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250619.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 Thursday, June 19, 2025, Vol. 28, No. 122 Headlines A U S T R A L I A CYBER CLINIC: First Creditors' Meeting Set for June 26 ESOTERIC FESTIVAL: Enters Voluntary Administration GFG ALLIANCE: McGrathNicol Appointed as Receivers to Whyalla Ports MD HOTEL: Second Creditors' Meeting Set for June 24 MINERAL RESOURCES: To Inject AUD150MM Into Struggling Lithium Mine NEWCALL COMMUNICATIONS: First Creditors' Meeting Set for June 26 NOIR PETE: First Creditors' Meeting Set for June 27 REX AIRLINES: Limbo to Drag on as EY Fails to Find New Owner STOJCORP PTY: First Creditors' Meeting Set for June 25 C H I N A JINGBO TECHNOLOGY: Delays 10-K Filing Over Data Compilation Issues H O N G K O N G ANCIENT MOON: Michelin-Recommended Eatery to Close After 11 Years I N D I A AMODA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating AQUA FOODS: CRISIL Moves D Debt Ratings to Not Cooperating BALAJI ENAMEL: CRISIL Moves D Debt Ratings to Not Cooperating BHUSHAN POWER: Lenders Move SC for Review of JSW Steel Decision DURGASHREE CASHEWS: CRISIL Keeps D Ratings in Not Cooperating G N CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating GAGAN WINE: CRISIL Keeps D Debt Ratings in Not Cooperating GANGA FABRICS: CRISIL Keeps D Debt Rating in Not Cooperating GIAN CHAND: CRISIL Keeps D Debt Ratings in Not Cooperating GOLHAR GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating GREEN SHIELD: CRISIL Keeps C Debt Rating in Not Cooperating HINDUSTHAN NATIONAL: AGI Challenges Approval of INSCO Takeover INDIGO COLLECTIONS: CRISIL Keeps D Ratings in Not Cooperating LAXMI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating NAV SHIKHA: CRISIL Moves D Debt Ratings to Not Cooperating PLUTON TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating RAHEEM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating RANGANATHA SWAMY: CRISIL Moves D Debt Ratings to Not Cooperating S TEN: CRISIL Keeps D Debt Ratings in Not Cooperating Category SAMRAT FEED: CRISIL Keeps B Debt Rating in Not Cooperating SANTOSHI RICE: CRISIL Keeps D Debt Ratings in Not Cooperating SANYEEJI ROLLING: CRISIL Keeps D Debt Ratings in Not Cooperating SHARAVANA TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating SHIV SHANKAR: CRISIL Keeps D Debt Rating in Not Cooperating SINGH CYCLE: CRISIL Keeps D Debt Ratings in Not Cooperating SOUTHERN COOLING: CRISIL Keeps C Debt Ratings in Not Cooperating STEEL PROVIDERS: CRISIL Keeps D Debt Ratings in Not Cooperating VISHNU EATABLES: CRISIL Keeps D Debt Ratings in Not Cooperating VISHWAKARMA COLD: CRISIL Keeps D Debt Rating in Not Cooperating M A L A Y S I A CAPITAL A: In Final Stages of PN17 Exit Plan, CEO Says N E W Z E A L A N D DU VAL: Directors Want Assets Unfrozen and Passports Back EXCELL TRUSTEES: Grant Bruce Reynolds Appointed as Liquidator MILLS BROS: Court to Hear Wind-Up Petition on July 24 RODNEY WAYNE: Creditors' Proofs of Debt Due on July 22 SILVER STREAM: Grant Bruce Reynolds Appointed as Liquidator TIMARU SOUTH: Creditors' Proofs of Debt Due on July 11 S I N G A P O R E AMS MARINE: Court to Hear Wind-Up Petition on July 4 CLI CP: Creditors' Proofs of Debt Due on July 14 DIVINE NEST: Court to Hear Wind-Up Petition on June 27 GLENWOOD PROPERTIES: Creditors' Proofs of Debt Due on July 14 SINGCO 30: Creditors' Proofs of Debt Due on July 14 - - - - - ================= A U S T R A L I A ================= CYBER CLINIC: First Creditors' Meeting Set for June 26 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Cyber Clinic Pty Ltd will be held on June 26, 2025 at 11:00 a.m. via teleconference only. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of the company on June 16, 2025. ESOTERIC FESTIVAL: Enters Voluntary Administration -------------------------------------------------- Nathan Deppeler and Scott Andersen of Worrells were appointed Voluntary Administrators of Esoteric Festival Pty Ltd on June 11, 2025. The company is behind the Esoteric Festival - a well-known psychedelic music, arts, and lifestyle event traditionally held in Donald, Victoria over the Labour Day long weekend. Unfortunately, the 2025 festival was cancelled after the local council declined to grant the required Place of Public Entertainment Occupancy Permit. As a result of the cancellation, the company has ceased trading and has now entered Voluntary Administration. The Administrators are currently gathering information about the company's financial position, including its assets and liabilities. Investigations into the company's affairs are underway, and the Administrators will also be liaising with the director and any parties who may be interested in submitting a proposal to restructure or acquire the business and/or assets. A report outlining the company's financial position, the outcome of the Administrators' investigations, and the options available to creditors will be issued by July 9, 2025. "We understand many people will be seeking clarity - particularly ticket holders and supporters of the festival. A dedicated FAQ has been provided by Worrells via email and is also available to download from our File Information page," Worrells said. "We recognise the disappointment and concern this news will bring to the Esoteric community and thank everyone for their patience as we work through the next steps." GFG ALLIANCE: McGrathNicol Appointed as Receivers to Whyalla Ports ------------------------------------------------------------------ Rob Kirman and Rob Brauer of McGrathNicol were appointed as receivers of Whyalla Ports Pty Ltd on June 11, 2025. As reported in the Troubled Company Reporter-Asia Pacific on June 11, 2025, GFG Alliance has placed its subsidiary company which formerly operated the Whyalla port into administration, after the state government intervened in an ownership dispute over the facility. ABC News said the company, Whyalla Ports Pty Ltd, was embroiled in a Federal Court case launched by Whyalla steelworks administrators KordaMentha, which wants control of the port so it can sell the steelworks as an integrated asset. According to the ABC, the state government recently intervened by introducing law changes to "clarify" that the port is owned by OneSteel Manufacturing - the GFG subsidiary that operated the steelworks before being tipped into administration - rather than Whyalla Ports Pty Ltd. In a statement released on June 7, a GFG Alliance spokesperson said the law change left it with "no option but to place Whyalla Ports Pty Ltd into voluntary administration". Michael Brereton, Sean Wengel, and Rashnyl Prasad of William Buck were appointed as administrators of the company on June 6, 2025. GFG Alliance Australia owns and operates manufacturing companies InfraBuild; Primary Steel and Mining in South Australia and New South Wales; and LIBERTY Bell Bay in Tasmania. MD HOTEL: Second Creditors' Meeting Set for June 24 --------------------------------------------------- A second meeting of creditors in the proceedings of MD Hotel Group Pty Ltd has been set for June 24, 2025 at 3:00 p.m. virtually via Zoom. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by June 23, 2025 at 5:00 p.m. Scott Andersen and Ivan Glavas of Worrells were appointed as administrators of the company on May 19, 2025. MINERAL RESOURCES: To Inject AUD150MM Into Struggling Lithium Mine ------------------------------------------------------------------ Mark Wembridge at The Australian Financial Review reports that heavily indebted Mineral Resources will pump AUD150 million into its struggling Mt Marion Lithium operation to keep it afloat through the commodity's extended downturn, according to a filing by its Chinese partner. Ganfeng Lithium will also help bail out the West Australian project with a AUD150 million collateral-free loan to be matched by joint venture partner MinRes, according to a statement to the Hong Kong Stock Exchange. The Financial Review relates that the Chinese group said in the filing that the Mt Marion venture posted a AUD44.6 million loss in 2024 and its operations remained in the red for the first quarter of 2025. Loss-making MinRes confirmed it would match Ganfeng's AUD150 million, but did not clarify whether the money was a loan or a contribution to the joint venture, the Financial Review relays. According to the Financial Review, Ganfeng said its funds would be "mainly used for the daily operation" of Mt Marion while MinRes said it would "primarily fund capital expenditure, including mine development and processing plant upgrades". MinRes said the AUD150 million would be sourced from its working capital reserves and would not increase its debt. The injection of cash into its troubled lithium venture comes as the miner's balance sheet totters under the weight of AUD5.8 billion in debt while its market capitalisation languishes at AUD4.6 billion, the Financial Review notes. A series of scandals linked to its founder, Chris Ellison, and troubles with its flagship AUD3 billion Onslow Iron project have dragged MinRes shares down 60 per cent over the past year, according to the Financial Review. The decision to plough more cash into the diversified miner's struggling lithium operations comes as the price of spodumene falls further from its recent lows to US$580 a tonne, according to S&P Global. Lithium traded above US$8,000 per tonne roughly two years ago but fell precipitously as a glut of the metal from mines in Africa and China hit the market. The slowdown in demand for electric vehicles has also weighed on the key battery material. About MinRes Based in Osborne Park, Australia, Mineral Resources Limited (ASX:MIN) -- https://www.mineralresources.com.au/ -- is an ASX-listed company operating across mining services, as well as mining of iron ore and lithium minerals. As reported in the Troubled Company Reporter-Asia Pacific in November 2024, Moody's Ratings has affirmed the Ba3 corporate family rating of Mineral Resources Limited (MinRes). At the same time, Moody's have affirmed the Ba3 senior unsecured bond ratings and changed the outlook to negative from stable. The TCR-AP reported in March 2025, Fitch Ratings downgraded Mineral Resources Limited's (MinRes) Issuer Default Rating (IDR) to 'BB-' from 'BB'. The Outlook is Negative. Fitch has also downgraded MinRes' US dollar senior unsecured notes to 'BB-' from 'BB'. The rating downgrade reflects MinRes' high leverage and increased deleveraging risks over the medium term. Fitch expects EBITDA net leverage to worsen to 7.3x in the financial year ending June 2025 (FY25), from 4.9x in FY24, and remain above 3.0x in FY26-FY28, considering Fitch's mid-cycle price assumptions. Reported net debt increased by AUD656 million to AUD5.1 billion at end-December 2024, despite AUD1.9 billion in cash proceeds from the sale of a 49% stake in the Onslow Iron haul road and gas assets. Around AUD320 million of the increase in the company's debt was related to the revaluation of its USD3.1 billion in bonds. The Negative Outlook reflects the execution risks associated with its planned cost improvements, capex discipline and production ramp-up at its Onslow iron ore project that may keep leverage above its expectations, which could lead to negative rating action. NEWCALL COMMUNICATIONS: First Creditors' Meeting Set for June 26 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of Newcall Communications Pty Ltd will be held on June 26, 2025 at 11:00 a.m. via virtual meeting. Rajiv Ghedia of Westburn Advisory was appointed as administrator of the company on June 26, 2025. NOIR PETE: First Creditors' Meeting Set for June 27 --------------------------------------------------- A first meeting of the creditors in the proceedings of Noir Pete Pty Ltd will be held on June 27, 2025 at 10:00 a.m. virtually by Zoom. Scott Andersen of Worrells was appointed as administrator of the company on June 17, 2025. REX AIRLINES: Limbo to Drag on as EY Fails to Find New Owner ------------------------------------------------------------ Ayesha de Kretser at The Australian Financial Review reports that Regional Express could remain in limbo until the end of the year after the Albanese government was forced to extend the collapsed airline's administration amid a long delay in finding it a new owner. In a statement late on June 17, the government said it would hand another AUD30 million to the airline, known as Rex, which collapsed almost a year ago after a boardroom brawl and the failure of a strategy to expand from regional services and compete on popular capital city routes, the Financial Review relates. EY was appointed the administrator of Rex, which emerged out of Ansett's subsidiaries after the company's collapse in 2002 and listed on the ASX three years later, on July 30. It has tried to sell the airline several times unsuccessfully. It first sent out sale documents in August. On June 17, Transport Minister Catherine King said the sale process is "progressing positively" but said EY would ask the Federal Court to extend the administration until December to "secure a market-led solution," according to the Financial Review. Earlier this year, as first reported by The Australian Financial Review, the government was forced to inject AUD130 million into the company to prevent it from being wound up, leaving dozens of regional towns without flights. The money was used to pay out PAG Asia Capital, the airline's biggest creditor, which had provided AUD150 million in 2021 to fund the expansion of services and new aircraft to compete against Qantas and Virgin Australia. To repay creditors, EY has sold off parts of Rex's business, including the Pel-Air air ambulance service which was purchased by Toll Holdings for AUD47 million, the Financial Review relays. Rex's former chairman, Lim Kim Hai, has also paid AUD12 million for the airline's half stake in charter flight operator National Jet Express. According to the Financial Review, Labor said previously said it would consider taking ownership of Rex if a buyer did not emerge ahead of the June 30 deadline set by administrators. Ms. King, in her statement, said the government would not be a bidder but was "undertaking necessary work on contingencies should a market-led solution not be achieved". "Any potential government support for a successful bidder will be conditional on commitments to provide an ongoing, reasonable level of service to regional and remote communities, the need to provide value for money to taxpayers and good governance," she added. There have been several interested parties over the last year, and it is unclear how many remain in the process, the Financial Review states. Binding bids had been due earlier this month, with Anchorage Capital Partners, a local private equity group and the owner of David Jones, among those to flag its interest. Specialist infrastructure investor Renaissance Partners had tried to engage with EY since October, providing letters signalling that funding had been agreed, seen by the Financial Review, from JPMorgan Asset Management's Global Special Situations Group in London. "It's good that a decision excluding us from the process hasn't been finalised. However, the frustration is that we are ready, willing and able to execute the sale today without further extension, costs for taxpayers or fees paid to administrators," the Financial Review quotes Renaissance spokesman Andrew Cochrane as saying. The fund has, in the last week, discussed its interest with the government, and Cochrane said Labor was "looking for a good news outcome and the fact we bring it to the table means it should be difficult to ignore us". A separate proposal to carve up Rex's routes among other