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250814.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, August 14, 2025, Vol. 28, No. 162 Headlines A U S T R A L I A AMD FREIGHT: SV Partners Appointed as Administrators ART MONEY: Second Creditors' Meeting Set for Aug. 18 DJK TRANSPORT: Goes Into Liquidation After 60 Years FSM DEVELOPMENT: Was Warned Ray White Loan Made No Sense GLOBAL SERVICES: Placed in Administration POWERHOUSE RENEWABLES: Second Creditors' Meeting Set for Aug. 18 WARRINGAH BOWLING: First Creditors' Meeting Set for Aug. 20 C H I N A CHINA EVERGRANDE: Liquidators Hire UBS to Sell US$1.1 Billion Unit CHINA EVERGRANDE: To Be Delisted From Hong Kong Stock Exchange ROAD KING: Defaults on Bond as Pressure Mounts WONGTEE INT'L: Major Asset Set for Judicial Auction at Lower Price I N D I A ABP AFFORDABLE: CRISIL Keeps B Debt Rating in Not Cooperating ADVANCED MINING: CRISIL Keeps D Debt Ratings in Not Cooperating AMIT PETROLUBES: CRISIL Keeps B Debt Rating in Not Cooperating ANNAI RESORTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ARNAY TUBES: Ind-Ra Withdraws BB+ Bank Loan Rating ASIAN EARTHMOVERS: CRISIL Keeps D Debt Rating in Not Cooperating CELARA DIAGNOSTICS: CRISIL Keeps B+ Rating in Not Cooperating CRAFTS INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating DARP CONSTRUCTION: CRISIL Keeps D Debt Rating in Not Cooperating DERBY PLANTATIONS: CRISIL Moves C Debt Rating to Not Cooperating DEVI ENGINEERING: Ind-Ra Places BB- Bank Loan Rating On Watch DHAVAL ENGINEERING: CRISIL Assigns B Rating to INR16cr Bank Loan DODHIA TECHNO: CRISIL Keeps D Debt Ratings in Not Cooperating GURUKRUPA CONSTRUCTION: Ind-Ra Assigns BB- Bank Loan Rating GYANSAGAR TEXTILE: CRISIL Keeps B+ Ratings in Not Cooperating HCO INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating HUKMAWATI COLD: CRISIL Keeps B Debt Ratings in Not Cooperating KANDHAVILAS AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating KAY BEE: CRISIL Keeps D Debt Rating in Not Cooperating Category KHR INFRA: CRISIL Keeps B+ Debt Ratings in Not Cooperating KINARA CAPITAL: Ind-Ra Cuts Bank Loan Rating to C KOUSHIC PRESSURE: CRISIL Keeps D Debt Ratings in Not Cooperating KRISHNAPING ALLOYS: CRISIL Keeps D Ratings in Not Cooperating KUBER METPACK: CRISIL Keeps D Debt Ratings in Not Cooperating MANNAR GROUP: CRISIL Keeps B Debt Rating in Not Cooperating MANTRI TEA: CRISIL Moves C Debt Rating to Not Cooperating MARYMATHA INFRASTRUCTURE: Ind-Ra Hikes Bank Loan Rating to B MITTAPALLI TANUJA: CRISIL Moves B- Ratings to Not Cooperating MODERN RICE: CRISIL Keeps B Debt Ratings in Not Cooperating OSIA JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating PANACHE DIGILIFE: Ind-Ra Moves BB+ Loan Rating to NonCooperating PATEL MOTORS: Ind-Ra Affirms BB+ Bank Loan Rating RAM BALAJI: CRISIL Moves B Debt Ratings to Not Cooperating TRENDSQUARES CONSTRUCTIONS: Ind-Ra Assigns BB+ Bank Loan Rating N E W Z E A L A N D BLUESKIES CIVIL: Creditors' Proofs of Debt Due on Aug. 29 CONSTRUCTO DEVELOPMENTS: Creditors' Proofs of Debt Due on Sept. 9 DELTA CONSULTING: Creditors' Proofs of Debt Due on Sept. 9 NJ & MS HOLDINGS: Owes Creditors NZD1.2MM, Liquidator Report Shows STEADFAST CARPENTERS: Court to Hear Wind-Up Petition on Sept. 26 YARDER PARTS: Court to Hear Wind-Up Petition on Sept. 5 S I N G A P O R E A-SOLUTION IT: Creditors' Proofs of Debt Due on Sept. 7 ATRIX DYNAMICS: Court to Hear Wind-Up Petition on Aug. 29 CLEARWIND PTE: Court to Hear Wind-Up Petition on Aug. 22 MASON & CO: Court Enters Wind-Up Order NEWS ENVIRONMENTAL: Court Enters Wind-Up Order S R I L A N K A SRI LANKA: Economy is on Track for Recovery, CB Governor Says - - - - - ================= A U S T R A L I A ================= AMD FREIGHT: SV Partners Appointed as Administrators ---------------------------------------------------- Thomas Stuart Otway and Alan Geoffrey Scott of SV Partners on Aug. 11, 2025, were appointed as Administrators of AMD Freight Pty Ltd. The Administrators may be reached at: Thomas Stuart Otway Alan Geoffrey Scott SV Partners Level 2 81 Flinders Street Adelaide, SA 5000 ART MONEY: Second Creditors' Meeting Set for Aug. 18 ---------------------------------------------------- A second meeting of creditors in the proceedings of Art Money Pty Ltd has been set for Aug. 18, 2025, at 11:00 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 15, 2025 at 4:00 p.m. Jeff Marsden and Andrew Sallway of BDO were appointed as administrators of the company on July 14, 2025. DJK TRANSPORT: Goes Into Liquidation After 60 Years --------------------------------------------------- News.com.au reports that an Australian trucking company has gone into liquidation after almost 60 years in business. DJK Transport entered voluntary liquidation on Aug. 8, after a restructuring practitioner was appointed in June. The business is listed as being based out of Austral in southwestern Sydney, and according to its website, has been a "trusted transport service since 1968" and still maintains the "original owner". DJK Transport provided local and interstate freight and distribution, including trailers, tautliners, and flat-top trucks, according to their website. The company previously undertook mine-related freight work, as well as freight work for distribution centres for chain supermarkets and department stores. A liquidation notice posted to ASIC revealed that it was resolved at a general meeting on August 8 that the company be wound up. Danny Vrkic was appointed liquidator, news.com.au discloses. A restructuring practitioner was earlier appointed on June 30, with the proposal period extended until August 5 on July 17. Two other transport companies – AKG Trucking and Round Em Up Transport – entered voluntary liquidation on Aug. 8, according to news.com.au. Mr. Vrkic was also appointed as liquidator for AKG Trucking and Round Em Up Transport, news.com.au adds. FSM DEVELOPMENT: Was Warned Ray White Loan Made No Sense -------------------------------------------------------- Max Mason at the Australian Financial Review reports that a Sydney property developer who took a loan from a private credit firm tied to real estate giant Ray White was warned by his lawyer that the deal did not make commercial sense before agreeing to it - a move which resulted in his Ashfield apartment project being made immediately insolvent. Frank Guo was being questioned in the Federal Court as part of an insolvency examination launched by the administrators of his failed FSM development group, the Financial Review notes. Smaller lenders like Zagga, are alleging Ray White Capital induced Guo into a loan that effectively wiped out their own position by ballooning FSM's debts to a point that it matched the value of the project. Ray White Capital is backed by the White family and run by Dan White. It lent FSM just over AUD27 million for a project in Ashfield, with a figure which quickly grew to AUD37 million after fees and interest were added. According to the Financial Review, Cor Cordis alleges that Guo was advanced funds from that loan facility to pay off debts owed by FSM, including to himself and his family, and split some of the fees with Ray White Capital. The court had already heard the money to pay investors including himself was a key reason Guo signed the deal. Both Guo and Dan White, who was questioned in court on Aug. 8, deny wrongdoing. On Aug. 11, the court heard Jeff Goss, a lawyer at Hicksons at the time, was representing FSM in its dealings with Ray White Capital and emailed Guo in July last year advising him that the loan agreement did not make sense, according to news.com.au. "As discussed with you, we cannot see how the suite of documents achieve a commercial outcome that makes sense for the borrower, our client," the report quotes Mr. Goss as saying. Guo, through a translator, told the court, he knew "the major conditions of the loan". "I can only answer you. I knew about the loan," he said. In August last year, Ray White Capital replaced La Trobe Financial as the key lender to the development, the Financial Review recalls. At that time, FSM had borrowed AUD21.7 million from a facility that was capped at AUD25 million. It estimated that the Ashfield apartment project would cost another AUD1.6 million to complete. "You didn't need to commit the company to a loan requiring repayment of AUD37 million to complete this project, did you," David Williams, the counsel for the Cor Cordis administrators, asked Guo on Aug. 11. "You knew that it was unwise for the borrower to sign these documents that were being provided to you by Ray White [and] its lawyers, didn't you?" Guo disagreed, and said the project had stalled. "At the time we cannot get a loan at the project . . . we don't have any money to complete this project, so this has affected majorly to the credit of the company, it would majorly compromise our consumers," he said. The Financial Review relates that Guo denied he had received any commercial benefit from the deal with Ray White Capital, although he said that the two parties had discussed a AUD3 million working capital provision "to repay the money I borrowed before for operating the company". It is alleged he received only about AUD420,000. "At the time of the loan, Ray White told me if possible, or if needed they can allow some money for operating," Guo told the court. A report to creditors in December said administrators had formed a preliminary view "that the loan from Ray White Capital could be considered as an unreasonable director transaction," according to the Financial Review. "The director's lack of disclosure on the events leading up to the introduction of [the] Ray White Capital loan could be seen as a scheme to cause Zagga financial loss and dilute their interest in Ashfield," it read. Ray White Capital was founded in 2001, and opened itself to outside capital in 2015. Last year, it estimated that it had invested more than AUD5 billion in real estate, and had $900 million in assets under management. Rahul Goyal & Catherine Conneely of Cor Cordis were appointed as voluntary administrators of FSM Development Pty Ltd on Nov. 7, 2024. GLOBAL SERVICES: Placed in Administration ----------------------------------------- Nicarson Natkunarajah of Roger and Carson on Aug. 10, 2025, was appointed as Administrator of Global Services Australia Pty Ltd. The Administrator may be reached at: Nicarson Natkunarajah Roger and Carson Level 35, One International Towers 100 Barangaroo Avenue Sydney, NSW 2000 POWERHOUSE RENEWABLES: Second Creditors' Meeting Set for Aug. 18 ---------------------------------------------------------------- A second meeting of creditors in the proceedings of Powerhouse Renewables Group Pty Ltd has been set for Aug. 18, 2025, at 11:00 a.m. at Level 10, 55 Clarence Street, in Sydney, NSW, and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 15, 2025 at 5:00 p.m. Anthony Phillip Wright and Neil Robert Cussen of Olvera Advisors were appointed as administrators of the company on July 25, 2025. WARRINGAH BOWLING: First Creditors' Meeting Set for Aug. 20 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Warringah Bowling Club Limited will be held on Aug. 20, 2025 at 10:00 a.m. via Microsoft Team. Michael James Billingsley and Anthony Phillip Wright of Olvera Advisors were appointed as administrators of the company on Aug. 8, 2025. ========= C H I N A ========= CHINA EVERGRANDE: Liquidators Hire UBS to Sell US$1.1 Billion Unit ------------------------------------------------------------------ Bloomberg News reports that liquidators of China Evergrande Group, the developer whose default in 2021 set off a broader years-long property debt crisis, have hired bankers to sell a property management unit after previous attempts failed, people familiar with the matter said. Bloomberg relates that the court-appointed liquidators are working with UBS Group AG and Citic Securities Co to seek potential buyers for the subsidiary Evergrande Property Services Group Ltd, according to the people, who requested not to be named because the information is private. According to Bloomberg, Evergrande Property Services plays a key role in asset recovery for creditors and the firm is being given "the highest priority" in terms of attention, the liquidators said on Aug. 12. Its HK$9 billion (RM4.84 billion) market value and RMB12.8 billion (RM7.53 billion) in revenue from last year "represents a very substantial potential source of value," they added. The firm reported a net income of RMB1 billion in 2024, according to its annual report. It had 3,000 projects under the operations. Still, any sale faces no shortage of hurdles, Bloomberg states. Shares in the unit have plummeted about 96% from a peak in 2021 and have traded as a penny stock for several years now. The company said the liquidation of its parent China Evergrande Group has weighed on brand perception, market expansion and project operations. As for China Evergrande Group, the developer is scheduled to be delisted on Aug. 25 after its shares were suspended for a year and a half, following a winding-up order from a Hong Kong court, Bloomberg says. Evergrande is facing 187 debt claims that amount to about US$45 billion (RM189.97 billion) and any "holistic" restructuring of the firm is deemed out of reach, the liquidators Edward Middleton and Tiffany Wong said on Aug. 12, Bloomberg relays. The duo assumed control of more than 100 companies related to Evergrande that collectively hold a value of HK$27 billion, they said. Realisation of assets has so far been "modest" at US$255 million. Some US$167 million has been "upstreamed" and linked to Evergrande. However, stakeholders shouldn't assume that all of the money will be available for the company due to complex ownership structures, the liquidators, as cited by Bloomberg, added. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. Edward Middleton and Tiffany Wong of Alvarez & Marsal were appointed as the liquidators. CHINA EVERGRANDE: To Be Delisted From Hong Kong Stock Exchange -------------------------------------------------------------- Chen Bo and Han Wei at Caixin Global report that China Evergrande Group will be delisted from the Hong Kong Stock Exchange later this month, marking the final chapter for the world's most indebted property developer after its collapse triggered a crisis across China's real estate sector. The exchange's Listing Committee decided to cancel the company's listing from the start of trading on Aug. 25, Evergrande said in a filing on Aug. 12, Caixin relates. Its last trading day will be Aug. 22, and it is not seeking a review of the decision. According to Caixin, the move follows a trading suspension of nearly 19 months that began on Jan. 29, 2024, when the Hong Kong High Court ordered the company to be wound up following a petition by offshore creditors. Trading was halted that day, and two Alvarez & Marsal Inc. managing directors were appointed liquidators. Caixin says Evergrande's removal cements the downfall of a developer whose 2021 default shook global markets and marked the end of China's debt-driven property boom. For overseas creditors and shareholders, delisting closes the door on any faint hope of a market rescue, leaving them to navigate a complicated liquidation likely to return only a fraction of their investment. Under exchange rules companies suspended from trading for 18 consecutive months face delisting. Evergrande failed to meet the conditions for resumption outlined in March 2024: overturning the winding-up order and discharging liquidators; proving viable operations and adequate assets; disclosing all material information for investors. With minimal offshore liquidity, largely halted operations and no workable restructuring plan, delisting became inevitable once liquidation began without a rescue investor, a Hong Kong lawyer noted, Caixin relays. The delisting itself won't affect the liquidation process and Evergrande said its liquidators would update creditors on a dedicated website when appropriate. As of the end of July, total offshore realizable assets stood at about $255 million, with only $11 million directly held by the parent company, Caixin discloses. The rest is controlled by subsidiaries across multiple jurisdictions, entangled in complex internal transactions and contested by outside creditors. Liquidators have so far recovered about $167 million, calling the process "formidable" due to the corporate structure's complexity and the competing claims, according to Caixin. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. Edward Middleton and Tiffany Wong of Alvarez & Marsal were appointed as the liquidators. ROAD KING: Defaults on Bond as Pressure Mounts ---------------------------------------------- Reuters reports that some bondholders of Hong Kong developer Road King Infrastructure have not received coupon payments after a 30-day grace period expired on Aug. 12, adding to risks in the domestic property sector amid rising debt maturities and slowing sales. According to Reuters, the failure to make payment by Road King, totalling US$11.3 million, is set to be the first bond default by a Hong Kong builder since China's property crisis began in 2021, deepening contagion risks for the Chinese-controlled territory. Road King, a small-sized developer which earns the majority of its revenues from mainland China, said in an announcement on Aug. 8 that it had not made payment on the July 12 due date for its 2029 bond, but it had a grace period, which expired on Aug. 11. Clients holding the bond in question have not received payment, according to investment platform FSMOne. Reuters notes that mainland China and Hong Kong property markets have been under pressure in the past few years with plunging sales and tightening liquidity. On the mainland in particular, many companies have defaulted despite repeated government attempts to revive weak consumer demand. Holding an outstanding US$2.3 billion in senior notes, Road King in June proposed to restructure the debt for the second time in a row, Reuters recalls. It sought amendments to its senior notes including interest payments due before 2027 to be made in payment-in-kind, and proposed waiving any default. However, the proposals have not received enough support from bondholders to pass. A year ago, bondholders approved the firm's offer of US$60 million to buy back at discount its six senior notes due between 2024 and 2026, and solicited consent to extend the maturity of each bond and the interest rate reset date for its perpetual bond by 3.5 years, according to Reuters. "We expect to continue to face debt repayment and liquidity pressures in the future as the market recovery has been slower than expected," it said in a filing in June. "We continue to face headwinds, including a continuing downturn in China's real estate market, liquidity constraints onshore and inability to remit cash offshore for debt service and a continued price cutting situation in Hong Kong's real estate market." About Road King Road King Infrastructure Limited, an investment holding company, invests in, develops, operates, and manages property projects and toll roads in the People's Republic of China. It operates through Property Development and Investment, Toll Road, and Investment and Asset Management segments. The company engages in the development, rental, and sale of residential and commercial properties. It also engages in the property funds, cultural, tourist, and commercial businesses. In addition, it provides financial and management services. Further, the company invests in and operates a toll road portfolio of four expressways in Mainland China and four expressways in Indonesia spanning approximately 610 kilometers. As reported in the Troubled Company Reporter-Asia Pacific in early April 2024, Moody's Ratings has downgraded Road King Infrastructure Limited's corporate family rating to Caa2 from B3. At the same time, Moody's has downgraded to Caa3 from Caa1 the backed senior unsecured ratings on the notes issued by the company's financing vehicles: RKI Overseas Finance 2017 (A) Limited, RKP Overseas Finance 2016 (A) Limited, RKPF Overseas 2019 (A) Limited, RKPF Overseas 2019 (E) Limited and RKPF Overseas 2020 (A) Limited. Moody's has also maintained the negative outlook on all entities. WONGTEE INT'L: Major Asset Set for Judicial Auction at Lower Price ------------------------------------------------------------------ Yicai Global reports that troubled Chinese commercial property developer and operator Wongtee International Enterprise said its major revenue-contributing asset was listed for a judicial auction for about 40 percent of its original price. Wongtee Plaza and its associated facilities will be auctioned on Sept. 9 at a starting price of CNY3.1 billion (USD425.1 million), a discount of around 60 percent from its original asking price of CNY7.5 billion in 2022, the Shenzhen-based company announced late on Aug. 11, Caixin relays. Wongtee Plaza's shareholder Shenzhen Rongfa Investment, a subsidiary of Wongtee, defaulted on a CNY3 billion (USD417.7 million) debt in March 2021, Caixin recalls. Wongtee, which had offered a guarantee on that loan, was then involved in the legal proceedings. To resolve such debt issue, Wongtee put Wongtee Plaza up for sale for CNY7.5 billion on the Shenzhen United Property and Equity Exchange platform in March 2022, Caixin says. As no buyer showed any interest, the company lowered the price to CNY5.6 billion just a week later. However, as both attempts to sell Wongtee Plaza failed, the commercial property was put up for a judicial auction at an ever-lower price. Caixin says the auction of Wongtee Plaza is expected to significantly impact Wongtee's financial situation. The property generated CNY369 million (USD51.4 million) in business revenue last year, contributing about 56 percent to the company's total revenue, Caixin discloses citing Wongtee's 2024 earnings report. At the end of last year, Wongtee Plaza's book value was about CNY5.8 billion, accounting for nearly 72 percent of Wongtee's overall assets. Located in Shenzhen's central business district, Wongtee Plaza is the city's first high-end and large-sized shopping center, with a total floor area of around 138,000 square meters. A local market insider told Yicai that this shopping mall has quite a good footfall due to its nice location. ========= I N D I A ========= ABP AFFORDABLE: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of ABP Affordable Housing (AAH) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 20 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AAH for obtaining information through letter and email dated July 15, 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 AAH, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AAH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AAH continues to be 'Crisil B/Stable Issuer not cooperating'. AAH is presently developing a project 'Vasundara Kutumb'. The project comprises of 4 apartments with total unit of 2648 flats. AAH was incorporated in 2017 as a partnership firm by Mr Manmohan Agarwal, Mr. Deepak Gupta, Mr. Bhuvnesh Goyal and Mr. Padam Bairathi. ADVANCED MINING: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Advanced Mining Technologies Private Limited (AMT) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 32 CRISIL D (Issuer Not Cooperating) Proposed Long Term 101 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AMT for obtaining information through letter and email dated July 15, 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 AMT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AMT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AMT continues to be 'Crisil D/Crisil D Issuer not cooperating'. AMT was established in 2005 by Mr. N Venkata Subba Rao along with his friends and family members. The company provides coal mining services, through the highwall mining technology. It is based in Hyderabad, Telangana. AMIT PETROLUBES: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Amit Petrolubes Private Limited (APPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Buyer Credit Limit 30 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with APPL for obtaining information through letter and email dated July 15, 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 APPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on APPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of APPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1999, APPL trades in and supplies commodity chemicals such as lubricating oils, additives, greases, and polymers. It is based in Mumbai and promoted by Mr Hemant Shah and his family members. ANNAI RESORTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Annai Resorts and Spa Private Limited (ARS) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 12.84 CRISIL B+/Stable (Issuer Not Cooperating) Working Capital 2.66 CRISIL B+/Stable (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with ARS for obtaining information through letter and email dated July 15, 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 ARS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ARS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ARS continues to be 'Crisil B+/Stable Issuer not cooperating'. ARS commenced its operations in 2019 through its 5 star property in Kanya Kumari with its delux rooms and premium villas. Other facilities include restaurant, bar & lounge and banquet halls. It is promoted by Mr. S.Gnanathiraviyam and Ms. S.Suthesahemalatha ARNAY TUBES: Ind-Ra Withdraws BB+ Bank Loan Rating -------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Arnay Tubes Industries Private Limited's (ATIPL) bank loan rating at 'IND BB+' with a Stable Outlook and has simultaneously withdrawn the same. The detailed rating action is: -- INR450 mil. Bank loan facilities affirmed and withdrawn. *Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn WD – Rating withdrawn Detailed Rationale of the Rating Action The ratings reflect the company's continued moderate credit metrics and its stretched liquidity position in FY25. The ratings are, however, supported by an improvement in ATIPL's operational performance in FY25 and Ind-Ra's expectation of an improvement in the company's overall financial performance in FY26 and in the medium term. Furthermore, the ratings are supported by the promoters' a decade of experience in the steel sector. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from ATIPL's lenders and a request of withdrawal of ratings from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer provide analytical and rating coverage for the company. Detailed Description of Key Rating Drivers Stretched Liquidity: In FY25, ATIPL's net working capital cycle elongated to 48 days in FY25 (FY24: 2 days), due to high inventory days to 47 days (25 days) coupled with an increase in the debtor days to 57 days (41 days). Furthermore, ATIPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. In FY26, the agency expects the company's working capital cycle to remain at similar level. However, a likely increase in its scale of operations would lead to an increase in the working capital requirements, which would be funded by its fund-based limits. The company had sanctioned fund-based limits of INR250.0 million under multiple banking arrangements as on 30 June 2025 (enhanced from INR80 million as of August 2024). The average maximum utilization of the fund-based limits was 95.30% during the 12 months ended April 2025 and expected to have remained at similar levels for May and June 2025. However, the company does not have any plan to further enhance its fund-based limits in FY26. Also, the company is shifting its Taloja plant and machinery to Wada as Taloja property, which was in the name of the promoter, would be taken over by Maharashtra State Road Development Corporation Limited (MSRDC) for highway project. As per the management, from the proceeds of the sale of the Taloja property, the promoter is likely to infuse INR150 million-160 million as interest-free unsecured loans in FY26 which is likely to be utilized for working capital, which remains key monitorable. Healthy Operating Profitability; Susceptible to Volatile Steel Prices: As per the provisional numbers of FY25, ATIPL's EBITDA margins improved to 4.99% (FY24: 4.0%), mainly on account of an increase in sale on value-added high-end tubes used in Petro-chemicals, pharma among others, coupled with a reduction in raw material prices. However, its return on capital employed reduced to 15.8% in FY25 (FY24: 18.4%). Its major raw materials comprise stainless steel coil, which the company imports 20%-30% and the balance is procured domestically. Although the EBITDA margins are susceptible to volatility in raw material prices, they are not affecting the company as the same is passed on to the customers, as per the management. In FY26, Ind-Ra expects the EBITDA margins to sustain, on account of better absorption of fixed costs and a likely rise in the production. Likely Improvement in Scale of Operations: ATIPL's revenue from operations improved to INR3,404.49 million in FY25 (FY24: INR3,083.55 million), due to an increase in the realization per metric ton to INR181,440 (FY24: INR158,955). Also, the sales of the number of units increased to 17,460 MT in FY25 (FY24: 16,732 MT). SS pipes are the major revenue contributor (FY25: 91.17%), followed by coils (2.98%) and scrap sales (1.89%). Ind-Ra expects the revenue to rise over the medium term, driven by a likely increase in the demand from its end-user industry i.e. steel industry coupled with the company's capex plan of INR210.0 million to increase the capacity to 24,000 metric tons per annum (MTPA). Moderate Credit Metrics: ATIPL's credit metrics remained moderate in FY25, with net leverage (net debt/EBITDA) increasing to 4.49x (FY24: 2.11x) and gross interest coverage (EBITDA/gross interest cost) rising to 3.03x (2.41x), due to an increase in its overall debt including unsecured loans to INR770.67 million (INR372.15 million). The unsecured loans were from the promoters and related parties which are interest free and sub-ordinated to bank loans. Excluding unsecured loans, the adjusted net leverage (adjusted net debt/EBITDA) stood at 3.1x in FY25 (FY24: 1.14x). The company has an installed capacity of 18,000MTPA where the capacity utilization increased to 99.99% in FY25 (FY24: 98.41%). In FY25, the company decided to increase its overall installed capacity to 24,000 MTPA with total project cost of INR210.0 million, of which INR131.92 million was funded via term loan and the balance through unsecured loans from the promoters. Ind-Ra expects the credit metrics to remain moderate in the medium term due to high debt levels. Experienced Promoters: The ratings are also supported by the promoters' experience of nearly a decade in the steel sector, leading to well-established relationships with customers as well as suppliers. Liquidity Stretched: ATIPL cash and cash equivalent balance stood at INR6.53 million in FYE25 (FYE24: INR111.55 million). The company has debt repayments of INR49.02 million in FY26 and INR55.38 million in FY27, which is likely to be met through internal accruals. The cash flow from operations turned to negative INR376.29 million in FY25 (FY24: 118.52 million) due to unfavorable changes in working capital. Subsequently, the free cash flow was also negative at INR515.41 million in FY25 (FY24: Negative INR16.16 million) due to capex of INR140.40 million. About the Company Incorporated in 2019, ATIPL is promoted by Dinesh Kumar Sen. It manufactures a wide range of stainless steel welded polished pipes and tubes and sells them under the brand name Arnay Tubes. The company has two factories located in Maharashtra, with a total installed capacity of 24,000MTPA. ASIAN EARTHMOVERS: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Asian Earthmovers (AE) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AE for obtaining information through letter and email dated July 15, 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 AE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AE continues to be 'Crisil D Issuer not cooperating'. Set up in 2007 and based in Bellary (Karnataka), AE is the sole authorised dealer for JCB's earth-moving equipment in North Karnataka. The firm operates seven showrooms with sales, service, and spares facilities. AE is promoted by Mr. Mukthar Ahmed K Dasankop, his friend Mr. Syed Shahbuddin B, and brother-in-law Mr. Mohamed Muktharuddin Khan. CELARA DIAGNOSTICS: CRISIL Keeps B+ Rating in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Celara Diagnostics Private Limited (CDPL) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 12 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CDPL for obtaining information through letter and email dated July 15, 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 CDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CDPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2017, CDPL is promoted by Dr Radhesh Srinivasan and is based in Bengaluru. The company provides diagnostic services. CRAFTS INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Crafts India Industries (CII) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.25 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 4.21 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CII for obtaining information through letter and email dated July 15, 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 CII, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CII is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CII continues to be 'Crisil B/Stable Issuer not cooperating'. CII is a partnership firm set up in 2016 by Mr Nitin Jain and his brother, Mr Anuj Jain. The firm is setting up a corrugated box facility at SIDCO Complex, Bari Brahmana, Jammu. Commercial operations are expected to start from April 2017. DARP CONSTRUCTION: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of DARP Construction (J.V.) (DARP) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DARP for obtaining information through letter and email dated July 15, 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 DARP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DARP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DARP continues to be 'Crisil D Issuer not cooperating'. DARP, set up in August 2009, is a joint venture of Mr Anant Kumar Singh, his affiliates Ms Ranjana Kumari and Ms Pratima Devi, his sister-in-law Ms Dehuti Sinha, M/s Shivanar Constructions Pvt Ltd (SCPL; promoted by Ms Ranjana Kumari) and M/s Rajnandani Projects Pvt Ltd (RPPL; promoted by Mr Anant Kumar's wife). DARP was formed to construct a commercial complex, THE MALL, at Frazer Road in Patna. DERBY PLANTATIONS: CRISIL Moves C Debt Rating to Not Cooperating ---------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Derby Plantations Private Limited (DPPL; part of the Mantri group) to 'Crisil C Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 Crisil C (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with DPPL for obtaining information through letter and email dated June 10, 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 DPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DPPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of DPPL to 'Crisil C Issuer not cooperating'. The Mantri group was formed in 1948 by Mr Govind Prasad Mantri. Manipur Tea Estate, located in Assam, was the first acquisition of the group in 1954. Subsequently, the group acquired three more tea gardens in Assam: Ruttonpore Tea Estate (1986), Derby Tea Estate (2005) and Pathini Tea Estate (2006). Operations are managed by Mr Devendra Kumar Mantri, Mr Shashankdhar Mantri and Ms Tanuja Mantri. DEVI ENGINEERING: Ind-Ra Places BB- Bank Loan Rating On Watch ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has placed Devi Engineering and Constructions Private Limited's (DECPL) bank facilities on Rating Watch with Negative Implications as follows: -- INR500 mil. Bank loan facilities Placed on Rating Watch with Negative Implications with IND BB-/Rating Watch with Negative Implications/IND A4+/Rating Watch with Negative Implications. Detailed Rationale of the Rating Action The Rating Watch with Negative Implications reflects the uncertainty surrounding a corporate insolvency resolution process initiated by an operational creditor against the company. The agency shall closely monitor the situation and its evolving status and will take a further rating action once sufficient clarity and information become available. Any further developments on the operating and financial performance of the company shall remain a key rating monitorable. The rating reflects the company's moderate revenue and working capital intensive nature of operations. However, the ratings are supported by the extensive experience of the management in the seismic service industry along with diversified revenue profile with its presence in a niche and technical industry. The ratings are also supported by the company's comfortable EBITDA margins and credit metrics. Detailed Description of Key Rating Drivers Initiation of Corporate Insolvency Resolution Process: Based on information from public sources, Ind-Ra understands that one of the company's operational creditors, M/s. Sidhvi Infrastructures Projects Ltd., has initiated a corporate insolvency resolution process against the company. The agency will closely monitor the situation and its evolving status and will resolve the Rating Watch after receiving sufficient clarity and information become available. Ind-Ra awaits further details and will closely monitor the situation and its impact on the operational/financial performance of the company. Moderate Revenue: As per the provisional numbers of FY25, DECPL's revenue increased to INR1,202.80 million (FY24: INR1,189.78 million; FY23: INR485.23 million; FY22: INR1,092.80 million), driven by an increase in its work order execution. Ind-Ra expects the revenue to further improve but remain moderate during FY26, backed by comfortable orderbook of INR5,707.10 million as of December 2024 which is likely to be executed during the near to medium term. Working Capital Intensive Nature of Operations: The company's operations remain working capital intensive, with the net working capital cycle declining but remaining elongated at 271 days in FY24 (FY23: 381 days). The working capital cycle likely to have increased to 290-300 days in FY25 and to remain at 300-315 days in FY26, on account of its high working-in-progress inventory. The high inventory (FY24: 146 days; FY23:157 days) was due to 2D or 3D seismic data acquisition service which includes lengthy process of planning and design work, allocation of sensors, surveying and mapping, collection of 2D and 3D data, analysis of the data procured, quality check, data processing and delivery of the final report. The agency expects the inventory days to have remained at 150-160 days in FY25 and 160-170 days in FY26. Its debtor days declined but remained high at 171 days in FY24 (FY23: 321 days). The agency expects the debtor days to have remained at 170-180 days in FY25 and to remain at 180-190 days in FY26. The creditor days stood at 47 days in FY24 (FY23: 97 days). The agency expects the creditor days to be at 50-55 days over FY25-FY26. Ind-Ra expects the working capital cycle to have remained elongated during FY25 and to remain so in FY26, due to the nature of the operations. Experienced Management; Diversified Revenue Profile: DECPL is promoted by J.V. Gangadhar and his wife, J.V. Laxmi. The operations of the company are managed by Gangadhar, who has more than a decade of experience in the seismic service industry and undertaking other turnkey projects. The company has a diversified service portfolio and offers services such as 2D and 3D seismic survey, data acquisition, gas compression services and engineering, procurement and construction (EPC) projects on a turnkey basis and civil construction. The company operates in a niche and highly technical segment of seismic data services. The data and analysis -empowers downstream companies to make informed decision on where and how to