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250704.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, July 4, 2025, Vol. 28, No. 133 Headlines A U S T R A L I A AEGROS LTD: Staves Off Collapse After AUD37 Million Lifeline ALDRIDGE TRAFFIC: Second Creditors' Meeting Set for July 9 BOWEN COKING: Mulls Closure; Hundreds May Lose Jobs DK ENTERPRISES: First Creditors' Meeting Set for July 9 MARBLE DESIGN: First Creditors' Meeting Set for July 9 MOSAIC BRANDS: Goes into Liquidation SYDNEY BEER: Saved from Liquidation After Creditors OK Rescue Deal TRAFFIC TECHNOLOGIES: Second Creditors' Meeting Set for July 9 TRITON BOND 2025-2: S&P Assigns B (sf) Rating to Class F Notes C H I N A MERCURITY FINTECH: Expands RWA Platform with Franklin Partnership XINYUAN REAL ESTATE: Cayman Restructuring Gains 33% Support I N D I A ALOHA INTERNATIONAL: Insolvency Resolution Process Case Summary ASADA CORPORATION: Voluntary Liquidation Process Case Summary ASM TRAXIM: CARE Keeps D Debt Ratings in Not Cooperating Category BHADANES HI-TECH: CRISIL Keeps D Debt Ratings in Not Cooperating BHARAT SINGH: CARE Keeps B- Debt Rating in Not Cooperating DATTAR CERAMIC: Insolvency Resolution Process Case Summary GANESH FOODS: CARE Keeps B Debt Rating in Not Cooperating Category GANGA DAIRY: ICRA Keeps B+ Debt Ratings in Not Cooperating GENSOL ENGINEERING: Insolvency Resolution Process Case Summary GS MALLS: ICRA Keeps B+ Debt Rating in Not Cooperating Category INDO PRODUCTS: CARE Keeps B- Debt Rating in Not Cooperating JAY FORMULATIONS: ICRA Keeps D Debt Ratings in Not Cooperating KISSAN POULTRY: ICRA Keeps D Debt Ratings in Not Cooperating KOLHAR CANES: ICRA Keeps B Debt Rating in Not Cooperating KRISHNA TUFF: ICRA Keeps B Debt Ratings in Not Cooperating LAILA HOTELS: ICRA Keeps B+ Debt Ratings in Not Cooperating MADHUVAN PRASAD: ICRA Keeps B+ Debt Rating in Not Cooperating MANGALAM METALS: ICRA Keeps B- Debt Rating in Not Cooperating MATOSHRI LAXMI: ICRA Keeps D Debt Rating in Not Cooperating NARAYAN COLD: ICRA Keeps B Debt Ratings in Not Cooperating NASIR ILAHI: CARE Keeps C Debt Rating in Not Cooperating Category NECCON POWER: Insolvency Resolution Process Case Summary NURIT PROPERTIES: Insolvency Resolution Process Case Summary OLYMPIC SPORTSWARE: Liquidation Process Case Summary PENTAGON ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating PM INFRASTRUCTURE: ICRA Keeps B+ Debt Ratings in Not Cooperating PREET LAND: CARE Keeps D Debt Rating in Not Cooperating Category RELIANCE COMMUNICATIONS: SBI to Declare Loan Account as 'Fraud' RIDDHI PRINT: CARE Keeps D Debt Rating in Not Cooperating Category RIGHT HEALTH: Liquidation Process Case Summary SAGAR DAMOH: CARE Keeps D Debt Rating in Not Cooperating Category SAKTHI GANESH: Liquidation Process Case Summary SARDAR POULTRY: CARE Keeps C Debt Rating in Not Cooperating SENTHUR VELAN: ICRA Keeps B+ Debt Rating in Not Cooperating SRINIVASAN ASSOCIATES: CARE Lowers Rating on INR10cr LT Loan to B+ SWARNODHAYAM CREDITS: ICRA Lowers Rating on INR30cr LT Loan to B+ SYSKA E-RETAILS: Insolvency Resolution Process Case Summary VENKATESWARA RICE: ICRA Keeps D Debt Ratings in Not Cooperating VHM INDUSTRIES: Liquidation Process Case Summary VIJAY BUILDERS: ICRA Keeps B+ Debt Ratings in Not Cooperating M A L A Y S I A GREENPRO CAPITAL: Regains Nasdaq Minimum Bid Price Compliance N E W Z E A L A N D AIRWORK GROUP: Placed Into Receivership FORMCRETE CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 6 FUTURE ENERGY: Court to Hear Wind-Up Petition on July 17 LOCK RIDGE: Creditors' Proofs of Debt Due on July 25 M & M RENOVATIONS: Court to Hear Wind-Up Petition on July 10 UHURU LIMITED: Court to Hear Wind-Up Petition on July 17 YOUTH HOSTELS: Redistributes $2.8MM to Charities After Liquidation S I N G A P O R E FRAGRANCE PARADISE: Court to Hear Wind-Up Petition on July 11 IMPERIUM CROWN: Creditors' Meeting Set for July 17 SAVVY SERVICES: Court to Hear Wind-Up Petition on July 11 SC HOSPITALITY: Court Enters Wind-Up Order TRANSMARINE NAVIGATION: Creditors' Proofs of Debt Due on July 26 WINDFLOWER FLORIST: Court Enters Wind-Up Order S O U T H K O R E A HOMEPLUS CO: Launches Formal Sale Process - - - - - ================= A U S T R A L I A ================= AEGROS LTD: Staves Off Collapse After AUD37 Million Lifeline ------------------------------------------------------------ The Australian Financial Review reports that an Australian biotech start-up hoping to emulate the success of blood plasma giant CSL has secured a AUD37 million lifeline eight months after it was forced to suspend operations, unable to repay mounting debts. According to the Financial Review, staff at Aegros were stood down with pay in November when the company paused operations to search for funding. At the time, the company owed contractors and staff about AUD16 million. The development of a AUD65 million manufacturing facility expansion in Sydney has also been paused for a year. But an investment syndicate led by property developer Ray Nolan, who first bought into Aegros almost two years ago, has tipped AUD20 million into the business, the Financial Review relates. Another AUD17 million has been raised from clients of corporate adviser STK Markets and others. A AUD15 million loan has also been secured against research and development cash rebates, and the company could borrow another AUD5 million against the proceeds of the government scheme in the next financial year. Founded in 2017 by haematologist Hari Nair and biotech entrepreneur John Manusu, Aegros is attempting to commercialise a blood plasma fractionation technology called HaemaFrac, which has been in development since the 1980s. It is designed to significantly boost the yield of immunoglobulin, used to treat a range of medical issues, from plasma. But the business has struggled with a shortfall of cash, the Financial Review notes. It was not sufficiently funded to complete the AUD65 million construction of its expanded Macquarie Park facility and former staff have told The Australian Financial Review about missed payroll cycles dating back to 2021 and occurring frequently in the years since. Last year, it was subjected to several winding-up actions by disgruntled creditors. When Mr. Nolan bought into the business, he acquired the shares of an exiting shareholder for about half their then price. The Financial Review says the most recent investment in June, which should fund the completion of the manufacturing expansion and help the company stay afloat until it receives regulatory approvals for its treatment, was priced at AUD1 per share - a hefty discount on April last year when the stock was AUD18 apiece. "The wheels came off . . . we saw a unique opportunity to take what, I believe, is first-rate Australian technology, developed by a company that needs some help," the Financial Review quotes Mr. Nolan as saying. "We recognised there were certain weaknesses in the company we had to address - one was lack of capital, commercial leadership and a clear strategy. "My role here is not about the science. It has long demonstrated its underlying technology works and its product quality meets a very high standard . . . what the company needs now is not another scientific validation, it needs commercial direction, fiscal discipline and execution of our plan." As part of the funding deal, Nair and Manusu have resigned from day-to-day roles within the business, but are staying on as non-executive directors, the Financial Review says. Damian Thornton, head of Aegros' therapeutics and engineering division, has been made acting chief executive, with the expectation he will shortly be appointed to the role permanently. Staff returned to work on July 1, having received eight months of unpaid wages over the weekend, thanks to the fresh funding. "We have a clear, focused plan . . . to take this to revenue [through] hyperimmunes," Mr. Nolan said, adding that there was a "new sheriff in town" after the management overhaul. Aegros Ltd is a developer of therapeutic plasma drugs, dedicated to creating hyperimmunes for both existing and emerging diseases. ALDRIDGE TRAFFIC: Second Creditors' Meeting Set for July 9 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Aldridge Traffic Systems Pty Ltd has been set for July 9, 2025, at 11:30 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 8, 2025 at 4:00 p.m. Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were appointed as administrators of the company on April 23, 2025. BOWEN COKING: Mulls Closure; Hundreds May Lose Jobs --------------------------------------------------- News.com.au reports that hundreds of workers at a Queensland coal mine may lose their jobs as its owner considers pausing operations over financial issues. News.com.au relates that the Burton coal mine, 80 kilometres northwest of Moranbah, has been attempting to ramp up production and lower costs, however the flood season and record low prices have put the facility in a tough position. The mine, which first opened in 2022, could "pause" production within a matter of months if additional cash or equity is not sourced. The owner of the mine, Bowen Coking Coal Ltd, released a statement on June 27 to the stock exchange. "If immediate funding efforts are unsuccessful and/or coal market pricing dynamics do not improve, Bowen may seek to temporarily pause operations at part, or all, of the Burton Mine Complex," the ASX statement read. A number of the company's coal mines have been forced to close in recent years including the Bluff mine near Blackwater, news.com.au notes. Bowen Coking Coal executive chair Nick Jorss told The Courier Mail soaring state royalties and low prices are to blame for the crisis, news.com.au relays. "Bowen is the tip of the iceberg of the pain being felt by central Queensland," news.com.au quotes Mr. Jorss as saying. "We're not the only ones on the edge. Quite a lot of mines in central Queensland are cash negative, meaning a lot of jobs are at risk." The Bowen complex was initially given a 10-year life, and produces two million tonnes of coal per year. Headquartered in Brisbane, Australia, Bowen Coking Coal Limited (ASX:BCB) -- https://www.bowencokingcoal.com.au/ -- together with its subsidiaries, engages in the exploration, development, and production of