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250812.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, August 12, 2025, Vol. 28, No. 160 Headlines C H I N A CHINA SOUTH: Hong Kong Court Orders Builder to Liquidate I N D I A A. P. FASHIONS: CARE Keeps D Debt Ratings in Not Cooperating ARG DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating BALAJI ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating CITYLIFE RETAIL: CARE Keeps D Debt Ratings in Not Cooperating D. S. CONTRACTORS: CARE Keeps D Debt Ratings in Not Cooperating EXPO GAS: CRISIL Hikes Rating on INR12.45cr Cash Loan to B+ G R CONSTRUCTIONS: CRISIL Cuts Rating to INR11cr Loan to B+ GIRIRAJ SPINTEX: CARE Keeps B- Debt Rating in Not Cooperating JET AIRWAYS: Brookfield Acquires Office Property in Mumbai K.I.(INTERNATIONAL) LIMITED: Insolvency Resolution Case Summary KHFM HOSPITALITY: CRISIL Withdraws D Rating on INR15cr Cash Loan LAKSHMI GODAVARI: CARE Moves D Debt Ratings to Not Cooperating M. M. INTERNATIONAL: CRISIL Moves D Ratings to Not Cooperating MAHAGUN (INDIA): NCLT Admits IDBI Trusteeship's Insolvency Plea MAHAVIR AGRO: CARE Keeps B- Debt Rating in Not Cooperating MALINENI PERUMALLU: CARE Keeps B- Debt Rating in Not Cooperating MALWA AUTOMOTIVES: CARE Keeps B- Debt Rating in Not Cooperating MANGALDEEP COLD: CARE Keeps D Debt Ratings in Not Cooperating MB PATIL GOLD: Insolvency Resolution Process Case Summary METLORD ALLOYS: Insolvency Resolution Process Case Summary MVR GAS: CARE Keeps D Debt Ratings in Not Cooperating Category PEESARI SUDHAKAR: CARE Keeps B- Debt Rating in Not Cooperating PRL PROJECTS: CRISIL Lowers Long/Short Term Ratings to D RAJSHREE CORPORATION: CARE Keeps B- Debt Rating in Not Cooperating S.G. MULTIMETALS: CARE Keeps B- Debt Rating in Not Cooperating SAI LAKSHME: CRISIL Moves B+ Debt Ratings from Not Cooperating SAI POULTRY: CARE Keeps C Debt Rating in Not Cooperating Category SAMARTTHA TRIMURTI: CARE Keeps B- Debt Rating in Not Cooperating SHIVAM PIPE: CARE Keeps D Debt Ratings in Not Cooperating Category SINDHU CARGO: Liquidation Process Case Summary SOMNATH ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating TRIMURTHI HITECH: CRISIL Hikes Rating on INR4.75cr Loan to B+ UPPER INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category J A P A N [] JAPAN: Bankruptcies in July Hit Highest for Month in 2025 N E W Z E A L A N D BIG CONSTRUCTION: Court to Hear Wind-Up Petition on Aug. 21 DRAGON BOAT: Restaurant Goes Into Liquidation After 31 Years EVA MOORE: Creditors' Proofs of Debt Due on Sept. 8 LOCAL JACK: Creditors' Proofs of Debt Due on Aug. 25 NO FUSS: Court to Hear Wind-Up Petition on Sept. 11 RIPA GLOBAL: Liquidation Leaves Creditors NZD5MM Out of Pocket SITA TRANSPORT: Court to Hear Wind-Up Petition on Sept. 5 TRADING PLACE: Creditors' Proofs of Debt Due on Sept. 9 P H I L I P P I N E S VILLAR LAND: SEC Probes Asset Transfers Over Regulatory Concerns S I N G A P O R E AAM ADVISORY: Creditors' Proofs of Debt Due on Sept. 5 BROOKLYNZ STAINLESS: Creditors' Proofs of Debt Due on Aug. 25 ELLOONIA STUDIO: Court to Hear Wind-Up Petition on Aug. 22 FLOORS EMPORIUM: Court to Hear Wind-Up Petition on Aug. 22 GRAND HARBOUR: Court Enters Wind-Up Order HYFLUX LTD: Hearing Founder and Ex-CEO Olivia Lum Starts Aug. 11 SIMPLY BLOOMS: Creditors' Meetings Set for Aug. 27 S R I L A N K A FINTREX FINANCE: Fitch Affirms BB(lka) National LongTerm Rating - - - - - ========= C H I N A ========= CHINA SOUTH: Hong Kong Court Orders Builder to Liquidate -------------------------------------------------------- Bloomberg News reports that China South City Holdings Ltd. was ordered to liquidate by Hong Kong's High Court, making it the biggest Chinese builder by assets to be wound up since China Evergrande Group. Bloomberg says the ruling from Judge Linda Chan came after the liquidation petitioner asked for an immediate wind-up order. China South City asked the court for "one final chance," but Chan said that no significant progress had been made on the company's restructuring proposal, Bloomberg relays. According to Bloomberg, the liquidation order shows how China's years-long property crisis continues to shake one-time giants of the real estate industry. Despite government efforts to prop up the ailing sector, home sales are still weak, making any near-term recovery unlikely. Even UBS Group AG, which had been among the few firms predicting a recovery, is now expecting a delay unless Beijing introduces additional stimulus measures. Hong Kong's courts have issued at least six wind-up orders for Chinese developers since the crisis began in 2021, including one for Evergrande, whose liquidation was one of the most complicated given its asset size and the number of stakeholders, Bloomberg says. China South City's wind-up could also face challenges as it could be difficult to seize onshore assets. "There might not be many offshore assets to liquidate," Bloomberg Intelligence analyst Andrew Chan wrote in a note, as most of the company's key subsidiaries are incorporated in mainland China. The company has $1.3 billion in offshore debt, its legal representative told the court. Key bondholders hold more than 31% of that amount, the group's lawyer said on Aug. 11. Bloomberg relates that China South City had been at odds with creditors over several issues. During a hearing in May, creditors said they wanted Shenzhen SEZ Construction and Development Group Co., China South City's biggest shareholder, to play a larger role in the debt talks. Shenzhen SEZ is also a provider of keepwell deeds for some of the builder's dollar bonds, Bloomberg says. The agreements offer to maintain an issuer's solvency, while stopping short of guaranteeing payment, and often serve to ease investors' worries about risk. China South City defaulted on its dollar notes more than a year ago, but these bonds are still trading at around 25 cents as of Monday morning [Aug. 11], Bloomberg-compiled data show. In comparison, Evergrande's bonds were trading at just over 1 cent before it was wound up in January 2024. China South City's bond prices are also higher than those of other defaulted developers, including Country Garden Holdings Co. and Sunac China Holdings Ltd., which has completed its second round of restructuring, according to Bloomberg. The liquidation process might be long given the large size of the company, said Zerlina Zeng, head of Asian strategy at Creditsights Singapore, Bloomberg relays. "We expect poor recovery on its dollar bonds given limited additional financial support from the largest SOE stakeholder, Shenzhen SEZ Construction." she added. Bloomberg notes that China South City's ownership structure is similar to that of China Vanke Co., a major Chinese developer, which received state support in January, led by local authorities in the company's hometown of Shenzhen. China South City had total liabilities of about HK$60.9 billion as of Dec. 31, 2024, according to its annual report, Bloomberg discloses. Cash and bank balances stood at HK$717.7 million. The winding-up petition against China South City was filed by Citicorp International Ltd., which is the trustee of the developer's dollar bonds, Bloomberg discloses. Citicorp filed a separate lawsuit last year against Shenzhen SEZ. China South City Holdings Limited is principally engaged in property development. The Company operates its business through five segments. The Property Development segment is engaged in the development of integrated logistics and trade centers, residential and commercial ancillary facilities. The Property Investment segment is engaged in the investment in integrated logistics and trade centers, residential and commercial ancillary facilities. The Property Management segment is engaged in the management of the Company's developed properties. The E-commerce segment is engaged in the development, operations and maintenance of an E-commerce platform. The Others segment is engaged in the provision of advertising, exhibition, logistics and warehousing services, outlet operations and other services. ========= I N D I A ========= A. P. FASHIONS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of A. P. Fashions Private Limited (APFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 9.24 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 18, 2024, placed the rating(s) of APFPL under the 'issuer non-cooperating' category as APFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 3, 2025, June 13, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable A.P. Fashions Private Limited (APFPL) was incorporated in June, 1991 and it is currently being managed by Mr. Ashok Kumar Jhunjhunwala and Mr. Amit Jhunjhunwala. Since its inception, the company has been engaged in manufacturing of silk/cotton/polyester fabrics, garments, scarves, home furnishing and other textile items with an aggregate installed capacity of 5.75 lakh meters per annum. Initially, the company has started with silk products; however, it has diversified into various products like silk/cotton/polyester fabrics, garments, scarves, home furnishing and other textile items in last 25 years. The company mainly derives revenue from export markets (around 80% of TOI in FY19) and rest from domestic market. The major export destinations of the company are Europe, USA, Australia, Japan, Taiwan, Hong Kong, Canada, South America, Singapore, South Korea and U.A.E. The company has its own retail store at Kolkata, West Bengal. APFPL enjoys the recognition as an export house from the ministry of commerce, Government of India. ARG DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of ARG Developers Private Limited (ADPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 49.37 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 29, 2024, placed the rating(s) of ADPL under the 'issuer non-cooperating' category as ADPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ADPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 14, 2025, June 24, 2025 and July 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable ARG Developers Private Limited (ADPL) was initially incorporated in 2007 with the name of ARG Developer Private Limited. Later on, in the year 2008, the name of the company was converted and assumed its current name ADPL. ADPL is a flagship company of ARG Group, incorporated with the objective to work on the real estate projects. BALAJI ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Balaji Enterprises-Lucknow (BEL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 11.25 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd (CareEdge Ratings) had, vide its press release dated August 1, 2024, placed the rating(s) of BEL under the 'issuer non-cooperating' category as BEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BEL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 17, 2025, June 27, 2025 and July 7, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Lucknow (Uttar Pradesh (UP) based Balaji Enterprises (BEL) was established in 2008 as a partnership concern by Mr Navneet Kumar Pandey, Mr Nirmal Kumar Pandey and Mr Vinay Kumar Pandey. It is engaged in toll collection activity at Dakshina Shekhpur, Aadityapur Kandra and Maranga Toll Plaza in UP. Further BEL has undertaken its Real-Estate Project named 'Landmark' with total saleable area of 123070 Sq. Feet having 73 flats consisting of 33 flats of 2BHK, 35 flats of 3BHK, 3 flats of 4BHK and 2 penthouses in Lucknow with an average sale value of INR3072 per sq. feet. CITYLIFE RETAIL: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of CityLife Retail Private Limited (CRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 70.