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250729.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 Monday, July 28, 2025, Vol. 28, No. 149 Headlines A U S T R A L I A ALTHEA COMPANY: Unsecured Creditors Lodge AUD3 Million in Claims D&H GROUP: Second Creditors' Meeting Set for Aug. 1 ELITE HOME: Second Creditors' Meeting Set for July 31 MARBLE DESIGN: Second Creditors' Meeting Set for Aug. 1 STRANDLINE RESOURCES: Gov't, Other Creditors Face AUD300MM Wipeout WONDAI DIGGERS: First Creditors' Meeting Set for Aug. 1 XL EXPRESS: Second Creditors' Meeting Set for Aug. 1 C H I N A COUNTRY GARDEN: Agrees to Key Bank Demands, Easing Debt Deal Path H O N G K O N G LI & FUNG: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable STAR SEAFOOD: 50 Workers Seek HK$600,000 in Unpaid Wages I N D I A BEAUTY ETOILE: CRISIL Keeps B Debt Rating in Not Cooperating BHARUCH JILLA: CRISIL Keeps D Debt Rating in Not Cooperating CHEMMARATHIL CASHEW: CRISIL Keeps D Ratings in Not Cooperating CHINTAPALLY SAI: CRISIL Keeps D Debt Rating in Not Cooperating CONFEDERATION FOR AYURVEDIC: CRISIL Keeps D Rating in Not Coop. CUBE INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating DEVANSHI POWERS: CRISIL Keeps D Debt Ratings in Not Cooperating DEVEER DECORS: CRISIL Keeps B- Debt Ratings in Not Cooperating DWARKADHEESH HAVELI: CRISIL Keeps D Rating in Not Cooperating GANESH DIAGNOSTIC: CRISIL Keeps D Debt Ratings in Not Cooperating JAIPRAKASH ASSOCIATES: Adani Group Seeks CCI's Nod to Acquire Co. KRISHNA NUTRITIONS: CRISIL Keeps D Ratings in Not Cooperating LAKSHMI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating MEALITE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating MEHTA AND ASSOCIATES: CRISIL Keeps B Ratings in Not Cooperating MOHIJULI TEA: CRISIL Keeps D Debt Ratings in Not Cooperating NEXUS ELECTRO: CRISIL Keeps D Debt Ratings in Not Cooperating P. R. PACKING: CRISIL Keeps D Debt Ratings in Not Cooperating PISCESIA POWER: CRISIL Keeps D Debt Ratings in Not Cooperating PK GLOBAL: CRISIL Keeps D Ratings in Not Cooperating Category PLAZA COMPUTERS: CRISIL Keeps D Debt Rating in Not Cooperating POABS ENTERPRISES: CRISIL Moves D Debt Ratings to Not Cooperating RELIANCE COMMUNICATIONS: Loan Fraud Totals INR14,000cr RHJ TUBES: CRISIL Moves D Debt Ratings to Not Cooperating SATRAMDAS AND CO: CRISIL Keeps D Debt Rating in Not Cooperating SWG INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating VENTURES NAGPUR: CRISIL Keeps D Debt Ratings in Not Cooperating N E W Z E A L A N D DE CAROLIS: Court to Hear Wind-Up Petition on Aug. 5 DOVELLA HOMES: Creditors' Proofs of Debt Due on Aug. 25 DREAMZ CONSTRUCTION: Commences Wind-Up Proceedings MOTU LOGGING: Court to Hear Wind-Up Petition on Aug. 5 NEW YORK BAGELS: Creditors' Proofs of Debt Due on Aug. 19 S I N G A P O R E AUREUS CONCEPT: Court Enters Wind-Up Order COMMERSOL COMMODITIES: Court to Hear Wind-Up Petition on Aug. 1 FOOD CULTURE: Commences Wind-Up Proceedings LEND EAST: Court Enters Wind-Up Order SIRIUS TECHNOLOGIES: Commences Wind-Up Proceedings ST GROUP: To Liquidate Loss-Making Gong Cha Business in UK - - - - - ================= A U S T R A L I A ================= ALTHEA COMPANY: Unsecured Creditors Lodge AUD3 Million in Claims ---------------------------------------------------------------- Adam Sheldon at Cannabiz reports that dozens of unsecured creditors of Althea Company have lodged claims worth up to AUD3 million as the fall out continues over the firm's exit from the medicinal cannabis sector. The subsidiary, which is fully owned by Althea Group Holdings, entered voluntary administration on July 9, shortly after completing the AUD1 million sale of its pharmaceutical assets to Tasmanian Botanics. According to Cannabiz, the sale proceeds were paid directly to secured creditor Causeway, an investment company, which still holds a AUD500,000 claim against Althea Company. Documents obtained by Cannabiz show that of 65 unsecured creditors, one was a AUD72.4 million related-party claim from its parent, AGH. The remaining 64 creditors account for between AUD2.7 million and AUD3 million. Among the creditors are Tasmanian Alkaloids, trading as Extracts Bioscience, which has claimed AUD1 million, Colombian firm Clever Leaves (AUD234,000), Epsilon Clinics (AUD42,000), Epsilon Pharma (AUD19,600), and UK business Happy Health (AUD227,000). In January, Happy Health successfully lodged an application in the UK to wind up AGH's UK subsidiary, MMJ Clinic Group, of which it is a creditor. Earlier, in October 2024, AGH sold its UK clinic operation, MyAccess Clinics, to Montu UK, recalls Cannabiz. While the transaction did not directly involve Althea Company, administrator Sule Arnautovic from Salea Advisory said it received proceeds of AUD1 million from the deal and was now facing a "potential preference claim" from the liquidator of MMJ Clinic Group. Asked at a meeting of creditors about the AUD72 million claim lodged by AGH, Mr. Arnautovic said it "reflected many years of funding" provided by the parent, Cannabiz relays. At the time of the appointment of Salea Advisory, he said Althea Company was no longer trading or employing staff - having sold assets to Tasmanian Botanics - and held limited assets, including AUD50,000 in cash and AUD57,000 in unpaid invoices. The largest asset listed was an intercompany debt of approximately US$22 million (AUD33.8 million), owed by AGH's Canadian subsidiary, Peak Processing Solutions, Cannabiz discloses. Cannabiz adds Mr. Arnautovic said further investigations were needed to determine how much of that could realistically be recovered. A full report to creditors is due by August 5, ahead of a second meeting where stakeholders will vote on whether to proceed with a Deed of Company Arrangement, liquidation, or end the administration, Cannabiz notes. D&H GROUP: Second Creditors' Meeting Set for Aug. 1 --------------------------------------------------- A second meeting of creditors in the proceedings of D&H Group Holdings Pty Ltd, trading as DHF Tyres, has been set for Aug. 1, 2025, at 11:30 a.m. via Microsoft Teams Videoconferencing Facility. