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250723.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 Wednesday, July 23, 2025, Vol. 28, No. 146 Headlines A U S T R A L I A ASBESTOS AUSTRALIA: First Creditors' Meeting Set for July 25 INCOGNITUS PTY: First Creditors' Meeting Set for July 28 NORTHAMPTON DOCTORS: Clinic to Shut Doors by End of July PUBLIC HOSPITALITY: Pub Baron Jon Adgemis Owes AUD1.5 Billion SHEREX PTY: First Creditors' Meeting Set for July 28 UFC ENTERPRISE: First Creditors' Meeting Set for July 25 WILDCAT INDUSTRIES: First Creditors' Meeting Set for July 28 C H I N A HIGHER GROUND: Unsecured Creditors to Get Share of GUC Recovery JIANGSU SINOPEP-ALLSINO: Fined USD6.6MM for Inflating Earnings TAOPING INC: Grants 266,666 Restricted Shares to Execs, Directors URUMQI GAOXIN: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable [] CHINA: Dining Chains Scale Down, Cut Prices to Stay Afloat I N D I A B.L. AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating BALLIUM EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating BHARANI HI-TECH: CRISIL Keeps D Debt Ratings in Not Cooperating BHUSHAN STEEL: Ex-Promoters Seek Open Court Hearing on Review Plea BHUVAN WHEELS: CRISIL Keeps B- Debt Rating in Not Cooperating BHUYAN ASSOCIATES: CRISIL Keeps B Debt Ratings in Not Cooperating BINDESHWARI COLD: CRISIL Keeps B Debt Rating in Not Cooperating BOON ELECTRIC: CRISIL Keeps B Debt Ratings in Not Cooperating BRIGHT STAR: CRISIL Keeps B Debt Ratings in Not Cooperating BULAND CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating CAG CONSTRUCTION: CRISIL Keeps B Debt Ratings in Not Cooperating CAPTAB BIOTEC: CRISIL Keeps D Debt Ratings in Not Cooperating CHAITANYA CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating CHANDRA'S CHEMICAL: CRISIL Keeps B- Rating in Not Cooperating CHORDIA INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating M.R. OVERSEAS: CRISIL Keeps D Debt Rating in Not Cooperating MEDHATIYA CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating MILAN TANNERY: CRISIL Keeps B- Debt Ratings in Not Cooperating NIKLESH COOKING: CRISIL Keeps B+ Debt Ratings in Not Cooperating PANCHAM JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating PARAS FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating PHENIL SUGARS: CRISIL Keeps D Debt Ratings in Not Cooperating PN POLYBAGS: CRISIL Keeps B Debt Ratings in Not Cooperating PRAG ELECTRICALS: CRISIL Keeps D Debt Ratings in Not Cooperating PRAGATI MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating PRAKASAM HEAVY: CRISIL Keeps D Debt Ratings in Not Cooperating M A L A Y S I A ZELAN BHD: Appoints Faizal Yusof as New CEO N E W Z E A L A N D AQUA TARANAKI: Owes More Than NZD1.4MM, Liquidatior's Report Show DIAMOND CARPENTRY: Court to Hear Wind-Up Petition on Aug. 5 ECO EARTH: Owes NZD2.9MM to Unsecured Creditors, Liquidators Say ENZ COMMERCIAL: Creditors' Proofs of Debt Due on Aug. 27 MCCORMACK CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 14 NZ LIFE: BDO Auckland Appointed as Receivers TREAT US: Court to Hear Wind-Up Petition on Aug. 21 S I N G A P O R E CTECH GLOBAL: Court Enters Wind-Up Order INNOVATE DESIGN: Court Enters Wind-Up Order JM LOGISTICS: Court Enters Wind-Up Order MIDAS DESIGN: Court Enters Wind-Up Order NEW SILK: Shutting Down After US Investor Pullback TWFSG PTE: Court to Hear Wind-Up Petition on July 25 T H A I L A N D MUANGTHAI CAPITAL: Fitch Rates USD350MM 7.5% Unsecured Bonds 'BB' - - - - - ================= A U S T R A L I A ================= ASBESTOS AUSTRALIA: First Creditors' Meeting Set for July 25 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Asbestos Australia Pty Ltd will be held on July 25, 2025 at 1:00 p.m. via teleconference only. David Ross and David Ingram of I & R Advisory were appointed as administrators of the company on July 16, 2025. INCOGNITUS PTY: First Creditors' Meeting Set for July 28 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Incognitus Pty Ltd will be held on July 28, 2025 at 10:30 a.m. via Virtual Meeting Technology only. Mathew Gollant of CJG Advisory was appointed as administrator of the company on July 16, 2025. NORTHAMPTON DOCTORS: Clinic to Shut Doors by End of July -------------------------------------------------------- ABC News reports that residents and businesses in Northampton in Western Australia's Midwest are shocked and in limbo after the announcement the town's only GP clinic will close. The ABC relates that GP Tara Hamilton, who runs Northampton Doctors Surgery, shared the news on social media on July 18, announcing the practice would shut its doors at the end of July. She said minimal Medicare rebates and a lack of staff had made business "impossible to sustain". "Despite ongoing efforts for the past four years, I have been unable to recruit a doctor - locally, nationally or internationally - to continue serving our wonderful town," the ABC quotes Dr Hamilton as saying. At the last federal election, the Albanese government pledged to make nine out of 10 GP visits free by the end of the decade, the ABC says. But the Royal Australian College of General Practitioners said increased Medicare rebates due to begin in November were unlikely to keep struggling rural clinics afloat. Once the clinic is shut, the closest town with doctors is 50 kilometres away in Geraldton, the ABC notes. PUBLIC HOSPITALITY: Pub Baron Jon Adgemis Owes AUD1.5 Billion ------------------------------------------------------------- The Greek Herald reports that former KPMG dealmaker turned pub mogul Jon Adgemis is almost AUD1.5 billion in debt and has just AUD3.79 in the bank, according to a damning bankruptcy report. The Greek Herald, citing The Daily Telegraph, relates that Mr. Adgemis has proposed a rescue plan offering creditors just 17 cents per AUD1,000 owed, with a AUD3 million contribution from his family. The Greek Herald says the report reveals Mr. Adgemis' sprawling debt includes AUD80 million owed to the ATO and significant liabilities to both secured and unsecured creditors. Assets include three luxury vehicles (two financed), designer clothing, and AUD9 million in property – much of it disputed or seized. His pub empire, once spread across Sydney and Melbourne, is now heavily leveraged, with claims parts of it operated insolvently for years, The Greek Herald notes. Administrators say creditors are unlikely to recover anything under bankruptcy. The proposed deal will be voted on August 1, adds The Greek Herald. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group has taken another hit with receivers and external managers appointed at five of his Sydney hotels, including Oxford House and The Strand Hotel. Insolvency specialist FTI Consulting has stepped in as receivers and managers to operate Public's hip Redfern pub The Norfolk, Oxford House in Paddington and Darlinghurst's The Strand Hotel, as well as Alexandria's Camelia Grove Hotel and The Exchange Hotel, also in Darlinghurst, Good Food said. The pubs will be sold as soon as possible. Duncan Club and Andrew Sallway of BDO advisory firm have also been appointed voluntary administrators at affiliated companies including Public Lifestyle Management Pty Ltd, Good Food added. SHEREX PTY: First Creditors' Meeting Set for July 28 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Sherex Pty Ltd (trading as "Sherex Pty Limited", "Radiance Group Australia" and "Radiance Insulation Services") will be held on July 28, 2025 at 10:30 a.m. via virtual meeting technology only. Terrence John Rose and Terry Grant van der Velde of SV Partners were appointed as administrators of the company on July 16, 2025. UFC ENTERPRISE: First Creditors' Meeting Set for July 25 -------------------------------------------------------- A first meeting of the creditors in the proceedings of UFC Enterprise Hillarys Pty Ltd will be held on July 25, 2025 at 10:00 a.m. via Zoom facilities. Cameron Shaw and Aaron Dominish of Hall Chadwick Chartered Accountants were appointed as administrators of the company on July 15, 2025. WILDCAT INDUSTRIES: First Creditors' Meeting Set for July 28 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Wildcat Industries (Aust) Pty Ltd will be held on July 28, 2025 at 10:00 a.m. via Microsoft Teams. Travis Pullen of B&T Advisory was appointed as administrator of the company on July 16, 2025. ========= C H I N A ========= HIGHER GROUND: Unsecured Creditors to Get Share of GUC Recovery --------------------------------------------------------------- Higher Ground Education, Inc., and affiliates filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement for the Joint Plan of Reorganization dated June 27, 2025. From their inception in 2016 through the beginning of 2025, the Debtors grew to over 150 schools, becoming the largest owner and operator of Montessori schools in the world. The Debtors' mission was to modernize and mainstream the Montessori education movement. By early 2025, however, the Debtors' defaults on key secured loans resulted in the foreclosure and sale of the vast majority of the Debtors' assets and schools. Unable to secure refinancing or new capital, the Debtors determined that a chapter 11 process was the only viable path