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250724.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 Thursday, July 24, 2025, Vol. 28, No. 147 Headlines A U S T R A L I A A.C.N. 609 346: First Creditors' Meeting Set for July 28 ESEL PTY: Mwave Probed for Insolvent Trading Amid AUD30M Collapse GLOBAL SRI: First Creditors' Meeting Set for July 30 INTELLA PAYMENTS: First Creditors' Meeting Set for July 29 OUTWEST TRAFFIC: First Creditors' Meeting Set for July 29 SUNFINDER CARAVANS: First Creditors' Meeting Set for July 31 C H I N A SENMIAO TECHNOLOGY: Posts $3.7M Net Loss for Fiscal Year 2025 SIYATA MOBILE: Files Updated Financials for Core Gaming Merger I N D I A ADANI GREEN: Moody's Affirms Ba1 Rating on Senior Secured Debt ARVEE ELECTRICALS: CARE Keeps D Debt Ratings in Not Cooperating BABLI WAREHOUSE: CARE Keeps D Debt Rating in Not Cooperating BALAJI MOTORS: CARE Keeps B- Debt Rating in Not Cooperating BYJU'S: High Court Rejects Plea to Withdraw Insolvency Case C GEMS AND JEWELS: Insolvency Resolution Process Case Summary CARONA KNITWEAR: CARE Keeps D Debt Ratings in Not Cooperating COCHIN FROZEN: CARE Keeps D Debt Rating in Not Cooperating DR. KAZI: Voluntary Liquidation Process Case Summary HILTON METAL: CARE Moves C Debt Rating to Not Cooperating Category INTERTEC FORGE: Voluntary Liquidation Process Case Summary J R MODI ASSOCIATES: Insolvency Resolution Process Case Summary JAYOTI VIDYAPEETH: CARE Keeps B- Debt Rating in Not Cooperating JMV LPS: CARE Keeps D Debt Ratings in Not Cooperating Category KAVITA EXIM: CARE Keeps D Debt Rating in Not Cooperating Category KESAR ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating KETAKI SANGAMESHWAR: CARE Keeps B- Debt Rating in Not Cooperating LAXMI RICE: CARE Keeps B- Debt Rating in Not Cooperating Category M.B. PARIKH: CARE Keeps B- Debt Rating in Not Cooperating Category MODERN DAIRIES: CARE Keeps D Debt Ratings in Not Cooperating MUKTAR AUTOMOBILES: CARE Keeps D Debt Ratings in Not Cooperating NA BHUTHO: Insolvency Resolution Process Case Summary OM SHIV: CARE Keeps C Debt Ratings in Not Cooperating Category P.C. DEY AND SON: Insolvency Resolution Process Case Summary PARIMALA COTTON: CARE Keeps B- Debt Rating in Not Cooperating PHALCOMM INFRA: Liquidation Process Case Summary PREMIER PLASTICS: CARE Keeps C Debt Rating in Not Cooperating RAJ ISPAT: CARE Keeps D Debt Rating in Not Cooperating Category SATYESHWAR HIMGHAR: CARE Keeps D Debt Ratings in Not Cooperating SHREE ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating SUMAN KANDOI: CARE Keeps B- Debt Rating in Not Cooperating TEJAS AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category VENKATA SAI: CARE Keeps B- Debt Rating in Not Cooperating VIJAYANT AGENCIES: CARE Keeps C Debt Rating in Not Cooperating VISHNU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating VIVASWAN HOTELS: CARE Keeps B- Debt Rating in Not Cooperating [] INDIA: IBC Resolves More Than INR26 Trillion Stressed Debt J A P A N JS FOUNDRY: Files for Bankruptcy Protection N E W Z E A L A N D DRAGONBOAT RESTAURANT: Grant Reynolds Appointed as Liquidator FRAMI LIMITED: Creditors' Proofs of Debt Due on Aug. 10 MCA ROOFING: Creditors' Proofs of Debt Due on Aug. 25 MODERE NEW ZEALAND: Sellers Claim NZD80,000 Following Liquidation MORRIS & JAMES: Set to Close After 48 Years PACIFIC INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 1 TAUPO THAI: Court to Hear Wind-Up Petition on Aug. 5 S I N G A P O R E BROOKLYNZ STAINLESS: Court to Hear Wind-Up Petition on July 25 DA JIAFU: Court to Hear Wind-Up Petition on Aug. 1 MASON & CO: Court to Hear Wind-Up Petition on July 25 MM2 ASIA: Cathay Cineplexes Gets Fresh Demands to Pay Up SGD3.3MM MM2 ASIA: Mulls Winding Up Cinema Chain as it Struggles With Debt NIHAL INTERNATIONAL: Court Enters Wind-Up Order NOVETE PRIVATE: Court to Hear Wind-Up Petition on July 25 - - - - - ================= A U S T R A L I A ================= A.C.N. 609 346: First Creditors' Meeting Set for July 28 -------------------------------------------------------- A first meeting of the creditors in the proceedings of A.C.N. 609 346 581 PTY LTD (trading as Lucerne Australia Pty Ltd) and A.C.N. 606 629 538 Pty Ltd (trading as Lucerne Services Pty Ltd) will be held on July 28, 2025 at 2:00 p.m. via virtual meeting only. Andrew MacNeill of SMB Advisory was appointed as administrator of the company on July 17, 2025. ESEL PTY: Mwave Probed for Insolvent Trading Amid AUD30M Collapse ----------------------------------------------------------------- Herald Sun reports that the administrators of Australian computer and video game retailer Mwave have revealed the business may have traded while insolvent since 2022, as the extent of the company's staggering multi-million dollar collapse is exposed. The online seller, which was sold to Booktopia owner digiDirect last month, one day before it entered administration, collapsed owing creditors over AUD30 million, Herald Sun notes. Antony Resnick and Henry Kwok dVT Group were appointed voluntary administrators of Esel Pty Ltd, formerly trading as Mwave, on June 13, 2025. GLOBAL SRI: First Creditors' Meeting Set for July 30 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Global SRI Pty Limited, Eagles Retreat Place Pty Ltd, and Alpha Fiduciaries Pty Ltd will be held on July 30, 2025 at 11:00 a.m. via virtual meeting technology. Matthew Charles Hudson and Terry van der Velde of SV Partnerswere appointed as administrators of the company on July 18, 2025. INTELLA PAYMENTS: First Creditors' Meeting Set for July 29 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Intella Payments Pty Ltd will be held on July 29, 2025 at 11:00 a.m. at the offices of Rodgers Reidy, at Level 2A, 181 Elizabeth Street, in Brisbane, QLD, and via virtual meeting technology. David James Hambleton of Rodgers Reidy was appointed as administrator of the company on July 17, 2025. OUTWEST TRAFFIC: First Creditors' Meeting Set for July 29 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Outwest Traffic Control Pty Ltd will be held on July 29, 2025 at 11:00 a.m. via virtual meeting only. Ernie Chou of EKC Advisory was appointed as administrator of the company on July 17, 2025. SUNFINDER CARAVANS: First Creditors' Meeting Set for July 31 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Sunfinder Caravans Pty Ltd will be held on July 31, 2025 at 10:00 a.m. at the offices of DVT Mcleods, at Level 5, 145 Eagle Street, in Brisbane, QLD, and virtual meeting technology. Bill Karageozis of DVT Mcleods was appointed as administrator of the company on July 21, 2025. ========= C H I N A ========= SENMIAO TECHNOLOGY: Posts $3.7M Net Loss for Fiscal Year 2025 ------------------------------------------------------------- Senmiao Technology Limited filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net losses of $3,680,812 and $4,234,214 in the years ended March 31, 2025 and 2024, respectively. Revenue for the year ended March 31, 2025 decreased by $930,959, to $3,389,072 or approximately 21.5%, as compared with revenue for the year ended March 31, 2024 of $4,320,031. New York, New York-based Marcum Asia CPAs LLP, the Company's auditor since 2018, issued a "going concern" qualification dated July 10, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025. The report cited that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company have financed its operations primarily through proceeds from its equity offerings, stockholder loans, commercial debt, borrowings from financial institutions and cash flow from operations. The Company had cash and cash equivalents of $833,577 as of March 31, 2025 as compared to $737,719 as of March 31, 2024. It primarily holds excess unrestricted cash in short-term interest-bearing bank accounts at financial institutions. The Company's business is capital intensive. The Company's management has considered whether there is substantial doubt about its ability to continue as a going concern due to: (1) the net loss of approximately $3.7 million for the year ended March 31, 2025; (2) accumulated deficit of approximately $45.1 million as of March 31, 2025; (3) the working capital deficit of approximately $3 million as of March 31, 2025. Management has determined there is substantial doubt about its ability to continue as a going concern. If the Company is unable to generate significant revenue, the Company may be required to curtail or cease its operations. Management is trying to alleviate the going concern risk through the following sources: * Equity financing to support its working capital; * Other available sources of financing (including debt) from PRC banks and other financial institutions; and * Financial support and credit guarantee commitments from the Company's related parties. Based on these considerations, management is of the opinion that the Company will probably not have sufficient funds to meet its working capital requirements and debt obligations as they become due within the next 12 months if the Company is unable to obtain additional financing. There is no assurance that the Company will be successful in implementing the foregoing plans or that additional financing will be available to the Company on commercially reasonable terms, or at all. There are a number of factors that could potentially arise that could undermine the Company's plans, such as: (i) changes in the demand for the Company's services, (ii) PRC government policies, (iii) economic conditions in China and worldwide, (iv) competitive pricing in the automobile transaction and related service and ride-hailing industries, (v) changes in the Company's relationships with key business partners, (vi) the ability of financial institutions in China to provide continued financial support to the Company's customers, and (vii) the perception of PRC-based companies in the U.S. capital markets. The Company's inability to secure needed financing when required could require material changes to the Company's business plans and could have a material adverse effect on the Company's ability to continue as a going concern and results of operations. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/y8ffpny3 About Senmiao Technology Limited Senmiao Technology Limited is a provider of automobile transaction and related services, connecting auto dealers and consumers, who are mostly existing and prospective ride-hailing drivers affiliated with different operators of online ride-hailing platforms in the People's Republic of China. The Company provides automobile transaction and related services through its wholly owned subsidiary, Chengdu Corenel Technology Limited, a PRC limited liability company, and its majority owned subsidiaries, Chengdu Jiekai Technology Ltd., and Hunan Ruixi Financial Leasing Co., Ltd., a PRC limited liability company. Since October 2020, the Company also operates an online ride-hailing platform through Hunan Xixingtianxia Technology Co., Ltd. ("XXTX"), a wholly-owned subsidiary of Sichuan Senmiao Zecheng Business Consulting Co., Ltd., its wholly-owned subsidiary. The Company's platform enables qualified ride-hailing drivers to provide application-based transportation services mainly in Chengdu, Changsha and other 20 cities in China. Substantially all of the Company's operations are conducted in China. As of March 31, 2024, the Company had $5.8 million in total assets, $5.2 million in total liabilities, $234,364 in mezzanine equity, and $348,256 in total equity. SIYATA MOBILE: Files Updated Financials for Core Gaming Merger -------------------------------------------------------------- As previously disclosed, on February 26, 2025, Siyata Mobile Inc., a corporation existing under the laws of the Province of British Columbia, entered into a Merger Agreement with Core Gaming, Inc., a Delaware corporation, and Siyata Core Acquisition U.S., Inc., a Delaware Corporation and wholly-owned subsidiary of Siyata, pursuant to which Core will merge with and into Merger Sub, with Core surviving as a wholly owned subsidiary of Siyata. Siyata filed a Form 6-K with the U.S. Securities and Exchange Commission intended to provide further information regarding Core and the Merger. Core was incorporated in the State of Delaware on May 10, 2024. On August 2, 2024, Core acquired Newbyera Technology Limited, a limited company incorporated under the laws of Hong Kong. The Company attached the following statements to the Form 6-K report: 1. An audited balance sheet of Newbyera as of July 31, 2024 and December 31, 2023 and an unaudited statement of operations and comprehensive income (loss) of Newbyera for the seven months ended July 31, 2024. 2. Audited financial statements of Core from inception through December 31, 2024. 3. Unaudited Statements of Operations and Comprehensive Income (Loss) of Newbyera for the year ended December 31, 2024. 4. Unaudited financial statements of Core for the three months ended March 31, 2025. 5. Unaudited pro forma combined financial statements for Siyata and Core for the three months ended March 31, 2025 and unaudited combined pro forma combined statement of loss for the year ended December 31, 2024. The Form 6-K is available at https://tinyurl.com/4ym4xasj About Siyata Mobile British Columbia, Canada-based Siyata Mobile Inc. is a B2B global developer and vendor of next-generation Push-To-Talk over Cellular handsets and accessories. Its portfolio of rugged PTT handsets and accessories enables first responders and enterprise workers to instantly communicate over a nationwide cellular network of choice, to increase situational awareness and save lives. Police, fire, and ambulance organizations as well as schools, utilities, security companies, hospitals, waste management companies, resorts and many other organizations use Siyata PTT handsets and accessories. As of Dec. 31, 2024, the Company had $14,889,205 in total assets, $10,967,934 in total liabilities, and a total stockholders' equity of $3,921,271. Jerusalem, Israel-based Barzily and Co., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, citing that the Company has suffered recurring losses from operations, has accumulated significant losses, has an outstanding loan to financial institutions, and has an outstanding balance related to the sale of future receipts, which raise substantial doubt about its ability to continue as a going concern. ========= I N D I A ========= ADANI GREEN: Moody's Affirms Ba1 Rating on Senior Secured Debt -------------------------------------------------------------- Moody's Ratings has affirmed the senior secured ratings on two bonds issued by Adani Green Energy Limited (AGEL) restricted groups. The outlook on all ratings remains negative. The two affected ratings are: 1. Adani Green Energy Restricted Limited Group (AGEL RG-1), which comprises Adani Green Energy (UP) Limited; Parampujya Solar Energy Private Limited; Prayatna Developers Private Limited – Ba1 ratings affirmed; outlook remains negative 2. Adani Green Energy Limited Restricted Group (AGEL RG-2), which comprises Wardha Solar (Maharashtra) Private Limited, Kodangal Solar Parks Private Limited and Adani Renewable Energy (Rj) Limited - Ba1 ratings affirmed; outlook remains negative RATINGS RATIONALE The affirmation of AGEL RG-1's senior secured bond ratings considers its predictable revenues from a diversified set of projects in India, which operate under long-term power purchase agreements (PPAs) with fixed tariffs. AGEL RG-1's credit profile also factors in its diversification in terms of off-takers, which include sovereign-owned entities such as NTPC Limited (Baa3 stable) and Solar Energy Corporation of India (SECI) as well as state-owned distribution companies. The affirmation of AGEL RG-2's senior secured bond ratings considers the group's predictable revenues from a diversified set of projects in India, which operate under long-term PPAs with fixed tariffs, and the group's dependence on sovereign-owned entities such as Solar Energy Corporation of India for more than 70% of the offtake from its power projects. Since assignment of the negative outlook in November 2024, various Adani Group entities have demonstrated access to liquidity - for refinancing, hedge rollovers and growth funding. At the same time, management confirmed that there have not been material disruptions to Group entities' operations as a result of the indictment. The operational and financial performance of the two rated restricted groups for the fiscal year ending March 2025 was broadly in line with Moody's expectations. The negative outlook continues to reflect the indictment of AGEL's chairman and two other senior executives by the US Attorney's Office in a criminal case and the filing of charges by the US Securities and Exchange Commission (SEC) in a civil case. The charges and allegations include: 1) securities and wire fraud conspiracy, 2) securities fraud for misleading statements and 3) omission of disclosure of material facts in certain statements. The negative outlook factors in uncertainty regarding any legal proceedings that may arise from the indictment, which was made in November last year. AGEL RG-1 and AGEL RG-2 are project financed and as such are not exposed to refinancing risk and do not require any substantial capital investment. However, they could be exposed to the potential governance weaknesses and the risks that could arise from any negative findings in the ongoing legal proceedings. Governance risks are material to the rating action. Moody's main focus over the outlook period will be on a) the progress of the indictment and SEC civil case and b) the potential implications to the two restricted groups' cash flow and corporate governance, in the event of an adverse outcome in the legal proceedings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of AGEL RG-1 and AGEL RG-2's ratings is unlikely in the near term given the negative outlook. However, Moody's could change the rating outlooks to stable if legal proceedings conclude clearly with no material negative credit impact or upon clarity that the restricted groups would not be adversely affected even in the event of a negative outcome in the ongoing legal proceedings, recognizing their ringfencing structure. A stable outlook will also be predicated on the issuers maintaining appropriate financial metrics for the respective ratings. Moody's could downgrade the ratings of the two restricted groups if the legal proceedings lead to a material disruption to their operations and therefore cash flow predictability. AGEL RG-1's bond ratings could also face downward pressure if the project's debt service coverage ratio (DSCR) deteriorates toward 1.20x-1.30x on a sustained basis, which could be the result of underperformance of its generation facilities, or if the credit profile of the off-takers of the restricted group's assets declines, potentially as a result of a downgrade in the sovereign rating. Similarly, Moody's may downgrade AGEL RG-2's bond ratings if the project's DSCR deteriorates toward 1.30x on a sustained basis, which could be the result of underperformance of its generation facilities, or if the credit profile of the off-takers of the restricted group's assets declines, potentially as a result of a downgrade in the sovereign rating. LIST OF AFFECTED RATINGS Affirmations: Issuer: Adani Green Energy (UP) Limited Backed Senior Secured (Foreign Currency), Affirmed Ba1 Outlook Actions: Outlook, Remains Negative Issuer: Adani Renewable Energy (Rj) Limited Backed Senior Secured (Foreign Currency), Affirmed Ba1 Outlook Actions: Outlook, Remains Negative Issuer: Kodangal Solar Parks Private Limited Backed Senior Secured (Foreign Currency), Affirmed Ba1 Outlook Actions: Outlook, Remains Negative Issuer: Parampujya Solar Energy Private Limited Backed Senior Secured (Foreign Currency), Affirmed Ba1 Outlook Actions: Outlook, Remains Negative Issuer: Prayatna Developers Private Limited Backed Senior Secured (Foreign Currency), Affirmed Ba1 Outlook Actions: Outlook, Remains Negative Issuer: Wardha Solar (Maharashtra) Private Limited Backed Senior Secured (Foreign Currency), Affirmed Ba1 Outlook Actions: Outlook, Remains Negative The principal methodology used in these ratings was Power Generation Projects published in June 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ARVEE ELECTRICALS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Arvee Electricals and Engineers Private Limited (AEEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 11, 2024, placed the rating(s) of AEEPL under the 'issuer non-cooperating' category as AEEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AEEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 27, 2025, June 6, 2025 and June 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in the year, 1987, AEEPL is a Pune-based company promoted by Mr Arun Doshi and Mrs Asha Doshi. The company is a turnkey electrical contractor and handles contracts for sugar, cement, fertilizer, metallurgical plants, cement plants and the oil industry. The company also provides services related to engineering, detailing, designing, production and commissioning of substations and transmission lines set up for private organizations and is also engaged in the trading of electrical components like LT panels and electrical control boards. BABLI WAREHOUSE: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Babli Warehouse (BW) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.57 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 15, 2024, placed the rating(s) of BW under the 'issuer non-cooperating' category as BW had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BW continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 31, 2025, June 10, 2025, June 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Babli Warehouse (BW) was established as a proprietorship firm on June 07, 2015 to set up rural godown having 9 godowns with storage capacity 14,887 metric tons (MT) under "Gramin Bhandaran Yojana” (sub scheme of Agricultural Marketing Infrastructure) for the scientific storage of agricultural produce. The primary objectives of the scheme include creation of scientific storage capacity with allied facilities in rural areas to meet the requirements of farmers for storing farm produce, processed farm produce and agricultural inputs; promotion of grading, standardization and quality control of agricultural produce to improve their marketability; prevention of distress sale immediately after harvest by providing the facility of pledge financing and marketing credit; strengthen agricultural marketing infrastructure in the country by paving the way for the introduction of a national system of warehouse receipts in respect of agricultural commodities stored in such godowns and to reverse the declining trend of investment in agriculture sector by encouraging private and cooperative sectors to invest in the creation of storage infrastructure in the country. BALAJI MOTORS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Balaji Motors (BM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.19 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 15, 2024, placed the rating(s) of BM under the 'issuer non-cooperating' category as BM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 31, 2025, June 10, 2025, June 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jagdalpur, Chhattisgarh based, Balaji Motors (BM) was established as a partnership firm in February 01, 2015. The firm is an authorised dealer of Mahindra and Mahindra Limited (M&M) for its passenger cars, commercial vehicles and spares & accessories. The showroom of the firm is located at five different places in the state of Chhattisgarh [i.e. 1) Jagdalpur, 2) NH-16 Geedam Road, 3) Near C.W.S NMDC Nandraj petrol pump, 4) Samrtanagar, 5) Vandana Complex] and workshop location at Jagdalpur, Bacheli and near CRPF Batalion where it also provides repair and refurbishment services for its all range of vehicles. Moreover, the firm has availed moratorium on interest repayment of cash credit as well as EMI's repayment of term loan from March 2020 to August 2020 from its lender as per the RBI circular. BYJU'S: High Court Rejects Plea to Withdraw Insolvency Case ----------------------------------------------------------- The Economic Times reports that the Supreme Court on July 21 dismissed an appeal by the Board of Control for Cricket in India, an operational creditor, seeking withdrawal of the corporate insolvency resolution process (CIRP) of Think & Learn, the parent company of online education services company Byju's. ET relates that the apex court also dismissed another appeal of Byju's co-founder Riju Raveendran, who also wanted withdrawal of the insolvency proceedings against Think & Learn. The National Company Law Appellate Tribunal (NCLAT) and the Bengaluru bench of the National Company Law Tribunal (NCLT) had directed the resolution professional to present the withdrawal application before the Committee of Creditors (CoC) of the debt-laden company. According to ET, the cricket board told the SC that the NCLAT had erred in not appreciating the uncontested fact that the settlement culminated prior to the constitution of the CoC of Think & Learn. Besides, the tribunal could not have shifted the responsibility of deciding the withdrawal application to the lenders, it added. Supporting BCCI's stand, Raveendran argued that the NCLAT order was "erroneous and perverse" as the SC, despite setting out various scenarios in which the filing of the withdrawal application arises, had not held that the parties are relegated to post-CoC constitution stage in the present case, ET relates. "On the contrary, it states that when the settlement was permitted before the NCLAT, it was a situation where there was a withdrawal before the constitution of the CoC. However, while finally remitting the parties to the NCLT to seek such remedies as available to them in law, the SC (August 14 order) has specifically not held that such a withdrawal can only be after approval of CoC," Raveendran said, adding the BCCI's claims stand fully settled as per the settlement terms of July 30. He further submitted that the SC stay on settlement proceedings last year did not automatically revive the CIRP, ET relates. Stating the purported constitution of the CoC was wholly illegal and perverse, the appeal contended that ICICI Bank, which had nil dues, could not have been included. "Even US lender GLAS Trust Co. LLC is not a financial creditor. It is an alleged agent of a consortium, and under Section 21(6) of the IBC, the IRP should have received authorisation from each member of the consortium before permitting it to be part of the CoC, and the first CoC was provisional and not final," the appeal added. According to ET, the entire CIRP process has been vitiated by fraud, first on the part of the erstwhile IRP in connivance with Glas, Raveendran said, adding that the erstwhile IRP has now filed an affidavit admitting that he was pressured by Glas to take a series of decisions and the whole process was "premeditated." In an earlier round in October, the Supreme Court had set aside the NCLAT order that approved a INR158 crore settlement between Think & Learn and the BCCI, ET recalls. It also overturned the appellate tribunal's August 2 order and restored the insolvency proceedings on an appeal made by Aditya Birla Finance and Glas Trust, the trustee for lenders owed $1.2 billion, which had opposed the settlement and had sought a halt to the insolvency proceedings. Subsequently, the BCCI filed a fresh application to withdraw its insolvency plea against Think & Learn, but this was again rejected by both the tribunal and the appellate tribunal. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than $3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's $1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. C GEMS AND JEWELS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: C Gems and Jewels Private Limited NH-1 Rajpura Sirhind Highway KM-Stone 242 Vill. Patarsi, Fatehgarh Sahib Punjab - 140406. Insolvency Commencement Date: July 11, 2025 Estimated date of closure of insolvency resolution process: January 7, 2026 Court: National Company Law Tribunal, Chandigarh Bench Insolvency Professional: Navneet Gupta H.NO. 1598, Level 1,Sector 22-B Chandigarh-160022 Email: navguptaca@gmail.com Email: cirp.cgems@gmail.com Last date for submission of claims: July 25, 2025 CARONA KNITWEAR: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Carona Knitwear (CK) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.45 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 22.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 6, 2024, placed the rating(s) of CK under the 'issuer non-cooperating' category as CK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CK continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 22, 2025, May 2, 2025, May 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Tamil Nadu based, Carona Knitwear (CK) was established in the year 2006 as partnership firm promoted by Mr. Swami Nathan, Mrs. S. Shanthamani and Mr. Kathiresh Swaminathan. The firm is engaged in manufacturing, processing, importing, exporting, buying, selling and dealing all kinds of fabric textiles and hosiery goods and readymade garments. COCHIN FROZEN: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Cochin Frozen Food Exports Private Limited (CFFEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 46.94 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 10, 2024, placed the rating(s) of CFFEPL under the 'issuer non-cooperating' category as CFFEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CFFEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 26, 2025, June 5, 2025, June 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Cochin Frozen Food Exports Private Limited (CFFEPL) was established in the year 1989 and is engaged in processing of the seafood, mainly prawn and fish varieties with its corporate base in Aroor, 15 kms to the south of Cochin. The promoter, Mr. K. Prabhakaran, who is the founder chairman of the group is in the field of seafood exporting from the year 1974. The company normally exports its entire produce to the major markets of USA, Europe, Japan, China and the Middle East. DR. KAZI: Voluntary Liquidation Process Case Summary ---------------------------------------------------- Debtor: Dr. Kazi Exports and Trading Company Private Limited No. 379, 3rd floor, HAL 2nd stage, Indranagar, Bangalore, Bangalore North, Karnataka, India 560038 Liquidation Commencement Date: July 8, 2025 Court: National Company Law Tribunal Bengaluru Bench Liquidator: Pramod Srihari #3rd floor, Raj Towers 23rd Cross Banasharikari 2nd stage, Bengaluru - 560070 Tel No: 080 41607277 Last date for submission of claims: August 7, 2025 HILTON METAL: CARE Moves C Debt Rating to Not Cooperating Category ------------------------------------------------------------------ CARE Ratings has migrated the rating on bank facilities of Hilton Metal Forging Limited (HMFL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating moved to ISSUER NOT COOPERATING category Short Term Bank 25.