prospect for hydrocarbons, enhancing their capital efficiency. This industry is characterized by high entry barriers, large capital intensity and stringent bidding eligibility norms. Average EBITDA Margins: The company's EBITDA margins stood stable at 20% in FY25 (FY24: 20.16%; FY23: 24.01%), supported by an increase in its absolute EBITDA to ~INR 243.04 million (INR239.86 million; INR116.48 million) following the increase in its revenue. The return on capital employed increased to 13.6% in FY24 (FY23: 9.4%). The agency expects the margins to increase to 20%-21% in FY26. Moderate Credit Metrics: DECPL's credit metrics remained moderate with its adjusted net leverage (total adjusted net debt/operating EBITDA) reducing to 3.09x in FY24 (FY23: 6.01x), due to the increase in its EBITDA despite an increase in the gross debt levels to INR740.78 million (INR700.18 million). The agency expects the adjusted net leverage to remain 2.5x-3.0x during FY25-FY26. The gross interest coverage ratio (operating EBITDA/ gross interest expenses) reduced to 2.76x in FY24 (FY23: 3.09x) and the agency expects it to be at 3.0x-3.5x over FY25-FY26. Liquidity Poor: DECPL's average maximum utilization of the fund-based working capital limits was 98% during the 12 months ended May 2025 and the agency expects the utilization to be at the similar level over the near to medium term. There have been multiple instances where the company has availed an ad-hoc and temporary overdraft facilities to fund its working capital requirements. Moreover, the company has negligible free cash of INR0.50 million as of September 2024. The cash flow from operations stood negative at INR31.59 million in FY24 (FY23: INR4.79 million) on account of unfavorable changes in the working capital despite the increase in its EBITDA. The cash and cash equivalents stood at INR0.51 million at FYE24 (FYE23: INR0.39 million). The company has debt repayments of INR33.44 million in FY26 and INR33.44 million in FY27, respectively. Rating Sensitivities The Rating Watch with Negative Implications indicates that the ratings may be either downgraded or affirmed. The Rating Watch with Negative Implications will be resolved as and when the agency receives more clarity on the matter pertaining to operational creditor. The agency would also monitor the developments on the operating and financial performance of the company. About the Company DECPL was incorporated in 2014 as a private limited company. It is engaged in business of seismic data acquisition (geophysical division), EPC on turnkey projects and gas compression services. Its registered office is at Kakinada, Andhra Pradesh, corporate office is at Hyderabad and its three branches are situated at Tripura, Assam and Arunachal Pradesh. DHAVAL ENGINEERING: CRISIL Assigns B Rating to INR16cr Bank Loan ---------------------------------------------------------------- Crisil Ratings has assigned its 'Crisil B/Stable' rating to the long-term bank facilities of Dhaval Engineering Company (DEC). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 16 Crisil B/Stable (Assigned) Overdraft Facility 10 Crisil B/Stable (Assigned) Working Capital Demand Loan 4 Crisil B/Stable (Assigned) The rating reflects modest scale of operations and weak financial risk profile of the firm. These weaknesses are partially offset by the extensive experience of the proprietor in the repair and maintenance service industry. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of DEC. Key rating drivers and detailed description Weaknesses: * Modest scale of operations: Revenue was modest at around INR52 crore in fiscal 2025, as against INR56 crore in fiscal 2024. Tender-based nature of business and intense competition limit the firm's scalability and pricing power. However, the firm has orders worth INR107 crore (as of July 2025) to be executed in the next 12-18 months. Significant ramp-up in operations through execution of orders in hand will remain monitorable over the medium term. * Weak financial risk profile: Networth declined to INR8.24 crore as on March 31, 2025, from INR21.26 crore a year ago, as the proprietor withdrew INR18 crore in fiscal 2025. The capital structure remains leveraged, with gearing of 1.60 times and total outside liabilities to adjusted networth ratio of 3.55 times as on March 31, 2025, driven by high creditors and low networth. Improvement in the financial risk profile will remain a key rating sensitivity factor. Strength: * Extensive experience of the proprietor: The proprietor has more than three decades of experience in the repair and maintenance service industry; his strong understanding of market dynamics and healthy relationships with suppliers and customers should continue to support the business. The firm has healthy relationship with key clients such as Indian Oil Corporation Ltd, Nayara Energy Ltd and Hindustan Mittal Energy Ltd. Liquidity: Stretched Bank limit utilisation was around 60% for the six months through June 2025. Cash accrual should be negative in fiscal 2026, against debt obligation of INR0.4 crore. Liquidity will be supported by unutilised bank lines and need-based funds extended by the proprietor over the medium term. Current ratio stood modest at 0.91 time on March 31, 2025. Outlook: Stable DEC will continue to benefit from the extensive experience of its proprietor and his established relationship with clients. Rating sensitivity factors Upward factors * Improvement in the financial risk profile, with total outside liabilities to tangible networth (TOL/TNW) ratio lower than 2 times * Steady increase in operating income with sustenance of the operating margin, leading to more-than-expected net cash accrual Downward factors * Withdrawal of sizeable capital, impacting financial and liquidity risk profiles * Deterioration in the financial risk profile, resulting in overall TOL/TNW ratio increasing above 4 times on a sustained basis DEC was set up in 1992 by the proprietor, Mr Ambalal Sadhu. The firm provides mechanical maintenance, static and rotary maintenance, miscellaneous piping work and allied services for refineries, petrochemicals and power industries; it is located in Vadodara, Gujarat. DODHIA TECHNO: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dodhia Techno Engineering Private Limited (DTEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.1 CRISIL D (Issuer Not Cooperating) Cash Credit 6 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with DTEPL for obtaining information through letter and email dated July 15, 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 DTEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DTEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DTEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. DTEPL, established in 1996 by the Mumbai-based Dodhia family, is a 100-per-cent export-oriented unit. It undertakes turnkey projects in Africa for various industries including plastics, food and beverages, chemicals, packaging, and sugar. Mr. Bipin Dodhia oversees the company's operations. GURUKRUPA CONSTRUCTION: Ind-Ra Assigns BB- Bank Loan Rating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Gurukrupa Construction's (GC) bank facilities as follows: -- INR20 mil. Fund-based working capital limits assigned with IND BB-/Stable/IND A4+ rating; -- INR70 mil. Proposed fund-based working capital limits assigned with IND BB-/Stable/IND A4+ rating; -- INR65 mil. Non-fund-based working capital limits assigned with IND A4+ rating; and -- INR175 mil. Proposed non-fund-based working capital limits assigned IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect GC's small scale of operations, the partnership structure of the business and high geographical concentration. However, Ind-Ra expects the scale to improve in the medium term on the back of a likely improvement in project allocation and execution. The ratings are supported by GC's healthy EBITDA margins, comfortable credit metrics and the promoters experience in the civil construction industry. Detailed Description of Key Rating Drivers Small Scale of Operations: GC reported revenue of INR409.70 million in FY25 (FY24: INR126.47 million) with EBITDA of INR35.96 million (INR10.62 million). In FY25, the revenue increased as the firm secured and executed a higher number of projects. Ind-Ra expects the revenue to grow further in the medium term, considering the orders in hand of INR1,067.16 million as of April 1, 2025, to be executed by March 2027. FY25 financials are provisional. Partnership Structure of Business: The ratings are constrained by the risks arising from the partnership nature of the business, such as the possibility of withdrawal of capital and the limited ability to raise capital. In FY25, the partners withdrew INR10.5 million as salary (FY24: INR4.8 million; FY23: INR3 million). High Geographical Concentration: The unexecuted order book is highly concentrated geographically, as Jharkhand accounts for all the contracts. However, this risk is mitigated to a certain extent by GC's established base in the region and expertise in the execution of orders in any region. Healthy EBITDA Margins: The EBITDA margin was 8.78% in FY25 (FY24: 8.40%) with a return on capital employed of 51.55% (32.10%). In FY25, the EBITDA margin improved slightly as GC bid for higher-margin projects. Ind-Ra expects the EBITDA margins to remain at similar levels in the medium term considering stable revenue generation. Comfortable Credit Metrics: The interest coverage (operating EBITDA/gross interest expenses) improved to 8.40x in FY25 (FY24: 3.31x) and net leverage (total adjusted net debt/operating EBITDAR) to 0.64x (2.34x), mainly on account of an increase in the EBITDA to INR35.96 million (INR10.62 million). Ind-Ra expects the credit metrics to improve further in the medium term on the back of a likely improvement in the EBITDA and scheduled repayment of the outstanding term loans. Experienced Promoters: GC's ratings are supported by the promoters' nearly one decade of experience in executing engineering, procurement and construction contracts. This has facilitated the firm to establish strong relationships with customers as well as suppliers. Liquidity Stretched: GC does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Its average maximum utilization of the fund-based limits was 90.03% and non-fund-based limits was 56.29% during the 12 months ended June 2025. The cash flow from operations increased to INR15.67 million in FY25 (FY24: INR11.80 million), mainly on account of the improvement in EBITDA. Furthermore, the free cash flow turned positive to INR7.05 million in FY25 (FY24: negative INR10.45 million) as it incurred a lower capex of INR8.62 million (INR22.25 million). The net working capital cycle stood at negative 5 days in FY25 (FY24: negative 22 days); the decline was mainly on account of a decrease in the creditor days to 116 (120). In FY25, the partners withdrew INR10.5 million as salary (FY24: INR4.8 million; FY23: INR3 million). GC has debt repayment obligations of INR9.40 million and INR5.40 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR12.40 million at FYE25 (FYE24: INR7.79 million). Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics and/or further pressure on the liquidity position could lead to a negative rating action. Positive: A substantial increase in the scale of operations with revenue visibility of more than 1.5x of the trailing year's revenue while maintaining the overall credit metrics and an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company Registered in 2017, Jharkhand-based GC executes civil and power transmission related contracts. Mr. Amit Kumar, Mr. Ankit Ranjan and Mrs. Renu Devi are the partners. GYANSAGAR TEXTILE: CRISIL Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gyansagar Textile Private Limited (GTPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B+/Stable (ISSUER NOT COOPERATING) Proposed Long Term 0.15 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 2.85 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with GTPL for obtaining information through letter and email dated July 15, 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 GTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GTPL continues to be 'Crisil B+/Stable Issuer not cooperating'. GTPL, was incorporated in 2009, is engaged in manufacturing of Gray fabrics. The company was promoted by Sumit Wadhwa and its manufacturing plant is located at Bhiwandi (Maharashtra) HCO INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of HCO Infrastructure (HCOI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.0 CRISIL D (Issuer Not Cooperating) Cash Credit 1.3 CRISIL D (Issuer Not Cooperating) Long Term Loan 3.8 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.88 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with HCOI for obtaining information through letter and email dated July 15, 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 HCOI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HCOI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HCOI continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1986, HCOI is a partnership firm by Ravi Hulkoti, Shailaja Hulkoti and Nikunj Hilkoyi. Frim is engaged in road construction constriction of buildings for private players. The day to day affairs of the firm is managed by Ravi Hulkoti. HUKMAWATI COLD: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Hukmawati