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250718.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, July 18, 2025, Vol. 28, No. 143 Headlines A U S T R A L I A DYBING PTY: First Creditors' Meeting Set for July 24 FIRSTMAC MORTGAGE 2025-2PP: S&P Assigns B(sf) Rating on F Notes HEALTHSCOPE NEWCO: Puts Not-For-Profit Plan to Bid for Itself ICON SPORTS: First Creditors' Meeting Set for July 22 MILBURN'S HEAVY: First Creditors' Meeting Set for July 22 MQV ROBINA: First Creditors' Meeting Set for July 22 P.A.C.H. EXCAVATIONS: First Creditors' Meeting Set for July 24 SCOTPAC GEARS 2024-1: Moody's Raises Rating on Class F Notes to B1 STAR ENTERTAINMENT: Crown Resorts Could Takeover Queen's Wharf C H I N A CHINA VANKE: Seeks to Extend Some Bank Loans by Up to 10 Years FUTURE FINTECH: 3 Execs Resign; New CFO, Board Chair Named FUTURE FINTECH: Settles $10.2M Judgments With FT Global via Stock MERCURITY FINTECH: Joins Russell 2000 & 3000 Indexes WM MOTOR: Reportedly to Resume Production Next Month XINYUAN REAL ESTATE: To Issue 18M Shares at $0.09 Pending NYSE OK H O N G K O N G GRAND MING: Avoids Default Risk by Obtaining Waivers From Lenders NEW WORLD: Seeks to Sell 11 Skies Airport Mall in Hong Kong I N D I A AARSON MOTORS: CARE Keeps B- Debt Rating in Not Cooperating ABR PETRO: CARE Keeps D Debt Ratings in Not Cooperating Category ACCORD UDYOG: CRISIL Keeps D Debt Rating in Not Cooperating ACME BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating ADVENT ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating AMBICO EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating APLAB LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating AQUA DEVELOPERS: ICRA Keeps B+ Rating in Not Cooperating Category ARYAN VILLA: CRISIL Keeps D Debt Rating in Not Cooperating ARYAVARTA COOL: CRISIL Keeps D Debt Ratings in Not Cooperating AVINASH ASSOCIATES: CARE Keeps B- Debt Rating in Not Cooperating BATHSHA MARINE: CARE Keeps D Debt Ratings in Not Cooperating BEST SEEDS: CARE Keeps B- Debt Rating in Not Cooperating Category BHARATI INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating BIMBAN INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating BR DESIGNS: CARE Keeps D Debt Ratings in Not Cooperating Category CHANDRALOK TEXTILE: ICRA Keeps D Debt Ratings in Not Cooperating D C METALS: ICRA Keeps D Debt Rating in Not Cooperating Category DIVERSIFICATION AGRICULTURE: Liquidation Process Case Summary EKNATH DEVELOPERS: Insolvency Resolution Process Case Summary EMERALD ALCHYMICUS: ICRA Keeps D Debt Ratings in Not Cooperating ESSEL GWALIOR: CARE Keeps D Debt Rating in Not Cooperating ESSEL INFRAPROJECTS: CARE Keeps D Debt Rating in Not Cooperating FLUID TRUCKAGE: Voluntary Liquidation Process Case Summary FOODS AND FEEDS: ICRA Keeps D Debt Rating in Not Cooperating GREAT EASTERN: Voluntary Liquidation Process Case Summary GSTAAD HOTELS: Insolvency Resolution Process Case Summary HANUMAN RICE: CARE Keeps D Debt Rating in Not Cooperating Category HARI OM: Liquidation Process Case Summary HELLA INFRA: Fitch Assigns 'B+(EXP)' IDR, Outlook Stable HELLA INFRA: Moody's Assigns First Time 'Ba3' Corp. Family Rating HOTEL HORIZON: Oberoi Realty-Naman Wins Bid for Juhu Hotel HYDERABAD RING: CARE Keeps D Rating in Not Cooperating Category INDIA INFRA: Fitch Assigns 'B+(EXP)sf' Rating on USD Notes JAGDAMBA RICE: CARE Keeps B- Debt Rating in Not Cooperating JAHANGIR BIRI: CARE Keeps D Debt Rating in Not Cooperating JHANDEWALAS FOODS: Insolvency Resolution Process Case Summary KANERI AGRO: CRISIL Keeps D Debt Rating in Not Cooperating KRISHNA TEXTILE: CRISIL Reaffirms B+ Rating on INR7cr Loan KUNNATH CONSTRUCTIONS: CRISIL Cuts Rating on LT/ST Loan to D LAKSHMI SRINIVASA: CARE Keeps B- Debt Rating in Not Cooperating MKR ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating MODERN ACADEMY: CARE Keeps B- Debt Rating in Not Cooperating MPS STEELS: CARE Keeps D Debt Rating in Not Cooperating Category NEO CAPRICORN: Insolvency Resolution Process Case Summary NEW SAPNA: CARE Keeps D Debt Rating in Not Cooperating Category NUTRIONEX MANUFACTURERS: CARE Keeps D Ratings in Not Cooperating OSIA HYPER: CRISIL Lowers Rating on INR19cr Cash Loan to D PEEL-WORKS PRIVATE: Insolvency Resolution Process Case Summary PERFECT FOOTWEAR: CARE Keeps B- Debt Rating in Not Cooperating PREMIUM HARVEST: CARE Lowers Rating on INR16.40cr LT Loan to B RADHARAMAN COTGIN: CARE Keeps D Debt Rating in Not Cooperating RAHEJA ICON: CARE Keeps Debt D Rating in Not Cooperating Category RAJ CHICK: CARE Keeps D Debt Rating in Not Cooperating Category RATNAPRIYA IMPEX: CARE Keeps D Debt Ratings in Not Cooperating RMS HOTELS: CARE Keeps D Debt Rating in Not Cooperating Category SAHDEV JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating SARITA DEVI: CARE Keeps B- Debt Rating in Not Cooperating Category SEA MIST BUILDERS: Voluntary Liquidation Process Case Summary SOLAPUR SOLAR: CARE Keeps D Debt Rating in Not Cooperating SPOTZOT INDIA: Voluntary Liquidation Process Case Summary SPS AGRONICO: CARE Keeps B- Debt Rating in Not Cooperating SSJV PROJECTS: Insolvency Resolution Process Case Summary SWADESH MILK: CARE Lowers Rating on INR15cr LT Loan to B- UMANG OILS: CRISIL Keeps B+ Debt Ratings in Not Cooperating UNITECH INTERNATIONAL: Insolvency Resolution Process Case Summary UNIVERSAL EXTRUSIONS: CARE Keeps D Debt Rating in Not Cooperating UNIVERSAL TUBE: CARE Keeps D Debt Ratings in Not Cooperating UPAL BUILDTECH: Insolvency Resolution Process Case Summary V.R.K. ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating YOGESHWARI SUGAR: CRISIL Keeps D Debt Ratings in Not Cooperating Z. F. FILAMENTS: CRISIL Keeps B- Debt Ratings in Not Cooperating ZEPHYR FABRIC: CRISIL Keeps D Debt Ratings in Not Cooperating M A L A Y S I A AHMAD ZAKI: Unit Served With Winding-Up Bid Over MYR5.86MM Claim HO HUP: IRB Files Winding-Up Petition Against Unit N E W Z E A L A N D JLB TRANSPORT: Creditors' Proofs of Debt Due on Aug. 10 MATLEY GROWTH: Court to Hear Wind-Up Petition on Aug. 5 PHIL CLARKE: Creditors' Proofs of Debt Due on Aug. 9 SOUTHERN MAX: Simon Dalton Appointed as Receiver and Manager TJC LIMITED: Creditors' Proofs of Debt Due on Aug. 9 S I N G A P O R E DIVINE NEST: Court Enters Wind-Up Order GAS TECHNOLOGY: Creditors' Proofs of Debt Due on Aug. 8 NEUTRAL TECHNOLOGIES: Court to Hear Wind-Up Petition on July 25 RENEWABLES ASSETS: Creditors' Proofs of Debt Due on Aug. 8 SEATRIUM CONTRACTORS: Creditors' Proofs of Debt Due on Aug. 8 - - - - - ================= A U S T R A L I A ================= DYBING PTY: First Creditors' Meeting Set for July 24 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Dybing Pty Ltd ATF 'Dybing Family Trust' will be held on July 24, 2025 at 11:00 a.m. via virtual meeting. Rajiv Ghedia of Westburn Advisory was appointed as administrator of the company on July 14, 2025. FIRSTMAC MORTGAGE 2025-2PP: S&P Assigns B(sf) Rating on F Notes --------------------------------------------------------------- S&P Global Ratings assigned its ratings to eight of the nine classes of prime residential mortgage-backed securities (RMBS) issued by Firstmac Fiduciary Services Pty Ltd. as trustee for Firstmac Mortgage Funding Trust No.4 Series 2025-2PP. The ratings assigned to the prime floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support for the rated notes is provided by subordination, excess spread, and lenders' mortgage insurance (LMI). The credit support provided to the rated notes is sufficient to cover the assumed losses at the applicable rating stress. S&P's assessment of credit risk considers Firstmac Ltd.'s (Firstmac) underwriting standards and approval processes, which are consistent with industry-wide practices, and the strong servicing quality of Firstmac, and the support provided by the LMI policies on 18.5% of the loan portfolio. The rated notes can meet timely payment of interest--excluding the residual interest (if applicable) due on the class B, class C, class D, class E, and class F notes--and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the liquidity reserve, the principal draw function, the interest-rate swap, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed by their legal final maturity date, and it does not assume the notes are called at or beyond the call date. S&P said, "Our ratings also take into account the counterparty exposure to Westpac Banking Corp. as bank account provider and interest-rate swap provider. The transaction documents for the facilities include downgrade language consistent with our counterparty criteria. "We also have factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Ratings Assigned Firstmac Mortgage Funding Trust No.4 Series 2025-2PP Class A1, A$950.00 million: AAA (sf) Class A2, A$76.00 million: AAA (sf) Class AB, A$9.80 million: AAA (sf) Class B, A$17.00 million: AA (sf) Class C, A$12.00 million: A (sf) Class D, A$5.10 million: BBB (sf) Class E, A$5.10 million: BB (sf) Class F, A$1.50 million: B (sf) Class G, A$3.50 million: Not rated HEALTHSCOPE NEWCO: Puts Not-For-Profit Plan to Bid for Itself ------------------------------------------------------------- The Australian Financial Review reports that Healthscope management is preparing to put a proposal to lenders that will see the country's second-largest hospital operator restructured into a not-for-profit company to reduce payroll tax payments and retain its network of 37 hospitals. According to the report, chief executive Tino La Spina is spearheading a plan that will effectively see Healthscope bidding for itself when indicative proposals for the company are lodged with receivers McGrathNicol at the end of this month. The Financial Review relates that sources familiar with the sale process but not authorised to speak publicly said the plan was viewed as a credible solution by some of Healthscope's lenders, who will ultimately decide who takes control of the company. In May, the hospital operator fell into receivership with AUD1.6 billion in debt. The Financial Review says Mr. La Spina is pitching the proposal to lenders and the federal government as an alternative to a possible break-up of the hospital operator if offers are accepted from multiple bidders who do not want to buy all the facilities, resulting in potential hospital closures and disruptions for tens of thousands of patients. The sources also said McGrathNicol was already looking at the process of transforming Healthscope, which was owned by US private equity giant Brookfield Asset Management before it collapsed into receivership, into a not-for-profit operator, the Financial Review relates. They pointed to precedents such as the collapse of childcare operator ABC Learning in 2008, which was replaced by not-for-profit organisation Goodstart Early Learning. Not-for-profit groups, or operators run by charities, do not have to pay payroll tax, which currently costs Healthscope about AUD100 million annually, the Financial Review notes. The not-for-profit model also allows more earnings to be reinvested back into hospitals, which may mean the federal government will be more supportive of that structure. The Financial Review says Healthscope's proposal would be competing alongside other bids for the company, including from other not-for-profit Catholic hospital operators. A final decision on offers will not be made until at least September. Healthscope's lenders, which are owed AUD1.6 billion, will ultimately decide on the offer that maximises the amount they will be repaid. Interested bidders include most of Australia's private hospital operators including ASX-listed Ramsay Health Care, groups associated with the Catholic Church such as St Vincent's Health Australia, and private equity-owned Healthe Care, the Financial Review discloses. However, most bidders do not want to buy all the Healthscope hospitals which raises the likelihood of closures. Most of the bidders looking at Healthscope do not want to buy all the hospitals as many of them are unprofitable under the current structure. As reported in The Australian Financial Review earlier this month, one scenario is that Healthscope's major lenders, such as UK credit manager Polus Capital and Dallas-based hedge fund Canyon Partners, step in with a debt for equity swap and keep the business operating under the current management. "Their view is it looks like a credible solution," the Financial Review quotes one source as saying on July 16. Mr. La Spina told staff last month that he believed Healthscope's network of hospitals could be profitable once it sorted out its debt and renegotiated rents from landlords. Health insurers are also under pressure to increase funding to hospitals. Mr. La Spina has claimed Healthscope is a more efficient hospital operator than larger rival Ramsay Health Care. "If you took the capital structure out and compared the two like for like, you will find we are doing better than them. The equity holders, the people who own the shares in Ramsay, have been disillusioned for years now because they are not getting the returns they should," he said at the time. According to the Financial Review, Healthscope is also pitching their idea to local lenders such as Commonwealth Bank of Australia, which provided AUD100 million in funding to keep the business going, and Westpac, as being good for their reputation because the outcome would mean fewer disruptions to the healthcare system. Private hospitals, the bedrock of Australia's healthcare system, account for 70 per cent of elective surgeries. The federal government has refused to bail Healthscope out, but it also wants to avoid hospital closures, which would put more pressure on the public system, The Financial Review says. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. ICON SPORTS: First Creditors' Meeting Set for July 22 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Icon Sports Franchising Pty Ltd will be held on July 22, 2025 at 11:00 a.m. at the offices of Hamilton Murphy Advisory, at Level 21, 114 William Street, in Melbourne, VIC, and via virtual meeting technology. Stephen Dixon and Cameron Hamish Gray of Hamilton Murphy Advisory were appointed as administrators of the company on July 10, 2025. MILBURN'S HEAVY: First Creditors' Meeting Set for July 22 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Milburn's Heavy Mechanical Pty Ltd will be held on July 22, 2025 at 11:30 a.m. at the offices of B&T Advisory, at Level 19/144 Edward Street, in Brisbane, Queensland. Travis Jay Pullen of B&T ADVISORY were appointed as administrators of the company on July 11, 2025. MQV ROBINA: First Creditors' Meeting Set for July 22 ---------------------------------------------------- A first meeting of the creditors in the proceedings of MQV Robina Pty Ltd will be held on July 22, 2025 at 11:00 a.m. at the offices of Rodgers Reidy, Level 11, 385 Bourke Street, in Melbourne, VIC, and via video conferencing. Brent Leigh Morgan of Rodgers Reidy was appointed as administrator of the company on July 10, 2025. P.A.C.H. EXCAVATIONS: First Creditors' Meeting Set for July 24 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of P.A.C.H. Excavations Pty Ltd will be held on July 24, 2025 at 11:00 a.m. via Microsoft Teams. Amanda Lott of Acris was appointed as administrator of the company on July 14, 2025. SCOTPAC GEARS 2024-1: Moody's Raises Rating on Class F Notes to B1 ------------------------------------------------------------------ Moody's Ratings has upgraded the rating on the Class F Notes issued by ScotPac Gears ABS Trust 2024-1. The affected rating is as follows: Issuer: ScotPac Gears ABS Trust 2024-1 Class F Notes, Upgraded to B1 (sf); previously on Feb 22, 2024 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrade was prompted by an increase in credit enhancement available for the affected notes. No actions were taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current ratings for the respective notes. Following the June 2025 payment date, the credit enhancement available for the Class F Notes has increased to 3.5% from 1.9% at closing. Principal collections have been distributed on a pro-rata basis across the rated notes since March 2025 payment date. Current total outstanding notes as a percentage of the total closing balance is 54.9%. As of end-May 2025, 3.4% of the outstanding pool was 30-plus days delinquent, and 1.4% was 90-plus days delinquent. The deal has incurred 2.0% of gross losses to date, which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have revised Moody's expected default assumption to 4.9% of the original pool balance (equivalent to 5.3% of the outstanding pool balance), from 4.8% of the original pool balance at the time of the last rating action for this transaction in December 2024. Moody's have maintained the Aaa portfolio credit enhancement of 27%. Moody's have considered sensitivity scenarios with higher default probability rates and lower recovery rates to evaluate the resiliency of the note ratings. The transaction is a securitisation of a portfolio of commercial auto and equipment loans originated by Scottish Pacific Business Finance Pty. Limited. The principal methodology used in this rating was "Equipment Lease and Loan Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the rating: Factors that could lead to an upgrade of the rating include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the rating include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. STAR ENTERTAINMENT: Crown Resorts Could Takeover Queen's Wharf -------------------------------------------------------------- The Australian Financial Review reports that the owners of Queen's Wharf precinct are in talks with Crown Resorts about a takeover