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 31, 2024, placed the rating(s) of CRPL under the 'issuer non-cooperating' category as CRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 16, 2025, June 26, 2025, July 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable CRPL, incorporated in 2006, started retailing under the CityLife brand since 2013. CRPL is a family lifestyle store having 118 stores in Northern and Eastern India across states of Uttar Pradesh, West Bengal, Odisha, Bihar, Jharkhand, Delhi, Assam, Tripura, Madhya Pradesh, Haryana and Nagaland covering an area of around 11.14 lakh sq. ft. CRPL mainly retails in apparels, however other products include accessories, home-furnishing and households' goods. CRPL is currently managed by cofounders and joint CMDs- Mr Manish Kakrania, Mr Rajesh Baid and Mr Ritesh Kedia. The co-founders have past experience in manufacturing readymade garments. The directors are also jointly present in various real estate businesses. D. S. CONTRACTORS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of D. S. Contractors Private Limited (DSCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.69 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 7, 2024, placed the rating(s) of DSCPL under the 'issuer non-cooperating' category as DSCPL had failed to provide information for monitoring of the as agreed to in its Rating Agreement. DSCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 23, 2025, July 3, 2025 and July 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable DSCPL is a Panaji (Goa) based company promoted by Mr. Swaran Singh Gill (Managing Director) along with his wife Ms. Jatinder Kaur. DSCPL undertakes Engineering Procurement Construction (EPC) from Government bodies as well as Private Companies. The company is a registered as a Class -IA Contractor in the state of Karnataka and engaged in civil construction work comprising of buildings, roads, bridges etc. primarily in the states of Karnataka and Goa. EXPO GAS: CRISIL Hikes Rating on INR12.45cr Cash Loan to B+ ----------------------------------------------------------- Crisil Ratings has upgraded its rating on the long-term bank facilities of Expo Gas Containers Ltd (EGCL) to 'Crisil B+/Stable' from 'Crisil B-/Stable' and reaffirmed the short-term rating at 'Crisil A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 19.7 Crisil A4 (Reaffirmed) Cash Credit 6.5 Crisil B+/Stable (Upgraded from 'Crisil B-/Stable') Cash Credit 12.45 Crisil B+/Stable (Upgraded from 'Crisil B-/Stable') Letter of Credit 0.5 Crisil A4 (Reaffirmed) Overdraft Facility 4.88 Crisil B+/Stable (Upgraded from 'Crisil B-/Stable') Overdraft Facility 8.77 Crisil B+/Stable (Upgraded from 'Crisil B-/Stable') Proposed Cash 0.2 Crisil B+/Stable (Upgraded Credit Limit from 'Crisil B-/Stable') Term Loan 2 Crisil B+/Stable (Upgraded from 'Crisil B-/Stable') The upgrade factors in the improvement in EGCL's business risk profile while maintaining its financial risk profile. Revenue increased 51.5% from INR74 Cr in fiscal 2024 to INR114.74 crore in fiscal 2025, driven by healthy order book and track record of timely execution; it may further rise. Operating margin has been 7.26-7.62% for the two fiscals through 2025 and is likely to sustain at similar levels over the medium term. Consequently, accruals are expected to remain above INR4 crore over the medium term. The ratings continue to reflect the large working capital requirement of the company and susceptibility of the operating performance to inherent risks faced by the companies in tender-based businesses. These weaknesses are partially offset by the extensive experience of the promoters in the fabrication and engineering, procurement, and construction (EPC) industry along with reputed clientele and healthy order book. Analytical Approach Unsecured loan (INR4.32 crore as on March 31, 2025) extended by the promoters are treated as debt. Key Rating Drivers & Detailed Description Weaknesses: * Large working capital requirement: The working capital cycle is likely to remain stretched and will be closely monitored. Gross current assets were sizeable at 225 days as on March 31, 2025, driven by high inventory of 140 days. Inventory has been huge due to sizeable work in progress. * Susceptibility to risks inherent in tender-based business: Although revenue increased by 51.5% in fiscal 2025, scale continues to be modest. Also, operating performance remains vulnerable to tender-based nature of business and cyclical demand from major end users, namely oil, gas and petrochemical industries. Strengths: * Extensive experience of the promoters: The promoters have around four decades of experience in the fabrication and EPC industry, resulting into better understanding of the industry dynamics and established track record for manufacturing a wide range of process plant equipment. * Reputed clientele and order book visibility: EGCL has developed healthy relations with various reputed public and private sector companies particularly in the oil, gas and petrochemical industry. Clientele includes Indian Oil Corporation Ltd, Baharat Petroleum Corporation Ltd and other private sector players such as Reliance Industries Ltd and its group companies. Company's INR126 crore of orderbook continues to provide visibility. Liquidity: Stretched Liquidity is stretched as evidenced by bank limit utilisation was 87.55% for the 12 months through March 2025. Net cash accrual is projected at more than INR4 crore per annum, against yearly debt obligation of around INR0.7 crore over the medium term. The current ratio stood at 1.63 times as on March 31, 2025. Outlook: Stable EGCL will continue to benefit from the extensive experience of its promoters and their established relationship with customers. Rating sensitivity factors Upward factors * Steady increase in revenue and operating margin sustaining at above 7.2%, leading to higher-than-expected net cash accrual * Improvement in the working capital cycle, leading to better liquidity Downward factors * Decline in revenue and operating margin remaining below 3%, resulting in lower-than-expected net cash accrual * Large, debt-funded capital expenditure EGCL was established in 1982 and is promoted by Mr Murtuza S Mewawala and Mr Hasanain S. Mewawala. The company manufactures a wide range of process plant equipment such as coded pressure vessels and deaerators and undertakes turnkey projects and in-plant piping. It is based in Mumbai. G R CONSTRUCTIONS: CRISIL Cuts Rating to INR11cr Loan to B+ ----------------------------------------------------------- Crisil Ratings has downgraded its ratings on the bank facilities of G R Constructions - Visakhapatnam (GRCV) to 'Crisil B+/Stable/Crisil A4' from 'Crisil BB-/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 29 Crisil A4 (Downgraded from 'Crisil A4+') Cash Credit 10 Crisil B+/Stable (Downgraded from 'Crisil BB-/Stable') Proposed Fund- 11 Crisil B+/Stable (Downgraded Based Bank Limits from 'Crisil BB-/Stable') The downgrade reflects the weakening of the firm's liquidity with cash accrual being insufficient against debt obligation and fully utilised bank lines. The business risk profile also weakened in fiscal 2025, as reflected in revenue declining to INR19.04 crore from INR62.15 crore in fiscal 2024, owing to lower work orders and missed tenders participated in by a marginal amount. The working capital cycle remained stretched with sizeable inventory of 410 days as on March 31, 2025. A steady increase in revenue and sustained operating margin leading to improvement in cash accrual will remain a key monitorable. The rating reflects the firm's modest scale of business, susceptibility to risks related to a tender-based business and working capital intensive operations. These weaknesses are partially offset by the extensive experience of the proprietor in the construction industry. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of GRCV. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operations: Scale of operations remains modest, as reflected in operating income of INR19.0 crore in fiscal 2025 and around INR8.0 crore booked till June 2025. Orders worth INR18.30 crore provide revenue visibility in the medium term. Revenue growth remains vulnerable to risks posed by concentration in geographic reach, and infrastructure development and floatation of tenders in the region of operations. * Working capital-intensive operations: Gross current assets stood at 615 days as on March 31, 2025. The large working capital requirement arises from the firm's high receivables and inventory. It is required to extend long credit period to customers. Furthermore, due to business nature, the firm holds large work-in-progress inventory. * Susceptibility to risks related to tender-based business: As the firm derives its entire revenue from tender-based orders, its ability to successfully bid for projects is critical. Furthermore, intense competition necessitates aggressive bidding, mostly compromising on the operating margin. Also, given the cyclicality inherent in the construction industry, the ability to maintain profitability through operating efficiency becomes critical. Strength: * Extensive experience of the proprietor: The proprietor has more than two decades of experience in the civil construction industry, resulting in strong understanding of market dynamics and healthy relationships with suppliers and customers, which should continue to support the business. Liquidity: Stretched Net cash accrual, projected at INR0.6-1.0 crore per annum, will be insufficient to cover yearly debt obligation of INR1.0-1.15 crore over the medium term. Bank limit was utilised 