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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, June 24, 2025, Vol. 28, No. 125
Headlines
A U S T R A L I A
BOD SCIENCE: Biortica Reverse Takeover Deal Delayed Further
BODY SCULPTING: First Creditors' Meeting Set for June 27
BURN ENTERPRISES: Second Creditors' Meeting Set for June 27
CHEMX MATERIALS: General Shareholders Meeting Set for July 18
HARBOUR GUIDANCE: Second Creditors' Meeting Set for June 27
KINGSWAY PROJECT: First Creditors' Meeting Set for June 27
STARLEATON: Launches Closing Down Sale Following Liquidation
SYNGINEERING TECHNOLOGY: First Creditors' Meeting Set for June 27
WHYALLA PORTS: Owes Creditors at Least AUD194MM, Administrators Say
C H I N A
RENRENLE COMMERCIAL: Posts CNY17.3 Million Net Loss in 2024
RISESUN REAL: Repays Third Debt With Physical Assets in a Month
I N D I A
AYUSHMAN MERCHANTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
B.C. BHUYAN: CRISIL Withdraws B+ Rating on INR4cr Cash Loan
BALAMURUGAN ENGINEERING: CRISIL Moves D Rating to Not Cooperating
DESWAL HATCHERIES: CRISIL Moves B+ Ratings to Not Cooperating
GAYATH INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
GOMATHA COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
GOPAL OIL: ICRA Keeps D Debt Rating in Not Cooperating Category
HANSRAJ AGROFRESH: CRISIL Keeps D Debt Ratings in Not Cooperating
KAAS FOOTWEAR: CRISIL Keeps D Debt Ratings in Not Cooperating
KAJUWALLA: CRISIL Keeps D Rating in Not Cooperating Category
KAKDA ROLLING: CRISIL Keeps D Debt Rating in Not Cooperating
KARANJA TERMINAL: CRISIL Keeps D Debt Ratings in Not Cooperating
KB LUBES: CRISIL Keeps D Debt Ratings in Not Cooperating Category
KF BIOTECH: CRISIL Keeps C Debt Ratings in Not Cooperating
KHATOR FIBRE: CRISIL Keeps D Debt Ratings in Not Cooperating
KIMAYA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
KISSAN HATCHERIES: CRISIL Moves B+ Ratings to Not Cooperating
MARIAN PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MIXED BAG: ICRA Keeps D Debt Rating in Not Cooperating Category
R L AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJ CONSTRUCTION: CRISIL Withdraws B Rating on INR2cr Cash Credit
RANI SATI: CRISIL Moves B+ Debt Rating to Not Cooperating
S.K.P.V.V. HINDU: CRISIL Keeps D Debt Rating in Not Cooperating
SONU MARKETING: CRISIL Keeps B Debt Rating in Not Cooperating
SUNBEAM REAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
TADEPALLIGUDEM MUNICIPALITY: ICRA Keeps B+ Rating in Not Coop.
YELLOWINGS DELIVERY: CRISIL Moves B Rating to Not Cooperating
J A P A N
JAPAN DISPLAY: Vows Turnaround at Shareholders' Meeting
N E W Z E A L A N D
AMARE SUPER: Grant Bruce Reynolds Appointed as Liquidators
BAINS HORT: Court to Hear Wind-Up Petition on June 30
PARENTS CENTRE: Creditors' Proofs of Debt Due on July 30
RJ NAHAL: Creditors' Proofs of Debt Due on Aug. 1
ROSS BROTHERS: Court to Hear Wind-Up Petition on June 26
P A K I S T A N
PAKISTAN: Inks $4.5BB Loans With Banks to Ease Power Sector Debt
S I N G A P O R E
ADAM'S CORNER: Court Enters Wind-Up Order
ICHI SG: Commences Wind-Up Proceedings
MINTEREST DIRECT: Creditors' Proofs of Debt Due on July 16
SINGAPORE INTEGRATED: Creditors' Proofs of Debt Due on July 16
TAMARIND BOUTIQUE: Court Enters Wind-Up Order
S O U T H K O R E A
QOO10: Oasis Acquires TMON After Court-Approved Rehabilitation
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A U S T R A L I A
=================
BOD SCIENCE: Biortica Reverse Takeover Deal Delayed Further
-----------------------------------------------------------
Cannabiz reports that the proposed reverse takeover of Bod Science
by Biortica Agrimed has been delayed once more, with the Deed of
Company Arrangement (DOCA) extended to August 7.
In a notice to shareholders, Bod's deed administrator, Andrew
Barnden, confirmed the extension followed further delays by
Biortica in meeting key ASX requirements, including the audit and
sign-off of its financial accounts, Cannabiz relates.
About Bod Science
Bod Science Limited (ASX:BOD), formerly trading as Bod Australia
Ltd, is a cannabis focused drug development and product innovation
company.
Brent Morgan and Andrew Barnden of Rodgers Reidy were appointed
Joint and Several Voluntary Administrators of the Company on Nov.
29, 2023.
On April 8, 2024, creditors resolved that the Company execute a
DOCA proposed by Biortica Agrimed Limited. The DOCA was
subsequently executed on April 24, 2024.
In March 2025, the DOCA period was extended until June 30, 2025.
BODY SCULPTING: First Creditors' Meeting Set for June 27
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Body
Sculpting Clinics (Bondi Junction) Pty Ltd will be held on June 27,
2025 at 2:30 p.m. via virtual facilities only.
Graeme Robert Beattie of Worrells was appointed as administrator of
the company on June 17, 2025.
BURN ENTERPRISES: Second Creditors' Meeting Set for June 27
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Burn
Enterprises (Australia) Pty. Ltd. has been set for June 27, 2025 at
9:00 a.m. at the offices of Beacon Advisory at Suite 1007, Level
10, Exchange Tower, 530 Little Collins Street in Melbourne and 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 26, 2025 at 1:00 p.m.
Anthony Lane of Beacon Advisory was appointed as administrator of
the company on May 22, 2025.
CHEMX MATERIALS: General Shareholders Meeting Set for July 18
-------------------------------------------------------------
TipRanks reports that ChemX Materials Limited has announced a
General Meeting of Shareholders scheduled for July 18, 2025, to
discuss company matters following the appointment of Clifford Rocke
and Jimmy Trpcevski as Joint and Several Deed Administrators. This
meeting is crucial for stakeholders as it will address the
company's ongoing restructuring efforts, which are vital for its
future operations and market positioning, TipRanks relays.
