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250722.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, July 22, 2025, Vol. 28, No. 145 Headlines A U S T R A L I A AG MERCHANT: First Creditors' Meeting Set for July 25 ART MONEY: First Creditors' Meeting Set for July 24 CONSEQ GROUP: First Creditors' Meeting Set for July 24 ESEE HOLDINGS: First Creditors' Meeting Set for July 28 FIRSTMAC ASSET 1: Fitch Affirms 'Bsf' Rating on Class E Notes GFG ALLIANCE: 3 Firms Ordered to Lodge Outstanding Annual Reports HEALTHSCOPE: Sale Process Kicks Off; Up to 30 Potential Buyers LANDREAM FRANKLIN: First Creditors' Meeting Set for July 24 C H I N A SHIMAO GROUP: Founder Sells Sydney Office Tower to Lendlease I N D I A BYJU'S: Founders Plan US$2.5BB Lawsuit Against Glas Trust, Others E C BOSE: Liquidation Process Case Summary ECOPMIN TECHNOLOGIES: CRISIL Moves B+ Ratings to Not Cooperating ERGONIA TECHNOLOGY: Voluntary Liquidation Process Case Summary GROWELL HIRE: Insolvency Resolution Process Case Summary GUGNANI LEASING: Insolvency Resolution Process Case Summary HAFIZ CONSTRUCTION: CRISIL Raises Rating on LT Loan to B+ JUNEJA SONS: CRISIL Keeps B Debt Rating in Not Cooperating JVS BIOFUELS: CRISIL Keeps B- Debt Ratings in Not Cooperating K K WELDING: CRISIL Keeps D Debt Ratings in Not Cooperating K N INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating K.P.R. AGROCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating KALPAKA TRANSPORT: CRISIL Keeps D Debt Rating in Not Cooperating KASHVI AGRITECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating KAVERI INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating KEW INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating KHUSHI EXIM: CRISIL Keeps D Debt Rating in Not Cooperating KPT SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating KUKU EXPORTS: CRISIL Keeps C Debt Ratings in Not Cooperating KUNDAN HYDRO: CRISIL Keeps D Debt Rating in Not Cooperating KUNNATH GOLD: CRISIL Keeps B Debt Rating in Not Cooperating LAGGAR INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating LAXMI COTTEX: CRISIL Keeps B- Debt Ratings in Not Cooperating LAXMI ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating LEOLINE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating MAKALU TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating MAXVITA PHARMA: CRISIL Keeps B Debt Rating in Not Cooperating NELSUN PAPER: CRISIL Keeps B- Debt Rating in Not Cooperating P C GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating PANDURONGA TIMBLO: CRISIL Keeps D Debt Ratings in Not Cooperating PCI LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating PRODO TECHNOLOGIES: Insolvency Resolution Process Case Summary RELIANCE MEDIAWORKS: Insolvency Resolution Process Case Summary RESILIENT CAPITAL: Voluntary Liquidation Process Case Summary RKKR HOLDINGS: Insolvency Resolution Process Case Summary SUJYOTI DEVELOPERS: Insolvency Resolution Process Case Summary VENTURE SUPPLY: Insolvency Resolution Process Case Summary VICOTEX FABRICS: Insolvency Resolution Process Case Summary WORLD OF INFINITUDE: CRISIL Cuts Rating on INR48.5cr LT Loan to D J A P A N FERNANDES CO: Declares Bankruptcy Due to Plummeting Sales N E W Z E A L A N D AQUA TARANAKI: Creditors' Proofs of Debt Due on Aug. 4 FIRE RECRUITMENT: Court to Hear Wind-Up Petition on Aug. 7 HIRSTICH LIMITED: Creditors' Proofs of Debt Due on Aug. 1 LIFESTYLE RENTAL: Court to Hear Wind-Up Petition on Aug. 19 RNZ ASSOCIATES: Creditors' Proofs of Debt Due on Aug. 15 SOLAR GROUP: Kiwibank Owed Almost NZD2MM, IR Almost NZD1MM TRAXX INVESTMENTS: Auckland Council Boss Probes Liquidation S I N G A P O R E DOTC UNITED: Court to Hear Wind-Up Petition on July 25 ISE FOODS: Placed in Creditors' Voluntary Liquidation M5 EQUIPMENT: Placed in Judicial Management RED SCHOOLHOUSE: Deloitte Appointed as Liquidators SBK TECH: Court to Hear Wind-Up Petition on July 25 T A I W A N NANYA TECHNOLOGY: Second Quarter Net Loss Widens to NT$4.11BB - - - - - ================= A U S T R A L I A ================= AG MERCHANT: First Creditors' Meeting Set for July 25 ----------------------------------------------------- A first meeting of the creditors in the proceedings of AG Merchant Pty Ltd will be held on July 25, 2025 at 11:00 a.m. via Zoom virtual meeting technology. Aaron Dominish, Cameron Shaw and Richard Albarran of Hall Chadwick were appointed as administrators of the company on July 15, 2025. ART MONEY: First Creditors' Meeting Set for July 24 --------------------------------------------------- A first meeting of the creditors in the proceedings of Art Money Pty Ltd will be held on July 24, 2025 at 11:00 a.m. via Microsoft Teams. Jeffrey Marsden and Andrew Sallway of BDO were appointed as administrators of the company on July 14, 2025. CONSEQ GROUP: First Creditors' Meeting Set for July 24 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Conseq Group Pty Ltd will be held on July 24, 2025 at 11:00 a.m. at the offices of Rodgers Reidy, at Level 2A, 181 Elizabeth Street, in Brisbane, QLD and via virtual meeting technology. David James Hambleton of Rodgers Reidy was appointed as administrator of the company on July 15, 2025. ESEE HOLDINGS: First Creditors' Meeting Set for July 28 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Esee Pty Ltd and Esee Holdings Pty Ltd will be held on July 28, 2025 at 10:30 a.m. and 11:00 a.m. via telephone conference facilities. James Robba of Worrells was appointed as administrator of the company on July 16, 2025. FIRSTMAC ASSET 1: Fitch Affirms 'Bsf' Rating on Class E Notes ------------------------------------------------------------- Fitch Ratings has upgraded Firstmac Asset Funding Trust No. 1 Series Auto No. 2's (Firstmac Asset Funding No.2) class E note to 'BBB-sf' from 'BB+sf', and affirmed all the remaining notes from the same trust and all the notes from Firstmac Asset Funding Trust No. 1 Series Auto No. 1 (Firstmac Asset Funding No.1) and Firstmac Asset Funding Trust No.1 NAB Auto Warehouse Series (Firstmac Asset Funding NAB Auto Warehouse). The upgrade of the class E notes from Firstmac Asset Funding No.2's was driven by the build-up of credit enhancement (CE). The Positive Outlook reflects the notes' sensitivity to increased recoveries and decreased defaults against its expectation of an increase in CE over the next 12 months. Other notes from the Firstmac Asset Funding No.2 trust have a Positive Outlook, except classes A1 and A2, which already have ratings at the highest possible level. All the notes from Firstmac Asset Funding No.1 and Firstmac Asset Funding NAB Auto Warehouse Series have a Stable Outlook. The transactions are backed by a pool of first-ranking Australian automotive loan receivables originated by Firstmac Limited. The notes were issued by Firstmac Fiduciary Services Pty Limited as trustee for the trusts. Entity/Debt Rating Prior ----------- ------ ----- Firstmac Asset Funding Trust No.1 NAB Auto Warehouse Series A LT AAAsf Affirmed AAAsf B AU3FN0053237 LT AAsf Affirmed AAsf C AU3FN0053245 LT Asf Affirmed Asf D AU3FN0053252 LT BBBsf Affirmed BBBsf E AU3FN0090387 LT Bsf Affirmed Bsf Firstmac Asset Funding Trust No. 1 Series Auto No. 2 A1 AU3FN0083036 LT AAAsf Affirmed AAAsf A2 AU3FN0083044 LT AAAsf Affirmed AAAsf B AU3FN0083051 LT AAsf Affirmed AAsf C AU3FN0083069 LT Asf Affirmed Asf D AU3FN0083077 LT BBB+sf Affirmed BBB+sf E AU3FN0083085 LT BBB-sf Upgrade BB+sf Firstmac Asset Funding Trust No. 1 Series Auto No. 1 A AU3FN0073466 LT AAAsf Affirmed AAAsf B AU3FN0073474 LT AAAsf Affirmed AAAsf C AU3FN0073482 LT AAAsf Affirmed AAAsf D AU3FN0073490 LT AAAsf Affirmed AAAsf KEY RATING DRIVERS Stable Asset Performance: Obligor default is a key input in its quantitative analysis. The performance of the underlying assets has been in line with its base-case expectations. The 30+ day arrears as of end-May 2025 ranged between 1.4% (Firstmac Asset Funding No.1) and 1.6% (Firstmac Asset Funding No.2), while 60+ day arrears were 0.7% for all three transactions. Arrears were comparable with Fitch's 1Q25 Australian Auto ABS Performance Monitor of 30+ and 60+ arrears of 1.7% and 0.8%, respectively, at the last reporting date. Cumulative defaults ranged between 0.8% and 1.1% for the three trusts. Cumulative recoveries as of end-May 2025 ranged between 22.9% to 49.7%, below Fitch's base case recovery of 50%, as actual cumulative recovery rates may be understated because there may be receivables that have defaulted but yet to receive full recoveries. Its performance expectations reflect the performance since the closing of the transactions, the expected remaining term of the transactions as well as the nature of the transaction (revolving/term). The assumptions used in this analysis are detailed below and are: Firstmac Asset Funding No.1 Base-case remaining default and recovery expectations (and 'AAAsf' default multiples and recovery haircuts) remain unchanged since the previous rating analysis. Firstmac Asset Funding No.2 Base-case remaining default expectations (and 'AAAsf' default multiples): 2.5% (5.75x) Base-case recovery expectations (and 'AAAsf' recovery haircuts): 50.0% (50.0%) Firstmac Asset Funding NAB Auto Warehouse Base-case default and recovery expectations (and 'AAAsf' default multiples and recovery haircuts) remain unchanged since closing. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.7% in the year ending June 2025 and unemployment was 4.3% in June 2025. Fitch forecasts GDP growth of 1.8% in 2025 and 2.1% in 2026, with unemployment at 4.3% and 4.2%, respectively. Limited Liquidity Risk: Fitch completed full cash flow modelling for the Firstmac Asset Funding No.2 transaction based on data in the May 2025 collection period to determine the ratings. Interest payment was made to the notes in all cash-flow modelled scenarios at the respective rating levels. The transaction is currently paying principal on a pro rata basis. The CE provided to each rated note through note subordination, along with the liquidity reserve, supports the rating of the notes. Low Operational and Servicing Risk: All receivables were originated by Firstmac Limited, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated back-up servicer is Perpetual Trustee Company Limited. Fitch undertook an operational and file review and found that the operations of the servicer were comparable with those of other auto lenders. The key rating drivers listed in the applicable sector criteria, but not mentioned above, are not material to this rating action. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce CE available to the notes. Unanticipated increases in the frequency of defaults could produce loss levels higher than Fitch's base case and are likely to result in a decline in CE and remaining loss-coverage levels available to the notes. Decreased CE may make certain note ratings susceptible to negative rating action, depending on the extent of coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Fitch stresses the recovery rate to isolate the effect of a change in recovery proceeds at the borrower level. Downgrade Sensitivity Firstmac Asset Funding No.1 Fitch's rating sensitivities for this transaction were discussed in the following rating action commentary: - Fitch Assigns Final Ratings to Upsized Firstmac Asset Funding Trust No. 1 Series Auto No. 1, dated 8 December 2022; Firstmac Asset Funding No.2 Notes: Class A1 / A2 / B / C / D / E Rating: AAAsf / AAAsf / AAsf / Asf / BBB+sf / BBB-sf Expected impact on the notes' ratings of increased defaults (class A1/A2/B/C/D/E) Increase default rates by 10%: AAAsf/AA+sf/AA-sf/Asf/BBBsf/BBB-sf Increase default rates by 25%: AAAsf/AA+sf/A+sf/A-sf/BBB-sf/BB+sf Increase default rates by 50%: AAAsf/AA-sf/Asf/BBBsf/BB+sf/BBsf Expected impact on the notes' ratings of reduced recoveries (class A1/A2/B/C/D/E) Reduce recovery rates by 10%: AAAsf/AAAsf/AAsf/Asf/BBBsf/BBB-sf Reduce recovery rates by 25%: AAAsf/AA+sf/AA-sf/Asf/BBBsf/BB+sf Reduce recovery rates by 50%: AAAsf/AA+sf/A+sf/A-sf/BBB-sf/BB+sf' Expected impact on the notes' ratings of increased defaults and reduced recoveries (class A1/A2/B/C/D/E) Increase default rates by 10% and reduce recovery rates by 10%: AAAsf/AA+sf/AA-sf/A-sf/BBBsf/BB+sf Increase default rates by 25% and reduce recovery rates by 25%: AAAsf/AAsf/Asf/BBB+sf/BB+sf/BBsf Increase default rates by 50% and reduce recovery rates by 50%: AAAsf/Asf/BBB+sf/BB+sf/BB-sf/Bsf Firstmac Asset Funding NAB Auto Warehouse Fitch's rating sensitivities for this transaction were discussed in the following rating action commentary: - Fitch Assigns Ratings to Firstmac Asset Funding Trust No. 1 NAB Auto Warehouse; Outlook Stable, dated 20 August 2024; Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from macroeconomic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of CE that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The class A1 and A2 notes are at 'AAAsf' so upgrade sensitivities are not relevant. Notes: B / C / D / E Ratings: AAsf / Asf / BBB+sf / BBB-sf Reduce defaults by 10% and increase recoveries by 10%: AAAsf/AAAsf/AA+sf/AA-sf/A-sf/BBB+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pools and the transactions. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transactions closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for these transactions. As part of its ongoing monitoring, Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. GFG ALLIANCE: 3 Firms Ordered to Lodge Outstanding Annual Reports ----------------------------------------------------------------- Liberty Primary Metals Australia Pty Ltd, Tahmoor Coal Pty Ltd and Liberty Bell Bay Pty Ltd, companies in the GFG Alliance Group, have been ordered by the Supreme Court of NSW to lodge outstanding annual reports with the Australian Securities & Investments Commission (ASIC). In June 2025, ASIC took action in the Supreme Court of NSW against Liberty Primary Metals Australia, Tahmoor Coal and Liberty Bell Bay to obtain orders addressing their failure to lodge annual reports with ASIC. Large proprietary companies with a financial year ending June 30 are generally required to lodge their annual reports with ASIC by October 31 each year. Liberty Primary Metals Australia and Tahmoor Coal failed to lodge annual reports with ASIC for the 2024 financial year. Liberty Bell Bay failed to lodge annual reports with ASIC for the financial years ending in 2021, 2022, 2023, and 2024. On July 17, 2025, by consent, the Supreme Court of NSW made orders which require: * Liberty Primary Metals Australia and Tahmoor Coal to lodge their outstanding reports with ASIC by Aug. 22, 2025; * Liberty Bell Bay to lodge its outstanding reports with ASIC by Oct. 3, 2025 (for its 2021, 2022 and 2023 reports) and Oct. 31, 2025 (for its 2024 reports). It is important that such reports are lodged in a timely manner to assist creditors and other users of the annual reports in making informed decisions when dealing with large companies. On June 27, 2025, ASIC took action in the Supreme Court of NSW against Liberty Primary Metals Australia, Tahmoor Coal and Liberty Bell Bay to obtain orders addressing their failure to lodge annual reports with ASIC. GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited (which is currently in external administration), Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. HEALTHSCOPE: Sale Process Kicks Off; Up to 30 Potential Buyers -------------------------------------------------------------- The Sydney Morning Herald reports that the sales process for Healthscope's failed private hospital business kicked off in earnest on July 21 with up to 30 potential suitors due to file their tentative offers for its 37 Australian hospitals, employing 19,000 staff nationally. But the non-binding offers won't include a bid from Healthscope's current management, who are contemplating a scheme to convert the company into a not-for-profit entity, SMH says. It would mirror the resurrection of Australia's largest childcare provider Goodstart Early Learning from the ashes of the collapsed ABC Learning empire, as a not-for-profit provider. According to SMH, Healthscope insiders have confirmed reports in The Australian Financial Review last week that its chief executive, Tino La Spina, is working on the plan as an alternative to a sale of the business to either commercial interests or other Australian not-for-profit operators such as St Vincent's Health Australia. Healthscope declined to comment. People with knowledge of the proposal, who are not authorised to discuss the matter, confirmed that the plans are not advanced enough to put in a non-binding indicative offer by the Monday, July 21 deadline, SMH relays. But Mr. La Spina's team has been consulting the receivers from McGrathNicol who are managing the sale, with a view to putting in a proposal during the second stage of the sales process, where interested parties are expected to lodge binding offers for the business. This includes local not-for-profit operators, ASX-listed Ramsay Health Care, privately owned Healthe Care and a potential debt-for-equity swap that could see lenders like British-based Polus Capital take control. The receivers are acting for lenders which are owed AUD1.7 billion, according to documents lodged with the corporate regulator, the Australian Securities and Investments Commission (ASIC), SMH relays. Australia's Big Four banks are among the lenders that will be hit with significant losses as the sales price is not expected to get anywhere near what is owed them. The debt includes AUD52 million owed to the former owner, Canadian financial giant Brookfield, which had AUD2 billion in equity wiped out when the group collapsed into administration earlier this year, SMH discloses. Lenders contacted by this masthead, who did not wish to comment publicly on the sales process, welcomed a potential offer from the Healthscope team, which would have the benefit of not having to pay payroll tax, so it could potentially make a better return to lenders. According to SMH, Healthscope insiders also pointed to advantages enjoyed by not-for-profits when it comes to fringe benefits tax (FBT), which means it could offer salary packaging to the 19,000 staff that would help with retention and keep a lid on salary expenses. The second stage of the sales process starts on July 28 and is expected to run for eight to 10 weeks, with a new owner expected to be announced in October, adds SMH. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. LANDREAM FRANKLIN: First Creditors' Meeting Set for July 24 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Landream Franklin Pty Ltd ATF Landream Franklin Unit Trust will be held on July 24, 2025 at 11:00 a.m. via electronic means. Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were appointed as administrators of the company on July 15, 2025. ========= C H I N A ========= SHIMAO GROUP: Founder Sells Sydney Office Tower to Lendlease ------------------------------------------------------------ Mingtiandi reports that the founder of Chinese developer Shimao Group has sold a central Sydney office tower to Australian builder Lendlease, which plans to redevelop the site into a luxury residential project with a gross end value of more than AUD2.5 billion ($1.6 billion). Hui Wing Mau, an Australian citizen who also goes by the Mandarin name Xu Rongmao, had acquired the 28-storey building at 175 Liverpool Street in 2014 from Singapore sovereign fund GIC for over AUD390 million (then $339 million) with an eye towards a residential conversion. Lendlease's design for the 3,750 square metre (40,365 square foot) site features two residential towers with up to 300 apartments for sale and 2,000 square metres of retail and commercial space, according to a notice on July 16, Mingtiandi relays. Tom Mackellar, CEO for development at Lendlease, said the buy aligns with the strategic objectives of the ASX-listed group, which continues to pare back its global operations in favour of domestic growth. "Centrally located overlooking Hyde Park with views of Sydney's iconic landmarks, 175 Liverpool Street demonstrates how exceptional developments that redefine the city can be realised through our deep residential expertise," Mingtiandi quotes Mr. Mackellar as saying. Construction of 175 Liverpool Street is scheduled to begin in 2027, the report notes. Lendlease is developing the project alongside joint venture partners, the company said on July 16 without elaborating. A sell-down of up to 50 percent of the development is expected in the coming weeks. Mingtiandi, citing a report in The Australian newspaper, says Lendlease has been courting a frequent collaborator, Japanese property giant Mitsubishi Estate, to back the project. The pair previously teamed up on deals including the AUD800 million purchase of Sydney mixed-use project One Circular Quay from China's AWH Investment Group and the AUD1.7 billion development of the One Sydney Harbour residences in Barangaroo. "The acquisition of 175 Liverpool Street builds on Lendlease's success in Sydney's luxury residential market, including the completion of One Sydney Harbour - which set a new sales record for a penthouse - and sales at One Circular Quay surpassing AUD2 billion," the group said. Hui Wing Mau is offloading his Sydney prize just as Hong Kong-listed Shimao puts the finishing touches on a restructuring of more than $11 billion in offshore debt, according to a July 16 stock filing. "The company currently expects all restructuring conditions to be satisfied on or prior to 21 July 2025 and that the restructuring effective date will occur on 21 July 2025," the report quotes Jason Hui, who succeeded his father as Shimao's chairman last September, as saying. For the first half of 2025, the Shanghai-based developer's contracted sales fell 21 percent year-on-year to CNY13.5 billion ($1.9 billion), covering a sold area of 1.1 million square metres, Mingtiandi discloses. The average selling price dropped 6.3 percent year-on-year to CNY12,192 per square metre. About Shimao Group China-based Shimao Group Holdings Ltd, formerly Shimao Property Holdings Ltd, is an investment holding company principally engaged in the sale of properties. The Company operates its business through four segments. The sales of Properties segment is mainly engaged in the development of residential real estate. The Property Management Income and Others is mainly engaged in property management. The Hotel Operation Income segment is mainly engaged in hotel operations. The Commercial Properties Operation Income segment is mainly engaged in the development, investment and operation of commercial, office and industrial park property projects. As reported in the Troubled Company Reporter-Asia Pacific, Shimao Group has missed the interest and principal payment of a US$1 billion offshore bond due on July 3, 2022. ========= I N D I A ========= BYJU'S: Founders Plan US$2.5BB Lawsuit Against Glas Trust, Others ----------------------------------------------------------------- The Economic Times reports that Byju's founder Byju Raveendran and his wife Divya Gokulnath are planning to sue Glas Trust and other lenders to the edtech firm seeking $2.5 billion in damages for alleged reputational harm, their lawyers said on July 17. They are looking to file lawsuits against these lenders in courts in India and overseas, according to a statement from the lawyers, ET relates. Glas Trust represents Byju's US lenders who had lent it $1.2 billion in term loans. Riju Ravindran, who was a director at the edtech firm's parent entity, Think & Learn, last month moved the National Company Law Tribunal in India seeking to remove Glas Trust as a financial creditor of the company and from its committee of creditors, according to ET. "Byju's founders reserve all rights to bring actions against those parties that have caused damage to them personally and their businesses, including Think & Learn. The conduct before the courts by (Byju's US-based subsidiary) Alpha, Glas Trust and its counsel has been reprehensible and improper in our view," ET quotes J Michael McNutt, senior litigation advisor at Paris-based law firm Lazareff Le Bars Eurl, which is representing Raveendran and Gokulnath, as saying. Alpha in the US and Think & Learn in India are currently undergoing separate bankruptcy proceedings. "Additional claims are being prepared against those parties in other jurisdictions. Such claims to be issued by all or some of Byju's founders are expected to request monetary damages of not less than $2.5 billion," Mr. McNutt added. ET notes that Glas Trust has filed a case against Raveendran, Gokulnath and former Byju's chief strategy officer Anita Kishore in a US bankruptcy court claiming that they co-orchestrated and executed a scheme to "conceal and steal $533 million of loan proceeds" from a $1.2 billion debt that was availed of by Byju's Alpha. The court on July 7 held Raveendran in civil contempt for failing to comply with its orders to share documents related to the case. According to ET, the statement on July 17 said Raveendran was aware of the civil contempt order issued by the US court, and has sought a reconsideration of the ruling. The order relates to requests for information that overlap with matters already under consideration in Indian courts, it added. Gokulnath is also participating in the same US proceedings. She has challenged the jurisdiction of the court over the claims made against her and has denied all allegations, the statement said. ET reported in June that an EY-backed insolvency resolution professional has filed lawsuits at the NCLT claiming that Raveendran, Gokulnath and Ravindran owed compensation to the company for fraudulent transfers of the company's assets. The lawsuits invoked a provision under the Insolvency and Bankruptcy Code, which provides legal recourse to reverse transactions undertaken by a company's previous management. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than $3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's $1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. E C BOSE: Liquidation Process Case Summary ------------------------------------------ Debtor: EC Bose and Company Private Limited 113A, St George Terrace, Hastings, Kolkata -700022, West Bengal Liquidation Commencement Date: June 20, 2025 Court: National Company Law Tribunal, Kolkata Bench-II Liquidator: Rakesh Dugar 11C, Ram Mohan Dutta Road, Kolkata 700020 Email: card190376@gmail.com Email: ecbliq2025@gmai.com Last date for submission of claims: July 19, 2025 ECOPMIN TECHNOLOGIES: CRISIL Moves B+ Ratings to Not Cooperating ---------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Ecopmin Technologies Private Limited (ETPL) to 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.75 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 6.50 Crisil B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Term Loan 0.75 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with ETPL for obtaining information through letter and email dated June 9, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ETPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ETPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of ETPL to 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2017 and promoted by Mr. Dushyanth Kumar Sanaka, Mr. Perumal Madhu Mala, Mr. Jeyakumar Subramaniyan and Mr. Perumal Vinoth, ETPL manufactures surface mount electronics, such as SMT equipment, consumable and allied products. Facilities are in Chennai. ERGONIA TECHNOLOGY: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: ERGONIA TECHNOLOGY PRIVATE LIMITED No. 3985, 3rd floor, 80 Feet Rd, above Aastha Eye Hospital, lst phase Girinagar, VHBCS layout, Banashankari lst