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250626.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 26, 2025, Vol. 28, No. 127 Headlines A U S T R A L I A BASSETT FURNITURE: Cathro & Partners Appointed as Administrator EASTERN PROPERTY: First Creditors' Meeting Set for July 1 FIX IT: First Creditors' Meeting Set for July 3 HEALTHSCOPE: Auction Extended; Will be in Limbo for Up to a Year O'BRIEN JOINERY: First Creditors' Meeting Set for July 3 PUBLIC KITCHEN: First Creditors' Meeting Set for July 1 ROBERTS CO: Andrew Roberts Makes Bid to Avoid Liquidation SPECTRE RETAIL 2024-1: Fitch Affirms 'Bsf' Rating on Class F Notes WESTERN UNITED: Property Investor's AUD100 Million Rescue in Doubt C H I N A FINGERMOTION INC: JiuGe Teams With Jincheng on Response Units SUNAC CHINA: Secures Creditor Support for Debt Restructuring I N D I A ALCHEMIST HOLDINGS: Insolvency Resolution Process Case Summary BARSHI MUNCIPAL: CRISIL Lowers Corporate Credit Rating to B BIHARIJI PACKAGING: Insolvency Resolution Process Case Summary BKSONS INFRASTRUCTURE: CRISIL Withdraws D Rating on INR50cr Loan CUBATICS INDUSTRIES: Insolvency Resolution Process Case Summary H. SHERUL: CRISIL Keeps D Debt Ratings in Not Cooperating HARE KRISHNA: CRISIL Moves B+ Debt Ratings to Not Cooperating HARIMAN SEEDS: CARE Withdraws B+ Rating on INR6cr Cash Credit HERODEX POWER: CRISIL Keeps D Debt Ratings in Not Cooperating HINDUSTAN NEWSPRINT: CRISIL Keeps D Ratings in Not Cooperating HYFLUX ENGINEERING: Liquidation Process Case Summary IND-ANDHRA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating INDICA CONVEYORS: CRISIL Keeps D Debt Ratings in Not Cooperating ISHANIKA HOTELS: CRISIL Keeps D Debt Rating in Not Cooperating JAGANNATH TRADERS: CRISIL Keeps D Debt Rating in Not Cooperating JAGWANI PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating JAIPRAKASH ASSOCIATES: Adani Group, Vedanta, Others Submit Plans JAWAHAR SAW: CRISIL Keeps D Debt Rating in Not Cooperating K. V. EDUCATION: CRISIL Keeps B+ Debt Ratings in Not Cooperating KAMAL SPONGE STEEL: Insolvency Resolution Process Case Summary KASTURI RAM: CRISIL Keeps D Debt Rating in Not Cooperating KOSCA DEP: CRISIL Keeps B- Debt Rating in Not Cooperating KOSHER PHARMA: CRISIL Keeps D Debt Ratings in Not Cooperating KRAMSKI STAMPING: CRISIL Keeps B- Debt Ratings in Not Cooperating KRISAM AUTOMATION: CRISIL Keeps D Debt Ratings in Not Cooperating KRISH CEREALS: CRISIL Keeps D Debt Ratings in Not Cooperating KTKP SARABARAHKARI: CRISIL Keeps D Ratings in Not Cooperating LANDSCAPE REALITY: CRISIL Keeps D Debt Rating in Not Cooperating LIFETREE ACADEMICS: CRISIL Keeps B+ Rating in Not Cooperating LOVELY ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating LOVELY INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating MA CHANDI: CRISIL Keeps D Debt Ratings in Not Cooperating MANGALSIDDHI MULTI: CRISIL Keeps D Debt Rating in Not Cooperating MEENAKSHI FISHING: CRISIL Keeps D Debt Ratings in Not Cooperating MEGAA BAKERS: Liquidation Process Case Summary NDA METAOXIDES: Insolvency Resolution Process Case Summary SEASON RUBBERS: CRISIL Withdraws B+ Rating on INR7cr Cash Credit SOLITAIRE INFOMEDIA: Insolvency Resolution Process Case Summary T & U SYSTEMS: CRISIL Lowers Rating on INR13.5cr LT Loan to B+ V.V.S. SOFTWARE: Voluntary Liquidation Process Case Summary VADRAJ CEMENT: Nuvoco Vistas Completes INR1,800cr Acquisition J A P A N [] JAPAN: Bento Shop Bankruptcies Could Hit a Record in 2025 N E W Z E A L A N D CONSTRA ASBESTOS: Court to Hear Wind-Up Petition on July 4 HARVEST HOSPITALITY: Creditors' Proofs of Debt Due on July 25 PIKAPIKA HOMES: Creditors' Proofs of Debt Due on July 17 STELCHIP LIMITED: Creditors' Proofs of Debt Due on July 25 WATT ROOFING: Court to Hear Wind-Up Petition on July 7 S I N G A P O R E DELTA CORP: Court to Hear Wind-Up Petition on June 27 NIHAL INTERNATIONAL: Court to Hear Wind-Up Petition on July 4 ROBINSON LAND: Court Enters Wind-Up Order SUPRATECHNIC PTE: Court to Hear Wind-Up Petition on June 27 XILINX HOLDING: Commences Wind-Up Proceedings S O U T H K O R E A HOMEPLUS CO: Gets South Korean Court's Approval for Sale Plan V I E T N A M VIETNAM: Fitch Affirms 'BB+' Foreign-Currency IDR, Outlook Stable X X X X X X X X NYS GRANITES: Liquidation Process Case Summary - - - - - ================= A U S T R A L I A ================= BASSETT FURNITURE: Cathro & Partners Appointed as Administrator --------------------------------------------------------------- Simon Cathro and Andrew Blundell of Cathro & Partners on June 20, 2025, were appointed as administrators of Bassett Furniture Pty Ltd, Gregory Commercial Furniture Pty Limited, Inventis HR Services Pty Ltd, and Workstations Pty Ltd. The Administrators may be reached at: Cathro & Partners PO Box 3368 Sydney, NSW 2001 EASTERN PROPERTY: First Creditors' Meeting Set for July 1 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Eastern Property Alliance Management Pty Ltd will be held on July 1, 2025 at 12:00 p.m. via teleconference facility. Timothy Cook was appointed as administrator of the company on June 20, 2025. FIX IT: First Creditors' Meeting Set for July 3 ----------------------------------------------- A first meeting of the creditors in the proceedings of Fix It Now Cleaning Equipment Solutions Accounts Pty Ltd will be held on July 3, 2025 at 11:00 a.m. at the offices of offices of B&T Advisory Level 19/144 Edward Street, in Brisbane, QLD, and via virtual meeting technology. Travis Pullen of B&T Advisory was appointed as Administrator of the company on June 23, 2025. HEALTHSCOPE: Auction Extended; Will be in Limbo for Up to a Year ---------------------------------------------------------------- The Australian Financial Review reports that the country's second-largest private hospital operator could be left in limbo for a year after administrators of the collapsed Healthscope business won approval to extend negotiations with prospective buyers for months. The company, handed to lenders by asset management giant Brookfield earlier this year, was placed into receivership last month as it buckled under AUD1.6 billion in debt owed to a syndicate of dozens of hedge funds and banks. The Financial Review relates that the administration process has created fears among state governments that the 37-hospital portfolio could be split up, with some of the weaker operations closing down, adding to the strain on public health systems. KordaMentha, Healthscope's administrators, have now sought an extension of time from the Federal Court so that McGrathNicol can undertake "an orderly and considered sale process designed to maximise value for Healthscope's creditors and benefit key stakeholders". "The sale process is complex because the Healthscope group operates its 37 hospitals through various arrangements, including several leases," KordaMentha wrote in its submission to the court, the Financial Review relays. "The receivers may be required to negotiate new rental terms with these landlords to facilitate any sale of the business . . . Operating the Healthscope group business also requires engagement with state regulatory bodies in relation to hospital licenses, engagement with its heavily unionised workforce of nurses with 23 separate enterprise bargaining agreements, and continual engagement with major private hospital insurers." According to the Financial Review, KordaMentha said the sale process had already attracted interest from several bidders, and it would be completed within the year. The Federal Court last week agreed to extend the timeline for a deal to June 30 next year. Healthscope is now run by former Qantas executive Tino La Spina. Last month, The Australian Financial Review revealed he had told staff and doctors in a frank exchange that Bupa, a major British health insurer interested in the business, would buy Healthscope "over my dead body". Healthscope and Bupa clashed last year after the British fund resisted pressure from Brookfield to increase how much it paid for its members' care. Bupa has appointed advisers to look at the assets, the Financial Review's Street Talk column has previously reported. Healthscope has received 10 indicative offers from private hospital operators, including Ramsay Health Care. The Financial Review says Health Minister Mark Butler has ruled out a government bailout of Healthscope despite the risk that some of its hospitals could stop admitting patients if a buyer for the whole business cannot be found. The Albanese government has also flagged that it would be less receptive to offshore private equity ownership than the previous Coalition government, which approved the 2019 sale of Healthscope to Brookfield. Brookfield took on large amounts of debt to acquire Healthscope following a bidding war for the operator at a time when hospital valuations had soared. As part of the buyout, it sold 22 properties for AUD2.5 billion before leasing them back at rents it now says were well above market rates. The Financial Review adds that Healthscope also faces the loss of one of its largest facilities, Sydney's Northern Beaches Hospital, in an escalating dispute with the NSW government. "The government must be able to act decisively to avoid a prolonged dispute for members of the Northern Beaches community, staff working at the hospital and for NSW taxpayers," the report quotes NSW Treasurer Daniel Mookhey as saying. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. O'BRIEN JOINERY: First Creditors' Meeting Set for July 3 -------------------------------------------------------- A first meeting of the creditors in the proceedings of O'Brien Joinery Tas Pty Ltd will be held on July 3, 2025 at 3:00 p.m. via Zoom meetings. Kiara Calvert and Barry Hamilton were appointed as administrators of the company on June 23, 2025. PUBLIC KITCHEN: First Creditors' Meeting Set for July 1 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Public Kitchen Pty Ltd will be held on July 1, 2025 at 10:30 a.m. via teleconference facilities. Timothy Cook was appointed as Administrator of the company on June 20, 2025. ROBERTS CO: Andrew Roberts Makes Bid to Avoid Liquidation --------------------------------------------------------- Ben Wilmot at Real Commercial reports that tycoon Andrew Roberts has proposed a deal for his collapsed building empire that will see him tip in about AUD20 million to pay staff, but some tradies and larger creditors are likely to be short-changed in the fallout from the construction company's insolvency. The son of Multiplex founder John Roberts will exit his costly foray into construction after his Roberts Co companies called in administrators in the wake of major projects blowing out in Victoria. According to the report, Mr. Roberts has put up a deed of company arrangement for the companies that he is hoping is backed by creditors of both the Victorian arm and the firm's parent company in order to stave off a liquidation process. That could probe claims of insolvent trading and him being a shadow director of the fallen companies, both of which were surfaced in a report by McGrathNicol, and which Mr. Roberts denies. The creditors will vote on the proposal at meetings to be held next Monday [June 30] for both the Victorian arm, which fell into the hands of McGrathNicol, and the parent company of the top tier construction player, which is under the control of FTI. Real Commercial says the collapse shook the industry as work on a series of sites in Victoria halted - some have since restarted - and it shone a light on the ongoing difficulties in handling cost blow outs and disputes between large developers and builders. A report by administrators McGrathNicol blamed the collapse on heavy losses on key projects, including the building of an Amazon distribution centre in the Melbourne suburb of Craigieburn, which was forecast to generate a AUD56.1 million loss. While new builders have been lined up for the key projects in Melbourne that led to the firm's demise, the fallout could be deeper if creditors reject the deeds of company arrangement put forward by Mr. Roberts and vote to put the companies into liquidation, the report notes. Real Commercial relates that the McGrathNicol report said Mr. Roberts may have acted as a shadow director of the collapsed Victorian entity, alongside a key executive, as he provided strategic advice and was involved in key decisions. In denying this, he told administrators that his involvement was only as a "shareholder representative". The administrators also said the Victorian arm had traded insolvent since last December and a liquidator could lodge a claim worth up to AUD40 million. Mr. Roberts will be hoping that creditors accept the deeds and has been working behind the scenes on the plan, which has won the backing of both administrators as it would give creditors a better outcome than liquidation. The deeds of company arrangement are conditional upon a resolution being passed by the creditors of each company, and the Victorian entity will only enforce any judgments awarded up to the value of its insurance policies. Both sets of administrators noted potential claims of AUD27 million against Mr. Roberts' private trust relating to unpaid capital on shares, Real Commercial says. The head company's directors did not call on this until March 20, when the Victorian arm was already in administration. Mr. Roberts' Martigues entity declined the request for funding, partly because it was not sure the builder was cash flow positive and profitable, notes the report. The availability of the uncalled capital was discussed at a board meeting in February but was seen as a last resort. Staff and small creditors would be paid in full and subcontractors and other trade creditors would be paid between 32.1c and 57c in the dollar. Unsecured creditors would only get between 3.3c and 31.8c in the dollar in a liquidation, according to Real Commercial. Real Commercial adds that the administrators said Roberts Co's purchase of Probuild's Victorian operations, including Monaco Hickey, after its collapse in 2022, was a failure. But the withdrawal of support from its parent and Mr Roberts was also critical, McGrathNicol found. Roberts Co is an Australian-based, boutique tier-one construction company. Jason Ireland and Matthew Caddy of McGrathNicol were appointed as voluntary administrators of Roberts Co (VIC) Pty Limited, the Victorian subsidiary of Roberts Co Australia, on March 14, 2025. SPECTRE RETAIL 2024-1: Fitch Affirms 'Bsf' Rating on Class F Notes ------------------------------------------------------------------ Fitch Ratings has affirmed seven classes of notes from Spectre Retail Warehouse Trust 2024-1. The notes are backed by a pool of first-ranking Australian automotive lease and loan receivables originated by Angle Auto Finance Pty Ltd (AAF). The notes were issued by Perpetual Corporate Trust Limited as trustee for Spectre Retail Warehouse Trust 2024-1. Entity/Debt Rating Prior ----------- ------ ----- Spectre Retail Warehouse Trust 2024-1 A AU3FN0089595 LT AAAsf Affirmed AAAsf B AU3FN0089603 LT AAsf Affirmed AAsf C AU3FN0089611 LT Asf Affirmed Asf Commission Note LT AAAsf Affirmed AAAsf D AU3FN0089629 LT BBBsf Affirmed BBBsf E AU3FN0089637 LT BBsf Affirmed BBsf F AU3FN0089645 LT Bsf Affirmed Bsf KEY RATING DRIVERS Stable Performance and Collateral Characteristics: The transaction's 30+ day and 60+ day arrears as of end-April 2025 were 0.8% and 0.5%, respectively, below Fitch's 4Q24 Australian Dinkum ABS Index arrears of 1.55% and 0.75%. Fitch recognises that arrears and defaults may be understated due to repurchase activity and replenishment in a warehouse trust. Hence, Fitch uses Angle's whole-book performance to inform the analysis. Fitch derived product-specific default base-case expectations for novated leases, consumer loans and commercial loans. Its default assumptions (and 'AAAsf' default multiples) are 1.0% (7.75x), 3.5% (5.50x) and 4.0% (5.50x) for each sub-pool, respectively. The recovery base case is 24.0% for electric vehicles (EVs), with a 'AAAsf' recovery haircut of 60.0%, and 35.0% for non-EVs, with a 'AAAsf' recovery haircut of 50.0%. Portfolio Parameters Drive Losses: The transaction's eligibility criteria and portfolio parameters shaped the proxy portfolio used to drive the asset analysis. The proxy portfolio reflects the assumption that the portfolio's characteristics may migrate towards the limits during the availability period. The pool parameters floor the proportion of novated leases at 37%; with no parameter flooring consumer or commercial loans, Fitch assumed the remaining 63% was all commercial loans. The weighted-average base-case default and recovery assumptions were 2.9% and 33.0%, respectively, and the 'AAAsf' default multiple and recovery haircut were 5.8x and 51.9%. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued growth and tight labour market. GDP growth was 1.3% for the year to March 2025 and unemployment was 4.1% in May 2025. Fitch forecasts GDP growth of 1.7% in 2025 and 1.9% in 2026, with unemployment at 4.3% and 4.2%, respectively. Credit Enhancement Supports Ratings: Spectre 2024-1 is currently in its revolving period, which is set to expire in May 2026. Principal is paid sequentially during amortisation, from class A to junior notes. When the stepdown criteria are satisfied, principal paydown will switch to a pro-rata basis between class A to F notes until each class is repaid in full and then to the junior notes. Low Operational and Servicing Risk: All receivables were originated by AAF, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by backup servicing arrangements. The nominated backup servicer is Perpetual Corporate Trust Limited. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other auto lenders. Residual Value Risk: Residual value (RV) losses of 0.3% of the total portfolio balance are applied under the 'AAAsf' scenario. Fitch assumed 1.0% of the proxy portfolio were loans under which borrowers have the option to return the vehicle to discharge the final balloon instalment, which constitutes the RV. There is no historical performance of AAF sale proceeds, but Fitch calibrated the RV loss assuming car sale proceeds of 80% of the final balloon instalments in a base-case scenario, and rating stresses were derived by applying upper haircuts. The key rating drivers listed in the applicable sector criteria, but not mentioned above, are not material to this rating action. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreased recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: Commission / A / B / C / D / E / F Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf 10% defaults increase: AAAsf / AAsf / A+sf / A-sf / BBB-sf / BB-sf / less than Bsf 25% defaults increase: AAAsf / AA-sf / Asf / BBB+sf / BB+sf / B+sf / less than Bsf 50% defaults increase: AAAsf / Asf / A-sf / BBB-sf / BBsf / less than Bsf / less than Bsf 10% recoveries decrease: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BB-sf / less than Bsf 25% recoveries decrease: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BB-sf / less than Bsf 50% recoveries decrease: AAAsf / AAsf / A+sf / BBB+sf / BB+sf / B+sf / less than Bsf 10% defaults increase / 10% recoveries decrease: AAAsf / AAsf / A+sf / BBB+sf / BB+sf / B+sf / less than Bsf 25% defaults increase / 25% recoveries decrease: AAAsf / A+sf / Asf / BBBsf / BBsf / Bsf / less than Bsf 50% defaults increase / 50% recoveries decrease: AAAsf / A-sf / BBBsf / BB+sf / B+sf / less than Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Notes: Commission / A / B / C / D / E / F Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf 10% defaults decrease / 10% recoveries increase: AAAsf / AAAsf / AAsf / A+sf / BBBsf / BBsf / B+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information, and concluded there were no findings that affected the rating analysis. Overall, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations Spectre Retail Warehouse Trust 2024-1, which includes exposure to EVs, has an ESG Relevance Score (RS) of '4' (impact on credit) for Energy Management, above the baseline RS of '2' (no impact) for this issue in the Australian auto sector, due to the limited credit performance data for EVs. Available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction was not adjusted, due purely to the "green" nature of the underlying collateral, but Fitch referenced available market data for EVs in determining recovery assumptions. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. WESTERN UNITED: Property Investor's AUD100 Million Rescue in Doubt ------------------------------------------------------------------ The Australian Financial Review reports that the foreign property investor who vowed to throw a AUD100 million lifeline to struggling A-League soccer club Western United is yet to mount a formal proposal to league bosses, raising concerns about its legitimacy as the club failed to pay its players and staff on time. Companies linked to property developer Maciej Kaminski were announced as the saviours of cash-strapped Western United on May 2, when they vowed to buy about 65 per cent of the A-League club through a new Australian subsidiary called "Kam Melbourne," the Financial Review recalls. According to the Financial Review, the investment shaped as an eleventh-hour reprieve for Western United, which has been the subject of a winding-up order by the Australian Taxation Office since late March. But almost eight weeks since the deal was announced, the A-League's governing body, Australian Professional Leagues (APL), confirmed that Kam's investment had not been formalized, the Financial Review relates. "We have not yet received a formal proposal from KAM. Discussions are ongoing, any change in ownership is subject to receiving and reviewing the required documentation in line with our governance framework," the Financial Review quotes APL chairman Stephen Conroy as saying. It comes as Western United failed to pay its coaches, players and office staff early last week for the third time in three months, the Financial Review notes. Promises of payment by June 20 failed to materialise and players have been told of payment on an unspecified day later this week. According to the Financial Review, Professional Footballers Australia chief executive Beau Busch has issued the club a breach notice, which gives it until July 4 to pay or else players will be allowed to leave. "The situation [players] have been placed in is regrettably not a one-off but is rather the third successive month in a row where they have been paid late," the report quotes Mr. Busch as saying. "This is something I cannot recall having previously occurred in the A-League." The Financial Review relates that Mr. Busch said the club's situation was placing "enormous strain" on players and staff and blamed the lack of effective governance in the league. "The absence of an effective league governance model and the unwillingness of FA and the APL to enforce their own regulations has resulted in players being left to fight for their most basic entitlement as employees," he said. Approval for Kam's investment from the other A-League clubs is one of numerous approvals that Western United owners have been trying to secure since the deal was announced, the Financial Review notes. Western United Football Club is the A-League club that represents the people from the west of Victoria. ========= C H I N A ========= FINGERMOTION INC: JiuGe Teams With Jincheng on Response Units ------------------------------------------------------------- FingerMotion, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and its wholly owned subsidiary, Shanghai JiuGe Information Technology Co., Ltd., has entered into a strategic collaboration with Zhejiang Jincheng Automotive Co., Ltd. Under this arrangement, the two companies will jointly develop and market a new line of emergency response vehicles, including communication, command, and rescue units. This collaboration will establish a fully integrated "develop-market-service" model designed to deliver cutting-edge solutions for public safety and enterprise customers across diverse emergency scenarios. Key Areas of Collaboration Include: 1. Product Development & Market Expansion The companies will co-develop next-generation emergency response vehicles powered by FingerMotion's advanced Mobile Integrated Command and Communication Platform. Initial efforts will focus on Zhejiang Province, with plans for broader national deployment. 2. Sales & Promotion JiuGe Technology and Jincheng Automotive will combine their marketing and sales capabilities, participating in key industry events, product demonstrations, and targeted promotional campaigns to drive adoption. 3. Customer Support & Service A joint customer service framework will be established, providing end-to-end support including installation, troubleshooting, and regular maintenance of the deployed systems. 4. Resource Integration & Operational Synergy By pooling organizational resources and market access, the collaboration aims to create standardized emergency vehicle service models that improve operational efficiency at both provincial and national levels. This strategic alliance aligns with JiuGe Technology's long-term growth strategy to strengthen its market position in the emergency response sector. The collaboration leverages the combined technological expertise and market reach of both parties, enhancing JiuGe Technology's ability to deliver high-performance, reliable solutions tailored to the evolving needs of emergency services. About FingerMotion Inc. FingerMotion Inc. is an evolving technology Company with a core competency in mobile payment and recharge platform solutions in China. San Francisco, California-based CT International LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025 citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. SUNAC CHINA: Secures Creditor Support for Debt Restructuring ------------------------------------------------------------ TipRanks reports that Sunac China Holdings Limited announced that approximately 75% of its offshore creditors have agreed to the terms of its debt restructuring agreement. This development marks a significant step in the company's efforts to manage its financial obligations and stabilize its operations, reflecting strong support from its creditors, TipRank relates. TipRank adds that the company will continue to update shareholders and investors on any further developments in this restructuring process. Sunac China Holdings Limited (SEHK:1918) -- http://www.sunac.com.cn/-- engages in the sales of properties in the People's Republic of China. The Company operates its business through two segments: Property Development and Property Management and Others. The Company's subsidiaries include Sunac Real Estate Investment Holdings Ltd., Qiwei Real Estate Investment Holdings Ltd. and Yingzi Real Estate Investment Holdings Ltd. Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by a liquidity crisis in 2021, roiling global markets, according to Reuters. Creditors of Sunac China Ltd have approved its US$9 billion offshore debt restructuring plan, the company said on Sept. 18, 2023, marking the first approval of such debt overhaul by a major Chinese property developer. Sunac China Holdings Limited sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15 proceedings. Sidley Austin is the legal counsel to Sunac China. ========= I N D I A ========= ALCHEMIST HOLDINGS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Alchemist Holdings Limited Registered Address: 1511 Hemkunt Chambers 89 Nehru Place, New Delhi 110019 Insolvency Commencement Date: June 4, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: December 1, 2025 Insolvency professional: Manoj Kumar Jain Interim Resolution Professional: Manoj Kumar Jain B-7/45, Second Floor, Safdarjung Enclave Extension, New Delhi 110029 Email: mkjain365@gmail.com -- and -- B-318, 3rd Floor, Tower-B, KLJ Noida One, B-8, Sector-62, Noida, Gautambuddh Nagar, U.P. 201309 E-mail: cirp.alchemistholdings@gmailcom Last date for submission of claims: June 18, 2025 BARSHI MUNCIPAL: CRISIL Lowers Corporate Credit Rating to B ----------------------------------------------------------- Crisil Ratings has revised the corporate credit rating of Barshi Muncipal Council (BMC) to 'Crisil B/Stable Issuer Not Cooperating' from 'Crisil BB/Stable Issuer Not Cooperating'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Corporate Credit - Crisil B/Stable (ISSUER NOT Rating-LT COOPERATING; Revised from 'Crisil BB/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with BMC through letters and emails dated May 14, 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 COOPERATIVE' 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. Ratings with the 'ISSUER NOT COOPERATIVE' suffix lack a forward-looking component'. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings has not received any information on the financial performance or strategic intent of BMC, 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 BMC is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based on the last available information, the corporate credit rating of BMC is revised to 'Crisil B/Stable Issuer Not Cooperating' from 'Crisil BB/Stable Issuer Not Cooperating'. BMC is a Class A municipal council. It is tasked with providing services such as water supply and sewerage, education, healthcare, town planning and development, and women and child welfare. Barshi is in Solapur, Maharashtra. BIHARIJI PACKAGING: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Bihariji Packaging Products Private Limited Registered Address: 30/21, MAHESHWARI MOHAL, Kanpur, Uttar Pradesh, India, 208001 Insolvency Commencement Date: June 6, 2025 Court: National Company Law Tribunal, Allahabad Bench Estimated date of closure of insolvency resolution process: December 3, 2025 Insolvency professional: Sumit Shukla Interim Resolution Professional: Sumit Shukla B-4/702, Krishna Apra Gardens, Plot No 7, Vaibhav Khand, Indirapuram, Ghaziabad - 201014 Email: sumit_shukla@rediffmail.com Correspondence Address: 401, Tower-C, Plot No - A-40, I - Thum, Sector-62, Noida - 201301 Process email: cirp.bihariji@gmail.com Last date for submission of claims: June 20, 2025 BKSONS INFRASTRUCTURE: CRISIL Withdraws D Rating on INR50cr Loan ---------------------------------------------------------------- Crisil Ratings has withdrawn its ratings on the bank facilities of Bksons Infrastructure Private Limited (BIPL) 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 50 Crisil D/Issuer Not Cooperating (Withdrawn) Cash Credit 20 Crisil D/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with BIPL for obtaining information through letter and email dated July 11, 2024 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 BIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the ratings on bank facilities of BIPL to 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2011, BIPL undertakes civil engineering projects, such as construction of roads and bridges for the National Highways Authority of India and the Central Public