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250715.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 Tuesday, July 15, 2025, Vol. 28, No. 140 Headlines A U S T R A L I A AQC DARTBROOK: First Creditors' Meeting Set for July 16 COUNTRY ROAD: To Close Flagship Stores, Citing Sales Pressure HARSIMRAN PTY: First Creditors' Meeting Set for July 17 MEMON FOODS: First Creditors' Meeting Set for July 17 SAVLEEN PTY: First Creditors' Meeting Set for July 17 WARWICK GOLD: ASIC Seeks Court Order Banning David John Catsoulis YAMARI OCHRE: First Creditors' Meeting Set for July 17 [] AUSTRALIA: Insolvencies Rise in Construction and Hospitality C H I N A SAIC VOLKSWAGEN: Volkswagen to Close Jointly-Owned China Plant I N D I A ADITYA HOTELS: CARE Keeps D Debt Rating in Not Cooperating AISHWARYA ENTERPRISES: CARE Keeps B- Rating in Not Cooperating ANIL PLASTIC: CARE Keeps B- Debt Rating in Not Cooperating ATS INFRABUILD: CARE Keeps D Debt Rating in Not Cooperating FOX CASHEW: CARE Keeps B- Debt Rating in Not Cooperating Category GANGA SPINTEX: CARE Keeps B Debt Rating in Not Cooperating GOEL FOOD: CARE Keeps B- Debt Rating in Not Cooperating Category GOPAL KRISHNA: CARE Keeps B- Debt Rating in Not Cooperating HANUMAN DAL: CARE Keeps D Debt Rating in Not Cooperating Category HINDUSTHAN NATIONAL: NCLAT Reject RP Ouster; Clears Path for Bids INDIAN TECHNICAL: CARE Keeps B- Debt Rating in Not Cooperating J J HOUSE: CARE Lowers Rating on INR15cr Long Term Loan to B+ JABALPUR MSW: CARE Keeps D Debt Rating in Not Cooperating Category K.B. BOARD: CARE Keeps B- Debt Rating in Not Cooperating Category KISSAN INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating KRISHA ENTERPRISES: CARE Lowers Rating on INR21cr NCDs to D MALAR TEXTILES: CARE Keeps B- Debt Rating in Not Cooperating NIMAWAT EDUCATION: CARE Keeps D Debt Rating in Not Cooperating OM SAI: CARE Keeps D Debt Rating in Not Cooperating Category RAJIV AGGARWAL: CARE Keeps B- Debt Rating in Not Cooperating RAYAT EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating SAASTHA MEGA: CARE Keeps B- Debt Rating in Not Cooperating SIGMA ONE: CARE Keeps B- Debt Rating in Not Cooperating Category TANUJ ROSHI: CARE Keeps B- Debt Rating in Not Cooperating Category TOLARAM SURENDRA: CARE Keeps B- Debt Rating in Not Cooperating VAISHNAVI FOOD: CARE Keeps B- Debt Rating in Not Cooperating VENKATESHWARA FOOD: CARE Keeps D Debt Rating in Not Cooperating VIJAYA LAKSHMI: CARE Keeps D Debt Rating in Not Cooperating VL FARMS: CARE Keeps D Debt Rating in Not Cooperating Category WOMENS NATIONAL: CARE Keeps B- Debt Rating in Not Cooperating N E W Z E A L A N D BENT CURVE: Commences Wind-Up Proceedings KV LTD: Director Defends 'Historic' Failures and Big Debts N203 LIMITED: Creditors' Proofs of Debt Due on Aug. 1 PHIL CLARKE: Placed Into Liquidation; Owes NZD2.6 Million S AND V TRUSTEES: Court to Hear Wind-Up Petition on July 18 SOLAR GROUP: Creditors' Proofs of Debt Due on Aug. 4 SV CONTRACTORS: Court to Hear Wind-Up Petition on July 31 P H I L I P P I N E S MFT GROUP: DOJ Files Charges vs Mica Tan, Family, Over 30 Execs S I N G A P O R E BAMBOO GROUP: Court to Hear Wind-Up Petition on July 18 BIOCAIR SINGAPORE: Creditors' Proofs of Debt Due on Aug. 4 I.S PROJECTS: Court Enters Wind-Up Order JOLLIBEAN FOODS: Staff Allege Unpaid Wages, CPF Contributions SUNRISE TRADING: Court Enters Wind-Up Order YI HENG: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= AQC DARTBROOK: First Creditors' Meeting Set for July 16 ------------------------------------------------------- A first meeting of the creditors in the proceedings of AQC Dartbrook Pty Ltd and AQC Dartbrook Management Pty Ltd will be held on July 16, 2025 at 11:30 a.m. via virtual technology only. Shaun Robert Fraser and Jonathan Philip Henry of McGrathNicol were appointed as administrators of the company on July 4, 2025. COUNTRY ROAD: To Close Flagship Stores, Citing Sales Pressure ------------------------------------------------------------- News.com.au reports that iconic fashion retailer Country Road will close down stores across Sydney as slowing sales force its South African owners to scale back its retail front. According to news.com.au, the business's landmark store in central Sydney's Queen Victoria Building will be shut down as the company looks to lower costs. It will also close its sister brand Trenery in Sydney's affluent Mosman, while its Pitt Street Mall store will close in 2028 when the lease expires. News.com.au says Country Road's South African owners Woolworths previously announced weak sales coming from the Australian brand. Sales plummeted by 6.2 per cent in the first half of the 2024-25 financial year and a further 8 per cent in the 26 weeks to December 29 as operating profits dropped 71.7 per cent to just AUD14.2 million. Country Road was founded in 1974, starting out as a smart-casual men's, women's and children's clothing store while also dabbling in homewares and accessories. It grew out into an Australian lifestyle brand known for high-quality apparel, accessories and homewares and became the first major Australian brand to move into the US. In 2014, Country Road and Trenery were bought by South African brand Woolworths. HARSIMRAN PTY: First Creditors' Meeting Set for July 17 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Harsimran Pty Ltd will be held on July 17, 2025 at 11:30 a.m. via Microsoft Teams. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on July 7, 2025. MEMON FOODS: First Creditors' Meeting Set for July 17 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Memon Foods Pty Ltd will be held on July 17, 2025 at 11:00 a.m. via Microsoft Teams. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on July 7, 2025. SAVLEEN PTY: First Creditors' Meeting Set for July 17 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Savleen Pty Ltd will be held on July 17, 2025 at 10:00 a.m. via Microsoft Teams. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on July 7, 2025. WARWICK GOLD: ASIC Seeks Court Order Banning David John Catsoulis ----------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has commenced proceedings in the Federal Court to disqualify David John Catsoulis of Southport, Queensland, from managing corporations. ASIC alleges that Mr Catsoulis was an officer of Warwick Gold Holdings Pty Ltd and Impact Gold Ltd between 2021 and 2024. ASIC also alleges that the Companies purportedly conducted mining operations in Papua New Guinea (Impact Gold) and Queensland (Warwick Gold). ASIC alleges that the Companies entered into binding disadvantageous agreements under the management of Catsoulis, which ultimately contributed to their failures. In 2024, both of the Companies were ordered to be wound up, with substantial shortfalls. ASIC alleges that the conduct by Mr Catsoulis contributed to the Companies' failures and that a disqualification is justified. ASIC has sought an order from the Court to disqualify him from managing corporations under s206D of the Corporations Act. Disqualification from managing corporations protects the wider public, employees and other businesses against the future mismanagement of corporations. The maximum period for disqualification under s 206D is 20 years. The first case management hearing is listed for July 23, 2025. On Feb. 8, 2024, the Supreme Court of Queensland entered an order to place Warwick Gold Holdings Pty Ltd into liquidation and appointed Glenn Thomas O'Kearney of GT Advisory & Consulting as liquidator. YAMARI OCHRE: First Creditors' Meeting Set for July 17 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Yamari Ochre Pty Ltd (trading as Yamari Ochre Signs) will be held on July 17, 2025 at 11:00 a.m. at the offices of Smith Hancock Chartered Accountants, Suite 47.04, Level 47, 8 Parramatta Square, 10 Darcy Street, in Parramatta, NSW, and via virtual meeting technology. Peter Hillig and Steven Bazouni of Smith Hancock Chartered Accountants were appointed as administrators of the company on July 7, 2025. [] AUSTRALIA: Insolvencies Rise in Construction and Hospitality --------------------------------------------------------------- Michael Bleby at Australian Financial Review reports that Australian construction-industry insolvencies surged nearly 21 per cent last financial year to a new high, reflecting what the corporate regulator said was a greater use of insolvency appointments by small businesses restructuring debts in a way that would let them keep trading. Figures published by the Australian Securities and Investments Commission on July 14 showed economy-wide insolvency appointments for the year to