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250801.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 Friday, August 1, 2025, Vol. 28, No. 153 Headlines A U S T R A L I A C & P MELBOURNE: First Creditors' Meeting Set for Aug. 7 ETHICAL DAIRY: Second Creditors' Meeting Set for Aug. 6 HV & LV MECHANICAL: First Creditors' Meeting Set for Aug. 7 LANMARK PTY: First Creditors' Meeting Set for Aug. 8 MINERAL RESOURCES: Ends Turbulent Year With Rosy Outlook PUBLIC HOSPITALITY: ATO Pursuing Jon Adgemis for AUD162 Million STAR ENTERTAINMENT: Queen's Wharf Sales 'Unlikely' TMS INSTALLATIONS: First Creditors' Meeting Set for Aug. 7 C H I N A SENMIAO TECHNOLOGY: To Implement 1-for-10 Reverse Split I N D I A BHANSALI JEWELLERY: CARE Keeps B- Debt Rating in Not Cooperating BLUSMART MOBILITY: NCLT Admits Insolvency Petitions vs. Company FAVOURITE PLUS: CRISIL Keeps B Debt Rating in Not Cooperating HOTEL PARMESHWARI: CARE Keeps B- Debt Rating in Not Cooperating LAKHANI FOOTWEAR: CRISIL Keeps D Debt Ratings in Not Cooperating LAMA BEAR: CRISIL Keeps B Debt Rating in Not Cooperating Category MAHARASHTRA CRICKET: CRISIL Keeps D Ratings in Not Cooperating MAHAVIR RICE: CRISIL Keeps B Debt Rating in Not Cooperating MARGDARSHEE HOSPITALITY: CARE Keeps C Rating in Not Cooperating N.T. RAHAMATHULLA: CRISIL Keeps D Debt Ratings in Not Cooperating NACHIMUTHU INDUSTRIAL: CRISIL Keeps B- Ratings in Not Cooperating NV AUTOSPARES: CRISIL Keeps D Debt Ratings in Not Cooperating P.C. DEY: CRISIL Lowers Rating on INR14.3cr Cash Loan to D PACIFIC EDUCATION: CARE Keeps D Debt Rating in Not Cooperating PARAM TEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating PAWAR PATKAR: CRISIL Keeps D Debt Ratings in Not Cooperating PRESTOGEM VEHICLES: CRISIL Keeps B Debt Rating in Not Cooperating PVS MEMORIAL: CRISIL Keeps D Debt Ratings in Not Cooperating R. J. TRADELINKS: CARE Keeps C Debt Rating in Not Cooperating RAIHAN HEALTHCARE: CRISIL Keeps D Debt Rating in Not Cooperating RAMINFO LIMITED: CRISIL Withdraws B Rating on INR10.34cr Loan RAMRATI JAGDISH: CRISIL Keeps D Debt Rating in Not Cooperating RAOS EDUCATIONAL: CRISIL Keeps D Debt Rating in Not Cooperating RASANDIK AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating RATNAWALI DAIRY: CARE Keeps B- Debt Rating in Not Cooperating REINO PREFAB: CRISIL Keeps D Debt Rating in Not Cooperating SAMARTH OIL: CARE Keeps B- Debt Rating in Not Cooperating Category SATYAMEV EMINENCE: CARE Keeps B- Debt Rating in Not Cooperating SHANKER PLASTIC: CARE Keeps D Debt Rating in Not Cooperating SHIKHAR CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating SHINE TEXTILE: CARE Keeps B- Debt Rating in Not Cooperating SN ENVIRO: CRISIL Withdraws D Rating on INR65cr Bank Guarantee STARLIT POWER: CRISIL Keeps D Debt Ratings in Not Cooperating SUPREME INFRASTRUCTURE: Executes Court-Approved Resolution Plan TECHNICO STRIPS: CARE Keeps D Debt Ratings in Not Cooperating UTTRANCHAL ISPAT: CARE Keeps B- Debt Rating in Not Cooperating VASANTHA ADVANCED: CARE Keeps B- Debt Rating in Not Cooperating VINAYAK INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating VISTACORE INFRAPROJECTS: CARE Keeps D Rating in Not Cooperating YAKSHA KRAPA: CARE Keeps C Debt Rating in Not Cooperating Category J A P A N NISSAN MOTOR: Posts US$535MM Operating Loss in Qtr Ended June 30 M A L A Y S I A IREKA CORP: In Early Talks on Plan to Fix PN17 Status MMM GROUP: To Be Suspended Aug. 7, Faces Delisting in September N E W Z E A L A N D COURTNEY SPICES: Creditors' Proofs of Debt Due on Aug. 20 FENRIR LIMITED: Creditors' Proofs of Debt Due on Sept. 12 PURE NATURE: Court to Hear Wind-Up Petition on Aug. 21 WORLDWIDE PARKING: Creditors' Proofs of Debt Due on Aug. 20 P A K I S T A N PAKISTAN WATER: S&P Raises LT ICR to 'B-' After Sovereign Action S I N G A P O R E ALFASI HOLDINGS: Commences Wind-Up Proceedings BEAUX MONDE: Court to Hear Wind-Up Petition on Aug. 22 EGE CARPETS: Creditors' Proofs of Debt Due on Aug. 25 NEW PUNGGOL: Court to Hear Wind-Up Petition on Aug. 8 TOWN CORP: Court to Hear Wind-Up Petition on Aug. 8 - - - - - ================= A U S T R A L I A ================= C & P MELBOURNE: First Creditors' Meeting Set for Aug. 7 -------------------------------------------------------- A first meeting of the creditors in the proceedings of C & P Melbourne Pty Ltd will be held on Aug. 7, 2025 at 3:00 p.m. via virtual meeting only. Manuel Hanna of Romanis Cant was appointed as administrator of the company on July 28, 2025. ETHICAL DAIRY: Second Creditors' Meeting Set for Aug. 6 ------------------------------------------------------- A second meeting of creditors in the proceedings of Ethical Dairy Company Pty Ltd has been set for Aug. 6, 2025 at 10:30 a.m. at the offices of WA Insolvency Solutions, a division of Jirsch Sutherland, at Level 6, 109 St Georges Terrace, in Perth, WA. 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 Aug. 5, 2025 at 4:00 p.m. Jimmy Trpcevski and Greg Prout of WA Insolvency Solutions were appointed as administrators of the company on July 2, 2025. HV & LV MECHANICAL: First Creditors' Meeting Set for Aug. 7 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of HV & LV Mechanical Services Pty Limited will be held on Aug. 7, 2025 at 10:00 a.m. at the offices of Bernardi Martin, 195 Victoria Square, in Adelaide, SA. Hugh Sutcliffe Martin of Bernardi Martin was appointed as administrator of the company on July 29, 2025. LANMARK PTY: First Creditors' Meeting Set for Aug. 8 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Lanmark Pty Ltd (trading as Wonder Walls) will be held on Aug. 8, 2025 at 11:00 a.m. via virtual meeting technology. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of the company on July 29, 2025. MINERAL RESOURCES: Ends Turbulent Year With Rosy Outlook -------------------------------------------------------- Mark Wembridge at The Australian Financial Review reports that Mineral Resources has shrugged off high capital expenditure to offer a rosy view of its strained balance sheet, rounding off a turbulent year for the beleaguered iron ore and lithium miner. According to the Financial Review, the loss-making group has stumbled from crisis to crisis over the past year, culminating in Australia's corporate watchdog launching an investigation into MinRes and its managing director Chris Ellison, who is due to step down by mid-2026. Mark Wilson, the highly indebted group's chief financial officer, on July 30 attempted to put the tumult in the past, emphasising improved shipments of iron ore from its AUD3 billion flagship Onslow operations and a slightly improved debt position. "We are very pleased with the quarter, in terms of the operations, the performance of Onslow . . . and the integration with the new board and chair," the report quotes Mr. Wilson as saying. "The board and governance refresh . . . is well progressed. This was one of the key priorities of the new chair, along with strengthening the balance sheet." The Financial Review relates that the Perth-headquartered miner said its marginally improved net debt of AUD5.35 billion had been buoyed by a AUD200 million foreign exchange gain, partly offsetting its heavy capital expenditure. MinRes holds $US3.1 billion (AUD4.75 billion) of unsecured greenback-denominated debt, and exchange rate fluctuations have altered how much it owes in Australian dollar terms. MinRes said its capital expenditure for the 2024-25 financial year was AUD1.9 billion, excluding AUD400 million of asset financing, the Financial Review relays. It flagged looming impairments, including an unspecified loss from its majority stake in Resource Development Group, the collapsed garnet miner run by Chris Ellison's brother, Andrew, which was funded by a AUD135 million interest-free loan. The Financial Review adds that Mr. Wilson said he was "very comfortable with the liquidity position", adding that the miner's capital expenditure was expected to slow in the coming year. Shipments of iron ore from its AUD3 billion flagship Onslow project hit 14 million tonnes for the financial year, meeting its previously lowered guidance, the Financial Review discloses. Iron ore shipped from Onslow reached 2.7 million tonnes in June, equating to an annual rate of 32.4 million tonnes, not far from its 35 million-tonne target. However, Mr. Wilson warned that shipments would be "a little bit softer" in July because of maintenance of its private haul road used to transport ore from its Ken's Bore mine to port. MinRes said it had kept a lid on costs at its Wodgina and Mount Marion lithium mines and noted a recent improvement in prices for spodumene concentrate. The group expects to