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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, July 21, 2025, Vol. 28, No. 144
Headlines
A U S T R A L I A
CHEMX MATERIALS: Exits External Administration
DYBING PTY: First Creditors' Meeting Set for July 24
FALCON CAPITAL: First Guardian, Shield Victims Could Lose AUD300MM
INVENTIS GROUP: Collapsed With AUD500,000 in Undelivered Orders
P.A.C.H. EXCAVATIONS: First Creditors' Meeting Set for July 24
PROCLEAR INTERNATIONAL: First Creditors' Meeting Set for July 23
QUEENSLAND DEVELOPMENTS: First Creditors' Meeting Set for July 23
SURFSTITCH PTY: Total Liabilities Top AUD13.28 Million
TRINITY CONSTRUCTIONS: ASIC Disqualifies Director for 5 Years
ZARA AYESHA: First Creditors' Meeting Set for July 24
B A N G L A D E S H
MERCANTILE BANK: Moody's Withdraws 'B3' Deposit & Issuer Ratings
C H I N A
HIGHER GROUND: US Trustee Opposes Bankruptcy Loan
HNA GROUP: Founder Sentenced to 12 Years in Prison
XINYUAN REAL: Closes $1.6M Private Placement With Xy Management
I N D I A
AATULYA LIFECARE: CARE Keeps D Debt Rating in Not Cooperating
BEARDSELL LIMITED: ICRA Keeps B+ Debt Rating in Not Cooperating
BHAVANI COTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
D J AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
DATACOM PRODUCTS: ICRA Keeps D Debt Ratings in Not Cooperating
FASHION FLARE: ICRA Keeps D Debt Ratings in Not Cooperating
G3 MOTORS: ICRA Keeps D Debt Rating in Not Cooperating Category
GARDENIA INDIA: Insolvency Resolution Process Case Summary
GOLDEN TOBACCO: ICRA Keeps D Debt Ratings in Not Cooperating
GOLDSTAR METAL: ICRA Keeps D Debt Ratings in Not Cooperating
GOVERDHAN TRANSPORT: ICRA Keeps B+ Debt Rating in Not Cooperating
GURU NANAK: ICRA Keeps B Debt Rating in Not Cooperating Category
IL&FS WIND: ICRA Keeps D Debt Rating in Not Cooperating Category
K. B. PRODUCTS: ICRA Keeps B Debt Ratings in Not Cooperating
K.P.R. AGROCHEM: ICRA Keeps D Debt Ratings in Not Cooperating
KUMARAN MILLS: CARE C Debt Rating in Not Cooperating Category
MAHESH LUMBER: ICRA Keeps D Debt Ratings in Not Cooperating
PIONEER SPINNING: CARE Keeps C Debt Rating in Not Cooperating
PRAHLAD FLOUR: ICRA Keeps B+ Debt Ratings in Not Cooperating
PURVI CASHEW: CARE Keeps B- Debt Rating in Not Cooperating
RELIANCE INFRASTRUCTURE: NCLAT Stays Insolvency Proceedings
RISE ON GROUP: ICRA Keeps C Debt Rating in Not Cooperating
SATYA BHASKARA: ICRA Keeps B+ Debt Ratings in Not Cooperating
SATYA SUBAL: CARE Keeps D Debt Ratings in Not Cooperating Category
SHITHALA DEALERS: Insolvency Resolution Process Case Summary
SHIV SUNDAR: CARE Keeps B- Debt Rating in Not Cooperating Category
SHREE MAHALAXMI: Liquidation Process Case Summary
SICAL IRON: ICRA Keeps D Debt Ratings in Not Cooperating Category
SINDHU CARGO: ICRA Keeps D Debt Ratings in Not Cooperating
SRS LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
VIKAS FILAMENTS: ICRA Keeps B Debt Ratings in Not Cooperating
M A L A Y S I A
HANDAL ENERGY: Faces Lawsuit for MYR3.1MM Over Alleged Unpaid Loan
N E W Z E A L A N D
AXIS ROOFING: Court to Hear Wind-Up Petition on Aug. 22
IFC EAST: Creditors' Proofs of Debt Due on Aug. 7
M & M RENOVATIONS: Creditors' Proofs of Debt Due on Aug. 7
PEARCE AG: Court to Hear Wind-Up Petition on Aug. 5
QUINOA TRUSTEES: Placed Under Receivership
S I N G A P O R E
BIPROLIFE PRIVATE: Court Enters Wind-Up Order
BOROO PTE: S&P Assigns 'B+' LongTerm ICR, Outlook Stable
HUAT MANUFACTURING: Court to Hear Wind-Up Petition on July 25
PETROFAC SOUTH: KordaMentha Appointed as Judicial Managers
PTY RESOURCES: First Creditors' Meeting Set for July 23
ROBINSON LAND: Court Enters Wind-Up Order
SUPREME MOBILITY: Court Enters Wind-Up Order
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A U S T R A L I A
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CHEMX MATERIALS: Exits External Administration
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ChemX Materials Limited, previously under a Deed of Company
Arrangement, said on July 18, 2025, that it has satisfied all
conditions precedent to exit external administration.
ChemX Materials said the control of the company has been returned
to its directors.
"Creditors will be contacted in due course regarding dividends to
be paid in respect of their claims from the creditors trust," the
company added.
About ChemX Materials
Based in Perth, Australia, ChemX Materials Limited (ASX:CMX) --
https://chemxmaterials.com.au/ -- engages in mining and developing
of high purity alumina technology. The company develops HiPurA
Process, a process technology to produce high purity alumina (HPA)
for lithium-ion batteries, LED lighting, and advanced electronics.
It also holds 100% interest in the Jamieson Tank Manganese project
comprising two exploration tenements that covers an area of
approximately 718 square kilometers located in Eyre Peninsula,
South Australia.
On Jan. 2, 2025, Clifford Rocke and Jimmy Trpcevski of WA
Insolvency Solutions were appointed as voluntary administrators of
Chemx Materials Limited and HiPurA Ptd Ltd.
The appointment of administrators followed the resignation of the
Chief Executive Officer Peter Lee on Dec. 16, 2024, coupled with
the downturn in the battery materials sector and the company being
unable to secure bridging finance over the December holiday
period.
On April 11, 2025, the creditors of each company resolved to
execute Deeds of Company Arrangement (DOCA).
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' ABN 40 446 342 194 will be held on
July 24, 2025 at 11:00 a.m. via virtual facilities.
Rajiv Ghedia of Westburn Advisory was appointed as administrator of
the company on July 14, 2025.
FALCON CAPITAL: First Guardian, Shield Victims Could Lose AUD300MM
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Lucas Baird at The Australian Financial Review reports that
compensation for thousands of consumers who could lose their
retirement savings with the collapse of the First Guardian and
Shield Master Trust investment schemes could top out at AUD300
million, despite almost AUD1 billion in superannuation being at
risk between the two entities.
The Financial Review relates that the warning from the Compensation
Scheme of Last Resort comes as the two companies are pursued by the
Australian Securities and Investments Commission (ASIC), with the
regulator successfully obtaining orders restricting the travel of
two company directors connected to First Guardian.
The regulator is investigating if First Guardian and Shield had
disclosed the risks to their investors properly, many of whom were
signed up via lead generators and high-pressure sales calls. While
Shield promised diversified assets and better returns than industry
super funds, ASIC believes it and trustee Keystone Asset Management
actually held risky, illiquid assets, the Financial Review says.
At First Guardian, liquidators of trustee Falcon Capital last week
said ASIC's concerns about its conduct were "well-founded" and it
may have faked investment returns. The regulator's investigations
are ongoing, and it has yet to bring legal action against either
trustee or its directors, the report relates.
According to the Financial Review, redemptions have been paused and
assets frozen as authorities determine what money can actually be
returned to investors. If it cannot be returned, the burden could
fall to the Compensation Scheme of Last Resort.
The scheme is designed to compensate victims of financial
misconduct when the firm behind a claim has gone out of business or
cannot pay up after a determination from the Australian Financial
Complaints Authority, the Financial Review notes.
The Financial Review relates that Compensation Scheme of Last
Resort chief executive David Berry said management investment
schemes and product failures fall outside the scope of the program,
but understood there will likely be claims against trustees,
advisers or others linked to First Guardian and Shield.
Mr. Berry said he was watching this matter closely and compared it
to the collapse of the conflict-riddled wealth management firm
Dixons in 2022.
"It is hard to get a sense of how much First Guardian and Shield
will cost the CSLR," the Financial Review quotes Mr. Berry as
saying. "Dixons, which we are still paying out by the way, will
likely get to AUD200 million being returned and possibly closer to
AUD250 million to AUD300 million when it is all is said and done.