87.78% in the 12 months through March 2025. Liquidity is partly aided by the need-based funding support from the proprietor. Outlook: Stable GRC will continue to benefit from the extensive experience of its proprietor. Rating Sensitivity Factors Upward factors * Growth in revenue by over 40% and maintaining a healthy operating margin leading to net cash accrual of more than INR1.5 crore. * Significant improvement in working capital management. Downward factors * Decline in revenue by around 20% and profitability, leading to lower cash accrual * Large, debt-funded capital expenditure or stretch in the working capital cycle impacting liquidity. GRC was set up in 1998 by the proprietor, Mr K Gangadharan Rao. It undertakes civil construction works such as road and bridge construction for government agencies at Visakhapatnam in Andhra Pradesh. GIRIRAJ SPINTEX: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Giriraj Spintex Private Limited (GSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 2, 2024, placed the rating(s) of GSPL under the 'issuer non-cooperating' category as GSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 18, 2025, June 28, 2025 and July 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable GSPL was incorporated in April 24, 2000 by Mr. Prakash Laddha, Mr. Shubhash Laddha and Mr. Vishal Laddha along with other family members. GSPL is engaged in the business of manufacturing of synthetics grey fabrics (includes artificial or synthetic filament and non –filament fibres). The company also manufactures grey fabric on job work basis. The plant of the company is located at Bhilwara, Rajasthan. JET AIRWAYS: Brookfield Acquires Office Property in Mumbai ---------------------------------------------------------- The Economic Times reports that in a key development under Jet Airways' ongoing insolvency proceedings, global alternative investment major Brookfield Asset Management has acquired an additional office floor in commercial tower Godrej BKC in Mumbai's business district Bandra-Kurla Complex for Rs 370.25 crore, said persons with direct knowledge of the development. ET relates that Brookfield now controls three floors in the building. The deal includes management board access. About Jet Airways Based in Mumbai, India, Jet Airways (India) Limited was one of India's top airlines founded by Naresh Goyal. It provided passenger and cargo air transportation services as well aircraft leasing services. It operated flights to 66 destinations in India and international countries. Jet Airways on April 17, 2019, halted all flight operations after its lenders rejected its plea for emergency funds. On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai Bench, accepted an insolvency petition against Jet Airways filed by its creditors as they attempt to recover some of their dues. Ashish Chhawchharia of Grant Thornton India has been named as the resolution professional in the case. Law firm Cyril Amarchand Mangaldas represented the interests of the lenders' consortium, according to a Reuters report. Creditors have filed claims worth INR30,907 crore, according to Financial Express. The RP has so far admitted claims worth over INR14,000 crore. In October 2020, the airline's Committee of Creditors (CoC) approved the revival plan submitted by the consortium of Dubai-based Murari Lal Jalan and the UK's Kalrock Capital. In 2021, the NCLT approved the Jalan-Kalrock consortium's resolution plan for the troubled carrier. On Nov. 7, 2024, the Supreme Court ordered the liquidation of Jet Airways, after finding a National Company Law Appellate Tribunal (NCLAT) judgment was in flagrant disregard of the the top court's January 2023 judgment. According to The Economic Times, the top court stated that the NCLAT disregarded the Court's January 2023 order by allowing the adjustment of a INR150 crore performance bank guarantee (PBG) against an infusion requirement of INR350 crore from the Jalan-Kalrock Consortium (JKC), Jet Airways' resolution applicant. K.I.(INTERNATIONAL) LIMITED: Insolvency Resolution Case Summary --------------------------------------------------------------- Debtor: K.I.(International) Limited No. 664, T.H.Road, Tondiarpet, Chennai - 600 081, Tamil Nadu, India Insolvency Commencement Date: July 24, 2025 Estimated date of closure of insolvency resolution process: January 20, 2026 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Mr. Piyush Kisanlal Jani Om Ashray, New Laxminagar, Behind Mazar Ring Road, Gondia, Maharashtra 441614 Email: capiyushj@gmail.com Plot No. 212, Pragati Colony, 2nd Floor, Ring Rd, Chhatrapati Square, Near Kalpavruksha Hospital, Nagpur, Maharashtra 440015 Email: capiyushj@gmail.com Email: cirp.kiinternational@gmail.com Last date for submission of claims: August 12, 2025 KHFM HOSPITALITY: CRISIL Withdraws D Rating on INR15cr Cash Loan ---------------------------------------------------------------- Crisil Ratings has reaffirmed its ratings on the bank facilities of KHFM Hospitality And Facility Management Services Limited (KHFM) and subsequently withdrawn the ratings at the request of the company and on receipt of a no-objection certificate from its bankers. This is in line with the Crisil Ratings policy for withdrawal of bank loan ratings. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 9.18 Crisil D (Rating Reaffirmed and Withdrawn) Bank Guarantee 4.82 Crisil D (Rating Reaffirmed and Withdrawn) Cash Credit 5.85 Crisil D (Rating Reaffirmed and Withdrawn) Cash Credit 7.52 Crisil D (Rating Reaffirmed and Withdrawn) Cash Credit 15 Crisil D (Rating Reaffirmed and Withdrawn) Proposed Fund- 7.18 Crisil D (Rating Reaffirmed Based Bank Limits and Withdrawn) Term Loan 6 Crisil D (Rating Reaffirmed and Withdrawn) Working Capital 6.45 Crisil D (Rating Reaffirmed Term Loan and Withdrawn) The rating reflects delays in meeting the debt obligation on account of weak liquidity. The company also has a modest scale of operations in an intensely competitive industry, exposure to risks inherent in tender-based business, working capital-intensive operations. However, the company has established healthy relationships with customers in the facility management and security services industry, and has a Moderate financial risk profile. Analytical Approach For arriving at the ratings, CRISIL Ratings has consolidated the business and financial risk profiles of KHFM and its subsidiaries - KHFM Infra Projects Pvt Ltd and KHFM & D.P Jain Company. CRISIL Ratings considers these entities strategic to KHFM in view of their strong integration with KHFM's operations. Unsecured loans are treated as debt. Key Rating Drivers & Detailed Description Weaknesses: * Delays in the repayment obligation: There has been occasional instances of delay in the repayment of principal and interest components. This was on account of delays in receivables from its vendors. * Modest scale of operations in an intensely competitive industry and exposure to risks inherent in tender-based business: The company's scale of operations was modest at INR104.03 crore in fiscal 2025. The operations had muted growth with revenue of INR91-112 crore in the last four years through fiscal 2025. The scale has remained modest as the company operates in a highly competitive and fragmented industry as indicated by the presence of several unorganized players in the domestic market. Furthermore, KHFM's major operations are tender based, as the company primarily deals with government and private organizations. Therefore, the company has limited bargaining power with its customers. Due to tender-based nature of the business, KHFM's scale of operations will be highly reliable on its ability to win tenders over the medium term. * Working capital-intensive operations: KHFM has large working capital requirement, as reflected in its high gross current assets (GCAs). The company's high GCAs resulted from the large credit period extended to customers. KHFM receives payments from its customers in 90-110 days, on average. Furthermore, the inventory primarily includes unbilled or work in process (WIP) revenue, and is typically at 98-175 days. The recovery of receivables and efficient working capital management with increasing scale, remain monitorable over the medium term, as any significant stretch in realization from the debtors could materially weaken the company's liquidity. Strengths: * Established healthy relationships with customers in the facility management and security services industry: KHFM is engaged in providing facility management and security services business since 1983. Over the years, the company has expanded its presence by adding offices across India. Also, the company has added various additional services to improve its market position. The longstanding presence has also helped the company to establish strong relationships with customers, leading to healthy renewal of tenders over the years. Furthermore, KHFM also has in-house training facility to train employees, which helps the company provide quality services. Demand for facility management services in India is expected to remain healthy over the medium term, with increasing demand for private agencies for housekeeping. However, retention of existing sites and success in new tenders will remain critical to any improvement in KHFM's scale of operations. KHFM's longstanding presence and its established customer base in the facility management and security services industry will continue to help the company maintain its business risk profile over the medium term. * Moderate Financial risk profile: KHFM's capital structure has been comfortable due to moderate reliance on external funds and comfortable networth which improved to INR58.39 crore as on as on March 31, 2025 due to rights issue and accretion to reserve over the years. As a result, the gearing and total outside liabilities to adjusted networth (TOLANW) ratio improved to 0.68 times and 0.93 times, respectively, as on March 31, 2025. The capital structure is expected to improve further over the medium term with steady accretion to reserve. KHFM's debt protection metrics have been comfortable with moderate profitability leading to interest coverage and net cash accrual to total debt (NCATD) ratio were at 2.06 times and 0.11 time, respectively, for fiscal 2025 and are expected at similar levels over the medium term Liquidity: Poor The liquidity is poor as reflected in delays in repayment obligation on the term loan. Bank limit utilisation was high at 100% on average for the 12 months through October 2024. Rating sensitivity factors Upward factors: * Timely repayment of the debt obligation continuously for at least 90 days * Substantial increase