to maximize value and continue the Debtors' educational-focused goals. In the months leading up to the Petition Date, the Debtors worked with a majority of their stakeholders to formulate a value-maximizing joint pre-arranged chapter 11 plan. The Debtors commence these Chapter 11 Cases with the broad support of all or substantially all of the Debtors' major stakeholder groups. Prior to the Petition Date, the Debtors entered into the Restructuring Support Agreement supported by, among others, (a) 2HR Learning, Inc., a prepetition secured creditor and arms-length investor which has agreed to act as plan sponsor; (b) YYYYY, Inc. ("Five Y"), which agreed to act as the Junior DIP Lender; (c) Guidepost Global Education, Inc. ("GGE"), which has agreed to contribute certain of its assets pursuant to the Plan and to act as the Junior DIP Lender; (d) Ramandeep (Ray) Girn ("Mr. Girn") the Debtors' co-founder and former chief executive officer, and Rebecca Girn, the Debtors' co-founder and former general counsel ("Ms. Girn" and together with Mr. Girn, the "Girns"); (e) Yu Capital, LLC and its affiliated entities that represent a significant number of the Debtors' EB-5 Investors; and (f) the consenting parties thereto (with the other signatories to the RSA, the "Supporting RSA Parties"). The Plan generally provides, among other things, for (a) the funding of $8 million dollars in new money to fund these Chapter 11 Cases and to fund plan recoveries to the Debtors' prepetition creditors; (b) the contribution by GGE of Curriculum Assets and the Guidepost Global IP License; (c) the transfer of the Designated EB-5 Entities by the Debtors to GGE; (d) the assignment of certain executory contracts and unexpired leases to GGE; (e) the treatment of holders of allowed claims in accordance with the Plan and the priority scheme established by the Bankruptcy Code; (e) the mutual release of all claims and causes of action by and among each of the RSA Supporting Parties; and (f) the reorganization of the Debtors by retiring, cancelling, extinguishing and/or discharging the Debtors' prepetition equity interests or its designee(s) and issuing new equity interests in the reorganized debtor(s) to 2HR. The restructuring transactions contemplated by the Restructuring Support Agreement will allow the Debtors to maximize value for creditors and parties in interest, keep the largest number of employees employed, and provide students and families with ongoing access to the Remaining Schools. Through the Restructuring Support Agreement, these Chapter 11 Cases are supported by up to $8 million of new money in the form of the DIP Facilities, which also includes a dollar-for-dollar roll-up of up to $2 million of the pre-petition bridge loans. Any amounts not utilized under the DIP Facilities will be used to fund recoveries to the Debtor's prepetition creditors. 2HR has also agreed to serve as the Plan Sponsor and provide the Debtors with the ability to effectuate their value-maximizing Plan. Importantly, with the exception of a $500,000 payment being made to Ray Girn on account of his Bridge CN-3 claims, the Plan provides that the RSA Parties are waiving their rights to Plan distributions in an effort to ensure some recoveries for the Debtors' unsecured creditors. Notably, absent these concessions, unsecured creditors would receive no recovery under the Plan. Further, the Restructuring Support Agreement and Plan contemplate the reorganization of the Debtors' businesses to allow for 2HR to acquire the Debtors for future operations. This reorganization will right-size the Debtors' balance sheet and provide for 2HR to effectuate its educational mission through the Reorganized Debtors. On June 26, 2025, the Debtors filed the RSA Assumption Motion. Class 6 consists of all General Unsecured Claims. On or as soon as practicable after the Effective Date, then the Holders of Allowed General Unsecured Claims (other than the Released Parties, if applicable), in full and final satisfaction, release, settlement, and discharge of such Allowed General Unsecured Claim, shall receive their pro rata share of the GUC Recovery pursuant to the Junior Class Distribution Formula. For the avoidance of doubt, Class 6 shall only receive a distribution under the Plan if Class 6 accepts the Plan. Class 6 is Impaired. Class 8 consists of all Equity Interests. On the Effective Date, all Equity shall be retired, cancelled, extinguished and discharged, and Holders of Equity Interests shall not receive or retain any Property under the Plan on account of such Equity Interests. On the Effective Date, the Plan Sponsor shall wire the Plan Consideration, as directed by the Debtors, verified receipt of which shall be a condition to effectiveness of this Plan. The Plan Sponsor shall be entitled to rely on the accuracy and correctness of the directions of the Debtors and Disbursing Agent in connection with any and all such wire transfer(s). In no event shall Plan Sponsor or Reorganized HGE be liable or responsible to the Debtors or the Disbursing Agent for any erroneous wire transfer made at the direction of the Debtors. The Plan Consideration shall be used by the Disbursing Agent to fund all Plan obligations. On the Effective Date, the Debtors shall wire all Property constituting Cash-on-Hand to the Disbursing Agent to fund the Disbursing Agent Restricted Accounts free and clear of all Liens, Claims, interests and encumbrances of any kind free and clear of all Liens, Claims, interests and encumbrances of any kind. A full-text copy of the Disclosure Statement dated June 27, 2025 is available at https://urlcurt.com/u?l=B9sPS3 from Verita Global, LLC fka Kurtzman Carson Consultants, LLC, claims agent. The Debtors' Counsel: Holland N. O'Neil, Esq. FOLEY & LARDNER LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Tel: (214) 999-3000 Fax: (214) 999-4667 honeil@foley.com - and - Timothy C. Mohan, Esq. FOLEY & LARDNER LLP 1144 15th Street, Ste. 2200 Denver, CO 80202 Tel: (720) 437-2000 Fax: (720) 437-2200 Email: tmohan@foley.com - and - Nora J. McGuffey, Esq. Quynh-Nhu Truong, Esq. FOLEY & LARDNER LLP 1000 Louisiana Street, Suite 2000 Houston, TX 77002 Tel: (713) 276-5500 Fax: (713) 276-5555 Email: nora.mcguffey@foley.com qtruong@foley.com About Higher Ground Education Higher Ground Education Inc. and its subsidiaries operate Montessori schools and provide related training and consulting services worldwide. Founded in 2016, the Group grew to manage more than 150 schools by 2024, with locations across the U.S. and international expansion into Hong Kong and mainland China. It also offers virtual and home-based education, teacher training, and licensing of its content to independent partners. Higher Ground Education Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80121) on June 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Bankruptcy Judge Michelle V. Larson handles the case. The Debtors tapped Foley & Lardner LLP, as counsel; and SierraConstellation Partners, LLC, as financial advisor. Verita Global, LLC, f/k/a Kurtzman Carson Consultants, LLC, is the claims agent. JIANGSU SINOPEP-ALLSINO: Fined USD6.6MM for Inflating Earnings -------------------------------------------------------------- Yicai Global reports that Jiangsu Sinopep-Allsino Biopharmaceutical, a leading Chinese supplier of active pharmaceutical ingredients for drugs that are used to treat type-2 diabetes and obesity, has been fined CNY47.4 million (USD6.6 million) by China's securities regulator for falsifying its financial results, and has been slapped with a delisting warning, putting its future on the Shanghai Stock Exchange in doubt. Sinopep-Allsino's shares [SHA: 688076] were suspended from trading on the Shanghai bourse's Star Market on July 21 after receiving the delisting warning and were expected to resume trading July 22. According to Yicai, Sinopep-Allsino has been found by regulators to have inflated its annual business revenue by CNY30 million (USD4.2 million) in December 2021, and to have faked its profits by CNY26 million, which accounted for 20.6 percent of the company's total profit that year, the firm said on July 18, citing the notice it received from the China Securities Regulatory Commission that it would be issued with administrative penalties. Sinopep-Allsino cooked the books to meet the financial requirements needed to pursue a refinancing plan, the regulator said, Yicai relates. Thanks to the fabricated numbers, the Lianyungang-based company successfully secured regulatory approval to issue convertible bonds and raised CNY434 million (USD60 million) in December 2023. The CSRC fined Sinopep-Allsino CNY47.4 million (USD6.6 million) for false information disclosure and fabricating key content in public filings, Yicai says. It also fined Zhao Dezhong, the actual controller of the firm, CNY18 million, and several other senior executives involved in the scandal received fines ranging from CNY1.5 million (USD209,000) to CNY3.3 million. Sinopep-Allsino, which specializes in the research and development of peptide and small molecule drugs, went public on the Star Market in May 2021, Yicai recalls. The company is a key supplier of APIs for weight-loss drugs and GLP-1 receptor