Stage, Girinagar (Bangalore), Bangalore 560085, Bangalore South, Karnataka, India Liquidation Commencement Date: June 30, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Ms. Nayana Premji Savala l/l01-A, Vishal Susheel CHS, Nariman Road, Vile Parle East, Mumbai 400057 Maharashtra, India Email: nalinisavala@gmail.com Telephone No: 9082605500 Last date for submission of claims: July 29, 2025 GROWELL HIRE: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: M/s.Growell Hire Purchase & Finance Private Limited No. 6/13, Park Avenue, North Avenue, Kesavaperumalpuram, Off Greenways Road, Chennai - 600028 Insolvency Commencement Date: June 27, 2025 Estimated date of closure of insolvency resolution process: December 28, 2025 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: P Balasubramanian 85/3, Sukkaliyur, Karuppampalayam Village, Karur - 639003 Email: karurbalaw@gmail.com Door No.3&4, 157E Ground Floor, Mahathma Gandhi Road, Bharathi Nagar, Karur – 639002 Email: cirp.growell@gmail.com Last date for submission of claims: July 15, 2025 GUGNANI LEASING: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: M/s.Gugnani Leasing & Hire Purchase Private Limited No. 6/13, Park Avenue, North Avenue, Kesavaperumalpuram, Off Greenways Road, Chennai 600028 Insolvency Commencement Date: June 27, 2025 Estimated date of closure of insolvency resolution process: December 28, 2025 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: P Balasubramanian 85/3, Sukkaliyur, Karuppampalayam Village, Karur - 639003 Email: karurbalaw@gmail.com Door No.3&4, 157E Ground Floor, Mahathma Gandhi Road, Bharathi Nagar Karur – 639002 Email: cirp.gugnani@gmail.com Last date for submission of claims: July 15, 2025 HAFIZ CONSTRUCTION: CRISIL Raises Rating on LT Loan to B+ --------------------------------------------------------- Crisil Ratings has upgraded its rating on the long term bank facilities of Hafiz Construction Company Private Limited (HCCPL) to 'Crisil B+/Stable' from 'Crisil B-/Stable'. The short-term rating has been reaffirmed at 'Crisil A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil B+/Stable (Upgraded from 'Crisil B-/Stable') Short Term Rating - Crisil A4 (Reaffirmed) The rating upgrade factors in the improvement in liquidity profile supported by moderation in the bank limit utilization. Bank limits were highly utilized on account of high working capital requirements on account of delays in approval of some projects. However, it has moderated to around 52% during last 12 months ended June 2025 with subsequent approval of these projects and realization of funds from government departments. Capital structure remained at moderate levels with gearing and TOLANW of 1.7 times and 2.2 times as on March 31, 2025 (Gearing and TOLANW of 2.1 times and 2.7 times as on March 31, 2024). Debt protection metrics remained weak with interest coverage and NCAAD of 2 times and 0.11 times respectively in fiscal 2025(interest coverage and NCAAD of 1.7 times and 0.11 times in fiscal 2024). Operating income grew by ~26% to INR34.2 crores in fiscal 2025. HCCPL is expected to clock an operating income of around INR35-38 crores in fiscal 2026. The unexecuted order book of INR105.2 crores to be executed in next 2.5-3 years provide revenue visibility over the medium term. Operating margins improved from 15% in fiscal 2023 to around 20% in fiscal 2025 owing to execution of projects in owing to execution of projects in high terrain. The ratings reflect the company's tender-based business leading to modest scale of operations and large working capital requirements. These weaknesses are partially offset by extensive experience of the promoters leading to healthy operating margin. Analytical Approach Unsecured loan (INR7.5 crores as on March 31, 2025) extended by the promoters has been treated as debt as the loan is extended on need basis and will be withdrawn subsequently. Key Rating Drivers & Detailed Description Weakness: * Modest scale of operations owing to tender based nature of operations: With an operating income of INR34 crore in fiscal 2025, the scale of operations remains moderate. Furthermore, the company's operating income remains vulnerable to the tender issued by its customers. Revenue and profitability depend entirely on the ability to win tenders. Also, intense competition in the civil construction industry necessitates aggressive bidding to get contracts, which restricts the operating margin. Crisil Ratings believes that further increase in scale of operations backed by healthy and diversified order book will remain key rating sensitivity factors. * Working capital intensive operations: Working capital operations are moderately intensive as reflected by GCA of 362 days in fiscal 2025 driven by debtor and inventory of 102 days (100% dealing with government customers leads to blockage of funds) and 301 days (including work-in-progress as well executed contracts not approved by the concerned parties). GCA days are expected to be around 300-350 days over the medium term Strengths: * Extensive experience of the promoters leading to healthy operating margin: The promoters have more than 15 years' experience in the construction industry. Their strong understanding of the market dynamics and healthy relationships with suppliers and customers should continue to support the business. The company has generated a healthy operating margin of 15-20% historically, which is expected to sustain over the medium term. Order book worth INR105.2 crore and bidding in process of around INR100 crore provide revenue visibility over the medium term Liquidity: Poor Bank limit utilisation averaged at 52.3 percent for the past 12 months ended June 2025. Net cash accruals are expected to be in the range of INR3-4 crore annually which will be more than adequate against term debt obligation of INR3.5-3.6 crore per year over the medium term. In addition, it will act as cushion to the liquidity of the company. Current ratio is at moderate level at around 1.5 times on March 31, 2025. Free cash & bank balance of INR0.38 crores as on March 31, 2025 further supports the liquidity position of the company. Outlook: Stable HCCPL will continue to benefit from the extensive experience of its promoters. Rating Sensitivity Factors Upward factors: * Revenue of around INR60-65 crores with sustained operating margin of ~20%, leading to higher-than-expected cash accrual. * Efficient management of working capital limits leading to moderate bank limit utilization, resulting in improvement in the liquidity profile. Downward factors * Decline in revenue or operating margin leading to net cash accrual less than INR3.5 crore. * Substantial stretch in the working capital cycle and any large, debt-funded capital expenditure, thus weakening capital structure and liquidity. Incorporated in 2008 and based in Srinagar, HCCPL undertakes civil construction works. It is owned and managed by Mr. Tariq Ahmad Hafiz, Mr. Feroz Ahmad Hafiz and Mr. Farooq Ahmad Hafiz. JUNEJA SONS: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Juneja Sons Steel Processors (JSSP) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with JSSP for obtaining information through letter and email dated June 16, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative and the rating on bank facilities of JSSP continues to be 'Crisil B/Stable Issuer not cooperating'. Earlier, the entity did not provide the No Default Statements (NDS) for the three consecutive months. Therefore, the issuer was classified as 'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational Circular dated May 16, 2024. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JSSP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JSSP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JSSP continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2010, JSSP is owned and managed by Mr. Jagmeet Singh Juneja and Ms Deepika Juneja. The firm is engaged in processing (mainly cutting) iron and steel products, such as hot-rolled and cold-rolled coils, sheets, strips, bars, plates, channels and angles. Its manufacturing facility is in Ludhiana, Punjab. JVS BIOFUELS: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of JVS Biofuels Private Limited (JVSBPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 Crisil B-/Stable (Issuer Not Cooperating) Term Loan 68 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JVSBPL for obtaining information through letter and email dated June 9, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative and the rating on bank facilities of JVSBPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Earlier, the entity did not provide the No Default Statements (NDS) for the three consecutive months. Therefore, the issuer was classified as 'non cooperative' in line with Clause 11. 3 of SEBI CRA Operational Circular dated May 16, 2024. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JVSBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JVSBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JVSBPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in January 2021, JVSBPL has recently set up an 80 KLPD grain-based ethanol plant that at Village Jatwar, Dist. Ambala, Haryana. The plant commenced operations in October 2023. JVSBPL is owned and managed by Mr. Jitender Jindal, Mr. Sunil Singla and Mr. Vinod Jindal. K K WELDING: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of K K Welding Limited (KKWL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 17.