About ChemX Materials
Based in Perth, Australia, ChemX Materials Limited (ASX:CMX) --
https://chemxmaterials.com.au/ -- engages in mining and developing
of high purity alumina technology. The company develops HiPurA
Process, a process technology to produce high purity alumina (HPA)
for lithium-ion batteries, LED lighting, and advanced electronics.
It also holds 100% interest in the Jamieson Tank Manganese project
comprising two exploration tenements that covers an area of
approximately 718 square kilometers located in Eyre Peninsula,
South Australia.
On Jan. 2, 2025, Clifford Rocke and Jimmy Trpcevski of WA
Insolvency Solutions were appointed as voluntary administrators of
Chemx Materials Limited and HiPurA Ptd Ltd.
The appointment of administrators followed the resignation of the
Chief Executive Officer Peter Lee on Dec. 16, 2024, coupled with
the downturn in the battery materials sector and the company being
unable to secure bridging finance over the December holiday
period.
On April 11, 2025, the creditors of each company resolved to
execute Deeds of Company Arrangement (DOCA).
HARBOUR GUIDANCE: Second Creditors' Meeting Set for June 27
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Harbour
Guidance Pty Ltd has been set for June 27, 2025 at 11:00 a.m. via
virtual meeting only and via virtual meeting.
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 26, 2025 at 5:00 p.m.
Lindsay Stephen Bainbridge, David Raj Vasudevan and Andrew Reginald
Yeo of Pitcher Partners were appointed as administrators of the
company on March 26, 2025.
KINGSWAY PROJECT: First Creditors' Meeting Set for June 27
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Kingsway
Project Pty Ltd will be held on June 27, 2025 at 11:00 a.m. via
Microsoft Teams.
Brett Orzel of OWS Advisory was appointed as administrator of the
company on June 17, 2025.
STARLEATON: Launches Closing Down Sale Following Liquidation
------------------------------------------------------------
Sprinter reports that Starleaton has announced an online closing
down sale of its machinery after the company was placed in
liquidation last week.
"After 45 years in the print, signage, and graphics industry,
Starleaton is closing down," the company said in an email
promotion, Sprinter relays.
"This is your final chance to secure premium brands and quality
products at unbeatable clearance prices.
"Everything is priced to clear - once it's gone, it's gone.
"If you're looking to stock up or purchase multiple items, get in
touch for exclusive bulk discounts and tailored bundle pricing.
"Act fast - stock is limited and moving quickly."
According to Sprinter, brands promoted online as part of the sale
promotion include Canon (up to 60 per cent off), Zund (up to 70 per
cent off), Neschen (up to 75 per cent off), Hahnemuhle (up to 55
per cent off), Brett Martin (up to 80 per cent off), and X-Rite (up
to 80 per cent off).
Sprinter notes that Starleaton was placed in liquidation last week
after failing to meet its monthly repayments promised to
creditors.
Sprinter received a schedule of the payments that Starleaton CEO
Ben Eaton made, which was supposed to be AUD33,333.33 every month,
for 24 months.
The schedule showed AUD800,000 was promised and AUD366,666.30 paid,
with the last installment of AUD33,333 paid on Feb. 28, 2025.
Starleaton only managed to complete 11 monthly payments of the 24
promised, resulting in a AUD433,333.70 shortfall, Sprinter
relates.
About Starleaton
Starleaton was established in 1978 and describes itself as one of
the industry's leading suppliers of technology and consumables to
the graphic imaging market including outdoor and indoor signage,
display, point of purchase, window and floor-mounted graphics.
Andrew Thomas Blundell and Simon John Cathro of Cathro & Partners
were appointed as voluntary administrators of Starleaton Holdings
Pty Ltd and SDS Bidco Pty Ltd on Jan. 18, 2024.
On June 11, 2025, both companies were placed into liquidation after
failing to meet the monthly repayments set out in the Deed of
Company Arrangement (DOCA).
SYNGINEERING TECHNOLOGY: First Creditors' Meeting Set for June 27
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Syngineering
Technology Pty Ltd will be held on June 27, 2025 at 11:00 a.m. via
teleconference only (Microsoft Teams).
Marcus Watters and Richard Albarran of Hall Chadwick were appointed
as administrators of the company on June 18, 2025.
WHYALLA PORTS: Owes Creditors at Least AUD194MM, Administrators Say
-------------------------------------------------------------------
ABC News reports that the administrators of Whyalla Ports Pty Ltd
have told creditors the company owes at least AUD194 million, but
the true amount is still unclear.
Accounting firm William Buck held the first creditors' meeting for
the company on June 19, revealing AUD25 million was owed to trade
creditors with a further AUD63 million listed as a lease
liability.
According to the ABC, the largest slice is owed to Golding's and
its parent company NRW, a key mining contractor, with a secured
debt of AUD106 million.
However, administrator Michael Brereton said they were waiting to
receive financial records from Whyalla Ports directors.
"One of the first things we did on our appointment was to issue a
notice to the directors to complete what's called the report on
company affairs and property," the ABC quotes Mr. Brereton as
saying.
"That was issued immediately . . . [and] we have yet to receive
those from the directors, so we don't have all the financial
information.
"[I] think one of the problems they face is that the company
operated on the basis that it held the port.
"Based on the litigation and the legislation that's been passed,
it's become apparent that maybe the company didn't have control of
the ports.
"So I suspect they're having some problems trying to work through
'What are the financial records of the company?'"
In early June, the ports became another casualty in the ongoing
fallout since the Whyalla Steelworks was tipped into administration
by the state government, the ABC recalls.
The ABC relates that the company, Whyalla Ports Pty Ltd, was
involved 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.
Parent company GFG Alliance said when the state government passed
new laws to "clarify" that the port was owned by OneSteel, it was
left with "no option" but to push the port into administration, the
ABC relays.
KordaMentha has since abandoned the legal action it began. However,
a counterclaim from GFG Alliance is still being pursued over the
ownership of some assets.