in revenue and profitability, leading to higher cash accrual. KHFM, formerly known as Kalpataru Hospitality And Facility Management Services Pvt Ltd, was established in 1983 by Mr Ravindra Hegde as a proprietary concern in the name and style of Kalpataru Enterprises. Later, in 2006 the firm was reconstituted as a private limited company. KHFM provides facility management services (housekeeping), mechanised cleaning services and gardening services. KHFM has established network of around 24 branches at various locations in India, and has its headquarters in Mumbai. The company is listed on the SME (small and medium enterprises) platform of National Stock Exchange of India Ltd (NSE). KHFM is promoted by Mr Ravindra Hegde and Mrs Sujata Ravindra Hegde. LAKSHMI GODAVARI: CARE Moves D Debt Ratings to Not Cooperating -------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Sri Lakshmi Godavari Spinning Mills Private Limited (SLGSMPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 13.85 CARE D; ISSUER NOT Bank Facilities COOPERATING; Rating moved to ISSUER NOT COOPERATING category Long Term/ 68.00 CARE D; ISSUER NOT Short Term COOPERATING; Rating moved to Bank Facilities ISSUER NOT COOPERATING category Short Term 1.38 CARE D; ISSUER NOT Bank Facilities COOPERATING; Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE has been seeking information from SLGSMPL to monitor the rating vide email, communications dated 22nd April,2025, 29th April,2025, 5th May ,2025, and various phone calls on the above subject. However, despite repeated requests, the company has not provided requisite information for monitoring of rating. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on Sri Lakshmi Godavari Spinning Mills Private Limited's bank facilities and/or instruments will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Detailed description of key rating drivers: At the time of last rating on April 5, 2024, following were the key rating weaknesses: Key weaknesses * Delays in Debt Servicing Obligations: As per the banker interaction, the company has been classified under Non-Performing Asset (NPA), due to delays in the repayment of its working capital and GECL loan obligations. The account was initially classified under the SMA category in January 2025 and has since witnessed continued delays in debt servicing. Liquidity: Poor The company's liquidity is poor, as reflected in the delays in debt servicing obligations due to insufficient cash accruals against its repayment. Sri Lakshmi Godavari Spinning Mills Private Limited (SLGSMPL) was incorporated on 12th September 2005. The company manufactures cotton yarn at its unit in Guntur, Andhra Pradesh. The company was initially set up with 18,000 spindles which has now been scaled up to 61,008 spindles. Sri. Vummaneni Siva Nageswara Rao, his wife Smt. Vummaneni Lalitha Kumari and Mr. Kandru Subbarao are the promoters of the company. The promoters are having business experience in the processing of Mineral Water, Financing business and Real Estate for close to two decades. M. M. INTERNATIONAL: CRISIL Moves D Ratings to Not Cooperating -------------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of M. M. International (MMINTL) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.04 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Foreign Currency 1.69 Crisil D (ISSUER NOT Term Loan COOPERATING; Rating Migrated) Foreign Currency 2.5 Crisil D (ISSUER NOT Term Loan COOPERATING; Rating Migrated) Packing Credit in 15.5 Crisil D (ISSUER NOT Foreign Currency COOPERATING; Rating Migrated) Proposed Long Term 2.5 Crisil D (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Proposed Short Term 11.65 Crisil D (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Working Capital 4.12 Crisil D (ISSUER NOT Term Loan COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with MMINTL for obtaining information through letter and email dated July 24, 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 MMINTL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MMINTL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of MMINTL to 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in November 1996, MMINTL is a partnership firm into processing and exporting spices (such as turmeric, coriander, cumin, mustard and ginger) and food products (such as poha and jaggery). The firm is based in Mumbai and is promoted by the Vora family. Manufacturing unit of the firm is in Navi Mumbai. MAHAGUN (INDIA): NCLT Admits IDBI Trusteeship's Insolvency Plea --------------------------------------------------------------- Informist Media reports that the Delhi bench of the National Company Law Tribunal has admitted a petition by IDBI Trusteeship Services Ltd. to start insolvency proceedings against Mahagun (India) Pvt. Ltd. for an unpaid amount of INR2.61 billion. The tribunal has appointed Manoj Kumar Babulal Agarwal as the interim resolution professional of Mahagun to carry out the functions as per the Insolvency and Bankruptcy Code, 2016, the report discloses. Mahagun India is a real estate builder and developer offering flats, luxurious villas, and apartments in Noida. MAHAVIR AGRO: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahavir Agro Foods (MAF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.88 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 18, 2024, placed the rating(s) of MAF under the 'issuer non-cooperating' category as MAF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MAF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 3, 2025, June 13, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Mahavir Agro Foods (MAF) was established in June, 2013 as a partnership firm and is currently being managed by Mr. Mukesh Kumar, Mr. Deepak Kumar and Mr. Chirag Kumar, sharing profit and losses equally. The firm is engaged in processing of paddy at its manufacturing facility located in Karnal, Haryana. MALINENI PERUMALLU: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Malineni Perumallu Educational Society (MPES) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of MPES under the 'issuer non-cooperating' category as MPES had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MPES continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025, May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Malineni Perumallu Educational Society (MPES) was established in the year 1991 as a society by Mr. M. Singaiah (President), Mr. M. Perumallu and other members. MPES presently runs three educational colleges namely Malineni Lakshmaih Engineering College (MLEC), Malineni Perumallu Educational Society's Group of Intuitions (MPES) and Malineni Lakshmaih Women's Engineering College (MLWEC). All the three institutes: MLEC, MLWEC and MPES provides Under 3 Credit Analysis & Research Limited Press release Graduate (UG) and Post Graduate (PG) courses, having affiliation under Jawaharlal Nehru Technological University, Kakinada. MALWA AUTOMOTIVES: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Malwa Automotives Private limited (MAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE B-; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 30, 2024, placed the rating(s) of MAPL under the 'issuer non-cooperating' category as MAPL had failed to provide information for monitoring of the rating exercise as agreed to in its Rating Agreement. MAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 15, 2025, June 25, 2025, July 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Delhi based Malwa Automotives Private Limited (MAPL) was incorporated in September, 2012 as a private limited company. The company is currently managed by Mr Chandra Mohan Sharma and Mr Bal Kishan Sharma. The company is engaged in sale of motor vehicles which includes retail sale of passenger cars. MAPL is an authorized dealer and distributor of Jaguar Land Rover (from year 2014). MAPL operates a 3S facility (Sales, Spares and Service) and has one showroom and one service centre located in Delhi. MANGALDEEP COLD: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Mangaldeep Cold Storage Private Limited (MCSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.87 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.13 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 24, 2024, placed the rating(s) of MCSPL under the 'issuer non-cooperating' category as MCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 9, 2025, June 19, 2025, June 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Mangaldeep Cold Storage Private Ltd. incorporated on April 21, 1997 was promoted by Samui family of West Bengal to set up a cold storage facility with a storage capacity of 15,800 MTPA in Paschim Midinipur district of West Bengal. MCSPL is engaged in the business of providing cold storage facility primarily for potatoes to farmers & traders. Besides providing cold storage facility, it also provides advances to farmers for farming activities against the potato stored. MB PATIL GOLD: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: MB Patil Gold Private Limited (Under CIRP) Rajaram Plaza, Main Road Madhavnagar, Sangli, Maharashtra, India, 416306 Insolvency Commencement Date: July 28, 2025 Estimated date of closure of insolvency resolution process: January 24, 2026 Court: National Company Law Tribunal, Pune Bench Insolvency Professional: Mr. Vivek Murlidhar Dabhade Flat No - 27, Rosewood A, 7th Floor Riddhi Siddhi Paradise, Dhayari Phata, Pune 411041 Email: ipvivekdabhade@gmail.com Email: mbpatilcirp@gmail.com Last date for submission of claims: August 11, 2025 METLORD ALLOYS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: M/s. Metlord Alloys Private Limited 7/A-63, 5th Street, Periyar Nagar, Chennai, Tamil Nadu, India 600082 Insolvency Commencement Date: July 17, 2025 Estimated date of closure of insolvency resolution process: January 13, 2026 Court: National Company Law Tribunal, Division Bench-II Insolvency Professional: Thirumal N Old No. 4, New No. 7, Flat No. 2, Ground Floor, Cee Bross, SRI Ram Dham, Jagadambal Colony, Royapettah, Chennai, Tamil Nadu, India 600014 Email: task. itr@gmail.com Email: ip.metlord@gmail.com Last date for submission of claims: August 6, 2025 MVR GAS: CARE Keeps D Debt Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of MVR Gas (MG) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 33.33 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.67 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 29, 2024, placed the rating(s) of MG under the 'issuer non-cooperating' category as MG had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MG continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 