agonists, such as semaglutide and liraglutide. Its products are part of the global supply chain for pharma giants such as Denmark's Novo Nordisk and the US' Eli Lilly and Company, and it has already achieved commercial-scale supply deals. Sinopep-Allsino's share price surged over 70 percent in the first half of last year when it became API supplier to several international weight-loss drug titans, according to Yicai. However, after the CSRC announced its probe into the alleged financial fraud in October 2024, the stock plunged nearly 30 percent in value that month and has been volatile ever since. Under China's stock market rules, companies that receive a delisting risk warning must complete corporate governance and financial data rectifications as per the regulator's requests and resolve any civil lawsuits stemming from the case within 12 months to avoid being forcibly delisted, Yicai notes. TAOPING INC: Grants 266,666 Restricted Shares to Execs, Directors ----------------------------------------------------------------- Taoping Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the board of directors granted restricted shares in an aggregate amount of 266,666 ordinary shares, no par value to certain of its directors, executive officers and employees as compensations for their services. The following shares were granted to the executive officers and directors of the Company: * Jianghuai Lin, Chief Executive Officer and Chairman, was granted 133,332 shares; * Zhiqiang Zhao, President and director, was granted 36,000 shares; * Zhixiong Huang, Chief Operating Officer, was granted 36,000 shares; * Iris Yan, Chief Financial Officer, was granted 36,000 shares; * Huan Li, Chief Marketing Officer, was granted 13,630 shares; * Guangzeng Chen, Chief Technology Officer, was granted 2,000 shares; * Ping Cai, director, was granted 1,012 shares; * Yong Jiang, director, was granted 1,012 shares; * Remington C.H. Hu, director, was granted 1,012 shares. All of the Restricted Shares vested immediately on July 8, 2025. The Restricted Shares were granted under the Company's 2024 Equity Incentive Plan, which have been registered by a registration statement on Form S-8 (File No. 333-283697). About Taoping Taoping Inc. (f/k/a China Information Technology, Inc.), together with its subsidiaries, is a provider of cloud-app technologies for Smart City IoT platforms, digital advertising delivery, and other internet-based information distribution systems in China. Its Internet ecosystem enables all participants of the new media community to efficiently promote branding, disseminate information, and exchange resources. In addition, the Company provides a broad portfolio of software and hardware with fully integrated solutions, including Information Technology infrastructure, Internet-enabled display technologies, and IoT platforms to customers in government, education, residential community management, media, transportation, and other private sectors. London, United Kingdom-based PKF Littlejohn LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the competitive market in China, potential financial consequence from the tariffs war and the uncertainty about the availability of future financing raise substantial doubt about the Company's ability to continue as a going concern. Due to the unfavorable macro-economic environment and the slowdown of the out-of-home advertising market in China, the Company incurred net loss of approximately $7.1 million in 2022, $0.7 million in 2023 and $1.8 million in 2024. However, the Company will aggressively develop domestic and international markets to develop new customers and new product offerings through potential acquisitions and strategic collaborations with its business partners. There can be no assurance that the Company will be successful in achieving the goals set forth in its new business strategy and business model. URUMQI GAOXIN: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed China-based Urumqi Gaoxin Investment and Development Group Co., Ltd.'s (UGID) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB+'. The Outlook is Stable. Fitch has revised UGID's Standalone Credit Profile (SCP) to 'b+' from 'b', reflecting an improved financial profile supported by the early allocation of fiscal funds for government-related projects. The ratings affirmation reflects UGID's unchanged policy role as the main government-related entity (GRE) for urban infrastructure construction, industrial park development and related investments, supporting the economic and industrial growth of the Urumqi High-tech Industrial Development Zone (New City District), the first national-level high-tech industrial zone in Xinjiang. UGID's revised SCP reflects a 'Midrange' risk profile and improved 'bb' financial profile. Fitch expects net debt/EBITDA to remain below 18x throughout the rating cycle, in line with 'b+' peers among Chinese urban developers, supported by 'bb' interest coverage and liquidity coverage. KEY RATING DRIVERS Support Score Assessment 'Extremely likely' Fitch views the New City district government as extremely likely to extend extraordinary support to UGID, if needed, reflecting a support score of 35 (out of a maximum 60) under Fitch's Government-Related Entities Rating Criteria. This reflects a combination of the responsibility to support and incentive to support factor assessments, as below. Responsibility to Support Decision Making and Oversight 'Very Strong' Its assessment is based on the government's tight control and key decision-making power over UGID's operations. UGID is 100% directly owned by the New City District State-owned Assets Supervision and Administration Commission (New City District SASAC). Company directors and senior management are mainly appointed or nominated by the district government. The government has power over major decisions, investment plans and debt, and closely oversees UGID, requiring frequent reporting on key operating and financial performance. Precedents of Support 'Strong' UGID is the major GRE in New City district, in light of its strategic role in developing the high-tech zone. The company has received consistent financial support from the government since its establishment in the form of fiscal payments and operating subsides. The support helps UGID to sustain its operating flexibility and financial viability. It received CNY4.9 billion in early payments for government-related infrastructure business in 2024, and an average of CNY14 million in annual operating subsidies over the past three years. Incentives to Support Preservation of Government Policy Role 'Strong' UGID is the New City government's core platform for providing public services to the residents and enterprises that operate in the high-tech zone. It is an important local GRE that assists New City to execute crucial economic plans. The district government places a high priority on the urban and industrial development of the zone and UGID's long-term strategy is aligned with the government's vision for the district. The company expects to continue undertaking the construction of major urban development projects. A default by UGID would cause project delays and disrupt development of these policy projects in the long run, which could affect the long-term economic development of New City. The constraint against a higher assessment is due to the availability of other GREs in the city to act as substitutes if UGID defaults. Contagion Risk 'Strong' Fitch views UGID as a high-profile GRE in New City. The company's major functional businesses, including infrastructure investment and industrial park operations, are of high policy intensity. The public perceives UGID to have close local-government linkages, as the government has mandated the company to undertake major projects to support New City's development. UGID has a long track record of incurring debt and is the only GRE in New City district that has issued a variety of both onshore and offshore debt instruments. Bonds accounted for 62% of the company's total debt at end-2024. It also has good relationships with banks, including policy and state-owned banks. GREs in New City have adequate records with no evidence of financial tension. Thus, Fitch believes a default by UGID would be likely to disrupt access to or cost of financing for the government or its other GREs. Standalone Credit Profile UGID's SCP assessment is based on a 'Midrange' risk profile and improved 'bb' financial profile. Risk Profile: 'Midrange' Fitch's assessment reflects a combination of 'Midrange' revenue, expenditure, and liability and liquidity risks. Revenue Risk: 'Midrange' The revenue risk assessment is based on 'Midrange' demand and pricing characteristics. UGID has relatively high business concentrations in urban development and industrial park operation with low geographic diversification. However, this is partly offset by the growth prospects of its business as the New City district develops. UGID's pricing ability remains at a moderate level, as indicated by its positive gross margin. Expenditure Risk: 'Midrange' Its expenditure risk assessment is based on 'Midrange' operating costs, supply risk and investment planning. UGID has