regional airlines has similarly failed to gain any traction with government, angering smaller rivals given how much money has been spent keeping the carrier running, the Financial Review says. "Our concern remains the connectivity for regional communities. The process whilst fulfilling statutory requirements seems to have not examined the long-term sustainability of regional service provision," the Coalition's transport spokeswoman Bridget McKenzie said on June 17. "After this process the minimum outcome should be that impacted regional communities remain serviced with regular and affordable flights." EY has told creditors it expected to collect more than AUD14 million in fees for running the process. A spokesman did not respond to questions about whether the estimated fee had increased given the extension, adds the Financial Review. About Rex Airlines Regional Express Pty. Ltd., trading as Rex Airlines (and as Regional Express Airlines on regional routes), is an Australian airline based in Mascot, New South Wales. It operates scheduled regional and domestic services. It is Australia's largest regional airline outside the Qantas group of companies and serves all 6 states across Australia. It is the primary subsidiary of Regional Express Holdings. On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins of Ernst & Young Australia (EY Australia) were appointed Joint and Several Voluntary Administrators by the Rex Group's respective Boards of Directors. The companies in administration are: * Regional Express Holdings Limited; * Regional Express Pty Limited; * Rex Airlines Pty Ltd; * Rex Investment Holdings Pty Limited; and * Air Partners Pty Ltd. STOJCORP PTY: First Creditors' Meeting Set for June 25 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Stojcorp Pty. Ltd. will be held on June 25, 2025 at 11:00 a.m. via telephone conference facilities from the offices of KPT Restructuring at Suite 10.01, Level 10, 50 Pitt Street in Sydney. Jason Tang and Ian Niccol of KPT Restructuring were appointed as administrators of the company on June 13, 2025. ========= C H I N A ========= JINGBO TECHNOLOGY: Delays 10-K Filing Over Data Compilation Issues ------------------------------------------------------------------ Jingbo Technology, Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it is unable to file its Annual Report on Form 10-K for its year ended February 28, 2025 by the prescribed date without unreasonable effort or expense because the Company was unable to compile certain information required in order to permit the Company to file a timely and accurate report on the Company's financial condition. The Company believes that the Annual Report will be completed within the fifteenth-day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934. About Jingbo Technology Headquartered in Shoujiang Town, Fuyang District, China, Jingbo Technology, Inc., initially was in the business platform of providing application software to a global vendor platform to connect people to businesses and provide a new shopping experience. The Company's wholly owned subsidiary, Intellegence Parking Group Limited, is a multinational technology company, with a smart parking application software and platform business ecosystem as its main business venture. Intellegence operates facilities at Xiaoshan Airport Remote Parking Lot, Tianjin Xinhua International University, Fuyang People's Hospital, Qilu University Hospital, Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital. It also currently has eight urban parking projects. Guangzhou, Guangdong, China-based GGF CPA LTD, the Company's auditor since 2024, issued a "going concern" qualification in its report dated July 3, 2024, citing that the Company had incurred substantial losses during the years and negative working capital, which raises substantial doubt about its ability to continue as a going concern. ================= H O N G K O N G ================= ANCIENT MOON: Michelin-Recommended Eatery to Close After 11 Years ----------------------------------------------------------------- Dimsumdaily Hong Kong reports that Ancient Moon, a Singaporean and Malaysian restaurant in North Point, Hong Kong, announced on social media on June 17 that it will cease operations on 19th July. The restaurant has been a local favourite for 11 years and was previously featured in the Michelin Bib Gourmand guide. Dimsumdaily relates that the founders cited challenging external conditions and a desire to spend more time with their families as the primary reasons for the closure. "After 11 years in North Point, we feel it's time to move on," the owners wrote. According to Dimsumdaily, the founders explained that despite attempts to adapt to changing market dynamics, limited resources and connections ultimately led to their decision to close. They invited loyal patrons to visit on the final day to bid farewell. While Ancient Moon will close its doors, the founders confirmed their second venture, "The Second Phase," located in Tin Hau, will continue to operate, Dimsumdaily relays. News of the closure prompted an outpouring of support from customers, with many expressing sadness but sending best wishes for the owners' next chapter. "It's bittersweet, but I hope your new journey will bring more happiness and meaning," one patron commented. ========= I N D I A ========= AMODA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Amoda Iron and Steel Limited (AISL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.34 CRISIL D (Issuer Not Cooperating) Letter of Credit 3.63 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.79 CRISIL D (Issuer Not Cooperating) Open Cash Credit 9.00 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AISL for obtaining information through letter and email dated May 2, 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 AISL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AISL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AISL continues to be 'Crisil D/Crisil D Issuer not cooperating'. AISL is promoted by Mr. U Kondal Rao in April 2003 and is engaged in manufacturing of Sponge Iron which is used in induction furnaces to produce steel bars. The Plant is located in Jaggayyapet, Andhra Pradesh. AQUA FOODS: CRISIL Moves D Debt Ratings to Not Cooperating ---------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of Aqua Foods Exim (AFE) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.74 Crisil D (Issuer Not Cooperating; Rating Migrated) Bank Guarantee 1.84 Crisil D (Issuer Not Cooperating; Rating Migrated) Cash Credit 20 Crisil D (Issuer Not Cooperating; Rating Migrated) Term Loan 24.26 Crisil D (Issuer Not Cooperating; Rating Migrated) Term Loan 13.16 Crisil D (Issuer Not Cooperating; Rating Migrated) Crisil Ratings has been consistently following up with AFE for obtaining information through letter and email dated May 9, 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 AFE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AFE is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of AFE to 'Crisil D/Crisil D Issuer not cooperating'. Set up in 2019, AFE is has set up a processing unit for marine products in Ratnagiri, Maharashtra. The manufacturing activities commenced from June 2023. The firm is promoted by Mr Mohammed Ayyub Moulana, Mr Abdul Azeez and Mr Abdul Ahad. BALAJI ENAMEL: CRISIL Moves D Debt Ratings to Not Cooperating ------------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of Balaji Enamel Industry (BEI) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Import Letter 5 Crisil D (ISSUER NOT of Credit Limit COOPERATING; Rating Migrated) Proposed Cash 1 Crisil D (ISSUER NOT Credit Limit COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with BEI for obtaining information through letter and email dated May 9, 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 