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd (CareEdge Ratings) has been seeking information from HMFL to monitor the rating vide e-mail communications dated June 30, 2025, July 4, 2025, July 8, 2025, INC letter dated June 20, 2025, etc. and numerous phone calls. However, despite repeated requests, HMFL has not provided the requisite information for monitoring the rating. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. The rating on HMFL's bank facilities will now be denoted as CARE C; Stable; ISSUER NOT COOPERATING & CARE A4; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings assigned to the bank facilities of HMFL remain constrained on account of modest scale of operations, deterioration in profitability and working capital intensive nature of operations. The ratings are further constrained due to deterioration in debt coverage indicators, foreign exchange fluctuation risk and presence in competitive and fragmented industry. The ratings, however, derive strength from extensive experience of the promoter in the industry and long track record of operations and established relationship with reputed albeit concentrated customer base. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers: Key weaknesses * Modest scale of operations: HMFL registered a growth of 17.79% in its total operating income (TOI) to INR163.05 crore in FY25 (FY refers to the period from April 1 to March 31) vis-à-vis INR138.42 crore in FY24. However, despite the improvement, the scale of operations continued to remain modest. * Deterioration in profitability margins: Margins continued to deteriorate since last two years. PBILDT margin deteriorated to 9.43% in FY25 vis-à-vis 10.89% in FY24. Further, in line with PBILDT margin along with increase in interest expense, PAT margin also declined to 3.79% in FY25, compared to 4.83% in FY24. * Deterioration in debt coverage indicators: Capital structure of HMFL remained moderate marked by total debt of INR61.01 crore against tangible net worth of INR115.60 crore, resulting in overall gearing of 0.53x as on March 31, 2025. Debt coverage indicators deteriorated marked by total debt to gross cash accruals (Total debt/GCA) and interest coverage of 7.25x and 2.18x respectively in FY25 (PY: 6.18x and 2.33x respectively). * Working capital intensive nature of operation: The operating cycle remained stretched at 234 days in FY25 compared to 239 days in FY24, primarily due to high inventory holding period of 217 days during FY25 (213 days in FY24). HMFL's inventory cycle remained elongated as the flanges manufacturing is very long process driven activity along with various approvals to be granted for the dispatch of export orders. HMFL caters to different industries and manufactures products of various size/grades. Thus, the company has to maintain different sizes/grades of material to meet the manufacturing requirement towards respective products resulting in high inventory. The collection period is also high at 88 days in FY25 vis-à-vis 88 days in FY24 owing to liberal credit policy of the company. * Foreign exchange fluctuation risk: HMFL also earns revenue through export of goods, which is likely to affect the profit margins owing to the volatility in foreign exchange rates. Further, the company does not follow any hedging practices. Also, the foreign exchange fluctuation risk continues to persist due to timing differences in the sales and receivables. * Presence in competitive and fragmented industry: Owing to presence of large numbers of players operating in the industry and low degree of product differentiation, the industry remained highly competitive and fragmented in nature limiting bargaining power of players of like HMFL and also led to liberal credit policies adopted by the management. Key strengths * Long track record of operations and experienced promoters: HMFL has established track record of operations with more than a decade of existence in the industry. Moreover, the promoter/directors of the company are technically qualified and have experience of over two decades in the industry and also look after the overall operations. * Established relationship with reputed albeit concentrated customer base: The company has established long-term relationships with all its reputed customers, including the global ones belonging to USA, Europe, Mexico, Canada and Australia who are mainly engaged in distribution of pipes, industrial valves & other fittings in their respective countries and to other parts of the world. Liquidity: Stretched The liquidity position is stretched characterized by moderate expected gross cash accruals of ~INR8-8.50 crore against annual principal repayment of ~INR3-3.50 crores in FY26. Current ratio and quick ratio stood at 1.78x and 0.85x respectively as on March 31, 2025 (1.89x and 0.75x as on March 31, 2024), reflect a significant portion of funds being tied up in inventory, thereby exerting pressure on working capital limits. Established as a proprietorship concern in the year 1999 and later on converted to public limited company in the year 2005, Hilton Metal Forging Limited (HMFL) is engaged in manufacturing of stainless-steel forging flanges allied pipe fitting items, Butt Weld Fittings, Railway Wheels, Gear Blanks, Forged Crankshafts for Automotive sector and Annealed Nickel Alloy and rings and Valve Body bonnet, stainless steel forged flanges forged fittings and lap-joint stub-ends (seamless) which find application in the oil and gas sector, petro chemical and refineries, marine and ship building, paper, pulp, pumps and valves industry and agricultural sectors. The manufacturing facility of the company is located at Wada, Thane with an installed capacity of 14,400 MTPA. INTERTEC FORGE: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Intertec Forge Private Limited 178, 17th K.M. Kanakapura Road Talaghattapura, Bangalore, Karnataka, India 560062 Liquidation Commencement Date: July 7, 2025 Court: National Company Law Tribunal Allahabad Bench Liquidator: Ms. Medha Kulkarni D-301, Admiralty Square, 13 cross, 6th Main, Indiranagar, Bangalore - 560038, Karnataka Email: medha1273gmail.com Tel No: +91 9945180862 Last date for submission of claims: August 6, 2025 J R MODI ASSOCIATES: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: J R Modi Associates Limited 26, Ground Floor, Sir Fort Road South Delhi, Delhi 110049 Insolvency Commencement Date: July 10, 2025 Estimated date of closure of insolvency resolution process: January 6, 2026 Court: National Company Law Tribunal, New Delhi Court-IV Insolvency Professional: Rajiv Bajaj LG-B-269, Lower Ground Floor, Chhatarpur Enclave, Phase-2, New Delhi-110074 Email: rbajajip@gmail.com Email: cirpmodi@gmail.com Last date for submission of claims: July 24, 2025 JAYOTI VIDYAPEETH: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jayoti VIdyapeeth Women's University (JVWU) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.17 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 18, 2024, placed the rating(s) of JVWU under the 'issuer non-cooperating' category as JVWU had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JVWU continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 3, 2025, June 13, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of JVWU have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Jaipur (Rajasthan) based Jyoti Vidyapeeth Trust (JVT) was established in 2003 by Dr. Panckaj Garg to set up educational institutions and impart quality education to women. JVT operates Jayoti Vidyapeeth Women's University (JVWU), which is India's first, women's private state university established and incorporated under the Act 17 of 2008 passed by Rajasthan State Legislature and notified by government of Rajasthan in 2008. JMV LPS: CARE Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of JMV LPS Limited (JLL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.75 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 8.65 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 3, 2024, placed the rating(s) of JLL under the 'issuer non-cooperating' category as JLL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JLL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025 and June 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Noida (Uttar Pradesh) based JMV LPS Limited (JMV) is a public limited company established in 2008 and is currently being managed by Mr. Neeraj Saini; Ms. Meenakshi Saini and Mr. Sandeep Kumar. The company is engaged in manufacturing of electrical equipment at its plant located in Greater Noida, Uttar Pradesh like lighting arrester, earthing electrodes, surge protection devices, etc. KAVITA EXIM: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kavita Exim Private Limited (KEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 25, 2024, placed the rating(s) of KEPL under the 'issuer non-cooperating' category as KEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 11, 2025, May 21, 2025, May 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Delhi based Kavita Exim Private Limited (KEPL) was incorporated by Mr. Ashu Jain and his family members in October, 2013. The company has succeeded erstwhile business operations of two proprietorship entities– Kavita Overseas and Sonia Enterprises. Both the firms were in the industry for more than a decade. KEPL is engaged in trading of fabrics (mostly cotton based). Also, the company is engaged in plastic printing of clothes which is mainly done through job work. KEPL procures the fabrics from manufacturers located across India, predominantly from Mumbai. The company caters to wholesalers' located Delhi, Punjab, and