well-identified cost drivers. Most of its operating expenditure is variable in nature and can be passed through to revenue. The government sets its investment objectives and it has an adequate execution record. Liabilities and Liquidity Risk: 'Midrange' Debt and liability characteristics are assessed as 'Midrange'. UGID's debt profile is relatively concentrated in the short term, with 54% of total debt maturing within one year. Issued debt accounts for 62% of total debt, with a relatively short weighted-average life of 2.9 years as most of it is in the form of bonds with tenors of three-to-five years. However, this short maturity profile is mitigated by UGID's strong access to the bond market, ample liquidity for debt servicing and solid relationships with major Chinese banks. Financial Profile 'bb' The financial profile assessment is derived from the 'bb' category leverage ratio, using net debt/EBITDA as the primary metric. Fitch forecasts that UGID's leverage ratio will be below 18x during the rating horizon of 2025-2029, positioning it at the 'bb' level. Fitch assesses the company's gross interest coverage rather than the debt service coverage ratio as Fitch expects the majority of debt to be refinanced. The gross interest coverage of 1.4x would fall within the 'bb' category. Fitch expects a liquidity coverage ratio of 1x in 2025, indicating the 'bb' category. Derivation Summary Fitch regards UGID as a major GRE in New City District. The ratings reflect its assessment of the New City government's decision-making and oversight as well as its precedents of support for the company, and the government's support incentives under Fitch's Government-Related Entities Rating Criteria. The ratings also take into consideration the SCP assessment of 'b+' under its Public Policy Revenue-Supported Entities Rating Criteria. Fitch views district level urban development companies, such as Chengdu Jinjiang Investment Development Group Co., Ltd. (BBB-/Stable) and Hangzhou Fuyang City Construction Investment Group Co., Ltd. (BBB-/Stable), as comparable peers. Issuer Profile UGID is a district-level urban infrastructure developer in New City district, a national high-tech zone established in 1992. It is responsible for infrastructure construction and industrial park development, supporting the district's economic and industrial growth. Its total assets were CNY31.4 billion as of end-2024. Key Assumptions Fitch's rating case is a "through-the-cycle" scenario, which incorporates a combination of revenue, cost and financial risk stresses. It is based on 2020-2024 historical figures and 2025-2029 scenario assumptions: - average operating revenue growth of 0.6% a year in 2025-2029, based on business contract with government and New City district's economic growth prospects. - annual net capex to average CNY640 million to fund UGID's ongoing infrastructure construction investment. - average total debt growth of 4% a year in 2025-2029. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A lowering of Fitch's credit view of the New City district government 's ability to provide support or other legitimate resources allowed under China's policies and regulation. - A deterioration in Fitch's perception of the district government's responsibility or incentive to provide support that lowers the support score assessment to 35 points or less. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An improvement in Fitch's credit view of the New City district government's ability to provide support or other legitimate resources allowed under China's policies and regulation. - An improvement in Fitch's perception of the district government's responsibility or incentive to provide support that improves the support score assessment to 45 points or above. - An Improvement in the SCP to 'bb-'. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Urumqi Gaoxin Investment and Development Group Co., Ltd. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ [] CHINA: Dining Chains Scale Down, Cut Prices to Stay Afloat ------------------------------------------------------------- Yicai Global reports that several Chinese restaurant chains shut outlets and lowered their prices in the first half to survive shifting consumer trends and price wars among food delivery platforms. Lalengmen Clear Oil Hot Pot closed six stores in the six months ended June 30 because of falling demand, bringing its total down to just over 30, founder Zhu Guo told Yicai. "Previously diners picked the tastiest dishes first, then looked at price," he said. "Now the primary criterion is price, and only afterwards do they consider quality." Din Tai Fung, which specializes in xiaolongbao soup dumplings, closed its last restaurant in Ningbo in May, completing its exit from that city, Yicai relates. Yicai says well‑known casual dining chains are also cutting outlet counts. Burger King China said last month that it would close underperforming outlets this year, offset by some new openings, but expects its year‑end store count to fall short of last year's. Other restaurant chains have instead moved to smaller premises from prime spots in shopping malls to cuts their rent burden. According to Yicai, lower demand has already affected the financial performance of some listed caterers. For example, the well-known Beijing roast duck chain Quanjude expects a net profit of CNY11 million to CNY14 million (USD1.5 million to USD2 million) for the six months ended June 30, down from CNY29.3 million a year earlier. The catering sector showed signs of slower revenue growth, shrinking profits, and intensified competition in the first half, and is facing severe challenges, Yicai notes citiaccording to a recent report by the China Cuisine Association. In an intensely competitive market, firms need to plan more carefully based on the characteristics of their own businesses so that they can still attract enough customers while trying to reduce costs, Huang Zhongbin, senior associate director at Savills' commercial and retail services department, told Yicai. Despite demand shrinking overall, Zhu noted some positives, such as focusing on fresh ingredients, which can be quite popular. "Some of my friends in the barbecue business have chosen to highlight the freshness of their ingredients as a selling point, converting their kitchens into display areas where they slice fresh beef and kill fish in front of diners," Yicai quotes Zhu as saying. "They are doing fairly well." He also said that some of them have even started to venture into mountainous areas to source high-quality, traceable, fresh ingredients. Yicai adds that Zhu believes the industry's lifeline hinges on elevating ingredient quality to create genuine differentiation rather than depending on basic price cuts. ========= I N D I A ========= B.L. AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of B.L. Agro Industries (BLAI) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B+/Stable (ISSUER NOT COOPERATING) Term Loan 5 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with BLAI 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 BLAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BLAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BLAI continues to be 'Crisil B+/Stable Issuer not cooperating'. BLAI is a partnership of Mr. Sanjay Sancheti and Mr. Manoj Sancheti. The firm is currently setting up an integrated cold chain near Bikaner (Rajasthan). The integrated cold chain will be used to store and process fruits, vegetables, spices and other horticulture produce. The firm will commence operations from December 2018. BALLIUM EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Ballium Exports (BK) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 20 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with BE 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 BE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BE continues to be 'Crisil B/Stable Issuer not cooperating'. In August 2009, BK Enchanting Enclave was formed as partnership towards developing residential apartments. The project is towards developing a gated community with 288 flats in Ongole District (Andhra Pradesh). BHARANI HI-TECH: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bharani Hi-tech Agro Industries (BHPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Auto Loans 0.22 CRISIL D (Issuer Not Cooperating) Cash Credit 1.65 CRISIL D (Issuer Not Cooperating) Long Term Loan 4.35 CRISIL D (Issuer Not Cooperating) Overdraft Facility 0.80 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BHPL 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 BHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BHPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. BHPL is a proprietorship concern of Mr Anand Lagu established in 2007 is production and sale of consumable eggs and since fiscal 2018 the firm also started selling of hatchable eggs to the poultry firms. BHUSHAN STEEL: Ex-Promoters Seek Open Court Hearing on Review Plea ------------------------------------------------------------------ The Economic Times reports that the former promoters of Bhushan Power & Steel Limited (BPSL) on July 21 requested the Supreme Court to list