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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, August 11, 2025, Vol. 28, No. 159

                           Headlines



A U S T R A L I A

ERIC INSURANCE: McGrathNicol Appointed as Voluntary Administrators
FORREST PERSONNEL: Shuts Down Amid 'Non-Viable' Federal Reform
FSM DEVELOPMENT: Federal Court Probes Ray White Capital


C H I N A

COUNTRY GARDEN: Liquidation Hearing Adjourned to January 5


H O N G   K O N G

GLORIOUS SEAFOOD: Shuts Down, Owes HKD7 Million to 50 Staff
NEW WORLD: In Talks With Blackstone, CapitaLand for Asset Sales


I N D I A

ADITYA AUTOMOBILE: ICRA Lowers Rating on INR10cr LT Loan to C
AVNI ENERGY: ICRA Withdraws D Rating on INR7cr LT Loan
CHINTAMANI GEMS: ICRA Keeps D Debt Rating in Not Cooperating
HINDUSTAN FLOUR: ICRA Keeps B Debt Rating in Not Cooperating
JAWAN MINING: Liquidation Process Case Summary

KINARA CAPITAL: ICRA Lowers Rating on INR74.37cr NCD to C
KIRATPUR NER: ICRA Keeps D Rating in Not Cooperating Category
LAKSHANYA VENTURES: ICRA Keeps D Debt Ratings in Not Cooperating
NETALKAR FORGE: ICRA Assigns B+ Rating to INR70cr LT Term Loan
NSN REDDY: ICRA Keeps B+ Debt Rating in Not Cooperating Category

RAGHUVANSHI FIBERS: ICRA Withdraws D Ratings from Not Cooperating
RAJ KUMAR: ICRA Keeps B+ Debt Rating in Not Cooperating Category
RAJALAXMI EDUCATION: ICRA Keeps B+ Debt Rating in Not Cooperating
SAEL RG1: Fitch Affirms 'BB+' Rating on USD Senior Secured Notes
SHIVAM COTTEX: ICRA Keeps D Debt Ratings in Not Cooperating

SHIVAM IRON: Ind-Ra Withdraws B- Rating on INR2.1-Bil. Bank Loans
SIPL SMPL: Voluntary Liquidation Process Case Summary
SITARAM MAHARAJ: ICRA Keeps D Ratings in Not Cooperating Category
SLN HOTELS: ICRA Assigns B+ Rating to INR76.00cr LT Term Loan
SLS POWER: Insolvency Resolution Process Case Summary

SNEHANJALI ELECTRONICS: CRISIL Keeps B Ratings in Not Cooperating
SOUTHERN AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
SRISURYA KNIT: CRISIL Keeps D Debt Ratings in Not Cooperating
SUBHKARAN AND SONS: CRISIL Keeps D Debt Rating in Not Cooperating
SUNFLOWER EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating

UMAVANSHI INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
UNITED CONCEPTS: ICRA Keeps D Debt Ratings in Not Cooperating
VAASO INFRASTRUCTURE: CRISIL Cuts Rating on INR135cr Loan to C
WEISSHORN REALTY: ICRA Reaffirms B Rating on INR260cr NCDs


M A L A Y S I A

XIN HWA: Auditors Raises Going Concern Doubt as Losses Widen


N E W   Z E A L A N D

BLACK DOG: Court to Hear Wind-Up Petition on Aug. 19
GCL 2025: Creditors' Proofs of Debt Due on Sept. 16
HINEMOA INVESTMENT: Placed in Receivership
KOHI BEACH: Restaurateur Businesses Owe NZD2 Million to IRD
MAJOR DRIVE: Placed in Liquidation

PEACOCKS NZ: Placed in Receivership, Along With 3 Other Daycares
RMK PRIVATE: Court to Hear Wind-Up Petition on Sept. 5
TRADING PLACE: Creditors' Proofs of Debt Due on Sept. 9


S I N G A P O R E

DGM PTE: Court to Hear Wind-Up Petition on Aug. 15
DOTC UNITED: Court Enters Wind-Up Order
JOY CONSTRUCTION: Court Enters Wind-Up Order
NOVETE PRIVATE: Court Enters Wind-Up Order
RIBBONSG PTE: Court to Hear Wind-Up Petition on Aug. 15


                           - - - - -


=================
A U S T R A L I A
=================

ERIC INSURANCE: McGrathNicol Appointed as Voluntary Administrators
------------------------------------------------------------------
Shaun Fraser & Kathy Sozou of McGrathNicol were appointed as
voluntary administrators of Eric Insurance Limited on July 28,
2025.

Eric Insurance Limited provides general insurance for the
automotive insurance industry.


FORREST PERSONNEL: Shuts Down Amid 'Non-Viable' Federal Reform
--------------------------------------------------------------
ABC News reports that a disability employment support service will
be closing its doors after 40 years of helping people in regional
Western Australia.

The federal government is replacing the current Disability
Employment Program with a new program called Inclusive Employment
Australia from November 1.

According to the ABC, Forrest Personnel chief executive Lynne
Harwood said the new contracts offered under Inclusive Employment
Australia had made ongoing operations unviable.

"The new tender has variables to it that make it non-viable and
non-sustainable from our perspective," she said.

The not-for-profit service has a head office in Bunbury, 170
kilometres south of Perth and has thousands of clients throughout
South West, Great Southern, Wheatbelt, Goldfields-Esperance and
south-metro areas.

The ABC relates that Ms. Harwood said at the heart of Forrest
Personnel's decision is the introduction of market share percentage
caps as part of the Inclusive Employment Australia program.

Market share caps limit the proportion of the market a single
provider can control to encourage competition and avoid
monopolies.

Ms. Harwood said the market share caps were intended to tackle
market saturation in metropolitan areas, but their application to
regional areas would instead squeeze out local providers, the ABC
relays.

"Going forward, for-purpose organisations can only be sustainable
if they're very large, and that's into the hundreds of millions of
dollars or very boutique and niche. Anything in between becomes
very difficult," the ABC quotes Ms. Harwood as saying.

In a statement, a spokesperson for the federal Department of Social
Services said there would be no reduction of services in any area
of the country, including WA.

"People with disability in Western Australia will be able to access
services from 17 different organisations funded across the state,"
the spokesperson said.

Steven Twigger has been supported by the not-for-profit for the
past 15 years, which helped him get a job with the Bunbury tour
company Go West Tours, according to the ABC.

"They come to see me if I need anything," he said.

Mr. Twigger was unsure of what the closure would mean for him.

Ms. Harwood said national, for-profit providers were at an
advantage and ready to fill the market gaps created by the upcoming
reforms, the ABC adds.


FSM DEVELOPMENT: Federal Court Probes Ray White Capital
-------------------------------------------------------
Max Mason at the Australian Financial Review reports that the scion
of one of Australia's largest real estate groups has faced
allegations his private credit lending firm induced a property
developer into a loan, which made a development insolvent as soon
as it was signed.

The Financial Review relates that Dan White, founder and executive
chair of Ray White Capital, took the stand in the Federal Court on
Aug. 8 to face those allegations. It was alleged that the developer
Frank Guo was advanced funds from the loan facility to pay off
shareholder loans, including to himself, friends and family, and
split some associated fees with Ray White Capital.

Mr. White has denied any wrongdoing, the Financial Review says.

Ray White Capital, which is backed by the family office of the
White family, who have made their fortune from the real estate
agency group of the same name.

According to the Financial Review, Mr. White was being questioned
as part of an insolvency examination into the collapsed developer,
FSM, by its administrators from Cor Cordis partners Kate Conneely
and Rahul Goyal. Legal action is not being taken against Mr. White
personally.

They were appointed by private credit lender Zagga, the second
mortgagee on the development.

RWC organised a facility worth AUD27.4 million, the Financial
Review notes. The court was told that the loan principal, fees and
interest ballooned to AUD37 million, matching the entire value of
the Ashfield development in Sydney's inner west.

The Financial Review says the court heard the developer allegedly
received about AUD420,000 to pay back shareholder loans despite
initial promises of more than AUD3 million under a working capital
provision in loan.

The paying back of the shareholder loans was a critical point in
getting Guo to sign the deal, it was claimed.

"The cost went up more than expected," Mr. White told the court.
"These jobs are very tricky to finish, they cost a lot more than
expected. Therefore, the buffer to be able to pay the working
capital loan was a lot less."

At times, Mr. White clashed with barrister David Williams,
representing the administrators. Mr. Williams alleged RWC took part
in a scheme with the developer to ensure the total value of the
project was taken up by the loan facility, the Financial Review
relays.

"You knew at the time that this transaction was being entered into,
it was unwise for the director to commit his company to such an
arrangement," Mr. Williams asserted.

"That's not true," Mr. White said.

"And then to make matters worse, you didn't honour the deal you had
with [Guo] by allowing shareholder loans to be repaid," Mr.
Williams said.

Mr. White replied: "I disagree with that."

In August 2024, RWC replaced lender La Trobe on the development.
About AUD21.7 million had been drawn from a limit of AUD25 million
and a cost to complete the project was around AUD1.6 million.

The development was expected to get legal certification for it to
be occupied in September 2024.

"Mr Guo thought you were crazy to get his company to enter into
this deal," Mr. Williams alleged.

"Why do you say that?" Mr. White replied.

RWC organised a facility worth AUD27.4 million, where some
documents state it would make a little under AUD5 million, or a
multiple of 1.18 times the principal.

However, other documents showed RWC would actually receive a
minimum return of AUD11.9 million, a difference of about AUD7
million, taking its total to about AUD38 million; the same as the
assessed net realisable value of the development.