15, 2025, July 25, 2025, July 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of MG have been revised on account of delays in debt servicing recognized from auditor's feedback. Analytical approach: Standalone Outlook: Not Applicable Bengaluru (Karnataka) based MVR Gas (MG) is a proprietorship concern, established in the year 2001 by Mr. B.V. Sadanand. The entity is engaged in the business of bottling and marketing of LPG for domestic use as well for use in commercial establishments such as hotels, restaurants and industries. MG has an associate concern MVR Chemicals and Oils, established in the year 2008 and managed by Mr. B.V. Sadanand. The entity is engaged in solvent distribution. PEESARI SUDHAKAR: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Peesari Sudhakar Reddy (PSR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of PSR under the 'issuer non-cooperating' category as PSR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PSR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025, May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Telangana based, Peesari Sudhakar Reddy (PSR) was established as a proprietorship firm in the year 2006 and promoted by Mr. P. Sudhakar Reddy. The firm is engaged in providing warehouse on lease rentals at Devaryamzal village, Shameerpet Mandal, Telangana. PRL PROJECTS: CRISIL Lowers Long/Short Term Ratings to D -------------------------------------------------------- Crisil Ratings has downgraded its ratings on the long-term bank facilities of PRL Projects and Infrastructure Limited (PPAIL) to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUE NOT COOPERATING') Crisil Ratings has been consistently following up with PPAIL for obtaining information through letter and email dated May 7, 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 PPAIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PPAIL is consistent with 'Assessing Information Adequacy Risk'. Based on the irregular account conduct, as per the auditor remarks available in audited financial statements, Crisil Ratings has downgraded its ratings on the long-term bank facilities of PPAIL to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'. Analytical Approach Crisil Ratings has considered the standalone business and financial risk profiles of PPAIL. PPAIL, incorporated in 2005, is engaged in civil construction activities (such as construction of roads and bridges) and allied works; it is located in New Delhi. Mr Manish Garg and Mr Vijay Garg own and manage the business. RAJSHREE CORPORATION: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Rajshree Corporation (RC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 29, 2024, placed the rating(s) of RC under the 'issuer non-cooperating' category as RC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 14, 2025, June 24, 2025, July 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Surat (Gujarat) based, RC was established as a partnership firm during August 2018 by Mr. Ankitkumar Savaliya, Mr. Ravi Kumar Davariya, Mr. Harikrushna Patel, Mr. Rameez Ahmd Tapali, Mr. Mohmed Hussain Tapali and Mr. Mohmed Saeed Tapali. RSC is currently executing a commercial project named 'Rajshree City Center' (RERA Registration No. PR/GJ/SURAT/SURAT CITY/SUDA/CAA04157/291118) with 241 units at Surat. The implementation of Rajshree Corporation commenced from November 2018 onwards. S.G. MULTIMETALS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of S.G. Multimetals (SM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 5, 2024, placed the rating(s) of SM under the 'issuer non-cooperating' category as SM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 23, 2025, July 1, 2025 and July 11, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable S.G. Multimetals was incorporated in October-2017. The firm had set up a facility in Khanna, Ludhiana, for manufacturing of steel ingots and billets, as a part of the phase I of its project. The manufacturing facility commenced operations in May -2018. The second phase of the project was being undertaken to set up a rolling mill to be used for manufacturing of hot rolled steel strips. SAI LAKSHME: CRISIL Moves B+ Debt Ratings from Not Cooperating -------------------------------------------------------------- Due to inadequate information and in line with the Securities and Exchange Board of India guidelines, Crisil Ratings had migrated its long-term rating of Sai Lakshme Milk Products (SLMP) to 'Crisil B/Stable Issuer Not Cooperating'. However, the management has subsequently started sharing the information necessary for a comprehensive review of the rating. Consequently, Crisil Ratings is migrating the rating of SLMP to 'Crisil B+/Stable' from 'Crisil B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 17.5 Crisil B+/Stable (Migrated from 'Crisil B/Stable ISSUER NOT COOPERATING') Cash Credit 8.5 Crisil B+/Stable (Migrated from 'Crisil B/Stable ISSUER NOT COOPERATING') Drop Line 4 Crisil B+/Stable (Migrated Overdraft Facility from 'Crisil B/Stable ISSUER NOT COOPERATING') Long Term Loan 1.5 Crisil B+/Stable (Migrated from 'Crisil B/Stable ISSUER NOT COOPERATING') Proposed Long Term 3.5 Crisil B+/Stable (Migrated Bank Loan Facility from 'Crisil B/Stable ISSUER NOT COOPERATING') The rating continues to reflect susceptibility to changes in government regulations and epidemic-related factors, and below-average financial risk profile. These weaknesses are partially offset by the extensive experience of the proprietor in the dairy industry. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SLMP. Key rating drivers and detailed description Weaknesses: * Susceptibility to changes in government regulations and epidemic-related factors: The price of the raw material (milk) is sensitive to government policies and environmental conditions. Manufacturers are vulnerable to the risk of failure in milk production due to external factors such as cattle diseases or drought. SLMP made revenue of INR92 crore in fiscal 2025 and the revenue has been staggering at INR90–100 crore for the past three years. SLMP's revenue and profit will remain susceptible to intense competition in the fragmented industry, changes in government policies and regulations, and to volatility in milk prices due to environmental conditions. * Below-average financial risk profile: The financial risk profile is constrained by low networth and high gearing, at INR6 crore and 6.06 times, respectively, as on March 31, 2025. Debt protection metrics were subdued, with interest coverage ratio of 1.61 times and net cash accrual to total debt ratio of 0.04 time in fiscal 2025. Strength: * Proprietor's extensive experience in the dairy industry: The proprietor's experience of over two decades has enabled the firm to establish healthy relationships with suppliers and customers in and around Krishnagiri region in Tamil Nadu. The firm processes around 60,000 tonne of milk per day. It sells milk under its own Aahaa brand. Liquidity: Stretched Bank limit utilisation was high at 99.62% on average for the 12 months through June 2025. Annual net cash accrual is expected to be INR1.5–1.7 crore against yearly term debt obligation of INR0.3 crore over the medium term, and will cushion liquidity The current ratio was adequate at 1.17 times as on March 31, 2025. Outlook: Stable Crisil Ratings believes SLMP will continue to benefit from its proprietor's extensive experience and funding support. Rating sensitivity factors Upward factors: * Sustenance of the business risk profile, with stable topline and operating margin at around 4% * Improvement in the financial risk profile and liquidity Downward factors: * Substantial decline in revenue or reduction in operating margin to less than 3% leading to low net cash accrual * Further weakening of the financial risk profile and liquidity Established in 1997 by Ms Shanthi Subramaniam as a proprietorship firm, SLMP processes milk, which it sells under the Aahhaa brand. The firm's processing centre is in Krishnagiri. SAI POULTRY: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Sai Poultry (SSP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 18, 2024, placed the rating(s) of SSP under the 'issuer non-cooperating' category as SSP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2025, May 14, 2025, May 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sri Sai Poultry (SSP) was established on December 13, 2018 by Mr. B. Sudhakar Rao (Managing Partner), Mr.B. Ram Prasad (Partner) and Mr.B. Lakshman Prasad (Partner). The firm plans to take up farming of egg, laying poultry birds (chickens) and trading of eggs, cull birds and their manure. The firm plans to sells its products such as eggs and cull birds to retailers through own sales personnel as well as through dealers. SAMARTTHA TRIMURTI: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Samarttha Trimurti Properties (STP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 6, 2024, placed the rating(s) of STP under the 'issuer non-cooperating' category as STP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. STP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 22, 2025, July 2, 2025 and July 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in the year 2012, STP is the special purpose vehicle of Samarttha Group (SG). SG is one of the reputed real estate group in Pune. The group has completed 15 projects in the last 15 years. STP was established with a view to execute the real estate project namely "41 Estara" in Punawale, Pune. SHIVAM PIPE: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Shivam Pipe Industries (SPI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 19, 2024, placed the rating(s) of SPI under the 'issuer non-cooperating' category as SPI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 4, 2025, June 14, 2025, June 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Guwahati based Shivam Pipe Industries (SPI) was established as a partnership firm in 2009. However, it has commenced its operation from April 2012. The firm has been engaged in manufacturing of ERW pipes and steel tubular pole (MS & GI) with a production capacity of 12,000 MTPA and 5,000 MTPA respectively at its plant located at Kamalpur in Guwahati. SINDHU CARGO: Liquidation Process Case Summary ---------------------------------------------- Debtor: Sindhu Cargo Services Private Limited Block 3. No.34, Nellakunte, Near MVIT College, Bettahalasuru, Hunse Maranhalti PO. Bangalore Karnataka, India 562157 Liquidation Commencement Date: July 23, 2025 Court: National Company Law Tribunal Bengaluru Bench Liquidator: Shirley Mathew #23, Fifth Cross Hutchins Road, St. Thomas