real estate arm of China Minmetals, a major metal and mining group under the direct supervision of the State-Owned Assets Supervision and Administration Commission of the State Council. The developer has more than 80 residential and commercial projects across over 20 Chinese cities, according to its website. ========= I N D I A ========= AAJ KA: CRISIL Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Aaj Ka Anand Papers Limited (AKAPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with AKAPL 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 AKAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AKAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AKAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. AKAPL, based in Pune, was formed as a proprietorship firm in 1971; this firm was reconstituted as a closely held company in 1993, promoted by Mr. Shyam Agarwal. The company prints and publishes Hindi, Marathi, and English daily newspapers: Aaj ka Anand, Sandhyanand, and Life 365, respectively. It also owns a 30-room budget hotel, Citi-o-tel, at Pune. AKAPL is currently being managed by Mr. Anand Agarwal. B. N. GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of B. N. Global Private Limited (BNG) continue to be 'CRISIL D Issuer Not Cooperating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 65 CRISIL D (Issuer Not Cooperating) Cash Credit 15 CRISIL D (Issuer Not Cooperating) Cash Credit 18 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 20 CRISIL D (Issuer Not Cooperating) Long Term Loan 3.75 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with BNG 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 BNG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BNG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BNG continues to be 'Crisil D Issuer not cooperating'. SBN and BNG are promoted by Mr. Varun Chadha, Mr. Ankush Chadha, and Mr. Deepak Chadha. The companies' mill and process basmati rice for sale in the export and domestic markets. SBN was incorporated in 2007, while BNG was incorporated in 2014 to take over the assets and liabilities of partnership firm, BN Exports. CPR CAPITAL: CRISIL Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of CPR Capital Services Limited (CPR) continues to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 6.5 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CPR for obtaining information through letter and email dated September 25, 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 CPR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CPR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CPR continues to be 'Crisil C Issuer not cooperating'. CPR was incorporated in Ghaziabad, Uttar Pradesh, in 1995, promoted and managed by the Garg family. Mr Pawan Garg and his immediate family hold around 74% in the company, while other relatives and friends hold the rest. It was established to provide broking services to retail and corporate clients, especially in the equity segment. The company has business interests in securities, commodities, currency derivatives, and depository services. EXULT LOGISTICS: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Exult Logistics Private Limited (ELPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.4 CRISIL B/Stable (Issuer Not Cooperating) Proposed Fund- 17.6 CRISIL B/Stable (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with ELPL 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 ELPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ELPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ELPL continues to be 'Crisil B/Stable Issuer not cooperating'. Kolkata-based Ideal Movers group is headed by Mr Srawan Kumar Himatsingka (chairman) and his son, Mr Nakul Himatsingka. It was set up in 1995, and commenced operations in 2000 with its transportation business. It mainly transports steel and related materials. ELPL, set up in 2005, is also a logistics services provider. Initially, it leased its fleet of trucks to IMPL, but since fiscal 2016, has been dealing directly with the Essar group. FPC UNIPRO: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Fpc Unipro Private Limited (FPC) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 12 CRISIL D (Issuer Not Cooperating) Proposed Cash 6.5 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with FPC 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 FPC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FPC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of FPC continues to be 'Crisil D/Crisil D Issuer not cooperating'. FPC (formerly, Fortrec Petrochem Pvt Ltd) was promoted in 2002 by Mr. Surya Kumar Shikha. The company trades in petrochemical products, mainly heavy aromatics and toluene, and is based in Hyderabad. G. N. PET: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings the ratings on bank facilities of G. N. Pet (GNP; part of the GN group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.50 CRISIL D (Issuer Not Cooperating) Funded Interest 1.37 CRISIL D (Issuer Not Term Loan Cooperating) Proposed Long Term 0.02 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.55 CRISIL D (Issuer Not Cooperating) Working Capital 2.56 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with GNP 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 GNP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GNP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GNP continues to be 'Crisil D Issuer not cooperating'. GNPPL, set up in 2007 by Mr. Sunil Bansal, manufactures polyethylene terephthalate bottles for consumers in the pharmaceuticals industry. It commenced commercial operations in 2008. In 2009, Mr. Bansal set up proprietorship concern GNP, which is in the same line of business and commenced commercial operations in 2011. Both entities' manufacturing facilities are in Baddi. GOLDEN AGRARIAN: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Golden Agrarian Private Limited (GAPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GAPL 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 GAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GAPL continues to be 'Crisil D Issuer not cooperating'. GAPL was established in 1980 as a partnership firm, Samra Industries, by Mr Harendra Jeet Singh and his brother, Mr Sardar Malkeet Singh. It was reconstituted as a private limited company in 2012. GAPL is currently managed by Mr Rajvir Singh. The company processes basmati and non-basmati rice at its plant in Faridkot, Punjab, which has a total milling capacity of 12 tonne per hour. INCAS INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Incas International (Incas) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 