Cold Storage Private Limited (MCSPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.25 Crisil B/Stable (Issuer Not Cooperating) Cash Credit 0.45 Crisil B/Stable (Issuer Not Cooperating) Term Loan 6 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MCSPL for obtaining information through letter and email dated July 15, 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 MCSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MCSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MCSPL continues to be 'Crisil B/Stable Issuer not cooperating'. MCSPL, incorporated in 1998, is owned and managed by Mr Sadhu Ram. The company operates a cold storage facility with capacity of 14,337 tonne in Barabanki, Uttar Pradesh. KANDHAVILAS AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kandhavilas Agro Foods (KAF) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 CRISIL B+/Stable (Issuer Not Cooperating) Key Cash Credit 2 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 2.21 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.29 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KAF for obtaining information through letter and email dated July 15, 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 KAF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KAF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KAF continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2004 by Mr. Prathiban.,KAF is engaged in the milling of paddy to rice. The firm is based out of Dharapuram (Tirupur), Tamil Nadu. KAY BEE: CRISIL Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kay Bee Cotgin Private Limited (KBCPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KBCPL for obtaining information through letter and email dated July 15, 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 KBCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KBCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KBCPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1997, KBCPL carries out cotton ginning and pressing operations at its facility in Abohar, Punjab. The operations are managed by Mr. Ashok Gandhi and family. KHR INFRA: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of KHR Infrastructures Private Limited (KHR) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 6.43 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.07 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KHR for obtaining information through letter and email dated July 15, 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 KHR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KHR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KHR continues to be 'Crisil B+/Stable Issuer not cooperating'. KHR, set up in 2010 was promoted by Ms. K Karthika and MR. Hemanth Kumar: it commenced operations in April 2011. The company is engaged in processing and conditioning of corn seeds and is based out of Hyderabad. KINARA CAPITAL: Ind-Ra Cuts Bank Loan Rating to C ------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Kinara Capital Private Limited's (Kinara) debt instruments to 'IND C' from 'IND BBB-'. The Outlook was Negative. The detailed rating actions are: -- INR4.350 bil. Bank loan facility downgraded with IND C rating; -- INR2.555 bil. Non-convertible debentures* downgraded with IND C rating; and -- INR750 mil. Subordinated debt# downgraded with IND C rating. *Details in Annexure # Unutilized Analytical Approach Ind-Ra continues to take a standalone view of Kinara to arrive at the ratings. Detailed Rationale of the Rating Action The downgrade factors in Kinara's severely weakened liquidity position as some of its lenders have recalled term loan facilities of around INR1,379 million while others could accelerate debt redemptions. The rating action also factors in the proposed sale of Kinara's loan assets to another non-bank finance company, and the subsequent takeover of its debt as a resolution plan for debt servicing. The proposed resolution plan is in the early phase and will be executed subject to the receipt of necessary approvals from the entity's lenders and other stakeholders. The sharp deterioration in liquidity along with the already worsened asset quality and leverage profile has a significant bearing on Kinara's operational and financial flexibility which could hamper its operations and ability to timely service its debt. Detailed Description of Key Rating Drivers Liquidity Profile Sees Significant Deterioration: Kinara's liquidity position has weakened significantly, on account of some of its lenders recalling debt and some others offsetting the lien-marked funds that they held. A further depletion in liquidity cannot be ruled out as other lenders could accelerate repayment of their loans, citing the event of default clause as Kinara has been in breach of the covenants on these exposures. Ind-Ra estimates that the liquidity position of INR700 million as of 31 July 2025 is unlikely to be sufficient to meet the debt obligations in August 2025, if there are further recalls by lenders or the inflows estimated by the entity fall short of their expectations. While the entity is exploring inorganic options to alleviate the situation, a timely action on the same is a key monitorable. Significant Breach in Loan Covenants: Kinara was in a continued breach of 91.07% of various financial covenants in respect of the borrowings totaling INR18.5 billion, thereby making them repayable on demand. Despite the management's efforts, waivers have been secured for only 4% of the affected debt, leaving a substantial 87% of the borrowings in breach without lender forbearance. This situation had also led the statutory auditor to highlight a material uncertainty regarding Kinara's ability to continue as a going concern. Continued Deterioration in Asset Quality: Kinara reported marked deterioration in asset quality during FY25, with the PAR0+ ratio peaking at 20.3% in December 2024 (March 2024: 10.7%). This spike was primarily driven by sector-specific stress, increased customer overleveraging, and an industry-wide shift towards higher ticket sizes and longer-tenure loans. Operational challenges at the branch level, including elevated attrition among field staff, further impacted both incremental disbursements and collections during the year. While the PAR0+ ratio moderated to 15.9% by March 2025, it remains elevated and continues to reflect underlying stress in the portfolio. A sustained improvement in asset quality will hinge on the company's ability to strengthen its collection infrastructure and recalibrate its underwriting practices in line with evolving borrower risk profiles. Kinara's gross stage 3 assets increased to 9.4% in 9MFY25 (1HFY25: 8.6%, 1QFY25:6.6%, FY24: 5.6%; FY23:5.6%). Although the gross stage 3 ratio improved marginally to 7.4% by end-FY25, this was largely attributable to the sale of stressed assets amounting to INR4.78 billion to an asset reconstruction company (ARC) in 4Q. The net stage 3 assets as of FY25 deteriorated to 4.8% (9MFY25: 2.3%). The company also reported substantial write-offs amounting to INR3.41 billion in FY25, including INR2.08 billion in 4Q alone (FY24: INR1.23 billion; FY23: INR742.2 million; FY22: INR312.4 million), indicating continued pressure on recoveries. The collection efficiency (collections against current month demand) dipped to 79% in March 2025 (September 2024: 81%, April 2024: 85%, April 2023: 91%). Furthermore, the overall collection efficiency (total collections including over dues and pre-payment against total demands) dipped to 51% in March 2025. (September 2024: 63%, June 2024: 70%, April 2024: 73%). The ability of the company to arrest further deterioration in asset quality and manage credit costs effectively will be a key monitorable especially in light of the elevated delinquencies and declining collection trends. Ind-Ra takes note of the guard-rails implemented by the company to contain the asset quality stress and enhance the operational efficiency, including reduced ticket sizes for incremental disbursements; identification of certain stressed sectors, wherein incremental disbursements have been reduced; strengthening of the portfolio monitoring network and sales & collections infrastructure among others. Considering the inherent risk in the portfolio due to the unsecured nature of the underlying loans, Ind-Ra opines Kinara's focus on the initial assessment of the borrower's credit profile and thrust on collections remain paramount for controlling credit risk in the medium to long term. Profitability Remains Under Pressure: Kinara's profitability profile weakened significantly in FY25, primarily due to a sharp rise in credit costs. The credit cost (as a percentage of average loan book) surged to 26.8% in 4QFY25 from 10.9% (annualized) in 1QFY25 (FY24: 10.4%; FY23: 7.0%), on account of the higher write-offs undertaken by the company during the period. Additionally, the company de-recognized INR1.07 billion in 4QFY25 on account of direct assignment and co-lending transactions, adding to the credit cost burden. As a result, the company's losses (as a percentage of average assets) increased to 12.5% in FY25 from 6.7% in 9MFY25 and 0.9% in 1QFY25 as against profits (as percentage of average assets) of 2.2% in FY24 and 2.1% for FY23. Also, the operating expenses (as a percent of average assets) increased to 8.5% for FY25 (1HFY25: 7.0%, FY24: 6.6%, FY23: 8.2%). However, Ind-Ra expects some moderation in the operating expenses over the medium term, supported by the rationalization of its branch network to 80 from 133 branches in FY26. Kinara's yields on advances increased in FY24 and FY25 due to an increase in the share of loans having higher interest rates, which supported its yields and interest margins. Ind-Ra opines that profitability would remain under pressure in the near term. Elevated Leverage Levels: Kinara's leverage (debt/tangible equity) remained elevated at 4.3x as of end-December 2024 (1HFY25: 3.4x; 1QFY25: 3.3x; FY24: 3.0x), despite an equity infusion of INR514.5 million through compulsorily convertible preference shares (CCPS) from existing investors in 3QFY25. While this infusion supported Tier 2 capital, CCPS carry a high coupon rate, and management expects to convert them in to equity during the next round of equity raise. Excluding CCPS from the debt, the leverage ratio would still have remained high at 3.8x as of December 2024. However, the company reported a net loss of INR2 billion in 4QFY25, which led to an erosion in its tangible net worth to INR3.64 billion in March 2025 from INR5.46 billion in December 2024. Consequently, the leverage ratio increased further to 5.9x at end-FY25, despite a reduction in borrowings due to a conscious decision by management to pause incremental debt raising. The company's Tier 1 capital adequacy ratio declined to 18% in FY25 (9MFY25: 22.9%; 1QFY25: 26.4%; FY24: 26.8%; FY23: 30.5%), reflecting the impact of continued losses and limited capital accretion. Ind-Ra opines a timely and adequate equity infusion thus is critical to restore capital buffers and maintain financial flexibility. Management has indicated that discussions with new strategic investors are ongoing for equity raise and given the existing situation of the company, the agency expects that the equity should be front-loaded and should come in the next six months. Given the delays in raising equity capital by the company, the timeline and quantum of the proposed infusion remain a key monitorable. Due to the elevated leverage and a cautious lending stance, Kinara's AUM growth remained flat to marginally negative during FY25. As of March 2025, the company's key institutional investors included Nuveen Global Impact Fund (25.60%), Gaja Capital (12.0%), British International Investment (10.5%), GAWA and affiliates (9.08%), Pettelaar Effectenbewaarbedrijf (8.93%), Patamar and affiliates (8.80%), and the Michael & Susan Dell Foundation (6.56%), with the balance held by the promoters and their families. Liquidity Poor: The liquidity position has weakened significantly on account of some of the lenders recalling term loans and some others off-setting the lien-marked funds that they held. A further depletion in liquidity cannot be ruled out as other lenders could accelerate repayment of their loans, citing the event of default clause as Kinara has been in breach of the covenants on these exposures. The agency estimates that the liquidity position of INR700 million as of July 31, 2025 is unlikely to be sufficient to meet the debt obligations in August 2025, if there are further recalls by lenders or the inflows estimated by the entity fall short of their expectations. Rating Sensitivities Positive: A sustainable and significant improvement in the liquidity profile along with a material capital infusion that can positively impact the credit profile could lead a positive rating action. Negative: Any further deterioration in the liquidity profile of the entity leading to a default in servicing any of its commitments to its lenders will negatively impact the ratings. About the Company Incorporated in 1996, Kinara is a non-deposit taking NBFC that was acquired by the current promoters in September 2011. It is recognized as a non-deposit taking systemically important NBFC by the Reserve Bank of India. It started lending operations in November 2011 under the brand name of Kinara Capital. As