The money has not been distributed to the investors in the
underlying RWC fund.

This allowed RWC to take AUD11.9 million return from the project,
while the second priority mortgagee, private credit lender Zagga,
ended up with nothing.

Mr. White told the court he had never reviewed the modelling which
showed the AUD11.9 million minimum return. The alleged sharing of
fees with Guo and a put option on remaining unsold apartments were
not documented.

"I'm not aware of any other agreements or side deals, or whatever
you're talking about," Mr. White told the court.

The loan deal put a AUD2.5 million provision for any legal
challenges that were to come as a result of the agreement.

A creditor's report from December 2024 had formed a preliminary
view "that the loan from Ray White Capital could be considered as
an unreasonable director transaction".

"The director is refusing to explain the rationale for entering
into the agreement with Ray White Capital," the report said.

"Prima Facie, the Ray White Capital facility was in default from
its commencement as it breached the LVR covenant.

"The director's lack of disclosure on the events leading up to the
introduction of Ray White Capital loan could be seen as a scheme to
cause Zagga financial loss and dilute their interest in Ashfield."

Rahul Goyal & Catherine Conneely of Cor Cordis were appointed as
voluntary administrators of FSM Development Pty Ltd on Nov. 7,
2024.




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C H I N A
=========

COUNTRY GARDEN: Liquidation Hearing Adjourned to January 5
----------------------------------------------------------
Reuters reports that Country Garden confirmed on Aug. 7 that the
Hong Kong High Court had adjourned a hearing into a liquidation
petition against it to January 5, 2026.

Reuters says the adjournment was earlier posted on the Hong Kong
judiciary's website.

The hearing was originally scheduled for August 11, 2025.

Once a top developer by sales in the country, Country Garden
defaulted on its offshore debt in late 2023 and is now trying to
gain lenders' support on its restructuring proposal that aims to
cut $14.1 billion of that debt by 78%.

Getting enough creditor support on the restructuring proposal is
essential for Country Garden to convince the court to reject the
petition, which was filed last year by Ever Credit, a unit of Hong
Kong-listed Kingboard, Reuters notes.

                   About Country Garden Holdings

Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.

As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.

The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.

The developer defaulted on US$11 billion of offshore bonds last
year and is in the process of an offshore debt restructuring.




=================
H O N G   K O N G
=================

GLORIOUS SEAFOOD: Shuts Down, Owes HKD7 Million to 50 Staff
-----------------------------------------------------------
The Standard reports that Chinese restaurant in Hong Kong has
suddenly shut its doors, leaving dozens of employees unpaid.

Glorious Seafood Restaurant, located on the second floor of Cheung
Sha Wan Plaza, pulled down its shutters on July 31 and ceased
operations starting August 1.

According to The Standard, the Eating Establishment Employees
General Union reported that around 50 workers - including five
foreign laborers - have been left unpaid, with outstanding wages,
severance pay, unpaid leave compensation, and notice payments
totaling approximately HK$7 million. Many employees were not
informed of the closure until the last minute.

The Standard relates that the union on Aug. 1 accompanied the
affected workers to file a formal complaint with the Labour
Department, demanding immediate payment of the owed wages and
compensation.

According to records, the restaurant was operated by Glorious
Group, which also ran another branch in Aberdeen. The abrupt
closure has raised concerns over a potential wave of restaurant
bankruptcies amid Hong Kong's challenging economic climate.

This incident adds to growing anxieties in Hong Kong's dining
sector, where rising costs and reduced consumer spending have
forced multiple eateries to close in recent months, the report
notes.


NEW WORLD: In Talks With Blackstone, CapitaLand for Asset Sales
---------------------------------------------------------------
Bloomberg News reports that New World Development Co. is in talks
with several potential investors including Blackstone Inc. and
CapitaLand Group as the cash-strapped Hong Kong developer seeks to
dispose of assets to improve liquidity, according to people
familiar with the matter.

Blackstone has been in discussions with New World to buy some of
its assets, said the people, asking not to be identified talking
about a private matter, Bloomberg relays. The world's largest
alternative asset manager could be open to the option of taking the
developer private, though there is no concrete proposal for this on
the table, the people said.

Singapore property firm CapitaLand also engaged with New World for
exploratory discussions in recent weeks, according to the sources.

Bloomberg notes that New World is still facing challenges even
after it pulled off one of the city's biggest refinancing deals
worth US$11 billion earlier this year. It has also been trying to
secure a loan of as much as HK$15.6 billion led by Deutsche Bank,
though it recently missed a self-imposed target for that effort.

Other firms, including Ares Management, have also looked at the
assets, though there is no indication of any recent concrete
discussions, other sources said, Bloomberg relys.

Controlled by Hong Kong's Cheng family, New World carries the
heaviest debt burden among major developers in the city, amid a
prolonged real estate downturn in the financial hub and mainland
China. Its net debt reached 95.5 per cent of shareholders' equity
as at December, according to Bloomberg Intelligence.

The Cheng family, worth an estimated US$21 billion as at March,
proposed a semi-bailout to New World about two years ago, when it
offered to take a subsidiary private and provide the developer with
about HK$21.7 billion, Bloomberg notes. The firm reported its first
annual loss in 20 years for the 12 months ended June 2024.

According to Bloomberg, New World said on Aug. 7 that no share
offers were given to the company by any person, including the
controlling shareholder of New World and Blackstone. The statement
followed an Octus report that Blackstone and the Cheng family were
considering co-investing about US$2.5 billion into New World, with
options discussed for the investment in the form of preferred or
ordinary equity.

Adrian Cheng, the eldest son of the family patriarch, stepped down
as chief executive officer in September 2024, and he left the board
recently, Bloomberg recalls. The Cheng family also owns a stake in
Chow Tai Fook Jewellery Group, led by Adrian's sister Sonia Cheng.

Bloomberg says New World Development might need to focus on selling
some of its investment properties to raise liquidity, Bloomberg
Intelligence analysts Patrick Wong and John Wong said in a note on
Thursday.

Bloomberg adds that the company has been seeking to sell its 11
Skies mall at a loss, sources familiar have said. Its China assets
are also up for grabs, and the firm is trying to recuperate cash
faster, sources familiar have said.

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
=========

ADITYA AUTOMOBILE: ICRA Lowers Rating on INR10cr LT Loan to C
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Aditya
Automobile Spares Private Limited (AASPL), as:

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        10.00      [ICRA]C; ISSUER NOT COOPERATING;
   Fund based                   Downgraded from [ICRA]B+(Stable);
   Cash Credit                  ISSUER NOT COOPERATING and
                                continues to remain under
                                'Issuer Not Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding AASPL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Aditya Automobile Spares Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

AASPL was incorporated in the year 1971 under the name 'Alagendra
Auto Parts' and was renamed in 2003 as Aditya Automobile Spares
Private Limited. The company is engaged in trading of automobile
spares of OEMs (Original Equipment Manufacturers) of two wheelers
and three wheelers. The company is an authorized stockist for
spares of OEMs like Yamaha, Royal Enfield and Bajaj. Spare parts of
other OEMs are procured from wholesale vendors. The company also
sells batteries and lubricants. At present, the company has five
retail outlets spread across various parts of Coimbatore. The main
outlet is in Coimbatore and is spread over an area of 25,000 square
feet in a six-storey building.


AVNI ENERGY: ICRA Withdraws D Rating on INR7cr LT Loan
------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Avni Energy Solutions Private Limited, based on the company's
status updated as Dissolved on the Ministry of Corporate Affairs
(MCA) portal. The Key Rating Drivers and their Description,
Liquidity Position, Rating Sensitivities, Key financial indicators
have not been captured as the rated instruments are being
withdrawn.  


                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         7.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Cash Credit                   

   Long Term-         1.75      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Withdrawn

   Short-term-        0.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Cash Credit                   

   Short-term         1.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Withdrawn
   Others                        

Avni Energy Solutions Private Limited (AESPL) is incorporated in
2009 and is engaged in providing LED based lighting solutions for
street lighting, rural lighting and home/ office lighting
requirements. It is promoted by Mr. Brij Mohan Rathi and Mr.
Gururaj Ganesh. Its manufacturing facility is located in Bangalore.
Its customers include CREDA (Chhattisgarh State Renewable Energy
Development Agency), EESL (Energy Efficiency Service Limited),
Havells India Limited etc.


CHINTAMANI GEMS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Chintamani Gems & Jewellery
Private Limited (CG&JPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        20.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with CG&JPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Chintamani Gems & Jewellery Private Limited (CG&JPL) was setup in
2012. Currently, it is engaged in trading of gold jewellery in the
domestic market. Although the company has established a jewellery
manufacturing unit in Surat SEZ, it outsources the manufacturing
work to mostly job workers based in Mumbai due to non-availability
of tax benefits in the SEZ.


HINDUSTAN FLOUR: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Hindustan Flour Mills (HFM) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with HFM, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Hindustan Flour Mills (HFM) was established in 1979 and was taken
over by Mr. G. Balasubramanian and three other partners in 2000.
HFM manufactures wheat products which primarily includes maida,
atta and sooji. The manufacturing facility is located in Coimbatore
with an installed capacity to grind 120 MT of wheat per day. The
firm markets its products under the brand name 'Five Star'.
Besides, the firm is also involved in trading of wheat and sale of
by-products including bran, bran flakes and dust.