of casino operations, a move that would expand the Blackstone-owned business into Queensland for the first time. The Financial Review relates that Chow Tai Fook Enterprises and Far East Consortium, which each own 25 per cent of the sprawling hotel, casino, and entertainment complex in Brisbane, are finalising the purchase of Star Entertainment's 50 per cent stake in the business. They want to replace Star as the precinct's casino operator by early next year. According to the report, sources with direct knowledge of the matter, not authorised to speak publicly, said Chow Tai Fook and Far East are in early discussions with Star's major rival, Crown Resorts, about taking over the operations. Crown was bought by American private equity giant Blackstone for AUD8.9 billion in 2022 and has licences to run casinos in Sydney, Melbourne, and Perth. Unlike Star, Crown has satisfied state regulators that it has sufficient anti-money laundering and counter-terrorism compliance programs in place to operate a casino. It is not the only casino provider in talks with the Hong Kong-based businesses, but people close to the talks believe it is a preferred operator because it has also done enough to satisfy regulators in other states, the Financial Review relays. "The Queensland regulator would prefer an operator like Crown that can clearly meet probity and suitability requirements," one industry source said. The Financial Review says Chow Tai Fook and Far East are also discussing a potential operating agreement with ASX-listed SkyCity Entertainment and American hospitality giant Delaware North. All discussions are in the early stages but are expected to formalise once a long-form sales agreement for the complex is reached later this month, the report notes. Star first announced plans to sell its 50 per cent stake to Chow Tai Fook and Far East in March, the Financial Review recalls. The short-form agreement gave Star control of two towers on the Gold Coast and a AUD53 million lifeline critical to preventing the company from collapsing. The deal also said Star would manage the casino for a fixed monthly fee of AUD5 million until at least March 31. A final deal was to be signed in April, but the three business partners have been at odds over key components of the transaction, primarily Star's ability to continue operating the Brisbane casino. If the deal is not finalised by July 31, Star will be forced to pay AUD36.5 million to the partners. According to the Financial Review, Queen's Wharf is the newest of Star's three precincts – the others are in Sydney and on the Gold Coast – and was developed with the backing of its Hong Kong shareholders. It opened last August and is approved for 2500 poker machines (1500 were operating when the casino first opened). It was supposed to be the crown jewel in Star's casino and hotel portfolio, but quickly became the source of its financial problems, the report says. The costs associated with the development have blown out by more than AUD1 billion, and Star has told investors it would need to inject at least AUD357 million into the development over the next two years. Debts related directly to Queen's Wharf sit at about AUD1.4 billion and are due to be refinanced after this year. About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. As reported in the the Troubled Company Reporter-Asia Pacific on Jan. 21, 2025, Star Entertainment has warned that it faces "material uncertainty" over its ability to stay afloat unless it finds a solution to its worsening financial woes. In a quarterly update to investors on Jan. 20, ASX-listed Star said its revenue had fallen 15 per cent in the December quarter, citing ongoing weakness in its operating performance. It pointed to a "challenging" consumer environment, the impact of carded play in NSW, and expenses caused by a series of regulatory and compliance problems. ========= C H I N A ========= CHINA VANKE: Seeks to Extend Some Bank Loans by Up to 10 Years -------------------------------------------------------------- Bloomberg News reports that China Vanke Co. is seeking to extend some of its domestic bank loans by as much as 10 years, according to people familiar with the matter, a move that could help the state-backed developer reduce liquidity risks. Bloomberg relates that the Shenzhen-based builder, one of China's largest by contracted sales, has made a preliminary proposal to several major Chinese banks in recent weeks for the extension, according to the people, who asked not to be identified as the matter is private. While some banks are still evaluating the plan, others are reluctant to agree until they get further guidance from regulators, Bloomberg says. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in mid-June 2025, S&P Global Ratings affirmed its 'B-' long-term issuer credit rating on China Vanke Co. Ltd. and its subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK). S&P also affirmed its 'B-' issue rating on Vanke HK's senior unsecured notes. S&P removed the ratings from CreditWatch, where they were placed with developing implications on March 5, 2025. The negative rating outlook on China Vanke reflects S&P's view that the company's liquidity could tighten in the face of deteriorating sales and a bond maturity wall over the next 12 months. The TCR-AP reported on May 20, 2025, Fitch Ratings has downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC', from 'CCC+', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC', from 'CCC+', with a Recovery Rating of 'RR4'. The ratings are removed from Rating Watch Negative. The TCR-AP in March 2025, S&P Global Ratings placed on CreditWatch with developing implications the following ratings: the 'B-' long-term issuer credit ratings on China Vanke and on China Vanke's subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and the 'B-' issue ratings on Vanke HK's senior unsecured notes. FUTURE FINTECH: 3 Execs Resign; New CFO, Board Chair Named ---------------------------------------------------------- Future FinTech Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on June 25, 2025, the Board of Directors of the Company received a resignation letter from Mr. Ming Yi to resign from his positions as the Chief Financial Officer of the Company. Mr. Ming Yi indicated that his resignation is not because of any disagreement with the Company, its management or its directors. On June 20, 2025, the Board received a resignation letter from Mr. Fuyou Li to resign from his positions as the Chairman of the Board, a member of the audit committee and a member of compensation committee. Mr. Fuyou Li indicated that his resignation is not because of any disagreement with the Company, its management or its directors. The Board also received a resignation letter from Ms. Ying Li to resign from her positions as a director of the Board and the Vice President of the Company. Ms. Ying Li indicated that her resignation is not because of any disagreement with the Company, its management or its directors. On June 26, 2025, the Board appointed Ms. Ting (Alina) Ouyang as a director of the Board and the CFO of the Company, effective immediately, to fill the vacancy following the resignation of Ms. Ying Li. Ms. Ouyang, age 40, has served as the Financial Controller of the Company since August 2020. Prior to that, Ms. Ouyang served as the Chief Financial Officer of Weath Index Capital Group from March 2016 to September 2020. Ms. Ouyang served as Internal Control Manager of the Company from September 2020 to December 2023, and as Financial Controller since December 2023. Ms. Ouyang is a Certified Management Accountant (CMA) in the United States. Ms. Ouyang has over 10 years of senior financial management experience and is proficient in financial disclosures, ESG reporting, and investor relations for public companies listed in China, the United States, and Hong Kong. She has led multiple cross-border mergers and acquisitions as well as financing projects and is fluent in English and Mandarin. Ms. Ouyang obtained her bachelor's degree in Business Administration from Beijing Union University in 2008. Ms. Ouyang was not selected pursuant to any arrangement or understanding between her and any other person. There are no family relationships between Ms. Ouyang and the directors, nor between Ms. Ouyang and any executive officer of the Company. Ms. Ouyang is not a party to any transaction that would require disclosure under Item 404(a) of Regulation S-K promulgated under the Securities Act of 1933, as amended. The Board also appointed Mr. David Xu on June 26, 2025, as the Chairman of the Board, a member of the audit committee and a member of compensation committee of the Company, effective immediately, to fill the vacancy following the resignation of Mr. Fuyou Li. Mr. David Xu, age 38, has extensive experience in financial services, enterprise management, and investment banking. From July 2022 to May 2025, Mr. Xu served as a middle and senior manager at China CITIC, a comprehensive financial services provider, where he was responsible for assisting companies in going public. From June 2020 to July 2022, he served as a middle manager at China Construction Bank, where he focused on helping companies secure funding and complete initial public offerings. Mr. Xu has been deeply involved in the listing projects of several prominent companies in both China and overseas capital markets. He possesses in-depth knowledge of the listing procedures, regulatory frameworks, and market environments across major international capital markets. Mr. Xu obtained his master's degree in Business Administration from The Australian National University in 2020 and his master's degree in Law from the University of International Business and Economics in 2011. There are no arrangements or understandings between Mr. David Xu and any other person pursuant to which Mr. David Xu was appointed as a director of the Company. In addition, there is no family relationship between Mr. David Xu and any director or executive officer of the Company. The Board deems Mr. David Xu an "independent director" as defined by NASDAQ Rule 5605(a)(2). About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. As of Dec. 31, 2024, the Company had $25.9 million in total assets, $13.3 million in total liabilities, and a total stockholders' equity of $12.6 million. FUTURE FINTECH: Settles $10.2M Judgments With FT Global via Stock ----------------------------------------------------------------- Future FinTech Group, Inc. entered into a Settlement and Forbearance Agreement with FT Global Capital, Inc., pursuant to which the parties agreed to settle four judgments totaling approximately $10.2 million entered against the Company in federal courts in Georgia, New York, Florida, and Ohio. In a Form 8-K Report dated June 26, 2025, filed with the U.S. Securities and Exchange Commission, the Company disclosed that on June 24, 2025, the United States District Court for the Southern District of New York entered an Order Approving Issuance pursuant to Section 3(a)(10) of the Securities Act of 1933, as amended, in the matter of FT Global Capital, Inc. v. Future FinTech Group Inc., Case No. 1:24-mc-00257-AKH. The Section 3(a)(10) Order ordered that the issuance and/or transfer of Settlement Shares to FT Global or its designees(s), pursuant to the Settlement Agreement, was approved as fair within the meaning of Section 3(a)(10) of the Securities Act, and the Settlement Shares are exempt from registration with the SEC and shall be issued without any restrictive legends. The Settlement Shares are as follows: (i) 340,000 shares of the Company's common stock to FT Global; (ii) 60,000 shares of the Company's common stock to Olshan Frome Wolosky LLP; (iii) 650,000 shares of the Company's common stock underlying a "Series A Right" for FT Global or its designees(s) to receive 650,000 shares of common stock, exercisable no. earlier than six months after June 17, 2025; and (iv) 650,000 shares of the Company's common stock underlying a "Series B Right" for FT Global or its designees(s) to receive 650,000 shares of common stock, exercisable no earlier than 12 months after June 17, 2025. Additionally, on June 24, 2025, the United States District Court for the Southern District of New York entered a Stipulation and Order, in the matter FT Global Capital, Inc. v. Future FinTech Group Inc., Case No. 1:24-mc-00257-AKH. This Stipulation and Order ordered that: (i) the U.S. Marshal shall return the stock certificate to the Company's transfer agent; and (ii) this order is without prejudice to FT Global's right to seek enforcement of the prior turnover order in the event the Company breaches the Settlement Agreement. Pursuant to the Settlement Agreement, the Company shall instruct its transfer agent to reserve the stock certificate shares only for the purpose of facilitating the issuance of the Settlement Shares. About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully execute its new business strategy and eventually attain profitable operations. As of Dec. 31, 2024, the Company had $25.9 million in total assets, $13.3 million in total liabilities, and a total stockholders' equity of $12.6 million. MERCURITY FINTECH: Joins Russell 2000 & 3000 Indexes ---------------------------------------------------- Mercurity Fintech Holding Inc. announced that it has officially joined the Russell 2000 Index, effective after the U.S. market close on June 27, 2025. The inclusion follows MFH's addition to the preliminary reconstitution list announced on May 23, 2025, as part of FTSE Russell's annual index review process. MFH has also been included in the broader Russell 3000 Index, marking a significant milestone for the Company as it gains access to a broader base of institutional investors who track these widely followed benchmarks. "Being included in the Russell 2000 validates our strategic focus on blockchain-based financial infrastructure and reflects our growing market presence," said Shi Qiu, CEO of Mercurity Fintech. "This inclusion has opened doors to institutional investors--both passive and active--who rely on Russell indexes for their investment strategies, potentially increasing awareness and visibility for MFH among professional investment managers." The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, representing approximately 10% of the total market capitalization of the Russell 3000. The annual reconstitution process captures the 4,000 largest U.S. stocks as of April 30, ranked by total market capitalization, with membership determined primarily through objective market-cap rankings and style attributes. As of June 2024, approximately $10.6 trillion in assets were benchmarked to Russell U.S. indexes, which FTSE Russell, a leading global index provider, maintains. The indexes serve as benchmarks for investment managers and institutional investors operating both index funds and active investment strategies. "This milestone reflects the value we're creating at the intersection of traditional finance and blockchain innovation," Qiu added. "As we continue executing our strategy, including our recently announced Bitcoin treasury reserve initiative, we're well-positioned to capitalize on the increased institutional awareness that comes with Russell Index membership." About Mercurity Fintech Holding Inc. Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries engaged in distributed computing and financial brokerage. Beyond its core fintech operations, the Company contributes to the advancement of AI hardware technology by delivering secure and innovative solutions in intelligent manufacturing and advanced liquid cooling systems. Its focus on compliance, innovation, and operational efficiency supports its position as a trusted player in both the evolving digital finance space and the AI technology sector. For more information, please visit the Company's website at https://mercurityfintech.com. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million in total assets, $11.60 million in total liabilities, and $24.09 million in total shareholders' equity. WM MOTOR: Reportedly to Resume Production Next Month ---------------------------------------------------- Yicai Global reports that struggling Chinese new energy vehicle startup WM Motor is reportedly resuming production next month, thanks to the support of its investor Xiangfei Automobile Sales. Xiangfei Auto and WM Motor are advancing the resumption of mass production of the EX5 and E5 electric vehicle models at the latter's plant in Wenzhou, Zhejiang province, Chinese tech media outlet MingJin Pro reported on July 14, citing an internal white paper addressed to suppliers that it obtained from a former WM Motor employee, Yicai relays. Founded in 2015, WM Motor was one of the first NEV startups in China to achieve mass production. However, it fell into a liquidity crisis in the second half of 2022 and halted production, Yicai recalls. In January, it announced that its pre-restructuring application was approved by a court in Shanghai. Xiangfei Auto has taken over WM Motor and its three associated companies, according to a reorganization plan approved by a court on April 3, the white paper also showed. The 'new WM Motor' will produce 10,000 vehicles this year, possibly overachieving to reach 20,000 units, according to the reorganization plan. It intends to build a knock-down plant in Thailand to explore the Southeast Asian and Middle Eastern markets and achieve its production target of 100,000 units next year. From 2027, WM Motor will have annual sales targets of 250,000 to 400,000 units, boost the production of models equipped with advanced driving assistance systems, empower its supply chain through artificial intelligence technologies, and start preparations for an initial public offering, the plan, as cited by Yicai, showed. By 2030, the carmaker will aim to produce one million units of vehicles and achieve revenue of CNY120 billion (USD16.7 billion). In terms of products, WM Motor plans to release over 10 new EV models in the next five years, including pure electric and extended-range electric ones, covering all types of cars, from sedans to sports utility vehicles and multi-purpose vehicles. Even though the plan is very detailed, WM Motor is still facing great challenges, as the competition in the Chinese NEV market is getting increasingly fierce, industry analysts believe, Yicai says. WM Motor's brand image was negatively affected, so it will need time to regain recognition in the market, they noted. According to the white paper, the municipal government of Wenzhou and the city's Marine Economic Development Demonstration Zone have established a special working group offering assistance to WM Motor for the production resumption after the reorganization, including coordinating local suppliers, Yicai relays. Yicai adds that Xiangfei Auto is also proactively discussing with local financial institutions to launch fundraisers using its high-quality assets as credit enhancement to offer fund guarantees to finance equipment upgrades, rebuild the supply chains, and expand operations. WM Motor had debts of about CNY20.4 billion (USD2.8 billion) and assets of just CNY4 billion (USD557 million) at the beginning of last year, Yicai discloses. According to data from the Shanghai court, WM Motor's valid claims exceeded CNY14.8 billion, with CNY11.2 billion of creditor rights being temporarily held off. About WM Motor Shanghai-based WM Motor is an automotive company that designs, manufactures, develops, and markets battery-operated electric vehicles. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 12, 2023, WM Motor has filed for bankruptcy, marking the demise of a promising standout among China's EV makers as price competition in the world's largest auto market heats up. A court in Shanghai is handling the bankruptcy case, according to a filing dated on Oct. 9, 2023, on the national enterprise bankruptcy information disclosure platform, Reuters said. According to Reuters, the carmaker said it has been mired in an operational dilemma in recent years due to the pandemic's impact, capital market sluggishness, large price swings in raw materials and setbacks in gaining capital needed for operations and development. XINYUAN REAL ESTATE: To Issue 18M Shares at $0.09 Pending NYSE OK ----------------------------------------------------------------- Xinyuan Real Estate Co., Ltd. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that it entered into a subscription agreement with Xy Management Ltd. pursuant to which the Purchaser purchases from the Company and the Company issues to the Purchaser an aggregate of 18,057,880 common shares of the Company, par value $0.0001 per share, at a purchase price of $0.09 per Common Share. The Transaction will be closed subject to NYSE's further approval on the Supplemental Listing Application. The Common Shares have not been registered under the Securities Act of 1933, as amended, or the securities laws of any state, and were offered and issued in reliance on exemptions from registration under the Securities Act, afforded by provisions of Section 4(a)(2) and Regulation S promulgated under the Securities Act. About Xinyuan Real Estate Co. Ltd. Xinyuan Real Estate Co. Ltd., headquartered in Beijing, is a residential real estate developer primarily focused on China's tier-one and tier-two cities. Founded in 1997, the Company targets middle-income homebuyers with large-scale, high-quality housing projects and has extended its operations to the U.S., U.K., and Malaysia. Xinyuan also offers property management and ancillary services, and its shares trade on the New York Stock Exchange under the ticker symbol XIN. Creditors of Xinyuan Real Estate Co. Ltd. sought involuntary petition under Chapter 11 of the U.S. Bankruptcy (Bankr. S.D.N.Y. Case No. 25-10745) on April 14, 2025. The Debtor is represented by Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch, LLP. ================= H O N G K O N G ================= GRAND MING: Avoids Default Risk by Obtaining Waivers From Lenders ----------------------------------------------------------------- South China Morning Post reports that Grand Ming Group has avoided risking default by obtaining waivers from its lenders for outstanding loans totalling HK$4.8 billion (US$611.5 million). "The group has successfully obtained waivers from all lenders in respect of the breach," the company said on July 14. "Accordingly, the lenders will not demand immediate repayment of the respective bank borrowings under the loan facilities from the group as a consequence of the breach. The group will repay the loan principal and interest in accordance with the original repayment dates." On July 8, the developer informed Hong Kong's stock exchange that it had breached financial covenants under its loan facilities, according to its audited annual results for the year that ended on March 31, the Post relays. It said it had obtained waivers from certain lenders with respect to the breach, relating to bank borrowings of around HK$2.8 billion, but it was still in talks to seek waivers for the rest. Incidents and rumours of banks calling loans – demanding immediate payment – have increased as property developers grappled with repayments amid a prolonged property market slump, the Post notes. And as the value of property collateral has declined, regulators have had to step in with relief measures for borrowers. "As banks, it is generally not efficient for us to jump in and manage asset auctions ourselves," the Post quotes a Hong Kong-based loan syndication and distribution banker as saying. "Therefore, if we can avoid this, we typically look to give more time and space, hoping to navigate the challenges together." The Post relates that analysts said banks were reluctant to call loans because the negative consequences could spill over into the broader market and onto the loan books of other lenders. "The developer could have simply convinced lenders to temporarily overlook a technical default," the Post quotes Brock Silvers, chief investment officer at private equity investment firm Kaiyuan Capital in Hong Kong, as saying. "At this point it hasn't missed any scheduled payments, but a sudden breach of demand could worsen the situation." "It isn't publicly known, but [the developer's] point to lenders would be even more convincing were it on the verge of an asset sale or similar liquidity event, as has been rumoured for weeks," he said. "If not, the developer's grace period likely won't last long." According to the Post, Grand Ming said the existing financing arrangement covering the loan facilities remained available. "If a bank demands immediate payment, other banks could do the same to the same developer or other developers, and this could result in a chain reaction that will hurt all the banks' loan books," said Will Chu, an independent property analyst. Grand Ming Group Holdings Limited (HKG:1271) -- https://www.grandming.com.hk/cht/ -- an investment holding company, engages in the building construction, property leasing, and property development businesses in Hong Kong. It operates through Construction, Property Leasing, and Property Development segments. NEW WORLD: Seeks to Sell 11 Skies Airport Mall in Hong Kong ----------------------------------------------------------- Bloomberg News reports that New World Development Co. is seeking to sell its flagship 11 Skies airport mall in Hong Kong to address liquidity constraints, according to people familiar with the matter. Bloomberg relates that the company has held early-stage discussions with the Hong Kong airport authority on its plans, the people said, requesting not to be named because the matter is private. The talks are preliminary and subject to change, the people said. Bloomberg says the property has been evaluated at a price range of HK$15 billion (US$1.9 billion) to HK$17 billion, one of the people said. That means selling at a loss considering New World invested HK$20 billion in the project, billed as Hong Kong's largest shopping mall. Bloomberg relates that the airport authority "is confident in the prospects of the Airport City development and has been maintaining close communication with New World Development regarding the 11 SKIES project, which is targeted to open by phases from mid-2026," a spokesperson said. According to Bloomberg, the development of the 11 Skies mall has become a drag on New World, hampered by sluggish tenant sign-ups and concerns over weak foot traffic - fueled in part by uncertainty around airlines' willingness to shift flights to Hong Kong's second airport terminal next to the complex. Facing liquidity pressure, New World Development is accelerating asset sales - including in mainland China - as it rushes to shore up its balance sheet, Bloomberg says. The company is also seeking to raise as much as $2 billion through a new loan facility, backed by its crown jewel, the Victoria Dockside complex in Hong Kong, underscoring the urgency of its capital-raising efforts. New World missed its self-imposed target to complete the $2 billion loan deal, people familiar said earlier this week. The company had HK$50 billion in completed investment properties in mainland China as of Dec. 31, according to Bloomberg Intelligence. Its prospects for selling the assets are clouded by the country's ongoing real estate downturn and slowing economy. In Shanghai, the company is seeking CNY2.85 billion ($397 million) for its K11 tower, according to a property agent brochure, adds Bloomberg. New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. ========= I N D I A ========= AARSON MOTORS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aarson Motors (AM) 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 21, 2024, placed the rating(s) of AM under the 'issuer non-cooperating' category as AM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 7, 2025, May 17, 2025, May 27, 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 Aarson Motors was established in year 2001 with an objective to enter into two-wheeler dealership business. The entity started its operation from 2001 and managed by two partners namely Mr. Ashok Kumar Singh and Mrs. Banti Agarwal. The entity is authorized dealer of Hero Motocrop Limited (Two-wheeler division) with its office located at Vidhan Sabha Road, Pandri, Raipur 492005. Currently the entity has fully automated workshops with firm trained mechanics, the only dealership with two additional fully automated workshops located at Siddarth Chowk, Tikarapara, Raipur and Pathak Hospital Road, Fafadih, Raipur. Apart from this, they also have seven sub-dealers in the region. ABR PETRO: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of ABR Petro Products Limited (APPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.19 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 9.26 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities 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 APPL under the 'issuer non-cooperating' category as APPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APPL 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 Gorakhpur (Uttar Pradesh) based, ABR Petro products Limited (APPL) was incorporated in November, 1993. The company is currently engaged in the manufacturing poly polyene woven sacks. The manufacturing facility of the company is in Gorakhpur Uttar Pradesh. ACCORD UDYOG: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Accord Udyog Private Limited (AUPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AUPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AUPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AUPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AUPL continues to be 'Crisil D Issuer not cooperating'. AUPL was incorporated in 2008, by the promoters, Mr Avinash Singh and Ms Jyoti Singh. The Jamshedpur-based company trades in steel products such as channels, pipes, angles, plates, chequer plates, galvanised plain and corrugated sheets, thermo-mechanically treated bars, bars, and other such products. ACME BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Acme Builders Private Limited (ABPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 50 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ABPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ABPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ABPL continues to be 'Crisil D Issuer not cooperating'. ABPL, incorporated in 2010, is promoted by Mr. Harsh Kohli, Mr. Jogesh Kohli, Mr. Ashween Singh, Mr. Mohinder Paul Singh Grewal and Mr. Sukhwant Singh. The company has two ongoing residential projects, Acme Floors and Acme Eden Court in Mohali (SAS Nagar), Punjab. ADVENT ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Advent Enterprises Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 12.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Advent Enterprises Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Advent Enterprises Private Limited was incorporated in 1997 by Mr. Dinesh Agarwal. The company commenced trading in electrical home appliances and kitchenware under its own brand, 'Demont', from 3 2011 onwards. It also trades welding consumables, equipment and spares of Indian Railways to a small extent (~2% of total revenues for FY2015 and FY2016). Under the home appliances segment, the company has a pan India presence, with operations primarily concentrated in Gujarat, Rajasthan, Maharashtra, Madhya Pradesh and Uttar Pradesh. AEPL's registered office is in Mumbai, along with a warehouse at Palghar, near Mumbai, and branch offices in Surat, Jaipur, Indore, Lucknow and Mumbai, to facilitate distribution. AEPL also has a few group companies who are involved in the same business sector. AMBICO EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ambico Exports and Imports Private Limited (Ambico) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Line of Credit 5 CRISIL D (Issuer Not Cooperating) Line of Credit 19 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Ambico for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Ambico, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Ambico is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Ambico continues to be 'Crisil D Issuer not cooperating'. Ambico was founded by Mr. Kalpesh Patel and Mr. Harshad Patel in Mumbai in 2004. The company polishes rough diamonds and trades in bulk chemicals. It derives most of its revenue from the diamond polishing segment. APLAB LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Aplab Limited in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 12.80 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 13.20 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term- 11.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 36.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund Rating continues to remain under based Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Aplab Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. APLAB Limited was incorporated in the year 1962 by Mr. P.S Deodhar and has started as a manufacturer for Test & Measurement instruments. Originally it was called as 'Applied Electronics Limited' which later on went on to be called as 'Applied Electronics Lab' before the name was finally changed to 'APLAB Limited'. The company's primary business activity involves manufacturing electrical/electronic equipments and devices. In the year 2000, Zee Entertainment Enterprises Limited acquired 26% stake in the company. The company has multiple product divisions namely Test and Measurement Instruments (T&M), Power Conversion & Controls (PCC), Power Supply Equipments (PE) or UPS systems, Banking and Retail Automation (BA) and Cable Fault Locating Instruments (CFS). Recently, the company has also diversified into Solar Power Equipments business. AQUA DEVELOPERS: ICRA Keeps B+ Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Aqua Developers (AQUA) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 25.