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 31, 2025 at 4:00 p.m. Shaun Fernando and Liam Bellamy of Mackay Goodwin were appointed as administrators of the company on July 3, 2025. ELITE HOME: Second Creditors' Meeting Set for July 31 ----------------------------------------------------- A second meeting of creditors in the proceedings of Elite Home Constructions and Developments Pty Ltd has been set for July 31, 2025, at 2:30 p.m. via virtual meeting only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 30, 2025 at 5:00 p.m. Andrew MacNeill of SMB Advisory was appointed as administrator of the company on June 26, 2025. MARBLE DESIGN: Second Creditors' Meeting Set for Aug. 1 ------------------------------------------------------- A second meeting of creditors in the proceedings of Marble Design Holdings Pty Ltd has been set for Aug. 1, 2025, at 10:00 a.m. via teleconference only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 31, 2025 at 4:00 p.m. Mohammad Najjar of Vanguard Insolvency Australia was appointed as administrator of the company on June 27, 2025. STRANDLINE RESOURCES: Gov't, Other Creditors Face AUD300MM Wipeout ------------------------------------------------------------------ Sean Smith at The West Australian reports that the Federal Government and other creditors of mineral sands miner Strandline Resources are facing a AUD300 million wipeout even with the sale of the collapsed company's flagship WA project to Japanese group Iwatani. The West Australian relates that Iwatani, which already owns South West mineral sands miner Doral, is proposing to take control of the mothballed Coburn mine near Shark Bay from receivers with a AUD15 million cash offer that would see secured creditors repaid less than 5¢ in every dollar they are owed. According to The West Australian, the deed of company arrangement for Coburn, if approved by creditors this week, would crystallise a loss of about AUD160 million for the project's biggest backer, the government-owned Northern Australia Infrastructure Facility. A statutory report by administrators Cor Cordis into the collapse of Strandline and its operating subsidiary Coburn Resources reveals NAIF is owed AUD167 million, having advanced a final AUD5 million just three months before the miner collapsed in February, The West Australian discloses. With bondholders owed AUD94 million and NAB nearly AUD17 million, secured creditors alone are on the hook for Coburn for AUD277.5 million. Under the DOCA, they would likely collectively recover less than AUD10 million, while 224 unsecured mainly trade creditors would share just AUD1.5 million to settle another AUD49 million of claims. Subject to clarification about which company actually employed them, the deed funds would also be used to pay AUD5 million in outstanding entitlements owed to nearly 170 employees, according to The West Australian. The ASX-listed Strandline was put into administration on February 21 after its backers ran out of patience with protracted efforts to address Coburn's poor operating performance and restructure the group's hefty debt. Thomas Birch and Jeremy Nipps of Cor Cordis were appointed as administrators of the company on Feb. 21, 2025. Receivers from McGrathNicol took control of the mine under an almost simultaneous appointment by the secured creditors, the report notes. Strandline Resources Limited (ASX:STA) operates as a mineral exploration and development company. The Company focuses on mineral sands, copper, and other base metal resources. WONDAI DIGGERS: First Creditors' Meeting Set for Aug. 1 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Wondai Diggers Memorial And Citizens Club Inc. will be held on Aug. 1, 2025 at 10:30 a.m. at the offices of Solace Advisory, at Level 5, 34 East Street, in Rockhampton, QLD, and via virtual meeting technology. Michael Beck of Solace Advisory was appointed as administrator of the company on July 22, 2025. XL EXPRESS: Second Creditors' Meeting Set for Aug. 1 ---------------------------------------------------- A second meeting of creditors in the proceedings of: - XL Express (Operations) Pty Ltd; - XL Express (Distribution) Pty Ltd; - XL Express Pty Ltd; - Express Regional Distribution Pty Ltd; - XL Express (Services) Pty Ltd; - XL Express (Holdings) Pty Ltd; - A.C.N. 059 888 023 Pty Ltd; - XL Express (Staffing) Pty Ltd; - XL Express (Personnel) Pty Ltd; - XL Express (Corporate) Pty Ltd; - XL Express (Linehaul) Pty Ltd; - Australian Linehaul Express Pty Ltd; - XL Express (WMH) Pty Ltd; - XL Express (Management) Pty Ltd; - XL Express (Logistics) Pty Ltd; - XL Logistics Pty Ltd; and - TL Distribution Pty Ltd has been set for Aug. 1, 2025, at 11:00 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by July 31, 2025 at 11:00 a.m. KellyAnne Lavina Trenfield, Joanne Emily Dunn, and Ross Andrew Blakeley of FTI Consulting were appointed as administrators of the company on June 27, 2025. ========= C H I N A ========= COUNTRY GARDEN: Agrees to Key Bank Demands, Easing Debt Deal Path ----------------------------------------------------------------- Bloomberg News reports that Country Garden Holdings Co. has agreed to some key restructuring terms a group of bank creditors had demanded, according to people familiar with the matter, potentially easing the path for an overall debt deal. The company, once China's biggest developer, has sent a document to a group of banks known as the co-ordination committee addressing their concerns. The document details a deal in which the key term is $178 million in compensation that Country Garden will pay the banks for the return of seized collateral, the people said, asking not to be identified discussing private matters, Bloomberg relays. Bloomberg relates that the committee had earlier said that failure to accept some of its demands would be a "deal breaker." With this hurdle cleared, the next step would be for banks to sign on to the broader restructuring deal. Gaining the support of co-ordination committee members is crucial for Country Garden because the group holds enough of the company's debt to block its restructuring, according to Bloomberg. Country Garden is under pressure to get a debt deal done, with its next winding up hearing scheduled for Aug. 11. High Court Judge Linda Chan said in May that she wanted to see "useful and good progress" in the next hearing. Bloomberg notes that Country Garden has been in talks with creditors to restructure $14.1 billion of offshore debt since it defaulted on its dollar debt in 2023. The issue of compensation for banks releasing collateral backing certain loans has been in focus since early in the process. To get its restructuring deal approved, Country Garden needs support from three-quarters of debt holders in two individual groups - bank lenders and bondholders, Bloomberg states. It has said that it has backing from holders of 70% of bonds, but even if it gets more from that class, it still needs bank creditors to get on board to pass the plan through a "scheme of arrangement" procedure, adds Bloomberg. About Country Garden Holdings Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds last year and is in the process of an offshore debt restructuring. ================= H O N G K O N G ================= LI & FUNG: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has published Li & Fung Limited's (L&F) Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating of 'BB'. The Outlook on the IDR is Stable. L&F's rating is supported by its unique position as a leading global sourcing and trading