JAWAN MINING: Liquidation Process Case Summary
----------------------------------------------
Debtor: Jawan Mining & Construction Equipment's Pvt. Ltd

Liquidation Commencement Date: July 25, 2025

Court: National Company Law Tribunal Jaipur Bench

Liquidator: Gunjan Jain
     15, Narayan Nagar, Tonk Road,
            Near Swasthya Kalyan Blood Bank,
            Jaipur, Rajasthan 302018
            Email: gunjan.jain555@gmail.com
            Email: jawancirp@gmail.com

Last date for
submission of claims: August 24, 2025


KINARA CAPITAL: ICRA Lowers Rating on INR74.37cr NCD to C
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Kinara
Capital Private Limited's (Kinara), as:

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   NCD programme          74.37      [ICRA]C; downgraded from
                                     [ICRA]BBB-(Negative)

   CP programme           60.00      [ICRA]A4; downgraded from
                                     [ICRA]A3

   Long-term fund-       114.60      [ICRA]C; downgraded from
   based term loan                   [ICRA]BBB-(Negative)

   Short-term             25.00      [ICRA]A4; downgraded from
   fund-based                        [ICRA]A3
   term loan              

Rationale

The revision in the ratings factors in the severe deterioration in
liquidity profile faced by Kinara's post the loan set-off against
its bank balances and appropriation of lien marked fixed deposits
by some lenders and, the requests from other lenders for early
redemptions of their loans. As on date, two lenders have set off
about INR81 crore from bank balances and encumbered fixed deposits
against a portion of the borrowings outstanding, while recall
notices to the extent of INR66 crore have been issued. Some lenders
have triggered event of default while issuing the loan recall
notices. The free cash with the company has significantly been
impacted due the lenders actions and it moderated to INR70 crore as
of July 31, 2025 from INR98 crore on June 30, 2025. This action by
a few lenders could lead the other lenders to also trigger early
redemption, which will significantly impact its liquidity profile
in the near term. Kinara at present is contemplating various
options including sale of assets and corresponding transfer of
liabilities. ICRA notes that these above events significantly
impair Kinara's financial flexibility to continue its normal
operations and presents it with heightened risk of disruptions in
its loan collections and in its debt servicing, as per existing
loan terms. As of June 2025, the company had a total debt of
INR1,853 crore from 46 lenders.

The company was in breach of financial covenants for ~91% of its
total debt as of March 2025 against which it received temporary
relaxation for only ~4% of the total debt. Consequently, it has not
been able to raise incremental funds in recent months and has been
solely dependent on collections from the loan book to meet its debt
repayment obligations. Further, it has paused incremental loan
disbursements since April 2025, given the limited funding
availability. Kinara has, therefore, been incrementally
lien-marking portions of its cash and bank balances, in line with
lender requirements, as it remained short of other loan receivables
to offer as collateral for its borrowings. Such encumbered cash
deposits stood at INR296 crore as on July 20, 2025 from INR202
crore as on June 9, 2025.

Kinara's net worth declined in FY2025 due to elevated losses and
the reported and managed gearing1 increased to 5.7 times and 8.4
times, respectively, in March 2025 (4.0 times and 5.9 times,
respectively, in December 2024) from 3.0 and 4.5 times,
respectively, in March 2024. The company had raised capital of
INR51 crore in the form of compulsorily convertible preference
shares (CCPS) in Q3 FY2025 (classified as debt in its financials;
if the same is to be treated as equity, the reported and managed
gearing would have been 4.9 times and 7.3 times, respectively, as
of March 2025).

Kinara has been witnessing significant stress in its asset quality
over the past 18 months. The 90+ days past due (dpd) delinquencies
increased to 7.4% as of March 2025 (11.6% as of December 2024) from
4.6% as of March 2024 while the 0+ dpd rose to 15.9% as of March
2025 (20.3% as of December 2024) from 10.7% as of March 2024.
Consequently, it reported a loss of 8.8% (as a percentage of
average managed assets; AMA) in FY2025 compared to a net profit of
1.6% in FY2024 (net profit of 1.6% in FY2023). ICRA also takes note
of the resignations of multiple directors from the board of the
company over the last six months. Currently, it doesn't not have
any independent directors on its board.

Key rating drivers and their description

Credit strengths – Not applicable

Credit challenges

* Severe deterioration in liquidity profile: As of June 2025,
Kinara had borrowings of INR1853 crore and total on-book loans of
INR1406 crore. The company was faced with a steady reduction in its
loan book for the last few quarters, which along with its weakening
asset quality and limited funding availability resulted in it
lien-marking portions of its cash and bank balances for its
borrowings. While Kinara was expected to meet its near-term debt
obligations from loan collections; debt set-off against its bank
balances and appropriation of lien marked fixed deposits by some
lenders and, the requests from other lenders for early redemptions
of their loans has resulted in a significant deterioration in its
liquidity profile. This action by a few lenders could lead the
other lenders to also trigger early redemption, which further
accentuates this risk.

* Deterioration in capitalisation profile: Kinara's leverage
increased in FY2025 with the reported gearing at 5.7 times and the
managed gearing at 8.4 times (adjusted gearing2 of 7.6 times) as of
March 2025. Its net worth declined to INR373.9 crore as of March
2025 (INR585.6 crore as of December 2024) from INR736.4 crore as of
March 2024 on account of the reported losses. ICRA notes that the
company raised INR51 crore in the form of CCPS (classified as
debt/Tier II capital) in Q3 FY2025, which has supported its
capital-to-risk weighted assets ratio (CRAR; 22.3% as of March
2025) to some extent. If the CCPS were to be treated as equity, the
reported and managed gearing would have been 4.9 times and 7.3
times, respectively, as of March 2025.

* Weak asset quality and earnings performance: The 90+ dpd
increased to 7.4% as of March 2025 (11.6% as of December 2024) from
4.6% as of March 2024 while the 0+ dpd rose to 15.9% (20.3% as of
December 2024) from 10.7% during this period. Kinara also sold
stressed loans of INR478 crore (including INR202 crore of
written-off loans) in Q4 FY2025 to an asset reconstruction company
(ARC). It had undertaken accelerated write-offs in FY2025 (INR341
crore; including the loss on sale of loans to the ARC in Q4
FY2025), amounting to 12.0% of the AUM in FY2025 vis-à-vis 3.9% in
FY2024 (3.0% in FY2023). Consequently, Kinara witnessed higher
credit costs of 9.8% (as a percentage of AMA) in FY2025 vis-à-vis
4.8% in FY2024. Further, it incurred a net reversal of INR107.7
crore of income recognised on the transfer of the portfolio
(through co-lending/direct assignment routes), reflecting the
stress in its sourced portfolio. The decline in the AUM, coupled
with the company's focus on strengthening its collection and
recovery mechanisms, resulted in an increase in the operating cost
to 6.0% in FY2025 from 4.7% in FY2024. Kinara reported a net loss
of 8.8% (as a percentage of AMA) in FY2025 compared to a net profit
of 1.6% in FY2024 as well as FY2023. ICRA notes that Kinara's
profitability shall remain subdued as it endeavours to control
incremental slippages and tackles the residual asset quality stress
and as loan book continues to decline.

ICRA notes that the company provides loans to small businesses for
asset purchase and working capital requirements. Inherent risk
exists in the portfolio given the unsecured nature of the loans,
the moderate credit profile of the borrowers.

About 34% of the portfolio, as of March 2025, was covered under
various guarantee schemes of Credit Guarantee Fund for Micro Units
(CGMFU), Credit Guarantee Fund Trust for Micro and Small
Enterprises (CGTMSE), etc. The company received approximately
INR17.3 crore in FY2025 compared to INR10.6 crore in FY2024 under
these schemes.

Liquidity position: Poor

A major portion of Kinara's cash and bank balance (INR296 crore as
on July 20, 2025) is encumbered to the lenders as it remains short
of eligible receivables to offer as collateral for these loans.
This constrains its ability to manage its loan book growth. Loan
set-off by some lenders, recall from a few others and invocation of
event of default clause significantly impairs Kinara's financial
flexibility to continue its normal operations and presents it with
heightened risk of disruptions in its loan collections and in its
debt servicing, as per existing loan terms.

Kinara Capital Private Limited is a non-deposit taking NBFC,
incorporated in 1996. The current promoters acquired the company in
September 2011 and commenced lending operations in November 2011.
It provides secured (hypothecation of machinery) and unsecured term
loans as well as working capital facilities. Currently, the company
operates in six states, namely Karnataka, Maharashtra, Gujarat,
Tamil Nadu, Andhra Pradesh and Telangana, with its head office in
Bengaluru. As of March 2025, Kinara had 80 branches with AUM of
INR2,840 crore (INR3,223 crore as of December 2024).


KIRATPUR NER: ICRA Keeps D Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Kiratpur Ner Chowk Expressway
Limited (KNCEL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-       1,474.86    [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with KNCEL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Kiratpur Ner Chowk Expressway Limited (KNCEL), promoted by IL&FS
Transportation Networks Limited (ITNL), was incorporated on 12th
February 2012 to implement the project for widening from existing
two lanes to four lanes of Kiratpur to Ner-Chowk Section of NH-21
from Km 73.200 to Km 186.500 in the State of Himachal Pradesh. The
project has been awarded by NHAI as BOT (Toll) on Design Build
Finance Operate & Transfer (DBFOT) basis under National Highway
Development Programme (NHDP) Phase –III with a concession period
of 28 years commencing from the appointment date of November 14,
2013 to November 14, 2041 including a construction period of three
years. The total length of the project stretch is 84.38 km and the
project road is a critical stretch connecting Northern Himachal to
Southern Himachal and passes through Rupnagar district of Punjab
and Bilaspur& Mandi districts of Himachal Pradesh with key places
and settlements like Kiratpur Sahib, Swarghat, Nauni, Bilaspur,
Ghagas, Barmana, Sunder Nagar and Ner Chowk along the stretch.