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with AQUA, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Rajkot-based Aqua Developers (AQUA) was established in 2016. The promoters have experience of more than two decades in the real estate segment and five ongoing projects. The current project AQUA ~ Majestic Living, consists of four towers of 13 floors and two basements, which has 104 units covering a total saleable area of 286,000 sq. ft. The construction has been started from April 2017 and expected to be completed by December 2019. ARYAN VILLA: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Aryan Villa and Resorts LLP (AVR) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AVR for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AVR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AVR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AVR continues to be 'Crisil D Issuer not cooperating'. AVR is setting up a 70-key 5-star hotel and luxury resort on Pakhowal Road, Ludhiana at a cost of INR64.50 crore, with debt-funding to the tune of INR25 crore. The resort is expected to commence operations by March 2019. ARYAVARTA COOL: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aryavarta Cool Chain (AVCC) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 Crisil D (Issuer Not Cooperating) Proposed Cash 0.6 Crisil D (Issuer Not Credit Limit Cooperating) Term Loan 8.9 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AVCC for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AVCC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AVCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AVCC continues to be 'Crisil D Issuer not cooperating'. AVCC was set up as a partnership firm in January 2015, by Mr Jogi Ram, Mr Prem Chand Bidhan, Mr Sidharth Jhinjha, Mr Radha Krishan, and Mr Jaswinder Singh. The firm is operating a CA cold storage unit at Mubarakpur, with capacity of 5103 tonnes (21 chambers of 243 tonnes each). AVINASH ASSOCIATES: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Avinash Associates (AA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 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 AA under the 'issuer non-cooperating' category as AA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AA 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 Avinash Associates (AA) was established in 2005 as a proprietorship firm by Mr. Avinash Goyal. The firm is an authorized dealer of Raymond Limited for men's shirt and suit fabric and the firm is also engaged in trading of blankets (mink, polar and fleece blankets) at its facility located in Rohtak, Haryana. BATHSHA MARINE: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Bathsha Marine Exports Private Limited (BMEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.17 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 9.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 25, 2024, placed the rating(s) of BMEPL under the ‘issuer non-cooperating’ category as BMEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BMEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 11, 2025, May 21, 2025, 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). Analytical approach: Standalone Outlook: Not Applicable Placo Enterprises Private Limited was incorporated in the year 1997 and later the name was changed to Placo Plastics Private Limited. During 2003, the company name was changed to current nomenclature Bathsha Marine Exports Private Limited (BMEPL). Initially the company was engaged in storage of sea food. However, from May 2016, the company commenced processing, packing and export of shrimp and various fish to the places like Vietnam, Portugal, Australia, Kuwait and Korea. The product profile of the company includes black tiger, Vannamei, white shrimp, Cuttle Fish, Indian Mackeral, Yellow Fin Tuna and Ribbon Fish. The company is 100% Export Oriented Unit (EOU). BMEPL procures fish and shrimp from local fisher men i.e., Kerala and other places like Nellore and Andhra Pradesh. The plant has the certification from ‘Hazard Analysis Critical Control Point (HACCP) and British Retail Consortium (BRC). The processing and storage facilities of BMEPL are approved by the Marine Products Export Development Authority (MPEDA). BEST SEEDS: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Best Seeds Karnal (BSK) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.74 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 BSK under the ‘issuer non-cooperating’ category as BSK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BSK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025 and June 08, 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 Best Seeds Karnal (BSK), was established in September, 2013 as a partnership firm by Mr. Chandevjit Singh and Mr. Lakhwinder Singh and is currently being managed by Mrs. Amandeep Kaur and Mr. Chandevjit Singh sharing profit and losses equally. The firm is engaged in the procurement, production, processing, marketing and distribution of paddy, wheat, maize, sorghum, pulses, millets seeds at its two processing facilities in Amritsar, Punjab. BHARATI INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bharati Industries (BI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.39 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.35 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 8, 2024, placed the rating(s) of BI under the 'issuer non-cooperating' category as BI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 24, 2025, June 3, 2025 and June 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: Not Applicable Pune (Maharashtra) based, BI was established in 2008 and is promoted by Mrs. Geeta Malgatte. The firm is engaged in fabrication of numerous equipment's at its manufacturing facility located at Bhosari, Pune. The firm also provides services like erection & commissioning of all kind of pumps and pumping systems, laying of steel pipes & specials. BIMBAN INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bimban Industries Private Limited (BIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities 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 20, 2024, placed the rating(s) of BIPL under the ‘issuer non-cooperating’ category as BIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 06, 2025, May 16, 2025, May 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings’ opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Bimban Industries Private Limited (BIPL) formerly known as Hyderabad Polyplast Marketing Private Limited was established in November 2010 by Mr. Ramesh Agarwal and Mr. Shiv Prasad Sharma. The company did not commence any operation and was idle in the initial years. The company was taken over in the name of BIPL from the year 2014 by Mrs. Sujata Ganeriwala who is the managing director. The commercial operations commenced in 2015. The other directors include Mr. Shwetaank Ganeriwala, Mr. N. Srinivas. The registered office and the factory is located in Kolkata and Bangalore respectively. BIPL is engaged in manufacture of tyre cord fabric which is a raw material for tyre manufacturing. The company is into manufacturing customer specific cord fabrics. The company imports synthetic yarns from suppliers in Indonesia and China and sells the finished product in domestic as well as export market i.e, in Srilanka Tunisia etc BR DESIGNS: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of BR Designs Private Limited (BDPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.04 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 16.67 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 01, 2024, placed the rating(s) of BDPL under the 'issuer non-cooperating' category as BDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 17, 2025, May 27, 2025, 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 BDPL was originally established as a firm in 1991 and subsequently changed its constitution to a private limited company under its current name from May 2013. BDPL is promoted by Mr. Dilip Kumar T Shah and his wife Mrs. Bharti D Shah. It is engaged in the designing and manufacturing of variety of diamond, gold, silver, gemstone, and jadau jewellery using dazzling diamonds to exquisite emeralds, rubies, and sapphires. BDPL manufactures its jewellery using state-of-the-art technology, which it then sells pan-India as well as to few overseas nations. Further BDPL has also won many national jewellery awards for their handcrafted luxury jewellery pieces and has verticals in retail, B2B and e-commerce segments. BDPL designs and manufactures exclusive collections using Forevermark Diamonds- a DeBeers Brand and supplies to Asia Pacific Region (APAC). It operates one retail showroom in Surat and two owned outlets at Taj Gateway and Airport at Surat. CHANDRALOK TEXTILE: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term ratings of Chandralok Textile Industries Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 9.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 0.32 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Chandralok Textile Industries Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Chandralok Textile Industries Private Limited, incorporated in 2003, is in the business of processing grey cloth for the production of fabric used in making suitings, shirtings and dress materials. The company's registered office is in Mumbai and its manufacturing unit is in Bhiwandi (Maharashtra). Mr. Chandramohan Chaudary is the key director of the company, with more than four decades of experience in the textile industry. D C METALS: ICRA Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of D C Metals (DCM) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 30.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with DCM, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1984, M/s. D C Metals (DCM) is a partnership firm engaged in the trading of aluminium products namely ingots, wire rods, cast strips, cold rolled/hot rolled products etc. The firm is promoted by Mr. Kesarimal Bhansali, who has an industry experience of over 40 years. The customer base of the firm mainly comprises end users making value added products such as automobile parts, aluminium conductors, utensils sheets etc. DIVERSIFICATION AGRICULTURE: Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Diversification Agriculture Producers Company Limited 3/26216, Janak Nagar Khanalampura Saharanpur, Uttar Pradesh India, 247001 Liquidation Commencement Date: June 10, 2025 Court: National Company Law Tribunal Allahabad Bench Liquidator: Dev Vrat Rana Shop No. 5, B.S.M Tiraha Roorkee, Hari Singh Market Haridwar, Uttarakhand - 247667 E-Mail: cadevrana@gmail.com E-Mail: cirp.dap@gmail.com Last date for submission of claims: July 10, 2025 EKNATH DEVELOPERS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: EKNATH DEVELOPERS LLP Naman Centre, Plot No C-31, G-Block, BKC, Bandra (East), Mumbai 400051 Insolvency Commencement Date: June 26, 2025 Estimated date of closure of insolvency resolution process: December 23, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mukesh Verma B 1506, Sunteck City Avenue 2 ODC, Goregaon West, Mumbai 400104 Email: ip.mukeshverma@gmail.com Email: eknath.cirp@gmail.com Classes of Creditors: Homebuyers Authorized Representative of creditors in a class: 1. Mr. Pramod D. Rasam 2. Mr. Rakesh Kumar Tuslyan 3. Mr. Hari Kishan Bhoklay Last date for submission of claims: July 10, 2025 EMERALD ALCHYMICUS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short Term ratings of Emerald Alchymicus Private Limited (EAPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 7.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 5.75 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with EAPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2003, Emerald Alchymicus P Limited (EAPL) is involved in trading of chemicals. The company derives its revenue from two segments viz. Stock & Sell and Commercial segment. In case of Stock & Sell, the company imports specialty chemicals from various overseas suppliers and maintains an inventory of the same whereas in the case of Commercial segment, the customers place bulk orders with EAPL for various chemicals and based on these orders, EAPL procures the materials from the suppliers and supplies directly to the customers. ESSEL GWALIOR: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Essel Gwalior Shivpuri Toll Roads Private Limited (EGSTRPL) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1,090.00 CARE D; ISSUER NOT COOPERATING Facilities 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 21, 2024, placed the rating(s) of EGSTRPL under the 'issuer non-cooperating' category as EGSTRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EGSTRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 7, 2025, May 17, 2025, May 27, 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 October 13, 2011, Essel Gwalior Shivpuri Toll Roads Private Ltd (EGSTRPL) is a Special Purpose Vehicle (SPV) promoted by Essel Infraprojects Limited (EIL). The SPV is formed to undertake four laning of the existing Gwalior - Shivpuri section of NH3 [from 15.600 km of NH-75 to 236.000 km of NH3 (approx. 125.3 km stretch)] in state of Madhya Pradesh under NHDP phase IV on Design, Build, Finance, Operate and Transfer (DBFOT) pattern. ESSEL INFRAPROJECTS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Essel Infraprojects Limited (EIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 146.00 CARE D; ISSUER NOT COOPERATING Facilities 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 21, 2024, placed the rating(s) of EIL under the 'issuer non-cooperating' category as EIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 7, 2025, May 17, 2025, May 27, 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 Essel Infraprojects Ltd (EIL) was incorporated in July 1987 in the name 'Essel's Amusement Parks (India) Limited' which was subsequently changed to 'Essel Infraprojects Limited' in February 2007. Promoted by Mr. Subhash Chandra, EIL is infrastructure arm of Essel Group with interest in road projects, urban infrastructure, power, water management and solid waste management. EIL obtains engineering, procurement and construction (EPC) works for group companies but majority of them is handled by another Essel Group company known as Pan India Infraprojects Private Limited. EIL does not undertake EPC work on its own but sub-contacts entirely to third parties. Additionally, EIL derives income in form of consultancy services provided to group companies and interest income from loans and advances extended to subsidiaries/associates. FLUID TRUCKAGE: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Fluid Truckage Private Limited 732/1A, New Alipore, Block P, Kolkata - 700053 Liquidation Commencement Date: June 26, 2025 Court: National Company Law Tribunal Kolkata Bench Liquidator: Swati Singhania 1, Heysham Road Kolkata, West Bengal - 700020 Email: caswatisinghania®gmail.com Last date for submission of claims: July 25, 2025 FOODS AND FEEDS: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Foods and Feeds (F&F) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 13.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with F&F, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in January 2014, Foods and Feeds (F&F) is a partnership concern engaged in trading of wheat flour and soya based products like liquid lecithin, DOC (D Oil Cake) and Acid Oil. Until FY14, the business was carried out through the proprietorship firm in the name of Mr. Sandeep Maniyar since 2007. In Apr-14, the assets and liabilities of the proprietorship concern was taken over by F&F. The ownership of the firm continues to be with the Maniyar family with Raj Maniyar and Brij Maniyar being the other two partners, apart from the erstwhile proprietor. GREAT EASTERN: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Great Eastern Services Limited Ocean House, 134/A Dr. Annie Besant Road, Worli, Mumbai City, Mumbai, Maharashtra, India, 400018 Liquidation Commencement Date: June 23, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Ms. Dipti Mehta 201-206, Shiv Smriti, 2nd Floor, 49A, Dr. Annie Besant Road, Above Corporation Bank, Worli, Mumbai 400018 Tel: +91 (22) 6611 9696 Email: dipti@mehta-mehta.com Email: vlqgreateastern@gmail.com Last date for submission of claims: July 23, 2025 GSTAAD HOTELS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Gstaad Hotels Private Limited 4th Floor Raheja Chambers Linking Road and Main Avenue Santacruz West, Mumbai City Mumbai, Maharashtra, India, 400054 Insolvency Commencement Date: July 8, 2025 Estimated date of closure of insolvency resolution process: January 4, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Jayesh Natvarlal Sanghrajka 405-407, Hind Rajasthan Building D. S. Phalke Road Dadar East, Mumbai 400014 Email: jayesh.sanghrajka@incorpadvisory.in Email: cirp.gstaad1@gmail.com Last date for submission of claims: July 22, 2025 HANUMAN RICE: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Hanuman Rice Industries (HRI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.82 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 8, 2024, placed the rating(s) of HRI under the 'issuer non-cooperating' category as HRI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HRI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 24, 2025, June 3, 2025 and June 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: Not Applicable Hanuman Rice Industries (HRI) was established in 2010 by Mr. Ramanarao Musalaiha Bolla and Mrs. Vijaylaxmi R. Bolla. The promoters operate other group entities viz Hanuman Dal 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 par boiled rice and sale of its by–products like husk, rice bran etc. in the domestic market. The processing unit is located at Kamptee, Nagpur. HARI OM: Liquidation Process Case Summary ----------------------------------------- Debtor: Hari Om Auto Components Private Limited RL 184/7 MIDC WALUJ, AURANGABAD - 431136 Maharashtra Liquidation Commencement Date: March 25, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Krishna Gopal Ratanlal Maheshwari 602, Rajendra Ratna, Mahesh Nagar, S V Road, Goregaon (W), Mumbai City, Maharashtra-400104 Email-id: 1kgmaheshwari@gmail.com Primus Insolvency Resolution & Valuation Pvt. Ltd. 408, 4 Floor, Manish Chambers, Sonawala Road, Goregaon (East), Mumbai, Maharashtra 400063 Email id: liq.hariom@gmail.com Last date for submission of claims: July 24, 2025 HELLA INFRA: Fitch Assigns 'B+(EXP)' IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has published India-based Hella Infra Market Limited's 'B+(EXP)' Issuer Default Rating (IDR). The Outlook is Stable. The expected rating reflects the company's small size, leading local position in a few core operating segments and wide product offering that covers various building materials and products. Hella Infra Market has a modest leverage profile, but its profitability is weak