6 CRISIL D (Issuer Not Cooperating) Letter of Credit 4 CRISIL D (Issuer Not Cooperating) Packing Credit 10 CRISIL D (Issuer Not Cooperating) Proposed Long Term 11.82 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Incas 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 Incas, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Incas is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Incas continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incas was set up as a proprietorship concern of Mr Vikas Kalra in 2000. The firm manufactures leather garments and accessories such as bags, gloves, and belts and exports primarily to Europe. It has two plants, one each at Gurgaon and Manesar (both in Haryana). JAGDAMBA CEREALS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jagdamba Cereals Udyog Private Limited (JCUPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Cash Credit 4.75 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.25 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 1.75 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with JCUPL 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 JCUPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JCUPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of JCUPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. JCUPL, set up by Mr. Krishna Murari Choudhary in 2005 in Burdwan, West Bengal, manufactures wheat products such as atta, maida, suji, and wheat bran. It has capacity of 400 tonne per day. Mr. Choudhary is the promoter of the Jagdamba group, and began trading in rice, pulses, and flour in 1988. In 2003, he entered the foodgrain processing business. Over the years, he has set up three flour mills, one rice mill, and a polyfabs plant. JAIPRAKASH ASSOCIATES: NCLT Orders Insolvency Process Against Unit ------------------------------------------------------------------ The Economic Times reports the National Company Law Tribunal (NCLT) has directed for initiation of insolvency proceedings against Bhilai Jaypee Cement, a subsidiary of debt-ridden group Jaiprakash Associates Limited, for a default of INR45 crore. According to ET, the direction of Cuttack bench of NCLT came after it admitted a plea filed by the company's operational creditor Sidhgiri Holdings Pvt Ltd, to which Bhilai Jaypee Cement owed INR45 crore against supply of coal. A two-member NCLT bench also appointed an interim resolution professional (IRP), suspending the board of the company and putting it under the protection of moratorium against encumbrance of assets through sale, civil suits etc, as per the provisions of the Insolvency & Bankruptcy Code (IBC), ET relates. "We are inclined to hold that there exists an outstanding operational debt, a default and accordingly the present Application . . . under Section 9 of the Code read with Rule 6 of Insolvency & Bankruptcy Rules, 2O16 for initiating CIRP of Bhilai Jaypee Cement is allowed and the corporate debtor is admitted," said NCLT bench comprising Members Deep Chandra Joshi and Banwari Lal Meena. ET says Bhilai Jaypee Cement was regularly purchasing coal from its operational creditor Sidhgiri Holdings. However, a dispute arose from three purchase orders for 2,000 MT (metric tonne) of coal each, amounting to 6,000 MT between September 2021 and June 2022. As per the purchase orders, the payment in respect of each one was to be made by Bhilai Jaypee Cement after 15 days of delivery. The supplier raised multiple invoices during the period and the cement maker only made a part payment of the demand. Finally, it sent a statutory demand notice on June 22, 2024 under IBC of a total amount of INR45.40 crore, in which INR30.08 crore was for the principal amount and INR15.32 crore interest at the rate of 24 per cent, claimed to be unpaid. After getting no response from the company, Sidhgiri Holdings moved NCLT, filing a petition under Section 9 of the IBC, according to ET. ET relates that Bhilai Jaypee Cement contested the insolvency plea against it before NCLT, contending that it has been filed with an intent of recovery and is in contravention of the objective of IBC as the respondent is a solvent company. Moreover, it has failed to provide any certificate from the financial institutions confirming non-payment of unpaid operational debt and the invoices, e-way bills, GSTR forms, ledger book maintained by the applicant, bank statement, etc. However, NCLT said the cement maker has not disputed the receipt of coal supplies and the genuineness of the invoices. "It is noted that no dispute whatsoever has been raised by the respondent in regard to the receipt of coal supplied by the applicant. The respondent has also neither disputed the genuineness of invoices brought on record by the applicant nor disputed the receipt of such invoices by it in its reply or oral submissions. The respondent has also neither disputed the existence of the debt nor the quantum of debt which is stated in Part-IV of the application," it said. Moreover, the GST invoice was raised by Sidhgiri Holdings in favour of Bhilai Jaypee Cement, which is also not disputed by the cement maker, adds ET. "The existence of debt is clearly established by the copies of the invoices raised by the applicant, and the acceptance of the existence of debt on the part of the respondent in its reply makes the contention of the respondent about Section 63 of BSA, 2023, untenable," said NCLT while admitting the insolvency plea against Bhilai Jaypee Cement. Bhilai Jaypee Cement parent entity JAL is already going through CIRP (Corporate Insolvency Resolution Process), in which Vedanta has submitted the winning bid of INR17,000 crore, outbidding the Adani Group. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. JAYAWANTI BABU: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Jayawanti Babu Foundation (JBF) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 11.8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JBF 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 JBF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JBF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JBF continues to be 'Crisil D Issuer not cooperating'. JBF was established in 2007 by Mr Santosh Pal situated in Oras, Sindhudurg. There are two institutions under this trust namely Metropolitan Institute of Technology and Management (MITM) and Aarna Institute of Maritime Studies (AIMS). JUNNAR SUGARS: CRISIL Lowers Rating on INR50cr Term Loan to C ------------------------------------------------------------- Due to inadequate information and in line with the Securities and Exchange Board of India guidelines, Crisil Ratings had migrated its rating on the bank facilities of Junnar Sugars Limited (JSL) to 'Crisil BB-/Stable Issuer Not Cooperating'. However, the management has subsequently started sharing requisite information, necessary for carrying out a comprehensive review of the ratings. Consequently, Crisil Ratings has migrated its rating to 'Crisil C' from 'Crisil BB-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Working 30 Crisil C (Migrated from Capital Facility 'Crisil BB-/Stable ISSUER NOT COOPERATING') Term Loan 50 Crisil C (Migrated from 'Crisil BB-/Stable ISSUER NOT COOPERATING') The rating has been downgraded due to liquidity issues faced by the company. The cash credit limit has been overutilised for over 25 days, as confirmed by the banker, and bank limit utilization was high, averaging 99% over the six months ended on August, 2025. The rating also reflects the overutilization of working capital limits, large working capital requirement and susceptibility to regulatory changes and cyclicality in the sugar industry .These weaknesses are partially offset by extensive experience of the promoters. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of JSL. Key Rating Drivers - Weaknesses * Overutilisation of the working capital limit: The cash credit facilities have been continuously overdrawn for more than 25 straight days since September 18, 2025. Bank limit utilisation has also been high, averaging 99% for the six months ended August, 2025, due to stretched liquidity. * Large working capital requirement: Gross current assets were sizeable at 559 days as on March 31, 2025, driven by inventory of 1,028 days. Operations remain working capital intensive owing to seasonal crushing and maintenance of large inventory, and will be funded largely through the cash credit limit. * Susceptibility to regulatory changes and cyclicality in the sugar industry: Regulatory mechanisms and dependence on monsoon lead to cyclicality in the sugar industry, which may impact performance of players such as JSL. The government regulates the domestic demand-supply scenario by restricting imports and exports and accordingly fixes the price of sugarcane. Moreover, the company is majorly dependent on jaggery sales, which are susceptible to prices of sugar, jaggery and sugarcane. Key Rating Drivers - Strengths * Extensive experience of the promoters: The decade-long experience of the promoters in the sugar business, their strong understanding of market dynamics, and established relationships with suppliers and customers, will continue to support the business risk profile. Liquidity Poor Bank limit utilisation averaged 99% for the six months ended August 31, 2025. The cash credit limit has been overdrawn for over 25 days, as confirmed by the banker. Further, operations are working capital intensive in nature, due to the large inventory holding period. However, the promoters will extend funding support, as and when required. Rating sensitivity factors Upward factors: * Substantial and sustained growth in revenue and profitability, leading to cash accrual of over Rs 6 crore * Improvement in the working capital cycle Downward factors * Further stretch in working capital cycle, straining liquidity * Continuous over-utilisation of the working capital limit for more than 30 days JSL, incorporated in 2014, is setting up a sugar plant having capacity of 3500 TCD in Mandvi, Gujarat. The company has commenced operations from September 2024. Operations are managed by the promoter, Dr Nitin V Thorave along with three directors, Mr Edwin Dabre, Ms Tejal Yande and Mr Krupesh Thakur. K.S. IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of K.S. Impex Limited (KSIL; part of the Metalore group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 32 CRISIL D (Issuer Not Discounting Cooperating) Proposed Long Term 6 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with KSIL 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 KSIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KSIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KSIL continues to be 'Crisil D Issuer not cooperating'. The Metalore group, set up in 2001, exports steel utensils, polyester yarn, cosmetics and standard toiletries, and agricultural commodities, mainly to the UAE. The group also trades in these commodities in the domestic market. Recently, it started processing and selling edible oil (mustard and soya bean) in the domestic market. KHUKHRAIN BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Khukhrain Builders (KB) continues to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7.19 Crisil D (Issuer Not Cooperating) Bank Guarantee 8.31 Crisil D (Issuer Not Cooperating) Overdraft Facility 3.75 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KB 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 KB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KB continues to be 'Crisil D/Crisil D Issuer not cooperating'. KB was formed as a partnership firm in 1979 at Delhi. The firm is engaged in the civil construction business, and mainly undertakes installation of water and sewerage lines. Operations are managed by the partners, Mr Sunil Anand and his son, Mr Piyush Anand. KMB GRANITE: CRISIL Keeps D Rating in Not Cooperating Category -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of KMB Granite Quarriers (KMB) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KMB 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 KMB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KMB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KMB continues to be 'Crisil D Issuer not cooperating'. KMB was established as a partnership firm by Mr. Mohammed Yaseen, Mr. Mohammed Ismail, and Mr. Abdulla in 2012. The firm undertakes quarrying of rough granite. It started commercial operations from January 2014. KRIPA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Kripa Agro (SKA; part of the Metalore group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Foreign Documentary 5 CRISIL D (Issuer Not Bills Purchase Cooperating) Crisil Ratings has been consistently following up with SKA 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 SKA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SKA continues to be 'Crisil D/Crisil D Issuer not cooperating'. The Metalore group, set up in 2001, exports steel utensils, polyester yarn, cosmetics and standard toiletries, and agricultural commodities, mainly to the UAE. The group also trades in these commodities in the domestic market. Recently, it started processing and selling edible oil (mustard and soya bean) in the domestic market. KRIPA ANAND: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kripa Anand Rishi Cellular Private Limited (Kripa) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 0.