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250807.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, August 7, 2025, Vol. 28, No. 157 Headlines A U S T R A L I A AXIA HR: Second Creditors' Meeting Set for Aug. 12 FP TURBO 2023-1: Moody's Upgrades Rating on Class F Notes to Ba1 HARSIMRAN PTY: Second Creditors' Meeting Set for Aug. 11 MEMON FOODS: Second Creditors' Meeting Set for Aug. 11 NYRSTAR AUSTRALIA: To Get AUD135MM Bailout for Struggling Smelters OLYMPUS TRUST 2025-2: S&P Assigns Prelim. B(sf) Rating on F Notes PLENTI PL 2024-2: Moody's Upgrades Rating on Class F Notes to B1 PUBLIC HOSPITALITY: ATO, Regulators Slam Adgemis' Insolvency Deal SAVLEEN PTY: Second Creditors' Meeting Set for Aug. 11 STAR ENTERTAINMENT: Secures Critical NSW Government Reprieve TURQUOISE III 2025-2: S&P Assigns Prelim. B(sf) Rating on F Notes VOYAGE AUSTRALIA: Moody's Withdraws 'B1' Corporate Family Rating VOYAGE AUSTRALIA: S&P Withdraws 'BB-' Issuer Credit Rating WHITLOWE PTY: Second Creditors' Meeting Set for Aug. 11 I N D I A 7 STAR EMPIRE: Insolvency Resolution Process Case Summary AASMAA SECURITIES: Voluntary Liquidation Process Case Summary ADANI GREEN: S&P Affirms 'BB+' ICR & Alters Outlook to Negative AKSHRA INDUSTRIAL: CARE Keeps B- Debt Rating in Not Cooperating ANAND RICE: CARE Keeps C Debt Rating in Not Cooperating Category BAFNA MOTORS: CARE Keeps D Debt Ratings in Not Cooperating BHARAT PAPERS: Liquidation Process Case Summary BHIMASHANKAR AGRO: CARE Keeps B- Debt Rating in Not Cooperating CAPIQAL CONSULTANCY: Insolvency Resolution Process Case Summary ESSKAY ELECTRICALS: CARE Lowers Rating on INR14.15cr LT Loan to B- GLOBAL ENERGY: CARE Keeps D Debt Rating in Not Cooperating GORAYA INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating GOYAL AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category GUINEA MOTORS: CARE Keeps D Debt Rating in Not Cooperating HOTEL HORIZON: NCLT Excludes Phoenix ARC From CoC K & J PROJECTS: CARE Keeps C Debt Rating in Not Cooperating KAALENDI VENTURES: CARE Keeps B- Debt Rating in Not Cooperating KARTHIK ALLOYS: CARE Keeps D Debt Ratings in Not Cooperating KINARA CAPITAL: CARE Lowers Rating on INR256.51cr LT Loan to C KREYA INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating MANGAL TRADING: CARE Keeps B- Debt Rating in Not Cooperating NAIR COAL: CARE Keeps C Debt Rating in Not Cooperating Category NOOR LAND: Voluntary Liquidation Process Case Summary OMEGA TRAEXIM: CARE Keeps D Debt Ratings in Not Cooperating PANDA AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating PRATIKSHA GEMS: CARE Keeps B- Debt Rating in Not Cooperating RAJESHWAR POULTRY: CARE Keeps B- Debt Rating in Not Cooperating RAMAKRISHNA TOWNSHIPS: Insolvency Resolution Process Case Summary SANAYA REALTIES: CARE Keeps B- Debt Rating in Not Cooperating SRK GROUP: CARE Keeps D Debt Rating in Not Cooperating Category SUDARSHAN BEOPAR: CARE Keeps B Debt Rating in Not Cooperating SUPERSHINE ABS: CARE Keeps C Debt Rating in Not Cooperating TETRADRIP PHARMA: CARE Keeps D Debt Rating in Not Cooperating VISWAKARMA BUILDTECH: CARE Keeps C Debt Rating in Not Cooperating WADHAWAN GLOBAL: CARE Keeps D Debt Rating in Not Cooperating ZEE LEARN: Withdraws Insolvency Proceedings for Subsidiary I N D O N E S I A EFISHERY: Indonesia Arrests Founder Over Alleged Fraud N E W Z E A L A N D ARISE SERVICES: Creditors' Proofs of Debt Due on Aug. 25 FARRIER SOLUTIONS: Creditors' Proofs of Debt Due on Aug. 27 GFY LTD: Goes Into Liquidation; Owes NZD915K to IRD SHIFTING PEAKS: Court to Hear Wind-Up Petition on Aug. 11 SUSTAINABLE GREEN: Robin Crimp Appointed as Liquidator VANTAGE HOMES: Court to Hear Wind-Up Petition on Aug. 11 WANAKA INTERIORS: Harsh Economic Times Cited for Liquidation S I N G A P O R E DINO EXPRESS: Court to Hear Wind-Up Petition on Aug. 22 GS METAL: Court Enters Wind-Up Order HUAT MANUFACTURING: Court Enters Wind-Up Order PROPINE TECHNOLOGIES: Deloitte Appointed Provisional Liquidators TASTY SARAWAK: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= AXIA HR: Second Creditors' Meeting Set for Aug. 12 -------------------------------------------------- A second meeting of creditors in the proceedings of Axia HR (TAS) Pty Ltd has been set for Aug. 12, 2025, at 10:00 a.m. at the offices of Rodgers Reidy (TAS) Pty Ltd, at Cnr Bathurst & Argyle Street, in Hobart, TAS, and via virtual meeting technology. 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. 8, 2025 at 4:00 p.m. Shelley-Maree Brooks of Rodgers Reidy (TAS) was appointed as administrator of the company on July 8, 2025. FP TURBO 2023-1: Moody's Upgrades Rating on Class F Notes to Ba1 ---------------------------------------------------------------- Moody's Ratings has upgraded the ratings on five classes of notes issued by FP Turbo Series 2023-1 Trust. The affected ratings are as follows: Issuer: FP Turbo Series 2023-1 Trust Class B Notes, Upgraded to Aaa (sf); previously on Feb 6, 2024 Upgraded to Aa1 (sf) Class C Notes, Upgraded to Aa1 (sf); previously on Dec 11, 2024 Upgraded to Aa2 (sf) Class D Notes, Upgraded to Aa3 (sf); previously on Feb 6, 2024 Upgraded to A2 (sf) Class E Notes, Upgraded to Baa1 (sf); previously on Dec 11, 2024 Upgraded to Baa3 (sf) Class F Notes, Upgraded to Ba1 (sf); previously on Dec 11, 2024 Upgraded to Ba3 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in note subordination available for the affected notes and the good performance of the underlying collateral pool to date. No action was taken on the remaining rated class in the deal as credit enhancement remains commensurate with the current rating for the notes. Following the July 2025 payment date, note subordination available for the Class C, Class E and Class F Notes has increased to 24.6%, 16.2% and 13.5%, respectively, from 21.1%, 12.4% and 9.6%, at the time of the last rating action for these notes in December 2024. Note subordination available for the Class B and Class D Notes has increased to 30.3% and 22.0%, respectively, from 20.7% and 13.8%, at the time of the last rating action for these notes in February 2024. Principal collections have been distributed on a pro-rata basis among the rated notes since the August 2024 payment date. Current total outstanding notes as a percentage of the total closing balance is 37.1%. As of end-June 2025, 4.5% of the outstanding pool was 30-plus day delinquent, and 1.9% was 90-plus day delinquent. The portfolio has incurred 0.14% (as of original balance) of losses to date, which have been covered by excess spread. Based on the current portfolio characteristics and historical performance data, Moody's have maintained the haircuts to the residual value cash flow: Aaa haircut of 38.5%, Aa1 haircut of 30.8%, Aa3 haircut of 27.9%, Baa1 haircut of 22.1%, and Ba1 haircut of 17.3%. The transaction is an Australian cash securitisation of operating, novated and finance leases extended to Australian government and statutory corporations, corporates, small and medium-sized businesses and their employees. The leases are secured by passenger cars, commercial vehicles and equipment. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in credit enhancement available for the notes, and (3) a deterioration in the credit quality of the transaction counterparties. HARSIMRAN PTY: Second Creditors' Meeting Set for Aug. 11 -------------------------------------------------------- A second meeting of creditors in the proceedings of Harsimran Pty Ltd has been set for Aug. 11, 2025, at 10:00 a.m. via Microsoft teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 8, 2025 at 5:00 p.m. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on July 7, 2025. MEMON FOODS: Second Creditors' Meeting Set for Aug. 11 ------------------------------------------------------ A second meeting of creditors in the proceedings of Memon Foods Pty Ltd has been set for Aug. 11, 2025, at 11:00 a.m. via Microsoft teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 8, 2025 at 5:00 p.m. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on July 7, 2025. NYRSTAR AUSTRALIA: To Get AUD135MM Bailout for Struggling Smelters ------------------------------------------------------------------ ABC News reports that international metals producer Nyrstar will receive a AUD135 million bailout from the federal, South Australian and Tasmanian governments to support its struggling businesses in Port Pirie and Hobart. According to the ABC, the company said that the funding would enable it - together with its parent company Trafigura - to "maintain its ongoing operations" while working on engineering planning towards a significant rebuild of its Australian smelters. It said the money would also be targeted towards projects including critical scheduled maintenance at the Port Pirie lead smelter and major furnace and wharf investments in Hobart. The ABC relates that Nyrstar Global's CEO Guido Janssen said the support package came at a time of "extremely challenging global market conditions". "This support demonstrates the strategic importance of the Australian operations for sovereign capability and delivering products needed globally for modern economies," he said in a statement. As part of the AUD135 million, the federal government will contribute AUD57.5 million, with AUD55 million and AUD22.5 million to come from the SA and Tasmanian governments respectively. The federal government said the money would be spent on feasibility studies into "critical metals production" at Nyrstar, which is looking to expand production to antimony and bismuth at Port Pirie and germanium and indium at Hobart, the ABC relays. Part of that involves the creation of a pilot plant at Port Pirie for the production of antimony - a metal used in munitions and electronics. "The fact that this site can produce 40 per cent of all the antimony required by the United States for critical tasks such as the hardening of bullets demonstrates the vitalness of these sites . . . and the absolute importance of Pirie and Hobart," the ABC quotes Trafigura CEO Richard Holtum as saying. "What these two industrial sites produce . . . is absolutely critical to both the national security and the renewable industry, and infrastructure build-out for Australia and the western world. "Through this investment we are making sure that these facilities are going to be here for the foreseeable