LAKSHANYA VENTURES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term and Short-term rating for the bank
facilities of Lakshanya Ventures Private Limited (LVPL) in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         25.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short Term-Non     12.50      [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain in
   Others                        the 'Issuer Not Cooperating'
                                 Category

   Long Term/          2.50      [ICRA]D/[ICRA]D ISSUER NOT
   Short Term-                   COOPERATING; Rating continues
   Unallocated                   to remain in the 'Issuer Not
                                 Cooperating' category
  
As part of its process and in accordance with its rating agreement
with LVPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Lakshanya Ventures Private Limited (LVPL) (erstwhile Encarta Pharma
Private Limited), Incorporated in 2001, LVPL is engaged in
distribution of medical devices, implants, equipment and
biotechnology products. The company is headquartered in Bangalore
and distributes medical devices of various renowned global
companies such as MedtronicInc, Draeger Medical and Lifetech
Scientific among others. Product profile of the company consists of
cardiac stents, balloons, valves, pacemakers and oxygenators among
others.


NETALKAR FORGE: ICRA Assigns B+ Rating to INR70cr LT Term Loan
--------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Netalkar Forge
Private Limited (NFPL), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         70.00        [ICRA]B+ (Stable); Assigned
   Fund Based-                     
   Term Loan                     

   Long Term-         15.00        [ICRA]B+ (Stable); Assigned
   Fund Based-                     
   Cash Credit                     
                                   
   Short Term-       (45.00)       [ICRA]A4; assigned
   Interchangeable-
   Letter of Credit

Rationale

The ratings assigned to NFPL reflects ICRA's expectations that the
company will leverage more than five decades of promoters'
experience in crankshaft machining industry. Further, the company
already has an offtake guarantee for its forgings from its Group
firm, Netalkar Power Transmission (NPT) as ~55% of its capacity
will be utilised towards catering the same. NFPL has been
incorporated under the Netalkar Group's strategy for backward
integration to supply forgings to NPT, where the latter does the
machining part after acquiring forgings and manufactures
crankshaft, which are used in Internal combustion (IC) engines and
are then sold to prominent market players.

The ratings are further supported by the limited funding risk as
term debt required to fund the plant has already been tied up and
the project is expected to start commercial production from January
2026. Further, the major portion of the equity has already been
infused.

The ratings are, however, constrained by the nascent stage of the
project, resulting in prevalent execution risk. Any time and cost
overrun will adversely impact the company's financial risk profile
and will remain a key rating monitorable. The company's ability to
commence operations in a timely manner and ability to generate
revenues and profit margins will remain critical. Any adverse
movement in the working capital indicators may also result in
increased funding requirement, which may affect the capital
structure and the liquidity position.

The Stable outlook on the long-term rating reflects ICRA's opinion
that the firm is likely to leverage its advanced technology and
experience of promoters, which will support its growth in the near
future.

Key rating drivers and their description

Credit strengths

* Extensive experience of the Group in similar line of business:
The Group is operating in the crankshaft manufacturing space for
over last 50 years. Mr. Satish Netalkar has 46 years of technical
expertise in crankshaft manufacturing and extensive knowledge
related to automation, which will support the company's operations.
The company's day-to-day operations are managed by Mr. Aditya
Netalkar, Ms. Soniya Netalkar and Ms. Pooja Netalkar, who
collectively have experience of more than a decade in the industry.
Their extensive experience and the Group firm's established market
position will enable the company to build relationships with
existing and new customers, resulting in steady sales growth and
achieving high operational excellency, which in turn will drive
operational margins.

* Limited funding risk as term debt already tied up: The project
cost has been funded by a mix of term loan and contribution by the
promoters in the form of equity and unsecured loans. The term loan
has been secured by the company, and a major part of the equity and
unsecured loan has also been infused by the promoters. The company
has kept an additional contingency buffer, which can be further
infused as unsecured loans if any incremental funding is required.

Credit challenges

* Execution risk persists: The project is at an initial stage of
construction, where civil work is ongoing and once it gets
completed, the focus will shift towards assembling the machines.
Any time overrun may increase incremental cost and can involve
other operational hassles. The company might also be exposed to
increase in other input costs, which would impact the overall
execution cost. It is important that the firm receives necessary
regulatory approvals in time, which remains key monitorable.

* Timely completion of the project without any time and cost
overrun will be critical: The project is on schedule as civil work
is near completion and machinery are en-route. However, any major
modification during implementation or any unforeseen event may
result in time and cost overrun, which will be closely monitored.
However, the company has kept an additional contingency buffer,
which can be further infused as unsecured loans if any incremental
funding is required.

Liquidity position: Stretched

The firm's liquidity position is expected to remain stretched as
the project is currently in a nascent stage. The cash flow
generation will take some time and is expected to commence before
sizeable repayment obligations begin after expiry of the moratorium
period extended by the lenders. The partners are expected to extend
funding support in case of any cost overrun or cash flow mismatch.

Rating sensitivities

Positive factors – Timely completion of the project without any
cost overrun may also result as a positive factor.

Negative factors – Delay in commissioning of the project or any
additional large debt funded capex or cost overrun leading to an
increase in leverage levels may put pressure on the ratings.

NFPL was established on April 9, 2021 for setting up a 6,300-tonne
hot forging press line in Belagavi, Karnataka. The company will
utilise ~55% of its capacity to manufacture forgings to meet the
crankshaft requirements of NPT while the rest of the capacity will
be utilised to cater to other OEMs. The Group is run by the
Netalkar family members, who have over 50 years of experience in
manufacturing of crankshafts. Mr. Satish Netalkar holds 40% of the
equity, while his son, Mr. Aditya Netalkar, and his daughters, Ms.
Soniya Netalkar and Ms. Pooja Netalkar, each own 20% equity.


NSN REDDY: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of NSN Reddy Rice Industry in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         34.00        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with NSN Reddy Rice Industry, ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

NSN Reddy Rice Industry has been established in 2006 at Chollangi,
Tallarevu Mandal, and Yanam Road, Kakinada in East Godavari
District. Currently, the firm is managed by Shri Nallamilli
Bheemeswara Reddy (Managing Partner) and Smt. Nallamilli Prasanna
Lakshmi (Partner).The firm has installed capacity of 30TPH with
modern rice mill machinery and equipment such as Sortex machines,
drier and boiling unit & other rice mill machinery to produce both
raw and boiled rice in one unit.


RAGHUVANSHI FIBERS: ICRA Withdraws D Ratings from Not Cooperating
-----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Shree Raghuvanshi Fibers Private Limited, based on the company's
status updated as Dissolved on the Ministry of Corporate Affairs
(MCA) portal. The Key Rating Drivers and their Description,
Liquidity Position, Rating Sensitivities, Key financial indicators
have not been captured as the rated instruments are being
withdrawn.

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        25.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Cash Credit                   

   Long-term-         1.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Term Loan                     

   Short-term-        0.35      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Cash Credit                   

Incorporated in 2007, Shree Raghuvanshi Fibers Private Limited
(SRFPL) is involved in the ginning and pressing of raw cotton to
process cottonseeds and produce cotton bales, as well as in the
crushing of cottonseeds for the production of cottonseed oil and
oil cake. The company is jointly managed by three directors,
Bhavesh Shelani, Gopal Shelani and Harshad Shelani. The
manufacturing unit of the company is located at Gondal (Gujarat)
and is equipped with 36 ginning machines and 11 expellers.


RAJ KUMAR: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Raj
Kumar Goel Educational Foundations (RKGEF) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         20.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with RKGEF, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

RKGEF established in 1999, is a trust started by the Late Mr. Raj
Kumar Goel. The trust established the Raj Kumar Goel Institute of
Technology in Ghaziabad, UP in Sep 2000. RKGIT is recognised by All
India Council for Technical Education, Ministry of Human Resources
and Development and is affiliated to Uttar Pradesh Technical
University, Lucknow. RKGIT offers Bachelor of Technology, Bachelor
of Pharmaceutical Science, Master of Computer Application, Master
of Business Administration and Masters of Pharmaceutical Sciences.
The Trust established Lala Mangat Ram Maha Vidyalaya in 2003. LMRM
offers open course Bachelor of Education. This course is approved
by National Council for Teacher Education and is affiliated to CCU
University, Meerut.


RAJALAXMI EDUCATION: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Rajalaxmi Education Trust (RET) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         21.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with RET, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Established in 2005, Rajalaxmi Education Trust (RET) runs the
educational institute, "Mangalore Institute of Technology &
Engineering (MITE)", at Moodabidre in Mangalore, Karnataka. This
college was established in FY2008 and is approved by the All India
Council for Technical Education (AICTE), New Delhi, and is also
affiliated to the Visveshwariah Technological University, Belgaum,
Karnataka. It is, moreover, approved by the State Government of
Karnataka. The college offers B. Tech, M. Tech and MBA courses with
close to 3,133 students enrolled under the above courses in the
Academic Year (AY) 2016. The college's daily operations are managed
by its board of management, headed by the Chairman, Mr. Rajesh
Chouta.


SAEL RG1: Fitch Affirms 'BB+' Rating on USD Senior Secured Notes
----------------------------------------------------------------
Fitch Ratings has affirmed SAEL RG1's US-dollar senior secured
notes due 2031 at 'BB+'. The Outlook is Stable.

SAEL RG1 is a restricted group of solar and waste-to-energy (WTE)
assets owned by India-based SAEL Limited.

