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250818.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 Monday, August 18, 2025, Vol. 28, No. 164 Headlines A U S T R A L I A ALTHEA COMPANY: Enters Deed of Company Arrangement ASPIRE TRAINING: First Creditors' Meeting Set for Aug. 21 DERRIMUT GYM: ASIC Moves to Wind Up Fitness Unit HEALTHSCOPE NEWCO: HMC Capital Prepares for Contingency INDIGO BUILDING: First Creditors' Meeting Set for Aug. 25 LA TROBE 2025-1: S&P Assigns B(sf) Rating on Class F Notes LINE HYDROGEN: First Creditors' Meeting Set for Aug. 21 LUCAPA DIAMOND: Gaston Enters Binding Term Sheet for DOCA NUD CONTRACTS: First Creditors' Meeting Set for Aug. 22 WARRAGUL 4WD: First Creditors' Meeting Set for Aug. 20 C H I N A CONCORD NEW ENERGY: Fitch Lowers & Then Withdraws IDR to 'B+' I N D I A ANU CONSTRUCTIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating AROGYA HOSPITAL: CARE Keeps B- Debt Rating in Not Cooperating ASHWATH QUIPPO: CARE Keeps C Debt Rating in Not Cooperating AVIS INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category C & R TEXTILES: ICRA Keeps B+ Issuer Rating in Not Cooperating C. MAHENDRA EXPORTS: Liquidation Process Case Summary EAST HYDERABAD: ICRA Keeps D Debt Rating in Not Cooperating ELITE MOTORS: CARE Keeps B- Debt Ratings in Not Cooperating FINMAN FINANCE: CARE Keeps B- Debt Rating in Not Cooperating HARIHAR ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating HIRAMAN DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating HLL BIOTECH: ICRA Keeps D Debt Ratings in Not Cooperating IMPERIALL TECHNOFORGE: ICRA Keeps D Ratings in Not Cooperating INDUS MEGA: ICRA Keeps D Debt Ratings in Not Cooperating Category ISHIKA PACKAGING: CARE Keeps B- Debt Rating in Not Cooperating IVRCL CHENGAPALLI: CARE Keeps D Debt Rating in Not Cooperating JBF INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating MAHAGUN INDIA: NCLAT Directs IRP to Collate Claims Against Company MALANKARA PLANTATIONS: ICRA Keeps B+ Rating in Not Cooperating MANGLAM FOODS: CARE Keeps C+ Debt Rating in Not Cooperating PANACHE EXPORTS: ICRA Withdraws D Rating on INR21cr ST Loan PILETECH INFRA: Liquidation Process Case Summary RELIABLE SPACES: CARE Keeps B- Debt Rating in Not Cooperating RENU PROPTECH: NCLT Changed Claims Deadline in Insolvency Case RISHI RAJ: CARE Keeps D Debt Ratings in Not Cooperating Category ROHAN OIL: CARE Lowers Rating on INR10cr LT Loan to D RUTU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating SANGHA REFRIGERATION: CARE Keeps B- Debt Rating in Not Cooperating SANT FOODS: ICRA Keeps B Debt Rating in Not Cooperating Category SHIVOHUM TEXTILES: CARE Keeps B- Debt Rating in Not Cooperating SHYAMALI COLD: CARE Keeps D Debt Ratings in Not Cooperating SMART SERVICES: ICRA Keeps D Debt Ratings in Not Cooperating STARLITE GLOBAL: ICRA Withdraws B+ Rating on INR24cr LT Loan VIDYA SANSKAAR: ICRA Keeps B+ Debt Ratings in Not Cooperating VIVEKANANDA EDUCATION: CARE Keeps B- Rating in Not Cooperating N E W Z E A L A N D BRIDGE PROJECTS: Court to Hear Wind-Up Petition on Sept. 25 IMPRESSED ASHBURTON: Creditors' Proofs of Debt Due on Sept. 3 PACIFIC-ASIA INVESTMENT: Court to Hear Wind-Up Bid on Sept. 25 SWALLOW CONSTRUCTION: Creditors' Proofs of Debt Due on Sept. 3 VISTA GROUP: Posts NZD1.3 Million Net Loss for H1 Ended June 30 P H I L I P P I N E S PH RESORTS: Seeks Lifeline from Parent After Suffering PHP7BB Loss S I N G A P O R E CORDLIFE GROUP: Net Loss Narrows to SGD4.6MM in H1 Ended June 30 HWEE MENE: Court Enters Wind-Up Order MADRONE ENTERPRISES: Court to Hear Wind-Up Petition on Aug. 22 PANWELD TRADING: Commences Wind-Up Proceedings VENUS GROUP: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= ALTHEA COMPANY: Enters Deed of Company Arrangement -------------------------------------------------- TipRanks reports that Althea Group Holdings Ltd announced that its subsidiary, Althea Company Pty Ltd, has entered into a Deed of Company Arrangement (DOCA) under the administration of Salea Advisory. This arrangement involves a AUD200,000 loan from AGH to the subsidiary to fund the DOCA process, with the directors of the subsidiary lending the same amount back to AGH, TipRanks relates. The DOCA is not expected to impact AGH's operations or its North American THC beverage business, Peak Processing Solutions. The subsidiary entered voluntary administration on July 9, 2025, shortly after completing the AUD1 million sale of its pharmaceutical assets to Tasmanian Botanics. Sule Arnautovic of Salea Advisory was appointed as administrator of Althea Company. Althea Group Holdings Ltd (ASX:AGH) specializes in the manufacturing, sales, and distribution of THC beverages. Through its business unit, Peak Processing Solutions, AGH develops premium, compliant products for adult consumers in regulated global markets, including the USA and Canada. ASPIRE TRAINING: First Creditors' Meeting Set for Aug. 21 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Aspire Training and Consulting Limited (trading as Australian Training Resources and Aspire Learning Resources) will be held on Aug. 21, 2025 at 10:00 a.m. via teleconferencing facilities. Malcolm Kimbal Howell of Jirsch Sutherland was appointed as administrator of the company on Aug. 12, 2025. DERRIMUT GYM: ASIC Moves to Wind Up Fitness Unit ------------------------------------------------ Australasian Leisure Management reports that the Australian Securities and Investments Commission (ASIC) has issued a notice of application for a winding up order for an entity in the Derrimut gym group. Commenced by the Deputy Commissioner of Taxation on June 25, the winding up order is against A.C.N. 139 283 104 Pty Ltd (formerly known as Derrimut Health & Fitness Pty Ltd), according to the report. Return to Work SA, Melbourne United Basketball and Fitness Equipment Pty Ltd are listed as creditors supporting the wind-up application, which will be heard in the Federal Court in Melbourne on August 22, Australasian Leisure Management relates. According to Australasian Leisure Management, the wind-up order comes after the Australian Taxation Office (ATO) lodged a separate Federal Court application in April alleging the fitness chain owed more than AUD14.6 million in unpaid taxes. Australasian Leisure Management relates that the ATO then filed a Victorian County Court claim in June suing the chain's owner Nikolaos Solomos for AUD11.3 million, including more than AUD250,000 is in superannuation, AUD5 million in GST payment, AUD4.6 million Pay As You Go (PAYG) and AUD1.4 million personal income tax. In April this year, ASIC also initiated the deregistration of another Derrimut entity, 665 Derrimut Pty Ltd. Australasian Leisure Management is aware of at least eight registered businesses within the troubled Derrimut gym group. Adelaide's The Advertiser reported on August 14 that former members of the chain's Angle Vale branch are chasing promised membership refunds after Derrimut 24:7 was evicted from the site by a landlord over about AUD220,000 of unpaid rent, Australasian Leisure Management relays. Derrimut 24:7 Gym had previously reassured Angle Vale members that a new branch at nearby Munno Para would open soon. However, as of last week, a notice was posted on the unopened Munno Para gym's doors saying the chain's tenancy had been terminated because of more than AUD54,000 owed to the landlord, Australasian Leisure Management says. The chain had been selling pre-sale memberships for the gym for almost a year, first saying on Instagram it would open in December 2024. Australasian Leisure Management has also learnt that Derrimut Gym Shepparton, one of the group's flagship Victorian sites, has now permanently closed. Planet Fitness is set to open a new club in the premises at 290 Benella Road in Shepparton. HEALTHSCOPE NEWCO: HMC Capital Prepares for Contingency ------------------------------------------------------- Sharecafe reports that HMC Capital, a significant landlord for Healthscope, has announced that it has reached conditional agreements with alternative operators to manage the hospitals should a buyer for the struggling private hospital network not be found. HMC Capital has interests in 11 of Healthscope's 37 hospitals across Australia. Healthscope entered receivership in May, prompting the launch of a sale process by the receivers, Sharecafe notes. According to Sharecafe, HealthCo Healthcare & Wellness REIT, an ASX-listed HMC satellite trust, informed investors on Aug. 15 that all 11 hospitals are operating without interruption and that Healthscope has met all its rental obligations. The REIT stated that it would consider entering into lease agreements with alternative tenants if the current sale process were to fall through. This proactive approach aims to ensure the continued operation of these healthcare facilities. Sharecafe relates that the conditional agreements with alternative operators provide a safety net in the event that a suitable buyer for Healthscope cannot be secured. While the specific identities of these operators have not been disclosed, the move signals HMC Capital's commitment to maintaining healthcare services at these locations. The agreements are conditional and dependent on the outcome of the sale process and any subsequent decisions made by the receivers. This development provides some reassurance to stakeholders, including patients and staff, amidst the uncertainty surrounding Healthscope's future, Sharecafe relays. The focus remains on finding a viable buyer for the hospital network, but these contingency plans offer a degree of stability for the hospitals managed by HMC Capital. The conditional agreements highlight the complex interplay between property ownership and healthcare operations in the current environment. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. INDIGO BUILDING: First Creditors' Meeting Set for Aug. 25 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Indigo Building Group Pty Ltd as Trustee for The Hunt Family Trust, DSH Group Holdings Pty Ltd, and DSH Group Investments Pty Ltd as Trustee For Hunt Investment Trust will be held on Aug. 25, 2025 at 10:00 a.m. via virtual meeting technology. Matthew Charles Hudson and Terry van der Velde of SV Partners were appointed as administrators of the company on Aug. 13, 2025. LA TROBE 2025-1: S&P Assigns B(sf) Rating on Class F Notes ---------------------------------------------------------- S&P Global Ratings assigned its ratings to eight of the 10 classes of residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee for La Trobe Financial Capital Markets Trust 2025-1. La Trobe Financial Capital Markets Trust 2025-1 is a securitization of nonconforming and prime residential mortgages originated by La Trobe Financial Services Pty Ltd. The ratings reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination and excess spread. The assessment of credit risk takes into account La Trobe Financial's underwriting standards and approval process, and La Trobe Financial's servicing quality. The transaction's cash flows can meet timely payment of interest and ultimate payment of principal to the noteholders under the rating stresses. Key factors are the level of subordination provided, an amortizing liquidity reserve sized at 1.5% of the note balance funded by over issuance of notes, the principal draw function, the yield reserve, the retention amount built from excess spread before, and including, the call date, the amortization amount built from excess spread after the call date or upon a servicer default, and the provision of an extraordinary expense reserve. All rating stresses are made on the basis that the trust does not call the notes at or beyond the call date, and that all rated notes must be fully redeemed via the principal waterfall mechanism under the transaction documents. S&P said, "We also have factored into our ratings the legal structure of the trust, which has been established as a special-purpose entity and meets our criteria for insolvency remoteness. "Our ratings also reflect the counterparty support provided by the Commonwealth Bank of Australia as the bank account provider. The transaction documents for the bank accounts include downgrade language consistent with our "Counterparty Risk Methodology" criteria, published on July 25, 2025, that requires the replacement of the counterparty or other remedy, should our rating fall below the applicable level." Ratings Assigned La Trobe Financial Capital Markets Trust 2025-1 Class A1S, A$370.00 million: AAA (sf) Class A1L, A$450.00 million: AAA (sf) Class A2, A$100.00 million: AAA (sf) Class B, A$33.30 million: AA (sf) Class C, A$24.90 million: A (sf) Class D, A$11.10 million: BBB (sf) Class E, A$5.20 million: BB (sf) Class F, A$2.00 million: B (sf) Equity 1, A$3.00 million: Not rated Equity 2, A$0.50 million: Not rated The issuer has not informed S&P Global Ratings Australia Pty Ltd. whether the issuer is publicly disclosing all relevant information about the structured finance instruments that are subject to this rating report or whether relevant information remains nonpublic. LINE HYDROGEN: First Creditors' Meeting Set for Aug. 21 ------------------------------------------------------- A first meeting of the creditors in the proceedings of LINE Hydrogen (Australia) Pty Ltd will be held on Aug. 21, 2025 at 11:00 a.m. via teleconference only. David Ross and David Ingram of I & R Advisory were appointed as administrators of the company on Aug. 12, 2025. LUCAPA DIAMOND: Gaston Enters Binding Term Sheet for DOCA --------------------------------------------------------- Gaston International DMCC, part of Jemora Group, on Aug. 14 announced that it has entered into a binding term sheet with Richard Tucker and Paul Pracilio ("Administrators") of Lucapa Diamond Company Limited, an ASX-listed company, for a Deed of Company Arrangement ("DOCA") contemplating the acquisition of all issued shares of Lucapa by Gaston. Under the Transaction, Gaston proposes to acquire Lucapa and its mining interests, which include a 40% stake in the Lulo Alluvial Diamond Mine ("Lulo Mine") and a 39% stake in the Lulo Kimberlite Exploration Project ("Lulo Exploration Project"), both in Angola. Lucapa also holds 100% of the Merlin Diamond Mine and Base Metals Project ("Merlin Mine") in the Northern Territory of Australia, and an 80% interest in a package of exploration tenements ("Brooking Project") in the West Kimberley lamproite field of Australia. Key Highlights: * The Lulo Mine: * Has produced 48 Type IIa diamonds above 100 carats since the inception of the mine. * Produced Angola's largest recorded diamond, the 404-carat "4 de Fevereiro" white diamond and the spectacular "Lulo Rose", a 170-carat pink diamond. * Is the world's highest dollar-per-carat diamond mine (USD$2,806 per carat in 2021). * Hosts a JORC Inferred Alluvial Diamond Mineral Resource of 5.79 million cubic metres of alluvial gravels at an average grade of 4.3 carats per hundred cubic metres (diluted), containing an estimated 249,000 carats of diamonds. * Is equipped with two processing plants capable of handling approximately 600,000 cubic metres of gravel annually and features the latest modern technology designed to assist in recovering large-sized diamonds. * Considerable exploration upside is considered to exist within the Lulo Exploration Project. Over 100 kimberlites have been confirmed in the Lulo area, of which 35 have been sampled. The presence of Type IIa diamonds in some kimberlites, such as L164, indicates that the source of the large Type IIa diamonds recovered from the Lulo Mine is likely within the Lulo Exploration Project area. * The Merlin Mine, the source of Australia's largest diamond, has produced 75% of its historical yield as gem and near-gem quality stones, including yellow, pink, and blue diamonds. * Gaston intends to closely collaborate with Lucapa's partners and management to realise the value and growth potential of these assets fully. * The transaction is subject to several conditions precedent, including the approval of creditors, the parties obtaining the necessary regulatory approvals, and the court granting leave to the Administrators to transfer the shares under section 444GA of the Corporations Act 2001 (Cth). Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, states: "Gaston, a proud DMCC-registered company, is set to acquire Lucapa, including the world-class Lulo diamond mine, underscoring Dubai's position as a leading global hub for the diamond trade. Located in Angola, a signatory to the Luanda Accord and one of the world's key diamond-producing nations, the Lulo mine is a strategic asset of worldwide importance. As the home of the Dubai Diamond Exchange, the world's largest diamond tender facility, DMCC has played a vital role in transforming the UAE into one of the world's leading trade hubs for the international diamond industry. This milestone not only enhances Gaston's standing in the precious stones market but also reinforces DMCC's mission to attract, support, and grow world-class enterprises from Dubai. The UAE's strategic location, strong infrastructure, and business-friendly environment continue to create unmatched opportunities for companies in the commodities sector, and Gaston's achievement stands as proof of the strength of our platform and the trust global markets place in it." Dev Shetty, Founder and CEO of Gaston, states: "Investing in Lucapa marks a defining moment for our group, coming just two weeks after our recent acquisition of Chacarilla Copper Mine in Bolivia. This acquisition adds to our portfolio of world-class assets, notably the world's highest dollar-per-carat diamond mine, the Lulo Mine in Angola. While the global diamond market faces a challenging period, our team - recognised for revitalising underperforming assets and developing some of the world's largest gemstone mines - is confident in unlocking Lulo's full potential. After completing the transaction, we will focus on increasing Lulo Mine production, accelerating kimberlite exploration in Angola, and carrying on with the strategic review of the Australian Merlin Mine. By leveraging our expertise and collaborating with Lucapa's partners, we aim to unlock growth, create sustainable value, and strengthen Gaston's leadership in the global diamond industry. We will also continue expanding our mining portfolio, with a focus on Energy Transition, Precious Metals, and Gemstones." About Gaston International Gaston is part of Jemora Group, a Dubai-based conglomerate specialising in metal and mining investments, trading precious metals and gemstones, and operating a gemstone auction house. Gaston's vision is to position the UAE as a key hub for mining investment, with a particular emphasis on the Energy Transaction, Precious Metal, and Gemstone sectors. Gaston invests in funding pre-feasibility, feasibility, construction, turnaround scenarios and operating mines. Gaston recently announced the signing of a Definitive Agreement to acquire a producing copper asset in Bolivia, the Chacarilla Copper Mine. About Lucapa Diamond Lucapa is an ASX-listed diamond miner and explorer with assets in Angola and Australia. It has an interest in the Lulo Diamond Mine in Angola, which has been in commercial production since 2015 (conducted by SML - Lucapa 40%, Endiama 32%, Rosas & Petalas 28%). The large, high-value diamonds produced from Lulo attract the highest prices per carat for alluvial diamonds globally. Lucapa also has a 39% interest in the Lulo Kimberlite Exploration Joint-Venture (Endiama 51%, Rosas & Petalas 10%), which is exploring for the potential primary source kimberlites at the prolific Lulo concession in Angola. In 2021, through its wholly owned subsidiary, Australian Natural Diamonds Pty Ltd, Lucapa completed the strategic and transformative acquisition of the Merlin Diamond Project, a historic Australian mine in the Northern Territory of Australia. Paul Pracilio and Richard Tucker of KordaMentha were appointed as administrators of Lucapa Diamond Company Limited, Australian Natural Diamonds Pty Ltd, Brooking Diamonds Pty Ltd, and Heartland Diamonds Pty Ltd on May 22, 2025. NUD CONTRACTS: First Creditors' Meeting Set for Aug. 22 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Nud Contracts Pty Ltd will be held on Aug. 22, 2025 at 11:00 a.m. at Suite 19.02, Level 19, 1-7 Castlereagh Street, in Sydney, NSW, and via virtual meeting technology. Alan Walker and Nicholas Charlwood of WLP Restructuring were appointed as administrators of the company on Aug. 12, 2025. WARRAGUL 4WD: First Creditors' Meeting Set for Aug. 20 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Warragul 4WD Pty Ltd will be held on Aug. 20, 2025 at 3:00 p.m. via Virtual Meeting Technology. Garth O'Connor-Price and Laurence Fitzgerald of William Buck were appointed as administrators of the company on Aug. 12, 2025. ========= C H I N A ========= CONCORD NEW ENERGY: Fitch Lowers & Then Withdraws IDR to 'B+' ------------------------------------------------------------- Fitch Ratings has downgraded Concord New Energy Group Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating to 'B+' from 'BB-'. The Outlook on the IDR is Stable. At the same time, Fitch has withdrawn all the ratings on Concord. The downgrade follows Concord's EBITDA net leverage rising to 7.9x in 2024 (2023: 7.4x) and reflects Fitch's expectation that its leverage will remain high in the near term, amid industry challenges on utilisation hours and tariffs of renewable power projects. Fitch expects Concord's business model to build and sell projects to remain intact and EBITDA interest coverage to remain above 3.0x on lower funding costs, supporting its 'B+' rating and its Stable Outlook. Fitch has withdrawn the ratings for commercial reasons and will no longer provide ratings or analytical coverage for Concord. Key Rating Drivers Rising Leverage: Fitch expects EBITDA net leverage to rise to 8.2x in 2025-2026 (2024: 7.9x). Fitch believes deleveraging is unlikely despite Concord's plan to cut capex. This is due mainly to weak EBITDA amid rising curtailment and weakening tariffs. Fitch factors in 200MW to 300MW in asset disposals a year, given Concord's solid project quality and sound record. Leverage could be even higher if current industry dynamics affect asset disposals or valuations. Utilisation Hours Under Pressure: Intensive installation of renewable power facilities in past years has exerted pressure on grid-connection capability, leading to higher curtailment for renewable power in China. Concord's average wind and solar capacity utilisation fell by 10.9% and 19.1%, respectively, in 1H25. The introduction of a mechanism tariff in China has increased uncertainty for new wind and solar power projects, particularly on the proportion of output eligible for a fixed tariff and the tariff's specific rate. This uncertainty is likely to dampen investment enthusiasm. Fitch expects a recovery in utilisation hours in 2027, as the pace of capacity installations slows for one to two years and new transmission lines and storage capacity come online, enhancing the grid's ability to absorb renewable power. Higher Uncertainty on Future Tariffs: Tariffs of renewable power projects are under pressure from market oversupply, commissioning of new projects without guaranteed sales and weakening of coal-fired power prices due to falling coal prices. About three-quarters of Concord's current output is either guaranteed to be purchased at benchmark tariffs or sold via annual contracts. However, Fitch expects a downward and more volatile tariff trend for future projects. Less Capex; Focus on Wind: Fitch expects Concord to reduce annual capex to CNY3.2 billion-3.8 billion in 2025-2027, from CNY5.3 billion in 2024, due to policy uncertainty on new projects' returns and lack of large-scale project divestures in 2024 and 1H25. Fitch expects the company to focus more on wind power and reduce investment in solar power, which is more vulnerable to curtailment and the intraday price volatility. This reduction in capex will help ease pressure on Concord's leverage, in its view. Project Divestures to Continue: Fitch expects Concord to continue divesting projects and optimising its project portfolio, despite cancelling a recent sales agreement. Management has confirmed that project divesture is one of Concord's key strategies. Concord can use the proceeds to fund capex, while its operating cash flow (CFO) is enough to cover debt servicing. Project divestures that exceed its expectations could expedite Concord's deleveraging. Lower Funding Costs: Concord's average funding cost fell sharply to 3.63% in 1H25, from 3.98% in 2024 and 4.6% in 2023. Concord is now drawing project loans at a discount to the five-year loan prime rate (LPR), China's benchmark rate. This marks a notable improvement from the premium it paid over benchmark rates before 2020, reflecting its more established position and the increasingly favourable view banks hold toward renewable power projects. Peer Analysis Fitch views India's leading renewable power generation companies, ReNew Energy Global Plc (BB-/Stable) and Continuum Green Energy Holdings Limited (B+/Stable), as Concord's closest rating peers. About three quarters of Concord's power generation is guaranteed to be purchased by power grids at fixed tariffs or sold via annual contracts, while the rest is sold on the spot market with higher volume and price volatility. In comparison, most of ReNew's capacity is sold under long-term power purchase agreements with better price certainty. Concord has a smaller scale, although this has no impact on its operating efficiency or investment cost. Its medium-term forecast for Concord's EBITDA net leverage of 7.3x-8.2x is higher than the 6.5x-6.7x for ReNew. Continuum is smaller than Concord with an operating capacity around 2.5GW. Similar to ReNew, Continuum has better volume and price certainty compared to Concord. Fitch expects Continuum to deleverage to 7.6x-7.7x level in the medium term after capex peaks, a similar level to that of Concord. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Annual net capacity additions of 600MW during 2025-2027; - Disposal of 200MW-300MW of capacity a year during 2025-2027; - Utilisation hours of wind and solar power to decline in 2025-2026, before stabilising in 2027; - Tariffs to drop in the next two years for both newly installed capacity and existing projects; - Annual capex of CNY3.2 billion-3.8 billion in 2025-2027, mainly to fund wind power capacity installations; - Collection of 60% of annual eligible subsidies and no additional collection of legacy subsidies. RATING SENSITIVITIES Not applicable, as Fitch has withdrawn all Concord's ratings. Liquidity and Debt Structure Concord had CNY2.0 billion in readily available cash at end-1H25, against short-term debt of CNY2.1 billion. Fitch forecasts cash flow from operations (CFO) of CNY1.45 billion in 2025 and expect 80% of Concord's CNY3.5 billion in capex for that year to be financed by project loans or financial leasing. Fitch believes existing cash, CFO and likely proceeds from project divestments should be enough to cover the equity capital component of capex and project-level debt amortisation in 2025. Issuer Profile Concord mainly owns and operates wind and solar farms in China. It owned 4,615MW of operational attributable installed capacity at end-2024, including 2,966MW of self-controlled wind capacity, 876MW of solar power capacity, and 773MW of effective capacity owned through joint ventures and associate companies. The company also provides design services and sells energy storage equipment to other renewable power plants. Summary of Financial Adjustments Wind farms in China receive a 50% VAT rebate as an incentive for supplying renewable energy. Revenue from wind farms is net of VAT and only the 50% rebate is reflected in the income statement and included as EBITDA. Wind farms are exempt from VAT in the first five operating years, during which they do not pay VAT or receive rebates. The amount of VAT that has been exempted, although 100% retained by wind farms, is not reflected in the income statement. Fitch has adjusted Concord's EBITDA by adding 50% of the VAT that has been exempted. Concord continued to provide guarantee on bank loans for projects it sold to overseas renewable funds. Fitch includes half of the guaranteed amount in the calculation of Concord's leverage, as repayment of the loans is covered by project CFO. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Following the withdrawal of ratings for Concord, Fitch will no longer be providing the associated ESG Relevance Scores. Entity/Debt Rating Prior ----------- ------ ----- Concord New Energy Group Limited LT IDR B+ Downgrade BB- LT IDR WD Withdrawn senior unsecured LT B+ Downgrade BB- senior unsecured LT WD Withdrawn ========= I N D I A ========= ANU CONSTRUCTIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term rating of ANU Constructions in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 20.00 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Rating continues Bank Guarantee to remain under 'Issuer Not Cooperating' category Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Overdraft to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with ANU Constructions, ICRA has been trying to seek information from the entity so as to monitor its performance, but Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. ANU Constructions is a proprietorship firm founded in 2011 and is currently into executing civil construction works. The firm is promoted by Mr. Manu L and has its registered office in Bangalore, Karnataka. The firm is a class 1 contractor. The client base of the firm includes Government entities like Bruhat Bengaluru Mahanagara Palike (BBMP), Bangalore Metro Rail Corporation Limited (BMRCL), PWD, Davangere Smart city and DMA (Director of Municipal Administration) etc. The firm undertakes building works for BMRCL, road works for DMA, road and junction works for Smart city, road work for PWD and stormwater drainage water work for BBMP. AROGYA HOSPITAL: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Arogya Hospital and Research Centre (AHRC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.35 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 7, 2024, placed the rating(s) of AHRC under the 'issuer non-cooperating' category as AHRC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AHRC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 23, 2025, July 3, 2025, July 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Arogya Hospital and Research Centre (AHRC) was constituted as a partnership entity in July, 2012 by Dr. M.N Saikia, Dr. Rituraj Boruah, Dr. Plaban Mazumdar, Dr. Diganta Choudhury and Dr. Gautam Das. The hospital is currently offering a wide array of healthcare facilities encompassing general surgery & laparoscopic surgery, orthopaedics (joint replacement and spinal surgery) etc. Further, it also has all kind of trauma surgical emergencies, intensive care unit (icu) and automated laboratory. The hospital is also providing indoor & outdoor pharmacy. The entity has started commer cial operation from September 2018. The key partners; Dr. M.N Saikia (MS) retired surgeon from govt. of Assam having more than three decades of experience in healthcare industry will look after the overall management of the entity. He is supported by other partners. ASHWATH QUIPPO: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ashwath Quippo Infraprojects Private Limited (AQIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 58.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated May 14, 2024, placed the rating(s) of AQIPL under the 'issuer non-cooperating' category as AQIPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. AQIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and email dated March 30, 2025, April 9, 2025 and April 19, 2025. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. 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 rating of AQIPL takes into account of default in servicing of debt obligations payable to M/s SREI Equipment Finance Ltd. (SEFL) which is not rated by CARE. However, there was no delays mentioned in the bank facility of RBL which is rated by CARE, dip in financial performance between FY21 to FY24, short track record of operations, deterioration in capital structure and debt coverage indicators, elongated operating cycle and highly competitive industry with business risk associated with tender-based orders. However the rating derives strength from its moderate order book position. Analytical approach: Standalone Detailed description of key rating drivers: At the time of last rating on May 14, 2024, the following were the rating strengths and weaknesses (updated for the information available from Registrar of Companies). Key weaknesses * Default in servicing of debt facility not rated by CARE albeit timely servicing of debt rated by CARE: There has been default in servicing of debt obligations payable to M/s SREI Equipment Finance Ltd. (SEFL) which is not rated by CARE as per audited FY24 annual report. However, there was no delays mentioned in bank facility of Ratnakar Bank Ltd (RBL) which is rated by CARE. * Short track record of operations: AQIPL was incorporated as a joint venture initiative of Ashwath Urban Pure Private Limited (AUPPL) and Quippo Infrastructure Limited (QIL). AQIPL has short track record of operations with the company incorporated in June'16. * Dip in financial performance between FY21 and FY24: The total operating income (TOI) moderated from INR164.32 crore in FY21 to INR60.22 crore in FY24. The company has been experiencing continuous operating and net losses from FY21 to FY24. However, losses have reduced from INR83.73 crore in FY23 to loss of INR32.97 crore in FY24. Improvement in pace of execution and availability of sanctioned bank borrowings to meet additional working capital requirements is critical for performance of the company going forward. * Deterioration in capital structure and debt coverage indicators: The net worth stood at INR33.57 crore as on March 31, 2020, and deteriorated to negative INR194.58 crore in FY24 due to continuous losses. However, the debt has remained steady at Rs.278.58 crore as on Mar 31, 2024 vs INR279.45 crore as on Mar 31, 2023. Both interest cover and TD/GCA continue to remain negative due to losses. * Elongated operating cycle: The operations are working capital intensive due to long term nature of contracts. The working capital requirement is funded through creditors and loans from SEFL. Although the operating cycle has improved to 203 days in FY24 from 364 days in FY23, it continues to remain elongated. The improvement in operating cycle was primarily due to reduction in collection period from 373 days in FY23 to 217 days in FY24. Highly competitive industry with business risk associated with tender-based orders: AQIPL faces direct competition from various organized and unorganized players in the industry. The company receives majority of work orders from public sector undertakings. The risk arises from the fact that any changes in geo-political environment and policy matters would affect all the projects at large. Furthermore, any changes in the government policy or government spending on projects can affect the revenues of the company. Further, the company undertakes government projects, which are awarded through the tender based/bidding system. This exposes the company towards risk associated with the tender-based business, which is characterized by intense competition. The growth of the business depends on its ability to successfully bid for the tenders and emerge as the lowest bidder. Key strengths * Moderate albeit concentrated order book position: AQIPL had a moderate unexecuted order book of INR428 crore as on December 31, 2020. However, the order book remained relatively stagnant with low execution on account of Covid-19 and no new orders were received by the company in that particular year. The company has been exposed to concentration risk in order book as top three orders accounted for 74% of un-executed order book. AQIPL was incorporated as a joint venture initiative of AUPPL and QIL. AUPPL was formed by the promoters of Ashwath Infratech Private Limited (AIPL; engaged in water management and rainwater harvesting solutions) to engage in the business of trenchless sewage rehabilitation. Whereas QIL is engaged in the business of services, leasing and banking of construction equipment. AQIPL is an integrated solution provider for urban water and sewage infrastructure projects. The company's capabilities in trenchless sewage works include de-silting & rehabilitation of sewage lines, borewell drilling & construction, pipelines renewal &laying and urban/rural water infrastructure. AVIS INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Avis India (AI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 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 9, 2024, placed the rating(s) of AI under the 'issuer non-cooperating' category as AI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 25, 2025, July 5, 2025 and July 15, 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 AI is Pune (Maharashtra) based firm established in 1995 by Late Mr. Vijay Narayan Kulkarni. In May 2018, after the demise of proprietor his wife Mrs. Aarti Vijay Kulkarni took over as proprietor. The firm is engaged in the construction of sugar plants and distilleries and has a group company namely Avis Projects And Infrastructure Private Limited (APPL) engaged in similar line of operations. C & R TEXTILES: ICRA Keeps B+ Issuer Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Issuer rating of C & R Textiles (P) Ltd. (CRT) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer Rating - [ICRA]B+(Stable); ISSUER NOT COOPERATING; Rating Continues to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with CRT, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1994 by Mr. C. R. Rai, CRT manufactures textile home furnishings including bed linens, quilts, kitchen linens, dhurries, cushion covers, throws, etc. which are marketed under the brand name IACS and operates through its plant situated in Noida. The company is an export-oriented unit and exports to retailers primarily located in Portugal, USA and France. The company's plant is equipped with 18 looms at present. C. MAHENDRA EXPORTS: Liquidation Process Case Summary ----------------------------------------------------- Debtor: C. Mahendra Exports Limited Tower C, Office