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250714.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 Monday, July 14, 2025, Vol. 28, No. 139 Headlines A U S T R A L I A ANNECTO INCORPORATED: First Creditors' Meeting Set for July 17 ARG EMPLOYMENT: First Creditors' Meeting Set for July 17 ESEL PTY: Owes More Than AUD18 Million to Distributors EZYMED PACKING: First Creditors' Meeting Set for July 17 FALCON CAPITAL: Fund Investors May Struggle to Get Money Back JHIRMAL TILLINGS: First Creditors' Meeting Set for July 17 PICKLED POSSUM: Goes Into Receivership PUBLIC HOSPITALITY: Town Hall Hotel Sold as Part of Receivership TWINDEOL (AUST): First Creditors' Meeting Set for July 17 ZIP MASTER 2024-2: S&P Affirms BB (sf) Rating on Class E Notes C H I N A ADDENTAX GROUP: Pan-China Singapore PAC Issues Going Concern Doubt ATIF HOLDINGS: Ongoing Losses, Cash Use Raise Going Concern Doubt CHINA EVERGRANDE: Government Reclaims NEV Unit's 440,000-Sqm Plot FUTURE FINTECH: Inks $10.2M Settlement Agreement With FT Global HO WAN KWOK: New Jersey Mansion Belongs to Debtor, Court Says LUDHIANA TALWANDI: Insolvency Resolution Process Case Summary PLANET GREEN: Notes Unusual NYSE Trading; No Material Development SHINECO INC: Unit Acquires 51% of InfiniClone for $19.9M H O N G K O N G METROPOL RESTAURANT: To Close in September as HKUST Buys Venue I N D I A AKHROT DEVELOPERS: Insolvency Resolution Process Case Summary BECQUER ENERGY: CRISIL Withdraws B+ Corporate Credit Rating BYINDIA CREATIONS: Insolvency Resolution Process Case Summary CHIDANAND MULTICOMMODITIES: Voluntary Liquidation Case Summary CHIDANAND SHARE: Voluntary Liquidation Process Case Summary CRAZY BAKERY: CRISIL Moves B+ Debt Ratings from Not Cooperating ESSENTIAL LOGISTICS: Insolvency Resolution Process Case Summary GREENERG MOBILITY: CRISIL Moves B+ Debt Rating to Not Cooperating GSTAAD HOTELS: NCLT Orders Start of Insolvency Process JSW STEEL: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable JYOTI CAPSULES: Voluntary Liquidation Process Case Summary KEGGFARMS PRIVATE: CRISIL Moves B+ Debt Rating to Not Cooperating RAINBOW INDUSTRIAL: Liquidation Process Case Summary SHIVAM MOTORS: CRISIL Lowers Rating on INR25.11cr Cash Loan to D SKGI CONSULTANCY: Insolvency Resolution Process Case Summary SWIKRITI RENEWABLES: Insolvency Resolution Process Case Summary U. S. AGRAWAL: CRISIL Keeps B Debt Rating in Not Cooperating UMASHREE RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating UNITED EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating UNITED VIKAS: CRISIL Keeps B+ Debt Rating in Not Cooperating UTM ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating V. M. STAR: CRISIL Keeps D Debt Rating in Not Cooperating V.H. INDUSTRIES: CRISIL Keeps B+ Debt Ratings in Not Cooperating VALIKULAM RUBBER: CRISIL Keeps B Debt Ratings in Not Cooperating VANTAGE MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating VASAVI COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating VENKATA LAKSHMI: CRISIL Keeps D Debt Ratings in Not Cooperating VIDYA AGRO: CRISIL Keeps B Debt Rating in Not Cooperating VIDYAPATI COLD: CRISIL Keeps B+ Debt Ratings in Not Cooperating VIJAY STEEL: CRISIL Keeps B+ Debt Ratings in Not Cooperating VIJAYA SARADA: CRISIL Keeps D Debt Ratings in Not Cooperating VIKAS COTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating VINAYAK CONSTRUCTION: CRISIL Keeps B+ Ratings in Not Cooperating VINAYAK FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating VIRANGI CREATION: CRISIL Moves B+ Debts Rating to Not Cooperating VIVEKANANDA YOGA: CRISIL Keeps B Debt Rating in Not Cooperating VOHRA SOLVEX: CRISIL Keeps B Debt Ratings in Not Cooperating J A P A N MARELLI AUTOMOTIVE: Covestro Steps Down as Committee Member NISSAN MOTOR: Clinches US$4.5 Billion Bond Deal After Orders Soar M A L A Y S I A GREENPRO CAPITAL: Closes $260K Private Placement of Common Stock N E W Z E A L A N D ARP CONSULTING: Court to Hear Wind-Up Petition on Aug. 1 DFS GROUP: To Close Stores in Sydney, Auckland and Queenstown ECO BUILDING: Creditors' Proofs of Debt Due on Sept. 3 FNZ NZ FINCO: Moody's Affirms 'B3' CFR, Outlook Remains Stable FORMCRETE CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 6 SK APPLIANCES: Court to Hear Wind-Up Petition on July 24 UNIVERSITY BOOKSHOP: Creditors' Proofs of Debt Due on Aug. 1 S I N G A P O R E ALTIVO PTE: Creditors' Proofs of Debt Due on Aug. 4 MEGCD PTE: Court Enters Wind-Up Order PHINIA HOLDINGS: Creditors' Proofs of Debt Due on Aug. 4 SOGO LABS: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= ANNECTO INCORPORATED: First Creditors' Meeting Set for July 17 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Annecto Incorporated will be held on July 17, 2025 at 2:00 p.m. via virtual technology only. Matthew Hutton, Melissa Smith, Katherine Sozou & Shane O'Keeffe of McGrathNicol were appointed as administrators of the company on July 7, 2025. ARG EMPLOYMENT: First Creditors' Meeting Set for July 17 -------------------------------------------------------- A first meeting of the creditors in the proceedings of ARG Employment Pty Ltd will be held on July 17, 2025 at 10:00 a.m. at the offices of SV Partners, 22 Market Street, in Brisbane, QLD. Terrence John Rose and David Michael Stimpson of SV Partnerswere appointed as administrators of the company on July 7, 2025. ESEL PTY: Owes More Than AUD18 Million to Distributors ------------------------------------------------------ CRN Australia reports that Esel, the ex-parent company to reseller Mwave, reportedly owes more than AUD18 million to several major Australian distributors following the company filing for voluntary administration last month. Those distributors allegedly owed money include Dicker Data, Ingram Micro, XIM, Leader, Synnex, MMT, and Centercom. CRN Australia understands some of those distributors are owed sums of up to AUD3.6 million. On June 25, ASIC held the first meeting for creditors of the company where the specific amounts were revealed to the creditors. Multiple sources familiar with the matter and present on the call told CRN Australia that during the creditors' meeting the administrators reportedly said several of these companies do not have creditors' insurance. One distributor is allegedly owed AUD3.6 million and does not have insurance, CRN Australia says. Several creditors declined to comment, however Dicker Data, XIM and MMT confirmed that they are owed money by Esel. Since buying Mwave, a DigiDirect spokesperson told CRN Australia that the company is in early stages of conversations as they work through the administration process. "We have been pleased with support we have received to date, transactions have taken place for new stock with a focus on fulfilling customer orders and demand, and we look forward to continuing this progress in the coming weeks," they said, notes the report. After Mwave's ex-parent company, Esel filed for voluntary administration last month, the company announced its purchase by the DigiDirect Group which also owns the previously defunct Booktopia, CRN Australia notes. CRN Australia understands Mwave was acquired by DigiDirect Group for AUD500,000. DigiDirect Group declined to confirm the number and directed the publication to speak to the insolvency firm managing the matter, DVT Group. "It is our understanding that the administrators revealed details of a portion of the deal," a spokesperson for DigiDirect Group told CRN Australia. "The transaction for the company was based on more than only goodwill for the brand, database, software, plant and equipment, which were all based on assessments of two independent valuations that determined fair value. "The transaction also included staff entitlements rolling over to the new ownership, and since administration, a commitment to fulfil prepayments of customer orders, gift cards and warranties - all of which amount to millions of dollars in value." According to the DigiDirect spokesperson, they have told the administrators they are interested in acquiring in all stock in their possession following Esel's entry into voluntary administration, CRN Australia relays. "We are willing to negotiate and purchase all stock at fair and negotiated value with those who affirm ownership of said stock," they said. Eyebrows in the channel community were raised when the news of the acquisition of Mwave by DigiDirect happened a day after Esel filed for voluntary administration. The spokesperson did not comment on when they began discussions of DigiDirect Group acquiring Mwave but said they have held a "long-standing" interest in the business. "Talks were held initially with Mwave's previous majority shareholders and more recently, with their founder and majority shareholder. Conversations progressed very recently and reached a final agreement," they told CRN Australia. Mwave, calling itself Australia's biggest online tech retailer, sells gaming PCs, laptops, components and peripherals, software licenses and other PC-related products. Antony Resnick and Henry Kwok dVT Group were appointed voluntary administrators of Esel Pty Ltd, formerly trading as Mwave, on June 13, 2025. EZYMED PACKING: First Creditors' Meeting Set for July 17 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Ezymed Packing Systems Pty Ltd will be held on July 17, 2025 at 11:00 a.m. via videoconference only. David McGrath and Kathryn Warwick of FTI Consulting were appointed as administrators of the company on July 7, 2025. FALCON CAPITAL: Fund Investors May Struggle to Get Money Back ------------------------------------------------------------- Stephen Johnson at Daily Mail Australia reports that nearly $450 million is feared lost from an Australian superannuation fund after its directors went on a lavish spending spree - including purchasing a luxury Lamborghini - before the fund collapsed. Now the creditor's report has revealed where they believe the cash has gone, amid new fears savers may never see their cash and plunge their retirement plans into chaos. The First Guardian Master Fund was placed into liquidation in March after the Australian Securities and Investments Commission obtained a Federal Court order to freeze its assets, Daily Mail Australia notes. According to Daily Mail Australia, FTI Consulting managing partners Ross Blakeley and Paul Harlond, who were appointed as liquidators in April, conceded creditors may struggle to get their money back. 'In the absence of considerable recoveries from alternative potential claims in the liquidation, insufficient funds will exist to meet all claims of creditors,' they said, notes the report. The liquidators have now revealed that AUD446 million could conservatively be owed to retirement savers, after their superannuation invested in dubious ventures, Daily Mail Australia relays. 'The liquidators have preliminarily estimated that claims by unitholders on a cash invested basis that have not been redeemed approximate AUD446 million,' they said. 'Significant monies have been invested (or sent) offshore in foreign jurisdictions. 'Much has been invested in technology ventures, none of which appear to have yet been commercialised and are thus not generating an income.' According to Daily Mail Australia, David Anderson 46, a director of the super fund and parent company Falcon Capital Limited, is accused of siphoning millions of dollars into his personal ANZ bank account. 'There is evidence that one director, Mr. Anderson, or entities or individuals associated with Mr. Anderson have also been parties to certain transactions and/or the receipt of considerable monies from the company and/or funds,' the report said. 'These transactions require further investigation and explanation by Mr. Anderson.' Before the fund collapsed, he had also bought a AUD9 million Yarra River mansion in the upmarket Melbourne suburb of Hawthorn in 2020. Fellow director Simon Selimaj, 63, had a AUD548,000 Lamborghini Urus registered in his name. Like Mr. Anderson, the Federal Court has banned him from leaving or trying to leave Australia until February 2026, Daily Mail Australia notes. 'The vehicle was purchased in January 2023 by the company for AUD548,000 including on-road costs and was funded via a bank account controlled by the company,' the creditors report, as cited by Daily Mail Australia, said. 'On appointment the vehicle was in the possession of Mr. Selimaj.' The Lamborghini, which the liquidators have since seized, is estimated to now be worth AUD350,000 to AUD400,000, with Slattery Auctions taking possession of it. Daily Mail Australia adds the directors had also failed to disclose this Italian sports SUV in the report on company activities and property. First Guardian paid more than AUD40 million in marketing fees to Cornerstone Strategic Management - associated with Venture Egg Financial Services, along with the now liquidated Atlas Marketing and Indigo Group, between August 2021 and February 2024. 'It appears these monies were ultimately sourced from the fund,' the creditors' report said. 'There are concerns that the payment of fees purportedly for marketing services may have given rise to a conflict of interest, breach of duties, and has depleted investor funds. 'Further, there are concerns that the payment of marketing services fees was not disclosed in the financial services guide or product disclosure statements.' Daily Mail Australia says Australians had invested with First Guardian after being contacted by Venture Egg Financial Services, whose director Ferras Merhi was a VFL ruckman. The Federal Court froze Mr. Merhi's assets in February following an ASIC application. First Guardian's directors also potentially inflated the value of its assets, Daily Mail Australia relays. 'Further, the liquidators consider the value of the assets may have been overstated in the accounts,' the report said, relates the report. 'The overall recoverable value of the investments is likely to be considerably less than their combined book value and the view expressed by the directors.' Daily Mail Australia says that the AUD446 millon owed to creditors is regarded as a conservative amount as 'investments and loans made' potentially 'increase creditor claims'. Mr. Anderson's defence lawyer Dan Mackay, a director of Mackay Chapman, previously said 'there have been no findings of fact or law by any court or tribunal, nor by ASIC'. 