BEI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BEI is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of BEI to 'Crisil D/Crisil D Issuer not cooperating'. Established in 2010, BEI is owned and managed by Mrs Yakkali Bala Sulochana. The firm manufactures and trades in writing slates. BEI's manufacturing facility is located in Markapur, Andhra Pradesh, with installed capacity of 2,00,000 numbers per day. BHUSHAN POWER: Lenders Move SC for Review of JSW Steel Decision --------------------------------------------------------------- The Economic Times reports that Bhushan Power and Steel (BPSL) lenders including SBI, led by the Punjab National Bank, on June 16 moved the Supreme Court seeking review of its May 2 judgment that scrapped the JSW Steel's acquisition of the debt-laden firm. ET relates that the review comes after the apex court had on May 26 ordered status quo on the liquidation proceedings of bankrupt BPSL, giving a big relief to Sajjan Jindal-led JSW Steel, which had warned that the liquidation will be "fatal" to it and other stakeholders, including lenders. About Bhushan Power Bhushan Power and Steel Limited manufactures and markets steel products. It offers flat products, such as coated products, galvanized/galvalume, color coated products, cable tapes, and cold rolled products; and long products, including iron making and sponge iron products. The company also provides steel pipes, hollow steel sections, grooved pipes, and carbon steel tubes. Mahendra Kumar Khandelwal was appointed as the IRP in the case under an order passed by the National Company Law Tribunal (NCLT) on July 26, 2017. Bhushan Power, which owes over INR37,000 crore to a consortium of lenders led by Punjab National Bank, was among 12 large companies identified by the Reserve Bank of India against which banks were directed to initiate insolvency proceedings. Barring Era Infra Engineering Ltd, petitions have been admitted in all other cases. As reported in the Troubled Company Reporter-Asia Pacific on March 29, 2021, JSW Steel group on March 26, 2021, closed the INR19,350-crore transaction with lenders to acquire Bhushan Power, bringing down the curtain on a corporate insolvency resolution process (CIRP) that has stretched over three-and-a-half years. Business Standard said the transaction was funded through a mix of equity and debt. As part of the payment, a sum of INR8,614 crore in Piombino Steel (PSL) was arranged through a mix of equity, optionally convertible instruments and debt. Of this, INR8,550 crore was invested in a special purpose vehicle (SPV), Makler, the bidding company. The remaining INR10,800 crore was funded through debt. JSW informed the stock exchanges that following the implementation of the resolution plan, which included payment of INR19,350 crore to financial creditors of BPSL and the merger of the SPV, PSL holds 100 per cent equity shares in BPSL. Seshagiri Rao, joint managing director and chief financial officer, JSW Steel, said the company took charge of the asset on March 26, according to Business Standard. In early May 2025, the Supreme Court initially nullified JSW Steel's acquisition and directed the liquidation of the debt-laden company, but later put the liquidation process on hold. DURGASHREE CASHEWS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Durgashree Cashews (SDC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.6 CRISIL D (Issuer Not Cooperating) Proposed Cash 5.0 CRISIL D (Issuer Not Credit Limit Cooperating) Proposed Long Term 2.9 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SDC for obtaining information through letter and email dated May 2, 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 SDC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SDC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SDC continues to be 'Crisil D Issuer not cooperating'. SDC, set up as a partnership firm in 2012, processes raw cashew nuts and sells cashew kernels. The firm has a facility in Udupi, Karnataka. Operations are managed by Mr. Adarsh Hegde and Mr. Pramod Hegde. G N CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of G N Construction - Ambikapur (GNCA) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.7 CRISIL D (Issuer Not Cooperating) Cash Credit 12 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with GNCA for obtaining information through letter and email dated May 2, 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 GNCA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GNCA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GNCA continues to be 'Crisil D/Crisil D Issuer not cooperating'. GNCA, set up in 2006 at Ambikapur, executes open cast mining contracts involving removal of over burden and mineral excavation. Mr Rishikant Singh is the promoter. GAGAN WINE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gagan Wine Trade and Financers Limited (GWTFL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 17 CRISIL D (Issuer Not Cooperating) Proposed Long Term 8 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with GWTFL for obtaining information through letter and email dated May 2, 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 GWTFL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GWTFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GWTFL continues to be 'Crisil D Issuer not cooperating'. GWTFL is a closely-held public limited company, based in Delhi. It was incorporated in 1996 by promoter, Mr. Shiv Lala Doda, who has experience of over two decades in the liquor distribution business. GANGA FABRICS: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Ganga Fabrics (GF) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GF for obtaining information through letter and email dated May 2, 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 GF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GF continues to be 'Crisil D Issuer not cooperating'. GF is a partnership firm that knits and processes yarn into fabric. The firm was previously managed as a proprietorship concern and got registered as a partnership firm in December 2011. The firm is managed by its partners Mr. Ashok Kumar Ahuja and Mr. Abhay Kumar Ahuja. GIAN CHAND: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gian Chand and Sons Private Limited (GCSPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL D (Issuer Not Cooperating) Cash Credit 11.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GCSPL for obtaining information through letter and email dated May 2, 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 GCSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GCSPL continues to be 'Crisil D Issuer not cooperating'. Established as a proprietorship firm in 1980 by Mr Gian Chand and reconstituted as a private limited company in 1988, GCSPL dyes yarn and fabric, and also manufactures knitted cloth at its unit in Ludhiana. Operations are currently managed by Mr Gulshan Agrawal, son of Mr Gian Chand. GOLHAR GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Golhar Ginning & Oils Private Limited (GGOP) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.75 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 1.6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GGOP for obtaining information through letter and email dated May 2, 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 GGOP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GGOP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GGOP continues to be 'Crisil D Issuer not cooperating'. GGOPL was incorporated in November 2012, by Mr. Dhanraj Golhar along with his brother Mr. Damodar Golhar. The company is engaged in ginning of raw cotton (kapas); it began commercial production from Nov 2014. The company has its manufacturing unit at Hinganghat, Maharashtra. GREEN SHIELD: CRISIL Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Green