future." The ABC adds that Federal Industry Minister Tim Ayres said the funding would underpin "the first phase of a two-year feasibility study" into the expansion of metals production. "The future of these two facilities - Hobart and Port Pirie - really advance together," Senator Ayres said. He said the AUD135 million would go "well into" the first half of 2026 "to build the capability of this plant [in Port Pirie] to modernise and compete in the future". Federal cabinet minister Julie Collins later said that much of the funding promised by the federal and Tasmanian governments had been "repurposed". She said AUD50 million of the AUD57 million federal contribution had been announced in 2022 for an electrolysis plant at the Hobart zinc smelter. "That is being repurposed and we're adding an additional AUD7.5 million into that from the federal government," the report quotes Ms. Collins as saying. "My understanding is that the Tasmanian state government's commitment of AUD20 million has been repurposed, and then they're adding an additional AUD2.5 million." Nyrstar Australia CEO Matt Howell told the ABC in June that its Port Pirie operation was losing tens of millions of dollars a month and needed government help within "weeks, not months". The company also said at the time that its Hobart zinc smelter could not operate independently of Port Pirie if the latter were to go under, the ABC relates. In March, Nyrstar's global parent company, Trafigura, said its Australian operations were "uneconomical", with Trafigura's CEO describing Nyrstar Australia as an "uncompetitive asset" that "shouldn't be in fully private hands," the ABC recalls. Mr. Holtum said Trafigura would invest in the Port Pirie and Hobart sites "broadly in lock-step with the amount the government is investing". "We'll be covering the losses on those sites whilst we do the feasibility study," he said. The Hobart smelter employs over 500 workers, but cut production by 25 per cent in April this year. Nyrstar employs 1,400 direct workers in Australia and supports 6,600 indirect jobs. OLYMPUS TRUST 2025-2: S&P Assigns Prelim. B(sf) Rating on F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight classes of prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee of Olympus 2025-2 Trust. Olympus 2025-2 Trust is a securitization of prime residential mortgages originated by Athena Mortgage Pty Ltd. This is the fifth standalone RMBS transaction rated by S&P Global Ratings consisting fully entirely of loans originated by Athena. The preliminary ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. S&P's assessment of credit risk considers Athena's underwriting standards and approval process. Its assessment also takes into account Athena's servicing and underwriting standards. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. S&P said, "Our analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and we assume the notes are not called at or beyond the call-option date." S&P said, "Our ratings also consider the counterparty exposure to National Australia Bank Ltd. as bank account provider and liquidity facility provider. The transaction documents for the facilities include downgrade language consistent with our counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Preliminary Ratings Assigned Olympus 2025-2 Trust Class A1S, A$108.00 million: AAA (sf) Class A1L, A$342.00 million: AAA (sf) Class A2, A$28.50 million: AAA (sf) Class B, A$8.50 million: AA (sf) Class C, A$5.50 million: A (sf) Class D, A$2.50 million: BBB (sf) Class E, A$2.50 million: BB (sf) Class F, A$0.75 million: B (sf) Class G1, A$1.00 million: Not rated Class G2, A$0.75 million: Not rated PLENTI PL 2024-2: Moody's Upgrades Rating on Class F Notes to B1 ---------------------------------------------------------------- Moody's Ratings has upgraded ratings on five classes of notes issued by Plenti PL & Green ABS Trust 2024-2. The affected ratings are as follows: Issuer: Plenti PL & Green ABS Trust 2024-2 Class B Notes, Upgraded to Aa1 (sf); previously on Nov 1, 2024 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to Aa3 (sf); previously on Nov 1, 2024 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A3 (sf); previously on Nov 1, 2024 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Baa3 (sf); previously on Nov 1, 2024 Definitive Rating Assigned Ba1 (sf) Class F Notes, Upgraded to B1 (sf); previously on Nov 1, 2024 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the transaction has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement available to the affected notes and performance of the collateral pool to date. No action were taken on the remaining rated classes in the deal as credit enhancements remain commensurate with the current ratings for the respective notes. Following the July 2025 payment date, credit enhancement available for the Class B, Class C, Class D, Class E and Class F Notes has increased to 22.8%, 16.6%, 13.1%, 8.7% and 3.6% respectively, from 15.7%, 11.4%, 9.0%, 6.0% and 2.5% at closing. Principal collections have been distributed on a sequential basis starting from Class A Notes (Class A1 and A1-G Notes). Current outstanding note balance as a percentage of the closing note balance was 68.9%. As of end-June 2025, 2.0% of the outstanding pool was 30-plus day delinquent, and 0.5% was 90-plus day delinquent. The deal has incurred 0.4% of gross losses (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have lowered Moody's expected default assumption to 5.0% of the original pool balance (equivalent to 6.6% of the current pool balance) from 5.2% of the original pool balance at closing. Moody's have also lowered the Aaa portfolio credit enhancement to 24.5% from 25.5%. Moody's analysis has also considered various scenarios involving different mean default rate and recovery rate to evaluate the resiliency of the note ratings. The transaction is a cash securitisation of personal loans, renewable energy loans and renewable energy buy-now-pay-later (BNPL) receivables originated by Plenti Finance Pty Limited. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. PUBLIC HOSPITALITY: ATO, Regulators Slam Adgemis' Insolvency Deal ----------------------------------------------------------------- The Australian Financial Review reports that the Australian Taxation Office has accused embattled pub baron Jon Adgemis of leading an extravagant lifestyle at the expense of his creditors and torn apart his proposed deal to avoid bankruptcy. According to the Financial Review, the Australian Financial Security Authority also raised major issues with Mr. Adgemis' deal, intervening in a meeting of creditors on Aug. 1, held by the trustees managing his affairs. It said the trustee's investigations into his finances had been inadequate. Mr. Adgemis founded Public Hospitality in 2021, accumulating a large portfolio of pubs and development projects across Sydney and Melbourne, the Financial Review relays. Financing difficulties left Public Hospitality on the brink of collapse last year, only for part of his business to be rescued in a refinancing agreement with Deutsche Bank. By that stage, Mr. Adgemis had already taken on more than AUD1.5 billion in debts from a large number of creditors, some of which have attempted to bankrupt him after he defaulted. Last month, he launched an attempt to avoid bankruptcy via a personal insolvency agreement that involved him signing his property over to a trustee - WLP Restructuring - which called Aug. 1's vote. The trustee then prepared a report on his finances addressed to creditors, recommending they accept an offer of 0.17¢ to the dollar with Mr. Adgemis extending a AUD3 million payment over 12 months. The payment was to be secured over a house he owned jointly with his mother, which is encumbered by a host of lenders and bogged down in litigation. Mr. Adgemis reported just AUD3.79 in his personal bank account and said he had no superannuation, the Financial Review relates. Deputy Commissioner of Taxation Julian Roberts then wrote to the trustee on July 30, outlining how it was owed AUD162 million – more than double what Mr. Adgemis had told creditors – and saying it had strong concerns with the "meagre sum" on offer under the proposal. "The debtor is maintaining an extravagant lifestyle with little regard for creditors whom he owes significant amounts of money, including the [Tax Office]," Mr. Roberts said, pointing to his AUD60,833-a-month lease of an apartment in Bondi paid for by a related party. The unit is owned by Will Vicars, the billionaire who runs Caledonia Investments. The ATO also questioned why the trustees had not investigated more closely how Mr. Adgemis was funding his lifestyle via AUD300,000 in project management fees paid to one of his companies. "It appears the debtor has access to significant monies but has chosen to direct these monies towards lifestyle expenses and not creditor payments," Mr. Roberts said, adding he had access to funds that was "not befitting an individual indebted for over AUD1 billion," the Financial Review relays. The ATO told the trustee to recommend creditors reject the offer or delay the vote on Aug. 1. According to the Financial Review, AFSA, the bankruptcy regulator, said Mr. Adgemis' proposed contributory payment of AUD3 million was inadequately secured, and that the former KPMG dealmaker's claim he had no superannuation had not been independently investigated. "Having reviewed the report, I am not satisfied you have met the statutory responsibilities to conduct appropriate investigations into the regulated debtor's property and income," the Financial Review quotes Neville Matthew, AFSA's delegate of the inspector-general of bankruptcy, as saying. The trustee said in light of the concerns raised it had delayed the vote. A number of other creditors also raised issues, including over GST claims. Luke Rowley, principal of boutique Adelaide insolvency law firm Charlton Rowley, wrote to the trustee on behalf of the interests of Angas Securities, another lender to Mr. Adgemis Aug. 1's meeting heard there were significant GST liabilities across companies in Mr. Adgemis' group, sources told AFR Weekend. The publican could face public examination in courts by liquidators. Much of his tax debt is related to Director Penalty Notices, which can be issued to a director by the ATO making them personally liable for debts issued to companies. ATO officials raided the home and office of Mr. Adgemis last year as part of their investigations. Mr. Adgemis attended Aug. 1's meeting, flanked by a coterie of lawyers and friends, including restructuring adviser and long-time friend Damien Hodgkinson. After leaving the meeting, the group swarmed around him as he declined to respond to questions, and assisted Mr. Adgemis in ejecting journalists from a lift, physically blocking them from entering. The Financial Review says the trustee is expected to now prepare an additional report, and then hold another meeting on August 29. "The adjournment followed some concerns and questions raised by AFSA and other creditors, as well as further information received the day prior," WLP Restructuring said in a statement. Deutsche Bank is owed AUD371 million but has priority security over five pubs. Its losses would be curtailed were those venues sold for attractive prices. Gemi Investments, a private credit firm based in Sydney's east, is in a more vulnerable position, having more junior security over these same assets. Its exposure, over multiple funds, was recorded at over AUD438 million. 