June revealed a jump in construction-industry insolvencies - the single largest sector – from 2,977 in FY24 to 3,595, while total insolvencies rose 33 per cent to 14,716, the Financial Review discloses. The Financial Review relates that the leap in insolvency appointments in hospitality, the so-called accommodation and food services sector – traditionally the second-largest source of business failures – was even greater, soaring 48 per cent to 2,475 from 1,668 a year earlier. Last year threw up several high-profile failures, such as that of national contractor RobertsCo. But although the figures reflect the pain felt by many businesses in construction (and hospitality) of trying to maintain cash flow in a sector with razor-thin margins as costs increase, as many as 3,000 insolvency appointments last financial year - double the 1,425 of FY24 - were likely to have been small business restructurings, ASIC said. "After a slow start, the recent growth of small business restructurings . . . shows that the SBR regime is starting to deliver on the intended policy objective of reducing the complexity and costs involved in insolvency processes for small businesses and ultimately helping them to survive," the Financial Review quotes ASIC Commissioner Kate O'Rourke as saying. Ms. O'Rourke's comments came alongside an ASIC report published late last month, showing construction (27 per cent of total SBR appointments) and accommodation and food services (23 per cent) together accounted for half of all such appointments. The Financial Review says the outlook isn't yet clear for construction-industry companies. While borrowing costs have been falling since the Reserve Bank of Australia started cutting interest rates in February, there hasn't been a uniform steadying in costs. In figures to be published later this week, quantity surveying firm RLB predicts tender price growth will ease in Sydney this financial year (from 4.5 per cent in FY25 to 3.5 per cent), in Melbourne (from 4 per cent to 3.5 per cent) and in Perth (from 5.2 per cent to 4.9 per cent), the Financial Review relays. Cost growth in Brisbane will remain unchanged at 5 per cent, and in the Gold Coast it will pick up from 5 per cent to 6 per cent as the continuing demand for skilled workers and materials in southeast Queensland outstrips supply. The industry is hoping for relief, the Financial Review states. "It's been a difficult few years for businesses in the industry, but hopefully the worst is now behind us," the Financial Review quotes Master Builders Australia chief executive Denita Wawn as sasying. "We are seeing some early green shoots, with interest rates and inflation starting to ease and promising signals from the federal government about tackling productivity and construction costs." The federal government also needed to improve productivity and boost private investment, Ms. Wawn said. ========= C H I N A ========= SAIC VOLKSWAGEN: Volkswagen to Close Jointly-Owned China Plant -------------------------------------------------------------- Reuters, citing German daily Handelsblatt, reports that Volkswagen and Chinese partner SAIC will close their joint plant in the Chinese city of Nanjing, as the German carmaker loses market share in the world's largest car market. Reuters relates that production has already been halted, and the closure will take place gradually in the second half of the year, the report said, citing several people familiar with the process. "We can confirm that SVW Nanjing Plant has ended production," a Volkswagen spokesperson said in a statement, adding "many SAIC VOLKSWAGEN sites are currently being converted or have already been converted for electric vehicle production". Reuters reported in September that the German carmaker was planning to stop production at its Nanjing plant, citing a person with direct knowledge of the matter. The carmaker would gradually shift production of its Passat family cars from the Nanjing plant to a nearby factory in the same eastern province of Jiangsu, the person said at the time, Reuters recalls. Volkswagen, long the top-selling automaker in China, is suffering from a decline in its market share in the country and is working with SAIC and other partners such as Xpeng to bring new models on the market that it hopes will be more competitive, Reuters notes. SAIC VOLKSWAGEN is a joint venture between SAIC Motor and Volkswagen Group, established in 1984. The company produces a wide range of vehicles under both the Volkswagen and Skoda brands, including electric vehicles. ========= I N D I A ========= ADITYA HOTELS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aditya Hotels and Hospitalities Private Limited (AHHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.16 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 3, 2024, placed the rating(s) of AHHPL under the 'issuer non-cooperating' category as AHHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AHHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025 and June 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Satara (Maharashtra) based, Aditya Hotels & Hospitalities Private Limited (AHHPL) was incorporated in December 26, 2016 and is currently being run by Mr. Shriram Krishan Surve, Mrs. Rutuja Shriram Surve and Mr. Akshay Shriram Surve. AHHPL has been set up with an aim to provide catering services (on marriage and other occasions) and lodging facilities along with restaurant. AHHPL has been operating its facility (hotel) in Satara, Maharashtra. AISHWARYA ENTERPRISES: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aishwarya Enterprises (AE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.95 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated July 1, 2024, placed the rating(s) of AE under the 'issuer non-cooperating' category as AE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 17, 2025, May 27, 2025 and June 6, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Aishwarya Enterprises (AE) was established in April 2002 as a proprietorship firm by Mr. Karan Thapar. AE is engaged in trading of yarn, fabric and readymade garments at its facility located in Ludhiana, Punjab. The firm is also engaged in manufacturing of garments. ANIL PLASTIC: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Anil Plastic and Enterprises (APE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.07 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 3, 2024, placed the rating(s) of APE under the 'issuer non-cooperating' category as APE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025 and June 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable APE was established in September 1993 and is based out of Pune (Maharashtra). The entity is engaged in the manufacturing of critical injection moulded plastic components and moulds. ATS INFRABUILD: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of ATS Infrabuild Private Limited (AIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 135.00 CARE D; ISSUER NOT COOPERATING; Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated July 25, 2024, placed the rating of AIPL under the 'issuer non-cooperating' category as AIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AIPL continues to be non-cooperative despite repeated requests for submission of information through emails, phone calls and a letter dated June 13, 2025, June 12, 2025, June 20, 2025 and numerous phone calls. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating). The rating has been reaffirmed on account of non-availability of requisite information due to non-cooperation by ATS Infrabuild Private Limited with CARE Ratings Ltd.'s efforts to undertake a review of the rating outstanding. CARE Ratings Ltd. views information availability risk as a key factor in its assessment of credit risk. The reaffirmed in ratings assigned to the instrument of AIPL factors in non-payment of NCDs principal and redemption premium due to mismatch between project receipts vis a vis the debt repayment obligations. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: (At the time of last rating on July 25, 2024, the following were the rating strengths and weaknesses) Key weaknesses * Delay in servicing of debt obligations: There were delays in repayment of NCD's principal amount and redemption premium due on June 11, 2022 to the investor who have not given their positive consent for the roll-over of the NCD for period of two years to Jun 11, 2024. AIPL has applied for extension of final maturity date of NCDs from June 11, 2022 to June 11, 2024. Further, company has received consent on June 9, 2022 for extension from 76.67% of the investors but remaining investors didn't given their positive consent for the roll-over and redemption of NCDs. * Subdued industry scenario: The company is exposed to the cyclicality associated with the real estate sector which has direct linkage with the general macroeconomic scenario, interest rates and level of disposable income available with individuals. In case of real estate companies, the profitability is highly dependent on property markets. A high interest rate scenario could further discourage the consumers from borrowing to finance the real estate purchases and may depress the real estate market. Liquidity: Poor AIPL has poor liquidity position since the company had not made the payment of interest/redemption due on NCDs on account of insufficient cash flow. ATS Infrabuild Pvt Ltd (AIPL), incorporated on October 4, 2007, is engaged in development of Real Estate Projects. AIPL is a part of ATS Group (ATS), which has a long-standing presence in real estate industry primarily in north India. The promoter of the group, Mr. Getamber Anand, has more than two decades of experience in the real estate industry. In the past, the group has successfully completed seven residential/group housing projects with total saleable area of about 113 lakh square feet (lsf). At present, the ATS group is developing 22 residential projects across North India (mainly Delhi NCR) having total saleable area of approximately 361 lsf. AIPL is currently developing a premium residential group housing project, CASA Espana, in Sector 121, Mohali Punjab, in a joint venture with Shivalik Group. The project is being developed in 2 phases. While Phase 1 is fully approved and is under construction, Phase 2 is at approval stage. Phase 1 has a total saleable are of 14.34lsf while Phase 2 has a saleable area of 11.66 lsf. FOX CASHEW: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Fox Cashew Industries (FCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2024, placed the rating(s) of FCI under the 'issuer non-cooperating' category as FCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2025, May 9, 2025, May 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Fox Cashew Industries (FCI) was established in the year 2009 as proprietorship firm by Mrs. Janet Pais. The firm is engaged in processing of raw cashew nut into cashew kernels with installed capacity of 4 tons per day at Valpady, Karnataka. The process involves steam roasting, shell cutting, peeling and grading. The firm majorly procures raw material (raw cashew nuts) from African countries like Benin, Togo, Ivory Coast, and Tanzania etc. The firm imports 100% of the raw cashew nut (70% of total purchases) owing to better quality and relatively lower prices as compared to the domestic market. The firm is also engaged in trading of cashew kernels. The firm purchases the cashew kernels for trading from the local traders in Karnataka. The firm sells the cashew kernels to wholesalers in the state of Karnataka and Gujarat. The firm also generates income from sale of by-products cashew shells, cashew husk and rejections. GANGA SPINTEX: CARE Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ganga Spintex Limited (GSL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.60 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 25, 2024, placed the rating(s) of GSPL under the 'issuer non-cooperating' category as GSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 11, 2025, May 21, 2025 and May 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of GSPL have been revised on account of non–availability of requisite information. Analytical approach: Standalone Outlook: Stable Ganga Spintex Private Limited (GSPL) [Earlier Ganga Spintex Limited] was incorporated in May-2010. The company was engaged in the manufacturing and sale of cotton yarn and cotton seeds since the commencement of its operations in 2012; till FY18. However, the company stopped its operations in the cotton seeds segment in FY19. The manufacturing facility is situated at Mansa, Punjab. GSPL supplies yarn to manufacturers and traders to be used for the manufacturing of denim, terry towel, suiting cloth, shirting and home furnishing. GOEL FOOD: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Goel Food Product (GFP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.45 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 28, 2024, placed the rating(s) of GFP under the 'issuer non-cooperating' category as GFP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GFP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 14, 2025, May 24, 2025, June 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Goel Food Product (GFP) was established in July 2014 as a partnership firm by Mr. Tarsem Kumar Goel, Ms. Anita Rani, Ms. Mamta Rani, and Ms. Neelam Rani as its partners, sharing profit and losses equally. The firm is engaged in processing of paddy at its manufacturing facility located in Kaithal, Haryana. Besides this, Mr. Tarsem Kumar Goel is also associated with another group concern namely Ravi Prakash Tarem Kumar. GOPAL KRISHNA: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gopal Krishna Rice Mills (GKRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 26, 2024, placed the rating(s) of GKRM under the 'issuer non-cooperating' category as GKRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GKRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 12, 2025, May 22, 2025 and June 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Uttar Pradesh based Gopal Krishna Rice Mills (GKRM) was established in the year 1978 as a partnership firm. The current partners, Mr. Sanjay Garg and Mrs. Kusum Lata Garg, share profit and losses equally. The firm is currently managed by Mr. Sanjay Garg and his son, Mr. Abhinav Garg. GKRM is engaged in the milling, processing and trading of paddy at its manufacturing facility located in Saharanpur, Uttar Pradesh. HANUMAN DAL: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hanuman Dal Industries Private Limited (HDI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.06 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 3, 2024, placed the rating(s) of HDI under the 'issuer non-cooperating' category as HDI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HDI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025 and June 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Hanuman Dal Industries (HDI) was established in 2010 by Mr. Ramanarao Musalaiha Bolla and Mr. Tirupati Rao Bolla. The promoters operate other group entities viz Hanuman Rice Industries, Shree Laxmi Tirupati Amma Murmura Industries, Balaji Industries, Tirumala Dal Udyog and Adinath Cold Storage Private Limited. The firm is engaged in processing & milling of pulses (tur and chana dal) and sale of its by–products in the domestic market. The processing unit is located at Kamptee, Nagpur. HINDUSTHAN NATIONAL: NCLAT Reject RP Ouster; Clears Path for Bids ----------------------------------------------------------------- The Economic Times reports that the insolvency appellate tribunal NCLAT has set aside NCLT's direction to change the resolution professional of debt-ridden Hindusthan National Glass Industries (HNG) and asked it to take a decision on the bids as per the Supreme Court's directions. A three-member NCLAT bench gave a go-ahead to the Kolkata Bench of the National Company Law Tribunal (NCLT) to decide on the approval of bids for Hindusthan National Glass Industries in accordance with the directions passed by the Supreme Court, according to ET. "The adjudicating authority (NCLT) may proceed to hear and decide the plan approval application, as per the directions of Supreme Court dated May 16, 2025," NCLAT said. Over the resolution professional, the National Company Law Appellate Tribunal (NCLAT) said there was "no majority opinion on Point No.3, i.e. replacement of the RP". In this matter, the Supreme Court, in a judgement on May 16, 2025 directed the lenders' body, the CoC (committee of creditors) of Hindusthan National Glass to consider for approval of the resolution plan of Independent Sugar Corporation Ltd within two weeks, ET says. ET relates that the apex court has also directed NCLT to complete the CIRP (corporate insolvency resolution process) of Hindusthan National Glass, within six weeks from May 16. ET notes that CIRP against Hindusthan National Glass & Industries commenced on October 10, 2021 and Girish Siriram Juneja was appointed the RP. He had issued expression of interest (EoI) inviting resolution plans, based on which bids