their review petition against the company's liquidation order for an open court hearing. ET relates that the petition challenges the top court's May 2 verdict that set aside JSW Steel's resolution plan and ordered liquidation of BPSL under the Insolvency and Bankruptcy Code (IBC). A bench led by Chief Justice B R Gavai, along with Justice K Vinod Chandran, heard the mention by senior advocate Vikas Singh, who appeared for BPSL's former promoters. The petitioners include Sanjay Singhal and his family, father Brij Bhushan Singal and brother Neeraj Singal, ET says. According to ET, Singh submitted that the liquidation value assigned to BPSL's assets was "very low" and warned that any remaining liabilities could fall on the former promoters. Urging an open court hearing, Singh said the matter warranted further judicial scrutiny beyond the standard in-chamber review. "Let me constitute a bench," the Chief Justice said in response. Typically, review petitions are decided in judges' chambers without oral arguments. ET says the Supreme Court's May 2 judgment, delivered by a bench of Justice Bela M Trivedi (since retired) and Justice Satish Chandra Sharma, criticised multiple entities involved in BPSL's insolvency process, including the resolution professional, the Committee of Creditors (CoC), and the National Company Law Tribunal (NCLT). "Having thoroughly examined the entire matter factually and legally, we arrive at the following irresistible conclusions: the resolution professional had utterly failed to discharge his statutory duties contemplated under the IBC and the CIRP regulations during the course of the entire CIR proceedings of the corporate debtor, BPSL," the bench had said. The ruling further stated that the CoC "failed to exercise its commercial wisdom while approving JSW's resolution plan, which was in absolute contravention of the mandatory provisions of the IBC and CIRP regulations," ET relays. ET relates that the court described the process as a "flagrant violation" of the IBC and held that the conduct of all key stakeholders, including successful resolution applicant JSW Steel, did not align with the objectives of the insolvency law. About Bhushan Power Bhushan Power and Steel Limited manufactures and markets steel products. It offers flat products, such as coated products, galvanized/galvalume, color coated products, cable tapes, and cold rolled products; and long products, including iron making and sponge iron products. The company also provides steel pipes, hollow steel sections, grooved pipes, and carbon steel tubes. Mahendra Kumar Khandelwal was appointed as the IRP in the case under an order passed by the National Company Law Tribunal (NCLT) on July 26, 2017. Bhushan Power, which owes over INR37,000 crore to a consortium of lenders led by Punjab National Bank, was among 12 large companies identified by the Reserve Bank of India against which banks were directed to initiate insolvency proceedings. Barring Era Infra Engineering Ltd, petitions have been admitted in all other cases. As reported in the Troubled Company Reporter-Asia Pacific on March 29, 2021, JSW Steel group on March 26, 2021, closed the INR19,350-crore transaction with lenders to acquire Bhushan Power, bringing down the curtain on a corporate insolvency resolution process (CIRP) that has stretched over three-and-a-half years. Business Standard said the transaction was funded through a mix of equity and debt. As part of the payment, a sum of INR8,614 crore in Piombino Steel (PSL) was arranged through a mix of equity, optionally convertible instruments and debt. Of this, INR8,550 crore was invested in a special purpose vehicle (SPV), Makler, the bidding company. The remaining INR10,800 crore was funded through debt. JSW informed the stock exchanges that following the implementation of the resolution plan, which included payment of INR19,350 crore to financial creditors of BPSL and the merger of the SPV, PSL holds 100 per cent equity shares in BPSL. Seshagiri Rao, joint managing director and chief financial officer, JSW Steel, said the company took charge of the asset on March 26, according to Business Standard. In early May 2025, the Supreme Court initially nullified JSW Steel's acquisition and directed the liquidation of the debt-laden company, but later put the liquidation process on hold. BHUVAN WHEELS: CRISIL Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Bhuvan Wheels Private Limited (BWPL) continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with BWPL 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 BWPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BWPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BWPL continues to be 'Crisil B-/Stable Issuer not cooperating'. BWPL was incorporated in 2013, promoted by Mr Subhash Zambad and his family. It is an authorised dealer of Hyundai passenger cars in Aurangabad. The company currently operates one showroom and a workshop each, in Aurangabad and Jalna. BHUYAN ASSOCIATES: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhuyan Associates Private Limited (BAPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.75 Crisil B/Stable (Issuer Not Cooperating) Proposed Fund- Based Bank Limits 0.59 Crisil B/Stable (Issuer Not Cooperating) Standby Line of Credit 0.75 Crisil B/Stable (Issuer Not Cooperating) Term Loan 0.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BAPL 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 BAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BAPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2001 and promoted and managed by Mr Gautam Saha, Mr Uttam Saha, and Mr Satyam Saha, BAPL manufactures and prints flexible packaging material at its facility in Guwahati. BINDESHWARI COLD: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Bindeshwari Cold Chain Private Limited (BCCPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 4 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with BCCPL 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 BCCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BCCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BCCPL continues to be 'Crisil B/Stable Issuer not cooperating'. BCCPL was set up by the promoter, Mr Santosh Kumar Pandey and his family at Lucknow in 2017. The company is setting up a multipurpose cold storage unit at Bakshi Ka Talab, with 4764.64 MT for storage of potatoes, vegetables, fruits and jaggery. The unit is expected to start commercial operations from October 2018 onwards. BOON ELECTRIC: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Boon Electric Private Limited (BEPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.45 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 14.45 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.1 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BEPL 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 BEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BEPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2015, BEPL is engaged in manufacturing of ceiling fans with its manufacturing facility is located in Hyderabad, Telangana. The company is promoted by Mr Munir Keshwani, Mr Nooruddin Minsara, Mr Saleem Bavani, Mr Shahjit Bavani and Mr Shabbir Vasaya. BRIGHT STAR: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bright Star Syntex Private Limited (BSSPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BSSPL 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 BSSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BSSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BSSPL continues to be 'Crisil B/Stable Issuer not cooperating'. BSSPL, incorporated in 2002, undertakes spinning, weaving, and finishing of textiles (jacquard-woven fabrics/curtains). The manufacturing unit in Tarapur (Thane) has total installed capacity of about 5 lakh metres per month. Mr Bijay Agarwal and Ms Saroj Agarwal are the promoters. BULAND CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Buland Construction (Buland) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6.75 CRISIL D (Issuer Not Cooperating) Overdraft Facility 2.00 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.75 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Buland 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 Buland, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Buland is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Buland continues to be 'Crisil D/Crisil D Issuer not cooperating'. Setup in 2011, Buland is a partnership firm, started by Mr. Rakesh Sharma and Mr. Sandeep Sharma. Buland is engaged in civil construction industry and caters to private as well as Government customers. CAG CONSTRUCTION: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of C A G Construction Equipment Private Limited (CAG) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B/Stable (ISSUER NOT COOPERATING) Drop Line 3 CRISIL B/Stable (ISSUER NOT Overdraft Facility COOPERATING) Crisil Ratings has been consistently following up with CAG 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 CAG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CAG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CAG continues to be 'Crisil B/Stable Issuer not cooperating'. CAG is a Coimbatore Based Company which is involved in the dealership of construction machinery of Tata Hitachi. CAPTAB BIOTEC: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Captab Biotec Unit - II (CBU) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 3.5 CRISIL D (Issuer Not Cooperating) Proposed Cash 1.37 CRISIL D (Issuer Not Credit Limit Cooperating) Term Loan 2.