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 14 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1 CRISIL D (Issuer Not Cooperating) Overdraft Facility 12.5 CRISIL D (Issuer Not Cooperating) Proposed Working 2 CRISIL D (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with KKWL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KKWL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KKWL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KKWL continues to be 'Crisil D/Crisil D Issuer not cooperating'. KKWL was incorporated in Mumbai in 2001, by Mr. M.S. Mehta and his family members. The company is engaged in trading of Welding Electrodes, Welding Rods, Welding Cables, Safety Equipments, Grinding Wheels and welding accessories. KKWL is an authorized distributor for various companies. K N INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of K N Industries (KNI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.2 CRISIL D (Issuer Not Cooperating) Corporate Loan 1.4 CRISIL D (Issuer Not Cooperating) Long Term Bank 2.34 CRISIL D (Issuer Not Facility Cooperating) Proposed Long Term 2.06 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with KNI for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KNI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KNI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KNI continues to be 'Crisil D Issuer not cooperating'. KNI was formed as a partnership firm by Mr. Chandrakant Zatakia and Mrs Hema Prava Devi in 2015. It manufactures LPG cylinders for domestic OMCs. The facilities have a production capacity of 80,000 units per month and repairing capacity of 225,000 units per annum. The registered office and plant is in Mangaldoi, Assam. K.P.R. AGROCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of K.P.R. Agrochem Limited (KPR) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 Crisil D (Issuer Not Cooperating) Cash Credit 224 Crisil D (Issuer Not Cooperating) Corporate Loan 75 Crisil D (Issuer Not Cooperating) Inland/Import 150 Crisil D (Issuer Not Letter of Credit Cooperating) Long Term Loan 4.03 Crisil D (Issuer Not Cooperating) Long Term Loan 4.34 Crisil D (Issuer Not Cooperating) Long Term Loan 3.16 Crisil D (Issuer Not Cooperating) Long Term Loan 11.54 Crisil D (Issuer Not Cooperating) Long Term Loan 17.05 Crisil D (Issuer Not Cooperating) Long Term Loan 3.73 Crisil D (Issuer Not Cooperating) Proposed Long Term 5.65 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with KPR for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KPR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KPR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KPR continues to be 'Crisil D/Crisil D Issuer not cooperating'. KPR (formerly, KPR Fertilisers Ltd) was set up as a private limited company on January 2, 2007, in Rayavaram, Andhra Pradesh. KPR is the flagship entity of KPR Group, which is promoted by Mr. Kovvuri Papa Reddy. The company manufactures fertilisers, pesticides, micro nutrients, and seeds. Its wholly owned subsidiary, SSPL, processes seeds. KALPAKA TRANSPORT: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kalpaka Transport Co Private Limited (KTCPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KTCPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KTCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KTCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KTCPL continues to be 'Crisil D Issuer not cooperating'. KTC, setup in 1958 and KTCPL setup in 1973, is promoted by Mr. P V Chandran and family members. It provides freight transportation services to players in the fast- moving consumer goods, automobiles, paints, and tyres industries all over India. In addition to the logistics business, the firm also owns and operates two Indian Oil Corporation fuel bunks in Calicut, Kerala and provides clearing and shipping services at the Cochin Airport and the Cochin Port. KASHVI AGRITECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Kashvi Agritech Private Limited (KAPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 5 Crisil B+/Stable (Issuer Not Cooperating) Term Loan 7 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KAPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KAPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2011, KAPL operates a poultry layer farm in Keonjhar, Odisha. Mr. Debabrata Behera and Ms Susmita Behera are the directors of the company. The unit commenced commercial operations from April 2017 onwards. KAVERI INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Kaveri Industries Private Limited (KIPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 Crisil D (Issuer Not Cooperating) Proposed Long Term 2.5 Crisil D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.5 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KIPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KIPL continues to be 'Crisil D Issuer not cooperating'. KIPL is setting-up PVC pipes & fitting manufacturing unit at Guntur (Andhra Pradesh). The company is promoted by Guntur based Reddy family, Mr. Srinivas Reddy has over 10 years of experience in the pipe & allied manufacturing business KEW INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of KEW Industries Limited (KEW) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 9.95 CRISIL D (Issuer Not Cooperating) Term Loan 1.05 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KEW for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KEW, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KEW is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KEW continues to be 'Crisil D Issuer not cooperating'. KEW was formed as a proprietary firm, Kew Engineering Works, in 1963 by Mr. Gurbachan Juneja. This was reconstituted as a partnership firm in 1995, and subsequently as a limited company with the present name in 1996. KHUSHI EXIM: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Khushi Exim Private Limited (KEPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KEPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KEPL continues to be 'Crisil D Issuer not cooperating'. KEPL was established in 2003 by Mr. Hiralal Jalan and his son, Mr. Vikash Jalan, in Kolkata. The company is in wholesaling and retailing of gold jewellery, silver articles, and diamond- and kundan-studded jewellery. It sells to retail showrooms in Raipur (Chhattisgarh), Nagpur (Maharashtra), Indore (Madhya Pradesh), Jamshedpur (Jharkhand), Ranchi (Jharkhand), and a few other locations. KPT SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of KPT Spinning Mills Private Limited (KPT) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KPT for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KPT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KPT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KPT continues to be 'Crisil D Issuer not cooperating'. KPT was promoted by Mr. K P Thangamuthu and Mr. Vetrivel in 2010 and began commercial production in 2011-2012. The company is engaged in the manufacture of cotton yarn (40 counts) and has its manufacturing facility situated in Erode Dist, Tamil Nadu. KUKU EXPORTS: CRISIL Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Kuku Exports (KE) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 6.5 CRISIL A4 (Issuer Not Credit Cooperating) Proposed Long Term 3.5 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Secured Overdraft 2.0 CRISIL C (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with KE for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KE continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. KE was established as a partnership firm by Mr. Shivnand Puri and his sons Mr. Rajesh Puri and Mr. Dinesh Puri in 1998. The firm manufactures knitted sweaters from acrylic yarn for men, women, and children. It mainly caters to the international market with focus on the UK. The firm's facility in Ludhiana, Punjab, has installed capacity of 2500 pieces per day. KUNDAN HYDRO: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Kundan Hydro (Luni) Private Limited (LPCL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 15 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Luni for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LPCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LPCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LPCL continues to be 'Crisil D Issuer not cooperating'. LPCL, incorporated in 2001, is setting up a small hydro-power plant under a 40-year concession contract with the Government of Himachal Pradesh on a build-own-operate-and-transfer basis. KUNNATH GOLD: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kunnath Gold and Diamond (KGAD) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KGAD for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KGAD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KGAD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KGAD continues to be 'Crisil B/Stable Issuer not cooperating'. Established in September 