This looks to be in a similar ballpark."
Individual claims to the scheme are limited to a maximum of
AUD150,000.
An advice firm that is a member of AFCA is a prerequisite for
claims that make it to the scheme, and Mr. Berry said new
complaints about Shield or First Guardian against advice firm
United Global Capital were not possible, as it was in liquidation
and its membership had lapsed, the report relays.
The compensation is funded with an industry levy on financial
advisers, who contributed around AUD24.1 million to the program in
the year to June. In the current financial year, financial advisers
are set to contribute AUD75.7 million.
Mr. Berry said the two-year-old body was about to start estimating
what it would require in 2027, when he expected the first AFCA
determinations regarding First Guardian and Shield to begin
filtering through.
"AFCA is going to take a long time to get through the complaints,
and it will probably take just as long as Dixons," he said.
About First Guardian
First Guardian is a registered managed investment scheme.
As reported in the Troubled Company Reporter Asia Pacific on April
11, 2025, the Federal Court appointed Ross Blakeley and Paul
Harlond of FTI Consulting as liquidators of Falcon Capital Limited
and ordered the Liquidators to wind up Falcon, the First Guardian
Master Fund and related unregistered subsidiary funds.
The Liquidators were appointed following an application by ASIC.
ASIC took this action as it was concerned about Falcon's management
and operation of First Guardian and the associated risks to
investors.
The Federal Court also ordered that Mr. Paul Allen of PKF Melbourne
be appointed as receiver to the property of David Anderson, a
director of Falcon.
This action follows previous action taken by ASIC in February 2025
to freeze the assets of Falcon, First Guardian and Mr. Anderson to
help protect investor funds while ASIC continues its
investigation.
The related unregistered subsidiary funds are:
* the First Guardian Global Income Fund
* the First Guardian Australian Development Fund
* the First Guardian Absolute Equities Fund
* the First Guardian Trulet Innovation Fund
* the First Guardian Global Equity Fund.
INVENTIS GROUP: Collapsed With AUD500,000 in Undelivered Orders
---------------------------------------------------------------
Antoinette Milienos at Daily Mail Australia reports that up to
AUD500,000 worth of orders from a Sydney furniture firm remain
undelivered after the company entered voluntary administration.
Customers of Inventis furniture brands may be left in limbo after
five companies, including Bassett Furniture, Gregory Commercial
Furniture, and Workstations, went into voluntary administration in
late June.
The ASX-listed group owes nearly AUD30 million, Daily Mail
Australia discloses citing ASIC documents.
Daily Mail Australia says the furniture companies operated out of
Inventis' premises in Arndell Park, 35km west of Sydney's CBD.
However, the companies were locked out of their headquarters in
mid-June due to unpaid rent.
According to Daily Mail Australia, administrators Simon Cathro and
Andrew Blundell from Cathro and Partners wrote in a report that the
landlord issued a termination notice effective June 30.
Trading was halted when administrators were appointed to prevent
further losses.
The Inventis Group is estimated to owe AUD2.6 million to the
Australian Tax Office, with the ATO issuing a director's penalty
notice in June.
The notice, addressed to the company's managing director, Anthony
Mankarios, was for AUD1.4 million in unpaid PAYG withholding tax
dating back to August 2020, Daily Mail Australia relates
About AUD1.6 million is owed to the company's staff, with the
amount excluding the outstanding severance pay for the terminated
employees.
Inventis HR Services, one of the companies that was plunged into
administration, has the largest outstanding debts.
The firm, which employed the 55 staff members working throughout
the group, owes AUD18.5 million to creditors.
An estimated AUD14.1 million of the total debts relate to other
groups within the company, such as the Inventis Technology
division.
About AUD4.4 million in debts to creditors was owed by Inventis
Properties, AUD5.6 million owed by Gregory Commercial Furniture,
AUD715,752 owed by Workstations, while Bassett Furniture owed
AUD490,650 in total debts.
According to Daily Mail Australia, the administrators explained the
company had tried to restructure and cut costs after a drop in
sales, but the measures failed to address the company's underlying
issues.
In the past two years, sales across Bassett, Gregory and
Workstations had more than halved, plunging from AUD10.1 million in
2023 to just AUD4 million in 2025, Daily Mail Australia notes.
The group also incurred AUD321,000 in termination-related costs in
March.
In their report, the administrators wrote that the group's
companies had potentially been trading since insolvent since June
2024, Daily Mail Australia relays.
The administrators have urged creditors to vote in favor of
liquidation at a meeting on July 18.
If the company is put into liquidation, creditors are unlikely to
recover any of the debts owed.
Simon Cathro and Andrew Blundell of Cathro & Partners on June 20,
2025, were appointed as administrators of Bassett Furniture Pty
Ltd, Gregory Commercial Furniture Pty Limited, Inventis HR Services
Pty Ltd, and Workstations Pty Ltd.
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.
PROCLEAR INTERNATIONAL: First Creditors' Meeting Set for July 23
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A first meeting of the creditors in the proceedings of Proclear
International Pty Ltd will be held on July 23, 2025 at 11:00 a.m.
via Microsoft Teams.
Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on July 11, 2025.
QUEENSLAND DEVELOPMENTS: First Creditors' Meeting Set for July 23
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Queensland
Developments Commissions Pty Ltd will be held on July 23, 2025 at
10:30 a.m. at the offices of Worrells Level 1, 160 Brisbane Street,
in Ipswich, QLD, and via videoconference.
Andrew Ivor Thomas Worrell of Worrells was appointed as
administrator of the company on July 11, 2025.
SURFSTITCH PTY: Total Liabilities Top AUD13.28 Million
------------------------------------------------------
Ragtrader reports that Australian online retailer Surfstitch owes
AUD13.28 million in total liabilities after its collapse this
year.
This is according to the administrators' report filed to ASIC and
obtained by Ragtrader. Edwin Narayan and Domenic Calabretta from
Mackay Goodwin were appointed as administrators.
Within the owings, AUD8.27 million is owed to secured creditors,
with just over AUD5 million owed to unsecured creditors, Ragtrader
relays.
Among the creditors, administrators reached out to over 50 entities
that Surfstich may have owed debts to following a search on the
Personal Properties Securities Register ("PPSR"). These include
major brands in the apparel and footwear space.
Administrators noted they have yet to hear back from around half of
them, which include brands such as Rip Curl, Deus Ex Machina,
Adidas, Globe International and Hurley.
According to Ragtrader, the administrators' report also confirms
Surfstitch traded at a net loss for the previous five financial
years, with sales also declining every year since June 2021.
Full-year sales to June 2021 topped AUD60.1 million, which slipped
to AUD29.8 million in FY24, and fell to AUD7.95 million in FY25.
Expenses remained elevated above gross profit since June 2022, with
operating losses peaking in FY24 at AUD2.14 million. The operating
loss for FY25 was AUD653,796.
These numbers are based on preliminary investigations by the
administrators into Surfstitch's financial records, extracted from
the online management accounts, Ragtrader notes.
Ragtrader says the report follows a turbulent few months for the
Surfstitch business that resulted in voluntary administration.
In late May 2025, the Australian arm of footwear brand Nike took
Surfstitch to the Supreme Court of Victoria over unpaid debts and
called for the business to be wound up. Court documents claimed
Nike Australia Pty Ltd was owed AUD237,760.38.
A few weeks prior, the online surf business was sold off alongside
its sister apparel brand Ginger & Smart, in a deal that initially
commenced with talks in September 2024, Ragtrader relates.
The new owners of both businesses are Best Markets, a specialist
asset manager with a number of digital and marketplace businesses.
This includes hospitality enterprises such as Linchpin Hospitality
Group and another retail business called Mon Purse, a personalised
leather goods brand.
According to the administrators' report, the purchase by Best
Markets did not include any assets of the company and solely
comprised the sale of shares. This included the shares of
Surfstitch Pty Ltd, ARG Ginger and Smart Pty Ltd and Alquemie
Retail Operations Pty Ltd and did not involve any of the other
companies associated with Alquemie Retail Group.
Since the collapse, Best Markets tabled a deed of company
arrangement (DOCA), which is attached to the full administrators'
report, according to Ragtrader. The DOCA outlines that Best
Markets' intention for Surfstitch is to transition the business
from a traditional online digital retailer to a standalone
marketplace operation.
Ragtrader adds that the report also noted that Best Markets had
requested Nike to withdraw its winding-up application and enter
payment discussions. Nike rejected the request, citing company
policy, and that it would only do so once full payment was made.