metallurgical coal in Australia. The company holds interests in the Isaac River Project located in the Bowen Basin in Central Queensland; the Cooroorah Project located north of Blackwater; and the Comet Ridge Project located in Queensland, as well as the Hillalong and Burton Lenton Coking Coal Project in Bowen Basin. It also has interests in the Carborough project; Broadmeadow East coking coal project located in Bowen Basin, Queensland; and the Bluff Mine, an open cut mine located in the southern Bowen Basin. DK ENTERPRISES: First Creditors' Meeting Set for July 9 ------------------------------------------------------- A first meeting of the creditors in the proceedings of DK Enterprises Australia Pty Ltd (trading as Focus Community Health Care) will be held on July 9, 2025 at 10:00 a.m. at the offices of O'Brien Palmer, Level 9, 66 Clarence Street, in Sydney, NSW, and via videoconference. Daniel Frisken of O'Brien Palmer was appointed as administrator of the company on June 27, 2025. MARBLE DESIGN: First Creditors' Meeting Set for July 9 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Marble Design Holdings Pty Ltd will be held on July 9, 2025 at 11:00 a.m. via teleconference only. Mohammad Najjar of Vanguard Insolvency Australia was appointed as administrator of the company on June 27, 2025. MOSAIC BRANDS: Goes into Liquidation ------------------------------------ Inside Retail reports that Mosaic Group will go into liquidation after entering voluntary administration last October. According to the report, creditors voted to liquidate the company in a meeting on July 1 after the administrators failed to receive a deed of company arrangement (DOCA) or find another proposal for the group. Mosaic has appointed its existing administrators, Vaughan Strawbridge and David McGrath, along with Kathryn Evans, Kate Warwick of FTI Consulting, as liquidators, Inside Retail notes. They will continue investigating matters identified in an earlier report to creditors. In June, the administrators stated that the company may have been trading while insolvent as early as December 2020. Last October, Gayle Dickerson, Amanda Coneyworth, Ryan Eagle and David Hardy from KPMG Australia were appointed as the receivers and managers of the group's assets and business. They were in control of the day-to-day trading before the business was wound down in April, Inside Retail says. Francis Bowker and Kristal Pihama of KPMG New Zealand were appointed as the receivers of Noni B Holdings NZ in October last year and were responsible for all business operations and expenses, which have now ceased. At one time, Mosaic Group owned and operated a portfolio of long-running apparel chains, including Noni B, Katies, Millers, Autograph, Crossroads, W. Lane, Beme, Rockmans and Rivers. All group operations have ceased trading, and all assets have been sold, adds Inside Retail. About Mosaic Brands Based in Rosebery, Australia, Mosaic Brands Limited (ASX:MOZ) -- https://www.mosaicbrandslimited.com.au/ -- engages in the retail of women's apparel and accessories in Australia and New Zealand. The company sells its products under the Millers, Rockmans, Noni B, Rivers, Katies, Autograph, W. Lane, Crossroads, beme, and Ezibuy brand names. It operates through a network of 804 stores and online digital department platforms. The company was formerly known as Noni B Limited and changed its name to Mosaic Brands Limited in November 2019. David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth were appointed Receivers and Managers to the assets and undertakings of the Mosaic Brands Group entities on Oct. 28, 2024. Mosaic Brands entities are: - Mosaic Brands Limited - Noni B Holdings Pty Limited - W.Lane Pty Ltd - Pretty Girl Fashion Group Pty. Ltd. - Pretty Girl Fashion Group Holdings Pty Ltd - Noni B Holdings 2 Pty Ltd - Rivers Retail Holdings Pty Ltd - Crossroads Retail Pty Ltd - Katies Retail Pty Ltd - Autograph Retail Pty Ltd - Millers Retail Pty Ltd - Noni B HoldCo Pty Ltd - Ezibuy Pty. Limited The Receivers' appointment follows the appointment of Vaughan Strawbridge, Kate Warwick, Kathryn Evans and David McGrath of FTI Consulting as Voluntary Administrators to the Mosaic Brands Group on Oct. 28, 2024. SYDNEY BEER: Saved from Liquidation After Creditors OK Rescue Deal ------------------------------------------------------------------ Skynews.com.au reports that former Australian fast bowler Brett Lee's collapsed beer company has been thrown a lifeline after creditors backed a rescue deal. Sydney Beer Co collapsed in March this year after failing to successfully trade, according to documents filed to the Australian Securities and Investments Commission. Being founded in 2016, the lager was distributed to 350 venues nationwide and sold in independent bottle stores, Dan Murphy's and BWS. Mr. Lee, who claimed 310 wickets in 76 Test matches, was listed as a co-owner in 2022 along with Australian actor and writer Matt Nable. New documents revealed administrators put total liabilities of the business at an estimated AUD8.5 million, threatening the business into liquidation, Skynews.com.au discloses. According to Skynews.com.au, Sydney Beer Co's administrators, Brett Lord and Richard Stone of RSM Australia, said the company could not continue due to a negative cashflow. All 11 staff members were sacked as AUD1.1 million was owed to the tax office, AUD6.2 million in loans to the company's parent company SBCO Op and AUD642,540 owed to 47 trade creditors. Employees were listed as being owed over AUD460,000 including AUD226,222 in wages, AUD134,028 in superannuation and AUD46,348 in annual leave. The company aspired to expand into the United States from a AUD6 million capital raise, despite figures showing trading losses for four years prior to going into administration. "With funding from SBCO Op the company implemented a revenue growth drive during FY23 and onward," the report quotes Mr. Lee as saying. "Whilst revenues increased from this date forward, increases were insufficient to meet the additional costs of sales and operating expenses to achieve those revenues." Skynews.com.au says SBCO Op submitted a lifeline deal to creditors where employees got paid out in full and unsecured creditors received between 21c to 100c on the dollar. Administrators suggested the creditors to take the deal, or else unsecured creditors would likely get back 0c to 5c on the dollar if Sydney Beer Co was tipped into liquidation. The money paid to creditors will come from an estimated AUD1.1 million of company assets and a cash lump sum paid by SBCO Op of a minimum of AUD1 million, upwards of AUD1.5 million. Control of Sydney Beer Co has been returned to the directors, Skynews.com.au adds. TRAFFIC TECHNOLOGIES: Second Creditors' Meeting Set for July 9 -------------------------------------------------------------- A second meeting of creditors in the proceedings of Traffic Technologies Ltd. has been set for July 9, 2025, at 10:00 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 8, 2025 at 4:00 p.m. Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were appointed as administrators of the company on April 23, 2025. TRITON BOND 2025-2: 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 Corporate Trust Ltd. as trustee for Triton Bond Trust 2025-2 Series 1. The ratings reflect the following factors. S&P said, "We have assessed the credit risk of the underlying collateral portfolio, of which 33.3% is loans secured by specialist disability accommodation (SDA) and 37.4% is loans made to self-managed superannuation fund (SMSF) borrowers. SDA is housing accommodation eligible for funding through the National Disability Insurance Scheme (NDIS). This is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. "In our credit assessment of NDIS-related loans, we consider such loans to have higher risks than typical residential mortgage loans due to the dependency on NDIS rental income in credit underwriting, which in turn is dependent on government funding; the reliance on the operations and compliance of the SDA provider to manage the property; the specialized accommodation requirements on the property; the going concern operating nature of such residential property; and the limited data of their performance in more stressful economic periods. "Given the risks and despite the properties being residential, from a ratings perspective we consider NDIS-related loans to have a commercial nature and have applied our methodology for assessing pools of small-ticket commercial mortgages, based on our "Principles Of Credit Ratings" criteria, published Feb. 16, 2011. This includes different benchmark foreclosure frequency and loss-severity assumptions compared with our global RMBS methodology. "Under this methodology, we categorize NDIS-related loans as commercial. This reflects our belief that there are fundamental differences to typical residential mortgages that will only be accentuated as the economic environment becomes more stressed. The factors we use to adjust the benchmarks are generally in line with those seen in our global RMBS methodology, such as seasoning, repayment method, and asset location. However, other assumptions are more in line with our expectations for commercial properties, such as foreclosure expenses, recovery period and LTV ratio. We have also factored into our analysis our view of Columbus's origination, underwriting, and servicing of its NDIS-related loan product. "The credit support provided is sufficient to withstand the stresses we apply. This credit support comprises mortgage lenders insurance covering 5.4% of the loans in the portfolio as well as note subordination for all rated notes. "The various mechanisms to support liquidity within the transaction, including an amortizing liquidity facility equal to 1.0% of the invested amount of all rated and class G notes, subject to a floor of 0.10% of the initial invested amount of all notes, principal draws, and a loss reserve that builds from excess spread, are sufficient under our stress assumptions to ensure timely payment of interest." An extraordinary expense reserve of A$150,000, funded from day one by Columbus Capital Pty Ltd., is available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn. A fixed- to floating-rate interest-rate