Shield Enterprises Private Limited (GSEPL) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 CRISIL C (Issuer Not Cooperating) Letter of Credit 1 CRISIL A4 (Issuer Not Cooperating) Proposed Short Term 5.5 CRISIL A4 (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with GSEPL for obtaining information through letter and email dated May 2, 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 GSEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GSEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GSEPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. GSEPL was started by Ms Arti Kanodia in 2008; however, the company started its operations from September 2012. GSEPL trades and processes grey fabric as per customer requirements. The promoter family has been in similar line of business since 1985. HINDUSTHAN NATIONAL: AGI Challenges Approval of INSCO Takeover -------------------------------------------------------------- The Economic Times reports that AGI Greenpac has written to India's antitrust regulator questioning an approval for a nearly INR2,800-crore takeover deal that would allow its rival, an Africa-based investor, to buy the insolvent Hindusthan National Glass and Industries (HNG) in an administered ownership change. ET relates that AGI's letter to the Competition Commission of India (CCI), dated June 4, claimed the approval given to Independent Sugar Corp (INSCO) for the HNG deal was not done as per rules. AGI said that INSCO received a green channel approval from the CCI for acquiring the Kolkata-based insolvent glassmaker, and that the approval allegedly failed to adhere to stipulated procedures. According to ET, AGI said the rules clearly state that both companies involved in a deal must jointly file for approval. But in this case, only INSCO filed the notice. The move comes just days after the Supreme Court directed that INSCO's resolution plan in the HNGIL insolvency matter can be considered only if valid CCI approval existed as of October 28, 2022. AGI is now arguing that since the antitrust approval was flawed, the resolution plan itself is invalid, ET relays. AGI has argued that the approval, obtained via the green channel route, is "void ab initio" owing to INSCO's unilateral filing, a violation that undermines the legitimacy of the entire transact, according to ET. AGI has sent copies of the complaint to both the CoC (Committee of Creditors) and the resolution professional, asking them to investigate the matter. ET notes that the CCI's green channel route allows faster deal clearances if there are minimal risks to competition. But AGI claims that such fast-track approval was wrongly given here, without meeting the required conditions. AGI has requested CCI to urgently review the green channel approval granted to INSCO since the committee of creditors of HNGIL is required to proceed with the resolution plan in two weeks, as per the May 16 direction of the Supreme Court, ET relates. In the May 16 order, the Supreme Court had dismissed AGI Greenpac's review petition in the HNG insolvency matter, while recording the assurance of Abhishek Manu Singhvi, counsel for INSCO, that INSCO will match AGI's offer. As per this commitment, INSCO will match AGI's cash offer to financial creditors, which pushes total payout to INR2,752 crore - INR357 crore more than the original offer, ET relays. About Hindusthan National Hindusthan National Glass & Industries Limited is an India-based holding company. The Company is engaged in manufacturing and selling of container glass. The Company offers products in various categories, which include pharmaceuticals, liquor, beer, beverages, cosmetics and processed food. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 27, 2021, the Kolkata bench of the NCLT has admitted application for initiating Corporate Insolvency Resolution Process (CIRP) against Hindusthan National Glass & Industries Ltd (HNG). The insolvency proceedings were initiated against the debt-ridden company by DBS Bank Ltd, one its financial creditors. INDIGO COLLECTIONS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Indigo Collections Private Limited (ICPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Funded Interest 1.25 CRISIL D (Issuer Not Term Loan Cooperating) Packing Credit 2.26 CRISIL D (Issuer Not Cooperating) Proposed Fund- 4.94 CRISIL D (Issuer Not Based Bank Limits Cooperating) Working Capital 1.00 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with ICPL for obtaining information through letter and email dated May 2, 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 ICPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ICPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ICPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Originally established as a partnership concern in 2001, New Delhi-based ICPL was reconstituted as a private limited company in 2005. It manufactures and exports readymade garments, primarily women and kids' wear. Ms Upma Chandra and her family members are the promoters. LAXMI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Laxmi Constructions - Hyderabad (SLC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Overdraft Facility 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 10 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SLC for obtaining information through letter and email dated May 2, 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 SLC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SLC continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2009-10 as a partnership firm, Sri Laxmi Construction (SLC) is engaged in civil construction activities primarily in & over-bridges segment. Based in Hyderabad (Telangana), the firm is promoted and managed by Mr.C Vijay Reddy. NAV SHIKHA: CRISIL Moves D Debt Ratings to Not Cooperating ---------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of Nav Shikha Polypack Industries Private Limited (NSPIPL) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18.75 Crisil D (Issuer Not Cooperating; Rating Migrated) Letter of Credit 2 Crisil D (Issuer Not Cooperating; Rating Migrated) Working Capital 3.25 Crisil D (Issuer Not Term Loan Cooperating; Rating Migrated) Crisil Ratings has been consistently following up with NSPIPL for obtaining information through letter and email dated May 8, 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 NSPIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NSPIPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of NSPIPL to 'Crisil D/Crisil D Issuer not cooperating'. Set up in 1979 as a partnership entity, the firm got reconstituted into a private-limited company with the current name in 1996. NSPIPL manufactures PVC, chlorinated PVC and unplasticised PVC pipes and fittings, LED lights and street lights; it provides street light automation solutions, industrial and OEM LED lighting and control solutions. NSPIPL has three manufacturing units, two in Gurugram (Haryana) and 1 in Bawal (Haryana). The company sells pipes and fittings under the brand, Polypack, and LED lights under the brand, Citilight. Mr. Verender Chawla and Mr. Rajan Chawla own and manage the business. PLUTON TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pluton Trading Private Limited (PTPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Electronic Dealer 44 CRISIL D (Issuer Not Financing Scheme Cooperating) (e-DFS) Proposed Long Term 5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 6 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PTPL for obtaining information through letter and email dated May 2, 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 PTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PTPL continues to be 'Crisil D Issuer not cooperating'. PTPL was set up as a partnership firm, Pluton Trading Co, in 2013, and was