No. CC-6011, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai 400051 Liquidation Commencement Date: July 29, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Krishna Chamadia B-13, Anjani Complex, Perara Hill Road, Andheri East, Mumbai 400099 Email: krishna@sphereadvisory.com Email: cirpcmel@gmail.com Last date for submission of claims: September 3, 2025 EAST HYDERABAD: ICRA Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term rating of East Hyderabad Expressway Limited (EHEL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 119.49 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with EHEL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. East Hyderabad Expressway Limited (EHEL) is a Special Purpose Vehicle (SPV) incorporated in July 2007 for undertaking the design, construction, development, finance, and Operation and Maintenance (O&M) of an 8-lane access-controlled expressway. The project is spread over 13 km, as part of Phase-2A of the Hyderabad Outer Ring Road (ORR) project on a BOT (annuity) basis. The project is owned by the Hyderabad Metropolitan Development Authority (HMDA, a Government of Telangana undertaking). ITNL holds 74% of EHEL's equity, while the balance is held by KMC Construction Limited (10%) and KMC Infratech Limited (16%). ELITE MOTORS: CARE Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Elite Motors Private Limited (EMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 7.39 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 27, 2024, placed the rating(s) of EMPL under the 'issuer non-cooperating' category as EMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 13, 2025, May 23, 2025, June 2, 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 Elite Motors Private Limited (EMPL) was promoted by Mr. Gurjit Singh and Mrs. Sonia Singh in September 2007. EMPL is an authorized dealer for passenger vehicles (PV) of Volkswagen India Private Limited (VIPL). It operates through one show room and one yard having a capacity of parking 500 cars in Bangalore. The showroom is occupied on leased premises and is equipped with 3-S facilities (Sales, Service and Spare-parts). Elite group was established in Bangalore in the year 1975, with the business in trading of crockery and consumer durables. In the year 2005, the group diversified into automobiles and since then established three dealerships for Honda, Ford and Volkswagen. FINMAN FINANCE: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Finman Finance India Private Limited (FFIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.48 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 7, 2024, placed the rating(s) of FFIPL under the 'issuer non-cooperating' category as FFIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FFIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 23, 2025, July 3, 2025, July 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Finman Finance India Pvt Ltd (FFIPL) was incorporated in March, 2002 by Assam based Mr. Ramesh Kumar Khemka and Rajesh Modi. Since its incorporation the company is engaged in the business of processing of black tea at Shibsagar, Assam. The company sells tea in auction and through brokers. HARIHAR ALLOYS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Harihar Alloys Private Limited (HAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.22 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 27, 2024, placed the rating(s) of HAPL under the 'issuer non-cooperating' category as HAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 13, 2025, May 23, 2025, June 2, 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 Harihar Alloys Private Limited (HAPL) is primarily engaged in manufacturing of carbon steel castings, low alloy steel castings and forged components. The castings and forging components manufactured by HAPL include valve components, oil field equipment components, etc. HAPL mainly caters to oil & gas, earth moving and engineering industries in domestic and international market. HIRAMAN DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Hiraman Developers Private Limited (HDPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 7.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with HDPL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Hiraman Developers Private Limited (HDPL) was incorporated in January 2008 as Mewar Future Developers Pvt. Ltd. and its name was subsequently changed to the current name in May 2011. The key promoter of HDPL is Mr. Hira Lal Jain who has been in Real Estate Business since 1982 dealing in Sale & Purchase of Land and has also executed various commercial and residential complexes in Mumbai, Navi Mumbai and Udaipur. HLL BIOTECH: ICRA Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long Term and Short-Term Ratings of HLL Biotech Limited (HBL) in the 'Issuer Not Cooperating' category. The ratings are denoted as [ICRA]D ISSUER NOT COOPERATING /[ICRA]D; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term (175.00) [ICRA] D; ISSUER NOT Interchangeable COOPERATING; Rating Continues Others to remain under issuer not cooperating category Long-term- 309.00 [ICRA]D; ISSUER NOT Fund based COOPERATING; Rating Continues Term Loan to remain under Issuer Not Cooperating Category As part of its process and in accordance with its rating agreement with HBL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. HBL was incorporated in 2012 as a wholly owned subsidiary of HLL (HLL Lifecare Limited) to manufacture and market vaccines primarily for the GoI's Universal Immunisation Programme (UIP). HBL is setting up an integrated vaccine complex in Chengalpattu district of Tamil Nadu, with initial plans to manufacture UIP vaccines for BCG (tuberculosis), measles, hepatitisB apart from pentavalent combination vaccines (DTP-HepB-Hib) and other new generation vaccines such as Japanese encephalitis and anti-rabies. The original project cost was estimated at INR594.0 crore, to be funded through an equity of ~INR285 crore and the rest through a bank debt of INR309 crore (53:47 funding ratio). The project witnessed delays; and as against the initial expected COD of December 2017, the COD was extended to December 2018 and then to December 2019. However, on account of time and cost overrun witnessed by the project due to delays in getting approvals, technical tie ups with suitable partners and underestimation of costs related to required trials/tests and validation of the products; the project witnessed shortage of funds and could not be completed. While the management had submitted a revised DPR in January 2020 to the Government's authorities, wherein the project cost has been revised to Rs 879.02 crore considering the cost overruns, the approval had not been received as on December 2020. HBL which was earlier a wholly owned subsidiary of HLL Lifecare Limited (HLL) has been hived off from HLL and is now wholly owned by the Government of India. IMPERIALL TECHNOFORGE: ICRA Keeps D Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Imperiall Technoforge Private Limited (ITPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 5.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 6.58 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term 0.40 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with ITPL, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2012, Imperiall Technoforge Private Limited (ITPL) is owned and managed by Mr. Samir Vaishnav and other family members. The company was taken over by the current management from State Bank of India in an auction of the manufacturing facilities of Micro Forge (India) Limited. ITPL manufactures forged and machined components. The unit is situated in Rajkot (Gujarat) and has an installed capacity of 9000 tons per annum (TPA). The commercial production was commenced in October 2013. ITPL manufactures forged and machined components, particularly crank shafts and flanges, which finds application in automobile and pipeline industry respectively. The company also operates on job work basis for forging players located nearby in Rajkot. INDUS MEGA: ICRA Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating of Indus Mega Food Park Pvt. Ltd. (IMFPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with IMFPL. ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Indus Mega Food Park Private Limited (IMFPL) is a special purpose vehicle incorporated as a Mega Food Park in November 2011 under Ministry of Food Processing Industry's (MoFPI) Mega Food Park scheme in Madhya Pradesh. The company is being promoted by Ananda group, Vasistha group, and ARGM group who have been involved in the food processing industries. The company received final approval for the execution of said project in August 2012. ISHIKA PACKAGING: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ishika Packaging Private Limited (IPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.46 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 5, 2024, placed the rating(s) of IPPL under the 'issuer non-cooperating' category as IPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IPPL 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: Stable Incorporated on November 27, 2015, Ishika Packaging Private Limited (IPPL) was promoted by Mr. Amit Kumar Sanei and Mrs. Payal Sanei based out of West Bengal for setting up a manufacturing unit for packaging materials. The company started its commercial operations from November 2016 onwards. The company is engaged in manufacturing of corrugated paper boxes at its plant located in Burdwan district of West Bengal. IVRCL CHENGAPALLI: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of IVRCL Chengapalli Tollways Limited (ICTL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 861.90 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 21, 2024, placed the rating(s) of ICTL under the 'issuer non-cooperating' category as ICTL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ICTL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 7, 2025, May 17, 2025, May 27, 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 ICTL, incorporated in February 2010, is a special purpose vehicle (SPV) promoted by IVRCL Limited (IVRCL), through its subsidiary IVRCL Assets & Holdings Limited (IAHL), which has now been merged with IVRCL. ICTL was implementing a road project (under NHDP Phase-II programme) envisaging 4/6 laning of the road in Chengapalli–Coimbatore–Walayar of NH-47 in the state of Tamil Nadu (Total length: 54.83 km) on Design, Build, Finance, Operate and Transfer (DBFOT) toll basis for a concession period of 27 years. The project stretch is divided into two sections; from Km 102.03 to Km 144.68 of 42.64 km (Section I) and from Km 170.88 to Km 183.01 of 12.13 Kms (Section II). The project achieved provisional Commercial Operational Date (COD) on October 9, 2015 and has started collecting toll revenue from October 14, 2015. JBF INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of JBF Industries Limited (JBF) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 426.83 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1,600.00 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) has been seeking information from JBF to monitor the rating(s) vide numerous phone calls and e-mail communications dated June 30, 2025, July 10, 2025, and July 20, 2025, among others. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant of SEBI guidelines, CareEdge Ratings has reviewed the ratings on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. The rating on JBF's bank facilities continues to be denoted as CARE D, ISSUER NOT COOPERATING. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating(s). The rating reaffirmation continues to consider the ongoing delays in servicing of debt repayment obligations and non-performing asset (NPA) classification of account by lenders, as highlighted in the audit report for FY25. Analytical approach: Standalone Outlook: Not Applicable Established in 1982, JBF Industries Limited (JBF) was founded by Mr. Bhagirath Arya as a yarn texturizing company and has since then established and expanded capacities into polyester chips (textile grade, bottle grade and film grade), partially oriented yarn (POY) and polyester (BOPET) film. It also manufactures fully drawn yarn (FDY) and polyester texturized yarn (PTY). JBF also ventured into overseas markets by setting up a packaging-grade polyester chips plant, JBF RAK LLC in the emirate of Ras AI Khaimah in 2005. Further, it also commissioned a Polyester (BOPET) film plant at Bahrain in 2014 and bottle grade Polyester chips plant at Geel, Belgium in 2014. The manufacturing facilities of JBF are located in Silvassa, Vapi, UAE, Bahrain and Belgium. JBF became a public limited company in 1986 and is listed on NSE as well as BSE. The company is currently undergoing corporate insolvency resolution process. MAHAGUN INDIA: NCLAT Directs IRP to Collate Claims Against Company ------------------------------------------------------------------ The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has directed the interim resolution professional (IRP) to collate the claims against Noida-based real estate developer Mahagun. This follows a default of INR260 crore. Simultaneously, a settlement proposal has been sent to the financial creditor, ET says. ET says the NCLAT has scheduled the matter for further review on August 22. Mahagun India is a real estate builder and developer offering flats, luxurious villas, and apartments in Noida. The Delhi bench of the National Company Law Tribunal (NCLT) has admitted a petition by IDBI Trusteeship Services Ltd. to start insolvency proceedings against Mahagun (India) Pvt. Ltd. for an unpaid amount of INR2.61 billion. The tribunal has appointed Manoj Kumar Babulal Agarwal as the interim resolution professional of Mahagun to carry out the functions as per the Insolvency and Bankruptcy Code, 2016. MALANKARA PLANTATIONS: ICRA Keeps B+ Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term rating of Malankara Plantations Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Malankara Plantations Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Malankara Plantations Limited is primarily engaged in the production of tea and rubber along with the automobile division with vehicles from Tata Motors. It also trades in the two products which forms a small portion of the revenues. It has two tea estates – Karimtharuvi and Penshurst – in Elappara, Idukki district and a rubber estate in Thodupuzha, also in Idukki district (Kerala). The Company was initially registered as a joint stock company in 1910 under the name Malankara Rubber & Produce Co Limited by the founder Mr. P John. At about the same time, Mr. P John, in partnership with his brothers planted Karimkulam Tea Estate and in 1915 in partnership with Mr. G.H. Davey, Imperial Bank of India, started Karimtharuvi Tea Estates Limited. In 1943, his son Mr. P. Kurian John purchased the Penshurst estate, which was later purchased by Karimtharuvi Tea Estates Limited in 1953. Karimtharuvi Tea Estates Limited was merged with merged with Malabar Rubber & Produce Co Limited and the name was of the company was changed to Malankara Plantations Limited in 2002. The automobile division was recently started in 2013 and the company presently has two showrooms, one each in Pathanamthitta and Kottayam. MANGLAM FOODS: CARE Keeps C+ Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Manglam Foods (MF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.83 CARE C+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 26, 2024, placed the rating(s) of MF under the 'issuer non-cooperating' category as MF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 12, 2025, May 22, 2025, June 1, 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 Jabalpur (Madhya Pradesh) based Manglam Foods (MF) was formed in 2013 as a proprietorship concern by Mrs. Sapna Agrawal. Earlier MGF was mainly engaged in the processing of rice for government department on job work basis and was also engaged in trading of agricultural commodities such as rahar, urad, wheat, murgi dana etc. PANACHE EXPORTS: ICRA Withdraws D Rating on INR21cr ST Loan ----------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Panache Exports Private Limited, based on the company's status updated as Dissolved on the Ministry of Corporate Affairs (MCA) portal. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 7.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Short-term- 21.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Short-term 2.75 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Withdrawn Panache Exports Private Limited (PEPL), incorporated in 1991, is promoted by Mr. Puneet Kapur. PEPL designs and manufactures diamond-studded gold jewellery ranging from 9–22 carats. The product profile includes a variety of fine jewellery such as earrings, rings, pendants, bracelets, chains, necklaces etc. The company has two manufacturing units located at Lower Parel and Santa Cruz Electronic Exports Processing Zone (SEEPZ) in Andheri, Mumbai. From FY2016, the company has also ventured into trading of diamonds in the local markets. PEPL has a subsidiary company "House of Panache UK Ltd" located in UK from where the sales are routed to other retailers located in UK. PILETECH INFRA: Liquidation Process Case Summary ------------------------------------------------ Debtor: Piletech Infra Private Limited 106, CTS 1622, Willington Business Park, AK Road, Andheri East, Opposite Honda Showroom, Mumbai, Maharashtra, India - 400059 Liquidation Commencement Date: July 31, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: S. Gopalakrishnan 203, the Ghatkopar Neelkanth CHS, Jethabhai Lane, Ghatkopar East, Mumbai - 400077 Email: gopi63.ip@gmail.com Email: liq.piletechinfra@gmail.com Last date for submission of claims: August 30, 2025 RELIABLE SPACES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Reliable Spaces Private Limited (RSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 170.00 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 9, 2024, placed the rating(s) of RSPL under the 'issuer non-cooperating' category as RSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 25, 2025, July 5, 2025, July 15, 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 Reliable Space Private Limited [RSPL - formerly known as Reliable Informatics Park Pvt. Ltd.] is promoted by Sequeira family. During FY14, the business of Reliable Spaces Private Limited was merged into Reliable Informatics Park Pvt. Ltd.; consequent to amalgamation the name was changed in FY15 to Reliable Spaces Private Limited. The company has two commercial buildings viz. Reliable Plaza and Reliable Liberty Tower located in Navi Mumbai which are presently leased out to corporates on leave and license basis. RENU PROPTECH: NCLT Changed Claims Deadline in Insolvency Case -------------------------------------------------------------- The Honorable National Company Law Appellate Tribunal (NCLT) New Delhi Bench has vacated a stay order in the insolvency case of Renu Proptech Private Limited. The creditors of Renu Proptech were called to submit their claims with proof no later than last August 6, 2025. The Company's address is 31, Jangpura Road, Bhogal, New Delhi 110014. The NCLT ordered