platform with a long operating history. Its extensive network of suppliers gives customers flexibility and sourcing diversification to help manage costs and cope with rising geopolitical uncertainties and complexities. The rating reflects L&F's moderate EBITDA net leverage of 3.7x on average in 2022-2024 (including subordinated perpetual bonds as debt), with capacity to deleverage below 3x by 2026 if it successfully executes its strategy with a focus on organic growth and supplemented by prudent acquisitions. Limitations include a modest operating scale smaller than that of peer service companies rated in the 'BB' category. This may raise business risk due to the inherent cyclicality of retail end-market demand and increased uncertainty amid escalating geopolitical and trade tensions. Key Rating Drivers Global Supply Chain Network: L&F's key strength is its extensive and resilient network of suppliers and vendors, which is difficult to replicate. Fitch expects the company's longstanding network relationships, with deep local expertise that is digitally connected through a global platform, will support L&F in swiftly fulfilling orders and customising options to increasingly provide value added services at lower cost. Compliance with regulations and ESG initiatives among its suppliers and vendors reduces reputational and operational risks for customers. Escalating Trade Tensions: Fitch believes escalating global trade tensions present both challenges and opportunities for the company. The US remains L&F's largest market despite a decline in US-based customers' contribution to revenue, to 56% in 2024 from 69% in 2021. L&F's extensive network and ability to offer a comprehensive package of end-to-end supply-chain services may attract new orders by enabling US-based customers to diversify their sourcing away from countries significantly affected by the tariff hikes, such as China. Nevertheless, an intensifying global trade war could pressure retail demand and potentially slow the growth of orders from existing customers. High Customer Retention: Fitch expects L&F's customer base to be stable, with potential for increasing wallet share over the rating horizon. The company typically enters contracts with customers for three to five years. High switching costs due to L&F's integrated services with customers' supply chains means churn is limited to deliberate reductions of unproductive customers. Value-added services such as shortening customers' time to market, trend insights and data visibility help retain customers and sustain the order book. Execution Risk for Growth Strategy: Fitch forecasts L&F's revenue to grow by mid-single digits annually from 2025 to 2028, driven by new customers and expanded wallet share among existing customers. However, its growth strategy has execution risk. Customer demand is cyclical with no minimum volume commitments, reducing the long-term visibility on its order book. Average unit costs have fallen due to deflation, and this may continue in the near term, potentially mitigated by margin expansion from value-added services in the longer term. Improving Customer Profile: Fitch expects L&F's strategic measures to rebalance its customer base across channels and geographies will support healthier revenue growth despite uncertainties in global consumer sentiment. It has reduced its reliance on slower-growth department stores and expanded partnerships with large, high-quality discounters, clubs, off-price retailers and supermarkets, which enjoy structural growth. The expanding customer base in Europe can also supplement its established US base. Profitability Improvement: Fitch projects that L&F's profitability will improve following its implementation of optimisation strategies, including enhancements in customer profiling and cost-reduction initiatives. Fitch believes its EBITDA margin reached a trough of 1.8% in 2023. However, margins may remain at the lower end among rated service companies due to market fragmentation and the trading nature of operations, resulting in a modest EBITDA base. Asset Light Model: Fitch expects L&F to continue generating positive FCF due to its asset-light operations that do not require significant investments in working capital or capex. The company avoids inventory risk by basing production on confirmed customer orders and relies on its supplier network, eliminating the need for capital investment to support growth. Solid Financial Flexibility: L&F's sufficient liquidity, with a high cash balance and access to banking facilities, balances its moderate leverage and weaker coverage. Fitch envisages a path to deleverage below EBITDA net leverage of 3x by 2026 (2024: 3.8x) due to EBITDA growth, while EBITDA interest coverage improves to above 2.0x from 2025. Fitch treats its USD656 million subordinated perpetual instruments as 100% debt, in line with its criteria for hybrid securities. Fitch believes L&F's liquidity allows it to finance small-scale acquisitions with cash on hand. Peer Analysis L&F can be compared with Bidvest Group Limited (The) (BB/Stable), a South African diversified services, manufacturing and distribution group. They have comparable revenue scale, but L&F's trading-based operations have slimmer margins. L&F has a strong market position globally and a more diversified operating environment across mostly investment-grade countries. Bidvest, a regional player whose rating is constrained by concentration in South Africa (BB-/Stable), has diversification in service products, end-markets and customers. This, in conjunction with its one- to five-year contracts, provides resilience against demand cyclicality and pricing pressure. Bidvest has more conservative financials, but L&F's financial risks can be mitigated by its abundant cash balance and the large proportion and permanence of subordinated perpetuals in its capital structure. L&F's credit profile is weaker than that of Derichebourg S.A. (BB+/Stable), a French provider of metal recycling services. Derichebourg is smaller by revenue but higher in EBITDA. Both benefit from market leadership and some degree of diversification, but are limited by higher demand cyclicality and weaker contracted earnings. The one-notch differential is driven by Derichebourg's stronger financials. L&F has a stronger credit profile than Albion HoldCo Limited (BB-/Stable), the owner of the UK-based temporary power and energy supply provider, Aggreko Limited. Albion is smaller by turnover but more profitable than L&F. Demand for Albion's utilities is relatively more resilient than that for L&F's consumer products; however, Albion's contracts are short-term by nature. Fitch projects that Albion's EBITDA net leverage will remain higher than that of L&F. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer - Consumer spending to rise by 1.5% per annum in 2025-2026 and 2.1% in 2027-2028 in the US, and 1.2% per annum in 2025-2028 in the Eurozone - Revenue to increase by around 5% on average per year in 2025-2028, supported by mid-single digit volume growth, against a moderate risk of deflation by a low-single digit - Margin to improve on better operational efficiencies - Capex of USD8 million per year and the acquisition of Orrsum in line with the company's guidance; no other acquisitions - Working capital cycle in line with 2023-2024 levels - Fitch adjusted debt balance to reduce to USD981 million by end-2025 and USD956 million by end-2026 before stabilising - Exchange rates, benchmark interest rates and other relevant assumptions in line with Fitch's June Global Economic Outlook. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage to stay above 4x on a sustained basis - EBITDA interest coverage to stay below 2x on a sustained basis Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful and consistent execution of its growth strategy to secure new customer wins and wallet-share gains, resulting in a materially bigger EBITDA scale, and EBITDA net leverage falling to 3x or below on a sustained basis Liquidity and Debt Structure L&F reported cash and cash equivalents totalling USD646 million as of end-2024, sufficient to cover USD313 million of short-term debt consisting of senior unsecured notes due in August 2025. Liquidity is further supported by longstanding relationships with international banks. L&F's debt structure is less vulnerable to short-term market volatility, as it typically incurs long-term debt through loans and bonds. Nearly 60% of its debt at end-2024 comprised subordinated perpetual instruments, which are a permanent feature in its capital structure. Issuer Profile L&F is a Hong Kong-based supply-chain service provider that has operated for around 120 years. It specialises in delivering comprehensive end-to-end supply-chain solutions, including design, development, production and delivery of high-volume, time-sensitive nonperishable consumer goods, to leading brands and retailers worldwide. Its extensive sourcing network spans across about 40 economies. Summary of Financial Adjustments Fitch treats L&F's subordinated perpetual instruments (USD656 million) as long-term debt due to the presence of look-back clauses and has reclassified the dividends paid on these instruments — USD34.4 million per annum — as cash interest payments. In addition, L&F's short-term bank deposits are treated as cash (2024: USD195 million, 2023: USD238 million). MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Li & Fung Limited LT IDR BB Publish senior unsecured LT BB Publish STAR SEAFOOD: 50 Workers Seek HK$600,000 in Unpaid Wages -------------------------------------------------------- South China Morning Post reports that about 50 workers are chasing at least HK$600,000 (US$76,440) in unpaid wages as another Chinese restaurant prepares to shut down next month, amid a string of closures in the Hong Kong catering sector. A notice announcing the imminent closure was posted at Star Seafood and Roasted Goose Restaurant branch at Chuk Yuen Plaza in Wong Tai Sin, the Post says. "Due to lease expiration, we plan to close our business on August 1, 2025," Star Seafood Restaurant Group said. The restaurant has five branches, including the one set to shut down. The branches are under Star Seafood Restaurant Group, which was established in 2000, and also operates other brands in Hong Kong, such as Star Seafood Restaurant, Golden Star Restaurant and Star Palace. According to the Post, lawmaker Lam Chun-sing of the Federation of Hong Kong and Kowloon Labour Unions said on July 26 the closure affected the restaurant's 40 to 50 employees. He said workers had complained that the restaurant only paid half of their wages for June, and that they had not received their salaries for this month, the Post relates. Some of the staff quit their jobs earlier in mid-July because of the delayed salary payment, while some would be transferred to other restaurant branches under the group, he said. Mr. Lam estimated that the overall amount of the unpaid wages involved reached at least HK$600,000. He added that about 10 workers had sought help from the Labour Department. "We hope that the restaurant will pay the wages for July and the amount not paid for June according to the law," the Post quotes Lam as saying. "If there are vacancies in other branches, can they first recruit the affected employees?" Mr. Lam called on the workers who would be transferred to other restaurants to pay attention to the details of their new contracts, such as wages and the calculation of their service years, to protect their rights. He also urged the government to limit the number of imported workers in the catering industry to safeguard job opportunities for local workers amid the sector's high unemployment rate. The Post adds that the Labour Department said it had contacted the employer and reminded it to comply with the Employment Ordinance and the terms of contracts, adding that it would offer help to workers in need. The Post also reports that Jin Man Lou, an eatery in Prince Edward, will also close permanently after its last day on July 31. "As the company's lease is about to expire, and the landlord's rent increase was too high, the company failed to reach a consensus with the landlord on the new rent arrangement. After careful consideration, the company has decided that Jin Man Lou's last operating day will be July 31, 2025," a notice said. It remained uncertain how many of its workers would be affected, the Post notes. ========= I N D I A ========= BEAUTY ETOILE: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Beauty Etoile Private Limited (BEPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 130 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BEPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BEPL continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2017 in Mumbai as a subsidiary of Foreign Company based in Singapore, BEPL constructs real estate projects in India. The company is planning to develop residential properties in Chennai under the project, The Ace. The parent company of BEPL is CGHCL. BHARUCH JILLA: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Bharuch Jilla Kaival Kelavani Mandal (BJKKM) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 8.74 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BJKKM for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BJKKM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BJKKM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BJKKM continues to be 'Crisil D Issuer not cooperating'. BJKKM is an Kheda, Gujarat based trust which is establishing a non-granted school named 'My Shannen School' and is promoted by Mr. Kaushik Somabhai