relative to that of higher-rated peers. The assignment of the final rating is contingent on Hella Infra Market's early repayment of almost all its debt maturing after the effective maturity of its compulsory convertible preference shares (CCPS) in December 2029, leaving minimal debt outstanding that does not have a change of control clause linked to the promoters' stake in Hella Infra Market. Any new debt maturing after the CCPS effective maturity will trigger a reassessment of the CCPS as per Fitch criteria. Reclassifying the CCPS as debt would raise Hella Infra Market's near-term EBITDA net leverage by almost 3x and result in a lower rating (EBITDA net leverage in the financial year ending March 2025 (FY25): 3.4x, FY26F: 3.0x). Key Rating Drivers CCPS Not Treated as Debt: Fitch treats Hella Infra Market's CCPS as non-debt, as per its criteria. Fitch considers the CCPS as a shareholder loan, as Fitch views that the CCPS investors have strategic and economic interests that are aligned with the promoters of the company. CCPS investors, which hold a 53.3% stake on a fully diluted basis, have voting rights and some hold board positions in the company. Fitch believes the potential of the CCPS to increase the probability of a default on Hella Infra Market's debt through a change of control clause will become ineffective once the company repays all debt with the change of control clause maturing after December 2029. The exit date in Hella Infra Market's shareholder agreement is June 2029. The CCPS investors have the right to force the promoters, which hold a 28% fully diluted stake in the company, to sell their stake six months after the exit date if an exit is not provided by then. The company plans to repay most of its debt maturing after December 2029, leaving only INR2.3 billion of its INR60.6 billion debt as at FYE25 outstanding with maturity beyond December 2029. Improving Cash Flow: Fitch expects free cash flow, excluding acquisitions, to turn positive in the near term (FY25: INR16.9 billion deficit), although Hella Infra Market will face material shortfalls in covering its planned non-convertible debentures of INR34 billion with potential maturity in FY29. Its base case forecasts the company's leverage profile to improve over the medium to long term, which should provide some cushion to its rating against additional debt or the reclassification of CCPS as debt. The company has previously covered small funding gaps through new CCPS and divestments. Modest Leverage from Expansion: Fitch expects EBITDA net leverage to stay at around 2.5x or above in next two years, before improving to below 2.0x. This partly reflects Hella Infra Market's annual capex plan of around INR4 billion (FY25: INR14 billion) for its planned addition of owned plants to achieve a balanced mix between its 180 owned and 260 managed plants. The company raised around INR27 billion through new CCPS in FY25, which it partly used to fund capex and acquisitions totaling INR23 billion. It plans to deleverage through a potential IPO. Fitch does not factor the IPO into its rating case, but believe its realisation could accelerate deleveraging. Rapid Expansion: Hella Infra Market has tripled its top-line in the past four years and diversified its business through a mix of organic and inorganic expansion, while employing an asset-light model of managed plants. The company usually contracts for exclusive rights to the capacity of its managed plants without taking asset ownership, while controlling most end-to-end operations. It acquired tile manufacturers in FY25, achieving India's second-largest tile manufacturing capacity. The company has no plans for further acquisitions in the near term. Fitch would treat any acquisition as an event risk. Small Scale; Weak Margin: Hella Infra Market has low EBITDA compared with many similarly rated global peers in the building product and material sector, although Fitch expects its EBITDA to double in the next three years, from INR13.3 billion in FY25. This should be helped by a wider EBITDA margin from stronger retail sales, although Fitch expects the margin to stay below 10% in next two years (FY25: 7.2%). Strong Local Market Position: Hella Infra Market ranks among the top two entities in India's fragmented ready-mix concrete and autoclaved aerated concrete block segments, which made up 35% of its FY25 revenue. The company has an established position in various building-product sub-segments, offering a wide suite of construction materials and products for both interior and exterior applications. Its integrated solution strategy does not provide the same pricing benefits as seen at peers, but its strategy to sell products through same stores may support cross-selling opportunities. Diverse Revenue Sources: Hella Infra Market enjoys balanced end-market diversity, benefiting from exposure to regular infrastructure and public and private construction cycles. Its operations are geographically diverse across India for its key segment, ready-mix concrete, which cushions against regional construction downturns. It also exports a portion of its building products. Exports contribute 30% of its revenue, but Fitch expects this to decline to 25% as its expands its core and local businesses. Peer Analysis Hella Infra Market has weaker credit and profitability metrics than Fitch's publicly rated portfolio of building materials companies, which are concentrated in the low-investment-grade rating category. However, it compares favourably with US-based Eco Material Technologies Inc. (B/Stable) due to its better leverage and diverse product offering, which enable partial business integration and facilitates cross-product selling opportunities. Eco operates only in the upstream product category of supplementary cementitious materials, providing consistent pricing power and a stable margin through the cycle. It has a leading position in its niche segment and benefits from a longer-dated debt maturity profile. Hella Infra Market has a larger scale, but its thin margin, at less than half of Eco's, results in similar EBITDA for the two companies. Hella Infra Market's credit profile is comparable with that of Turkiye-based Limak Cimento Sanayi Ve Ticaret Anonim Sirketi (Limak Cement, B+/Stable). Both companies hold strong positions in their local markets. Hella Infra Market has better product diversity, while Limak Cement operates only in the cement segment. Although Limak Cement's EBITDA margin is almost 3x wider, both companies have a similar EBITDA net leverage profile. Key Assumptions Average annual revenue growth rate of 11% in the next three years EBITDA margin to improve above 8% from FY26, with higher direct to retail sales Total capex of around INR12 billion until FY28 No acquisition or new CCPS in the next three to four years RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage of above 4x on a sustained basis. - Any new debt with a maturity greater than the CCPS effective maturity may lead to reassessment of the CCPS. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improved scale, while maintaining its market position. - EBITDA net leverage below 2.5x and EBITDA margin in the mid-teen percentage on a sustained basis., and - Improved debt maturity profile. Liquidity and Debt Structure Hella Infra Market relies on short-term debt. Revolving working capital loans make up 40% of total debt and its non-convertible debentures, at 50% of debt, mostly have short maturities of 15 to 48 months. Around 80% of group debt at FYE25 was due in the next 24 months. This is somewhat mitigated by the company's strong local bank access, supported by long-standing relationships with major public and private banks, a record of renewal and increase of many outstanding bank facilities limit. The company also has demonstrated access to new capital through multiple rounds of CCPS; raising more than INR27 billion in new CCPS in FY25. It is currently working on refinancing its non-convertible debentures to improve its debt maturity profile. Hella Infra Market had cash and cash equivalents of INR15.7 billion and around INR15.7 billion of undrawn committed facilities at FYE25, against INR25.5 billion of outstanding revolving facilities and INR16.6 billion of long-term debt maturing within a year. It refinanced over INR5.9 billion of its FY26 maturities in 1QFY26. Issuer Profile Hella Infra Market is an India-based producer and distributor of a wide range of building materials and products. Criteria Variation Fitch applied a variation from its Corporate Rating Criteria by classifying Hella Infra Market's CCPS as non-debt instead of debt, even though some senior-ranking debt obligations will remain outstanding at two of its subsidiaries after the CCPS's effective maturity. Although this debt is guaranteed by Hella Infra Market, its proportion is small, at INR2.3 billion, against total debt of INR60.6 billion at FYE25. Hella Infra Market also expects the two subsidiaries to be able to service their debt through internal cash flow, without reliance on the parent. Fitch expects this debt to decrease from the FY25 level due to its amortising nature and do not expect Hella Infra Market or its subsidiaries to add any debt maturing after the CCPS's effective maturity. Date of Relevant Committee 11 July 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Hella Infra Market Limited LT IDR B+(EXP) Expected Rating HELLA INFRA: Moody's Assigns First Time 'Ba3' Corp. Family Rating ----------------------------------------------------------------- Moody's Ratings has assigned a first-time Ba3 corporate family rating to Hella Infra Market Limited (HIML), a building materials company in India (Baa3 stable). At the same time, Moody's have also assigned a Ba3 rating to the senior secured notes proposed to be issued by India Infra Buildco (IIB). The outlook on all ratings is stable. IIB, an orphan special purpose vehicle and foreign portfolio investor (FPI) registered in India, will issue the USD notes. Proceeds from these notes will be used by the company to subscribe to INR-denominated non-convertible debentures (NCD) to be issued by HIML. Holders of IIB's USD notes have a first ranking pari-passu claim on IIB's accounts, hedging arrangements, and a pledge over its capital. The NCDs held by the onshore custodian are not collateral for the USD notes. "HIML's Ba3 ratings reflect its solid business profile with diversified product offerings across the construction value chain, notable market positions in key product segments and a favorable industry environment that will support earnings growth and credit metrics improvement. The ratings also incorporate Moody's expectations that the company's liquidity will improve followings its proposed bond issuance", says Sweta Patodia, a Moody's Ratings Assistant Vice President – Analyst. "HIML's ratings take into account the company's limited scale, relatively short operating history, and the execution risks associated with its recent entry into new segments", adds Patodia, who is Moody's lead analyst for HIML. RATINGS RATIONALE Since its inception in 2016, HIML has grown organically and through acquisitions. Its recent flooring segment acquisitions will further diversify its revenue and support future growth. The company also remains well-positioned to benefit from strong growth in India's infrastructure and housing sectors as favorable demographics and continued investment in these sectors will boost demand for building materials. HIML's revenue will increase by 10%–12% annually over the next two years, driven by ongoing capacity expansion in core segments like ready mix concrete and steel as well as better capacity utilization at the newly acquired flooring entities. Moody's expects profitability to improve over the same period as the company continues to increase the share of private label products and in-house manufacturing in its product mix. Sustained revenue growth combined with margin expansion will result in company's EBITDA growing to around INR20 billion ($240 million) by the fiscal year ending on March 31, 2027 (FY26-27) from an estimated $180 million in FY24-25. Even so, annual operating cash flow will remain around $10 million - $20 million due to high interest expense and the working capital intensive operations. With yearly capex of around $60 million, free cash flow will remain negative causing borrowings to somewhat increase. Nonetheless, debt/EBITDA will improve towards 3.5x by March 2027 from an estimated 4.2x at March 2025 while interest coverage, as measured by EBIT/Interest, will improve to around 1.7x from 1.4x over the same period. LIQUIDITY Proforma for the proposed bond, HIML's liquidity is adequate. As of March 31, 2025, HIML had cash and equivalents of around $185 million which along with projected cash from operations of around $34 million, committed credit facilities of around $120 million and expected bond proceeds will be sufficient to cover its capex and upcoming debt maturities over the next 24 months. The company has a $150 million multi-year revolving credit facility maturing in 2028 at its Singapore operations, of which $100 million is already drawn. OUTLOOK The stable outlook reflects Moody's expectations that the company will continue to generate sufficient earnings and cash flows such that its credit metrics will remain appropriately positioned for its Ba3 ratings. The stable outlook also assumes that a successful bond issuance will improve the company's liquidity. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS HIML's exposure to environmental risks is mitigated by its broad product portfolio, which is less environmentally intensive compared to higher-carbon sectors such as cement. Meanwhile, its social risk exposure is in line with the building materials sector. HIML's exposure to governance risks reflects its short operating track record, execution risks from entry into new business segments as well as the company's privately owned status that limits corporate transparency. Although the company has a diversified shareholding structure with promoters holding less than 30%, only three out of eight board directors are independent, and the promoters continue to occupy executive positions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward momentum on the rating is limited, given the company's small scale and low profitability. Over time, the ratings could be upgraded if HIML improves its operating scale and profitability while maintaining conservative financial policies and at least good liquidity. Credit metrics indicative of an upgrade include adjusted debt/EBITDA remaining below 3.5x and EBIT/interest coverage remaining above 3.5x. Failure to improve liquidity, either through the proposed bond issuance or by other refinancing measures, will result in an immediate ratings downgrade. Downward pressure would also emerge if the company's credit metrics fail to improve due to weaker-than-expected operating performance or higher-than-expected borrowings due to increased working capital requirements or debt-funded growth. Credit metrics indicative of downgrade include adjusted debt/EBITDA remaining above 4.0x, or a weakening in profitability and interest coverage from existing levels. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Building Materials published in September 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Headquartered in Mumbai, Hella Infra Market Limited (HIML) is an India based supplier of building materials including concrete, steel, aggregates, autoclaved aerated concrete (AAC) blocks, tiles, sanitary ware, chemicals, paints, and modular kitchen fittings. HIML was founded in 2016 by Souvik Sengupta and Aaditya Sharda who currently own 28.2% stake in the company. The balance shareholding is held by various PE sponsors including Tiger Global (19.7%), Accel India (14.9%), Evolvence (5.1%), Nexus (7.5%) and others (24.6%). HOTEL HORIZON: Oberoi Realty-Naman Wins Bid for Juhu Hotel ---------------------------------------------------------- The Economic Times reports that Oberoi Realty, in partnership with Shree Naman Developers and JM Financial Properties, has secured the Committee of Creditors' (CoC) approval to acquire Hotel Horizon Pvt Ltd (HHPL) through the insolvency resolution process. ET says the consortium's resolution plan, involving a total settlement of INR919 crore, was cleared by the CoC, with the Resolution Professional issuing a formal Letter of Intent (LoI) on the same day. This acquisition focuses on HHPL's prime 1.85-acre land parcel in Juhu, Mumbai, aligning with their strategy to expand in the luxury hospitality and mixed-use property market, pending NCLT approval, ET relates. Hotel Horizon Private Limited commenced insolvency process on Nov. 19, 2024. HYDERABAD RING: CARE Keeps D Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hyderabad Ring Road Project Private Limited (HRRPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 185.11 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 20, 2024, placed the rating(s) of HRRPPL under the 'issuer non-cooperating' category as HRRPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HRRPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 6, 2025, May 16, 2025 and May 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Hyderabad Ring Road Project Private Limited (HRRPPL) is a special purpose vehicle (SPV) promoted by consortium of Era Infra Engineering Limited and Induni CIE SA, for executing and operating a 8-lane expressway (Narsingi to Kollur from km 0.00 to km 12.00 package) under Phase II of Outer Ring Road project of Hyderabad Growth Corridor Limited (HGCL, in which 74% stake is held by Hyderabad Metropolitan Development Authority (HMDA)) on Build Operate Transfer (BOT Annuity) basis. INDIA INFRA: Fitch Assigns 'B+(EXP)sf' Rating on USD Notes ---------------------------------------------------------- Fitch Ratings has assigned an expected rating to the US dollar credit-linked notes to be issued by India Infra BuildCo. The rated notes are ultimately secured by the non-convertible debentures (NCDs) to be issued by Hella Infra Market Limited (B+(EXP)/Stable), a construction material company based in India. The expected rating addresses the timely payment of interest and ultimate repayment of principal by the legal final maturity. Entity/Debt Rating ----------- ------ India Infra BuildCo USD notes LT B+(EXP)sf Expected Rating KEY RATING DRIVERS Credit Linked to Hella: The credit quality of the US dollar notes is linked to that of Hella, as the notes are ultimately collateralised by the NCDs issued by Hella. Cash flow from the NCDs will be used to make payment to the noteholders. The NCD issuer is obligated to cover the funding shortfall at the orphan SPV, ensuring the SPV can sufficiently cover the offshore liabilities at the time of NCD redemption. An event of default under the NCDs is an event of default for the US dollar notes. Currency Risk Mitigated: Currency risk is adequately mitigated in the transaction because a combination of coupon swaps and call spread are in place to address currency mismatches between the underlying Indian rupee NCDs and the US dollar notes. The coupons are fully hedged by the coupon swaps but the principal is only hedged up to the upper strike of the call spread. The unhedged portion will be covered by the NCD issuer through a redemption premium at the time of NCD redemption. Repatriation Subject to Voluntary Retention Route: Under the voluntary retention route (VRR) as per Indian regulatory guidance, the orphan SPV can repatriate the proceeds from NCD repayment only up to a maximum of 25% of the initial balance during the first three years. The maturity of the US dollar notes is structured beyond the three-year VRR retention period; hence, there is no such restriction at maturity. Any early redemption or repurchase of the NCDs is subject to the VRR and they can only be redeemed up to the permitted amount, except for redemption due to change of control where only full redemption is permitted. Key Counterparty Risk Consistent with the Rating: A cross-currency swap and call spread will be entered into between the note issuer and the swap provider to hedge cross-currency mismatches between the underlying securities, which are denominated in Indian rupee with a fixed rate, and the US dollar floating-rate notes. The account bank's ratings and replacement provisions are in line with Fitch's criteria. There is no commingling risk arising from the fund flow of underlying bond payments into the note issuer's account, as the bond is directly paid to the notes' offshore account bank, which maintains a 'BB+' rating. Therefore, Fitch does not believe the key counterparties and account banks are additional risk-presenting entities. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The expected rating assigned to the US dollar notes is sensitive to changes in the credit quality of the underlying securities. Any adverse change in Fitch's view on the underlying securities may lead to a downgrade of the notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The expected rating assigned to the US dollar notes is sensitive to changes in the credit quality of the underlying securities. Any positive change in Fitch's view on the underlying securities may lead to an upgrade of the notes. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. JAGDAMBA RICE: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Jagdamba Rice Mills (SJRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.59 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 SJRM under the 'issuer non-cooperating' category as SJRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SJRM 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 Shree Jagdamba Rice Mills (SJRM) was established in June 2008 as a partnership firm. SJRM is engaged in processing of paddy at its unit located at Kaithal, Haryana. The firm is also engaged in milling and trading of rice. JAHANGIR BIRI: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jahangir Biri Factory Private Limited (JBFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.75 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 JBFPL under the 'issuer non-cooperating' category as JBFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JBFPL 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 Jahangir Biri Factory Private Limited (JBFPL) was initially established as a proprietorship firm 'Jahangir Biri Factory' in 1995 by Mr. Altab Hossain. Subsequently it was converted into partnership firm in 1997 and finally it was converted into private limited company in April 1999 and its name changed to the current one i.e. JBFPL. Since its inception, the company has been engaged in bidi manufacturing at its plant located in the district of Murshidabad, West Bengal. The company mainly sells its products under three brands - 102 Howrah Deluxe Biri, 103 Rubi Biri and 102 Howarh Biri. JBFPL sells its products through both distributors and direct selling primarily in the state of Delhi, Uttar Pradesh, Punjab, Haryana, Rajasthan, Assam and Himachal Pradesh and the company is having five distributors and 60 sales men across country. JHANDEWALAS FOODS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: M/s Jhandelwalas Foods Limited B-70, First Floor, Upasana House, Janta Store, Bapu Nagar, Jaipur, Rajasthan-302015 Insolvency Commencement Date: July 4, 2025 Estimated date of closure of insolvency resolution process: December 31, 2025 Court: National Company Law Tribunal, Jaipur Bench Insolvency Professional: Mr. Mahesh Chandra Sharma 504, trimurty Arabella, Pani Pech, Near Desert Inn Resort, Jaipur, Rajasthan, 302016 Email: mcsharma2002@yahoo.co.in Email: jhandelwalasfoodsltd@gmail.com Last date for submission of claims: July 23, 2025 KANERI AGRO: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kaneri Agro Industries Limited (KAIL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KAIL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KAIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KAIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KAIL continues to be 'Crisil D Issuer not cooperating'. KAIL, which was previously setup as a partnership firm under the name of Amidhara Industries has been converted into a limited entity in September 2018. KRISHNA TEXTILE: CRISIL Reaffirms B+ Rating on INR7cr Loan ---------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facilities of Krishna Textile Process (KTP). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Open Cash Credit 7 Crisil B+/Stable (Reaffirmed) Term Loan 4 Crisil B+/Stable (Reaffirmed) Term Loan 5 Crisil B+/Stable (Reaffirmed) The rating continues to reflect the exposure of KTP to intense competition and susceptibility to volatility in raw material prices, and its working capital-intensive operations. These weaknesses are partially offset by the extensive experience of its partners in the textile industry and moderate financial risk profile. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of KTP. Key Rating Drivers & Detailed Description Weaknesses: * Exposure to intense competition and susceptibility to volatility in raw material prices: Competition is intense in the textile weaving industry due to low entry barriers on account of limited capital and technology requirements and little differentiation in end products. Moreover, revenue and profitability will remain susceptible to fluctuations in the prices of the key raw materials, cotton and yarn. * Working capital-intensive operations: KTP has sizeable gross current assets (GCAs) of around 200 days over the past 3 years through fiscal 2025, largely because of substantial receivables and inventory. The operations will remain working capital intensive over the medium term. Strengths: * Extensive industry experience of the partners: The partners have experience of around four decades in the textile industry (weaving, knitting and processing). This has given them an understanding of the market dynamics and helped establish relationships with suppliers and customers. * Moderate financial risk profile: The moderate capital structure is reflected in estimated gearing of 0.92 times as on March 31, 2025. Debt protection metrics were adequate as indicated by interest coverage and net cash accrual to total debt ratios of 2.06 times and 0.12 time, respectively, for fiscal 2025. Networth remains small though, estimated at INR15 crore as on March 31, 2025. Liquidity: Stretched Expected cash accrual of INR2-2.5 crore should be sufficient to cover debt obligation of INR1.5-2 crore over the medium term and support liquidity. Bank limit utilisation averaged 97% in the last 12 months ended May'25. Outlook: Stable Crisil Ratings believes KTP will continue to benefit from the extensive experience of its partners and established relationships with clients. Rating sensitivity factors Upward factors: * Revenue growth and stable operating margin, leading to cash accrual more than INR2 crore * Improvement in the working capital cycle. Downward factors: * Decline in revenue leading to lower net cash accrual * Large, debt-funded capex or substantial increase in working capital requirement with GCAs over 250 days, thus weakening the liquidity and financial risk profile Established in 2002, KTP is engaged in dyeing of polyester, cotton and viscose fabrics at its facility in Tiruppur, Tamil Nadu. The daily operations are managed by the promoter, Mr G Ramachandran. KUNNATH CONSTRUCTIONS: CRISIL Cuts Rating on LT/ST Loan to D ------------------------------------------------------------ Crisil Ratings has downgraded its ratings on the bank facilities of Kunnath Constructions (KC) to 'Crisil D/Crisil D' from 'Crisil B/Stable/Crisil A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Downgraded from 'Crisil B/Stable') Short Term Rating - Crisil D (Downgraded from 'Crisil A4') The rating downgrade reflects the delays in debt servicing on account of weak liquidity and insufficient fund availability. The rating reflects the susceptibility of KC to risks inherent in tender-based operations, the firm's large working capital requirement and highly leveraged capital structure. These weaknesses are partially offset by the extensive experience of the promoter in the civil construction industry. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profile of KC. Key Rating Drivers & Detailed Description Weaknesses: * Susceptibility to risks inherent in tender-based operations: Revenue and profitability depend entirely on the ability to win tenders. Also, intense competition necessitates aggressive bidding to get contracts, which restricts the operating margin. Moreover, given the cyclicality inherent in the construction industry, the ability to maintain profitability through operating efficiency becomes critical. * Large working capital requirement: The working capital intensity is reflected in gross current assets (GCAs) of 679 days as on March 31, 2024, and estimated over 376 days as on March 31, 2025. The reduction in the GCA Days has been on account of the change in accounting policy. The large working capital requirement is because of sizeable receivables and inventory as the firm has to extend long credit period and hold large inventory for its business. * Highly leveraged capital structure: KC has an average financial risk profile marked by high total outside liabilities to adjusted networth (TOLANW) ratio for the three fiscals ended March 31, 2024. The gearing and TOLANW ratio are estimated at 6.39 times and 7.49 times, respectively, as on March 31, 2025. Strengths: * Extensive industry experience of the promoter: Experience of over 20 years in the civil construction industry has helped the promoter develop an understanding of the market dynamics and establish relationships with suppliers and customers Liquidity: Poor Liquidity is poor as reflected in delays in repayment of term debt obligations. The firm's bank limit utilization stands at 60% for the twelve months ended March 25. Cash accrual is expected at INR2-3 crore against term debt obligation of INR0.50-60 crore over the medium term. Current ratio was low at 0.88 time on March 31, 2025. Rating sensitivity factors Upward Factors * Sustained revenue growth and stable operating margin, leading to healthy orderbook to revenue ratio of atleast 2 times. * Improvement in financial risk profile and liquidity risk profile, with no defaults in the servicing of obligations KC was established in 2009 and is located in Kochi, Kerala. The firm is owned and managed by Ajayakumar Sreedharan. KC undertakes civil construction works, such as construction of building, roads and bridges, marine structures and allied works. LAKSHMI SRINIVASA: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Lakshmi Srinivasa Agro Industries (SLSAI) continues to remain in the 'Issuer Not Cooperating' category. 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 category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 3, 2024, placed the rating(s) of SLSAI under the 'issuer non-cooperating' category as SLSAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLSAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 19, 2025, April 29, 2025, May 9, 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 Bellary (Karnataka) based Sri Lakshmi Srinivasa Agro Industries (SLSAI) is a partnership firm established in 2015 by Mr. M Srinivas Rao. The firm is engaged in Rice Milling and processing of non-basmati rice varieties. The firm majorly deals in rice, steamed rice, boiled rice, broken rice, rice bran, etc. SLSAI has an installed capacity to process 3 tonnes per day. The firm sells rice to domestic wholesalers, restaurants and hospitals in the units of 10 kgs, 25 kgs, 50 kgs. MKR ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of MKR Enterprises (ME) 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 Ltd (CareEdge Ratings) had, vide its press release dated July 2, 2024, placed the rating(s) of ME under the 'issuer non-cooperating' category as ME had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ME continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 18, 2025, May 28, 2025 and June 7, 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 MKR Enterprises is a proprietorship firm engaged in the trading and manufacturing of gold and silver bullion and ornaments. The firm is located in Agra, Uttar Pradesh which is a hub of gold and silver trading. Approximately 60% of the firm's operations are based on trading while the remaining 40% relies on manufacturing. The firm outsources the manufacturing of silver ornaments and markets the products in southern regions of India such as Chennai, Vijayawada, etc. through its own jewellery shop. MKR Enterprises is a proprietorship firm engaged in the trading and manufacturing of gold and silver bullion and ornaments. The firm is located in Agra, Uttar Pradesh which is a hub of gold and silver trading. Approximately 60% of the firm's operations are based on trading while the remaining 40% relies on manufacturing. The firm outsources the manufacturing of silver ornaments and markets the products in southern regions of India such as Chennai, Vijayawada, etc. through its own jewellery shop. MODERN ACADEMY: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Modern Academy (MA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.39 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 27, 2024, placed the rating(s) of MA under the 'issuer non-cooperating' category as MA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 13, 2025, May 23, 2025 and June 2, 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 Haldwani (Uttarakhand)–based Modern Academy (Modern) was established as an educational society in 1999 with an objective to impart education in the field of Technology and Management by Mr. C L Dhingra, Mr. R C Monga, Mr. Narendra Dhingra, Mr. Sanjay Dhingra, and Ms. Nilam Dhingra. MPS STEELS: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of MPS Steels Private Limited (MSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.18 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 20, 2024, placed the rating(s) of MSPL under the 'issuer non-cooperating' category as MSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 6, 2025, May 16, 2025, May 26, 2025 among others. In line with the extant SEBI guidelines CareEdge Ratings has reviewed the rating on the basis of the best available information which however in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable MPS Steels Private Limited (MSPL) was originally established as MPS Steels Castings Private Limited, part of the Paragon Steel Group. It had two divisions - castings and ingots. Subsequently in FY13, the ingot division was taken over by Bee Path group, whose promoters are Mr. Palakkandy UsmanKoya Moideenkoya, Mr. Mujeeb Rehman Charupadikkal and Mr. Palakkandy Hafeezula and thus MSPL was incorporated. The directors, Mr. Palakkandy UsmanKoya Moideenkoya and family, have been in the steel industry for close to two decades are involved in the day to day activities of the business of MSPL. MSPL commenced its operations in May 2013 and is engaged in manufacturing MS ingots. The manufacturing unit is situated in Palakkad in 2.5 acres which has in-house warehouse to the extent of approx. 