swap is provided by Westpac Banking Corp. to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS, should any be entered into after transaction close. S&P said, "Our ratings also consider the legal structure of the trust, which has been established as a special-purpose entity and meets our criteria for insolvency remoteness. "We understand that the class A1-AU-S notes will be issued under the ColCap Sustainability Framework. Issuance proceeds from this bond will be used to purchase mortgages that meet the eligibility criteria outlined in the ColCap Sustainability Framework. S&P Global Ratings does not consider in its credit rating analysis the issuer's designation of the notes as social." Ratings Assigned Triton Bond Trust 2025-2 Series 1 Class A1-AU, A$678.00 million: AAA (sf) Class A1-AU-S, A$330.00 million: AAA (sf) Class A2, A$96.00 million: AAA (sf) Class B, A$36.00 million: AA (sf) Class C, A$35.40 million: A (sf) Class D, A$12.00 million: BBB (sf) Class E, A$5.40 million: BB (sf) Class F, A$3.00 million: B (sf) Class G, A$4.20 million: Not rated ========= C H I N A ========= MERCURITY FINTECH: Expands RWA Platform with Franklin Partnership ----------------------------------------------------------------- Mercurity Fintech Holding Inc. announced a strategic partnership with Franklin Templeton, a global investment management organization managing over $1.53 trillion in assets as of April 30, 2025. This collaboration will integrate Franklin Templeton's BENJI token and the Franklin OnChain U.S. Government Money Fund (FOBXX) into Mercurity's expanding platform for tokenized real-world assets (RWAs). Created by Franklin Templeton, BENJI is a blockchain token that gives investors direct access to FOBXX, a regulated U.S. money market fund. Unlike traditional investments, BENJI combines the stability of government-backed securities with the flexibility of digital assets so investors can potentially earn steady returns while maintaining easy access to their funds. Moreover, the blockchain-based structure addresses traditional inefficiencies in money market fund operations by reducing settlement times, simplifying peer-to-peer asset transfers, streamlining collateral management, and speeding up transaction processing. All while maintaining full regulatory compliance and security standards. Mercurity Fintech's target clients--both institutional and retail investors--can gain access to money market opportunities, while earning yield on their holdings without sacrificing liquidity or navigating complex traditional banking processes. The platform offers seamless crypto- to-fiat conversions, multi-chain ecosystem exposure across networks like Avalanche and Solana, and enhanced treasury tokenization capabilities that optimize yield and liquidity management for corporate cash reserves. Mercurity Fintech also plans to benefit from tokenized treasury products like BENJI in its own operations by generating returns on capital reserves while maintaining the flexibility needed for its growing digital asset ecosystem. The Company's FINRA-registered broker-dealer subsidiary, Chaince Securities, will play a vital role in handling investment transactions and advisory services for these tokenized real-world assets (RWAs), providing compliant distribution and efficient market access through its investment banking and brokerage expertise. "This partnership with Franklin Templeton reflects our focus on bridging the gap between traditional and digital finance," said Shi Qiu, CEO of Mercurity Fintech. "BENJI addresses a real pain point in the market by offering regulated money market access through blockchain technology. It's the type of compliant, institutional-grade solution our platform is designed to support." The partnership represents a significant step in making institutional-grade financial products more accessible through blockchain technology. As tokenized assets continue to gain traction, this collaboration between Mercurity Fintech and Franklin Templeton demonstrates how traditional financial institutions and fintech companies can work together to modernize investment access while maintaining regulatory standards. About Mercurity Fintech Holding Inc. Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries engaged in distributed computing and financial brokerage. Beyond its core fintech operations, the Company contributes to the advancement of AI hardware technology by delivering secure and innovative solutions in intelligent manufacturing and advanced liquid cooling systems. Its focus on compliance, innovation, and operational efficiency supports its position as a trusted player in both the evolving digital finance space and the AI technology sector. For more information, please visit the Company's website at https://mercurityfintech.com. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million in total assets, $11.60 million in total liabilities, and $24.09 million in total shareholders' equity. XINYUAN REAL ESTATE: Cayman Restructuring Gains 33% Support ----------------------------------------------------------- Xinyuan Real Estate Co., Ltd. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that it is pursuing a consensual offshore debt restructuring to restructure its certain US dollar-denominated notes (collectively, the "Scheme Notes"), including 14.5% senior notes due 2023 (ISIN: XS2176792658), 14.2% senior notes due 2023 (ISIN: XS2394748706), 14.0% senior notes due 2024 (ISIN: XS2290806954) and 3.0% senior notes due 2027 (ISIN: XS2639416754) through a Scheme of Arrangement pursuant to section 86 of the Cayman Islands Companies Act (2025 Revision). Upon completion of the Restructuring, the Company will have fully discharged its liabilities under the Scheme Notes, enhancing financial certainty. As of June 16, 2025, note holders representing approximately 33% in aggregate principal amount of the Scheme Notes have expressed support for the Restructuring by signing and acceding to the Restructuring Support Agreement. The Company hereby announces it will extend the RSA fee deadline to June 30th, 2025. Consenting creditors who meet the requirements and conditions as set out in the RSA may be entitled to receive an RSA Fee (the "RSA Fee"). Details of such entitlement and conditions are outlined in the RSA. Invitation to Accede: In the interests of all parties involved in the proposed Restructuring, the Company sincerely invites all remaining holders of the outstanding Notes who have not yet acceded to the RSA to review the terms of the RSA and consider acceding to it as soon as practicable. Holders of the Notes may accede to the RSA by submitting to D.F. KING LTD, in its capacity as the information agent in connection with the Restructuring under the RSA, via the accession portal at https://clients.dfkingltd.com/xinyuan, a duly completed and executed Accession Letter along with valid evidence of beneficial holding. The Information Agent will also be available to respond to any queries regarding the accession process (contact details will be provided in the RSA). About Xinyuan Real Estate Co. Ltd. Xinyuan Real Estate Co. Ltd., headquartered in Beijing, is a residential real estate developer primarily focused on China's tier-one and tier-two cities. Founded in 1997, the Company targets middle-income homebuyers with large-scale, high-quality housing projects and has extended its operations to the U.S., U.K., and Malaysia. Xinyuan also offers property management and ancillary services, and its shares trade on the New York Stock Exchange under the ticker symbol XIN. Creditors of Xinyuan Real Estate Co. Ltd. sought involuntary petition under Chapter 11 of the U.S. Bankruptcy (Bankr. S.D.N.Y. Case No. 25-10745) on April 14, 2025. The Debtor is represented by Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch, LLP. ========= I N D I A ========= ALOHA INTERNATIONAL: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Aloha International Brewpub Private Limited 503, Crystal Plaza, Opp.Solitare Corporate Park, Chakala, Andheri East, Mumbai City, Mumbai, Maharashtra, India, 400099 Insolvency Commencement Date: June 12, 2025 Estimated date of closure of insolvency resolution process: December 9, 2025 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Abhijit Gokhale Orion Resolution & Turnaround Private Limited 811, Meadows Sahar Plaza Sub Plot A Building No. 6, AK Road Next to Kohinoor Continental Mumbai -400059 Email: ipe@orionipe.com Email: cirp.aibpl@gmail.com Last date for submission of claims: June 26, 2025 ASADA CORPORATION: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Asada Corporation India Pvt Ltd 502, A Wing, Mittal Commercia, Hasan Pada Road, Andheri East, Mumbai, Marol Naka Maharashtra-400059 India Liquidation Commencement Date: June 4, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: CA. Pawan Kumar Garg 25-A, Pocket-J, Sheikh Sarai-2, New Delhi-110017 Email Id: ca.pawangarg@gmail.com Mobile No. 9873981462 Last date for submission of claims: July 7, 2025 ASM TRAXIM: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of ASM Traxim Private Limited (ATPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 45.