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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, June 30, 2025, Vol. 28, No. 129

                           Headlines



A U S T R A L I A

BRITE ADVISORS: Auditor Admits Failures; Surrenders Registration
CORONADO GLOBAL: Fitch Lowers Long-Term IDR to 'CCC-'
ENTERPRISE EFFECTIVENESS: First Creditors' Meeting Set for July 2
GFG ALLIANCE: ASIC Takes Action vs. Liberty Bell
INVENTIS PROPERTIES: First Creditors' Meeting Set for July 2

JERVOIS GLOBAL: Set for ASX Delisting Amid Liquidation Proceedings
KOHINOR SCAFFOLDING: First Creditors' Meeting Set for July 2
LIFESTYLE GROUP: Cliffwater Corporate Marks $5.4M Loan at 38% Off
MORTGAGE HOUSE 2025-1: S&P Assigns B (sf) Rating to Class F Notes
OKARA PTY: First Creditors' Meeting Set for July 2

PANORAMA AUTO 2025-2P: Fitch Assigns 'BBsf' Final Rating to E Notes
REX AIRLINES: Accepts AUD30MM Government Financing
SURFSTITCH PTY: New Owner Plans to Relaunch Brands
WORKSTATIONS PTY: First Creditors' Meeting Set for July 1


C H I N A

AGILE GROUP: Two Former Hong Kong Sites Sell at 63% Discount
HIGHER GROUND: Files for Chapter 11 Bankruptcy in Texas
SHINECO INC: CEO, CFO Launch US$2MM Stock Purchase Program


I N D I A

AAA PAPER: CRISIL Keeps D Debt Rating in Not Cooperating Category
ACHIEVERS BUILDERS: CRISIL Keeps D Rating in Not Cooperating
ADMERUS BIOSCIENCES: CRISIL Keeps B+ Ratings in Not Cooperating
AIR CARNIVAL: CRISIL Keeps D Debt Ratings in Not Cooperating
GOVIND ELECTRICA: Liquidation Process Case Summary

JLS REALITY: Insolvency Resolution Process Case Summary
MA MAHAMAYA: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHARSHEE GEOMEMBRANE: CRISIL Keeps D Ratings in Not Cooperating -
MANI AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
MARKS PRYOR: CRISIL Keeps D Debt Ratings in Not Cooperating

MAXFLOW PUMPS: CRISIL Keeps C Debt Rating in Not Cooperating
MODERN STAGE: CRISIL Keeps D Debt Rating in Not Cooperating
MOTHER INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
MOTI RAM: CRISIL Keeps D Debt Ratings in Not Cooperating Category
MYSORE FRUIT: CRISIL Keeps D Debt Ratings in Not Cooperating

PULSE NUTRI: CRISIL Keeps D Debt Ratings in Not Cooperating
SACHDEV STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
SPICEJET LIMITED: CRISIL Keeps D Debt Rating in Not Cooperating
SUNDERBAN BREWERIES: CRISIL Keeps D Ratings in Not Cooperating
SVSVS PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating

TANISHKA AUTOMOTIVES: Liquidation Process Case Summary
TEKNOVATION ENG: CRISIL Keeps D Debt Ratings in Not Cooperating
TRANS HIMALAYAN: CRISIL Keeps D Debt Ratings in Not Cooperating
TRIPURARI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
UMAXE PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating

UNITED CORP: CRISIL Keeps D Debt Ratings in Not Cooperating
UNITED MASTERBATCHES: CRISIL Keeps D Ratings in Not Cooperating
VENKATADRI SPINNING: CRISIL Keeps D Ratings in Not Cooperating
VIJAY NIRMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
VISHNU OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating

VYSHNAVI SPICES: Insolvency Resolution Process Case Summary
YAMUNA INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating


I N D O N E S I A

GARUDA INDONESIA: Secures in US$405 Million Wealth-Fund Loan


N E W   Z E A L A N D

COMMRES CONTRACTORS: Creditors' Proofs of Debt Due on July 23
KOHINOA CIVIL: Court to Hear Wind-Up Petition on July 3
MAT NZ: Creditors' Proofs of Debt Due on July 18
SHADOW LION: Court to Hear Wind-Up Petition on July 11
VETERINARY PROFESSIONAL: A.M. Best Affirms B(Fair) FS Rating

WHO CARES: Court to Hear Wind-Up Petition on July 11


S I N G A P O R E

ASTOR PROPERTIES: Creditors' Proofs of Debt Due on July 21
NG BROTHERS: Creditors' Proofs of Debt Due on July 21
SCHEMACRAFT INTERIORS: Court Enters Wind-Up Order
TC WATERWAY: Creditors' Proofs of Debt Due on July 24
THREE ARROWS: Founders' Bid to Set Aside Disclosure Order Rejected

UNICUZ CHINESE: Court Enters Wind-Up Order

                           - - - - -


=================
A U S T R A L I A
=================

BRITE ADVISORS: Auditor Admits Failures; Surrenders Registration
----------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
accepted a court enforceable undertaking (CEU) from Perth-based
registered company auditor, David Makowa of DM Advisory Services.

Following significant audit quality findings identified by ASIC,
Mr. Makowa has undertaken to surrender his registration as a
company auditor and to never re-apply.

Mr. Makowa audited the profit and loss statements and balance
sheets of Brite Advisors Pty Ltd (Receivers and Managers appointed)
(in liquidation), an Australian Financial Services Licensee, and
provided required opinions for the financial years ended June 30,
2019 to 2022 (the FY19, FY20, FY21 and FY22 Audits).

Mr. Makowa admits he failed to carry out or perform the FY19, FY20,
FY21 and FY22 Audits adequately and in accordance with the
Australian Auditing Standards and Standards on Assurance
Engagements.

ASIC Deputy Chair Sarah Court said, 'Confidence and trust underpin
the role of company auditors and the independent assurance they
provide. This trust is critical to maintaining the integrity of our
capital markets and enabling investors to make informed decisions.
Auditor misconduct is an enforcement priority for ASIC and we will
continue to investigate where we identify potential misconduct or
non-compliance.'

ASIC registers, supervises and reviews the conduct of company
auditors. Company auditors are trusted gatekeepers using their
professional competence, skills and capabilities to provide
assurance and confidence.

ASIC's action in relation to Mr. Makowa arose from ASIC's
investigation into Brite Advisors Pty Ltd.

   * CEUs are publicly available on the register Court enforceable
undertakings register.

   * Information Sheet 28 About the court enforceable undertakings
register (INFO 28) provides more information about ASIC's CEU
register.

   * ASIC's policy on CEUs is outlined in Regulatory Guide Court
enforceable undertakings (RG 100).

Further information about ASIC's investigation into Brite Advisors
Pty Ltd can be found at Brite Advisors. This investigation is
ongoing.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
8, 2024, the Federal Court has ordered Brite Advisors Pty Ltd be
wound up on just and equitable grounds following an application by
Australian Securities & Investments Commission (ASIC).

At a hearing on Feb. 6, 2024, the Court appointed Linda Smith and
Robert Kirman of McGrath Nicol as liquidators to Brite and as
receivers and managers over the property, assets and undertakings
held by Brite on trust for others.

The appointment of Ms. Smith and Mr. Kirman as liquidators follows
their previous court appointments to Brite as investigative
accountants on Nov. 9, 2023 and as receivers and managers on  Dec.
13, 2023.


CORONADO GLOBAL: Fitch Lowers Long-Term IDR to 'CCC-'
-----------------------------------------------------
Fitch Ratings has downgraded Coronado Global Resources Inc.'s (CRN)
Long-Term Issuer Default Rating (IDR) to 'CCC-', from 'CCC+'. Fitch
has also downgraded the rating on the US-dollar senior secured
notes issued by CRN's wholly owned subsidiary, Coronado Finance Pty
Ltd, to 'CCC+', from 'B', with a Recovery Rating (RR) of 'RR2'. The
notes are guaranteed by CRN and all its operating subsidiaries and
are their senior secured obligations.

The downgrade incorporates CRN's weaker operational performance,
which has led us to revise down its estimates of CRN's EBITDA and
free cash flow (FCF). Fitch nows forecast that CRN will run out of
cash by 1H26, despite securing funding via a new asset-based
lending (ABL) facility as well as prepayment and rebate deferral
under a deal with a key customer, Stanwell Corporation Ltd.

Fitch believes the company has some options to boost liquidity
within the next six to nine months, such as the sale of equity
stakes in mining assets and obtaining additional customer
prepayments. However, these carry significant risk amid prevailing
uncertainty around the price of metallurgical (met) coal, CRN's
primary output, and global interest rates.

Fitch thinks potential asset sale proceeds, new prepayment or other
debt facilities, better-than-expected operating performance and a
sustained improvement in coal prices are key upside risks to its
forecast and could improve its assessment of the company's
liquidity and credit profile.

Key Rating Drivers

Potential Cash Depletion by 1H26: Fitch forecast negative
Fitch-adjusted EBITDA for 2025 and 2026, leading to large negative
FCF and cash depletion by 1H26 if CRN is unable to secure
additional funding. Its forecast incorporates an average met coal
benchmark price assumption of USD180 per tonne (t) in 2025 and 2026
and a USD300 million liquidity boost by end-2025 from the new ABL
facility and deal with Stanwell. Fitch also factors in higher sales
volume, reduced unit mining cost and lower capex from 2H25.

