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250610.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, June 10, 2025, Vol. 28, No. 115 Headlines A U S T R A L I A DAVID JONES: Slips Into Loss as Private Equity Owner Works on Debt HUNT WEALTH: First Creditors' Meeting Set for June 16 ILLUSION LUXE: First Creditors' Meeting Set for June 13 JSJ PROPERTY: Second Creditors' Meeting Set for June 13 MELCO ENGINEERING: First Creditors' Meeting Set for June 16 PHIL TERRY: First Creditors' Meeting Set for June 13 ZIP MASTER 2025-1: S&P Assigns Prelim BB(sf) Rating to Cl. E Notes C H I N A XINYUAN REAL ESTATE: Plans Spin-Off, Offshore Debt Restructuring ZHUFANER: Founder Admits Chinese Home Renovator in Trouble [] CHINA: PBOC Pumps Liquidity Into Markets Amid Cash-Crunch H O N G K O N G GA (INT'L): SFC Issues Restriction Notice KING PARROT: Suspected of Shutting Down Restaurants I N D I A ADVANCE METERING: CARE Keeps C Debt Ratings in Not Cooperating AGROMARK FOODS: CRISIL Lowers Rating on INR119.5cr Loan to D ALCOB INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category ALLIED REALBUILD: Liquidation Process Case Summary ASHAPURA CALCINE: CRISIL Reaffirms B Rating on INR9.6cr Loan BLUE OCEAN: CARE Lowers Rating on INR47cr LT Loan to B+ CHEMEX GLOBAL: CRISIL Moves B+ Debt Ratings from Not Cooperating COSMO GRANITES: CARE Keeps B Debt Rating in Not Cooperating DEOGHAR INDUSTRIES: CARE Lowers Rating on INR31.74cr Loan to B+ GENSOL ENGINEERING: NCLT Issues Notices on 3 Fresh Insolvency Pleas GLORY FURNISHERS: Liquidation Process Case Summary GREEN CONCRETE: CRISIL Hikes Rating on INR5cr Cash Loan to B+ HIGH SEAS: CRISIL Reaffirms B+ Rating on INR2cr Proposed Loan JADEJA TRADELINK: CRISIL Reaffirms B Rating on INR8.5cr Loan LOKNETE SUNDERRAOJI: CRISIL Cuts Rating on INR30cr LT Loan to B- MANEESH PHARMACEUTICALS: Insolvency Resolution Process Case Summary NAGA SATYA: CARE Keeps B- Debt Rating in Not Cooperating Category PITTAPPILLIL AGENCIES: CARE Keeps B- Rating in Not Cooperating POMMYS GARMENTS: Insolvency Resolution Process Case Summary POWERTEL IMPEX: CRISIL Reaffirms B+ Rating on INR17.45cr Loan RATTAN SPIRIT: Insolvency Resolution Process Case Summary RAUNAQ CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating REENA TINAAZ: CARE Keeps D Debt Rating in Not Cooperating Category RENEX INDUSTRIES: CARE Keeps C Debt Ratings in Not Cooperating S. A. IRON: CRISIL Withdraws B Rating on INR20cr Term Loan SAIBABA SALES: CARE Keeps B- Debt Rating in Not Cooperating SHAYONA ENGINEERING: CRISIL Raises Rating on INR5.5cr Loan to B- SHRIYA OVERSEAS: Insolvency Resolution Process Case Summary SIWON AGRI: Insolvency Resolution Process Case Summary SS INNOVATIONS: Dr. Vishwajyoti Srivastava Named CEO - Asia Pacific UMANG OILS: CARE Keeps B- Debt Ratings in Not Cooperating Category UTTHAN SHIKSHA: CRISIL Assigns B+ Corporate Credit Rating VICTORY ELECTRIC: Insolvency Resolution Process Case Summary VIRCHAND NARSI: CARE Keeps D Debt Rating in Not Cooperating XRBIA DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating ZAPDOR ENGINEERING: Insolvency Resolution Process Case Summary J A P A N [] JAPAN: Curry Shops See Record Bankruptcies as Rice Prices Soar N E W Z E A L A N D 777 CIVIL: Creditors' Proofs of Debt Due on July 1 ADVS CIVIL: Creditors' Proofs of Debt Due on July 10 CLARK & SON: Court to Hear Wind-Up Petition on June 16 ENZ COMMERCIAL: Court to Hear Wind-Up Petition on June 16 MARLBOROUGH LOGGING: Creditors' Proofs of Debt Due on July 31 S I N G A P O R E FOOD UNION: Creditors' Proofs of Debt Due on July 4 NEW EMINENT: Court Enters Wind-Up Order NOSTALGIA WORKS: Court to Hear Wind-Up Petition on June 20 QUETZAL OFFSHORE: Commences Wind-Up Proceedings TRUELINK INTERNATIONAL: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= DAVID JONES: Slips Into Loss as Private Equity Owner Works on Debt ------------------------------------------------------------------ The Australian Financial Review reports that Anchorage Capital Partners is considering ways of providing financial support to ailing retailer David Jones as the department store slides into a deep loss and warns of challenging conditions. Anchorage acquired David Jones in 2022 from Woolworths Holdings, the South African retailer which also owns Country Road Group, the report notes. It does not publicise its accounts, but filings with the corporate regulator show the company slid to a AUD74.4 million loss in the 12 months to June 29, the Financial Review discloses. David Jones Pty Limited is an Australian upmarket department store. HUNT WEALTH: First Creditors' Meeting Set for June 16 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Hunt Wealth Partners Pty Ltd and Hunt Prosperity Pty Ltd will be held on June 16, 2025 at 11:00 a.m. via video conference. Kenneth Michael Whittingham and Mark Julian Robinson of Fort Restructuring were appointed as administrators of the company on June 3, 2025. ILLUSION LUXE: First Creditors' Meeting Set for June 13 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Illusion Luxe Pty Ltd will be held on June 13, 2025 at 12:00 p.m. at the offices of SV Partners at Level 17, 200 Queen Street in Melbourne and by way of teleconference facilities (Microsoft Teams). Michael Carrafa and Fabian Kane Micheletto of SV Partners were appointed as administrators of the company on June 2, 2025. JSJ PROPERTY: Second Creditors' Meeting Set for June 13 ------------------------------------------------------- A second meeting of creditors in the proceedings of JSJ Property Investments Pty. Ltd. and Audeco Pty. Ltd. has been set for June 13, 2025 at 11:00 a.m. and 11:30 a.m., respectively, at the offices of Rodgers Reidy at Level 12, 210 Clarence Street in Sydney and via virtual meeting technology. 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 June 12, 2025 at 12:00 p.m. Andrew James Barnden of Rodgers Reidy was appointed as administrator of the company on May 8, 2025. MELCO ENGINEERING: First Creditors' Meeting Set for June 16 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Melco Engineering Pty Ltd will be held on June 16, 2025 at 10:00 a.m. virtually from the office of SV Partners Mackay at 1st Floor, Corner Sydney and Gordon Street in Mackay. Francis Jude O'Neill and David Michael Stimpson of SV Partners were appointed as administrators of the company on June 4, 2025. PHIL TERRY: First Creditors' Meeting Set for June 13 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Phil Terry Health Care Services Pty Ltd will be held on June 13, 2025 at 11:00 a.m. via teleconference from the offices of KPT Restructuring, Suite 10.01, Level 10, 50 Pitt Street at Sydney. Jason Tang and Ozem Kassem of KPT Restructuring were appointed as administrators of the company on June 2, 2025. ZIP MASTER 2025-1: S&P Assigns Prelim BB(sf) Rating to Cl. E Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to five classes of notes to be issued by Perpetual Corporate Trust Ltd. as trustee of Zip Master Trust – Series 2025-1. Zip Master Trust – Series 2025-1 is a securitization of a buy now, pay later line of credit receivables to consumers originated by zipMoney Payments Pty Ltd. (Zip). The preliminary ratings reflect the following factors. S&P has assessed the credit risk of the underlying collateral portfolio, including the fact that the portfolio has an initial revolving period, which means further receivables may be assigned to the series after the closing date. The credit support provided to each class of rated notes is commensurate with the ratings assigned. Credit support is provided by subordination and excess spread, if any. The various mechanisms to support liquidity within the series, including a series-specific liquidity facility, mitigate disruption risks to senior fees and ensure timely payment of interest on the rated notes. The transaction documents include downgrade language consistent with our counterparty criteria that requires the replacement of the bank account provider and liquidity facility provider should our rating on the providers fall below the applicable rating. The legal structure of the master trust is established as a special-purpose entity and meets our criteria for insolvency remoteness. Preliminary Ratings Assigned Zip Master Trust – Series 2025-1 Class A, A$198,300,000: AAA (sf) Class B, A$27,000,000: AA (sf) Class C, A$17,100,000: A (sf) Class D, A$30,900,000: BBB (sf) Class E, A$11,700,000: BB (sf) Class G, A$15,000,000: Not rated ========= C H I N A ========= XINYUAN REAL ESTATE: Plans Spin-Off, Offshore Debt Restructuring ---------------------------------------------------------------- Xinyuan Real Estate Co., Ltd. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that it is pursuing two strategic initiatives: (i) a proposed spin-off of its PRC real estate development operations (the "Spin-off") and (ii) a proposed offshore debt restructuring by way of a scheme of arrangement under the laws of the Cayman Islands (the "Scheme"). The Company believes these initiatives will collectively, unlock long-term value for stakeholders, enhance transparency, and strategically realign its business structure. As of May 27, 2025, note holders representing approximately 25% in aggregate principal amount of the Scheme Notes have expressed support for the Restructuring by signing and acceding to the Restructuring Support Agreement. In addition, the Company has further reached agreement on key terms for signing and acceding to the RSA in support of the Restructuring with other note holders representing in aggregate of approximately 30% in principal amount of the Scheme Notes. The Company views this as a significant milestone. Proposed Spin-off In addition to the Restructuring, the Board has given preliminary approval to spin off the Company's PRC real property development business into a standalone entity under an existing Cayman Islands subsidiary of the Company (the "Xin SpinCo"). The Company believes the Spin-off will support the following strategic objectives of the Company: * To significantly reduce liabilities through a clean transfer of PRC real estate development operations, resulting in a marked improvement of the Company's asset-liability ratio; * To protect and enhance the security of the Company's assets, including its overseas businesses and property management business; * To enable the Company to refocus on its international operations, asset-light management business, and investment and financial services capabilities; and * To enable a professional and specialized operational structure under Xin SpinCo, which may later seek independent financing and development opportunities. Key Transaction Terms: * The Spin-off will be accomplished through a distribution of shares in Xin SpinCo by the Company to the Company's shareholders on a pro rata basis; * Xin SpinCo: a wholly owned subsidiary of the Company incorporated in the Cayman Islands which, upon completion of the Spin-off, will be a separate SEC-reporting company owned by shareholders of the Company who received shares of Xin SpinCo in the Spin-off; * Asset Transfer: Xin SpinCo will hold equity interests, land bank, and development rights of the Company's real estate development operations in the PRC; * Transaction Efficiency: Prior to the Spin-off, Xin SpinCo is a special purpose vehicle to ensure legal and regulatory efficiency; * Post-Spin-off Ownership: The Company's existing shareholders will hold shares of Xin SpinCo on a pro rata basis through an in-kind dividend declared by the Company; and * Timing: Expected to complete on or prior to December 15, 2025, subject to relevant approvals. 