'Mr. Anderson will fully exercise his rights in response to allegations which may be made against him at the appropriate time in the appropriate forum,' Daily Mail Australia quotes Mr. Mackay as saying. JHIRMAL TILLINGS: First Creditors' Meeting Set for July 17 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Jhirmal Tillings Pty. Ltd will be held on July 17, 2025 at 10:00 a.m. via Virtual Meeting only. Daniel Obrien and Danny Vrkic of DV Recovery Management were appointed as administrators of the company on July 7, 2025. PICKLED POSSUM: Goes Into Receivership -------------------------------------- Kathryn Welling at realcommercial.com.au reports that Neutral Bay's famed karaoke bar The Pickled Possum is in receivership, being offered next month for about AUD2.5 million and may form part of an amalgamated development site. Named after the possums that used to hang over the door frames in the hope of being fed carrots and lettuce by patrons, The Pickled Possum on Military Rd was the go-to bar after the pubs closed, a local institution and something of a rite of passage for the young, the musical and late-night revelers, realcommercial.com.au says. It wasn't just locals who loved the piano bar, the old photos plastered on the walls and AUD10 steak nights. Big names such as Janet Jackson, a young Chris Hemsworth and singer Su Cruickshank visited the bar, which signalled last orders around 1:30 a.m. with the song American Pie. It was at its height in the 1980s, one former mayor used to sing Frank Sinatra songs around the piano and the late-night venue was famed for serving drinks from eskys. According to realcommercial.com.au, leading pub brokerage HTL Property has been appointed to steer the sale process under instructions from receivers, and the site is being offered to market via an expression of interest campaign closing August 5. A figure of about AUD2.5 million is anticipated. realcommercial.com.au says the business at 254 Military Rd was owned for 40 years by John Oseckas and Margurite Smith who ran it for 40 years. They bought the premises, a two-storey building on 164sqm of land in 2002 for AUD913,000 and sold it in 2021 for AUD2,095,000 when they retired. The building was bought by Robert Patterson who tried to get approval for a 78-room boarding house on the strip, including at 254 Military Rd. North Sydney Council refused the application late last year. The venue still has a rare extended trading hour approval and is licensed to trade until 2:00 a.m. between Monday and Saturday, realcommercial.com.au notes. The current tenant is keen to stay if the new owner is an investor happy to negotiate a new lease. Agents Sam Handy, Andrew Jolliffe and Ben Kennedy of HTL Property indicate that the site will appeal to a broad range of hospitality buyers including hoteliers, restaurateurs, craft beer brewers and even spirits distillers, according to realcommercial.com.au. "We have had intense interest from several different buyer segments," realcommercial.com.au quotes director Sam Handy as saying. "And it's not only the sentimentality that is attached to it, but also its compelling underlying land, building and business fundamentals," he added. In addition, possible plans and architectural commentaries have been carried out for an amalgamated site and are available for prospective purchasers to examine, realcommercial.com.au relays. PUBLIC HOSPITALITY: Town Hall Hotel Sold as Part of Receivership ---------------------------------------------------------------- Vanessa Cavasinni at Australian Hotelier reports that Balmain's Town Hall Hotel has been sold on behalf of receivers looking after Public Hospitality assets. Australian Hotelier relates that the former Town Hall Hotel in Balmain has sold, after a month-long public auction process, to an investor with intentions of reactivating the site back into a trading hotel business. The campaign garnered intense interest from numerous buyer segments across the market, and was sold on behalf of the appointed receivers Joseph Hayes and Chris Johnson of Wexted Advisors. Public Hospitality's woes have been well documented over the last eighteen months, with several of its venues placed into receivership in September last year, and staff and suppliers chasing payment, according to Australian Hotelier. The management of three of its inner-Sydney venues - The Norfolk in Redfern, Oxford House in Paddington, Camelia Grove Hotel in Alexandria - was taken over by Solotel at the end of 2024, with The Norfolk the first of the three venues to have its offering revamped, the report notes. Australian Hotelier says Balmain's Town Hall Hotel is currently vacant, but has long been considered an institution in Balmain's vibrant pub scene. Last sold for AUD8 million, the hotel has sat dormant for a number of years, after being occupied as a mixed-use development comprising a physiotherapy practice, gymnasium and bottle shop. A DA was lodged and approved for the premises to be reconfigured back into a pub, and it was widely reported in October 2022 that acclaimed Italian chef Alessandro Pavoni of Crown Sydney's a'Mare and Ormeggio at The Spit, had signed a lease to operate the business as a gastropub, Australian Hotelier recalls. Mr. Pavoni was the culinary ambassador for the Public Hospitality Group at the time. Australian Hotelier relates that Town Hall Hotel was reintroduced to market last month with a DA approval for alterations and additions to the existing building to be reconfigured back into a two-level pub. The 443 sqm site is perched on the corner of Darling and Montague Streets, overlooking the Balmain retail precinct, and it was marketed as a blank canvas with numerous alternative-use options over and above being converted back into a hotel. The site enjoys favourable and flexible planning controls which support further intensification via retail, commercial and/or residential conversion (STCA). It has been suggested that the successful purchaser will reconfigure, renovate and refurbish the building back into a hotel, and reposition the offering in line with the nearby Dry Dock Hotel, which has enjoyed rampant success since reopening in November 2023. The Town Hall Hotel was sold by Sam Handy and Andrew Jolliffe of HTL Property in conjunction with James Cowan and Matthew Meynell of Colliers, Australian Hotelier notes. "There have been twenty-two pub transactions concluded across the Balmain peninsula over the last fifteen years, and the agents comprising HTL Property have been fortunate enough to have negotiated some twenty of these sales," Australian Hotelier quotes Mr. Handy as saying. Mr. Cowan added: "Colliers are proud to transact another landmark property in Balmain, and are pleased with the rounded interest, competitive tension and the ultimate sale price achieved." Australian Hotelier adds that the agents wouldn't be drawn upon the sale price, other than to advise that it well in excess of the prices achieved on the last three pub transactions within the catchment which were the Gary Owen Hotel (AUD6.5 million), London Hotel (AUD8.5 million) and the Dry Dock Hotel (AUD7.5 million). TWINDEOL (AUST): First Creditors' Meeting Set for July 17 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Twindeol (Aust) Pty Ltd will be held on July 17, 2025 at 10:30 a.m. via Virtual Meeting Technology. Mathew Gollant of CJG Advisory was appointed as administrator of the company on July 7, 2025. ZIP MASTER 2024-2: S&P Affirms BB (sf) Rating on Class E Notes -------------------------------------------------------------- S&P Global Ratings affirmed its ratings on 18 classes of notes issued by Perpetual Corporate Trust Ltd. as trustee of Zip Master Trust - Series 2023-2, Series 2024-1, and Series 2024-2. S&P said, "The rating actions reflect our updated view of the performance of the underlying pool of receivables held by Zip Master Trust and the credit support and various liquidity support mechanisms available to each rated class of notes. "Following our review of the latest available historical payment, purchase, charge-off, yield, and dilution rates of Zip Master Trust, we updated our base-case assumptions in line with our global credit card criteria, taking into consideration macroeconomic conditions and industry trends. The revision reflects our view that Zip Master Trust has experienced an increasing adjusted yield, loss volatility, and payment rate. "Series 2023-2, Series 2024-1, and Series 2024-2 remain in a revolving period. Using our revised base-case assumptions, we performed a cash-flow analysis, assuming series rapid amortization. Because there are no documented limits on the proportion of Zip Pay/Zip Plus and Zip Money in the overall portfolio securitized, we performed further cash-flow analysis, assuming a shift in the portfolio product composition. Under such scenarios, the available credit enhancement for the rated classes of notes from each series is sufficient to support the various stresses commensurate with our respective current ratings. All transactions' cash flows and various mechanisms support the timely payment of interest and ultimate payment of principal to the rated classes of notes from each series under our rating stress assumptions." S&P's analysis also incorporates the following base-case assumptions: -- Portfolio composition comprises 50% Zip Money and 50% Zip Pay/Zip Plus. -- Adjusted yield rate raised to 14.00% from 12.00%. -- Charge-off rate raised to 5.13% from 4.75%. -- Payment rate raised to 16.13% from 15.25%. -- Dilutions rate remains at 0.55%. Ratings Affirmed Zip Master Trust - Series 2023-2 Class A1: AAA (sf) Class A2: AAA (sf) Class B: AA (sf) Class C: A (sf) Class D: BBB (sf) Class E: BB (sf) Class F: B (sf) Zip Master Trust - Series 2024-1 Class A: AAA (sf) Class B: AA (sf) Class C: A (sf) Class D: BBB (sf) Class E: BB (sf) Class F: B (sf) Zip Master Trust - Series 2024-2 Class A: AAA (sf) Class B: AA (sf) Class C: A (sf) Class D: BBB (sf) Class E: BB (sf) ========= C H I N A ========= ADDENTAX GROUP: Pan-China Singapore PAC Issues Going Concern Doubt ------------------------------------------------------------------ Addentax Group Corp. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended March 31, 2025, that its auditor has expressed substantial doubt about the Company's ability to continue as a going concern. Pan-China Singapore PAC issued a "going concern" qualification in its report dated June 30, 2025, attached to the Company's Annual Report on Form 10-K for the year ended March 31, 2025, citing that the Company has incurred operating losses for the past two financial years, which raises concerns about the Company's ability to continue as a going concern. These conditions indicate that a material uncertainty exists that raise substantial doubt on the Company's ability to continue as a going concern. The Group has a history of operating losses, $5,094,198 and $3,109,418 and for the years ended March 31, 2025 and 2024. Historically, the Group has relied principally on both operational sources of cash and non-operational sources of equity and debt financing to fund its operations and business development. The Group's ability to continue as a going concern depends on management's ability to successfully execute its business plan which includes increasing the utilization rate of existing staff and potential financing from public market or private placement. However, there is no assurance that the measures can be achieved as planned. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/2vjnz3bx About Addentax Group Corp. Addentax Group Corp. is an integrated service provider specializing in garment manufacturing, logistics services, and property management and subleasing. For more information about the Company, please visit the website: https://www.addentax.com/. As of March 31, 2025, the Company had $49,167,337 in total assets, $27,435,529 in total liabilities, and total equity of $21,731,808. ATIF HOLDINGS: Ongoing Losses, Cash Use Raise Going Concern Doubt ----------------------------------------------------------------- ATIF Holdings Ltd. disclosed in a Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended April 30, 2025, that there is substantial doubt about its ability to continue as a going concern. For the nine months ended April 30, 2025 and 2024, the Company reported a net loss of approximately $3.9 million and $1.8 million, respectively, and operating cash outflows approximately $2.1 million and approximately $0.08 million. In assessing the Company's ability to continue as a going concern, the Company monitors and analyzes its cash and its ability to generate sufficient cash flow in the future to support its operating and capital expenditure commitments. Because of a history of net losses from operations, cash out from operating activities, and the requirement of additional capital to fund the Company's current operating plan at April 30, 2025, these factors indicate the existence of an uncertainty that raises substantial doubt about the Company's ability to continue as a going concern. In January 2025, the Company issued and sold 3,820,000 ordinary shares to certain non-affiliated institutional investors at a price of US$1.25 per share for gross proceeds of US$4.8 million. The Company recorded net proceeds of approximately $4.8 million. In February 2025, the Company issued and sold 1,580,000 ordinary shares at a price of US$1 per share, and pre-funded warrants to purchase up to 887,553 Ordinary Shares, and in a concurrent private placement, restricted warrants to purchase an aggregate of up to 2,467,553 Ordinary Shares to certain non-affiliated institutional investors for gross proceeds of US$2.5 million. The Company recorded net proceeds of approximately $2.1 million. As of April 30, 2025, the Company had cash of approximately $6.7 million, short-term investments in trading securities of approximately $1.1 million and due from a related party of $0.6 million, which were highly liquid. On the other hand, the Company had current liabilities of approximately $0.3 million. The Company's cash and short-term investments in trading securities could well cover the current liabilities. The Company's ability to continue as a going concern is dependent on management's ability to successfully execute its business plan, which includes increasing revenue while controlling operating cost and expenses to generate positive operating cash flows and obtain financing from outside sources. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4kernuwt About ATIF Holdings ATIF Holdings Limited, formerly known as Eternal Fairy International Limited and Asia Times Holdings Limited, was incorporated under the laws of the British Virgin Islands on January 5, 2015, as a holding company to develop business opportunities in the People's Republic of China. The Company adopted its current name on March 7, 2019. The Company is primarily engaged in providing business advisory and financial consulting services to small and medium-sized enterprise customers. As of April 30, 2025, the Company had $8.7 million in total assets, $278,073 in total liabilities, and total shareholders' equity of $8.4 million. CHINA EVERGRANDE: Government Reclaims NEV Unit's 440,000-Sqm Plot ----------------------------------------------------------------- Yicai Global reports that a parcel of land owned by the electric vehicle arm of bankrupt Chinese real estate giant China Evergrande is being taken back by the government after remaining undeveloped for more than four years. Yicai relates that the 440,000-square-meter piece of land, located in Guangzhou's Nansha district, was supposed to serve as the location of an electric car factory, but it has been classed as idle land since June 9, 2021. The land will now be reclaimed by local land authorities under China's rules on handling unused land, according to a notice posted on July 9 on the website of the Guangzhou Municipal Planning and Natural Resources Bureau. According to Yicai, Evergrande NEV bought the land use rights for CNY590 million (USD82.2 million) in September 2020, with plans to build an electric car and core components factory. The investment agreement at the time stipulated that the plant would cost at least CNY2.5 billion (USD348.3 million) and should be completed and operational within 30 months. But things changed when parent firm Evergrande ran into a massive debt crisis in 2021, which paralyzed its auto manufacturing business. In addition to this undeveloped plot, Evergrande NEV owns a completed factory in Nansha district, but it has not yet received a license to operate. In March, rumors were circulating online that carmaker GAC Group and tech giant Huawei Technologies might team up to take over Evergrande NEV's Nansha plant, Yicai says. This drove Evergrande NEV's stock price up by 75 percent on March 26, but Guangzhou-based GAC quickly denied the rumor. Yicai says Evergrande NEV's shares have been suspended since April 1 after the Guangzhou-based firm failed to publish its annual report on time. On its last trading day, the stock was only worth HKD0.17 (USD0.02), giving the firm a market capitalization of HKD1.8 billion (USD229.3 million). On June 30, Evergrande NEV put out a statement saying it is still facing a serious cash crunch and is actively looking for investors as well as buyers of its assets to raise funds. But so far, no luck, adds Yicai. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. Edward Middleton and Tiffany Wong of Alvarez & Marsal were appointed as the liquidators. FUTURE FINTECH: Inks $10.2M Settlement Agreement With FT Global --------------------------------------------------------------- Future FinTech Group Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Settlement and Forbearance Agreement with FT Global Capital, Inc., pursuant to which the parties agreed to settle four judgments totaling approximately $10.2 million entered against the Company in federal courts in Georgia, New York, Florida, and Ohio. Under the Agreement, FT Global agreed to forbear from enforcement and collection of the Judgments, including suspending an auction of shares of common stock of the Company, in exchange for the Company's payment obligations and issuance of securities. Under the Agreement, the Company is required to make cash settlement payments totaling $4 million in installments over 18 months, beginning with an initial payment of $500,000. In addition, the Company agreed to issue an aggregate of 400,000 shares of its common stock to FT Global and its legal counsel, and to issue rights entitling FT Global to receive up to 1.3 million additional shares of common stock, exercisable over time. These securities will be issued pursuant to a court order under Section 3(a)(10) of the Securities Act of 1933, as amended. If the Company is unable to issue the shares as contemplated, it is required to file a registration statement to register the securities at FT Global's request. Full text of Settlement and Forbearance Agreement: https://tinyurl.com/yc5h7upk About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. HO WAN KWOK: New Jersey Mansion Belongs to Debtor, Court Says ------------------------------------------------------------- Judge Julie A. Manning of the United States Bankruptcy Court for the District of Connecticut granted the motion for summary judgment filed by Luc A. Despins in the adversary proceeding captioned as LUC A. DESPINS, CHAPTER 11 TRUSTEE FOR THE ESTATE OF HO WAN KWOK, Plaintiff, v. TAURUS FUND LLC; SCOTT BARNETT, AS TRUSTEE FOR TAURUS FUND LLC; and TAURUS MANAGEMENT LLC, AS TRUSTEE FOR TAURUS FUND LLC, Defendants, Adv. P. No. 23-05017 (Bankr. D. Conn.). The Trustee seeks summary judgment against defendants Taurus Fund LLC, Scott Barnett, and Taurus Management LLC on all three turnover claims of his complaint sounding in beneficial ownership and alter ego. The gravamen of the complaint is that the Mahwah Mansion at 675 Ramapo Valley Road, Mahwah, New Jersey 07430 is property of the Individual Debtor's estate -- not Taurus Fund. Taurus Fund is a Nevada limited liability company. Taurus Management is a New Mexico limited liability company. Taurus Management and Scott Barnett are listed as managers or managing members of Taurus Fund. Taurus Fund is the title owner of the Mahwah Mansion. On July 11, 2023, the Trustee commenced this adversary proceeding by filing a complaint. The complaint contains the following claims: (i) Pursuant to 11 U.S.C. sections 541, 542, and 544, the first claim seeks (a) declaratory judgement that the Individual Debtor is the beneficial owner of the Mahwah Mansion and, hence, it is property of his bankruptcy estate; and (b) on the basis of such declaratory judgment, an order requiring the Taurus Parties to turnover the Mahwah Mansion to the Individual Debtor's bankruptcy estate by delivering it to the Trustee. (ii) Pursuant to sections 541, 542, and 544 of the Bankruptcy Code, the second claim seeks (a) declaratory judgment that the Individual Debtor is the beneficial owner of Taurus Fund and, hence, Taurus Fund is property of the Individual Debtor's bankruptcy estate; and (b) on the basis of such declaratory judgment, an order requiring the Taurus Parties to turnover the membership interests in Taurus Fund to the Individual Debtor's bankruptcy estate by delivering such to the Trustee. (iii) Pursuant to sections 541, 542, and 544 of the Bankruptcy Code, the third claim seeks (a) declaratory judgment that Taurus Fund is the alter ego of the Individual Debtor and, hence, its property is property of the Individual Debtor's bankruptcy estate; and (b) on the basis of such declaratory judgment, an order requiring the Taurus Parties to turnover Taurus Fund's property to the Individual Debtor's bankruptcy estate by delivering such to the Trustee. Here's Jersey Digs's article on the Mansion: https://jerseydigs.com/the-crocker-mansion-mahwah/ Under Nevada law there are three elements of alter ego: (1) the corporation must be influenced and governed by the person asserted to be the alter ego; (2) there must be such unity of interest and ownership that one is inseparable from the other; and (3) the facts must be such that adherence to the corporate fiction of a separate entity would, under the circumstances, sanction fraud or promote injustice. The Court concludes from the undisputed facts that Taurus Fund is an alter ego of the Individual Debtor because all three elements are met. As to the first two elements, the Court finds Individual Debtor governs Taurus Fund and there is such a unity of interest between the Individual Debtor and Taurus Fund that they are inseparable. The Individual Debtor treated Taurus Fund's principal asset, the Mahwah Mansion, as his own. Corporate formalities were not observed. Taurus Fund was only capitalized when comingled funds from other entities associated with the Individual Debtor transited through it to pay invoices. Funds were diverted to pay invoices of ostensibly unrelated entities associated with the Individual Debtor without corporate authority. As to the third element, the Court finds that adherence to the corporate fiction of any separation between Taurus Fund and the Individual Debtor would sanction fraud or promote injustice. Taurus Fund's corporate form serves to hinder, delay, or defraud the Individual Debtor's creditors by shielding his assets from collection activity. Accordingly, the Court concludes the Trustee is additionally entitled to a judgment as a matter of law declaring Taurus Fund is the alter ego of the Individual Debtor and requiring delivery of Taurus Fund's assets to the Trustee for the benefit of the Individual Debtor's bankruptcy estate. Contrary to the Taurus Parties' contention that no facts support summary judgment, the Trustee has established a thorough record of undisputed facts. The Trustee has met his burden. Faced with the Trustee's factual material, the Taurus Parties barely contest any of the Trustee's asserted undisputed fact and have failed to put forward factual material demonstrating a genuine dispute of material fact. The Court finds summary judgment is entirely appropriate in this adversary proceeding. It is clear on the undisputed factual record that the Mahwah Mansion is the Individual Debtor's residence and property of his bankruptcy estate. A copy of the Court's Memorandum of Decision and Order dated July 7, 2025, is available at https://urlcurt.com/u?l=LoqNq9 from PacerMonitor.com. Counsel for Plaintiff Luc A. Despins, Chapter 11 Trustee for the Estate of Ho Wan Kwok, Movant: G. Alexander Bongartz, Esq. Douglass E. Barron, Esq. PAUL HASTINGS LLP 200 Park Avenue New York, NY 10166 E-mail: alexbongartz@paulhastings.com douglassbarron@paulhastings.com - and - Nicholas A. Bassett, Esq. PAUL HASTINGS LLP 2050 M Street NW Washington, D.C. 20036 E-mail: nicholasbassett@paulhastings.com plinsey@npmlaw.com - and - Douglas S. Skalka, Esq. Patrick R. Linsey, Esq. Dennis M. Carnelli, Esq. NEUBERT, PEPE & MONTIETH 195 Church Street, 13th Floor New Haven, CT 06510 E-mail: dskalka@npmlaw.com Counsel for Defendants Taurus Fund LLC, Scott Barnett, Trustee for Taurus Fund LLC, and Taurus Management LLC, Trustee for Taurus Fund LLC, Respondents: Michael T. Conway, Esq. LAZARE POTTER GIACOVAS & MOYLE LLP 747 Third Avenue, 16th Floor New York, NY 10017 E-mail: mconway@lpgmlaw.com About Ho Wan Kwok Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge Julie A. Manning oversees the case. Dylan Kletter, Esq., is the Debtor's legal counsel. Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman. According to Reuters, Guo was a former real estate magnate who fled China for the U.S. in 2014 ahead of corruption charges. Guo filed for bankruptcy after a New York court ordered him to pay lender Pacific Alliance Asia Opportunity Fund $254 million stemming from a contract dispute. PAX had initially loaned two of Guo's companies $100 million in 2008 for a construction project in Beijing and sued Guo when he failed to pay off the loan. An Official Committee of Unsecured Creditors has been appointed in the case and is represented by Pullman & Comley, LLC. Luc A. Despins was appointed Chapter 11 Trustee in the case. LUDHIANA TALWANDI: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Ludhiana Talwandi Toll Roads Private Limited 513/A, 5th Floor, Kohinoor City, Kirol Road, L.B.S. Marg, Off Bandra-Kurla Complex, Kurla (W), Mumbai - 400070, Maharashtra Insolvency Commencement Date: June 19, 2025 Estimated date of closure of insolvency resolution process: December 16, 2025 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Vikram Kumar Sector B-1/ 1748, Vasant Kunj, Near MTNL Office, New Delhi-110070 Email: vikramau@gmail.com Email: cirp.ludhiana.ttrpl@gmail.com Last date for submission of claims: July 3, 2025 PLANET GREEN: Notes Unusual NYSE Trading; No Material Development ----------------------------------------------------------------- Planet Green Holdings Corp. announced that the Company had become aware of unusual trading activity in its common stock on the New York Stock Exchange American on June 17, 2025. The Company has made inquiries and has been unable to determine whether corrective actions are appropriate at this time. The Company is further announcing that there has been no material development in its business and affairs not previously disclosed or, to its knowledge, any other reason to account for the unusual market action. About Planet Green Planet Green Holdings Corp., headquartered in Flushing, NY, functions as a Nevada-incorporated holding company rather than an operating entity in mainland China. Its business operations are conducted through subsidiaries based in the PRC, Hong Kong, and Canada. The Company engages in diverse sectors, including consumer goods, chemical products, and online advertising. In an April 11, 2025 report, auditor YCM CPA Inc. issued a "going concern" qualification, citing Planet Green's accumulated deficit, working capital deficit, continued net losses, and negative operating cash flows. These conditions raise substantial doubt about the company's ability to continue as a going concern. SHINECO INC: Unit Acquires 51% of InfiniClone for $19.9M -------------------------------------------------------- Shineco, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Shineco Life Science Group Hong Kong Co., Limited, a subsidiary of the Company, closed the acquisition of 51% of the equity interests in InfiniClone Limited, a company limited by shares incorporated in Hong Kong, pursuant to the share purchase agreement dated April 22, 2025 with Dr. Lim Kah Meng, the sole shareholder of InfiniClone. On or prior to the closing, the closing conditions as set forth in the SPA were satisfied or otherwise waived by the parties thereto, and the Seller has transferred 51% of the equity interests in InfiniClone to Shineco Life Science; therefore, InfiniClone became a direct subsidiary of Shineco Life Science. In exchange, Shineco Life Science paid to the Seller US$19,895,600 in cash and the Company issued 3,450,000 shares of the Company's common stock, par value $0.001 per share. The Shares were issued in reliance on Rule 902 of Regulation S promulgated under the Securities Act of 1933, as amended, and the Seller represented that he was not a resident of the United States or a "U.S. person" as defined in Rule 902(k) of Regulation S and was not acquiring the Shares for the account or benefit of any U.S. person. About Shineco Inc. Headquartered in Beijing, People's Republic of China, Shineco, Inc. aims to 'care for a healthy life and improve the quality of life' by providing health and medical products and services to society. Shineco, operating through subsidiaries, has researched and developed 33 vitro diagnostic reagents and related medical devices to date, and the Company also produces and sells healthy and nutritious foods. Singapore-based AssentSure PAC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Sept. 30, 2024, citing that the Company had net losses of approximately US$$24.3 million and US$14.0 million, and cash outflow of US$3.9 million and US$5.4 million from operating activities for the years ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and 2023, the Company had accumulated deficit of US$54.3 million and US$31.7 million, respectively, and as of June 30, 2024 and 2023, the Company had negative working capital of US$6.7 million and US28.9 million, respectively. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ================= H O N G K O N G ================= METROPOL RESTAURANT: To Close in September as HKUST Buys Venue -------------------------------------------------------------- South China Morning Post reports that a restaurant known for serving dim sum from traditional trolleys will close at the end of September after the venue was acquired by the Hong Kong University of Science and Technology (HKUST) for HK$354.4 million (US$45 million). In a reply to the Post, HKUST confirmed on July 8 that it recently reached an agreement to purchase a property at United Centre in Admiralty for teaching purposes. Records showed the location was the fourth floor, which had been occupied by Metropol Restaurant for more than three decades. "The university's School of Business and Management has always been setting up teaching facilities in business centres in the urban areas to facilitate classes and interaction for its students and staff," the Post quotes a university spokesman as saying. He added the university would use such spaces for other activities to support its long-term development and foster student growth. Records show that Hong Kong Ping Jeng Lau, which operated the Metropol Restaurant and other eateries, had owned the property since 1989, the Post discloses. A restaurant employee told the Post that the establishment would remain open until September 27, but had not offered any reason for the closure. The restaurant opened in 1990 and is one of three eateries in Hong Kong operated under the Heichinrou Group, a Japanese brand of traditional Chinese restaurants first established in the Chinatown of Yokohama, Japan, in 1884. On the group's website, Metropol Restaurant is described as the brand's premium eatery for dim sum lunches and banquets. It can accommodate 1,200 people, has five private rooms and is available for small parties or banquets of more than 100 tables. The other two restaurants are located in Diamond Hill and Kwun Tong. A notice in Japanese on the business group's website announced the closure of all its restaurants in Japan on May 20, and that the company had filed for bankruptcy the following day, according to the Post. Metropol Restaurant is one of the few dim sum restaurants in Hong Kong that still serves dim sum from trolleys. In an interview with the Post in 2012, Billy Cheong, then senior vice-president and managing director at Heichinrou Group, said he expected that Metropol would be the only restaurant to still use serving trolleys in busy areas such as Central and Admiralty in the future. He said the rent would be too high for any other restaurant to keep the practice going, as it required operators to hire additional staff and incur extra costs, the Post relays. ========= I N D I A ========= AKHROT DEVELOPERS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Akhrot Developers Private Limited 18, Rabindra Sarani, Poddar Court 5th Floor, Room No. 543-544 Gate No. 1, Kolkata 700001 West Bengal Insolvency Commencement Date: June 20, 2025 Estimated date of closure of insolvency resolution process: December 17, 2025 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Jitendra Lohia Klass Insolvency Resolution Professionals Pvt. Ltd. 2/7 Sarat Bose Road, Vasundhara Building, 2nd Floor, Kolkata-700020 Email: jitulohia@knjainco.com Email: cirp.akhrot@gmail.com Last date for submission of claims: July 8, 2025 BECQUER ENERGY: CRISIL Withdraws B+ Corporate Credit Rating ----------------------------------------------------------- Crisil Ratings has assigned its 'Crisil B+/Stable' to corporate credit rating of Becquer Energy India Sales Office Pvt Ltd (BEISOPL) and subsequently withdrawn its ratings on the bank facilities at the company's request. The withdrawal is in line with Crisil's policy on withdrawal of bank loan ratings. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil B+/Stable (Withdrawn) Short Term Rating - Crisil A4 (Withdrawn) Corporate Credit Rating - Crisil B+/Stable (Assigned) The ratings continue to reflect the company's modest scale of operations, volatile operating margin and highly leveraged capital structure. These weaknesses are partially offset by the extensive experience of BEISOPL's promoter in the heavy equipment and engineering, procurement and construction (EPC) industry and the company's healthy debt protection metrics. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profile of BEISOPL. Unsecured loan of INR21.76 lakh as on March 31, 2024, was treated as debt, as the same is expected to be paid off over the medium term. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operations: Though the revenue has increased from INR10.46 crore in fiscal 2021 to INR92.05 crores in fiscal 2025, it remains modest. Intense competition may continue to constrain scalability, pricing power and profitability. Thus, a significant increase in the scale of operations will remain monitorable. * Highly levered capital structure: The capital structure remains leveraged owing to extended credit from a group company and negative networth owing to high depreciation cost, leading to negative profit after tax (PAT) margin. With networth estimated at negative INR16-17 crore as on March 31, 2025 (negative INR15.96 crore a year earlier), total outside liabilities to tangible networth ratio may have remained high at negative 4-5 times (negative 6.50 times as on March 31, 2024). High leverage will continue to constrain the financial flexibility of the company, thereby limiting its ability to raise additional funds to aid business growth. Efficient management of working capital, leading to improved leverage will remain monitorable over the medium term. * Volatility in operating margin: With fluctuation in polysilicon prices, the operating margin remained highly volatile at 12% in fiscal 2025 (10.45% in fiscal 2024 and 2.87% in fiscal 2023). Further, high competition in the industry limits the bargaining power of the players, thereby restraining any pass-through mechanism, resultantly impacting the profitability. Meanwhile, with the company importing raw materials from fiscal 2025 and stabilisation of prices in the domestic market, the operating margin has improved in fiscal 2025. However, the sustenance in the operating margin shall remain a key sensitivity factor. Strengths: * Extensive experience of the promoter in the EPC industry: The promoter has experience of over a decade in the heavy equipment and EPC industry. This has given him an understanding of the market dynamics and enabled him to establish longstanding relationships with suppliers and customers. The company's customers include established players in various industries. BEISOPL booked revenue of INR92.05 crore in fiscal 2025 compared with INR53.63 crore in fiscal 2023 on account of healthy orderbook. With orderbook of INR60 crore as on date, the company expects revenue of INR120 crore in fiscal 2026, indicating compound annual growth rate of 30% for the three fiscals ending 2026. * Healthy debt protection metrics: With no reliance on external debt, the debt protection metrics were comfortable with interest coverage and net cash accrual to adjusted debt ratios at 176.65 times and 48.61 times, respectively, in fiscal 2024, and are estimated at 220-225 times and 51.53 times, respectively, in fiscal 2025. Crisil Ratings believes that the debt protection metrics shall remain comfortable over the medium term backed by nil external debt and sustained profitability, however, the same shall remain monitorable. Liquidity: Stretched Annual cash accrual is expected at INR10-12 crore against nil term debt obligation over the medium term. The company had unencumbered fixed deposit balance of INR10-11 crore as on March 31, 2025, however, the current ratio was low at 0.35 time as on March 31, 2024. The company currently has no working capital facilities. Outlook: Stable Crisil Ratings believes BEISOPL will continue to benefit from the extensive experience of its promoter and established relationships with clients. Rating Sensitivity Factors Upward factors: * Sustained increase in revenue by over 20% and sustenance of operating margin at 10-12%, leading to high cash accrual. * Improvement in the capital structure, leading to overall enhancement of the financial risk profile. Downward factors: * Decline in revenue or operating margin below 8%, resulting in low net cash accrual. * Further deterioration in the capital structure, leading to weakened financial risk profile. Based in Mumbai and incorporated in 2017, BEISOPL supplies and installs solar photovoltaic solutions, heating, ventilation, and air conditioning (HVAC) solutions and energy storage solutions. BEISOPL is owned and managed by Sambhav Gupta. BYINDIA CREATIONS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Byindia Creations Pvt. Ltd 4, Bhumika Ind. Estate, Bhatar Char Rasta Majura, SY. No. 43/2, Surat, Guarat, India - 395007 Insolvency Commencement Date: June 23, 2025 Estimated date of closure of insolvency resolution process: December 20, 2025 (180 Days) Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Mohit Bipinchandra Adatiya 406, B M Square 2, Rajlaxmi Park, Motibaug Road, Above HDFC Bank, Junagadh, Gujarat, 362001 Email id: camohitadatiya@gmail.com 10th Floor, 1003, Zion Z1, Near Avalon Hotel, Sindhu Bhavan Road, Thaltej, Ahmedabad - 380054 Email Id: cirp.bcpl@gmail.com Last date for submission of claims: July 7, 2025 CHIDANAND MULTICOMMODITIES: Voluntary Liquidation Case Summary -------------------------------------------------------------- Debtor: CHIDANAND MULTICOMMODITIES LIMITED Opp Laxmi Cinemadabhan Bhagol Station Road, Nadiad, Gujarat, India, 387001 Liquidation Commencement Date: June 23, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: CS & IP Keyur J. Shah 1007, Sun Avenue One, Bhudarpura, Ayojannagar, Manekbaug, Ahmadabad, Gujarat, 380015 Email: cs.keyurshah@gmail.com Phone: 7434852508 Last date for submission of claims: July 23, 2025 CHIDANAND SHARE: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: CHIDANAND SHARES AND STOCK SERVICES LIMITED Opp Laxmi Cinemadabhan Bhagol Station Road, Nadiad, Gujarat, India, 387001 Liquidation Commencement Date: June 23, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: CS & IP Keyur J. Shah 1007, Sun Avenue One, Bhudarpura, Ayojannagar, Manekbaug, Ahmadabad, Gujarat, 380015 Email: cs.keyurshah@gmail.com Phone: 7434852508 Last date for submission of claims: July 23, 2025 CRAZY BAKERY: CRISIL Moves B+ Debt Ratings from Not Cooperating --------------------------------------------------------------- Due to inadequate information, Crisil Ratings, in line with the Securities and Exchange Board of India guidelines, had migrated its ratings on the bank facilities of Crazy Bakery Udyog (CRBAUD) to 'Crisil B+/Stable Issuer Not Cooperating'. However, the management has subsequently started sharing the requisite information necessary for carrying out a comprehensive review of the ratings. Consequently, Crisil Ratings is migrating its rating of CRBAUD to 'Crisil B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Long Term Loan 1.26 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Long Term Loan 5.54 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Proposed Fund- 1.20 CRISIL B+/Stable (Migrated from Based Bank Limits 'CRISIL B+/Stable ISSUER NOT COOPERATING') The rating reflects strong market position in fast food segment and strong distribution network of the Crazy Snacks group. These strengths are partially offset by large working capital requirement and volatility of key raw material prices. Analytical Approach Crisil Ratings has consolidated business and financial risks of Crazy Snacks Limited (formerly known as Crazy Snacks Private Limited) and CRBAUD. Key Rating Drivers & Detailed Description Weaknesses: * Large Working Capital Requirement: GCA days increased to 222 from 131 as on 31st March 2025, due to increase in debtor days and Inventory days at 103 Days and 118 Days respectively. Debtor days stretched due to larger credit demand from newer and existing customers and is expected to remain in the same range over the medium term due to onboarding of newer customers. Bulk purchase of packaging materials also increased Working Capital requirements for the year. Consequently, Bank Limit Utilization remained stretched at 96%. * Susceptible to volatility in raw material prices: Key raw materials (palm oil, maida, sugar, gram flour and packaging material) account for over 55-60% of the total cost. Volatility in prices influenced by external factors limits company's margins, as the ability to pass on the price remains weak in the industry. Although focus on cost efficiency through investments in automated machines has improved the operating margins, impact of changes in raw material prices on profitability will remain key monitorable. Strengths: * Strong market position in fast food segment: The company's flagship