"Best Markets made an assessment that to revitalise the business it
required a moratorium to consider a wholistic restructure," the
DOCA proposal read.
"Further, given the deterioration in the business since March 2025,
Best Markets considered it necessary to appoint an external
administrator to the two companies for the purposes of undertaking
a restructure."
The administrators indicated that if the DOCA is accepted,
unsecured creditors can expect 4.73 cents on the dollar in return.
A second creditors meeting was held on July 14 last week, Ragtrader
notes. Ragtrader has reached out to Mackay Goodwin for an update.
Domenico Alessandro Calabretta and Edwin Narayan of Mackay Goodwin
were appointed as administrators of Surfstitch Pty Limited (trading
Surfstitch, Mohobu and Chosen Labels) on June 6, 2025.
TRINITY CONSTRUCTIONS: ASIC Disqualifies Director for 5 Years
-------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
disqualified director Anthony Azizi of Bexley, NSW, from managing
corporations for five years following his involvement in the
failure of three construction industry companies.
Between January 2001 and September 2021, Mr. Azizi was the director
of Trinity Constructions (Aust) Pty Ltd and Regal Consulting
Services Pty Ltd. ASIC was satisfied that Mr. Azizi, who conceded
to be a shadow director, acted as a director of Trinco Pty Ltd.
At the time of ASIC's decision, the three companies owed a combined
total of AUD93,708,563 to over 300 unsecured creditors, including
statutory debts to the Australian Taxation Office, NSW Office of
State Revenue, Workers Compensation Nominal Insurer, Department of
Employment and Workplace Relations in relation to the Fair
Entitlements Guarantee, NSW Self Insurance Corporation, as well as
other small businesses.
ASIC found that Mr. Azizi acted improperly and failed to meet his
obligations as director when he:
* Failed to exercise due care and diligence to ensure that
the companies met their statutory lodgement requirements,
* Improperly used his position to cause detriment to the
companies,
* Failed to take reasonable steps to ensure the companies
kept written financial records,
* Failed to ensure that the companies did not trade
while insolvent,
* Failed to lodge a Report on Company Activities and
Property (ROCAP) with the Liquidator of Regal within
10 days of the winding up, and
* Failed to provide reasonable assistance to the liquidator
of Regal by delivering all the books as soon as
practicable after the winding up.
In disqualifying Mr. Azizi, ASIC relied on supplementary reports
lodged by the liquidator of Trinity, Graeme Beattie of firm
Worrells Solvency and Forensic Accountants, and the liquidator of
Trinco, Henry McKenna of firm Vincents. ASIC assisted Worrells and
Vincents to prepare their reports by providing funding from the
Assetless Administration Fund.
Mr. Azizi is disqualified from managing corporations until July 14,
2030.
Mr. Azizi has the right to seek a review of ASIC's decision by the
Administrative Appeals Tribunal.
ZARA AYESHA: First Creditors' Meeting Set for July 24
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Zara Ayesha
Pty Ltd (Formerly Trading As 'Zeus Street Greek - Balgowlah' and
'Rashays Casual Dining Top Ryde') will be held on July 24, 2025 at
11:00 a.m. at the offices of 'Westburn Advisory', at Level 5, 115
Pitt Street, in Sydney, NSW.
Shumit Banerjee of Westburn Advisory was appointed as administrator
of the company on July 14, 2025.
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B A N G L A D E S H
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MERCANTILE BANK: Moody's Withdraws 'B3' Deposit & Issuer Ratings
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Moody's Ratings has withdrawn all ratings of Mercantile Bank PLC.,
including the B3 long-term (LT) and NP short-term (ST) local
currency (LC) and foreign currency (FC) deposit and issuer ratings
and the caa1 Baseline Credit Assessment (BCA) and Adjusted BCA.
Moody's have also withdrawn the bank's B3/NP LT/ST LC and FC
Counterparty Risk Ratings and B3(cr)/NP(cr) LT/ST Counterparty Risk
Assessments.
Prior to the withdrawal, the outlooks on the LT deposit and issuer
ratings were negative.
RATINGS RATIONALE
Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).
Mercantile Bank PLC. is headquartered in Dhaka and reported total
consolidated assets of BDT447.6 billion as of December 2024.
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C H I N A
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HIGHER GROUND: US Trustee Opposes Bankruptcy Loan
-------------------------------------------------
Benjamin Hernandez of Bloomberg Law reports that Higher Ground
Education Inc., a Montessori school operator, is facing opposition
from the U.S. Trustee over its proposed $8 million Chapter 11
financing package.
In an objection filed Wednesday, July 16, 2025, in the U.S.
Bankruptcy Court for the Northern District of Texas, U.S. Trustee
Lisa L. Lambert challenged the company's plan to roll up $2 million
in pre-bankruptcy debt to a higher payment priority.
She also objected to provisions granting liens on avoidance actions
and waiving certain creditor rights, according to the report.
The financing proposal includes a $5.5 million senior facility from
YYYYY LLC, which features a $500,000 roll-up, and a $2.5 million
junior facility from Guidepost Global Education Inc., with a $1.5
million roll-up. Lambert argued that these roll-ups improperly
elevate junior creditors by giving them superpriority claims,
including on potential recovery actions for pre-bankruptcy
payments. She also criticized the plan's treatment of general
unsecured creditors, who would only receive recoveries from
avoidance actions if their voting class approves the plan's making
their payout uncertain. Additionally, the proposal seeks to waive
the estate's ability to surcharge collateral and restricts some
creditors from asserting the equitable doctrine of marshaling.
Higher Ground filed for Chapter 11 in June 2025, citing burdensome
leases, increased secured debt, and ongoing losses following
aggressive expansion. It has since been forced to sell off assets,
including intellectual property and schools, after defaulting on a
secured loan.
About Higher Ground Education, Inc.
Higher Ground Education Inc. and its subsidiaries operate
Montessori schools and provide related training and consulting
services worldwide. Founded in 2016, the Group grew to manage more
than 150 schools by 2024, with locations across the U.S. and
international expansion into Hong Kong and mainland China. It also
offers virtual and home-based education, teacher training, and
licensing of its content to independent partners.
Higher Ground Education Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80121) on
June 17, 2025. In its petition, the Debtor reports estimated assets
and liabilities between $100 million and $500 million each.
Honorable Bankruptcy Judge Michelle V. Larson handles the case.
The Debtors are represented byHolland N. O'Neil, Esq. and Timothy
C. Mohan, Esq. at Foley & Lardner LLP and Nora J. McGuffey, Esq.,
and Quynh-Nhu Truong, Esq., at Foley & Lardner LLP.
Sierraconstellation Partners, LLC is the Debtors' Financial
Advisor. Verita Global, LLC fka Kurtzman Carson Consultants, LLC is
the Debtors' Notice, Claims, Solicitation & Balloting Agent.
HNA GROUP: Founder Sentenced to 12 Years in Prison
--------------------------------------------------
South China Morning Post reports that Chen Feng, a founder of the
defunct Chinese conglomerate HNA Group, has been sentenced to 12
years in prison and is subject to a penalty of CNY221 million
(US$30.8 million), nearly four years after he was detained by
police.
The Post relates that the 72-year-old businessman was charged with
harming the interests of a listed company, fraudulently obtaining
loans and a breach of duty through misappropriation, according to a
court document. The government said 40 million yuan in personal
assets were ordered to be confiscated.
Also sentenced were Sun Mingyu, former chairman of HNA Group's
supervisory board, and Bao Qifa, former chairman of Hainan Airlines
Group, which was previously controlled by HNA. Both received prison
terms of three and a half years. Sun was fined 9 million yuan and
Bao was fined 4.5 million yuan.
Chen Feng, who founded Hainan Airlines in 1989 in Haikou and grew
it into the sprawling conglomerate known as HNA Group, was detained
for suspected crimes in 2021, the Post recalls. The detention came
a few months after the group declared bankruptcy following
struggles to pay off debts that once totalled more than US$100
billion.
China-based HNA Group Co. Ltd. offered airlines services. The
Company provided domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operated holding, capital,
tourism, logistics, and other business.
As reported in the Troubled Company Reporter-Asia Pacific, HNA
Group on Jan. 29, 2021 declared bankruptcy and restructuring after
a multi-year debt and liquidity crisis. The company was informed by
South China's Hainan High People's Court on Jan. 29, 2021, that
"because the company is unable to pay off its debts, related
creditors appealed to the court for the company's bankruptcy and
restructuring," HNA said.
According to Global Times, HNA Group said it will cooperate with
the court for judicial review, carry forward the debt disposal, and
support the court's protection of the legal rights of its creditors
so as to ensure the smooth operations of the company.