3. Proposed Restructuring In parallel, the Company is pursuing a consensual offshore debt restructuring through a Scheme of Arrangement pursuant to section 86 of the Cayman Islands Companies Act (2025 Revision). Upon completion of the Restructuring, the Company will have fully discharged its liabilities under the Scheme Notes, enhancing financial certainty. Notes to be Restructured (collectively, the "Scheme Notes"): * 14.5% senior notes due 2023 (ISIN: XS2176792658) * 14.2% senior notes due 2023 (ISIN: XS2394748706) * 14.0% senior notes due 2024 (ISIN: XS2290806954) * 3.0% senior notes due 2027 (ISIN: XS2639416754) Scheme Consideration: Subject to the terms and conditions of the RSA, each Scheme Creditor (as defined in the RSA) will receive a combination of: * New Shares (to be issued by the Company); * New Perpetual Securities (to be issued by the Company); and * New Senior Notes (to be issued by the Xin SpinCo). Creditors may elect their preferred combination, subject to cap and pro rata adjustments. As of the Restructuring Effective Date (as defined in the RSA), the Scheme Notes and related guarantees will be fully cancelled and released. RSA Fee: Consenting creditors who meet the requirements and conditions as set out in the RSA may be entitled to receive an RSA Fee (the "RSA Fee"). Details of such entitlement and conditions are outlined in the RSA. Target Milestones: * Target Scheme Meeting Date: On or about October 31, 2025; and * Target Restructuring Effective Date: On or about December 15, 2025 (subject to the terms of the RSA and sanctions of the court of the Cayman Islands). 4. Recent Progress and Milestones * The Board has preliminarily approved the Spin-off in principle and authorized the management to initiate related work; * Detailed financial and operational planning is in progress for the proposed Spin-off of the Xin SpinCo; * The RSA has been finalized with the initial consenting creditors; and * Approximately 25% of creditors (by principal amount of Scheme Notes held) have expressed support for the Restructuring by signing and acceding to the RSA. 5. Invitation to Accede In the interests of all parties involved in the proposed Restructuring, the Company sincerely invites all remaining holders of the outstanding Notes who have not yet acceded to the RSA to review the terms of the RSA and consider acceding to it as soon as practicable. Holders of the Notes may accede to the RSA by submitting to D.F. KING LTD, in its capacity as the information agent in connection with the Restructuring under the RSA, via the accession portal at https://clients.dfkingltd.com/xinyuan, a duly completed and executed Accession Letter along with valid evidence of beneficial holding. The Information Agent will also be available to respond to any queries regarding the accession process (contact details will be provided in the RSA). About Xinyuan Real Estate Co. Ltd. Xinyuan Real Estate Co. Ltd., headquartered in Beijing, is a residential real estate developer primarily focused on China's tier-one and tier-two cities. Founded in 1997, the Company targets middle-income homebuyers with large-scale, high-quality housing projects and has extended its operations to the U.S., U.K., and Malaysia. Xinyuan also offers property management and ancillary services, and its shares trade on the New York Stock Exchange under the ticker symbol XIN. Creditors of Xinyuan Real Estate Co. Ltd. sought involuntary petition under Chapter 11 of the U.S. Bankruptcy (Bankr. S.D.N.Y. Case No. 25-10745) on April 14, 2025. The Debtor is represented by Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch, LLP. ZHUFANER: Founder Admits Chinese Home Renovator in Trouble ---------------------------------------------------------- Yicai Global reports that the founder of Zhufaner has acknowledged that the once high-flying Chinese home renovation startup is in financial difficulty, after a series of social media posts by homeowners claimed that it had halted work on hundreds of projects. Yicai relates that Zhufaner's funding chain has collapsed, Liu Xianran said during a recent meeting with government officials and industry associations, attributing the firm's cash-flow crisis mainly to the nationwide introduction of home appliance trade-in subsidies at the end of last year. About 300 homeowners in Beijing and Shanghai reported the suspension of projects managed by Zhufaner at the end of last month, Yicai learned from WeChat groups. Most had already paid between 40 percent and 70 percent of the cost, with some even handing over 95 percent up front. Zhufaner's group-buying business had been purchasing home appliances from manufacturers at prices 10 percent to 15 percent lower than those listed on JD.Com and Tmall. But once the trade-in subsidies were introduced, consumers could get discounts of 25 percent to 30 percent, resulting in the business losing CNY100 million (USD13.9 million) over the following six months, Liu said, Yicai relays. Many of Zhufaner's clients have expressed skepticism and demanded that the Beijing-based company publicly disclose detailed financial accounts related to homeowners' advance payments and renovation loans, according to Yicai. They want clarity on the flow of upfront funds, the use of renovation loans, the company's asset‐liability breakdown, and records of executive compensation. There are claims that Zhufaner's management team misappropriated funds for other businesses and suffered losses, leading to the cash-flow crisis, according to one of its suppliers of renovation materials, notes the report. Zhufaner has two main businesses, namely the community group-buying business for home furnishings and appliances and a whole-package renovation business, which is active only in Beijing and Shanghai, Yicai learned. The whole-package business is profitable, but the management has used some of its funds to cover losses from the group-buying operation, an employee told Yicai. The company has also been late paying staff social security contributions, the staffer added. Numerous homeowners discovered that their projects had ground to a halt in late May, Yicai says. The foreman told them that Zhufaner was behind on paying wages, and suppliers had stopped making deliveries due to outstanding payments. Zhufaner was founded in 2015 by four graduates of China's prestigious Tsinghua University. It has raised CNY320 million (USD44.5 million) from investors, with the most recent funding round wrapped up in March last year, when Mejour Investment Management injected CNY100 million, Yicai notes. [] CHINA: PBOC Pumps Liquidity Into Markets Amid Cash-Crunch ------------------------------------------------------------ The Wall Street Journal reports that China's central bank injected around US$139 billion of medium-term liquidity into markets on June 6, a move likely aimed at cushioning against an emerging cash crunch as trade tensions simmer. According to the Journal, the People's Bank of China announced the move a day earlier in an unusually timed disclosure, saying that it will conduct CNY1 trillion of outright reverse repurchase agreements with a three-month tenor, equivalent to $139.35 billion. That marked a departure from the PBOC's previous practice of publishing details of outright reverse repo operations at the end of the month. It is unclear if the central bank will use the tool again later this month for liquidity boosts, the Journal says. The Journal relates that analysts said the use of reverse repos -- a liquidity-management tool introduced in October -- suggests policymakers want to ease concerns about a potential cash shortage in late June, a period that has traditionally been challenging for Chinese lenders as they scramble to meet liquidity requirements. The move acts as a hedge against a record-high amount of maturing certificates of deposit, a popular debt tool among lenders, said analysts at Caitong Securities, the Journal relays. It also adds liquidity to ease pressure on large banks by effectively reducing their liability costs, they wrote in a note. The Journal notes that Chinese banks are set to repay more than CNY4 trillion of negotiable certificates of deposit in June, with a total of CNY1.2 trillion of outright reverse repos also due during the month. Economists said the PBOC is also seeking to better coordinate with fiscal policies by providing liquidity support to encourage bank purchases of government bonds, and reduce government borrowing costs, notes the report. With China's temporary trade truce with the U.S. showing signs of cracking, markets are watching to see if Chinese authorities will roll out more monetary easing to support the economy. In an article published on June 4, the state-run China Securities Journal said the PBOC may further reduce the amount of cash banks must hold as reserves later this year to boost growth. The newspaper also said the central bank could end a monthslong pause on government bond trading. Eyes will be on the Lujiazui Forum to be held later this month in Shanghai, where PBOC Gov. Pan Gongsheng will deliver a speech, the Journal notes. Local officials told reporters last month that major financial policies will be announced at the venue. ================= H O N G K O N G ================= GA (INT'L): SFC Issues Restriction Notice ----------------------------------------- The Securities and Futures Commission (SFC) has issued a restriction notice to GA (Int'l) Capital Management Limited (GCML) due to concerns regarding its reliability, integrity and ability to carry on its regulated activities competently, honestly and fairly, and hence, its fitness and properness to remain licensed. The restriction notice prohibits GCML, without prior written consent from the SFC, from (i) carrying on any business, whether directly or through agents, which constitutes regulated activities for which it is licensed by the SFC; and (ii) disposing of or dealing with any relevant property in any manner; or assisting, counselling or procuring another person to dispose of or deal with any relevant property in any manner, except with prior written notification to the SFC and prior written consent from the SFC, paying operational expenses incurred by it in the ordinary course of business. The SFC considers that the issue of the restriction notice is desirable in the interest of the investing public or in the public interest. The SFC also searched, among other places, the premises occupied by GCML's responsible officer in an operation on June 6. "No further comment will be made at this stage as the investigation is ongoing," SFC said. Headquartered in Hong Kong, GA (Int'l) Capital Management offers tailored wealth management and investment services for high-net-worth individuals. KING PARROT: Suspected of Shutting Down Restaurants --------------------------------------------------- The Standard reports that Hong Kong's once-thriving King Parrot Group, a major player in the city's dining scene with over 30 restaurants at its peak, is suspected to be ceasing operations, leaving dozens of employees without severance pay and benefits. According to The Standard, the catering group informed staff on June 6 about its closure, with three restaurants shutting their doors permanently. Workers arriving for their shifts were met with boarded-up premises or signs claiming the locations were "under renovation," though the closures appear to be permanent. The Standard relates that Chiu Kwun-chung, head of the Eating Establishment Employees General Union's labour rights committee, revealed that while employees received their May and June salaries, the company failed to fulfill other financial obligations. Outstanding payments include holiday pay, severance packages, notice period compensation, and recent Mandatory Provident Fund contributions. When asked about potential warning signs before the group's closure, employees said they hadn't detected any clear signals. But they pointed out that the gradual closure of the group's restaurants clearly indicated deteriorating business conditions, The Standard relays. Affected employees were urged to file formal complaints with the Labour Department while carefully preserving all employment documents, according to the report. The union emphasized the importance of maintaining records of MPF contributions and documenting all owed payments as potential evidence for future claims. The Standard adds that the Labour Department stated that it is highly concerned about the incident. Affected employees who suspect their employment rights may have been violated should promptly visit the branch offices of the Labour Relations Division of the Labour Department for inquiries. The department will provide appropriate assistance. ========= I