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250808.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, August 8, 2025, Vol. 28, No. 158 Headlines A U S T R A L I A BOWEN COKING: Enters Into Receivership INFRABUILD AUSTRALIA: Fitch Hikes LongTerm IDR to 'CCC' LION RIBBON: Seeks to Sell 4 Owned Locations Properties NYRSTAR: Port Pirie Welcomes Bailout, Long-Term Concerns Remain XL EXPRESS: Goes Into Liquidation; 200 Jobs Axed C H I N A CHINA VANKE: State Shareholder Throws New Lifeline SHANDONG ENERGY: Moody's Lowers CFR to Ba2, Outlook Stable H O N G K O N G NEW WORLD: Shares Surge on Report of Take-Private Deal Talks I N D I A AJIT CONSTRUCTION: CRISIL Lowers Rating on INR10.96cr Loan to D BIHAR RAFFIA: CRISIL Keeps D Debt Ratings in Not Cooperating BISHNU FEED: CRISIL Keeps D Debt Rating in Not Cooperating DHANNVIJAY TEXMILLS: CRISIL Keeps D Ratings in Not Cooperating ETA ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating ETA POWERGEN: CRISIL Keeps D Debt Ratings in Not Cooperating G.R.S. ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating HIMALAYA INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating HOTEL BABYLON: CRISIL Keeps D Debt Rating in Not Cooperating HYDERABAD HANDLOOM: CRISIL Keeps C Debt Rating in Not Cooperating JAIPRAKASH ASSOCIATES: CCI OKs Dalmia Bharat's Acquisition Plan JHARKHAND MEGA: CRISIL Keeps D Debt Rating in Not Cooperating LAKHANI RUBBER: CRISIL Keeps D Debt Ratings in Not Cooperating LAKHANI SHOES: CRISIL Keeps D Debt Ratings in Not Cooperating MARUTI GRANITES: CRISIL Keeps D Debt Rating in Not Cooperating NIK-SAN ENGINEERING: CRISIL Keeps C Ratings in Not Cooperating RIDDHI SIDDHI: CRISIL Keeps D Debt Ratings in Not Cooperating ROJER MATHEW: CRISIL Keeps D Debt Ratings in Not Cooperating ROMEGA FOAM: CRISIL Keeps D Debt Ratings in Not Cooperating RREDIFICE PRIVATE: CRISIL Keeps D Debt Ratings in Not Cooperating SAHIB PESTICIDES: CRISIL Keeps B Debt Ratings in Not Cooperating SANMITA REALTY: CRISIL Lowers Ratings on INR12cr LT Loan to D SANTOSH KUMAR: CRISIL Keeps D Debt Rating in Not Cooperating SANVITA BIO: CRISIL Keeps B Debt Ratings in Not Cooperating SATYA SRINIVASA: CRISIL Keeps B Debt Rating in Not Cooperating SHALAK EATABLE: CRISIL Keeps D Debt Ratings in Not Cooperating TOYS 'R' US: Executes Deed of Company Arrangement J A P A N MARELLI AUTOMOTIVE: Committee Taps FTI as Financial Advisor MARELLI AUTOMOTIVE: Committee Taps Morris James as Co-Counsel MARELLI AUTOMOTIVE: Committee Taps Paul Hastings as Counsel M A L A Y S I A PHARMANIAGA BHD: Completes RP, Eyes PN17 Exit by Early 2026 N E W Z E A L A N D HEIGHT-WORX LIMITED: Court to Hear Wind-Up Petition on Aug. 29 IGM TECHNOLOGY: Placed in Administration KOHIA CONTRACTING: Creditors' Proofs of Debt Due on Aug. 25 TGHP LIMITED: Calibre Partners Appointed as Receivers YZX1 LIMITED: Creditors' Proofs of Debt Due on Aug. 27 ZEN E: Court to Hear Wind-Up Petition on Oct. 23 S I N G A P O R E BAMBOO GROUP: Court Enters Wind-Up Order EAST37ID PRIVATE: Court to Hear Wind-Up Petition on Aug. 22 MARZUK AGRI: Commences Wind-Up Proceedings NEUTRAL TECHNOLOGIES: Court Enters Wind-Up Order TAKIGAWA CORP: Creditors' Proofs of Debt Due on Sept. 2 - - - - - ================= A U S T R A L I A ================= BOWEN COKING: Enters Into Receivership -------------------------------------- Bowen Coking Coal Limited and its subsidiaries have been placed in receivership. On July 31, 2025, Ben Campbell, John Park, and Joanne Dunn of FTI Consulting were appointed as receivers and managers of Bowen Coking Coal Limited, along with its subsidiaries Bowen PCI Pty Ltd and New Lenton Coal Pty Ltd, pursuant to security interests in favour of Global Loan Agency Services Australia Nominees Pty Limited. This appointment of Receivers and Managers follows the appointment of Mark Holland and Shaun Fraser of McGrathNicol Restructuring as voluntary administrators of the companies as well as Coking Coal One Pty Ltd, Lenton Management and Marketing Pty Ltd and Bowen Coking Coal Marketing Pty Ltd on July 29, 2025. The Receivers and Managers are working with the Administrators regarding the ongoing operations of the Companies and the options available for a potential sale and/or recapitalisation process. It remains the parties intentions to continue operations on a business-as-usual basis. According to Mining Weekly, the decision to appoint voluntary administrators follow the rejection on July 29 of Bowen's final attempt to defer royalty payments to the Queensland Revenue Office (QRO), a move the company described as "very disappointing". Bowen had also failed to negotiate new commercial arrangements with its largest mining contractor, BUMA Australia, and its senior secured lender. "The decision to appoint administrators reflects the current challenging environment for the coal industry in Queensland from higher costs, lower global coal prices and higher royalty rates introduced by the Queensland government in 2022," the company said. The administration process, according to Bowen, is intended to create a window for a potential sale or recapitalisation of the group's assets, Mining Weekly related. Headquartered in Brisbane, Australia, Bowen Coking Coal Limited (ASX:BCB) -- https://www.bowencokingcoal.com.au/ -- together with its subsidiaries, engages in the exploration, development, and production of metallurgical coal in Australia. The company holds interests in the Isaac River Project located in the Bowen Basin in Central Queensland; the Cooroorah Project located north of Blackwater; and the Comet Ridge Project located in Queensland, as well as the Hillalong and Burton Lenton Coking Coal Project in Bowen Basin. It also has interests in the Carborough project; Broadmeadow East coking coal project located in Bowen Basin, Queensland; and the Bluff Mine, an open cut mine located in the southern Bowen Basin. INFRABUILD AUSTRALIA: Fitch Hikes LongTerm IDR to 'CCC' ------------------------------------------------------- Fitch Ratings has upgraded the Long-Term Issuer Default Rating (IDR) on InfraBuild Australia Pty Ltd. (InfraBuild) to 'CCC' from 'CC'. The rating on InfraBuild's USD700 million senior secured US dollar notes has also been upgraded to 'B-' from 'CCC-', with a Recovery Rating of 'RR2'. Fitch rates InfraBuild based on the consolidated profile of its 100% holding company, Liberty InfraBuild Ltd. (InfraBuild Group), which does not generate any revenue, nor hold any cash or debt. The rating upgrade is driven by Fitch's assessment that InfraBuild's liquidity has improved following a refinancing exercise in April 2025. The refinancing also facilitated the publication of InfraBuild's audited financial statements for the financial year ended June 2024 (FY24). Nonetheless, InfraBuild's rating is constrained due to its expectation of weak EBITDA and sustained negative free cash flow (FCF), which could result in a liquidity shortfall beyond FY27. Key Rating Drivers Refinancing Improves Liquidity: Fitch estimates that InfraBuild had readily available cash of around AUD600 million as of FYE25 (FYE24: AUD335 million), which should enable the group to meet its operating and debt obligations in the next two years. InfraBuild undertook a USD150 million tap issue of the US dollar notes in April 2025 and used the proceeds to repay USD150 million outstanding under an asset-backed term loan due in May 2026. The repayment allowed release of around USD330 million of cash held in escrow, which boosted InfraBuild's cash balance. InfraBuild also repaid AUD50 million of mortgage which was due in October 2025. InfraBuild's debt now mostly consists of the US dollar notes that mature in FY29. Bond Covenants Updated: InfraBuild's bond covenants were updated in April 2025 to severely restrict transactions with the parent and related parties, which are a part of GFG Alliance, and retain the cash released from escrow for supporting the business. InfraBuild has restrictions on paying dividends to GFG and investments in affiliates are capped at AUD5 million. Other affiliate transactions require the approval of a board member who has been appointed by a committee representing the holders of most of the outstanding notes. Additionally, a change of InfraBuild's ownership due to enforcement of a disputed security deed held by GFG's creditors will not require an offer to repurchase the notes. Cash Depletion from Negative FCF: Fitch forecasts InfraBuild's cash will fall to around AUD100 million by FYE27, which is inadequate to manage intra-year working capital variation and may cause a liquidity crisis in FY28. Fitch forecasts negative FCF due to weak EBITDA and high interest payments. Fitch expects steel industry conditions to remain challenging until 1HFY26, followed by gradual improvement in global demand and supply, prices and margins. InfraBuild management's EBITDA forecast is better than Fitch's, due to several cost-reduction initiatives. Lower Earnings on Industry Weakness: Fitch forecasts Fitch-adjusted average EBITDA for FY26-FY27 at 55% lower than FY24 at around AUD110 million. InfraBuild's reported EBITDA in 9MFY25 fell by 48% yoy on lower steel sales volumes, prices and spreads. Volumes dropped due to weak domestic demand that was affected by elevated inflation and interest rates. Pressure from imports has also remained high, as Australia has not imposed protectionist measures so far, beyond existing anti-dumping duties and product certification requirements. Potential Asset Sales: InfraBuild is pursuing asset sales in the US and exploring further divestment options, which would improve its liquidity. Substantial disposal gains may lead us to revise up its liquidity assessment for InfraBuild and boost its credit metrics. However, the company has pushed back the timeframe for the potential sale of its recycling assets in the US to FY26 from FY25, and Fitch has not included any asset sale proceeds in its forecast due to material uncertainty. Manageable Impact from Whyalla: InfraBuild buys 300-400 thousand tonnes of steel