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 20, 2024, placed the rating(s) of ATPL under the ‘issuer non-cooperating’ category as ATPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ATPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 6, 2025, May 16, 2025 and May 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings’ opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable ASM Traxim Pvt. Ltd. (ATPL), incorporated in 2005, is a closely held company engaged in trading of almonds, poppy seeds and spices like clove, cinnamon, cumin etc. The company sources almonds domestically and sells in the domestic market to wholesalers through brokers. The company also sources a very small percentage of almonds through imports from USA. BHADANES HI-TECH: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of BHTCPL continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil D (Issuer Not Cooperating) Proposed Long Term 10 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with BHTCPL 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 BHTCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BHTCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BHTCPL continues to be 'Crisil D Issuer not cooperating'. BHTCPL was incorporated by Mr Nivrutti Bhadane and his wife Ms Rajani Bhadane in 2009. The Nashik, Maharashtra-based Company distributes computers and computer-related hardware, mainly to government departments and public sector undertakings. BHARAT SINGH: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bharat Singh Verma Cold Storage (BSVCS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.60 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.40 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of BSVCS under the 'issuer non-cooperating' category as BSVCS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BSVCS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025 and May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Uttar Pradesh based Bharat Singh Verma Cold Storage (BSVCS) was established in September, 2004 as a partnership firm. The firm is currently managed by Mr. Mahijeet Singh Verma, Mr. Ranjeet Singh Verma and Mr. Surjeet Singh Verma. The firm is engaged in renting of its cold storage facility for potatoes to the local farmers in Etah, Uttar Pradesh. The firm has two group associate namely; "Bharat Trading Company" (established in 1985); and "Jeet Trading Company" (established in 1992) engaged in the trading of vegetables (potatoes, garlic, onions, etc.) on commissioning basis. DATTAR CERAMIC: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Dattar Ceramic Private Limited Vikas Cotton Ginning & Pressing, Near Marketing yard, Opp. G.I.D.C, Surendranagar, Halvad, Gujarat, India, 363330 Insolvency Commencement Date: June 9, 2025 Estimated date of closure of insolvency resolution process: December 6, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Iqbal Singh Gandhi C/302, Rosewood Estate, Satellite, Near Prerna Tirth Derasar, Ahmedabad, Gujarat-380015 Email: iqbalsingh2659@yahoo.co.in 9-B Vardaan Tower, Near Vimal House, Lakhudi Circle, Navrangpura, Ahmadabad, Gujarat 380014 Email: cirp.dattarceramic@gmail.com Last date for submission of claims: June 25, 2025 GANESH FOODS: CARE Keeps B Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Ganesh Foods (GF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 16.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 20, 2024, placed the rating(s) of GF under the 'issuer non-cooperating' category as GF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 6, 2025, May 16, 2025 and May 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Ganesh Foods (GF) was established as a partnership firm in June 2018 by Mr. Vinod Kumar, Mr. Avinash Singla, Mr. Vijay Kumar Singla and Mr. Sneh Lata sharing profit and loss equally. GF is established with an aim to set up a manufacturing facility at District Sangrur, Punjab. The project was expected to be completed by March 2019. And the commercial operations of the unit were expected to commence from April, 2019. Besides this, the partners are also engaged in another group concerns namely Bant Ram Prem Chand and Bant Ram Vijay Kumar. GANGA DAIRY: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-term ratings for the bank facilities of Ganga Dairy Limited (GDL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 13.40 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 0.35 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 0.25 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with GDL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Ganga Dairy Limited (GDL) was incorporated in 1997 by the Singh family based out of Begusarai, Bihar. The company operates a milk-processing unit with a capacity of five lakh litres per day (llpd). GENSOL ENGINEERING: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Gensol Engineering Limited Westgate Business Bay, S G Road, Jivraj Park, Ahmedabad Ahmadabad City, Gujarat 380015 Insolvency Commencement Date: June 13, 2025 Estimated date of closure of insolvency resolution process: December 10, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Keshav Khaneja C-7, Parth Apartment, Ramdev Nagar, Satellite, Ahmedabad-380015 Email: khanejakes@gmail.com 824, 1st Floor, Sector-14 Gurugram-122001 Email: cirpgensolengg@gmail.com Last date for submission of claims: June 27, 2025 GS MALLS: ICRA Keeps B+ Debt Rating in Not Cooperating Category --------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of GS Malls Private Limited (GSMPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 70.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with GSMPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. GSMPL was incorporated in the year 2008 and is promoted by the Chadha group (a conglomerate with diverse business interests in construction and operation of multiplexes, shopping malls, land development, sugar, liquor, paper, health, food and trading of liquor). The company owns and operates a multiplex cum mall by the name of "Wave Mall" located at Channi Rama, Opposite Bathandi Road, Jammu. The mall which commenced operations in 2014, is set up on a land area of 3.48 acres with the built-up area of 4.45 lacs square feet (sqft.) comprising retail area of approximately 1.94 lacs sqft, multiplex area of 0.45 lacs sqft and parking area of 2.07 lacs sqft. The company also runs three cinema screens in the mall with a total seating capacity of 1042 seats each, under the name of "Wave Cinemas". INDO PRODUCTS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Indo Products (IP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 20, 2024, placed the rating(s) of IP under the 'issuer non-cooperating' category as IP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 6, 2025, May 16, 2025 and May 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Indo Products was incorporated in 1979 as a partnership concern and was engaged in the manufacturing of steel products. The manufacturing was however seized in 1994 and the firm was reconstituted as a proprietorship concern with Mr Varinder Gupta as the sole proprietor. It currently engages in trading and distribution of steel products. The firm is an authorized dealer of JSW Steel Limited, since 2009, and is engaged in the distribution of iron and steel products (HR Sheets, CR sheets, rounds, etc), for the company. The firm is also engaged in the distribution of steel products like HR coils, CR coil, wires rods, etc. for Steel Authority of India Limited (SAIL), with whom it is associated since 2013. The products find application in bicycle parts, automobile components, fasteners etc. JAY FORMULATIONS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short Term rating of Jay Formulations Limited (JFL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 14.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 13.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short Term- (8.50) [ICRA]D; ISSUER NOT COOPERATING; Interchangeable Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term 13.25 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term/ 0.07 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with JFL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Jay Formulations Limited (JFL) incorporated in 1988, is a professionally managed public limited pharmaceutical company and is engaged in contract manufacturing of a wide range of pharmaceutical formulations. The company was set up by Mr. Ashwin J Patel and operates out of the WHO approved and ISO, cGMP certified manufacturing facility located in GIDC Bavla, Gujarat which has installed capacity of manufacturing ~68 crores of tablets/capsules per annum. The company's product portfolio consists of generic drug formulations such as Ibuprofen, Ampicillin, Azythromycin, Diclofenac and Amoxyllin etc. in tablet, capsules and dry syrup forms. The company is currently managed by Mr. Rakshit Patel who has taken over the company from his father Mr. Ashwin Patel. The current management has shifted focus from institutional sales (Government bodies) to contract manufacturing for MNCs and export market players to ensure growth and stability of operations. KISSAN POULTRY: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the long-term ratings of Kissan Poultry (India) Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 3.61 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Kissan Poultry (India) Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Kissan Poultry (India) Private Limited is engaged in manufacturing of poultry feed and trading of day old chicks and Eggs. The unit is in Jind District of Haryana. The company started its commercial production in 2010 and has production capacity of 210 tons per day. The day-to-day operations of the company are managed by Mr. Tejbir Singh. KOLHAR CANES: ICRA Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Kolhar Canes Ltd in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 162.00 [ICRA]B (Stable)ISSUER NOT Fund Based COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Kolhar Canes Ltd, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Kolhar Canes Ltd, incorporated on September 15, 2010, is setting up an integrated sugar mill of 3500 TCD located at Angadageri, Basavan Bagewadi Taluk, Vijaypur district, North Karnataka. The project also includes 18MW co-gen power project for generation of power, mainly from bagasse. The total project cost is Rs. 230.77 crore and is expected to be funded by INR47.26 crore promoter funds, INR21.98 crore SDF loan and remaining INR161.53 crore bank loans. KRISHNA TUFF: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long Term rating of Krishna Tuff Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.32 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 1.