Works Department, mainly in Assam. Mr Bhagya Kalita is the promoter. CUBATICS INDUSTRIES: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Cubatics Industries Private Limited Registered Address: B/1006-1007, Express Zone, Western Express Highway Near Patel Uanika, Malad (East) Mumbai, Mumbai City MH IN 400063 Insolvency Commencement Date: June 4, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 1, 2025 Insolvency professional: CA Pankaj Bhattad Interim Resolution Professional: CA Pankaj Bhattad Finvin Turnaround and Restructuring Private Limited Poonam CHSL, Sunteck Crest 605, 6th Floor, Plot No. 3, Mukund Nagar Road, Andheri Kurla Road, Andheri (E), Marol Naka, Mumbai, Mumbai, Maharshtra, India 400059 Email: finvinturnaround@gmail.com Email: cubaticsind.cirp@gmail.com Last date for submission of claims: June 18, 2025 H. SHERUL: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of H. Sherul and Co. (HSC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 4 CRISIL D (Issuer Not Discounting Cooperating) Foreign Bill 14.5 CRISIL D (Issuer Not Discounting Cooperating) Packing Credit in 18 CRISIL D (Issuer Not Foreign Currency Cooperating) Packing Credit in 3.5 CRISIL D (Issuer Not Foreign Currency Cooperating) Pre Shipment Credit 10 CRISIL D (Issuer Not Cooperating) Proposed Short Term 25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with HSC 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 HSC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HSC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HSC continues to be 'Crisil D Issuer not cooperating'. HSC, established as a partnership firm in 2000, is engaged in cutting and polishing of diamonds. The firm has its manufacturing facilities in Mumbai (Maharashtra) and Surat (Gujarat). The firm currently has two partners - Mr. Bhupatbhai Lukhi, and Mr. Rameshbhai Lukhi. HARE KRISHNA: CRISIL Moves B+ Debt Ratings to Not Cooperating ------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Hare Krishna Industries (HKI), as: Amount Facilities (INR crore) Ratings ---------- --------- ------- Cash Credit 4 CRISIL B+/Stable (Issuer Not Cooperating; Rating Migrated) Term Loan 3.25 CRISIL B+/Stable (Issuer Not Cooperating; Rating Migrated) Crisil Ratings has been consistently following up with HKI 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 HKI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HKI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HKI continues to be 'Crisil B+/Stable Issuer not cooperating'. Set up in 2012, HKI manufactures polar and mink blankets. It has two manufacturing units, one each at Panipat and Karnal (both in Haryana). The firm was set up by Mr. Gourav Goyal, Mr. Lalit Gupta, and Mr. Pramod Kumar, who manage the operations. HARIMAN SEEDS: CARE Withdraws B+ Rating on INR6cr Cash Credit ------------------------------------------------------------- Crisil Ratings has withdrawn its rating on the bank facilities of Hariman Seeds (HS) 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 ---------- ----------- ------- Cash Credit 6 Crisil B+/Stable (Issuer Not Cooperating) (Withdrawn) Term Loan 5 Crisil B+/Stable (Issuer Not Cooperating) (Withdrawn) Crisil Ratings has been consistently following up with HS for obtaining information through letter and email dated August 12, 2024 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 HS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the rating on bank facilities of HS to 'Crisil B+/Stable Issuer not cooperating'. HS is a partnership firm established in 2017 and owned and managed by Mrs Manju Singhal and Mr Amit Kumar Agarwal. The firm recently set up a unit for rice processing from paddy, producing rice bran and husk from hulling of paddy, and other allied works. The unit in U S Nagar, Uttarakhand, has an installed capacity of 6 tonne per hour. Firm started operations in June 2019. HERODEX POWER: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Herodex Power Systems Private Limited (HPSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 14.5 CRISIL D (Issuer Not Cooperating) Cash Credit 19 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 10.42 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with HPSPL 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 HPSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HPSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HPSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. HPSPL, established in August 1995 is promoted by Mr Shashank Kalkar and Mr Prashant Desai. The company provides products and services for the electricity transmission and distribution sector. It manufactures automatic power factor controller panels and offers various power systems-based EPC turnkey project solutions to the sector. Its manufacturing facility is at Nashik, Maharashtra. HINDUSTAN NEWSPRINT: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hindustan Newsprint Limited (HNL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Cash Credit 45 CRISIL D (Issuer Not Cooperating) Cash Credit 60 CRISIL D (Issuer Not Cooperating) Cash Credit 1 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Letter of Credit 33 CRISIL D (Issuer Not Cooperating) Letter of Credit 12 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HNL for obtaining information through letter and email dated May 14, 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 HNL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HNL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HNL continues to be 'Crisil D/Crisil D Issuer not cooperating'. HNL was incorporated in 1983 as a wholly-owned subsidiary of Hindustan Paper Corporation Ltd, which was set up by the Government of India in 1970. HNL has a capacity to produce 100,000 tonnes per annum (tpa) of newsprint at its facility in Kottayam, Kerala. It also has a 22-megawatt captive power plant and a 100-tonne-per-day de-inking unit to convert waste paper into pulp; the pulp is used as raw material for production of newsprint. HYFLUX ENGINEERING: Liquidation Process Case Summary ---------------------------------------------------- Debtor: Hyflux Engineering (India) Private Limited Plot No. 15, Ground Floor, Rajas Garden, Phase II, Noombal, Chennai, Chennai, Tamil Nadu, India 600077 Liquidation Commencement Date: May 30, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: Sudhir GS 11 SUBHAM Jayalakshmi Street Keelkatallai, Chennai 600117 Email: sudhircaip@gmail.com -- and -- 7th Floor, KRD GEE GEE Crystal, Dr. Radhakrishnan, Salai, Mylapore, Chennai 600004 Email: cirphyfluxengineering@gmail.com Last date for submission of claims: July 2, 2025 IND-ANDHRA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ind-Andhra Agro Products Private Limited (IAPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Packing Credit 38 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with IAPPL 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 IAPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IAPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of IAPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. IAPPL was set up by Mr. Arimilli Rama Krishna, Mr. Gudimetla Rama Krishna, and Mr. Samanthapudi Sree Rama Raju. The company trades in agro-commodities, and derives revenue from trading in maize and rice. The company is based in West Godavari District (Andhra Pradesh). INDICA CONVEYORS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Indica Conveyors Limited (ICL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Bank Guarantee 9 Crisil D (Issuer Not Cooperating) Cash Credit 15 Crisil D (Issuer Not Cooperating) Letter of Credit 6 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ICL 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 ICL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ICL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ICL continues to be 'Crisil D/Crisil D Issuer not cooperating'. ICL, incorporated in 1998 by Mr. Ranbir Singh and his two sons Mr. Arvinder Singh and Mr. Tarunjit Singh, is engaged in the manufacturing and marketing of solid woven polyvinyl chloride (PVC) coated conveyor belts. The conveyor belts manufactured by ICL are PVC-covered, fire retardant, anti-static conveyor belts which are mainly used in underground mining. ISHANIKA HOTELS: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Ishanika Hotels Private Limited (IHPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 12 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with IHPL 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 IHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of IHPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2015, IHPL is promoted by Mr Arun Singh and his wife Ms Rolli Singh. The company is setting up a hotel project in the area of around 12000 sq. ft. comprising seven floors. The property comprises 58 rooms and is situated at Gomti Nagar, Vibhuti Khand Lucknow, and Uttar Pradesh. The commercial operations are expected to start from April 2017. JAGANNATH TRADERS: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Jagannath Traders - Delhi (JT) 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 JT 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 JT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JT continues to be 'Crisil D Issuer not cooperating'. JT, based in Delhi, was established as a partnership firm between Mr Pawan Sharma and Mr Jatin Sharma in 2014. It trades in dry fruits, such as almonds, and herbs and spices, including cloves and poppy seeds. JAGWANI PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jagwani Projects Private Limited (JPPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 CRISIL D (Issuer Not Cooperating) Proposed Long Term 14 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with JPPL 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 JPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JPPL continues to be 'Crisil D Issuer not cooperating'. JPPL, incorporated in 1988, is promoted by the Kolkata (West Bengal)-based Jagwani family. It currently exports iron ore fines. The company has also diversified in the manufacture of light emitting diode (LED) lighting systems. The company manufactures bulbs, tube lights, panel lights etc. under its LED lighting division. JAIPRAKASH ASSOCIATES: Adani Group, Vedanta, Others Submit Plans ---------------------------------------------------------------- The Economic Times reports that billionaire Gautam Adani's Group, mining mogul Anil Agarwal's Vedanta, and Dalmia Bharat Cement have submitted their resolution plans to acquire Jaiprakash Associates through an insolvency process, according to sources. Jaypee Infratech, which has been acquired by Mumbai-based Suraksha Group, has also submitted the bid, they added. Baba Ramdev-led Patanjali Ayurved, however, has not submitted the resolution plan after showing initial interest, sources said, ET relays. In April, as many as 25 companies showed interest in acquiring Jaiprakash Associates Ltd (JAL). Earlier this month, lenders of JAL extended the deadline for submission of resolution plans to June 24 on request of prospective bidders. According to sources, Adani group firm Adani Enterprises, Vedanta, Jaypee Infratech and Dalmia Bharat Cement have submitted their resolution plans for JAL, ET relays. Other companies, which submitted EOIs in April, included Torrent Power, GMR Business & Consultancy LLP, Jindal India Power, Jindal Power Ltd, Kotak Alternate Asset Managers Ltd, PNC Infratech, and Oberoi Realty. Authum Investment & Infrastructure; Consortium of Winro Commercial (India) and Parakh Advisors; Dickey Asset Management; India Opportunities XII Investments; J C Flowers Asset Reconstruction; Jaithari Thermal Power; Jakson Ltd; Oriental Structural Engineers; Paschim Sagar Properties; Rashmi Metaliks; Sherisha Technologies; Sigma Corporation (India) Ltd; and Winchain Infrastructures also showed initial interest, adds ET. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. JAWAHAR SAW: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Jawahar Saw Mills Private Limited (JSMPL; a part of the Agicha group) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 45.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JSMPL 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 JSMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JSMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JSMPL continues to be 'Crisil D Issuer not cooperating'. The Agicha group, founded by Mr Agicha and family in 1956, trades in timber logs. Mr Manohar Agicha manages the operations. K. V. EDUCATION: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of K. V. Education Trust (KVET) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 1.45 CRISIL B+/Stable (ISSUER NOT Overdraft COOPERATING) facility Proposed Long Term 4.00 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 1.55 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KVET 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 KVET, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KVET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KVET continues to be 'Crisil B+/Stable Issuer not cooperating'. KVET, a public trust registered under the Trust Act of India 1882, was established in the year 1998. The trust operates one college Sarada Krishna Homeopathic Medical College situated at Kulasekharam in Kanyakumari District of Tamil Nadu. The college offers both graduate as well as post graduate courses in Homeopathy. KAMAL SPONGE STEEL: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: M/s Kamal Sponge Steel and Power Limited Registered Address: Kamal Kunj, Ahinsa Circle, Subhash Marg, C-Scheme, Jaipur, Rajasthan-302001 (as per MCA) -- and -- SAGMA, Satna, Madhya Pradesh, 485001 (as per GST) Insolvency Commencement Date: June 4, 2025 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: December 1, 2025 Insolvency professional: Pawan Kumar Sharma Interim Resolution Professional: Pawan Kumar Sharma 19, Milap Nagar, Tonk Road, Jaipur 302018 Email: Ca.pawansharma1@gmail.com -- and -- 803-804, V-Jai City Point, Ahinsa Circle, С-Scheme, Jaipur 302001 Email: cirpksspl@gmail.com Last date for submission of claims: June 18, 2025 KASTURI RAM: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kasturi Ram Science and Technological Park Limited (KRSTP) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 7.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KRSTP 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 KRSTP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KRSTP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KRSTP continues to be 'Crisil D Issuer not cooperating'. KRSTP, incorporated in 1997, is promoted by the Aggarwal family of New Delhi. The company is engaging in farming. It is constructing a warehouse to facilitate storage of agricultural products in Sonepat, Haryana. KOSCA DEP: CRISIL Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Kosca Dep India Private Limited (KDIPL) continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 5 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with KDIPL 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 KDIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KDIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KDIPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 2017 and based in Uttar Pradesh, KDIPL provides interior design services to factories across India. The company is promoted by Mr Soukchoun Nam and Mr Young Kim. KOSHER PHARMA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kosher Pharmaceutical Private Limited (KPPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 13 CRISIL D (Issuer Not Cooperating) Proposed Cash 2 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with KPPL 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 KPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KPPL continues to be 'Crisil D Issuer not cooperating'. KPPL, set up in 2012, is currently setting up a bulk drug manufacturing unit. The company is promoted by Mr Lakkireddy Tirupathi Reddy and is based in Hyderabad. KRAMSKI STAMPING: CRISIL Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kramski Stamping and Molding India Private Limited (KMPL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.75 CRISIL B-/Stable (Issuer Not Cooperating) External Commercial 7 CRISIL B-/Stable (Issuer Not Borrowings Cooperating) Crisil Ratings has been consistently following up with KMPL 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 KMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KMPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Set up in 2008, KMPL is engaged in manufacturing of High Precision metal stamped components and Precision Plastic Molds. KMPL is a 100% subsidiary of German based company Kramski GMBH. Based out of Vellore (Tamilnadu), the company is promoted by Kramski Andreas Reinhold. KRISAM AUTOMATION: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Krisam Automation Private Limited (KAPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7 CRISIL D (Issuer Not Cooperating) Overdraft Facility 7 CRISIL D (Issuer Not Cooperating) Term Loan 0.15 CRISIL D (Issuer Not Cooperating) Term Loan 3.42 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KAPL 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 KAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KAPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. KAPL was established initially as a proprietorship concern named Krisam Automation (KA) by Mr. T V Ravi Kumar in 1995. Later in 2013-14 (refers to financial year, April 1 to March 31), the existing business of KA was taken over by KAPL. The company manufactures capital equipment used in the automation of assembly systems, testing systems, and laser welding, cutting, and marking applications. KRISH CEREALS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Krish Cereals Private Limited (KCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Proposed Long Term 6 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KCPL 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 KCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KCPL continues to be 'Crisil D Issuer not cooperating'. KTKP SARABARAHKARI: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of K T K P Sarabarahkari and Babasayi Samitee Himghar Limited (KTKP) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.18 CRISIL D (Issuer Not Cooperating) Cash Credit 4.38 CRISIL D (Issuer Not Cooperating) Proposed Long Term 4.80 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 0.65 CRISIL D (Issuer Not Loan Cooperating) Working Capital 0.39 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with KTKP 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 KTKP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KTKP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KTKP continues to be 'Crisil D/Crisil D Issuer not cooperating'. KTKP was incorporated in 1997 to provide cold storage facility to potato farmers and traders. The company is promoted by Mr Krishna Gopal Jena and has a facility in Hooghly, West Bengal. LANDSCAPE REALITY: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Landscape Reality (LR) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 67 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LR 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 LR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LR continues to be 'Crisil D Issuer not cooperating'. Set up in 2010 in Pune as a limited liability partnership firm, LR is currently executing a residential project in Pune. The firm is promoted by Dajikaka Gadgil Developers Pvt Ltd, which in turn belongs to Gadgil family of Pune (promoters of PN Gadgil Jewellers Pvt Ltd). LIFETREE ACADEMICS: CRISIL Keeps B+ Rating in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Lifetree Academics and Projects Private Limited (LTAP) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Proposed Term Loan 9.5 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LTAP 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 LTAP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LTAP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LTAP continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2012, LTAP has leased its property near Thiruvananthapuram to Charter School for Education and Research. It is promoted by Moat Project Management Pvt Ltd (rated 'CRISIL B/Stable') represented by Mr. Binoy J Kattadiyil and Mr. Rakkinth Subramanian, and Mr Romald Francis. LOVELY ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Lovely Enterprises Private Limited (LEPL; part of the Lovely group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Cash Credit 22 