billets a year from OneSteel Manufacturing's (OSM) Whyalla Steelworks, which entered administration in February 2025. InfraBuild is in negotiations with OSM but product supply is continuing. Fitch estimates the annual EBITDA impact of a potential price rise for Whyalla supply or its substitution by imports to be manageable at below AUD20 million. OSM Loan to Stay Subordinated: Fitch also believes a AUD72 million loan due to OSM will stay subordinated to the US dollar notes and not repayable until maturity of the notes, despite OSM entering administration. Publication of Financial Statements: The release of the FY24 financial statements also reduces risks of a default. The company had sought multiple consents from bondholders to defer the publication, which was originally due by end-October 2024 under the covenants, and a further delay could have resulted in a bond default. Risk from Parent Reduced: InfraBuild's ultimate controlling party as per its financial statements is Singapore-incorporated Liberty Steel Group Holdings Pte. Ltd (LSGH), which is part of the larger GFG Alliance. Fitch does not have any material information on LSGH and its shareholders, preventing a detailed parent and subsidiary linkage assessment. However, Fitch thinks risks associated with a cash drain from InfraBuild for the benefit of the GFG Alliance are mitigated by InfraBuild's bond covenants. Peer Analysis InfraBuild's IDR can be compared with that of Interpipe Holdings Plc (CCC-) and Metinvest B.V. (CCC-), which are rated lower than InfraBuild due to a higher default risk within the next two years. Interpipe is a Ukrainian producer of high value-added steel products, mostly pipes and railway wheels. Fitch expects the company to be able to service its financial obligations in 2025. However, Fitch sees elevated default risk for bonds due in May 2026 due to limited visibility on whether the country's central bank will allow repayment of bonds with funds that are subject to exchange controls and on Interpipe's ability to facilitate a refinancing. Metinvest is a vertically integrated Ukrainian mining and steel company, with some operations elsewhere in Europe and in the US. The 'CCC-' rating reflects significant refinancing risk for US dollar notes due in April 2026. Fitch forecasts that Metinvest will not have sufficient liquidity to repay the notes. Operating risk is also high due to the Russia-Ukraine war, including the occupation or damage of some of its assets, and high electricity costs. Cleveland-Cliffs Inc. (Cliffs, BB-/Stable) is a higher-rated peer which is the largest flat-rolled steel producer and largest producer of iron ore pellets in North America. It is a majority blast furnace producer of steel with some electric arc furnace production. Its business profile is stronger than InfraBuild's due to a much larger EBITDA scale, focus on higher value-added products and a significant share of fixed-price contracts. Fitch also expects Cliffs' leverage and coverage metrics to be healthier. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for InfraBuild Group: - Revenue to decline by 2% in FY26 before growing by 5% in FY27 (FY25E: 11% decline); - Average Fitch-adjusted EBITDA margin of 2.5% over FY26-FY27 (FY25E: 2.0%); - Cumulative capex of AUD290 million during FY25-FY27; - Net Fitch-defined working capital days to stay flat, following an increase of 10 days in FY25; - Cumulative debt repayment of AUD180 million during FY26-FY27; - Cash outflow related to exceptional items of AUD55 million in FY26 (FY25E: AUD80 million); - No inflow from asset sales. Recovery Analysis The recovery analysis assumes that InfraBuild would be liquidated in a bankruptcy as Fitch estimates this results in a better return to creditors. Fitch has assumed a 10% administrative claim. To calculate the liquidation value, Fitch uses an 80% advance rate against InfraBuild's reported receivables, which consist almost entirely of trade receivables, and a 35% rate against the reported inventories and property, plant and equipment (PP&E) as of end-March 2025. The advance rates used for inventories and PP&E are lower than the rates Fitch typically uses for recovery analysis. This reflects the risk of weak recoveries from inventories and PP&E due to volatile steel market conditions, which could prevail in the next few years. Fitch treats the USD700 million notes as first-lien secured debt, following the repayment of an asset-backed term loan in April 2025, in the debt waterfall for distribution of value. These assumptions result in an 'RR2' Recovery Rating for the US dollar notes under its Corporate Recovery Ratings and Instrument Ratings Criteria. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Heightened risk of a liquidity crisis within the next two years, due to negative FCF or likely debt repayments. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Limited risk of year-end readily available cash falling below AUD150 million, or improved banking access; - EBITDA interest coverage sustained above 1.5x. Liquidity and Debt Structure Fitch estimates that InfraBuild had readily available cash of around AUD600 million at end-June 2025, which should be adequate to meet its debt repayment obligations in FY26-FY27 despite its expectations of negative FCF. InfraBuild debt repayment obligations in FY26-FY27 consist mostly of quarterly repurchase offers of USD10 million for the US dollar notes, which mature in November 2028. Fitch forecasts InfraBuild's cash will deplete to below AUD150 million by FYE27, a level that may be insufficient to sustain operations in the absence of additional proceeds from asset sales or debt. InfraBuild aims to sell its recycling assets in the US and is exploring further divestment opportunities. Fitch thinks InfraBuild will need to refinance the US dollar notes with another bond ahead of maturity in 2028. Issuer Profile InfraBuild is Australia's sole vertically integrated manufacturer, processor and distributor of long steel products, including reinforcing steel, with an electric arc furnace-based steelmaking capacity of 1.4 million tonnes per annum. It comprises the manufacturing, product mill, distribution and recycling assets of the former Arrium Group, which were taken over by GFG Alliance in 2017. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING InfraBuild's ultimate controlling party is LSGH. Fitch does not have any material information on LSGH and its shareholders, and therefore cannot undertake a detailed parent and subsidiary linkage assessment. However, Fitch thinks risks associated with a cash drain from InfraBuild for the benefit of the GFG Alliance beyond its dividend assumption are mitigated by InfraBuild's debt covenants. This provides us with sufficient basis to assess InfraBuild Group's credit profile and assign a rating to InfraBuild. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations InfraBuild Australia Pty Ltd. has an ESG Relevance Score of '4' for Group Structure due to {DESCRIPTION OF ISSUE/RATIONALE}, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. InfraBuild Australia Pty Ltd. has an ESG Relevance Score of '4' for Governance Structure due to {DESCRIPTION OF ISSUE/RATIONALE}, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- InfraBuild Australia Pty Ltd. LT IDR CCC Upgrade CC senior secured LT B- Upgrade RR2 CCC- LION RIBBON: Seeks to Sell 4 Owned Locations Properties ------------------------------------------------------- Lion Ribbon Texas Corp. and its affiliates, seek permission from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Assets, free and clear of liens. Debtor IG Design Group Americas, Inc. and its Debtor and non-Debtor subsidiaries comprise a global company that designs, manufactures, and distributes high-quality consumer crafting, gifting and stationery products for celebrations, hobbies and creative play. The Company is home to a number of brands, some of which were established more than a century ago, and distributes branded and private-label products either directly to consumers or to a wide range of high-profile Fortune 100 customers. The Company operates across the world with design, manufacturing, distribution, and production facilities located throughout North America and supporting facilities in India, Hong Kong, China, the United Kingdom, and Australia. On July 7, 2025, the Court entered an order authorizing joint administration of the Chapter 11 Cases for procedural purposes only. The Debtors continue to manage and operate their businesses as debtors in possession under sections 1107 and 1108 of the Bankruptcy Code. The Debtors entered into the Disposition Services Agreement and filed the Disposition Services Motion knowing that the Huron IB Team would likely identify additional assets to be sold outside of the going concern sale process. Shortly after the Petition Date, the Debtors and the Huron IB Team determined that certain of the Owned Locations will likely be excluded from such going concern sales and that stakeholder recoveries could be maximized by immediately engaging a service provider with the requisite skill and experience to efficiently market and sell such designated Owned Locations. The Owned Locations are: -- 2015 West Front Street Berwick, PA 18603: Administrative Building -- 1200 E 9th St Berwick, PA 18603: Poly Ribbon Manufacturing Facility -- 857 Willow Cir Hagerstown, MD 21740: Manufacturing and Distribution Facility -- 832 Summerland Ave Batesburg-Leesville, SC 39006: Manufacturing Facility The Debtors and their advisors engaged in arm's-length and good faith negotiations with the Real Estate Liquidator and its counsel and ultimately reached an agreement as to the services to be provided by the Real Estate Liquidator and the appropriate structure of fees and expenses to be associated with any sale of the Owned Locations. In consideration for the Owned Location Services, the Real Estate Liquidator will earn a fee equal to 5% of the gross proceeds realized from any such sale, net of applicable sales