RATING RATIONALE

SAEL RG1 includes six co-issuers - SAEL Limited, Sunfree Paschim
Renewable Energy Ltd, SAEL Solar Solutions Pvt Ltd, Jasrasar Green
Power Energy Pvt Ltd, SAEL Kaithal Renewable Energy Pvt Ltd and
Universal Biomass Energy Private Ltd.

The rating is supported by limited volume and price risk as well as
manageable fuel-supply risk for the WTE projects. It also benefits
from the higher load factors and tariffs associated with the WTE
projects. The restricted group will repay about 46% of the total
bond value during the bond tenor, with repayments primarily
structured through mandatory cash sweeps (MCS). The debt structure
accumulates all excess cash generated during the bond tenor for the
benefit of bondholders.

The rating case debt-service coverage ratio (DSCR) of 1.66x
post-refinancing period is commensurate with the 'BB+' rating. Its
credit assessment also reflects the systemic risk in India's power
sector, manageable refinancing risk from the bonds' balloon
structure and the restricted group's reliance on MCS repayments.
Refinancing risk will increase if MCS do not materialise.

KEY RATING DRIVERS

Proven Technology, Affiliated Contractor - Operation Risk:
'Midrange'

SAEL RG1's total rated capacity of 334 megawatts (MW) comprises 72%
solar power projects and 28% WTE power assets, with a
capacity-weighted average operating history of about five years.
Fitch considers the technologies deployed as proven. Solar modules
are mostly sourced from well-known suppliers, while WTE assets are
equipped by Thyssenkrupp AG, Burmeister & Wain Scandinavian
Contractor and Siemens.

Operation and maintenance (O&M) is carried out by an affiliate
company, SAEL Engineering Private Limited, under fixed-price
contracts with minor annual escalation. Major maintenance reserve
accounts for WTE projects and inverter replacement reserve accounts
are funded separately. Its assessment is constrained to 'Midrange',
as the operating cost forecast has not been validated by an
independent technical advisor.

Higher WTE Proportion, Tighter Solar Spread Forecast - Revenue Risk
- Volume: 'Midrange'

A restricted group generates a marginally higher proportion of
energy from WTE, driven by higher load factors. The WTE projects,
unlike thermal projects, lack take-or-pay arrangements, but face
limited curtailment risk due to their implied 'must-run' status and
base-load operation. They also support distribution companies'
renewable-power purchase obligations and help reduce pollution from
crop burning. Projects commissioned in the financial year ended
March 2020 (FY20) or later took three years to achieve peak
performance, but Fitch expects newer projects to ramp up more
quickly.

A third-party expert's energy yield forecast for the solar
portfolio indicates an overall one-year P90/P50 spread of about 6%,
which Fitch assesses as 'Stronger'. However, its assessment is
constrained by the limited record of nearly half of the portfolio's
solar assets. Similar to WTE projects, Fitch also expects the solar
projects to benefit from lower curtailment risk due to their
'must-run' legal status.

Fixed Long-Term Prices for Most Contracts - Revenue Risk - Price:
'Midrange'

Most solar tariffs are fixed under 25-year power purchase
agreements (PPAs), while the tariff on a 50MW project is fixed
until March 2030 and will then be based on the counterparty's
average power-purchase cost. The solar portfolio's
capacity-weighted average remaining PPA life is about 18 years. WTE
project tariffs have a fixed component based on fixed costs and a
variable component accounting for fuel costs, with 20-year plus PPA
tenors. Tariffs are fixed for 13 years at three projects and are
variable at one. The variable component will increase by 5% per
annum over the fixed tariff period, irrespective of the actual
increase in underlying fuel costs.

Reasonable Supply, Lumpy Procurement - Supply Risk: 'Midrange'

Five assets are in paddy-rich states and utilise abundant paddy
straw that is burnt in the fields. An asset in Rajasthan also uses
mustard and ground nut husks as fuel. Supply is unaffected by
variability in crop yields, as paddy straw remains readily
available, even if the crop cycle is poor. Fuel for the entire year
is procured during the two-to-three month harvesting period. All
projects have the capacity to stock one-to-two months of fuel,
while the remaining stock is stored at nearby collection centres.
The supply contracts offer fixed prices with some annual
escalation, but lack delivery liquidated damages or reserves to
cover PPA deductions or operating costs.

Cash Sweeps Heavy Repayments, No Restricted Payments - Debt
Structure: 'Midrange'

SAEL Limited and its five co-issuing operating subsidiaries provide
cross guarantees to each other. Fitch expects notes to be repaid
primarily through the MCS (40.9%) in its rating case, with an
additional small portion through scheduled amortisation (5.5%).
Bondholders will benefit from a complete lockup of cash and
restrictions on permitted indebtedness, excluding USD20 million of
working capital debt.

Financial Profile

Its base case generation reflects average performance data and
incorporates 0.5% annual degradation for solar assets. Fitch
applies the P50 generation for newly operational solar assets, a 5%
production haircut and 0.5% annual degradation. Fitch assumes WTE
projects have fuel efficiency of 1.1 tonnes/MWh and a load factor
reflective of average performance data. Fitch uses a third-party
consultant's load factor estimate for newly operational assets and
expect newly commissioned and upgraded assets to stabilise in the
second year. Its O&M and fuel supply cost forecasts are in line
with those of the company.

Its rating case assumes a 5% production haircut from its base case
generation and 0.6% annual degradation for solar assets. Fitch
assumes P90 generation for newly operational solar assets, with a
5% haircut. Fitch assumes WTE projects have 1.2 tonnes/MWh fuel
efficiency and a 5% lower generation from the base case. Newly
commissioned and upgraded assets are to stabilise in the third
year. All assets are now operational. Its O&M costs are 10% higher
for the solar assets and 20% higher for the WTE projects. Fitch
assumes 5% annual escalation for fuel costs.

Both cases assume contracted tariffs for projects with long-term
PPAs. Fitch assumes a 50% tariff haircut for solar project Unit 7
when the tariff tenor expires and a flat tariff for three WTE
projects when the 13-year tariff periods expire. Fitch assumes the
outstanding US-dollar bond will be refinanced at 12%, with
accumulated cash reducing the refinance debt amount. These
assumptions generate an average DSCR of 1.96x under its base case
and 1.65x under its rating case during the refinancing period.

PEER GROUP

SAEL RG1 is comparable with Continuum Green Energy (India) Private
Limited (Continuum RG2, note rating: BB+/Stable). SAEL RG1's 334MW
portfolio of solar and WTE assets primarily serves state
distribution companies. In contrast, Continuum RG2's 991MW
portfolio of wind and solar projects has a diversified pool of
commercial and industrial clients that generally have shorter
payment cycles. Both peers rely on MCS repayments and have balloon
structure bonds. However, SAEL RG1's debt structure traps all
excess cash and pays full hedging costs for the bond upfront.

SAEL RG1 can also be compared with Adani Green Energy Limited
Restricted Group 1 (AGEL RG1, senior secured note rating:
BBB-/Stable) and Adani Green Energy Limited Restricted Group 2
(AGEL RG2, senior secured note rating: BBB-/Stable). AGEL RG1 and
AGEL RG2 are both pure solar portfolios, with counterparties
comprising state distribution companies and sovereign-backed
off-takers. All three restricted groups have ringfenced issuing
structures, with direct issuance by the operating entities.
However, SAEL RG1 is exposed to refinancing risk, which is absent
for AGEL RG1 and AGEL RG2 due to their largely amortising debt
structures and no reliance on MCS.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Average annual rating-case DSCR decreases persistently below
1.60x.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Fitch does not expect a rating upgrade in the medium term, due to
the uncertainty around the terms and conditions of future debt
refinancing, including the MCS payments and the accumulated cash at
maturity.

CREDIT UPDATE

The portfolio's overall load factor reached 36% in FY25, from 30%
in FY24, driven by the commencement of one solar and two new WTE
assets. All assets in the portfolio are now fully operational.
Nearly all solar assets are generating above P90 levels,
approaching P50 targets, except the newly commissioned asset in
Punjab. WTE assets are mostly operating close to its base-case
forecasts, except for recently commissioned assets, which are
stabilising.

Revenue and EBITDA increased by 10% and 24%, respectively, in FY25
as new assets commenced operations and other assets continued to
ramp-up generation as operations stabilise. Overall receivable days
fell to about 50 days, from 61 days in FY24. The company has also
consistently made its MCS payments over the past two payment
cycles.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
SAEL RG1

   SAEL RG1/Project Revenues/1 LT   LT BB+  Affirmed   BB+


SHIVAM COTTEX: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Shivam Cottex in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         1.50      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Shivam Cottex, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Incorporated in 2011, Shivam Cottex is involved in raw cotton
ginning and pressing. Its manufacturing facility is located at
Jasdan in Rajkot, Gujarat. It is equipped with 24 ginning machines
and a pressing machine with a total manufacturing capacity of 200
cotton bales per day (24 hours operation). The firm is owned and
managed by partners, Mr. Kanu Vaghasiya, Mr. Ashok Vaghasiya, Mr.
Ramesh Vaghasiya and Mr. Haresh Vaghasiya. The promoters of the
firm have extensive experience in the cotton industry.


SHIVAM IRON: Ind-Ra Withdraws B- Rating on INR2.1-Bil. Bank Loans
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shivam Iron &
Steel Co. Ltd.'s (SISCL) bank facilities' ratings in the
non-cooperating category and has simultaneously withdrawn the same.


The detailed rating action is:

-- INR2,121 bil. Bank loan facilities* maintained in
    non-cooperating category and withdrawn.

*Maintained at 'IND B-/Negative (ISSUER NOT COOPERATING)/IND A4
(ISSUER NOT COOPERATING)' before being withdrawn.