Rajasthan etc. The company operates its business in the name "Kavita Exim” through its three showrooms located Gandhi Nagar, Delhi. KESAR ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kesar Enterprises Limited (KEL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 170.56 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2024, placed the rating(s) of KEL under the 'issuer non-cooperating' category as KEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KEL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2025, May 9, 2025 and May 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Kesar Enterprises Ltd (KEL) [ISIN: INE133B01019], formerly known as Kesar Sugar Works Ltd was originally promoted by Kilachand Group in October 1933. In 1985, the promoters renamed it to its present name. The company is part of the Kilachand Group, one of the old and well-established Industrial Houses in India having diversified interest in sugar, distillery, renewable energy, storage and other agro products. KEL is a fully integrated sugar company operating its sugar unit with a capacity of 7,200 TCD (Tonnes Crushed per Day), cogeneration power plant of 44 MW, and a distillery unit producing industrial alcohol with capacity of 50,000 KLPD (Kilo Litres per Day). The company's integrated sugar plant is located at Baheri, Uttar Pradesh. The power plant is a fully automated bagasse fired co-generation power plant. The plant can operate at high pressure of 115 kg/cm2. The company has entered into a PPA (Power Purchase Agreement) with Uttar Pradesh Power Corporation Limited (UPPCL) for sale of power for 20 years. Besides, the company produces open pollinated and hybrid seeds under its brand name "Kesar seeds”. The company has an in-house research division at Hyderabad where the seeds are developed. KETAKI SANGAMESHWAR: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ketaki Sangameshwar Industries (KSI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 10, 2024, placed the rating(s) of KSI under the 'issuer non-cooperating' category as KSI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KSI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 26, 2025, June 5, 2025, June 15, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Telangana based, Ketaki Sangameshwar Industries (KSI) was established on April 3, 2017 and started commercial operations from November 20, 2017. The firm was established as a partnership firm by Mr. Raghavendra B Bacha (Managing Partner) along with his family members. Mr. Raghavendra B Bacha manages the overall business operations of KSI. The firm is engaged in the cotton ginning and pressing activity with a total installed capacity of 300 bales per day and 50 quin tals for cotton seeds per annum. The firm procures raw cotton from farmers located at Sangareddy dist and final product (Bales) are sold to customers in Tamil Nadu, Mumbai, Gujarat, Hyderabad etc. The manufacturing unit of the firm is located at Sangareddy Dist, Telangana. LAXMI RICE: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Laxmi Rice Mills- Muktsar (LRMM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.83 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 11, 2024, placed the rating(s) of LRMM under the 'issuer non-cooperating' category as LRMM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LRMM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 27, 2025, June 06, 2025 and June 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Laxmi Rice Mills- Muktsar (LRMM) was established as partnership firm in 1995 and is currently being managed by Mr. Darshan Lal Garg and Mrs. Anita Rani sharing profit and losses equally. Mr. Darshan Lal Garg Goel has an industry experience of around three decades gained through his association with LRMM and other regional entities engaged in similar business operations. Mrs. Anita Rani has industry experience of more than two decades gained through her association with LRMM only. The long track record has aided the firm in having established relationship with customers and suppliers. The firm is engaged in processing of paddy at its manufacturing facility located in Muktsar. LRMM sells basmati rice through brokers to various wholesalers and export houses located in Punjab, Haryana, Delhi, Maharashtra etc. M.B. PARIKH: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of M.B. Parikh & Sons (MPS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 11, 2024, placed the rating(s) of MPS under the 'issuer non-cooperating' category as MPS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MPS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 27, 2025, June 6, 2025 and June 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable M.B. Parikh & Sons (MPS) was established in the year 1914 by Late Mr Manilal Parikh. Presently Mr Sanjeev Vardhibhai Parikh, Mr Sourabh Sanjeev Parikh and Mr Aditya Sanjeev Parikh are managing the firm as partners. The firm is engaged in trading of food grains viz. Pulses, Dal, Rice, Wheat, Poha, Jawar, Sabudana, Rawa, Maida etc. MPS operates out of its registered office at Kolhapur, Maharashtra. MODERN DAIRIES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Modern Dairies Limited (MDL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 121.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.10 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 24, 2024, placed the rating(s) of MDL under the 'issuer non-cooperating' category as MDL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MDL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 10, 2025, May 20, 2025 and May 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Modern Dairies Limited (MDL) [ISIN: INE617B01011] was setup by Mr. Krishan Kumar Goyal in 1992 with an initial milk processing capacity of 3.25 lakh litre of milk per day (LLPD). For liquid milk, the company has a tie-up with Mother Dairy for complete off-take of 2 LLPD. Ghee is sold through the company's own retail channel and through bulk sales under the brand name of 'SHWETA' and 'MODERN DAIRIES'. The company supplies products like skimmed milk powder and other milk products like whole milk powder, mozzarella cheese, casein to various institutional buyers while its current focus is on sale of fresh dairy products, cheese, ghee, etc. MUKTAR AUTOMOBILES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Muktar Automobiles Private Limited (MAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.88 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 11, 2024, placed the rating(s) of MAPL under the 'issuer non-cooperating' category as MAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 27, 2025, June 6, 2025 and June 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Muktar Automobiles Private Limited (MAPL) incorporated in May 2011 is an authorized dealer of passenger vehicles (PV) segment for Mahindra & Mahindra Limited. MAPL is based out of Goa and is engaged in the sale of new cars, servicing of the vehicles and sale of the spare parts and accessories for MML. MAPL currently operates out of five facilities in Goa and one in Mangalore. NA BHUTHO: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Na Bhuto Na Bhavishyati Tech Pvt Ltd 484 6th Cross 3rd Stage Kesare Near Mohalla Mysuru Karnataka, India 570007 Insolvency Commencement Date: July 7, 2025 Estimated date of closure of insolvency resolution process: January 7, 2026 Court: National Company Law Tribunal, Bengaluru Bench Insolvency Professional: S. Shivaswamy #RF4 Santara Magan Place Halimavu Off Bannerghatta Road, Bengaluru - 670076 Email: shivaswamys2@gmail.com Email: irp@nbnb.gmail.com Last date for submission of claims: July 24, 2025 OM SHIV: CARE Keeps C Debt Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Om Shiv Foods (OSF) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 24.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 6, 2024, placed the rating(s) of OSF under the 'issuer non-cooperating' category as OSF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OSF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 22, 2025, May 2, 2025, May 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Gwalior (Madhya Pradesh) based partnership firm, Om Shiv Foods (OSF) was formed in 2017 by five partners namely Mr. Ajay Mittal, Mr. Vijay Kumar Mittal, Mrs. Saroj Sharma, Mrs. Pushpa Saravagi and Mrs. Sonam Sharma for setting up the greenfield project of establishing rice mill. The project was completed in August, 2017 and commenced the commercial operations from August 28, 2017 with an installed capacity of 10 tonnes per hour (TPH) of processing of rice. OSF procures the required raw material i.e. paddy from the local mandi and generates revenue from domestic market only. P.C. DEY AND SON: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: P.C Dey & Son Distributors Private Limited Deshbandhu Park, Bata Show Room Jessore Road, Habra West Bengal, India - 743263 Insolvency Commencement Date: July 4, 2025 Estimated date of closure of insolvency resolution process: December 31, 2025 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Sriram Mittal Sriram Mittal & Co Room No 611, 6th Floor, P-41 Princep Street, Kolkata, West Bengal 700072 Email: srirammittal.ey@gmail.com AAA Insolvency Professionals LLP 15B, Ballygunge Circular Road, Mousumi Apartments, Ground Floor, Kolkata - 700019 Email: pcdeycirp@gmail.com Last date for submission of claims: July 25, 2025 PARIMALA COTTON: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sree Parimala Cotton Ginning and Pressing Factory (SPCGPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.25 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 11, 2024, placed the rating(s) of SPCGPF under the 'issuer non-cooperating' category as SPCGPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPCGPF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 27, 2025, June 6, 2025 and June 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings 's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Beed, Maharashtra based SPCGPF, started with its commercial production in the year 2003 as a partnership firm. The firm was set up to undertake the business of