taxes and will separately be provided with $35,000 to use in marketing the Liquidating Owned Locations. The Location Fees and Expenses will be deemed administrative expense claims, subject to the subordination of the Subordinated Location Sale Fees. The Debtors are engaged in a process to sell and liquidate all of their assets and, thus, will ultimately have no continuing need for the Owned Locations. Indeed, for certain of the Owned Locations, once the assets that are held there are themselves monetized by the Liquidation Agent, the Owned Locations will no longer be needed. The Debtors have determined, in their business judgment, that the Real Estate Liquidator is best positioned to effectively and efficiently market and sell the Owned Locations given its experience in conducting similar real property sales as well as its ability to seamlessly coordinate with the Liquidating Agent in connection with such agent's sale of the Liquidating Assets as described in the Disposition Services Motion. The Debtors further request approval to sell the Owned Locations free and clear of liens, claims, interests and encumbrances, in accordance with section 363 of the Bankruptcy Code. The Debtors further request that the Court authorize the Debtors to pay the Real Estate Liquidator the Location Sale Fees, subject to the subordination of Subordinated Location Sale Fees, and the Location Expenses to enable the Real Estate Liquidator to properly market any designated Owned Locations. The Debtors respectfully request emergency consideration of this Motion with regard to the relief sought in the Order, pursuant to Bankruptcy Local Rule 9013-1(i), the Complex Case Procedures. About Lion Ribbon Texas Corp. Lion Ribbon Texas Corp. and affiliates design, manufacture, and distribute consumer crafting, gifting, and stationery products for celebrations, hobbies and creative play. They operate globally, with facilities across North America and supporting operations in India, Hong Kong, China, the United Kingdom, and Australia. They supply both branded and private-label products to consumers and major corporate clients. The Debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90164) on July 3, 2025. In their petitions, the Debtors reported $100 million to $500 million in assets and liabilities on a consolidated basis. Judge Christopher M. Lopez handles the cases. The Debtors are represented by Caroline A. Reckler, Esq., Ray C. Schrock, Esq., Adam S. Ravin, Esq., Randall Carl Weber-Levine, Esq., and Meghana Vunnamadala, Esq., at Latham & Watkins, LLP. The Debtors tapped Huron Consulting Services, LLC as investment banker and financial advisor; Deloitte Tax, LLP as tax services provider; Liskow & Lewis, APLC as conflicts counsel; C Street Advisory Group, LLC as communications advisor; and Kroll Restructuring Administration, LLC as claims, noticing and solicitation agent. NYRSTAR: Port Pirie Welcomes Bailout, Long-Term Concerns Remain --------------------------------------------------------------- ABC News reports that Port Pirie locals said it is a "relief" that a government bailout for its struggling smelter has saved the "lifeblood" of their town, but one expert warns it may not be a forever solution. In addition to employing around 900 people directly and hundreds of others indirectly, the smelter had been the port city's most significant employer for the past 130 years. According to the ABC, Mensland Port Pirie business owner Justin Turci said almost 50 per cent of his annual sales came from contracts with Nyrstar for staff work apparel, as well as D-lead wipes and soaps - which can remove lead, heavy metals and other contaminants from skin. He said locals were no strangers to the ups and downs of the smelter's viability. "Obviously it's a little bit of shock, but . . . we've been through this same thing quite a few times before," the ABC quotes Mr. Turci as saying. "Hopefully [the bailout] secures the future for another [130] years in the town." Earlier this week, the federal, South Australian and Tasmanian governments handed a joint AUD135 million bailout to Nyrstar Australia, which has smelters in Port Pirie and Hobart, the ABC notes. The ABC relates that Nyrstar Australia said it would use the rescue package to "maintain its ongoing operations" at both sites, and also fund feasibility studies to see if the Port Pirie site could be upgraded to produce anitmony and bismuth, and the Hobart site to produce germanium and indium. Nyrstar Australia had called on the government for urgent help back in June, chief executive Matt Howell said the Port Pirie smelter was losing "tens of millions [of dollars] a month". Nyrstar Australia owns smelters in Hobart and Port Pirie. XL EXPRESS: Goes Into Liquidation; 200 Jobs Axed ------------------------------------------------ Alexandra Feiam at news.com.au reports that national transport and logistics company XL Express has gone into liquidation after 35 years in business. It has collapsed owing almost AUD42 million in estimated debts, with about 200 employees to be left without jobs. The Brisbane-based trucking company was founded in 1990 and operated across Australia. The company was plunged into voluntary administration in late June and appointed administrators Kelly-Anne Trenfield, Ross Blakely and Joanne Dunn from FTI Consulting, who conducted an "urgent assessment" into its finances, news.com.au notes. As part of the liquidation, its 200 employees were stood down and on June 23, the premises in Western Sydney were locked due to unpaid rent, the administrators said. According to news.com.au, the FTI Consulting report said the logistics company owed up to AUD41.9 million in total debts, with AUD5.3 million owed to employees and AUD3.4 million to the Australian Taxation Office. XL Express also owes an estimated AUD18.9 million to lenders including NAB, ScotPac and Judo Bank. News.com.au relates that the report said an estimated AUD12.4 million was also owed to other unsecured creditors. Multiple injury compensation claims that are being processed by insurers were also noted by administrators. Prior to the logistics company appointing administrators, it engaged with Manheim Auctioneers to begin the process of liquidating its fleet of vehicles. According to the administrator's report, XL Express' forecast from January 2023 indicated "ongoing cash flow difficulties", incurring losses in FY23, FY24 – excluding abnormal items and revaluation of its assets – and March YTD FY25, news.com.au relay. On August 4, the Australian Securities and Investments Commission issued a notice of deemed special resolution to wind up XL Express and its 17 associated companies. XL Express operated depots and facility locations in Brisbane, Sydney, Melbourne, Adelaide, Perth and Darwin, as well as regional depots in Cairns, Townsville, Mackay and Newcastle. ========= C H I N A ========= CHINA VANKE: State Shareholder Throws New Lifeline -------------------------------------------------- Caixin Global reports that China Vanke Co. Ltd. has obtained another emergency loan from its largest shareholder as the embattled developer faces nearly $2 billion in upcoming debt repayments and deepening liquidity stress. In a filing on Aug. 5, Vanke said Shenzhen Metro Group Co. Ltd., a state-owned enterprise, has agreed to provide a shareholder loan of CNY1.681 billion ($234 million), Caixin relates. The funds will go toward servicing Vanke's public bonds and interest on designated borrowings previously approved by Shenzhen Metro. This marks the ninth direct capital injection by Shenzhen Metro this year alone, as authorities scramble to prevent one of China's largest state-backed developers from defaulting amid a prolonged real estate downturn, Caixin says. The latest funding follows three tranches totaling CNY8.8 billion over the past month, which helped cover CNY5.9 billion in July bond maturities. In total, Shenzhen Metro has extended CNY24.4 billion in loans to Vanke in 2025 so far. Caixin says the steady drip of lifelines underscores the severity of Vanke's cash crunch and its increasing dependence on state bailouts. Once seen as one of the sector's most stable players, the company is now shut out from conventional lending channels. Its situation reflects the widening scope of China's real estate crisis, which began with private developers but has since spread to state-linked firms. More repayments loom. Vanke faces CNY2 billion in bond maturities this month, with another CNY11.8 billion in principal across five domestic bonds due over the final four months of the year, according to Caixin. Meanwhile, the developer's internal cash flow continues to shrink as sales deteriorate. Data from China Real Estate Information Corp. shows Vanke's contracted sales from January to July fell 44% year-on-year to CNY82.1 billion - a steeper decline than the 12.5% average decline posted by China's top 100 developers during the same period. Efforts by the Shenzhen government to coordinate more bank support have shown little progress, sources said, Caixin relays. One person familiar with the matter said Vanke has very limited cash at the corporate level and will probably need continued state support unless new bank loans materialize. According to Caixin, the latest loan carries an interest rate of 2.34% and a term of up to three years, with interest payments due quarterly. Vanke can request an extension if it faces financial difficulties, subject to Shenzhen Metro's approval. The creditor also retains the right to demand collateral. Most of the earlier loans required Vanke to pledge assets. So far, the company has pledged 55.8% of its property management spinoff Onewo Inc., worth CNY12.2 billion, along with equity in project companies and commercial real estate holdings. Shenzhen Metro, which is owned by the city government, became Vanke's top shareholder in early 2017. The group has taken a more active management role since the start of this year, alongside a series of major cash infusions. Vanke's financial troubles began in late 2023 as China's property market crisis deepened, Caixin notes. The firm staved off defaults in 2024 by selling assets and pledging additional collateral. However, its position has deteriorated further in 2025. By the end of last year, its short-term interest-bearing debt stood at 158.3 billion yuan - up CNY95.9 billion from the previous year - including both bonds and bank loans. Shenzhen Metro has reiterated its commitment to supporting Vanke using legal and market-based tools to help the developer manage its maturing liabilities, Caixin adds. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in mid-June 2025, S&P Global Ratings affirmed its 'B-' long-term issuer credit rating on China Vanke Co. Ltd. and its subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK). S&P also affirmed its 'B-' issue rating on Vanke HK's senior unsecured notes. S&P removed the ratings from CreditWatch, where they were placed with developing implications on March 5, 2025. The negative rating outlook on China Vanke reflects S&P's view that the company's liquidity could tighten in the face of deteriorating sales and a bond maturity wall over the next 12 months. The TCR-AP reported on May 20, 2025, Fitch Ratings has downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC', from 'CCC+', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC', from 'CCC+', with a Recovery Rating of 'RR4'. The ratings are removed from Rating Watch Negative. The TCR-AP in March 2025, S&P Global Ratings placed on CreditWatch with developing implications the following ratings: the 'B-' long-term issuer credit ratings on China Vanke and on China Vanke's subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and the 'B-' issue ratings on Vanke HK's senior unsecured notes. SHANDONG ENERGY: Moody's Lowers CFR to Ba2, Outlook Stable ---------------------------------------------------------- Moody's Ratings has downgraded the corporate family ratings of Shandong Energy Group Company Limited (Shandong Energy) and Yankuang Energy Group Company Limited (Yankuang Energy) to Ba2 from Ba1, with a stable outlook. At the same time, Moody's have downgraded Shandong Energy's Baseline Credit Assessment (BCA) to b2 from b1 and Yankuang Energy's BCA to b1 from ba3. Previously, the ratings were on review for downgrade. "The downgrade of Shandong Energy's rating reflects Moody's expectations that its leverage will remain elevated at around 8.5x over the next 12-18 months. This is driven by persisting high debt level as the result of large capital spending at levels, as well as weak coal prices, which reduced its EBITDA. Such metrics are not commensurate with its previous rating levels," says Daniel Zhou, a Moody's Ratings Assistant Vice President and Analyst. "The downgrade of Yankuang Energy's rating follows that of its parent Shandong Energy, because of their close credit linkage. Yankuang Energy's BCA is constrained by the weaker credit quality of its parent, to which potential cash leakage could happen," adds Zhou. RATINGS RATIONALE Shandong Energy's Ba2 CFR incorporates its BCA of b2 and a three-notch uplift, reflecting Moody's assessments of the strong likelihood of support from, and a high level of dependency on, the Shandong government and ultimately the Government of China (A1 negative), in times of stress. Yankuang Energy's Ba2 CFR incorporates its b1 BCA and a two-notch uplift based on likely strong support from, and a high level of dependency on, the Shandong government and ultimately the Government of China, in times of stress. Shandong Energy's b2 BCA primarily reflects the company's large scale and diversified coal mining assets, and its low-cost mining operations in Shandong province and Australia (Aaa stable). At the same time, its BCA is constrained by the company's high leverage, as well as exposure to high coal price volatility and long-term carbon transition risks. Moody's projects Shandong Energy's adjusted debt/EBITDA to further rise to around 8.5x over the next 12-18 months from around 7.8x at end-2024. Shandong Energy's debt level will remain elevated at around RMB540 billion in the absence of a concrete deleveraging plan. Its large investments in strategic projects in coal mines, the chemical sector and renewable energy will require high level of capex and additional debt funding. Additionally, Moody's expects Shandong Energy to continue providing project loan guarantees for the Yulong Petrochemical Project. In addition, declining coal prices will continue to pressure Shandong Energy's profit generation. Moody's forecasts Shandong Energy's adjusted EBITDA to decline further from 2024 levels over the next 12-18 months. Yankuang Energy's b1 BCA is supported by its diversified coal mining assets and related infrastructure; as well as the low-cost mining operations in Shandong province and Australia. At the same time, the BCA also reflects its exposure to high coal price volatility and long-term carbon transition risks, as well as its parent's weakened credit quality. Moody's forecasts Yankuang Energy's adjusted debt/EBITDA to rise to around 3.5x over the next 12-18 months from around 2.9x in 2024. The impact of declining coal price is mitigated by lower debt burden and less capex requirement relative to its parent. Moody's assessments of a strong likelihood of extraordinary support for Shandong Energy and Yankuang Energy is underpinned by (1) Shandong Energy's 100% and Yankuang Energy's 53% controlling ownership by the Shandong government; and (2) the importance of the companies' mining assets to the central and provincial governments by safeguarding China's energy security. The support assumption also reflects Shandong Energy's significance to Shandong provincial government in terms of economic contribution and large workforce. Moody's assessments of the issuers' high dependence on the Chinese government reflects the fact that both entities are exposed to common political and economic event risks. Both Shandong Energy's and Yankuang Energy's liquidity profiles are weak. Nevertheless, both companies' refinancing risks are manageable because of their good access to domestic and overseas funding markets, due to their status as key state-owned enterprises owned by provincial government. Both companies face elevated environmental risks associated with the coal mining industry, including carbon transition risks, as countries reduce their reliance on coal power. They are also exposed to high social risks associated with the coal mining industry, including health and safety and responsible production. With respect to governance, Shandong Energy has limited information transparency on its investment strategy and financial policy, which have been materially influenced by the Shandong government given the government's ultimate control and full ownership over the company. Yankuang Energy's governance-related risks mainly reflect mainly its historically large acquisitions through cycles. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Shandong Energy's stable rating outlook reflects Moody's expectations that the company's credit metrics will stay appropriate for its BCA in the next 12-18 months; the company will maintain good funding access; and the support assessment from Chinese government will remain intact. Yankuang Energy's stable rating outlook follows that of Shandong Energy, due to their close credit linkage. Moody's could upgrade Shandong Energy's rating and BCA if the company lowers its debt leverage via stronger cash flow generation or meaningful reduction of debt. Credit metrics indicative of upward rating pressure include adjusted debt/EBITDA below 6.5x on a sustained basis. Moody's could downgrade Shandong Energy's rating if the likelihood of government support decreases; or the company's BCA further weakens. Shandong Energy's BCA would be downgraded if the company's financial profile further deteriorates due to sizable debt-funded expansion, further prolonged coal price declines or weakened funding access. Credit metrics indicative of a lower BCA include adjusted debt/EBITDA above 9.0x, or adjusted debt/book capitalization above 75%, for a prolonged period. Moody's could upgrade Yankuang Energy's rating if Shandong Energy's rating is upgraded. Moody's could downgrade Yankuang Energy's rating if Shandong Energy's rating is downgraded. A weakening of government support could also pressure Yankuang Energy's rating. The methodologies used in these ratings were Mining published in April 2025. Shandong Energy's b2 BCA is two notches below the scorecard-indicated outcome of Ba3. This reflects the company's exceptionally high leverage, single-commodity exposure and its large trading business which has low transparency and thin profit margin. Yankuang Energy's b1 BCA is two notches below the scorecard-indicated outcome of Ba2. This reflects the company's single-commodity exposure and constrained by its parent's weakened credit quality. Shandong Energy is the largest coal mining group in Shandong province and the third-largest coal mining group in China in terms of coal production volume in 2024. The company is also involved in other businesses, including high-end coal chemical, logistics and trading, power generation, machinery manufacturing, financial services and others. Shandong Energy is ultimately owned by the Shandong government; it is directly held by the Shandong State-owned Assets Supervision and Administration with a 70% holding share. Shandong Dev & Inv Hldg Grp Co Ltd (Baa2 stable) and the Shandong Caixin Asset Management Co., Ltd hold the remaining 20% and 10% stakes in the company, respectively. Yankuang Energy owns and operates various coal mines across China and Australia. The company was listed on the Shanghai and Hong Kong stock exchanges in 1998. ================= H O N G K O N G ================= NEW WORLD: Shares Surge on Report of Take-Private Deal Talks ------------------------------------------------------------ The Standard reports that shares of cash-strapped Hong Kong property developer New World Development surged on Aug. 7 after a media report on a potential take-private deal. According to The Standard, financial news provider Octus reported on Aug. 6 the developer, along with its controlling Cheng family, have been in discussions with U.S. private equity firm Blackstone regarding a potential financing deal of up to US$2.5 billion (HK$19.5 billion), which could result in a joint take-private offer. The discussions, which could involve preferred or ordinary equity, are still in the early stages and subject to change, Octus reported, citing sources, The Standard relays. In late June, New World closed an $11.2 billion loan refinancing package, one of the largest ever in Hong Kong, designed to bring the company back from the brink of default, the report notes. New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. ========= I N D I A ========= AJIT CONSTRUCTION: CRISIL Lowers Rating on INR10.96cr Loan to D --------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Ajit Construction Company (ACC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 10.96 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Cash Credit 7.04 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with ACC for obtaining information through letter and email, April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. 'Investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'issuer not cooperating' as the rating has been arrived at without any interaction with the management and is based on best-available, limited or dated information regarding the firm. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Rating with the 'issuer not cooperating' suffix lacks a forward-looking component'. Detailed Rationale Despite repeated attempts to engage with the management of ACC, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the firm. The rating action on ACC is consistent with the criteria detailed in 'Assessing information adequacy risk’. Based on the last-available information, Crisil Ratings has downgraded its ratings on the bank facilities of ACC to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating'. As per information available in the public domain, there remains delinquency in the entity’s accounts and clarity about the same from the management and bankers is awaited. Founded in 1978 by Mr Ajit Singh Chawla, Inderpal Singh Chawla and other Chawla family members , ACC undertakes civil contracts for road construction. The firm is based in Karnal, Haryana. BIHAR RAFFIA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Bihar Raffia Industries Limited (BRIL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (Issuer Not Cooperating) Funded Interest Term Loan 5.21 CRISIL D (Issuer Not Cooperating) Proposed Long Term 4.54 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.9 CRISIL D (Issuer Not Cooperating) Working Capital 11.8 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with BRIL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BRIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BRIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BRIL continues to be 'Crisil D Issuer not cooperating'. BRIL, incorporated in 1998, manufactures bulk packaging materials made of polypropylene and high-density poly ethylene (HDPE). The company has two units, at Jamshedpur in Jharkhand and at Satna in Madhya Pradesh, with combined capacity of 7500 tonne per annum. BISHNU FEED: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shree Bishnu Feed Industries (SBFI) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.35 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SBFI for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.’ Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SBFI, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBFI is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of SBFI continues to be 'Crisil D Issuer not cooperating’. SBFI was established in 1995 as a proprietorship concern by Mr Bharatji Prasad. The firm produces poultry feed, cattle feed, and hatched chicks. It also trades in maize grain and soya bean de-oiled cakes. Its manufacturing facility is in Howrah, West Bengal. DHANNVIJAY TEXMILLS: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sree Dhannvijay Texmills Private Limited (SDTPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Cash Credit 7 CRISIL D (Issuer Not Cooperating) Term Loan 0.54 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SDTPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.’ Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SDTPL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SDTPL is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of SDTPL continues to be 'Crisil D Issuer not cooperating’. Established in 2004 by Mr Vijay Shankar and his wife, Ms Dhanalakshmi, Coimbatore-based SDTPL manufactures polyester cotton yarn. ETA ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of ETA Engineering Private Limited (ETA Engineering) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 45 CRISIL D (Issuer Not Cooperating) Cash Credit 17 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Cash Credit 30 CRISIL D (Issuer Not Cooperating) Letter of credit 276 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Letter of credit 20 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Letter of credit 5.25 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Letter of credit 140 CRISIL D (Issuer Not & Bank Guarantee Cooperating) Proposed Short Term 97.4 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ETA Engineering for obtaining information through letter and email dated June 19, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.’ Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ETA Engineering, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ETA Engineering is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the ratings on bank facilities of ETA Engineering continues to be 'Crisil D/Crisil D Issuer not cooperating’. Incorporated in 1994, ETA Engineering is a part of the Dubai-based ETA group; the company undertakes heating, ventilating, and air-conditioning (HVAC) projects; electromechanical projects and services (EMPS); and MEP works. In 2006, the ETA group entered the multi-modal logistics business by obtaining a licence from the Indian Railways through ETA Engineering, the license was subsequently sold in 2012-13. ETA POWERGEN: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of ETA Powergen Private Limited (ETA) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 18.88 CRISIL D (Issuer Not Cooperating) Proposed Long Term 11.34 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 1.78 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with ETA for obtaining information through letter and email dated June 19, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ETA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ETA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ETA continues to be 'Crisil D Issuer not cooperating'. ETA Powergen, a subsidiary of ETA Star Holdings Ltd, was incorporated in 1999 and is part of the Dubai-based ETA group. ETA Powergen owned and operated a 10-megawatt (MW) biomass power plant in Tamil Nadu. The plant, which commenced operations in May 2009, used juliflora as biomass fuel. The company had short-term agreements with industrial customers for sale of power. The plant ceased operations in July 2015. G.R.S. ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of G.R.S. Ispat Company Private Limited (GICPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14.75 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with GICPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GICPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GICPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GICPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1995 by Mr Saket Saroha, GICPL started operations in March 2013. It trades in steel scrap, hot-rolled and cold-rolled steel coils, thermo-mechanically treated bars, and copper products. HIMALAYA INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Himalaya India Developers (HID) continue to be 'Crisil B/Stable Issuer not cooperating’. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 5 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 5 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with HID for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.’ Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HID, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HID is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of HID continues to be 'Crisil B/Stable Issuer not cooperating’. HID was set up as a partnership firm of Mr Mukesh Agarwal and Mr Akhilesh Agarwal. The firm is currently engaged in construction of a residential complex at Raipur (Chhattisgarh). HOTEL BABYLON: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the rating on bank facilities of Hotel Babylon Capital Private Limited (HBCPL) continues to be 'Crisil D Issuer not cooperating’. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 29 CRISIL D (ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with HBCPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.’ Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HBCPL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HBCPL is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of HBCPL continues to be 'Crisil D Issuer not cooperating’. HBCPL, incorporated in 2012, is promoted by Mr Paramjeet Singh Khanuja and his wife, Mrs Jugesh Kaur. The company is setting up a 3-star hotel and 81 shops to be sold as commercial office space in Raipur. The hotel commenced its operations in October 2019. HYDERABAD HANDLOOM: CRISIL Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Hyderabad Handloom Centre (HHC) continues to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HHC for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviehwed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HHC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HHC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HHC continues to be 'Crisil C Issuer not cooperating'. Set up in 1984 as a partnership firm HHC runs five retail textile show rooms in Bengaluru. The firm is promoted by Ms. Jamunabhai and family. JAIPRAKASH ASSOCIATES: CCI OKs Dalmia Bharat's Acquisition Plan --------------------------------------------------------------- The Economic Times reports that the Competition Commission of India (CCI) has cleared Dalmia Bharat's proposal to acquire a 100% stake in Jaiprakash Associates (JAL). ET relates that the proposed combination follows a resolution process of JAL under the bankruptcy law, the antitrust regulator said in a statement on Aug. 5. Dalmia Bharat plans to acquire JAL through its wholly-owned arm Dalmia Cement Bharat. The Adani Group, Vedanta, Suraksha Group, Jindal Steel and Power and PNC Infratech are the other bidders for JAL. Under the Insolvency and Bankruptcy Code (IBC), the antitrust regulator's clearance is required before resolution plans are approved by the committee of creditors that comprises financial creditors alone, ET notes. ET says JAL's acquisition will help Dalmia Bharat, the country's fourth-largest cement producer, in its expansion plan. The company aims to raise its annual capacity to 75 million tonnes by FY28, and to 110-130 million tonnes by fiscal FY31 from the current 49.5 million tonnes. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. JHARKHAND MEGA: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Jharkhand Mega Food Park Private Limited (JMFPPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 33.95 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JMFPPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JMFPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JMFPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JMFPPL continues to be 'Crisil D Issuer not cooperating'. JMFPPL was incorporated in 2009 as a special-purpose vehicle (SPV) by a group of entities, the primary stakeholders are GenX Venture Capital Inc, Empower India Limited, Patanjali Avurved Ltd, Ranchi Industrial Area Development Authority, and Green Coast Nurseries India Pvt Ltd. LAKHANI RUBBER: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Lakhani Rubber Products Private Limited (LRPPL; part of the Lakhani group) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 8.5 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 10 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 23.48 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with LRPPL for obtaining information through letter and email dated June 19, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LRPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LRPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of LRPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. The Lakhani group has established the Lakhani brand in the footwear and rubberised automotive components businesses over the past four decades. Between fiscals 2006 and 2008, the split between Mr KC Lakhani and his younger brother, Mr PD Lakhani, led to reorganisation of the business and its assets. The group has production plants in Faridabad (Haryana), Dhar (Madhya Pradesh), Haridwar (Uttarakhand) and Noida (Uttar Pradesh) to produce sports, leather and canvas shoes and ethylene-vinyl acetate slippers, with a total capacity of 55.5 crore pairs per annum. LAKHANI SHOES: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Lakhani Shoes and Apparels Private Limited (LSAPL; part of the Lakhani group) continue to be 'Crisil D Issuer not cooperating’. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.32 CRISIL D (ISSUER NOT COOPERATING) Proposed Term Loan 36.13 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with LSAPL for obtaining information through letter and email dated June 19, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.’ Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LSAPL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LSAPL is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of LSAPL continues to be 'Crisil D Issuer not cooperating’. The Lakhani group has established the Lakhani brand in the footwear and rubberised automotive components businesses over the past four decades. Between fiscals 2006 and 2008, the split between Mr KC Lakhani and his younger brother, Mr PD Lakhani, led to reorganisation of the business and its assets. The group has production plants in Faridabad (Haryana), Dhar (Madhya Pradesh), Haridwar (Uttarakhand) and Noida (Uttar Pradesh) to produce sports, leather and canvas shoes and ethylene-vinyl acetate slippers, with a total capacity of 55.5 crore pairs per annum. MARUTI GRANITES: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Maruti Granites and Marbles Private Limited (MRTGMPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MRTGMPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MRTGMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MRTGMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MRTGMPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1987, Sukher (Rajasthan)-based MRTGMPL processes marble with an installed capacity of 200,000 sq ft per month. Mr Prabhash Rajgarhia and Mrs Poonam Rajgarhia are the promoters. NIK-SAN ENGINEERING: CRISIL Keeps C Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Nik-San Engineering Company Limited (NSECL) continue to be 'Crisil C/Crisil A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 16 CRISIL A4 (Issuer Not Cooperating) Cash Credit 8.2 CRISIL C (ISSUER NOT COOPERATING) Letter of Credit 7 CRISIL A4 (Issuer Not Cooperating) Working Capital 5 CRISIL C (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with NSECL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NSECL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NSECL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NSECL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. NSECL is promoted by Mr. Suresh Kumar Choudhary and Mr. Naresh Kumar Choudhary and was established has firm in 1993. The company is involved in the manufacturing of distribution ransformers, low tension current transformers (LTCT) and current and potential transformers, with its manufacturing facility being located at Vadodara, Gujarat. These products find application in the distribution of electrical power and measuring instruments. RIDDHI SIDDHI: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Riddhi Siddhi Cotspin Private Limited (RSCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.25 CRISIL D (Issuer Not Cooperating) Cash Credit 12.50 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.15 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 0.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RSCPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RSCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RSCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RSCPL continues to be 'Crisil D Issuer not cooperating'. RSCPL was incorporated in April 2013, by promoters, Mr Ankit Lotiya, Mr Sureshkumar Lotia, and Mr Kanu Vekariya. The company has a cotton-ginning unit in Rajkot (Gujarat) and commenced operations in March 2014. It sells cotton bales and cotton seeds. ROJER MATHEW: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Rojer Mathew and Company (RMC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Cash Credit 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RMC for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RMC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RMC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RMC continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up as a partnership firm in Kochi (Kerala), RMC executes civil contracts for Kerala Public Works Department. Operations of the firm are managed by key partner, Mr. Rojer Mathew. ROMEGA FOAM: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Romega Foam Private Limited (RFPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RFPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.’ Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RFPL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RFPL is consistent with 'Assessing Information Adequacy Risk’. Based on the last available information, the ratings on bank facilities of RFPL continues to be 'Crisil D/Crisil D Issuer not cooperating’. RFPL, incorporated in 1994 by Mr. Ninan Verghese and Ms. Sheeba Ninan, manufactures polyurethane foam, convoluted sheets, polyurethane foam rolls, bonded foam, contour sheets, antistatic foam etc. in its manufacturing facilities in Puducherry (Tamil Nadu). All the products manufactured are customised for customers. RREDIFICE PRIVATE: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Rredifice Private Limited (RRE; previously known as R R Edifice) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.25 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 4.75 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with RRE for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RRE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RRE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RRE continues to be 'Crisil D/Crisil D Issuer not cooperating'. RRE established in 2015 is promoted by Mr. B Mallikarjuna Reddy and Mr Sravan Kumar Reddy, undertakes civil construction work for canals, tunnels and roads in Andhra Pradesh. SAHIB PESTICIDES: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sahib Pesticides (SP) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B/Stable (Issuer Not Cooperating) Cash Credit 5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SP for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SP continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2006 as a proprietorship firm, SP manufactures insecticides and fungicides at its facility in Karnal, Haryana. It commenced operations in 2009. Mr Subhash