CRN plans to increase its mining units at the new Mammoth
underground mine in the Curragh Complex, Australia, to three, from
two, in 2H25. It is also adding a raw coal storage facility and
coal hoisting capacity at the Buchanan mine in the US. The majority
of planned 2025 capex for these projects will be incurred in 1H25.
CRN also plans to optimise its contractor structure to cut
operating costs and push maintenance capex back by a few months.
However, Fitch believes CRN's high-cost structure will continue to
drain its liquidity over the next year, unless coal prices rise
materially.

Persistent Operational Underperformance: Fitch has lowered its 2025
expectations for coal sales volume growth by around 5% from its
previous forecast and have raised its unit mining cost assumption
by 5%. Fitch now expects a 4% growth in sales volume in 2025 and a
9% reduction in unit cost. CRN said output in 2Q25 has been
affected by heavy rainfall as well as some unplanned maintenance.
CRN has faced numerous unplanned shutdowns, which Fitch attributes
to management as well as asset quality.

ABL Drawdown Conditional: CRN has secured a three-year USD150
million ABL facility from an affiliate of Oaktree Capital
Management, L.P., replacing an earlier facility whose amended terms
could not be mutually agreed upon despite protracted negotiations.
The facility makes available USD75 million, but a drawdown of the
remaining USD75 million is subject to an increase in CRN's
borrowing base, comprising of certain receivables and inventories.
Fitch assumes that CRN will draw the full USD150 million by
end-2025, helped by an increase in working capital.

ABL Covenant Risk: Fitch sees risk that CRN could breach the likely
financial covenants under the ABL in 2H25, based on its expectation
that EBITDA will remain negative. However, if CRN is unable to
secure covenant waivers in a timely manner, it could repay the ABL
via other options, such as additional customer prepayments.

Prepayment and Rebate Deferral: Stanwell, CRN's primary customer
for thermal coal produced in Australia, has agreed to provide USD75
million as a prepayment and additional liquidity support of around
USD75 million by waiver and deferral of rebates payable by CRN from
April to December 2025. These amounts bear 13% interest, which will
be accrued until early 2027, following which the principal of
around USD150 million and accrued interest will be settled by
physical coal delivery over five years.

Stanwell will benefit from additional coal volume of 800,000 tonnes
(t) per annum for five years from 2027 above the 2.2 million tonnes
CRN had previously agreed to sell each year. Of the additional
amount, half will be at market prices, with the remainder priced at
a forward curve rate that is higher than current prices. Fitch
treats the prepayment and rebate deferral liabilities to Stanwell
as CRN's debt.

Additional Funding Options Carry Risk: Fitch believes CRN has the
option to obtain substantial asset sale proceeds within the next
six to nine months. However, weak met coal market conditions and
persistent operational underperformance could affect investor
interest and cause delays. CRN also has the option to obtain
additional customer prepayments, but the interest cost and other
terms could be prohibitive. Fitch has not incorporated these
potential inflows in its forecast, due to significant uncertainty.

Volatile Coal Prices: Premium hard met coal spot prices for
Australia have fallen to below USD180/t, after a recovery in April
and May 2025, due to lacklustre demand in the key markets of India
and China. Fitch sees the possibility of coal prices weakening
further on prevailing risks to global growth and steel demand amid
US tariff hike uncertainty.

High Costs to Ease: CRN was in the fourth quartile of CRU's
business cost curve for met coal exports in 2024 on a
weighted-average basis. Fitch estimates CRN's cost position will
improve in 2H25, based on CRU data, driven by higher output from
the lower-cost Mammoth underground mine and Buchanan mine
expansion.

Rated on Standalone Basis: Fitch rates CRN based on its Standalone
Credit Profile, despite Coronado Group LLC's 50.4% stake. Fitch
does not have any information on Coronado Group, held by Energy &
Minerals Group (EMG), a private equity firm. Fitch sees limited
risk to CRN's credit profile from large dividends or other forms of
exceptional returns to Coronado Group and EMG. CRN is listed in
Australia and has a majority of independent board directors.
Simultaneously, Fitch does not expect any liquidity support from
Coronado Group and EMG to CRN.

Peer Analysis

CRN's ratings can be compared with that of other rated met coal
producers, including Golden Energy and Resources Pte. Ltd. (GEAR,
B+/Negative) and Mongolian Mining Corporation (MMC, B+/Stable).

GEAR owns 59% of Australia-based met coal mining company, Stanmore
Resources Limited, and a 60% stake in an Illawarra met coal asset.
GEAR's assets have a better cost position than CRN's, within the
third quartile of the global met coal cost curve. Fitch expects
GEAR's average proportionately consolidated EBITDA over 2025-2027
to be significantly higher than CRN's average. CRN's business
profile disadvantages compared with GEAR, along with a weaker
financial profile - highlighted by significant liquidity risk -
drive its lower IDR.

MMC is the largest producer and exporter of high-quality hard met
coal in Mongolia. MMC has a significantly stronger financial
profile than CRN. This drives its higher rating, despite its IDR
being affected by the concentration of end customers in northern
China and high country-risk for its mining operations in Mongolia.

Key Assumptions

Fitch's Key Assumptions Within Its Rating Case for CRN:

- Total coal sales volume, including thermal coal, of 16.5 million
in 2025 and 18.1 million t in 2026 (2024: 15.8 million t).

- Average realised price for coal sales of USD120/t over 2025-2027
(2024: USD155/t).

- Unit cost of coal revenue declining by USD10/t in 2025 and
USD13/t in 2026.

- Average annual capex of around USD200 million over 2025-2027
(2024: USD248 million).

- Flat annual dividend of USD17 million during 2025-2027.

Recovery Analysis

The recovery analysis assumes that CRN would be liquidated in
bankruptcy, based on its estimate of higher recoveries for
debtholders in case of liquidation compared with CRN's
going-concern enterprise value. Fitch assumes a 10% administrative
claim.

Fitch calculates liquidation value by using an 80% advance rate
against the value of trade receivables as of end-1Q25 and a 50%
advance rate against the value of inventory. This is in line with
typical advance rates Fitch uses for receivables and inventory.
Fitch also uses a 15% advance rate against the value of property,
plant and equipment, which is significantly lower than its typical
assumption, as Fitch believes the liquidation value could be
hampered by the old age and limited reusability of a large portion
of CRN's plant and equipment.

Fitch assumes the USD75 million of ABL facility that is currently
available based on the borrowing base of outstanding receivables
and inventory will be drawn and practically rank ahead of the
USD400 million senior secured notes in the event of liquidation.
The ABL has first lien status over trade receivables and inventory,
which are easily liquidated. Fitch believes this effectively
renders the US-dollar notes second lien.

These assumptions result in an 'RR2' Recovery Rating for the
US-dollar notes under its Corporate Recovery Ratings and Instrument
Ratings Criteria.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- Increased default risk, due to factors like limited progress on
boosting liquidity in a timely manner via equity stake sales or
other means, and operational performance being weaker than its
expectation.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- An improvement in CRN's liquidity profile, based on its
expectation that cash would remain above USD100 million for the
next 12 months without further funding.

Liquidity and Debt Structure

CRN had cash of around USD160 million as of end-May 2025, which
continued to deplete from around USD230 million as of end-March
2025 and around USD340 million as of end-2024. CRN does not have
significant near-term debt maturities, but Fitch estimates that its
cash will run out by 1H26 unless it secures additional equity or
debt funding, due to negative EBITDA and sustained interest and
capex.

Potential asset sale inflows could allow CRN to sustain operations
until 2027, when profitability should improve, due to better terms
under its agreement with Stanwell. However, further operational
underperformance could hamper efforts to secure additional funds.
Fitch does not incorporate additional funds into its forecast.

Issuer Profile

CRN is an Australia-listed met and thermal coal miner. It has
assets in Australia and the US. It sold 16 million t of coal in
2024.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER

Fitch rates CRN based on its standalone credit profile even though
Coronado Group holds a majority 50.4% stake. Coronado Group is a
private company on which information is unavailable and is
ultimately held by EMG, a specialised natural resource-focused
private equity firm. Fitch believes risk to CRN's credit profile
from large dividends or other forms of exceptional returns and
support to Coronado Group and EMG is limited. CRN is listed on the
Australian Securities Exchange (ASX) and has a majority of
independent directors on its board. This has enabled us to rate
CRN, despite lack of detailed information on parent.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

CRN has an ESG Relevance Score of '4' for Management Strategy.
CRN's operational performance has often been weaker than its
guidance, hampered by asset-quality and management issues. This
indicates risk to strategic execution, which would have a bearing
on CRN's financial profile. This has a negative impact on the
credit profile and is relevant to the ratings in conjunction with
other factors.

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           Recovery   Prior
   -----------             ------           --------   -----
Coronado Global
Resources Inc.        LT IDR CCC-  Downgrade           CCC+

Coronado Finance
Pty Ltd

    senior secured    LT     CCC+  Downgrade   RR2     B

ENTERPRISE EFFECTIVENESS: First Creditors' Meeting Set for July 2
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Enterprise
Effectiveness Pty. Ltd. (trading What to do) will be held on July
2, 2025 at 11:00 a.m. via Zoom platform.