reconstituted as a private-limited company with the current name in April 2017. It is an authorised and sole distributor of TCL for Morbi, Gujarat, and trades sodium tripolyphosphate, soda ash, sodium meta silicate, sodium bicarbonate and other related chemicals which is majorly used into ceramic and sanitary ware manufacturing. Mr Mayur Likhiya and Mr Keyur Likhiya are the promoters. RAHEEM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Raheem Industries (RI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.63 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Standby Line 1.05 CRISIL D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with RI for obtaining information through letter and email dated May 2, 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 RI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RI continues to be 'Crisil D Issuer not cooperating'. RI was established as a partnership firm in 2005 by Mr Abdul Qayyum, Mr Iqbal Ahmed, and their families. The firm processes paddy into basmati and non-basmati rice. The processing unit at Bareilly, Uttar Pradesh, has a capacity of around 7 tonne per hour. RANGANATHA SWAMY: CRISIL Moves D Debt Ratings to Not Cooperating ---------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of SRST to 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 5 Crisil D (Issuer Not Cooperating; Rating Migrated) Long Term Loan 5 Crisil D (Issuer Not Cooperating; Rating Migrated) Long Term Loan 5 Crisil D (Issuer Not Cooperating; Rating Migrated) Proposed Long Term 40 Crisil D (Issuer Not Bank Loan Facility Cooperating; Rating Migrated) Crisil Ratings has been consistently following up with SRST for obtaining information through letter and email dated May 2, 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 SRST, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRST 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 SRST to 'Crisil D Issuer not cooperating'. Located in Tumkur, Karnataka, SRST is owned and managed by Mr Banasandra Mudligiraiah Ramesh. The firm undertakes civil construction works, mainly construction of roads, road levelling, allied work and trading in construction materials and furniture. S TEN: CRISIL Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S Ten Lighting (STL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Long Term Loan 5.4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with STL for obtaining information through letter and email dated May 2, 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 STL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on STL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of STL continues to be 'Crisil D Issuer not cooperating'. Established in 2017, STL is promoted by Mr Biren Shah and Mr Sujit Kapse. The firm is engaged in assembling of of electrical/lighting products & components, LED Products. SAMRAT FEED: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Samrat Feed Mills (SFM) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SFM for obtaining information through letter and email dated May 2, 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 SFM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SFM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SFM continues to be 'Crisil B/Stable Issuer not cooperating'. SFM, formed in 1982 and based in Siliguri (West Bengal), manufactures livestock feeds such as cattle, poultry and fish feed. Mr Sumit Kumar Ghosh, Mr Subir Kumar Ghosh, Mr Tarun Dutta, Mr Amal Shankar Roy and Mr Ajit Paul are the partners. SANTOSHI RICE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Santoshi Rice and Pulse Mill (SSRPM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Term Loan 1.03 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSRPM for obtaining information through letter and email dated May 2, 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 SSRPM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSRPM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSRPM continues to be 'Crisil D Issuer not cooperating'. Established in 1993, SSRPM is a partnership firm promoted by Ahmedabad (Gujarat) based 'Vohra' family. The firm is engaged in processing of basmati rice which is contributes around 40 per cent by volume and 60 per cent by value of the total sales and rest by non-basmati rice. The firm's manufacturing facility is located at Ahmedabad with processing capacity of about 8 tonnes per hour (38400 mtpa) for rice derives roughly 60 per cent of its sales through sale of its own brand of rice and rest 40 per cent to local traders. SANYEEJI ROLLING: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Sanyeeji Rolling Mills (SSRM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 19.48 CRISIL D (Issuer Not Cooperating) Funded Interest 6.11 CRISIL D (Issuer Not Term Loan Cooperating) Long Term Loan 13.89 CRISIL D (Issuer Not Cooperating) Working Capital 21.52 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with SSRM for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSRM continues to be 'Crisil D Issuer not cooperating'. SSRM was established as a partnership firm in 2009 and started operations from February 2011. The firm manufactures thermo-mechanically treated (TMT) bars at its unit in Guwahati (Assam). SHARAVANA TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Sharavana Traders (SST) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Buyer Credit Limit 5 CRISIL D (Issuer Not Cooperating) Buyer Credit Limit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SST for obtaining information through letter and email dated May 2, 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 SST, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SST is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SST continues to be 'Crisil D Issuer not cooperating'. SST, set up in 1980 as a partnership firm, mills and processes paddy into rice, rice bran, broken rice, and husk. The firm also processes and trades in imported pulses. The operations are managed by Mr. R Singaravel and Mr. S Surulivel. SHIV SHANKAR: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shiv Shankar Rice Mills - Taraori (SSRM) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRM for obtaining information through letter and email dated May 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSRM continues to be 'Crisil D Issuer not cooperating'. Established in 2003, and managed by Mr Anil Gupta and his wife Ms Savita Gupta, SSRM is a partnership firm engaged in processing and sale of basmati rice. The firm deals mainly in parboiled basmati rice and long-grain parboiled basmati rice. It has sorting and milling capacity of 6 tonne per hour and its plant in Tarori, Haryana. SINGH CYCLE: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Singh Cycle and Motor Co. Private Limited (SCMCPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 Crisil D (Issuer Not Cooperating) Drop Line 5 Crisil D (Issuer Not Overdraft Facility Cooperating) Inventory Funding 10 Crisil D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with SCMCPL for obtaining information through letter and email dated May 2, 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 SCMCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCMCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCMCPL continues to be 'Crisil D Issuer not cooperating'. SCMCPL was incorporated in fiscal 2013, promoted by Mr P S Bedi and family. The company is the authorized dealer for HMIL's passenger cars in Pune, Maharashtra. It commenced operations in January 2016 and currently has one showroom and two workshops in Pune. SOUTHERN COOLING: CRISIL Keeps C Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Southern Cooling Towers Private Limited (SCTPL) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 9 CRISIL A4 (Issuer Not