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Kripa 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 Kripa, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Kripa is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Kripa continues to be 'Crisil B/Stable Issuer not cooperating'. Kripa, incorporated in 2006 and promoted by Pune (Maharashtra)-based Dudhedia family, distributes Samsung mobile handsets, accessories, and tablets in Pune. LOTUS POWERGEAR: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lotus Powergear Private Limited (LPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 5 CRISIL D (Issuer Not under Letter Cooperating) of Credit Cash Credit 12 CRISIL D (Issuer Not Cooperating) Letter of credit 1.08 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Letter of credit 6.92 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Proposed Long Term 10 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with LPPL 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 LPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. LPPL was set up at Bengaluru in 1977. The company manufactures electrical equipment, such as switchgear and bus ducts, and also designs customised high-tension and low-tension switchboards (power control centres, motor control centres, power distribution boards), and related products. These products are used across industries such as cement, steel, hospitality, information technology, construction, and power generation. Operations are currently managed by Mr Seetharama Bhatta, and his sons, Mr Shrikantha S Bhatta and Mr Ananda S Bhatta. MARS PLYWOOD: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings the ratings on bank facilities of Mars Plywood Industries Private Limited (MPIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.75 CRISIL D (Issuer Not Cooperating) Cash Credit 8.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 31 CRISIL D (Issuer Not Cooperating) Standby Line 1.75 CRISIL D (Issuer Not of Credit Cooperating) Standby Line 4.25 CRISIL D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with MPIL 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 MPIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MPIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MPIL was established by Mr Roshan Lal Agarwal in 2001. The company has plywood manufacturing units in Kolkata and Mangaluru, with capacities of 20,000 square metre (sqm) and 12,000 sqm, per annum, respectively. The key product, premium-grade plywood, is sold under the Mars Ply brand. MATHURA DEVELOPER: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mathura Developer (MD) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 1.14 CRISIL D (Issuer Not Cooperating) Term Loan 3.86 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MD 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 MD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MD continues to be 'Crisil D Issuer not cooperating'. MD was established in October 2012 by Dr. Laxmikant Bajaj in Nanded (Maharashtra). The firm is undertaking a commercial real estate development project in Nanded. Its operations are managed by Dr. Laxmikant Bajaj's younger brother, Mr. Sanjay Bajaj. NATURAL PRODUCTS: CRISIL Keeps C Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings the ratings on bank facilities of Natural Products Export Corporation Limited (NPECL) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 2.25 CRISIL C (Issuer Not Credit Cooperating) Export Packing 9.25 CRISIL C (Issuer Not Credit Cooperating) Crisil Ratings has been consistently following up with NPECL 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 NPECL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NPECL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NPECL continues to be 'Crisil C Issuer not cooperating'. Set up in 1993, NPECL exports dried flower products. Its day-to-day operations are managed by Mr. Vimal Saraogi and Mr. Anil Kumar Saraogi. NILKANTH COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings the ratings on bank facilities of Nilkanth Cotton Industries (NCI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with NCI 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 NCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NCI continues to be 'Crisil D Issuer not cooperating'. Set up in 2007 NCI is a partnership between Mr. Prahladbhai Patel, Mr. Jethabhai Padhariya, Mr. Pragjibhai Padhariya, and Mr. Vallabhbhai Padhariya. The firm has a cotton ginning unit at Dhasa in Bhavnagar (Gujarat), with capacity of 200 bales per day. It also has a cotton-seed oil crushing unit. OM ESHA: CRISIL Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Om Esha Agro Products Private Limited (OEAPPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.03 CRISIL D (Issuer Not Cooperating) Long Term Loan 10.97 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with OEAPPL 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 OEAPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OEAPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of OEAPPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2015, OEAPPL is engaged in processing of rice or paddy into rice. The company has its manufacturing facility based in Dhanarua, Bihar with installed capacity of processing non-basmati rice of 200-250 tonne per day (TPD). The company started commercial operation in January 2017. ORION WATER: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Orion Water Treatment Private Limited (Orion) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Orion 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 Orion, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Orion is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Orion continues to be 'Crisil D Issuer not cooperating'. Orion was set up in 2009 to undertake turnkey projects in the area of water treatment, waste water/effluent treatment, sewage treatment plants, and other products. The company provides services of design, engineering, procurement, erection, and commissioning, along with maintenance of the plants. The company has a plant in Ambattur (Chennai) and is setting up another plant in Sri Perumbudur. It is managed by Mr. M Bhaskaran and other promoters. PRABAL ROLLER: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Prabal Roller Flour Mill (PRFM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PRFM 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 PRFM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PRFM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PRFM continues to