On March 15, 2021, a court in Hainan approved the merger and
restructuring of 320 affiliates of HNA Group into the parent
company, paving way for the conglomerate to eventually emerge from
bankruptcy, Caixin Global said.
HNA Group was designated as administrator of the merger, according
to a statement issued March 15 , 2021, by the Hainan High People's
Court. The 320 units will be integrated into HNA group's bankruptcy
reorganization, and the group will submit a restructuring plan to
the creditor meeting for approval, the court said.
On Dec. 8, 2021, HNA Group said it has handed over the controlling
shares in its Hainan Airlines Holding portfolio to Liaoning Fangda
Group.
On Dec. 24, 2021, Hainan Development Holdings Co., Ltd. took over
HNA Group's airport division.
XINYUAN REAL: Closes $1.6M Private Placement With Xy Management
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Xinyuan Real Estate Co., Ltd. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Company
closed a private placement pursuant to a certain subscription
agreement dated June 28, 2025 with Xy Management Ltd. The Company
issued 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 Supplemental Listing Application was
approved by NYSE on June 30, 2025.
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.
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AATULYA LIFECARE: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aatulya
Lifecare Private Limited (ALPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.64 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 ALPL under the 'issuer
non-cooperating' category as ALPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ALPL 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, 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
Aatulya Lifecare Private Limited (ALPL) was incorporated in 2014
and started it operations from September 2016. ALPL has been
promoted by Dr Hirenkumar Patel, Dr Mehul Shah, Dr Manish Patel and
Dr Chirag Rathod. The company operates a hospital by the name
Aastha Multi Speciality Hospital, providing quality services and
patient care to the people in the vicinity of Vadodara (Gujarat).
The hospital has specialized departments in Gynaecology,
Orthopaedic, General surgery, Paediatric, Physiotherapy, Ears, Nose
and Throat (ENT), Critical Care and Pharmacy for its patients and
visitors. The hospital has capacity of 100 beds and 1 in-house
ambulance.
BEARDSELL LIMITED: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term rating for the fixed deposits of
Beardsell Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
NCD/Debt-Fixed 5.00 [ICRA] B+(Stable); ISSUER NOT
Deposit COOPERATING*; Rating Continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Beardsell 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.
Beardsell Limited was incorporated in 1936 with its head office in
Chennai. It manufactures insulation products such as prefabricated
products and packaging and moulded products. The prefabricated
segment comprises panel products, which find application in sectors
such as cold storages, affordable housing, food processing plants,
pharma and roofing applications. The company's packaging and
moulded products segment manufactures panels (expanded polystyrene
sheets and rigid polyurethane foam slabs) primarily used for
composite packaging, anti-static packaging, building insulation,
etc, that find application in the consumer durables industry.
Besides, BSL trades in industrial motors in the domestic market. It
is a channel partner for the electric motors of Siemens in Tamil
Nadu. The company has six manufacturing units, one each in Chennai,
Thane, Karad, Hyderabad, Maler (Karnataka) and Hapor. Its
registered office is in Chennai with nine branches pan-India.
BHAVANI COTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings of Bhavani Cotex in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.90 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.60 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with Bhavani Cotex, 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 2010, Bhavni Cotex is engaged in the business of
ginning and pressing of raw cotton to produce cotton bales and
cottonseeds. The firm is owned and managed by three partners namely
Mr. Gordhanbhai M. Patel, Mr. Rakeshbhai G. Patel and Mr.
Naineshbhai G. Patel as partnership firm. In FY 2015, the firm has
commenced crushing of cottonseeds to produce cottonseed oil,
cottonseed oil cake and baghru. Bhavani Cotex has manufacturing
unit located at Bodeli in Vadodara district, Gujarat. The plant is
equipped with 32 ginning machines and 1 pressing machine having an
installed capacity of producing 300 cotton bales per day. In FY
2015, the company has installed 5 expellers in newly set up
crushing unit having the capacity to produce 3 metric tonnes (MT)
of cottonseed oil per day (24 hours operation). The firm also
trades in cottonbales.
D J AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of D J Agro
Industrial Project Private Limited (DJAIPPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 74.00 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 DJAIPPL under the
'issuer non-cooperating' category as DJAIPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DJAIPPL 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
D J Agro Industrial Project Private Limited (DJAIPPL) was
incorporated in April 2012 with an objective to enter the business
of manufacturing of jute bags from raw jute. The manufacturing unit
of the company is located at Mandakata (North Guwahati, Assam).
Promoters of the company, Mr. Dipjyoti Mahanta and Mrs. Mili
Mahanta having long experience in similar line of business,
proposes to look after the day-to-day operation of the company
along with adequate support from a team of experienced personnel.
The company also has three associate companies in the name of "Apex
Yarn Private Limited", "Ashoka Weaving Private
Limited" and "Atlanta Modular Private Limited". All the three
companies were incorporated on August 7, 1997.
DATACOM PRODUCTS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Datacom
Products (India) Private Limited (DPIPL) 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- 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term (1.25) [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Short-term 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
'Issuer Not Cooperating'
Category
Long-term/ 4.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Unallocated remain under 'Issuer Not
Cooperating' Category
As part of its process and in accordance with its rating agreement
with DPIPL, 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.
Datacom Products (India) Private Limited (DPIPL) was established in
1990 and grew over the years to become an independent system
integration company with dealership of products from companies like
Avaya India, Tadiran, Cisco, Extreme and other international
companies. It is an enterprise communication provider and solution
integrator delivering customized communication solutions for
organizations. The company has three major lines of business -
Unified Communications, Call Centre & CRM Solutions and Customer
Service.
FASHION FLARE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short Term ratings of Fashion Flare
International Private Limited (FFIPL) 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- 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term- 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 2.00 [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 FFIPL, 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.
Formed in 1998, FFIPL is engaged in the manufacturing and export of
woven readymade garments (RMG) for women (western style) that
account for the most part of the production. Small portion of sales
is also for knitted RMGs. The company has been into direct exports
since commencement of operations. The company operates a unit in
Okhla which has a built-up area of 50,000 sq. ft. The manufactured
products are in the economy segment with a price range between $4-8
(average realization $6 per piece - billing rate for FFIPL). The
garments supplied by the firm are designed in-house, after getting
samples approved by customers and incorporating changes, if any.
The firm's sewing facilities are at small scale with about 200
sewing machines which and total production capacity of 8.5 lac
pieces per annum. The designing, sampling, cutting and packaging
processes are done in-house. The company purchases grey as well as
dyed/ printed fabric on a credit of up to 30 days.
G3 MOTORS: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of G 3 Motors
Limited (GML) 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- 12.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 2.72 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 15.28 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 20.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with GML, 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.
GML is an authorized dealer for M&M. The company started dealership
business of passenger vehicles (PV) manufactured by Mahindra &
Mahindra (M&M) in 2007. The company has seven show rooms and eight
workshops in Mumbai, Navi Mumbai and Surat.
GARDENIA INDIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Gardenia India Limited
Registered Address: Shop No-61, Second Floor,
Shiv Arcade Archarya Niketan,
Mayur Vihar Phase-I, New Delhi,
Delhi, India-110091
Principal Office: Plot No. 9, Sector-75,
Noida Uttar, Pradesh, India-201301
Insolvency Commencement Date: June 30, 2025
Estimated date of closure of
insolvency resolution process: December 27, 2025
Court: National Company Law Tribunal, Gurugaram Bench
Insolvency
Professional: Narender Kumar Sharma
Plot No-D/12 Welcom Group CGHS,
Plot No.6, Sector-3, Dwarka,
New Delhi-110078
Email: nksharma.fcs@gmail.com
Plot No. 112A, Phase-V, Udyog Vihar,
Gurgram, Haryana-122016
Email: cirp.gardenia@gmail.com
Last date for
submission of claims: July 14, 2025
GOLDEN TOBACCO: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Golden
Tobacco Limited (GTL) 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- 44.30 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 6.50 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short-term 3.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with GTL, 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.
Golden Tobacco Limited (GTL) was established by the late Shri
Narsee Monjee in the year 1930 in Mumbai, Maharashtra as a
proprietary firm, and later went public in the year 1955. The
company was set up as an integrated tobacco processing, cigarette
rolling and packaging unit, and has its manufacturing location in
Vadodara (Gujarat) which was set up in 1972. In 1979, the
company was taken over by 'Dalmia Brothers', the Sanjay Dalmia (son
of Mr. Vishnu Hari Dalmia) led faction of Dalmia family which has
interests in chemicals (GHCL), textiles (GHCL) explosives (Bharat
Explosives), holiday resorts (Dalmia Resorts), etc.