John Chand and Patrick Loi of Greengate Advisory NSW was appointed
as administrators of the company on June 24, 2025.



GFG ALLIANCE: ASIC Takes Action vs. Liberty Bell
------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has taken
action in the Supreme Court of NSW against Liberty Primary Metals
Australia, Tahmoor Coal and Liberty Bell Bay for their failure to
lodge annual financial reports with the ASIC.

Large proprietary companies with a financial year ending June 30
are required to lodge their annual reports with ASIC by October 31
each year.

Liberty Primary Metals Australia and Tahmoor Coal have failed to
lodge annual reports with ASIC for the 2024 financial year.

Liberty Bell Bay failed to lodge financial reports with ASIC for
the financial years ending in 2021, 2022, 2023, and 2024.

An annual report consists of a financial report, a directors'
report, and an auditor's report.

"It is important that these reports are lodged in a timely manner
to assist creditors and other users of the annual reports in making
informed decisions when dealing with large companies," ASIC said.

GFG Alliance Australia owns and operates manufacturing companies
InfraBuild; Primary Steel and Mining in South Australia and New
South Wales; and LIBERTY Bell Bay in Tasmania.


INVENTIS PROPERTIES: First Creditors' Meeting Set for July 2
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Inventis
Properties Pty Ltd, Inventis HR Services Pty Ltd, Workstations Pty
Ltd, Bassett Furniture Pty Ltd, and Gregory Commercial Furniture
Pty Limited will be held on July 2, 2025 at 10:00 a.m. via
Microsoft Teams.

Simon Cathro and Andrew Blundell of Cathro Partners were appointed
as administrators of the company on June 20, 2025.


JERVOIS GLOBAL: Set for ASX Delisting Amid Liquidation Proceedings
------------------------------------------------------------------
TipRanks reports that Jervois Global Limited, currently in
liquidation, has been approved for removal from the Australian
Securities Exchange (ASX) effective June 30, 2025. This decision
follows the execution of a deed of company arrangement (DOCA) and
creditors' trust deed (CTD) aimed at resolving the company's
financial obligations.

TipRanks relates that creditors with Admitted Claims will receive
distributions from the Creditors' Trust Fund, but shareholders are
not eligible for these distributions. The remaining funds after
distributions will be used to wind up the company, with any
residual amounts returned to a new entity, NewCo.

                        About Jervois Global

Jervois Global Limited (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) and its
affiliates are global suppliers of advanced manufactured cobalt
products, serving customers in the powder metallurgy, battery and
chemical industries.  The Debtors' principal asset base is
comprised of an operating cobalt facility in Finland and
non-operating plants in both the United States and Brazil.

On Jan. 28, 2025, Jervois Texas, LLC and seven affiliated debtors,
including Jervois Global Limited filed voluntary petitions for
relief under Chapter 11 of the United States Bankruptcy Code. The
Debtors' bankruptcy cases are seeking joint administration under
Case No. 25-90002 and are pending before the Honorable Judge
Christopher M. Lopez in the United States Bankruptcy Court for the
Southern District of Texas.

The Debtors tapped Sidley Austin LLP as restructuring counsel,
Moelis & Company as investment banker, and FTI Consulting, Inc., as
restructuring advisor.  Stretto Inc. is claims agent to the
Debtors.

David Hardy and Gayle Dickerson of KPMG were appointed as
administrators of the company on March 12, 2025.

On April 30, 2025, the company's creditors passed resolutions
requiring the Companies to execute a Deed of Company Arrangement
(DOCA).  In accordance with section 446AA of the Act, upon
completion of the DOCA, the Companies were placed into liquidation
with Gayle Dickerson, David Hardy and Ian Sutherland appointed as
liquidators (Liquidators). The control of the Companies will remain
with the Liquidators until finalisation of the liquidations.


KOHINOR SCAFFOLDING: First Creditors' Meeting Set for July 2
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Kohinor
Scaffolding NSW Pty Ltd will be held on July 2, 2025 at 10:30 a.m.
via videoconference only.

John Vouris of Hall Chadwick was appointed as administrator of the
company on June 20, 2025.


LIFESTYLE GROUP: Cliffwater Corporate Marks $5.4M Loan at 38% Off
-----------------------------------------------------------------
Cliffwater Corporate Lending Fund (CCLFX) has marked its
AUD5,408,746 loan extended to Fitness and Lifestyle Group Bidco
Pty. Ltd. to market at AUD3,350,911 or 62% of the outstanding
amount, according to CCLFX's Form N-CSR for the fiscal year ended
March 31, 2025, filed with the U.S. Securities and Exchange
Commission.

CCLFX is a participant in a First Lien Term Loan to Fitness and
Lifestyle Group Bidco Pty. Ltd. The loan accrues interest at a rate
of 11.51%, 7.25% PIK per annum. The loan matures on June 30, 2026.

CCLFX is a Delaware statutory trust registered under the Investment
Company Act of 1940, as a closed-end management investment company
operating as an interval fund. The Fund operates under an Agreement
and Declaration of Trust, as most recently amended and restated on
September 15, 2021. The Fund operates as a diversified fund, which
means that at least 75% of the value of its total assets is
represented by cash and cash items, government securities,
securities of other investment companies, and other securities for
the purposes of this calculation limited in respect of any one
issuer to an amount not greater than 5% of the value of the total
assets of the Fund and to not more than 10% of the outstanding
voting securities of such issuer. Cliffwater LLC serves as the
investment adviser of the Fund.

CCLFX is led by Stephen Nesbitt, President and Principal Executive
Officer, and Lance J. Johnson as Principal Financial Officer.

The Fund can be reach through:

Stephen Nesbitt
Cliffwater Corporate Lending Fund
235 West Galena Street
Milwaukee, WI 53212
Telephone: (414) 299-2000

          About Fitness and Lifestyle Group Bidco Pty. Ltd

Fitness & Lifestyle Group is Asia Pacific's leading health &
wellness group, with headquarters in Australia.


MORTGAGE HOUSE 2025-1: S&P Assigns B (sf) Rating to Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Mortgage House Capital Mortgage
Trust No.1 - Mortgage House RMBS Osmium Series 2025-1.

Mortgage House RMBS Osmium Series 2025-1 is a securitization of
residential mortgage loans to Australian residents, nonresidents,
and self-managed superannuation fund borrowers, originated by
Mortgage House of Australia Pty Ltd.

The ratings reflect the following factors.

S&P said, "We have assessed the credit risk of the underlying
collateral portfolio, and we believe the credit support provided to
each class of notes is commensurate with the ratings assigned.
Credit support for the rated notes comprises note subordination,
lenders' mortgage insurance on 0.74% of the mortgage loan
portfolio, and excess spread.

"We have considered the underwriting standard and centralized
approval process of the seller, Mortgage House of Australia.

"We expect that the various mechanisms to support liquidity within
the transaction, including a liquidity facility equal to 1.5% of
the outstanding balance of the notes and principal draws are
sufficient under our stress assumptions.

"Our ratings also reflect the fixed- to floating-rate interest-rate
swap provided by National Australia Bank Ltd. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS."

  Ratings Assigned

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Osmium Series 2025-1

  Class A1-S, A$362.00 million: AAA (sf)
  Class A1-L, A$438.00 million: AAA (sf)
  Class A2, A$79.00 million: AAA (sf)
  Class B, A$50.00 million: AA (sf)
  Class C, A$31.00 million: A+ (sf)
  Class D, A$22.00 million: BBB (sf)
  Class E, A$9.00 million: BB (sf)
  Class F, A$5.50 million: B (sf)
  Class G1, A$2.00 million: Not rated
  Class G2, A$1.50 million: Not rated  


OKARA PTY: First Creditors' Meeting Set for July 2
--------------------------------------------------
A first meeting of the creditors in the proceedings of Okara Pty.
Ltd. (as trustee for PJ & K Casey Family Trust) will be held on
July 2, 2025 at 2:00 p.m. at the offices of SV Partners, Level 6/La
Balsa, 45 Brisbane Road, Mooloolaba, in Qld and via virtual meeting
technology.

Anne Meagher and Adam Kersey of SV Partners were appointed as
administrators of the company on June 20, 2025.


PANORAMA AUTO 2025-2P: Fitch Assigns 'BBsf' Final Rating to E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Panorama Auto Trust
2025-2P's pass-through floating-rate notes. 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 Panorama Auto Trust 2025-2P.