Cooperating) Cash Credit 11 CRISIL C (Issuer Not Cooperating) Long Term Loan 0.79 CRISIL C (Issuer Not Cooperating) Proposed Fund- 9.21 CRISIL C (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with SCTPL for obtaining information through letter and email dated May 2, 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 SCTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SCTPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. SCTPL, incorporated in 1982, is India's first ISO 9001:2008-certified company manufacturing cooling towers. It is promoted by the Mr S K Mitra (chairman), The company manufactures a variety of wet industrial cooling towers and spare parts. STEEL PROVIDERS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Steel Providers (SP) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Cash 3.5 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with SP for obtaining information through letter and email dated May 2, 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 SP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SP continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 2014 as a partnership firm by Mr Harsh Kumar and Mr Rakesh Negi, SP trades in steel products including hot rolled and cold rolled steel coils and plates, and thermo-mechanically treated (TMT) bars. The firm is based in Loha Mandi, Ghaziabad, Uttar Pradesh. VISHNU EATABLES: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shri Vishnu Eatables India Limited (SVEL; a part of the Shri Vishnu group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 50 CRISIL D (Issuer Not Cooperating) Cash Credit 30 CRISIL D (Issuer Not Cooperating) Export Packing 20 CRISIL D (Issuer Not Credit Cooperating) Foreign Bill 30 CRISIL D (Issuer Not Purchase Cooperating) Packing Credit in 100 CRISIL D (Issuer Not Foreign Currency Cooperating) Crisil Ratings has been consistently following up with SVEL for obtaining information through letter and email dated May 2, 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 SVEL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SVEL continues to be 'Crisil D/Crisil D Issuer not cooperating'. About the Group SVOL was set up in 1995 by the same promoters. The group is in the business of milling rice as well as wheat. The processing unit of the group is located in Kaithal, Haryana. SVEL was set up as a partnership firm in 1993 and was incorporated in 1996 by Mr. Banarasi Lal Mittal and his five sons. The group mills paddy and trades rice and related items. SVEL's processing unit is in Kaithal (Haryana). VISHWAKARMA COLD: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shree Vishwakarma Cold Storage (SVCS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SVCS for obtaining information through letter and email dated May 2, 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 SVCS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVCS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVCS continues to be 'Crisil D Issuer not cooperating'. SVCS is a partnership firm set up in 1998 by Mr. Chamanlal Rugnathji, Mr. Velaji Rugnathji, Mr. Thanaji Shankarji, Mr. Rugnathji Dharmaji, and Mr. Chunilal Haraji. The firm is based at Deesa, Banaskantha (Gujarat). It trades in potatoes and also provides a cold storage facility for potatoes with a capacity of 13,500 tonnes. =============== M A L A Y S I A =============== CAPITAL A: In Final Stages of PN17 Exit Plan, CEO Says ------------------------------------------------------ The Edge Malaysia reports that Capital A Bhd is in the final stages of its regularisation plan to exit the Practice Note 17 (PN17) status, with only 15% to 20% of the process remaining, expected to be completed the latest by the end of July, said its chief executive officer Tan Sri Tony Fernandes. "Building an airline was very tough; getting out of PN17 is tougher. We are on the last 15% to 20%. I can see the finishing line. "I think it is an exciting time for Capital A. We just have to cross that PN17 barrier, which I think we are almost there. It is out of my control, but I think our latest target is the end of July," he told Bernama on June 17, the Edge relays. According to the Edge, Mr. Fernandes said the group is working through a few final tasks before concluding its PN17 exit plan - among them is to finalise the proposed disposal of its entire 100% stake in AirAsia Aviation Group Ltd (AAAGL) and AirAsia Bhd (AAB) to AirAsia X Bhd (KL:AAX). AAAGL operates passenger airline services through subsidiaries in Thailand, Indonesia, the Philippines and Cambodia. "Our plan requires three more things to be completed. First, the Thai Stock Exchange has to agree [on the proposed disposal] - we have a backup plan if we cannot get it agreed, but I am confident we can get it agreed. "Second, we need five consent letters from our creditors and we already have four, and third is RM1 billion of equity, which we have," he said, notes the report. Mr. Fernandes added that once the proposed disposal of AirAsia's aviation business is completed, the group will seek court confirmation for its capital reduction plan, the Edge relays. Meanwhile, commenting on Capital A's plan for a potential listing on the Hong Kong Stock Exchange, Mr. Fernandes said the board of directors has given approval and is very serious about pursuing the proposal, the Edge reports. He also reaffirmed the group's intention to list its brand management arm, ABC International, on the Nasdaq in the US. "Once we get out of PN17, two things i can say, one is the Hong Kong listing, and two, we will go back to listing ABC International, which was formerly known as Capital A International in America," Mr. Fernandes, as cited by the Edge, noted. About Capital A Capital A Bhd, formerly known as AirAsia Group Bhd, provides low-cost air carrier service. The company provides services on short-haul, point-to-point domestic and international routes. Capital A, headquartered in Malaysia, operates from hubs in Malaysia, Thailand, Indonesia, Philippines and India. The airline's Malaysia and Thailand operations are undertaken via AirAsia Bhd and Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines operations are managed under PT Indonesia AirAsia and Philippines AirAsia Inc. Capital A triggered the PN17 suspended criteria in July 2020 after its external auditors, Ernst & Young PLT, issued an unqualified audit opinion with material uncertainty relating to going concern in respect of its audited financial statements for the financial year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a consolidated basis was 50% or less of its share capital. Capital A also triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market Listing Requirements (Main LR), where AirAsia's shareholders' equity on a consolidated basis was 25% or less of its share capital and the shareholders' equity is less than MYR40 million based on the audited financial statements for FY20. Following relief measures introduced by Bursa and the Securities Commission Malaysia, Capital A was not classified as a PN17 listed issuer and was not required to comply with the obligations under Paragraph 8.04 and PN17 of the Main LR for a period of 18 months from the date of the first relief announcement, theedgemarkets.com said. The date of the first relief announcement was July 8, 2020, and the 18-month period ended on Jan. 7, 2022. Under the relief measures, companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 and Guidance Note 3 (GN3) company for 12 months. As reported in the Troubled Company Reporter-Asia Pacific in mid-October 2024, shareholders have backed plans for budget carrier AirAsia to be bought by its long-haul associate, AirAsia X paving the way for the Malaysian-based airlines to finalise their consolidation by the end of the year. AirAsia X shareholders approved the proposed acquisition of Capital A's equity interest in AirAsia units for MYR6.8 billion (US$1.6 billion) on Oct. 16, 2024, after Capital A shareholders gave the nod on Oct. 14 to the deal, company statements said, according to Reuters. Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia units in Thailand, Indonesia, Philippines, and Cambodia, will pave the way for Capital A's restructuring and exit from PN17 status. ===================== N E W Z E A L A N D ===================== DU VAL: Directors Want Assets Unfrozen and Passports Back --------------------------------------------------------- Radio New Zealand reports that the Financial Markets Authority has hit back at claims by Du Val directors that it is to blame for the "train wreck" collapse of the property group. According to RNZ, lawyers for the authority and for Du Val's directors Kenyon and Charlotte Clarke have been in the High Court at Auckland this week, arguing about whether receivership should continue for the couple and the handful of Du Val companies not in statutory management. The Clarkes want to be out of receivership, their assets unfrozen and their passports returned from the control of the High Court, RNZ says. Their lawyer Ron Mansfield said receivership orders were "excessively broad" and oppressive and should end, RNZ relates. The FMA had had months to investigate but had not come up with any solid evidence - and the Clarkes claim it was the FMA action that caused the train wreck, he said. However, FMA lawyer Jenny Cooper said that claim could not go unanswered, RNZ relays. "It is assertion without substance," she said. The FMA had good grounds to step in and to keep investigating because the investigation was a complex one that would take time, she said. The Clarkes could speed it up by being more open with receivers and investigators, she said, relates RNZ. According to RNZ, a court directive to force the Clarkes to be interviewed by receivers under oath about their assets was currently being heard by the Court of Appeal. Ms. Cooper noted the very complex and large company structure of about 70 entities. "The Clarkes are not people who have straightforward accounting arrangements," RNZ quotes Ms. Cooper as saying. The receivership and associated orders were still needed because there was an ongoing investigation into the group, Ms. Cooper said. RNZ says the FMA presented evidence about why that should continue but much of it was suppressed so it would not prejudice any civil or criminal action that could follow. Justice Jane Anderson also noted the FMA was still in an investigation phase and the Clarkes had not had a chance to respond - and were not in a position to because of a lack of information, RNZ relates. The FMA did not have to prove any wrongdoing at this hearing, just that there was enough evidence to show more investigation was needed and the receivership should stay. Most of the arguments about why the Clarkes should or should not get their passports back were also suppressed. Justice Anderson had initially allowed the argument to be reported, but Mr. Mansfield was seeking leave to appeal, RNZ adds. About Du Val Group Du Val Group -- https://duval.co.nz/ -- is a developer of large-scale residential projects in New Zealand, renowned for their innovative design. As reported in the Troubled Company Reporter-Asia Pacific, the Financial Markets Authority on Aug. 21, 2024, confirmed that the Governor-General, on the advice of the Minister of Commerce and Consumer Affairs given in accordance with a recommendation from the FMA, declared a number of entities within the Du Val group be placed in statutory management under the terms of the Corporations (Investigation and Management) Act 1989 (the Corporations Act). Statutory management for these entities was announced by the Minister on Aug. 21, 2024 effective immediately. John Fisk, Stephen White and Lara Bennett of PwC New Zealand, who were appointed as interim receivers on Aug. 2, 2024, have been appointed as the Statutory Managers. EXCELL TRUSTEES: Grant Bruce Reynolds Appointed as Liquidator ------------------------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates on June 10, 2025 was appointed as liquidator of Excell Trustees No.1 Limited and Upland Holdings Limited. The liquidator may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 MILLS BROS: Court to Hear Wind-Up Petition on July 24 ----------------------------------------------------- A petition to wind up the operations of Mills Bros Limited will be heard before the High Court at Palmerston North on July 24, 2025, at 10:00 a.m. Masterton Trust Lands Trus filed the petition against the company on April 22, 2025. The Petitioner's solicitor is: Jeremy Upson Russell McVeagh Level 24, NTT Tower 157 Lambton Quay Wellington RODNEY WAYNE: Creditors' Proofs of Debt Due on July 22 ------------------------------------------------------ Creditors of Rodney Wayne Northlands Limited are required to file their proofs of debt by July 22, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 10, 2025. The company's liquidators are: Lynda Smart Derek Ah Sam Rodgers Reidy PO Box 39090 Harewood Christchurch 8545 SILVER STREAM: Grant Bruce Reynolds Appointed as Liquidator ----------------------------------------------------------- Grant Bruce Reynolds of Reynolds & Associates on June 6, 2025 was appointed as liquidator of Silver Stream Limited. The liquidator may be reached at: Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 TIMARU SOUTH: Creditors' Proofs of Debt Due on July 11 ------------------------------------------------------ Creditors of Timaru South Cosmopolitan Club Incorporated and Fresh for Lunch Limited are required to file their proofs of debt by July 11, 2025, to be included in the company's dividend distribution. Timaru South Cosmopolitan Club Incorporated commenced wind-up proceedings on June 5, 2025. Fresh for Lunch Limited commenced wind-up proceedings on June 9, 2025. The company's liquidator is: Robin Crimp RAC Insolvency Limited PO Box 1477 Christchurch 8140 ================= S I N G A P O R E ================= AMS MARINE: Court to Hear Wind-Up Petition on July 4 ---------------------------------------------------- A petition to wind up the operations of AMS Marine Pte. Ltd. will be heard before the High Court of Singapore on July 4, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on June 6, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 CLI CP: Creditors' Proofs of Debt Due on July 14 ------------------------------------------------ Creditors of CLI CP (Netherlands) Pte. Ltd. are required to file their proofs of debt by July 14, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 6, 2025. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 DIVINE NEST: Court to Hear Wind-Up Petition on June 27 ------------------------------------------------------ A petition to wind up the operations of Divine Nest (S) Pte. Ltd. will be heard before the High Court of Singapore on June 27, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on June 4, 2025. The Petitioner's solicitors are: Tito Isaac & Co LLP 1 North Bridge Road #30-00 High Street Centre Singapore 179094 GLENWOOD PROPERTIES: Creditors' Proofs of Debt Due on July 14 ------------------------------------------------------------- Creditors of Glenwood Properties Pte. Ltd. are required to file their proofs of debt by July 14, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 10, 2025. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SINGCO 30: Creditors' Proofs of Debt Due on July 14 --------------------------------------------------- Creditors of Singco 30 Pte. Ltd. are required to file their proofs of debt by July 14, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 6, 2025. The company's liquidator is: Chek Khai Juat c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***