book impairments of AUD80 million related to its lithium tenements. Jarden analyst Ben Lyons, a long-term bear on MinRes stock, was unimpressed. "Overall, nothing in the disclosure changes our high-conviction view (sell) predicated on a lack of free cash flow generation to de-gear a stressed balance sheet," he wrote in a note to clients, the Financial Review relays. The Financial Review says MinRes has alleviated some stress on its balance sheet by selling off assets, including the AUD1.1 billion sale of its WA onshore gas assets to Hancock Prospecting, the mining group owned by Australia's richest person, Gina Rinehart. The miner has endured a series of misfires at its 147-kilometre private haul road and was forced to spend AUD230 million to upgrade it after the road began to crumble days after it was opened. MinRes said resurfacing would be completed in the coming months, adds the Financial Review. About MinRes Based in Osborne Park, Australia, Mineral Resources Limited (ASX:MIN) -- https://www.mineralresources.com.au/ -- is an ASX-listed company operating across mining services, as well as mining of iron ore and lithium minerals. As reported in the Troubled Company Reporter-Asia Pacific in November 2024, Moody's Ratings has affirmed the Ba3 corporate family rating of Mineral Resources Limited (MinRes). At the same time, Moody's have affirmed the Ba3 senior unsecured bond ratings and changed the outlook to negative from stable. The TCR-AP reported in March 2025, Fitch Ratings downgraded Mineral Resources Limited's (MinRes) Issuer Default Rating (IDR) to 'BB-' from 'BB'. The Outlook is Negative. Fitch has also downgraded MinRes' US dollar senior unsecured notes to 'BB-' from 'BB'. The rating downgrade reflects MinRes' high leverage and increased deleveraging risks over the medium term. Fitch expects EBITDA net leverage to worsen to 7.3x in the financial year ending June 2025 (FY25), from 4.9x in FY24, and remain above 3.0x in FY26-FY28, considering Fitch's mid-cycle price assumptions. Reported net debt increased by AUD656 million to AUD5.1 billion at end-December 2024, despite AUD1.9 billion in cash proceeds from the sale of a 49% stake in the Onslow Iron haul road and gas assets. Around AUD320 million of the increase in the company's debt was related to the revaluation of its USD3.1 billion in bonds. The Negative Outlook reflects the execution risks associated with its planned cost improvements, capex discipline and production ramp-up at its Onslow iron ore project that may keep leverage above its expectations, which could lead to negative rating action. PUBLIC HOSPITALITY: ATO Pursuing Jon Adgemis for AUD162 Million --------------------------------------------------------------- The Australian Financial Review reports that tax authorities claim they are owed AUD162 million by embattled pub baron Jon Adgemis, more than double what he has told the trustee overseeing his affairs ahead of a crucial vote on whether he will be made bankrupt. The Financial Review relates that the Australian Taxation Office lodged a notice showing those debts earlier this week ahead of a meeting today [Aug. 1], two people briefed on the matter but unauthorised to comment publicly said. Much of that debt was related to director penalty notices, which can be issued by tax officials in lieu of money owed by companies, making them personally liable for the amount, the report relays. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group has taken another hit with receivers and external managers appointed at five of his Sydney hotels, including Oxford House and The Strand Hotel. Insolvency specialist FTI Consulting has stepped in as receivers and managers to operate Public's hip Redfern pub The Norfolk, Oxford House in Paddington and Darlinghurst's The Strand Hotel, as well as Alexandria's Camelia Grove Hotel and The Exchange Hotel, also in Darlinghurst, Good Food said. The pubs will be sold as soon as possible. Duncan Club and Andrew Sallway of BDO advisory firm have also been appointed voluntary administrators at affiliated companies including Public Lifestyle Management Pty Ltd, Good Food added. STAR ENTERTAINMENT: Queen's Wharf Sales 'Unlikely' -------------------------------------------------- News.com.au reports that Star Entertainment has announced the sale of its Queen's Wharf precinct is "unlikely" to go through by July 31. In the latest blow, Star told the ASX that the sale of the hotel and entertainment complex to Hong Kong investment partners was on the rocks again. Chow Tai Fook Enterprises and Far East Consortium each own 25 per cent of the Queens's Wharf and announced back in March they would buy Star's remaining 50 per cent in the development, news.com.au notes. But in early July, the deal threatened to collapse before Star Entertainment announced that it would repay AUD10 million of the proceeds from the joint venture partners if an agreement wasn't reached by July 31. In its quarterly activities report released on July 30, Star said the deal was "unlikely" and it would have to pay back AUD10 million of the AUD45 million it had received from the joint venture before paying an additional AUD26.5 million by September 5, news.com.au relays. "However, in The Star's view, based on the current status of discussions, it is unlikely that the parties will be in a position to finalise long-form documents by 31 July 2025," Star Group said. "The consequences of this potential outcome are discussed below, unless the parties agree otherwise." According to news.com.au, Star Entertainment results also showed the business lost more money in the June quarter. The Star lost AUD27 million in the last quarter compared with AUD24 million in the previous quarter, with the Queen's Wharf being responsible for AUD15 million in lost earnings. Revenue came in slightly higher up to AUD270 million in the fourth quarter to June 2025 compared with AUD268 million in the previous quarter, news.com.au discloses. As of June 30, 2025, Star had AUD234 million in cash and AUD269 million in cash equivalents, an improvement on the AUD44 million it had on March 31. News.com.au says the improving cash balance comes after US casino giant Bally's lobbed a AUD300 million takeover bid for majority control of Star on April 7. About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. As reported in the the Troubled Company Reporter-Asia Pacific on Jan. 21, 2025, Star Entertainment has warned that it faces "material uncertainty" over its ability to stay afloat unless it finds a solution to its worsening financial woes. In a quarterly update to investors on Jan. 20, ASX-listed Star said its revenue had fallen 15 per cent in the December quarter, citing ongoing weakness in its operating performance. It pointed to a "challenging" consumer environment, the impact of carded play in NSW, and expenses caused by a series of regulatory and compliance problems. TMS INSTALLATIONS: First Creditors' Meeting Set for Aug. 7 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of TMS Installations Pty Ltd will be held on Aug. 7, 2025 at 3:00 p.m. via Virtual Meeting. Bruce Gleeson and Frank Farrugia of Jones Partners Insolvency & Restructuring were appointed as administrators of the company on July 28, 2025. ========= C H I N A ========= SENMIAO TECHNOLOGY: To Implement 1-for-10 Reverse Split ------------------------------------------------------- Senmiao Technology Ltd. announced plans to implement a 1-for-10 reverse stock split of its common shares, effective July 29, 2025. Trading in the Common Stock will continue on the Nasdaq Stock Market under the symbol "AIHS". The new CUSIP number for the Common Stock following the Reverse Stock Split is 817225303. The Reverse Stock Split at a ratio of 1-for-10 was approved by the Company's Board of Directors. Upon effectiveness of the Reverse Stock Split, every 10 shares of issued and outstanding common stock will be converted into one share. No fractional shares will be issued as a result of the Reverse Stock Split. Instead, any fractional shares that would have resulted from the split will be rounded up to the next whole number. The Reverse Stock Split affects all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's outstanding common stock, except for adjustments that may result from the treatment of fractional shares. In connection with the reverse stock split, the Company filed a Certificate of Change with the State of Nevada to reduce the authorized number of shares of the Company's common stock from 500,000,000 shares to 50,000,000 shares, the reduction at the same ratio as its issued and outstanding shares of Common Stock. No stockholder's approval