GOLDSTAR METAL: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Goldstar
Metal Solutions Private Limited (GMSPL) 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- (10.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term- 10.00 [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 GMSPL, 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 2005, Goldstar Metal Solutions Pvt. Ltd. (GMSPL) is
promoted by Mr. Prem Prakash Saraogi. The firm was earlier involved
in trading of iron ore in domestic and international markets from
three mines located in Satheli village in Sinddhudurg district of
Maharashtra. However, in December 2013, Samruddha Resources Limited
(SRL) acquired the iron ore trading business of GMSPL. SRL paid
sales consideration of INR5.01 crore via slump sale and acquired
excess of liabilities over assets to the tune of INR29.73 crore.
Currently, the company is involved in trading of TMT bars.
GOVERDHAN TRANSPORT: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Goverdhan Transport Company
Private Limited (GTC) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 67.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with GTC, 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.
Goverdhan Transport Company Private Limited (GTC), incorporated in
2007, has entered into an agreement with Department of Transport
(DoT), Govt of Delhi to run public buses in Delhi. The management
of GTC comprises of 9 directors with a prior experience in the
operating blue line buses. Some directors have an experience of
over two decades in the transportation business.
GURU NANAK: ICRA Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Shree Guru Nanak Dev Rice
Mills (SGNDRM) in the 'Issuer Not Cooperating' category. The
ratingis denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SGNDRM, 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.
Shree Guru Nanak Dev Rice Mills (SGNDRM) is a partnership firm, was
set up in 2008 by Mr. Gurcharan Singh. The firm is engaged in the
trading and milling of basmati rice. It has a plant at Cheeka
(Haryana) which has a milling capacity of 4 tonnes per hour. The
firm has a fully automated plant. The by-products of basmati rice
viz husk, rice bran and 'phak' are sold in the domestic market.
IL&FS WIND: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Non-Convertible Debenture of IL&FS Wind Energy
Limited (IWEL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Bonds/NCD/LTD 200.00 [ICRA]D; ISSUER NOT COOPERATING;
Rating continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with IWEL, 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.
IWEL is a 100% subsidiary of IEDCL. It owned 51% controlling stake
in seven operating wind SPVs namely Khandke Wind Energy Private
Limited, Ratedi Wind Power Pvt. Ltd., Tadas Wind Energy Pvt. Ltd.,
Lalpur Wind Energy Pvt. Ltd., Wind Urja India Private Limited,
Etesian Urja Limited and Kaze Energy Limited. The remaining 49%
stake in operating wind SPVs was held by Orix Corporation, Japan.
On October 15, 2020, Orix Corporation, acquired the entire 100%
stake in these 7 entities.
K. B. PRODUCTS: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of K. B. Products Private
Limited (KBPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 5.45 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.55 [ICRA]B (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with KBPL, 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.
K.B. Products Private Limited (KBPL) was setup by Mr. Kewal chand
Jain and his brother Mr. Jagdish Jain in the year 1978 as a trading
and distribution firm for milk products in Masjid Bunder. In 2007,
the company was converted from a sole proprietorship into a private
limited company. KBPL is primarily engaged in trading and marketing
of ghee and dairy products. KBPL has been a distributor for various
dairy brands like Gowardhan, Milko, Madhur Ghee, Gopal Ghee,
Vijaya, Nandini etc. in the past, however, since the last few
years, the company is focussing on marketing and distribution of
ghee and dairy products under its own brand name 'Nakoda'. Some of
the main products which the company sells under its brand name
'Nakoda' include buffalo ghee, cow ghee, coconut oil, skimmed milk
powder, refined sunflower oil, groundnut oil, sesame oil and
mustard oil. KBPL's products are distributed mainly in Maharashtra
and in some other states like Gujarat, Haryana, Rajasthan, Uttar
Pradesh, Chhattisgarh through their widespread dealer network. The
company also has a manufacturing facility located at Bhiwandi for
processing of ghee, butter and oil with a storage capacity of 300
TPD and a packing capacity of 50 TPD which is currently run in a
single shift.
K.P.R. AGROCHEM: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of K.P.R.
Agrochem Limited (KPR) 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- 199.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 100.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long Term- 49.50 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short-term 151.50 [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 KPR, 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.
K.P.R Agrochem Limited (KPR, erstwhile known as KPR Fertilisers
Limited) was setup in 2007 and is the flagship of KPR Group, which
was started by Mr. Kovvuri Papa Reddy in 1975. KPR is engaged in
manufacturing of NPK Mixtures, Agrochemicals, Di Calcium Phosphate
DCP - animal feed), Singe Super Phosphate (SSP), Sulphuric Acid,
Di-Methyl Sulphate (DMS), LABSA, Oleum etc. It has manufacturing
facilities in Biccavolu in East Godavari District of Andhra Pradesh
and Halavarthi in Koppal District of Karnataka for each of the
major products, i.e. NPKL mixtures, SSP, DCP & Sulphuric acid. The
company has a separate manufacturing facility for agrochemicals at
Balabhadrapuram, Andhra Pradesh. KPR has also set-up a waste heat
recovery plant at its manufacturing facility at Biccavolu and
Koppal, to generate power in order to optimally use the steam
produced during the manufacturing of sulphuric acid. The aggregate
capacity of the power plants is 2.5 MW (1.5 MW at Biccavolu and 1
MW at Koppal) which caters to the captive power requirements. KPR
has a wholly-owned subsidiary, Sri Sai Swarupa Seeds Private
Limited, which is involved in seed processing business and has an
installed capacity of 15,000 TPA.
KUMARAN MILLS: CARE C Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Kumaran Mills Private Limited (SKMPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 16.13 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
To remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.90 CARE A4; 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 24, 2024, placed the rating(s) of SKMPL under the
'issuer non-cooperating' category as SKMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SKMPL 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: Stable
Sri Kumaran Mills Private Limited (SKMPL), was incorporated in 1935
as a Public Limited company by Mr. G.V. Doraiswamy Naidu and
further change in constitution to Private Limited Company in June
2016. Presently SKMPL is run by Mr. D. Krishna Murthy, Mrs. Rajini
Krishnamurthy, Mr. K. Harish Kapil and Mr. M. C. Ramamirtham. The
company is engaged in manufacturing of cotton yarn spindles at its
manufacturing unit located at Coimbatore, Tamil Nadu. The
manufacturing process includes ginning of raw cotton, blending,
carding, combing, drawing out, twisting and spinning.
MAHESH LUMBER: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Mahesh Lumber
Private Limited (MLPL) 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- 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Short-term 20.00 [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 MLPL, 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.
Mahesh Lumber Private Limited (MLPL) is a privately owned company
that was incorporated in September 2014. The company is managed by
Mr. Ashok Mittal and is a part of the Mahesh Group, which has been
trading timber since 1952The company trades particularly in German
Pine Timber. The timber is procured either directly from Germany or
from various third party importers in India.
PIONEER SPINNING: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pioneer
Spinning and Weaving Mills Limited (PSWML) continue to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.10 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.90 CARE A4; 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 24, 2024, placed the rating(s) of PSWML under the
'issuer non-cooperating' category as PSWML had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PSWML 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: Stable
Pioneer Spinning & Weaving Mills Limited (PSWML) was incorporated
in the year 1979 under companies act 2013. In 1979, the company was
started under the name and style M/s. Putthur Textiles Limited.
During 1984, the company name was changed to current nomenclature.
PSW is a closely held Limited Company (unlisted), primarily engaged
in cotton yarn spinning in the counts of 40s, 60s, 80s, 92s, and
100s. The administration office of the company located in Chennai
and the manufacturing activities are taking place at Chittoor Dt,
Andhra Pradesh. Totally 350 employees including of 200 numbers
labours are working for this company. The company procures raw
materials from Andhra Pradesh, Madhya Pradesh and Gujarat, and
sells its produce in the domestic markets.
PRAHLAD FLOUR: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Prahlad Flour Mills Private
Limited (PFMPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING ".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 10.75 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 1.50 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with PFMPL, 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.
PFMPL is a private limited company engaged in the milling of wheat
to manufacture 'Maida', 'Atta', 'Suji' and 'Bran'. The company has
also recently ventured into textile trading. Promoted by Late Mr.
P.C. Gupta in 1988, the company is managed by his sons - Mr.
Pradeep Gupta and Mr. Sanjeev Gupta. The entire shareholding of the
company is held by the members of the Gupta family. The company's
flour mill is located in Barabanki, Uttar Pradesh and has an
installed annual capacity of 450,000 quintals. Apart from the wheat
milling business, the promoter business group is also involved in
rice milling, biscuit manufacturing, confectionery, woolen blanket
manufacturing and warehousing by virtue of their association with
other concerns.
