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250815.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, August 15, 2025, Vol. 28, No. 163 Headlines A U S T R A L I A GROW ABS 2023-1: Moody's Upgrades Rating on Class E Notes from Ba2 INTELLA PAYMENTS: Second Creditors' Meeting Set for Aug. 21 LOAN LOGIC: First Creditors' Meeting Set for Aug. 20 MONTAGUE VY: First Creditors' Meeting Set for Aug. 20 ONESTEEL MFG: Whyalla Buyer Faces Upgrade Bill of Up to AUD8BB SHEREX PTY: Second Creditors' Meeting Set for Aug. 20 SKM GROU: KordaMentha Breached 'Chinese Walls' to Benefit Client WILDCAT INDUSTRIES: Second Creditors' Meeting Set for Aug. 20 C H I N A CHINA EVERGRANDE: Liquidators Say $255MM of Assets Have Been Sold CHINA EVERGRANDE: Liquidators Target Founder's Assets in Key Stage H O N G K O N G ROAD KING: Suspends US$22.6 Million in Interest Payments [] HK: Restaurants to Remain in 'Survival of the Fittest' Mode I N D I A AADHAR RICE: CRISIL Keeps B Debt Ratings in Not Cooperating AARYAN LAMIFAB: CRISIL Keeps B Debt Ratings in Not Cooperating ABC COTSPIN: CRISIL Keeps D Debt Ratings in Not Cooperating ABRO CHIMIQUE: CARE Keeps D Debt Rating in Not Cooperating APCOS NATURALS: Voluntary Liquidation Process Case Summary APEX TUBES: CARE Keeps D Debt Ratings in Not Cooperating Category BHASKAR INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating BHUSHAN POWER: Supreme Court Reserves Verdict on JSW Steel's Plan BOMMIDALA PURNAIAH: CRISIL Keeps C Ratings in Not Cooperating CHITIZ METALS: CRISIL Keeps B Debt Ratings in Not Cooperating CHOUDHARI CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating DMG AGRO: CRISIL Moves C Debt Ratings to Not Cooperating FLASH FORGE: CARE Lowers Rating on INR48cr LT Loan to C GUINESS SECURITIES: CRISIL Keeps D Ratings in Not Cooperating J MODI: CRISIL Keeps D Debt Ratings in Not Cooperating Category JDB FOODS: CRISIL Lowers Rating on INR28cr Loan to B JOSAN FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating KINARA CAPITAL: CARE Lowers Rating on INR256.51cr LT Loan to D KRISHNAPING ALLOYS: CRISIL Keeps D Ratings in Not Cooperating LAJJYA STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating MICRORIVVATE METAL: CRISIL Moves B+ Ratings to Not Cooperating OMSAI UDYOG: CARE Keeps D Debt Ratings in Not Cooperating Category PACER SECURE: Liquidation Process Case Summary PALCHAN BHANG: Insolvency Resolution Process Case Summary PALLAVI CONSTRUCTIONS: CRISIL Keeps C Rating in Not Cooperating PATWA MARKETING: CRISIL Keeps D Debt Rating in Not Cooperating REHBER FOOD: CARE Keeps D Debt Rating in Not Cooperating Category RUTTONPORE PLANTATIONS: CRISIL Moves C Rating to Not Cooperating SATWIKI PROTEINS: CARE Keeps D Debt Rating in Not Cooperating SURESH KUMAR: CARE Keeps B- Debt Rating in Not Cooperating TELOGICA LIMITED: CARE Keeps D Debt Ratings in Not Cooperating TMA INFRASTRUCTURE: CRISIL Keeps D Ratings from Not Cooperating TRINAYANI CEMENT: CARE Keeps B Debt Rating in Not Cooperating UPL CORP: Moody's Alters Outlook on 'Ba2' CFR to Stable VARTHANA FINANCE: CRISIL Hikes Rating on INR10cr NCDs From D N E W Z E A L A N D CIVEX CONSTRUCTION: Creditors' Proofs of Debt Due on Sept. 5 CONVERSION CORE: Creditors' Proofs of Debt Due on Sept. 5 HECTOR'S CONCRETE: Court to Hear Wind-Up Petition on Sept. 4 IPG SECURITIES: Baker Tilly Appointed as Receivers LDW PROPERTY: Court to Hear Wind-Up Petition on Sept. 5 S I N G A P O R E FUSION DESIGN: Court Enters Wind-Up Order GLH ASSET: Creditors' Proofs of Debt Due on Sept. 9 JVCKENWOOD TECHNOLOGIES: Creditors' Proofs of Debt Due on Sept. 9 KRYZANE SERVICES: Court to Hear Wind-Up Petition on Aug. 29 PANAMERICANA PTE: Court Enters Wind-Up Order S O U T H K O R E A HOMEPLUS CO: To Close 15 Stores, Offers Unpaid Leave to Employees - - - - - ================= A U S T R A L I A ================= GROW ABS 2023-1: Moody's Upgrades Rating on Class E Notes from Ba2 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on five classes of notes issued by Grow ABS Trust 2023-1. The affected ratings are as follows: Issuer: Grow ABS Trust 2023-1 Class A Notes, Upgraded to Aaa (sf); previously on Oct 16, 2024 Affirmed Aa2 (sf) Class B Notes, Upgraded to Aa1 (sf); previously on Oct 16, 2024 Upgraded to Aa2 (sf) Class C Notes, Upgraded to Aa2 (sf); previously on Oct 16, 2024 Upgraded to Aa3 (sf) Class D Notes, Upgraded to A3 (sf); previously on Oct 16, 2024 Upgraded to Baa1 (sf) Class E Notes, Upgraded to Baa3 (sf); previously on Oct 16, 2024 Upgraded to Ba2 (sf) RATINGS RATIONALE The upgrades were prompted by an increase in credit enhancement (including the retention ledger) available for the affected notes and the good collateral performance to date. Principal collections have been distributed on a pro-rata basis between Class A and Class F Notes. Current total outstanding notes as a percentage of the total closing notes balance is 37.5%. Following the July 2025 payment date, the credit enhancement available for Class B, Class C, Class D and Class E Notes has increased to 37.2%, 29.5%, 18.8% and 13.7% respectively, from 29.7%, 23.3%, 14.4% and 9.8% at the time of the last rating action in October 2024. Credit enhancement available for Class A Notes has increased to 47.1% from 22.5% at closing. As of end-June 2025, 0.8% of the outstanding pool was 30-plus day delinquent, and 0.4% was 90-plus day delinquent. The deal has incurred 1.5% gross losses to date (as a percentage of the original pool balance), all of which have been covered by excess spreads. Based on the observed performance to date and loan attributes, Moody's have lowered Moody's default assumption to 5.5% of the current pool balance (equivalent to 3.6% of the original pool balance) from 6.5% of the outstanding pool balance (equivalent to 4.4% of the original pool balance) at the time of the last rating action in October 2024. Moody's have also lowered the Aaa portfolio credit enhancement (PCE) assumption to 30% from 35%. Moody's analysis has considered various scenarios involving different default rate and PCE to evaluate the resiliency of the note ratings. Moody's have also considered the operational risks linked to the originator and servicer, as well as its longer track record of performance data and securitisation. The transaction is a cash securitisation of commercial auto and equipment loan and lease receivables extended to Australian small and medium sized businesses, as well as a small proportion extended to consumers, originated by Grow Finance Limited and Grow Funding Pty Ltd, which rebranded to Dynamoney in November 2023. The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. INTELLA PAYMENTS: Second Creditors' Meeting Set for Aug. 21 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Intella Payments Pty Ltd has been set for Aug. 21, 2025, at 11:00 a.m. at the offices of Rodgers Reidy, at Level 2A, 181 Elizabeth Street, in Brisbane City, QLD, and via telephone conference facility. 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. 20, 2025 at 5:00 p.m. David James Hambleton of Rodgers Reidy was appointed as administrator of the company on July 17, 2025. LOAN LOGIC: First Creditors' Meeting Set for Aug. 20 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Loan Logic Pty Ltd will be held on Aug. 20, 2025 at 10:30 a.m. via videoconference only. David Trim and Brent Kijurina of Hall Chadwick were appointed as administrators of the company on Aug. 8, 2025. MONTAGUE VY: First Creditors' Meeting Set for Aug. 20 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Montague VY NO1 Pty Ltd In its own right and ATF Montague Trust will be held on Aug. 20, 2025 at 10:00 a.m. at the offices of Hall Chadwick, at Allendale Square, Level 11, 77 St Georges Terrace, in Perth, WA, 6000 and via Zoom videoconference facilities. Aaron Dominish, Richard Albarran, Cameron Shaw of Hall Chadwick were appointed as administrators of the company on Aug. 8, 2025. ONESTEEL MFG: Whyalla Buyer Faces Upgrade Bill of Up to AUD8BB -------------------------------------------------------------- The Australian Financial Review reports that modernising the Whyalla steelworks and developing the nearby iron ore mines once owned by British industrialist Sanjeev Gupta could cost a new owner up to AUD8 billion, the administrator of the ailing facility said. The first specific public estimate of the enormous cost facing a buyer wanting to develop the mines and the steelworks, placed in administration in February, was made by KordaMentha at a briefing on Aug. 13, according to the Financial Review. The Whyalla mill is more than six decades old, and was owned by BHP before being spun off as OneSteel in 2000. The company rebranded as Arrium in 2012 but collapsed four years later, with the Whyalla steel mill and other nearby iron ore assets bought by Gupta's GFG Alliance. The Financial Review says the huge cost required to upgrade the plant underlines the uphill task facing KordaMentha as it searches for a buyer. A buyer would need to spend between AUD5 billion and AUD8 billion over several years to modernise the steelworks and expand the mines in the South Middleback Ranges, KordaMentha partner Sebastian Hams said on Aug. 13, according to two people at the meeting who requested anonymity because they were not permitted to comment, the Financial Review relays. Mr. Hams' AUD8 billion estimate covered the cost of an optimum development of the facility, they said. This option would include a magnetite ore concentration plant, a power plant and a top-grade electric arc furnace. Several major steelmaking companies have scrutinised the South Australian assets including ASX-listed BlueScope Steel, which The Australian Financial Review revealed earlier this month was considering bidding with South Korea's POSCO, Japan's Nippon Steel and Indian conglomerate JSW Steel. SGH Ltd, the listed industrial conglomerate led by chief executive Ryan Stokes, which owns the WesTrac heavy equipment business, Boral and industrial hire business Coates, is another potential buyer, the Financial Review relates. According to the Financial Review, SGH chief financial officer Richard Richards said this week that while the company had the financial capacity, it would be disciplined. "[Whyalla] is one of a number of opportunities that we have on a watch list," he said. Prime Minister Anthony Albanese and South Australian Premier Peter Malinauskas announced a AUD2.4 billion government bailout package for the Whyalla plant in February after the state government forced it into administration after months of financial instability at GFG Alliance, the Financial Review recalls. The Financial Review relates that Mr. Gupta's company ran up significant debts during the seven years it ran the Whyalla steel mill, and the Albanese government has committed to spending AUD500 million to help fund an upgrade of the furnace alone. Last week, BlueScope said it was working on several options, but each would be subject to meeting strict return-on-investment hurdles. "The consortium has submitted a non-binding and indicative expression of interest that outlines possible options for the Whyalla assets," the company said. Although most of the focus has been on the Whyalla steelworks, the magnetite ore mines and deposits in the South Middleback Ranges, about 60km from the steelworks, are also part of the sale package. The Financial Review adds that Mr. Gupta's Liberty Primary Metals Australia desperately sought to raise more capital by spruiking the mines' potential in October. It hired corporate adviser Blackbird Partners to seek expressions of interest from lenders to finance a development which would bring about 2.5 million tonnes of high-grade magnetite concentrate into production. About OneSteel Manufacturing OneSteel Manufacturing Pty Limited manufactures steel products. The Company offers a variety of products including steel pipes, valves, and sheets. OneSteel is part of the GFG corporate group and is the legal entity that owns and operates the Whyalla steelworks and the iron ore mining operations in the Middlebank Range in South Australia. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. SHEREX PTY: Second Creditors' Meeting Set for Aug. 20 ----------------------------------------------------- A second meeting of creditors in the proceedings of Sherex Pty Ltd (trading as Radiance Group Australia, Radiance Insulation Services, and Sherex Pty Limited) has been set for Aug. 20, 2025, at 10:30 a.m. via via teleconference. 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. 19, 2025 at 5:00 p.m. Terry John Rose and Terry Grant van der Velde of SV Partners were appointed as administrators of the company on July 16, 2025. SKM GROU: KordaMentha Breached 'Chinese Walls' to Benefit Client ---------------------------------------------------------------- The Australian Financial Review reports that KordaMentha allegedly used confidential information it obtained when it was appointed to review a major Melbourne recycling business to pitch the company as an acquisition target for Cleanaway Waste Management. According to the Financial Review, the claim was made by a rival advisory business PKF, which was appointed liquidators of SKM when it collapsed in 2019. The lawsuit, filed in the Federal Court last week, threatens to drag in Commonwealth Bank, which had appointed KordaMentha for the review, and Cleanaway, which is publicly listed and at the time was run by businessman Vik Bansal. The Financial Review relates that PKF alleges in documents filed with the court that KordaMentha was handed financial information, cash flow budgets and forecasts as part of the review conducted for CBA. That information, PKF claims, was then used by 333 Capital, a corporate advisory business run by KordaMentha, to pitch a deal directly to Mr. Bansal. The pitch was allegedly made by Mark Korda, one of two businessmen who co-founded KordaMentha in 2002. KordaMentha is one of the country's best-known insolvency advisory firms and has worked on the collapse of companies from Ansett to Network Ten. It is currently the administrator of the Whyalla steelworks, which had been owned by British industrialist Sanjeev Gupta until earlier this year. PKF is suing not only KordaMentha, but also Cleanaway and Korda personally, the Financial Review says. In a meeting in August 2019, three months after KordaMentha finalised its review for the bank, 333 Capital pitched a "loan-to-own strategy" to Cleanaway. That meant, according to documents filed with the court, Cleanaway was positioned to acquire SKM "on more favourable terms" than otherwise, the Financial Review relays. Eventually, Cleanaway acquired the AUD60 million debt facility extended to SKM. As part of the deal, the lawsuit alleges, CBA required Cleanaway to give it total indemnity to any legal action arising from the loan transfer. Once Cleanaway owned the debt, they appointed KordaMentha as receivers of SKM, the Financial Review notes. KordaMentha ran a sales process for SKM's assets, which Cleanaway ended up with. PKF is now liquidating the remaining SKM entities. "No information barriers or Chinese walls were established by KordaMentha or 333 Capital," they have alleged in documents filed with the court. PKF's claim is being funded by a subsidiary of Maurice Blackburn. A KordaMentha spokesman said the firm viewed the allegations as "entirely without merit, and we have acted professionally and ethically at all times," the Financial Review relays. Cleanaway said it intends "to vigorously defend the claim". The Financial Review notes that CBA hired KordaMentha to undertake the review two years after SKM came to national prominence with an out-of-control fire at its Melbourne recycling plant that burned for more than a week. SKM and its director, Robert Italiano, were fined a combined AUD1.28 million this year. Before it collapsed, SKM had hired Deloitte to work on a range of options to keep it in operation, including whether it should borrow more money or sell itself. In May, the same month that KordaMentha finalised its review for CBA, Cleanaway made a non-binding proposal to acquire SKM for between AUD49 million and AUD69 million. That offer was rejected. By buying CBA's debt, Cleanaway managed to take control of SKM's assets for AUD66 million. PKF, SKM's liquidators, allege in the documents filed with the Federal Court that Cleanaway "would not have acquired CBA's debt and securities but for the breaches of confidence", and that the bank would have remained the business's secured creditor and appointed KPMG as receivers, the Financial Review relays. It is also claiming that KordaMentha failed to take reasonable care in selling SKM's assets, and some were not sold at market valuations, the Financial Review relates. KordaMentha is expected to argue that it had the assets independently valued, and that some of them were, in fact, offloaded for more than those valuations. Cleanaway is the largest recycling and rubbish collection business in the country. Mr. Bansal left the company in 2021, and is now the chief executive of Boral, a position he will soon leave to become an SGH Limited director. There is no suggestion of any wrongdoing by Mr. Bansal in the deal, the report adds. About SKM SKM provided recycling sorting services to 12 councils across Victoria including City of Ballarat, City of Melbourne and Shire of Mornington Peninsula. SKM Recycling was owned and run by the Italiano family. SKM had contracts with more than 30 councils when it collapsed, owing creditors more than AUD100 million, according to The Age. As reported in the Troubled Company Reporter-Asia Pacific in early August 2019, the Commonwealth Bank of Australia has taken control of SKM Corporate Pty Ltd, one of the entities within SKM Recycling Group. CBA has appointed KPMG as receiver of SKM Corporate and has asked KPMG to perform an immediate review of the recycling group. KPMG partners Brendan Richards and Peter McCluskey spearheaded the work. Victoria's Supreme Court put SKM into liquidation on August 2, 2019, when the company failed to secure a AUD13.5 million deal to pay off creditors following a series of fires and stockpiling issues at its plants. David Ross from Hall Chadwick was appointed administrator. WILDCAT INDUSTRIES: Second Creditors' Meeting Set for Aug. 20 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Wildcat Industries (Aust) Pty Ltd has been set for Aug. 20, 2025, at 11:00 a.m. virtually 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. 19, 2025 at 4:00 p.m. Travis Pullen of B&T Advisory was appointed as administrator of the company on July 16, 2025. ========= C H I N A ========= CHINA EVERGRANDE: Liquidators Say $255MM of Assets Have Been Sold ----------------------------------------------------------------- Reuters reports that liquidators of China Evergrande Group said on Aug. 12 they have sold about $255 million of its assets 18 months into China's largest debt liquidation process and taken control of more than 100 of the company's subsidiaries. They have received creditor claims totalling $45 billion, the liquidators said in a filing, significantly higher than liabilities of $27.5 billion in 2022 in the last disclosure, Reuters discloses. According to Reuters, the liquidation of the world's most indebted property developer has proved challenging as the majority of Evergrande's units and assets are onshore and many of them have been seized by creditors. Given the scale and complexity of the company, Evergrande's liquidation could take more than a decade to be completed, according to offshore investors. While the pace of asset disposals for debt recovery was faster than market expectations, the value was still far below the creditors' claims, Reuters says. Reuters adds that the developer's shares will be delisted from the Hong Kong Stock Exchange on August 25 after they failed to resume trading per listing rules, the filing said. Shares of Evergrande, once China's top developer which was listed in Hong Kong in 2009, are facing delisting after having been suspended from trading since January 29, 2024, the day the company received a liquidation order from the Hong Kong High Court, Reuters relates. The liquidation order came after Evergrande failed to provide a viable restructuring plan for its $23 billion offshore debt amid a debt crisis in the Chinese property sector that erupted in mid-2021. The company collapsed with more than $300 billion in liabilities. 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: Liquidators Target Founder's Assets in Key Stage ------------------------------------------------------------------ Bloomberg News reports that more than a year after China Evergrande Group's liquidators began pursuing the wealth of key defendants, the high-profile case is now entering a critical phase. So far Hui Ka Yan, the founder of Guangzhou-based Evergrande, has refused to disclose his assets, escalating tensions between him and creditors. That's adding to the challenges for liquidators who are preparing to hone in on the billionaire during a hearing scheduled on Sept. 2, according to Bloomberg. Bloomberg says liquidators are sifting through files and looking at some 3,000 entities related to Evergrande, just as the firm announced plans to delist in August. At the heart of the matter is $6 billion worth of assets in the form of mostly dividends and remuneration that were paid to people including Hui and other defendants. The property mogul was known for his lavish lifestyle and exemplified the country's real estate boom and bust. The court's decision could influence how other wealthy founders and executives behind troubled Chinese developers disclose their assets. The country's developers have defaulted on about $150 billion of debt since the property crisis began, according to data compiled by Bloomberg. So far, much of the trial has focused on Hui's ex-wife Ding Yumei and former Chief Executive Officer Xia Haijun, Bloomberg states. Both managed to delay - but not avoid - disclosure of their assets, despite hiring some of the most expensive lawyers in town. If liquidators manage to convince the high court to have Hui reveal his holdings, it could help them locate wealth that amounts to about an eighth of the firm's preliminary estimated $45 billion debt load, Bloomberg notes. It would also be a victory for creditors who have yet to pocket a penny nearly 19 months after Evergrande was wound up. Clarity on Evergrande's assets tied to Hui is crucial for liquidation, as filings show he controls nearly 60% of the company. Hui has pocketed more than $7 billion over the past decade thanks to the firm's generous payouts, according to data compiled by Bloomberg. Getting Hui to detail his wealth is just the first step in a long process of recuperating funds, Bloomberg notes. The liquidators also have to contend with complexities onshore. It's been challenging for offshore investors to get their hands on assets that sit in the mainland, which has a separate jurisdiction from Hong Kong. Last year, a mainland court accepted a liquidation application filed against one of Evergrande's major onshore units, Guangzhou Kailong Real Estate Co, recalls Bloomberg. Kailong is fully owned by Evergrande and has a stake of around 60% in Hengda Real Estate, the developer's main property operation onshore. Last March, Chinese regulators accused Hengda Real Estate of inflating more than 560 billion yuan ($78 billion) of revenue by recognizing sales in advance, an alleged fraud that dwarfs that of Luckin Coffee Inc. and Enron Corp. Evergrande was fined 4.18 billion yuan, leaving even less money for offshore creditors. The liquidators said they have been made aware of hundreds of credit actions including the onshore bankruptcy proceedings of Guangzhou Kailong. Evergrande will be removed from the Hong Kong stock exchange on Aug. 25, a year and a half after the shares were suspended and almost 16 years after it was listed. Information on Hui's latest status and whereabouts has been scarce. In late 2023, Bloomberg reported Hui was taken away by Chinese police, and was being monitored at a designated location under so-called residential surveillance - a type of police action that falls short of formal detention or arrest. Apart from a company filing confirming Hui being put under control, the Chinese authorities have remained tight-lipped about his status since then. That's why creditors are trying to unearth more information about people within Hui's personal network, Bloomberg says. They include Hui's two sons. One of them, Peter Xu, who once ran Evergrande's wealth management unit, was taken into custody after the developer allegedly failed to pay people who invested in its investment products, local media reported in 2023. The Guangdong police didn't respond to a query for comment. Hui also has underage children and two grandchildren, who are being looked after by Hui's ex-wife in London, Bloomberg relates citing a March court filing. 