2018, KGAD is operating a jewellery showroom in Malappuram, Kerala, for retailing gold and diamonds. The promoters are Mr. Kunnath Moosa and Mr. Mohammad Thajudheen. LAGGAR INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Laggar Industries Limited (LIL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LIL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LIL continues to be 'Crisil D Issuer not cooperating'. LIL was incorporated by Mr. Sandeep Sobti in 1990. The company manufactures and trades in bullet-proof steel which is used primarily in bullet-proof jackets and in armored vehicles. The company has a rolling mill with installed capacity of 30,000 tonne per annum in Jalandhar, Punjab. LAXMI COTTEX: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Laxmi Cottex (LC) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 Crisil B-/Stable (Issuer Not Cooperating) Working Capital 4 Crisil B-/Stable (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with LC for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LC continues to be 'Crisil B-/Stable Issuer not cooperating'. LC, setup in 2009, is a partnership firm engaged in ginning and pressing of cotton bales, and cotton seed oil extraction. The firm has capacity of around 250 bales per day and it is located at Amreli, Gujarat. Mr. Mahesh Patel, Mr. Pravin Khunt, Mr. Harshad Viramgama, Mr. Bhupat Kavathia and Mr. Sanjay Patel are partners in the firm. LAXMI ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Laxmi Engineering Industries (Bhopal) Private Limited (LEIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 10 CRISIL D (Issuer Not Cooperating) Cash Credit 17.50 CRISIL D (Issuer Not Cooperating) Rupee Term Loan 10.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LEIPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LEIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LEIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LEIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. LEIPL was set up in 1987, by Mr. KK Gurjar. The company manufactures heat exchangers and oil coolers, at its plant in Bhopal, Madhya Pradesh. LEOLINE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Leoline Foods Private Limited (LFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL D (Issuer Not Cooperating) Long Term Loan 6.23 CRISIL D (Issuer Not Cooperating) Proposed Fund- 4.37 CRISIL D (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with LFPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LFPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2015, LFPL is promoted by Mr. Ramesh Kumar Agarwal and family. The company manufactures 2D and 3D pellets, pasta, and vermicelli at Choti Nawada, Patna (Bihar). MAKALU TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Makalu Trading Limited (MTL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of Credit 235 CRISIL D (Issuer Not Cooperating) Letter of Credit 40 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MTL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MTL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MTL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MTL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MTL, incorporated in 1981 by Mr. Vinod Jatia and his family members, primarily trades in iron and steel products such as hot- and cold-rolled coils, sheets, and plates, sponge iron lumps, and fines. MAXVITA PHARMA: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Maxvita Pharma Private Limited (Maxvita) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 15 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with Maxvita for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Maxvita, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Maxvita is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Maxvita continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2013, Maxvita is promoted by Thakur Family. The company is setting up plant for contract manufacturing of capsules. The capacity will be around 1 lacs strip per day. The operations will commercialize from April 2019 onwards. NELSUN PAPER: CRISIL Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the rating on bank facilities of Nelsun Paper Mill Limited (KGS; previously known as KGS Nelsun Paper Mill Limited) continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Drop Line 15.5 CRISIL B-/Stable (Issuer Not Overdraft Cooperating) Facility Crisil Ratings has been consistently following up with KGS for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KGS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KGS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KGS continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 1995, Chennai-based, KGS manufactures kraft paper for use in the packaging industry. The company currently has a manufacturing unit in Trichy (Tamil Nadu), with installed capacity to manufacture 60 tonnes per day in the 12-20 burst factor range. The company is promoted and managed by the managing director, Mr. KPK Kumaran and his wife, Ms Anitha Kumaran. P C GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of P C Global Merchandising Private Limited (PCG; part of the Plaza group) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Packing Credit 6.42 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.58 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PCG for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PCG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PCG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PCG continues to be 'Crisil D/Crisil D Issuer not cooperating'. PCG, set up in 1994-95 as a proprietorship firm by Mr. Sudeep Goel, manufactures and exports women's readymade garments and its facility is at Devli in New Delhi. Mr. Goel set up PCG in 2003. Its manufacturing facility is in Noida, Uttar Pradesh. PANDURONGA TIMBLO: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Panduronga Timblo Industrias (PTI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (Issuer Not Cooperating) Proposed Long Term 20 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PTI for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PTI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PTI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PTI continues to be 'Crisil D Issuer not cooperating'. Established as a partnership concern in 1961, PTI is engaged in iron-ore mining in Goa for nearly five decades. The firm owns five operational mines in Goa. It also operates two jetties. The day to day operations of the firm are presently being managed by Mr. Sarvesh pramod Timblo elder son of Mr. Pramod Panduronga Timblo. PCI LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of PCI Limited (PCI; part of the Prime group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Letter of credit 32 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Letter of credit 20 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Rupee Term Loan 1.31 CRISIL D (Issuer Not Cooperating) Rupee Term Loan 4.62 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PCI for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PCI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PCI continues to be 'Crisil D/Crisil D Issuer not cooperating'. PCI, set up in 1986 by Mr. Surinder Mehta, is the flagship company of the Prime group. It provides technology-related solutions to various industries, especially the power sector. Its activities include marketing, distribution, and after-sales service support for power testing, maintenance, and conditioning equipment, and machine tools. Furthermore, it owns three windmills with combined capacity of 4.5 megawatt in Kutch, Gujarat. PRODO TECHNOLOGIES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Prodo Technologies Private Limited 55, 2ND floor, Lane-2, Westend Marg, Saidullajab, South Delhi, New Delhi-110030 Insolvency Commencement Date: June 30, 2025 Estimated date of closure of insolvency resolution process: December 27, 2025 (180 Days) Court: National Company Law Tribunal, New Delhi Bench-III Insolvency Professional: Vijay Kumar Gupta 408, New Delhi house, 27 Barakhamba Road, Connaught Place, New Delhi-110001 Email: vkgupta2004@yahoo.co.in Email: cirp.prodo@gmail.com Last date for submission of claims: July 14, 2025 RELIANCE MEDIAWORKS: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Reliance Mediaworks Limited Cosmos Chambers, Cabin No. 11, Floor R-1, Plot -20, Raja Bahadur Mansion, Ambalal Doshi Marg, Stock Exchange, Mumbai, Maharashtra - 400001 Insolvency Commencement Date: June 27, 2025 Estimated date of closure of insolvency resolution process: December 29, 2025 Court: National Company Law Tribunal, Mumbai Bench - V Insolvency Professional: Ritesh Prakash Adatiya H-35, 1st Floor Jangpura Extension, Jungpura, South Delhi, New Delhi - 110014 Email Id: ipe@npvca.in 10th Floor, 1003, Zion Z1, Near Avalon Hotel, Sindhu Bhavan Road, Thaltej, Ahmedabad – 380054 Last date for submission of claims: July 16, 2025 RESILIENT CAPITAL: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Resilient Capital Private Limited 3rd floor, Ramnath House, 18, Community Centre, Yusuf Sarai, South Delhi, India, 110049 Liquidation Commencement Date: June 30, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Hardev Singh 101, plot no. 6, LSC Vardhman Rajdhani Plaza, New Rajdhani Enclave, Delhi-110092 Email: singh_hardev@rediffmail.com Telephone: +919810331425 Last date for submission of claims: July 30, 2025 RKKR HOLDINGS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: M/s. RKKR Holdings Private Limited No. 6/13, Park Avenue, North Avenue, Kesavaperumalpuram, Off Greenways Road, Chennai – 600028 Insolvency Commencement Date: June 27, 2025 Estimated date of closure of insolvency resolution process: December 29, 2025 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: P Balasubramanian 85/3, Sukkaliyur, Karuppampalayam Village Karur - 639003 Email: karurbalaw@gmail.com Door No.3&4, 157E Ground Floor, Mahathma Gandhi Road, Bharathi Nagar, Karur – 639002 Email: cirp.rkkr@gmail.com Last date for submission of claims: July 16, 2025 SUJYOTI DEVELOPERS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Sujyoti Developers Private Limited Nirmal Lifestyle, 3rd Floor, Multiplex Building, L.B.S. Marg, Mulund (West) Mumbai 400080 Insolvency Commencement Date: June 25, 2025 Estimated date of closure of insolvency resolution process: December 22, 2025 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Manish Motilal Jaju, D/502, Neelkanth Business Park, Vidyavihar West, Mumbai 400086 Email: mmjaju76@gmail.com Email: cirp.sujyoti@gmail.com Last date for submission of claims: July 7, 2025 VENTURE SUPPLY: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Venture Supply Chain Private Limited H. No. 176, Kh. No. 1126, G F, Block-B, Pocket-4, Street No. 8, Rangpuri, Mahipalpur, Southwest Delhi-110037 Insolvency Commencement Date: June 30, 2025 Estimated date of closure of insolvency resolution process: December 27, 2025 (180 Days) Court: National Company Law Tribunal, New Delhi Bench-III Insolvency Professional: Santanu Kumar Samanta C-170, Golf View Apartments, Saket Delhi-110017 Email: santanukumar@yahoo.com Immaculate Resolutions LLP Unit No. 112, First Floor, Tower-A, Spazedge Commercial Complex, Sector-47, Sohna Road, Gurgaon-122018 Email Id: ibc.venturesupplychain@gmail.com Last date for submission of claims: July 14, 2025 VICOTEX FABRICS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Vicotex Fabrics Private Limited 112, Minerva Industrial Estate, P.K. Road Near Hercules Hoist Ltd., Mulund West, Mumbai City, Mumbai, Maharashtra, India, 400080 Insolvency Commencement Date: June 30, 2025 Estimated date of closure of insolvency resolution process: December 27, 2025 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Chhotulal Rawa Bhagwat Flat No. 104, First Floor, Neha Apartment, Plot No. 7, Sector 20C, Airoli, Navi Mumbai, Maharashtra – 400708 Email: crbhagwatcs@rediffmail.com KDRA Insolvency Professionals Private Limited 1601, Chandak Unicorn, Dattaji Salve Marg, Off Veera Desai Road, Andheri West, Mumbai - 400053 Email: cirp.vicotexfabrics@gmail.com Last date for submission of claims: July 16, 2025 WORLD OF INFINITUDE: CRISIL Cuts Rating on INR48.5cr LT Loan to D ----------------------------------------------------------------- Crisil Ratings has revised the rating on the long-term bank facilities of WIREPL to 'Crisil D Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 Crisil D (Issuer Not Cooperating; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Proposed Long Term 48.5 Crisil D (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with WIREPL for obtaining information through letters and emails dated January 11, 2025, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of WIREPL, which restricts the ability of Crisil Ratings to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on WIREPL is consistent with 'Assessing Information Adequacy Risk'. Based on the publicly available information, Crisil Ratings understands that the company had irregularity in the conduct of its account. Hence, the rating on the long-term bank facilities of WIREPL have been downgraded to 'Crisil D Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not Cooperating'. Incorporated in February 2021, WIREPL provides end-to-end energy management services, trading and installation of solar panels, inverters and related services. It is based in Shimla, Himachal Pradesh. The company is promoted by Mr. Dhruv Dogra and Mrs Monika Dogra. ========= J A P A N ========= FERNANDES CO: Declares Bankruptcy Due to Plummeting Sales --------------------------------------------------------- Jiji Press reports that Tokyo District Court granted permission on July 9 for musical instrument maker Fernandes Co. to start bankruptcy procedures, Tokyo Shoko Research Ltd. said July 16. Fernandes, based in the city of Toda, Saitama Prefecture, north of Tokyo, designed and sold electric guitars, basses and accessories under its namesake brand. According to Jiji Press, the company fell into sustained losses due to declining demand for guitars and an expanding market for secondhand guitars, resulting in poor cash flow. Its total liabilities amounted to about JPY730 million, Jiji Press discloses. The company's products were loved by many guitarists, including rock musician Tomoyasu Hotei. In the business year ended in January 1999, the company's sales exceeded JPY4 billion, including revenues from exports. ===================== N E W Z E A L A N D ===================== AQUA TARANAKI: Creditors' Proofs of Debt Due on Aug. 4 ------------------------------------------------------ Creditors of Aqua Taranaki Limited are required to file their proofs of debt by Aug. 4, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 8, 2025. The company's liquidators are: Fervor Limited Level 1 17–19 Seaview Road Paraparaumu Beach FIRE RECRUITMENT: Court to Hear Wind-Up Petition on Aug. 7 ---------------------------------------------------------- A petition to wind up the operations of Fire Recruitment Limited will be heard before the High Court at Christchurch on Aug. 7, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 5, 2025. The Petitioner's solicitor is: Derick Lotz Inland Revenue, Legal Services PO Box 1782 Christchurch 8140 HIRSTICH LIMITED: Creditors' Proofs of Debt Due on Aug. 1 --------------------------------------------------------- Creditors of Hirstich Limited are required to file their proofs of debt by Aug. 1, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 3, 2025. The company's liquidator is: Victoria Toon Corporate Restructuring Limited PO Box 10100 Dominion Road Auckland 1446 LIFESTYLE RENTAL: Court to Hear Wind-Up Petition on Aug. 19 ----------------------------------------------------------- A petition to wind up the operations of Lifestyle Rental Properties Limited will be heard before the High Court at Wellington on Aug. 19, 2025, at 10:00 a.m. Geoffrey Edward Palmer filed the petition against the company on June 26, 2025. The Petitioner's solicitor is: Jeffrey Gray Ussher Level 19 191 Queen Street Auckland RNZ ASSOCIATES: Creditors' Proofs of Debt Due on Aug. 15 -------------------------------------------------------- Creditors of RNZ Associates Limited are required to file their proofs of debt by Aug. 15, 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: Kevyn Botes i-Business Recovery Limited Email: Kevyn@i-insolvency.com Tel: 022 635 3407 SOLAR GROUP: Kiwibank Owed Almost NZD2MM, IR Almost NZD1MM ---------------------------------------------------------- Rob Stock at The Post reports that Kiwibank is owed just over NZD1.8 million after the collapse of the Solar Group, while the Inland Revenue is owed around NZD933,675. The Post relates that the company, which installed solar in homes in Wellington and Auckland, ran into trouble in December last year, and Kiwibank asked for Grant Thornton to work with management to nut out a turnaround plan. By February, that engagement was extended to include a review of Solar Group's forecast performance and cash flow. Kiwibank then appointed Grant Thornton as liquidator on July 7, the first liquidators' report into Solar Group said. Despite the sun shining strongly at the end of 2024, it was a bleak period for the solar industry with New Zealand's largest residential solar provider Solar Zero being tipped into liquidation by its owner BlackRock. According to the Post, Stephen Keen and David Ruscoe of Grant Thornton said the company's director, Roeland Driessen, told them the business failed due to cash flow constraints as a result of declining sales performance and challenges in the industry relating to pricing pressure, low adoption of solar and reliance on financial incentives or subsidies. Rather than selling the business as a going concern, the liquidators ceased trading the company's business and terminated employees' employment due to insufficient cash to continue operations. The Post relates that the liquidator's report said there are nine potential employee claims, although to date they have received four employee claims totalling NZD102,336. In all, Solar Group owed around NZD3.3 million to creditors, and the company's assets were worth around NZD2.5 million, however just under NZD1.3 million of those assets are listed as "intangible," the Post discloses. Secured creditors with a fixed charge over specific assets are paid first, followed by liquidators' fees, and