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. SAVLEEN PTY: Second Creditors' Meeting Set for Aug. 11 ------------------------------------------------------ A second meeting of creditors in the proceedings of Savleen Pty Ltd has been set for Aug. 11, 2025, at 12:00 p.m. via Microsoft teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 8, 2025 at 5:00 p.m. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on July 7, 2025. STAR ENTERTAINMENT: Secures Critical NSW Government Reprieve ------------------------------------------------------------ The Australian Financial Review reports that the NSW government has delayed plans to restrict cash use on gaming floors in a bid to avoid the potential loss of thousands of jobs and provide the country's two major casino operators with some financial relief. Customers at Star Entertainment's flagship Sydney precinct and Crown Resorts' casino in Barangaroo can gamble up to AUD5,000 in cash every day. The figure was meant to fall to AUD1,000 on August 19, but the two operators requested a delay over concerns it could drive out customers, according to the Financial Review. The Financial Review relates that a NSW government spokesman said the change would now take place in August 2027, allowing the casinos two years to implement the change. "The government has now determined to continue this transitional arrangement . . . for another two years," he said. "The continuation of this arrangement was approved in recognition of several factors, including the effectiveness of other financial crime measures . . . along with concerns by casino operators about potential employment impacts." This is the second time in two years that the NSW government has delayed cash limit restrictions. The AUD1000 limit, which was proposed as a way to mitigate financial crime, was originally meant to be in place from August last year. The government delayed the transition by a year after Star and Crown said they weren't prepared for the changeover. Star and Crown submitted a proposal to the NSW government earlier this year, asking for another two years of relief over concerns the new limit would cause financial strain and drive people who use large amounts of cash to pubs and clubs that do not have the same restrictions. The Financial Review says the lower limit is expensive for both casino operators but is also complicated for Star, which has to refit its 1500 poker machines. According to the Financial Review, local casinos have struggled financially ever since state-based inquiries revealed money laundering was taking place inside precincts owned by Star, Crown and SkyCity Entertainment, which owns the casino in Adelaide. The inquiries led to a major overhaul of executive leadership, millions of dollars in penalties, the suspension of casino licences and new rules designed to minimise gambling harm and prevent money-laundering. Each state has introduced different rules, but in NSW mandatory identification cards must be used at poker machines and tables, and there are limits on the use of cash. These restrictions do not apply in pubs. In the four weeks after mandatory cards and the AUD5000 cash limit were introduced at Star Sydney, Star said revenue had fallen 10.7 per cent. These measures, as well as a Chinese government crackdown, have put the sector under immense financial strain at a time when Star and Crown are spending millions of dollars on new compliance measures to mitigate money-laundering risks, the Financial Review notes. 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. TURQUOISE III 2025-2: S&P Assigns Prelim. B(sf) Rating on F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to six classes of nonconforming and prime residential mortgage-backed securities (RMBS) to be issued by Permanent Custodians Ltd. as trustee of Turquoise III Series 2025-2 Trust. Turquoise III Series 2025-2 Trust is a securitization of nonconforming and prime residential mortgages originated by Bluestone Mortgages Pty Ltd. (Bluestone). The preliminary ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. S&P's assessment of credit risk considers Bluestone's underwriting standards and approval process, and Bluestone's strong servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, the yield reserve, retention amount built from excess spread, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and it assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also consider the counterparty exposure to Commonwealth Bank of Australia as bank account provider and to Westpac Banking Corp. as liquidity facility provider. The transaction documents for the facilities include downgrade language consistent with S&P Global Ratings' counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Preliminary Ratings Assigned Turquoise III Series 2025-2 Trust Class A, A$667.50 million: AAA (sf) Class B, A$28.87 million: AA (sf) Class C, A$27.38 million: A (sf) Class D, A$13.35 million: BBB (sf) Class E, A$5.92 million: BB (sf) Class F, A$3.98 million: B (sf) Class G1, A$1.50 million: Not rated Class G2, A$1.50 million: Not rated VOYAGE AUSTRALIA: Moody's Withdraws 'B1' Corporate Family Rating ---------------------------------------------------------------- Moody's Ratings has withdrawn the B1 corporate family rating of Voyage Australia Pty Limited (Vocus), along with the B1 ratings on the senior secured first-lien term loan facility and senior secured delayed draw term loan. Prior to the withdrawal, the rating outlook was stable. Vocus' senior secured bank credit facility previously rated by Moody's has been fully repaid with proceeds from a new debt package. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE Voyage Australia Pty Limited is the fourth largest full-service telecommunications company in Australia providing services to Government, Enterprises, Small-to-Medium Businesses (SMBs) and Consumers. The company is a specialist fibre and network solutions provider in Australia, connecting all mainland capitals with Asia and the USA. Regionally, Vocus has backhaul fibre connecting most regional capitals in Australia. VOYAGE AUSTRALIA: S&P Withdraws 'BB-' Issuer Credit Rating ---------------------------------------------------------- S&P Global Ratings withdrew its 'BB-' long-term issuer credit rating on Voyage Australia Pty Ltd. (Vocus) at the issuer's request. S&P also withdrew its 'BB-' long-term issue rating on the company's existing senior secured term loan facilities. The outlook on the rating on the Australian telecommunication service provider was stable at the time of the withdrawal. The withdrawal follows Vocus' completion of a refinancing of its rated debt, triggered by the successful closure of the acquisition of TPG Telecom Ltd.'s fiber assets. The transaction covers the purchase of TPG's enterprise, government, and wholesale fixed business. Vocus' rated facilities as of June 30, 2025, were US$700 million and A$580 million of first-lien term loan B facilities, and US$24 million and A$115 million of first-lien term loan B delayed draw facilities. WHITLOWE PTY: Second Creditors' Meeting Set for Aug. 11 ------------------------------------------------------- A second meeting of creditors in the proceedings of Whitlowe Pty Ltd ATF Whitlowe Unit Trust (Trading name: The Manna Group) and Key Idea Holdings Pty Ltd has been set for Aug. 11, 2025, at 11:00 a.m. via virtual meeting. 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. 8, 2025 at 5:00 p.m. Lindsay Stephen Bainbridge and Andrew Reginald Yeo of Pitcher Partners were appointed as administrators of the company on July 7, 2025. ========= I N D I A ========= 7 STAR EMPIRE: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: 7 Star Empire Limited R.S. No. 49/2, Block No. 60, T.P. 19, F.P. 41 Ayodhya Tex Market Near the World, Chorasi, Parvat Gam, Surat, Choryasi, Gujarat, India - 395010 Insolvency Commencement Date: March 6, 2025 Estimated date of closure of insolvency resolution process: January 14, 2026 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Mr. Bishwanath Choudhary Flat No. 8F, Block 7, Prasad Exotica, 71/3, Canal Circular Road, Kolkata, West Bengal, 700054 Email: choudhary bishwanath@rediffmail.com 104, S. P. Mukherjee Road, Sagar Trade Cube, 2nd Floor, Kolkata - 700026 Email: cirp.7starempire@gmail.com Last date for submission of claims: August 1, 2025 AASMAA SECURITIES: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Aasmaa Securities Private Limited 6-3-906/B, 2nd Floor, Somajiguda, Hyderabad, Telangana, India 500082 Liquidation Commencement Date: July 17, 2025 Court: National Company Law Tribunal, Hyderabad Bench Liquidator: Shailesh Baheti 20 1-524 Golla Khidki Near Laxmi Narayan Temple Kabutar Khana, Bhahdurpura Hyderabad, Telangana 500064 Email: shaileshbaheti17@gmail.com Last date for submission of claims: August 16, 2025 ADANI GREEN: S&P Affirms 'BB+' ICR & Alters Outlook to Negative --------------------------------------------------------------- S&P Global Ratings revised its rating outlook on three Adani Group entities -- Adani Electricity Mumbai Ltd., Adani Ports and Special Economic Zone Ltd., and Adani Green Energy