submitted by AGI Greenpac was approved by the CoC with 98 per cent vote shares on October 27, 2022. However, Soneko Marketing, an operational creditor of the company approached NCLT, praying for removal of the RP, ET says. Meanwhile, NCLT vide order dated April 28, 2023 approved the resolution plan of AGI Greenpac. This was challenged before the NCLAT by several parties, including Independent Sugar Corporation Ltd, which was also a resolution applicant. The NCLAT on Sept. 18, 2023 dismissed all petitions against NCLT order finalising AGI Greenpac bid. Aggrieved by this, Soneko Marketing and Independent Sugar Corporation approached the Supreme Court, which vide its judgment on Jan. 29, 2025, set aside the NCLT order as well as the order of appellate tribunal approving the resolution plan of AGI Greenpac. ET says the Supreme Court held that as prior approval by the fair trade regulator CCI as required by Section 31 of the Insolvency & Bankruptcy Code, has not been obtained by AGI Greenpac, hence its bid could not have been approved. The apex court also issued directions to reconsider the bid of Independent Sugar Corporation or any other resolution plans that possessed the requisite CCI approval as on Oct. 28, 2022, ET relates. Later, in consequence of the order of the Supreme Court dated Jan. 29, 2025, the resolution plan of Independent Sugar Corporation was approved on Feb. 4, 2025. About Hindusthan National Hindusthan National Glass & Industries Limited is an India-based holding company. The Company is engaged in manufacturing and selling of container glass. The Company offers products in various categories, which include pharmaceuticals, liquor, beer, beverages, cosmetics and processed food. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 27, 2021, the Kolkata bench of the NCLT has admitted application for initiating Corporate Insolvency Resolution Process (CIRP) against Hindusthan National Glass & Industries Ltd (HNG). The insolvency proceedings were initiated against the debt-ridden company by DBS Bank Ltd, one its financial creditors. INDIAN TECHNICAL: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Indian Technical And Computer Institute (ITCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 3, 2024, placed the rating(s) of ITCI under the 'issuer non-cooperating' category as ITCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ITCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025 and June 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable ITCI is registered under the Bombay Public Trust Act, 1950 and was founded in 2008 by Mr. Dhananjay Varnekar. ITCI operates Cambridge International School, Pune under its umbrella which offers education from Nursery to Eighth standards. J J HOUSE: CARE Lowers Rating on INR15cr Long Term Loan to B+ ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of J J House Private Limited (JJHPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING and downgraded from CARE BB-; Stable Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 11, 2024, placed the rating(s) of JJHPL under the 'issuer non-cooperating' category as JJHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JJHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 27, 2025, May 7, 2025, May 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of JJHPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable J J House Private Limited (JJHPL) was incorporated in August 2005 by Shri Harshad Ajmera and Smt. Pritibala Harshad Ajmera. In April 2010, JJHPL has taken over the proprietorship concern 'J J Gold House' which was set up by Shri Harshad Ajmera in the year 1999 and was into trading of gold and silver bars. The company is engaged in the business of bullion trading and manufacturing of gold and silver coins. This apart the company also is into share trading business. However, income form share trading was negligible during FY21. The company is dealing with some of the reputed client based out of West Bengal like Senco Gold Limited, Hasmukh Parekh Jewellers and Anjani Gold Private Limited. JABALPUR MSW: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Jabalpur MSW Private Limited (JMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 117.36 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of JMPL under the 'issuer non-cooperating' category as JMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025, May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Jabalpur MSW Private Limited (JMPL) is a special purpose vehicle (SPV) promoted by Essel Infraprojects Limited (EIL) and Arrow Ecology & Engineering Overseas (1999) Ltd. JMPL was incorporated on January 23, 2013 for development of a processing plant for conversion of municipal solid waste (MSW) into energy. The company is a direct subsidiary of EIL which holds 90% stake in the company. JMPL has set up a waste-to-energy plant of 580 TPD capacity, using incineration-based technology of Hitachi Zosen Group at village Kathonda, Jabalpur on Design, Build, Own, Operate and Transfer (DBOOT) basis. K.B. BOARD: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of K.B. Board Mills LLP (KBML) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 3, 2024, placed the rating(s) of KBML under the 'issuer non-cooperating' category as KBML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KBML continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025 and June 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Hinganghat (Maharashtra) based KBLP was established in August 2009 and is engaged in the business of manufacturing of paper and paper-based products. The entity procures the raw material i.e. waste papers from Maharashtra based dealers and sell its final products i.e. paper tubes and paper cones to the customers located at domestic as well as international market. The major export destinations of the entity are Srilanka and Dubai. KISSAN INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kissan Industries (KI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 26, 2024, placed the rating(s) of KI under the 'issuer non-cooperating' category as KI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 12, 2025, May 22, 2025, June 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable The entity was set up in 1975 as a partnership firm under the name Kissan Rice Mill, however, in 1995, the name of the firm was changed to Kissan Industries. The firm is currently being managed by Mr.Inderjit Singh and Mr.Kiran Deep Singh. The firm is engaged in processing of paddy at its facility in Jalalabad, Punjab with an installed capacity of 10,800 tonnes per annum. Besides KI, the partners are also engaged in other group concerns-Kissan Solvex Private Limited (KSP) and Kissan Commission Agent. KSPL is engaged in manufacturing rice bran oil and de-oiled cakes while Kissan Commission Agent is engaged in trading of paddy. KRISHA ENTERPRISES: CARE Lowers Rating on INR21cr NCDs to D ----------------------------------------------------------- CARE Ratings has revised the ratings for the bank facilities of Krisha Enterprises Private Limited (KEPL) as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 21.00 CARE D; ISSUER NOT COOPERATING; Debentures Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE C Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated, July 15, 2024, placed the rating(s) of KEPL under the 'issuer non-cooperating' category as KEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 13, 2025, May 14, 2025, and May 15, 2025, among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating has been revised on account of non-availability of information along with expectation of default considering ongoing default made by the directors in various group companies as per the CIBIL wilful defaulter list. Analytical approach: Standalone Key weaknesses * Default made by directors in various other group companies: The directors of KEPL, Priyal Kantilal Patel and Pratik Harish Patel, have been recognised as wilful defaulters on the CIBIL suit filed cases. This is against default made in various group companies including Rajguru Developers Private Limited, Rajesh Cityspaces Private Limited, Rajesh Landmark Projects Private Limited, Rajesh Buildspaces Private Limited, Rajesh Business & Leisure Hotels Private Limited and Rajesh Habitat Private Limited. Further, CareEdge Ratings doesn't have any updated information on the repayment/conversion of the existing OCDs and placement of proposed NCDs and expects likelihood of default in KEPL considering ongoing default made by the directors in aforementioned group