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.18 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Krishna Tuff Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in June 2012, Krishna Tuff Private Limited is engaged in manufacturing toughened glass and double-glazed glass of thickness ranging from 4 mm to 12 mm, which is supplied to fabricators and builders in Gujarat. The unit is located at Chatral, (Dist Kalol) in Gujarat with an installed capacity of manufacturing ~2,00,000 sq. meters of toughened glass per annum. The company is promoted by Mr. Hasmukh Patel, Mr. Ajendra Patel and other family members who have more than a decade of experience in the industry through other associate concern – Ghanshyam Glass Corporation, engaged in trading of various types of glasses. LAILA HOTELS: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Laila Hotels and Resorts Pvt. Ltd. (LHRPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 21.53 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 38.47 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating continues Term loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with LHRPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2001, LHRPL has set up a 122 room three-star hotel in Vijayawada, Andhra Pradesh under the brand Lemon Tree Premier. In the same premises, the company has constructed a shopping mall and multiplex. LHRPL has completely leased out the shopping mall to Future Market Networks Limited (FMNL) and the multiplex is leased to INOX Leisure Ltd. LHRPL is promoted by Mr. G. Ganga Raju and his family members and is a part of the Laila Group of Companies, which is into diverse businesses such as sugar, paper, nutraceuticals, education, etc. As of December 31, 2022, the hotel and Inox have been occupied while shopping mall is completed and is expected to be occupied in FY2024 with new vendors. MADHUVAN PRASAD: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-term ratings for the bank facilities of Madhuvan Prasad Infra Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Madhuvan Prasad Infra Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Madhuvan Prasad Infra Pvt Ltd was incorporated as a Private Limited Company in 2010 at Manipal, Karnataka. The company is into the hospitality industry and has built one 3-star hotel named "Hotel Madhuvan Serai" at Smriti Bhavan Road, Upendra Nagar, Manipal. The hotel commenced operations on July 19, 2013. It consists of 7 floors with a built-up area of about 55,000 sft. It consists of Vegetarian and Non-vegetarian Restaurants with a seating capacity of 120 people each, a Banquet Hall with a seating capacity of 500 people, a Conference Hall with a seating capacity of 100 people and 46 Rooms. The company has leased out some space in the ground floor to State Bank of India for opening its branch and ATM and to Axis Bank for ATM. A portion of the cellar area has been leased out for opening a grocery and stationery shop. The hotel is in close proximity to Syndicate Bank Head Office, Udayavani Press, KMC Hospital, MIT College, Medical College, Bus stand and other Educational Institutions. It is also nearby Udupi, District headquarters and Malpe beach which is a famous tourist attraction. MANGALAM METALS: ICRA Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the long-term rating of Mangalam Metals & Ores Limited (MMOL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B- (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.00 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with MMOL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Mangalam Metals & Ores Ltd. (MMOL) was initially established as partnership concern named Mangalam Minerals, prior to being converted to its present form in Dec-03. The company was promoted by Mr. R.K. Agarwal, Mr. G.K. Gupta and Mr. S.S. Agarwal, all of whom had prior experience in steel and iron related industries. The company was initially involved in the crushing of iron ore and has a crushing capacity of 50 TPH in Kasia, Barbil, Odisha. However, all independent crusher units (except those operated by mine-owners) in Odisha were closed down over the past 2.5 years due to lack of permissions from the State Government. MMOL's crusher has been shut down since Dec-10. The company had diversified into iron ore trading in FY08, and now continues to focus on this segment. The company does not have any plans for expansion at present. MATOSHRI LAXMI: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of Matoshri Laxmi Sugar Co-Generation Industries Limited (MLSCIL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 61.40 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with MLSCIL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Matoshri Laxmi Sugar Co-Generation Industries Limited (MLSCIL), incorporated in May 2008, operates a 3500 TCD (Tons Crushed Per Day) sugar plant, which is forward integrated with cogeneration unit of10 MW. The plant has been setup at village Rudhewadi in Solapur district of Maharashtra. The sugar plant was commissioned in April 2012 through commercial operations began from October 2012 while the cogeneration unit was commissioned January 2014. NARAYAN COLD: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long Term rating of Narayan Cold Storage Pvt Ltd (NCSPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.35 [ICRA]B (Stable) ISSUER NOT Fund-based- COOPERATING; Rating continues Term loan to remain under 'Issuer Not Cooperating' category Long Term- 0.65 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with NCSPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in October 1995, Narayan Cold Storage Pvt Ltd (NCSPL) is promoted by the West Bengal-based Kundu family. The company provides cold-storage facility to potato-growing farmers and traders on a rental basis with a storage capacity of 29,844 metric tonnes (MT). The cold-storage unit is located at Hooghly, West Bengal. Jyoti Vincom Private Limited, a company operating under the same management, is also involved in the cold-storage business of storing potato and other fruits/ vegetables and is rated at [ICRA]B- and [ICRA]A4. NASIR ILAHI: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nasir Ilahi & Co. (NIC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 20, 2024, placed the rating(s) of NIC under the 'issuer non-cooperating' category as NIC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NIC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 6, 2025, May 16, 2025 and May 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Nasir Ilahi & Co. (NIC) was established on June 2017 as a partnership firm by Mr. Nasir Ilahi and Mr. Wasim Ilahi, Mr. Dinesh Singh and Mr. Sukhchain Singh. Firm is engaged in chicken egg hatchery business and its hatchery farm is located in Meerut, Uttar Pradesh. Firm has proposed to sell chicks to bird growers. NECCON POWER: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: NECCONPOWER & INFRALIMITED Registered Office: Khetan Bhawan Seuni Ali, A.T Road, Jorhat, PIN: 785001, Assam Corporate Office: 416, 4th Floor, City Plaza, Space Cinema Complex, Banipark, Jaipur -302015 (Rajasthan) Insolvency Commencement Date: June 13, 2025 Estimated date of closure of insolvency resolution process: December 10, 2025 Court: National Company Law Tribunal, Guwahati Bench Insolvency Professional: MANISHAGARWALLA Room No 9, 5th Floor, Parmeshwari Building, Chatribari, Guwahati 781001 Email: camanishagarwalla@gmail.com Email: cirp.necconpowerinfra@gmail.com Last date for submission of claims: June 27, 2025 NURIT PROPERTIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Nurit Properties Private Limited 1, Kasturba Gandhi Marg, North Delhi, New Delhi, Delhi, India, 110001 Insolvency Commencement Date: June 12, 2025 Estimated date of closure of insolvency resolution process: December 10, 2025 (180 Days) Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Kasturba Gandhi Marg, Resurgent Resolution Professionals LLP 905, 9th Floor, Tower C, Unitech Business Zone Nirvana Country Sector Sector-50, Gurgaon-122018 Email: legal@resurgentindia.com Email: cirp.nurit@resurgentrpl.com Classes of Creditors: Financial Creditors in a Class Authorized Representative of creditors in a class: 1. Akarsh Kashyap 2. Prabhjit Singh Soni 3. Mohammad Khalid Last date for submission of claims: June 28, 2025 OLYMPIC SPORTSWARE: Liquidation Process Case Summary ---------------------------------------------------- Debtor: OLYMPIC SPORTSWARE & EQUIPMENTS PRIVATE LIMITED Plot No. 9, 4th Phase, Bommasandra Industrial Area (Sub-layout), Hosur Road, Bangalore, Karnataka, India, 560099 Liquidation Commencement Date: June 11, 2025 Court: National Company Law Tribunal, Bangalore Bench Liquidator: M V Sudarshan No.984/13, 8th Main, Girinagar II Phase, Bangalore-560085, KA Mobile: 9620300691 Email: sudarshan.mv@outlook.com Email: liquidationoswpl@gmail.com Last date for submission of claims: July 11, 2025 PENTAGON ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pentagon Aluminium Company Private Limited (PACPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.08 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of PACPL under the 'issuer non-cooperating' category as PACPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PACPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025 and May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Delhi-based, Pentagon Aluminium Company Private Limited (PACPL) was incorporated in February 2014 by Mr Amit Sharma and Ms Shakuntala Kaushik. PACPL is setting up a manufacturing (Hot rolling mill) unit at Una, Himachal Pradesh with the objective to manufacture aluminium products such as aluminium sheets, plates and coils of various shapes and sizes with proposed installed capacity of 3600 tonnes per annum. The company commenced its operations in September 2018. PM INFRASTRUCTURE: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank facilities of PM Infrastructure Private Limited (PMIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 72.38 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating continues Term loan to remain under 'Issuer Not Cooperating' category Long Term- 4.62 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with PMIPL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. PM Infrastructure Private Limited (PMIPL) was incorporated in 2006 with the object of taking up various infrastructure projects in the field of warehousing and logistics in the periphery of Bangalore. The company owns 26 acres of land in Bidadi Industrial Area, Bangalore, where it has constructed warehouses for 5.28 lakh sq. ft of area and leased it out to Faurecia Emission Control Technologies India Private Limited, Urban Ladder Home Décor Solutions Private Limited and Toyotetsu India