   Entity/Debt           Rating            Prior
   -----------           ------            -----
Panorama Auto
Trust 2025-2P

   Commission Note   LT NRsf  New Rating   NR(EXP)sf
   A                 LT NRsf  New Rating   NR(EXP)sf
   B AU3FN0099412    LT AAsf  New Rating   AA(EXP)sf
   C AU3FN0099420    LT Asf   New Rating   A(EXP)sf
   D AU3FN0099438    LT BBBsf New Rating   BBB(EXP)sf
   E AU3FN0099446    LT BBsf  New Rating   BB(EXP)sf
   G                 LT NRsf  New Rating   NR(EXP)sf

Transaction Summary

The total collateral pool at the 31 May 2025 cut-off date was
AUD600 million. The pool consisted of 13,156 receivables with
weighted-average (WA) seasoning of 4.1 months, WA remaining
maturity of 54.4 months and an average contract balance of
AUD45,607. The pool comprised of three product types: novated
leases, consumer loans and commercial loans, which formed 43.5%,
31.5% and 25.0%, respectively, of the outstanding balance , and
12.2% of the vehicles in the portfolio were electric.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Its base-case gross-loss
expectations and 'AAAsf' default multiples are as follows:

Novated leases: 1.0% (7.5x)

Consumer loans: 3.5% (5.25x)

Commercial loans: 4.0% (5.25x)

The recovery base case for electric vehicles (EVs) is 24.0%, with a
'AAAsf' recovery haircut of 60.0% and for non-EVs 35.0%, with a
'AAAsf' recovery haircut of 50.0%. The WA base-case default
assumption is 2.5% and the 'AAAsf' default multiple is 5.64x.

Portfolio performance is supported by Australia's continued growth
and tight labour market. GDP growth was 1.3% in the year end-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.

Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. The class A to E notes
will receive principal repayments pro rata upon satisfaction of
stepdown criteria. The percentage of credit enhancement provided by
the G notes will increase as the A to E notes amortise.

Fitch's cash flow analysis incorporates the transaction's
structural features and tests each note's robustness by stressing
default and recovery rates, prepayments, interest-rate movements
and default timing. All notes have passed their relevant rating
stresses.

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
back-up servicing arrangements. The nominated back-up servicer is
Perpetual Corporate Trust. Fitch undertook an operational review
and found that the operations of the originator and servicer were
comparable with those of other auto lenders.

No Residual Value Risk: There is no residual value exposure in this
transaction. However, 53.5% of the portfolio by receivable value
has balloon amounts payable at maturity.

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.

Unanticipated increases in the frequency of defaults and loss
severity 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.

Downside Sensitivities

Ratings: AAsf/ Asf / BBBsf / BBsf

Increase default rates by 10%: 'AA-sf'/'A-sf'/'BBB-sf'/'BB-sf'

Increase default rates by 25%: 'A+sf'/'BBB+sf'/'BB+sf'/'B+sf'

Increase default rates by 50%: 'A-sf'/'BBBsf'/'BBsf'/'B-sf'

Reduce recovery rates by 10%: 'AAsf'/'Asf'/'BBBsf'/'BB-sf'

Reduce recovery rates by 25%: 'AA-sf'/'A-sf'/'BBB-sf'/'BB-sf'

Reduce recovery rates by 50%: 'AA-sf'/'A-sf'/'BBB-sf'/'B+sf'

Increase default rates by 10% and reduce recovery rates by 10%:
'AA-sf'/'A-sf'/'BBB-sf'/'B+sf'

Increase default rates by 25% and reduce recovery rates by 25%:
'Asf'/'BBBsf'/'BB+sf'/'Bsf'

Increase default rates by 50% and reduce recovery rates by 50%:
'BBB+sf'/'BB+sf'/'BB-sf'/'CCCsf'

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.

Upgrade Sensitivities

Ratings: AAsf / Asf / BBBsf / BBsf

Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf
/ BBB+sf / BBsf

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 sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available for this
transaction.

As part of its ongoing monitoring, Fitch conducted a review of a
small, targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions referred to above,
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

Panorama Auto Trust 2025-2P, for which EVs form 12.2% of the pool,
has an ESG Relevance Score (RS) of '4' for Energy Management, which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors. The ESG RS is higher
than the baseline RS of '2' for this general issue in the
Australian auto sector.

There is limited credit performance data for EVs, and 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 its 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.

REX AIRLINES: Accepts AUD30MM Government Financing
--------------------------------------------------
Capital Brief reports that Rex Airlines has agreed with the
Commonwealth government to receive an additional AUD30 million in
financing as the federal court extends the regional airline
operator's voluntary administration period.

Initially flagged on June 17, the Commonwealth government amended
its facility agreement with Rex to provide further financing of up
to AUD30 million if required to keep regional routes flying until
December, Capital Brief relates.

This takes the total government financing to AUD160 million. So far
the Albanese government has provided an AUD80 million loan and
bought AUD50 million worth of debt from creditor PAG Capital.

According Capital Brief, the Federal Court on June 25 accepted an
extension request by Rex's EY administrators to delay the convening
of the second meeting of creditors by about three months to 5
December, allowing more time to negotiate with potential buyers.

When the federal government's support was initially flagged last
week, Transport Minister Catherine King said the sale process is
"progressing positively" and that administrators have "narrowed the
bidding field".

At the meeting, creditors will vote on the future of the company,
which could include returning control to shareholders, executing a
deed of company arrangement, ending the administration or winding
up the company.

The company entered administration after the airline's fleet was
grounded after it was unable to pay bills.

                         About Rex Airlines

Regional Express Pty. Ltd., trading as Rex Airlines (and as
Regional Express Airlines on regional routes), is an Australian
airline based in Mascot, New South Wales.  It operates scheduled
regional and domestic services.  It is Australia's largest regional
airline outside the Qantas group of companies and serves all 6
states across Australia.  It is the primary subsidiary of Regional
Express Holdings.

On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins
of Ernst & Young Australia (EY Australia) were appointed Joint and
Several Voluntary Administrators by the Rex Group's respective
Boards of Directors. The companies in administration are:

     * Regional Express Holdings Limited;
     * Regional Express Pty Limited;
     * Rex Airlines Pty Ltd;
     * Rex Investment Holdings Pty Limited; and
     * Air Partners Pty Ltd.


SURFSTITCH PTY: New Owner Plans to Relaunch Brands
--------------------------------------------------
Inside Retail reports that Best Markets, which is part of the
multi-vendor gift card company Best Gift Group and the new owner of
SurfStitch and Ginger & Smart, plans to relaunch the failed
Australian apparel retailers following a restructure.

Last month, Best Markets purchased an entity called Alquemie Retail
Operations, which included SurfStitch and Ginger & Smart, from
Alquemie Group for a token amount, Inside Retail recalls. It then
placed Alquemie Retail Operations into voluntary administration on
June 6.

"The decision follows a period of due diligence and transitional
planning by Best Markets, which acquired the brands from Alquemie
Group on May 31, 2025, with a view to revitalising them under new
ownership," a spokesperson for Best Markets told Inside Retail.
"Best Markets is working constructively with the administrators,
with a view to proposing a Deed of Company Arrangement (DOCA) that
offers a pathway to recapitalisation and continued trading under a
restructured model."

Edwin Narayan and Domenico Calabretta of Mackay Goodwin are leading
the administration process.

A spokesperson for the administrators declined to comment, citing
the need to gather information and report to creditors. However,
they confirmed that the administrators are not currently trading
"any brands owned by the companies," Inside Retail relays.

They told Inside Retail that the business, Alquemie Retail
Operations, had ceased trading as the landlords had already taken
possession of the sites before the administrators were appointed.

Inside Retail adds that the spokesperson for Best Markets said that
Omnia Brands, the secured debt holder across the entities, had been
notified of the voluntary administration.

Omnia Brands is owned by ACTA Retail Management, which is owned by
ACTA Capital Management, a boutique private-equity firm founded by
Richard Facioni in 2021.

Domenico Alessandro Calabretta and Edwin Narayan of Mackay Goodwin
were appointed as administrators of Surfstitch Pty Limited (trading
Surfstitch, Mohobu and Chosen Labels) on June 6, 2025.


WORKSTATIONS PTY: First Creditors' Meeting Set for July 1
---------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - Workstations Pty Ltd (trading as Chair Clinic);

     - Gregory Commercial Furniture Pty Limited (trading as
       Gregory Chairs);

     - Bassett Furniture Pty Ltd (trading as Bassett Furniture);

     - Inventis Hr Services Pty Ltd; and

     - Inventis Properties Pty Ltd

will be held on July 1, 2025 at 1:00 p.m. via virtual meeting
technology.

Simon Cathro and Andrew Blundell of Cathro & Partners were
appointed as administrators of the company on June 20, 2025.




=========
C H I N A
=========

AGILE GROUP: Two Former Hong Kong Sites Sell at 63% Discount
------------------------------------------------------------
South China Morning Post reports that two prime residential sites
on Hong Kong Island, once owned by Agile Group Holdings, have been
sold to executives linked to the private lender that helped fund
the purchase by the distressed Chinese developer in 2022,
government records showed.

The Post relates that the adjacent sites - located at 992-998
King's Road and 2-16 Mount Parker Road in Quarry Bay - were sold
for HK$1.2 billion (US$152.9 million) via an offer to purchase and
notice of acceptance earlier this month, according to the Land
Registry. The receivers handed over the properties to the buyer on
June 24, the records showed.

According to the Post, the selling price worked out to less than
half the HK$3.3 billion Agile paid for them three years ago,
according to property agents. Agile took a HK$894 million two-year
mezzanine loan at an annual interest rate of 20 per cent from
Allied Global Group in 2022 to help trim its US$8.3 billion debt
load then, only for China's housing slump to deepen and trigger
record bond defaults.