be 'Crisil D Issuer not cooperating'. PRFM incorporated in 2017. The firm is setting up a Flour Mill with a capacity of 54000 MTPA in Etah (Uttar Pradesh). The firm is promoted by Mr Prabal Pratap Singh. PRIYESH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Priyesh Agro Industries (PAI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Term Loan 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PAI 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 PAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PAI continues to be 'Crisil D Issuer not cooperating'. PAI was set up in 2012 as a partnership firm. It processes sesame, wheat, chana (chickpea), and groundnut at its production facility in Veraval (Gujarat); the firm also undertakes jobwork for processing these products. The operations are managed by the Virapara family which has experience of over five decades. ========= M A C A U ========= LAS VEGAS SANDS: AAEC Case Remains Pending in Nevada Court ---------------------------------------------------------- The case styled as Asian American Entertainment Corporation, Limited v. Venetian Macau Limited, et al. remains pending, according to Las Vegas Sands Corp.'s Form 10-Q filing with the U.S. Securities and Exchange Commission for the quarter ended June 30, 2025. On January 19, 2012, Asian American Entertainment Corporation, Limited filed a claim with the Macao First Instance Court against VML, LVS (Nevada) International Holdings, Inc., Las Vegas Sands, LLC and Venetian Casino Resort for 3.0 billion patacas (approximately $371 million at exchange rates in effect on June 30, 2025), which alleges a breach of agreements entered into between AAEC and LVS (Nevada), LVSLLC and VCR for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001. On March 24, 2014, the Macao First Instance Court issued a decision holding that AAEC's claim against VML is unfounded and that VML be removed as a party to the proceedings. On May 8, 2014, AAEC lodged an appeal against that decision. On June 5, 2015, the U.S. Defendants applied to the Macao First Instance Court to dismiss the claims against them as res judicata based on the dismissal of prior action in the United States that had alleged similar claims. On March 16, 2016, the Macao First Instance Court dismissed the defense of res judicata. An appeal against that decision was lodged by U.S. Defendants on April 7, 2016. At the end of December 2016, all the appeals were transferred to the Macao Second Instance Court. Evidence gathering by the Macao First Instance Court commenced by letters rogatory, which was completed on March 14, 2019. On July 15, 2019, AAEC submitted a request to the Macao First Instance Court to increase the amount of its claim to 96.45 billion patacas (approximately $11.93 billion at exchange rates in effect on June 30, 2025), allegedly representing lost profits from 2004 to 2018, and reserving its right to claim for lost profits up to 2022. On September 4, 2019, the Macao First Instance Court allowed AAEC's amended request. The U.S. Defendants appealed the decision allowing the amended claim on September 17, 2019; the Macao First Instance Court accepted the appeal on September 26, 2019. On April 16, 2021, the U.S. Defendants moved to reschedule the trial because of the ongoing COVID-19 pandemic. The Macao First Instance Court denied the U.S. Defendants' motion on May 28, 2021. The U.S. Defendants appealed that ruling on June 16, 2021. The trial began on June 16, 2021. By order dated June 17, 2021, the Macao First Instance Court scheduled additional trial dates in late 2021 to hear witnesses who were subject to COVID-19 travel restrictions that prevented or severely limited their ability to enter Macao. The U.S. Defendants appealed certain aspects of the Macao First Instance Court's June 17, 2021 order. On July 10, 2021, the U.S. Defendants were notified of an invoice for supplemental court fees totaling 93 million patacas (approximately $12 million at exchange rates in effect on June 30, 2025) based on Plaintiff's July 15, 2019 amendment. By motion dated July 20, 2021, the U.S. Defendants moved for an order withdrawing that invoice. The Macao First Instance Court denied that motion by order dated September 11, 2021. The U.S. Defendants appealed that order on September 23, 2021. By order dated September 29, 2021, the Macao First Instance Court ordered that the invoice for supplemental court fees be stayed pending resolution of that appeal. From December 17, 2021 to January 19, 2022, Plaintiff submitted additional documents to the court file and disclosed written reports from two purported experts, who calculated Plaintiff's damages at 57.88 billion patacas and 62.29 billion patacas (approximately $7.16 billion and $7.70 billion, respectively, at exchange rates in effect on June 30, 2025). On April 28, 2022, the Macao First Instance Court entered a judgment for the U.S. Defendants. The Macao First Instance Court also held that Plaintiff litigated certain aspects of its case in bad faith. Plaintiff filed a notice of appeal from the Macao First Instance Court's judgment on May 13, 2022. On September 19, 2022, the U.S. Defendants were notified of an invoice for appeal court fees totaling 48 million patacas (approximately $6 million at exchange rates in effect on June 30, 2025). By motion dated September 29, 2022, the U.S. Defendants moved the Macao First Instance Court for an order withdrawing that invoice. The Macao First Instance Court denied that motion by order dated October 24, 2022. The U.S. Defendants appealed that order on November 10, 2022 and on January 6, 2023, submitted the appeal brief. On October 9, 2023, the U.S. Defendants were notified that the Macao Second Instance Court had invited Plaintiff to amend its appeal brief, primarily to separate out matters of fact from matters of law, and Plaintiff had submitted an amended appeal brief on October 5, 2023. The U.S. Defendants responded to Plaintiff's amended appeal brief on October 30, 2023. On November 8, 2023, the Macao Second Instance Court issued an order concluding that Plaintiff may have litigated in bad faith by exceeding the scope of permissible amendments to its appeal brief and invited responses from the parties. The U.S. Defendants responded to the November 8, 2023 order on November 23, 2023, and Plaintiff moved for clarification of the November 8 order on November 27, 2023. On January 5, 2024, the Macao Second Instance Court rejected AAEC's request for clarification. On October 17, 2024, the Macao Second Instance Court issued an order rejecting Plaintiff's appeal of the Macao First Instance Court's April 28, 2022 judgment based on procedural defects, again