PURVI CASHEW: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Purvi
Cashew Industries (PCI) continues to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.31 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 5, 2024, placed the rating(s) of PAA under the 'issuer
non-cooperating' category as PAA had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PAA continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 21, 2025, May
1, 2025, May 11, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of PAA have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Coimbatore based, Perfect Aluminium Alloys (PAA) is a partnership
firm established in the year May 2005 by Mr. S Venkatesan, Mr. R.
Jayaprakash and Mr. S Elangovan as its partners. PAA is the
manufacturers and traders of Aluminium Alloy Ingots of various
grades and specifications.
RELIANCE INFRASTRUCTURE: NCLAT Stays Insolvency Proceedings
-----------------------------------------------------------
The Economic Times reports that National Company Law Appellate
Tribunal (NCLAT), on July 18, stayed the initiation of the
corporate insolvency resolution process (CIRP) against Reliance
Infrastructure as it was informed that the company had settled the
due amount.
ET relates that NCLAT also stayed the National Company Law Tribunal
(NCLT) order, which admitted Reliance Infra into insolvency over
unpaid debt of around ₹90 crore.
NCLT, in May, concluded that Reliance Infra was in default of
payment of ₹90 crore to Dhursar Solar Power Private Limited
(DSPPL) as part of an Energy Purchase Agreement (EPA) under which
DSPPL supplied solar power, ET recalls.
NCLT had appointed Tehseen Fatima Khatri as an insolvency
resolution professional.
However, NCLAT, last month, suspended the NCLT order after
observing that the debt amount, including interest, was paid by
Reliance Infrastructure, ET says.
According to ET, Reliance Infra also informed the stock exchange
about the stay of CIRP and NCLT order in a filing, which stated
"(NCLAT), today in furtherance of the order dated June 4, 2025
wherein the order dated May 30, 2025 was suspended, has been
pleased to stay the order dated May 30, 2025 and the Corporate
Insolvency Resolution Process against the Company." The case will
be heard next on August 27.
About Reliance Infrastructure
Reliance Infrastructure Limited (RIL) is the flagship company of
the India-based Reliance Group, led by Anil Dhirubhai Ambani,
active in the energy and infrastructure businesses. R-Infra has an
in-house engineering-procurement-construction/EPC division that is
active in the power and road segments.
CARE Ratings, in early March 2025, said the rating of RIL's
Long-Term and Short-Term bank facilities continue to remain in the
'Issuer Not Cooperating' category. CARE Ratings withdrawn the
rating(s) assigned to the NCD issue (INR600 crore) of RIL with
immediate effect, as the company has repaid the aforementioned NCD
issue in full and there is no amount outstanding under the issue as
on date.
On March 4, 2021, CARE Ratings moved RIL's Long-Term and Short-Term
bank facilities and NonConvertible Debentures to CARE D; Issuer Not
Cooperating.
RISE ON GROUP: ICRA Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Rise On Group in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]C;
ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term- 27.60 [ICRA]C; 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 Rise On Group, 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 February 2013, Rise on Group is a Surat-based real
estate firm. The firm has been established for the construction of
a residential project, 'Melaanio Residency', and a commercial
complex, 'Leonard Square'. RG is promoted by the Maniya and Kheni
families, who have been engaged in real estate development for more
than three decades through the Rise On Group and M. K. Group,
respectively. The construction work of both the projects commenced
from April 2014. Project completion was scheduled for December 2015
for Leonard Square, and August 2016 for Melaanio Residency. The
firm is a part of the Rise On Group, which has been engaged in the
real estate business for over three decades in Surat and Ahmadabad.
The firm also has two group concerns, Vama Infra {rated
[ICRA]BB(Stable) 'Issuer Not Cooperating' in May 2019} and Hindva
Builders {rated [ICRA]BB-(Stable) in June 2018}.
SATYA BHASKARA: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Sri Satya Bhaskara Poultry
Farm (SSBP) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- 7.00 [ICRA]B+ (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Cash Credit to remain under 'Issuer Not
Cooperating' category
Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SSBP, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Sri Satya Bhaskara Poultry Farm (SSBP) operates poultry farms with
a total capacity of 230000 layer birds in Balabrapuram village,
Biccvole Madal, East Godavari Dist, Andhra Pradesh (A.P). The firm
is engaged in sale of table eggs of the Vencobb breed (Venkateswara
Hatcheries) which have wide market acceptance. SSBP sells eggs to
traders/wholesalers and supplies eggs to Government schools,
Anganwadis.
SATYA SUBAL: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Satya
Subal Himghar Private Limited (SSHPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.85 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 0.17 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 SSHPL under the 'issuer
non-cooperating' category as SSHPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSHPL 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, 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
SSHPL was incorporated in April 2012, to set up a cold storage unit
by Mr. Bhaskar Ghosh, Mr. Dipankar Ghosh, Mr. Sasanka Sekhar Ghosh
and Mr. Shankar Ghosh. SSHPL is into providing cold storage
services primarily for potatoes to local farmers and traders on
rental basis with an aggregate storage capacity of 172000 quintals.
The cold storage facility is located at Paschim Medinipur, West
Bengal. Besides providing cold storage facility, the company also
provides interest bearing advances to farmers for their
agricultural activities against the receipts of the potatoes
stored.
SHITHALA DEALERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: SHITHALA DEALERS LIMITED
Premises No. 2, Rupchand Roy Street,
Room No. 210, 2nd Floor, Kolkata,
West Bengal-700007
Insolvency Commencement Date: June 24, 2025
Estimated date of closure of
insolvency resolution process: December 12, 2025 (180 Days)
Court: National Company Law Tribunal, Kolkata Bench-I
Insolvency
Professional: Avneesh Srivastava
Srivastava Avneesh & Co,
2/7, 2nd Floor, 14/123A, Gopala Chambers,
Parade, Kanpur, Uttar Pradesh-208001
Email ID: caavneesh11@gmail.com
2/7, 2nd Floor, 14/123A, Gopala Chambers,
Parade, Kanpur - 208001
Email ID: cirp.sdl@gmail.com
Last date for
submission of claims: July 8, 2025
SHIV SUNDAR: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiv Sundar
& Company (SSC) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.40 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 3, 2024, placed the rating(s) of SSC under the 'issuer
non-cooperating' category as SSC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SSC 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: Stable
SSC was formed in December, 2011 as a partnership concern by Mr.
Dinesh Verma along with his family members. SSC was established
with an objective to set up two-star hotel in Indore (Madhya
Pradesh). The hotel has started commercial operations from July
2017 and has facility of total 52 rooms which includes; 4 suits, 12
Deluxe/Super Deluxe rooms and 36 Simple rooms along with separate
Vegetarian and Non-Vegetarian restaurant and bar, Gym, Spa as well
as two banquet halls and marriage garden of 26000 Sq. Ft.
SHREE MAHALAXMI: Liquidation Process Case Summary
-------------------------------------------------
Debtor: SHREE MAHALAXMI CORPORATION PRIVATE LIMITED
13/2A, Priya Nath Mullick Road, P.S. Bhawanipore,
Kolkata, West Bengal, India-700026
Liquidation Commencement Date: June 20, 2025
Court: National Company Law Tribunal, Kolkata Bench-II
Liquidator: Debdas Chakraborty
8 Binay Bala Mukherjee Lane,
Uttarpara Hooghly-712258,
West Bengal
Email: Ipddc2019@rediffmail.com
18, Rabindra Sarani Poddar Court
Gate No. 1, 3rd Floor, Room No. 332
Kolkata-70001
West Bengal
Last date for
submission of claims: August 5, 2025
SICAL IRON: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sical Iron
ore Terminals Limited (SIOTL) 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- 40.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 500.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term 60.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long Term- (175.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
Short Term- (175.00) [ICRA]D; ISSUER NOT COOPERATING;
Interchangeable Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SIOTL, 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.
SIOTL was incorporated as a special purpose vehicle in September
2006 by the consortium of SLL and L&T Infrastructure Development
Projects Limited (L&T IDPL). A concession agreement (CA) was signed
between SIOTL and Kamarajar Port Limited (KPL, erstwhile Ennore
Port Limited) on September 23, 2006, to implement an iron ore
terminal at Ennore Port, Tamil Nadu on a build-operate-transfer
(BOT) basis for a total period of 30 years (including the terminal
construction period). The project was planned towards setting up an
iron ore terminal of capacity 6 MMTPA in Phase I to reach 12 MMPTA
in phase II. At present, SLL holds 63% in the JV, while MMTC
Limited and L&T IDPL hold 26% and 11%, respectively. Despite
completion, the operations did not commence due to the Supreme
Court's ban on iron ore mining operations in Karnataka in 2011.