Detailed Rationale of the Rating Action

The ratings have been maintained in the non-cooperating category
before being withdrawn as the issuer did not participate in the
rating exercise despite repeated requests by the agency through
phone calls and emails and has not provided information about
latest audited financial statements, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, information on corporate governance, and management
certificate. This is in accordance with Ind-Ra's policy of
'Guidelines on What Constitutes Non-cooperation'.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders and a
request for withdrawal of ratings from the company. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with SISCL while reviewing the
ratings. Ind-Ra had consistently followed up with SISCL over
emails, apart from phone calls. The issuer has not submitted the no
default statement for the past 12 months.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SISCL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. SISCL has been
non-cooperative with the agency since April 30, 2019.

About the Company

Incorporated in 1988, SISCL is promoted by Binod Kumar Agarwal and
Arun Kumar Agarwal. Headquartered in Kolkata, SISCL manufactures
ferro alloys, TMT bars, stainless steel, angles, channels,
coal-based sponge iron and pig iron.  It has nine plants across
Giridih, Koderma (Jharkhand), Visakhapatnam (Andhra Pradesh),
Jamuria Industrial Area and Raniganj (West Bengal).


SIPL SMPL: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: SIPL SMPL VD JV Mining Private Limited
        Ideal Plaza, 4th Floor, 11/1, Sarat Bose Road
        Kolkata, West Bengal - 700020

Liquidation Commencement Date: July 22, 2025

Court: National Company Law Tribunal Kolkata Bench

Liquidator: Mr. Sunil Choraria
     P-41, Princep Street,
            Suite No. 222, 2nd Floor
            Kolkata - 700072, West Bengal
            Email: chorariamba@rediffmail.com
            Email: Sipl.liquidation@gmail.com
            Telephone No.: 9831278326

Last date for
submission of claims: August 21, 2025


SITARAM MAHARAJ: ICRA Keeps D Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Sitaram Maharaj Sakhar
Karkhana (Khardi) Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-       100.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-        50.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with Khardi, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Incorporated in 2010, the Pandharpur, District Solapur
(Maharashtra) based Sitaram Maharaj Sakhar Karkhana (Khardi) Ltd
has installed crushing capacity of 2500 Tons Crushed Per Day (TCD)
which is integrated with a co-generation unit of 10 MW. The
catchment area of the company extends to villages primarily located
in Pandharpur Taluka.


SLN HOTELS: ICRA Assigns B+ Rating to INR76.00cr LT Term Loan
-------------------------------------------------------------
ICRA has assigned rating to the bank facilities of SLN Hotels &
Resorts (SLN), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          76.00       [ICRA]B+ (Stable); Assigned
   Fund Based-                     
   Term Loan                       

   Long Term-           2.50       [ICRA]B+ (Stable); Assigned
   Fund Based-                     
   Cash Credit                     

   Long Term           75.00       [ICRA]B+ (Stable); Assigned
   Unallocated                      

Rationale

The rating assigned to SLN factors in the established and
favourable location of the existing property in Coorg, Karnataka.
The assigned rating further factors in the expected increase in the
scale of the firm on the back of addition of a convention centre
and a resort. However, muted occupancy level and weak financial
risk profile constrain the rating.

The assigned rating is supported by the hotel's strategic location
and timely and adequate financial support from the promoter(s), as
and when required, going forward. While the firm's scale is modest,
it is expected to be supported by revenues generated from new
properties, that is, a convention centre and an upcoming resort in
Coorg. Timely completion of the resort without any cost overrun and
profitable ramp-up of occupancy in the convention centre will be
closely monitored.

The rating is, however, constrained by the firm's modest financial
risk profile, characterised by stretched debt coverage metrics,
reflected in Total Debt/OPBDITA of 11.1 times as on March 31, 2025.
The financial risk profile is expected to further moderate owing to
commencement of sizeable repayments as the moratorium period
expires. The rating is further constrained by SLN's asset and
geographical concentration that exposes the firm to
property-specific and region-specific exogenous shocks and risks
while its modest revenues limit the benefits arising from economies
of scale.

The Stable outlook on the [ICRA] B+ rating reflects ICRA's opinion
that the firm will be able to scale up its operations and improve
its profitability by the addition of a convention centre and
ongoing construction of a new resort.

Key rating drivers and their description

Credit strengths

* Favourable location of the property: The property is located in
Coorg, Karnataka, which is a famous tourist destination with
healthy tourist inflow. Moreover, Coorg is famous for its coffee
plantation and processing, so it also receives significant
corporate bookings.

* Incremental revenues from new resort and convention centre to aid
growth: The firm is adding a new convention centre and a resort of
62 rooms under the brand name, Purple Mist, which is expected to
aid the top line and propel the margins. While the new convention
centre and resort are expected to improve the top line, timely
completion of the same without any cost overrun will remain
critical.

Credit challenges

* Modest scale of operations: The company has modest scale of
operations, as exhibited by revenue of INR14.14 crore in FY2025.
Also, the company is operating only one property at present with no
scope of further room expansion. Although the company is
establishing a new resort and a convention centre, the occupancy
level is expected to be lower in the initial phase and will scale
up in a gradual manner.

* Weak financial risk profile: The company's financial risk profile
is weaker owing to modest scale of operations and high debt level.
The company's Total debt/OPBITDA stood at 11.1 times in FY2025
against 3.7 times in FY2024. The interest coverage ratio of the
company moderated to 4.5 times in FY2025 from 2.8 times in FY2024.
However, these metrics are expected to improve, going forward, with
debt repayments starting in FY2027.

* Revenues vulnerable to exogenous shocks: Like other players in
the industry, the company is exposed to industry
cyclicality/seasonality, macroeconomic cycles and exogenous factors
(geopolitical crises, terrorist attacks, disease outbreaks, etc).
Moreover, the property faces competition from other hotels in the
vicinity. However, it benefits from the established position and
healthy brand equity of its property, which would mitigate the
competitive risks to an extent.

Liquidity position: stretched

SLN Hotel's liquidity is stretched. The firm generated retained
cash flows of INR5.1 crore in FY2025 and is expected to generate
INR3.5-5.0 crore during FY2026-FY2027. There is negligible buffer
in the working capital limits of the firm. The debt repayment of
the company is expected to be in the range of INR3.0-3.5 crore in
FY2026. In case of any shortfall, the firm will depend on unsecured
loans from the promoters.

Rating sensitivities

Positive factors – Scale-up of revenues and profitability,
leading to an improvement in debt coverage indicators and liquidity
position, on a sustained basis, could lead to a rating upgrade.

Negative factors – Weakening of operating metrics, resulting in
sustained pressure on its revenues and profitability, in turn
deteriorating the debt coverage metrics and liquidity, may result
in a rating downgrade. Time and cost overrun in the ongoing
projects, resulting in a deterioration in the debt coverage metrics
and liquidity, may also trigger a rating downgrade.

SLN Hotels and Resorts is a partnership firm promoted by Mr.
Viswanathan N and Ms. Visalakshi V with profit sharing ratio of
66.2% and 33.8%, respectively, and operates one resort under the
brand of Purple Palms resort in Coorg, Karnataka, which is a famous
tourist destination in Karnataka. The resort has 78 rooms with
occupancy in the range of 40-45%. The firm is building another
resort by the name of Purple Mist and a convention centre, which is
around 3 kilometers from the existing resort.


SLS POWER: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: SLS Power Limited
        Sy No.202/A2, Ahok Nagar,
        Navalak Gardens, Nellore
        Andhra Pradesh, India 524002

Insolvency Commencement Date: July 22, 2025

Estimated date of closure of
insolvency resolution process: January 18, 2026

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Chinnam Poorna Chandrarao
              Flat No G1, Cloud9 Heights,
              Road No 8 Panchavati Colony,
              Manikonda, Hyderabad 500089
              Telangana State
              Email:  chinnam.poorna@gmail.com
              Email: cirp.slspowerlimited@gmail.com

Last date for
submission of claims: August 12, 2025


SNEHANJALI ELECTRONICS: CRISIL Keeps B Ratings in Not Cooperating
-----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Snehanjali
Electronics and Trading Private Limited (SETPL) continue to be
'Crisil B/Stable Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             8        Crisil B/Stable (Issuer Not
                                    Cooperating)

   Proposed Cash           7        Crisil B/Stable (Issuer Not
   Credit Limit                     Cooperating)

   Working Capital        12        Crisil B/Stable (Issuer Not
   Facility                         Cooperating)

Crisil Ratings has been consistently following up with SETPL 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 SETPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SETPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SETPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

Incorporated in 2013, the group deals in consumer electronics and
home appliances. It has 19 showrooms across Mumbai and Thane.


SOUTHERN AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Southern Auto
Products Co. (SAPC) 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           6.5         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        2.5         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SAPC 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 SAPC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SAPC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAPC continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Kerala-based SAPC is promoted by Mr. James Emmanuel and is engaged
in manufacturing of automobile spring leaf.


SRISURYA KNIT: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Srisurya Knit
Wearss (SKW) continue to be 'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          0.7         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Export Packing       5.0         CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

   Long Term Loan       1.18        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Working     1.12        CRISIL D (ISSUER NOT
   Capital Facility                 COOPERATING)  

Crisil Ratings has been consistently following up with SKW 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 SKW, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SKW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SKW continues to be 'Crisil D Issuer not cooperating'.  

Set up in 2008, Tirupur-based partnership firm, SKW is involved in
manufacture and export of ready-made garments. The firm has its
manufacturing facility in Tirupur and the operations are managed by
the partners, Mr PS Selvaraju, and his sons, Mr S Surya, and Mr
Siddharth.