found the Plaintiff to be litigating in bad faith, and declined to address the interlocutory appeals that had been filed by the parties. On October 29 and November 1, 2024, respectively, the U.S. Defendants and Plaintiff moved for clarification of the Second Instance Court's decision not to hear certain interlocutory appeals. On November 5, 2024, Plaintiff filed a notice stating that its time to appeal should not begin to run until after the Macao Second Instance Court resolves the clarification motions and that Plaintiff intends to file a notice of appeal at that time or, in the alternative, Plaintiff asked the Macao Second Instance Court to treat its November 5 filing as a notice of appeal. On November 14, 2024, Plaintiff applied to rectify both its notice of appeal and its request for clarification. On November 18, 2024, the U.S. Defendants responded to Plaintiff's request for clarification. By order dated March 21, 2025, the Macao Second Instance Court denied both motions for clarification, and it found that Plaintiff's prior filings did not constitute a notice of appeal. On April 7, 2025, Plaintiff filed a notice of appeal to the Court of Final Appeal, and the Defendants moved to stay proceedings pending completion of the judicial liquidation proceedings against AAEC. On April 28, 2025, the Defendants moved to strike Plaintiff's notice of appeal. The Defendants supplemented their stay motion on May 2, 2025 to note that the Macao First Instance Court had entered a judgment liquidating Plaintiff. By order dated May 30, 2025, the Macao Second Instance Court denied the Defendants' motion to strike, accepted Plaintiff's notice of appeal, and concluded that it lacked jurisdiction to stay the proceedings. On June 11, 2025, the Defendants filed a notice that Plaintiff's liquidation had been registered with the Commercial Registry, and Plaintiff is no longer an existent legal entity. Plaintiff filed its appeal brief on June 18, 2025. On June 30, 2025, Plaintiff filed a notice claiming that the Macao Second Instance Court lacks jurisdiction to address its liquidation and, in the alternative sought to stay the proceedings so that it could challenge the liquidation. On July 7, 2025, Defendants submitted a response to Plaintiff's June 30, 2025 filing, noting that, under Macao law, Plaintiff no longer exists and should be replaced as a party in the litigation by its shareholders and urging the Macao Second Instance Court to deny Plaintiff's request to stay the proceedings. By order dated July 14, 2025, the Macao Second Instance Court denied AAEC's motion for a stay, rejected AAEC's appeal brief because AAEC did not exist at the time the brief was filed, and concluded that AAEC's shareholders automatically replaced AAEC as Plaintiff as a matter of Macao law. Because AAEC's shareholders did not file a timely appeal brief, the Macao Second Instance Court dismissed the appeal to the Macao Court of Final Appeal that AAEC had noticed on April 7, 2025. The deadline to challenge the July 14, 2025 order was July 31, 2025. Management has determined that, based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously. Las Vegas, Nevada-based Las Vegas Sands Corp. (NYSE:LVS) develops, owns, and operates integrated resorts in Asia and the United States. The company owns and operates The Venetian Macao Resort Hotel, Sands Cotai Central, the Four Seasons Hotel Macao, the Plaza Casino, and the Sands Macao in Macau, the People's Republic of China. It also owns and operates the Marina Bay Sands in Singapore; The Venetian Resort Hotel Casino, The Palazzo Resort Hotel Casino, and Five-Diamond luxury resorts on the Las Vegas Strip; the Sands Expo and Convention Center in Las Vegas, Nevada; and the Sands Casino Resort Bethlehem in Bethlehem, Pennsylvania. ===================== N E W Z E A L A N D ===================== AOTEAROA ABEL: Creditors' Proofs of Debt Due on Nov. 16 ------------------------------------------------------- Creditors of Aotearoa Abel Tasman Limited Pte. Ltd. are required to file their proofs of debt by Nov. 16, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 16, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 COASTAL VIEW: Court to Hear Wind-Up Petition on Nov. 20 ------------------------------------------------------- A petition to wind up the operations of Coastal View Properties Limited will be heard before the High Court at Auckland on Nov. 20, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 27, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 DRONE BROTHERS: Creditors' Proofs of Debt Due on Nov. 30 -------------------------------------------------------- Creditors of Drone Brothers Limited are required to file their proofs of debt by Nov. 30, 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: Geoff Falloon Biz Rescue Limited PO Box 27 Nelson 7040 GLOBAL MARKETPLACE: Creditors' Proofs of Debt Due on Oct. 31 ------------------------------------------------------------ Creditors of Global Marketplace New Zealand Limited are required to file their proofs of debt by Oct. 31, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 16, 2025. The company's liquidators are: Daniel Stoneman Neale Jackson Calibre Partners PO Box 982 Shortland Street Auckland 1140 MITRE 10: Posts NZD27.1MM Loss in FY2025 Despite Revenue Growth --------------------------------------------------------------- Aimee Shaw at The Post reports that DIY and hardware retail group Mitre 10 New Zealand grew its revenue but ultimately posted an after-tax loss of NZD27.1 million in the 2025 financial year - a year that its chief executive has called the second-hardest on record. This is the fourth year in a row the support centre owner of retail chain Mitre 10 has posted a financial loss, The Post notes. Mitre 10 New Zealand, which takes rebates and levy income from the 85 independently owned and operated Mitre 10 stores nationwide, made NZD300 million in sales revenue in the year to June 25, The Post discloses. That was up by around NZD30 million, from NZD267 million made in the previous year. Despite the ultimate loss, it was an improvement on the NZD99 million after-tax loss in the same period a year earlier. According to The Post, outgoing chief executive Andrea Scown said Mitre 10 had managed to "outperform the market" and gained market share in retail and trade despite the tough economic conditions. The NZD27.1 million loss was intentional, part of a multi-year programme of transformational investment, she said. "Our losses for the last four years have been attributed to our accounting treatment of our digital transformation. We've chosen to expense the cost of the transformation programme every year