of March 31, 2025, Kinara had an AUM of INR28.41 billion. It offers a multitude of loan products with a tenure of three-to-60 months (average tenure: 36-37 months) and a loan amount of INR0.1 million-3 million (average ticket size: INR0.6 million). At end-April 2025, it operated through 80 branches across six states and one union territory. KOUSHIC PRESSURE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Koushic Pressure Vessels Private Limited (KPVPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KPVPL for obtaining information through letter and email dated July 15, 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 KPVPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KPVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KPVPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1999 at Vellore (Tamil Nadu), KPVPL manufactures and erects unified pressure vessels, oil storage tanks, Desalination plant and liquefied petroleum gas bullets. KPVPL is owned & managed by Mr K. Srinivasan. KRISHNAPING ALLOYS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Krishnaping Alloys Limited (KAL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Letter of Credit 20 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KAL for obtaining information through letter and email dated July 15, 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 KAL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KAL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KAL continues to be 'Crisil D/Crisil D Issuer not cooperating'. KMPL and KAL, incorporated in 1996, undertakes mining and beneficiation of manganese ore along with manufacturing of ferro manganese alloys. The group is promoted and managed by Mr Sanjeev Khandelwal. KMPL has a factory unit in Vizag, Andhra Pradesh and KAL has factory unit in Chindwara, Madhya Pradesh. KUBER METPACK: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kuber Metpack Private Limited (KMPL, part of the Kevin Metpack Private Limited) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL D (Issuer Not Cooperating) Proposed Long Term 41 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KMPL for obtaining information through letter and email dated July 15, 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 KMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KMPL continues to be 'Crisil D Issuer not cooperating'. Founded in 2007 by Mr Vikas Malu, KMPL was set up to manufacture metallised cast polypropylene and polyethylene terephthalate shrink film, and thermoforming grade polyester for the packaging industry. MANNAR GROUP: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Mannar Group of Institution (Mannar) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 12 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Mannar for obtaining information through letter and email dated July 15, 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 Mannar, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Mannar is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Mannar continues to be 'Crisil B/Stable Issuer not cooperating'. Established as a partnership firm in 2016, Mannar runs a school in Thiruvottiyur locality in Chennai. The school operates under the Maharishi Vidya Mandir (MVM) brand name. There are four partners (Mr. Udayakumar, Mrs. Visalakshmi, Mr. Rajram, Mrs. Harshini) in the entity, all of whom are family members. The school currently runs classes from pre kindergarden to Class VIII under the Central Board of Secondary Education (CBSE) curriculum. Operations are managed by Mrs. Harshini (Partner). MANTRI TEA: CRISIL Moves C Debt Rating to Not Cooperating --------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Mantri Tea Company Private Limited (MTCPL) to 'Crisil C Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 Crisil C (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with MTCPL for obtaining information through letter and email dated July 2, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MTCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MTCPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of MTCPL to 'Crisil C Issuer not cooperating'. The Mantri group was formed in 1948 by Mr Govind Prasad Mantri. Manipur Tea Estate, located in Assam, was the first acquisition of the group in 1954. Subsequently, the group acquired three more tea gardens in Assam: Ruttonpore Tea Estate (1986), Derby Tea Estate (2005) and Pathini Tea Estate (2006). Operations are managed by Mr Devendra Kumar Mantri, Mr Shashankdhar Mantri and Ms Tanuja Mantri. MARYMATHA INFRASTRUCTURE: Ind-Ra Hikes Bank Loan Rating to B ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has upgraded Marymatha Infrastructure Private Limited's (MIPL) bank loan facilities to 'IND B' from 'IND D/(ISSUER NOT COOPERATING)'. The Outlook is Stable. The detailed rating actions are: -- INR1,898.3 bil. (reduced from INR1,952.4 bil.) Bank loan facilities upgraded with IND B/Stable/IND A4 rating; and -- INR97.5 mil. Bank loan facilities assigned with IND B/Stable rating. Detailed Rationale of the Rating Action The upgrade reflects the timely servicing of debt obligations consecutively for the past three months ending June 2025. The ratings reflect MIPL's moderate credit metrics, elongated working capital cycle and its susceptibility to raw material price fluctuations. However, the ratings are supported by its likely improvement in the scale of operations and absolute EBITDA on account of healthy order book, leading to timely servicing of the debt obligations. Detailed Description of Key Rating Drivers Moderate Credit Metrics, likely to Improve: As per MIPL's provisional numbers for FY25, the gross interest coverage (operating EBITDA/gross interest expense) increased to 1.63x in FY25 (FY24: 1.50x; FY23: 2.13x; FY22: 2.59x), driven by a decrease in the gross interest expense majorly due to a decline in the long-term debt to INR334.30 million (INR444.09 million; INR535.94 million). The net leverage (adjusted net debt/operating EBITDA) increased marginally to 3.69x in FY25 (FY24: 3.57x; FY23: 3.17x; FY22: 3.46x), due to the decrease in absolute EBITDA to INR279.29 million (INR300.86 million; INR315.91 million). Ind-Ra expects the net leverage to reduce over FY26-FY28, due to the scheduled repayment of term loans. Given MIPL's significant use of non-fund-based limits to provide performance bank guarantees/bid bonds, any increase in these limits could affect the interest coverage ratio. However, Ind-Ra expects the credit metrics to remain comfortable in FY26 and in the near- to medium term, as the entity does not envisage any major debt-funded capex, providing further comfort to the credit metrics Working Capital likely to Remain Elongated in Near to Medium Term: The gross working capital cycle reduced but remained elongated at 466 days in FY25 (FY24: 519 days; FY23: 303 days; FY22: 230 days), mainly due to an increase in debtor days to 405 (290; 218; 223), following delays in clearing receipts related to the construction of a medical college in Palakkad. Additionally, the creditor days reduced to 76 in FY25 (FY24: 93; FY23: 117; FY22: 129). Ind-Ra expects the working capital cycle to remain elongated in the near- to medium term, largely due to the entity's involvement in the construction sector, where a milestone-based payment mechanism inherently results in a prolonged working capital cycle. Inherent Industry Risk: MIPL, which is an engineering, procurement and construction player, is exposed to factors such as high industry competition, delays in the realization of receivables, project delays, cost and timeline overruns and litigation; any pressure on the cash flows of the counterparties could also adversely impact MIPL's collections. Raw Material Price Fluctuations: The company's EBITDA is susceptible to raw material price fluctuations as some contracts do not involve a price escalation clause. Experienced Management and Clear Track Record of Debt Servicing: The promoters have more than three decades of experience in civil construction works, leading to established relationships with customers and suppliers along with clear track record of debt servicing from the past three months commencing March 2025. Medium Scale of Operations, likely to Improve in Near- to Medium Term: MIPL has a medium scale of operations, with its revenue remaining stable at INR1,507.34 million in FY25 (FY24: INR1,507.34 million; FY23: INR1,504.32 million; FY22: INR2,009 million; FY21: INR1,504.96 million), due to the normalization of its operations post-COVID-19, leading to the timely execution of work orders. The company had an outstanding order book of INR4,584.34 million (3.04x of FY25 revenue) as of May 2025, to be executed over FY26-FY27. Ind-Ra expects the revenue to improve in FY26, based on its strong order book and projects, which are scheduled to be completed during the year. Stable EBITDA Margins, likely to Sustain in Near to Medium Term: MIPL EBITDA margins reduced to 18.53% in FY25 (FY24: 20%; FY23: 15.61%), due to increased subcontracting, particularly in road construction projects. Its average EBITDA margins stood at 17.7% during FY22-FY25. The return on capital employed was 11.9% (12.2%; 14.2%). The agency expects the margins to remain stable in the near to medium term, driven by reduced subcontracting and an increase in direct execution. Liquidity Poor: The MIPL's average maximum utilization of the fund-based limits and the non-fund-based utilization was 78% and 77.14%, respectively, during the 12 months ended May 2025. The net working capital cycle reduced but remained elongated at 466 days in FY25 due to a decrease in the inventory holding period to 137 days (322 days) and an increase in the debtor days to 405 days (290 days). The unencumbered cash and cash equivalents stood at INR11.71 million at FYE25 (FYE24: INR1.28 million). Furthermore, the company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The company had scheduled debt repayments of INR118.41 million in FY26 and has INR65.85 million in FY27. Rating Sensitivities Negative: A decline in the scale of operations, leading to a deterioration in liquidity and the credit metrics, with deterioration in the net leverage, on a sustained basis, would lead to a negative rating action. Positive: An improvement in the scale of operations, leading to an improvement in the liquidity position with shortening of the working capital cycle while maintaining the credit metrics, on a sustained basis, would lead to a positive rating action. About the Company Incorporated in July 2019, MIPL engages in civil construction work of roads, buildings, bridges, canals, sewage treatment plants, metro rail, among others. Its registered office is in Kerala. MITTAPALLI TANUJA: CRISIL Moves B- Ratings to Not Cooperating ------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Mittapalli Tanuja Tobaccos (MTT) to 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 Crisil B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 1.5 Crisil B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with MTT for obtaining NDS through letters/emails dated May 30, 2025, June 30, 2025 and July 31, 2025 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated July 24, 2025 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of MTT to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from MTT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on MTT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MTT migrated to 'Crisil B-/Stable Issuer not cooperating'. MTT, established in 2022 as a partnership firm and operations began in 2023 by Mr Mittapalli Chandramohan, Mr Mittapalli Tulasi Tanuja and Mr Mittapalli Ramanarasimha Harsh Teja, has recently set a unit for supplying tobacco in Guntur, Andhra Pradesh. MODERN RICE: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Modern Rice and Gen. Mills (MRGM) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 Crisil B/Stable (Issuer Not Cooperating) Export Packing 4.5 Crisil B/Stable (Issuer Not Credit Cooperating) Crisil Ratings has been consistently following up with MRGM for obtaining information through letter and email dated July 15, 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 MRGM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MRGM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MRGM continues to be 'Crisil B/Stable Issuer not cooperating'. MRGM was established by the Malik family of Karnal, Haryana, in 1981 as a partnership firm. It mills and processes paddy into basmati rice, rice bran, broken rice, and husk. Mr. Vinod Malik and Mr. Dev Raj Malik are the key partners who manage the firm's activities. OSIA JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Osia Jewels Private Limited (OJPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5.0 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 7.