The buyer was identified as Perfect Way International, whose
directors are Farmsville and August Sky Investments, according to
official records, the Post relays. Wong Fung-yuen, a director at
Thing On Holdings, is listed as its "natural person". Both
Farmsville and August Sky are also listed as directors of Allied
Global, the records showed.

Local developers Yeung Sai-hong and Tony Yeung Siu-tung of Peterson
Group, and "Toy King" Choi Chee-ming, who is also the chairman of
local builder Early Light International, are connected to
Farmsville and August Sky. Yeung Sai-hong and Richard Wong
Chung-tak of Thing On Holdings own 33 per cent each of Allied
Global.

Agile handed over the properties to the creditors after it
defaulted, and it would be normal for these lenders, who are also
significant developers in Hong Kong, to take up the project
themselves, the Post relays citing an industry source.

The Post says the transaction suggests attempts to sell the two
sites on the open market had failed to attract a buyer or met the
asking price of the creditor amid market stress. Hong Kong's
property market has struggled to arrest a slide since mid-2021,
while high borrowing costs delayed its recovery.

The site can support a maximum gross floor area of around 448,000
sq ft, which can accommodate more than 500 residential units and
190 car parking spaces.

Agile chairman Chen Zhuolin sold some of his units in Hamburg Villa
in Kowloon Tong in December, according to an agent from Centaline
Property, the Post relates. The flats were sold at discounts of
between 53 per cent and 63 per cent to their HK$213 million
valuation. The 62-year-old tycoon sold all nine units in another
high-end project last year, at less than half the price he paid in
2019, agents said.

The Post notes that the fire sales show the slump in China's
property market over the past four years has eroded the personal
fortunes of local and mainland real estate tycoons, such as Hui
Ka-yan, the founder of China Evergrande Group. Other high-profile
casualties include the family of Ho Shung-pun and the family of the
late shop king Tang Shing-bor.

Last month, the Ho family put a commercial property on the block
after selling several luxury houses on The Peak last year to repay
expensive private debt, the Post adds.

                         About Agile Group

China-based Agile Group Holdings Limited operates as a real estate
development company. The Company develops and markets residential
areas, office buildings, hotels, restaurants, and other related
areas. Agile Group Holdings also provides property management and
educational services.

As reported in the Troubled Company Reporter-Asia Pacific in late
May 2024, Moody's Ratings has downgraded Agile Group Holdings
Limited's corporate family rating to Ca from Caa2 and the company's
senior unsecured rating to C from Caa3/Ca. Moody's has also
maintained the negative outlook.

"The downgrade of Agile's ratings and the negative outlook reflect
the company's weak liquidity with an interest payment default, as
well as Moody's expectation of weak recovery prospects for the
company's bondholders," says Daniel Zhou, a Moody's Assistant Vice
President and Analyst.

HIGHER GROUND: Files for Chapter 11 Bankruptcy in Texas
-------------------------------------------------------
On June 17, 2025, Higher Ground Education Inc. filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Texas. According to court filing, the Debtor reports between
$100 million and $500 million in debt owed to 200 and 999
creditors. The petition states funds will be available to unsecured
creditors.

           About Higher Ground Education Inc.

Higher Ground Education Inc. and its subsidiaries operate
Montessori schools and provide related training and consulting
services worldwide. Founded in 2016, the Group grew to manage more
than 150 schools by 2024, with locations across the U.S. and
international expansion into Hong Kong and mainland China. It also
offers virtual and home-based education, teacher training, and
licensing of its content to independent partners.

Higher Ground Education Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80121) on
June 17, 2025. In its petition, the Debtor reports estimated assets
and liabilities between $100 million and $500 million each.

Honorable Bankruptcy Judge Michelle V. Larson handles the case.

The Debtors are represented byHolland N. O'Neil, Esq. and Timothy
C. Mohan, Esq. at FOLEY & LARDNER LLP and Nora J. McGuffey, Esq.
and Quynh-Nhu Truong, Esq. at FOLEY & LARDNER LLP.
SIERRACONSTELLATION PARTNERS, LLC is the Debtors' Financial
Advisor. VERITA GLOBAL, LLC F/K/A KURTZMAN CARSON CONSULTANTS, LLC
is the Debtors' Notice, Claims, Solicitation & Balloting Agent.

SHINECO INC: CEO, CFO Launch US$2MM Stock Purchase Program
----------------------------------------------------------
Shineco, Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that Ms. Jennifer Zhan, the
Company's chief executive officer, and Mr. Sai (Sam) Wang, the
Company's chief financial officer, will jointly initiate a stock
purchase program to purchase up to $2,000,000 of the Company's
common stock, par value $0.001 per share at a price of up to $1.50
per share, reflecting their strong beliefs that the Common Stock is
undervalued.

Under the Stock Purchase Program, purchases of the Common Stock
will be made in the open market and funded by Ms. Zhan and Mr.
Wang's personal cash. The number of shares purchased under the
Stock Purchase Program and the timing of any purchases may be based
on many factors, including the level of the Company's general
business conditions and the pricing of the Common Stock.

                         About Shineco Inc.

Headquartered in Beijing, People's Republic of China, Shineco, Inc.
aims to 'care for a healthy life and improve the quality of life'
by providing health and medical products and services to society.
Shineco, operating through subsidiaries, has researched and
developed 33 vitro diagnostic reagents and related medical devices
to date, and the Company also produces and sells healthy and
nutritious foods.

Singapore-based AssentSure PAC, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated Sept.
30, 2024, citing that the Company had net losses of approximately
US$$24.3 million and US$14.0 million, and cash outflow of US$3.9
million and US$5.4 million from operating activities for the years
ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and
2023, the Company had accumulated deficit of US$54.3 million and
US$31.7 million, respectively, and as of June 30, 2024 and 2023,
the Company had negative working capital of US$6.7 million and
US28.9 million, respectively. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.




=========
I N D I A
=========

AAA PAPER: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of AAA Paper
Limited (APL) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             28        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with APL 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 APL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on APL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
APL continues to be 'Crisil D Issuer not cooperating'.  

APL was incorporated as Shardaji Duplex Boards Ltd in 1995, renamed
AAA Paper Marketing Ltd in 2005, and got its current name in
February 2017. Mr Pramod Agarwal and his son, Mr Apuve Goel, are
the promoters. The company trades in waste paper procured from
domestic and international markets.


ACHIEVERS BUILDERS: CRISIL Keeps D Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Achievers
Builders Private Limited (ABPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan             21.82       CRISIL D (Issuer Not  
                                     Cooperating)

Crisil Ratings has been consistently following up with ABPL 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 ABPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ABPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ABPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in March 1999 and promoted by Mr. J L Bhatia and Mr.
Vijay Bhardwaj and their family members, ABPL undertakes real
estate development in Faridabad.


ADMERUS BIOSCIENCES: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Admerus
Biosciences Private Limited (Admerus) continue to be 'Crisil
B+/Stable Issuer not cooperating'.  

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        18         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

Crisil Ratings has been consistently following up with Admerus 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 Admerus, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Admerus is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of Admerus continues to be 'Crisil B+/Stable Issuer not
cooperating'.  

Admerus, incorporated in 2015, is setting up a Clinical Contract
Research Organization (CRO) which supports pharmaceutical and
biotechnology companies by providing preclinical services and Drug
Testing Laboratory services. The firm has its facility in
Hyderabad, AP. The firm is promoted and managed by Mr. Pattabhi Ram
Koppineedi.


AIR CARNIVAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Air Carnival
Private Limited (ACPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         5          CRISIL D (Issuer Not  
                                     Cooperating)

   Cash Term Loan         5          CRISIL D (Issuer Not  
                                     Cooperating)

   Proposed Long Term     5.3        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Secured Overdraft      4.7        CRISIL D (Issuer Not
   Facility                          Cooperating)

Crisil Ratings has been consistently following up with ACPL 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 ACPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ACPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ACPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

ACPL was established as a partnership firm in 2012 and subsequently
reconstituted as a private limited company in June 2013; it is
promoted by Mr S I Nathan and his family. ACPL, based in
Coimbatore, Tamil Nadu, operates an airline under the brand Air
Carnival, which covers four sectors in Tamil Nadu and Andhra
Pradesh.


GOVIND ELECTRICA: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Govind Electrica Private Limited
        SSI Plot No. 10, Market No. 5,
        NIT Faridabad, Haryana-121001

Liquidation Commencement Date: June 11, 2025

Court: National Company Law Tribunal, Chandigarh Bench

Liquidator: Mast Ram
     M.R. CHECHI & ASSOCIATES COMPANY SECRETARIES
            SCO-35, First Floor, Sector-20 C,
            Chandigarh 160020
            Email: mrchechi.ip@gmail.com
            Email: liquidator.govindelectrica@gmail.com

Last date for
submission of claims: July 11, 2025


JLS REALITY: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: JLS Reality Private Limited
        BS-3, Kamdar CHS, Tejpal Road
        Opposite Railway Station,
        Ville Parle (East),
        Mumbai, Maharashtra, Pin-400057,
        lndia (as per MCA's Records)

Insolvency Commencement Date: May 30, 2025

Estimated date of closure of
insolvency resolution process: November 26, 2025 (180 Days)

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Ashok Kumar Agarwal
              Ashwini-D/4, Neelachal Abasan
               Co-operative Society Limited,
              98 Rajdanga Gold Park, Kasba, E.K.T.,
              Kolkata, West Bengal, Pin - 700107
              Email: ashok.agarwal(@singhiipsolutions.com

              Singhi IP Solutions Private Limited,
              Raja Chambers, 1st Floor,
              4 Kiran Shankar Roy Road,
              Kolkata - 700001
              Email : cirp jlsrpl@gmail.com
              Mobile No.: 9831060452


Last date for
submission of claims: June 21, 2025

MA MAHAMAYA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MA Mahamaya
Rice Mill Private Limited (MMRMPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.24        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           6.00        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             1.90        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with MMRMPL 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 MMRMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
MMRMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of MMRMPL continues to be 'Crisil D/Crisil D Issuer not
cooperating'.  