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. ================= H O N G K O N G ================= ROAD KING: Suspends US$22.6 Million in Interest Payments -------------------------------------------------------- South China Morning Post reports that Road King Infrastructure suspended US$22.6 million in interest payments and will defer distributions of US$56.5 million on perpetual securities, making it the first Hong Kong-based developer to default on bond payments since China's property crisis began in 2021. The firm failed to win enough creditor consent for debt amendments aimed at easing short-term cash strain and missed interest payments on two notes due in July, it said in a filing with the Hong Kong stock exchange on Aug. 14, the Post relates. The company said it would suspend all principal and interest on its offshore bank debt, notes and perpetual securities "to ensure fair and equitable treatment of all offshore creditors". According to the Post, the developer had US$1.51 billion in offshore debts, which included bank loans and notes, plus US$890.5 million in perpetual securities. It will suspend payments on US$22.62 million in interest, with deferred distribution on the perpetual securities amounting to US$56.46 million. The Post says the decision could prompt creditors to demand quicker repayment or take other actions, though the company said it had not received any such notices. Road King would "explore a holistic solution" to address its current challenges, but did not intend to use proceeds from asset sales to repurchase its notes and perpetual securities. Instead, it would use such proceeds to fund a broader restructuring. The company said it aimed to discuss restructuring terms with a small group of creditors, starting with the bondholders who provided feedback on earlier proposals, the Post relays. It also welcomed discussions and constructive dialogue with other creditors, it added. China's property crisis is entering its fifth year following the implementation of the "three red lines" policy to rein in developer debt in late 2020, the Post notes. The government has been easing curbs, cutting interest rates to spur home purchases and offering builders additional funding. But housing market sentiment remains weak, home prices continue to fall, and the developer liquidity crisis is persistent. As of December, Road King had HK$36.6 billion in total liabilities, down from HK$46 billion at the end of 2023, the Post discloses. Its net loss widened to HK$4.1 billion in 2024 amid persistent market challenges, while revenue fell to HK$5.5 billion from HK$13.1 billion a year earlier, according to its annual report. The developer reduced its net gearing ratio to 55 per cent from 63 per cent. [] HK: Restaurants to Remain in 'Survival of the Fittest' Mode -------------------------------------------------------------- South China Morning Post reports that tenant churn in retail properties in Hong Kong will continue in coming months, as prominent restaurants close but affordable eateries and fast-food chains thrive amid economic uncertainty and job insecurity among local residents, analysts said. Hong Kong's food and beverage (F&B) operators have taken a hit during the ongoing economic slump, which shrank retail sales for 14 straight months before a 2.4 per cent rebound in May and a 0.7 per cent gain in June, according to official data, the Post relays. The city had 17,154 restaurant licences as of April 30, 255 fewer than a year earlier, the Post discloses citing data published by the Food and Environmental Hygiene Department. A comparison of licence data showed that 2,034 restaurants closed in the past year, while 1,779 new licences were issued. Hong Kong's jobless rate remained at 3.5 per cent between April and June, unchanged from the previous quarter, which marked a 30-month high, according to the latest government data. "The F&B segment is undergoing a reset and a survival-of-the-fittest process," the Post quotes Cathie Chung, senior director of research at JLL in Hong Kong, as saying. "We expect new openings and closures will continue to hit news headlines in the coming 12 months." The trend towards affordable options reflects an overall consumption downgrade and a "conscious consumption" movement in many parts of the world amid economic uncertainty and job insecurity, she added, relays the Post. ========= I N D I A ========= AADHAR RICE: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL said the ratings on bank facilities of Aadhar Rice Mill Private Limited (ARMPL, part of Aadhar Group) continue to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12.50 CRISIL B/Stable (ISSUER NOT COOPERATING) Rupee Term Loan 2.61 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with ARMPL 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 ARMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ARMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ARMPL continues to be 'Crisil B/Stable Issuer not cooperating'. ARMPL was incorporated in 2009 by Mr. Ram Prakash Agarwal, Mr. Rajnish Kumar and Mr. Satyadeo Roy. In 2013, the promoters acquired SSRMPL, which was incorporated in 2006. The group is engaged in manufacturing of parboiled rice. The group has its manufacturing facilities in Jharkhand. AARYAN LAMIFAB: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aaryan Lamifab Private Limited (ALPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 18.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ALPL 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 ALPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ALPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ALPL continues to be 'Crisil B/Stable Issuer not cooperating'. ALPL was incorporated in 2011 in Delhi. Promoted by Mr Amit Bansal, Mr Ankit Gupta, Ms Sweety Bansal, Ms Neha Gupta, Ms Madhubala, and Mr Narender Bansal, ALPL manufactures laminated fabrics. ABC COTSPIN: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of ABC Cotspin Private Limited (ABC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 25 CRISIL D (Issuer Not Cooperating) Packing Credit 25 CRISIL D (Issuer Not Cooperating) Packing Credit 34 CRISIL D (Issuer Not Cooperating) Proposed Packing 186 CRISIL D (Issuer Not Credit Cooperating) Crisil Ratings has been consistently following up with ABC 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 ABC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ABC continues to be 'Crisil D/Crisil D Issuer not cooperating'. ABC, incorporated in 2006 by Mr. Ashish Jobanputra and his family members, primarily trades in cotton bales. The company generates over 90 per cent of its revenue from the export market. It also operates a ginning unit in Botad (Gujarat) commissioned in November 2011. It is based in Ahmedabad (Gujarat). ABRO CHIMIQUE: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Abro Chimique Private Limited (ACPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.12 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 25, 2024, placed the rating(s) of ACPL under the 'issuer non-cooperating' category as ACPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 10, 2025, June 20, 2025, June 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Abro Chimique Private Limited (ACPL) was incorporated in July, 1995 as Abro Ferrum Private Limited (AFPL). However, ACPL remained dormant since incorporation as the earlier promoters did not undertake any activity in that unit. In March, 2014, the current promoters Mr. Sanjay Kumar Agrawal, Mr. Anil Kumar Kedia and Mr. Pati Bhasker Naidu took over the company and changed the name of the company to ACPL. ACPL has set up a manufacturing plant at Bilaspur, Chhattisgarh with an installed capacity of 1683.07 metric ton per annum. The company has started commercial operations from August 2016 and it is engaged in manufacturing of chemical based products like carbon, water glass, white carbon black, sulphate salts from chemical treatment of fly ash. Moreover, the company has not availed any moratorium from its lender. APCOS NATURALS: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Apcos Naturals Private Limited Plot No-202 PH-IX S.A.S Nagar, Mohali, Punjab, India, 160062 Liquidation Commencement Date: August 4, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Dilipkumar Natvarlal Jagad 803/804, Ashok Heights, Opposite Saraswati Apartment, Nikalas Wadi Road, Near Bhuta School, Old Nagardas X Road, Gundavali, Andheri East, Mumbai 400096 Email: dilipjagad@hotmail.com Email: apcosvolliq@yahoo.com Tel: +91-9821142587 Last date for submission of claims: September 3, 2025 APEX TUBES: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Apex Tubes Private Limited (ATPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 17.