During the meeting on June 19, Mr. Brereton said a lease agreement
between OneSteel and Whyalla Ports was terminated on March 27,
relates the report.
"The company was not trading on our appointment," Mr. Brereton
said, notes the ABC. "The company was dispossessed of all its
plants and equipment at that time and its right to provide services
to customers."
One Whyalla creditor, who wished to remain anonymous, previously
told the ABC they were owed between AUD100,000 and AUD200,000 by
Whyalla Ports.
They said they feared they may never receive the money due to the
dispute over the port's ownership.
The ABC adds that CEO of Sudel Industries and creditor Kevin Moore
said he was owed roughly AUD20,000 from Whyalla Ports.
"Basically, I've already written that money off. I don't think
we'll see it."
Although the paperwork has not been filed, it is understood that
the company will more than likely apply for a deed of company
arrangement (DOCA) at its meeting this week.
Michael Brereton, Sean Wengel, and Rashnyl Prasad of William Buck
were appointed as administrators of the company on June 6, 2025.
Rob Kirman and Rob Brauer of McGrathNicol were appointed as
receivers of Whyalla Ports Pty Ltd on June 11, 2025.
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C H I N A
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RENRENLE COMMERCIAL: Posts CNY17.3 Million Net Loss in 2024
-----------------------------------------------------------
Caixin Global reports that Renrenle Commercial Group Co., Ltd,
reported a net loss of CNY17.3 million in 2024, narrowing 96.5%
year-on-year.
Meanwhile, the company posted CNY1.4 billion in revenue, down 49.9%
year-on-year, Caixin discloses.
At the end of the reporting period, it had CNY1.9 billion in total
assets and CNY2.3 billion in total liabilities, with a
liability-to-asset ratio of 121.1%, Caixin notes.
Renrenle Commercial Group Co Ltd is a China-based company mainly
engaged in commodity retail chain operation. The Company's business
model is mainly through direct chain stores, and the physical
stores are mainly leased, The Company's business model is mainly
based on hypermarkets Le supermarket, boutique supermarkets Le
super, community life supermarkets Le life, department stores and
other physical formats.
RISESUN REAL: Repays Third Debt With Physical Assets in a Month
---------------------------------------------------------------
Yicai Global reports that RiseSun Real Estate Development announced
it will pay off three debts with physical assets in the past month
as its cash flow remains tight.
RiseSun will repay a CNY1.1 billion (USD149 million) debt to its
property management subsidiary Roiserv Lifestyle Services with
12,689 parking spaces, 5,479 storage rooms, and 112 residential,
apartment, and commercial units across China, Roiserv announced on
June 18, Yicai relays.
RiseSun's accounts receivable totaled CNY2.1 billion last year,
exceeding its operating income of CNY2 billion, according to the
company's latest annual financial statement.
Yicai relates that the pair decided to settle the debt repayment
with a physical asset transfer because RiseSun has "suffered from
the property market downturn and credit and liquidity crunch, and
was therefore unable to settle the relevant receivables," Roiserv
noted.
RiseSun has settled two other debts with physical assets in the
past month, Yicai says. In late May, it used two hotels in Hainan
and Henan provinces to pay off a CNY1.5 billion loan to suppliers.
Earlier this month, it transferred land, commercial houses, and
hotels in Hebei province to repay CNY811 million (USD112.9 million)
in bank claims and supplier arrears.
In 2023, RiseSun defaulted on onshore and US dollar-denominated
debts, Yicai recalls. As of the end of last year, its total overdue
borrowings reached CNY8 billion, with an asset-to-liability ratio
of over 89 percent.
RiseSun reported a net loss of nearly CNY900 million in the first
quarter of this year, Yicai discloses. As of March 31, its cash and
cash equivalents were CNY1.7 billion, its non-current liabilities
due within one year were CNY27.4 billion (USD3.8 billion), its
accounts payable were CNY27.5 billion, and its interest payable was
CNY5.7 billion.
RiseSun Real Estate Development Co., Ltd. engages in real estate
and industrial park development, property management services and
hotel operations in China.
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I N D I A
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AYUSHMAN MERCHANTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Ayushman
Merchants Private Limited (AMPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 31.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term/ 4.00 [ICRA]B+ (Stable)/[ICRA]A4;
Short Term- ISSUER NOT COOPERATING;
Non-Fund Based- Rating Continues to remain
Others under issuer not cooperating
Category
As part of its process and in accordance with its rating agreement
with AMPL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.
AMPL, incorporated in 2007, is involved in the trading of polymers.
The company is a DCA/CS of CSL, which is a part of the Sanmar Group
and GIL. The company deals in PET chips, PVC resin, CP and is also
into trading of calcium and mineral powder. It is managed by Mr.
Manoj Dugar, who has an experience of around 15 years in the
polymer industry.
B.C. BHUYAN: CRISIL Withdraws B+ Rating on INR4cr Cash Loan
-----------------------------------------------------------
Crisil Ratings has withdrawn its ratings on the bank facilities of
BCB on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with Crisil
Rating's policy on withdrawal of its rating on bank loan
facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 8 Crisil A4/Issuer Not
Cooperating (Withdrawn)
Bank Guarantee 4 Crisil A4/Issuer Not
Cooperating (Withdrawn)
Cash Credit 4 Crisil B+/Stable/Issuer Not
Cooperating (Withdrawn)
Cash Credit 2 Crisil B+/Stable/Issuer Not
Cooperating (Withdrawn)
Cash Credit 4 Crisil B+/Stable/Issuer Not
Cooperating (Withdrawn)
Term Loan 1 Crisil B+/Stable/Issuer Not
Cooperating (Withdrawn)
Crisil Ratings has been consistently following up with BCB for
obtaining information through letter and email dated March 12, 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 BCB. This restricts Crisil
Ratings' ability to take a forward looking view on the credit
quality of the entity. Crisil Ratings believes that rating action
on BCB is consistent with 'Assessing Information Adequacy Risk'
Based on the last available information, the rating on bank
facilities of BCB continues to be 'Crisil B+/Stable/Crisil A4
Issuer Not Cooperating'.
BCB was established in 1971 as BC Bhuyan Constructions and was
reconstituted as a private limited company in 2010. It is a civil
contractor undertaking infrastructure projects. The company was
founded by Mr. B C Bhuyan and is currently managed by his son, Mr.