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CBU 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 CBU, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CBU is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CBU continues to be 'Crisil D/Crisil D Issuer not cooperating'. CBU was incorporated as partnership firm in 2014 by Mr Shubham Goel and his brother, Mr Kapish Goel. The firm executes contract manufacturing as well as its own manufacturing and marketing of pharmaceuticals such as tablets, injections, capsules and syrups under its own brand. The manufacturing unit is at Baddi, Himachal Pradesh. CHAITANYA CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Chaitanya Cashew Company (CCC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Packing Credit 2.25 CRISIL D (Issuer Not Cooperating) Packing Credit 5.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CCC 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 CCC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CCC continues to be 'Crisil D Issuer not cooperating'. CCC was set up as a proprietorship firm in 2011 by Ms Veena Prabhakumar, who also manages operations. The firm, based in Kollam, Kerala, trades in cashew kernels. CHANDRA'S CHEMICAL: CRISIL Keeps B- Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of CCIPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1 Crisil B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with CCIPL 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 CCIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CCIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CCIPL continues to be 'Crisil B-/Stable Issuer not cooperating'. CCIPL was incorporated in 1974. CCIPL is engaged in manufacturing of polymers and emulsions. CCIPL manufacturing facility is located in West Bengal. It is jointly managed by Mr. Avishek Auddy, Mr. Swapandeb Datta and Mr. Aurobinda Auddy (Managing Director). CHORDIA INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Chordia Industries (CI) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 1.5 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with CI 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 CI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CI continues to be 'Crisil B/Stable Issuer not cooperating'. CI was set up in 2001, is a partnership firm engaged in ginning and pressing of cotton and also sells cotton seeds and oil at its manufacturing unit at Nandori, Nagpur. The firm was taken over by Mr. Sohel Amin and Ms. Marya Amin in 2015. M.R. OVERSEAS: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of M.R. Overseas Private Limited (MROPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 47 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MROPL 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 MROPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MROPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MROPL continues to be 'Crisil D Issuer not cooperating'. MROPL was originally set up as a partnership between Mr Nand Kumar Arora, Mr Rajesh Kumar Arora, Mr Sanjiv Kumar Arora and Mr Rohit Arora in 1996, and was reconstituted as a private limited company in 1998. It processes basmati rice varieties (PUSA 1121, PUSA 1509, traditional basmati, and blended rice) in the domestic and overseas markets, and has milling and sorting capacity of 8 tonne per hour (tph) and 6 tph, respectively. The plant at Delhi has Hazard Analysis and Critical Control Points (HACCP), ISO 9001:2001, and US Food and Drug Administration (USFDA) certifications. MEDHATIYA CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Medhatiya Construction Company Private Limited (MCCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 4.00 CRISIL D (Issuer Not Cooperating) Working Capital 2.85 CRISIL D (Issuer Not Demand Loan Cooperating) Crisil Ratings has been consistently following up with MCCPL 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 MCCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MCCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MCCPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2006, MCCPL is engaged in residential real estate development. MILAN TANNERY: CRISIL Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Milan Tannery (MT; part of the Rathi group) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 4 CRISIL B-/Stable (ISSUER NOT Overdraft facility COOPERATING) Foreign Currency 3.2 CRISIL B-/Stable (ISSUER NOT Term Loan COOPERATING) Long Term Loan 0.5 CRISIL B-/Stable (ISSUER NOT COOPERATING) Proposed Fund- 1.3 CRISIL B-/Stable (ISSUER NOT Based Bank Limits COOPERATING) Crisil Ratings has been consistently following up with MT 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 MT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MT continues to be 'Crisil B-/Stable Issuer not cooperating'. The Kolkata-based Rathi group is promoted by Mr Hari Narayan Rathi and Mr Kishore Rathi. It manufactures and exports leather bags and wallets; and trades in chemicals and dyes used in the leather and textile industries in the domestic market. Unit in Banthala, West Bengal, has installed capacity to process 5.10 lakh bags per month. NIKLESH COOKING: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Niklesh Cooking Oil Refineries (NCOR) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11.6 Crisil B+/Stable (Issuer Not Cooperating) Term Loan 2.4 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NCOR 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 NCOR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NCOR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NCOR continues to be 'Crisil B+/Stable Issuer not cooperating'. NCOR, based in Kaithal, Haryana, manufactures refined rice bran oil, cotton oil, and palm oil. PANCHAM JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pancham Jewellers Private Limited (PJPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 1 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Standby Line 1 CRISIL D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with PJPL 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 PJPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PJPL continues to be 'Crisil D Issuer not cooperating'. PJPL is a manufacturer and wholesale dealer of gold-, precious-stone- and diamond-studded jewellery. The company was established in 2005 and is promoted by Mr. RK Aggarwal and his family. PJPL has its showroom in Rajpura (Punjab). The wholesale business contributes to around 95 per cent of its revenue. PARAS FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Paras Foods (PF) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PF 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 PF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PF continues to be 'Crisil D Issuer not cooperating'. Established in 2003 as a partnership between Mr Ujwal Pagariya, Mr Ulhas Pagaria, and Mr Umesh Pagaria, PF, based in Nagpur (Maharashtra) is a wholesale trader of agricultural products. PHENIL SUGARS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Phenil Sugars Limited (Phenil) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Funded Interest 9.24 CRISIL D (Issuer Not Term Loan Cooperating) Long Term Loan 0.44 CRISIL D (Issuer Not Cooperating) Working Capital 48.32 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with Phenil 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 Phenil, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Phenil is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Phenil continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2003 as Phenil Sugars Pvt Ltd, the company had its registered office in Mumbai, which was later shifted to Delhi for better operational efficiency and monitoring. It got converted into a public-limited company as on April 26, 2013. In October 2004, Phenil acquired two sugar companies, Govind Nagar Sugar Ltd (GNSL) and Basti Sugar Mills Co Ltd (BSML) from the Narang group. Both, GNSL and BSML have been amalgamated with Phenil with effect from April 1, 2010. Pursuant to a High Court order dated April 19, 2011, GNSL merged with Phenil and subsequently, according to a High Court order dated February 20, 2013, BSML merged with Phenil with the appointed date being April 1, 2010. Phenil has total sugarcane crushing capacity of 6,000 tonne of cane per day and power cogeneration capacity of 13.6 megawatt. Entire power generated is used for captive consumption. PN POLYBAGS: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of PPPL continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.71 Crisil B/Stable (Issuer Not Cooperating) Proposed Term Loan 1.69 Crisil B/Stable (Issuer Not Cooperating) Term Loan 6.6 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PPPL 