then preferential creditors, including employees, and the Inland Revenue. Kiwibank's lending to Solar Group was secured over "All Present and After Acquired Personal Property", the liquidator's report, as cited by the Post, said. Other secured creditors include UDC Finance, and several trade suppliers. However, the report showed Solar Group owed NZD334,658 to unsecured trade creditors. Messrs. Ruscoe and Keen said they did not know yet how much money would be available to pay to Solar Group's creditors, the Post adds. TRAXX INVESTMENTS: Auckland Council Boss Probes Liquidation ----------------------------------------------------------- Bernard Orsman at NZ Herald reports that Auckland Council chief executive Phil Wilson is investigating a mayoral executive who owns a property company in liquidation owing $560,000 to Inland Revenue. Jazz Singh, chief of staff to Mayor Wayne Brown, called in the liquidators on June 4 for his property company, Traxx Investments Ltd, the Herald discloses. According to the Herald, the first report by liquidators Steven Khov and Kieran Jones on June 11 shows the company had no assets at the date of liquidation and the sole creditor was the Inland Revenue Department, which is owed NZD559,739. Mr. Wilson told the Herald on July 21 that over the weekend, the mayor had asked him to look into the situation. "The pretext is that even for people employed in the mayor's office, they are council employees," the Herald quotes Mr. Wilson as sayomg, adding that there is a level of independence for mayoral staff, but he holds responsibility. "While I'm doing so and until we fully understand the situation, it wouldn't be appropriate to comment further," Mr. Wilson said. "In the meantime, and by mutual agreement, Jazz is taking a few days' leave." The Herald relates that Mr. Wilson said neither he nor the mayor was aware of the existence of the company, and it being put into liquidation. "I wasn't aware, but Jazz had put it [the company] on his declaration that there was a development company he was involved in," Mr. Wilson, who only became aware of the situation over the weekend, said. Mr. Wilson said he was unaware whether the council had granted consents for any property developments Singh was involved with. The Herald is seeking comment from Mr. Singh and Mr. Brown. Mr. Singh told Newsroom the existence of his business interest had been declared to the council, but not the liquidation, the Herald relays. Asked about the circumstances leading to the liquidation, he said: "I don't plan on talking to you about that." Mr. Singh was appointed as Mr. Brown's chief of staff on June 24 last year, having been the mayor's head of budget and finance, the Herald adds. ================= S I N G A P O R E ================= DOTC UNITED: Court to Hear Wind-Up Petition on July 25 ------------------------------------------------------ A petition to wind up the operations of DOTC United Pte. Ltd. will be heard before the High Court of Singapore on July 25, 2025, at 10:00 a.m. Google Asia Pacific Pte Ltd. filed the petition against the company on July 3, 2025. The Petitioner's solicitors are: Setia Law LLC One George Street, #07-03 Singapore 049145 ISE FOODS: Placed in Creditors' Voluntary Liquidation ----------------------------------------------------- Mr. Yiong Kok Kong of Avic DKKY Pte. Ltd on July 8, 2025, was appointed as liquidator of ISE Foods Singapore Pte. Ltd. The liquidator may be reached at: Yiong Kok Kong Avic DKKY Pte. Ltd. 180 Cecil Street, #12-04 Singapore 069546 M5 EQUIPMENT: Placed in Judicial Management ------------------------------------------- Mr. Seah Chee Wei of Rock Stevenson Pte Ltd on July 9, 2025, was appointed as judicial manager of M5 Equipment Pte Ltd. The judicial manager may be reached at: Seah Chee Wei 8 Burn Road Trivex #16-12 Singapore 369977 RED SCHOOLHOUSE: Deloitte Appointed as Liquidators -------------------------------------------------- Tan Wei Cheong and Christina Khoo, both care of Deloitte & Touche on July 3, 2025, were appointed as liquidators of Red Schoolhouse @ Toh Tuck Pte Ltd. The liquidators may be reached at: Tan Wei Cheong Christina Khoo Deloitte & Touche LLP 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 SBK TECH: Court to Hear Wind-Up Petition on July 25 --------------------------------------------------- A petition to wind up the operations of SBK Tech Holdings Pte. Ltd. will be heard before the High Court of Singapore on July 25, 2025, at 10:00 a.m. DIVC Pte. Ltd. filed the petition against the company on July 2, 2025. The Petitioner's solicitors are: Tan Peng Chin LLC 50 Raffles Place #16-03, Singapore Land Tower Singapore 048623 =========== T A I W A N =========== NANYA TECHNOLOGY: Second Quarter Net Loss Widens to NT$4.11BB ------------------------------------------------------------- Taipei Times reports that Nanya Technology Corp's losses widened in the second quarter due to foreign-exchange losses and lower chip prices, but the company expects a pickup in demand to help it return to profit in the fourth quarter at the earliest. Foreign-exchange losses of NT$1.12 billion (US$38.3 million) in the second quarter due to the New Taiwan dollar's sharp rise against the greenback contributed 25 percent to the company's net losses of NT$4.11 billion, the chipmaker said July 10, Taipei Times discloses. Second-quarter losses were larger than the losses of NT$1.94 billion in the first quarter and marked the 11th consecutive money-losing quarter, it said. Average selling prices dipped about 5 percent sequentially or 15 percent annually in the second quarter, although shipments soared about 70 percent sequentially or 30 percent annually, the company said. "We are positive about [memorychip] pricing in the second half," Nanya president Lee Pei-ing told a virtual media briefing on July 10. The prices of DRAM chips used in non-artificial intelligence (AI) applications started to pick up last month, as supply and demand reached parity, and the uptrend is likely to extend into the second half, Mr. Lee said. Non-AI DRAM chips account for 90 percent of the total DRAM market, he said. "Price negotiations for the third quarter have gone very smoothly," the report quotes Mr. Lee as saying. "It is highly likely that Nanya would start to eke out a profit in the fourth quarter, rather than in the third quarter." Gross margin is likely to return to positive territory in the third quarter, from minus-20.6 percent in the second quarter, the company said. Factory utilization rate has reached 100 percent, and the company is boosting production of DDR4 and low-power DDR4 DRAM chips in response to rising demand, it said. Taipei Times relates that the company continues to produce DDR4 and low-power DDR4 DRAM memory chips, with DDR4 DRAM accounting for more than half of its total production, while major global players are allocating more capacity to produce high-bandwidth memory or DDR5 DRAM chips to cope with booming demand for AI servers, it said. According to the report, Nanya said it is leveraging its second-generation 10-nanometer process technology to produce some low-power DDR5 DRAM chips, DDR4 and low-power DDR4 DRAM chips. Regarding the impact of looming US tariffs on Taiwan, the company said that customers have not acted proactively and it expects limited impact from the potential US duties on semiconductors. Manufacturers of logic chips would face a greater tariff impact than memorychip makers, Mr. Lee said. As Taiwan's logic chipmakers are well-positioned in the market, US duties on semiconductors are not expected to exert a significant influence on local firms as they are capable of passing on tariff costs to customers, he said, adds Taipei Times. About Nanya Technology Based in Taiwan, Nanya Technology Corp. (TPE:2408) -- http://www.nanya.com/-- is principally engaged in the manufacture, development and sale of memory products. The company primarily offers dynamic random access memory (DRAM) chips, including double data rate (DDR) DRAM chips, DDR2 DRAM chips and DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline (SO) dual in-line memory modules (DIMMs), 184-pin registered and unbuffered DDR synchronous dynamic random access memory (SDRAM) DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered DDR2 SDRAM DIMMs and others. DRAMs are used as data storage units for computer, communications and consumer (3C) products. As reported in the Troubled Company Reporter-Asia Pacific in early May 2025, Fitch Ratings has downgraded Taiwan-based Nanya Technology Corporation's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'BB+' from 'BBB-' and National Long-Term Rating to 'A-(twn)' from 'A(twn)'. The Outlook is Stable. Fitch has also downgraded the Short-Term Foreign- and Local-Currency IDRs to 'B' from 'F3' and National Short-Term Rating 'F2(twn)' from 'F1(twn)'. The downgrade reflects the company's weaker operating performance and the greater uncertainties surrounding US tariff policies, which could influence global demand for consumer electronics and, consequently, the pace at which profitability and cash generation recover. Fitch has also revised Nanya's Standalone Credit Profile (SCP) to 'bb-' from 'bb'. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***