companies. * Project execution and funding risk: Company is developing 1 tower in Mumbai. Total 160 commercial units and 7 retail units will be developed over total saleable area of 296,000 sq. ft. As on March 12, 2020, company has purchased land however the construction is yet to commence. Therefore, the completion of the construction work in timely manner needs to be seen. The total cost of the project is INR241.65 crore and till March, 2020, the total expenditure of INR42.99 crore (18% of the total project cost) was incurred which was funded through contribution from promoters of INR21.99 crore and optionally convertible debenture of INR21.00 crore. Moreover, going forward, for the balance cost of the project amounting to INR198.66 crore, the company is dependent on promoters' balance contribution of INR31.90 crore and balance of INR166.76 crore through customer advances. Therefore, going forward timely arrangement of the above funds to complete the project without any cost and time overrun coupled with receiving of the commencement certificate and occupation certificate would be critical from the credit perspective. * Marketing risk: KEPL is expecting an average rate of INR17,087 per sq. ft. which is reasonable considering the prices prevailing of new projects in the nearby area. Company has not yet sold any unit and received advances. Therefore, going forward the timely monetization from saleable area would be critical which is highly dependent on the successful sale and customer advances to be received from the booked units. Thus, any delay in the receipt of funds from customers, ability to achieve timely sales at envisaged rates given competition from other players in the surrounding vicinity will be crucial. However, the marketing risk is mitigated to a certain extent on account of prime location of the project undertaken as well as past experience of the promoters to undertake such projects. * Cyclical nature of the real estate industry: The real estate in India is highly fragmented and is capital intensive in nature. The life cycle of a real estate project is long and the state of the economy at every point in time, right from land acquisition to construction to actual delivery, has an impact on the project. This capital-intensive sector is extremely vulnerable to the economic cycles. Adverse movement in interest rate affects the real estate players in both ways by hampering demand as well as increasing the cost of construction. The expectations of many developers have been able to hold on to the prices so far. However, given the considerable inventory levels which direction the price graph goes remains to be seen. Key strengths: * Experienced promoters and presence in established group in real estate industry Directors: Mr. Priyal Patel and Mr. Pratik Patel have more than a decade of experience in the real estate industry. Further, the company is part of group Rajesh Lifespaces which has established presence in the real estate industry over five decades. Group has developed several projects over 9.1 million sq. ft. of land in Mumbai over the years. * Location advantage: KEPL's project is located in Vikhroli, Mumbai, being well established location and is well connected through railways and roadways with proximity to other day to day necessities. Nonetheless, its ability to monetize in timely manner amidst the cyclical nature of industry and avoid cash flow mismatches shall be critical from credit perspective. Liquidity: Poor The liquidity position of the company remained poor marked by inadequate accruals vis-à-vis repayment obligations. Krisha Enterprises Private Limited (KEPL) was incorporated in 2010 by Patel family as a private limited company and is currently managed by directors, Mr. Priyal Patel and Mr. Pratik Patel, engaged in real estate development. MALAR TEXTILES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Malar Textiles (MT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.40 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 7, 2024, placed the rating(s) of MT under the 'issuer non-cooperating' category as MT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 23, 2025, May 3, 2025, May 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Malar Textiles (MT) was incorporated in 1997 by Mr. Kalichamy and Mr. Viswanathamurthy in Coimbatore, Tamil Nadu. The firm is engaged in manufacturing of grey fabrics which are used for garments and industrial uses. NIMAWAT EDUCATION: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nimawat Education Society (NES) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.59 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2024, placed the rating(s) of NES under the 'issuer non-cooperating' category as NES had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NES continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2025, May 9, 2025, May 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jaipur (Rajasthan) based Nimawat Education Society (NES) was registered as a society in September, 2015, promoted by Mr. Mahesh Nimawat along with his family members with an objective to set up educational institutions. In December, 2016, the promoters have started construction of school in the name of "Nimawat International School" for class 1st to 12th of Central Board of Secondary Education (CBSE) curriculum at Mahapura (Jaipur) and started running classes from Nursery to 8th from Academic Year 2019-20. The promoters of the society have also promoted M/s Surajmal Nimawat Smrati Sewa Prayansh (SNSSP) which is engaged in the same line of business since last two decades and operates co-education school SM Nimawat Public School for 1st to 12th of CBSE curriculum at Fatehpur, Sikar (Rajasthan). OM SAI: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Om Sai Resorts (OSR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 1, 2024, placed the rating(s) of OSR under the 'issuer non-cooperating' category as OSR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OSR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 17, 2025, May 27, 2025 and June 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Om Sai Resorts (OSR) is a Goa based proprietorship, engaged in setting up a 38 rooms hotel owned by Mr. Akshay Govekar. The hotel is proposed to operate in an area of 2125 sq mt and have facilities viz. multispecialty restaurant, banquet hall, swimming pool, banquet hall, gym and others along with stay facility. The hotel is proposed to have 38 AC rooms comprising of 35 standard rooms and 3 luxury suites for stay purpose. RAJIV AGGARWAL: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Rajiv Aggarwal (RA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 28, 2024, placed the rating(s) of RA under the 'issuer non-cooperating' category as RA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 14, 2025, May 24, 2025, June 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Rajiv Aggarwal, a partnership firm established in the year 2015 by Mr. Rajiv Aggarwal and Mr. Salil Aggarwal and is engaged in civil construction work which involves construction of commercial building, control rooms, hostels, office buildings installation of electric, sanitary, plumbing etc. The firm mainly operates in Delhi. The firm receives orders from government organizations through tendering process. On the other hand the firm procures various materials viz. Cement, Steel & TMT sheets/metals/bars/angles, equipment, pipes, sand, bricks, electric materials, etc. from the local suppliers in across Delhi. RAYAT EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rayat Educational and Research Trust (RERT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 33.36 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 26, 2024, placed the rating(s) of RERT under the 'issuer non-cooperating' category as RERT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RERT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 12, 2025, May 22, 2025 and June 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Rayat Educational & Research Trust (RERT) was established in 2001. Currently, the trust is running one campus having six colleges and two schools located in Ropar, Punjab. The Trust was established with an objective to provide education in the field of engineering and technology, management and pharmacy. The different courses offered are duly approved by AICTE (All India Council of Technical Education), PTU (Punjab Technical University) - Jalandhar, SCERT (State Council of Educational Research and Training) - Punjab, PU (Punjab University) - Chandigarh and PSBTE (Punjab State Board of Technical Education) - Chandigarh. SAASTHA MEGA: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Saastha Mega Food Parks Private Limited (SMFPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 120.