cotton ginning and cotton oil extraction. The manufacturing unit is located at Beed. PHALCOMM INFRA: Liquidation Process Case Summary ------------------------------------------------ Debtor: Phalcomm Infra Solutions Private Limited Office No. 1307, 13th Floor, Ellorа Fiesta, Sector-11 Opposite Jui Nagar Railway Station Sanpada, Navi Mumbai 400705 Liquidation Commencement Date: June 30, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Uday Shreeram Sakrikar 303 Rahul Vihar A, Lane Nos 8 Dahanukar Colony Kothrud Pune 411038 Email: ipudaysakrikar@gmail.com Email: liquidator.phalcomm@gmail.com Last date for submission of claims: July 30, 2025 PREMIER PLASTICS: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Premier Plastics (PP) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.10 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.90 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 11, 2024, placed the rating(s) of PP under the 'issuer non-cooperating' category as PP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 27, 2025, June 6, 2025 and June 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Agra based, Premier Plastics (PP), is a proprietorship concern established in 1997 by Mr Sudhir Gupta. The firm is engaged in manufacturing of TPR soles, leather soles, rubber sheet sole and heels. RAJ ISPAT: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Raj Ispat Udyog (RIU) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd (CareEdge Ratings) had, vide its press release dated July 3, 2024, placed the rating(s) of RIU under the 'issuer non-cooperating' category as RIU had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIU continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025 and June 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Raj Ispat Udyog (RIU) was established in 1988 as a partnership firm by Raj Kumar (aged 55 years), Mr. Anil Kumar (aged 47 years) and Mr. Sunny Kapoor (aged 32 years). The firm is engaged in trading of steel products and the servicing facility is located at Ludhiana, Punjab. The traded items include C.R Coils, HR Sheet, plate, straight angles, channel and joint etc. which find their application in steel and allied products industry. The traded goods are procured from associate concern, RSI and sold to dealers and wholesalers in Punjab, Chandigarh and J&K. RIU has other group concern viz. Raj Steel Industries (RSI), established in 1884 and engaged in manufacturing and trading of steel items. SATYESHWAR HIMGHAR: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Satyeshwar Himghar Private Limited (SHPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.01 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.18 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 26, 2024, placed the rating(s) of SHPL under the 'issuer non-cooperating' category as SHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 12, 2025, May 22, 2025, June 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable SHPL was incorporated in September 2014 to set up a cold storage unit by Mr. Bhaskar Ghosh, Mr. Dipankar Ghosh, Mr. Sasanka Sekhar Ghosh, Mr. Kinkar Prasad Ghosh and Mr. Shankar Ghosh. SHPL had started loading its cold storage from February 2016 onwards. SHPL is into providing cold storage services primarily for potatoes to local farmers and traders on rental basis with an aggregate storage capacity of 178000 quintals. The cold storage facility is located at Paschim Medinipur, West Bengal. Besides providing cold storage facility, the company also provides interest bearing advances to farmers for their agricultural activities against the receipts of the potatoes stored. SHREE ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Enterprises (SE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 19, 2024, placed the rating(s) of SE under the 'issuer non-cooperating' category as SE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 4, 2025, June 14, 2025 and June 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable SE was formed in 2015 as a proprietorship concern by Mr Praveen Gehlot. SE is a registered super distributor for ayurvedic medicines, food supplements, home and personal care etc of Patanjali Ayurveda Limited (PAL) and Divya Pharmacy (A unit of Divya Yog Mandir Trust) in 8 out of 33 districts of Rajasthan. The firm operates from its warehouse located at Jodhpur, Rajasthan. Further, SE exclusively sells Aryuvedic medicines to Patanjali Chikitsalaya and Patanjali Arogya Kendra in 8 districts. SUMAN KANDOI: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Suman Kandoi Warehouse (SKW) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.17 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 21, 2024, placed the rating(s) of SKW under the 'issuer non-cooperating' category as SKW had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKW continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 7, 2025, May 17, 2025, May 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Suman Kandoi Warehouse (SKW) was established in April, 2013 as a proprietorship concern. However, the commercial operations started in April, 2014 and is currently being managed by Mrs. Suman Kandoi, as its proprietor. The firm is engaged in the providing leasing services of warehouse at its facility located in Sirsa, Haryana. SKW provides the warehouses on lease to its group concern namely, Siddheshwar Warehouse. Besides this, the proprietor is also engaged in other group concern namely, Siddheshwar Warehouse, based in Sirsa, Haryana and is engaged in similar business operations. TEJAS AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Tejas Agro Irrigation Systems Private Limited (TAISPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.50 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 5.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 9, 2024, placed the rating(s) of TAISPL under the 'issuer non-cooperating' category as TAISPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TAISPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 25, 2025, June 4, 2025, June 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Pandharpur (Maharashtra) based TAISPL was incorporated on June 29, 2015 by Mr. Prashant Lade and Mr. Shivaji Ajalkar. The company has set up a facility for manufacturing of PVC pipes and fittings and LLDPE pipes, catering mainly for agriculture sector. The company manufactures a diverse range of pipes and fittings with a product portfolio of 750 products with various types of moulded and fabricated fittings. VENKATA SAI: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Venkata Sai Rice Industries (SVSRI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.36 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 28, 2024, placed the rating(s) of SVSRI under the 'issuer non-cooperating' category as SVSRI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVSRI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 14, 2025, May 24, 2025, June 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Nalgonda (Telangana) based Sri Venkata Sai Rice Industries (SVSRI) was established in 2009 as Partnership Firm by Mr. S Krishna Reddy, Ms. S Veena, Mr. V Appa Rao, Ms. N Shilpa Reddy, Mr. S Bhadra Reddy, Ms. S Prameela, Ms. M Kalpana, Mr. M Abhisekhar Reddy and Ms. Rupa. In September 2017, the firm reconstituted by admission of M Sataynarayana as partner and retirement of Mr. M Abhisekhar Reddy. The firm is carrying on business under the same name and style. It is engaged in milling of paddy with the installed capacity of 12 ton per hour. SVSRI has 35 employees to manage daily operations of the mill. Mr. S Krishna Reddy, the Managing Partner looks after the day-to-day operations. VIJAYANT AGENCIES: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vijayant Agencies Private Limited (VAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 12, 2024, placed the rating(s) of VAPL under the 'issuer non-cooperating' category as VAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 28, 2025, June 7, 2025 and June 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jalgaon based, Vijayant Agencies Private Limited (VAPL) was incorporated in the year 2004 and is promoted by Mr Manoj Kabra and Mr Jayant Kabra. The company is engaged into agro trading and trading of Samsung mobiles and accessories. VISHNU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Vishnu Enterprises (VE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 5, 2024, placed the rating(s) of VE under the 'issuer non-cooperating' category as VE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 21, 2025, May 1, 2025, May 11, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Vishnu Enterprises (VE) based at Hyderabad, Telangana, established in 2003 is now a partnership entity of Mrs. Indira Agarwal and Mr. Pramod Agarwal. VE is engaged in designing & making of gold jewelry (Wholesaler) and selling it to retail traders. VE mainly specializes in traditional south Indian Jewellery products which form a part of their customs & traditions, products such as vaddanams etc. VIVASWAN HOTELS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vivaswan Hotels (India) Private Limited (VHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 12.34 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 4, 2024, placed the rating(s) of VHPL under the 'issuer non-cooperating' category as VHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 20, 2025, May 30, 2025, June 9, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Gwalior (Madhya Pradesh) based Vivaswan Hotels (India) Private Limited (VHPL) was incorporated in August, 1996 by Mr Ashok Singh and Ms Rajesh Rani Singh with an objective to set up a hotel at Gwalior. VHPL operate three-star hotels in the name of 'The Central Park,' hotel which has 100 rooms including 73 Executive rooms, 20 Premium rooms, 6 suite rooms and one grand suite. It provides amenities like swimming pool, Wi-Fi internet, Fitness Centre, Travel assistance, Business Centre, Massage Chair in Grande Suit Room, Exclusive handicapped room for disabled person, Banquette and Conference Room. [] INDIA: IBC Resolves More Than INR26 Trillion