Ltd. Restricted Group 2. This follows S&P's review of the group's operations and the impact of an ongoing U.S. SEC investigation. Outlook Revisions On Adani Group Entities Entity name To From Adani Electricity Mumbai Ltd. BBB-/Stable/-- BBB-/Negative/-- Adani Ports and Special Economic Zone Ltd. BBB-/Positive/-- BBB-/Negative/-- Adani Green Energy Ltd. Restricted Group 2 BB+/Stable/-- BB+/Negative/-- The operating performance of the Adani group is likely to remain strong. S&P hasn't seen any indications that the group companies' funding access or costs have been materially hit by the SEC indictment against the founders. Meanwhile, concerns that regulators or Indian state authorities could initiate actions that hurt the group's domestic operations have not materialized. Key concessions and power purchase agreements remain intact, and the Adani entities continue to receive approvals across different businesses. The timing and eventual outcome of investigations is uncertain. The SEC case is against two executives of the Adani family. S&P said, "The companies we rate have clarified they are not under any investigation. We understand that, if a fine has to be paid, it will not be borne by the rated entities." India's capital markets regulator, the Securities and Exchange Board of India (Sebi) continues to investigate one of the 24 allegations against Adani entities following a short seller report in 2023. Sebi has completed its investigation into the other 23 allegations and found no wrongdoing by the companies. Adani group's funding, business position, or operations could be affected if the investigations by either the SEC or Sebi establish any wrongdoing. Any proof of wrongdoing could lead to renewed rating pressure. Some media reports suggest the group may also be under investigation for contravening sanctions on Iran. The group has denied this, stating its operations meet all sanction requirements. The group has sound access to funding. It has signed new credit facilities of more than US$10 billion over the past six months across Adani Ports, Adani Green Energy, Adani Enterprises Ltd. and Adani Energy Solutions Ltd. Such funding constitutes a sizable portion of the about US$30 billion debt across group entities as of March 31, 2025. The lenders to the new debt include domestic and international banks, domestic institutions such as Power Finance Corp. Ltd., REC Ltd. and Life Insurance Corp. of India Ltd., and private credit investors. S&P said, "We do not see any significant increase in funding cost for the Adani group. We understand from the companies that the terms of the debt are not more onerous and don't have specific reference to the outcome of the SEC case." Additionally, the Adani family has injected about US$1.1 billion of equity into Adani Green Energy in July 2025. The group has yet to tap public offshore capital markets or material transactions with U.S. banks post the indictment. Rated Adani companies significantly rely on U.S. dollar bonds. Any restriction there would require these entities to depend more on the domestic banking system, limiting their funding flexibility. This is because the domestic banking system applies the Reserve Bank of India's group exposure limits. S&P said, "We acknowledge Indian issuers in general have tapped offshore capital markets more sparingly of late, given flush onshore liquidity as well as favorable cost. We have also seen U.S. private credit funds participating in Adani portfolio entities. "Our ratings capture governance risk for the Adani group. We consider the group's significant promoter control, frequent related-party transactions in the past, lack of transparency of the credit position of the promoter entities, and aggressive growth appetite as a weakness in our rating analysis. "If allegations of illegal activities or misconduct at the shareholder level prove true, they could further weaken our view of the governance of group entities. This is because the ownership of most Adani group entities is held by the founders, related family entities, and trusts. "A repeat of past incidents of loans and deposits to related parties, and of pledging shares of listed entities for financing could also weigh on our assessment. We note though that financing through pledged shares and debt outside listed entities has decreased materially over the past two years. "Favorable business environment supports strong operational performance. We expect tariff adjustments and robust power demand will continue to support Adani Electricity's ratio of operating cash flow (OCF) to debt of 12%-15% over fiscals 2026 to 2027 (years ending March 31). "We believe a growing business, improving financials, and lower leverage will allow Adani Ports to accommodate high capital expenditure. The company's tightened leverage policy of net debt to EBITDA up to 2.5x will also support healthy financials. "We expect Adani Green Energy Ltd. Restricted Group 2's P90 operating performance and timely receivables collections will allow the project to maintain a minimum debt service coverage ratio of at least 1.27x." AKSHRA INDUSTRIAL: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Akshra Industrial Corporation (AIC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.53 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 AIC under the 'issuer non-cooperating' category as AIC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AIC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 2, 2025, June 12, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Akshra Industrial Corporation (AIC) was established as a proprietorship concern in October 1986 and is currently being managed by Mr. Suraj Sharma as its proprietor. AIC is engaged in the manufacturing of iron and steel products like hand tools, auto components parts and agricultural implements parts such as scissor jack, screw jack, fuel injection part, recoil starter assay, starter pully, top and bottom hurl pulley etc. at its manufacturing facility located in Ludhiana. The products of the firm find their application in the automobile and agricultural industry. ANAND RICE: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Anand Rice Mill (ARM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.14 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 17, 2024, placed the rating(s) of ARM under the 'issuer non-cooperating' category as ARM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ARM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 2, 2025, June 12, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable ARM is engaged in the business of milling and processing of basmati rice) at Nissing (Karnal, Haryana). The firm is also engaged in procurement of semi-processed rice from the market which is further processed through color sorter and grading machines to remove the impurities. BAFNA MOTORS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bafna Motors (India) Private Limited (BMIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.99 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 23, 2024, placed the rating(s) of BMIPL under the 'issuer non-cooperating' category as BMIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BMIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 8, 2025, June 18, 2025, 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 Incorporated in 2015, Bafna Motors (India) Pvt Ltd (BMIPL) is a part of the Bafna Group (BG) founded by Late Shri Mishrilal Bafna is currently being managed by his sons viz. Mr. Sumatiprasad Bafna and Mr. Sanjeev Bafna. The Group is engaged in the sales and service dealership business for passenger vehicles (PV), light and heavy commercial vehicles (CV) and the two wheelers for India's top Original Equipment Manufacturers (OEMs). BHARAT PAPERS: Liquidation Process Case Summary ----------------------------------------------- Debtor: Bharat Papers Limited Registered Address: Village Bhamian Kalan Tajpur Road, Ludhiana, PB-141001 Principal Office: Village Logate, Tehsil: Kathua, Jammu and Kashmir Liquidation Commencement Date: July 18, 2025 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Vijay Kishore Saxena 3rd Floor, 100 Kailash Hills, East of Kailash, New Delhi - 110065 Email: vksaxena2159@gmail.com -- and –- D-69 (Lower Ground Floor), East of Kailash, New Delhi, 110065 Email: irpbharatpapers@gmail.com Last date for submission of claims: August 17, 2025 BHIMASHANKAR AGRO: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bhimashankar Agro Coldchain & Processing producer Company Limited (BACPCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.12 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 August 1, 2024, placed the rating(s) of BACPCL under the 'issuer non-cooperating' category as BACPCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BACPCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 17, 2025, June 27, 2025 and July 7, 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 BACPCL is a limited company incorporated in June 2016. BACPCL is engaged in the business of cold storage plant with an installed capacity to process and store around 5000 MT of potatoes. CAPIQAL CONSULTANCY: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Ms Capiqal Consultancy Services Private Limited (fka Ms Laxmipati Management Services Pvt Ltd) 1107, Past Sai Village, Bhomnagar Taluka, Panvel Raigarh District, Maharashtra 410206 Insolvency Commencement Date: July 23, 2025 Estimated date of closure of insolvency resolution process: January 19, 2026 Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: Gonugunta Murali, D.No. 16-11-19,4,G-1, Sriaxminilayam, Saleemnagar Colony, Malakpet, Hyderbad, Telagana - 500036 Email: gmurali34@gmall.com Flat No. 1209, MSKM Group, 11th Floor, Vasavi MPM Grand, Yellareddyguda Road, Ameerpet, Hyderabad 500073 Email: ipocspli@igmail.com Last date for submission of claims: August 7, 2025 ESSKAY ELECTRICALS: CARE Lowers Rating on INR14.15cr LT Loan to B- ------------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Mangal Trading Company (SMTC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.15 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 31, 2024, placed the rating(s) of EEPL under the 'issuer non-cooperating' category as EEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 16, 2025, June 26, 2025 and July 