Town, Bangalore, Karnakata - 560084 Email: shirley@smathew.in #31, Wheeler Road Extension, St. Thomas Town, Bangalore, Karnataka - 560084 Email: sindhu.cirp@smathew.in Last date for submission of claims: August 22, 2025 SOMNATH ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Somnath Enterprises (SE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 19, 2024, placed the rating(s) of SE under the 'issuer non-cooperating' category as SE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 4, 2025, June 14, 2025, June 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Somnath Enterprises (SE) was established as a partnership firm in 2008 by Mr. Surendra Kumar Agarwal and Mrs. Jaya Agarwal, based out of Patna, Bihar. The firm is engaged in trading of automobile components in the state of Bihar. TRIMURTHI HITECH: CRISIL Hikes Rating on INR4.75cr Loan to B+ ------------------------------------------------------------- Due to inadequate information and in line with the guidelines of the Securities and Exchange Board of India, Crisil Ratings had migrated the ratings on the bank facilities of Trimurthi Hitech Company Pvt Ltd (TRHCPL) to 'Crisil B-/Stable/Crisil A4 Issuer Not Cooperating'. However, the management has subsequently started sharing the requisite information necessary for carrying out a comprehensive review of the ratings. Consequently, Crisil Ratings is migrating the ratings to 'Crisil B+/Stable/Crisil A4' from 'Crisil B-/Stable/Crisil A4 Issuer Not Cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.75 Crisil A4 (Migrated from 'Crisil A4 ISSUER NOT COOPERATING') Cash Credit 4.75 Crisil B+/Stable (Migrated from 'Crisil B-/Stable ISSUER NOT COOPERATING') Proposed Long Term 0.98 Crisil B+/Stable (Migrated Bank Loan Facility from 'Crisil B-/Stable ISSUER NOT COOPERATING') Term Loan 1.52 Crisil B+/Stable (Migrated from 'Crisil B-/Stable ISSUER NOT COOPERATING') The ratings continue to reflect the company's modest scale of operations and profitability, below-average financial risk profile and susceptibility to tender-based operations. These weaknesses are offset by extensive experience of the promoters and large working capital requirement. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of TRHCPL. Key rating drivers and detailed description Weaknesses: * Susceptibility to tender-based operations: Revenue and profitability entirely depend on the ability to win tenders. Also, entities in this segment face intense competition, requiring them to bid aggressively to get contracts, which restricts the operating margin to a modest level. Also, given the cyclicality inherent in the construction industry, the ability to maintain profitability through operating efficiency becomes critical. * Below-average financial risk profile: Networth and gearing were INR8 crore and 2.3 times, respectively, as on March 31, 2025. The total outside liabilities to tangible networth ratio was weak at 5.9 times. The capital structure is expected to improve over the medium term. Interest coverage ratio was 2.7 times in fiscal 2025 and is expected to remain at a similar level over the medium term. Strengths: * Extensive experience of the promoters: The promoters have extensive experience with a long track record of executing railway projects for Southern Railways. This has given them a strong understanding of the market dynamics and enabled them to establish healthy relationships with suppliers. The company's order book was more than INR102 crore as of July 2025, to be executed over the next few fiscals, providing revenue visibility over the medium term. * Moderate working capital cycle: The company has shown significant improvement in working capital management, with GCAs reducing from 444 days in fiscal 2021 to 133 days in fiscal 2025. Inventory and debtors have also decreased substantially, indicating efficient inventory management and faster collection of receivables. This improvement has resulted in better cash flow and reduced working capital requirement. Liquidity: Stretched Expected cash accrual of INR1.1-1.5 crore per annum will be just sufficient to meet term debt obligation of less than INR1 crore per annum over the medium term. Bank limit utilisation was around 95% for the 12 months through June 2025. The current ratio was moderate at 2.28 times as on March 31, 2024. Outlook: Stable Crisil Ratings believes TRHCPL will continue to benefit from its promoters' extensive experience. Rating sensitivity factors Upward factors: * Sustained growth in revenue at 20% with sustainability of profitability margin at 4-5% leading to higher cash accrual * Improvement in the financial risk profile Downward factors: * Decline in scale of operations to less than 10%, with profitability margin of less than 2% leading to lower accrual * Deterioration in the financial risk profile Incorporated in 1989 and promoted by Mr BL Kabra and Mr Sundeep Kabra, TRHCPL is engaged in overhead electrification and commissioning of substation/switching station, cabling and other allied works for Southern Railways. UPPER INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Upper India Steel Manufacturing & Engineering Company Limited (UISMECL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 44.70 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 19.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 30, 2024, placed the rating(s) of UISMECL under the 'issuer non-cooperating' category as UISMECL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UISMECL continues to be noncooperative despite repeated requests for submission of information through e-mails dated June 15, 2025, June 25, 2025 and July 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Upper India Steel Manufacturing & Engineering Company Ltd (UISMECL) was incorporated in 1961 as a private limited company and was subsequently converted to a closely held public limited company in 1983. The company is promoted and managed by Mr. Pritpal Singh Grewal and Mr. Gursimran Singh Grewal and is engaged in the manufacturing of specialized steel products for various automotive ancillaries, Indian railways and engineering goods industry, at its manufacturing facility situated at Ludhiana, Punjab. ========= J A P A N ========= [] JAPAN: Bankruptcies in July Hit Highest for Month in 2025 ------------------------------------------------------------ Japan Today reports that corporate bankruptcies in Japan totaled 961 cases in July, the highest monthly figure this year, a credit research firm said Aug. 8, with a notable number of companies hit by rising prices. Of the failures involving debts of at least JPY10 million, 75 cases were blamed on inflation, while 41 cases were related to labor shortages such as rising personnel costs, according to Tokyo Shoko Research. "Higher food and energy prices will not only affect consumer behavior but also corporate profits," a Tokyo Shoko Research official said, pointing to the possibility that bankruptcies caused by inflation may increase in the future. By industry, bankruptcies in the retail sector increased by 2.8 percent from a year earlier to 112 cases, while those in the services sector including restaurants climbed more than 10 percent to 344 cases, Japan Today discloses. Total liabilities dropped 78.6 percent from a year earlier to JPY167 billion, Japan Today relays. ===================== N E W Z E A L A N D ===================== BIG CONSTRUCTION: Court to Hear Wind-Up Petition on Aug. 21 ----------------------------------------------------------- A petition to wind up the operations of Big Construction Limited will be heard before the High Court at Auckland on Aug. 21, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 28, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 DRAGON BOAT: Restaurant Goes Into Liquidation After 31 Years ------------------------------------------------------------ Stuff.co.nz reports that an Auckland Chinese restaurant that was open for over 30 years - and used in a promotional video by the mayor - has gone into liquidation owing over NZD1 million. Specialising in Cantonese cuisine, Dragon Boat Restaurant had operated out of Elliott St in the CBD since 1994. However, it was placed into liquidation in July, bringing the curtain down on 31 years of hospitality, Stuff relates. According to Stuff, the first liquidator's report stated the business was forced to close due to a number of contributing factors. These included the effects of Covid-19, poor economic conditions, higher trading and compliance costs, and being in arrears with the landlord. In the report, liquidator Grant Reynolds of Reynolds & Associates said they were so far unable to determine what assets the business had, other than a sole vehicle worth NZD29,294.67, Stuff relays. The business also had property, plant and equipment worth NZD16,369. However, these were not subject to securities. So far, the business owes creditors NZD1,396,717, most of which is owed to the landlord, who will be due NZD1,068,000, Stuff discloses. Elsewhere, two preferential creditors have been identified. They include employee claims of NZD53,743, GST and PAYE of NZD84,864 owed to Inland Revenue. Insecure non-preferential creditors are also owed money, including NZD313,853 also owed to Inland Revenue, and a further NZD13,864 to both suppliers and other creditors. The restaurant is in the Atrium on Elliott St shopping centre, with the landlord reported to be NDG Asia Pacific Limited, a company owned by Singapore billionaire Furu Ding. In 2012, Ding paid NZD53 million for the site of the former Royal International Hotel at 106 Albert St to build a 52-storey tower. It was touted as the country's tallest residential building, second only to the Sky Tower in height. The project has yet to begin, though Ding has resource consent for the project that is valid until 2029. Earlier this year, Dragon Boat Restaurant was also used by Auckland Mayor Wayne Brown for a social media video to encourage people to submit feedback on Auckland Council's annual plan, Stuff recalls. In the video, Mr. Brown said one submitter would win a "succulent Chinese meal" at the restaurant, a play on the famous viral meme from Australian man Jack Karlson. After the video was published, the restaurant said they were "honoured" to welcome the mayor. "It was a pleasure to have the mayor visit and film at our restaurant, celebrating the flavours of authentic Chinese cuisine and the vibrant local dining scene. Thank you for your support," they said in a Facebook post. Records of the company have been requested from the director, while other records are being gathered from external sources, including the company bankers, creditors, accountants, solicitors, and