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of SMFPPL under the 'issuer non-cooperating' category as SMFPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMFPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025, May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in May 2012, Saastha Mega Food Park Private Limited is a project SPV created to set up a logistics park/ Private Freight Terminal on a land area of 105 acres near Raigad, Maharashtra. The company is a part of NDR Group providing Agri warehousing and third-party logistics services since 1954. Continental Warehousing Corporation (NhavaSeva) Limited, flagship company of the group provides warehousing, CFS services, cargo storage, bonded & general warehouse facility and container depot with repair facilities. The other companies in the group includes Continental Multimodal Terminals Limited which operates a PFT in Hyderabad. Kaveri Warehousing Pvt. Ltd. (KWPL) which is into supply chain management services, such as manpower service, transportation and facility services to corporate clients and Delex Cargo (India) Private Limited (DelEx) providing pickup and delivery operations, express cargo services and distribution logistic services to domestic airlines. SIGMA ONE: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sigma One Remonesa Ventures (SORV) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 1, 2024, placed the rating(s) of SORV under the 'issuer non-cooperating' category as SORV had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SORV continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 17, 2025, May 27, 2025 and June 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in the year 2010, SORV is a special purpose vehicle of the Sigma One Group (SOG), Pune. The group is in the business of real estate development since the last one and a half decades with Sigma One Landmarks Private Limited. TANUJ ROSHI: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Tanuj Roshi Poultry Farm (TRPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.90 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2024, placed the rating(s) of TRPF under the 'issuer non-cooperating' category as TRPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TRPF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2025, May 9, 2025, May 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Tanuj Roshi Poultry Farm (TRPF) was established in 1990 as a proprietorship concern by Mrs. Shashi Kala Gupta. TRPF is engaged in the poultry farming business at its farm located in District Ambala, Haryana with a breeding capacity of 3,15,000-layer birds per batch. The firm sells eggs and cull birds to various wholesalers located in Punjab and Delhi. Also, the firm is registered vendor at Amazon, Flipkart, Best Price, Metro, Big Basket and More. The main raw material is 1-day old chick and also requires maize, soyabean, mustard, rice bran, proteins and deoiled rice bran for feeding the chicken. The same is procured through traders/ agents located in Rajasthan, Gujarat and Uttar Pradesh. Besides TRPF, the proprietor is also engaged in managing another group concern namely Jai Shree Ganesh. TOLARAM SURENDRA: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tolaram Surendra Kumar Kundalia (TSKK) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 12, 2024, placed the rating(s) of TSKK under the 'issuer non-cooperating' category as TSKK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TSKK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 28, 2025, May 8, 2025, May 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Tolaram Surendra Kumar Kundalia (TSKK) was initially set up in 1980 as a proprietorship entity by late Mr. Santosh Kumar Kundalia. However, TSK was converted into partnership firm as per partnership deed dated December 06, 2014 and currently managed by Mr. Surendra Kumar Kundalia and his mother Mrs. Tara Devi Kundalia. Since inception, the firm has been engaged in trading of food grains, edible oil, salt, milk, ghee, pulses and other allied products. TSK has added cattle feed, poultry feed in its product portfolio. The firm is operating through a single store located at Jorhat, Assam. VAISHNAVI FOOD: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vaishnavi Food Products - US Nagar (VFPUN) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.23 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 28, 2024, placed the rating(s) of VFPUN under the 'issuer non-cooperating' category as VFPUN had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VFPUN continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 14, 2025, May 24, 2025, June 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bazpur, Uttarakhand based Vaishnavi Food Products (VFPUN), was established as a partnership firm in the year 2011 and is currently being managed by Mr. Rajendra Kumar Sharma, Mr. Ashok kumar Sharma, Mr. Anil Kumar Sharma, Smt. Rama Sharma, Smt. Naina Sharma, Smt. Rekha Sharma. The firm is engaged in engaged in processing of fresh fruits and vegetables (green peas, papaya banana and corn) into frozen form through individual quick freezing (IQF) technique. VENKATESHWARA FOOD: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Venkateshwara Food Industries (SVFI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.24 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 3, 2024, placed the rating(s) of SVFI under the 'issuer non-cooperating' category as SVFI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVFI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025 and June 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Kolhapur-based, SVFI is a partnership concern established in the year 2010 by Mr. Rajendra Malu and Mr. Gourav Malu. However, operations commenced from the month of October, 2014. The firm is engaged in the manufacturing and processing of Namkeen, salted potato chips, Kolhapuri bhadang, moong dal and salted chips under the brand name 'Om Namo Namkeen'. VIJAYA LAKSHMI: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vijaya Lakshmi Tobacco Traders (VLTT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2024, placed the rating(s) of VLTT under the 'issuer non-cooperating' category as VLTT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VLTT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2025, May 9, 2025, May 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Andhra Pradesh based, Vijaya Lakshmi Tobacco Traders (VLTT) was established in March 2016 as a partnership firm, by Mr. D. Satyanarayana and Mrs. D. Vijaya Lakshmi. Vijaya Lakshmi Tobacco Traders (VLTT) is an authorized licensed dealer in tobacco registered with Tobacco Board for trading of Virginia tobacco. VLTT is mainly engaged in trading of Virginia tobacco. VL FARMS: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of VL Farms (VF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.37 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 7, 2024, placed the rating(s) of VF under the 'issuer non-cooperating' category as VF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VF continues to be non-cooperative despite repeated requests for submission of information through emails dated April 23, 2025, May 3, 2025, May 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Detailed description of the key Telangana based VL Farms (VF) is a partnership firm established in 2007 by Mr. Malla Reddy and his wife Mrs. Shireesha Reddy. The firm is engaged in layer poultry farming and wholesale trading of eggs. The firm has existing installed capacity of 2,30,000 birds. The firm sells its products, eggs, cull birds, and manure majorly to customers in Andhra Pradesh, Telangana and Maharashtra. The firm purchases inputs for feeding of birds like maize, soya, broken rice, shell grit and minerals from local traders. The day to day operations of the firm are managed by Mr. Malla Reddy. WOMENS NATIONAL: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of of Womens National Education Society (WNES) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.05 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 10, 2024, placed the rating(s) of WNES under the 'issuer non-cooperating' category as WNES had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. WNES continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2025, May 