1 acre. MSPL is certified by ISO 9001:2008 and ISI certification for entire product range. NEO CAPRICORN: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Neo Capricorn Plaza Private Limited Raheja Chambers 4th Floor Linking Road and Main Avenue Santacruz-West, Mumbai Maharashtra, India 400054 Insolvency Commencement Date: July 8, 2025 Estimated date of closure of insolvency resolution process: January 4, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Jayesh Natvarlal Sanghrajka 405-407, Hind Rajasthan Building D. S. Phalke Road Dadar East, Mumbai 400014 Email: jayesh.sanghrajka@incorpadvisory.in Email: cirp.neocapricorn@gmail.com Last date for submission of claims: July 22, 2025 NEW SAPNA: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of New Sapna Granite Industries (NSGI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 3, 2024, placed the rating(s) of NSGI under the 'issuer non-cooperating' category as NSGI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NSGI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025, June 8, 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: Not Applicable Godhra-based New Sapna Granite Limited (NSGI) established in 2011 is a proprietorship firm engaged in cutting and polishing of raw granite stones. The installed capacity of the plant is processing 6,00,000 square feet of stone per annum as on March 31, 2018. The proprietor Mr. Jabar Choudhary has an experience of over a decade in stone cutting and polishing. He was earlier engaged in cutting and polishing of marble, granite and kota stone through a firm named Sapna Kota Stone. The granite stones are sold to traders and real estate builders in and around Gujarat, Rajasthan and Maharashtra. NUTRIONEX MANUFACTURERS: CARE Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Nutrionex Manufacturers Limited (NML) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.73 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 1,133.27 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 9, 2024, placed the rating(s) of NML under the 'issuer non-cooperating' category as NML had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NML continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 25, 2025, April 4, 2025 and April 14, 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 Nutrionex Manufacturers Limited (NML) (previously known as Shri Lal Mahal Limited) was established in year 1907 with presence mainly in rice segment. The two main companies of the group are Nutrionex Manufacturers Limited (NML) and Kannu Aditya India Limited (NML) having similar nature of operations, common management and promoters. NML also has a wholly owned subsidiary Lal Mahal Retail Limited. The group is primarily engaged in milling, processing and selling of rice primarily basmati rice. The company has an established Brand 'Empire' for its Basmati Rice. Other major brands of the Company are “Supreme”, Mughalai, Heena, for Exports, and Diamond, Tibar, Dubar and Mogra for the Domestic sales. It also engages in trading (both export and domestic) of various agro and non-agro commodities and also has wind power generation capacity of 12.5MW and Gold jewellery SEZ unit at Noida under NML. OSIA HYPER: CRISIL Lowers Rating on INR19cr Cash Loan to D ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Osia Hyper Retail Limited (OHRL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 19 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Cash Credit 8.3 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Cash Credit 10 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Cash Credit 11.7 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with OHRL for obtaining information through letters and emails dated January 8, 2025 and latest dated July 8, 2025, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of OHRL, which restricts Crisil Ratings ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that the rating action on OHRL is consistent with 'Assessing Information Adequacy Risk'. The ratings on the bank facilities of OHRL have been downgraded to 'Crisil D Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not Cooperating' basis the delay in the payment of servicing vendor bill discounting facility as reported in the audit report and as per the affirmation on the same by the management through its corporate announcement for fiscal 2025. Incorporated in 2013, OHRL (formerly, Mapple Exim Pvt Ltd) runs an organised retail business, through its stores in Ahmedabad, Vadodara, Gandhinagar and Dehgam all in Gujarat. The company has 15 stores under the Osia Hypermart brand, and its central stockyard is in Rakhiyal, Ahmedabad. Retail operations commenced in July 2014. OHRL is listed on the Bombay Stock Exchange (BSE). PEEL-WORKS PRIVATE: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: M/s. Peel-Works Private Limited 1st & 2nd Floor, Kagalwala House, Plot No. 175, CST Road, Kalina, Bandra Kurla, Santacruz East, Mumbai City, Mumbai, Maharashtra, India, 400098 Insolvency Commencement Date: June 26, 2025 Estimated date of closure of insolvency resolution process: December 23, 2025 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Sunil Kumar Agarwal G-805, Akruti Orchid Park, Nr. Safed Pul, Andheri Kurla Road, Sakinaka, Andheri (East), Mumbai, Maharashtra, 400072 E-mail: ANIL91111@HOTMAIL.COM B/1221, Sun WestBank, Nr. Shiv Cinema, Ashram Road, Ahmedabad-380009 E-Mail: CIRP.PEELWORKS@GMAIL.COM Email: ANIL91111@HOTMAIL.COM Last date for submission of claims: July 10, 2025 PERFECT FOOTWEAR: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Perfect Footwear (PF) continues to remain in the 'Issuer Not Cooperating' category. 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 category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 2, 2024, placed the rating(s) of PF under the 'issuer non-cooperating' category as PF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 18, 2025, May 28, 2025 and June 7, 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 Agra (Uttar Pradesh) based M/s Perfect Footwear (PF) was formed as a partnership concern by Mr. Harvinder Pal Singh, Smt. Raminder Kaur and Smt. Jasmeet Kaur in 2015. It is currently being managed by Mr. A.S. Ahuja. PF is engaged in manufacturing of leather footwear. PREMIUM HARVEST: CARE Lowers Rating on INR16.40cr LT Loan to B -------------------------------------------------------------- CARE Ratings has revised the rating on certain bank facilities of Premium Harvest Limited (PHL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.40 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 3, 2024, placed the rating(s) of PHL under the 'issuer non-cooperating' category as PHL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PHL 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). The ratings have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in April 2004 by the Baheti brothers – Mr. Rajendra Baheti, Mr. Govind Baheti and Mr. Rajesh Baheti, Premium Harvest Limited [PHL, erstwhile Premium Harvest Private Limited (PHPL), converted into a public limited company in October 2010] is engaged in processing & trading of pulses, processing of wheat and milling of wheat flour at its processing facilities located at Khargone in Madhya Pradesh and Delhi. The resultant products, viz. processed pulses, processed and milled wheat flour, are in-turn sold to the wholesalers, retailers & exporters of food items from various parts of India. On the other hand, the raw pulses and wheat are procured directly from various farmers and also from the traders of various agro-commodities. RADHARAMAN COTGIN: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Radharaman Cotgin Private Limited (RCPL) 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 July 1, 2024, placed the rating(s) of RCPL under the 'issuer non-cooperating' category as RCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 17, 2025, May 27, 2025, June 06, 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 December 2012, Radharaman Cotgin Private Limited (RCPL) was promoted by Mr. Monoj Kumar Biswal and Mr. Adarsh Agrawal. The company has been engaged in manufacturing of ginning and pressing of cotton bales. The manufacturing facility of the company is located at Belpada, Odisha with installed capacity of 2000 quintals per day. RCPL procures cotton from local farmers and agents and sells its products through the wholesalers and distributors located in Punjab, Haryana, Rajasthan, Delhi and Kolkata. RAHEJA ICON: CARE Keeps Debt D Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Raheja Icon Entertainment Private Limited (RIEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 68.00 CARE D: Issuer not cooperating; debentures Rating continues to remain under 'Issuer not cooperating' category Rationale and key rating drivers CareEdge Ratings Limited (CARE Ratings) had placed the ratings of RIEPL under the 'Issuer not cooperating' category, vide its press release dated September 13, 2019, as the company had failed to provide the requisite information required for monitoring the ratings as agreed to in its rating agreement. RIEPL continues to be noncooperative, despite repeated requests for submission of information through phone calls and emails dated May 28, 2025; June 7, 2025, and June 17, 2025. In line with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating based on best available information which, 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 rating. Rating sensitivities: Factors likely to lead to rating actions: CareEdge Ratings has not received information from the company. The debenture trustee also could not be contacted. Analytical approach: Standalone Outlook: NA Detailed description of key rating drivers: CARE Ratings has not received any information from the company. The debenture trustee also could not be contacted. Incorporated in 2010, RIEPL is engaged in promotion, development, and construction of real estate. The company is part of the Raheja Group with the flagship company being Raheja Developers Limited (RDL), rated 'CARE D; Issuer not cooperating' and is a 100% subsidiary of RDL. RAJ CHICK: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Raj Chick Farms Private Limited (RCFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.99 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 24, 2024, placed the rating(s) of RCFPL under the 'issuer non-cooperating' category as RCFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RCFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 10, 2025, May 20, 2025, May 30, 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, Raj Chick Farms Private Limited (RCFPL), was incorporated in 2002 as a Private Limited Company by Mr. Guarav Khurana and Mr. Omprakash Khurana. The Company is engaged in farming of egg laying poultry birds (chickens) and trading of eggs and cull birds and its registered office is at Banjara hills, Hyderabad, Telangana with installed capacity of 1,00,000 number of birds per annum. RATNAPRIYA IMPEX: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ratnapriya Impex Private Limited (RIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 60.00 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 2, 2024, placed the rating(s) of RIPL under the 'issuer non-cooperating' category as RIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 18, 2025, May 28, 2025, June 7, 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 Ratnapriya Impex Pvt. Ltd. (RIPL), incorporated in June 2009, was promoted by Mr. Rajan Jain and Mr. Gian Chand Jain with the purpose of carrying trading business in commodities like edible oils, oilseeds, metal scrap, etc. The company commenced operations from June 2010. RIPL has depots/godowns in the major cities of Punjab, Haryana and Himachal Pradesh. Presently, the company is managed by Mr. Vikas Gupta, the director of the company who looks after the overall functioning with support from Mr. Pradeep Kumar Jain who recently joined the company as a director. In FY13, RIPL discontinued trading of metal scrap. Presently, the company is engaged in trading of crude palm oil (imported from Singapore, Malaysia), Vanaspati, rice etc. RMS HOTELS: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of RMS Hotels & Resorts India Private Limited (RHRIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 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 RHRIPL under the 'issuer non-cooperating' category as RHRIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RHRIPL 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 Bareilly, Uttar Pradesh based, RMS Hotels & Resorts (India) private Limited (RMS)was incorporated in 2019 as a private limited company. The company is currently being managed by Mr. Mehttab Siddiqui (Managing Director) and his wife Mrs. Reshma Siddiqui. RMS is embarked upon setting up a 5 star category Hotel- Radisson Bareilly Airport. The Company has a tie-up with known international hotel chain 'Radisson Hotel Group' owned by HNA Group. The hotel has 70 guest rooms (1 presidential Suite, 26 junior suite 43 executive rooms. The hotel premises also features a AC banquet hall attached to swimming pool areas, open lawn, Gym, Salon, two restaurants, board room and Saloon on land area of 5, 026 sq.mtrs. The promoters are planning to increase the number of rooms by 63 guest rooms (3 presidential suite, 6 junior suite and 54 executive room) aggregating to total hotel inventory of 132 guest rooms, winter garden with area of 20,000 sq. ft., speciality restaurant, 2 AC banquet hall with capacity of 4,000 pax and car parking area. SAHDEV JEWELLERS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sahdev Jewellers (SJ) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 51.40 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 SJ under the 'issuer non-cooperating' category as SJ had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SJ 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 Mr. Ravi Sahdev (son of Mr. Vasdev Sahdev) as partners. During FY17, the constitution of the firm has been changed to a proprietorship firm following demise of Mr. Vasdev Sahdev. The firm is an export oriented unit and is engaged in manufacturing, trading and export of plain gold Jewellery. The firm has a manufacturing unit at SEZ (Special Economic Zone) in Noida, Uttar Pradesh and has a wholesale outlet in Karol Bagh, Delhi. SARITA DEVI: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sarita Devi Warehouse (SDW) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.26 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 21, 2024, placed the rating(s) of SDW under the 'issuer non-cooperating' category as SDW had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SDW continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 7, 2025, May 17, 2025, May 27, 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 Sarita Devi Warehouse (SDW) was established in April, 2013 as a proprietorship concern. However, the commercial operation started in April, 2014 and is currently being managed by Mrs. Sarita Devi, as its proprietor. The firm is engaged in the providing leasing services of warehouse at its facility located in Sirsa, Haryana. SKW provides the warehouses on lease to its group concern namely, Siddheshwar Warehouse). Besides this, the proprietor is also engaged in other group concern namely, Siddheshwar Warehouse, based in Sirsa, Haryana and is engaged in similar business operations. SEA MIST BUILDERS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Sea Mist Builders and Developers Private Limited Raheja Chambers Linking Road & Main Avenue Santacruz West, Mumbai – 400054 Maharashtra, India Liquidation Commencement Date: June 30, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: Vinod Kumar Chaurasia A-756, Sector-2, Rohini, New Delhi – 110085 Delhi, India Address for Correspondence: B-022, Pragati Vihar Hostel, Lodhi Road, New Delhi - 110003 Email: cavinodchaurasia@ gmail.com Tel No: +91 99535 87496 Last date for submission of claims: July 30, 2025 SOLAPUR SOLAR: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Solapur Solar Energy Private Limited (SSEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.98 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) vide its press release dated February 9, 2021, placed the rating of SSEPL under the 'issuer non-cooperating' category as SSEPL failed to provide information for monitoring of the rating. SSEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and emails dated March 8, 2025, March 18, 2025, March 28, 2025, April 10, 2025, and July 2, 2025. Considering the extant SEBI guidelines, CareEdge Ratings reviewed the rating based on the best available information whichin 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. Analytical approach: Standalone SHDPL was incorporated in 2014 as a 100% subsidiary of Sunil HiTechEngineers Ltd (SHEL) to implement suitable solar power generation projects. Solar Energy Corporation of India (SECI), a central government SPV invited bids to implement solar power projects for a total quantum of 750 MW, of which SHDPL was successfully awarded with a 5MW project under the Jawaharlal Nehru National Solar Mission (JNNSM) scheme. SHDPL won the bid at a Viability gap funding (VGF) of INR6.75 crore or INR1.35 crore per MW. The company achieved COD on July 17, 2015, and entered a power purchase agreement (PPA) for 25 years with SECI for purchase and sale of contracted capacity (CUF) of minimum 7.014 million kwh (MU) and maximum 9.077 million kwh (MU). SPOTZOT INDIA: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Spotzot India Private Limited G-1, Ganganagari Co Op Hsg Soc Adjacent to Pratidniya