and amendment to the Company's Articles of Incorporation are required pursuant to Nevada Revised States 78.207 and 78.209. About Senmiao Technology Limited Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees and other automobile transaction services in China. In an audit report dated July 10, 2025, Marcum Asia CPAs LLP issued a "going concern" qualification citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company reported net losses from continuing operations of $3.47 million and $3.85 million for the fiscal years ended March 31, 2025 and 2024, respectively. Operating losses may persist as the Company expects higher expenses tied to customer acquisition, business development, and potential expansion into new revenue-generating activities. Senmiao said it does not expect proceeds from future public offerings or anticipated cash flows to be sufficient to meet working capital needs and capital expenditures over the next 12 months from July 10, 2025. The Company warned that without significant revenue generation, it may need to curtail or cease operations. ========= I N D I A ========= BHANSALI JEWELLERY: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bhansali Jewellery House (BJH) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 10.00 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 19, 2024, placed the rating(s) of BJH under the 'issuer non-cooperating' category as BJH had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BJH continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 4, 2025, June 14, 2025 and June 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Nagpur based BJH, established in 2003 is promoted by Mr. Jayant Praful Kumar Bhansali and is engaged in manufacturing and trading (wholesaling and retailing) of gold, silver and diamond studded Jewelry and bullion. The entity operates through its two showrooms which are located at Nagpur. BLUSMART MOBILITY: NCLT Admits Insolvency Petitions vs. Company --------------------------------------------------------------- The Economic Times reports that the Ahmedabad bench of the National Company Law Tribunal has admitted a petition seeking to initiate bankruptcy proceedings against ride hailing startup BluSmart Mobility. BluSmart Mobility was founded by the Jaggi brothers, the promoters of Gensol Engineering, a listed solar engineering company. Gensol itself was admitted into insolvency proceedings by the same NCLT bench in June. The court ordered initiation of corporate insolvency procedures on BluSmart Mobility from the date of pronouncement of the order, ET relates. FAVOURITE PLUS: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Favourite Plus Ceramic Private Limited (FPCPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 10 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with FPCPL 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 FPCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FPCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of FPCPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2009, FPCPL manufactures ceramic wall tiles. Its facility in Morbi, Gujarat, has installed capacity of 40,000 tonne per annum. FPCPL is promoted by Mr Hitesh Shirvi and Mr Vijaykumar Rangpadiya. HOTEL PARMESHWARI: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hotel Parmeshwari (HP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 6.00 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 24, 2024, placed the rating(s) of HP under the 'issuer non-cooperating' category as HP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 9, 2025, June 19, 2025, June 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable HP was incorporated in August 2016 as a partnership firm by Mr. Laxmi Narayan Pujari, Mr Ram Bihari Pujari and Mr. Vishnu Dutt Pujari with an objective to establish a hotel at Salasar (Rajasthan) and agrees to share profit and loss in the ratio of 40:30:30. HP had started construction of the hotel from the month of August 2017 which envisaged to be completed by March 2019. The project consists total 52 rooms and other amenities like restaurant, banquet hall, swimming pool, gym, spa etc. LAKHANI FOOTWEAR: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Lakhani Footwear Private Limited (LFPL; part of the Lakhani group) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 70.5 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 15 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 11.62 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 21 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with LFPL for obtaining information through letter and email dated June 19, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. The Lakhani group has established the Lakhani brand in the footwear and rubberised automotive components businesses over the past four decades. Between fiscals 2006 and 2008, the split between Mr KC Lakhani and his younger brother, Mr PD Lakhani, led to reorganisation of the business and its assets. The group has production plants in Faridabad (Haryana), Dhar (Madhya Pradesh), Haridwar (Uttarakhand) and Noida (Uttar Pradesh) to produce sports, leather and canvas shoes and ethylene-vinyl acetate slippers, with a total capacity of 55.5 crore pairs per annum. LAMA BEAR: CRISIL Keeps B Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Lama Bear Organic Extract Limited (Lama) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1.25 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Proposed Long Term 12.75 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with Lama 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 Lama, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Lama is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Lama continues to be 'Crisil B/Stable Issuer not cooperating'. Lama was established in 2010. The company is promoted by Mr J N Singh, Mr Hiren Kumar Bose, and Ms Rashmi Singh, with Dr V Rajpal as consultant. The company is setting up a project for extracting spice oil and spice oleoresin, using the supercritical fluid extraction (SCFE) and hydro-ethanol extraction technology. MAHARASHTRA CRICKET: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maharashtra Cricket Association (MCA) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 70 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 60 CRISIL D (Issuer Not Cooperating) Term Loan 6 CRISIL D (Issuer Not Cooperating) Term Loan 26.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MCA 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 MCA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MCA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MCA continues to be 'Crisil D Issuer not cooperating'. Set up in 1935, MCA is affiliated to BCCI and is one of its full-time members. The association's primary objective is to promote, develop, control, and regulate cricket in Maharashtra. It is the cricket controlling body for Maharashtra, with the exception of Vidharbha, Mumbai, and Thane. MAHAVIR RICE: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Mahavir Rice Mill (Chamorshi) (MRM) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with MRM 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 MRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MRM continues to be 'Crisil B/Stable Issuer not cooperating'. MRM was set up as partnership firm in 1992, by Mr Chandrakant Doshi and Ms. Sadhna Doshi. The firm processes paddy into rice, at its facility in Chamorshi, Maharashtra, which has an installed capacity of 6 tonne per hour. MARGDARSHEE HOSPITALITY: CARE Keeps C Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Margdarshee Hospitality and Retails Private Limited (MHRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 6.78 CARE C; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 8, 2024, placed the rating(s) of MHRPL under the 'issuer non-cooperating' category as MHRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MHRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 24, 2025, June 3, 2025, June 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in August 2014, Margdarshee Hospitality and Retails Private Limited (MHRPL) was promoted by Mr. Manas Ranjan Swain, Ms. Margdarshee Manas and Mrs. Madhujyotsna Swain based out of Odisha. Since its inception, the company is into trading of home appliances, crockery, utensils, fast moving consumer goods and readymade garments through its three shops located at Paradeep and Rahama, Odisha. For diversify its business profile, MHRPL has come out with a hotel business during FY18. The company has already set up a hotel 'Hotel Shakti Residency' which