Pradeep Bhuyan.
BALAMURUGAN ENGINEERING: CRISIL Moves D Rating to Not Cooperating
-----------------------------------------------------------------
Crisil Ratings has migrated the ratings on bank facilities of Sri
Balamurugan Engineering Works Private Limited (SBEW) to 'Crisil
D/Crisil D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.72 CRISIL D (Issuer Not
Cooperating; Rating Migrated)
Long Term Loan 0.21 CRISIL D (Issuer Not
Cooperating; Rating Migrated)
Open Cash Credit 6 CRISIL D (Issuer Not
Cooperating; Rating Migrated)
Proposed Term Loan 5.07 CRISIL D (Issuer Not
Cooperating; Rating Migrated)
Crisil Ratings has been consistently following up with SBEW for
obtaining information through letter and email dated May 21, 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 SBEW, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SBEW
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 SBEW to 'Crisil D/Crisil D Issuer not
cooperating'.
Incorporated in 1977, Tiruchirappalli (Tamil Nadu) based SBEW
undertakes heavy structural fabrication for boilers. Mr SMP Selvam
is the promoter.
DESWAL HATCHERIES: CRISIL Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------
Crisil Ratings has migrated its rating on the long-term bank
facilities of Deswal Hatcheries Private Limited (DHPL) to 'Crisil
B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Long Term Loan 2 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Proposed Long Term 4.65 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Crisil Ratings has been consistently following up with DHPL for
obtaining information through letters and emails dated May 6, 2025,
May 8, 2025, June 3, 2025, June 5, 2025, and June 9, 2025, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
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-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. The rating with a 'issuer not
cooperating' suffix lacks 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 DHPL. This restricts the ability
of Crisil Ratings to take a forward-looking view on the credit
quality of the company. Crisil Ratings believes that the rating
action on DHPL is consistent with 'Assessing Information Adequacy
Risk'. Therefore, on account of inadequate information and absence
of management discussion. Crisil Ratings has migrated its rating on
the long-term bank facilities of DHPL to 'Crisil B+/Stable Issuer
Not Cooperating'.
Analytical Approach
Crisil Ratings has combined the business and financial risk
profiles of Kissan Hatcheries (KH) and Deswal Hatcheries Pvt Ltd
(DHPL). This is because both the entities, together referred to as
the Kissan Hatcheries group, are in the same business and derive
significant synergies owing to business linkages, and common
clients and brand.
Kissan Hatcheries (KH) and DHPL referred to as Kissan hatcheries
Group (KHG) were established in 2006 and 2012 respectively are
based in Jind (Haryana), Kissan Hatcheries Group (KHG) is engaged
in the poultry business and produces hatching eggs. The company's
poultry farms are located in Jind (Haryana district) and have a
parent bird capacity of 1.25 lacs birds per annum. Mr Shubam Deswal
and Mr Karan Singh are the promoters.
GAYATH INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term ratings for the bank facilities of
Gayath Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 0.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 8.40 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 0.10 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Gayath Industries, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Gayath Industries was established in 2006, with Ms. Latha Muthu as
its proprietor. The firm manufactures precision machined
engineering components such as windmill components, railway coach
couplers, tunnel boring machine components, value components and
manifolds, among others. The day-to-day operations are managed by
Mr. Muthu P, who has an extensive experience of over two decades in
the precision components segment.
GOMATHA COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Gomatha Cotton Industries (GCI) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 8. 00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with GCI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Gomatha Cotton Industries (GCI) is a partnership firm set up in
April 2016 by Mr. Gunda Srinivas and Mr. Gourishetty Srinivas along
with 13 other partners. The firm has a cotton ginning, pressing
unit in Husnabad, Karimnagar with 44 ginning machines for producing
cotton bales.
GOPAL OIL: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Gopal Oil Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 9.90 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Gopal Oil Industries, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Gopal Oil Industries is a proprietorship concern and was
incorporated in 1990. The firm started operations with two oil
expellers at Pandhurna in the state of Madhya Pradesh. The
manufacturing operations were expanded over the years and the firm,
as on date, has 18 oil expellers/crushers currently, a caustic wash
section and a groundnut shelling plant. The firm got its cotton
seed cake brand "Surbhi Shri" registered in 2008. The product mix
of the firm constitutes cotton seed oil and cotton seed cake. The
firm also trades in commodities such as soyabean seed, groundnut
cottonseed etc.
HANSRAJ AGROFRESH: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hansraj
Agrofresh Private Limited (HAFPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.01 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 3.46 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with HAFPL 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 HAFPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HAFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
HAFPL continues to be 'Crisil D Issuer not cooperating'.
HAFPL, a private limited company incorporated in August 2014,
manufactures fruit juices under its Hansraj brand. Registered
office is in Varanasi, Uttar Pradesh, and manufacturing unit in
Jalpaiguri, West Bengal.
KAAS FOOTWEAR: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kaas Footwear
Industries Private Limited (Kaas) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.67 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.97 CRISIL D (Issuer Not
Cooperating)
Term Loan 2.74 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with Kaas 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 Kaas, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on Kaas
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
Kaas continues to be 'Crisil D Issuer not cooperating'.
Incorporated in February 2014 and promoted by Mr Rajesh Karande and
family, Kaas started commercial operations in November 2015 and
manufactures shoes for men and women. Unit is in Khed SEZ near
Pune.
KAJUWALLA: CRISIL Keeps D Rating in Not Cooperating Category
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kajuwalla
continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit & 10 CRISIL D (Issuer Not
Working Capital Cooperating)
Demand Loan
Crisil Ratings has been consistently following up with Kajuwalla
for obtaining information through letter and email dated May 02,
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 Kajuwalla, which restricts
Crisil Ratings' ability to take a forward looking view on the
entity's credit quality. Crisil Ratings believes that rating action
on Kajuwalla is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the rating on bank
facilities of Kajuwalla continues to be 'Crisil D Issuer not
cooperating'.
Established in 2012, Kajuwalla, a proprietorship concern by Mr
Jatin Sharma, trades in dry fruits. It is based in Delhi.