brand Bity has a strong position in bakery and rusk segment. Additionally, the company's product profile is diversified, comprising snacks, namkeen and Rusk and Bread. Healthy growth prospects for snacks industry, increasing distribution network and regular product launches will help sustain revenue growth over the medium term. * Strong distribution network: The promoters have experience of over two decades in the industry that has helped them develop strong relationships with distributors and retailers. Key products like Bread and Rusk are sold through an extensive network of distributors and retailers catering to markets like Varanasi, Bihar and Nepal. Company has a sales team of 125-130 people and plans to expand in newer markets like Maharashtra, Delhi, Madhya Pradesh. Liquidity: Stretched Liquidity remains stretched with BLU at 96% for the group for the last 12 months ended 31st March 2025. Cash accruals are expected between 12-15 Cr over the medium term against repayment obligations of 2-3 Cr. Current ratio was moderate at 1.63 times. Need based funding from promoters (USL) keeps supporting the business. Outlook: Stable Crisil Ratings believes the Crazy Snacks group will continue to benefit from the promoters' extensive industry experience and healthy relationships with clients. Rating sensitivity factors Upward factors: * Revenue growth with sustainability of operating profitability at 12-13% * Efficient working capital management leading to bank limit utilization of 80-90% Downward factors: * Decrease in revenue or fall in operating margin leading to net cash accrual below INR6 crore * Large, debt-funded capex or high reliance on working capital limits weakening the financial risk profile The Crazy Snacks group is currently managed by Ms. Upma Agarwal and Mr. Navin K Agarwal. The group manufactures food products ranging from bakery items to snacks. CSPL was incorporated in 1995 and manufactures bakery products such as bread, rusk, buns, cookies, layer cakes and cupcakes. The company has capacity of 70-80 tonne of breads, rusks and buns per day. Crazy Bakers Pvt Ltd and CFPL were established in 2007 and 2014, respectively CBUPL was established as a partnership firm in fiscal 2017 and was reconstituted as a private limited company in 2022. The management has established an automatic plant for manufacturing snacks, potato chips, rusk and started operations in November 2020. ESSENTIAL LOGISTICS: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: ESSENTIAL LOGISTICS PRIVATE LIMITED No. 68, Opp. KBD Bommanahalli Village, Nelamangala Taluk, Bengaluru, Karnataka, 562123 Insolvency Commencement Date: June 12, 2025 Estimated date of closure of insolvency resolution process: December 9, 2025 Court: National Company Law Tribunal, Bengaluru Bench Insolvency Professional: ADDANKI HARESH No.36/1, 2nd floor, Munivenkatappa Complex Bellary Road, Ganga Nagar Bangalore 560032 Email: addanki.haresh@gmail.com Email: cirp.essential@gmail.com Last date for submission of claims: July 4, 2025 GREENERG MOBILITY: CRISIL Moves B+ Debt Rating to Not Cooperating ----------------------------------------------------------------- Crisil Ratings has migrated the rating on Optionally Convertible Debentures of Greenerg Mobility Solutions Private Limited (GMSPL) to 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Optionally 8.0 Crisil B+/Stable (ISSUER NOT Convertible COOPERATING; Rating Migrated) Debentures Crisil Ratings has been consistently following up with GMSPL for obtaining information through letter and email dated June 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GMSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GMSPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on Optionally Convertible Debentures of GMSPL to 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2020, GMSPL manufactures electric vehicle components such as digital instrument cluster (for two-wheelers and three-wheelers), telematics, battery pack, BMS, VCU, BLDC motor and motor controller. Its manufacturing facilities are at Neelambur in Coimbatore (Tamil Nadu). GMSPL is owned and managed by Manikandan P, Pramodhini J and Selvam M. GSTAAD HOTELS: NCLT Orders Start of Insolvency Process ------------------------------------------------------ The Economic Times reports that the Mumbai bench of the National Company Law Tribunal (NCLT) has ordered the initiation of a corporate insolvency resolution process (CIRP) against Gstaad Hotels Pvt Ltd following a petition by its financial creditor, Omkara Asset Reconstruction Pvt Ltd, owing to a default of INR665.74 crore. The debt, originally extended by Piramal Capital and Housing Finance Ltd, was assigned to Omkara Asset Reconstruction in December 2022. ET relates that the tribunal's ruling comes after a prolonged legal battle, where Gstaad Hotels, owner of the JW Marriott Bengaluru, contested both the validity of the debt assignment and the alleged default. However, after fresh hearings, the NCLT concluded that the default was substantial and backed by contractual evidence. According to case records, the original INR600 crore loan was sanctioned in December 2017 to Gstaad Hotels and group company Neo Capricorn Plaza Pvt Ltd, ET relays. This included a INR450 crore term loan and a INR50 crore revolving credit line. Additionally, loans of INR98 crore and INR65 crore were extended under the Emergency Credit Line Guarantee Scheme (ECLGS) during the Covid-19 pandemic. Omkara Asset Reconstruction had issued a recall notice in February 2023, demanding repayment of the full outstanding amount within three days, citing default as of November 15, 2022. According to ET, senior advocate Prateek Seskaria and counsel Ryan D'Souza, appearing for the secured lender, argued that the debt was acknowledged in the audited financial statement of the company for 2022-23 and that there was no dispute about the existence of debt disbursed by the erstwhile lender. Gstaad challenged this, arguing that the debt was improperly assigned and that excess interest was levied without proper resets in line with the prevailing benchmark rates. The matter had earlier reached the National Company Law Appellate Tribunal (NCLAT), which set aside the initial CIRP admission in January and directed the NCLT to rehear the case, ET says. ET relays that the appellate body had flagged procedural gaps and stressed the need to examine issues around the cash management agreement, debt service reserve account and end-use of ECLGS funds. In its final ruling, the NCLT dismissed the objections, noting that the loan agreements granted lenders full discretion to assign debt without borrower consent and that financial stress was evident from the admitted dues in Gstaad Hotels' 2022-23 audited accounts. According to ET, the court also held that failure to replenish debt service reserve account, non-servicing of interest and principal, and valid recall rights under the loan agreement justified the initiation of CIRP. Notably, it stated that the default existed irrespective of the company's operational revenue, adding that insolvency law prioritises debt obligations over business performance. The tribunal has appointed Jayesh Natvarlal Sanghrajka as the interim resolution professional of the company, ET discloses. With this ruling, a moratorium under section 14 of the Insolvency and Bankruptcy Code has come into force, halting any enforcement actions or legal proceedings against the company. About Gstaad Hotels Gstaad Hotels Pvt Ltd is promoted by Mr. Vijay Raheja and Mr. Deepak Raheja. GHPL is setting up a 294-room premium five-star-deluxe hotel, JW Marriott, in Bangalore. The hotel will be located in Bangalore's Central Business District (CBD) area. The project is being funded in a debt-to-equity ratio of 2.8:1, with equity of INR1.25 billion and term loans of INR3.5 billion. The hotel is expected to have a soft launch in November 2011 and it will be commercially operational by January 2012; the project got delayed by more than two years because of regulatory issues. GHPL got its debt refinanced from Yes Bank and the revised repayment starts almost a year after the start of commercial operations. JSW STEEL: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed India-based JSW Steel Limited's (JSWS) Long-Term Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. The agency has also affirmed the rating on the outstanding bonds of JSWS and its subsidiary, Periama Holdings, LLC, which are guaranteed by JSWS, at 'BB'. The Stable Outlook reflects its view that EBITDA net leverage will improve to levels adequate for its rating from the financial year ending March 2026 (FY26). Fitch forecasts strong EBITDA growth aided by rising volumes; domestic duties that curb imports; lower input costs; cost-saving initiatives; rising US profitability; and gradually improving industry conditions. JSWS's reasonable record of capex flexibility in periods of weak industry conditions adds buffers to its deleveraging expectations. JSWS's ratings are underpinned by its strong business profile, supported by its low-cost position, a large scale and leading market position in India, and a majority share of value-added and special products in sales. These benefits are mitigated by the cyclical nature of the steel industry and JSWS's high capex intensity. Key Rating Drivers Widening Margins: Fitch forecasts JSWS's standalone EBITDA margins to rise to around INR10,000 per ton (t) in FY26 and INR11,000/t thereafter (FY25: INR8,300/t). The government imposed 12% safeguard duties on certain steel imports for 200 days in April 2025. This, along with falling raw material costs, cost-saving measures by JSWS, positive operating leverage from growing volumes, and better industry conditions will boost margins. JSWS's US profitability will rise amidst an improving price environment post the US imposed tariffs on steel imports. Fitch believes the government may extend and/or expand its tariff and non-tariff barriers to curb steel imports and support domestic steel producers, in case industry conditions worsen globally. India has mandated quality-control certificates for imported steel products, and prioritized the use of domestically produced steel for government projects, to support the domestic industry in recent months. Leverage to Improve: Fitch expects JSWS's EBITDA net leverage to decline to 3.1x in FY26 (FY25: 4.1x) and around 2.6x in FY27. Rising EBITDA will support this deleveraging, notwithstanding its view that JSWS's generally high capex intensity will lead to negative free cash flow (FCF) over this period. The improvement is despite factoring in the impact from a 150-day planned shutdown of the 3 million tonnes per annum (mtpa) capacity blast furnace (BF)-3 at Vijayanagar in FY26. Robust Volume Growth: Fitch forecasts sales volumes to grow by 8%-9% over FY26-FY27 (FY25: 7%). This will be driven by production ramp-up at the 5 mtpa brownfield capacity commissioned at JSWS's Vijayanagar plant in 3QFY25, where the blast furnace operated at over 90% utilisation as of end-March 2025, and debottlenecking of certain existing capacities. Fitch expects India's steel consumption to grow by around 10% in the next few years, aided by strong demand from the infrastructure, construction and manufacturing sectors. High Capex; Flexibility Adds Buffers: Fitch expects capex to rise to around INR200 billion-210 billion annually over FY26-FY27 (FY25: INR147 billion), including investments in joint ventures and associates. JSWS aims to expand its Dolvi plant capacity by 5mtpa by FY28, debottleneck capacities at other plants, invest in mining equipment and facilities, and upgrade its US and Italian operations. It may exercise some capex flexibility in the case of a prolonged period of weak margins. Fitch also includes a coking coal mine acquisition of USD74 million in FY26. Cost-Efficient Operations: JSWS's Indian operations are highly efficient. Its plants at Vijayanagar and Odisha are positioned in the first quartile of CRU's 2025 global crude steel site cost curve, placing JSWS's weighted-average cost in the first half of the curve, despite fourth quartile costs at its US and Italy units. JSWS is investing in cost-saving measures like increasing renewable energy use and improving transportation infrastructure, which will improve its cost position further. Limited Raw Material Integration Benefit: JSWS expects its iron ore mines in Odisha, Karnataka and Goa to supply around 40% of standalone requirements in FY26 (FY25: 37%). This provides some supply certainty and lowers logistics costs, although production cost may not be optimum in some cases due to high state royalties. Output from a number of JSWS's recently acquired domestic and overseas coking coal assets will reduce dependence on external purchases over the medium term, but the cost benefit is likely to be limited. Regulatory Risks' Impact Limited: Fitch expects a limited credit impact on JSWS from the Supreme Court of India's order in May 2025, setting aside its acquisition of Bhushan Power and Steel Ltd, following which JSWS has filed a review petition. Fitch also sees limited risks of a significant downward revision to its EBITDA estimates from prospective state mining taxes. However, developments to the contrary are an event risk Guaranteed Notes: Periama's notes are guaranteed to the extent of 125% of outstanding principal by JSWS. Fitch considers the guarantee full and worthy as it would cover 100% of principal payments plus all interest accrued up to the point at which all principal is paid, as per Fitch's criteria. Peer Analysis JSWS can also be compared with global peers United States Steel Corporation (U.S. Steel, BBB-/Stable, standalone credit profile (SCP): bb) and Usinas Siderurgicas de Minas Gerais S.A. (Usiminas, BB/Stable). U.S. Steel is an integrated producer of flat-rolled steel and tubular products with operations in North America and Europe. Fitch thinks U.S. Steel has a weaker business profile than JSWS, with a smaller EBITDA scale and weaker cost position in the second half of the global cost curve, despite U.S. Steel's better raw material self-sufficiency. U.S. Steel is shifting its focus to flexible and lower-cost, more-efficient mini mills, which Fitch believes will improve its overall cost position. However, JSWS's higher EBITDA net leverage than U.S. Steel balances its stronger business profile. Brazilian steelmaker Usiminas is the largest domestic supplier of cold-rolled and electro-galvanized steel products. The company has a production capacity of 5mtpa of crude steel and around 10mtpa of iron ore. Compared with JSWS, Usiminas has a significantly smaller EBITDA scale and weaker cost position in steel in the fourth quartile of the global cost curve. Usiminas's business profile benefits from significant iron ore output, a portion of which can be sold externally to boost cash flow. However, Usiminas's EBITDA net leverage is much better than that of JSWS. Key Assumptions Fitch's Key Assumptions within the Rating Case for the Issuer: Sales volume growth of around 9% over FY26-FY27; Annual standalone EBITDA per tonne of around INR10,000 in FY26 and INR11,000 thereafter; Annual EBITDA contribution from subsidiaries to increase to around INR145 billion in FY28, from around INR47 billion in FY25; Average annual consolidated capex of around INR200 - 210 billion over FY26-FY28. Dividend pay-out ratio of 30% over FY27-FY28. Last-five-year average and management guidance 20%. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage above 3.7x for a sustained period. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA net leverage below 2.7x for a sustained period. - Sustained neutral to positive FCF. Liquidity and Debt Structure JSWS had readily available cash of around INR190 billion and undrawn term loans of INR127 billion at end-March 2025 versus short term debt maturity of INR293 billion, including INR153 billion of trade acceptances considered debt. Fitch expects JSWS to manage its liquidity by rolling over its short-term debt and trade acceptances, supported by its healthy business profile. JSWS liquidity is supported by its robust access to diverse financial sources, such as domestic and international banks and public markets. Fitch thinks JSW can also cut discretionary capex to aid liquidity, if needed. JSWS had unused working-capital lines (fund- and non-fund-based), of around INR291 billion at end-March 2025. The working-capital lines are generally renewed every year. Issuer Profile JSWS is the leading steelmaker in India, with a primary steelmaking capacity of 34.2mtpa in operation in India (including 1.7mtpa under commissioning) as of FY25. The company has a flat product-focused portfolio and a 62% share of value-added products. It also has smaller assets in the US and Italy. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- JSW Steel Limited LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB Periama Holdings, LLC senior unsecured LT BB Affirmed BB JYOTI CAPSULES: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: JYOTI CAPSULES PRIVATE LIMITED 123/37 Saresh Bagh, Kanpur Uttar Pradesh, India-208012 Liquidation Commencement Date: June 15, 2025 Court: National Company Law Tribunal, Allahabad Bench Liquidator: Ankit Misra Flat No 401, 3rd Floor, Siddhi Sona Apartment, House No. 127/764/42, W-1 Block, Saket Nagar, Uttar Pradesh-208014 Email: ankit99900@gmal.com Contact Number: 9792200692 Last date for submission of claims: July 16, 2025 KEGGFARMS PRIVATE: CRISIL Moves B+ Debt Rating to Not Cooperating ----------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Keggfarms Private Limited (KPL) to 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with KPL for obtaining information through letter and email dated June 9, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of KPL to 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 1967 by Mr Vinod Kapur, KPL is engaged in genetic breeding of poultry. The firm has its set up in Tamil Nadu, Gurugram (Haryana), and Kolkata. RAINBOW INDUSTRIAL: Liquidation Process Case Summary ---------------------------------------------------- Debtor: RAINBOW INDUSTRIAL PARK PRIVATE LIMITED 801 AVDHESH HOUSE 8TH FLOOR OPP GURU GOBIND GURUDWARA SARKHEJ HIGHWAY THALTEJ AHMEDABAD-380054 GJ 380054 Liquidation Commencement Date: May 31, 2022 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Kinjalkumar Madhubhai Chaudhary 9B, Vardan Tower, Nr. Vimal House, Lakhudi Circle, Navrangpura, Ahmedabad, Gujarat 380014 Email: cakmchaudhary@yahoo.com Email: cirp.rainbowind@gmail.com Last date for submission of claims: June 30, 2022 SHIVAM MOTORS: CRISIL Lowers Rating on INR25.11cr Cash Loan to D ---------------------------------------------------------------- CRISIL Ratings has downgraded the ratings on bank facilities of Shivam Motors Private Limited (SMPL) to 'Crisil D Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 23 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Drop Line 2.59 Crisil D (ISSUER NOT Overdraft COOPERATING; Downgraded from Facility 'Crisil B/Stable ISSUER NOT COOPERATING') Electronic Dealer 8.00 Crisil D (ISSUER NOT Financing Scheme COOPERATING; Downgraded from (e-DFS) 'Crisil B/Stable ISSUER NOT COOPERATING') Proposed Working 25.11 Crisil D (ISSUER NOT Capital Facility COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Term Loan 10.30 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Working Capital 12.00 Crisil D (ISSUER NOT Demand Loan COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with SMPL for obtaining information through letters and email dated March 12, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such noncooperation 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 has failed to receive any information on either the financial performance or strategic intent of SMPL, which restricts Crisil Ratings ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes information available on SMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the publicly available information, Crisil Rating understands SMPL has been irregular in its account conduct. Hence, the ratings on bank facilities of SMPL have been downgraded to 'Crisil D Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not Cooperating'. Incorporated in 1983 and promoted Mr Kailash Gupta, SMPL is an authorised dealer of commercial vehicles of TML in Chhattisgarh. SMPL has six full-fledged showroom, workshop and spare parts outlet at Bilaspur, Ambikapur, Korba, Raigarh, Chaampa and Pendra. SMPL has also set up body building unit which is operational since fiscal 2013. SKGI CONSULTANCY: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: SKGI Consultancy Private Limited (formerly known as RAD Consultancy Private Limited) Regd. Address: Plot No-108 Sainik Enclave Sec- V, Mohan Garden, Uttam Nagar, West Delhi, New Delhi, Delhi, India, 110059 Principal Office: Office No 5-G-25, Gopala Tower Rajendra Place, Patel Nagar (Central Delhi), Central Delhi, New Delhi, 110008 Insolvency Commencement Date: June 12, 2025 Estimated date of closure of insolvency resolution process: December 9, 2025 (180 Days) Court: National Company Law Tribunal, New Delhi Bench-VI Insolvency Professional: Ranjan Chakraborti 1/22, Second Floor, Asaf Ali Road New Delhi, 110002 - and - 17/D522, Konark, Vasundhara, Ghaziabad (NCR), U.P. 201012 E-mail: ranjanns@gmail.com E-mail: cirp.radcon@gmail.com Last date for submission of claims: June 26, 2025 SWIKRITI RENEWABLES: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Swikriti Renewables Private Limited (OPC) C-7/ 1-3, Sector 10/ Airoli, Thane, Maharashtra, India, 400708 Insolvency Commencement Date: June 13, 2025 Estimated date of closure of insolvency resolution process: December 9, 2025 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Girish Arvind Satav Flat No. 7, Jijai Sankul, Satav Chowk, Tandulwadi Road, Baramati Pune-413 102 Email: satav.girish@gmail.com Email: cirp.swirkriti@gmail.com Last date for submission of claims: July 6, 2025 U. S. AGRAWAL: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the rating on bank facilities of U. S. Agrawal & Co. (USAC) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with USAC for obtaining information through letter and email dated June 5, 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 USAC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on USAC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of USAC continues to be 'Crisil B/Stable Issuer not cooperating'. USAC, a proprietorship concern of Mr U S Agrawal, has been an authorised dealer for all two wheelers of HMCL in Varanasi since 1986. It has six showrooms and operates as a 3S (sales, service, and spares) centre. It also has a branch, around 10 kilometre away from the main city, and six SSP (service and spare parts) centres. UMASHREE RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Umashree Rice Mills Private Limited (URM) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL B+/Stable (Issuer Not Cooperating) Rupee Term Loan 3.9 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with URM for obtaining information through letter and email dated June 5, 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 URM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on URM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of URM continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2015, Raipur, Chhattisgarh-based URM is engaged in rice milling. Mr Shambhu Tekriwal manages the operations. UNITED EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of United Exports (UE) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Purchase- 15 CRISIL D (Issuer Not Discounting Facility Cooperating) Cash Credit 35 CRISIL D (Issuer Not Cooperating) Packing Credit 33 CRISIL D (Issuer Not Cooperating) Packing Credit 2 CRISIL D (Issuer Not Cooperating) Term Loan 17 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with UE for obtaining information through letter and email dated June 5, 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 UE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of UE continues to be 'Crisil D/Crisil D Issuer not cooperating'. UE was set up as a partnership firm in 1983. Its current partners are Mr Harish Narang and Mr Sudhanshu Narang. It mills and processes basmati and non-basmati rice for sale in the domestic and international markets. UNITED VIKAS: CRISIL Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of United Vikas Samiti (UVS) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with UVS for obtaining information through letter and email dated June 5, 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 UVS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UVS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of UVS continues to be 'Crisil B+/Stable Issuer not cooperating'. UVS was registered in 1996, as a not-for-profit society and is managed by Mr. Farha Ikram. It is located at Badaun town-ship of of Uttar Pradesh. The society provides free meals under mid-day meal scheme, women welfare Programme and various other government mandated schemes. UTM ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of UTM Engineering Private Limited (UTM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.7 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1.5 CRISIL D (Issuer Not Cooperating) Proposed Cash Credit Limit 5.8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with UTM for obtaining information through letter and email dated June 5, 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 UTM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UTM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of UTM continues to be 'Crisil D/Crisil D Issuer not cooperating'. UTM was established by Mr Krupa Sindhu Mandal and Mr Rajesh Singh at Gurugram (Haryana) in 2014. The company undertakes tunnel construction and mining activities for government and private companies. Operations commenced in April 2015. V. M. STAR: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of V. M. Star (VM) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Purchase- 15 CRISIL D (Issuer Not Discounting Facility Cooperating) Crisil Ratings has been consistently following up with VM for obtaining information through letter and email dated June 5, 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 VM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VM continues to be 'Crisil D Issuer not cooperating'. Set up as a partnership firm in 1993 in Mumbai by Mr. Mahesh Adani and Mr. Vasant Doshi, VM trades in diamonds. V.H. INDUSTRIES: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of V.H. Industries Private Limited (VHIPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.6 Crisil B+/Stable (Issuer Not Cooperating) Proposed Cash 2.9 Crisil B+/Stable (Issuer Not Credit Limit Cooperating) Term Loan 0.5 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VHIPL for obtaining information through letter and email dated June 5, 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 VHIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VHIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VHIPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in April 2018, VHIPL is engaged in embroidery and trading of woollen products for women, for example, shawls, stoles, and suits. The embroidery facility is in Ludhiana. Mr Vishal Chugh is the key promoter. VALIKULAM RUBBER: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Valikulam Rubber Traders (VRT) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B/Stable (Issuer Not Cooperating) Key Cash Credit 3 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VRT for obtaining information through letter and email dated June 5, 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 VRT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VRT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VRT continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 1980 as a proprietorship by Mr. Tomy Sebastian, the Thodupuzha, Kerala based VRT trades in rubber sheets and scrap rubber. VANTAGE MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Vantage Motors LLP (VML) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Channel Financing 4.9 CRISIL B+/Stable (ISSUER NOT COOPERATING) Long Term Loan 2 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with VML for obtaining information through letter and email dated June 5, 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 VML, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VML is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VML continues to be 'Crisil B+/Stable Issuer not cooperating'. VML was set up in 2016 as a partnership firm by Mr Abhijeet Kumar and Mr Kumar Aadya Nandan. The firm is an authorised dealer of HMIL for the sale and service of its cars. VML commenced operations