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LEPL 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 LEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LEPL continues to be 'Crisil D Issuer not cooperating'. The Kolkata-based Lovely group was promoted by Mr Kishan Gopal Biyani and his son, Mr Samir Biyani. Lovely International Pvt Ltd (LIPL), incorporated in 1999, trades in sawn timber and timber logs. LEPL, which was set up in 2003, also trades in other commodities such as marble, and iron and steel products; however, timber remains the group's main product. LOVELY INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lovely International Private Limited (LIPL; part of the Lovely group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Purchase- 7.5 CRISIL D (Issuer Not Discounting Cooperating) Facility Cash Credit 40 CRISIL D (Issuer Not Cooperating) Letter of Credit 28 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with LIPL 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 LIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. The Kolkata-based Lovely group was promoted by Mr Kishan Gopal Biyani and his son, Mr Samir Biyani. LIPL, incorporated in 1999, trades in sawn timber and timber logs. Lovely Enterprises Pvt Ltd (LEPL), which was set up in 2003, also trades in other commodities such as marble, and iron and steel products; however, timber remains the group's main product. MA CHANDI: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ma Chandi Rice Mill (MCRM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.25 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit- 1.3 CRISIL D (Issuer Not Book Debt Cooperating) Proposed Long Term 0.48 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.57 CRISIL D (Issuer Not Cooperating) Term Loan 0.4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MCRM 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 MCRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MCRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MCRM continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 2001 as a partnership firm by Mr. Ramapada Shaw and Mr. Muktipada Shaw, MCRM processes nonbasmati par boiled rice. Its manufacturing facility in Burdwan, West Bengal, has capacity of 12 tonnes per hour. It sells rice under the Bright Gold brand. MANGALSIDDHI MULTI: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Mangalsiddhi Multipurpose Multistate Sah. Sangh Limited (MMMSSL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MMMSSL 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 MMMSSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MMMSSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MMMSSL continues to be 'Crisil D Issuer not cooperating'. MMMSSL is co-operative society promoted by Mr Rajendra Tambile. Established in 2010, the society processes and distributes milk (pasteurised, homogenised, and standardised) to larger corporates for sale under their brands. The society has a milk handling capacity of around 1 lakh litres per day at Indapur in Pune, Maharashtra. The society also processes milk and milk products such as ghee, lassi, and curd under its Rajmangal brand. MEENAKSHI FISHING: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Meenakshi Fishing and Trading Co. (MFTC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.15 CRISIL D (Issuer Not Cooperating) Long Term Loan 8 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.85 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MFTC 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 MFTC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MFTC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MFTC continues to be 'Crisil D Issuer not cooperating'. MFTC, is engaged in fishing and providing ferry services for tourists of Andaman Islands. The firm's entire operation is based out of Andaman Islands. MEGAA BAKERS: Liquidation Process Case Summary ---------------------------------------------- Debtor: Megaa Bakers Private Limited Village Tahliwal, Distt. Una, H.P, Himachal Pradesh Liquidation Commencement Date: June 5, 2025 Court: National Company Law Tribunal, Chandigarh bench Liquidator: Manohar Suman Flat No. 401 GH-28A, Sector 20, Panchkula - 134117, Haryana E-mail: manoharsuman10@gmail.com -- and -- 3rd Floor, Plot No. D-190, Industrial Area, Phase 8B, Sector-74, SAS Nagar Mohali - 160071, Punjab Last date for submission of claims: July 5, 2025 NDA METAOXIDES: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: NDA Metaoxides Private Limited Registered Address: Plot No. C-43A, Rico Industrial Area Extension Bassi, Jaipur, Rajasthan 303301 Insolvency Commencement Date: May 28, 2025 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: November 24, 2025 Insolvency professional: Rajneesh Sharma Interim Resolution Professional: Rajneesh Sharma Flat No. DG04 Silver Springs APT, Navaratan Complex, New Navaratan Main Road, Udaipur, Rajasthan 313001 Email: rajneeshsharmacs@gmail.com Email: cirp.ndametaoxides@gmail.com Last date for submission of claims: June 18, 2025 SEASON RUBBERS: CRISIL Withdraws B+ Rating on INR7cr Cash Credit ---------------------------------------------------------------- Crisil Ratings has withdrawn its rating on the bank facilities of Season Rubbers Private Limited (SRPL) 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 ---------- ----------- ------- Cash Credit 7 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating; Withdrawn) Crisil Ratings has been consistently following up with SRPL for obtaining information through letter and email dated April 4, 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 SRPL. 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 SRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRPL continues to be 'Crisil B/Stable Issuer Not Cooperating'. Incorporated in 1976, Kottayam (Kerala)-based SRPL engaged in processing of raw latex to centrifuged latex. The operations of the company were taken over by Mr. Mathew Mathew of Royal Latex group and their family since November 2015. SOLITAIRE INFOMEDIA: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Solitaire Infomedia Private Limited Registered Address: J-4, Shop No-4, Basement, Block-J, Kirti Nagar, New Delhi-110015 Insolvency Commencement Date: June 3, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: November 29, 2025 Insolvency professional: Jalesh Kumar Grover Interim Resolution Professional: Jalesh Kumar Grover SCO-818, 2nd Floor, NAC, Manimajra, Chandigarh 160101 Email: jk.grover27@gmail.com Email: ip.solitairecirp@gmail.com Mobile No. 9501081808 Mobile No. 9875921490 Representative of Creditors in a class: 1. Vikram V. Minhas 6009/6 Santushti Apartment D-6, Vasant Kunj, Delhi E-mail: adv_vikram@yahoo.com Contact No.: 9818417840 2. Vijay Kishore Saxena 3rd Floor, 100, Kailash Hills, East of Kailash, New Delhi 110065 E-mail: vksaxena2159@gmail.com Contact No.: 011-41021100 3. Ms. Jaya Bharuka LGF, D-29, Jangpura Extension, New Delhi 110014 E-mail: jayabharuka@gmail.com Contact No.: 9891943345 Last date for submission of claims: June 17, 2025 T & U SYSTEMS: CRISIL Lowers Rating on INR13.5cr LT Loan to B+ -------------------------------------------------------------- Crisil Ratings has downgraded its ratings on the bank facilities of T & U Systems Automobiles Private Limited (TUSAPL) to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B+/Stable/Crisil A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Cash Credit 5.5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 13.5 CRISIL B+/Stable (Issuer Not Bank Loan Facility COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with TUSAPL for obtaining information through letter and email dated April 4, 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 TUSAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TUSAPL is consistent with 'Assessing Information Adequacy Risk' Crisil Ratings has downgraded its ratings on the bank facilities of TUSAPL to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B+/Stable/Crisil A4 Issuer Not Cooperating'. The rating action reflects the delays in servicing its debt obligations by the company as per publicly available information. Incorporated in September 2009, TUSAPL is an authorised dealer of New Holland for tractors, harvesting machines, and other farm vehicles. The company currently has eight outlets situated in districts of the Vidarbha region of Maharashtra. V.V.S. SOFTWARE: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: V.V.S. Software and Solutions Private Limited 156, 24th Main, Second Stage D Block J P Nagar, Mysore, Karnataka, India 570008 Liquidation Commencement Date: June 2, 2025 Court: National Company Law Tribunal, Hyderabad Bench Liquidator: Ganmur Madhusudhan Reddy Giridhari Avighna Homes, Flat No. 408, Block B, Bandlaguda Jagir, Ranga Reddy District, Telangana 500086 Email: gmadhucs@gmail.com Mob.: 9538604096 Last date for submission of claims: July 2, 2025 VADRAJ CEMENT: Nuvoco Vistas Completes INR1,800cr Acquisition ------------------------------------------------------------- The Economic Times reports that Nirma Group's Nuvoco Vistas Corp has made the INR1,800 crore payment to lenders led by Punjab National Bank (PNB) and Union Bank of India completing its acquisition of the debt-ridden Vadraj Cement. The money was paid to lenders on June 22, allowing them to write back their provisions this quarter, two people aware of the details said. "The money came to lenders on Saturday [June 20] and has been distributed. There were some delays due to some litigation but now that everything is settled, the company transferred the money well ahead of the June 24 deadline," said one of the persons cited by the report. PNB with 25% of the more than INR8,000 crore debt stands to gain INR431 crore, while Union Bank will get INR345 crore, calculations by ET show. ET relates that the acquisition will help Nuvoco Vistas boost its installed cement capacity by over 20% reaching around 31 MTPA and is the company's third acquisition after Lafarge Cement and Emami Cement. A Mumbai bench of the NCLT had approved the acquisition in April. Gujarat-based Vadraj Cement, formerly owned by ABG Shipyard, has a 6 million tonne grinding unit in Surat and will add to Nuvoco Vistas' existing production capacity of 25 million tonne by more than 20%. According to ET, the acquisition was undertaken