KAKDA ROLLING: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kakda Rolling
Mills (KRM) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13.5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with KRM 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 KRM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KRM continues to be 'Crisil D Issuer not cooperating'.
Set up as a proprietorship firm by Mr. Deep Chandra Goel in 1968,
KRM ws converted into a partnership by Mr.Narendra K Goel and his
three sons . The firm manufactures TMT bars, and has a capacity of
150 tonnes per day (tpd) at Govindpura, Bhopal (MP).
KARANJA TERMINAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Karanja
Terminal & Logistics Private Limited (KTLPL) continue to be 'CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Funded Interest 7.05 CRISIL D (Issuer Not
Term Loan Cooperating)
Funded Interest 7.06 CRISIL D (Issuer Not
Term Loan Cooperating)
Funded Interest 42.89 CRISIL D (Issuer Not
Term Loan Cooperating)
Term Loan 81.74 CRISIL D (Issuer Not
Cooperating)
Term Loan 249.52 CRISIL D (Issuer Not
Cooperating)
Term Loan 81.74 CRISIL D (Issuer Not
Cooperating)
Working Capital 10.00 CRISIL D (Issuer Not
Term Loan Cooperating)
Crisil Ratings has been consistently following up with KTLPL 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 KTLPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KTLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KTLPL continues to be 'Crisil D Issuer not cooperating'.
KTLPL, incorporated in 2010 and promoted by Mr. Jay Mehta, operates
a multipurpose terminal and ship repair facility at Karanja creek
in Raigad, Maharashtra.
KB LUBES: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KB Lubes
Private Limited (KBLPL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.90 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 1.39 CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with KBLPL 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 KBLPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KBLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KBLPL continues to be 'Crisil D Issuer not cooperating'.
KBLPL was incorporated in February 2012 by Mr Subhash Agarwal, Mr
Jignesh Agarwal and Mr Ankit Agarwal. The company manufactures
industrial and automotive lubricants and sells products under its
own brand, Lubrinox. It has two manufacturing units at Pune.
Commercial operations started in November 2012.
KF BIOTECH: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KF Biotech
Private Limited (KFBPL) continue to be 'CRISIL C Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL C (Issuer Not
Cooperating)
Long Term Loan 1 CRISIL C (Issuer Not
Cooperating)
Proposed Working 1 CRISIL C (Issuer Not
Capital Facility Cooperating)
Crisil Ratings has been consistently following up with KFBPL 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 KFBPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KFBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KFBPL continues to be 'Crisil C Issuer not cooperating'.
KFBPL was established in 2005 by the Kapur group of companies and
is engaged in the high quality seed potato business. The company
has a dedicated plant tissue culture-based facility in Bengaluru.
KHATOR FIBRE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khator Fibre
and Fabrics Limited (KFFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
Letter Of Guarantee 4 CRISIL D (Issuer Not
Cooperating)
Packing Credit 2.25 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 0.80 CRISIL D (Issuer Not
Cooperating)
Term Loan 20.45 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with KFFPL 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 KFFPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KFFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KFFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
KFFPL was incorporated as a private limited company in 1986 and
reconstituted as a public limited company in 1992. The company
manufactures and processes shirting fabrics at its facility near
Thane. Mr Kailash Khator and his family members are the promoters.
KIMAYA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kimaya
Industries Private Limited (KIPL) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 CRISIL D (Issuer Not
Cooperating)
Term Loan 3.8 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with KIPL 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 KIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KIPL continues to be 'Crisil D Issuer not cooperating'.
Incorporated in 1999, Gujarat-based KIPL manufactures embroidered
sarees, fabric, and dress materials and undertakes job work for
embroidery at its plant. Mr Rahul Bhatia and his family members are
the promoters.
KISSAN HATCHERIES: CRISIL Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------
Crisil Ratings has migrated its rating on the long-term bank
facilities of Kissan Hatcheries (KH) to 'Crisil B+/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Long Term Loan 1.77 CRISIL B+/Stable (Issuer Not
Cooperating; Rating Migrated)
Crisil Ratings has been consistently following up with KH for
obtaining information through letters and emails dated May 6, 2025,
June 3, 2025, June 5, 2025, and June 9, 2025, among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.
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 firm. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. The rating with an 'issuer not
cooperating' suffix lacks 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 KH. This restricts the ability
of Crisil Ratings to take a forward-looking view on the credit
quality of the entity. Crisil Ratings believes that the rating
action on KH is consistent with 'Assessing Information Adequacy
Risk'. Therefore, on account of inadequate information and absence
of management discussion. Crisil Ratings has migrated its rating on
the long-term bank facilities of KH to 'Crisil B+/Stable Issuer Not
Cooperating'.
Analytical Approach
Crisil Ratings has combined the business and financial risk
profiles of KH and Deswal Hatcheries Pvt Ltd (DHPL). This is
because both the entities, together referred to as the Kissan
Hatcheries group, are in the same business and derive significant
synergies owing to business linkages, and common clients and
brand.
KH and Deswal Hatcheries Private Limited (DHPL) referred to as
Kissan hatcheries Group (KHG) were established in 2006 and 2012
respectively are based in Jind (Haryana), Kissan Hatcheries Group
(KHG) is engaged in the poultry business and produces hatching
eggs. The company's poultry farms are located in Jind (Haryana
district) and have a parent bird capacity of 1.25 lacs birds per
annum. Mr Shubham Deswal and Mr. Karan Singh are the promoters.
MARIAN PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Marian Projects Private
Limited (MPPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 4.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with MPPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
In 2011, a company by the name of 'Marian Projects Private Limited'
(MPPL) was formed. The promoters of MPPL had earlier formed a
partnership firm called 'Marian Infrastructures' in 2008. With an
increase in scale of operations, MPPL was formed, although Marian
Infrastructures continues to exist. MPPL is mostly engaged in
residential and commercial real estate development while Marian
Infrastructures is involved in construction contracts and turnkey
projects. Since its inception, MPPL has delivered 560 plus homes
from 16 projects. The operations of the company are managed by the
two directors-Mr Ujwal D'souza and Mr Naveen Cardoza. The promoters
are civil engineers and have experience of more than 20 years in
the industry.