as the costs have been incurred. The loss has become smaller largely because the build and all the heavy lifting of the transformation is now behind us. We've got another 2-1/2 years of final store deployments," The Post quotes Ms. Scown as saying. "The size of the deployment team and the cost around that is becoming smaller." The Post relates that Ms. Scown, who will finish up with Mitre 10 in December after almost five years as chief executive, said the company's losses were getting smaller - and the support centre aimed to return to profit in FY27. Mitre 10 begun its transformation programme for stores and all areas of the business in 2020. It has faced delays due to the Covid-19 pandemic and prolonged lockdowns. Ms. Scown said the overhaul, and changing the operating model to modernise the business, had taken longer - and cost more - than originally thought, The Post relays. She said many of the new systems at the support centre had been in place for more than two years, and were already delivering productivity gains. More importantly, she added, they were enabling strategic improvements - including central distribution and trade growth initiatives that wouldn't have been possible without those foundations. The transformation had involved each Mitre 10 store shifting to its own enterprise resource planning system and stock files, establishing individual customer accounts, and setting up back-office capabilities for finance and accounts, Ms. Scown said. "We've replaced every single piece of technology in our business." Mitre 10 New Zealand does not disclose individual store earnings, but Ms. Scown said FY25 had been the second-hardest year on record for building and construction and home improvement, The Post adds. Mitre 10 -- http://www.mitre10.com.au/-- is a retail and trade hardware store chain, with over 700 locations in all states of Australia as well as under 250 in New Zealand. P3 EARTHWORKS: Court to Hear Wind-Up Petition on Nov. 10 -------------------------------------------------------- A petition to wind up the operations of P3 Earthworks Limited will be heard before the High Court at Tauranga on Nov. 10, 2025, at 10:00 a.m. SMNZ TM Limited filed the petition against the company on Sept. 10, 2025. The Petitioner's solicitor is: Jeffrey Gray Ussher Level 19 191 Queen Street Auckland ================= S I N G A P O R E ================= AVATION GROUP: Moody's Assigns (P)B2 Rating to USD1BB GMTN Program ------------------------------------------------------------------ Moody's Ratings has assigned (P)B2 long term local currency and foreign currency backed senior unsecured program ratings to Avation Group (S) Pte. Ltd.'s USD1 billion global medium-term note (GMTN) program, guaranteed by Avation PLC (B1 stable). At the same time, Moody's have also assigned a B2 long-term foreign currency senior unsecured rating to its senior unsecured notes to be issued under the GMTN program. Avation PLC will use the net proceeds for the repayment or refinancing or outstanding notes issued under the program at or prior to maturity, purchase, finance and refinance of commercial aircraft and for general corporate purposes or such related purposes as may be specified in the applicable pricing supplement. Incorporated in Singapore, Avation Group (S) Pte. is a wholly-owned subsidiary of Avation PLC. The entity-level outlook on Avation Group (S) Pte. is stable, in line with the outlook for Avation PLC. The rating on the notes is subject to the receipt of final documentation, the terms and conditions of which are not expected to change in any material way from the draft document that Moody's have reviewed. Moody's do not intend to assign ratings to notes for which the payment of principal or interest is variable and contractually dependent on the occurrence of a non-credit-linked event or the performance of an index (non-credit-linked notes). RATINGS RATIONALE The (P)B2 backed senior unsecured MTN program ratings and the B2 backed senior unsecured note rating of Avation Group (S) Pte. are in line with Avation PLC's B2 issuer rating, because the notes to be issued under the program will be unconditionally and irrevocably guaranteed by Avation PLC. The guarantee will constitute a direct, unconditional, unsubordinated and unsecured obligations of Avation PLC. The payment obligations under the guarantee will at all times rank pari passu with Avation PLC 's present and future unsubordinated and unsecured obligations. Moody's have therefore rated the program at (P)B2 and the proposed notes at B2, both at the same level as Avation PLC's B2 issuer rating. Since the senior unsecured notes to be issued under the program will be structurally subordinated to secured indebtedness of Avation PLC, the (P)B2 program ratings and B2 note rating are one-notch lower than Avation PLC's B1 corporate family rating (CFR). Avation PLC's B1 CFR reflects the company's (1) established operating track record in the aircraft leasing sector, (2) strategically composed fleet of in-demand aircraft types, and (3) steadily improving leverage and profitability. These strengths are offset by (1) geographic and customer concentration risks, (2) a concentrated debt maturity profile, (3) moderate leverage, and (4) a relatively short remaining weighted average lease term. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The MTN program and proposed notes will be unconditionally and irrevocably guaranteed by Avation PLC. An upgrade of Avation PLC's issuer rating would result in an upgrade of the program and note ratings. Conversely, a downgrade of Avation PLC's issuer rating would lead to a downgrade of the program and note ratings. Avation PLC's CFR and issuer rating could be upgraded if the company diversifies its debt maturity profile; reduces customer concentration; strengthens its adjusted tangible common equity (TCE)/tangible managed assets (TMA) to above 18% or reduces its adjusted debt-to-equity ratio to below 3.5x; lowers its adjusted lease residual value exposure to TCE to below 250%; and secures more committed facilities to enhance its debt maturity coverage ratio above 100%. The issuer rating could also be upgraded if the company increases the proportion of unencumbered assets and maintains strong asset coverage for its unsecured liabilities. Avation PLC's CFR and issuer rating could be downgraded if Avation PLC encounters difficulties in refinancing its debt; its adjusted debt-to-equity ratio rises above 5.0x or its adjusted lease residual value exposure to TCE increases further; its liquidity position deteriorates; its secured debt to gross tangible assets increases to 40%; or operating conditions weaken significantly. The principal methodology used in these ratings was Finance Companies published in July 2024. 