SUBHKARAN AND SONS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Subhkaran and
Sons (SAS) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Letter of Credit       50        CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with SAS 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 SAS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SAS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SAS continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 1981 by Mr Vinod Jatia and Mr Prateek Jatia, SAS
trades in iron and steel products such as hot- and cold-rolled
coils, sheets, and plates, sponge iron lumps, and fines.


SUNFLOWER EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Sunflower
Educational Society (SSES) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          12        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SSES 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 SSES, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSES continues to be 'Crisil D Issuer not cooperating'.  

SSES was set up in 2003 by Mr. M D V S R Punnam Raju and his family
members. It operates an engineering college in Krishna (Andhra
Pradesh).


UMAVANSHI INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Shree
Umavanshi Industries (SUI) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with SUI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Established in 2011, Shree Umavanshi Industries (SUI) crushes
cotton seeds to produce cotton seed oil and cotton seed cake. The
manufacturing unit is located at Tankara (in Rajkot district) and
is equipped with 20 expellers, with an installed production
capacity of 20 MT of cottonseed oil and 150 MT of cottonseed cake
per day, operational for three shifts. The firm commenced crushing
operations from FY2014, prior to which, it was involved in trading
of cotton bales and cotton seeds.


UNITED CONCEPTS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of United
Concepts & Solutions Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         6.25       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-         3.44       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term          2.06       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-        0.75       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund                      Rating continues to remain under
   Based-Others                  'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with Unicos, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Unicos manufactures modular furniture and provides solutions for
offices, educational institutes and homes. Unicos is promoted by
the Kochhar family and is headed by Mr. M.L. Kochhar with over 57
years of experience in the furniture industry. The company was
incorporated in 1999 after it took over "The United Stores," a
furniture trading entity being 2 run by the same promoters. Unicos
is headquartered in Noida, UP and has marketing offices in Mumbai,
Pune, Bangalore, Kolkata and Lucknow.


VAASO INFRASTRUCTURE: CRISIL Cuts Rating on INR135cr Loan to C
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Vaaso Infrastructure Private Limited (VIPL; a part of the
Aatmiya group), as:

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Proposed Term Loan     135         Crisil C (ISSUER NOT
                                      COOPERATING; Revised from
                                      'Crisil BB/Stable ISSUER
                                      NOT COOPERATING')

Crisil Ratings has been consistently following up with VIPL, and
has sought information through a letter and email dated April 8,
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 management interaction and is based on the
best available, 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. Rating with an 'issuer not cooperating'
suffix lacks 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 VIPL. This restricts the ability
to take a forward looking view on the credit quality of the entity.
Crisil Ratings believes that the rating action on VIPL is
consistent with 'Assessing Information Adequacy Risk'.

The rating on bank facilities of VIPL has been revised to 'Crisil C
Issuer Not Cooperating' from 'Crisil BB/Stable Issuer Not
Cooperating', factoring in the delay in payment of interest on the
term loan facility in Sanmita Realty Pvt Ltd (group company), as
per the bank statements and articulation provided by the
management. Default in group company has impacted overall liquidity
position of the company and the same will impact liquidity position
of the group going forward. The same will deteriorate the overall
risk profile of VIPL.

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.

                    About Vaaso Infrastructure

VIPL was incorporated in 2022. The company bid for an auction via
the National Company Law Tribunal to acquire a huge land parcel (66
lakh sq ft) in Baroda (Gujarat) in April 2023, and was declared as
winner in June 2023. Operations are managed by Mr Sanjay Patel and
Mr Satish Patel.

Atmiya group, namely Sneh Deep Realty private limited, Sanmita
reality private limited, Jay Kapishiv Infra private limited, Vasso
Infra Private Limited, SSPA Infra Private Limited, Jambuva Realty
private limited and S Amin infra private limited. This group has
completed many projects in the past and now team is consolidating
these 7 entities due to significant of amount transferred
internally and common management for the same companies.


WEISSHORN REALTY: ICRA Reaffirms B Rating on INR260cr NCDs
----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Weisshorn
Realty Private Limited (WRPL), as:

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Non-convertible      195.00      [ICRA]B(Stable); reaffirmed
   debentures (NCDs)

   Non-convertible       80.00      [ICRA]B(Stable); reaffirmed
   debentures (NCDs)

   Proposed             260.00      [ICRA]B(Stable); reaffirmed
   non-convertible
   debentures (NCDs)

Rationale

The rating reaffirmed factors in the favourable location of the
ongoing residential and commercial projects of WRPL in prime
suburbs like Santacruz, Bandra and Kalina, with proximity to key
commercial areas in Mumbai. The rating is, however, constrained by
WRPL's exposure to high execution and market risks for its ongoing
residential projects in Santacruz and Bandra, where construction
work is in the nascent stages and projects are yet to be
commercially launched. The Kalina project, which is a commercial
office asset (acquired under the subsidiary Shoquba Realty Private
Limited), is being financed partially through a sanctioned term
loan of INR120 crore (with bullet repayment obligation in September
2027) and the remaining through NCDs. This project has no lease
tie-ups in place exposing it to market risk. The company is
vulnerable to refinancing risk for NCDs as well as the term loan
which are due on February 2028 and September 2027 respectively.
Besides, the rating is constrained by the high geographical risk
inherent in single location companies and the cyclicality in the
real estate industry, which could impact WRPL's sales as well as
profitability.

The Stable outlook on the long-term rating reflects ICRA's
expectation that the company will be able to achieve adequate
progress on the construction and sales for the residential
projects, and tie-up leases for the commercial project in a timely
manner, given their favourable locations.

Key rating drivers and their description

Credit strengths

* Favourable location of the project: The ongoing residential
projects are located in Bandra and Santacruz, which are prime
suburbs in Mumbai for residential projects and shares proximity to
key commercial areas in Mumbai. The commercial property acquired
for leasing after refurbishment is located in Kalina, Mumbai, which
is a commercial hub in vicinity to Bandra-Kurla Complex (BKC) and
Mumbai International Airport.

Credit challenges

* Exposure to project execution and market risks: The residential
projects at Santacruz and Bandra, Mumbai are at nascent stages with
significant construction cost yet to be incurred, exposing WRPL to
execution risks. The projects are yet to be commercially launched,
exposing it to market risks. The timely inflow of advances remains
crucial for successful completion of the projects. The company also
faces market risk for commercial property at Kalina with no lease
tie-ups in place.

* Refinancing risk at maturity for the existing and proposed NCD:
The acquisition of Shoquba Tower, Kalina, Mumbai is being financed
partially through sanctioned term loan from ICICI bank of INR120
crore with bullet repayment obligation in September 2027 and
remaining through NCD. The term loan is likely to be repaid from
fresh sanction of LRD loan, exposing the company for refinancing
risk. It is further exposed to refinancing risk for the NCDs as the
entire principal and interest obligations on the existing and
proposed NCDs at a coupon of 18% per annum are payable on February
24, 2028.

* Exposure to risks and cyclicality in India's real estate sector:
The real estate sector is cyclical and marked by volatile prices
and a highly fragmented market structure because of many regional
players. In addition, being a cyclical industry, the real estate
sector is highly dependent on macro-economic factors, which exposes
the company's sales to any downturn in demand and competition
within the region from various established developers.

Liquidity position: Stretched

WRPL's liquidity position remains stretched with dependence on
customer advances for completion of the residential project at
Santacruz, Mumbai. The company has free cash balance and liquid
investments of INR139.1 crore on a consolidated basis as on March
31, 2025. Considering the costs expected to be incurred and
launches towards the end of the projects, the liquidity is likely
to be stretched and require contribution from the parent company in
the medium term. Further, the projects are yet to be launched.
Therefore, there have not been any bookings and collections of
customer advances on date.

Rating sensitivities

Positive factors – Healthy bookings and collections from the
projects, along with maintaining adequate liquidity on a sustained
basis leading to improved cash flows and debt coverage indicators
could lead to a rating upgrade.

Negative factors – Any cost overrun or unforeseen delay in
completing the projects could exert pressure on the company's
rating. Considerable delays in bookings leading to subdued
collections may also warrant a rating downgrade.

Weisshorn Realty Private Limited (WRPL) was set up in 2019 for
undertaking/supervising construction activities within the real
estate sector in India. It is a 100% subsidiary of Luxembourg REO
Company SARL (Luxembourg REO), which is a Luxembourg-based real
estate investment company. Luxembourg REO was incorporated in 2018
with the objective of making investments in real estate assets
across the globe with WRPL being the first investment venture. WRPL
has its registered office in Delhi.




===============
M A L A Y S I A
===============

XIN HWA: Auditors Raises Going Concern Doubt as Losses Widen
------------------------------------------------------------
The Malaysian Reserve reports that Xin Hwa Holdings Bhd's external
auditors have issued a material uncertainty related to going
concern in the company's audited financial statements for the
financial year ended March 31, 2025, due to mounting losses and
liquidity concerns.

According to its auditors, PKF PLT, the group incurred a net loss
of MYR11.34 million for FY2025, with current liabilities exceeding
current assets by MYR57.3 million and negative operating cash flow
of MYR941,297, The Malaysian Reserve relates.

The group also breached bank loan covenants, further clouding its
financial position.

"These conditions indicate that material uncertainty exists that
may cast significant doubt on the Group's ability to continue as a
going concern," the auditors said in the report.

However, they issued an unmodified opinion, noting that the
financial statements had still been prepared on a going concern
basis.

According to The Malaysian Reserve, the group's ability to stay
afloat hinges on several measures, including the proposed disposal
of two parcels of industrial leasehold land in Pasir Gudang,
improved debt collection, deferred capital spending, and tighter
cost control.