MIXED BAG: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Mixed Bag Overseas in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with Mixed Bag Overseas, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Mixed Bag Overseas was established as a partnership firm in
February 2016 by Mr. Deepak Gupta and Mr. Ajay Pal. The firm is
involved in trading of mobile accessories including memory cards,
screen guards, batteries etc. The promoters are into the business
for a decade now. Mr. Deepak Gupta is the managing director of the
Josh Group. The group has various companies which sells their
low-cost mobile handsets under the brand name "Josh", primarily
targeting the low-level income customers in the rural and urban
areas of northern India.
R L AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of R L Agro
Foods Private Limited (RLF) continue to be 'Crisil D/Crisil D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 29 Crisil D (Issuer Not
Cooperating)
Line of Credit 1 Crisil D (Issuer Not
Cooperating)
Packing Credit 15 Crisil D (Issuer Not
Cooperating)
Warehouse Financing 5 Crisil D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RLF 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 RLF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RLF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RLF continues to be 'Crisil D/Crisil D Issuer not cooperating'.
RLF was set up in 1998 as a proprietorship firm by Mr. Subhash
Chand and was reconstituted as a partnership firm, on September 1,
2014, with Mr Sunil Kumar coming onboard. It mills and sorts rice
and its unit has a capacity of 12 tonne per hour (tph).
RAJ CONSTRUCTION: CRISIL Withdraws B Rating on INR2cr Cash Credit
-----------------------------------------------------------------
Crisil Ratings has withdrawn its ratings on the bank facilities of
Raj Construction Co (RC) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with Crisil Rating's policy on withdrawal of its rating
on bank loan facilities.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 Crisil A4/Issuer Not
Cooperating (Withdrawn)
Bank Guarantee 22 Crisil A4/Issuer Not
Cooperating (Withdrawn)
Bank Guarantee 9 Crisil A4/Issuer Not
Cooperating (Withdrawn)
Cash Credit 2 Crisil B/Stable/Issuer Not
Cooperating (Withdrawn)
Crisil Ratings has been consistently following up with RC for
obtaining information through letter and email dated January 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 RC. This restricts Crisil
Ratings' ability to take a forward looking view on the credit
quality of the entity. Crisil Ratings believes that rating action
on RC is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of RC continues to be 'Crisil B/Stable/Crisil A4 Issuer
Not Cooperating'.
RC was formed as a partnership firm in 1997. The firm undertakes
construction of roads, for government departments, and is a Class
AA contractor. It mainly operates in Gujarat (Valsad) and Silvassa.
Operations are managed by the four partners, Mr Viraj Matieda, Mr
Motisinh G Matieda, Mrs Harshada M Matieda, and Mr J B Rawalji.
RANI SATI: CRISIL Moves B+ Debt Rating to Not Cooperating
---------------------------------------------------------
Crisil Ratings has migrated the rating on bank facilities of Sree
Rani Sati Overseas Private Limited (SRSOPL; part of the Sree Rani
Sati group) to 'Crisil B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11.8 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Crisil Ratings has been consistently following up with SRSOPL for
obtaining information through letter and email dated May 21, 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 SRSOPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
SRSOPL 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 SRSOPL to 'Crisil B+/Stable Issuer not
cooperating'.
About the Group
Delhi-based SRSOPL was set up by Mr Sanjay Poddar and his family in
2010. It trades in and processes timber logs, mainly teakwood.
SRS was incorporated in 2017 and is based in Singapore. It trades
in timber, teakwood, pulses, cashew. The company exports 90% of the
traded goods to India and 10% to Singapore.
S.K.P.V.V. HINDU: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S.K.P.V.V.
Hindu High Schools Committee (SSC) continues to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Secured Overdraft 10 CRISIL D (Issuer Not
Facility Cooperating)
Crisil Ratings has been consistently following up with SSC 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 SSC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSC continues to be 'Crisil D Issuer not cooperating'.
SSC established in the year 1906 in Vijayawada, Andhra Pradesh by
Mr.G Mallaiah and his family. The society presently runs 4 schools
and 3 colleges in Vijayawada.
SONU MARKETING: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the rating on non-convertible debentures of
SMPL continues to be 'Crisil B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Non Convertible 50.0 CRISIL B/Stable (Issuer not
Debentures-LT Cooperating)
Crisil Ratings has been consistently following up with SMPL for
obtaining information through letter and email dated May 19, 2025,
among others, apart from telephonic and email communication.
However, the issuer has continued to be non-cooperative and the
ratings on Non-Convertible Debentures of SMPL continues to be
'Crisil B/Stable Issuer Not Cooperating'.
Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated May 16, 2024.
'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 firm. Such
non-co-operations by a rated entity may be a result of
deterioration in its credit risk profile. The rating with 'issuer
not cooperating' suffix lacks 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 SMPL which restricts the ability
of Crisil Ratings to take a forward-looking view on the entity's
credit quality. Crisil Ratings believes that the rating action on
SMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last-available information, the rating on non
convertible debentures of SMPL continues to be 'Crisil B/Stable
Issuer Not Cooperating'.
Sonu Marketing Pvt Ltd, an RBI Registered NBFC, specializes in
offering personal loans. In India, NBFCs constitute the
fastest-growing sector within the financial and banking landscape.
In response to the escalating demand for personal loans, the
company has developed tailor-made solutions aimed at enhancing
credit scores and providing swift access to funds for individuals
in need.
SUNBEAM REAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Sunbeam Real Ventures Pvt Ltd
(SRVPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 4.30 [ICRA] B+(Stable); ISSUER NOT
Fund Based COOPERATING; Rating Continues
Term loan to remain under issuer not
cooperating category
Long Term- 5.70 [ICRA] B+(Stable); ISSUER NOT
Unallocated COOPERATING; Rating Continues
to remain under issuer not
cooperating category
As part of its process and in accordance with its rating agreement
with SRVPL, ICRA has been trying to seek information from the
entity so as to monitor its performance Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
SRVPL was incorporated in November 2013 as a private limited
company by Mr. Sunil Gadhoke. The company is engaged in the system
designing, engineering, installation and operation and maintenance
of rooftop solar power plants for residential, institutional,
industrial and commercial clients under the brand name "Vibyor
Energy". SRVPL executes solar power projects under RESCO and CAPEX
model. The company develops solar power plants on the
rooftop/premises of the residential, institutional, industrial and
commercial customer. The entire power generated from the power
plant is exclusively supplied to the customer. The company is also
involved in the business of marketing specialized additives to
Indian solar cell
manufacturers.