Post this, SIOTL sought approval from the Ministry of Shipping for
conversion into a coal handling terminal. Subsequently, SIOTL
received approval from the Ministry of Shipping. The company
received the letter of award from KPL in July 2016 for conversion
of terminal to handle coal with a capacity of 12 MTPA. The terminal
received the final environmental clearance and at present the
project is only ~80% complete and currently on hold due to lack of
funding. Sical Logistics Limited has an investment amounting to
INR82.90 Crore and has an outstanding loan amounting to INR851.07
Crore due from SIOTL.
SINDHU CARGO: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and short-term ratings of Sindhu Cargo
Services Private Limited (SCSPL) 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
---------- ----------- -------
Short-term 2.00 [ICRA]D; ISSUER NOT COOPERATING;
Non-fund based Rating continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term- 15.21 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Long-term- 36.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long Term- 21.79 [ICRA]D; ISSUER NOT COOPERATING;
Unallocated Rating Continues to remain under
'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with SCSPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in October 1991, Sindhu Cargo Services Private Limited
(SCSPL) is an integrated logistics service provider. The company
has its origins in customs clearance business started by Mr. G
Balaraju in 1987 which was later incorporated as a private limited
company in October 1991. Over the years, the company has
diversified into freight forwarding, transportation and warehousing
starting from customs clearing operations. SCSPL presently has
offices across the country located at metros and other major
cities. In addition, the company has also set-up a logistics park
in Bangalore (with an outlay of Rs.45 crore over the three-year
period 2008-09 to 2010-11) thereby centralising its operations
under a new corporate office. Currently, the company has branches
in Bangalore, Calicut, Chennai, Cochin, Coimbatore, Delhi,
Hyderabad, Karur, Kolkata, Ludhiana, Mumbai, Noida, Pondicherry,
Pune, Tirupur, Trivandrum and Tuticorn (places where major seaports
and airports are present). In the last 2 years, the company has
opened branches in Ahmedabad, Krishnapatnam, Vizag, Nagpur and
Vijayawada. The company is affiliated to International Air
Transport Association (IATA).
SRS LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of SRS Limited (SRS) 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- 350.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term- 10.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
Short Term 238.00 [ICRA]D; ISSUER NOT COOPERATING;
Non Fund Based Rating continues to remain under
the 'Issuer Not Cooperating'
category
Long-term/ 237.00 [ICRA]D/[ICRA]D; ISSUER NOT
Short Term COOPERATING; Rating Continues to
Fund Based/ remain under 'Issuer Not
Non Fund Based Cooperating' Category
NCD/Debt-Fixed 225.00 [ICRA]D; ISSUER NOT
Deposit COOPERATING; Rating continues
To remain under the 'Issuer Not
Cooperating' category
As part of its process and in accordance with its rating agreement
with SRS, 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.
SRS is present across diverse business segments such as jewellery,
retailing and cinemas, all of which are operated under the brand
SRS. It was incorporated as SRS Commercial Company Limited in
August 2000 and was later renamed to SRS Entertainment Limited in
January 2005. Subsequently the name of the company was changed to
SRS Entertainment and Multitrade Limited in January 2009 and the
company was renamed as SRS Limited, in July 2009, which is the
present name of the company. The numerous changes in the name of
the company have been due to changes in nature of its business
activities over the years. The company has been involved in the
retail/ wholesale sale of jewellery, besides operating a chain of
modern format retail stores and a chain of cinemas.
VIKAS FILAMENTS: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Vikas
Filaments Pvt Ltd (VFPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B (Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term- 0.15 [ICRA]A4 ISSUER NOT
Non Fund Based COOPERATING; Rating continues
Others to remain under 'Issuer Not
Cooperating' category
Long Term- 7.67 [ICRA]B (Stable) ISSUER NOT
Fund Based- COOPERATING; Rating continues
Term Loan to remain under 'Issuer Not
Cooperating' category
Long Term- 5.85 [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 VFPL, 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.
Vikas Filaments Pvt Ltd (VFPL) was incorporated in the year 1993 by
Mr. Banshidhar Singhal as a private limited company and is engaged
in manufacturing of textured yarn. In 2005, the texturing unit was
transferred to Vishal Polyfilms Private Limited, a group concern of
VFPL. Since 2005, the company was engaged in trading of Fully Drawn
Yarn (FDY) as a dealer of Nova Petrochemicals Limited, the same was
discontinued in FY 2014. Subsequently, the company set up a
knitting unit with an installed capacity of 900 MTPA which started
commercial production in February 2012. Thereafter, the company set
up a sizing unit with an installed capacity of 2400 MTPA which
started production in May 2013. Both manufacturing facilities are
based near Surat (Gujarat).
===============
M A L A Y S I A
===============
HANDAL ENERGY: Faces Lawsuit for MYR3.1MM Over Alleged Unpaid Loan
------------------------------------------------------------------
The Malaysian Reserve reports that Handal Energy Bhd has been
served with a RM3.1 million lawsuit filed by Seaoffshore Capital
Sdn Bhd over an alleged unpaid loan facility.
In a filing to Bursa Malaysia, Handal said it received the
statement of claim on July 2.
According to the report, Seaoffshore is seeking RM3.1 million as of
May 30, 2025, along with 5% annual interest, legal costs, and other
reliefs deemed appropriate by the Shah Alam High Court.
The Malaysian Reserve relates that Seaoffshore alleges it had
extended a loan to Handal through Hong Leong Bank's IGB Fund
Transfer to finance the group's working capital.
It claims Handal failed to repay the amount.
Handal said it has appointed legal counsel and will contest the
suit, stating it has a strong defence, the Malaysian Reserve
relays.
"The litigation is not expected to have any financial and
operational impact on the group, other than legal costs and the
amount awarded, if any," the company said.
Handal Energy Berhad is a Malaysia-based investment holding
company. The Company's business operations include ram luffing
cranes, rope luffing cranes, crane rentals, lifting solutions,
parts and component supply, manufacturing, and digitalization.
=====================
N E W Z E A L A N D
=====================
AXIS ROOFING: Court to Hear Wind-Up Petition on Aug. 22
-------------------------------------------------------
A petition to wind up the operations of Axis Roofing Limited will
be heard before the High Court at Blenheim on Aug. 22, 2025, at
10:00 a.m.
Continuous Spouting South Limited filed the petition against the
company on May 27, 2025.
The Petitioner's solicitor is:
Gregory David Trainor
Hill Lee & Scott Lawyers
Unit 4, 31 Tyne Street
Addington
Christchurch
IFC EAST: Creditors' Proofs of Debt Due on Aug. 7
-------------------------------------------------
Creditors of IFC East Limited are required to file their proofs of
debt by Aug. 7, 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:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
M & M RENOVATIONS: Creditors' Proofs of Debt Due on Aug. 7
----------------------------------------------------------
Creditors of M & M Renovations Limited are required to file their
proofs of debt by Aug. 7, 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:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
PEARCE AG: Court to Hear Wind-Up Petition on Aug. 5
---------------------------------------------------
A petition to wind up the operations of Pearce AG Contracting
Limited will be heard before the High Court at Rotorua on Aug. 5,
2025, at 10:00 a.m.
Flexicommercial Limited filed the petition against the company on
April 30, 2025.
The Petitioner's solicitor is:
Oscar Joseph Ward
Urlich Milne Lawyers Limited
3 Owens Road
Epsom
Auckland 1023
QUINOA TRUSTEES: Placed Under Receivership
------------------------------------------
Jeffrey Philip Meltzer and Clive Robert Bish of Ecovis KGA on July
4, 2025, were appointed as receivers and managers of Quinoa
Trustees Limited.
The receivers and managers may be reached at:
Jeffrey Philip Meltzer
Clive Robert Bish
Ecovis KGA Ltd
PO Box 37223
Parnell
Auckland
=================
S I N G A P O R E
=================
BIPROLIFE PRIVATE: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on July 4, 2025, to
wind up the operations of Biprolife Private Limited.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
c/o BDO Advisory Pte Ltd
No. 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
BOROO PTE: S&P Assigns 'B+' LongTerm ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit rating
to Boroo Pte. Ltd. S&P also assigned a 'B+' issue rating to the
proposed issuance of senior unsecured notes for up to $600
million.