Incorporated in 2006, MMRMPL mills non-basmati parboiled rice at
its facility in Madhyamgram, West Bengal, and sells under the
Mahamaya Bhog brand. Operations are managed by the director, Mr
Sandip Hazra.


MAHARSHEE GEOMEMBRANE: CRISIL Keeps D Ratings in Not Cooperating -
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maharshee
Geomembrane India Private Limited (MGPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.45        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           5           CRISIL D (Issuer Not
                                     Cooperating)

   Inland/Import         3.5         CRISIL D (Issuer Not
   Letter of Credit                  Cooperating)

   Proposed Long Term    6.03        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with MGPL 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 MGPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MGPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Incorporated in 2005 in Vadodara and promoted by Mr. Rajnikant
Swain, MGPL manufactures HDPE, LDPE, and polypropylene films known
as geomembrane, geotextiles, and geo-composite.


MANI AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Mani Agro
Chemicals (MAC) continue to be 'Crisil B/Stable Issuer not
cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.6         Crisil B/Stable (Issuer Not
                                     Cooperating)

   Term Loan             0.85        Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with MAC 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 MAC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MAC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MAC continues to be 'Crisil B/Stable Issuer not cooperating'.  

MAC, setup in 2010, is a Indore based company owned and managed by
Mr Rahul Pimpalkar. It manufactures pesticides, bio-organic
fertilizers and plant growth regulators and is also an authorized
wholesale dealer of organic chemicals and stimulants for the
agriculture industry. Company has its manufacturing facilities in
Indore.


MARKS PRYOR: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Marks Pryor
Marking Technology Private Limited (Marks Pryor) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         2.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            8.5        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       1.0        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with Marks Pryor
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 Marks Pryor, which restricts
Crisil Ratings' ability to take a forward looking view on the
entity's credit quality. Crisil Ratings believes that rating action
on Marks Pryor is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Marks Pryor continues to be 'Crisil D/Crisil D Issuer
not cooperating'.  

Marks Pryor, established in 2005, is a JV between Mr. Dhiren Gupte
and Edward Pryor & Son Ltd, UK, a leading manufacturer of metal
indentation marking technology. The company provides customised
marking solutions to companies across industries, including
automobile, automobile ancillaries, oil and gas, engineering, and
capital goods. Its manufacturing facility is at Pune.


MAXFLOW PUMPS: CRISIL Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maxflow Pumps
India Private Limited (Maxflow) continue to be 'CRISIL C/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.5        CRISIL A4 (Issuer Not
                                     Cooperating)

   Bills Discount/        0.5        CRISIL A4 (Issuer Not
   Cheque Purchase                   Cooperating)

   Cash Credit            3.5        CRISIL C (Issuer Not
                                     Cooperating)

   Letter of Credit       0.75       CRISIL A4 (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.35       CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with Maxflow 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 Maxflow, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Maxflow is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Maxflow continues to be 'Crisil C/Crisil A4 Issuer
not cooperating'.  

Incorporated in 1972, Maxflow manufactures and installs pumps.
Government tender-based orders account for 40 per cent of revenue
and private industrial projects for the rest. The company is based
in Manesar (Haryana) and its operations are managed by Mr. Naresh
Arora.


MODERN STAGE: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Modern Stage
Services Private Limited (MSSPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               8         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with MSSPL 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 MSSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MSSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MSSPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 2006 and promoted by Mr Davinder Kumar Wadhwa and
Mr Pratik Kumar Wadhwa, MSSPL rents out stage lights and video and
audio systems for shows, live concerts and festivals across India.
It is based in New Delhi.


MOTHER INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mother
Industries (MI) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              5          CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with MI 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 MI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of MI
continues to be 'Crisil D Issuer not cooperating'.  

MI was set up in 2006 as a proprietorship concern by Mr. Raju
Bharani. The firm, based in Vellore (Tamil Nadu), manufactures
semi-finished and finished leather, and caters to the footwear
industry.


MOTI RAM: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Moti Ram
Sunil Kumar (MRSK) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.8        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              0.7        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with MRSK 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 MRSK, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MRSK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MRSK continues to be 'Crisil D Issuer not cooperating'.  

Established in 2006 as a proprietorship firm by Mr Sunil Kumar,
MRSK processes paddy at its unit in Karnal, Haryana, which has
total installed capacity of about 30,000 tonne per annum.


MYSORE FRUIT: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mysore Fruit
Products Private Limited (MFP) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          2         CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit          6         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Term Loan      12        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with MFP 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 MFP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MFP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MFP continues to be 'Crisil D Issuer not cooperating'.  

MFPPL was set up in 1957 by the Government of Karnataka; it was
acquired by Mr. D Adikesavulu in 1987. The company was
reconstituted as private limited company in 2005. It manufactures
fruit juice and pulp from mangoes, guavas, grapes, pomegranates,
and tomatoes, at its two processing units in Bengaluru, with
capacity of 13,500 tpa. The company sells to domestic markets
within Karnataka.


PULSE NUTRI: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Pulse Nutri
Science Private Limited (ZBNPL; previously known as Zenova Bio
Nutrition Private Limited) continue to be 'Crisil D Issuer not
cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3          Crisil D (Issuer Not
                                     Cooperating)

   Long Term Loan         6.6        Crisil D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with ZBNPL 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 ZBNPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ZBNPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ZBNPL continues to be 'Crisil D Issuer not cooperating'.  

ZBNPL was incorporated in April 2010 by Mr. K V Rambabu and Mr. C
Sarat Chandra. The company has set up a plant to manufacture
medicinal nutraceutical products in the form of powder as well as
compressed diskettes.


SACHDEV STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sachdev Steel
Works Private Limited (Union Enterprises) (SSWPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.4        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.1        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              4.25       CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        2.25       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

Crisil Ratings has been consistently following up with SSWPL 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 SSWPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSWPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSWPL continues to be 'Crisil D Issuer not cooperating'.  

SSWPL was established as a sole proprietorship firm by Mr Raj
Sachdev in 1975; the firm was reconstituted as a private limited
company with the current name in 1986. Currently, the director, Mr
Bharat Bhushan Sachdev (son of Mr Raj Sachdev), manages operations.
The company manufactures mild steel bars and rods at its facility
in the Adityapur Industrial Area of Jamshedpur, Jharkhand.


SPICEJET LIMITED: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of SpiceJet
Limited (SpiceJet) continues to be 'Crisil D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Letter of Credit       220        CRISIL D (ISSUER NOT
                                     COOPERATING)

Crisil Ratings has been consistently following up with SpiceJet,
through letters and emails dated April 14, 2025, among others,
apart from telephonic communication, for obtaining information.
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 company's management,
Crisil Ratings did not receive any information on the financial
performance or strategic intent of SpiceJet, which restricts the
ability of Crisil Ratings to take a forward-looking view on the
entity's credit quality. Crisil Ratings believes the rating action
on SpiceJet is consistent with Assessing Information Adequacy Risk.
Based on the last available information, the rating on bank
facilities of SpiceJet continues to be 'Crisil D Issuer Not
Cooperating'.

SpiceJet is promoted by Mr Ajay Singh, who held around 30.48% stake
in the company as on March 31, 2025. The company is a low-cost
carrier and the fifth-largest airline in India by number of
domestic passengers.

Set up as an air taxi provider in 1984, the company diversified
into domestic aviation services in 1993 and was renamed Modiluft
Ltd in 1994. The company got its current name in 2005 when services
were relaunched after being shut down in 1996. SpiceJet operated
its first flight in May 2005. Mr Kalanidhi Maran acquired
controlling stake in the company in June 2010, through the Sun
group. His stake was sold to Mr Ajay Singh in January 2015. The
airline operates a fleet of Boeing 737 and Bombardier Dash
aircrafts.


SUNDERBAN BREWERIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Sunderban
Breweries and Distillery Private Limited (SBDPL) continue to be
'Crisil D Issuer not cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan       96          CRISIL D (ISSUER NOT
                                    COOPERATING)

Crisil Ratings has been consistently following up with SBDPL 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 SBDPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SBDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SBDPL continues to be 'Crisil D Issuer not cooperating'.  

SBDPL was incorporated in 2016. It is currently setting up a
brewery & bottling plant in Raidighi, West Bengal with installed
capacity of 3,25,000 Hecto Litre per annum (HLPA). The plant is
expected to be commissioned in Q3 fiscal 2024. SBDPL is owned and
managed by Mr. Nimai Chand Purkait, Mr. Saumitra Purkait and Mrs.
Aratii Purkait.