in April 2017 and has a showroom-cum-workshop in Hajipur, Bihar. VASAVI COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vasavi Cotton Industries - Siddipet (VCI) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.6 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 2.4 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VCI for obtaining information through letter and email dated June 5, 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 VCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VCI continues to be 'Crisil B+/Stable Issuer not cooperating'. VCI was established in 2017 as partnership firm. It is engaged in cotton ginning and pressing. It has manufacturing unit located in Siddipet- Telangana and owned by 14 partners. VENKATA LAKSHMI: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Venkata Lakshmi Narasimha Rice Industries (VLNRI) continues to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 7.5 CRISIL D (ISSUER NOT COOPERATING) Term Loan 2.5 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with VLNRI for obtaining information through letter and email dated June 5, 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 VLNRI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VLNRI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VLNRI continues to be 'Crisil D/Crisil D Issuer not cooperating'. VLNRI, set-up in 2016 as a partnership firm by Mr. P Bhaskar and Ms. P Vashundhara, mills paddy into processed rice. It has an installed paddy milling and sorting capacity of 8 tons per hour. VIDYA AGRO: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- Crisil Ratings the rating on bank facilities of Vidya Agro Food Products (VAFP) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VAFP for obtaining information through letter and email dated June 5, 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 VAFP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VAFP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VAFP continues to be 'Crisil B/Stable Issuer not cooperating'. VAFP, established in 2017, is based in Hyderabad and is owned and managed by Mr Julluri Ramamohan and Mr Karnati Krishna Murthy. The firm processes paddy to produce parboiled rice, which it sells mainly to wholesalers and brokers all over India. VIDYAPATI COLD: CRISIL Keeps B+ Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Vidyapati Cold Storage Private Limited (VCSPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.16 CRISIL B+/Stable (ISSUER NOT COOPERATING) Proposed Long Term 0.29 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Proposed Long Term 2.10 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Working Capital 6.43 CRISIL B+/Stable (ISSUER NOT Facility COOPERATING) Crisil Ratings has been consistently following up with VCSPL for obtaining information through letter and email dated June 5, 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 VCSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VCSPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 1969 and promoted by Mr Amarendra Kumar and Mr Ashok Kumar, VCSPL provides a cold storage facility in Samastipur, Bihar. The total capacity is 130,000 quintal per annum, and the company has six chambers. VIJAY STEEL: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Vijay Steel Industries (VSI) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 Crisil B+/Stable (Issuer Not Cooperating) Proposed Long Term 6.5 Crisil B+/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VSI for obtaining information through letter and email dated June 5, 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 VSI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VSI continues to be 'Crisil B+/Stable Issuer not cooperating'. Established in 1985, VSI is a partnership concern based in Mumbai, set-up by Mr Vijay Jha, Mrs Niranjhana Jha and Mr Rahul Jha. VSI trades in various steel products such as, steel utensils, cookware, TMT bars and rolls, mild steel angles, channels and flats. VIJAYA SARADA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vijaya Sarada Delint Seed Mills (VSDM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.0 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VSDM for obtaining information through letter and email dated June 5, 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 VSDM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSDM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VSDM continues to be 'Crisil D Issuer not cooperating'. VSDM is a proprietorship concern set up in 2007 by K. Subhash Chandra Bose in 2007. The firm processes cotton seeds into de-oiled cakes, cotton-seed oil, and hull and cotton lint, which contribute 55, 30, and 15 percent, respectively, to the firm's revenue. The manufacturing unit is in Guntur District, Andhra Pradesh. VIKAS COTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Vikas Cotex continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12.35 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 2.18 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Vikas for obtaining information through letter and email dated June 5, 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 Vikas, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Vikas is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Vikas continues to be 'Crisil B+/Stable Issuer not cooperating'. Set up in 2013, Vikas a proprietorship concern of Mr. Mathakiya, gins and presses raw cotton and sells lint cotton and cotton seeds. The manufacturing unit, at Lalpar, Gujarat, commenced operations in February 2014. VINAYAK CONSTRUCTION: CRISIL Keeps B+ Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Vinayak Construction Company (VCC) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil B+/Stable (Issuer Not Cooperating) Proposed Long Term 1 Crisil B+/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VCC for obtaining information through letter and email dated June 5, 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 VCC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VCC continues to be 'Crisil B+/Stable Issuer not cooperating'. VCC was established in 1999 as a proprietorship firm by Mr Chandrakant Gite and was reconstituted as a partnership firm in 2006 The firm is a 'Class A' contractor for Maharashtra and constructs and maintains buildings and roads for state Public Works Department. It also undertakes projects for National Highways Authority of India under jilha parishad. VINAYAK FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Vinayak Foods (VF) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 2.04 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long- 1.56 CRISIL B/Stable (Issuer Not Term Bank Loan Cooperating) Facility Crisil Ratings has been consistently following up with VF for obtaining information through letter and email dated June 5, 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 VF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VF continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2017 as a partnership firm by Mr Navendukumar Shastri and Mr ViwasvatKumar Shastri, Vadodara (Gujarat)-based VF manufactures processed food products. VIRANGI CREATION: CRISIL Moves B+ Debts Rating to Not Cooperating ----------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Virangi Creation Private Limited (VCPL) to 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 19.5 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with VCPL for obtaining information through letter and email dated June 9, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VCPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of VCPL to 'Crisil B+/Stable Issuer not cooperating'. VCPL was incorporated in July 2020. The company manufactures polyester fabrics such as grey cloths and fancy jacquard sarees, and markets its products under the brand, Virangi. The manufacturing facility is located at Hojiwala Industrial Estate, Surat (Gujarat) with a total installed capacity of 13 lakh meters per month. Operations are managed by the promoters, Mr Maheshkumar Kashiram Patel and Mrs Rekha Maheshkumar Patel. VIVEKANANDA YOGA: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Vivekananda Yoga Anusandhana Samsthana (VYASA) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Secured Overdraft 5.5 Crisil B/Stable (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with VYASA for obtaining information through letter and email dated June 5, 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 VYASA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VYASA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VYASA continues to be 'Crisil B/Stable Issuer not cooperating'. VYASA, is a Charitable Society was registered in 1986 in Nagarcoil, Tamilnadu as Vivekananda Yoga Anusandhana Samsthana. From 1986 to 2000 it was called Vivekananda Kendra Yoga Anusandhana Samsthana (VK YOGAS). It is engaged in running research institute and health centre in Yoga and providing short term courses on Yoga. It is promoted by Dr. H R Nagendra who is the president of the society. VOHRA SOLVEX: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Vohra Solvex Pvt Ltd (VSPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 Crisil B/Stable (Issuer Not Cooperating) Cash Credit 2 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VSPL for obtaining information through letter and email dated June 5, 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 VSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VSPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2003, VSPL extracts rice bran oil, produces de-oiled rice bran, and trades in rice bran. The company's processing facility at Faridkot, Punjab, has a total extraction capacity of 100 tonne per day, which is utilised at 85%. ========= J A P A N ========= MARELLI AUTOMOTIVE: Covestro Steps Down as Committee Member ----------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing the resignation of Covestro, LLC from the official committee of unsecured creditors in the Chapter 11 cases of Marelli Automotive Lighting USA, LLC and its affiliates. The committee is now composed of: 1. Nissan North America, Inc. Attn: Joseph Hession 1 Nissan Way Franklin, TN 37067 Phone: 615-725-1000 Email: joseph.hession@nissan-usa.com 2. Robert Bosch LLC Attn: Adam Wienner 38000 Hills Tech Drive Farmington Hills, MI 48331 Phone: 248-876-6651 Email: adam.wienner@us.bosch.com 3. Mazda North American Operations Attn: Christopher Wilson 200 Spectrum Center Drive, Suite 100 Irvine, CA 92618 Email: cwilso70@mazdausa.com 4. Tesla, Inc. Attn: Keith Porapaiboon Giga Texas, 1 Tesla Road Austin, TX 78725 Phone: 650-681-5000 Email: contractnotices@tesla.com 5. Avnet, Inc. Attn: Dennis Losik 2211 S. 47th Street Phoenix, AZ 85034 Phone: 847-396 7401 Email: dennis.losik@avnet.com 6. Johnson Matthey Plc Attn: Amy Donohue-Babiak 1397 King Road West Chester, PA 19380 Phone: 610-971-3084 Email: amy.donohue-babiak@matthey.com About Marelli Automotive Lighting USA Marelli Automotive Lighting USA, LLC is a global automotive parts supplier based in Saitama, Japan. The company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11. 2025. In its petition, Marelli reported between $1 billion and $10 billion in assets and liabilities. Judge Brendan Linehan Shannon handles the cases. The Debtors are represented by Kirkland & Ellis LLP, Kirkland & Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP. Alvarez & Marsal North America, LLC is the Debtors' restructuring advisor. PJT Partners Inc. is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' notice and claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. NISSAN MOTOR: Clinches US$4.5 Billion Bond Deal After Orders Soar ----------------------------------------------------------------- Bloomberg News reports that Nissan Motor has raised $4.5 billion from a junk bond sale in U.S. dollars and euros, with the embattled automaker offering a record-high coupon on at least one part of the deal to drum up demand. One component carried a yield of 8.125%, topping Nissan's previous record yield of 7.5% for a 10-year dollar bond issued in 1986, data compiled by Bloomberg showed. Despite concerns around the company's strategic plans, it still attracted around $11 billion in investor demand for the junk bond sale, which will help refinance its debt burden. According to Bloomberg, Nissan's multi-tranche transaction is part of a broader effort to raise more than JPY1 trillion ($6.8 billion), including through asset sales, to turn around the business, and follows a JPY200 billion convertible bond sale by the automaker earlier last week. Bloomberg relates that the company's EUR1.3 billion ($1.5 billion) bond is comprised of a four-year tranche and an eight-year portion of debt. The coupon on the shorter-dated debt is 5.25%, while the eight-year euro-denominated tranche features a 6.375% coupon, according to a person with knowledge of the transaction who asked not to be identified. Nissan's $3 billion worth of five-, seven- and 10-year bonds are priced at yields of 7.5%, 7.75% and 8.125%, respectively. The longest-dated bond is priced at 376 basis points over Treasurys. Investors had ordered more than EUR2.3 billion worth of four-year notes, while EUR1.8 billion in demand was recorded for eight-year securities, according to the people familiar with the transaction. Demand for a three-part dollar issue had reached just over $6 billion by 9:50 a.m. New York time on July 10, said the people, Bloomberg relays. Rising funding costs and interest payments are also increasing concerns. Nissan's five-year credit-default swaps, a key gauge of credit risk, have surged to the highest level since 2009. Nissan and its affiliates face about JPY1 trillion in combined bond maturities for 2025 and 2026. The carmaker posted a net loss of about JPY670.9 billion ($4.6 billion) for the year ended March 2025, hit by sluggish sales at home and abroad, rising fixed costs and impairment charges, Bloomberg discloses. The company is pursuing a structural overhaul of its operations, including plans to cut around 20,000 jobs and reorganize its manufacturing footprint. Turmoil at the management level has weighed on the company ever since the arrest and ouster of former Chairman Carlos Ghosn in 2018, which led to an aging product lineup, shrinking margins and the loss of an early lead in mass-market electric cars. Bloomberg