Patel, Mr. Shirish Naginbhai Patel, Mr. Dharmesh Jashubhai Patel, Mr. Bhupendrabhai Patel, Mr. Mahendrabhai Maganbhai Patel, Mrs. Lataben Naginbhai Patel and Mrs. Ushabahen Patel with the capacity of approximately 3138 students in both English and Gujarati Medium in the general and science stream from K.G. to Std. 12. CHEMMARATHIL CASHEW: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Chemmarathil Cashew Company (CCC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (Issuer Not Cooperating) Packing Credit 23 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CCC for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CCC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CCC continues to be 'Crisil D/Crisil D Issuer not cooperating'. CCC, set up in 2008 and based in Kollam (Kerala), processes and trades in cashew nuts. Its operations are managed by partners Mr. Sam C K and Mr. Syam C K. CHINTAPALLY SAI: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Chintapally Sai Baba Energy Private Limited (CSEPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CSEPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CSEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CSEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CSEPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in August 2013 and promoted by Mr Sanjeev Kumar, Ms Indu Mouli, Vainavi Energy Ventures Pvt Ltd, and Mr Panati Radha Krishna Reddy, CSEPL has set up a 2-megawatt power plant in Nalgonda, Telangana. CONFEDERATION FOR AYURVEDIC: CRISIL Keeps D Rating in Not Coop. --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Confederation For Ayurvedic Renaissance-Keralam Limited (CARE-K) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Term Loan 7.14 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CARe-K for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CARe-K, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CARe-K is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CARe-K continues to be 'Crisil D Issuer not cooperating'. Set up as a private limited company in 2004 and reconstituted as a public limited company in 2008, CARe-K is a joint venture between various ayurvedic enterprises and the Kerala Industrial Infrastructure Development Corporation (KINFRA) of the Government of Kerala. The company was formed to create infrastructure facilities for the standardisation of ayurvedic medicines and services, and is also supported by the AYUSH Department of Government of India. CUBE INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Cube India Paper Mills Private Limited (CIPM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.41 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 13.09 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CIPM for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CIPM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CIPM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CIPM continues to be 'Crisil D Issuer not cooperating'. Incorporated in December 2014 and promoted by Mr. Hareesh Chimaneni, Mr. Pothu Raju, and Mr. Motukari Laxman Kumar, CIPM manufactures kraft paper at its facility in Narasaraopet, Guntur district, Andhra Pradesh. Commercial operations began from November 2016. DEVANSHI POWERS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Devanshi Powers Limited (DPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with DPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DPL continues to be 'Crisil D Issuer not cooperating'. DPL was set up as a partnership firm, Devanshi Electricals, by Mr Pankaj Shah, Mr Pradip Shah, and Ms Varsha Shah, in July 2006, and reconstituted as a closely held public limited company on October 4, 2012. The company manufactures bare copper wires and copper and aluminum-based household, industrial, and instrumentation cables at its two units. The Shah family has been in the copper products segment since 1982 through their group concern in Jaipur. Operations were shifted to Anand, Gujarat, in 2006. DEVEER DECORS: CRISIL Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Deveer Decors Private Limited (DDPL; part of the Deveer Decor group) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.50 Crisil B-/Stable (Issuer Not Cooperating) Term Loan 19.04 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DDPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DDPL continues to be 'Crisil B-/Stable Issuer not cooperating'. The Deveer Decor group manufactures particle boards and undertakes lamination of particle boards at its facilities in Solapur (Maharashtra). DDPL and DBNPL were incorporated in 2014 and 1997, respectively. However, DDPL's commercial operations started from June 2017. The companies have common directors: Mr Devichand Jain, Ms Hema Jain, and Mr Viren Jain. DWARKADHEESH HAVELI: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Dwarkadheesh Haveli Builders (DHB) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 8.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DHB for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DHB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DHB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DHB continues to be 'Crisil D Issuer not cooperating'. Established in 2010 as a partnership firm by Mr. Vijay Singh, Mr. Rakesh Kumar Rai, Mr.Kishan L Sharma, Mr.Ajab Singh, Mr.Gulab Singh, and Mr. D K Rai, DHB develops residential real estate in Bhopal. GANESH DIAGNOSTIC: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ganesh Diagnostic and Imaging Centre Private Limited (GDICPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 7.47 CRISIL D (Issuer Not Cooperating) Overdraft Facility 4.95 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.08 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with GDICPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GDICPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GDICPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GDICPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 2000 by Dr Ganesh Chand Sharma and Dr Ravin Sharma, GDICPL is engaged in lab testing (pathology) and radio imaging (radiology) at its laboratories in the Delhi NCR. JAIPRAKASH ASSOCIATES: Adani Group Seeks CCI's Nod to Acquire Co. ----------------------------------------------------------------- The Economic Times reports that billionaire Gautam Adani-promoted Adani group on July 22 sought approval from the Competition Commission of India (CCI) to acquire Jaiprakash Associates Ltd. ET relates that the development came after Adani group reportedly made an unconditional bid for debt-ridden Jaiprakash Associates Ltd (JAL), which is undergoing corporate insolvency resolution process (CIRP). "The proposed combination relates to the acquisition of up to 100 per cent of the shareholding of the target (Jaiprakash Associates Ltd) by the acquirers (Adani Enterprises Ltd and Adani Infrastructure and Developers Pvt Ltd) or any other entity forming part of the Adani Group," according to a notice filed with the CCI, ET relays. Adani Enterprises Ltd (AEL) is the flagship company of Gujarat-based Adani group. JAL is an infrastructure conglomerate with interests in engineering and construction, cement, power, real estate, and hospitality. In a notice to CCI, AEL, Adani Infrastructure and Developers and JAL have said the "proposed combination does not raise competition concerns in any plausible relevant market and therefore, the relevant market delineations may be left open, according to ET. They have also identified certain potential vertical linkages regarding products/services such as limestone, fly ash, clinker, coal management services, ready mix concrete and provision of construction activities, which are linked to the market for manufacture of cement, ET relates. "These vertical linkages do not give rise to any competition concerns," the notice stated. Last month, Dalmia Cement (Bharat) Ltd also submitted a notice and sought clearance from the fair trade regulator CCI to acquire 100 per cent stake in JAL, including its assets and proportionate shareholding in its subsidiaries, associate companies and joint ventures, ET recalls. Earlier, lenders of JAL have turned down Jaypee Infratech's request to accept its resolution plan to acquire the bankrupt diversified company. Five companies -- Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power and PNC Infratech -- have submitted their resolution plans to acquire JAL, ET notes. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. KRISHNA NUTRITIONS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Krishna Nutritions India Private Limited (SKNIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.50 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.69 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.81 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SKNIPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SKNIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKNIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKNIPL continues to be 'Crisil D Issuer not cooperating'. SKNIPL was set up in October 2010, by the promoters, Mr Vijay Kumar Mittal and Mr Satendra Kumar Jalan. The company, which manufactures cattle and poultry feeds, commenced commercial operations from June 2012. It sells cattle feed under the brands, Doodh Sagar and Doodh Dhara, and poultry feed under the brands, Baba, Ultima and Prima. LAKSHMI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Lakshmi Constructions (SLC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.3 CRISIL D (Issuer Not Cooperating) Overdraft Facility 7 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SLC for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SLC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SLC continues to be 'Crisil D/Crisil D Issuer not cooperating'. SLC (formerly, C Viswanatha Naidu) was set up in 1980 as a proprietorship concern by Mr C Viswanatha Naidu and was reconstituted as a partnership firm in 2014. It constructs and repairs roads in Chittoor, Andhra Pradesh. MEALITE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mealite Foods Private Limited (MFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 CRISIL D (Issuer Not Cooperating) Term Loan 3.1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MFPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MFPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2013, MFPL manufactures corn flakes, ready to eat packaged snacks such as namkeens, baked snacks, fried snacks and other related products. It has recently started its commercial operations in July 2015 and its manufacturing facilities is located at Rajkot-Gujarat. MEHTA AND ASSOCIATES: CRISIL Keeps B Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mehta and Associates LLP (MA; formally known as Mehta & Associates - Indore) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 3.50 Crisil B/Stable (Issuer Not Overdraft Cooperating) facility Cash Credit/ 0.46 Crisil B/Stable (Issuer Not Overdraft Cooperating) facility Term Loan 0.72 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MA for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MA continues to be 'Crisil B/Stable Issuer not cooperating'. MA, setup in 1991, offers consultancy services in urban planning, design, architecture; urban infrastructure planning, design, and development; project management consultancy; and services transaction advisory. It is promoted by Mr Hitendra Mehta and Mr Jitendra Mehta and has its head office in Indore (Madhya Pradesh). MOHIJULI TEA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Mohijuli Tea Co Private Limited (MTCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.50 CRISIL D (Issuer Not Cooperating) Term Loan 2.48 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MTCPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MTCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MTCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MTCPL continues to be 'Crisil D Issuer not cooperating'. MTCPL was incorporated in 1991 by Mr Adilur Rahman, Mr Atikur Rahman, Ms Nilofar Rahman and Ms Rumena Rahman. The company plants and processes organic Assam tea. It invests regularly in replantation. Processed tea is sold through auction houses, brokers and agents. NEXUS ELECTRO: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Nexus Electro Steel Limited (NESL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL D (Issuer Not Cooperating) Bill Discounting 2 CRISIL D (Issuer Not Cooperating) Cash Credit 20 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 10 CRISIL D (Issuer Not Cooperating) Letter of Credit 23 CRISIL D (Issuer Not Cooperating) Proposed Long Term 16 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 22.5 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with NESL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NESL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NESL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NESL continues to be 'Crisil D/Crisil D Issuer not cooperating'. NESL, incorporated in 1998, manufactures cut, winding, core and coil assembly laminations used in distribution and power transformers, and generators. Its facilities are in Puducherry and Mumbai. P. R. PACKING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of P. R. Packing Service (PR) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PR for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PR continues to be 'Crisil D Issuer not cooperating'. PR was set up as a partnership firm in 1999 by Mr. Dhananjay Bhansali and his wife Mrs. Rekha Bhansali. The firm manufactures