N D I A ========= ADVANCE METERING: CARE Keeps C Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Advance Metering Technology Limited (AMTL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Long Term/Short 8.50 CARE C; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 3, 2024, placed the rating(s) of AMTL under the 'issuer non-cooperating' category as AMTL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AMTL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 19, 2025, April 29, 2025, May 9, 2025 and May 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of AMTL have been revised on account of non-availability of requisite information. The revision also factored in continued and increased operating as well as net loss and increased debt levels during FY25 (Abridged) over FY24. Analytical approach: Standalone Outlook: Stable AMTL (ISIN: INE436N01029) was incorporated In 2011 as a resulting company pursuant to the demerger of 'Eon Electric Ltd (EEL, formerly Indo Asian Fusegear Limited). AMTL is currently engaged in the manufacturing of electric meters, wind power generation, energy audit, plastics components for meters and other electrical and electronic products. AMTL has three subsidiaries namely PKR Energy Limited, Global Power Trading PTE Limited, Singapore and Advance Power and Trading Gmbh, Germany in which there are no major operations. AMTL also operates 3 wind mill power projects (set-up by Suzlon and Gamesa) located in Jaisalmer district in Rajasthan. AGROMARK FOODS: CRISIL Lowers Rating on INR119.5cr Loan to D ------------------------------------------------------------ Crisil Ratings has downgraded its rating on the long-term bank facilities of Agromark Foods Pvt. Ltd (AFPL) to 'Crisil D' from 'Crisil BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 30 Crisil D (Downgraded from 'Crisil BB-/Stable') Proposed Working 0.5 Crisil D (Downgraded from Capital Facility 'Crisil BB-/Stable') Term Loan 119.5 Crisil D (Downgraded from 'Crisil BB-/Stable') The rating downgrade reflects the poor liquidity profile marked by delays in servicing interest obligations on its term loan for the months of April and May 2025, which remains unpaid as on date. The rating reflects AFPL's delay in repayment obligations and risks associated with offtake of ethanol plant and levered capital structure. These weaknesses are partially offset by entrepreneurial experience of the promoters. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of AFPL. The unsecured loans of INR16 crore are treated as 75% equity and 25% debt as they are subordinated to bank debt, interest free and will remain in the business over the medium term. Key Rating Drivers & Detailed Description Weaknesses: * Delay in debt servicing: AFPL has delayed interest servicing on its term loan for the months of April and May 2025, which continues as on date. * Risks associated with offtake of ethanol plant: The ethanol plant has become operational from April 2025 and successful offtake of the plant remains crucial for a healthy business profile in medium term. AFPL's repayment ability going forward thus remains dependent on stabilization of the ethanol plant along with offtake agreements with customers which would remain a key monitorable for the medium term. * Levered capital structure: The project is aggressively funded through a debt-equity ratio of 3:1. While capital structure remains moderate marked by gearing and total outside liabilities to adjusted networth (TOLANW) to be 1.91 and 1.94 respectively as on March 31, 2024, the same is expected to be leveraged as on March 31, 2025 due to disbursement of term loan in current fiscal and modest networth. The capital structure is expected to improve in the medium term supported by ramping up of production. Strength: * Entrepreneurial experience of the promoter: Promoter Mr. Purushottam Hiray has over a decade of experience dealing in agriculture commodity like maize and onion. It has provided him with an understanding of the market and enabled him to establish business relationships which will help AFPL in offtake by ensuring a sustained supply of key raw material maize. Furthermore, daily operations will be handled by Mr. Jalindra Dhumal who has more than two decades of experience in the alcohol beverage industry. The promoters entrepreneurial experience should continue to support the business risk profile over the medium term. Liquidity: Poor Liquidity is poor as reflected in delays in interest servicing of term debt obligations. The promoters are likely to extend support liquidity in the form of unsecured loans to meet the company's working capital requirements and repayment obligations. Rating sensitivity factors Upward factors: * Track record of timely debt servicing for 90 days or more * Successful offtake of the ethanol plant resulting in healthy scale and operating profitability. AFPL was incorporated in 2020. AFPL is setting up a 105 KLPD (kilo liters per day) maize-based ethanol plant along with a 2.5 MW captive power generation plant at Dhule, Maharashtra. The company is promoted by Mr. Purushottam Dadaji Hiray and day-to-day operations are managed by Mr. Jalindra. ALCOB INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Alcob India Private Limited (AIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 16.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 3, 2024, placed the rating(s) of AIPL under the 'issuer non-cooperating' category as AIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 19, 2025, April 29, 2025 and May 9, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Alcob India Private Limited (AIPL), formerly known as Alcob System Private Limited was incorporated on July 26, 2004 based in Pune promoted by Mr. Badrinarayan Rajagopalan. AIPL is engaged into aluminum façade engineering includes designing, engineering, manufacturing and installation of all types of facade systems, the advanced curtain-wall and cladding systems which is offered globally. AIPL's client base includes ITC, Hindustan Unilever, Sahayadri Hospitals, Ruby Hall Clinic etc. The company operates from headquarter at Pune however has office in Mumbai, Noida and Ahmedabad as well. ALLIED REALBUILD: Liquidation Process Case Summary -------------------------------------------------- Debtor: Allied Realbuild Private Limited House No. 24, Harijan Basti Gadaipur, South Delhi, Delhi, India - 110030 Liquidation Commencement Date: April 28, 2025 Court: National Company Law Tribunal, New Delhi, Principal Bench Liquidator: Vikash Sharma 44F/9, Kishangarh, VasantKunj, South, National Capital Territory of Delhi 110070 Email-id: ca.vikash.sharma@gmail.com -- and -- Primus Insolvency Resolution & Valuation Pvt. Ltd. D-58, 3rd Floor, Defence Colony, New Delhi 110024 Email-id: liq.allied@gmail.com Last date for submission of claims: May 28, 2025 ASHAPURA CALCINE: CRISIL Reaffirms B Rating on INR9.6cr Loan ------------------------------------------------------------ Crisil Ratings has reaffirmed its 'Crisil B/Stable' rating on the long-term bank facilities of Ashapura Calcine and Refactories LLP (ACRLP). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 0.4 Crisil B/Stable (Reaffirmed) Proposed Fund- Based Bank Limits 9.6 Crisil B/Stable (Reaffirmed) The rating reflects stable operating performance, as indicated by estimated revenue of INR23 crore in fiscal 2025. The operating margin fluctuated widely from 2.77% in fiscal 2024 to 7.80% in fiscal 2025 on account of fluctuation in raw material prices. The working capital cycle is stretched with estimated gross current assets (GCAs) of 229 days driven by debtors of 132 days and inventory of 71 days in fiscal 2025 due to dependence on mining. It is supported by payables of 284 days. The rating continues to reflect vulnerability to modest scale of operations and large working capital requirement. These weaknesses are partially offset by the extensive experience of the promoters in the industrial machinery and consumables industry. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of ACRLP. Unsecured loan of INR4.57 crore, as on March 31, 2024, has been treated as debt as it will be repaid over the medium term. Key Rating Drivers & Detailed Description Weaknesses: * Large working capital requirement: GCAs have been 229 days for the two fiscals through 2025, driven by inventory of 70-75 days and debtors of 130-133 days. The working capital cycle is supported by credit of 284 days provided by the suppliers. With similar operating policies expected to continue, the working capital requirement should continue to remain at similar levels over the medium term. * Modest financial risk profile: The capital structure is constrained by estimated networth of INR2.63 crore as on March 31, 2025 (against INR1.61 crore a year ago). Total outside liabilities to adjusted networth (TOLANW) ratio stood high at 7.88 times (15.73 times as on March 31, 2024) driven by high payables. Gearing also remains high at 1.95 times in fiscal 2025 (2.92 times in fiscal 2024). Sustained improvement in the financial risk profile remains a key monitorable over the medium term. Strength: * Extensive experience of the promoters: The promoters have more than 10 years' experience in the industrial machinery and consumables industry. This has given them a strong understanding of the market dynamics and enabled them to establish healthy relationships with suppliers and customers, which will continue to support the business. Liquidity: Stretched In the absence of any yearly maturing debt over the medium term, the net cash accrual -- expected at INR1.36 crore per annum -- will cushion liquidity. The current ratio remained modest at 0.9 time as on March 31, 2025. Need-based funding support from the promoters is likely to continue. Outlook: Stable Crisil Ratings believes ACRLP will continue to benefit from the extensive experience of its promoters and established relationships with clients. Rating sensitivity factors Upward factors * Improvement in the working capital cycle * Stable operating margin above 9% leading to net cash accrual of more than INR2 crore Downward factors * Deterioration in the financial risk profile resulting in overall TOLTNW ratio above 10 times on sustained basis * Decline in revenue or operating profitability leading to lower-than-expected net cash accrual * Increase in group company exposure in terms of loans and advances/guarantees impacting the financial risk profile Set up in 2017 as a limited liability firm, ACRLP manufactures calcine clay. Its manufacturing facility is in Bhachau, Gujarat, with installed capacity of 3,750 metric tonne per month. The firm is owned and managed by Mr. Hareshkumar Mohanlal Rajyaguru and Mr. Rajpalsinh Sahadevsinh Gohil. BLUE OCEAN: CARE Lowers Rating on INR47cr LT Loan to B+ ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Blue Ocean Beverages Private Limited (BOBPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 47.00 CARE B+ Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 27, 2024, placed the rating(s) of BOBPL under the 'issuer non-cooperating' category as BOBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BOBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 12, 2025, April 22, 2025 and May 02, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the bank facilities of BOBPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Bangalore based Blue Ocean Beverages Private Limited (BOBPL) was incorporated in 2007 as a Private Limited Company by Mr. P C Joseph George and Mr. Albin P Mathew. BOBPL is into manufacturing and bottling of Indian Made Foreign Liquor (IMFL) and manufacturing facility located at Goa. CHEMEX GLOBAL: CRISIL Moves B+ Debt Ratings from Not Cooperating ---------------------------------------------------------------- Due to inadequate information, Crisil Ratings, in line with guidelines of the Securities Exchange Board of India, had migrated its ratings on the bank facilities of Chemex Global (CG) to 'Crisil B+/Stable Issuer Not Cooperating'. However, the management has subsequently started sharing information, necessary for carrying out a comprehensive review of the ratings. Consequently, Crisil Ratings is migrating the rating on the long term bank facilities of CG to 'Crisil B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Rupee Term Loan 5 Crisil B+/Stable (Migrated from 'Crisil B+/Stable ISSUER NOT COOPERATING') Rupee Term Loan 21 Crisil B+/Stable (Migrated from 'Crisil B+/Stable ISSUER NOT COOPERATING') The rating reflects the CG's exposure to risks related to limited track record of operations, expected leveraged capital structure, susceptibility to fluctuations in raw material prices, forex and regulatory risks. These weakness are partially offset by the extensive industry experience of the promoters and moderate debt protection metrics. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of CG. Key Rating Drivers & Detailed Description Weaknesses: * Limited track record of operations: Commercial operations has commenced from December, 2024. The Firm has undertaken working capital debt to support working capital operations and a term loan of INR26 crore to fund setting up of the plant. The operations is in its nascent stage with the firm having limited track record of operations in the chemical manufacturing and the firm remains exposed to demand and stabilisation risks post commercialisation. Operating profitability is expected to remain over 15% over the medium term. Moreover, revenue and profitability shall remain exposed to cyclicalities in the industry in terms of global demand scenario and realisations being dependent on raw material prices which exhibit extreme volatility. Further, working capital operations is expected to be moderately intensive on the back of extensive credit period of 60-90 days extended to customers and inventory of raw materials being maintained of around 1-2 month of sales. Healthy ramp up of operations and stabilisation of revenue generation while maintaining healthy EBITDA margins of over 15% resulting in significant improvement in overall operating efficiency and scale of operations while improving comfortable capital structure and debt protection metrics shall remain a key monitorable. * Expected leveraged capital structure : CG has a weaker financial risk profile with high gearing and total outside liabilities/tangible net worth (TOL/TNW). The project is aggressively funded through a debt-equity ratio of more than 2 times. The net worth is presently modest estimated at around INR13 crores as on March 31st, 2025 however the operations have now stabilized and considering the expected improvement in profitability of the Firm will improve the capital structure over the medium term. Gearing & total outside liabilities/tangible net worth (TOL/TNW) remain estimated around 4 times as on March 31st, 2025. Healthy ramp up of operations thereby leading to steady accretion to reserves and no further term debt funded capex plans shall remain critical for improvement in the capital structure. * Susceptibility to fluctuations in raw material prices, forex and regulatory risks: The bulk drugs industry is highly competitive due to presence of numerous domestic as well as global players, which exerts pricing pressure on individual entities. This necessitates the Firm to remain cost competitive to maintain profitability. Any disruption in the availability of raw materials shall impact operations of the chemical manufacturing plant. Impact of susceptibility to fluctuation in raw material prices, forex and regulatory developments shall remain a key monitorable. Strengths: * Extensive industry experience of the promoters: The promoters have an experience of over 40 years in field of distribution and logistics business of pharmaceutical products in Assam. This has given them an understanding of the dynamics of the market and enabled them to establish relationships with suppliers and customers. Backed by the promoters' extensive experience, the firm is expected to generate revenue of about INR40-50 crore over the medium term with healthy operating profitability of over 15% * Moderate debt protection metrics: Debt protection metrics are expected to remain adequate backed by healthy operating profitability with interest coverage and net cash accruals to adjusted debt (NCA/AD) expected around 1.80-2 times and 0.05-0.10 times respectively over the medium term. Liquidity: Stretched Bank limit utilization remains high at around 92% over the past twelve months ending March 2025. Expected net cash accrual of around INR2.60 crore shall be sufficient as against term debt repayment obligation of around INR1.80 crore in FY2026 being the first full year of operations. Going forward, cash accruals are expected to remain around INR3-3.50 crore per annum as against term debt repayment obligation of INR2.40-3 crore. Need based promoter's fund provides support to liquidity during the commencement stage with unsecured loan of about INR18.71 crore in the business as on March 31st, 2025. Outlook: Stable Crisil Ratings believes that CG will benefit over the medium term from its promoter's extensive industry experience. Rating sensitivity factors Upward factors: * Healthy ramp up of operations and stabilisation of revenue generation while maintaining healthy EBITDA margins thereby leading to higher cash accruals of over INR4 crore. * Improvement in working capital management and financial risk profile Downward factors: * Delay in ramp up of operating performance leading to lower cash accruals below INR2 crore. * Any large unprecedented debt funded capital expenditure, unrelated business diversification and/or unprecedented stretch in working capital cycle adversely impacting the financial and liquidity risk profile CG was set up in year 2020. CG is engaged in manufacturing active pharmaceuticals ingredients (i.e. Vildagliptin, Sitagliptin and Dapagliflozin) in Vill. - Kokjhar, Mouza-Chayani, Dist.-Kamrup, Guwahati, Assam. The plant was commissioned in December 2024. CG is owned & managed by Shri Rajender Kumar Jain, Shri Pratik Jain and Shri Nakul Raj Jain. COSMO GRANITES: CARE Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Cosmo Granites Private Limited (CGPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.36 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 6, 2024, placed the rating(s) of CGPL under the 'issuer non-cooperating' category as CGPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CGPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2025, April 1, 2025 and April 11, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of CGPL have been revised on account of non – availability of requisite information. Analytical approach: Standalone Outlook: Stable Cosmo Granites Private Limited (CGPL) was established in 1992 by Mr. D. Venkatesh, Mr. D.H. Sarath Kumar and Mr. D.N. Choudary. The company is engaged in trading of flooring materials viz. granites, marbles, wooden flooring, etc. Apart from trading, CGPL manufactures aluminium doors and windows. The company's clientele are located at Tamil Nadu, Andhra Pradesh and it also exports to Kenya and Sudan. CGPL imports 90% of marbles from Turkey and Italy and remaining flooring products are procured domestically. The company owns 2 showrooms along with stockyard of 16000 sq. meters at Karapakam and 12000 sq. meters at Sholinganallur, Chennai. DEOGHAR INDUSTRIES: CARE Lowers Rating on INR31.74cr Loan to B+ --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Deoghar Industries Private Limited (DIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 31.74 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING and Downgraded from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 27, 2024, placed the rating(s) of DIPL under the 'issuer non-cooperating' category as DIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 12, 2025, April 22, 2025 and May 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the bank facilities of DIPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Deoghar Industries Private Limited (DIPL) was incorporated on November 28, 2016 and promoted by Mr. Jay Shankar Kumar and Mr. Vikash Kumar. The company is into rice milling and processing business and it has started its commercial operation from November 2018. The rice milling and processing facility is located at Jamui, Bihar with an installed capacity of 69,120 tons per annum. The company procures its raw material i.e. paddy from local farmers and traders and sells its finished products through wholesalers and traders. GENSOL ENGINEERING: NCLT Issues Notices on 3 Fresh Insolvency Pleas ------------------------------------------------------------------- Livemint.com reports that the National Company Law Tribunal (NCLT) on June 3 issued notices to electric vehicle (EV) ride-hailing startup BluSmart Mobility Ltd and Gensol Engineering Ltd on three new insolvency petitions by financial creditors over alleged unpaid dues. Spectrum Trimpex Pvt. Ltd and Catalyst Trusteeship Ltd moved the tribunal under Section 7 of the Insolvency and Bankruptcy Code (IBC) against BluSmart over unpaid dues worth INR1 crore each, according to Livemint.com. Equentia Financial Services Pvt. Ltd claimed that Gensol Engineering owed it around INR9 crore. Livemint.com says the NCLT's Ahmedabad bench has directed both companies to file their responses within seven days. Separately, the tribunal adjourned the hearing on an earlier insolvency plea filed by the Indian Renewable Energy Development Agency (IREDA) against Gensol, involving a INR510 crore loan default, Livemint.com reports. The IREDA plea is now scheduled to be heard on June 11. During previous proceedings, IREDA described Gensol as "headless" and urged the tribunal to immediately appoint an interim resolution professional to protect the company's assets, alleging that its directors had fled following an order by the Securities and Exchange Board of India (Sebi). Livemint.com relates that the tribunal also ordered the freezing and attachment of all bank accounts and lockers belonging to Gensol Engineering Ltd and its associated entities, based on findings by the ministry of corporate affairs (MCA), Sebi, and the Serious Fraud Investigation Office (SFIO). The MCA had sought urgent action, which the tribunal approved. On May 28, the Debt Recovery Tribunal (DRT) restrained Gensol Engineering and its subsidiary, Gensol EV Lease Ltd, from selling, transferring, or creating third-party rights over their immovable and movable secured assets, recalls Livemint.com. This followed petitions by state-run lenders IREDA and Power Finance Corp. Ltd, seeking to recover dues totalling approximately INR992 crore. BluSmart and Gensol Engineering are facing allegations of corporate fraud and financial misconduct by the MCA, alongside Sebi's ongoing probe. In an interim order on April 15, Sebi barred Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from accessing the securities market, citing governance lapses and fund diversion, Livemint.com notes. Livemint.com says Sebi also prohibited the promoters from holding any directorial or key managerial positions at Gensol until further notice. According to the regulator, Gensol had secured INR977.75 crore in loans, including INR663.89 crore intended for the purchase of 6,400 EVs, which were later leased to BluSmart, a related party. On May 12, the Jaggi brothers resigned from their positions as managing director and whole-time director, respectively, adds Livemint.com. Gensol Engineering is a part of the Gensol Group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants. GLORY FURNISHERS: Liquidation Process Case Summary -------------------------------------------------- Debtor: Glory Furnishers Private Limited Taldanga Saw Mills G T Road, PO Chinsurah Dist, Hooghly, West Bengal, India, 712101 Liquidation Commencement Date: May 14, 2025 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Vikky Dang B-41, 2nd Floor, Ganga Ram Vatika, Vishnu Garden Part-1, New Delhi 110018 Email: vikkydang@gmail.com -- and -- A-47, Basement, Kailash Colony, New Delhi 110048 Email: cirp.gloryfurnishers@gmail.com Last date for submission of claims: June 14, 2025 GREEN CONCRETE: CRISIL Hikes Rating on INR5cr Cash Loan to B+ ------------------------------------------------------------- Crisil Ratings has upgraded its rating on the long-term bank facilities of Green Concrete Construction (GCC) to 'Crisil B+/Stable' from 'Crisil B/Stable' and has reaffirmed its 'Crisil A4' rating on the short-term bank facility. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 30 Crisil A4 (Reaffirmed) Cash Credit 5 Crisil B+/Stable (Upgraded from 'Crisil B/Stable') The rating upgrade reflects the overall improvement in the credit risk profile of the firm. The operating income is estimated to grow by 36% from INR26 crore in fiscal 2024 to INR36 crore in fiscal 2025. Outstanding orders of INR93 crore as on date provides stable revenue visibility over the medium term. Stable margins of 8-10% are expected to sustain over the medium term. The ratings continue to reflect customer concentration in revenue, exposure to intense competition and cyclicality inherent in the construction industry. These weaknesses are partially offset by the extensive experience of the partners in the civil construction industry and comfortable financial risk profile. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of GCC. Key rating drivers and detailed description Weaknesses: * Customer concentration in revenue: Over 95% of the revenue comes from Velji Ratna Sorathia Infra Pvt Ltd (Veli Ratna), which exposes the firm to changes in the vendor or trade policies of the client. Firm is also planning to bid for government contracts in its own name, which will support the business risk profile going forward. * Exposure to intense competition and cyclicality inherent in the construction industry: Revenue remains susceptible to changes in economic cycles and the ability to execute orders in a timely manner. Low entry barriers in most of the construction segments due to limited capital requirement have led to many players entering the field and hence to increased competition, which has impacted profitability. Strengths: * Partners Experience: Presence of around a decade in the civil construction industry has enabled the partners to develop a strong understanding of market dynamics and establish healthy relationships with suppliers and customers. Currently the firm is engaged in the construction of canal and irrigation works. The firm works as a subcontractor and undertakes sub-contractual work for Velji Ratna. * Comfortable financial risk profile: The financial risk profile remains comfortable, supported by steady accretion to reserve. Networth, estimated at INR4.74 crore as on March 31, 2025, is expected to improve to INR6.94 crore a year later. Gearing is estimated to be around 3.9 times as on March 31, 2025 marked by high unsecured loan but is expected to improve as there are no plans to avail debt in future. Debt protection metrics are comfortable as reflected in interest coverage and net cash accrual to total debt (NCATD) ratios of 3.6 times and 0.12 time, respectively, for fiscal 2025. Liquidity: Stretched Bank limit utilisation averaged a high 90.20% in the 12 months ended March 31, 2025. Expected cash accrual of INR2-4 crore over the medium term should comfortably cover repayment obligation of INR0.80-1.00 crore. Current ratio is expected to improve to 2.4 times. Outlook: Stable GCC will continue to benefit from the extensive experience of its partners and their established client relationship. Rating sensitivity factors Upward factors: * Sustained increase in revenue and stable operating margin of over 9% leading to higher cash accrual. * Efficient working capital management resulting in cushion in bank limit. Downward factors: * Decline in revenue and operating margin leading to cash accrual falling to INR4 crore * Steep increase in working capital requirement weakening the liquidity and financial risk profiles GCC undertakes civil construction, mainly construction of canal and irrigation works; the firm is based in Vadodara, Gujarat. Mr. Chetan Dharmshi Sorathia and Mr. Nilesh Ashok Sorathia own and manage the business. HIGH SEAS: CRISIL Reaffirms B+ Rating on INR2cr Proposed Loan ------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable/Crisil A4' ratings on the bank loan facilities of High Seas Exim (HSE). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill Discounting 10 Crisil A4 (Reaffirmed) Packing Credit 7 Crisil A4 (Reaffirmed) Proposed Long Term Bank Loan Facility 2 Crisil B+/Stable (Reaffirmed) The ratings continue to reflect susceptibility to fluctuations in raw material prices and weak financial risk profile. These weaknesses are partially offset by the extensive experience of the partners in the seafood industry. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of HSE. Key rating drivers and detailed description Weaknesses: * Susceptibility to volatility in raw material prices and risks inherent in the seafood industry: Shrimp prices depend on the availability of raw shrimp during a particular period. Cost of production and profit margin are heavily dependent on raw material prices in the inherently cyclical seafood industry and any variation could drastically impact the operating margin. This restricts the operating margins of players operating in the industry; operating margin of HSE has been at 3-6% in the last three fiscals ending FY25. * Weak financial risk profile: Networth is estimated at a modest INR2 crore as on March 31, 2025, owing lower accretion to reserve. The firm's capital structure is leveraged with estimated gearing and total outside liabilities/tangible networth ratios of 3.3 and 8 times, respectively, as on March 31, 2025. Financial risk profile is expected to remain at similar levels over the medium term. Strength: * Extensive industry experience of the partners: The partners' experience of more than 25 years in the seafood industry and established relationships with customers and suppliers should continue to support the business. Liquidity: Stretched Bank limit utilisation averaged a high 96% for the 12 months ended January 2025. In the absence of major repayments in fiscal 2027, expected net cash accrual of INR0.90-1.00 crore is adequate against debt obligation of INR0.42 crore in fiscal 2026. Outlook: Stable Crisil Ratings believes HSE will continue to benefit from the extensive experience of its partners in the seafood industry. Rating sensitivity factors Upward factors: * Sustained revenue growth of over 20% while sustaining the profitability margin at5-6% resulting in higher net cash accrual. * Improvement in the financial risk and liquidity profiles. Downward factors: * Decline in revenue performance by 20% with profitability margin falling to 2-3% resulting in lower net cash accrual. * Further deterioration in the financial risk profile, and liquidity. HSE, is a Kerala based company, is involved in the processing and export of seafood. The firm has manufacturing facility based in Chandiroor. JADEJA TRADELINK: CRISIL Reaffirms B Rating on INR8.5cr Loan ------------------------------------------------------------ Crisil Ratings has reaffirmed its 'Crisil B/Stable' rating on the long-term bank facilities of Jadeja Tradelink Private Limited (JTPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 Crisil B/Stable (Reaffirmed) Proposed Fund- Based Bank Limits 1.5 Crisil B/Stable (Reaffirmed) The rating reflects the modest scale of operation, modest financial risk profile and large working capital requirement of the company. These weaknesses are partially offset by the extensive industry experience of the promoters. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of JTPL Key rating drivers and detailed description Weaknesses: * Modest scale of operation: Revenue remained around INR50 crore in fiscal 2025 constrained by intense competition. Small initial investment and low complexity of operations have resulted in significant fragmentation. JTPL's modest scale of operation will continue limit its operating flexibility. * Modest financial risk profile: The financial risk profile is constrained by low networth of INR2.71 crore, and high adjusted gearing and total outside liabilities to adjusted networth ratios of 7.28 and 9.72 times, respectively, as on March 31, 2025, because of limited accretion to reserve. Debt protection metrics are weak, as indicated by interest coverage ratio of 1.63 times for fiscal 2025. * Large working capital requirement: Gross current assets (GCAs) were sizeable at 209 days as on March 31, 2025 driven by extended credit provided to customers. GCAs are likely to be at similar levels over the medium term and efficient management of the same amid increase in scale of operations, will remain a key rating sensitivity factor. Strength: * Extensive industry experience of the promoters: The promoters' industry experience of more than a decade, in-depth understanding of market dynamics and established relationships with suppliers and customers will continue to support the business. Liquidity: Poor Bank limit utilisation averaged a high 98% for the 12 months ended February 2025. In the absence of debt obligation, expected cash accrual of more than INR0.51 crore over the medium term will support liquidity. Current ratio is modest at 1.64 times as on March 31, 2025. The promoters are likely to extend support in the form of equity and unsecured loans to meet the working capital requirements and repayment obligations. Outlook: Stable Crisil Ratings believes JTPL will continue to benefit from its longstanding relationships with principals and experience of the management to mitigate the inherent risk in the trading business. Rating sensitivity factors Upward factors * Improvement in the financial risk profile with total outside liabilities to tangible networth ratio less than 5 times * Sustained and significant improvement in revenue along with stable operating margin Downward factors * Decline in revenue with fall in operating margin leading to lower-than-expected net cash accrual * Deterioration in the working capital cycle, with GCAs above 250 days JTPL, incorporated in 2021, is engaged in the trading of waste paper, clay and allied materials. JTPL is owned and managed by Mr. Jaydeepsinh V Jadeja and Mr. Hardeepsinh V Jadeja. LOKNETE SUNDERRAOJI: CRISIL Cuts Rating on INR30cr LT Loan to B- ---------------------------------------------------------------- Due to inadequate information, Crisil Ratings, in line with SEBI guidelines, had migrated the rating Loknete Sunderraoji Solanke Sahakari Sakhar Karkhana Ltd (LSSSSKL) to 'Crisil BB-/Stable Issuer Not Cooperating'. However, the management has subsequently started sharing requisite information, necessary for carrying out comprehensive review of the rating. Consequently, Crisil Ratings is migrating the rating on bank facilities of LSSSSKL to 'Crisil B-/Stable' from 'Crisil BB-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 30 Crisil B-/Stable (Migrated from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Sugar Pledge 20 Crisil B-/Stable (Migrated Cash Credit from 'Crisil BB-/Stable ISSUER NOT COOPERATING') The downgrade in the rating reflects decline in the top line along with margins along with tight liquidity and financial risk profile with continued expectations of it remaining at similar levels. Although it continues to reflect the established presence of the society in the sugar industry in Beed district, Maharashtra, healthy relationships with farmers and the integrated nature of its operations. These strengths are partially offset by large working capital requirement, leveraged capital structure and susceptibility to regulatory changes and cyclicality in the sugar industry. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of LSSSSKL. Key Rating Drivers & Detailed Description Weaknesses: * Leveraged capital structure: Net worth is expected to be moderate at INR161 crore as on March 31, 2025, whereby the society has incurred a net loss of around 17% in fiscal 2025 on account of lower realization of opening sugar stocks and lower crushing along with high finance cost owing to one time settlement of multiple loans. Though profitability is estimated to improve in the current fiscal, the debt levels are expected to remain elevated amidst higher sugar stock, and hence, the financial risk profile is expected to remain below average. The gearing is high at 1.3 times, driven by higher reliance on external debt to fund the working capital and capital expenditure (capex). Society incurred debt-funded capex to increase its existing distillery capacity from 90 KLPD to 120 KLPD and cogen capacity from 22 KWH to 32 KWH in Fiscal 23 and Fiscal 24. Its debt protection metrics are expected to remain average with interest coverage and net cash accrual to total debt (NCATD) ratios at 1.5 times and 0.04 time, respectively, in fiscal 2025. * Large working capital requirement: LSSSSKL has large working capital requirement due to high inventory resulting from seasonal production and sugar release quota. Its gross current assets (GCAs) expected to be 100-150 days in the medium term. The GCAs days are expected to be 130 days as on March 31, 2025. * Exposure to adverse regulatory changes and cyclicality in the sugar industry: The sugar industry tends to be cyclical, on account of dependence on the monsoon and regulatory intervention, which could adversely impact the performance of LSSSSKL. The government manages the domestic demand-supply scenario by restricting imports and exports, and by controlling prices of sugar cane. Strengths: * Established market position in the regional sugar industry: Benefits from the longstanding presence of LSSSSKL in the sugar industry in Beed, Maharashtra, since 1992, and its healthy relationships with local farmers should continue to support the business. * Integrated operations and diverse revenue streams: SSSGSFL has forward and backward integrated, allowing penetration into the value chain. Integrated operations result in higher profitability. The company recently enhanced its distillery capacity to 120 KLPD from 90 KLPD and Cogen capacity from 22 KWH to 32 KWH; it procures molasses and bagasse from sugar factories to generate ethanol. Contribution from the cogeneration and distillery segments will increase over the medium term. Liquidity: Stretched Expected cash accrual of INR8-16 crore per fiscal which will be insufficient against scheduled debt repayment of INR19-20 crore over the medium term. Being a cooperative sugar factory, the society operates on a no-profit no-loss basis. Profits are distributed between members (usually farmers), and thus, cash accrual remains low. However, funds can be earmarked to service debt and the sugar pledge limit can be used to meet urgent funding requirement. Moreover, society always has an option to retain profit in case of any internal requirement. It also has a sugar pledged limit of INR126 crore where the drawing power depends on the sugar pledge stock and utilization is higher during the peak season. Outlook: Stable Crisil Ratings believes LSSSSKL will continue to benefit from its healthy relationships with farmers in the command area and integrated operations. Rating sensitivity factors Upward factors: * Sustained growth in revenue and stable operating margin, leading to cash accrual of over INR14 crore * Sustained improvement in the financial risk profile and liquidity Downward factors: * Decline in profitability leading to lower than expected cash accrual below INR5 crore * Stretch into the working capital cycle or larger-than-anticipated, debt-funded capex LSSSSKL was formed in 1992 by the late Mr. Sunderraoji Solanke and his family members. The company is based in Beed, Maharashtra, and manufactures sugar with a cane crushing capacity of 6,000 tonne per day, 32-megawatt co-generation power plant and a distillery with capacity of 120 KLPD. MANEESH PHARMACEUTICALS: Insolvency Resolution Process Case Summary ------------------------------------------------------------------- Debtor: Maneesh Pharmaceuticals Limited Registered Address: Plot No. 29-33, Ancillary Industrial Plots Govandi, Mumbai 400043 Insolvency Commencement Date: October 15, 2024 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: April 14, 2025 Insolvency professional: Asish Narayan Interim Resolution Professional: Asish Narayan 4A/703, Whispering Palms, Lokhandwala, Kandivali (East), Mumbai, HDFC Bank, Mumbai City, Maharashtra 400101 Email: cs.asish@gmail.com -- and -- Resurgent Resolution Professionals LLP 602, 6th Floor, Central Plaza, 166 CST Road, Kolivery Village, Vidya Nagari, Kalina, Santacruz (East), Mumbai 400098 Email: cirp.mp@resurgentrpl.com Last date for submission of claims: October 30, 2024 NAGA SATYA: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Naga Satya Latha Enterprises (NSLE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 2, 2024, placed the rating(s) of NSLE under the 'issuer non-cooperating' category as NSLE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NSLE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2025, March 28, 2025, April 7, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Naga Satya Latha Enterprises (NSLE) was established in the year 2017 by Ms. Naga Satya Latha Immani as a proprietorship concern. Earlier, the firm was engaged in the business of trading of Tobacco, Pulses and Shrimp. At present the firm is engaged in the wholesale and retail trading of different kinds of pulses and shrimp. The firm generates 95% of the revenue from the trading of pulses and remaining 5% from sale of shrimp. The firm sells both pulses and shrimp in the districts of Andhra Pradesh and purchases the same from the farmers located around Prakasham district, Andhra Pradesh. PITTAPPILLIL AGENCIES: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pittappillil Agencies (PA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 2, 2024, placed the rating(s) of PA under the 'issuer non-cooperating' category as PA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2025, March 28, 2025, April 7, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Pittappillil Agencies was incorporated in January, 1990 as a partnership firm in Ernakulam, Kerala by Mr. Peter Paul, Managing Partner. PA is a retailing agency engaged in the selling of home appliances (electronic products and furniture). The product line includes electronic items, consumer durables and furniture. As on January 24, 2020, PA has 32 showrooms spread across 16 cities in Kerala. It also sells the products online through its website. POMMYS GARMENTS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Pommys Garments (India) Limited Registered Address: 5/13-B, Pommys Nagar, Seithur Road, Dhalavaipuram, Virudhunagar 626188 Insolvency Commencement Date: May 13, 2025 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: November 10, 2025 Insolvency professional: M. Ramaswamy FCA Interim Resolution Professional: M. Ramaswamy FCA Ramaswamy and Associates 320 Sri Muthu Plaza, 2nd Floor, Above Dhanlaxmi Bank, Avinashi Road, Tiruppur 641 602 Email: ramsattirupur@gmail.com Phone: 9843330765 Last date for submission of claims: May 27, 2025 POWERTEL IMPEX: CRISIL Reaffirms B+ Rating on INR17.45cr Loan ------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facilities of Powertel Impex LLP (PILLP). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 17.45 Crisil B+/Stable (Reaffirmed) Proposed Fund- Based Bank Limits 0.05 Crisil B+/Stable (Reaffirmed) The ratings continue to reflect PILLP's low operating margin due to the trading nature of business, modest scale of operations and weak financial risk profile. These weaknesses are partially offset by the extensive experience of the partners in the distribution of mobile instruments and accessories and moderate working capital cycle Analytical approach Crisil Ratings has consolidated the business and financial risk profiles of PILLP and Powertel Communications as both firms are in a similar line of business with the same promoters. Key rating drivers and detailed description Weaknesses: * Low operating margin due to the trading nature of business: Operating margin is weak due to low value addition and intense competition for mobile accessories. Low entry barriers to the industry leads to the presence of many players with modest investments. Operating margin is estimated to remain less than 0.40% in fiscal 2025 against 1.14% in fiscal 2024. * Modest scale of operations: The business profile of PILLP is constrained by its small scale of operations in the intensely competitive mobile and mobile accessories trading business. PILLP's scale of operations will continue to limit its operating flexibility. Revenue of the group is estimated to increase 7% from INR190 crore in fiscal 2024 to INR203 crore in fiscal 2025. * Weak financial risk profile: Networth was modest at INR12.92 crore in fiscal 2024. Capital structure is leveraged, as indicated by adjusted gearing of 2.22 times and total outside liabilities to adjusted networth (TOLANW) ratio of 2.54 times as on March 31, 2024, which are estimated to deteriorate marginally to 2.87 times and 3.12 times, respectively, as on March 31, 2025. The debt protection metrics are subdued, as indicated by interest coverage ratio of 0.65 time in fiscal 2024 which is expected to deteriorate to 0.19 time in fiscal 2025. Furthermore, net cash accrual to adjusted debt (NCAAD) ratio has remained low due to low net cash accrual. Debt protection metrics are expected to remain at similar level due to thin margins. Strengths: * Extensive industry experience of the partners: The partners have experience of more than two decades in the distribution of mobile instruments and related accessories. This has given them a strong understanding of the market dynamics and enabled them to establish healthy relationships with suppliers and customers. * Moderate working capital cycle: Gross current assets (GCAs) were 60-90 days over the three fiscals through 2024, and 85 days as on March 31, 2024. The GCAs are expected to remain in a similar range over the medium term. The firm is required to extend long credit period in line with industry standards as the customers are small and medium-size players with weak credit profiles. However, inventory levels are well managed. Liquidity: Stretched Yearly net cash accrual is expected at INR13-20 lakh against debt obligation of INR5-7 lakh. Bank lines have remained highly utilised at 85.60% on average during last 12 months through March 2025. Liquidity is supported by unsecured loans from the promoters and the promoter family. Need-based support from the promoter is expected when required. Outlook: Stable Crisil Ratings believes PILLP will continue to benefit from its longstanding relationships with principals and experience of the management to mitigate the inherent risk in the trading business. Rating sensitivity factors Upward factors: * Faster stabilisation of operations with improvement in operating margin to 1% on sustained basis * Sustenance of the working capital cycle. Downward factors: * Stagnant business due to weak demand leading to net cash accrual less than INR7 lakh * Pile up of inventory or stretched receivables adversely affecting liquidity PILLP was established as a limited liability partnership in July 2023 by acquiring the business operations of Powertel Communication. The firm is engaged in the distribution of mobile instruments and related accessories. It is based in Ahmedabad, Gujarat. RATTAN SPIRIT: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Rattan Spirit Private Limited Registered Address: H.No. 2286, Sector-9, Faridabad, Haryana, 121006 Insolvency Commencement Date: May 9, 2025 Court: National Company Law Tribunal, Chandigarh Bench, Court-II Estimated date of closure of insolvency resolution process: November 4, 2025 Insolvency professional: Prashant Gupta Interim Resolution Professional: Prashant Gupta House No. 104 Sector-25 Panchkula, 134116, Haryana Email: pgupta.rp@gmail.com Correspondence Address: Plot No. D190, 3rd Floor, Sector-74, Industrial Area, Phase-8B, SAS Nagar, Mohali-160071, Punjab Email: irprattanspirit@gmail.com Last date for submission of claims: May 30, 2025 RAUNAQ CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Raunaq Construction (RC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 22.15 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 27, 2024, placed the rating(s) of RC under the 'issuer non-cooperating' category as RC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 12, 2025, April 22, 2025 and May 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Delhi based; Raunaq Construction (RC) was established in 1982 as a proprietorship firm by Mr. Amarjit Singh Arora. The firm is engaged in construction of roads, bridges, drainage system for government departments. The raw materials namely tar, sand, cement, etc. are procured by the firm from various domestic manufacturers and wholesalers. REENA TINAAZ: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Reena Tinaaz Private limited (RTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 175.