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of EEPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Esskay Electricals Private Limited (EEPL) was incorporated in April, 2012 by directors Mr. Sayyed Salauddin Kasimsab, Mrs. Shabana Salauddin Sayyed and Mr. Sujauddin Kasimsab Sayyed and is engaged in business of civil and electrical contractors for government entities viz. Maharashtra State Electricity Transmission Company Limited (MSETCL). The company gets work orders through tendering system overall Maharashtra. EEPL purchases electrical equipment from approved vendors of MSETCL. The registered office is located at Kharghar, Navi Mumbai. GLOBAL ENERGY: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Global Energy Private Limited (GEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 100.00 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 15, 2024, placed the rating(s) of GEPL under the 'issuer non-cooperating' category as GEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 31, 2025, June 10, 2025, June 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Global Energy Private Limited, an ISO 9001:2008 certified energy company, was incorporated in 1994 to carry on the business of power trading in India. GORAYA INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Goraya Industries (GI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.75 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 25, 2024, placed the rating(s) of GI under the 'issuer non-cooperating' category as GI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 10, 2025, June 20, 2025, June 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Goraya Industries (GI) was established in 2010 by Mr Inderpreet Singh and his two brothers, Mr Balwinder Singh and Mr Joginder Singh as a partnership firm. The firm is engaged in processing of paddy at its manufacturing facility located in Fazilka, Punjab. The firm also undertakes trading of rice. GOYAL AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Goyal Agro Processing (GAP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.69 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; 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 23, 2024, placed the rating(s) of GAP under the 'issuer non-cooperating' category as GAP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GAP 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: Stable Goyal Agro Processing (GAP) was established as a partnership firm in September 2018. However, the commercial operation started in November 2018. The firm is currently being managed by two partners Mr. Vishal Goyal and Mr. Puneet Goyal. The firm is engaged in the extraction of crude rice bran oil & rice bran deoiled cake, solvent mustard oil & mustard deoiled cake. The firm's processing facility is based at Sunam, Punjab with an installed solvent extraction capacity of 65 metric tonnes of crude oil and 375 metric tonnes of deoiled cake per day as on April 30, 2023. The firm sells its products i.e. crude rice bran oil & rice bran deoiled cake and mustard oil & mustard deoiled cake to the dealers based in Punjab, Haryana, Rajasthan, Gujarat and Maharashtra. The raw material required for extraction is rice bran, phuck and mustard cake which is mainly procured from dealers based in Punjab, Haryana and Rajasthan. GUINEA MOTORS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Guinea Motors Private Limited (GMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.00 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 23, 2024, placed the rating(s) of GMPL under the 'issuer non-cooperating' category as GMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 08, 2025, June 18, 2025, 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 Guinea Motors Pvt. Ltd. (GMPL) was incorporated in February, 2000 by Mr. Arjun Kumar Gupta, Mr. R. K. Singh and Mr. Anand Gupta of Patna, Bihar. The company commenced operation from January, 2001 as an authorized dealer of Tata Motors Ltd (TML) for its passenger cars, spares & accessories for nine districts of Bihar. At present, GMPL offers passenger vehicles of Tata Motors Limited through its two showrooms (self-owned) equipped with 3-S facilities (Sales, Service and Spare-parts) at Pat na. Apart from this, the company also purchases and sells pre-owned cars. It has one stock-yards (rented), having a capacity to store around 150 passenger cars each. The company also has the two workshops at Patna. Mr. Arjun Kumar Gupta (Director), along with other directors Mr. R. K. Singh and Mr. Anand Gupta who have significant experience in the dealership business look after the day to day operation of the company. They are further supported by a team of experienced professionals. HOTEL HORIZON: NCLT Excludes Phoenix ARC From CoC ------------------------------------------------- The Economic Times reports that the National Company Law Tribunal (NCLT) has partially allowed the application filed by the suspended promoters of Hotel Horizon, directing the exclusion of asset reconstruction company Phoenix ARC's claim from the ongoing corporate insolvency resolution process (CIRP), citing it as barred by limitation. Hotel Horizon's key asset is a prime 1.85-acre land parcel in Mumbai's plush Juhu area, overlooking the Arabian Sea. Oberoi Realty's consortium secured CoC approval to acquire the company for INR919 crore, ET says. The tribunal instructed a claim rework for JMFARC and directed reverification of UBI's claims, while CFM ARC appeals the Phoenix ARC decision. Hotel Horizon Private Limited commenced insolvency process on Nov. 19, 2024. K & J PROJECTS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of K & J Projects Private Limited (KJPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.83 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated July 30, 2024, placed the rating(s) of KJPPL under the 'issuer non-cooperating' category as KJPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KJPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 15, 2025, June 25, 2025 and July 5, 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 Nagpur based, KJPPL [formerly known as Kaware & Jawade Projects Private Limited] incorporated in the year 2004 is promoted by Mr. Narendra Kaware and Mr. Milind Jawade. The company is engaged in the business of providing consultancy services in all aspects of civil engineering like road construction, outline design for planning and building control applications, detailed design and construction management. KAALENDI VENTURES: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kaalendi Ventures LLP (KVL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.46 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 25, 2024, placed the rating(s) of KVL under the 'issuer non-cooperating' category as KVL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KVL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 10, 2025, June 20, 2025, June 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Kaalendi Ventures LLP. (KVL) was established on February 12, 2016 as a Limited Liability Partnership. Currently Mr. Binay Kumar Singh and Mr. Pradip Kumar Gupta are the partners of the entity having profit sharing ratio of 77.42% and 22.58%, respectively. KV is currently engaged in manufacturing of MS pipes and structural steel products at Fatuha, Patna. Shri Binay Kumar Singh, the Managing Partner, will look after the day to day operations of the entity along with other partners and a team of experienced personnel. KARTHIK ALLOYS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Karthik Alloys Limited (KAL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 33.96 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 29, 2024, placed the rating(s) of KAL under the 'issuer non-cooperating' category as KAL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KAL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 14, 2025, June 24, 2025, July 4, 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 Karthik Alloys Limited (KAL) was incorporated as a private limited company in February 1992, and was later reconstituted as a public limited company in December 1992. KAL is engaged in manufacturing of 'Low/ Medium Carbon Silico Manganese' which is a Ferro Alloy used in the manufacturing of Stainless Steel. KAL has two manufacturing units located at Cuncolim, Goa and Durgapur, West Bengal. KINARA CAPITAL: CARE Lowers Rating on INR256.51cr LT Loan to C -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Kinara Capital Private Ltd (KCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term 256.51 CARE C Downgraded from Bank Facilities CARE BBB-; Stable Subordinate debt-VI 75.00 CARE C Downgraded from CARE BBB-; Stable Non-convertible 113.08 CARE C Downgraded from debenture-XI CARE BBB-; Stable Non-convertible 30.56 CARE C Downgraded from debenture-XII CARE BBB-; Stable Non-convertible 194.60 CARE C Downgraded from debenture-XIII CARE BBB-; Stable Subordinate debt-II - Withdrawn Subordinate debt-IV - Withdrawn Subordinate debt-V - Withdrawn Non-convertible debenture-X - Withdrawn Rationale and key rating drivers Downgrade in the rating of the bank facilities and debt instruments of KCPL considers recent actions taken by certain lenders. These actions include recall of loans, appropriation of fixed deposits, both encumbered and unencumbered, etc. Care Ratings Ltd (CareEdge Ratings) is given to understand by the company that funds in the company's collection account have also been appropriated by the collection bank against their debt. These developments significantly deplete the liquidity position of the company and its ability to function normally. These actions of lenders are likely to lead to similar action by other lenders accelerating debt. The company had unencumbered cash of INR70 crore as on July 29, 2025. CareEdge Ratings expect liquidity position of the company to significantly deteriorate in coming days. It is to be noted that while the company had covenant breaches on the borrowings, as informed by the company, there was no default in repayment of any debt as on July 31, 2025. The company has also stated hedges against external commercial borrowings (ECB) have been terminated by counterparties and the company will have receivable from the banks against these terminations. KCPL reportedly is in discussion with potential buyer to monetise its loan assets and use proceeds to repay its debt. The company will seek requisites approvals once definite term sheets are in place. CareEdge Ratings also takes note of the resignation of multiple directors from the Board. Currently the Board of Directors have no independent directors. CareEdge Ratings has withdrawn the rating assigned to some of the non-convertible debenture issues and sub ordinated debt of KCPL with immediate effect, as the company has repaid these instruments in full and there is no amount outstanding. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Monetization of assets leading to improvement in liquidity Negative factors * Deterioration in the liquidity impacting the ability to meet debt obligations Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Key weakness * Deterioration in liquidity profile: As of June 30, 2025, KCPL reported an unencumbered cash balance of INR98 crore, which declined to INR70 crore by July 29, 2025. The company had anticipated meeting its debt obligations through loan collections; however, the appropriation and set-off of fixed deposits and collections by certain lenders have materially weakened its liquidity position. Additionally, acceleration of debt by other lenders is expected to further intensify liquidity pressures. * Weak asset quality parameters: In FY25, delinquency in softer buckets (on AUM basis) increased as 0+ DPD and 30+ DPD stood at 15.9% and 12.1% respectively as on March 31, 2025, against 10.7% and 7.9%, respectively as on March 31, 2024. Slippage continues to remain high at 8.00% for FY25 (PY:8.00%). Asset quality deteriorated due to higher delinquencies witnessed in certain sectors and geographies, and in loans disbursed at higher ticket size. Considering the segment in which the company operates, the company's ability to control slippages and improve asset quality remains a key monitorable. * Weak profitability: In FY25, Kinara reported loss of INR351 crore of loss on a total income of INR601 crore against profit after taxes (PAT) of INR62 crore on a total income of INR734 crore in FY24. Overall income moderated due to higher payouts in co-lending arrangements. Operating expenses continue to remain high with an increase in employee cost. Credit cost remains high at 14.5% in FY25 (7.1% in FY24) due to continued deterioration in asset quality and higher write-offs along with de-growth in book by 10%. The company has written off loans aggregating INR341 crore in FY25. The company is also carrying management overlay of INR24 crore in the provisioning. With reduction in income and high credit cost, the company has reported losses in FY25. The company's ability to improve profitability going forward, while improving asset quality remains a key monitorable. Liquidity: Poor Though the company held unencumbered cash and balance of INR70 crore as on July 29,2025, the early redemption triggers by the lenders would deplete the liquidity further leading to a poor liquidity position of the company. For August 2025, KCPL has debt repayment obligations of INR131 crore against which the company has expected inflow from advances of INR146 crore, in addition to opening unencumbered liquidity of INR70 crore. However, the recent actions by the lenders such as loan set off, recall of loans and invocation of event of default has significantly impaired the financial and business risk profile of the company. Kinara (erstwhile Visage Holdings and Finance Private Limited) was incorporated in New Delhi in 1996 and registered as an NBFC and obtained the certificate of registration from the Reserve Bank of India (RBI) on March 23, 2000. Kinara was taken over by the current promoter, Hardika Shah, in 2011, and subsequently, the registered office moved to Bengaluru in 2013. It obtained a fresh certificate of registration from RBI on August 27, 2013. The company provides collateral-free loans under the brand name 'Kinara Capital' in the range of INR1 lakh to INR30 lakh to micro and small businesses in manufacturing, trading and services, for machinery purchase, business development or working capital need, at a rate of 22-33% for a tenure of 12-60 months. Overall, the company operates with four products, MSME business loan, short-term working capital, machinery purchase, and LAP. Of these, long-term working capital is the company's major product. In June 2023, the company's name has been changed from “Visage Holdings and Finance Private Limited” to “Kinara Capital Private Limited”. As on March 31, 2025, Kinara operates from 80 branches spread across six states, with an employee base of 1,652, and AUM of INR2,831 crore. As on March 31, 2025, on a fully dilutive basis, 8.4% is held by the promoter, Hardika Shah, including compulsory convertible debentures (CCDs). Other major shareholders were Nuveen Global Impact Fund India S.À R.L, Gaja Capital and Affiliates, Gawa Capital and Affiliates, Patamar Capital and Affiliates, Michael & Susan Dell Foundation, British International Investment, Pettelaar Effectenbewaarbedrijf N.V., Visage Trust, Sorenson Impact Foundation, Mesoloan LLC, John Ayliffe, and Kinara Capital Holdings Private Limited. KREYA INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kreya Infratech Private Limited (KIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 6.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 29, 2024, placed the rating(s) of KIPL under the 'issuer non-cooperating' category as KIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 14, 2025, June 24, 2025 and July 4, 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 Gurgaon based, Kreya Infratech Private Limited (KIPL) was incorporated in 2015 by Mr. S.K. Chabbra, Mr. Satish Mittal and Mr. Manu Aggarwal. The company is a turnkey contractor which provides a comprehensive range of services including architectural planning, designing, site survey & excavation, interior furnishings. MANGAL TRADING: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shree Mangal Trading Company (SMTC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 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 22, 2024, placed the rating(s) of SMTC under the 'issuer non-cooperating' category as SMTC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMTC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 7, 2025, June 17, 2025 and 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 Haryana based, Shree Mangal Trading Company (SMTC) is a proprietorship firm established in 2014 by Mr. Ram Niwas Yadav. The firm is engaged in trading of mixed scraps (plastic scrap, metal scrap and paper scrap) and grit (crushed stone). The firm has an associate concern, namely, K N D Real Estate & Builders (KND). KND is a proprietorship firm of Mr. Ram Niwas Yadav established in 2004. The firm is engaged in sale and purchase of land. NAIR COAL: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Nair Coal Services Private Limited (NCSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Short Term Bank 9.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 5, 2024, placed the rating(s) of NCSPL under the 'issuer non-cooperating' category as NCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 23, 2025, July 1, 2025 and July 11, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Nair Coal Services Private Limited (NCSPL), incorporated in 1984, is a Nagpur-based company, was promoted by Mr. Suresh Nair and Mr. Susheel Nair. The company is a liasioning and supervising agent for logistics of coal and caters to various electricity and steel companies. NOOR LAND: Voluntary Liquidation Process Case Summary ----------------------------------------------------- Debtor: Noor Land Developers Private Limited 313, New Jawahar Nagar, Jalandhar, Punjab - 144001 Liquidation Commencement Date: July 17, 2025 Court: National Company Law Tribunal, Chandigarh Bench Liquidator: Vishawjeet Gupta #51, Adarsh Enclave, Dhakoli Near Zirakpur, Distt. Mohali (Punjab) - 160104 Email: vishawjeetgupta@gmail.com Mobile: +91-98152 84474 Last date for submission of claims: August 17, 2025 OMEGA TRAEXIM: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Omega Traexim Inc (OTI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 50.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 50.00 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 24, 2024, placed the rating(s) of OTI under the 'issuer non-cooperating' category as OTI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OTI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 9, 2025, June 19, 2025 and 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: Not Applicable Incorporated in 2013, Omega Traexim Inc. is a proprietorship firm promoted by Mrs. Khadija Hassan. The firm is engaged in manufacturing and export of brass art ware, EPNS wares and all kinds of Indian handicrafts items to various overseas destinations like UAE and Europe. Its manufacturing unit is located at Moradabad, UP. PANDA AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Panda and Company (PC) 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 18, 2024, placed the rating(s) of PC under the 'issuer non-cooperating' category as PC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 3, 2025, June 13, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Panda and Company was established in August 1964. Since its inception the entity is engaged in lease rental business. The entity has entered into lease agreement with State Bank of India for the period of ten years starting since June 11, 2010. The entity receives lease rent at the rate INR22 per square feet per month for branch premises of 2712 square feet and INR11 per square feet per month for staff vehicle and generator room of 493 square feet from State Bank of India. The entity also entered into lease rent agreement with HDFC bank for the period of fifteen years starting since August 13, 2014. The entity receives lease rent from HDFC bank around Rs.1 lakh per month for 3365 square feet. Mr. Purna Chandra Panda (Partner) along with Mr. Rajendra Prasad Panda (Partner), Mr. Prabhat Chandra Panda (Partner), Mr. Prakash Chandra Panda (Partner) Mr. Bishnu Prasad Panda (Partner) Mrs. Ava Panda (Partner) who have around 40 years, 40 years, 35 years, 35 years, 25 years and 25 years, of