became operational from April 2017. The hotel of the company is a premium category hotel located in prime location at Paradeep, in Odisha. The hotel consists of 24 rooms, multi cuisine restaurant, banquet and conference halls. N.T. RAHAMATHULLA: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of N.T. Rahamathulla Khan Associates (NTR) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 3 CRISIL D (ISSUER NOT COOPERATING) Proposed Working 4 CRISIL D (ISSUER NOT Capital Facility COOPERATING) Crisil Ratings has been consistently following up with NTR 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 NTR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NTR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NTR continues to be 'Crisil D Issuer not cooperating'. NTR set up in 1989 as partnership firm, NTR provides transportation services to corporates and schools in Bengaluru and Hyderabad. NACHIMUTHU INDUSTRIAL: CRISIL Keeps B- Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Nachimuthu Industrial Association (NIA) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 12 Crisil B-/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 23 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NIA 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 NIA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NIA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NIA continues to be 'Crisil B-/Stable Issuer not cooperating'. NIA was founded by Dr N Mahalingam in 1956 in Pollachi to facilitate technical education. It operates 10 institutes (3 colleges, 6 schools, and 1 vocational training centre), and has undertaken a social development initiative. NV AUTOSPARES: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of NV Autospares Private Limited (NV) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 CRISIL D (Issuer Not Cooperating) Funded Interest 1.55 CRISIL D (Issuer Not Term Loan Cooperating) Long Term Loan 4.2 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.52 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 4.23 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with NV 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 NV, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NV is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NV continues to be 'Crisil D Issuer not cooperating'. NV, incorporated in 2005, is promoted by Mr Ahire. The company manufactures seat frames and press parts. Its manufacturing facility is at Nashik in Maharashtra. P.C. DEY: CRISIL Lowers Rating on INR14.3cr Cash Loan to D ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of P.C. Dey and Son Distributors Private Limited (PC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14.3 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Long Term Bank Loan Facility 4.5 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Standby Letter of Credit 1.2 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with PC for obtaining information through letter and email dated March 12, 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 best available information, CRISIL Ratings has downgraded its rating to 'CRISIL D Issuer Not Cooperating' from 'Crisil B+/Stable Issuer Not Cooperating' as PC has defaulted in the repayment of loans to banks or other borrowings from any lender as per information on the public domain. PC was formed as a partnership firm in 1992, and was reconstituted as a private limited company in 2011. Its operations are managed by Mr. Amitava Dey. PC distributes products such as prepaid cards, direct-to-home services, cycles, electronics, lights, cigarettes, and fast-moving consumer goods. It also owns a Bata India Ltd showroom in Habra (West Bengal) PACIFIC EDUCATION: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pacific Education Trust (PET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 3.19 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 23, 2024, placed the rating(s) of PET under the 'issuer non-cooperating' category as PET had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PET continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 8, 2025, June 18, 2025 and June 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ahmedabad based Pacific Education Trust (PET) was set up by the Pacific Group of Udaipur (Rajasthan) on July 22, 2010 to impart education in the field of engineering. The trust is managed by Mrs Leela Devi Agarwal (Chairman) and Mr Rahul Agarwal (Vice-chairman) having experience of more than a decade in managing various educational institutions. PET provides education in the field of engineering through 'Pacific School of Engineering, Surat (PSE) from the Academic Year (AY) 2012-13. PSE offers degree courses in Civil, Mechanical, Electrical, Chemical and Computer Science while it also offers diploma course in Mechanical, Civil and Electrical engineering. PARAM TEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Param Tex Fab Private Limited (PTFPL) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Cash 3 CRISIL B+/Stable (Issuer Not Credit Limit Cooperating) Proposed Long Term 2.8 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Proposed Term Loan 5.2 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PTFPL 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 PTFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PTFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PTFPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Set up in January 2005, PTFPL manufactures grey fabric. It is promoted by Mr. Sunil Mandora, Mr Babanlal Agarwal and Mr. Omprakash Bhandari and its manufacturing facility is located at Shirpur in Dhule district (Maharashtra). PAWAR PATKAR: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Pawar Patkar and D. S. Contractors Associates Private Limited (Pawar) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Pawar 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 Pawar, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Pawar is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Pawar continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2010 by Mr. R D Pawar, Pawar undertakes government-funded civil construction projects in Nashik, Maharashtra. PRESTOGEM VEHICLES: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Prestogem Vehicles Private Limited (PVPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 10 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PVPL 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 PVPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PVPL continues to be 'Crisil B/Stable Issuer not cooperating'. PVPL was established in February 2012, by Mr Sunil Kumar Mittal and Mr Madhav Tukaram Khedekar. The company intends to set up a three-wheeler assembly unit at MIDC Tembhurni, Maharashtra. PVS MEMORIAL: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of PVS Memorial Hospital Private Limited (PMHPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 2.5 CRISIL D (Issuer Not Cooperating) Proposed Overdraft 7.5 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with PMHPL 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 PMHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PMHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PMHPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1992, PMHPL operates a multi-specialty hospital in Kochi. Mr PV Chandran, Mr PV Gangadharan, Mr PV Nidish, Ms PV Mini and Mr Jayagovind P are the promoters. R. J. TRADELINKS: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of R. J. Tradelinks (RJT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 8.40 CARE C; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 0.10 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 19, 2024, placed the rating(s) of RJT under the 'issuer non-cooperating' category as RJT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RJT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 4, 2025, June 14, 2025 and June 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in the year 1999, RJT is a partnership firm promoted by Mr. Ramshankar Mehadia, Mr. Pradeep Mehadia, Mr. Kamal Motilal Agrawal, Mr. Vimal Motilal Agrawal and Mrs Kalawati Motilal Agrawal. RJT belongs to Mehadia Group, which has three entities including R.J Tradelinks, Mehadia and Sons (MS, established in 1997) and Mehadia and Sons C and F Division (MCF, established in 1981). The entity is engaged in diverse trading business (distributor for Madura garments and traders for pharmaceutical medicines and fabrics) whereby it serves wholesalers and dealers based in Maharashtra. RJT is distributor for Madura Garments, and