says Nissan's earnings have also deteriorated, while cash flows have shriveled over the years as sales dropped. The company posted a JPY670.9 billion net loss for the year ended March 2025. Nissan is facing corporate bond redemptions of about JPY1 trillion between 2025 and 2026, data compiled by Bloomberg shows, and the funding is critical for the carmaker after a failed tie-up with Honda Motor. Bloomberg adds that Nissan's spokesperson said the offering will refinance upcoming offshore maturities. The company also said it intends to issue foreign currency bonds regularly to diversify its funding, manage risk and retain access to investors around the world. On the whole, however, credit investors are skeptical about the company's proposed turnaround plan, Bloomberg says. Todd Duvick, head of autos at research firm CreditSights, said Nissan needs "healthy" capital and liquidity to execute its cost-saving initiatives and to invest in product development and sales. "Investors know this and, in my view, are requiring Nissan to pay up for the near-term risk and the tough spot the company is in, by charging relatively high coupons to loan the company money," Bloomberg quotes Mr. Duvick as saying. About Nissan Motor Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. As reported in the Troubled Company Reporter-Asia Pacific on July 10, 2025, Fitch Ratings has assigned a rating of 'BB' to Nissan Motor Co., Ltd.'s (BB/Negative) proposed senior unsecured US dollar and euro notes. The proposed notes are rated in line with Nissan's Long-Term Foreign-Currency Issuer Default Rating (IDR), as they represent the company's direct, unsecured and unsubordinated obligations, and rank pari passu with all its other unsecured and unsubordinated debt. The proceeds will be used for general corporate purposes. The company expects the proceeds from the new notes to be used to prefund the refinancing of maturing notes. Fitch does not expect the company's net debt balance after issuance to change materially, leaving the company's financial structure unchanged. Fitch Ratings, in April 2025, downgraded Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. The TCR-AP reported on July 9, 2025, S&P Global Ratings assigned its 'BB' issue credit rating to Nissan Motor Co. Ltd.'s (BB/Negative/B) three proposed U.S.-dollar denominated senior unsecured notes and two proposed euro-denominated senior unsecured notes. The notes differ in maturities. S&P Global Ratings, on March 7, 2025, lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. =============== M A L A Y S I A =============== GREENPRO CAPITAL: Closes $260K Private Placement of Common Stock ---------------------------------------------------------------- Greenpro Capital Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a subscription agreement with an individual investor identified in the Subscription Agreement providing for the private placement of 200,000 shares of the Company's common stock, par value $0.0001, at a per share purchase price of $1.30. The Offering closed on June 23, 2025. The issuance of shares of Common Stock pursuant to the Subscription Agreement was made in reliance upon the exemptions from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, (the "Securities Act") and Regulation D promulgated under the Securities Act. The Company believes the exemptions provided by Section 4(a)(2) and Regulation D of the Securities Act were available because the offering did not involve a public offering and each of the Purchasers in the Offering represented that he or she is an "accredited investor" within the meaning of Rule 501(a) of Regulation D. No underwriters were involved in the offer and sale of the Common Stock in the Offering. The Company plans to use the proceeds of the Offering for operating capital. 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 April 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 ===================== ARP CONSULTING: Court to Hear Wind-Up Petition on Aug. 1 -------------------------------------------------------- A petition to wind up the operations of ARP Consulting 2018 Limited will be heard before the High Court at Auckland on Aug. 1, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 13, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 DFS GROUP: To Close Stores in Sydney, Auckland and Queenstown ------------------------------------------------------------- Inside Retail reports that travel retail group DFS will withdraw from the Oceania market, confirming the closure of all operations in Australia and New Zealand by the end of September. Inside Retail relates that the company cited "challenging economic conditions" and a broader effort to streamline global operations as reasons for the decision. In Sydney, the T Galleria store on George Street will stay open until September 10. Meanwhile, in New Zealand, the downtown Auckland and Queenstown T Galleria stores, along with the outlet at Auckland International Airport, will cease trading by the end of September, according to Inside Retail. "As part of an ongoing review of our global store network, DFS has made the difficult decision to close our operations in Sydney, Auckland, and Queenstown," a DFS spokesperson said in a statement shared with TRBusiness. "This decision reflects challenging economic conditions and is aligned with DFS' broader strategy to optimise global operations." Inside Retail relates that DFS said it is committed to supporting affected employees during the transition. "We are proud of our three-decade journey in Oceania and are immensely grateful to our employees for their hard work, passion, and contributions," the spokesperson added. Inside Retail notes that the closures are the latest in a series of store shutdowns across DFS' global network, including recent exits from Saipan and Venice. The move comes as parent company LVMH continues to restructure DFS in response to subdued global demand for luxury goods and changing consumer behaviour in China. Last year, the retailer continued to underperform, with business activity still trailing pre-pandemic levels. LVMH's Selective Retailing division - which includes DFS and Sephora - reported 6 per cent year-on-year growth to AUD32.7 billion, Inside Retail discloses. While Sephora primarily drove gains, DFS still faced challenges in markets such as Hong Kong and Macao. In response, the company has implemented structural changes aimed at improving profitability, including reallocating resources to higher-performing markets in Asia. Inside Retail adds that LVMH said the objective is to "secure long-term growth potential" through continued operational streamlining. DFS Group (DFS) is a global travel retailer of luxury products based in Hong Kong. Established in 1960, its global network consists of stores located in major global airports and downtown locations featuring over 750 brands. It is privately held and majority owned by the luxury conglomerate Moet Hennessy Louis Vuitton (LVMH), alongside DFS co-founder and shareholder Robert Warren Miller. As of January 11, 1997, DFS Group operates as a subsidiary of LVMH. ECO BUILDING: Creditors' Proofs of Debt Due on Sept. 3 ------------------------------------------------------ Creditors of Eco Building Limited (trading as Lightsteel Group) are required to file their proofs of debt by Sept. 3, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Julu 3, 2025. The company's liquidators are: Christopher Carey McCullagh Stephen Mark Lawrence PKF Corporate Recovery Auckland 1140 FNZ NZ FINCO: Moody's Affirms 'B3' CFR, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings has affirmed FNZ NZ Finco Limited's B3 corporate family rating and the B3 senior secured first lien term loan ratings, as well FNZ US Finco LLC's B3 senior secured first lien term loan rating, which are the borrowing entities for FNZ Group Limited (FNZ). The outlook remains stable on both entities. RATINGS RATIONALE The affirmation of the B3 CFR reflects FNZ's position as a leading global front-to-back wealth management Platform-as-a-Service (PaaS) provider with $2.0 trillion contracted Assets Under Administration (AuA) as well as the company's high leverage, limited scale, and weak profitability and cash flow generation. Following a period of strong growth, driven by significant investments and acquisitions, FNZ is currently in a period of restrained growth and rationalization of its operations under a new management team. As a result, in 2024, FNZ reported a pre-tax loss of $688 million driven by higher operating expenses, particularly infrastructure and operational platform costs and professional services as well as set up cost related to new geographies, which more than offset an 8% increase in operating income, mainly driven by higher recurring service revenue. Despite the loss, FNZ's Group revenue grew by 10% to $1.6 billion, while Assets under Administration reached a record $1.7 trillion, up 21%. While Moody's expects the company's cash flows and profitability to improve over time given the strength of its product offering and the recurring nature of its revenues, Moody's notes that the pace of this improvement will be lower than historically estimated by management. However, Moody's considers that the trajectory of improvement still remains commensurate with a B3 CFR and that a period of organic growth and consolidation post its acquisitions will lead to growing profitability, supporting its pre-tax margin and cash flow generation. As of 2024, Moody's calculates FNZ's debt to EBITDA leverage to be a high negative 17x, but once adjusted for non-recurring items Moody's calculates it to be around 8x. Moody's also notes that the company's term loan maturities are in 2031, which provides a long lead in for improvements in its financial performance to be able to refinance or pay down the obligations. FNZ's global operations have been built through a sustained period of organic growth, a series of acquisitions and have grown quickly over recent years, and which has resulted in a complex and opaque legal organizational structure which acts a constraint to its ratings. FNZ NZ Finco Limited's and FNZ US Finco LLC's senior secured term loan ratings of B3 reflect the priorities of claims in the company's liability structure. The outlook is stable, reflecting Moody's expectations that FNZ's profitability and EBITDA will improve its scale and profitability as well as a moderate improvement in its current elevated leverage and weak coverage ratios. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade FNZ NZ Finco Limited's CFR could be upgraded following a material improvement in profitability and scale, as growth investments made in prior years start to generate returns and new clients are onboarded. A sustained reduction of Debt / EBITDA leverage as measured by us to below 6.0x would also lead to an upgrade. A less complicated legal ownership and organizational structure could also be positive for the ratings. Factors that could lead to a downgrade A downgrade in the CFR could stem from a further increase in leverage, a failure to improve profitability and cash flows in line with expectations as well as increasing competitive pressures resulting in significant AuA churn and reduced revenues. A potential IT systems failure or prolonged operational failures in its end to end platform as well as any compliance or risk management failures or negative regulatory findings would also negatively pressure the ratings. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Securities Industry Service Providers published in February 2024. FNZ NZ Finco Limited's B3 assigned standalone assessment is set four notches above the Ca initial score to reflect expected improvements in its scale and cash flows which will lead to lower leverage and higher coverage ratios than latest reported financials. 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 25, 2025. The company's liquidators are: Jared Waiata Booth Tony Leonard Maginness Baker Tilly Staples Rodway Auckland Limited PO Box 3899 Auckland 1140 SK APPLIANCES: Court to Hear Wind-Up Petition on July 24 -------------------------------------------------------- A petition to wind up the operations of SK Appliances Limited will be heard before the High Court at Christchurch on July 24, 2025, at 10:00 a.m. Redstone Kitchens Limited filed the petition against the company on June 11, 2025. The Petitioner's solicitor is: Jeffrey Gray Ussher Level 19 191 Queen Street Auckland UNIVERSITY BOOKSHOP: Creditors' Proofs of Debt Due on Aug. 1 ------------------------------------------------------------ Creditors of University Bookshop Limited are required to file their proofs of debt by Aug. 1, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 2, 2025. The company's liquidators are: Rachel Mason-Thomas Jeffrey Philip Meltzer Meltzer Mason, Chartered Accountants PO Box 6302 Victoria Street West Auckland 1141 ================= S I N G A P O R E ================= ALTIVO PTE: Creditors' Proofs of Debt Due on Aug. 4 --------------------------------------------------- Creditors of Altivo Pte. Ltd. are required to file their proofs of debt by Aug. 4, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May -, 2025. The company's liquidators are: Mr. Don M Ho Mr. David Ho Chjuen Meng c/o Avery Corporate Advisory 63 Market Street, #05-01A Bank of Singapore Centre Singapore 048942 MEGCD PTE: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on June 27, 2025, to wind up the operations of MEGCD Pte. Ltd. CIMB Bank Berhad 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 PHINIA HOLDINGS: Creditors' Proofs of Debt Due on Aug. 4 -------------------------------------------------------- Creditors of Phinia Holdings Singapore Pte. Ltd. are required to file their proofs of debt by Aug. 4, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 27, 2025. The company's liquidator is: Cheong Beng Sheng, Dean c/o Guardian Advisory Pte Ltd 531A Upper Cross Street #03-118 Hong Lim Complex Singapore 051531 SOGO LABS: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on June 20, 2025, to wind up the operations of Sogo Labs Pte. Ltd. Westali AS and Alnistar Limited filed the petition against the company. The company's liquidators are: Jason Kardachi Poon Alton Murray Chun-Wen c/o Kroll Pte. Limited 10 Collyer Quay #05-04/05, Ocean Financial Centre Singapore 049315 ********* 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 ***