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 PPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PPPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2014, PPPL manufactures and supplies polypropylene woven sacks and allied products. The manufacturing unit is in Dhar, Madhya Pradesh, and has installed capacity of 450 tonne per month. The company is promoted by Mr Narendra Kulkarni and his family members. PRAG ELECTRICALS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Prag Electricals Private Limited (PEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 9 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PEPL 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 PEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1976 by Mr Monoj Kanti Deb, PEPL manufactures transformers ranging from 5-5,000 kilovolt-ampere in its plant at Guwahati. The company also undertakes rural electrification projects in the north-east, including supply, erection and commissioning of sub-stations. PRAGATI MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pragati Marine Services Private Limited (PMSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 3.50 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.82 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.68 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PMSPL 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 PMSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PMSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PMSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2009 by Mr Amrendra Kumar Singh, PMSPL provides crew and manning services for the shipping industry. It also leases tugs, barges, and undertakes dredging contracts. Operations are managed by the promoter with a team of professionals. PRAKASAM HEAVY: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Prakasam Heavy Engineering Private Limited (PHEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 22.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PHEPL 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 PHEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PHEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PHEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in February 2010, PHEPL is promoted by Mr Anil Kumar and his family members. The company started operations as an electrode manufacturer but subsequently became an electrical contractor for carrying out projects for various state governments and local authorities. =============== M A L A Y S I A =============== ZELAN BHD: Appoints Faizal Yusof as New CEO ------------------------------------------- The Star reports that PN17 company Zelan Bhd has appointed Faizal Yusof, 46, as its chief executive officer (CEO). In a filing with Bursa Malaysia, the construction engineering firm said Faizal brings with him more than 23 years of experience in the engineering, construction, and infrastructure sectors, The Star relates. "The board is confident that Faizal's proven leadership capabilities, strategic acumen and deep industry knowledge will contribute positively to the company's turnaround initiatives and its ongoing PN17 regularisation efforts." According to The Star, Zelan's previous CEO, Mohd Ariff Abd Samat (42), resigned in November last year after just three months to pursue other career opportunities. The company appointed Shareena Shahril as its acting CEO to replace Mohd Ariff. About Zelan Zelan Berhad -- http://zelan.com/-- is an investment holding company. The Company's business focus is on engineering and construction projects, and public private partnership projects, mainly in Malaysia. Zelan was categorised as a PN17 company in May 2023 after its external auditor Nexia SSY PLT expressed a disclaimer of opinion on its audited financial statements for the financial year ended Dec. 31, 2022. ===================== N E W Z E A L A N D ===================== AQUA TARANAKI: Owes More Than NZD1.4MM, Liquidatior's Report Show ----------------------------------------------------------------- Glenn McLean at The Post reports that a first liquidator's report has found New Plymouth business Aqua Taranaki Limited owes more than NZD1.4 million to creditors and staff. The company, which operated out of its base on Courtenay St, traded as water quality specialists and plumbers with a small team under director Kelly Finnigan. According to the Post, liquidator John Scutter said the company was a subsidiary in a wider group of companies, some of which had also been put into liquidation. While Mr. Finnigan attempted to refinance and restructure the company to see if it was possible to trade out of its insolvent position, he had decided it was in the best interests of creditors to be liquidated, a first liquidator's report said. A week after taking over the liquidation, Mr. Scutter said he was not able to determine the value of the fixed assets held by Aqua Taranaki. The company was owed NZD29,256 from outstanding accounts, the Post discloses. However, Mr. Scutter's search of the Personal Property Securities Register, as well as company records and information provided to him, found the balance owed to creditors with security interests had already reached NZD149,873. The secured creditors included Mico New Zealand Ltd, Kiwibank, Heartland Bank and Dean Paterson Ltd Motor Trade Finance. "Until claims are recovered from the creditors, I cannot determine if there are any further amounts that will be secured," the Post quotes Mr. Scutter as saying. A list of unsecured creditors was also being finalised, with the total amount owed not yet known, the Post says. What Mr. Scutter had discovered from company records and creditors was at least NZD1.218 million was owed. "Until our investigations into the affairs of the company are completed and we understand the process for the realisation of assets, I cannot comment on distributions to this class of creditor," he said. Company records also showed Aqua Taranaki's staff, who had all lost their jobs, were also owed NZD78,100 for outstanding holiday pay, while the last completed financial statements were completed in March 2024, the Post adds. DIAMOND CARPENTRY: Court to Hear Wind-Up Petition on Aug. 5 ----------------------------------------------------------- A petition to wind up the operations of Diamond Carpentry Limited will be heard before the High Court at Rotorua on Aug. 5, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 9, 2025. The Petitioner's solicitor is: Charles David Walmsley Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton ECO EARTH: Owes NZD2.9MM to Unsecured Creditors, Liquidators Say ---------------------------------------------------------------- Marty Sharpe at Stuff.co.nz reports that the company responsible for a large unstable manmade mountain of debris in Auckland has been forced into liquidation, owing close to NZD3 million. Eco Earth NZ Ltd operated on a large property in East Tamaki where it recycled topsoil. According to Stuff, the company created a huge pile, more than 8 metres high, consisting of an estimated 30,000 cubic metres of earth, concrete, metal and debris that threatened local businesses and came to the attention of Auckland Council in late 2023. Eco Earth leased the property from New Zealand New Oak Property Ltd. Both companies were issued enforcement orders by the council last year, requiring all work to cease and for them to submit a remediation plan to, in part, remove material to stabilise the site "so it does not present risks and adverse effects to adjoining sites," according to Stuff. Stuff relates that the council later filed Environment Court proceedings against Eco Earth and its director, Gareth Williams, for breaching the enforcement orders. The two companies disputed who was responsible for the mountain of debris, with New Oak making an application to the High Court to put Eco Earth into liquidation. Eco Earth was put into liquidation in late May this year, Stuff recalls. The first liquidators report was released last week, showing the company had claims of NZD2,915,395 to 13 unsecured creditors, Stuff discloses. The report stated the company had not filed tax returns and had been the subject of default assessments, with the amount in unpaid tax yet to be calculated. Earlier this year Mr. Williams told Stuff he had set out to run a start-up business recycling topsoil, but the venture had gone "horribly wrong". "I've just wanted to obviously have a business, which can feed my family, and a business that would be able to produce topsoil, which was recycled - pretty simple." He described the council's interactions with him as "horrible", adding Eco Earth had been "blamed for a lot". "And then obviously thinking that we'd be doing them a favour by helping them remediate, and work, and do certain things around the site." ENZ COMMERCIAL: Creditors' Proofs of Debt Due on Aug. 27 -------------------------------------------------------- Creditors of ENZ Commercial Limited, Willdesign Limited and Mode Studio Limited are required to file their proofs of debt by Aug. 27, 2025, to be included in the company's dividend distribution. Keaton Pronk and Daniel Zhang of McDonald Vague