Xin Hwa is also in talks with its lenders to review and potentially
restructure selected financial arrangements within the next six
months.

The board said it is satisfied that management's plans are
sufficient for the group to meet its obligations as they fall due,
The Malaysian Reserve adds.

Xin Hwa Holdings Berhad is a Malaysia-based investment holding
company, which is engaged in the provision of management services.
Through its subsidiaries, the Company is an integrated logistics
service provider involved in land transport operations, warehousing
and distribution operations and other services. Its segments
include Land Transport, Warehousing and Distribution, Manufacturing
of Precision Machining Components and Parts, and Others. The Land
Transport, Warehousing and Distribution Segment is engaged in cargo
transportation services, container haulage services, provision of
warehousing services, and distribution services. The Manufacturing
of Precision Machining Components and Parts Segment is involved in
the manufacturing of precision metal components and parts. The
Others segment is involved in the manufacturing and fabrication of
trailers, trading of goods, provision of management services and
provision of e-commercial, and e-business transactions.




=====================
N E W   Z E A L A N D
=====================

BLACK DOG: Court to Hear Wind-Up Petition on Aug. 19
----------------------------------------------------
A petition to wind up the operations of Black Dog Consulting
Limited will be heard before the High Court at Wellington on Aug.
19, 2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 26, 2025.

The Petitioner's solicitor is:

          Tara Nicola Carr
          Legal Services
          55 Featherston Street (PO Box 895)
          Wellington 6011


GCL 2025: Creditors' Proofs of Debt Due on Sept. 16
---------------------------------------------------
Creditors of GCL 2025 Limited (previously known as Gravitas
Consulting Limited) and GPM Limited (previously known as Gravitas
Pm Limited) are required to file their proofs of debt by Sept. 16,
2025, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 1, 2025.

The company's liquidators are:

          Lynda Smart
          Derek Ah Sam
          Rodgers Reidy
          PO Box 39090
          Harewood
          Christchurch 8545


HINEMOA INVESTMENT: Placed in Receivership
------------------------------------------
Daniel Zhang and Iain McLennan of McDonald Vague on July 29, 2025,
were appointed as receivers and managers of Hinemoa Investment
Limited.

Keaton Pronk and Iain McLennan of McDonald Vague on July 30, 2025,
were appointed as receivers and managers of VF & GG Gamotea
Limited.

The receivers and managers may be reached at:

          McDonald Vague Limited
          Level 2, 2/29 Pitt Street
          Auckland Central


KOHI BEACH: Restaurateur Businesses Owe NZD2 Million to IRD
-----------------------------------------------------------
Newsroom reports that the man behind Auckland's Kohi Beach Eatery
and burger chain Downlow has had two more companies placed into
liquidation with his businesses owing a combined $2.08 million to
the Government.

Liquidation documents outlining debts owed by James Tucker's
businesses show they are NZD2,007,907 in arrears to Inland Revenue
for unpaid taxes and owe another NZD81,833.60 to the Ministry for
Social Development, Newsroom discloses. The ministry confirmed it
is seeking to recover the money for Covid-19 wage subsidy payments
claimed by one of Tucker's companies which was ineligible.

Records of the snowballing debt and an application for liquidation
by IRD come as the tax department cracks down on debt, with more
funding dedicated to compliance work. Meanwhile, the Ministry for
Social Development is pursuing criminal and civil prosecutions to
recover Covid wage subsidy funds where employers used the
‘high-trust' scheme to obtain subsidies they weren't entitled
to.

Over the last quarter of 2024, 164 companies were liquidated by the
courts on application by Inland Revenue. This marks an increase of
84 percent from the same period in 2023. During that time, 26
people were declared bankrupt.

An accountant told Newsroom the crackdown follows a period of
Covid-time leniency and said he is urging clients to engage with
the IRD early on if they are struggling to meet their tax
obligations.

Newsroom relates that the ongoing liquidation of businesses JV No.
3, listed as a restaurant operation, and SPCW Limited, described on
a Companies Register listing as electrical services, takes the
total number of companies directed by Tucker and in liquidation to
11. He is the current director of 13 more businesses.

The events leading to the liquidation of JV No.3 are cited as debts
to IRD. The company put forward a payment proposal to the
department, which was declined, Newsroom relays citing first
liquidators report.

In the case of SPCW, the decision to liquidate was made by the
shareholders - Tucker Investments and Tucker himself. IRD is owed
NZD637,756 with unsecured creditors including Daikin New Zealand
and Upper Harbour Primary School owed another NZD57,905.

Newsroom says KC is another of the businesses directed by Tucker
that is currently in liquidation; Companies Register documentation
show it was formerly called ‘Kohi Chapter' and traded as the
award-winning Kohi Beach Eatery & Store in Auckland's beachside
suburb of Kohimarama.

The company name was changed in November, weeks before it was
placed in liquidation with NZD784,395 owing to IRD and another
NZD215,661 owed to unsecured creditors including ANZ and Coca-Cola,
Newsroom states. In November Tucker changed another of his
company's names from JV No.7 Limited to Hospitality Holdings; it is
now the holding company for Kohi Beach Eatery.

A man who used to work with Tucker on the Kohimarama venue
previously told Newsroom the cafe was still trading but was now
owned by another of Tucker's companies.

In April Newsroom covered the escalation of a dispute between
Tucker's company JV No.3, which ran a Mad Mex restaurant in the
Westfield St Lukes food court, and four young Mad Mex staff, owed a
combined NZD22,637.87. The staff have since been paid what they
were owed.

Tucker's company owing NZD81,833.60 to the Ministry for Social
Development is TGG, previously named The Good Gang. Spokesperson
George van Ooyen tells Newsroom the ministry is seeking to recover
the money for historical Covid-19 wage subsidy payments.

"MSD investigated TGG Limited in 2023/24 and found that the company
had not met the eligibility criteria for any of the wage subsidy
payments they received," he says.

Newsroom adds that the ministry paid out around NZD18.8 billion
over 2020 and 2021 for wages for more than 1.8 million jobs. Its
more recent programme of work including investigations,
post-payment checks, requests for repayment and fraud prosecutions
has led to 25,451 repayments being made. As of June 30, those
repayments totalled NZD830.4 million.


MAJOR DRIVE: Placed in Liquidation
----------------------------------
Iain Andrew Nellies of Insolvency Management Limited on July 29,
2025, was appointed as liquidator of Major Drive Holdings Limited.

The liquidator may be reached at:

          c/- Insolvency Management Limited
          PO Box 1058
          Dunedin 9054


PEACOCKS NZ: Placed in Receivership, Along With 3 Other Daycares
----------------------------------------------------------------
BusinessDesk reports that four Auckland-based early childhood
education centres are in receivership as multiple financiers pursue
their owners for funds.

Jared Booth and Tony Maginness, of Baker Tilly Staples Rodway, were
appointed receivers of Peacocks, Peacocks NZ, as well as
V & S Trustee Company, by New Zealand Mortgages and Securities
(NZMS) on June 30, BusinessDesk discloses.

The Peacocks entities own four Peacocks Early Learning childcare
centres in the Auckland suburbs of St. Lukes, Ellerslie.


RMK PRIVATE: Court to Hear Wind-Up Petition on Sept. 5
------------------------------------------------------
A petition to wind up the operations of RMK Private Limited will be
heard before the High Court at Auckland on Sept. 5, 2025, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 4, 2025.

The Petitioner's solicitor is:

         Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


TRADING PLACE: Creditors' Proofs of Debt Due on Sept. 9
-------------------------------------------------------
Creditors of Trading Place Limited and Jaas Works Limited are
required to file their proofs of debt by Sept. 9, 2025, to be
included in the company's dividend distribution.

Trading Place Limited commenced wind-up proceedings on July 30,
2025.

Jaas Works Limited commenced wind-up proceedings on July 28, 2025.

The company's liquidator is:

          Nair Draht Limited
          97 Great South Road
          Epsom
          Auckland 1051




=================
S I N G A P O R E
=================

DGM PTE: Court to Hear Wind-Up Petition on Aug. 15
--------------------------------------------------
A petition to wind up the operations of DGM Pte. Ltd. will be heard
before the High Court of Singapore on Aug. 15, 2025, at 10:00 a.m.


Maybank Singapore Limited filed the petition against the company on
July 25, 2025.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


DOTC UNITED: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on July 25, 2025, to
wind up the operations of DOTC United Pte. Ltd.

Google Asia Pacific filed the petition against the company.

The company's liquidators are:

          Mr. Paresh Tribhovan Jotangia
          Ms. Ho May Kee
          c/o Grant Thornton Singapore
          8 Marina View
          #40- 04/05, Asia Square Tower 1
          Singapore 018960


JOY CONSTRUCTION: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on July 25, 2025, to
wind up the operations of Joy Construction & Engineering Pte. Ltd.

United Overseas Bank 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


NOVETE PRIVATE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on July 25, 2025, to
wind up the operations of Novete Private Limited.

Eliktrical Engineering Pte Ltd filed the petition against the
company.

The company's liquidators are:

          Ong Shyue Wen
          Saw Meng Tee
          c/o EA Consulting
          1 North Bridge Road
          #23-05, High Street Centre
          Singapore 179094


RIBBONSG PTE: Court to Hear Wind-Up Petition on Aug. 15
-------------------------------------------------------
A petition to wind up the operations of Ribbonsg Pte. Ltd. will be
heard before the High Court of Singapore on Aug. 15, 2025, at 10:00
a.m.

Maybank Singapore Limited filed the petition against the company on
July 28, 2025.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542  



                           *********


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
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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