Mangal Karyalay Karvenagar, Pune, Pune City Maharashtra, India, 411052 Liquidation Commencement Date: July 7, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Mrs. Shilpa Dixit 502, Shree Malati Madhav Co. Op Hsg Soc Kohinoor Colony Sahakar Nagar No. 2 Pune- 411009 Email: shipa.dixt@kmdscs.com Last date for submission of claims: August 6, 2025 SPS AGRONICO: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of SPS Agronico India LLP (SPS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 27.55 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 21, 2024, placed the rating(s) of SPS under the 'issuer non-cooperating' category as SPS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 7, 2025, May 17, 2025, May 27, 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 SPS Agronico India LLP (SPS) was incorporated on July 17th, 2015 as a Limited Liability Partnership by the partners Mr. Savitri Srikar Nag (Designated Partner) along with his family members with registered office at Yeshwanthpur, in order to establish a fully automized rice processing mill. The firm is engaged in the process of rice, rice bran, broken rice and husk from paddy. SSJV PROJECTS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: M/S SSJV Projects Private Limited #21/6, Ground Floor, Craig Park Layout MG Road, Bangalore, Bangalore, Karnataka India, 560001 Insolvency Commencement Date: July 4, 2025 Estimated date of closure of insolvency resolution process: December 31, 2025 Court: National Company Law Tribunal, Bengaluru Bench Insolvency Professional: Ravi Sankar Devarakonda 41/1, 2nd Floor, 8th Main 11th Cross, Jayanagar 2nd Block Bangalore 56001 Email: ravicacscmallb@gmail.com Email: cirp.ssjv@gmail.com Last date for submission of claims: July 21, 2025 SWADESH MILK: CARE Lowers Rating on INR15cr LT Loan to B- --------------------------------------------------------- CARE Ratings has revised the rating on certain bank facilities of Swadesh Milk Products Private Limited (SMPPL), 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 B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 26, 2024, placed the rating(s) of SMPPL under the 'issuer non-cooperating' category as SMPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMPPL 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). The ratings assigned to bank facilities of SMPPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Lucknow, Uttar Pradesh based Swadesh Milk Products Private Limited (SMPPL) (erstwhile Devashish Diary Private Limited) was incorporated in August, 2004 and is currently being managed by Mr Piyush Upadhyay and Ms Deep Mala Upadhyay. The company is engaged in processing of milk and milk products i.e., milk, butter, ghee, curd and paneer. The company sells its products i.e., milk, butter, ghee, curd, paneer, etc. under the brand name of "Shuddh" through distributor/dealer network in Uttar Pradesh. UMANG OILS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Umang Oils Private Limited (UOPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.08 Crisil B+/Stable (Issuer Not Cooperating) Cash Credit 1.42 Crisil B+/Stable (Issuer Not Cooperating) Cash Credit 7.25 Crisil B+/Stable (Issuer Not Cooperating) Cash Credit 0.08 Crisil B+/Stable (Issuer Not Cooperating) Cash Credit 1.42 Crisil B+/Stable (Issuer Not Cooperating) Cash Credit 7.25 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with UOPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of UOPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UOPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of UOPL continues to be 'Crisil B+/Stable Issuer not cooperating'. UOPL was incorporated in 2006, promoted by Mr Sanjay Kumar Mansinghka and his wife, Ms Sangeeta Mansinghka. The company refines edible oil, mainly rice bran oil, through the solvent extraction process. Its manufacturing facilities are in Varanasi, Uttar Pradesh. UNITECH INTERNATIONAL: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: UNITECH INTERNATIONAL LIMITED 714, 7th Floor, D Wing, Neelkanth Business Park Kirol Village, Vidyavihar (W), Mumbai City, Mumbai, Maharashtra, India, 400086 Insolvency Commencement Date: June 26, 2025 Estimated date of closure of insolvency resolution process: December 23, 2025 Court: National Company Law Tribunal, Mumbai Bench-II Insolvency Professional: Mayur Rajendrakumar Popat 802, Sainath Heights, Besides Isckon Temple, Near Harinagar Crossing, Vadodara, Gujarat-390021 Email: mayurpopat@hotmail.com 425, Lotus Elite, Gotri Sevasi Road, Besides OSIA Hypermart, Vadodara, Gujarat – 390021 Email: cirp.unitech@gmail.com Last date for submission of claims: July 11, 2025 UNIVERSAL EXTRUSIONS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Universal Extrusions (UE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.23 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 8, 2024, placed the rating(s) of UE under the 'issuer non-cooperating' category as UE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 24, 2025, June 3, 2025 and June 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: Not Applicable UE was established in 2012 and is engaged in manufacturing of aluminium extrusions, which are used in different industries as construction, solar, greenhouse and engineering. UNIVERSAL TUBE: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Universal Tube Accessories Private Limited (UTAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.49 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 UTAPL under the 'issuer non-cooperating' category as UTAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UTAPL 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 UTAPL was incorporated in September, 2011 for manufacturing of steel tools and accessories required in the oil and gas industry. The company is based in Pune (Maharashtra). The company's major product was mandrel bars and other products included thread protectors and helical anchors. UPAL BUILDTECH: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Upal Buildtech Private Limited Office No. 303, 3rd Floor, Balaji Chamber D-246/10, Street No-10 Laxmi Nagar, New Delhi - 110092 Insolvency Commencement Date: July 8, 2025 Estimated date of closure of insolvency resolution process: January 1, 2026 Court: National Company Law Tribunal, Allahabad Bench Insolvency Professional: Shivanand Chaudhary P-306, Logix Bossom Country Sector-137 Noida (Uttar Pradesh) Email: upal.cirp@gmail.com Email: cashivanand12@gmail.com Last date for submission of claims: July 22, 2025 V.R.K. ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of V.R.K. Associates Private Limited (VAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 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 VAPL under the 'issuer non-cooperating' category as VAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VAPL 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 Uttar Pradesh based V.R.K. Associates Private limited is a private limited company and was incorporated in February 2001 and managed by Mr. Vijay Prakash, Mr. Vaibhav Gupta, Ms. Rashmi Kesarwani and Ms. Shanti Devi. The company is involved in various activities which include running a hotel in Sarnath, Uttar Pradesh by the name of "Buddha Resort", Indane Gas Agency business by the name "VRK Indane service" and a retail jewelry shop for the Gitanjali Group by the name "VRK Jewells". In November 2019, company has started a new hotel named Hotel Pinnacle Gate. YOGESHWARI SUGAR: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Yogeshwari Sugar Industries Private Limited (YGSIL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 40 CRISIL D (ISSUER NOT COOPERATING) Term Loan 3.5 CRISIL D (ISSUER NOT COOPERATING) Term Loan 4.62 CRISIL D (ISSUER NOT COOPERATING) Term Loan 5.88 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with YGSIL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of YGSIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on YGSIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of YGSIL continues to be 'Crisil D Issuer not cooperating'. YGSIL was incorporated in 2000. YGSIL is promoted by Mr. Rohidas Tatayasaheb Deshmukh.YGSIL manufactures sugar and has its plant at Parbhani District in Maharashtra with installed capacity of 1500 tonnes crushing per day (TCD). Z. F. FILAMENTS: CRISIL Keeps B- Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Z. F. Filaments Private Limited (ZFF; formally known as Z. F. Filaments) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.64 CRISIL B-/Stable (ISSUER NOT COOPERATING) Long Term Loan 2.04 CRISIL B-/Stable (ISSUER NOT COOPERATING) Proposed Long Term 1.32 CRISIL B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with ZFF for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ZFF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ZFF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ZFF continues to be 'Crisil B-/Stable Issuer not cooperating'. ZFF, set up in 2002 by Mr. Ashfaq Ansari as a proprietorship firm which got converted to private limited company in May 2017, the firm manufactures grey fabric. It is based in Dhule, Maharashtra, and has capacity of 450,000 metre per month. ZEPHYR FABRIC: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Zephyr Fabric Trading LLP (ZF; part of Oneworld Group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ZF for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ZF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ZF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ZF continues to be 'Crisil D Issuer not cooperating'. Promoted and managed by Mr Urvil Jani and Mr Manoj Khushalani, the Oneworld group trades in textile materials. It also sells ready-made garments, manufacturing of which is outsourced. Registered office is in Mumbai. ZF, formed in 2015, trades in fancy wear material. WF, OIPL, ORPL, OS, UFPL, TIPL, MDC, WOT, and ODS are engaged in trading of different types of fabrics while OCPL is engaged in trading of readymade garments. =============== M A L A Y S I A =============== AHMAD ZAKI: Unit Served With Winding-Up Bid Over MYR5.86MM Claim ---------------------------------------------------------------- The Malaysian Reserve reports that Ahmad Zaki Resources Bhd (AZRB) said its wholly owned subsidiary, Ahmad Zaki Sdn Bhd (AZSB), has been served with a winding-up petition by Giga Engineering & Construction Sdn Bhd over an alleged unpaid sum of MYR5.86 million. In a filing with Bursa Malaysia, AZRB said the petition was filed in the High Court of Malaya on June 26, 2025, and served on AZSB on July 4, 2025, according to the report. The Malaysian Reserve relates that the petitioner claims that AZSB failed to settle the outstanding amount, prompting the legal action to wind up the subsidiary. According to the Malaysian Reserve, AZRB said AZSB is disputing the claim and has instructed its solicitors to resist the petition and apply for a Fortuna injunction, which seeks to stay the winding-up proceedings in cases involving disputed debts. The company added that AZSB is not a major subsidiary and does not expect any material financial or operational impact from the petition. Apart from legal fees and related costs, no losses are anticipated by the group. AZRB's total cost of investment in AZSB stands at MYR165.3 million, the Malaysian Reserve discloses. Headquartered in Kuala Lumpur, Malaysia, Ahmad Zaki Resources Berhad, an investment holding company, provides management services and acts as a contractor of civil and structural works in Malaysia, Indonesia, India, and the Kingdom of Saudi Arabia. It operates through Engineering and Construction, Concession, Oil and Gas, and Property segments. HO HUP: IRB Files Winding-Up Petition Against Unit -------------------------------------------------- The Malaysian Reserve reports that the Inland Revenue Board (IRB) has filed a winding-up petition against Bukit Jalil Development Sdn Bhd (BJD), a wholly owned subsidiary of Ho Hup Construction Company Bhd, over tax arrears totalling MYR23.72 million for the year of assessment 2019. In a filing with Bursa Malaysia, Ho Hup said BJD, which is currently under creditors' voluntary liquidation, received the petition dated June 23 on July 9, the Malaysian Reserve relates. According to the report, the group said the tax liability arose due to BJD's prolonged cash flow constraints, which prevented it from meeting its tax obligations. However, the company clarified that BJD is not a major subsidiary, having posted a loss after tax of MYR33.33 million in FY2023, compared to the group's overall net loss of MYR84.47 million, the Malaysian Reserve relays. Ho Hup has invested MYR15 million in BJD. The group added that the petition is not expected to have any financial or operational impact on the company, as BJD ceased operations and was placed under creditors' voluntary liquidation on May 23, 2025. Baker Tilly Insolvency PLT has been appointed as the liquidator, the report discloses. The Malaysian Reserve adds that Ho Hup noted that its solicitors have advised that IRB must obtain leave from the High Court to proceed with the petition, given that BJD is already in voluntary liquidation. "The control of the business and affairs of BJD now fully resides with the liquidators, who will handle the petition and engage with the IRB accordingly," the company said. Based in Malaysia, Ho Hup Construction Company Berhad -- https://www.hohupgroup.com.my/ -- engages in foundation engineering, civil engineering, building contracting works and hire of plant and machinery. The Company operates in four segments: construction, which is engaged in foundation and civil engineering, building contracting works and engineering, procurement, construction and commissioning of pipeline system; property development, which includes the development of residential and commercial properties, manufacturing, which includes manufacturing and distribution of ready-mixed concrete, and other business segment, which represents hire of plant and machinery. The Company's subsidiaries include H2Energy Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd. ===================== N E W Z E A L A N D ===================== JLB TRANSPORT: Creditors' Proofs of Debt Due on Aug. 10 ------------------------------------------------------- Creditors of JLB Transport Limited are required to file their proofs of debt by Aug. 10, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 10, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 MATLEY GROWTH: Court to Hear Wind-Up Petition on Aug. 5 ------------------------------------------------------- A petition to wind up the operations of Matley Growth Limited and Matley Limited will be heard before the High Court at Rotorua on Aug. 5, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 16, 2025. The Petitioner's solicitor is: Charles David Walmsley Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton PHIL CLARKE: Creditors' Proofs of Debt Due on Aug. 9 ---------------------------------------------------- Creditors of Phil Clarke & Son Limited are required to file their proofs of debt by Aug. 9, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 8, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 SOUTHERN MAX: Simon Dalton Appointed as Receiver and Manager ------------------------------------------------------------ Simon Dalton of Gerry Rea Partners on July 1, 2025, was appointed as receiver and manager of Southern Max Construction Limited, Southern Max Property Limited and Southern Max Property Management Limited. The receiver and manager may be reached at: Simon Dalton Gerry Rea Partners PO Box 3015 Auckland TJC LIMITED: Creditors' Proofs of Debt Due on Aug. 9 ---------------------------------------------------- Creditors of TJC Limited are required to file their proofs of debt by Aug. 9, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 9, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 ================= S I N G A P O R E ================= DIVINE NEST: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on June 27, 2025, to wind up the operations of Divine Nest (S) Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 GAS TECHNOLOGY: Creditors' Proofs of Debt Due on Aug. 8 ------------------------------------------------------- Creditors of Gas Technology Development Pte. Ltd. are required to file their proofs of debt by Aug. 8, 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: Goh Wee Teck Ng Kian Kiat c/o 8 Wilkie Rd #03-08 Wilkie Edge Singapore 228095 NEUTRAL TECHNOLOGIES: Court to Hear Wind-Up Petition on July 25 --------------------------------------------------------------- A petition to wind up the operations of Neutral Technologies Pte. Ltd. will be heard before the High Court of Singapore on July 25, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 1, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 RENEWABLES ASSETS: Creditors' Proofs of Debt Due on Aug. 8 ---------------------------------------------------------- Creditors of Renewables Assets Partners Pte. Ltd. are required to file their proofs of debt by Aug. 8, 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: Goh Wee Teck Ng Kian Kiat c/o 8 Wilkie Rd #03-08 Wilkie Edge Singapore 228095 SEATRIUM CONTRACTORS: Creditors' Proofs of Debt Due on Aug. 8 ------------------------------------------------------------- Creditors of Seatrium Contractors Pte. Ltd. are required to file their proofs of debt by Aug. 8, 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: Goh Wee Teck Ng Kian Kiat c/o 8 Wilkie Rd #03-08 Wilkie Edge Singapore 228095 ********* 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. 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