through Vanya Corp, a wholly-owned subsidiary of Nuvoco Vistas. Subsequently, Vanya will be merged with Vadraj Cement, according to the resolution plan. Vadraj Cement will ultimately become the wholly-owned subsidiary of the company. Nuvoco's INR1,800 crore offer outbid Adani Group at an auction under the court-monitored corporate insolvency, ET had reported in January this year, recalls the report. Adani group-backed Ambuja Cement had partnered with Prudent ARC-backed RKG Fund to acquire the Gujarat-based cement company. Of the INR1,800 crore offered by Nuvoco Vistas, INR1,725 crore will be used for repaying financial creditors' dues, and the balance is set aside for operational credit, dues to employees, an insolvency resolution process costs, ET notes. About Vadraj Cement Vadraj Cement Limited was founded in 1996. The Company's line of business includes the manufacturing of hydraulic cement. As reported in the Troubled Company Reporter-Asia Pacific in early February 2024, the Mumbai bench of the insolvency tribunal has ordered initiation of insolvency proceedings against Vadraj Cement, a group company of the bankrupt ABG Shipyard, after the cement manufacturer defaulted on dues of more than INR87 crore to state-run Punjab National Bank (PNB). The bench appointed Pulkit Gupta, a partner at EY (debt and special situations) as the interim resolution professional who will manage the day-to-day affairs of the company, Livemint.com discloses. In November 2023, the Economic Times reported that Adani Group, JSW Cement and ArcelorMittal were in running to buy the bankrupt Gujarat-based firm. In January 2025, Nirma Group promoted Nuvoco Vistas Corp emerged as the successful resolution applicant for Vadraj Cement. ========= J A P A N ========= [] JAPAN: Bento Shop Bankruptcies Could Hit a Record in 2025 ------------------------------------------------------------ The Japan Times reports that Bento shops have been hit hard by inflation and a weak economy as stagflation takes hold in Japan and makes business difficult for even the most humble of establishments. The Japan Times, citing Teikoku Databank, says 22 bento shops went bankrupt from January to May, compared to 21 in the same period last year. Bentos - set lunches normally served in box-like containers - are popular in Japan with students, workers and businesspeople on the go and others looking for a quick and cheap meal. They are available at supermarkets, convenience stores and dedicated bento shops. The research gave no figure for the total number of bento shops in Japan, The Japan Times notes. In 2024, 52 bento shops went bankrupt, the most since Teikoku Databank started compiling the data in 2000. This year could be another record. "Many bento shops are struggling to find ways to break through this situation. It seems they can only be defensive, simply trying to hold on," The Japan Times quotes Daisuke Iijima, a Teikoku Databank analyst, as saying. Teikoku Databank points out that demand for bento meals has been falling since the pandemic, as more people work from home and don't need to buy bentos, The Japan Times adds. The rising cost of ingredients, especially rice, has hit meal-in-a-box providers hard. Japan's inflation is running at about 3% this year, and was 3.5% in May, notes the report. In May, the price of rice more than doubled year on year. The price of rice will be a key factor for bento shops, the report states. "Opinions are divided among bento business operators whether the high rice price is temporary or not," the report quotes Mr. Iijima as saying. He pointed out that many bento shops have increased their prices to a certain degree, but the price increases have been outpaced by the rising cost of ingredients. In fiscal 2024, 45% of bento shops reported higher profits, 30% were unprofitable and 22% reported a fall in profits, according to the Teikoku Databank report cited by The Japan Times. Corporate bento shops can take advantage of their scale to contain costs, but smaller bento stores lack that leverage and must eat the increases or pass them on to customers, the report adds. ===================== N E W Z E A L A N D ===================== CONSTRA ASBESTOS: Court to Hear Wind-Up Petition on July 4 ---------------------------------------------------------- A petition to wind up the operations of Constra Asbestos Management Limited will be heard before the High Court at Auckland on July 4, 2025, at 10:45 a.m. Leasesolutions.co.nz filed the petition against the company on April 14, 2025. The Petitioner's solicitor is: B. Pamatatau Bruce Pamatatau, Barrister Level 6, 5 Short Street Newmarket Auckland HARVEST HOSPITALITY: Creditors' Proofs of Debt Due on July 25 ------------------------------------------------------------- Creditors of Harvest Hospitality Group Limited are required to file their proofs of debt by July 25, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 18, 2025. The company's liquidators are: Trevor Edwin Laing Emma Margaret Laing Laing Insolvency Specialists Limited PO Box 2468 Dunedin 9044 PIKAPIKA HOMES: Creditors' Proofs of Debt Due on July 17 -------------------------------------------------------- Creditors of Pikapika Homes Limited are required to file their proofs of debt by July 17, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 18, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 STELCHIP LIMITED: Creditors' Proofs of Debt Due on July 25 ---------------------------------------------------------- Creditors of Stelchip Limited are required to file their proofs of debt by July 25, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 19, 2025. The company's liquidator is: Craig Young PO Box 87340 Auckland WATT ROOFING: Court to Hear Wind-Up Petition on July 7 ------------------------------------------------------ A petition to wind up the operations of Watt Roofing Limited will be heard before the High Court at Whangarei on July 7, 2025, at 10:00 a.m. Leasesolutions.co.nz filed the petition against the company on April 22, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= DELTA CORP: Court to Hear Wind-Up Petition on June 27 ----------------------------------------------------- A petition to wind up the operations of Delta Corp Shipping Pte. Ltd. will be heard before the High Court of Singapore on June 27, 2025, at 10:00 a.m. Shanghai Minsheng Shipping Co. Ltd filed the petition against the company on June 4, 2025. The Petitioner's solicitors are: Allen & Gledhill LLP One Marina Boulevard #28-00 Singapore 018989 NIHAL INTERNATIONAL: Court to Hear Wind-Up Petition on July 4 ------------------------------------------------------------- A petition to wind up the operations of Nihal International Pte. Ltd. will be heard before the High Court of Singapore on July 4, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on June 11, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ROBINSON LAND: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on June 13, 2025, to wind up the operations of Robinson Land Pte. Ltd. DBS Bank Ltd. filed the petition against the company. The company's liquidators are: Mr. Goh Wee Teck Mr. Ng Kian Kiat c/o RSM SG Corporate Advisory Pte. Ltd. 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 SUPRATECHNIC PTE: Court to Hear Wind-Up Petition on June 27 ----------------------------------------------------------- A petition to wind up the operations of Supratechnic Pte. Ltd. will be heard before the High Court of Singapore on June 27, 2025, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on April 30, 2025. The Petitioner's solicitors are: Tan Kok Quan Partnership 1 Wallich Street #07-02 Guoco Tower Singapore 078881 XILINX HOLDING: Commences Wind-Up Proceedings --------------------------------------------- Members of Xilinx Holding Three Pte. Ltd. on June 10, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Teh Kwang Hwee Tan & Teh 1 Commonwealth Lane #07-32 One Commonwealth Singapore 149544 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Gets South Korean Court's Approval for Sale Plan ------------------------------------------------------------- Reuters reports that a South Korean court approved on June 20 grocery retailer Homeplus's plan to sell the struggling company, in a move that the court said was aimed at providing funds to repay creditors and to ensure job security for employees at the company. In March, MBK Partners, a private equity firm which owns the company, filed for a court-led restructuring of Homeplus, marking a setback to the firm's marquee, $6.1 billion deal made more than a decade ago. According to Reuters, a spokesperson for MBK said on June 20 it will support the successful sale of the company and plans to write off KRW2.5 trillion ($1.83 billion) worth of common shares that it holds in the company as part of the sale. Reuters relates that the Seoul Bankruptcy Court approved a plan to appoint accounting firm Samil PricewaterhouseCoopers to manage the sale, which will take two of three months, the court said in a statement. The court said the sale would help channel funds into the company and pay back debts to its creditors, while guaranteeing the job security of Homeplus employees and protecting partner firms by avoiding bankruptcy, Reuters adds. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ============= V I E T N A M ============= VIETNAM: Fitch Affirms 'BB+' Foreign-Currency IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Vietnam's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook. Key Rating Drivers Credit Strengths and Weaknesses: Vietnam's 'BB+' rating reflects the country's solid medium-term growth outlook, lower government debt/GDP ratio than the 'BB' peer median, and a favourable external debt profile. The rating is primarily constrained by a relatively underdeveloped policy framework, high and rising leverage in the economy, and lagging structural features, such as lower GDP per capita compared with peers. Uncertainty surrounding global trade policies pending negotiations with the US, along with the government's policy response, represents a risk to Vietnam's credit profile. Large Trade Exposures: Fitch forecasts Vietnam's growth will decelerate to 5.6% in 2025 and 5.3% in 2026, from 7.1% in 2024. This reflects its baseline assumption that external headwinds will increasingly weigh on the country's growth prospects, even with the robust performance in manufacturing exports in 1H25 due to frontloading during the 90-day pause on US reciprocal tariffs. Vietnam is particularly exposed to the risk of US trade actions due to its heavy dependence on merchandise exports, accounting for 83% of GDP in 2024, with the US representing 30% of total exports, and with significant Chinese inputs. US Policy Risks: Fitch expects Vietnam's robust manufacturing infrastructure, cost competitiveness, relatively educated workforce compared with some regional peers, and the country's participation in numerous regional and global trade agreements will continue to attract FDI inflows. However, uncertainty remains over potentially high tariffs, which could have wider effects on global trade volumes, supply chains and investment flows. The US announced a high 46% reciprocal tariff on Vietnam. A significantly less favourable outcome for US tariffs on Vietnam relative to its key export competitors poses a risk to the viability of the country's current growth model. Strong Growth Potential: Its baseline is for Vietnam's medium-term growth outlook to remain robust at roughly 6%, outperforming many 'BB' category peers, assuming continued solid FDI into export-oriented industries, favourable demographics, an expanding service sector alongside increasing urbanisation and reform initiatives. The consolidation of power under the top leadership should support reform implementation. Ongoing reform initiatives, such as a reorganisation of administrative frameworks to enhance governance efficiency and regional development, and measures to foster private-sector growth, offer an upside to growth prospects. Stepped-up Policy Response: Fitch anticipates the authorities will implement various counter-cyclical policies to mitigate the adverse economic impact of increased tariffs. The National Assembly raised its 2025 growth target to 8% in February, which the authorities reaffirmed after the new US administration announced its reciprocal tariffs. Measures to support growth against external shocks could include easing credit policy by assigning higher lending targets to banks and adopting a looser fiscal stance to accelerate public investment. Fitch believes such policies could negatively affect Vietnam's private and public leverage. High Credit Reliance: The State Bank of Vietnam's credit growth target of 16% for 2025 to support the economy is likely to lead to a further build-up of leverage in the broad economy from an already-high base, which Fitch estimates at roughly 135% of GDP at end-2024 ('BB' median: 52.5%). Reliance on elevated credit growth targets to drive economic activity remains a persistent risk to economic stability, in its view. Stresses in recent years in the country's property sector highlight underlying limitations in economic policy and regulatory frameworks. Banking Sector Challenges: Fitch expects increased trade tariffs and an anticipated economic slowdown to weigh on banks' asset quality and profitability prospects. If the government encourages a significant acceleration in loan growth to support the economy, it could lead to greater risk-taking by banks and potentially reduce their generally still thin capital buffers. Regulatory suasion to keep lending rates low are likely to continue weighing on banks' net interest margins, offsetting revenue gains from faster loan growth. Government Debt Low but Rising: Fitch forecasts the general government debt-to-GDP ratio will rise to 34.2% in 2026 from an estimated 32.2% in 2024, reflecting a widening of the fiscal deficit to 3.4% of GDP in 2025 and 3.7% in 2026 from its 1.6% estimate for 2024. This is partly driven by rising public investment in infrastructure development to bolster growth. The debt ratio will remain well below the projected 'BB' median of 53.3% and the official 50% government debt ceiling. Domestic financing of wider deficits will be supported by stable and relatively captive demand from long-term institutional investors such as the Vietnam Social Security Fund. Fitch projects the government debt ratio to stabilise over the medium term, though the trajectory remains sensitive to growth assumptions. Contingent liability risks arising from a large state-owned enterprise (SOE) sector remains a credit weakness, with debt of 671 SOEs reaching 19.7% of GDP and state capital investment in these SOEs at 16.9% of GDP by end-2023. Decline in FX Reserves: Foreign-exchange (FX) reserves fell by about 10% yoy to USD81.2 billion in February 2025. The official FX reserve data are published with a long delay. The decline in FX reserves despite a sizeable current account surplus may reflect understated imports and unrecorded capital outflows. The Vietnamese dong has depreciated by around 2% so far this year, underperforming peers, and may face further pressure if the US were to raise tariffs significantly. Fitch projects the FX reserve coverage of current external payments at 2.2 months at end-2025, well below the 'BB' median of 4.3 months. However, the government's external debt is owed mainly to bilateral and multilateral agencies, leading to a lower external debt-servicing burden and supports a high external liquidity ratio. ESG - Governance: Vietnam has an ESG Relevance Score of '5' for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators have in its proprietary Sovereign Rating Model. Vietnam has a medium World Bank Governance Indicator ranking at the 41st percentile, reflecting a low level of rights for participation in the political process, moderate institutional capacity, rule of law and level of corruption. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - External Finances: A sharp reduction in FX reserves associated with pressure on the exchange rate, contributing to a weaker net external creditor position. - Public Finances: Expectation of significantly higher fiscal deficits, crystallisation of contingent liabilities on the sovereign's balance sheet, or reduced confidence in medium-term growth prospects, which would lead to a significant rise in government debt/GDP. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Macroeconomic Policy and Performance: Sustained high growth, without the creation of economic vulnerabilities, that reduces the GDP per capita gap with rating peers, and strengthening of the economic policy framework and improving transparency of policy decisions and data. - Public Finances: Significant reduction in fiscal risks, particularly those associated with contingent liabilities, stemming from the large SOE sector and the broader high leverage of the economy. Sovereign Rating Model (SRM) and Qualitative Overlay (QO) Fitch's proprietary SRM assigns Vietnam a score equivalent to a rating of 'BBB' on the Long-Term Foreign-Currency (LT FC) IDR scale. Fitch's sovereign rating committee adjusted the output from the SRM to arrive at the final LT FC IDR by applying its QO, relative to SRM data and output, as follows: - Macro: -1 notch to reflect an underdeveloped macroeconomic policy framework that has delivered strong growth, but is overly reliant on leverage and is not fully transparent in terms of decision-making and data, for instance on FX reserves, which could hamper effective management of emerging complexities in the economy and financial sector. - Public Finances: -1 notch to reflect structural weaknesses in the banking sector (financial system assets of nearly 200% of GDP at end-2024) related to low capitalisation and high contingent liability risks from a large SOE sector. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within its criteria that are not fully quantifiable and/or not fully reflected in the SRM. Country Ceiling The Country Ceiling for Vietnam is 'BB+', in line with the LT FC IDR. This reflects no material constraints and incentives, relative to the IDR, against capital or exchange controls being imposed that would prevent or significantly impede the private sector from converting local currency into foreign currency and transferring the proceeds to non-resident creditors to service debt payments. Fitch's Country Ceiling Model produced a starting point uplift of 0 notch above the IDR. Fitch's rating committee did not apply a qualitative adjustment to the model result. ESG Considerations Vietnam has an ESG Relevance Score of '5' for Political Stability and Rights as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Vietnam has a percentile rank below 50 for the respective Governance Indicator, this has a negative impact on the credit profile. Vietnam has an ESG Relevance Score of '5' for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Vietnam has a percentile rank below 50 for the respective Governance Indicators, this has a negative impact on the credit profile. Vietnam has an ESG Relevance Score of '4' for Human Rights and Political Freedoms as the Voice and Accountability pillar of the World Bank Governance Indicators is relevant to the rating and a rating driver. As Vietnam has a percentile rank below 50 for the respective Governance Indicator, this has a negative impact on the credit profile. Vietnam has an ESG Relevance Score of '4[+]' for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for Vietnam, as for all sovereigns. Vietnam has a record of more than 20 years without a restructuring of public debt, which is captured in its SRM variable. This has a positive impact on the credit profile. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Vietnam LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ LC ST IDR B Affirmed B Country Ceiling BB+ Affirmed BB+ senior secured LT BB+ Affirmed BB+ Senior Unsecured-Local currency LT BB+ Affirmed BB+ =============== X X X X X X X X =============== NYS GRANITES: Liquidation Process Case Summary ---------------------------------------------- Debtor: NYS Granites Impex Pvt Ltd No. 3603, Ward No. 5, New Kotwal Peth, Ilkal Hungund Ilkal - 587125 Karnataka Liquidation Commencement Date: May 30, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Ranjana Singh Second Floor, No. 53/7, Near Anjaneya Temple Street, Yediyur 6th Block Jayanagar, Bengaluru 560070 Email: ranjana@beleyur.com -- and -- No. 428, 19th B Cross Road, 3rd Block, Jayanagar, Bengaluru 560011 Tel: 080 26540193 Email: nys.cirp@gmail.com Last date for submission of claims: July 3, 2025 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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 ***