other professional advisors, Stuff says. At this stage, it is unknown whether dividends will be paid to creditors in the liquidation, adds Stuff. EVA MOORE: Creditors' Proofs of Debt Due on Sept. 8 --------------------------------------------------- Creditors of Eva Moore Sheetmetals (NZ) Limited and Project Clean NZ Limited are required to file their proofs of debt by Sept. 8, 2025, to be included in the company's dividend distribution. Eva Moore Sheetmetals commenced wind-up proceedings on Aug. 1, 2025. Project Clean NZ commenced wind-up proceedings on Aug. 2, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 LOCAL JACK: Creditors' Proofs of Debt Due on Aug. 25 ---------------------------------------------------- Creditors of Local Jack Limited are required to file their proofs of debt by Aug. 25, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 17, 2025. The company's liquidator is: Heath Gair Palliser Insolvency Level 2, 40 Lady Elizabeth Lane Wellington NO FUSS: Court to Hear Wind-Up Petition on Sept. 11 --------------------------------------------------- A petition to wind up the operations of No Fuss Financial Services Limited will be heard before the High Court at Auckland on Sept. 11, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 16, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 RIPA GLOBAL: Liquidation Leaves Creditors NZD5MM Out of Pocket -------------------------------------------------------------- Katie Ham at The Post reports that Mel Gollan, founder of the once-promising start-up RIPA Global, is now battling bankruptcy after the company was placed into liquidation earlier this year. Meanwhile, former employees are speaking out about her dramatic "fall from grace." "This particular business I have built here has the potential to turnover NZD100 billion ‒ not million ‒ NZD100 billion in five years." These were claims made by Mel Gollan in a 2020 interview, The Post says. But far from basking in a NZD100 billion dollar profit, five years on the tech entrepreneur has lost her flagship company in a multimillion-dollar collapse - and is fighting potential bankruptcy at the High Court in Wellington. Ms. Gollan founded The Work Shop Limited, which traded as RIPA Global New Zealand, in 2011. According to The Post, the tech start-up branded itself as having "game-changing" technology that would reduce the time and cost of accounting through an app that automated the processing of receipts, invoices and payments. "Effectively what we're saying is: 'nothing beats doing nothing' and that's what we're offering to our customers," Ms. Gollan said at the time. But in February, Inland Revenue successfully applied to put The Work Shop into liquidation. The first liquidator's report released in March shows RIPA Global having debts of more than NZD5.5 million, The Post discloses. Inland Revenue is owed NZD316,978, employees NZD252,289 and unsecured creditors a further NZD4.96 million. The Post has spoken to some of Ms. Gollan's former employees about the impact the company's collapse has had of them. Where some have had to take loans to be able to afford their bills, others say they have faced losing their homes and have had to sell their possessions to get by. For one former employee, Linda Cilliers, the first sign something was amiss came in July 2024, The Post relays. "We started getting paid late. Then, in the August, we had our second late pay. I asked Mel if there was something I needed to know. I've got a mortgage and kids. But she said she would never do that to us. "Then, of course, it all came crumbling down. There was zero transparency with us at any stage. We kept being told she was waiting for an investment that would come through on the Monday, then the next Monday, then the next. She kept dodging everything." It was only after the liquidation was announced that Ms. Cilliers started to "piece it all together". Ms. Cilliers said she is still owed about $26,000: "We almost lost our house and couldn't stay on top of bills. All of us from RIPA are still trying to dig ourselves out of the financial holes we had to dig to survive." On July 29, Ms. Gollan appeared in the High Court in Wellington after BNZ applied to have her declared bankrupt, The Post recalls. Ms. Gollan spoke for herself, disputing several issues about the application. Associate Judge Andrew Skelton said a later hearing would consider the issues, but no date was set, The Post relates. The liquidator's second report is due to be filed on September 1. More information would be available then, national manager of the Insolvency and Trustee Service, Russell Fildes told The Post. The service was in contact with the company's director, Mr. Fildes said, but at this stage it could not estimate when the liquidation would be completed. When approached for comment, Ms. Gollan said she was "unable to comment until the legal situation is resolved", but that she would be "happy to comment post that". She did not reply to further questions, The Post adds. SITA TRANSPORT: Court to Hear Wind-Up Petition on Sept. 5 --------------------------------------------------------- A petition to wind up the operations of Sita Transport 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 commenced wind-up proceedings on July 30, 2025. Jaas Works commenced wind-up proceedings on July 25, 2025. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom Auckland 1051 ===================== P H I L I P P I N E S ===================== VILLAR LAND: SEC Probes Asset Transfers Over Regulatory Concerns ---------------------------------------------------------------- Context.ph reports that the Securities and Exchange Commission (SEC) is conducting a fact-finding investigation into the asset transfers and property valuation surge involving Golden MV Holdings Inc., recently renamed Villar Land Holdings Corp., following the suspension of its shares from trading on the Philippine Stock Exchange. According to Context.ph, SEC chairman Francis E. Lim confirmed that the inquiry centers on alleged irregularities surrounding the transfer of large tracts of prime real estate owned by the Villar group and their impact on the company's valuation. Lim emphasized that the agency is scrutinizing the details before making any determinations, noting the technical nature of the case. "We're examining it carefully . . . We don't want to act hastily and make a mistake," Mr. Lim said, stressing the importance of protecting market integrity, investor interests, and corporate reputations. He also highlighted the need for potential policy refinement regarding asset transfers. Villar Land shares have been suspended since May 15 after the company failed to submit its financial statements, Context.ph notes. The firm responded by stating that it welcomes the SEC's investigation, saying that its books are under a comprehensive audit, including a review of high-value property appraisals. It assured full cooperation with regulators and compliance with all disclosure requirements, according to Context.ph. Context.ph relates that Mr. Lim reiterated the SEC's commitment to making evidence-based decisions, adding, "This is an opportunity to refine policy - not based on media narratives, but on data and legal standards." Villar Land Holdings Corp., together with its subsidiaries, engages in the development of memorial parks in the Philippines. It operates through two segments, Residential and Deathcare. The Residential segment develops and sells residential houses and lots, subdivision lots, and condominium units. The Deathcare segment sells memorial lots; and offers chapel and interment services. It also develops, constructs, and operates columbarium and memorial chapel facilities. The company provides death care products and services under the Golden Haven brand; and operates residential development business under the Bria Homes name. The company was formerly known as Golden MV Holdings, Inc. and changed its name to Villar Land Holdings Corp. in April 2025. ================= S I N G A P O R E ================= AAM ADVISORY: Creditors' Proofs of Debt Due on Sept. 5 ------------------------------------------------------ Creditors of AAM Advisory Pte. Ltd. are required to file their proofs of debt by Sept. 5, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 28, 2025. The company's liquidators are: Mr. Aaron Loh Cheng Lee (Ernst & Young Solutions LLP) Ms. Ee Meng Yen Angela (EY Corporate Advisors Pte Ltd) c/o One Raffles Quay North Tower 18th Floor Singapore 048583 BROOKLYNZ STAINLESS: Creditors' Proofs of Debt Due on Aug. 25 ------------------------------------------------------------- Creditors of Brooklynz Stainless Steel Pte. Ltd. are required to file their proofs of debt by Aug. 25, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 25, 2025. The company's liquidators are: Mr. Don M Ho Mr. David Ho Chjuen Meng c/o Avery Corporate Advisory 63 Market Street, #05-01A Bank of Singapore Centre Singapore 048942 ELLOONIA STUDIO: Court to Hear Wind-Up Petition on Aug. 22 ---------------------------------------------------------- A petition to wind up the operations of Elloonia Studio Pte. Ltd. will be heard before the High Court of Singapore on Aug. 22, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 28, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 FLOORS EMPORIUM: Court to Hear Wind-Up Petition on Aug. 22 ---------------------------------------------------------- A petition to wind up the operations of The Floors Emporium Pte. Ltd. will be heard before the High Court of Singapore on Aug. 22, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Aug. 1, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 GRAND HARBOUR: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Feb. 14, 2025, to wind up the operations of Grand Harbour (Asset Holding) Singapore Pte. Ltd. Sim Mong Teck & Partners filed the petition against the company. The company's liquidator is: Mr. Lee Chi Him c/o Pinebridge Advisory 10 Ubi Crescent #06-18 Ubi Techpark Singapore 408564 HYFLUX LTD: Hearing Founder and Ex-CEO Olivia Lum Starts Aug. 11 ---------------------------------------------------------------- The Business Times reports that the trial of Hyflux founder and former chief executive Olivia Lum, its ex-chief financial officer (CFO), and four independent directors begins on Aug. 11. Their trial comes after former director Rajsekar Kuppuswami Mitta, 68, was fined SGD90,000 and barred from holding any directorship following his guilty plea on Aug. 7 over Hyflux's failure to disclose information relating to the Tuaspring integrated water and power project in 2011 as required under Singapore Exchange (SGX) listing rules, according to BT. Lum and the other five accused persons will be jointly tried before District Judge Toh Han Li. The trial is scheduled to take place over 57 days until February 2026, court records showed, BT relays. Lum, 64, faces six charges: four counts of Companies Act violations and two counts of breaching the Securities and Futures Act. She was first charged in November 2022, together with the water treatment firm's ex-CFO Cho Wee Peng and four board members, including ex-director Rajsekar, for disclosure-related offences under the Securities and Futures Act, BT relates. She was accused of consenting to the non-disclosure of information relating to the Tuaspring integrated water and power project in 2011, despite such information being required under the listing rules, while the directors were allegedly negligent in the matter. She also allegedly failed to ensure that Hyflux made disclosures required under the accounting standards for its financial statements for the financial year ended Dec. 31, 2017. In May 2023, she was subsequently slapped with three counts of breaching the Companies Act, while another independent director, Lee Joo Hai, was charged in March that year over Hyflux's non-disclosures, according to BT. Former CFO Cho will be on trial after being charged with one count of violating the Securities and Futures Act due to allegedly conniving in Hyflux's intentional failure to disclose information relating to Tuaspring. According to BT, independent directors Teo Kiang Kok, Gay Chee Cheong, Christopher Murugasu, and Lee each face two charges of breaching the Securities and Futures Act: * Neglect in connection with Hyflux's intentional failure to disclose information relating to Tuaspring, when such disclosure was required under the listing rules. Each faces a jail term of up to seven years, fines of up to SGD250,000, or both, if convicted. * Liable for Hyflux's omission to state the material information relating to Tuaspring in the 2011 Offer Information Statement issued for the offer of SGD200 million, 6 per cent preference shares on April 13, 2011. Each faces a jail term of for up to two years, fines of up to SGD150,000, or both, if found guilty. They are all represented by Shook Lin & Bok lawyers, BT discloses. About Hyflux Singapore-based Hyflux Ltd provided various solutions in water and energy areas worldwide. The company operated through two segments, Municipal and Industrial. The Municipal segment supplied a range of infrastructure solutions, including water, power, and waste-to-energy to municipalities and governments. The Industrial segment supplied infrastructure solutions for water to industrial customers. It has business operations across Asia, Middle East and Africa. In May 2018, Hyflux filed for bankruptcy protection and got an automatic 30-day moratorium. Trading in all its shares and securities was suspended. In March 2019, Hyflux said that Maybank, its biggest secured creditor, had appointed receivers and managers from insolvency firm Ferrier Hodgson to take over the Tuaspring Integrated Water and Power Plant. In May 2019, National water agency PUB takes over Tuaspring desalination plant. In June 2020, the Singapore authorities said they are investigating Hyflux over corporate governance breaches. Among the directors under probe is Hyflux executive chairman Olivia Lum. In November 2020, the High Court of Singapore appointed Hamish Alexander Christie and Patrick Bance of Borrelli Walsh Pte. Limited as joint and several judicial managers of Hyflux Ltd. On June 2021, Hyflux's judicial managers filed an application to wind up the company. On July 21, 2021, the High Court of Singapore approved the winding up application. SIMPLY BLOOMS: Creditors' Meetings Set for Aug. 27 -------------------------------------------------- Simply Blooms (S) Pte. Ltd. and Simply Hamper Singapore Pte. Ltd. will hold a meeting for its creditors on Aug. 27, 2025, at 4:00 p.m. and 4:30 p.m., respectively, via electronic means. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Mr. Ong Shyue Wen and Mr. Saw Meng Tee of EA Consulting Pte Ltd (a subsidiary of EisnerAmper PAC) were appointed as provisional liquidators of the Companies on July 30, 2025. ================= S R I L A N K A ================= FINTREX FINANCE: Fitch Affirms BB(lka) National LongTerm Rating --------------------------------------------------------------- Fitch Ratings has affirmed Sri Lanka-based Fintrex Finance PLC's National Long-Term Rating at 'BB(lka)' with a Stable Outlook. Fitch has also affirmed the 'B+(lka)' National Long-Term Rating on the company's subordinated debentures. Key Rating Drivers Standalone Profile Underpins Rating: Fintrex's rating reflects its smaller balance sheet compared with higher-rated peers, in addition to its greater growth appetite, expansion into riskier mobile financing, higher leverage and more volatile earnings. These weaknesses are balanced by acceptable asset quality and improved funding diversity. More Conducive Operating Environment: Fitch projects Sri Lanka's GDP growth at 4.3% in 2025 and 3.6% in 2026, supported by low inflation and accommodative monetary conditions on renewed economic activity. This follows real GDP growth of 4.8% yoy in 1Q25 and a 5.0% expansion in 2024, driven by the industry and service sectors, including a rebound in tourism after years of contraction and instability. That said, external headwinds from global tariff revisions and ensuing economic slowdown could challenge Sri Lanka's economic recovery and affect the pace of growth. Modest Franchise, Aggressive Growth: Fintrex's business profile remains constrained by higher concentration risks relative to peers, reflecting its more limited franchise as one of Sri Lanka's smaller finance and leasing companies. Its market share remains modest, at 1.2% of sector loans in the financial year ending March 2025 (FY25). This was despite a meaningful rise from 0.8% in FY23, with a CAGR of 40% over FY23-FY25 outpacing the sector's 15%. Yet, recent high growth could introduce asset quality risks as the loans season. New Lending Products: Fintrex has diversified its product suite over the past two years, mainly by introducing high-yielding mobile financing and gold lending. This expansion could test its risk management and underwriting capabilities - particularly in mobile financing, where credit risk may be higher due to lower recovery prospects. However, Fitch expects four-wheeler financing to remain the core of Fintrex's portfolio in the near term, supported by the company's targeted product mix and the recent lifting of a longstanding vehicle import ban. Acceptable Asset Quality: The company's increasing exposure to riskier mobile financing may lead to a mild rise in delinquencies, but Fitch expects its stage 3 loan ratio to remain below 10% over the next two years, provided economic conditions remain supportive. Fitch believes Fintrex is more sensitive to economic shocks, given its higher borrower concentration relative to larger, higher-rated peers. Fintrex's stage 3 loan ratio improved to 8.6% in FY25, from 11.2% in FY24. This was broadly in line with the sector average of 8.3% (FYE24: 14.7%). Interest Margin to Improve: Fitch anticipates upside to the company's net interest margin, on an increased share of higher-yielding products and more favourable funding costs. Pre-tax profit remained stable in FY25, at 2.8% of average assets (FY24: 2.8%), as an improved net interest margin was offset by normalised credit costs following net recoveries in FY24. Growth Weakens Capitalisation: Fitch expects Fintrex's capitalisation to weaken further in the near term, as continued rapid asset growth is likely to outpace internal capital generation. The tier-1 capital ratio declined to 13.5% in FY25, from 16.1% in FY24, while the total capital ratio increased to 18.3% (FYE24: 16.1%), backed by the issuance of a LKR1 billion subordinated debenture in March 2025. Fintrex's rating also factors in the company's commitment to maintaining a capital buffer of 2pp above the regulatory minimum tier-1 and total capital ratios of 8.5% and 12.5%, respectively. Modest Funding: Fintrex's funding base has gradually improved through an expanded customer deposit base and the recent subordinated bond issuance. However, its funding franchise and flexibility - as reflected by its cost of funds and share of unsecured funding - remain weaker than those of larger peers. Deposit funding, the primary source of unsecured funding for finance and leasing companies, accounted for 56% of Fintrex's total funding in FY25 (FYE24: 56%), well below the sector average of 76%. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The rating is sensitive to a change in Fintrex's credit profile relative to that of other Sri Lankan issuers. Negative rating action could be triggered by a large deterioration in asset quality relative to peers, without an improvement in capital or provisioning buffer. Aggressive growth without maintaining an adequate capital buffer as planned or signs of earnings or liquidity pressure could also lead to negative rating action. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The rating is sensitive to a change in Fintrex's credit profile relative to that of other Sri Lankan issuers. The rating may be upgraded if the company significantly reduces its customer concentration, perhaps due to a broader or more diversified franchise, while maintaining comparable asset quality with peers. This is provided the company maintains a balanced funding and liquidity profile, with leverage that is not excessive relative to peers with an acceptable regulatory capital buffer. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Fintrex's Sri Lankan rupee subordinated debentures are rated two notches below its National Long-Term Rating. This reflects its baseline notching for loss severity for this debt class and expectation of poor recoveries in the event of default. Fitch applies the Bank Rating Criteria in rating these instruments, as Fitch views the prudential capital framework for finance companies to be closer to that for banks in Sri Lanka. There is no additional notching for non-performance risk, as the debentures do not contain going-concern loss-absorption or coupon-deferral features. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES Any change in Fintrex's National Long-Term Rating would lead to corresponding action on its subordinated debt rating. Entity/Debt Rating Prior ----------- ------ ----- Fintrex Finance PLC Natl LT BB(lka) Affirmed BB(lka) Subordinated Natl LT B+(lka) Affirmed B+(lka) ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***