trades the garments of brand name "Peter England" from Aditya Birla Nuvo Limited and supplies it to various retailers in and around Nagpur. RAIHAN HEALTHCARE: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Raihan Healthcare Private Limited (RHPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 32 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RHPL 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 RHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RHPL continues to be 'Crisil D Issuer not cooperating'. RHPL, incorporated in 2014, is operating a super-specialty hospital in Erattupetta (Kerala). Operations are managed by Dr Mohammed Ismail and Dr Satheesh. RAMINFO LIMITED: CRISIL Withdraws B Rating on INR10.34cr Loan ------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of Raminfo Limited (RL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 Crisil A4/Issuer Not Cooperating (Withdrawn) Cash Credit 4 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Long Term Loan 0.66 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Fund- 10.34 Crisil B/Stable/Issuer Not Based Bank Limits Cooperating (Withdrawn) Proposed Non 10 Crisil B/Stable/Issuer Not Fund based limits Cooperating (Withdrawn) Crisil Ratings has been consistently following up with RL for obtaining information through letter and email dated July 11, 2024 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 RL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the ratings on bank facilities of RL to 'Crisil B/Stable/Crisil A4 Issuer not cooperating'. Crisil Ratings has withdrawn its ratings on the bank facilities of RL on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. RL, incorporated in 1994, is based in Hyderabad. It provides IT-enabled services/ software development with focus on e-governance in administration, utilities, IT-enabled citizen/consumer services and banking services. The company has entered into energy and healthcare business in fiscal 2021 and is further expanding into agricultural logistics. The company is managed by Mr. L. Srinath Reddy and Mr. V. Anil Kumar Ambati. It is listed on Bombay Stock Exchange. RAMRATI JAGDISH: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Ramrati Jagdish Private Limited (RJPL; part of the Kanchan group) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 7 CRISIL D (Issuer Not Purchase Cooperating) Crisil Ratings has been consistently following up with RJPL 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 RJPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RJPL continues to be 'Crisil D Issuer not cooperating'. Established as a proprietorship firm in 1980 by Mr Suresh Chand Singhal, KI manufactures and exports ready-made garments for men, women, and children. In 2012, he established RJPL. RAOS EDUCATIONAL: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Raos Educational Society (RES) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Rupee Term Loan 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RES 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 RES, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RES continues to be 'Crisil D Issuer not cooperating'. Rao's Group is one of the leading educational organization in Telangana and Andhra Pradesh prominent states in India. Established in the year 1985 and has expanded to 32 schools and junior college. RES was incorporated by Mr. Prabhakar Rao and currently has Mr. Nidhin Rao Polsani as its managing director. RASANDIK AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rasandik Auto Components Private Limited (RACPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.75 CRISIL D (Issuer Not Cooperating) Bank Guarantee 0.25 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 1 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 9.4 CRISIL D (Issuer Not Cooperating) Term Loan 5.73 CRISIL D (Issuer Not Cooperating) Term Loan 4.8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RACPL 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 RACPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RACPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RACPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2005, RACPL is primarily a manufacturer of motor cycle frames used in TVS Motor Company Limited's (TVS') motor cycle model, Apache. The company also manufactures other motor cycle parts for Apache, Vevo and Jupiter models of TVS, apart from four-wheeler components for Ashok Leyland. RATNAWALI DAIRY: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ratnawali Dairy Products LLP (RDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 5.59 CARE B-; Stable; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 8, 2024, placed the rating(s) of RDPL under the 'issuer non-cooperating' category as RDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 24, 2025, June 3, 2025, June 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jaipur-based (Rajasthan), Ratnawali Dairy Products LLP (RDPL) was formed in July, 2017 as a Limited Liability Partnership. The firm has undertaken a project for setting up a plant for manufacturing and processing of dairy products with an installed capacity of 1 lakh litre per day and a cold storage with capacity of 50,000 litre per day. RDPL commenced its commercial operations from September 12, 2018 and currently dealing in sale of Milk, Ghee and buttermilk under the brand name of “DHENUSAR” in Rajasthan, Delhi, Maharasthra. REINO PREFAB: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Reino prefab Private Limited (RPPL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RPPL 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 RPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RPPL continues to be 'Crisil D Issuer not cooperating'. Established in 2015 at West Bengal, RPPL manufactures pre-stretched concrete poles, overhead line material and hardware material used for distribution of electricity, especially for Jharkhand State Electricity Board. The company started manufacturing fly ash brick and paver block from fiscal 2019. Mr. Vivek Drolia, Mr. Vikas Gour and Mr. Anil Lodha are the promoters. SAMARTH OIL: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shri Samarth Oil Refinery LLP (SSORL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.25 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 17, 2024, placed the rating(s) of SSORL under the 'issuer non-cooperating' category as SSORL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSORL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 2, 2025, June 12, 2025 and June 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in August 2012, SSORL belongs to the Tapdiya Group (TPG: since 1990) of Beed, Maharashtra. SSORL is primarily engaged in the business of processing of three types of edible oils viz. soya oil, cotton oil and palm oil. The processing facility of the firm is located at Beed. The major raw material for the firm is wash oil which is procured from its group concerns and other players located in and around Beed. The final product i.e. refined edible oil is sold to the wholesalers and retailers under the brand name 'Samarth'. SATYAMEV EMINENCE: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Satyamev Eminence (SE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 15, 2024, placed the rating(s) of SE under the 'issuer non-cooperating' category as SE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 31, 2025, June 10, 2025, June 20, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Satyamev Eminence is a high-end commercial project being developed by Satyamev Eminence (Satyamev group) at Science city road, Sola, Ahmedabad. The Project consists of one commercial building with 13 floors, having retail showroom/shops (108) and corporate offices (232) along with terrace and basement. The Project has total saleable area 4.26 lsf (Carpet area of 2.52 lsf). The project development commenced in June 2016. SHANKER PLASTIC: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shanker Plastic Products (SPP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 3, 2024, placed the rating(s) of SPP under the 'issuer non-cooperating' category as SPP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025, June 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Shanker Plastic Products (SPP), an ISO 9001:2008 certified firm was established in November, 2012 as a proprietorship firm by Mr. Parveen Sharma. The firm is engaged in manufacturing of plastic water tanks at its manufacturing facility located in Samba, Jammu and Kashmir. SHIKHAR CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shikhar