Auto Parts Pvt. Ltd. The company is part of the PM group of companies which is engaged in diverse range of businesses. PREET LAND: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Preet Land Promoters & Developers Private Limited (PLPDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 10, 2024, placed the rating(s) of PLPDPL under the 'issuer non-cooperating' category as PLPDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PLPDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2025, May 6, 2025, May 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Preet Land Promoters and Developers Private Limited (PLPDPL) was incorporated as a private limited company in November 2005 and is currently being managed by Mr. Raghubir Singh Dhiman, Mr. Charan Singh Saini and Mr. Kanwal Jit Singh collectively. PLPDPL is engaged in real estate business and is currently developing its first real estate project named "Preet City" at Mohali (Punjab) on a total area of 100 acres. PLP commenced land acquisition for the project in 2006-07 (refers to financial year, April 1 to March 31). RELIANCE COMMUNICATIONS: SBI to Declare Loan Account as 'Fraud' --------------------------------------------------------------- The Economic Times reports that State Bank of India has decided to mark Reliance Communications' loan account as "fraud" in a case that stretches back to August 2016. India's largest state-run lender made this clear in a letter dated June 23, 2025. The letter reached the company on June 30. ET relates that Reliance Communications confirmed this move in an official filing under market rules. "This is to inform you that Company has received letter dated June 23, 2025 (received on June 30, 2025) from SBI (marked to the Company and its erstwhile director - Anil Dhirajlal Ambani), inter alia, stating that SBI has decided to report the loan account of the Company as 'fraud' and to report the name of Anil Dhirajlal Ambani (erstwhile director of the Company) to the RBI, as per the extant RBI guidelines," Reliance Communications said. In response to the development, Agarwal Law Associates on behalf of their clients RCom and Anil Ambani expressed shock at what they said was an ex-parte order of SBI, ET relays. "Vide our letter dated October 21, 2024 we had submitted that as the bank's show cause notice (SCN) dated December 20, 2023 had been issued prior to the revised RBI Master Directions dated July 15, 2024 which completely superseded the directions under which the SCN had been issued (and which are no longer in existence), the bank would need to withdraw the said SCN," the law firm said. According to ET, Agarwal Associates said that after almost a one-year silence by SBI, RCom and Anil Ambani was under the impression that the bank had accepted the client's position and did not intend to precipitate the matter. "We reiterate that our client was not a whole-time director but was a non-executive director on the board of RCom and not responsible for the day to day functioning and operations of RCom which was undertaken by the key management personnel," the law firm said in its letter addressed to the SBI fraud monitoring department, the bank's chairman, manging director and deputy managing director. This did not happen overnight, ET states. SBI issued show cause notices in December 2023, March 2024 and again in September 2024. The bank said it looked at the replies. It found the company failed to explain why it broke the terms of the loan. The bank also says the company did not satisfy its questions about irregularities in how the account was run. After that, SBI's fraud identification committee took the final call. It concluded there was enough to tag the loan as fraudulent. The next step is to send the names of Reliance Communications and Anil Ambani to the Reserve Bank of India. Reliance Communications is part of the Anil Ambani-led Reliance Group. Anil Ambani is the brother of Mukesh Ambani, head of Reliance Industries, the oil-to-telecom giant. For now, both State Bank of India and Anil Ambani have not replied to requests for comment from Reuters. Reliance Communications is part of the group led by Anil Ambani, the brother of billionaire and one of Asia's richest men, Mukesh Ambani, who chairs the oil-to-telecoms conglomerate Reliance Industries. Reliance Communications disclosed in April that as of March 2025 it had a total debt of INR404 billion ($4.71 billion). "Legal advice is being sought on the way forward with respect to this development," the company said. Reliance Communications has been under a corporate insolvency resolution process since 2019. In its statement, the company reminded investors that any loans linked to the period before insolvency must be handled within the resolution plan, ET relays. "The credit facilities or loans referred to in the SBI letter, dated June 23, 2025, pertain to the period prior to the CIRP. These are required to be necessarily resolved as a part of a resolution plan or in liquidation, under the Insolvency and Bankrup Code (IBC)," the company said. It added, "By virtue of protection available under Section 32A of IBC, upon the approval of the resolution plan by the NCLT, the company is to have immunity against any liability for any purported offences committed prior to the commencement of the CIRP." ET adds that the plan has creditor approval but is still awaiting a final nod from the National Company Law Tribunal (NCLT). Until then, the company says it is protected from any new suits or cases. It also said legal advice is being sought on what to do next. Under Indian banking laws once an account is reported as fraudulent it is referred to enforcement agencies for criminal action and the borrower is barred from securing any more finance from banks and other regulated financial institutions for an initial period of five years, ET notes. About Reliance Communications Based in Mumbai, India, Reliance Communications Ltd is a telecommunications service provider. The Company operates through two segments: India Operations and Global Operations. India operations segment comprises wireless telecommunications services to retail customers through global system for mobile communication (GSM) technology-based networks across India; voice, long distance services and broadband access to enterprise customers; managed Internet data center services, and direct-to-home (DTH) business. Global operations comprise Carrier, Enterprise and Consumer Business units. It provides carrier's carrier voice, carrier's carrier bandwidth, enterprise data and consumer voice services. The Company owns and operates Internet protocol (IP) enabled connectivity infrastructure, comprising over 280,000 kilometers of fiber optic cable systems in India, the United States, Europe, Middle East and the Asia Pacific region. The National Company Law Tribunal on May 9, 2019, allowed Reliance Communications (RCom) to exclude the 357 days spent in litigation and admitted it for insolvency. With this, RCom, which owes over INR50,000 crore to banks, has become the first Anil Ambani group company to be officially declared bankrupt after the NCLT on May 9 superseded its board and appointed a new resolution professional to run it and also allowed the SBI-led consortium of 31 banks to form a committee of creditors. RIDDHI PRINT: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Riddhi Print And Pack Private Limited (RPPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.23 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of RPPPL under the 'issuer non-cooperating' category as RPPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025 and May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 1995, Riddhi Print & Pack Private Limited (RPPPL) is engaged in the business of manufacturing of printed corrugated cartoons and offset printers (viz. corrugated box, printed cartons, offset printers, and other packing box). It has its manufacturing facility located at Vasai and Valsad. RIGHT HEALTH: Liquidation Process Case Summary ---------------------------------------------- Debtor: RIGHT HEALTH PLATTER PRIVATE LIMITED No. 115/63, Dr. Radhakrishnan Salai, 3rd Floor, North Flat, Mylapore, Chennai, Tamil Nadu, India, 600004 Liquidation Commencement Date: June 12, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: G. GUNASEKARAN 36, Indu Nagar, Vilankurichi Road, Vilankurichi Post, Coimbatore-641035 Email: cagunasekar@yahoo.com Email: cirp.righthealth@gmail.com Last date for submission of claims: July 12, 2025 SAGAR DAMOH: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sagar Damoh Toll Roads Limited (SDTRL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 41.95 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2024, placed the rating(s) of SDTRL under the 'issuer non-cooperating' category as SDTRL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SDTRL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2025, May 9, 2025 and May 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sagar Damoh Toll Roads Limited (SDTRL) is a Special Purpose Vehicle (SPV) floated by Essel Infraprojects Limited, for two laning of existing road from the Sagar city and terminating at Teen Gulli Chuoraha in Damoh, on the SH-14 section, a 68.81-km road section in the state of Madhya Pradesh under Build, Operate & Transfer (BOT) basis. The project was awarded to SDL by Madhya Pradesh Road Development Corporation Limited (MPRDC), a public sector undertaking. The scope of work for the project highway includes construction, operation and maintenance for a period of 18 years commencing form the Appointed Date i.e. February 26, 2010. SAKTHI GANESH: Liquidation Process Case Summary ----------------------------------------------- Debtor: Sakthi Ganesh Textiles Private Limited C-3, 2nd Floor, 190-A, NGN Street, New Sidhapudur, Coimbatore - 641044 Liquidation Commencement Date: June 12, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: CA S Prabhu M/s/ SPP Insolvency Professionals LLP 2nd Floor, CODISSIA, G.D. Naidu Towers Huzur Road, Coimbatore 641 018 Phone No.: +91-94888-10404 Email: sgtpl.cirp@gmail.com ipeadmin@sppgroups.com Last date for submission of claims: July 16, 2025 SARDAR POULTRY: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sardar Poultry