Khurana is the proprietor. SANMITA REALTY: CRISIL Lowers Ratings on INR12cr LT Loan to D ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Sanmita Realty Private Limited (SRPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 12 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Proposed Fund- 1 Crisil D (Issuer Not Based Bank Limits COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with SRPL, through letter and email dated April 4, 2025, among others, apart from telephonic communication, for obtaining information. However, the issuer has remained non-cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the company's management, Crisil Ratings did not receive any information on the financial performance or strategic intent of SRPL, which restricts the ability of Crisil Ratings to take a forward looking view on the entity's credit quality. Crisil Ratings believes the rating action on SRPL is consistent with 'Assessing Information Adequacy Risk'. Based on last available information, Crisil Ratings has downgraded its rating on the long-term bank facilities of SRPL to 'Crisil D Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not Cooperating' owing to delay by the company in meeting interest obligation as per bank statements and management affirmation. Analytical Approach For arriving at its rating, CRISIL Ratings has combined the business and financial risk profiles of Sneh Deep Realty Pvt Ltd, SRPL, Vaaso Infrastructure Pvt Ltd, Jay capishiv Infra Pvt Ltd, S Amin Infra Pvt Ltd, SSPA Realty Pvt Ltd and Jambuva Realty Pvt Ltd. This is because all the companies, collectively referred to as the Aatmiya group, are in the same business and have operational and financial linkages. SRPL was incorporated in July 2018 by Mr Sajaykumar Vallabh Patel and Ms Asmita Sajaykumar Patel. The company is developing two residential projects, Aatmiya Signature and Aatmiya Selenite, comprising 92 and 80 apartments, respectively, in Sevasi, Gujarat. It has completed a six-bungalow project, Aatmiya Selenite Villa. SANTOSH KUMAR: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Santosh Kumar Rajesh Kumar (SKRK) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SKRK for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SKRK, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKRK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKRK continues to be 'Crisil D Issuer not cooperating'. SKRK was set up in 1978 by the proprietor, Mr Santosh Agarwal. The Lucknow-based firm trades in edible oil. SANVITA BIO: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sanvita Bio Technologies Private Limited (SBPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 12 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 48.15 Crisil B/Stable (Issuer Not Cooperating) Proposed Cash 3 Crisil B/Stable (Issuer Not Credit Limit Cooperating) Proposed Long Term 1.85 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 37 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SBPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2010, SBPL is setting up a foot-and-mouth disease (FMD) vaccine production plant. Based in Hyderabad, the company is promoted by Dr. V. Manohar Rao and his family. SATYA SRINIVASA: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Satya Srinivasa Enterprises (SSE) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSE for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSE continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2002, SSE is engaged in ginning and pressing of raw cotton and sells cotton lint and trading of cotton. The firm is promoted by Mr. Srinivas Bhima. The firm operates with installed capacity of 300 bales per day at Guntur in Andhra Pradesh. SHALAK EATABLE: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shalak Eatable Products Private Limited (SEPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Standby Overdraft 1.50 CRISIL D (Issuer Not Facility Cooperating) Term Loan 14.66 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SEPPL for obtaining information through letter and email dated June 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SEPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SEPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SEPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SEPPL was set up in 2008, by the promoters, Mr Rajesh Bansal and Mr Yogesh Bansal. The company manufactures and trades in 2D and 3D pellet snacks. In fiscal 2019, the product profile was diversified to include food products such as pasta and macaroni. The manufacturing facility is in Mohammadpur (Lucknow). TOYS 'R' US: Executes Deed of Company Arrangement ------------------------------------------------- TipRanks reports that Toys 'R' Us ANZ Limited has executed a Deed of Company Arrangement (DOCA) following a proposal by Directed Electronics Australia Pty Ltd to acquire all company shares. This arrangement includes transferring shares, establishing a Creditors' Trust Deed, replacing company officers, and delisting from the ASX, marking significant changes in the company's operations and market presence, TipRanks relates. Based in Clayton, Australia, Toys"R"Us ANZ Limited (ASX:TOY) -- https://corporate.toysrus.com.au/ --- together with its subsidiaries, engages in distribution of toys, hobbies, and baby products in Australia. It trades under e-commerce brands, such as Toys"R"Us, Babies"R"Us, RIOT, and Hobby Warehouse. The company was formerly known as Funtastic Limited and changed its name to Toys"R"Us ANZ Limited in June 2021. Luke Francis Andrews and Duncan Edward Clubb of BDO were appointed as administrators of the company on June 4, 2025. ========= J A P A N ========= MARELLI AUTOMOTIVE: Committee Taps FTI as Financial Advisor ----------------------------------------------------------- The Official Committee of Unsecured Creditors of Marelli Automotive Lighting USA LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to appoint FTI Consulting, Inc. as its financial advisor. FTI will provide these services: (a) assist in the review of financial disclosures; (b) evaluate proposed DIP financing, asset sales, employee compensation programs, and the Debtors' cost-saving measures; (c) assess liquidity, cash flow, and operating results; (d) analyze tax issues, claims reconciliation, and proposed plans of reorganization; (e) attend meetings with stakeholders and support the Committee in its legal and financial strategy; and (f) render other business consulting services as requested by the Committee or its counsel. FTI professionals will bill hourly at these customary rates: -- Senior Managing Directors: $1,185 to $1,525 -- Directors/Senior Directors/Managing Directors: $700 to $1,155 -- Consultants/Senior Consultants: $485 to $820 -- Administrative/Paraprofessionals: $190 to $385 FTI also seeks to use an independent contractor, Shota Kubo, at an hourly rate of $520, with no markup on his services. FTI Consulting is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: FTI CONSULTING, INC. 1166 Avenue of the Americas, 15th Floor New York, NY 10036 Telephone: (212) 841-9330 Facsimile: (212) 841-9331 Website: www.fticonsulting.com About Marelli Automotive Lighting USA LLC Marelli Automotive Lighting USA LLC is a global automotive parts supplier based in Saitama, Japan. The Company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli Automotive Lighting USA LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11. 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtors are represented by Joshua A. Sussberg, P.C., Nicholas M. Adzima, Esq., and Evan Swager, Esq. at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, and Ross M. Kwasteniet, P.C. and Spencer A. Winters, P.C. The Debtors' Bankruptcy Co-counsel are Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Edward A. Corma, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Restructuring Advisor. PJT PARTNERS INC. is the Debtors' Investment Banker. KURTZMAN CARSON CONSULTANTS, LLC, dba VERITA GLOBAL, is the Debtors' Notice & Claims Agent. MARELLI AUTOMOTIVE: Committee Taps Morris James as Co-Counsel ------------------------------------------------------------- The Official Committee of Unsecured Creditors of Marelli Automotive Lighting USA LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain Morris James LLP as co-counsel. Morris James will provide these services: (a) provide legal advice and assistance to the Committee in its consultation with the Debtors regarding the administration of the reorganization; (b) review and analyze all applications, motions, orders, statements of operations, and schedules filed with the Court by the Debtors or third parties, advise the Committee, and take appropriate action; (c) prepare necessary applications, motions, responses, answers, orders, reports, and other legal documents on behalf of the Committee; (d) represent the Committee at hearings and communicate with the Committee regarding the issues raised and the decisions of the Court; and (e) perform other legal services as needed, including advising on Delaware law, attending Court proceedings, and handling conflict matters in coordination with lead counsel Paul Hastings LLP. Morris James LLP professionals will bill at these hourly rates: -- Eric J. Monzo Partner $905 -- Brya M. Keilson Partner $850 -- Jason S. Levin Associate $525 -- Siena B. Cerra Associate $425 -- Stephanie Lisko Paralegal $385 -- Douglas J. Depta Paralegal $385 According to court filings, Morris James LLP is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firms can be reached at: Eric J. Monzo, Esq. Jason S. Levin, Esq. Siena B. Cerra, Esq. MORRIS JAMES LLP 500 Delaware Avenue, Suite 1500 Wilmington, DE 19801 Telephone: (302) 888-6800 Facsimile: (302) 571-1750 E-mail: emonzo@morrisjames.com jlevin@morrisjames.com scerra@morrisjames.com - and - Kristopher M. Hansen, Esq. Jonathan D. Canfield, Esq. Gabriel E. Sasson, Esq. Marcella Leonard, Esq. PAUL HASTINGS LLP 200 Park Avenue New York, NY 10166 Telephone: (212) 318-6000 Facsimile: (212) 319-2665 E-mail: krishansen@paulhastings.com About Marelli Automotive Lighting USA LLC Marelli Automotive Lighting USA LLC is a global automotive parts supplier based in Saitama, Japan. The Company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli Automotive Lighting USA LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11. 