6, 2025, May 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Womens National Education Society (WNES) is registered under society's registration act 1860. WNES was founded in 1918 by Ms. Besant then joined by society members, Mr. Kudpi Jagadish Shenoy (President), Mr. Manel Annappa Nayak (Vice President) Mr. K. Devanand Pai (Secretary) and other members in 1943 for running the society. WNES presently manages seven Schools & Colleges under the society namely MSNM Besant Institute of PG Studies (MBA), Besant Higher Primary School (1st to 7th), Besant National High School (8th to 10th), Besant English School (1st to 10th), Besant National PU College (Science, Commerce and Arts), Besant Women's College (Degree & PG) and Besant Evening College (Degree & PG) in the Mangalore, Karnataka state, India. ===================== N E W Z E A L A N D ===================== BENT CURVE: Commences Wind-Up Proceedings ----------------------------------------- Members of Bent Curve Limited and Three Musketeers Group Limited on July 3, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 KV LTD: Director Defends 'Historic' Failures and Big Debts ---------------------------------------------------------- Brett Kerr-Laurie at The Press reports when chartered accountant Christopher Swann's development company collapsed owing NZD1.5 million, he blamed Covid. It wasn't his first company to owe six figures in tax - or to leave an investor out of pocket. Christopher Swann is a prolific businessman, with more than 40 former or current company directorships to his name, The Press says. According to The Press, the chartered accountant has an impressive resume. He's had long stints as chairperson of Waitaki District Health Services and biotech company Pacific Edge. For five years, he ran the Canterbury franchise of construction company David Reid Homes. But business has not always been smooth sailing. More than a few of Mr. Swann's companies have been liquidated in the face of significant unpaid tax and debts - the most recent two months ago. The Press says liquidators have noted common features in five of his firms that have gone bust since 2020: spiralling costs, funding withdrawals, unpaid creditors, and overlapping directorships across related development firms. Inland Revenue alone has claimed hundreds of thousands in unpaid taxes. Mr. Swann said the companies were investigated by professional liquidators and he was cleared of any failures. He said the businesses operated during an unprecedented environment, emphasising that "everything was dealt with appropriately". "Hindsight is not only clearer than perception-in-the-moment but also unfair to those who actually lived through the moment. In all these historic events you are referring to they happened many years ago and were scrutiny to review without any issues. The Press notes that Mr. Swann's most recent troubled company KV Ltd developed eight units in the Christchurch suburb of St Albans. The Press relates that the company sold the homes but failed to repay a NZD1 million loan from investor Harbour Holdings, sparking a legal battle. It was placed into liquidation by the High Court in May. "The money from this development has gone somewhere," Associate Judge Dale Lester said at the time. "If the development didn't make any money then no doubt that would have been explained." Liquidators identified NZD1.16 million owed to unsecured creditors and NZD305,000 to Inland Revenue, The Press discloses. Mr. Swann told them Covid-19, construction cost increases and delays, and funding issues were to blame. He told The Press that the two developments were meant to be built simultaneously and completed in 12 months. Work on the first site began before the Covid-19 lockdown, but funding for the second was withdrawn until the first was completed, sold and settled, Mr. Swann said. "This added over two years to the timeline, and . . . costs ended up being five times forecast at just under NZD1 million." It was difficult to get subcontractors on site, source materials, and there was a property recession from mid-2022 to the present day, he said. "The result of all these factors is a cash shortfall after the sale of the last unit. All the money went to the company. These events could not be foreseen." The Press adds that a Harbour Holdings spokesperson said they welcomed the court appointment of liquidators to investigate "where the money went". They declined to comment further due to ongoing legal proceedings. N203 LIMITED: Creditors' Proofs of Debt Due on Aug. 1 ----------------------------------------------------- Creditors of N203 Limited (previously known as NZ First Home 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 4, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 PHIL CLARKE: Placed Into Liquidation; Owes NZD2.6 Million --------------------------------------------------------- Joanne Naish at The Press reports that a Christchurch painting and maintenance company has been put into liquidation owing NZD2.6 million. According to the Companies Office, Phil Clarke & Son Ltd was placed into liquidation on July 8. The Press relates that liquidator Brenton Hunt's first report said the total estimated shortfall to all creditors was NZD2.63 million. Staff wages and holiday pay owing was estimated at NZD100,000 and Inland Revenue was owed GST and PAYE of about NZD1.8 million. The Islington-based company was previously called Phil Clarke Decorating Contractors and operated since 2013. Its sole director and shareholder is Daniel Clarke who told the liquidator a major customer of the company had been reducing spend to the point business had become uneconomic, The Press relays. The company had fallen behind with its Inland Revenue assessments. There was NZD35,000 in the company bank account. "Initial investigations indicate a large overdrawn shareholder current accounts," the liquidator's report, as cited by The Press, said. It had plant and equipment worth NZD20,000 and motor vehicles worth NZD30,000 and was owed NZD200,000. The Press adds that the report listed 28 unsecured creditors owed an estimated NZD800,000. Mr. Hunt set a deadline of August 14 for any creditors to lodge claims. "Subject to further verification the liquidator estimates that there will be no funds available to unsecured creditors," his report said. S AND V TRUSTEES: Court to Hear Wind-Up Petition on July 18 ----------------------------------------------------------- A petition to wind up the operations of S and V Trustees Limited will be heard before the High Court at Auckland on July 18, 2025, at 10:45 a.m. Corys Electrical Limited filed the petition against the company on June 3, 2025. The Petitioner's solicitor is: Jeffrey Gray Ussher United Legal Limited, Lawyers 110 Carlton Gore Road Newmarket Auckland 1023 SOLAR GROUP: Creditors' Proofs of Debt Due on Aug. 4 ---------------------------------------------------- Creditors of Solar Group Limited 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 July 7, 2025. The company's liquidators are: Stephen Speers Keen David Ian Ruscoe Grant Thornton New Zealand Limited PO Box 1961 Auckland SV CONTRACTORS: Court to Hear Wind-Up Petition on July 31 --------------------------------------------------------- A petition to wind up the operations of SV Contractors Limited will be heard before the High Court at Auckland on July 31, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 14, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ===================== P H I L I P P I N E S ===================== MFT GROUP: DOJ Files Charges vs Mica Tan, Family, Over 30 Execs --------------------------------------------------------------- Bilyonaryo.com reports that the Department of Justice (DOJ) has indicted the Maria Francesca Tan (MFT) Group of Companies Inc., Foundry Ventures I Inc., and more than 30 of their executives for allegedly offering unregistered securities and operating an illegal investment scheme, following a complaint filed by the Securities and Exchange Commission (SEC). In a resolution dated May 26, prosecutors said there was sufficient evidence to charge the firms and their officers for violations of the Securities Regulation Code, including Sections 8, 26, and 28, which cover the registration of securities, fraudulent practices, and licensing of brokers or dealers. "Undoubtedly, the transaction between the aforementioned respondents and the complainant-investors and the public is in the form of an investment contract falling within the purview of the term 'securities' as defined by law," the DOJ said in its resolution, Bilyonaryo.com