Stressed Debt ------------------------------------------------------------- New Indian Express reports that the Insolvency and Bankruptcy Code (IBC), introduced nine years ago in May 2016, has enabled direct resolution of INR12 trillion (excluding cases under liquidation) of debt across 1,200 cases of stressed borrowers but when the indirect resolutions are considered, the number tops INR26 trillion and another INR22 trillion of debt have been resolved through other mechanisms. While the IBC has directly resolved INR12 trillion worth of stressed loans, it has also created significant deterrence among borrowers leading to the settlement of 30,000 cases with INR14 trillion of debt even before insolvency applications were admitted by the various benches of the national company law tribunals (NCLTs), shows and analysis by Crisil Ratings. When the number of resolutions through the pre-IBC mechanisms like the debt recovery tribunals (DRTs), the lok adalats and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Sarfaesi), the total resolved debt tops INR48 trillion since 2016, according to New Indian Express. While the IBC has been periodically amended to further enhance its efficiency, stretched timelines and limited success in implementation for certain sectors may need some more interventions, the report notes. The primary changes in debt resolution approach that IBC brought in has been the shift from a debtor-in-control model to a creditor-in-control framework that distinguishes it from other debt resolution mechanisms existing prior to IBC such as the debt recovery tribunals (DRTs), the lok adalats and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Sarfaesi). This has meant that since 2016, of the total resolved debt of INR48 trillion across different debt resolution mechanisms, the average recovery rate under the IBC has been the highest at around 35%, versus 22% for Sarfaesi, 7% for DRTs and 3% for lok adalats, New Indian Express relays. Other reasons for the relative success of the IBC over other debt resolution mechanisms include the flexibility accorded to creditors to change the managements of viable assets on a going-concern basis and to right-size debt. These, coupled with the improved economic environment over the past three fiscals, have boosted investor interest, especially in the infrastructure and manufacturing sectors. New Indian Express relates that the IBC has also enabled the resolution of numerous small-to-mid sized (up to INR500 crore) distressed assets -- while the past three fiscals accounted for 60% of all resolution approvals since the IBC, it represented only 40% of the total debt. According to Mohit Makhija, a senior director with Crisil, one-fourth of total debt resolved since 2016 has been through the IBC, contributing to 50% of total recovery. Aided by its deterrent effect, the IBC will remain the preferred route for debt resolution going ahead as well, New Indian Express state. Further, small-to mid-sized assets, which form 85% of the IBC's unresolved pipeline, are likely to attract investors with varied risk appetites. That said, the key challenge, according to him that IBC faces, has been the high backlog of cases at the NCLTs, primarily due to procedural delays at various stages and cross-litigation by stakeholders stretching the resolution timelines beyond what was earlier envisaged (713 days as of last fiscal vs the regulatory prescribed 330 days). To address this, the Insolvency and Bankruptcy Board of India (IBBI) has increased the bench strength of NCLTs, allowed routine submissions by resolution professionals online, and enabled part-wise resolution of corporate debt. New Indian Express relates that the IBBI has also identified areas of improvement in the IBC process for the realty and small businesses sectors. Real estate sector faces complexities such as cross-collateralisation and land authority issues, while small businesses lack clear categorisation and stakeholder efforts to revive the sector through what is known as the pre-pack framework are yet to gain much traction. The pre-pack framework refers to an out-of-court settlement involving negotiation of a pre-determined resolution plan with creditors before formally initiating insolvency proceedings. Following multiple discussion papers and consultations with expert panels, the IBBI has introduced sector-specific amendments, streamlining the process with the objective to improve timelines and recovery potential. According to Tanvi Fifadra, an associate director with Crisil, increasing the NCLT bench strength by 15 judicial members will help reduce the backlog of 7,000 cases pending with these tribunals as of March 2025, New Indian Express says. Furthermore, recent amendments targeting the real estate sector may expedite the resolution of 200 cases, with total admitted claims of INR70,000 crore, which have been pending for an average of 2.5 years. However, slow progress on MSME debt resolution, with only eight cases resolved through pre-pack, remains a concern for stakeholders, adds New Indian Express. ========= J A P A N ========= JS FOUNDRY: Files for Bankruptcy Protection ------------------------------------------- Nikkei Asia reports that Japanese government-backed contract chipmaker JS Foundry has filed for bankruptcy protection with the Tokyo District Court on July 14. The Tokyo-based company is a producer of power semiconductors that are typically used for regulating electric power flows and installed in large electric equipment such as electric vehicles, home appliances and trains. JS Foundry is backed by a fund run by the government-affiliated Development Bank of Japan (DBJ), among others. The company will leave an outstanding debt of JPY16.1 billion ($110 million), Nikkei Asia discloses. According to Nikkei Asia, the chipmaker has been hampered by operating cash shortages. It has had issues with finding customers for its services as Chinese chipmakers increase their presence in the market. The company was set up in December 2022 by Mercuria Investment, a DBJ affiliate, and independent financial advisors Sangyo Sosei Advisory. Of JS Foundry's total payroll of around 550, about 200 are dispatched to work for other companies. Nikkei Asia says the bankruptcy comes ahead of a disbursement of subsidies from the central and local governments of a few billion yen. JS Foundry has a manufacturing facility in Niigata Prefecture. The plant was originally built by Sanyo Electric in 1984. It was then sold to U.S. chipmaker Onsemi in 2011 before being sold to JS Foundry in 2022. JS Foundry had sales of JPY10 billion in its first year, but sales slid to JPY2.6 billion in the year ending December 2024 after a production arrangement with Onsemi came to an end, Nikkei Asia discloses. Nikkei Asia notes that the power semiconductor market has deteriorated since the second half of 2023, as demand from electric vehicles, once expected to grow rapidly, fell short of projections. At the same time, Chinese manufacturers increased production, adding more competition to JS Foundry's quest to attract new customers. In 2025, JS Foundry began negotiations with overseas companies for a capital tie-up to enter the silicon carbide power semiconductor segment, known for superior energy efficiency, Nikkei Asia relays. However, the talks collapsed, leading JS Foundry to decide to file for bankruptcy. ===================== N E W Z E A L A N D ===================== DRAGONBOAT RESTAURANT: Grant Reynolds Appointed as Liquidator ------------------------------------------------------------- Grant Reynolds of Reynolds & Associates on July 18, 2025, was appointed as liquidator of Dragonboat Restaurant Limited. The liquidator may be reached at: Grant Reynolds Reynolds & Associates PO Box 259059 Botany Auckland 2163 FRAMI LIMITED: Creditors' Proofs of Debt Due on Aug. 10 ------------------------------------------------------- Creditors of Frami Limited are required to file their proofs of debt by Aug. 10, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 10, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 MCA ROOFING: Creditors' Proofs of Debt Due on Aug. 25 ----------------------------------------------------- Creditors of MCA Roofing Limited are required to file their proofs of debt by Aug. 25, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 15, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 MODERE NEW ZEALAND: Sellers Claim NZD80,000 Following Liquidation ----------------------------------------------------------------- The Post reports that American multi-level marketing company Modere has gone bust in the United States, and New Zealand sellers are claiming NZD80,000 after its local subsidiary went into liquidation this month. Modere and its international subsidiaries allowed sellers, called "social marketers", to purchase its health supplements, sell their stock and recruit more sellers to purchase and sell more health supplements, including collagen, probiotics and skin treatments. At the time of liquidation, the company was solely owned by US company Maple Mountains Enterprises, with directors Gregory Gittens based in Brooklyn, New York and David McManus in Australia. Modere New Zealand went into administration on May 31, with Melbourne-based Fabian Micheletto of SV Partners appointed administrator over the Australia and New Zealand businesses, The Post discloses. The Post relates that the company was put into liquidation on July 8, following a watershed creditors meeting the day before when its Australian operations were also put into liquidation. Mr. Micheletto was then appointed to liquidate the businesses. Mr. Micheletto's first report on Modere New Zealand did not state the reason for the company's closure, but it showed the company had made less than NZD150,000 for the 2025 financial year. That followed a NZD36,000 loss in the previous year. Total creditor claims came in at NZD1.1 million, with social marketers in New Zealand claiming NZD80,000. Meanwhile, its US parent company was claiming almost USD530,000 (NZD890,000) and Inland Revenue's claim was nearly NZD36,000. New Zealand Post was owed NZD23,000, while courier and shipping companies Expeditors International and Urgent