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 31, 2024, placed the rating(s) of RTPL under the 'issuer non-cooperating' category as RTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 16, 2025, April 26, 2025 and May 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Reena Tinaaz Private Limited (RTPL) is a Mumbai based company which was established in 2012. The company is engaged in trading of FMCG products such as soaps, shampoos, biscuits, detergents and cigarettes (of various brands) belonging to reputed brands such as ITC, Godfrey Philips, Parle, Hindustan Unilever Ltd (HUL), Britannia etc. RTPL procures the products in bulk quantity from authorized distributors of these brands and then sells them to the wholesalers and retailers. The promoter of company, Mr Uday Kantilal Desai was earlier carrying out FMCG trading business under his proprietorship firm "Reena Agency" upto January 2015, after which the entire business was transferred to RTPL. The area of business of RTPL is concentrated in and around Mumbai city and its suburbs. The company has its designated warehouses at Vikhroli and Bhandup in Mumbai. RENEX INDUSTRIES: CARE Keeps C Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Renex Industries Private Limited (RIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/Short 6.00 CARE C/CARE A4; ISSUER NOT Term Bank COOPERATING; Rating continues Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 16, 2024, placed the rating(s) of RIPL under the 'issuer non-cooperating' category as RIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 2, 2025, March 12, 2025, March 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Renex Industries Private Limited was earlier incorporated in 2010 by Mr Premraj Pamate Chalavaraj, Mr Ashish Bipinkumar Soni and Mr Ravi Banarasilal Kapoor as Swathi Sunsource Power Private Limited (SSPPL) to setting up unit to manufacture solar collectors/equipment's i.e. Parabolic Troughs, which can be used by clientele to generate heat/steam/power at its manufacturing facility located at Industrial Part Penukonda, Anantapur District, Andhra Pradesh. Furthermore, the company also has in-house research and development facility at Penukonda, which is partially functional. S. A. IRON: CRISIL Withdraws B Rating on INR20cr Term Loan ---------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of S. A. Iron and Alloys Private Limited (SAPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 19 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Term Loan 1 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 20 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with SAPL for obtaining information through letter and email dated May 27, 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 SAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of SAPL to 'Crisil B/Stable Issuer not cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of SAPL on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Incorporated in 2003 and promoted by Mr. Arun Jain and Mr. Subhash Chandra Aggarwal, SAPL manufactures sponge iron and ingots/billets, and has also set up a captive power plant. Facility is in Ramnagar, Uttar Pradesh. SAIBABA SALES: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Saibaba Sales Private Limited (SSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.08 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 31, 2024, placed the rating(s) of SSPL under the 'issuer non-cooperating' category as SSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 16, 2025, April 26, 2025 and May 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SSPL is a Pune based company which was incorporated in the year 2000 and has diversified its operations in two divisions viz; real estate development of residential complexes within Pune since 2009, auto dealership for two wheelers TVS Motor Company Limited and four wheelers Chevrolet Sales India Private Limited since 2008 and October 2012 respectively. SHAYONA ENGINEERING: CRISIL Raises Rating on INR5.5cr Loan to B- ---------------------------------------------------------------- Crisil Ratings has upgraded its rating on the long-term bank facilities of Shayona Engineering Limited (SEL) to 'Crisil B-/Stable' from 'Crisil D'. The upgrade reflects timely servicing of debt by the company. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 Crisil B-/Stable (Upgraded from 'Crisil D') Term Loan 4.5 Crisil B-/Stable (Upgraded from 'Crisil D') The rating reflects modest scale of operations and vulnerability to cyclicality in the end-user industries. These weaknesses are partially offset by the extensive experience of the promoter in the industrial machinery and consumables industry and the healthy debt protection metrics of the company. Analytical Approach Crisil Ratings has considered the standalone business and financial risk profiles of SEL. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operations: Intense competition continues to constrain scalability, as reflected in modest revenue of INR22-23 crore in fiscal 2025 (Rs 15.17 crore in fiscal 2024), pricing power and profitability. Ability of the company to scale up operations will remain monitorable. * Vulnerability to cyclicality in end-user industries: The performance of SEL is closely linked to investments in end-user industries, which are cyclical. Moreover, low capital requirement leads to intense competition. The scale of operations determines negotiating power with suppliers and customers and ability to withstand business downturns. Strengths: * Extensive industry experience of the promoter: The promoter has experience of over 14 years in the industrial machinery and consumables industry. This has given him an understanding of the market dynamics and enabled him to establish relationships with suppliers and customers, which will continue to support the business. * Healthy debt protection metrics: The debt protection metrics were comfortable despite leverage owing to moderately healthy profitability. Interest coverage and net cash accrual to total debt ratios were 2.58 times and 0.10 time, respectively, in fiscal 2025, and are expected at similar levels over the medium term. Liquidity: Poor Bank limit utilization was high at 96% on average for the 12 months through March 2025. Cash accrual, expected at INR1.8-2.0 crore per fiscal, will sufficiently cover yearly term debt obligation of INR0.60-1.60 crore over the medium term. In addition, surplus will cushion the liquidity. Current ratio was moderate at 1.34 times as on March 31, 2025. Outlook: Stable Crisil Ratings believes SEL will continue to benefit from the extensive experience of the promoter and its established relationships with clients. Rating sensitivity factors Upward factors * Improvement in revenue along with stable operating margin leading to net cash accrual of more than INR2.50 crore * Efficient working capital management Downward factors * Decline in revenue or operating profit leading to lower cash accrual * Stretched working capital cycle with GCA days more than 220 days weakening the liquidity and financial risk profile SEL was set up in 2010 and reconstituted as a public limited company in 2023. The company manufactures machining, dies and moulds, industrial automation, heavy fabrication, casting, forging, reverse engineering and turnkey project machinery. Its manufacturing unit is in Vadodara, Gujarat. SHRIYA OVERSEAS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Shriya Overseas Private Limited Registered Address: 4677, Gali Mohar Singh Jat, Pahari Dhiraj, New Delhi - 110006 (As per MCA Records) Principal Office: G109A, RIICO Industrial Area, Sitapura, Jaipur, Rajasthan-302022 (As per GST Portal) Insolvency Commencement Date: May 9, 2025 Court: National Company Law Tribunal, New Delhi Bench-VI Estimated date of closure of insolvency resolution process: November 5, 2025 Insolvency professional: Sourabh Malpani Interim Resolution Professional: Sourabh Malpani Guru Kripa Plot No. 93, Neelkanth Colony, Queens Road Jaipur, Rajasthan - 302021 Email: malpanijpr@gmail.com Email: cirp.shriyaoverseas@gmail.com Last date for submission of claims: May 28, 2025 SIWON AGRI: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Siwon Agri Private Limited Registered Address: 54/2 & 3, Plot 23, 127, Hanuman Lane, Janpath, Central Delhi - 110001 Delhi Insolvency Commencement Date: May 9, 2025 Court: National Company Law Tribunal, New Delhi Bench-VI Estimated date of closure of insolvency resolution process: November 11, 2025 Insolvency professional: Preeti Chauhan Interim Resolution Professional: Preeti Chauhan R Z 20 K Block Gandhi Market West Sagarpur New Delhi-110046 Email ID: cspreetichauhan@gmail.com -- and -- 332-333, 3rd Floor, Somdatt Chamber-II, Bhikaji Cama Place, New Delhi-110066 Email ID: ibc.siwonagri@gmail.com Last date for submission of claims: May 29, 2025 SS INNOVATIONS: Dr. Vishwajyoti Srivastava Named CEO - Asia Pacific ------------------------------------------------------------------- SS Innovations International, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors appointed Dr. Vishwajyoti P. Srivastava, M.D., who has served as the Company's President and Chief Operating Officer - Asia, to the new position of Chief Executive Officer - Asia Pacific. In such capacity, Srivastava will oversee all aspects of the Company's operations, including cross-functional departmental oversight, national and international marketing, regulatory affairs and business expansion. The Board also approved an increase in Dr. Srivastava's base compensation to $300,000 annually. About SS Innovations International SS Innovations International, Inc. (OTC: SSII) is a developer of innovative surgical robotic technologies headquartered in Gurugram, Haryana, India. The company's vision is to make robotic surgery benefits more affordable and accessible globally. SSII's product range includes its proprietary "SSi Mantra" surgical robotic system and "SSi Mudra," a broad array of surgical instruments for various procedures, including robotic cardiac surgery. The company plans to expand its presence with technologically advanced, user-friendly, and cost-effective surgical robotic solutions. Gurugram, India-based BDO India, LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has negative cash flows from operating activities during the year ended December 31, 2024. The Company is dependent on further funding to meet its obligations to sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $42,385,213 in total assets, $28,928,110 in total liabilities, and a total stockholders' equity of $13,457,103. UMANG OILS: CARE Keeps B- Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Umang Oils Private Limited (UOPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 29, 2024, placed the rating(s) of UOPL under the 'issuer non-cooperating' category as UOPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UOPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 14, 2025, April 24, 2025 and May 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Umang Oils Private Limited (UOPL) was incorporated in 2006 and is currently being managed by Mr Sanjay Kumar Mansinghka and Ms Sangeeta Mansinghka. The company is engaged in the extraction of rice bran oil from rice bran at its processing facility located in Varanasi, Uttar Pradesh. The company manufactures rice bran oil which is sold to whole sellers on PAN India basis. Furthermore, the company also sells its by product i.e. residual of rice bran cake to cattle feed manufacturers, soap manufacturers etc. The main raw material is rice bran which is mainly procured from rice millers located in nearby region. Furthermore, the company has one group concerns, namely, Mansingh Agency engaged in trading of edible oil since 1990. UTTHAN SHIKSHA: CRISIL Assigns B+ Corporate Credit Rating --------------------------------------------------------- Crisil Ratings has assigned its 'Crisil B+/Stable' corporate credit rating to Utthan Shiksha Samiti (USS). The rating reflects the USS's high dependence on government authorities and public for funding and moderate capital structure. These weaknesses are partially offset by its long-standing regional presence of its society. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of USS. Key Rating Drivers & Detailed Description Weaknesses: * High dependence on government authorities and public for funding: USS is working for the upliftment, mobilization and awareness of rural community in state of Bihar and Jharkhand. It provides fishery development, education & other services which includes free education, mobilization of rural youth, imparting skill training, providing health care services among community members and other social activities. It depends on public, corporate and government support for its funding requirements and hence it remains a key monitorable for consistent and sufficient accruals. * Low networth and moderate capital structure: Due to low net worth of around INR2 lakhs as on March 31, 2025, total outside liabilities to adjusted networth (TOLANW) remains above 2.5 times and is estimated to remain high given minimal accretion to reserves due to the nature of operations. Strength: * Long standing regional presence of the society: The society has an established presence in Ranchi (Jharkhand). Thus, its established presence in the region with diverse services provided will continue support to its sustainability. The regular donations from various large corporates and trustees is one of the benefits of the market presence and goodwill of the society. Liquidity: Poor USS does not have any bank limits to support its working capital requirements. Cash accruals are expected to remain around INR50 lakhs against no repayment obligations. It has INR3 lakhs of free cash balance as on March 2025. Outlook: Stable Crisil Ratings believe USS will continue to benefit from established relationships in the region Rating sensitivity factors Upward factors * Sustained improvement in margins and scale, leading to higher cash accruals above INR1 crores. * Improvement in financial risk profile with improving networth Downward factors * Decline in revenue or operating profits leading to lower cash accruals * Increased dependence on external debt leading to interest coverage below 1 time * Substantial increase in its working capital requirements thus weakening its liquidity & financial profile. Utthan Shiksha Samiti is a Non-Government Organization Registered under the Society Registration Act 21, 1860 on 10th December 2013. Key focus areas providing basic health care service among community, training and capacity building of key health functionaries and CBOs. In addition, it also work towards Skill Training Development, Community Development with various Government Counterparts at National as well as State level. VICTORY ELECTRIC: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Victory Electric Vehicles International Limited Registered Address: Plot No. 6, Second Floor, Block A-5, Maa Bhagwati Apartment, Paschim Vihar, West Delhi, New Delhi, Delhi, India, 110063 Insolvency Commencement Date: May 9, 2025 Court: National Company Law Tribunal, New Delhi Bench, Court-VI Estimated date of closure of insolvency resolution process: November 5, 2025 Insolvency professional: Neha Bhasin Interim Resolution Professional: Neha Bhasin Primus Insolvency Resolution & Valuation Pvt Ltd C-4-E/135, Janak Puri, West Delhi, New Delhi- 110058 Email ID: neha@primusresolutions.in -- and -- Primus Insolvency Resolution & Valuation Pvt Ltd D-58, Defence Colony, New Delhi, Delhi-110024 Email ID: cirp.vevil@gmail.com Last date for submission of claims: May 29, 2025 VIRCHAND NARSI: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Virchand Narsi Cotton Private Limited (VNCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 26.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) vide its press release dated May 30, 2024, placed the rating(s) of VNCPL under the 'issuer non-cooperating' category as VNCPL had failed to provide information for monitoring of the rating agreed to in its Rating Agreement. VNCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 15, 2025, April 25, 2025 and May 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable VNCPL was incorporated on August 7, 2002 and is based at Malkapur (Buldhana District), Maharahstra. It was promoted by Dand family. VNCPL is engaged in ginning and pressing of raw cotton and crushing of cotton seeds. The company is also in the business of trading of cotton seed and cotton bales. VNCPL's product portfolio includes cotton bales, cotton seeds, washed oil and cotton seed cake. XRBIA DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Xrbia Developers Limited (XDL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 200.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 31, 2024, placed the rating(s) of XDL under the 'issuer non-cooperating' category as XDL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. XDL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 16, 2025, April 26, 2025 and May 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in year 2004, XRBIA Developers Limited (XDL) (erstwhile known as Eiffel Developers & Realtors Limited) is the flagship entity of Pune based XRBIA Group, engaged in the business of real estate development and sale of plotted projects. XRBIA Group has undertaken a number of residential real estate and plotting projects in Pune, Mumbai and Noida region. ZAPDOR ENGINEERING: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Zapdor Engineering Private Limited Registered Address: 602, 6th Floor, Rishabh Corporate Tower, Karkardooma Community Center Karkardooma, East Delhi, India 110092 Insolvency Commencement Date: May 9, 2025 Court: National Company Law Tribunal, New Delhi Bench VI Estimated date of closure of insolvency resolution process: November 5, 2025 Insolvency professional: Kranthi Kumar Kedari Interim Resolution Professional: Kranthi Kumar Kedari Flat No. 101, Srikrishnas Rail Nilayam, G-134, Madhura Nagar, Hyderabad, Telangana - 500038 Email: Kranthikumar1980@gmail.com Email: cirp.zapdor@gmail.com Last date for submission of claims: May 30, 2025 ========= J A P A N ========= [] JAPAN: Curry Shops See Record Bankruptcies as Rice Prices Soar ----------------------------------------------------------------- Bloomberg News reports that a record number of curry shops in Japan went out of business in the past year, as purveyors of one of the country's most beloved dishes took a hit from soaring rice prices. Thirteen curry shops with more than JPY10 million (US$70,000) in debt filed for bankruptcy in the year ended March - a record high for a second consecutive year, Bloomberg discloses citing a report from Tokyo-based research firm Teikoku Databank. The total number of bankruptcies is likely to be much higher when considering smaller mom-and-pop shops, the firm said. Bloomberg relates that prices of mainstay ingredients in Japanese curry - such as rice, spices, meat and vegetables - have gone up due to a rice shortage, adverse weather and a weak yen, the report said. Higher energy prices have also dented the profits of shop operators. Japanese curry, a thick brown sauce containing meat and vegetables, is usually served on a bed of rice. A basic curry rice dish, a classic comfort food, now costs JPY365 - a record high, according to Teikoku Databank, Bloomberg relays. According to Bloomberg, Prime Minister Shigeru Ishiba's government has been scrambling to combat skyrocketing rice prices in Japan by releasing stockpiles of the staple ahead of a summer election. During the coronavirus pandemic, takeout and delivery orders fueled a curry boom that has now also slowed, hurting sales for curry shops, Teikoku Databank said. ===================== N E W Z E A L A N D ===================== 777 CIVIL: Creditors' Proofs of Debt Due on July 1 -------------------------------------------------- Creditors of 777 Civil & Transport Limited are required to file their proofs of debt by July 1, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 30, 2025. The company's liquidators are: Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ADVS CIVIL: Creditors' Proofs of Debt Due on July 10 ---------------------------------------------------- Creditors of ADVS Civil Construction Limited and Richhold Limited are required to file their proofs of debt by July 10, 2025, to be included in the company's dividend distribution. ADVS Civil Construction Limited commenced wind-up proceedings on May 23, 2025. Richhold Limited commenced wind-up proceedings on May 29, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 CLARK & SON: Court to Hear Wind-Up Petition on June 16 ------------------------------------------------------ A petition to wind up the operations of Clark & Son Limited will be heard before the High Court at Hamilton on June 16, 2025, at 10:45 a.m. Malcolm Walter Clark filed the petition against the company on March 28, 2025. The Petitioner's solicitor is: Alan Stuart Harris Tate Limited 29 Brown Street Tauranga ENZ COMMERCIAL: Court to Hear Wind-Up Petition on June 16 --------------------------------------------------------- A petition to wind up the operations of ENZ Commercial Limited will be heard before the High Court at Hamilton on June 16, 2025, at 10:45 a.m. Te Rapa Gateway Limited filed the petition against the company on April 17, 2025. The Petitioner's solicitor is: Melissa Hammer Anderson Lloyd Level 12, Otago House 477 Moray Place Dunedin 9016 MARLBOROUGH LOGGING: Creditors' Proofs of Debt Due on July 31 ------------------------------------------------------------- Creditors of Marlborough Logging and Earthworks Limited are required to file their proofs of debt by July 31, 2025, to be included in the company's dividend distribution. The High Court at Blenheim appointed Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly Staples Rodway Auckland as liquidators on May 30, 2025. ================= S I N G A P O R E ================= FOOD UNION: Creditors' Proofs of Debt Due on July 4 --------------------------------------------------- Creditors of Food Union (SG) Limited are required to file their proofs of debt by July 4, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 29, 2025. The company's liquidator is: Mr. Lee Chi Him Pinebridge Advisory 10 Ubi Crescent #06-18 Ubi Techpark Singapore 408564 NEW EMINENT: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on May 23, 2025, to wind up the operations of New Eminent Construction 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 NOSTALGIA WORKS: Court to Hear Wind-Up Petition on June 20 ---------------------------------------------------------- A petition to wind up the operations of Nostalgia Works and Services Pte. Ltd. will be heard before the High Court of Singapore on June 20, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on May 27, 2025. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 The Concourse Singapore 199555 QUETZAL OFFSHORE: Commences Wind-Up Proceedings ----------------------------------------------- Members of Quetzal Offshore Pte. Ltd. on May 27, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Mr. Chan Kwong Shing, Adrian Ms. Toh Ai Ling Ms. Tan Yen Chiaw KPMG Services 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 TRUELINK INTERNATIONAL: Court Enters Wind-Up Order -------------------------------------------------- The High Court of Singapore entered an order on May 23, 2025, to wind up the operations of Truelink International Shipping Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* S 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. 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