TADEPALLIGUDEM MUNICIPALITY: ICRA Keeps B+ Rating in Not Coop.
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Tadepalligudem Municipality
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Issuer Rating - [ICRA]B+ (Stable); ISSUER NOT
COOPERATING; Rating Continues to
remain under issuer not
cooperating category
As part of its process and in accordance with its rating agreement
with Tadepalligudem Municipality, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
Tadepalligudem Municipality was established in the year 1958. The
functioning of the municipality is governed by the Andhra Pradesh
Municipalities Act, 1965, which is administered by the Municipal
Administration and Urban Development Department (DMA), Government
of Andhra Pradesh (GoAP). TPM was upgraded to a selection grade
municipality in 2010. TPM is primarily responsible for providing
basic civic services and amenities to the inhabitants of the
Tadepalligudem Town. The key services extended by the Corporation
are construction and maintenance of roads, drains and streetlights,
solid waste management, and creation and maintenance of amenities
such as shopping stalls, community hall, playgrounds, parks/gardens
etc.
YELLOWINGS DELIVERY: CRISIL Moves B Rating to Not Cooperating
-------------------------------------------------------------
Crisil Ratings has migrated the rating on bank facilities of
Yellowings Delivery Services Private Limited (YDSPL) to 'Crisil
B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 8.11 Crisil B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Crisil Ratings has been consistently following up with YDSPL) for
obtaining information through letter and email dated May 26, 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 YDSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on YDSPL
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 YDSPL to 'Crisil B/Stable Issuer not
cooperating'.
Incorporated in 2021 in Gurugram, Haryana, YDSPL offers sustainable
delivery solutions using commercial electric vehicles for first,
middle and last-mile logistics needs. The company is owned and
managed by Vinayak Gupta and Anjali Gupta.
=========
J A P A N
=========
JAPAN DISPLAY: Vows Turnaround at Shareholders' Meeting
-------------------------------------------------------
The Japan Times reports that Japan Display Inc. (JDI) director and
former CEO Scott Callon told shareholders on June 21 that the
company will meet their expectations by returning to profitability
as soon as possible.
At the beginning of a general shareholders' meeting on June 21, Mr.
Callon said that his management skills were inadequate. He stepped
down as CEO after JDI suffered the 11th consecutive annual net
loss, the Japan Times says.
The meeting was attended by 115 shareholders, with 12 asking
questions.
According to the Japan Times, the struggling maker of small- and
medium-size liquid crystal display panels plans to end production
at its flagship Mobara plant in Chiba Prefecture and cut about
1,500 jobs in Japan.
"We'll reduce our workforce and plants to an appropriate scale for
our current situation so that we can become profitable with our
current sales," said Jun Akema, who succeeded Mr. Callon as CEO on
June 1.
During the meeting, which lasted an hour and 39 minutes, all three
proposals were approved, including those to spin off its automotive
display business and to appoint Callon and four other directors.
Mr. Callon will become nonexecutive chairman of the company's board
and support Mr. Akema without pay, the Japan Times notes.
Facing competition from Chinese and South Korean rivals, however,
JDI logged a consolidated net loss of JPY78.22 billion for the year
that ended in March 2025, the Japan Times discloses.
To diversify its operations, JDI is currently expanding into the
sensor and semiconductor sectors while scaling down its
unprofitable smartphone LCD business, the report notes.
Japan Display was established in 2012 through the merger of the
display operations of Sony Corp., Hitachi Ltd. and Toshiba Corp.
with support from the state-backed fund INCJ Ltd.
=====================
N E W Z E A L A N D
=====================
AMARE SUPER: Grant Bruce Reynolds Appointed as Liquidators
----------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on June 13, 2025, was
appointed as liquidator of Amare Super Yacht Services Limited.
The liquidator may be reached at:
Reynolds & Associates Limited
PO Box 259059
Botany
Auckland 2163
BAINS HORT: Court to Hear Wind-Up Petition on June 30
-----------------------------------------------------
A petition to wind up the operations of Bains Hort Group Limited
will be heard before the High Court at Tauranga on June 30, 2025,
at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 22, 2025.
The Petitioner's solicitor is:
Timothy Saunders
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
PARENTS CENTRE: Creditors' Proofs of Debt Due on July 30
--------------------------------------------------------
Creditors of Parents Centre Aotearoa are required to file their
proofs of debt by July 30, 2025, to be included in the company's
dividend distribution.
The High Court at Wellington appointed Malcolm Hollis and Richard
Nacey of PwC as liquidators on June 10, 2025.
RJ NAHAL: Creditors' Proofs of Debt Due on Aug. 1
-------------------------------------------------
Creditors of RJ Nahal Limited, CCF Takanini Limited and XYZ No. 1
Limited are required to file their proofs of debt by Aug. 1, 2025,
to be included in the company's dividend distribution.
RJ Nahal Limited commenced wind-up proceedings on June 6, 2025.
CCF Takanini Limited commenced wind-up proceedings on June 9,
2025.
XYZ No. 1 Limited commenced wind-up proceedings on June 19, 2025.
The company's liquidators are:
Garry Whimp
Benjamin Francis
Blacklock Rose Limited
PO Box 6709
Victoria Street West
Auckland 1142
ROSS BROTHERS: Court to Hear Wind-Up Petition on June 26
--------------------------------------------------------
A petition to wind up the operations of Ross Brothers 2022 Limited
will be heard before the High Court at Auckland on June 26, 2025,
at 10:00 a.m.
The Commissioner of Inland Revenue, filed the petition against the
company on May 20, 2025.
The Petitioner's solicitor is:
Nanette Cunningham
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
===============
P A K I S T A N
===============
PAKISTAN: Inks $4.5BB Loans With Banks to Ease Power Sector Debt
----------------------------------------------------------------
Reuters reports that Pakistan has signed term sheets with 18
commercial banks for a PKR1.275 trillion (US$4.50 billion) Islamic
finance facility to help pay down mounting debt in its power
sector, government officials said on June 20.