experiences, respectively are looking after the day to day operation of the entity. PRATIKSHA GEMS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Pratiksha Gems (PG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.82 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 22, 2024, placed the rating(s) of PG under the 'issuer non-cooperating' category as PG had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PG 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: Stable Surat-based (Gujarat) PG was established as a partnership firm, promoted by Mr. Devraj Mania, Mr. Ashok Mania and Mr. Dinesh Mania in February 2002. The firm is engaged into processing of rough diamonds into polished diamonds and gives the same on job-work basis. The manufacturing facility of PG is located at Surat, Gujarat. PG imports rough diamonds largely from Dubai, Belgium and Israel while it also purchases the same locally. It supplies polished diamond to local as well as export market of USA, Singapore and Hong Kong. RAJESHWAR POULTRY: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rajeshwar Poultry & Hatcheries (RPH) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.85 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; 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 26, 2024, placed the rating(s) of RPH under the 'issuer non-cooperating' category as RPH had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPH continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 11, 2025, June 23, 2025 and July 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Rajeshwar Poultry & Hatcheries was established as a partnership firm in January 2018 and is currently being managed by Mr. Bhartpal Singh and Mrs. Manginder Kaur as its partners. RPH is established with an aim to set up a poultry farming business at its farm located at District Jind, Haryana. RAMAKRISHNA TOWNSHIPS: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Ramakrishna Townships & Projects Private Limited 54-15-20, Srinagar Colony Ring Road, Srikakulam, Vijayawada, Andhra Pradesh, India, 520008 Insolvency Commencement Date: July 23, 2025 Estimated date of closure of insolvency resolution process: January 20, 2026 Court: National Company Law Tribunal, Amaravati Bench Insolvency Professional: Mr. Anup KumarSingh 4th Floor, Flat 4A, Bidyaraj Niket, 22/28A, Manohar Pukur Road, Near Deshapriya Park, Kolkata, West Bengal, 700029 Email: anupsingh @stellarinsolvency.com Stellar Insolvency Professionals LLP Suite 1B, 1 Floor, 22/28A, Mаnoharpukur Road, Deshopriya Park, Kolkata - 700029 Email: sipl.ramakrishna@omail.com Last date for submission of claims: August 7, 2025 SANAYA REALTIES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sanaya Realties Private Limited (SRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 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 30, 2024, placed the rating(s) of SRPL under the 'issuer non-cooperating' category as SRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 15, 2025, June 25, 2025 and July 5, 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 Sanaya Realties Private Limited (SRPL) was incorporated in 1979 by Mr. Satish Sutaria and Mr. Vikas Sutaria as a private limited company and is engaged in real estate development. SRK GROUP: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of SRK Group (SG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 41.09 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 SG under the 'issuer non-cooperating' category as SG had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SG 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 SRK Group (SG) is a partnership firm constituted in September 2012 to develop a residential cum commercial project 'Mansarovar' near Kamrej in Surat – Gujarat. It is a partnership amongst three partners sharing equal profits to jointly develop the project. The project is envisaged to be developed on 7.94 Lakh square feet (lsft) land owned by SG and have total estimated saleable area of around 13.88 lsft. SUDARSHAN BEOPAR: CARE Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sudarshan Beopar Company Limited (SBCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.00 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 25, 2024, placed the rating(s) of SBCL under the 'issuer non-cooperating' category as SBCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 10, 2025, June 20, 2025, June 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SBCL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable West Bengal based Sudarshan Beopar Company Limited (SBCL) incorporated in October 1979, was owned and controlled jointly by Jain and Agarwal Family. Initially the company was promoted by Shri Kashi Prasad Saraogi, Sudarshan Saraogi and Hazarimal Fatehpuria and later in the year 2008, the management was changed to Mr. Surendra Kumar Agarwal, Mr. Arun Kumar Maheshwari and Mr. Ankit Jain. SBCL is engaged in flour milling activities with its manufacturing facility located at Chandauli, Uttar Pradesh. The company manufactures atta, maida, sooji and bran sells through wholesalers and dealers with a processing capacity of 225 ton per day (TPD). The company is under process of modernization of existing manufacturing facilities along with expansion of capacity of roller mill from existing 225 TPD to 350 TPD. SUPERSHINE ABS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Supershine ABS Platers Private Limited (SAPPL continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.85 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 30, 2024, placed the rating(s) of SAPPL under the 'issuer non-cooperating' category as SAPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 15, 2025, June 25, 2025 and July 5, 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 February 2004 as a private limited company by Mr. Suresh Shah, SAPPL is engaged in surface finishing on various ABS (Acrylonitrile Butadiene Styrene) plastics & metals. The services of the company are catered to the manufacturers of pens, automobile parts and household articles to various states & union territories across India, viz. Pondicherry, Tamil Nadu, Maharashtra, Daman, Goa, etc. TETRADRIP PHARMA: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Tetradrip Pharma Private Limited (TPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.93 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 18, 2024, placed the rating(s) of TPPL under the 'issuer non-cooperating' category as TPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 3, 2025, June 13, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Tetradrip Pharma Private Limited (TPPL) was incorporated on April 17, 2013 with an objective to enter into the manufacturing of pharmaceutical and medical products. The company has established a manufacturing unit of dialysis material and dry powder injection at Burdwan in west Bengal. The company has started commercial operation of dialysis division from June 2017. The day-to-day operations of the company are looked after by Mr. Arvind Khaitan along with the help of other directors and a team of experienced personnel who are having significant experience in the similar line of business. The benefit derived from the experience directors and healthy relation with customers and suppliers are continuing to support the company. VISWAKARMA BUILDTECH: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Viswakarma Buildtech (India) Private Limited (VBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE C; 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 30, 2024, placed the rating(s) of VBPL under the 'issuer non-cooperating' category as VBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 15, 2025, June 25, 2025 and July 5, 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 Bihar based, Viswakarma Buildtech (India) Private Limited (formerly known as Viswakarma Roofings (India) Private Limited), was incorporated in November, 2009. The company is involved in the manufacturing of asbestos cement sheets. The operations of the entity have commenced since February, 2016. WADHAWAN GLOBAL: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Wadhawan Global Capital Limited (WGCL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 1,900 CARE D; ISSUER NOT COOPERATING; Debentures 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 August 25, 2021, placed the rating(s) of WGCL under the 'issuer non-cooperating' category as WGCL had failed to provide information for monitoring of the rating for the rating as agreed to in its Rating Agreement. WGCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 3, 2025; July 8, 2025; and July 10, 2025. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating based on the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users (including investors, lenders and the public at large) are hence requested to exercise caution while considering these rating(s). Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Deteriorating financial performance: No latest financial data or operational data is available for the company from FY20 to FY25. As per the last available data, the company had reported a loss of INR524 crore in FY19 as compared to loss of INR171 crore in FY18, which was mainly on account of provision for diminution in value of investments. WGCL is a core investment company, which is jointly promoted by Kapil and Dheeraj Wadhawan (promoters of DHFL). As on March 31, 2019, Kapil Wadhawan, Dheeraj Wadhawan and Aruna Wadhawan together held 85% stake in the company. Incorporated as Wadhawan Housing Private Limited, the name of the company was subsequently changed to WGCL on May 31, 2014. ZEE LEARN: Withdraws Insolvency Proceedings for Subsidiary ---------------------------------------------------------- TipRanks reports that Zee Learn Limited has announced the withdrawal of the Corporate Insolvency Resolution Process (CIRP) for its subsidiary, Digital Ventures Private Limited (DVPL). TipRanks relates that the application for withdrawal was filed by the Interim Resolution Professional at the National Company Law Tribunal (NCLT) in Mumbai, following a directive from the National Company Law Appellate Tribunal (NCLAT). This move is in accordance with the Insolvency and Bankruptcy Code and relevant regulations, and Zee Learn will keep the stock exchange updated on any further developments. Zee Learn Limited commenced insolvency resolution process on Feb. 10, 2023. ================= I N D O N E S I A ================= EFISHERY: Indonesia Arrests Founder Over Alleged Fraud ------------------------------------------------------ ChannelNews Asia reports that the founder of once-booming Indonesian aquaculture firm eFishery has been arrested with two of his associates on suspicion of fraud, police said Aug. 5. After selling itself as a disruptive business offering fish and shrimp farmers an online platform for "feed, financing and market", it fell from grace in late 2024 when former chief executive Gibran Huzaifah was suspended over revenue irregularities, according to CNA. Gibran and two former executives were named as suspects and recently arrested over allegations they manipulated the company's books, said Helfi Assegaf, the national police director of special economic crime, CNA relays. "The three collaborated to carry out fraud and embezzlement on the investment process of eFishery by marking up the investment," he told reporters Aug. 5. They were accused of inflating the tech unicorn's revenue and profit to lure investment, CNA says. The police official did not say if the three had been formally charged. According to CNA, Helfi said nearly US$1 million had been embezzled from the firm. "The initial figure that we can already prove is 15 billion rupiah (US$915,499)," CNA quotes Helfi as saying. "It's still under process. We also are carrying out an audit of financial reports and the use of money." In an interview with Bloomberg published in April, Gibran admitted to manipulating eFishery's financial statements, but denied stealing any money. The trio have been in custody since July 31, according to Indonesian police-run site Tribratanews. After Gibran's suspension, the firm laid off most employees and appointed a consulting firm as its new management team this year, according to local media reports, CNA relays. The company was once valued at US$1.4 billion dollars but an internal probe found it had inflated its accounts and incurred investor losses of hundreds of millions of dollars, Bloomberg reported. About eFishery Indonesia-based eFishery is an aquaculture company that offers feeding solutions for fish and shrimp farming. As reported in the Troubled Company Reporter-Asia Pacific in early February 2025, eFishery on Feb. 4 announced that it has involved business consulting and management advisory FTI Consulting in the acting management of the company, with immediate effect. This comes amid allegations of systemic fraud within eFishery, following media reports that it purportedly inflated its September 2024 revenue by nearly US$600 million, Business Times said. Several employees under the workers' union staged a protest in late January to demand transparency and a thorough investigation. ===================== N E W Z E A L A N D ===================== ARISE SERVICES: Creditors' Proofs of Debt Due on Aug. 25 -------------------------------------------------------- Creditors of Arise Services Limited are required to file their proofs of debt by Aug. 25, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 24, 2025. The company's liquidator is: Kevyn Botes i-Business Recovery Limited c/- PO Box 55 Greenhithe Auckland 0756 FARRIER SOLUTIONS: Creditors' Proofs of Debt Due on Aug. 27 ----------------------------------------------------------- Creditors of Farrier Solutions Limited are required to file their proofs of debt by Aug. 27, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 30, 2025. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 GFY LTD: Goes Into Liquidation; Owes NZD915K to IRD --------------------------------------------------- Otago Daily Times reports that Timaru plumbing and building contractor GFY Ltd has gone into liquidation by a court order owing Inland Revenue (IRD) about NZD915,000. ODT says the company folded because of a failure to provide for taxation. According to ODT, the official assignee from the Insolvency and Trustee Service was appointed as liquidator on June 12 after the IRD initiated proceedings in the High Court at Christchurch. The business was registered in 2019. Murray Bartlett is named by the NZ Companies Office as the sole director and shareholder. In the first liquidator's report, the official assignee said the director would be interviewed and company records obtained to determine GFY's assets and liabilities, ODT relays. "The liquidator will complete a full investigation into the company records to determine if there are further assets to be realised, shareholder's current account to be claimed or any irregular transactions to be clawed back. It is expected that this investigation will be completed within six months." ODT relates that the business stopped trading at the date of liquidation and the liquidator was investigating whether to close or sell the business as a going concern. So far, the official assignee calculates the funds at hand to be NZD18,860. Almost all of this is owed to the business for unpaid goods or services delivered. An estimated NZD915,122 is owed to Inland Revenue, ODT discloses. A list of creditors has been initiated. There are 11 unsecured creditors, which include businesses in the building supply, financial, scaffolding and debt services sectors. Mr. Bartlett is also the sole shareholder of Nexus Services Ltd, which was put into liquidation on July 24 under a court order after an application by Buffer Premium Ltd, ODT discloses. SHIFTING PEAKS: Court to Hear Wind-Up Petition on Aug. 11 --------------------------------------------------------- A petition to wind up the operations of Shifting Peaks Limited will be heard before the High Court at Hamilton on Aug. 11, 2025, at 11:45 a.m. Braun Bond and Lomas Limited filed the petition against the company on June 10, 2025. The Petitioner's solicitor is: Kieran Andrew Lomas Level 1 127 Alexandra Street Hamilton 3204 SUSTAINABLE GREEN: Robin Crimp Appointed as Liquidator ------------------------------------------------------ Robin Crimp of RAC Insolvency Limited on July 18, 2025, was appointed as liquidator of Sustainable Green Developments Limited. The liquidator may be reached at: Robin Crimp RAC Insolvency Limited PO Box 1477 Christchurch 8140 VANTAGE HOMES: Court to Hear Wind-Up Petition on Aug. 11 -------------------------------------------------------- A petition to wind up the operations of Vantage Homes Limited will be heard before the High Court at Hamilton on Aug. 11, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 23, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton WANAKA INTERIORS: Harsh Economic Times Cited for Liquidation ------------------------------------------------------------ Otago Daily Times reports that harsh economic times have been cited as the reason for the liquidation of a Wānaka interior design business. Wanaka Interiors, which was incorporated in March 2022, was placed in liquidation by shareholders resolution last month, ODT notes. In their first report, liquidators Trevor and Emma Laing, of Laing Insolvency Specialists, said the business, owned by Celeste and Isaac Benefield, provided interior design services and retail of high-end home goods. ODT relates that economic conditions resulted in declining revenue and the decision to close the retail operation was made. The decision was then made to formally wind down the business, new tenants were secured for the company's leased premises and company assets were realised. There was insufficient value to repay creditors, ODT says. The shareholders were unable to provide any further funding or support and the company was placed in liquidation. The remaining company assets comprised unsold sundry plant and stock items, funds held in the company bank account and a small number of accounts receivable. There were six registrations recorded on the Personal Property & Securities Register, one registration related to a general security agreement from the company banker, the remaining related to security over goods supplied or leased items. The liquidators had been advised that all entitlements to previous employees had been paid in full. It was understood the company had outstanding Inland Revenue Department liabilities relating to recent GST. The exact amount of the preferential debt was being confirmed and it was not expected to be significant. At this stage, the liquidators were aware of 42 unsecured creditors, owed just over NZD98,000 and, given the limited remaining assets available for realisation, it was unlikely there would be a dividend payment for them, ODT relays. ================= S I N G A P O R E ================= DINO EXPRESS: Court to Hear Wind-Up Petition on Aug. 22 ------------------------------------------------------- A petition to wind up the operations of Dino Express Pte. Ltd. will be heard before the High Court of Singapore on Aug. 22, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 28, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 GS METAL: Court Enters Wind-Up Order ------------------------------------ The High Court of Singapore entered an order on July 18, 2025, to wind up the operations of GS Metal Engineering Pte. Ltd. Sashtha Construction Pte. Ltd. filed the petition against the company. The company's liquidators are: Luke Anthony Furler Tan Kim Han c/o Quantuma (Singapore) 137 Amoy Street, 02-03 Far East Square 049965, Singapore HUAT MANUFACTURING: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on July 25, 2025, to wind up the operations of Huat Manufacturing Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 PROPINE TECHNOLOGIES: Deloitte Appointed Provisional Liquidators ---------------------------------------------------------------- Mr. Tan Wei Cheong and Ms. Khoo Christina of Deloitte & Touche on July 22, 2025, were appointed as provisional liquidators of Propine Technologies Pte. Ltd. and Propine Market Services Pte. Ltd. The provisional liquidators may be reached at: Mr. Tan Wei Cheong Ms. Khoo Christina Deloitte & Touche 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 TASTY SARAWAK: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on July 25, 2025, to wind up the operations of Tasty Sarawak Kolo Mee Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***