Couriers were owed NZD28,000 and NZD20,000 respectively. Total liabilities for the New Zealand business came in at NZD7.7 million, The Post discloses. According to The Post, Modere announced an abrupt closure in April when several international social marketers were left with excess stock. But in May US health supplement company Shaklee bought the Modere's trademarks, patents, and formulas for all its products, as well as testing and manufacturing equipment. It also took over the company's seller base who had taken to posting complaints online after the liquidation was announced, The Post relays. One social marketer on ComplaintsBoard said, "I need my money back. How long do I need to wait?", while another on PissedConsumer described the company's customer service as "terrible," citing delays in order fulfilment and refund processes. Originally called Neways International, the company was started in Utah in 1987 by Thomas and Leslie Mower. It opened its New Zealand business in 1991 under the name Images of Excellence Limited, but was later renamed Neways International (NZ) Limited. It rebranded to Modere New Zealand in 2015. MORRIS & JAMES: Set to Close After 48 Years ------------------------------------------- Stuff.co.nz reports that it is the end of an era for a north Auckland icon, with pottery shop Morris & James Pottery announcing they will close their doors after 48 years. The Matakana store was founded in 1977 by ceramicist Anthony Morris and architect Sue James, and over the years has become celebrated for its handcrafted pottery and ceramics. According to Stuff, the store announced the closure in a post on Facebook, saying the decision was made with a "touch of sadness" and did not come easily. Stuff relates that the post said that over the decades, a "devoted" team of artisans, designers, and craftspeople had continued shaping the Morris & James vision into a "thriving pottery factory and showroom". The store's pottery and ceramics are made on site using clay excavated from the banks of the nearby Matakana River. A number of options were explored to keep the store open, including selling the business. However, the store's management said they had to make a "difficult and heartfelt decision" to "bring this chapter to a close," Stuff relays. In deciding to close, the store thanked their "wonderful" customers for their "enthusiasm, loyalty, and appreciation for colourful, locally crafted pieces", something they said kept them "inspired". The store was sold to a group of staff by Mr. Morris in 2009. Stuff adds that the store, which 15 artisans now run, will be winding down its pottery operations over the next three to four months. PACIFIC INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 1 --------------------------------------------------------------- Creditors of Pacific International Nutrition (New Zealand) Limited, Rife New Zealand Limited, and New York Bagels Limited are required to file their proofs of debt by Sept. 1, 2025, to be included in the company's dividend distribution. Pacific International Nutrition and Rife New Zealand commenced wind-up proceedings on July 14, 2025. New York Bagels commenced wind-up proceedings on July 17, 2025. The company's liquidators are: BDO Tauranga Limited Level 1, The Hub 525 Cameron Road PO Box 15660 Tauranga 3144 TAUPO THAI: Court to Hear Wind-Up Petition on Aug. 5 ---------------------------------------------------- A petition to wind up the operations of Taupo Thai Limited will be heard before the High Court at Rotorua on Aug. 5, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 12, 2025. The Petitioner's solicitor is: Charles David Walmsley Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton ================= S I N G A P O R E ================= BROOKLYNZ STAINLESS: Court to Hear Wind-Up Petition on July 25 -------------------------------------------------------------- A petition to wind up the operations of Brooklynz Stainless Steel Pte. Ltd. will be heard before the High Court of Singapore on July 25, 2025, at 10:00 a.m. TSA Industries (Sea) Pte. Ltd. filed the petition against the company on July 3, 2025. The Petitioner's solicitors are: A.Ang, Seah & Hoe 4 Robinson Road #05-01 The House of Eden Singapore 048543 DA JIAFU: Court to Hear Wind-Up Petition on Aug. 1 -------------------------------------------------- A petition to wind up the operations of Da Jiafu Services (Pte. Ltd.) will be heard before the High Court of Singapore on Aug. 1, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 9, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 MASON & CO: Court to Hear Wind-Up Petition on July 25 ----------------------------------------------------- A petition to wind up the operations of Mason & Co Pte. Ltd. will be heard before the High Court of Singapore on July 25, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 2, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 MM2 ASIA: Cathay Cineplexes Gets Fresh Demands to Pay Up SGD3.3MM ----------------------------------------------------------------- The Business Times reports that Cathay Cineplexes has received more repayment demands – this time, a sum exceeding SGD3.3 million in rental arrears and for other items, owed to the landlords of its outlets at Century Square and Causeway Point. These include two statutory demands received on July 15, for the payment of SGD86,142.31 and SGD643,064.36 owed for the lease of its Century Square outlet, BT relates. A third statutory demand was received the same day for the sum of SGD2.6 million, owed for the lease of its Causeway Point outlet, said its parent company mm2 Asia in a bourse filing on July 16. According to BT, Cathay Cineplexes has until Aug. 5 to pay the full amount, or to secure or compound the above sums to the reasonable satisfaction of the landlord, Frasers Centrepoint Trust. If the cinema chain fails to comply, it shall be deemed to be unable to pay its debts under the provisions of the Singapore Insolvency, Restructuring and Dissolution Act, the company said. BT adds that the Cathay Cineplexes board and mm2 said they are seeking legal advice, and intend to engage with Frasers to explore all available options. This announcement comes shortly after the company received a statutory demand for SGD7.6 million from Linkwasha Holdings on July 9, BT notes. Based in Singapore, mm2 Asia Ltd. (SGX:1B0) -- https://www.mm2asia.com/ -- primarily engages in the media and entertainment industry, focusing on the production, distribution, and exhibition of films and television content. The company operates through its subsidiaries, including Cathay Cineplexes, which manages cinema operations. MM2 ASIA: Mulls Winding Up Cinema Chain as it Struggles With Debt ----------------------------------------------------------------- The Straits Times reports that Cathay Cineplexes parent company, mm2 Asia, said on July 17 that it is evaluating all available options to address its financial challenges, including winding up the cinema chain. Other options include continuing negotiations with Cathay's landlords to restructure existing obligations consensually, and restructuring the cinema's existing obligations under a court-supervised process while preserving operational continuity, the Straits Times relates. This comes after mm2 said on July 16 that it was proposing a six-year delay to a $54 million bond repayment. It also faces demands for payment of rental arrears from landlords, the Straits Times says. If mm2 opts to wind up Cathay Cinexplexes, it would result in the closure of one of Singapore's oldest cinema chains. Originally known as Cathay Cinema, it has been operating since October 1939. "The group has been committed towards the continued operation of its cinema business in Singapore," said mm2 Asia. "However, such commitment requires the support from its landlords, which has not been meaningful despite the difficult operating environment for cinemas and the wider retail industry over the past years, caused by, amongst other things, the Covid-19 pandemic." Six Cathay Cineplexes cinemas have closed in the last three years, leaving four still in operation at Causeway Point, Century Square, Downtown East and 321 Clementi, the report relays. According to the Straits Times, mm2 Asia said it is seeking to extend a bond maturity by six years to Dec. 31, 2031, with the bond holder, identified as Mr. Tan Boon Seng, in a non-binding memorandum of understanding. The move would allow mm2 Asia to avoid imminent default, while paying higher interest at 6 per cent per annum, from the original 5 per cent a year, it said. "While the extension of the bonds' maturity date will result in additional costs, including higher overall interest payable, it will enable the company to preserve cash that would otherwise be used for redemption in December 2025, and avoid the risk of defaulting on the redemption obligations under the terms of the bonds at that time," mm2 Asia said. The group's cash position stood at $10.1 million as at Sept. 30, 2024, based on its half-year financials released in November 2024. Based in Singapore, mm2 Asia Ltd. (SGX:1B0) -- https://www.mm2asia.com/ -- primarily engages in the media and entertainment industry, focusing on the production, distribution, and exhibition of films and television content. The company operates through its subsidiaries, including Cathay Cineplexes, which manages cinema operations. NIHAL INTERNATIONAL: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Singapore entered an order on July 4, 2025, to wind up the operations of Nihal International Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 NOVETE PRIVATE: Court to Hear Wind-Up Petition on July 25 --------------------------------------------------------- A petition to wind up the operations of Novete Private Limited will be heard before the High Court of Singapore on July 25, 2025, at 10:00 a.m. Eliktrical Engineering Pte Ltd filed the petition against the company on June 27, 2025. The Petitioner's solicitors are: Fidelis Law Corporation 1 North Bridge Road #08-08 High Street Centre Singapore 179094 ********* 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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