Limited were appointed joint and several liquidators of ENZ Commercial Limited by the High Court at Hamilton on July 14, 2025 on the application of Te Rapa Gateway Limited. Daniel Zhang and Iain McLennan of McDonald Vague Limited were appointed joint and several liquidators of Willdesign Limited by a special resolution of the shareholder of the company on July 14, 2025. Boris van Delden and Steve Farquhar of McDonald Vague Limited were appointed joint and several liquidators of Mode Studio Limited by a special resolution of the shareholder of the company on July 16, 2025. MCCORMACK CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 14 ---------------------------------------------------------------- Creditors of Mccormack Construction Limited are required to file their proofs of debt by Aug. 14, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 17, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 NZ LIFE: BDO Auckland Appointed as Receivers -------------------------------------------- Rees Logan and Andrew McKay of BDO Auckland on July 17, 2025, were appointed as receivers and managers of NZ Life GI Limited. The receivers and managers may be reached at: Rees Logan Andrew McKay BDO Auckland PO Box 2219 Auckland 1140 TREAT US: Court to Hear Wind-Up Petition on Aug. 21 --------------------------------------------------- A petition to wind up the operations of Treat Us Limited will be heard before the High Court at Auckland on Aug. 21, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 23, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= CTECH GLOBAL: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on July 4, 2025, to wind up the operations of Ctech Global Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 INNOVATE DESIGN: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on July 4, 2025, to wind up the operations of Innovate Design Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 JM LOGISTICS: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on July 4, 2025, to wind up the operations of JM Logistics and Transports Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MIDAS DESIGN: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on July 4, 2025, to wind up the operations of Midas Design & Contracts Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 NEW SILK: Shutting Down After US Investor Pullback -------------------------------------------------- David Ramli at Bloomberg News reports that one of Singapore's longest-running hedge funds, New Silk Road Investment, is shutting down after weak returns and a pullback by US investors in Asia led to a sharp drop in assets. According to Bloomberg, the firm, started by two finance veterans about 16 years ago, saw assets under management plummet to US$615 million as at December, from almost US$2 billion as recently as 2021. Bloomberg relates that the closing comes as smaller hedge funds face increasingly tough conditions, from turbulent markets and geopolitical strife to the popularity of giant rivals whose myriad investment pods have attracted much of the available money. "Our traditional source of funding from the US institutions had over the last several years been less enthusiastic about liquid equity investments in Asia, in no small part due to geopolitical reasons," Bloomberg quotes co-founder Hoong Yik Luen as saying. All remaining capital will be returned to investors and the vehicles shuttered, he added in an email. New Silk Road was a relative pioneer in Singapore's finance scene when it was founded in 2009 by Hoong, former head of Hong Kong-China equity products at Deutsche Bank, according to his LinkedIn profile, and Raymond Goh, ex-head of Asian equities at GIC. At the time, the entire hedge fund market in Singapore managed just SGD59 billion, a far cry from SGD327 billion as at December, according to the latest available data from the Monetary Authority of Singapore. Bloomberg says the fund was among the early foreign investors in China, with a team on the ground in Shanghai. When it was approved for investing in yuan-denominated mainland Chinese stocks and bonds under the Qualified Foreign Institutional Investor programme in 2012, fewer than 200 firms had received such licenses from the China Securities Regulatory Commission. But in recent years, performance suffered, Bloomberg states. Three of the past five years saw negative returns for both the Asia Landmark Fund and the China Fund, with declines of 28 per cent and 19 per cent respectively in 2022, according to sources familiar, who requested not to be named because the matter is private, Bloomberg relays. That same year, China's benchmark CSI 300 Index plummeted by 22 per cent. The slump stretched into 2023, hitting many veteran China investors and forcing some to close shop. The firm had been particularly popular with US institutional investors, many of whom became wary of investing in Asia and began redeeming their funds, according to sources familiar. "We are just one of many active value funds in Asia that have not been the favour of the time," Hoong said. The market has changed in such a way that it "disfavours longer-term fundamental investing approach with value bias". New Silk Road attempted to scale back earlier this year, reducing staff in Shanghai and shuttering a South East Asia fund it had launched more recently, Hoong, as cited by Bloomberg, added. It's not clear how many staff will be affected. While acknowledging that "active management in Asia has been tough", Hoong said the firm was not forced to wind down due to deficits. He added that Singapore is still a successful hub for hedge funds. Instead, the two founders, both "crossing 60" years old, opted for a slower pace, and their successors were not ready to take the reins. "We had just decided to hang up our boots to return the capital to our investors so that they can pursue a more appropriate strategy of the time," he said. "It's as simple as two veterans choosing a different path in life." New Silk Road Investment is a Singapore-based hedge fund manager, established in 2009. The firm invests in Asian companies to achieve high long-term absolute returns through an independent, fundamentally based, value-driven investment process. TWFSG PTE: Court to Hear Wind-Up Petition on July 25 ---------------------------------------------------- known as The WatchFund Pte. Ltd. and TSGWF Pte. Ltd.) will be heard before the High Court of Singapore on July 25, 2025, at 10:00 a.m. TheWatchClub Private Limited filed the petition against the company on July 2, 2025. The Petitioner's solicitors are: Oaks Legal LLC 160 Robinson Road #25-07 SBF Center S068914 =============== T H A I L A N D =============== MUANGTHAI CAPITAL: Fitch Rates USD350MM 7.5% Unsecured Bonds 'BB' ----------------------------------------------------------------- Fitch Ratings has assigned a final rating of 'BB' to Muangthai Capital Public Company Limited's (MTC, BB/Stable) USD350 million 7.55% senior unsecured bonds. The rating action follows the receipt of final documents conforming to the information already received. The final rating is in line with the expected rating; please refer to Fitch Rates Muangthai Capital's Proposed USD Senior Unsecured Notes 'BB(EXP)', dated 7 July 2025. The bonds are issued under MTC's USD3.0 billion senior unsecured global medium-term note programme dated 6 July 2025, and will be amortised over five years. Key Rating Drivers The bonds are rated at the same level as MTC's Long-Term Issuer Default Rating (IDR) of 'BB', as they constitute the issuer's unsubordinated and unsecured obligations. The company's IDR is driven by its standalone credit profile and its position as one of Thailand's largest non-bank consumer finance companies, with a significant market share in vehicle title loans. For more information on MTC's key rating drivers and sensitivities, please see Fitch Assigns Muangthai Capital First-Time 'BB' IDR; Outlook Stable; Rates Proposed Bonds 'BB(EXP)', dated 12 September 2024. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade of MTC's Long-Term IDR would lead to a downgrade of the rating on the senior unsecured bonds. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of MTC's Long-Term IDR would result in a similar action on the rating of the senior unsecured bonds. Date of Relevant Committee 03 July 2025 ESG Considerations MTC has an ESG Relevance Score of '3' for Customer Welfare, compared with the standard score of '2' for the finance company sector. This reflects its retail-focused operations, which expose it to risks around fair lending practices, pricing transparency, repossession, foreclosure and collection practices, whereby aggressive practices in these areas may subject the company to legal or regulatory and reputational risk that may damage its credit profile. The score of '3' for this factor reflects its view that such risks are adequately managed and have a low impact on the company's credit profile. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Muangthai Capital Public Company Limited senior unsecured LT BB New Rating BB(EXP) ********* 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. 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