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 5, 2024, placed the rating(s) of ATPL under the 'issuer non-cooperating' category as ATPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ATPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 23, 2025, July 1, 2025, July 11, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable ATPL incorporated in 1992, is promoted by Mr M. P. Mudgal. ATPL is engaged in the manufacturing of diverse range of stainless tubes and pipes (SS tubes) like condenser heater tubes, welded pipes, electric fusion welded pipes (EFW) and seamless pipes and other tubes. The manufacturing facility of the company is located at Behror, Rajasthan. BHASKAR INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Bhaskar International Private Limited (BIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 5, 2024, placed the rating(s) of BIPL under the 'issuer non-cooperating' category as BIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 23, 2025, July 1, 2025 and July 11, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Haryana based, Bhaskar International Private Limited (BIPL) was incorporated on June 05, 1997. BIPL is primarily engaged in the trading of gunny bags & Poly Propylene woven fabric bags and also in manufacturing of Poly Propylene woven fabric bags mainly used in packaging by rice, food grains and sugar manufacturers and traders. BHUSHAN POWER: Supreme Court Reserves Verdict on JSW Steel's Plan ----------------------------------------------------------------- The Economic Times reports that the Supreme Court on Aug. 11 reserved its verdict on a batch of pleas related to JSW Steel's INR19,700-crore resolution plan for debt-ridden Bhushan Power and Steel Limited (BPSL). A special bench comprising Chief Justice B R Gavai and Justices Satish Chandra Sharma and K Vinod Chandran heard arguments from Solicitor General Tushar Mehta for the committee of creditors (CoC), senior advocate Neeraj Kishan Kaul for JSW Steel, and senior advocate Dhruv Mehta for the former promoters before reserving the verdict, ET relates. According to ET, as many as five pleas were heard afresh after the CJI-led bench, on July 31, recalled its May 2 verdict that had directed liquidation of BPSL and set aside JSW's resolution plan, criticising the conduct of the CoC, the resolution professional, and the National Company Law Tribunal (NCLT) for what it termed a "flagrant violation" of the Insolvency and Bankruptcy Code (IBC). One of the key issues was whether earnings before interest, tax, depreciation, and amortisation (EBITDA) generated during the resolution period should go to the creditors or remain with the company, ET says. The CoC is seeking INR3,569 crore in EBITDA and INR2,500 crore in delay-related interest. Kaul, representing JSW, the successful resolution applicant, said neither the request for resolution plan (RFRP) nor the resolution plan itself mandated sharing EBITDA with creditors, ET relays. He said JSW bid for BPSL on an "as is, where is" basis, accepting both its losses and profits, and that the delay in plan implementation was due to the ED's asset attachment, which was lifted only in December 2024. Dhruv Mehta, appearing for the former promoters, challenged JSW's compliance with the resolution plan and defended their right to participate in the proceedings, citing their role as personal guarantors, ET relays. He alleged that JSW failed to inject the promised working capital and accused the company of benefitting from rising steel prices before implementing the plan. He also contended that the CoC's powers do not extend beyond plan approval by the NCLT and that disputes over non-compliance should be taken back to the tribunal. According to ET, the solicitor general Mehta described the former promoters as having "brought the company to dust" and called this "one of the worst cases of siphoning" he had seen. He maintained that the CoC's claims over EBITDA and delay interest were justified and that the body remained a legal entity until the Supreme Court's final decision under Section 62 of the IBC. Earlier on August 8, the COC had opposed the plea by former promoters by questioning the maintainability, ET notes. A bench headed by former top court judge Bela M Trivedi on May 2 ordered liquidation of BPSL while setting aside a resolution plan of JSW Steel Limited for the ailing firm. About Bhushan Power Bhushan Power and Steel Limited manufactures and markets steel products. It offers flat products, such as coated products, galvanized/galvalume, color coated products, cable tapes, and cold rolled products; and long products, including iron making and sponge iron products. The company also provides steel pipes, hollow steel sections, grooved pipes, and carbon steel tubes. Mahendra Kumar Khandelwal was appointed as the IRP in the case under an order passed by the National Company Law Tribunal (NCLT) on July 26, 2017. Bhushan Power, which owes over INR37,000 crore to a consortium of lenders led by Punjab National Bank, was among 12 large companies identified by the Reserve Bank of India against which banks were directed to initiate insolvency proceedings. Barring Era Infra Engineering Ltd, petitions have been admitted in all other cases. As reported in the Troubled Company Reporter-Asia Pacific on March 29, 2021, JSW Steel group on March 26, 2021, closed the INR19,350-crore transaction with lenders to acquire Bhushan Power, bringing down the curtain on a corporate insolvency resolution process (CIRP) that has stretched over three-and-a-half years. Business Standard said the transaction was funded through a mix of equity and debt. As part of the payment, a sum of INR8,614 crore in Piombino Steel (PSL) was arranged through a mix of equity, optionally convertible instruments and debt. Of this, INR8,550 crore was invested in a special purpose vehicle (SPV), Makler, the bidding company. The remaining INR10,800 crore was funded through debt. JSW informed the stock exchanges that following the implementation of the resolution plan, which included payment of INR19,350 crore to financial creditors of BPSL and the merger of the SPV, PSL holds 100 per cent equity shares in BPSL. Seshagiri Rao, joint managing director and chief financial officer, JSW Steel, said the company took charge of the asset on March 26, according to Business Standard. In early May 2025, the Supreme Court initially nullified JSW Steel's acquisition and directed the liquidation of the debt-laden company, but later put the liquidation process on hold. BOMMIDALA PURNAIAH: CRISIL Keeps C Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bommidala Purnaiah Holdings Private Limited (BPHL) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Open Cash Credit 24.2 CRISIL C (Issuer Not Cooperating) Proposed Long Term 0.77 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Working Capital 4.8 CRISIL C (Issuer Not Demand Loan Cooperating) Crisil Ratings has been consistently following up with BPHL 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 BPHL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BPHL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BPHL continues to be 'Crisil C Issuer not cooperating'. Set up in 1996, BPHL is part of the Bommidala group, which has diversified interests in packaging, rope manufacturing, and lease financing. BPHL trades in tobacco. Mr Bommidala Venkata Raja Srinivas is the managing director of the company. It is based in Guntur, Andhra Pradesh. CHITIZ METALS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Chitiz Metals & Minerals Trading Private Limited (CMPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.7 CRISIL B/Stable (Issuer Not Cooperating) Proposed Cash 4.3 CRISIL B/Stable (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with CMPL 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 CMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CMPL continues to be 'Crisil B/Stable Issuer not cooperating'. CMPL was set up in 2010 by Mr Birendra Krishna Bajaj and Mr Sumit Sarawagi. Till 2014, the company traded only in coal, but now also trades iron and steel materials such as thermo-mechanically treated bars, angles, channels, flats, billets and ingots. The company is based out of Kolkata. CHOUDHARI CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Choudhari Construction Co. (CCC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.8 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with CCC 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 CCC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CCC continues to be 'Crisil D/Crisil D Issuer not cooperating'. CCC was set up as a partnership firm in 1983 by Mr. Hamiram Choudhari and his wife, Mrs. Ratanben Choudhari. It undertakes various infrastructure-related construction activities, comprising construction and repair of roads, buildings, and sewerage systems in Mumbai and Pune. The firm participates in tenders floated by the Brihanmumbai Municipal Corporation, Mumbai Metropolitan Regional Development Authority, and Public Works Department. DMG AGRO: CRISIL Moves C Debt Ratings to Not Cooperating -------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Dmg Agro Products Private Limited (DAPPL; part of the Mantri group) to 'Crisil C Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.80 Crisil C (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 4.31 Crisil C (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Working Capital 0.44 Crisil C (ISSUER NOT Term Loan COOPERATING; Rating Migrated) Working Capital 0.45 Crisil C (ISSUER NOT Term Loan COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with DAPPL for obtaining information through letter and email dated July 14, 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 DAPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DAPPL 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 DAPPL 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. FLASH FORGE: CARE Lowers Rating on INR48cr LT Loan to C ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Flash Forge Private Limited (FFPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 48.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B; Stable Long Term/Short 35.00 CARE C; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE B; Stable and ST rating reaffirmed Short Term Bank 82.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 25, 2024, placed the rating(s) of FFPL under the 'issuer non-cooperating' category as FFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 11, 2025, May 21, 2025, May 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of FFPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable In 1991, Flash Forge Private Limited (FFPL) was incorporated as a forging firm and subsequently the company has diversified into a wide array of Engineering Products, System Equipment, and Turnkey Project execution straddling four different industries: Defense, Power, Railway, and Oil & Gas. The company has forayed into the field of system integration and is also undertaking several system integration projects for the Indian Navy. The company also does ship production and ship repair for the Indian Navy. GUINESS SECURITIES: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Guiness Securities Limited (Guiness Securities) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 27.98 CRISIL D (Issuer Not Cooperating) Cash Credit 21.08 CRISIL D (Issuer Not Cooperating) Cash Credit 8.42 CRISIL D (Issuer Not Cooperating) Cash Credit 0.50 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1.00 CRISIL D (Issuer Not Cooperating) Proposed Long Term 19.02 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Guiness Securities for obtaining information through letter and email dated July 21, 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 Guiness Securitie, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Guiness Securitie is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Guiness Securitie continues to be 'Crisil D/Crisil D Issuer not cooperating'. Guiness Securities, formed in 1986 and owned by Mr Kamal Kumar Kothari and family, undertakes broking activities in both cash and futures, and options segments. It was a non-banking financial company, Guiness Properties and Holdings, before it started the broking business in 2001. The company is a member of the Bombay Stock Exchange and National Stock Exchange and a depository participant with the National Securities Depository Ltd and Central Depository Services (India) Ltd. Besides providing cash and derivatives trading services, Guiness Securities offers services such as dematerialisation of shares, mutual funds, initial public offerings, and insurance. As on March 31, 2016, the company had 7 branches and 40 sub brokers J MODI: CRISIL Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of J Modi Venture Private Limited (JMVPL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Working 0.66 CRISIL D (ISSUER NOT Capital Facility COOPERATING) Working Capital 7.34 CRISIL D (ISSUER NOT Loan COOPERATING) Crisil Ratings has been consistently following up with JMVPL 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 JMVPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JMVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JMVPL continues to be 'Crisil D Issuer not cooperating'. JMVPL, incorporated in the year 2011 is engaged in the trading of iron and steel and is promoted by Mr. Jatin Modi and Ms. Ami Modi. JDB FOODS: CRISIL Lowers Rating on INR28cr Loan to B ---------------------------------------------------- Crisil Ratings has revised the rating on bank facilities of JDB Foods (JDBF) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 28 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with JDBF 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 JDBF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JDBF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JDBF revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable Issuer not cooperating'. JDBF (earlier known as JDB Ispat) was set up in year 2009. JDBF is currently setting up a plant to manufacture puffcorn chips and other snack items for PepsiCo India Holdings Pvt Ltd with installed capacity of 5460 MT The plant is expected to be commissioned in July , 2023. JDBF is owned & managed by Mr. Shiwaji Pd Jaiswal Mr. Ganesh Sarma. JOSAN FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Josan Foods Private Limited (JFPL; part of the Josan group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25 CRISIL D (Issuer Not Cooperating) Cash Credit 12 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.56 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1 CRISIL D (Issuer Not Cooperating) Term Loan 19 CRISIL D (Issuer Not Cooperating) Warehouse Receipts 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JFPL 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 JFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JFPL continues to be 'Crisil D Issuer not cooperating'. About the Group JFPL, set up in 2000 by Mr. Hukam Chand Josan and Mr. Sher Chand Josan in Ferozepur (Punjab), mills and shells rice. GRM, set up in 2010, mills rice. Currently, the firm is managed by its partners, Mr. Sarvjeet Josan and Mr. Pushpinder Singh. The Josan group has combined milling and sorting capacities of 14 tonnes per hour (tph) and 10 tph, respectively. KINARA CAPITAL: CARE Lowers Rating on INR256.51cr LT Loan to D -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Kinara Capital Private Ltd (KCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-Term 256.51 CARE D Downgraded from Bank Facilities CARE C Subordinate debt-VI 75.00 CARE D Downgraded from CARE C Non-convertible 113.08 CARE D Downgraded from debenture-XI CARE C Non-convertible 30.56 CARE D Downgraded from debenture-XII CARE C Non-convertible 194.60 CARE D Downgraded from debenture-XIII CARE C Rationale and key rating drivers Care Ratings Limited (CareEdge Ratings) has downgraded the ratings assigned to the bank facilities and debt instruments of Kinara, following the delay in servicing principal and interest payment to its non-convertible debenture (NCD) issue (ISIN: INE200W07431). On behalf of the debenture holders, the debenture trustee had issued acceleration notice to the company on August 1, 2025, citing covenant breaches for quarter ended March 31, 2025. As per the terms of the notice, KCPL was given two business days to cure the default and fulfil the payment obligation. However, as informed by the trustee, the company did not regularize the payment within the stipulated timeline, resulting in an event of default. The rating action is in line with CareEdge Ratings's policy on default recognition. The development also underscores increased stress in the company's liquidity and overall financial profile. Rating sensitivities: Factors likely to lead to rating actions Positive factors: Factors that could, individually or collectively lead to positive rating action/upgrade: * Timely servicing of debt obligations (i.e., principal and interest) for minimum 3 continuous months. Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Key weakness * Deterioration in liquidity profile: As of June 30, 2025, KCPL reported an unencumbered cash balance of INR98 crore, which declined to INR70 crore by July 29, 2025. The company had anticipated meeting its debt obligations through loan collections; however, the appropriation and set-off of fixed deposits and collections by certain lenders have materially weakened its liquidity position. These developments have disrupted its ability to maintain normal operations. Additionally, acceleration of debt by other lenders is expected to further intensify liquidity pressures. As on June 30, 2025, the company had outstanding debt of INR1,853 crore. * Weak asset quality parameters: In FY25, delinquency in softer buckets (on AUM basis) increased as 0+ DPD and 30+ DPD stood at 15.9% and 12.1% respectively as on March 31, 2025, against 10.7% and 7.9%, respectively as on March 31, 2024. Slippage continues to remain high at 8.00% for FY25 (PY:8.00%). Asset quality deteriorated due to higher delinquencies witnessed in certain sectors and geographies, and in loans disbursed at higher ticket size. * Weak profitability: In FY25, Kinara reported loss of INR351 crore of loss on a total income of INR601 crore against profit after taxes (PAT) of INR62 crore on a total income of INR734 crore in FY24. Overall income moderated due to higher payouts in co-lending arrangements. Additionally, operating expenses continue to remain high with an increase in employee cost. Credit cost remains high at 14.5% in FY25 (7.1% in FY24) due to continued deterioration in asset quality and higher write-offs along with de-growth in book by 10%. The company has written off loans aggregating INR341 crore in FY25 and also carried management overlay of INR24 crore in the provisioning. With reduction in income and high credit cost, the company has reported losses in FY25. The combination of high credit costs, subdued income, and high operating expenses led to a sharp erosion in profitability in FY25. Liquidity: Poor KCPL's liquidity remains poor as reflected by the delays in the debt servicing. Recent actions by the lenders such as loan set off, recall of loans and invocation of event of default has significantly impaired the financial and business risk profile of the company. Kinara (erstwhile Visage Holdings and Finance Private Limited) was incorporated in New Delhi in 1996 and registered as an NBFC and obtained the certificate of registration from the Reserve Bank of India (RBI) on March 23, 2000. Kinara was taken over by the current promoter, Hardika Shah, in 2011, and subsequently, the registered office moved to Bengaluru in 2013. It obtained a fresh certificate of registration from RBI on August 27, 2013. The company provides collateral-free loans under the brand name 'Kinara Capital' in the range of INR1 lakh to INR30 lakh to micro and small businesses in manufacturing, trading and services, for machinery purchase, business development or working capital need, at a rate of 22-33% for a tenure of 12-60 months. Overall, the company operates with four products, MSME business loan, short-term working capital, machinery purchase, and LAP. Of these, long-term working capital is the company's major product. In June 2023, the company's name has been changed from "Visage Holdings and Finance Private Limited” to "Kinara Capital Private Limited”. As on March 31, 2025, Kinara operates from 80 branches spread across six states, with an employee base of 1,652, and AUM of INR2,831 crore. As on March 31, 2025, on a fully dilutive basis, 8.4% is held by the promoter, Hardika Shah, including compulsory convertible debentures (CCDs). Other major shareholders were Nuveen Global Impact Fund India S.À R.L, Gaja Capital and Affiliates, Gawa Capital and Affiliates, Patamar Capital and Affiliates, Michael & Susan Dell Foundation, British International Investment, Pettelaar Effectenbewaarbedrijf N.V., Visage Trust, Sorenson Impact Foundation, Mesoloan LLC, John Ayliffe, and Kinara Capital Holdings Private Limited. 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. LAJJYA STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lajjya Steels Limited (LSL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Standby Line 1.5 CRISIL D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with LSL 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 LSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LSL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2009 and promoted by the Soni family of Ludhiana, Punjab, LSL trades in wire rods and engages in wire drawing. The company has been a dealer of JSW Steel Ltd and Rashtriya Ispat Nigam Ltd for over seven years. LSL also trades in yarn. MICRORIVVATE METAL: CRISIL Moves B+ Ratings to Not Cooperating -------------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of Microrivvate Metal Private Limited (MMPL) to 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.1 Crisil A4 (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 11.7 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 4.3 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Letter of Credit 2.5 Crisil A4 (ISSUER NOT COOPERATING; Rating Migrated) Long Term Loan 3.3 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Working 2.1 Crisil B+/Stable (ISSUER NOT Capital Facility COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with MMPL 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 MMPL 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 MMPL, 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 MMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MMPL migrated to 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'. MMPL (based in Navi- Mumbai) was incorporated in 2018 and is and promoted by Mr. Ramnaresh Sahani and Mr. Mukesh Sahani. It is engaged in trading and wholesaling of pipes, fittings, valves, drilling products, and related accessories which are mainly used in oil & gas, energy, chemical, water and construction industry. OMSAI UDYOG: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Omsai Udyog India Private Limited (OUIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 5, 2024, placed the rating(s) of OUIPL under the 'issuer non-cooperating' category as OUIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OUIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 23, 2025, July 1, 2025, July 11, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable New Dew based Omsai Udyog India Private Limited (OUIPL) was incorporated in December, 2010 and started its commercial from November, 2013. The company is managed by Mr Archit Sharma and Mr Ankit Sharma. The company is engaged in manufacturing of Paper Insulated Copper Conductors, Bare Copper Conductor and Over Head Electrification. It procures its main raw material copper rods from Hindalco industries Limited, Vedanta Limited and Carlo Colombo Spa, Italy. PACER SECURE: Liquidation Process Case Summary ---------------------------------------------- Debtor: Pacer Secure Services Private Limited Plot No. 62, Block C, Dwarka Vihar Kakrola- Najafgarh Road, Behind Delhi Jal Board, Najafgarh, Delhi -110043 Liquidation Commencement Date: June 9, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Parul Goyal B-5/24, Sector 4, Rohini, Near Vishram