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtors are represented by Joshua A. Sussberg, P.C., Nicholas M. Adzima, Esq., and Evan Swager, Esq. at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, and Ross M. Kwasteniet, P.C. and Spencer A. Winters, P.C. The Debtors' Bankruptcy Co-counsel are Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Edward A. Corma, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Restructuring Advisor. PJT PARTNERS INC. is the Debtors' Investment Banker. KURTZMAN CARSON CONSULTANTS, LLC, dba VERITA GLOBAL, is the Debtors' Notice & Claims Agent. MARELLI AUTOMOTIVE: Committee Taps Paul Hastings as Counsel ----------------------------------------------------------- The Official Committee of Unsecured Creditors of Marelli Automotive Lighting USA LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain Paul Hastings LLP as its legal counsel Paul Hastings will provide these services: (a) assist the Committee in its oversight of the Chapter 11 proceedings; (b) evaluate and negotiate post-petition financing, cash collateral usage, and exit financing; (c) analyze the Debtors' capital structure, claims, and interests; (d) assess executory contracts and unexpired leases and negotiate with relevant parties; (e) investigate the Debtors' conduct, assets, liabilities, and financial condition; (f) evaluate potential estate claims and avoidance actions; (g) review proposed sales of the Debtors' assets or businesses, including bidding procedures and agreements; (h) evaluate and negotiate chapter 11 plans and disclosure statements; (i) draft and review pleadings, motions, objections, and other legal documents on behalf of the Committee; (j) represent the Committee in hearings, mediations, and litigation proceedings; (k) consult and negotiate with stakeholders; (l) communicate with the Committee's constituents under section 1102 of the Bankruptcy Code; and (m) perform other legal services as necessary in connection with the Chapter 11 proceedings. Paul Hastings will be paid at these hourly rates: -- Partners: $1,625 to $2,520 -- Of Counsel: $1,575 to $2,395 -- Associates: $825 to $1,520 -- Paralegals: $295 to $670 Paul Hastings will also seek reimbursement for out-of-pocket expenses incurred during the engagement. According to court filings, Paul Hastings is a "disinterested person" as defined under Section 101(14) of the Bankruptcy Code. Paul Hastings also made the following disclosures in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Not applicable. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: The Committee and Paul Hastings expect to work together to develop a budget and staffing plan for the Chapter 11 Cases. The firm can be reached at: Kristopher M. Hansen, Esq. Jonathan D. Canfield, Esq. Gabriel E. Sasson, Esq. Marcella Leonard, Esq. Paul Hastings LLP 200 Park Avenue New York, NY 10166 Telephone: (212) 318-6000 E-mail: krishansen@paulhastings.com joncanfield@paulhastings.com gabesasson@paulhastings.com marcellaleonard@paulhastings.com About Marelli Automotive Lighting USA LLC Marelli Automotive Lighting USA LLC is a global automotive parts supplier based in Saitama, Japan. The Company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli Automotive Lighting USA LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11. 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtors are represented by Joshua A. Sussberg, P.C., Nicholas M. Adzima, Esq., and Evan Swager, Esq. at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, and Ross M. Kwasteniet, P.C. and Spencer A. Winters, P.C. The Debtors' Bankruptcy Co-counsel are Laura Davis Jones, Esq., Timothy P. Cairns, Esq., and Edward A. Corma, Esq. at PACHULSKI STANG ZIEHL & JONES LLP. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Restructuring Advisor. PJT PARTNERS INC. is the Debtors' Investment Banker. KURTZMAN CARSON CONSULTANTS, LLC, dba VERITA GLOBAL, is the Debtors' Notice & Claims Agent. =============== M A L A Y S I A =============== PHARMANIAGA BHD: Completes RP, Eyes PN17 Exit by Early 2026 ----------------------------------------------------------- The Malaysian Reserve reports that Pharmaniaga Bhd has completed the final step in its regularisation plan with the successful cancellation of MYR520 million in issued share capital, paving the way for the group to exit Practice Note 17 (PN17) status by the first quarter of 2026. According to the report, the capital reduction exercise, confirmed by the Registrar of Companies, brings Pharmaniaga's issued capital to MYR249.62 million comprising 6.56 billion shares. This follows the recent completion of a fully subscribed rights issue and a private placement involving 19 new investors, raising a combined MYR223.7 million. The Malaysian Reserve relates that the group plans to use 43.9% of the proceeds to pare down borrowings, which is expected to save MYR12.5 million annually in interest, while 39% will fund expansion initiatives, including new warehouses and R&D in insulin, vaccines, and generic drugs. "We are very pleased with the successful completion of our Regularisation Plan today," said its MD Datuk Zulkifli Jafar, calling the swift turnaround a reflection of "disciplined planning, transparent engagement, and an unwavering commitment." With all key milestones now met, the group is confident of returning to full compliance by early next year, The Malaysian Reserve relays. About Pharmaniaga Pharmaniaga Berhad is an investment holding company. The Company is principally engaged in the research and development, manufacturing of generic drugs and medical devices, logistics and distribution, sales, and marketing, as well as community pharmacy. It was reported in February 2023 that Pharmaniaga had been classified as an affected listed issuer under PN17. The pharmaceutical company said it had triggered the PN17 criteria pursuant to its audited consolidated financial statements for the period ended Dec. 31, 2022. ===================== N E W Z E A L A N D ===================== HEIGHT-WORX LIMITED: Court to Hear Wind-Up Petition on Aug. 29 -------------------------------------------------------------- A petition to wind up the operations of Height-Worx Limited will be heard before the High Court at Auckland on Aug. 29, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 30, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 IGM TECHNOLOGY: Placed in Administration ---------------------------------------- Benjamin Francis and Garry Whimp of Blacklock Rose Limited on July 23, 2025, were appointed as Administrators of IGM Technology Limited. The Administrators may be reached at: Benjamin Francis Garry Whimp C/- Blacklock Rose Limited PO Box 6709 Auckland 1142 KOHIA CONTRACTING: Creditors' Proofs of Debt Due on Aug. 25 ----------------------------------------------------------- Creditors of Kohia Contracting 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 28, 2025. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 TGHP LIMITED: Calibre Partners Appointed as Receivers ----------------------------------------------------- Daniel Stoneman and Neale Jackson of Calibre Partners on July 31, 2025, were appointed as Receivers and Managers of TGHP Limited. The Receivers and Managers may be reached at: Daniel Stoneman Neale Jackson Calibre Partners Level 21 88 Shortland Street Auckland YZX1 LIMITED: Creditors' Proofs of Debt Due on Aug. 27 ------------------------------------------------------ Creditors of YZX1 Limited (formerly Armstrong & Wolfe Building 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 29, 2025. The company's liquidators are: Victoria Toon Corporate Restructuring Limited, Chartered Accountants PO Box 10100 Dominion Road Auckland 1446 ZEN E: Court to Hear Wind-Up Petition on Oct. 23 ------------------------------------------------ A petition to wind up the operations of Zen E NZ Limited will be heard before the High Court at Auckland on Oct. 23, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 15, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= BAMBOO GROUP: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on July 18, 2025, to wind up the operations of The Bamboo Group Management II Pte. Ltd. Citystate Properties Pte Ltd filed the petition against the company. The company's liquidator is: Ms. Oon Su Sun c/o Finova Advisory Pte Ltd 182 Cecil Street #23-02 Frasers Tower Singapore 069547 EAST37ID PRIVATE: Court to Hear Wind-Up Petition on Aug. 22 ----------------------------------------------------------- A petition to wind up the operations of East37id Private Limited (formerly known as Eastbuilds 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 MARZUK AGRI: Commences Wind-Up Proceedings ------------------------------------------ Members of Marzuk Agri Pte. Ltd. on July 25, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Seah Chee Wei Rock Stevenson 8 Burn Road Trivex #16-12 Singapore 369977 NEUTRAL TECHNOLOGIES: Court Enters Wind-Up Order ------------------------------------------------ The High Court of Singapore entered an order on July 25, 2025, to wind up the operations of Neutral Technologies Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 TAKIGAWA CORP: Creditors' Proofs of Debt Due on Sept. 2 ------------------------------------------------------- Creditors of Takigawa Corporation Singapore Pte. Ltd. are required to file their proofs of debt by Sept. 2, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 31, 2025. The company's liquidator is: Mr. Koh Swee Tian 7 Temasek Boulevard #04-01 Suntec Tower One Singapore 038987 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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