SVSVS PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SVSVS
Projects Private Limited (SVSVS) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        48          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            2.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     6.5        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with SVSVS 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 SVSVS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SVSVS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVSVS continues to be 'Crisil D/Crisil D Issuer not cooperating'.


Incorporated in 2007, SVSVS undertakes construction of roads,
bridges, dams, buildings, and irrigation works. SVSVS is promoted
by Mr. V Rama Mohan Rao and his family and is based in Hyderabad.


TANISHKA AUTOMOTIVES: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Tanishka Automotives Private Limited
Reg. Off: Village Basdhera, Post Office Basdhera,
        Tehsil UNA, Himachal Pradesh, India, 174315

        Office at: VPO Tharu
        Near New Prem Petrol Pump
        Tehsil Nagrota Bagwan Distt Kangra,
        H.Р (176056)

Liquidation Commencement Date: June 10, 2025

Court: National Company Law Tribunal, Chandigarh Bench

Liquidator: Mr. Rohit Sehgal
     A-604, Sujjan Vihar, Sector-43,
            Gurgaon, Haryana 122002
            Email: iamrs101@gmail.com

            House No. 581 (Top Floor),
            Sector 27, Gurugram - 122009
            Email: cirptanishkaauto@gmail.com

Last date for
submission of claims: July 10, 2025


TEKNOVATION ENG: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Teknovation
Engineers Private Limited (TEPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        1.05        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           2.5         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             3.8         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with TEPL 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 TEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Incorporated in January 1988, TEPL is engaged in manufacturing of
machineries for paper industry as per specification of customers.
TEPL also in engaged in corrosion management for hydel power and
thermal power projects, however majority of the revenue is derived
from sale of machineries to paper industry.


TRANS HIMALAYAN: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Trans
Himalayan Logistics Private Limited (THLPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash           7         CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

Crisil Ratings has been consistently following up with THLPL 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 THLPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on THLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
THLPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 2007, THLPL is engaged in the road transportation
business. The company was not operational until fiscal 2013, and
was taken over by the Kolkata-based Jagwani group in fiscal 2014.
THLPL also trades in iron ore fines.


TRIPURARI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tripurari
Agro Private Limited (TAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              3.5        CRISIL D (Issuer Not
                                     Cooperating)

   Warehouse Financing    3.5        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with TAPL 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 TAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TAPL continues to be 'Crisil D Issuer not cooperating'.  

TAPL was established in June 2013 by Mr. S.P. Sharma and his
family. The company is engaged in processing and selling of basmati
rice. TAPL has its plant at Ludhiana, Punjab.


UMAXE PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Umaxe
Projects Private Limited (UPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         10         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             5.5       CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with UPPL 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 UPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on UPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

UPPL, incorporated in 2007, was earlier managed by Mr Sanjay Garg.
In February 2015, Mr Harpal Singh Gambhir (an industrialist) joined
as director, and Mr S K Chhabra (a chartered accountant) joined as
chief executive officer. The Delhi-based company undertakes
construction, including civil construction for government projects,
and participates in projects for builders.


UNITED CORP: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of United
Corporation (UC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Short Term     0.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with UC 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 UC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on UC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of UC
continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Set up in 1977, UC trades in and distributes alcoholic beverages.
The firm is an authorised distributor for six districts in northern
West Bengal of Indian-made foreign liquor of Pernod Ricard India
Pvt Ltd, Jagatjit Industries Ltd (JIL), Radico Khaitan, Mohan
Meakin Ltd, and Beam Global Spirits & Wine; of beer manufactured by
Carlsberg India Pvt Ltd and InBev India International Ltd
(Budweiser); and of wines of Sula Vineyards Ltd (Sula Wine) and
Remy Martin. For JIL, Budweiser, and Sula Wine, UC is the exclusive
distributor in its area of operations.


UNITED MASTERBATCHES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of United
Masterbatches Private Limited (UMPL) continue to be 'Crisil
D/Crisil D Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.2         Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit           1.4         Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit           2.41        Crisil D (Issuer Not
                                     Cooperating)

   Letter of Credit      2           Crisil D (Issuer Not
                                     Cooperating)

   Term Loan             1.99        Crisil D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with UMPL 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 UMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on UMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Established in 2006, UMPL, based in Kolkata, is promoted by Mr
Debdip Ghosh, Mr Gopal Khadelwal, and Mr Vijay Kumar Tewary. The
company has set up a facility for manufacturing of colour and
speciality masterbatch items for the domestic as well as export
market.


VENKATADRI SPINNING: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Venkatadri
Spinning Mills Private Limited (VSMPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.18       CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     4          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              3.92       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              3          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              1.9        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with VSMPL 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 VSMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VSMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


VSMPL was set up in 2009, as a private limited company, by Mr.
Srimannarayana and Mr. Hanumantha Rao. The company manufactures
cotton yarn; its spinning mill is in Rajahmundry (Andhra Pradesh).


VIJAY NIRMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vijay Nirman
Company Private Limited (VNCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating      -          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Short Term Rating     -          CRISIL D (ISSUER NOT
                                    COOPERATING)

Crisil Ratings has been consistently following up with VNCPL 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 VNCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VNCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VNCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


VNCPL was set up as a proprietorship firm in 1982 (Vijay Nirman
Company) by first-generation entrepreneur, Mr S Vijayakumar, and
reconstituted as a private limited company in 1994. The company
executes civil contracts on turnkey basis. It constructs
residential/commercial buildings, roads, bridges, metros, railways,
industrial infrastructure, and piling works across India for Public
Works Department and other government entities; and private
companies.


VISHNU OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Vishnu
Overseas Private Limited (SVOL; a part of the Shri Vishnu group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            50         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing         20         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Foreign Bill           20         CRISIL D (Issuer Not
   Purchase                          Cooperating)

   Packing Credit         30         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SVOL 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 SVOL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SVOL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVOL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

                         About the Group

SVOL was set up in 1995 by the same promoters. The group is in the
business of milling rice as well as wheat. The processing unit of
the group is located in Kaithal, Haryana.

SVEL was set up as a partnership firm in 1993 and was incorporated
in 1996 by Mr. Banarasi Lal Mittal and his five sons. The group
mills paddy and trades rice and related items. SVEL's processing
unit is in Kaithal (Haryana).


VYSHNAVI SPICES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Vyshnavi Spices LLP
Flat No. 501, Viceroy Apartment
        Main Road Tadepalli, Guntur,
        Andhra Pradesh, India- 522501
  
Insolvency Commencement Date: June 6, 2025

Estimated date of closure of
insolvency resolution process: December 3, 2025

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Venugopal Kaspa
       201, Vamshinivas, KPHB Phase-5,
              Beside Malaysian Township,
              Hyderabad-500085
              Email: kaspavenugopal@gmail.com

              Global Insolvency Professionals Pvt Ltd,
              717, Journalist Colony, Road No.2,
              Banjara Hills, Hyderabad 500034
              Email: cirp.vyshnavispices@gmail.oom

Last date for
submission of claims: June 20, 2025

YAMUNA INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Yamuna
Industries Limited (YIL) continue to be 'Crisil B+/Stable Issuer
not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.5        Crisil B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.2        Crisil B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              3.3        Crisil B+/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with YIL 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 YIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on YIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
YIL continues to be 'Crisil B+/Stable Issuer not cooperating'.  

Incorporated in 2001, YIL, promoted by Mr Naresh Kumar Mittal, Mr
Sanjay Mittal, and Ms Deepika Mittal, manufactures mono-filament
and kite flying yarn. The company also manufactures breeches, dress
materials for horse jockey.




=================
I N D O N E S I A
=================

GARUDA INDONESIA: Secures in US$405 Million Wealth-Fund Loan
------------------------------------------------------------
Andrew Curran at ch-aviation reports that Garuda Indonesia has
secured a USD405 million shareholder loan from the Danantara (Daya
Anagata Nusantara) sovereign wealth fund, according to a June 24,
2025, Indonesia Stock Exchange filing.  The majority of the funds
(USD295.3 million) will go to subsidiary and the remaining USD109.7
million will help overhaul Garuda Indonesia.

As previously reported by ch-aviation, loan negotiations have been
underway since early May. The sovereign wealth fund controls the
Indonesian government's 64.5% shareholding in Garuda Indonesia
Group.

According to ch-aviation, the filing said the funding was needed
"in order to maintain the continuity" of the business, adding that
despite Garuda's restructuring in 2022 that saw the airline's debt
slashed and its fleet and network downsized, it has still faced
"obstacles to recovery."

Those obstacles include recording negative equity for the past
three years and a serious aircraft maintenance backlog rendering
many aircraft unfit for flying. The number of out-of-service
aircraft is impacting revenue so much that the company "cannot
cover costs outside of operations, such as rental costs for
grounded aircraft, interest costs, and others."