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. Headquartered in Singapore, Avation PLC reported assets of USD1,102 million as of June 2025. DJETAIR PTE: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Oct. 3, 2025, to wind up the operations of Djetair Pte. Ltd. Elizabeth Liau Lin Li filed the petition against the company. The company's liquidators are: Lau Chin Huat Yeo Boon Keong M/s Technic Inter-Asia 50 Havelock Road #02-767 Singapore 160050 FG FOOD: Commences Wind-Up Proceedings -------------------------------------- Members of FG Food Industries Pte. Ltd. and First Gourmet Pte. Ltd. on Oct. 7, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Chian Yeow Hang c/o Guardian Advisory 531A Upper Cross Street #03-118 Singapore 051531 I-MAX PTE: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Oct. 10, 2025, to wind up the operations of I-max Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SCHELLDEN GLOBAL: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on Oct. 10, 2025, to wind up the operations of Schellden Global Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SINGAPORE COMMODITIES: Court Enters Wind-Up Order ------------------------------------------------- The High Court of Singapore entered an order on Oct. 13, 2025, to wind up the operations of Singapore Commodities Group CO Pte. Ltd. Founder Group (Hong Kong) Limited filed the petition against the company. The company's liquidators are: Cameron Lindsay Duncan Joshua Joseph Jeyaraj c/o KordaMentha Pte Ltd 50 Raffles Place #25-01, Singapore Land Tower Singapore 048623 ============= V I E T N A M ============= ASIA COMMERCIAL: Moody's Affirms 'Ba3' Deposit & Issuer Ratings --------------------------------------------------------------- Moody's Ratings has affirmed Asia Commercial Joint Stock Bank's (ACB) Ba3 local currency (LC) and foreign currency (FC) long-term (LT) bank deposit and issuer ratings, as well as its ba3 Baseline Credit Assessment (BCA) and Adjusted BCA. Moody's have also affirmed ACB's Ba2 LT FC and LC Counterparty Risk Ratings (CRRs) and Ba2(cr) LT Counterparty Risk (CR) Assessment, NP short-term (ST) FC and LC CRRs, ST FC and LC bank deposit ratings, ST FC and LC issuer ratings and NP(cr) ST CR Assessment. The rating outlook, where applicable, is stable. RATINGS RATIONALE The affirmation of ACB's Ba3 ratings is driven by Moody's expectations that the bank's strong asset quality and above peer average profitability will help mitigate risks from its weakening funding and liquidity. ACB's strong asset quality is underpinned by its low nonperforming loans (NPL) ratio, a modest stock of special mention loans (SML), low concentration risk and smaller exposure to the cyclical real estate and construction sectors. The bank's NPL decreased to 1.3% as of June 30, 2025 from 1.5% in 2024, driven by higher write-offs. Despite the modest deterioration in asset quality in the first half of 2025, ACB's combined stock of NPLs, SMLs and write-offs remains among the lowest across rated peers in Vietnam. While high loan growth will continue to pose unseasoned risks, Moody's expects new delinquencies over the next 12-18 months to remain low given the bank's adequate track record in asset quality management. ACB's capitalization declined with its tangible common equity (TCE) as a percentage of adjusted risk-weighted assets (RWA), or TCE ratio, decreasing 10.7% as of June 30, 2025 from 11.3% in 2024 due a cash dividend payment and high RWA growth. Moody's expects the bank's TCE ratio to remain above 10.5% over the next 12-18 months, with its high RWA growth balanced by strong internal capital generation. The bank's profitability deteriorated marginally with annualized net income / tangible assets decreasing to 1.8% in the first half of 2025 compared to 1.9% in 2024, with higher bad debt recoveries offsetting the impact of lower net interest margin and weaker fee income. Despite some downward pressure, Moody's expects ACB's profitability to remain higher than most rated peers in Vietnam, underpinned by its low net credit costs with loan loss provisions as a percentage of loans at 0.1% as of June 30, 2025, which is among the lowest across rated peers in Vietnam. ACB's funding structure has deteriorated over the past few years with its reliance on market funds as a percentage of tangible banking assets increasing to 28% as of June 30, 2025 from 20% in 2023, driven by an increase in bonds and certificate of deposits to support its strong balance sheet growth. Moody's expects the bank's reliance on market funds to remain high over the next 12-18 months as loan growth will continue to outpace deposit growth. The bank's liquidity has weakened, with its unencumbered high-quality liquid assets, such as cash, balances with the central bank and government securities, declining to 2.3% of its total tangible banking assets as of June 30, 2025 from 6.8% in 2024, driven by higher secured borrowings. The bank also has large investments in securities issued by banks, although their liquidity is inferior to sovereign bonds. Although Moody's incorporates a moderate probability of support from the Government of Vietnam (Ba2 stable) in times of need, this does not result in any rating uplift from the bank's ba3 BCA. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS ACB's ratings could be upgraded if the bank strengthens its TCE ratio to more than 15% and maintains high-quality liquid assets as a percentage of tangible banking assets above 20% on a sustained basis. An improvement profitability and lower reliance on market funding will also be positive for the BCA. ACB's long-term ratings would be downgraded if its BCA is downgraded by more than one notch. Downward pressure on the bank's BCA would develop if: -- Asset quality deteriorates, leading to a sustained weakening of capital and profitability, where its TCE ratio falls below 9.5% and net income/tangible assets decreases to less than 1.8%. -- Sustained deterioration in the bank's funding structure where market funds as a percentage of tangible banking assets increases to above 35%. -- The bank's stock of unencumbered high-quality liquid assets does not improve to more than 5% of tangible banking assets. The principal methodology used in these ratings was Banks published in November 2024. 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. Asia Commercial Joint Stock Bank (ACB), headquartered in Ho Chi Minh City, reported total assets of VND933 trillion as of June 30, 2025. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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