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with OJPL for obtaining information through letter and email dated July 15, 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 OJPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of OJPL continues to be 'Crisil D Issuer not cooperating'. Sancheti Group is promoted by Mr Ashok Sancheti and his family. The three group companies, SOPL, SJPL and OJPL were setup in 2011 in Mumbai to manufacture and wholesale gold jewellery. The promoters have been in business since 1988. PANACHE DIGILIFE: Ind-Ra Moves BB+ Loan Rating to NonCooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated the rating of Panache Digilife Limited's (PDL) bank facilities to the non-cooperating category. The ratings are simultaneously withdrawn on the issuer's request. The detailed rating actions are: -- INR90 mil. Non-fund-based working capital limit*** migrated to non-cooperating category and withdrawn; -- INR19.29 mil. Term loan** due on December 31, 2026 Outlook revised to Stable; migrated to non-cooperating category and withdrawn; and -- INR290 mil. Fund-based working capital limit* Outlook revised to Stable; migrated to non-cooperating category and withdrawn. *Migrated to 'IND BB+/Stable (ISSUER NOT COOPERATING) IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn **Migrated to 'IND BB+/Stable (ISSUER NOT COOPERATING)' before being withdrawn ***Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The Outlook revision to Stable indicates the non-cooperation could be symptomatic of possible disruption/distress in the issuer's business. The ratings have been migrated to the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a request for withdrawal of ratings and no-objection certificate issued by the banker. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with PDL while reviewing the rating. Ind-Ra had consistently followed up with PDL. The issuer has not submitted the monthly no-default statement since June 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of PDL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. PDL has been non-cooperative with the agency since June 2025. About the Company Incorporated in March 2007, PDL is an IT hardware manufacturing company. Its registered office is located at Thane, Maharashtra. Amit Rambhia is the chairman and managing director of PDL. PATEL MOTORS: Ind-Ra Affirms BB+ Bank Loan Rating ------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Patel Motors (Indore) Private Limited's (PMPL) bank facilities as follows: -- INR400 mil. Fund-based working capital limit affirmed with IND BB+/Stable rating; and -- INR10 mil. Proposed fund-based working capital limit affirmed with IND BB+/Stable rating. Detailed Rationale of the Rating Action The affirmation reflects PMPL's modest EBITDA margins as well as credit metrics, along with stretched liquidity in FY25 and Ind-Ra's expectation of them to be largely unchanged in FY26. However, the ratings are supported by PMPL's large scale of operations and its promoters' experience of three decade in the auto dealership business. Detailed Description of Key Rating Drivers Geographical Concentration: PMPL's operations are concentrated in Madhya Pradesh, making it vulnerable to any unfavorable changes in demand within the state. Moreover, since FY24, PMPL no longer sells tractors, which were under the dealership of Tractors and Farm Equipment Limited, and the company is now an exclusive dealer of Maruti Suzuki India Limited and VE Commercial Vehicles Ltd. Hence, its performance is directly linked to the performance of these two companies. Although the sales of spares/accessories, aftersales service and income from driving schools provide some diversification, their contribution to the revenue is relatively low. Cyclical Nature of Industry; Intense Competition: The ratings also factor in the cyclical nature of the auto industry and its susceptibility to macro-economic factors. Furthermore, the dealership business is intensely competitive. Modest EBITDA Margins: PMPL's EBITDA margins were in the low range of 1.95%-3.70% over FY22-FY25 (FY25: 1.95%; FY24: 2.58%; FY23: 3.70%; FY22: 3.25%), primarily on account of the dealership model and the revenue being mainly derived from the sale of vehicles, which yield lower margins than that from the services segment and the sale of spare parts. The return on capital employed was 8.7% in FY25 (FY24: 14.8%). The low margins are also on account of the stiff competition with other dealers. Ind-Ra expects the margins to remain at similar levels in FY26, given the nature of the dealership business. FY25 numbers are provisional in nature. Modest Credit Metrics: PMPL's credit metrics deteriorated in FY25, with the net financial leverage (adjusted net debt/operating EBITDA) rising to 6.36x in FY25 (FY24: 3.67x) and the gross interest coverage (operating EBITDA/gross interest expense) declining to 1.79x (2.63x), on account of an increase in the total debt to INR1,360.76 million (INR988.91 million) and a reduction in the EBITDA to INR206.97 million (INR254.70 million). However, Ind-Ra expects the credit metrics to improve over the medium term on the back of increased revenue and absolute EBITDA, absence of any major debt-funded capex plans and scheduled debt repayments. Stretched Liquidity: Please refer to the liquidity section below. Large Scale of Operations, Steady Growth Likely in FY26: PMPL's revenue increased 7.46% yoy to INR10,591.58 million in FY25, backed by an overall increase of 5.12% in the total number of vehicles sold during the year. The vehicle trading segment accounted for 94% of the company's revenue in FY24 and FY25, and the rest came from spares and after-sales services. In 1QFY26, the company booked a revenue of INR2,670 million. Ind-Ra expects the revenue to grow further in FY26, supported by continued growth in the sales volumes. Experienced Promoters: The promoters have more than three decades of experience in the dealership business, with renowned original equipment manufacturers such as Maruti Suzuki India and Eicher Motors Limited, leading to well-established relationships with them. Liquidity Stretched: PMPL's average maximum utilization of the fund-based limits was 78.54% during the 12 months ended April 2025, with multiple instances of over-utilization up to two days and is likely to have remained at similar levels in May and June 2025. The cash flow from operations turned remained negative at INR290.48 million in FY25 (FY24: negative INR414.05 million) due to changes in the working capital requirement. Consequently, the free cash flow remained negative at INR380.08 million in FY25 (FY24: negative INR477.56 million). The company's net working capital cycle elongated to 61 days in FY25 (FY24: 58 days) due to an increase in the debtor days to 19 (18) and an increase in the inventory days to 52 (51). The cash and cash equivalents stood at INR43.85 million at FYE25 (FYE24: INR52.98 million). The scheduled debt repayments for FY26 and FY27 are INR1.3 million and INR1.4 million, respectively. PMPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A significant decline in the scale of operations or operating profitability, with the interest coverage staying below 2x or a further pressure on the liquidity position, could lead to a negative rating action. Positive: An improvement in the overall liquidity position while maintaining the scale of operations and operating profitability, with the interest coverage increasing and remaining above 2.5x, all on a sustained basis, could lead to a positive rating action. About the Company PMPL was incorporated in 1985 as a partnership firm. In 1993, the firm was reconstituted as a private limited company. The company has a total of three showrooms and 33 outlets, which include warehouses and other outlets for the sale of spares and accessories in Madhya Pradesh and runs two driving schools in Indore. It has authorized dealership of VE Commercial Vehicles for Eicher trucks and buses, and commercial and passenger vehicles of Maruti Suzuki India. RAM BALAJI: CRISIL Moves B Debt Ratings to Not Cooperating ---------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of Sri Ram Balaji Chemicals (SRBC) to 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 19 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 6 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 2 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with SRBC for obtaining NDS through letters/emails dated May 30, 2025, June 30, 2025 and July 31, 2025 among others, apart from telephonic communication to seek the same. After non-receipt of NDS for 2 consecutive months, we also sent a letter dated July 24, 2025 reminding the issuer to share the NDS. However, the issuer has remained non cooperative. Crisil Ratings has also tried to reach out to the lenders of SRBC to confirm timely debt servicing during these months, but awaits any feedback. '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 NDSs from SRBC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a general non-cooperation and may extend to non-submission of other information. Crisil Ratings believes that rating action on SRBC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRBC migrated to 'Crisil B/Stable Issuer not cooperating'. SRBC was established in 1986 as a proprietorship firm and manufactures detergent powder and detergent cake. It has capacity of 40 tonne per day. The firm is managed and owned by Ms Manjula B and is based in Salem, Tamil Nadu. TRENDSQUARES CONSTRUCTIONS: Ind-Ra Assigns BB+ Bank Loan Rating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Trendsquares Constructions (TC's) bank facilities IND BB+. The Outlook is Stable. The detailed rating action is as follows: -- INR3.10 bil. Bank loan facilities assigned with IND BB+/Stable rating; and -- INR1.90 bil. Proposed Bank loan assigned with IND BB+/Stable rating. Analytical Approach Ind-Ra has taken a fully consolidated view of TC and its group companies, namely RLP Trendsquares Projects Pvt Ltd, Ramson Trendsquares Reality LLP, Trendsquares Realty LLP and Trendsqures Infra LLP, (collectively referred to as the Trendsquare group) while arriving at the ratings on account of strong legal ties as TC is a co-borrower for the loan taken by the other group companies for their projects. The Trendsquare brand encompasses projects developed by TC (Orutus-I, Ortus-II, Ortus-III, and Ambience); RLP Trendsquares Projects (World of Garden - Sadaramangala); Ramson Trendsquares Reality (East Park Residences); Trendsquares Realty (Akino Panathur) and Trendsqures Infra. Detailed Rationale of the Rating Action The ratings reflect TC's robust advance collection ability, driven by strong business development during FY25, with increased collection and sales from its recently completed projects and ongoing projects in its group companies with a total value of about INR23,621.40 million. The cumulative percentage of total units sold was 22% with 22% completion in its construction for the three ongoing projects combined. The collections from East Park Residence (Phase 1) remained strong at INR2,030 million at FYE25, whereas the other two ongoing projects are at a very nascent stage of construction. Furthermore, among its recently completed projects, Ortus phase 1 and 2 have been completely sold and the phase 3 has only 10 inventories left. The company has taken significant financing support for its current ongoing projects with loans of INR2,000 million for the World of Garden (Sadaramangala) project and INR1,500 million for the East Park Residence (Phase 1) project. Also, the firm is in the process of taking another loan of INR1,500 million for the Akino (Phase 1) project. The ratings are, however, constrained by high debt exposure and stretched liquidity. Detailed Description of Key Rating Drivers Adequate Revenue Visibility from Ongoing Projects, backed by Sales Velocity: During FY25, the Trendsquare group had an annual sales velocity of INR2,166.27 million and a collection velocity of INR2,043.98 million, mainly driven by its East Part Residencies project which started in FY23 and is likely to be completed by end-FY27. Furthermore, the sales velocity of the Akino project picked up with it selling additional 0.17 million sq ft in Q1FY26 with a collection of INR192 million and a sales value of INR1,589 million. Also, it had strong cash-inflows from its recently completed projects Ortus (Phase 3) and Trendsquares Ambience. Till FYE25, the group sold more than 90% of its total saleable area of the projects completed and around 24% of its total saleable area from the ongoing projects with around 22% of average completion. The total value of the existing three ongoing projects is around INR30,147.29 million with two projects (World of Garden (Sadaramangala) and East Park Residencies - Phase 1) remaining under joint development agreement and joint venture, respectively, reducing Trendsquare share to INR23,621.40 million. With the increased completion status of the ongoing projects, Ind-Ra expects the sales velocity to remain stable over the near to medium term, providing adequate customer advances for the remaining construction cost. Access to Group's Land Bank: The promoters of Trendsquare group has a land bank of three acres with a market value of INR1,546 million. Apart from the promoters' personal landbank, the Trendsquare group holds some landbank at the prime location on which the new Mullur Project, which is in the pipeline, will be executed. Launch Pipeline Underpins Growth: Apart from Trendsquare group's ongoing three projects where the entity is awaiting the Transferable Development Rights (TDR) for the Akino project for additional 24 units over and above its total 394 units, the promoters are planning to execute some new projects which are in the pipeline. The project planning started for East Park Residence (Phase 2), which would be developed on the company-owned landbank