Farm (SPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.48 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 10, 2024, placed the rating(s) of SPF under the 'issuer non-cooperating' category as SPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2025, May 6, 2025, May 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sardar Poultry Farm (SPF) established during February 2008 by one Mr Bhupindra Kaur of Bilaspur. SPF is engaged in the business of layer poultry farming and involved in sales of eggs and birds. The farming facility of the firm is located near Bilaspur in Chhattisgarh. The day-to-day affairs of the firm are looked after by Mr. Bhupindra Kaur with adequate support from a team of experience personnel. SENTHUR VELAN: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-term and Short-term ratings for the bank facilities of Shri Senthur Velan Infras (SSV) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 11.00 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Short Term- 4.00 [ICRA]A4; ISSUER NOT Non Fund Based- COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SSV, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Shri Senthur velan Infras (SSV) is a partnership concern established in February 2012 with Mr. S.A. Palanisamy and his wife Mrs. R. Geetha as partners. This firm undertakes small scale infrastructure projects and is primarily focused on laying and maintenance of roads (national highways, state highways and private roads) and bridges. SSV undertakes projects predominantly in Tamil Nadu and Karnataka. The managing partner, Mr. S.A. Palanisamy was previously a partner in Sri Ambal & Co (SAC); a firm which has been engaged in similar line of business and has a track record of over 15 years in execution of Projects. SRINIVASAN ASSOCIATES: CARE Lowers Rating on INR10cr LT Loan to B+ ------------------------------------------------------------------ CARE Ratings has revised the rating on certain bank facilities of Srinivasan Associates Private Limited (SAPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B+; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 28, 2024, placed the rating(s) of SAPL under the 'issuer non-cooperating' category as SAPL had failed to provide information for monitoring of the rating agreed to in its Rating Agreement. SAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 13, 2025, April 23, 2025, May 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SAPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Not applicable Srinivasan Associates Private Limited was originally established as 'Srinivasan Associates' by Mr. G. Srinivasan in 1987, as a proprietorship firm engaged in construction of residential and commercials buildings on contract basis. Subsequently in 2006, the constitution was changed to a private limited company under the name 'Srinivasan Associates Private Limited' (SAPL). Mr. G. Srinivasan and Mrs. S. Malarvizhi (wife of Mr. G. Srinivasan) are the directors. The company is ISO 9001:2008 certified. SAPL has executed projects across Tamilnadu, Andhra Pradesh, Karnataka and Haryana and is presently concentrating in projects in Tamilnadu (Coimbatore, Madurai and Chennai). SAPL is also engaged in manufacturing of flyash bricks which is used for captive purpose. SWARNODHAYAM CREDITS: ICRA Lowers Rating on INR30cr LT Loan to B+ ----------------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Swarnodhayam Credits Private Limited (SCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 30.00 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating Downgraded Term Loan from [ICRA]BB(Stable) ISSUER NOT COOPERATING and continues to remain under the 'Issuer Not Cooperating' category Rationale The rating is downgraded because of lack of adequate information regarding SCPL performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with SCPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Swarnodhayam Credits Private Limited (SCPL) is a non-deposit taking, non-systemically important NBFC that extends business loans, LAP and gold loans to women members for income-generation purposes. The company, which was started as Pallava Credits in 1991, was acquired in 2009 by the promoters of erstwhile Grama Vidiyal Microfinance Ltd (GVMFL) andwas registered as an NBFC in 2010. It was extending gold loans to GVMFL's members with a ticket size of around INR5,000-10,000. In FY2013, SCPL started running down its gold loan portfolio and started providing small business loans in FY2015. It has a BC arrangement with two lenders for the origination of microfinance loans. As of June 30, 2022, the company was operating through 14 branches in the six districts of Tiruchirappalli, Tanjore, Namakkal, Karur, Salem and Erode with a member base of 14,835. SCPL had an AUM of INR35.9 crore as of September 2022. SYSKA E-RETAILS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Syska E-retails LLP 7, Akshay Complex Off Dhole Patil Road, Pune Maharashtra, India, 411001 Insolvency Commencement Date: June 17, 2025 Estimated date of closure of insolvency resolution process: December 14, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Vijay P. Lulla 201, Satchitanand Bldg, 12th Road, Opp. Ram Mandir, Khar West, Mumbai-400 052 Email: vijayplulla@rediffmail.com Email: syska.cirp@gmail.com Last date for submission of claims: July 1, 2025 VENKATESWARA RICE: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long Term rating of Sri Venkateswara Rice Mill in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 8.25 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.08 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 0.67 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Sri Venkateswara Rice Mill, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sri Venkateswara Rice Mill is a partnership firm established in 1999 and is involved in the milling of paddy for Production of non-basmati rice products (raw rice and boiled rice). The milling unit is located in East Godavari district, Andhra Pradesh with an installed capacity of 8TPH. VHM INDUSTRIES: Liquidation Process Case Summary ------------------------------------------------ Debtor: VHM INDUSTRIES LIMITED 614-616, Floor-6, Shah & Nahar Industrial Estate, Laxminar Singh Papan Marg, Off Dr. E. Moses Road, Worli, Mumbai 400018 Liquidation Commencement Date: June 3, 2025 Court: National Company Law Tribunal, Mumbai Bench-V Liquidator: CA Ashish Saoji 3rd Floor, MG House, Rabindra Nath Tagore Marg Civil Lines, Nagpur 440001 Email: ashishsaoji@gmail.com Last date for submission of claims: July 7, 2025 VIJAY BUILDERS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long Term rating of Vijay Builders And Constructions Private Limited (VBCPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Fund-based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 8.00 [ICRA]B+(Stable); ISSUER NOT Non Fund Based COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with VBCPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. VBCPL was originally established as a proprietorship concern, "Vijay Builders" by Mr. Vashdev Alreja in 1978. It was converted into a private limited company in March 2006 and renamed as Vijay Builders & Constructions Private Limited. The company has two manufacturing facilities at Mira Road and Wada which collectively have an annual production capacity of 1200MT. The company undertakes part of the steel structure fabrication work at these facilities and outsources the remaining work to third parties. =============== M A L A Y S I A =============== GREENPRO CAPITAL: Regains Nasdaq Minimum Bid Price Compliance ------------------------------------------------------------- As previously reported, on April 11, 2025, Greenpro Capital Corp. received a letter from the staff of the Listing Qualifications Department of the Nasdaq Stock Market LLC notifying the Company that the closing bid price of the Company's common stock had been below $1.00 per share for 30 consecutive business days, and that, as a result, the Company was not in compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The Company was provided 180 calendar days, until October 8, 2025, to regain compliance. On June 13, 2025, Staff notified the Company that it has determined that for 20 consecutive business days, from May 15, 2025 to June 12, 2025, the closing bid price of the Company's common stock has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2), and this matter is now closed About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. Kuala Lumpur, Malaysia-based JP Centurion & Partners, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Apr. 9, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that for the years ended December 31, 2024, the Company incurred a negative cash flow from operating activities of $1,360,454 and as of December 31, 2024, the Company incurred an accumulated deficit of $37,264,379. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $6,473,923 in total assets, $1,279,635 in total liabilities, and a total stockholders' equity of $5,194,288. ===================== N E W Z E A L A N D ===================== AIRWORK GROUP: Placed Into Receivership --------------------------------------- Radio New Zealand reports that long-established air freight company Airwork Group has been placed into receivership. Airwork, whose New Zealand roots trace back to 1936, has a fleet of Boeing 737 freighters and operates an air freight, maintenance, and aircraft leasing business. The company was briefly listed on the stock exchange in 2013 before a Chinese company, Zhejiang Rifa Holdings, took it private in 2017. Brendon Gibson, Daniel Stoneman and Neale Jackson of Calibre Partners were appointed as receivers, RNZ discloses. They said the move was made after a shareholder breached the company's banking facilities during the sale of the business. "This step has been taken to facilitate a structured process to identify a new owner for the business," RNZ quotes Mr. Gibson as saying. "The trading performance of the business underpins the strategy to continue to trade with the support of the financiers, customers, and key suppliers with a view of immediately commencing a going-concern sale process for the New Zealand and Australian businesses and assets." In recent years, Airwork racked up hundreds of millions of dollars of losses after five of its six Boeing 757 freighter aircraft were trapped and illegally seized in Russia after the country invaded Ukraine. That forced the company to write off its value, and it became trapped in litigation with its insurers, RNZ says. The company sold its helicopter operations in 2022 and has since sold several surplus aircraft and engines to try and stay afloat. More recently, Airwork defaulted on a USD$83.5 million bank loan, according to RNZ. Airwork employs around 180 people in New Zealand and Australia. FORMCRETE CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 6 --------------------------------------------------------------- Creditors of Formcrete Construction Limited are required to file their proofs of debt by Aug. 6, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 26, 2025. The company's liquidators are: Jared Waiata Booth Tony Leonard Maginness Baker Tilly Staples Rodway Auckland Limited PO Box 3899 Auckland 1140 FUTURE ENERGY: Court to Hear Wind-Up Petition on July 17 -------------------------------------------------------- A petition to wind up the operations of Future Energy Solutions Limited will be heard before the High Court at Auckland on July 17, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 12, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 LOCK RIDGE: Creditors' Proofs of Debt Due on July 25 ---------------------------------------------------- Creditors of Lock Ridge Financial NZ Limited are required to file their proofs of debt by July 25, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 19, 2025. The company's liquidator is: Kevyn Botes i-Business Recovery Limited PO Box 55 Greenhithe 0765 M & M RENOVATIONS: Court to Hear Wind-Up Petition on July 10 ------------------------------------------------------------ A petition to wind up the operations of M & M Renovations Limited will be heard before the High Court at Auckland on July 10, 2025, at 10:00 a.m. Renovation Franchise Limited filed the petition against the company on May 29, 2025. The Petitioner's solicitor is: Scott Goodwin PO Box 305639 Triton Plaza Auckland 0757 UHURU LIMITED: Court to Hear Wind-Up Petition on July 17 -------------------------------------------------------- A petition to wind up the operations of Uhuru Limited will be heard before the High Court at Auckland on July 17, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 12, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 YOUTH HOSTELS: Redistributes $2.8MM to Charities After Liquidation ------------------------------------------------------------------ Elsie Williams at The Press reports that after closing all of its hostel doors in 2021, Youth Hostels Association of New Zealand (YHA) is regifting NZD2.8 million of leftover funds to like-minded charities. Three years after the Covid-19 pandemic forced the closure of 11 hostels, YHA went into liquidation in December. Border restrictions and lockdowns put the not-for-profit in an "unsustainable financial position", YHA New Zealand general manager Simon Cartwright said in late 2021, The Press recalls. Now, it's able to redistribute its final funds to charities that continue the kaupapa Cantabrian Cora Wilding first championed in 1932. What began with Wilding persuading Canterbury farmers to let young trampers sleep in their barns, later evolved into a network of cheap accommodation for youth around the country for 90 years. According to The Press, the NZD2.8 million donation will be shared among Living Springs, Banks Peninsula Conservation Trust, Tarapuruhi Bushy Park Trust, and Untouched World Foundation - charities that continue YHA's mission in youth, education, sustainability, and outdoor engagement. The Press relates that Banks Peninsula Conservation Trust will use NZD1.16 million to establish a discovery and resource campus in Tai Tapu, boosting biodiversity, environmental education, and community engagement. Living Springs has been gifted NZD1 million to refurbish three 50-year-old bunkhouses, and add a new hostel for international volunteers. The Untouched World Foundation has secured nearly NZD600,000 to fund residencies, scholarships, and an annual award honouring future leaders and change makers. Tarapuruhi Bushy Park Trust will get NZD100,000 to construct an inclusive rongoā walk, complete with accessible paths, a boardwalk, and a composting wharepaku (toilet). The Press adds that Maureen McCloy, former chairpersonof YHA New Zealand, said sharing the money was a powerful way to honour the organisation's founders. "As YHA wraps up its affairs, we're proud to invest in organisations that will carry forward our kaupapa, support young people's growth, and honour Cora Wilding's pioneering legacy," the report quotes Ms. McCloy as saying. "These charities are now carrying the baton forwards." ================= S I N G A P O R E ================= FRAGRANCE PARADISE: Court to Hear Wind-Up Petition on July 11 ------------------------------------------------------------- A petition to wind up the operations of Fragrance Paradise Pte. Ltd. will be heard before the High Court of Singapore on July 11, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on June 17, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 IMPERIUM CROWN: Creditors' Meeting Set for July 17 -------------------------------------------------- Imperium Crown Limited will hold a meeting for its creditors on July 17, 2025, at 3:00 p.m., via electronic means. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to nominate Mr. Lam Zi Yang care of Argile Partners as Liquidator for the purpose of winding up the affairs and distributing the assets of the Company; c. to resolve that the Liquidator be at liberty to open, maintain, and operate any bank accounts or an account for monies received by them as Liquidator of the Company, with such bank as the Liquidator deems fit; and d. any other business. Mr. Lam Zi Yang of Argile Partners was appointed as provisional liquidator of the Company on June 23, 2025. SAVVY SERVICES: Court to Hear Wind-Up Petition on July 11 --------------------------------------------------------- A petition to wind up the operations of Savvy Services Pte. Ltd. will be heard before the High Court of Singapore on July 11, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on June 17, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 SC HOSPITALITY: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on June 20, 2025, to wind up the operations of SC Hospitality Singapore Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Mr. Goh Wee Teck Mr. Ng Kian Kiat c/o RSM SG Corporate Advisory 8 Wilkie Road, #03-08 Wilkie Edge Singapore 228095 TRANSMARINE NAVIGATION: Creditors' Proofs of Debt Due on July 26 ---------------------------------------------------------------- Creditors of Transmarine Navigation (Singapore) Pte. Ltd. are required to file their proofs of debt by July 26, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 19, 2025. The company's liquidators are: Mr. Goh Wee Teck Mr. Ng Kian Kiat c/o RSM SG Corporate Advisory 8 Wilkie Road, #03-08 Wilkie Edge Singapore 228095 WINDFLOWER FLORIST: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on June 20, 2025, to wind up the operations of Windflower Florist Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Launches Formal Sale Process ----------------------------------------- Pulse reports that Homeplus Co kicked off its formal sale process ahead of a court-approved rehabilitation plan, with plans to finalize a deal within three months. However, analysts warn that the tight timeline and complex stakeholder issues could hinder progress. According to the investment banking industry on July 1, sale manager Samil PwC began contacting potential buyers and is finalizing teaser letters, Pulse relays. The company aims to sign a conditional investment agreement by July 15, 2025, and pursue a stalking horse bid in which a buyer is initially secured to set a minimum bid and then other bids are solicited for competitive pricing. Pulse relates that the proposed timeline includes signing a preliminary deal in July, selecting the highest bidder between August and September, and finalizing a preferred bidder by the end of September. Homeplus plans to submit its rehabilitation plan by October 17th and hold a creditor meeting in early November. Still, there is skepticism over whether the transaction can be completed on time. Financial challenges, controversy surrounding major shareholder MBK Partners, and regulatory concerns could impede progress. According to Samil's due diligence report, Homeplus holds a liquidation value of KRW3.68 trillion (US$2.72 billion) and confirmed liabilities of 2.9 trillion won, leaving net assets at about KRW780 billion. However, factoring in an estimated KRW900 billion in penalties for lease terminations, the company's effective equity is virtually zero. Its going concern value stands at KRW2.5 trillion - less than its liabilities - leaving a capital deficit of KRW400 billion, Pulse discloses. According to Pulse, MBK has attempted to demonstrate commitment by pledging to cancel all of its KRW2.5 trillion in common shares. Critics argue, however, that these shares are already worthless, accusing MBK of avoiding real accountability while misleading lawmakers and investors. The National Pension Service's redeemable convertible preferred shares (RCPS) are still valued at around 600 billion won but MBK has not indicated any willingness to honor or acquire them, raising concerns over the potential socialization of losses. Interest from strategic investors also appears limited, with major retail players such as Emart or Lotte Mart potentially facing antitrust hurdles if they pursue a deal. An M&A lawyer noted that merging Homeplus with Emart could create market dominance not only nationally but also in local retail sectors, making regulatory approval from the Fair Trade Commission difficult. "Regulators assess competition not just on a national level but by regionas well," the lawyer explained. "It would be challenging to get approval for a full acquisition under these circumstances." About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***