Chowk, Opposite Mother Divine Public School Delhi 110085 Email: parul.aquarius@gmail.com Email: cirp.pacersecure@gmail.com Last date for submission of claims: September 4, 2025 PALCHAN BHANG: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Palchan Bhang Power Private Limited Room No 18, Hotel Rohtang View Vishishat, Manali Himachal Pradesh, India, 175131 Insolvency Commencement Date: August 5, 2025 Court: National Company Law Tribunal, Chandigarh Bench (Court-I) Estimated date of closure of insolvency resolution process: February 1, 2026 Insolvency professional: Vigyan Prakash Arora Interim Resolution Professional: Vigyan Prakash Arora SCO-808, 1st Floor NAC, Manimajra, Chandigarh - 160101 Email Id: vigyan@vigyanarora.com -- and -- Plot No. D-190, 3rd Floor, Sector-74, Industrial Area, Phase-8B, SAS Nagar, Mohali - 160071, Punjab Email: irp.palchanbhangpower@gmail.com Last date for submission of claims: August 18, 2025 PALLAVI CONSTRUCTIONS: CRISIL Keeps C Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pallavi Constructions- Hyderabad (PC) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7 CRISIL A4 (Issuer Not Cooperating) Secured Overdraft 7 CRISIL C (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with PC 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 PC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PC continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. Established in 1996 as a partnership firm, Pallavi Constructions (PC) in engaged in civil construction activities mainly construction of railway over bridges (ROB) and excavation work related activities. Based in Hyderabad, Telangana, the firm is promoted by Mr. P Chandrashekhra Reddy, Mr. K Madhusudhan Reddy, Mr. K Ashok Reddy, Ms.P Yamuna, Mr. P Pavan Kumar Reddy and Ms.P Pallavi. PATWA MARKETING: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Patwa Marketing Private Limited (PMPL; part of the Patwa group) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PMPL 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 PMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PMPL continues to be 'Crisil D Issuer not cooperating'. UANPL and PMPL were incorporated in 1989 and 1995, respectively, and are promoted by Mr Surendra Patwa. The companies are del credere agent (DCAs) for RIL's polymer products. PMPL is also a carry and forwarding agent for Torrent Pharma Limited (TPL). Registered office is in Indore. The promoter is also engaged in automobile dealership through other entities. REHBER FOOD: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rehber Food Industries Private Limited (RFIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 56.00 CARE D; ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 17, 2024, placed the rating(s) of RFIPL under the 'issuer non-cooperating' category as RFIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RFIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 2, 2025, June 12, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2007, Rehber Food Industries Private Limited (RFIPL) processes and sells buffalo meat in the domestic (~80%) as well as export markets. Initially incorporated as Marya Frozen Agro Foods Private Limited, the company was renamed as Rehber Food Industries Private Limited (RFIPL) in FY2018. It is owned and managed by Mr. Firoz Ahmed Shaikh and Mr. Nisar Moosa, who have extensive experience in the meat-processing business. Further, India Frozen Foods, an established player in the export of buffalo meat, acquired a 40% stake in RFIPL w.e.f. April 1, 2023. RFIPL's integrated meat-processing plant, comprising a slaughterhouse, is located at Bareilly, Uttar Pradesh. The facility has a processing capacity of 190 metric kilo gram per day, a freezing plant to store raw and finished meat, and a rendering plant to process offals. RUTTONPORE PLANTATIONS: CRISIL Moves C Rating to Not Cooperating ---------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Ruttonpore Plantations Private Limited (RPPL; part of the Mantri group) to 'Crisil C Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil C (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with RPPL 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 RPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RPPL 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 RPPL 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. SATWIKI PROTEINS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Satwiki Proteins Private Limited (SPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 43.92 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 29, 2024, placed the rating(s) of SPPL under the 'issuer non-cooperating' category as SPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 14, 2025, June 24, 2025, July 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable SPPL was incorporated in 2013 by Mr. Narottam Lal Agarwal, Mr. Vikas Agarwal and Mr. Vivek Kumar Agarwal for extract ion of edible oil and manufacturing oiled cake and De-oiled cake (DOC) as well as refining of mustard/soya oil along with extracting edible oil from its solvent extraction plant. SPPL started its commercial production in 2013 and operates out of its sole manufacturing unit located at Jaipur (Rajasthan). The company sells De-Oiled cakes and edible oil in bulk under its brand "Satwiki Alok" in the domestic market. SURESH KUMAR: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Suresh Kumar & Sons Trading Private Limited (SKSTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 2, 2024, placed the rating(s) of SKSTPL under the 'issuer non-cooperating' category as SKSTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKSTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 18, 2025, June 28, 2025 and July 08, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Pilibhit (Uttar Pradesh) based Suresh Kumar & Sons Trading Private Limited (SKSTPL) was incorporated on May 15, 2013 by Mr. Suresh Kumar Agarwal. The company is currently being managed by Mr. Suresh Kumar Agarwal and Mr. Rahul Agarwal. The company is engaged in the wholesale trading of Apple Products i.e. Iphone, Ipad, MacBook, Mac Mini, Ipod, Mac Pro and accessories. TELOGICA LIMITED: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Telogica Limited (TL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.11 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 6.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 4.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 1, 2024, placed the rating(s) of TL under the 'issuer non-cooperating' category as TL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TL continues to be non-cooperative despite repeated requests for submission of information through emails dated May 17, 2025, May 27, 2025, June 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Telogica Limited (TL) (Earlier Aishwarya Technologies and Telecom Limited) was promoted by Mr. G Rama Manohar Reddy and Mrs. G Amulya Reddy as a partnership firm named Advanced Electronics & Communications System. ATTL was formed by taking over the business of the said partnership firm. ATTL is an ISO 9001:2008 certified company, which manufactures testing & measuring equipment like fiber, data and copper cable fault locators for telephone service providers, defence sector, cable TV operators and railways. The company has its manufacturing facilities situated at Hyderabad and it supplies a wide range of telecom & fiber optic products to Bharat Sanchar Nigam Limited, Tata Tele Services, Bharati Airtel, Mahanagar Telephone Nigam Limited, railways & defence sectors in India. TMA INFRASTRUCTURE: CRISIL Keeps D Ratings from Not Cooperating --------------------------------------------------------------- Due to inadequate information and in line with the Securities and Exchange Board of India guidelines, Crisil Ratings had migrated the rating on the bank facilities of TMA Infrastructure Private Limited (TMA) to 'Crisil D/Stable/Crisil D Issuer Not Cooperating'. However, the company's management has subsequently started sharing the information necessary for a comprehensive review of the rating. Consequently, Crisil Ratings is migrating the rating of TMA to 'Crisil D/Crisil D'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 Crisil D (Migrated from 'Crisil D ISSUER NOT COOPERATING') Cash Credit/ 17 Crisil D (Migrated from Overdraft facility 'Crisil D ISSUER NOT COOPERATING') The ratings continue to reflect the extensive experience of TMA's promoters in the civil construction industry and moderate financial risk profile. These strengths are partially off-set by its modest scale of operations and geographical concentration in revenue. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of TMA. Key Rating Drivers & Detailed Description Weakness: * Modest scale of operations and geographical concentration: TMA is a small-sized player in the civil construction business, with revenue around INR51 crore in fiscal 2025. Orders of about INR150 crore, however, await execution and support revenue visibility for the next 18-24s months. Regional concentration in operations—with revenue derived entirely from Tamil Nadu—also result in fluctuating revenue Strengths: * Extensive experience of the promoters and healthy relationships with stakeholders: Presence of more than 10 years in the civil construction industry, has enabled the promoters to establish healthy relationship with suppliers and customers. TMA has a strong track record of executing and completing irrigation projects on time. As a result, operating margin continues to be healthy. * Moderate financial risk profile: Financial risk profile remains moderate, with net worth of INR17.40 crore and moderate gearing estimated at 1.53 times as on March 31, 2025. Debt protection metrics are also modest with interest coverage ratios at 1.43times as of March 31, 2025. Liquidity: Poor Bank limit utilisation is high at around 100.26 percent for the past last twelve months ended in June 2025. Poor Liquidity, reflected in delay servicing long-term debt obligations from NBFCs. Current ratio are estimated at 1.5 times on March 31, 2025 Rating sensitivity factors Upward factors: * Track record of timely debt servicing for at least over 90 days * Sustained improvement in scale of operations by 10% and operating margins at over 8%, leading to higher cash accruals TMA was set up in 1989 as a proprietorship firm and was reconstituted as a private limited company in 2011. It executes civil contracts for the highway department, PWD, and municipality of Tiruvarur in Tamil Nadu. Operations are managed by Mr T Manoharan. TRINAYANI CEMENT: CARE Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Trinayani Cement Private Limited (TCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 5, 2024, placed the rating(s) of TCPL under the 'issuer non-cooperating' category as TCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 23, 2025, July 1, 2025 and July 11, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of TCPL have been revised on account of non–availability of requisite information. Analytical approach: Standalone Outlook: Stable Trinayani Cement Private Limited (TCPL) was incorporated in 1995 and is currently being managed by Mr. Sujit Kumar Agarwal and Mr. Manish Sarogi. TCPL is primarily engaged in the manufacturing of cement and trading of clinker. UPL CORP: Moody's Alters Outlook on 'Ba2' CFR to Stable ------------------------------------------------------- Moody's Ratings has affirmed UPL Corporation Limited's (UPL Corp) Ba2 corporate family rating and senior unsecured debt rating. At the same time, Moody's