S&P said, "The stable outlook indicates our expectation that Boroo
will maintain steady operating and financial performance in the
next 12 months, including double-digit revenue growth (of 10%-13%)
due to consistent output and still-favorable gold prices, EBITDA
margins at 50% or above, and leverage remaining below 3.0x.
"Our 'B+' rating reflects that Boroo's 2024 operating and financial
results improved from the prior year (the second consecutive annual
improvement), and we expect steady production volumes, earnings,
and credit metrics in the next 12 months." In particular, it
reported revenue growth near 54% at the end of 2024 (versus 52% at
the end of 2023), EBITDA generation near $400 million (versus $283
million at the end of 2023), EBITDA margins near 60% in both years,
and S&P Global Ratings-adjusted gross leverage of 1.1x at the end
of 2024 (versus 1.3x in 2023).
These favorable results stemmed from a significant increase in gold
production at the end of 2023 and 2024, reaching 240 koz and nearly
300 koz, respectively, compared with production levels in previous
years of 100 koz-170 koz. These improvements were a result of
increased production, primarily at its Lagunas Norte mine in Peru.
On top of that, the strong gold price momentum during 2024 (and so
far in 2025) supported the company's financial results.
S&P said, "For 2025, we project Boroo will maintain its production
volumes around 300 koz, mainly stemming from past investments to
boost production at its Lagunas Norte mine, coupled with still
strong gold prices of around $2,900 per ounce (/oz) for the
remainder of the year. This should boost revenue growth to around
13% by the end of 2025. We also expect EBITDA margins at 50% or
higher as the company continues to implement operating efficiencies
and favorable cash costs. Moreover, gold prices are already very
high and should come down in the upcoming years as part of the
industry's cyclicality.
"We do not assume material incremental debt in the upcoming years
(besides the proposed issuance of senior unsecured notes for up to
$600 million in 2025). As a result, we estimate the company will
maintain S&P Global Ratings-adjusted gross debt to EBITDA below
3.0x for the next 12 months.
"The rating also reflects Boroo's relatively small size in terms of
product and geographic diversification relative to global peers in
the 'BB' category. Our 'B+' rating considers Boroo's enhanced
business profile, though we acknowledge that its gold production
skyrocketed in recent years, mainly through Lagunas Norte at around
225 koz for the 2023-2024 fiscal year-end (versus 100 koz-175 koz
in previous years)." Also, its Mongolian assets' production reached
nearly 90 koz (versus 50 koz-70 koz in previous years). However,
the company still has a relatively small scale and concentration in
terms of product (gold revenues represent around 99% of Boroo's
consolidated sales while silver sales are 1%) versus higher-rated
peers.
Additionally, while the company generates revenues through four
operating assets (three in Mongolia and one in Peru), it has a
concentration risk at its Lagunas Norte mine in Peru. It derives
around 70%-75% of its production and sales from Lagunas Norte.
Offsetting factors include the company's recent investments and
potential mines developments. The company is currently investing in
other exploration projects (Lagunas Norte B and Tres Cruces), near
Lagunas Norte mine, which are planned to expand production. But no
production is envisioned until 2029. Also, ongoing investments are
set to increase Boroo's output and reduce cash costs at Lagunas
Norte mine (mainly) to maximize profitability, with EBITDA margins
around 50% (or above). Boroo has a backlog of 17 exploration
targets in Peru to potentially keep boosting its production
capacity and scale.
Although Boroo maintains concentration with two key clients, the
main product that Boroo markets (gold) provides versatility to move
its sales with some ease in the international market given the
commodity nature of gold.
While there is no specific M&A target for the remainder of 2025,
Boroo plans to issue up to $600 million in senior unsecured notes
to potentially use for general corporate purposes, including capex,
refinancing existing debt, and future M&A, with the aim of
increasing the company's production scale and cash flow
generation.
S&P expects Boroo to maintain prudent financial policies toward
leverage and liquidity despite being controlled by a financial
sponsor. In the past, the company's debt maturity schedule limited
its credit profile, with sizable amounts of short-term debt. The
company now intends to enhance its debt maturity profile through
the proposed issuance of senior unsecured notes of up to $600
million, extending its weighted average debt life to about 6.5
years versus 2.0 years (or less) previously. The company also has
sound relationships through various credit facilities with local
banks.
S&P said, "Coupled with our expectations for adequate liquidity
levels in the next 12 months, we expect Boroo to maintain a
moderate risk appetite toward leverage despite being majority-owned
by a private equity firm (Eminent Stride Ltd.) that, under our
criteria, we consider a financial sponsor." A financial sponsor
typically is defined as an entity that follows an aggressive
financial strategy in using debt and debt-like instruments to
maximize shareholder returns, according to our criteria.
S&P said, "Nonetheless, we expect the company to continue to target
gross leverage below 3.0x at all times, in line with its current
financial policy, with the flexibility to cut unnecessary capex and
eliminate dividend payments if the company's cash flows don't meet
expectations. More specifically, we estimate Boroo will maintain
S&P Global Ratings-adjusted gross debt to EBITDA of about 2.5x in
the next 12 months.
"The stable outlook on the rating reflects our expectation that
through the steady production of its Mongolian and Peruvian
operations (mainly Lagunas Norte), the company will maintain
stronger gold output. That output, coupled with still favorable
international price momentum, should support solid EBITDA
generation in the next 12 months. As a result, we expect healthy
credit metrics, including gross debt to EBITDA below 3.0x and
weighted free operating cash flow (FOCF) to debt of around 10%. The
stable outlook also reflects our view that the company will
maintain adequate liquidity due to the expected solid cash flow
generation within the next 12 months.
"We could revise the outlook or lower the rating in the next 12
months if the company increases leverage consistently above 3.0x or
if its liquidity position deteriorates." This could happen if:
-- Gold prices slump, offsetting the expected increase in output
and eroding credit metrics;
-- The company's investments in the Lagunas Norte mine take longer
than expected or require incremental funding, delaying higher
output;
-- Even if expansion plans don't deviate from our base-case
scenario, other sudden investments lead to an unexpected plunge in
the company's EBITDA or a significant increase in debt;
-- The company's liquidity suddenly deteriorates due to unexpected
events; or
-- The company's debt structure worsens with higher short-term
debt maturities, pressuring the average life maturity of the debt.
S&P said, "Although unlikely in the short term, we could raise the
rating if the company materially improves its scale, geographic
diversification, and cash cost profile, which, in turn, could
improve the company's business position in the gold mining
industry." This could occur if Boroo increases gold output sharply
and has a clear strategy to expand its portfolio of operating
assets, so that its scale broadens and concentration risk
diminishes.
Additionally, to consider an upgrade, S&P would look for Boroo to
maintain healthy credit metrics across industry cycles. This
includes gross debt to EBITDA below 3.0x and FOCF above 10%
consistently, while maintaining stable EBITDA margins of above 50%
and adequate liquidity without material short-term debt obligations
within the next 12 months.
These factors could also be boosted by:
-- Sharply higher volumes, raising EBITDA above its base-case
scenario; and
-- Rising gold prices, so that even if output doesn't increase
above expectations, leverage metrics improve significantly.
HUAT MANUFACTURING: Court to Hear Wind-Up Petition on July 25
-------------------------------------------------------------
A petition to wind up the operations of Huat Manufacturing 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 2, 2025.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road,
#18-00 AIA Tower
Singapore 048542
PETROFAC SOUTH: KordaMentha Appointed as Judicial Managers
----------------------------------------------------------
Mr. Cameron Lindsay Duncan and Mr. David Dong-Won Kim of
KordaMentha on July 7, 2025, were appointed as judicial managers of
Petrofac South East Asia Pte Ltd.
The judicial managers may be reached at:
Cameron Lindsay Duncan
David Dong-Won Kim
KordaMentha
50 Raffles Place
#25-01 Singapore Land Tower
Singapore 048623
PTY RESOURCES: First Creditors' Meeting Set for July 23
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Pty
Resources Pte Ltd will be held on July 23, 2025 at 2:30 9.m. at 22
Malacca Street, #03-02 RB Capital Building, in Singapore.
Xerxes J Medora of JK Medora PAC has been appointed as liquidator
of the company.
ROBINSON LAND: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on June 13, 2025, to
wind up the operations of Robinson Land Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
The company's liquidators are:
Mr. Goh Wee Teck
Mr. Ng Kian Kiat
c/o RSM SG Corporate Advisory
8 Wilkie Road, #03-08
Wilkie Edge
Singapore 228095
SUPREME MOBILITY: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on July 4, 2025, to
wind up the operations of Supreme Mobility Product Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
c/o BDO Advisory Pte Ltd
No. 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
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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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