relays. According to Bilyonaryo.com, the DOJ named MFT Group CEO Maria Francesca Tan, along with other officers including Florita Tan, Enrique Eduardo Tan, Charles Edward Tan, Christian Konstantin "CK" Agbayani, Roxanne "Roxy" Agbayani, Joselito Hernandez, Luis Gabriel R. Cancio Jr., Noel M. Olan and Tito Cosejo Jr. Also indicted were Mae Tan, Christian "Kenchie" P. De Vera, Martin Choi, Reanne Po, Romarico "Rico" S. Ruiz, Jose Carlos R. Cancio, Alan Madlangbayan, Mildred Madlangbayan, Jeruz Madlangbayan, Ronald G. Nery, Halmond Parker R. Ong, Chiqui T. Tan, Jose Donnie "JD" B. Montelibano, Arlene M. Navarro/Mauricio, Maria Beatriz Dolores R. Tomas, Mary Ruth A. Oquendo, Joanne A. Cabaero, Thuy Nguyen, Marta Gilda M. Poursabouri, Maricris T. Tan, and Rosanna Vidal. Bilyonaryo.com says the indictment stemmed from complaints received by the SEC in 2024, which alleged the companies offered guaranteed annual returns of 12% to 18% on investments. Investors were issued post-dated checks and signed promissory notes or borrower-lender agreements. The DOJ also found the scheme bore resemblance to a Ponzi scheme, a type of fraud that uses new investors' money to pay earlier investors. "They deliberately misled and defrauded the public by persistently issuing unregistered securities and/or debt instruments," the DOJ said. Auditors from Isla Lipana & Co., the Philippine affiliate of PwC, who served as independent auditors of the MFT Group from 2018 to 2021, were also named in the resolution, Bilyonaryo.com says. The DOJ said the auditors "aided and colluded" with the group by validating false dividend income declarations. "[T]hese misrepresentations are used by respondent MFT Group, through the board of directors, as a device, scheme or artifice in making it appear that the company is profitable, and in luring investors, thereby defrauding them that their investments are legitimate, in violation of Section 26 of the SRC," the resolution read. Bilyonaryo.com notes that the SEC issued a cease-and-desist order against MFT Group in January 2024, later making it permanent in April of the same year. The DOJ said the investment-taking activities continued under Foundry Ventures after the transition from MFT Group. The companies, auditors, and implicated individuals face possible criminal prosecution under Philippine securities laws. About MFT Group MFT Group operated as a private equity firm with strategic investments in robust industries including healthcare, financial services, food and beverage, and real estate. As reported in the Troubled Company Reporter-Asia Pacific on May 30, 2025, the Batangas Regional Trial Court Branch 85 in Lipa City has issued an arrest warrant against self-styled trading prodigy Maria Francesca "Mica" Tan-Cancio and seven others for syndicated estafa. According to Bilyonaryo.com, Ms. Tan, CEO of the Maria Francesca Tan (MFT) Group of Companies, is facing criminal charges for allegedly engaging in illegal investment activities, with investors reportedly being forced to sign non-disclosure agreements. Aside from Ms. Tan, those covered by the Batangas RTC arrest warrant are Florita dela Fuente Tan, Enrique Eduardo dela Fuente Tan, Charles Edward dela Fuente Tan, Christian Constantin Pangilinan Agbayani, Roxanne Gimenez Agbayani, Christian Marasigan Olan, and Noel Marasigan Olan. The corporate watchdog also cited Isla Lipana & Co., the local affiliate of PwC, for allegedly colluding with the MFT Group by issuing unqualified opinions on the company's 2020 and 2021 financial statements despite inconsistencies and inaccuracies. ================= S I N G A P O R E ================= BAMBOO GROUP: Court to Hear Wind-Up Petition on July 18 ------------------------------------------------------- A petition to wind up the operations of The Bamboo Group Management II Pte. Ltd. will be heard before the High Court of Singapore on July 18, 2025, at 10:00 a.m. Citystate Properties Pte Ltd filed the petition against the company on June 20, 2025. The Petitioner's solicitors are: Yuen Law LLC 50 South Bridge Road, #03-00 Singapore 058682 BIOCAIR SINGAPORE: Creditors' Proofs of Debt Due on Aug. 4 ---------------------------------------------------------- Creditors of Biocair 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 30, 2025. The company's liquidators are: Victor Goh Khor Boon Hong Marie Lee C/o Baker Tilly 600 North Bridge Road #05-01 Parkview Square Singapore 188778 I.S PROJECTS: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on June 27, 2025, to wind up the operations of I.S Projects (S) Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidator is: Gary Loh Weng Fatt c/o BDO Advisory No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 JOLLIBEAN FOODS: Staff Allege Unpaid Wages, CPF Contributions ------------------------------------------------------------- Channel News Asia reports that several outlets of soy milk retailer Jollibean have shut in the past year, with its workers claiming that they have been owed months of salaries and Central Provident Fund (CPF) contributions. Once a household name with more than 30 outlets spanning Singapore, there are only five physical Jollibean outlets still operating. Asked about his workers' unpaid salaries, the director of Jollibean Foods Shahrul Nazrin Mohd Dahlan told CNA that the company has a new owner and is working closely with the authorities to resolve salary issues by the end of the month. CAN relates that Mr. Shahrul Nazrin, who is still listed in public business records as the company's director, indicated that the closure of an outlet was part of a downsizing exercise, but did not say why the company did not pay its workers on time. Speaking to CNA, past staff members from Jollibean also described how they arrived at work only to find that their outlets had been closed without any prior notice from the company. "At first, we worked so hard and did not get paid so we were very emotional. Now I think, just forget it. I will just treat it as charity," said one such worker, who had yet to receive her wages for the last month of work. All eight current and present workers that CNA spoke to declined to be identified to not jeopardise any chance that they will be paid eventually. Some said they were continuing to work at Jollibean because they still hoped to get back what they were owed. Of the eight local outlets presently listed on Jollibean's website, three are no longer in operation, CNA notes. These outlets, located at Lavender MRT Station, Raffles Place MRT station and Ng Teng Fong General Hospital were shuttered as of July 8. The stores at Ng Teng Fong General Hospital and Raffles Place MRT Station were boarded up, while the Lavender MRT Station branch had a notice tacked to the door stating that the premises had been repossessed by SMRT Trains from June 30, according to CNA. In response to queries, the Food, Drinks and Allied Workers Union (FDAWU), a trade union affiliated to the National Trades Union Congress (NTUC), said that Jollibean is a non-unionised company. "Affected workers can approach the Tripartite Alliance for Dispute Management (TADM) to make an appointment for advisory services on employment disputes, an FDAWU spokesperson said in a statement issued to CNA on Wednesday (July 9). The Ministry of Manpower (MOM) and TADM told CNA on July 12 that they are assisting 29 Jollibean employees with unpaid salary claims. Jollibean had signed agreements during mediation at TADM to pay 22 of its employees in instalments. The Employment Claims Tribunals (ECT) also ordered the company to pay three other employees, while the remaining four cases are pending mediation or the outcome from the ECT, MOM and TADM said, CNA relays. MOM is also investigating Jollibean for offences under the Employment Act and will continue helping affected employees, MOM and TADM added. Workers in Singapore who are not paid their salaries on time can file their claims with TADM, which will help workers either via mediation or by referring the case to the ECT, adds CNA. Jollibean Foods Pte. Ltd. produces and retails fresh and healthy soya products. The Company offers soya milk, pancakes, turnover, other soya bean products. SUNRISE TRADING: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on June 20, 2025, to wind up the operations of Sunrise Trading Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 YI HENG: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on June 20, 2025, to wind up the operations of Yi Heng Yuan Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or 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 ***