changed the ratings outlook to stable from negative. "The ratings affirmation and outlook change to stable are driven by the strengthening in UPL's credit profile supported by continuous efforts in structurally improving working capital management, which Moody's believes will be sustained," says Kaustubh Chaubal a Moody's Ratings Senior Vice President. "Gross debt reduction and earnings expansion will pave the way for the company's debt/EBITDA leverage to correct towards 4.5x by March 2026, enhancing the company's financial flexibility as it looks to refinance its upcoming debt maturities in 2026," adds Chaubal who is also the lead analyst on UPL. RATINGS RATIONALE Moody's expects UPL's revenue growth to remain modest at around 4% in the fiscal year ending March 31, 2026 (FY25–26), tapering to 1.5% - 2.0% thereafter, with EBITDA margins improving toward 18% over the next two to three years - though still below the historical average of 20%. This reflects stabilized industry inventories, UPL's disciplined working capital management, its backward integration strategy, and low operating breakeven, which support margin recovery as market conditions normalize. UPL derives about 10% of its global revenue from the US. While it operates manufacturing facilities in the US, it imports some raw materials from India that would be subject to the 25% blanket tariff effective August 07. Nonetheless, UPL's geographically diversified operations should help mitigate the overall impact. Although tariffs on imports from India are lower than those from China, Moody's do not expect a material competitive advantage, particularly as trade flows may shift to other markets where UPL is present. Channel inventories at distributors and farmers across various markets have now somewhat stabilized, but a global oversupply of agrochemicals and geopolitical and trade tensions will constrain product price increases, at least over the next two years. In addition, a shift in buying patterns with distributors restocking closer to planting seasons will keep volume growth moderate for UPL. Meanwhile, the company continues to streamline working capital and reduce reliance on higher-cost short-term debt. As a result, Moody's expects Moody's-adjusted gross debt/EBITDA to improve to around 4.0x by March 2027 from approximately 5.0x at March 2025, pro forma for the $400 million perpetual notes repaid in May. Lower interest expense will also support a recovery in EBITDA/interest coverage to 2.5x–3.0x over FY25–26 and FY26–27. UPL's Ba2 CFR continues to reflect its substantial scale, leading global position in post-patent agrochemicals, and geographically diversified, vertically integrated operations. The company's in-house production of key raw materials and broad product portfolio—spanning crop cultivation, protection, and preservation—support its competitive profile across the agricultural value chain. Nonetheless, like peers, UPL remains exposed to weather variability and the long gestation cycle of agricultural production, which contributes to structurally elongated working capital requirements. UPL Group includes the ultimate holding company UPL Limited and its various Indian and overseas operating subsidiaries, including UPL Corp. Despite its subsidiary status, UPL Corp shares significant operational and financial integration with its parent, including a common treasury function, making its risk exposure reflective of the broader UPL Group's credit quality. As such, Moody's ratings for UPL Corp continue to reflect the credit quality of UPL Group (UPL) as a whole. OUTLOOK The stable outlook reflects Moody's views that UPL will sustain its strong business profile and maintain at least adequate liquidity. Moody's anticipates that the company's credit metrics will remain appropriate for its Ba2 ratings. The stable outlook also incorporates Moody's expectations that the company will pursue a balanced growth strategy while adhering to prudent financial policies. LIQUIDITY Moody's assesses UPL's liquidity as adequate. Cash and cash equivalents of $637 million as of June 2025, estimated cash flow from operations totaling $1.6 billion over the 21 months till March 2027, and proceeds from the rights issuance of $200 million will be sufficient to cover its short term debt repayment, scheduled long term debt maturities, capital expenditures and shareholder payments over the same period. Nonetheless, as a global agrochemical company, UPL's cash flow is highly susceptible to changing weather patterns and seasonality, leading to significant intra-year working capital fluctuations, requiring continued reliance on uncommitted, short-term working capital facilities to manage temporary mismatches. Any shortfalls or delays in freeing up working capital could further pressure UPL's liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating momentum could develop over time if UPL's profitability returns to historical levels and its EBITDA margin is sustained at or above 20%, gross debt/EBITDA leverage at well below 4.0x, and EBITDA/interest coverage maintained at above 3.0x, while generating consistent positive free cash flow on a Moody's adjusted basis. Downward rating pressure will emerge if UPL's EBITDA margin falls below 12%, its gross debt/EBITDA leverage remains above 5.0x, or if the company is unable to maintain EBITDA/interest coverage of at least 2.0x. Weakening liquidity or the adoption of aggressive financing to fund revenue growth, such that the company fails to improve its liability mix, with current liabilities continuing to dominate total liabilities on a sustained basis, would also exert negative ratings pressure. Any deviation from Moody's expectations of leverage improvement, shareholder-friendly policies such as share repurchases or higher-than-expected dividends, or any large debt-funded acquisitions that weaken the company's financial profile and delay deleveraging would also hurt the ratings. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CORPORATE PROFILE UPL Corp is a wholly-owned subsidiary of UPL Limited, a leading global agrochemical company that operates in the post-patent space. UPL Limited generated revenues of INR460 billion ($5.5 billion) and EBITDA of INR68.8 billion ($813 million) during the fiscal year ended March 31, 2025. Listed on India's National Stock Exchange and the Bombay Stock Exchange, UPL Limited was 33.5% (as of June 30, 2025) owned by its promoter family, led by Jaidev Shroff, chairman and group CEO. VARTHANA FINANCE: CRISIL Hikes Rating on INR10cr NCDs From D ------------------------------------------------------------ Crisil Ratings has revised its rating on one debt instrument viz non-convertible debentures (NCD) of INR10 crore of Varthana Finance Private Limited (Varthana; formerly Thirumeni Finance Pvt Ltd) to 'Crisil D' from 'Crisil BBB/Positive' and, has simultaneously upgraded the rating on the same instrument to 'Crisil BBB/Positive'. Crisil Ratings has also reaffirmed its 'Crisil BBB/Positive' ratings on other bank facilities and debt instruments of Varthana. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 300 Crisil BBB/Positive (Reaffirmed) Non-Convertible 160 Crisil BBB/Positive (Reaffirmed) Debentures Non-Convertible 10 Crisil BBB/Positive (Revised Debentures from 'Crisil BBB/Positive' to 'Crisil D' and simultaneously Upgraded to 'Crisil BBB/Positive') Non-Convertible 150 Crisil BBB/Positive (Reaffirmed) Debentures Non-Convertible 200 Crisil BBB/Positive (Reaffirmed) Debentures Crisil Ratings has also withdrawn its rating on non-convertible debentures (NCDs) worth INR30 crore on receipt of independent confirmation that these instruments have been fully redeemed, in line with its withdrawal policy. The rating revision to 'Crisil D' on this specific NCD bearing ISIN INE125T07311 is on account of failure of remitting principal payment on due date on account of operational reasons. As per the terms of the NCD issue, the partial redemption of principal and interest was scheduled on August 06, 2025. Accordingly, the company-initiated interest payment one day prior i.e. on August 5, 2025. However, as per the disclosure made by the company dated August 7, 2025, the principal payment (amounting to INR1.1 crore) was made on 7 August 2025 (i.e. one day post scheduled due date of payment). The failure in remitting principal pertaining to the said NCD issue on the scheduled due date, is on account of operational reasons, although the company had adequate liquidity balance on August 6, 2025 in the form of cash and bank balance of INR27.64 crore and investments in liquid assets to the tune of INRRs 232.49 crore. The rating revision is in line with extant regulatory requirements. The simultaneous upgrade in the rating to 'Crisil BBB/Positive' follows the payment of principal subsequently on August 7, 2025. Also, this failure in remittance does not reflect financial inability or unwillingness of Varthana to service its debt on time. The ratings remain driven by the company's demonstrated ability of sustaining its business risk profile through steady growth in specialized segments like school financing and student loans with the expectation of improvement in overall asset quality through strengthened underwriting practices. Alongside growth, the company's capitalisation has remained adequate and is expected to remain at similar levels, benefiting from incremental capital infusion planned in the near term and expected sequential improvement in profitability. Reported gross non-performing assets (GNPA) improved to 1.9% as on March 31, 2025, from 3.0%, a year ago and the peak of 12.1% reported as on March 31, 2022. This was a factor of reduction in slippages over fiscals 2024 and 2025 to 3.42% and 2.67%, respectively. Over this period, the company has also strengthened its underwriting mechanism which includes revision in the client selection criteria for school loans and partner selection criteria for student loans, and enhanced collections and recovery infrastructure. With this, the assets under management (AUM) have grown at a 3-year compound annual growth rate (CAGR) of 26% through fiscal 2025 to INR1897 crore as on March 31, 2025. Within this, the school finance portfolio formed 85% (against 95% on March 31, 2023), 15% was student loans (against 5% on March 31, 2023). For fiscal 2025, the company reported a profit after tax (PAT) of INR23.6 crore translating to a return on managed assets (RoMA) of 1.2% as against a PAT of INR30.9 crore and a RoMA of 2.2% for the previous fiscal and INR5.44 crore and 0.5%, respectively for fiscal 2023. The reported profits of fiscal 2025 and 2024 factored in recoveries from written off assets and impact of transaction with ARC. The rating continues to factor in the company's healthy capitalisation metrics supported by regular capital raising and improved asset quality metrics, backed by promoter expertise in the school finance business. These strengths are partially offset by moderate profitability. Analytical Approach Crisil Ratings has analysed the standalone business and financial risk profile of Varthana Key Rating Drivers & Detailed Description Strengths: * Healthy capitalisation metrics supported by regular capital raising: The company has healthy capitalisation metrics with a net worth of INR559 crore and gearing of 3.1 times as on March 31, 2025, as compared with INR538 crore and 2.0 times, respectively, a year ago. Capitalisation metrics have been supported by a cumulative capital infusion of around INR453 crores since inception and in the medium term – the company's plan to raise another INR100 crore will further aid the net worth. Overall