corrugated boxes using kraft paper. PR's operations are managed by Mr. Pathik Bhansali, son of Mr. Dhananjay Bhansali. PR has one manufacturing unit in Silvassa. Its second manufacturing unit, at Naroli (Dadra and Nagar Haveli), commenced operations in April 2012. PISCESIA POWER: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Piscesia Power Transmission Private Limited (PPTPL) continues to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 10 Crisil D (Issuer Not Cooperating) Cash Credit 1 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PPTPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PPTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PPTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PPTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. PPTPL, headquartered in Lucknow was incorporated in 2012 by Mr. Prashant Singh and Mr. Vivek Yadav. It is a turnkey contractor engaged in setting up transmission substations and underground cable laying for UP Power Transmission Corporation Limited (UPPTCL). PK GLOBAL: CRISIL Keeps D Ratings in Not Cooperating Category ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of PK Global Power Private Limited (PKGPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.25 CRISIL D (Issuer Not Cooperating) Term Loan 1.96 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PKGPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PKGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PKGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PKGPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. PKGPL started operations as a proprietorship firm in 2000 and was reconstituted as a private limited company in 2017. The company manufactures electro porcelain disc insulators for high extension wires. It has been promoted by Mr Prashant Gupta, based out of Bhopal. PLAZA COMPUTERS: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Plaza Computers (PC) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Packing Credit 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PC for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PC continues to be 'Crisil D Issuer not cooperating'. PC, set up in 1994-95 as a proprietorship firm by Mr. Sudeep Goel, manufactures and exports women's readymade garments and its facility is at Devli in New Delhi. Mr. Goel set up PCG in 2003. Its manufacturing facility is in Noida, Uttar Pradesh. POABS ENTERPRISES: CRISIL Moves D Debt Ratings to Not Cooperating ----------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Poabs Enterprises Private Limited (PEPL) to 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Overdraft Facility 13.25 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with PEPL for obtaining information through letter and email dated June 9, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PEPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of PEPL to 'Crisil D Issuer not cooperating'. PEPL was established in 2008 by Mr. PA Jacob, is engaged in cultivation of tea, coffee and other related commodities. PEPL is a part of Poabs Group which has interests predominantly in plantations of tea and coffee, quarrying and crushing, construction engineering services and commodity trading. RELIANCE COMMUNICATIONS: Loan Fraud Totals INR14,000cr ------------------------------------------------------ The Economic Times reports that Anil Ambani's Reliance Communications Ltd has committed a loan fraud of over INR14,000 crores, Enforcement Directorate (ED), sources said. It is noteworthy that Minister of State for Finance Pankaj Chaudhary confirmed in Parliament that the State Bank of India (SBI) had classified Reliance Communications (RCom) and its promoter, Anil Ambani, as "fraudulent" in accordance with RBI guidelines, ET relates. SBI reported this classification to the RBI and is preparing to file a complaint with the Central Bureau of Investigation (CBI). According to ET, the sources said Reliance Communications has also cheated Canara Bank of more than Rs. 1,050 crore. They confirmed that Undisclosed Foreign Bank Accounts and Foreign Assets are also being investigated. Based in Mumbai, India, Reliance Communications Ltd is a telecommunications service provider. The Company operates through two segments: India Operations and Global Operations. India operations segment comprises wireless telecommunications services to retail customers through global system for mobile communication (GSM) technology-based networks across India; voice, long distance services and broadband access to enterprise customers; managed Internet data center services, and direct-to-home (DTH) business. Global operations comprise Carrier, Enterprise and Consumer Business units. It provides carrier's carrier voice, carrier's carrier bandwidth, enterprise data and consumer voice services. The Company owns and operates Internet protocol (IP) enabled connectivity infrastructure, comprising over 280,000 kilometers of fiber optic cable systems in India, the United States, Europe, Middle East and the Asia Pacific region. The National Company Law Tribunal on May 9, 2019, allowed Reliance Communications (RCom) to exclude the 357 days spent in litigation and admitted it for insolvency. With this, RCom, which owes over INR50,000 crore to banks, has become the first Anil Ambani group company to be officially declared bankrupt after the NCLT on May 9 superseded its board and appointed a new resolution professional to run it and also allowed the SBI-led consortium of 31 banks to form a committee of creditors. RHJ TUBES: CRISIL Moves D Debt Ratings to Not Cooperating --------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of RHJ Tubes Private Limited (RHJ) to 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Fund- 50 Crisil D (ISSUER NOT Based Bank Limits COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with RHJ for obtaining information through letter and email dated June 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RHJ, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RHJ is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of RHJ to 'Crisil D Issuer not cooperating'. RHJ was incorporated in 2000 and is promoted by Mr. Naresh Dhakad. The company is engaged in manufacturing pipes and ingots made from nonferrous metals such as copper, zinc, brass and aluminium. SATRAMDAS AND CO: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Satramdas and Co. (SAC; part of the Agicha group) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of Credit 7 CRISIL D (Issuer Not Cooperating) Working Capital 10 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with SAC for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SAC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SAC continues to be 'Crisil D/Crisil D Issuer not cooperating'. The Agicha group, founded by the