According to ch-aviation Commercial Aviation News, Operator &
Airport Data, Garuda Indonesia has 21 of its 79 aircraft on the
ground and Citilink has 31 of its 59 aircraft out of service.

ch-aviation says Garuda CEO Wamildan Tsani Panjaitan told
Jakarta-based journalists that the loan was part of a comprehensive
transformation that included long-term financing. He reiterated
plans to grow the fleet, albeit far more modestly than previous
reports suggest. Wamildan said he wants to grow the group's fleet
by 20% over five years. Much of the Danantara funding will go
towards putting out-of-service aircraft back into the air.

"We are pleased to welcome Danantara as a strategic partner in our
long-term transformation journey," the report quotes Wamildan as
saying. "This initial phase of collaboration focuses on maintenance
and enhancing fleet readiness."

ch-aviation adds that Danantara COO Dony Oskaria said the sovereign
wealth fund would take a hands-on, institutional approach to fixing
the mess at Garuda Group. "We'll oversee every stage of the process
with periodic evaluations based on clear performance indicators and
accountability," he said.

                      About Garuda Indonesia

Garuda Indonesia is the flag carrier of Indonesia.

On Oct. 22, 2021, one of Garuda's creditors filed a PKPU petition
against Garuda to commence the PKPU Proceeding under Indonesian
Insolvency Law.  PKPU is a court-enforced suspension of payments
process which is designed to provide a debtor a definite period of
time to restructure its debt and reorganize its affairs pursuant to
a composition plan with its creditors.

The Indonesian Court granted the PKPU Petition on Dec. 9, 2021 and
appointed Jandri Siadari, S.H., Dip.Mkt., LL.M., Martin Patrick
Nagel, S.H., M.H., Albert Hasoloan Limbong, S.H., Asri, S.H., M.H.,
Mulyadi, S.H., LL.M., William Eduard Daniel, S.E., S.H., LL.M., MBL
as administrators who, together with the Debtor, manage the
Debtor's assets during the PKPU Proceeding.

On June 17, 2022, Garuda proposed to creditors the PKPU Plan
developed in consultation with an ad hoc group of its aircraft
lessors, Sukuk Holders and a number of other creditors working to
facilitate the restructuring of Garuda's debts. The PKPU Plan
anticipates Garuda continuing to operate in the ordinary course.

PT Garuda Indonesia (Persero) Tbk filed a Chapter 15 petition in
New York (Bankr. S.D.N.Y. Case No. 22-bk-11274) on Sept. 23, 2022,
to seek U.S. recognition of its debt restructuring in Jakarta,
Indonesia.  The U.S. case is overseen by Honorable Bankruptcy Judge
Lisa G Beckerman.  The Debtor is represented by Thomas S. Kessler
of Cleary Gottlieb Steen & Hamilton LLP in the U.S.




=====================
N E W   Z E A L A N D
=====================

COMMRES CONTRACTORS: Creditors' Proofs of Debt Due on July 23
-------------------------------------------------------------
Creditors of Commres Contractors Limited are required to file their
proofs of debt by July 23, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 23, 2025.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


KOHINOA CIVIL: Court to Hear Wind-Up Petition on July 3
-------------------------------------------------------
A petition to wind up the operations of Kohinoa Civil & Shipping
Limited will be heard before the High Court at Auckland on July 3,
2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 29, 2025.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


MAT NZ: Creditors' Proofs of Debt Due on July 18
------------------------------------------------
Creditors of Mat NZ Builders Limited are required to file their
proofs of debt by July 18, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 2, 2025.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


SHADOW LION: Court to Hear Wind-Up Petition on July 11
------------------------------------------------------
A petition to wind up the operations of Shadow Lion Enterprises
Limited will be heard before the High Court at Auckland on July 11,
2025, at 10:45 a.m.

ICL Assets Limited filed the petition against the company on Feb.
5, 2025.

The Petitioner's solicitor is:

          Karen Wendy Kemp
          Anthony Harper
          Level 34, ANZ Centre
          23–29 Albert Street
          PO Box 2646
          Auckland


VETERINARY PROFESSIONAL: A.M. Best Affirms B(Fair) FS Rating
------------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of B (Fair) and
the Long-Term Issuer Credit Rating of "bb+" (Fair) of Veterinary
Professional Insurance Society Incorporated (VPIS) (New Zealand).
The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect VPIS' balance sheet strength, which AM Best
assesses as adequate, as well as its adequate operating
performance, limited business profile and appropriate enterprise
risk management.

VPIS' balance sheet strength assessment is underpinned by its
risk-adjusted capitalization being at the strongest level, as
measured by Best's Capital Adequacy Ratio (BCAR). Despite this, AM
Best considers VPIS to have a low regulatory solvency margin
compared with its peers. Other offsetting balance sheet strength
considerations include limited financial flexibility, and a small
absolute capital base (NZD 3.7 million as of 30 September 2024),
which increases the sensitivity of VPIS' capital adequacy to stress
scenarios. Whilst VPIS' reinsurance programme protects the
organization against large single losses and aggregate exposure, AM
Best views the organization as having a high reliance on
reinsurance.

AM Best assesses VPIS' operating performance as adequate. As a
not-for-profit members society, operating earnings has been driven
historically by investment income rather than underwriting profits.
In fiscal year 2024, VPIS recorded a return-on-equity ratio of
5.5%, with a combined ratio of 107.7%. The elevated combined ratio
is driven by increased claim frequency and higher operating
expenses. Particularly, VPIS' expense ratio is heightened when
compared with the industry average as a result of its size and
investment in technology in recent years. Investment income remains
a key driver of the organization's fiscal year 2024 operating
earnings, with a net investment yield (including gains/losses) of
8.6%.

VPIS is a not-for-profit organization that provides predominantly
professional indemnity insurance to veterinarians in New Zealand.
The business profile assessment of limited reflects VPIS'
small-scale operations, niche product focus and high geographic
concentration. Nonetheless, VPIS has a dominant market position in
its targeted segment, supported by its highly specialized knowledge
and experience in New Zealand's veterinary industry.

WHO CARES: Court to Hear Wind-Up Petition on July 11
----------------------------------------------------
A petition to wind up the operations of Who Cares Couriers Limited
will be heard before the High Court at Auckland on July 11, 2025,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 2, 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
=================

ASTOR PROPERTIES: Creditors' Proofs of Debt Due on July 21
----------------------------------------------------------
Creditors of Astor Properties Pte. Ltd. are required to file their
proofs of debt by July 21, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 12, 2025.

The company's liquidators are:

          Gary Loh Weng Fatt
          Seah Roh Lin
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


NG BROTHERS: Creditors' Proofs of Debt Due on July 21
-----------------------------------------------------
Creditors of Ng Brothers' Holding Limited are required to file
their proofs of debt by July 21, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 12, 2025.

The company's liquidators are:

          Gary Loh Weng Fatt
          Seah Roh Lin
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


SCHEMACRAFT INTERIORS: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on June 13, 2025, to
wind up the operations of Schemacraft Interiors Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


TC WATERWAY: Creditors' Proofs of Debt Due on July 24
-----------------------------------------------------
Creditors of TC Waterway Point Pte. Ltd. are required to file their
proofs of debt by July 24, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 17, 2025.

The company's liquidator is:

         Liu Weikang
         c/o 9 Raffles Place
         #26-01 Republic Plaza
         Singapore 048619


THREE ARROWS: Founders' Bid to Set Aside Disclosure Order Rejected
------------------------------------------------------------------
The Business Times reports that the Court of Appeal on June 24
dismissed an application by the founders of Three Arrows Capital
(3AC) to set aside orders requiring them to disclose their dealings
with their now-defunct cryptocurrency fund.

Chief Justice Sundaresh Menon, however, overturned a lower court
decision that allowed liquidators to examine its co-founder Zhu Su
following the collapse of 3AC in 2022, BT says.

In October 2022, 3AC and its two founders, Zhu and Kyle Davies,
were ordered by the court to disclose their dealings with the hedge
fund - including any relevant books, papers, or records - to
liquidators, BT recalls.

However, both Zhu and Davies failed to comply with the disclosure
order, prompting the liquidators to file two orders initiating
contempt of court proceedings against them. Both men were
subsequently sentenced to four months' jail for the offence.

In 2023, Zhu and Davies applied to the court to have all three
orders set aside, which was dismissed. They took their appeal
against that decision to the Court of Appeal, in a hearing in
April, BT recalls.

Separately, following Zhu's arrest on Sept. 29, 2023, liquidators
sought an examination order from the court, believing that his
incarceration will give them an opportunity to obtain more
information about the affairs of the cryptocurrency fund.

Following this, the liquidators commenced proceedings against Zhu
and Davies in the British Virgin Islands, in which they sought to
recover US$66 million which Zhu allegedly owed to the hedge fund,
according to BT.

Zhu then applied for the examination order, as well as further
orders for him to provide additional answers and appear for further
examination, to be set aside. This application was also dismissed.


In his judgement, the chief justice ruled that the lower court had
correctly dismissed the founders' applications to set aside the
disclosure order, as well as the two orders relating to the
contempt of court proceedings, according to BT.

                     About Three Arrows Capital

Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings. As of April 2022, the
Debtor was reported to have over $3 billion of assets under its
management.

Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands.  Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.  

The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.

On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
VIHCOM2022/0117.

Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.

On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.

UNICUZ CHINESE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on June 13, 2025, to
wind up the operations of Unicuz Chinese Cuisine Pte. Ltd.


Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2025.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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