According to Reuters, the government, which owns or controls much
of the power infrastructure, is grappling with ballooning "circular
debt", unpaid bills and subsidies, that has choked the sector and
weighed on the economy.
Reuters relates that the liquidity crunch has disrupted supply,
discouraged investment and added to fiscal pressure, making it a
key focus under Pakistan's $7 billion IMF programme.
Finding funds to plug the gap has been a persistent challenge, with
limited fiscal space and high-cost legacy debt making resolution
efforts more difficult.
"Eighteen commercial banks will provide the loans through Islamic
financing," Khurram Schehzad, adviser to the finance minister, told
Reuters.
The facility, structured under Islamic principles, is secured at a
concessional rate of 3-month KIBOR, the benchmark rate banks use to
price loans, minus 0.9%, a formula agreed on by the IMF.
"It will be repaid in 24 quarterly instalments over six years," and
will not add to public debt, Power Minister Awais Leghari said.
Existing liabilities carry higher costs, including late payment
surcharges on Independent Power Producers of up to KIBOR plus 4.5%,
and older loans ranging slightly above benchmark rates.
Meezan Bank, HBL, National Bank of Pakistan and UBL were among the
banks participating in the deal, Reuters discloses.
The government expects to allocate PKR323 billion annually to repay
the loan, capped at PKR1.938 trillion over six years.
Reuters relates that the agreement also aligns with Pakistan's
target of eliminating interest-based banking by 2028, with Islamic
finance now comprising about a quarter of total banking assets.
About Pakistan
Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.
As reported in the Troubled Company Reporter-Asia Pacific on April
21, 2025, Fitch Ratings has upgraded Pakistan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'.
The Outlook is Stable.
=================
S I N G A P O R E
=================
ADAM'S CORNER: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on June 6, 2025, to
wind up the operations of Adam's Corner Seafood Restaurant Pte.
Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
c/o BDO Advisory Pte Ltd
No. 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
ICHI SG: Commences Wind-Up Proceedings
--------------------------------------
Members of Ichi SG Pte. Ltd. on June 10, 2025, passed a resolution
to voluntarily wind up the company's operations.
The company's liquidators are:
Mr. Abuthahir Abdul Gafoor
Ms. Yessica Budiman
AAG Corporate Advisory
11 Collyer Quay
#07-02 The Arcade
Singapore 049317
MINTEREST DIRECT: Creditors' Proofs of Debt Due on July 16
----------------------------------------------------------
Creditors of Minterest Direct Pte. Ltd., Minterest Ascend Pte.
Ltd., and Minterest Best Pte. Ltd. are required to file their
proofs of debt by July 16, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 13, 2025.
The company's liquidators are:
Mr. Abuthahir Abdul Gafoor
Ms. Yessica Budiman
AAG Corporate Advisory
11 Collyer Quay
#07-02 The Arcade
Singapore 049317
SINGAPORE INTEGRATED: Creditors' Proofs of Debt Due on July 16
--------------------------------------------------------------
Creditors of Singapore Integrated Oncology Centers Pte. Ltd. are
required to file their proofs of debt by July 16, 2025, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on June 11, 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
TAMARIND BOUTIQUE: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on June 6, 2025, to
wind up the operations of The Tamarind Boutique Spa Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
c/o BDO Advisory Pte Ltd
No. 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
=====================
S O U T H K O R E A
=====================
QOO10: Oasis Acquires TMON After Court-Approved Rehabilitation
--------------------------------------------------------------
Yonhap News Agency reports that Korean grocery delivery platform
Oasis said on June 23 it has acquired full ownership of e-commerce
platform TMON after a court approved its rehabilitation plan, which
included the acquisition proposal.
TMON filed for court receivership in July last year following
widespread delays in payments to vendors using its platform.
In October, the Seoul Bankruptcy Court approved a process to find a
new owner and appointed EY Hanyoung accounting firm as the lead
manager. In March, EY Hanyoung selected Oasis as the preliminary
bidder, Yonhap notes.
"Oasis had signed an agreement to acquire TMON if the acquisition
plan is accepted by creditors and approved by the court," Yonhap
quotes a company spokesperson as saying.
On June 20, the court approved Oasis's acquisition of TMON for 18
KRWbillion ($13 million), he added.
Yonhap relates that Oasis said it plans to strengthen its online
retail business through the acquisition while operating TMON as a
separate brand under its umbrella.
Founded in 2011, Oasis operates Oasis Market, an e-grocery platform
known for its competitively priced private-label organic produce.
It currently runs 49 offline stores and three logistics centers in
the greater Seoul area.
Meanwhile, WeMakePrice, which also filed for court receivership in
July, remains up for sale and has yet to find a buyer, the report
adds.
About Qoo10
Singapore-based Qoo10 Group retails e-commerce products. The
Company offers personal care, sports apparel, consumer electronics,
home furnishing, food, toys, and other consumer products. Qoo10
serves customers worldwide. Qoo10 owns Korean online shopping
platforms TMON and WeMakePrice.
As reported the Troubled Company Reporter-Asia Pacific on Sept. 11,
2024, the Seoul Bankruptcy Court on Sept. 10 granted a
rehabilitation process for liquidity crisis-hit e-commerce
platforms TMON and WeMakePrice, allowing them to restructure their
debts to creditors under the supervision of court-appointed
custodians.
According to Yonhap News Agency, the decision came more than a
month after TMON and WeMakePrice filed for court-supervised
rehabilitation, following overdue payments to vendors operating on
their platforms that reached nearly KRW1 trillion (US$744
million).
In November 2024, a liquidator was appointed to take over
management of the insolvent company after Korea Culture Promotion
(KCP), which operates culture portal sites and issues culture gift
certificates in South Korea, sued Qoo10 for nearly KRW76 billion
(SGD69 million) in unpaid debt, The Straits Times said.
Singapore's High Court approved the winding up of Qoo10 in November
2024 and allowed 21st Century Healthcare, which said it is owed
SGD954,115, to replace KCP as the claimant.
A committee of inspection - a group that represents the interests
of the creditors - was appointed on Jan. 17, 2025, to supervise and
assist the liquidator with the administration of Qoo10's affairs.
This includes appointing lawyers, approving the liquidator's fees
and starting legal proceedings for asset recovery.
*********
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
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
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thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***