Agicha family in 1956, trades in timber logs. Its operations are managed by Mr Manohar Agicha. SWG INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of SWG Industries Limited (SWG; previously known as Dukes Products India Limited) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Working Capital 15 Crisil B/Stable (Issuer Not Demand Loan Cooperating) Crisil Ratings has been consistently following up with SWG for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SWG, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SWG is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SWG continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2004, SWG, is engaged in manufacture and sale of soft boiled cocoa based products (chocolates). It caters majorly to northern and north-eastern region of India. The Dukes group was set up in 1988 by Mr. Kedarnath Agarwal and his family members. The group manufactures biscuits, cream wafers, chocolates, and confectionery, which are sold under the brands, Dukes and Treff in India and abroad, respectively. It is headquartered in Hyderabad. VENTURES NAGPUR: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Ventures - Nagpur (SV) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SV for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SV, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SV is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SV continues to be 'Crisil D Issuer not cooperating'. Set up in 2011 in Nagpur as a proprietorship concern by Mr. Ujwal Pagariya, SV is engaged in wholesale trading of agricultural products. ===================== N E W Z E A L A N D ===================== DE CAROLIS: Court to Hear Wind-Up Petition on Aug. 5 ---------------------------------------------------- A petition to wind up the operations of De Carolis Constructions Limited will be heard before the High Court at Rotorua on Aug. 5, 2025, at 10:00 a.m. Geoffrey Paora Rolleston filed the petition against the company on June 18, 2025. The Petitioner's solicitor is: Tobias Michael Braun Level 1 127 Alexandra Street Hamilton DOVELLA HOMES: Creditors' Proofs of Debt Due on Aug. 25 ------------------------------------------------------- Creditors of Dovella Homes Limited and Lavish Homes 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 18, 2025. The company's liquidator is: Heath Gair Palliser Insolvency Level 2 40 Lady Elizabeth Lane Wellington DREAMZ CONSTRUCTION: Commences Wind-Up Proceedings -------------------------------------------------- Members of Dreamz Construction NZ Limited on July 21, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 MOTU LOGGING: Court to Hear Wind-Up Petition on Aug. 5 ------------------------------------------------------ A petition to wind up the operations of Motu Logging 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 March 21, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton NEW YORK BAGELS: Creditors' Proofs of Debt Due on Aug. 19 --------------------------------------------------------- Creditors of New York Bagels Limited are required to file their proofs of debt by Aug. 19, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 22, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ================= S I N G A P O R E ================= AUREUS CONCEPT: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on July 11, 2025, to wind up the operations of Aureus Concept Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 COMMERSOL COMMODITIES: Court to Hear Wind-Up Petition on Aug. 1 --------------------------------------------------------------- A petition to wind up the operations of Commersol Commodities Pte. Ltd. will be heard before the High Court of Singapore on Aug. 1, 2025, at 10:00 a.m. The Comptroller of Goods and Services Tax filed the petition against the company on July 7, 2025. The Petitioner's solicitors are: Infinitus Law Corporation 77 Robinson Road #16-00, Robinson 77 Singapore 068896 FOOD CULTURE: Commences Wind-Up Proceedings ------------------------------------------- Members of Food Culture Partners Asia Pte. Ltd. on July 10, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Wong Joo Wan Tina Phan Mei Ting Alternative Advisors Pte Ltd 1 Commonwealth Lane #06-21 One Commonwealth Singapore 149544 LEND EAST: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on July 11, 2025, to wind up the operations of Lend East IV 2 Pte. Ltd. Goldfinch Foundation filed the petition against the company. The company's liquidators are: Mr. Tan Wei Cheong Ms. Khoo Christina c/o Deloitte & Touche LLP 6 Shenton Way #33-00 OUE Downtown 2 Singapore 068809 SIRIUS TECHNOLOGIES: Commences Wind-Up Proceedings -------------------------------------------------- Members of Sirius Technologies Pte. Ltd. on July 10, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Mr. Cameron Lindsay Duncan Mr. Joshua Joseph Jeyaraj KordaMentha Pte. Ltd 50 Raffles Place #25-01 Singapore Land Tower Singapore 048623 ST GROUP: To Liquidate Loss-Making Gong Cha Business in UK ---------------------------------------------------------- The Business Times reports that Catalist-listed ST Group Food plans to liquidate its loss-making subsidiary in Britain, GCTea Outlets 2B, which operates a food and beverage outlet under the Gong Cha brand in the country. PappaRich, Ippudo and Hokkaido Baked Cheese Tart are other brands owned or franchised by the Australia-based company. "It has been determined that it is no longer viable for GCTea Outlets 2B to continue its business due to among others, (its) liabilities . . . and the challenging economic situation in the UK," the food and beverage company said on July 23, BT relays. While the liquidation will result in some losses on a pro forma basis, it will likely have a positive impact on the group's consolidated net tangible assets (NTA) and earnings per share in the long run, due to the loss-making nature of GCTea Outlets 2B, ST Group Food said, according to BT. For illustrative purposes, and based on the group's latest audited financials for the year ended June 2024, liquidating GCTea Outlets would lead to a slight drop in the group's NTA, from AUD19.65 million to AUD19.59 million, BT relays. This would translate to its NTA per share remaining unchanged before and after liquidation at AUD0.077. Assuming GCTea Outlets was wound up on July 1, 2023, the group's net profit would fall from AUD858,979 before liquidation to AUD803,433 after liquidation. This would translate to a drop in earnings per share from 35 Australian cents to 32 Australian cents, according to BT. ST Group Food's interest in GCTea Outlets 2B is held through its subsidiary GC (England), in which it has an 84 per cent stake. GC (England) holds the entire equity interest of GCTea, which in turn fully owns GCTea Outlets 2B. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***