capital ratio of the company was 28.3% as on March 31, 2025, vis-à-vis 41.1% on March 31, 2024. The net worth to net non-performing asset (NPA) was also comfortable at 37 times as on same date. Crisil Ratings believes Varthana is adequately capitalised, and the anticipated round of INR100 crore capital infusion would aid this buffer. This upcoming round of equity infusion is already factored into the rating and its timing and quantum will remain a monitorable. * Improved asset quality metrics, backed by promoter expertise in the school finance business: Varthana's asset quality metrics have improved with GNPA and NNPA reducing to 1.9% and 0.9% respectively as on March 31, 2025, from 3.0% and 1.1% as on March 31, 2024 and the peak GNPA and NNPA of 12.1% and 5.5% on March 31, 2022, reported in the aftermath of Covid-19. This was largely driven by prolonged closure of schools which in turn, impacted the cashflows of these borrowers. Nevertheless, the improvement in asset quality over fiscal 2024 and 2025 was aided by reduced slippages of INR33.58 crore and INR31.55 crore for fiscal 2025 and 2024 as compared to INR72.99 crore in fiscal 2023. The overall collection efficiency has also improved with an annual average of 97% for fiscal 2025 and fiscal 2024. Further, the company made recoveries of INR26.7 crore (Rs 36.57 crore for fiscal 2024) during fiscal 2025 (excluding write offs). The company also recovered INR52 crore from assets sold to ARCs in the past. On March 31, 2025, the restructured portfolio stood at INR26.58 crore which formed 1.4% of the AUM on that date, reduced from INR200 crore which was the originally restructured portfolio on account of Covid-19. This trend in overall asset quality was supported by the upgradation of internal underwriting and risk management framework which stems from the expertise of the promoters in the school funding segment. The impact of this is further evidenced by better asset quality performance of newer originations. Particularly in the school funding portfolio – which forms majority of the company's overall AUM, the loans generated post-Covid-19 overhang (fiscal 2023 onwards) have exhibited lower early bucket delinquencies for the same vintage as compared to the pre-Covid-19 book. Similarly, the performance of new originations in the student loans portfolio has also improved, aided by better partner selection. The company finances affordable private schools, which is a niche segment. The founders of Varthana, Mr Steve Hardgrave and Mr Brajesh Mishra have significant experience in this asset class due to their previous association in similar lines of business. The key personnel in top management have been associated with the financial services industry at various levels including collections, backend operations, credit and legal and have extensive experience in running the finance business. Given their significant experience, the management of Varthana has been able to put in place an elaborate credit policy, prudent loan monitoring process and provisioning policy given the nature of the loans. These measures are expected to support the overall asset quality metrics within the school funding book as it scales. Meanwhile, as the company expands into the student loan portfolio – the ability to control slippages therein and maintain overall asset quality at current levels will remain a key rating sensitivity factor. Weaknesses: * Moderate profitability, the pace and magnitude of improvement in the same remains a monitorable: The company reported a PAT of INR23.6 crore for fiscal 2025 that translates to a RoMA of 1.2% as against a PAT of INR30.9 crore and a RoMA of 2.2% for the previous fiscal and INR5.44 crore and 0.5%, respectively for fiscal 2023. Though moderate, this marks an improvement from fiscal 2021 – for which the company reported a loss of INR7.8 crore. The profits of fiscal 2025 and 2024 factored in recoveries from written off assets and impact of transaction with ARC. NIM as a % of overall managed assets has compressed over the years and was 5.9% in fiscal 2025 as against 6.5% in fiscal 2024. This was on account of higher reliance on debt to fund growth – resulting in an increasing leverage. However, the impact of NIM compression was partly offset by a corresponding decline in operating costs as a % of overall managed assets to 5.5% this fiscal as against 6.8% last year, because of increasing operating efficiency. Credit costs as a % of average total managed assets also declined to 0.9% in fiscal 2025 from 3.8% for fiscal 2024. Over the medium term, the overall earnings profile is expected to improve supported by healthy profitability metrics of the school funding portfolio (RoMA of 2%+ for the past 2 fiscals) and increasing vintage of the student loan book. Moreover, credit costs stemming from the student loan portfolio – which have been moderately higher than expectation in fiscal 2025, are expected to subside as the proportion of newer loans underwritten with better partner selection mechanism, increases in the overall student loan AUM. * Small scale of operations: As on March 31, 2025, the company's AUM stood at INR1897 crore registering a year-on-year growth of 48% from INR1281 crore, a year ago. Going forward, while the company is expected to maintain its growth momentum with core strategy remaining focused on school funding – its market share in the overall NBFC sector is expected to remain small at ===================== N E W Z E A L A N D ===================== CIVEX CONSTRUCTION: Creditors' Proofs of Debt Due on Sept. 5 ------------------------------------------------------------ Creditors of Civex Construction Limited are required to file their proofs of debt by Sept. 3, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 24, 2025. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 CONVERSION CORE: Creditors' Proofs of Debt Due on Sept. 5 --------------------------------------------------------- Creditors of Conversion Core Limited (previously known as Thompson Magcaling Limited) and Whitehill Investments Limited are required to file their proofs of debt by Sept. 5, 2025, to be included in the company's dividend distribution. Conversion Core commenced wind-up proceedings on Aug. 5, 2025. Whitehill Investments commenced wind-up proceedings on Aug. 6, 2025. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 HECTOR'S CONCRETE: Court to Hear Wind-Up Petition on Sept. 4 ------------------------------------------------------------ A petition to wind up the operations of Hector's Concrete Limited will be heard before the High Court at Auckland on Sept. 4, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 3, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 IPG SECURITIES: Baker Tilly Appointed as Receivers -------------------------------------------------- Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly Staples Rodway Auckland on Aug. 7, 2025, were appointed as receivers and managers of IPG Securities Limited. The receivers and managers may be reached at: Tony Leonard Maginness Jared Waiata Booth Baker Tilly Staples Rodway Auckland Limited PO Box 3899 Auckland 1140 LDW PROPERTY: Court to Hear Wind-Up Petition on Sept. 5 ------------------------------------------------------- A petition to wind up the operations of LDW Property Management Limited will be heard before the High Court at Auckland on Aug. 21, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 26, 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 ================= FUSION DESIGN: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Aug. 1, 2025, to wind up the operations of Fusion Design Singapore 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 GLH ASSET: Creditors' Proofs of Debt Due on Sept. 9 --------------------------------------------------- Creditors of GLH Asset Management Singapore Pte. Ltd. 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. 1, 2025. The company's liquidator is: Chek Khai Juat c/o Tricor Singapore 9 Raffles Place #26-01 Republic Plaza Singapore 048619 JVCKENWOOD TECHNOLOGIES: Creditors' Proofs of Debt Due on Sept. 9 ----------------------------------------------------------------- Creditors of Jvckenwood Technologies Singapore Pte. Ltd. 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. 1, 2025. The company's liquidator is: Sakai Muneyoshi 10 Ang Mo Kio Street 65 #03-18 Techpoint Singapore 569059 KRYZANE SERVICES: Court to Hear Wind-Up Petition on Aug. 29 ----------------------------------------------------------- A petition to wind up the operations of Kryzane Services Pte. Ltd. will be heard before the High Court of Singapore on Aug. 29, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Aug. 4, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 PANAMERICANA PTE: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on July 25, 2025, to wind up the operations of Panamericana Pte. Ltd. Toh Thye San Farm filed the petition against the company. The company's liquidator is: Ms. Ellyn Tan Huixian Forvis Mazars Consulting 135 Cecil Street, #10-01 Singapore 069536 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: To Close 15 Stores, Offers Unpaid Leave to Employees ----------------------------------------------------------------- The Korea Times reports that Homeplus, Korea's second largest discount supermarket chain, currently undergoing corporate rehabilitation, plans to gradually close 15 stores where lease negotiations have stalled, the company said Aug. 13. The Korea Times relates that the firm also plans to accept applications for unpaid leave from employees at its headquarters who wish to participate. "We are moving into an emergency survival management mode," a Homeplus official said. "The business environment has not improved over the five months since entering the rehabilitation process. This step is necessary to address the situation amid mounting financial pressures." The retail chain will proceed with the phased closure of 15 of its 68 leased stores where lease negotiations have not progressed, the report relates. The affected stores include Siheung, Gayang, Ilsan, Gyesan, Ansan Gojan, Suwon Woncheon, Hwaseong Dongtan, Cheonan Sinbang, Munhwa, Jeonju Wansan, Dongchon, Jangrim, Busan Gamman, Ulsan Buk-gu and Ulsan Nam-gu branches. According to the report, Homeplus has operated more than half of its stores - 68 out of 126 - as leased locations. Following the closure of the Bucheon Sangdong branch on Aug. 1 due to redevelopment, the total number of stores dropped to 125. Eight stores had already been slated for closure before the rehabilitation process, and with the recent decision to shutter 15 more, the total number of closures will reach 23, leaving 102 stores remaining, The Korea Times notes. The company will also introduce voluntary unpaid leave for all headquarters employees starting Sept. 1, according to The Korea Times. The partial salary cuts for executives, in place since March, will be extended until the rehabilitation process is successfully completed. Homeplus has been under corporate rehabilitation proceedings since March and, with court approval, has been seeking a buyer. Ahn Su-yong, head of the Homeplus labor union, criticized the move, The Korea Times relays. "The launch of Homeplus’ emergency survival management system is another effort to squeeze the company while MBK Partners, the major shareholder, makes no attempt at self-rescue," the report quotes Mr. Ahn as saying. He added, "Although MBK had pledged to sell the company as a whole without splitting it, the latest decision contradicts that promise." About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***