Constructions (SC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd (CareEdge Ratings) had, vide its press release dated July 9, 2024, placed the rating(s) of SC under the 'issuer non-cooperating' category as SC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 25, 2025, June 4, 2025 and June 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Nainital (Uttarkhand) based, Shikhar Constructions (SC) was established in the year 1992, as a partnership concern, by Mr. Manoj Joshi, Mr. Hem Kumar Joshi and Mr. Kamlesh Joshi. The company is engaged in development of residential projects. SHINE TEXTILE: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shine Textile (ST) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 10, 2024, placed the rating(s) of ST under the 'issuer non-cooperating' category as ST had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ST continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2025, May 6, 2025, May 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Tirupur based, Shine Textile (ST) was established in 2007 and promoted by Mr. Chandrashekar and Mr. Krishnakumar is engaged in order-based manufacturing of knitted t-shirts, sweat shirts, hoodies, jackets, woven garment for children and sells the final products for reputed branded apparel retails. SN ENVIRO: CRISIL Withdraws D Rating on INR65cr Bank Guarantee -------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of SN Enviro - Tech Private Limited (SNETPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 65 Crisil D/Issuer Not Cooperating (Withdrawn) Cash Credit 4.5 Crisil D/Issuer Not Cooperating (Withdrawn) Proposed Long Term Bank Loan Facility 15.5 Crisil D/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with SNETPL for obtaining information through letter and email dated April 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 SNETPL. This restricts Crisil Ratings' ability to take a forward looking view on the credit quality of the entity. Crisil Ratings believes that rating action on SNETPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SNETPL continues to be 'Crisil D/Crisil D Issuer Not Cooperating'. Crisil Ratings has withdrawn its ratings on the bank facilities of SNETPL on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities Incorporated in 2005, SNETPL is promoted by the late Mr Samarendra Nath Nandy, and is currently managed by his son, Mr Abhishek Nandy, Ms Sonali Nandy and a team of professionals. The Delhi-based company undertakes engineering, procurement and construction of water and sewage treatment plants, and industrial effluents treatment plants. STARLIT POWER: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Starlit Power Systems Limited (SPSL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL D (Issuer Not Cooperating) Funded Interest 8.52 CRISIL D (Issuer Not Term Loan Cooperating) Proposed Long Term 0.03 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 7.45 CRISIL D (Issuer Not Cooperating) Working Capital 7 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with SPSL for obtaining information through letter and email dated May 2, 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 SPSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPSL continues to be 'Crisil D Issuer not cooperating'. SPSL, based in Delhi, manufactures refined lead, lead alloys and lead acid batteries. The manufacturing unit is located in Gurugram, Haryana. The company was started in 2008 by Mr Sachin Sridhar, Mr Surinder Pal and Mr Yogesh Gupta. SUPREME INFRASTRUCTURE: Executes Court-Approved Resolution Plan --------------------------------------------------------------- The Economic Times reports that construction and engineering company Supreme Infrastructure India (SIIL) has moved ahead with the resolution of its INR2,200 crore debt exposure under a court-approved settlement plan involving 13 lenders. ET relates that the company has repaid INR387.92 crore as part of the resolution scheme approved by the National Company Law Tribunal (NCLT), Mumbai, in March under Sections 230 and 232 of the Companies Act. While some non-fund-based liabilities remain, SIIL anticipates resolving them soon, marking a significant step in its financial restructuring, ET says. Supreme Infrastructure BOT Private Limited, which is a part of Supreme Infrastructure Group (SIG), specializes in undertaking infrastructure projects on a BOT (Build, Operate and Transfer) basis. In May 2024, the National Company Law Tribunal (NCLT) admitted SREI Infrastructure Finance's petition to initiate a corporate insolvency resolution process (CIRP) against Supreme Infrastructure BOT after it defaulted on repayment of loan. SREI Infrastructure Finance had granted a term loan of INR150 crore to Supreme Infrastructure BOT for a period of five years. The loan was intended for use in infrastructure projects. TECHNICO STRIPS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Technico Strips and Tubes Private Limited (TSTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.55 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 14.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 9, 2024, placed the rating(s) of TSTPL under the 'issuer non-cooperating' category as TSTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TSTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 25, 2025, June 4, 2025 and June 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Technico Strips & Tubes Private Limited (TSTPL) was incorporated in April -1992 by the name 'R.N. Gupta Cycles Private Limited' and was earlier engaged in the manufacturing of cycle parts. Subsequently, the company changed its name to TSTPL in 2007. The company is promoted by Mr. Ajay Gupta and his son, Mr. Nitin Gupta and currently is engaged in the manufacturing of electric-resistance welded steel tubes and cold-drawn welded steel tubes at its sole facility in Ludhiana. UTTRANCHAL ISPAT: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Uttranchal Ispat Private Limited (UIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 23, 2024, placed the rating(s) of UIPL under the 'issuer non-cooperating' category as UIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 8, 2025, June 18, 2025 and June 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Uttranchal Ispat Private Limited (UIPL), incorporated in February 2001 by the members of Jindal family commenced commercial operations in the year 2005. The company is engaged in manufacture of mild steel (MS) products viz. ingots, bars, channels, timber, angels, round bars, square bars & thermos-mechanically treated (TMT) bars, which finds its applications in the construction sector. VASANTHA ADVANCED: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vasantha Advanced Systems (VAS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.55 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 10, 2024, placed the rating(s) of VAS under the 'issuer non-cooperating' category as VAS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VAS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2025, May 6, 2025, May 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Coimbatore, Tamil Nadu based, Vasantha Advanced Systems (VAS) was established in 1995 by proprietor Mr. S. Chidambaranathan. VAS engaged in the manufacture of micro control based electronic controllers, assembling high quality Printed Circuit Boards (PCB) and Coils and is an ISO 9001:2015 & IATF 16949:2016 Certified Company. The lender has confirmed that moratorium for the sanctioned bank facilities has been availed by the company. VINAYAK INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vinayak International - Jaipur (VI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 22, 2024, placed the rating(s) of VIJ under the 'issuer non-cooperating' category as VIJ had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VIJ continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 7, 2025, June 17, 2025, June 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jaipur (Rajasthan) based, Vinayak International (VIJ) was formed as a proprietorship concern by Mr. Vikas Agarwal. The firm was earlier engaged in the business of trading of Hot rolled (HR) coil, cold rolled (CR) coil, galvanized Plain (GP) sheet, G-3 sheets and Pre-painted galvanized iron roofing sheet (PPGI). However, from 2011, VIJ got engaged in de-coiling of HR and CR coils and further manufacturing of GP sheet, G-3 sheets and PPGI roofing sheets. The firm also has windmills having production capacity of 600 Kilowatt (KW). VISTACORE INFRAPROJECTS: CARE Keeps D Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vistacore