and is a large-scale project comprising approximately 2,000 residential units along with commercial components including a mall and a hotel. The Mullur Project, which consists of close to 9,000 units, is also developed on the company-owned landbank. Apart from these two big projects, Tranquility (Phase 1 and 2) which is a villa project is also likely to be launched. These projects will be executed using the surplus cashflows from the current ongoing projects and some external borrowings. Experienced Promoters: Rajasekhar Reddy has been the main partner along with his wife R Lakshmi Prasanna having close to two decades of experience in the residential real estate sector in the Bengaluru, Karnataka, with close to 4.55 million square feet of construction. Furthermore, Ind-Ra draws comfort from the promoters' experience of around two decades in real estate development. The promoters have successfully completed and sold 17 projects on time with limited cost overrun with only a few inventories left for the last two recently completed projects. Nascent Stage of Projects, Leading to Some Execution Risk and Cost Overrun Risk: Two of the group's ongoing projects are at a very nascent stage and most of the required approvals have already been obtained for them. The Akino project has been competed around 12% and for the World of Garden (Sadaramangala) project has been completed just 7% with some Real Estate Regulatory Authority (RERA) approvals pending for this project. However, the East Part Residencies project is completed around 42% with major cost yet to be incurred. The three ongoing projects entail an overall cost of around INR17,684.28 million, of which, the total cost incurred as of April 2025 was INR3,801.19 million (21.55% construction). For the remaining construction of INR13,874.09 million, around 60% will come from customer advances and 39% from term loans. High Dependence on Customer Advances: For all the three ongoing projects, close to 61% funding is dependent on customer advances and 31% is dependent on external project loans from banks and financial institutions. The company's sales velocity from the Akino project has been low with only 80 units sold out of the total 394 units and no units have been sold for the World of Garden (Sadaramangala) project. However, sales from East Park Residencies project have been strong with 280 units sold out of the total 600 units, having a strong collection of INR2,030.98 million in FY25. Furthermore, the company has taken significant financing support for its current ongoing projects from bankers with loan of INR2,000 million for the World of Garden (Sadaramangala) project and INR1,500 million for the East Park Residence (Phase 1) project. Also, the firm is in the process of taking a INR1,900 million loan for the Akino (Phase 1) project. High Geographical Concentration, Cyclicality and Regulatory Risks: The group is heavily dependent on one market – Bengaluru. Additionally, the Indian real estate industry is highly cyclical with volatile cash flows. The real estate sector is exposed to several regulatory requirements that are subject to frequent and unpredictable changes. This leads to confusion, non-compliance and delays in project execution. Inherent Industry Risks: Residential real estate demand is inherently cyclical and influenced by factors such as interest rates and household income outlook. The affordable segment is the most impacted by the increase in interest rates in the past few quarters; however, the mid and luxury segments have shown resilience. Therefore, industry players have largely shifted focus to the mid and premium markets. Liquidity Stretched: At end-March 2025, the group's completed projects had receivables of around INR1,000 million and ongoing projects (sold) had receivables of INR4,359.31 million and the group had an unsold inventory of INR23,508.58 million, against the pending construction cost of INR13,874.09 million. This, along with the repayment of the existing debt obligations of INR601 million in FY26, pressurizes the group's liquidity. However, the collections from the units sold was INR2,279.40 million for FY25 which strengthens the liquidity position of the company. The TC group's cash position stood at close to INR294.71 million at FYE25 (FYE24: INR300.09 million), comprising cash and cash equivalents. Furthermore, the group repaid its loan of around INR675.94 million in FY25 and has repayments of INR601 million in FY26 and INR1,221.50 million in FY27. Rating Sensitivities Positive: A successful and timely project completion, a further improvement in the sales realization and collections, leading to a strong visibility of cash inflows thereby improving the liquidity position, could lead to a positive rating action. Negative: Any substantial delay in the completion of the project with significant time or cost overrun in the ongoing projects or substantial deterioration in liquidity or lower than expected sales volume or slow realization from bookings or substantial deterioration in financials will be negative for the ratings. Any Other Information Timely Project Completion with Strong Customer Advances and Sales Velocity for TC on Standalone Basis: There are no ongoing projects in TC on a standalone basis and has strong cash-inflows from its recently completed projects Ortus (Phase 3) and Trendsquares Ambience. Till FYE25, the group sold more than 90% of its total saleable area of the projects completed. About the Company TC is a partnership firm engaged in the business of construction of residential real estate project in the Bengaluru, Karnataka. All the projects before 2018 were executed under the group name "SVS group of constructions" and currently all the project names are executed as per the new brand name Trendsquare. Rajasekhar Reddy has been the main partner along with his wife R Lakshmi Prasanna having close to two decades of experience in the residential real estate sector with close to 4.55 million sq. ft. of construction. ===================== N E W Z E A L A N D ===================== BLUESKIES CIVIL: Creditors' Proofs of Debt Due on Aug. 29 --------------------------------------------------------- Creditors of Blueskies Civil Limited are required to file their proofs of debt by Aug. 29, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 22, 2025. The company's liquidator is: Simon Dalton Gerry Rea Partners PO Box 3015 Auckland CONSTRUCTO DEVELOPMENTS: Creditors' Proofs of Debt Due on Sept. 9 ----------------------------------------------------------------- Creditors of Constructo Developments Limited are required to file their proofs of debt by Sept. 9, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 5, 2025. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington, Business Restructuring Level 1, 50 Customhouse Quay Wellington 6011 DELTA CONSULTING: Creditors' Proofs of Debt Due on Sept. 9 ---------------------------------------------------------- Creditors of Delta Consulting Limited are required to file their proofs of debt by Sept. 9, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 5, 2025. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington, Business Restructuring Level 1, 50 Customhouse Quay Wellington 6011 NJ & MS HOLDINGS: Owes Creditors NZD1.2MM, Liquidator Report Shows ------------------------------------------------------------------ Otago Daily Times reports that a Christchurch courier company has buckled under financial pressure, owing creditors more than NZD1.2 million and leaving staff out of pocket. NJ & MS Holdings Ltd owes about NZD586,000 to Inland Revenue (IRD) and just over NZD632,000 to unsecured creditors, while staff claims are nearly NZD35,000, ODT discloses. The company, trading as Point to Point, was placed in liquidation on the application of IRD in the High Court at Greymouth on June 30. An official assignee from Insolvency & Trustee Service was appointed liquidator and released an initial report last week, according to ODT. Previously registered under an office in Greymouth, the company's sole shareholder and director is listed as Taipua Feast at the NZ Companies Office. ODT says the business was closed after the company was assessed as being unable to be sold or generate enough income to continue trading. Secured creditors have advised they will repossess company assets. In the report the official assignee said the director advised the reasons for liquidation were a lack of funds to finance legal action, economic conditions, lack of business activity, excessive overheads, inability to collect debts and lack of sufficient working capital, ODT relates. A failure to provide for taxation and Covid and a breakdown in communication with a client also played against the company. Money owed by clients is estimated at NZD38,000 with NZD6,500 remaining in bank accounts and the value of vehicles and plant and equipment yet to be determined. Among the listed creditors are about 17 staff and nearly 20 companies providing finance, banking, IT, fuel, mobile and vehicle repair and other services, ODT discloses. NJ & MS Holdings Ltd offered urgent courier services in Canterbury and across the South Island, same-day truck deliveries and out-of-town runs. STEADFAST CARPENTERS: Court to Hear Wind-Up Petition on Sept. 26 ---------------------------------------------------------------- A petition to wind up the operations of Steadfast Carpenters Limited will be heard before the High Court at Auckland on Sept. 26, 2025, at 10:45 a.m. Carters Building Supplies Limited filed the petition against the company on July 2, 2025. The Petitioner's solicitor is: Philip John Morris Stace Hammond Lawyers KPMG Building, Level 7 85 Alexandra Street Hamilton 3240 YARDER PARTS: Court to Hear Wind-Up Petition on Sept. 5 ------------------------------------------------------- A petition to wind up the operations of Yarder Parts New Zealand 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 April 28, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= A-SOLUTION IT: Creditors' Proofs of Debt Due on Sept. 7 ------------------------------------------------------- Creditors of A-Solution IT Consulting Private Limited are required to file their proofs of debt by Sept. 7, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 9, 2025. The company's liquidator is: Goh Tiong Hong 60 Paya Lebar Road #10-03 Paya Lebar Square Singapore 409051 ATRIX DYNAMICS: Court to Hear Wind-Up Petition on Aug. 29 --------------------------------------------------------- A petition to wind up the operations of Atrix Dynamics Pte. Ltd. will be heard before the High Court of Singapore on Aug. 29, 2025, at 10:00 a.m. Standard Chartered Bank (Singapore) Limited filed the petition against the company on Aug. 4, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 CLEARWIND PTE: Court to Hear Wind-Up Petition on Aug. 22 -------------------------------------------------------- A petition to wind up the operations of Clearwind Pte. Ltd. will be heard before the High Court of Singapore on Aug. 22, 2025, at 10:00 a.m. Ecocarbon Capital Pte. Ltd filed the petition against the company on Aug. 1, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 MASON & CO: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on July 25, 2025, to wind up the operations of Mason & Co Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 NEWS ENVIRONMENTAL: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on Aug. 1, 2025, to wind up the operations of News Environmental Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ================= S R I L A N K A ================= SRI LANKA: Economy is on Track for Recovery, CB Governor Says ------------------------------------------------------------- CNBC reports that Sri Lanka's Central Bank Governor Nandalal Weerasinghe said the economy is on track for recovery, with rates held at 7.7% and a healthy policy buffer in place. CNBC relates that Weerasinghe said there is less uncertainty now as U.S. tariffs on Sri Lanka have eased to 20% from an initial 44% announced. The governor also highlighted how reforms are shifting from crisis stabilization to driving 4–5% growth, aiming for faster debt sustainability and a full return to pre-crisis levels within a few years, CNBC adds. About Sri Lanka Sri Lanka, formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an island country in South Asia. Sri Jayawardenepura Kotte is its legislative capital, and Colombo is its largest city and financial centre. The island nation defaulted on its foreign debt for the first time in its history in April 2022 as the worst financial crisis since independence from Britain in 1948 crushed its economy. Fitch Ratings upgraded Sri Lanka's Long-Term Foreign-Currency IDR to 'CCC+', from 'RD' (Restricted Default) on Dec. 20, 2024. Fitch also upgraded the Long-Term Local-Currency IDR to 'CCC+', from 'CCC-', to align with the Long-Term Foreign-Currency IDR. Moody's also upgraded Sri Lanka's long-term foreign currency issuer rating to Caa1 from Ca on Dec. 23, 2024. The outlook is stable. S&P Global Ratings on Dec. 27, 2024, affirmed its 'SD/SD' (selective default) long- and short-term foreign currency and 'CCC+/C' long- and short-term local currency sovereign credit ratings on Sri Lanka. The outlook on the long-term local currency rating is stable. ********* 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. 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