Infraprojects Private Limited (VIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 16, 2024, placed the rating(s) of VIPL under the 'issuer non-cooperating' category as VIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 1, 2025, June 11, 2025 and June 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable VIPL is promoted by the Patil family with Mr. Utkarsh B. Patil heading the operations of the company. Earlier, the company was established as a proprietorship concern in the name of "Vista core Infra-projects" in 2008. Subsequently, it was reconstituted as a private limited company in 2015 with its name changed to the current one. VIPL carries out civil construction work for buildings, roads, bridges, tunnels, culverts, highways, water treatment plants, industrial structures, powerhouses, water supply distribution schemes and others. VIPL is a part of the Vistacore group, which was founded in the year 2002. YAKSHA KRAPA: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Gatik Tea Co Private Limited (GTCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.44 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 7, 2024, placed the rating(s) of YKCI under the 'issuer non-cooperating' category as YKCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. YKCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 23, 2025, May 3, 2025, May 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Karnataka based Yakshakrapa Cashew Industries (YKCI) was established as a partnership firm in August, 2016 and promoted by Mr. N Seetharam Shetty, Mr. Prafullaraj Shetty, Mr. Priyadarshan Shetty, Mrs. Prema S Shetty and Mrs. Priyadarshini A Shetty. The managing partner is Mr. N Seetharam Shetty who has an experience of more than a decade in cashew manufacturing industry. The firm is engaged in processing of raw cashew nuts into cashew kernels. The firm sells the processed cashew kernels in Karnataka and also exports to other states. ========= J A P A N ========= NISSAN MOTOR: Posts US$535MM Operating Loss in Qtr Ended June 30 ---------------------------------------------------------------- Reuters reports that Nissan Motors reported a $535-million quarterly loss on July 30, hit by U.S. tariffs, restructuring and lower sales volumes and said it would stop production at a plant in Mexico. Japan's third-largest automaker is in the midst of a sweeping turnaround plan and has pledged to close some seven plants globally and lay off 15% of its workforce, Reuters notes. According to Reuters, Nissan reported an operating loss of JPY79.1 billion (US535 million) for the quarter from April to June, narrower than an average estimate for a loss of JPY123.9 billion in an LSEG survey of five analysts. The result compared to a company forecast for a loss of JPY200 billion when it reported results for the previous financial year in May. "We're still in the early stages of our recovery," CEO Ivan Espinosa told a press conference after the results release, adding that the automaker was making progress in cutting costs. In a statement, Nissan said it would stop output at its Civac plant in Mexico by March 2026 in its global restructuring plan, integrating vehicle production from that plant to its Aguascalientes complex during the current financial year, Reuters reports. Reuters adds that the news comes after Nissan said this month it would stop producing cars at two domestic sites, namely its Oppama plant, by March 2028, and Nissan Shatai's Shonan factory, by March 2027. The automaker first started operations at the Civac plant in 1966 in its initial expansion outside Japan. It has turned out more than 6.5 million vehicles so far, Nissan said. Reuters says the automaker's drastic restructuring effort aims to slash costs and restore profitability and performance in key markets such as the United States and China. The plan includes slashing global production capacity to 2.5 million vehicles from 3.5 million and manufacturing sites to 10 from 17. About Nissan Motor Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. As reported in the Troubled Company Reporter-Asia Pacific on July 10, 2025, Fitch Ratings has assigned a rating of 'BB' to Nissan Motor Co., Ltd.'s (BB/Negative) proposed senior unsecured US dollar and euro notes. The proposed notes are rated in line with Nissan's Long-Term Foreign-Currency Issuer Default Rating (IDR), as they represent the company's direct, unsecured and unsubordinated obligations, and rank pari passu with all its other unsecured and unsubordinated debt. The proceeds will be used for general corporate purposes. The company expects the proceeds from the new notes to be used to prefund the refinancing of maturing notes. Fitch does not expect the company's net debt balance after issuance to change materially, leaving the company's financial structure unchanged. Fitch Ratings, in April 2025, downgraded Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. The TCR-AP reported on July 9, 2025, S&P Global Ratings assigned its 'BB' issue credit rating to Nissan Motor Co. Ltd.'s (BB/Negative/B) three proposed U.S.-dollar denominated senior unsecured notes and two proposed euro-denominated senior unsecured notes. The notes differ in maturities. S&P Global Ratings, on March 7, 2025, lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. =============== M A L A Y S I A =============== IREKA CORP: In Early Talks on Plan to Fix PN17 Status ----------------------------------------------------- The Edge Malaysia reports that Ireka Corp Bhd is in early talks with a party about a possible corporate plan to fix its Practice Note 17 (PN17) status. The construction outfit was responding to an unusual market query (UMA) from the bourse regulator. "The discussions/negotiations are still at a preliminary stage and no definitive agreement has been reached at this juncture," said Ireka in a bourse filing on July 31, The Edge relays. According to The Edge, the company said it will make the necessary announcement in accordance with the listing requirements of Bursa Securities as and when there are material developments in relation to the aforesaid matter. Ireka also reiterated that it remains in full compliance with the disclosure obligations under the listing requirements of Bursa Securities, in particular Paragraph 9.03 on immediate disclosure of material information, The Edge relates. On July 30, Ireka received an UMA query following a sharp rise in its share price and volume, according to The Edge. The stock saw its share price settle at 18 sen, a whopping 157% jump from its previous closing price of seven sen. Its trading volume stood at 1.14 million shares, significantly higher than the 36,500 shares exchanged on July 29, The Edge notes. On July 29, Ireka's shares climbed further to a high of 33 sen, making the stock among the top gainers on the bourse. At 3:30 p.m., the stock pared some gains to trade at 26 sen, still up eight sen or 44.4%. At 26 sen, the stock is valued at MYR59 million. Still, the stock is down by 39% year-to-date. Some 3.32 million shares have changed hands so far, exceeding its 200-day average trading volume of 61,134 shares, The Edge says. About Ireka Corp. Malaysia-based Ireka Corporation Berhad is an investment holding company which provides civil, structural, and building construction. The Company, through its subsidiaries, also provides earthworks and leases construction plant and machinery. Ireka also operates online international auction trade and provides venture capital fund to internet, e-commerce, and related technology based companies. Ireka Corp Bhd has been classified as an affected listed issuer under Practice Note 17 (PN17) of the Main Market Listing Requirements. In a filing with Bursa Malaysia on March 1, 2022, the construction and property developer said it had triggered the prescribed criteria under Paragraph 2.1(e) of the PN17 and that Bursa Malaysia Securities Bhd had rejected its application to extend the relief period, which ended on Feb. 26, 2022. Ireka first triggered the criteria for PN17 under Bursa's Main Market Listing Requirements in August 2020, after its auditor highlighted a material uncertainty relating to its ability to continue as a going concern based on its audited financial statements for the financial year ended March 31, 2020 (FY2020). Its shareholders' equity as of end-FY2020 had also fallen to MYR77.51 million or 42.67% of its MYR181.29 million share capital, which was below the required 50% threshold. MMM GROUP: To Be Suspended Aug. 7, Faces Delisting in September --------------------------------------------------------------- The Star reports that MMM Group Bhd (formerly Asia Media Group Bhd) said trading in its shares will be suspended from Aug. 7, after Bursa Malaysia Securities rejected its proposed regularisation plan. In a filing with Bursa Malaysia, the PN17 company said it will be delisted on September 4 unless an appeal against the rejection of the proposed regularisation plan and de-listing is submitted to Bursa Securities on or before August 29, The Star relates. "In the event the company submits an appeal to Bursa Securities within the appeal timeframe, the delisting of the securities of the company from the official list of Bursa Securities on September 4 will be deferred pending the decision on the company's appeal. "However, Bursa Securities will proceed to suspend the trading of the company's securities on August 7 even though the decision on the company's appeal is still pending." About MMM Group MMM Group Bhd (formerly Asia Media Group Bhd) is a digital out-of-home Transit TV company. The Company is a media provider, offering infotainment and targeted advertising through the use of digital electronic displays installed in various outdoor premises. Asia media has LCD screens installed in buses travelling in the market centric hubs of Klang Valley and Johor Bahru. The company slipped into PN17 status in October 2019 after its shareholders' equity fell to less than 25% of its issued capital. In August last year, its external auditor Messrs CAS Malaysia PLT highlighted a material uncertainty related to a going concern in its financial statements for the financial year ended March 31, 2021. ===================== N E W Z E A L A N D ===================== COURTNEY SPICES: Creditors' Proofs of Debt Due on Aug. 20 --------------------------------------------------------- Creditors of Courtney Spices Limited are required to file their proofs of debt by Aug. 20, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 23, 2025. The company's liquidator is: Mohammed Tazleen Nasib Jan PO Box 50683 Porirua 5240 FENRIR LIMITED: Creditors' Proofs of Debt Due on Sept. 12 --------------------------------------------------------- Creditors of Fenrir Limited are required to file their proofs of debt by Sept. 12, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 25, 2025. The company's liquidators are: Paul Thomas Manning Thomas Lee Rodewald Liquidation Management Limited PO Box 50683 Porirua 5240 PURE NATURE: Court to Hear Wind-Up Petition on Aug. 21 ------------------------------------------------------ A petition to wind up the operations of Pure Nature Pasture New Zealand Limited will be heard before the High Court at Christchurch on Aug. 21, 2025, at 10:00 a.m. Black Origin Meat Processors (Gore) Limited filed the petition against the company on July 3, 2025. The Petitioner's solicitor is: Mitch Singh Glaister Keegan Norfolk House 18 High Street Auckland 1010 WORLDWIDE PARKING: Creditors' Proofs of Debt Due on Aug. 20 ----------------------------------------------------------- Creditors of Worldwide Parking Group Construction Limited are required to file their proofs of debt by Aug. 20, 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: Victoria Toon Corporate Restructuring Limited PO Box 10100 Dominion Road Auckland 1446 =============== P A K I S T A N =============== PAKISTAN WATER: S&P Raises LT ICR to 'B-' After Sovereign Action ---------------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit rating on Pakistan Water and Power Development Authority (WAPDA) to 'B-' from 'CCC+'. At the same time, S&P raised its long-term issue rating on the company's senior unsecured notes to 'B-' from 'CCC+'. The stable outlook on WAPDA mirrors the outlook on the sovereign ratings on Pakistan. On July 24, 2025, S&P Global Ratings raised its long-term sovereign credit rating on Pakistan to 'B-' from 'CCC+' and short-term rating to 'B' from 'C'. S&P's rating on WAPDA is closely linked to that on Pakistan. This reflects the hydroelectric power generation company's government ownership and its strategic importance to the country. S&P believes WAPDA has an extremely high likelihood of receiving timely and sufficient financial support from the government of Pakistan. A significant portion of the company's debt is from the government, guaranteed by the state, or directly borrowed by the government before it is on-lent to WAPDA. Pakistan's weak and less predictable regulatory framework constrains WAPDA's credit profile. Currently, WAPDA's stand-alone credit profile (SACP) of 'b-' is at the same level as the sovereign rating, resulting in no notch up for government support. The tariff framework lacks predictability and stability compared with regulatory regimes in other countries. While the tariff framework allows for the pass-through of operating expenditure, interest expenses, foreign-currency fluctuations, as well as return on assets under construction, tariff implementation has often been delayed, resulting in large under-recovery of revenue. Delays in payments by the sole off-taker, the wholly state-owned Central Power Purchasing Agency (CPPA) undermine the tariff framework and have made cash flow volatile. WAPDA's leverage will remain high, with a ratio of funds from operations (FFO) to debt of 2.5%-5.0% over fiscals 2026-2027 (ending June 30). This is due to its ambitious capital expenditure (capex), inadequate tariffs, persistent revenue under-recoveries, and working capital pressures. WAPDA's SACP is supported by adequate unrestricted cash to service its interest and principal obligations over the 12 months to June 2026. The company's FFO cash interest coverage will likely be 1.5x-2.0x over fiscal years 2026-2027, assuming the company will defer cash interest payment on government-related loans of Pakistan rupee (PKR) 36 billion-PKR38 billion annually over those years. The company has no major refinancing needs until 2031. The stable outlook on WAPDA mirrors that on the sovereign rating on Pakistan. The outlook also reflects WAPDA's leveraged balance sheet with a ratio of FFO to debt of 2.5%-5.0% over the next two fiscal years, given its ambitious capex program. S&P expects WAPDA to appropriately manage its leverage and liquidity with timely receipt of capex grants and interest payment flexibility in line with receivables collection. S&P may lower the ratings on WAPDA if: -- S&P lowers the sovereign rating on Pakistan; or -- WAPDA's financial commitments appear to be unsustainable in the long term such that its interest-servicing ability weakens materially. S&P believes an upgrade of WAPDA is unlikely at least over the next one to two years. However, S&P may raise the ratings if: -- S&P revises WAPDA's SACP to 'b'. This would require an improvement in the regulatory framework or for the company to deleverage meaningfully; and -- S&P raises the sovereign rating on Pakistan. ================= S I N G A P O R E ================= ALFASI HOLDINGS: Commences Wind-Up Proceedings ---------------------------------------------- Members of Alfasi Holdings Asia Group Pte. Ltd. on July 18, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Seah Chee Wei Rock Stevenson Pte Ltd at 8 Burn Road Trivex #16-12 Singapore 369977 BEAUX MONDE: Court to Hear Wind-Up Petition on Aug. 22 ------------------------------------------------------ A petition to wind up the operations of Beaux Monde Pte. Ltd. will be heard before the High Court of Singapore on Aug. 22, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on July 21, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00 AIA Tower Singapore 048542 EGE CARPETS: Creditors' Proofs of Debt Due on Aug. 25 ----------------------------------------------------- Creditors of Ege Carpets Asia Pte. Ltd. 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 22, 2025. The company's liquidator is: Tan Mong Geok c/o 112 Robinson Road, #13-04 Singapore 068902 NEW PUNGGOL: Court to Hear Wind-Up Petition on Aug. 8 ----------------------------------------------------- A petition to wind up the operations of New Punggol Seafood Pte. Ltd. will be heard before the High Court of Singapore on Aug. 8, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 18, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 TOWN CORP: Court to Hear Wind-Up Petition on Aug. 8 --------------------------------------------------- A petition to wind up the operations of Town Corp Pte. Ltd. will be heard before the High Court of Singapore on Aug. 8, 2025, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on July 17, 2025. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 The Concourse Singapore 199555 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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