the commencement of a corporate insolvency resolution process of Renu Proptech on July 25, 2023. The claims deadline was initially published as August 8, 2023. The Insolvency Professional is: Gagan Gulati A-179, First Floor, Sudershan Park, New Delhi 110015 Email: advocategulati@gmail.com Email: cirp.renuproptech@gmail.com RISHI RAJ: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rishi Raj Construction (RRC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 20.00 CARE D; ISSUER NOT COOPERATING 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 August 6, 2024, placed the rating(s) of RRC under the 'issuer non-cooperating' category as RRC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RRC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 23, 2025, July 2, 2025, July 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Rishi Raj Construction (RRC) was established in 2002 as a partnership firm by Mr. Sandeep Kumar and his family members. The overall operations of the firm are currently being managed by Mr. Sandeep Kumar who is a graduate by qualification and has an overall experience of around two decades in the civil construction industry. Further, he is supported by the partners, Ms. Vandana Yadav, Mr. Suraj Singh, Ms. Vimla Devi, Mr. Chandra Pal Singh, Mr. Kaushal Kishore and Mr. Yadavendra Pratap Singh who all are graduates by qualification and have an experience of around a decade through their association with RRC. RRC is engaged in execution of civil construction projects such as construction of road and bridges mainly for National Highway Authority of India, Indian Railways, PWD (Public Welfare Department) in Uttar Pradesh and Madhya Pradesh. ROHAN OIL: CARE Lowers Rating on INR10cr LT Loan to D ----------------------------------------------------- CARE Ratings has revised the rating on certain bank facilities of Rohan Oil Industries (ROI), as: 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 and Downgraded from CARE B-; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 20, 2025, placed the rating(s) of ROI under the 'issuer non-cooperating' category as ROI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ROI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 8, 2025, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of ROI have been revised on account of non-availability of requisite information. The rating revision also considers the ongoing delays in debt servicing as recognized from lender's feedback. Analytical approach: Standalone Outlook: Not Applicable Established in 1994, Rohan Oil Industries (ROI) is based in Solapur and spearheaded by Mr. Harish Gala (Proprietor). The firm is engaged in the business of processing of Peanut at its processing facility located at Solapur, with an installed capacity of 20,000 tonnes per annum as on March 31, 2023 (increased from 15000 tonnes in FY22) and requisite machineries for decortication, screening, de-stoning, grading etc. The products offered by the entity include shelled peanuts, raw peanuts, roasted peanuts, and diced peanuts. The products are sold under the brand names Blue-Bird, Orchid, Neelkamal, Rajkamal. The firm procures the raw material i.e., groundnuts from various traders, farmers, and Agricultural Produce Market Committee (APMC) based in Solapur and further sells the processed peanuts mainly in domestic markets. The major clients of the firm include Avenue Supermarts Limited (D-Mart), Trent Hyper-market, More Retails amongst others. RUTU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rutu Enterprises (RE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 26.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 24.00 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 9, 2024, placed the rating(s) of RE under the 'issuer non-cooperating' category as RE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 25, 2025, July 5, 2025 and July 15, 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 Rutu Enterprises was established in 2011 and undertakes turnkey project services & contracts in construction of roads, laying pipelines, civil and other construction works. Furthermore, the firm has also ventured into electrical contracts and has also undertaken railway contracts. SANGHA REFRIGERATION: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Sangha Refrigeration (SR) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.22 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 9, 2024, placed the rating(s) of SR under the 'issuer non-cooperating' category as SR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 25, 2025, July 5, 2025 and July 15, 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 Sangha Refrigeration (SR) was established as a partnership firm in April 2012 and the firm is currently being managed by Mr. Hardev Singh Sangha, Mr. Harminder Singh Sangha, Mr. Jang Bahadur Sangha, and Mrs Gurdev Kaur Sangha. SRG is established with an aim to set up an integrated cold storage facility at Jalandhar, Punjab for procurement, cold storage and distribution of agricultural products such as potatoes, onion, oranges, apples, etc. The commercial operations of the firm were expected to commence from April, 2019. SANT FOODS: ICRA Keeps B Debt Rating in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-term rating for the bank facilities of Sant Foods Private Limited (SFPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SFPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sant Foods Private Limited (SFPL) was established in 2008. The company mills rice at an installed capacity of 6 tons per hour. The company has two sortex machines with the capacity of 5 tons/hour and 2 tons/hour. The company is managed by Mr. Pradeep Wadhwa. SHIVOHUM TEXTILES: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shivohum Textiles (ST) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.40 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 9, 2024, placed the rating(s) of ST under the 'issuer non-cooperating' category as ST had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ST continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 25, 2025, July 5, 2025 and July 15, 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 ST based out of Solapur, Maharashtra, is a partnership concern, promoted by Mrs. Sunayana Samandariya and Mr. Shreyas Gokul Marda, established in the year 2015. ST proposes to set up a terry towel manufacturing plant and plant was expected to commence its operations by March 2018. SHYAMALI COLD: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shyamali Cold Storage Private Limited (SCSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.71 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.25 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 SCSPL under the 'issuer non-cooperating' category as SCSPL had failed to provide information for monitoring of the rating and as agreed to in its Rating Agreement. SCSPL 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 Shyamali Cold Storage Private Limited (SCSPL) was incorporated on March 03, 2004 by Mr. Ratan Rudra, Mr. Sukhendu Rudra, Mr. Suvendu Rudra and Mrs. Shyamali Rudra. SCSPL is engaged in the business of providing cold storage facility primarily for potatoes to local farmers and traders on rental basis. The cold storage facility is located at Burdwan, West Bengal. Besides providing cold storage facility, the company also provides interest bearing advances to farmers for their agricultural activities against the bonds receipts of potato stored. The day to day operations of the company are being managed by Mr. Ratan Rudra with appropriate support from other co-directors. SMART SERVICES: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term and Short-Term ratings of Smart Services Private Limited (Formerly known as Brisk India Private Limited) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 35.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 16.37 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 10.28 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term- 25.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short Term- 3.35 [ICRA]D; ISSUER NOT COOPERATING; Non Fund Rating continues to remain under Based-Others 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Smart Services Private Limited (Formerly known as Brisk India Private Limited), ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in the year 2009, Brisk India Private Limited (erstwhile Brisk Facilities Private Limited) is involved in providing various services related to facility management, manpower and staffing solutions and security. The company offers its services across all the 35 districts of Maharashtra. BIPL earlier operated a sugar mill (2000 Tonnes Crush per Day) and a distillery unit (25 Kilo Litres per Day) under 10-year collaborative agreement (starting from Sugar Year 2013-14) with Appasaheb Nalawade Gadhinglaj Taluka Sahakari Sakhar Karkhana Limited, Harali, Kolhapur, Maharashtra. However, since FY2017 the same has been transferred to a separate company, Brisk Facilities (Sugar Division) India Limited currently rated [ICRA]B (stable). STARLITE GLOBAL: ICRA Withdraws B+ Rating on INR24cr LT Loan ------------------------------------------------------------ ICRA has withdrawn the ratings assigned to the bank facilities of Starlite Global Enterprises (India) Limited at the request of the company and in accordance with ICRA's policy on withdrawal. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities, Key Financial Indicator have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 24.00 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Withdrawn Cash Credit SGEIL is classified under the Starlite Group, headed by Mr. Ram Gopal Patwari and his sons, Mr. Sandeep, and Mr. Sanjay Patwari. The company earns revenues from the commercial project, 3-MW solar power plant and through selling of land/plot in the Hyderabad region. VIDYA SANSKAAR: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-term rating for the bank facilities of Vidya Sanskaar Educational and Charitable Trust in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.69 [ICRA]B+ (Stable) ISSUER NOT Fund Based/TL COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 0.11 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Vidya Sanskaar Educational and Charitable Trust, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Vidya Sanskaar Educational and Charitable Trust was established in the year 2009 as a public charitable trust with Mr. S.P. Muddahanume Gowda, Mr. H.B. Shyama Sundar and Mr. Purushotham Patel as the trustees. The trust currently manages three institutions namely –Vidya Sanskaar International Public School, Vidya Sanskaar Pre-University College and Vidya Sanskaar Institute of Science, Commerce and Management. VIVEKANANDA EDUCATION: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vivekananda Education Trust (Medinipur) (VET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.92 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 7, 2024, placed the rating(s) of VET under the 'issuer non-cooperating' category as VET had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VET continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 23, 2025, July 3, 2025, July 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in March 2003, Vivekananda Education Trust (VET) was promoted by Dr. Saumen Kumar Mahapatra and Mr. Joydev Maity for imparting educations from Pre-nursery to Standard 12 under the school name of "Vivekananda Mission High School" which was established in 1999 and also B. Ed. & D. El. Ed. under the college name of "Vivek Jyoti College" which was established in 2006 in the city of Medinipur, West Bengal. VET also provides spoken English classes under the name of Vivekananda Institute of Language, which was established in 2010. VET also provide hostel to students (Central Board of Secondary Education) under the name of D.N. Hostel and for students (West Bengal board of Secondary Education) under the name of Maa Sarada Hostel. ===================== N E W Z E A L A N D ===================== BRIDGE PROJECTS: Court to Hear Wind-Up Petition on Sept. 25 ----------------------------------------------------------- A petition to wind up the operations of Bridge Projects Limited will be heard before the High Court at Auckland on Sept. 25, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 27, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 IMPRESSED ASHBURTON: Creditors' Proofs of Debt Due on Sept. 3 ------------------------------------------------------------- Creditors of Impressed Ashburton 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 Aug. 6, 2025. The company's liquidators are: Gareth Russel Hoole Raymond Paul Cox Ecovis KGA Limited, Chartered Accountants Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 PACIFIC-ASIA INVESTMENT: Court to Hear Wind-Up Bid on Sept. 25 -------------------------------------------------------------- A petition to wind up the operations of Pacific-Asia Investment Management Limited will be heard before the High Court at Auckland on Sept. 25, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 27, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 SWALLOW CONSTRUCTION: Creditors' Proofs of Debt Due on Sept. 3 -------------------------------------------------------------- Creditors of Swallow 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 Aug. 6, 2025. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 VISTA GROUP: Posts NZD1.3 Million Net Loss for H1 Ended June 30 --------------------------------------------------------------- The Post reports that cinema technology company Vista Group posted a loss of NZD1.3 million in the half year to June 30, though that was a 64% improvement on the same period last year. The company said it had strong revenue growth of NZD77 million, up 11%, expanding margins, and continued momentum in client signings. According to The Post, chief executive Stuart Dickinson said the results reflected Vista's strategic focus on scaling Vista Cloud as the company expanded its efforts to accelerate growth. Demand for Vista Cloud continued to grow, "reflecting strong market appetite for our cloud solutions", Mr. Dickinson said. "With demand now exceeding our delivery capacity, we're responding decisively to prioritise our clients by scaling the capacity of our technology and delivery teams. This will accelerate client onboarding and unlock the full potential of our pipeline," The Post quotes Mr. Dickinson as saying. Multiple clients had signed up for Vista Cloud, including Odeon Cinemas Group and Village Cinemas Australia who signed to Vista Cloud's operational excellence capability, positioning the company to capitalise on a robust film slate and positive box office outlook. "We've shipped over 42 new features to clients so far this year," Mr. Dickinson said. "Our innovation continues to deliver measurable outcomes for our clients, improve operational efficiency, and enhance the movie-goer experience." Good progress was made towards more than 1,600 sites on the Vista Cloud Platform by year's end, however, a significant proportion of sites from one key client could be delayed to 2026, The Post relays. According to The Post, Nikko AM NZ equities analyst Tim O'Loan said the result was softer than expected. While Vista's full year financial results "seem to be tracking towards the bottom end of company guidance, notably from slower box office performance and headwinds from United States dollar, longer term growth prospects look solid with long-term aspirational targets upgraded on the back of customer demand", Mr. O'Loan said. The ongoing transition to Vista Cloud, which is putting demand on the business, could lead to some cost pressure in the near term to help meet that demand, he said, The Post relays. Vista has indicated it would draw on free cash flow and debt facilities to fund the transition. "But it's a good problem to have though, as it signals good value in the long-term proposition of the business," Mr. O'Loan said. Vista Group International Limited (NZX:VGL) -- https://vistagroup.co.nz/ -- provides software to the global film industry to help cinema operators, film studios and distributors manage their business. It operates in New Zealand, the United States, the United Kingdom, Mexico, Australia, Brazil, Malaysia, the Netherlands, Romania, and South Africa. Vista Group posted three consecutive annual net losses of NZD21.40 million, NZD13.90 million, and NZD1.0 million for the years ended Dec. 31, 2022, 2023 and 2024, respectively. ===================== P H I L I P P I N E S ===================== PH RESORTS: Seeks Lifeline from Parent After Suffering PHP7BB Loss ------------------------------------------------------------------ Bilyonaryo.com reports that Dennis Uy's PH Resorts Group Holdings is leaning on parent firm Udenna Corp. for survival after booking a PHP7.00-billion accounting loss in the first half of 2025 from the lapse of its option to repurchase prime Mactan property from China Banking Corp. of ultra bilyonaryo Hans Sy. According to Bilyonaryo.com, Udenna, Mr. Uy's flagship company, issued a letter of financial support last April, stating it "commits and is willing and has the ability to provide continuing support" to PHR with respect to debts to Chinabank, Landbank, Bloomberry Resorts, contractors, and other pre-operating expenses. Bilyonaryo.com relates that Udenna also pledged it "will not collect its outstanding receivables" from PHR in the next 12 months or up to April next year. Without these measures, the company admitted that "a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern." PHR saw its losses explode in the first half of 2025 after failing to buy back its prized Mactan property from Chinabank, according to Bilyonaryo.com. Bilyonaryo.com relates that the buyback option under a sale-and-leaseback deal lapsed on March 31, forcing Uy's group to strike out PHP13.65 billion worth of "Mactan properties" from its books, along with PHP8.75 billion in related debt. The mismatch triggered PHP7 billion accounting hit that dragged the first half bottom line to PHP6.75 billion in red ink, more than 13 times last year's losses. With the Mactan crown jewel gone, total assets plunged from PHP19.5B to PHP3.51B, leaving just two big-ticket holdings: the Donatela Resort & Alona properties (PHP1.49B) and the Azuela Cove property (PHP260M), Bilyonaryo.com discloses. Mr. Uy's accumulated deficit has now ballooned to PHP11.66B, while his capital deficiency stands at PHP5.83B, meaning the empire owes more than it owns, Bilyonaryo.com adds. About PH Resorts PH Resorts Group Holdings Inc. operates as a holding company. The Company, through its subsidiaries, manages and maintains tourism-related businesses which includes resort and casino projects. PH Resorts Group holdings serves customers in the Philippines. As reported in the Troubled Company Reporter-Asia Pacific on May 2, 2024, PH Resorts (PHR) Group Holdings reported losses of PHP4.213 billion in 2023, up 270 percent from PHP1.14 billion the previous year. PHR reported a net loss of PHP1.802 billion for the year ended Dec. 31, 2024. ================= S I N G A P O R E ================= CORDLIFE GROUP: Net Loss Narrows to SGD4.6MM in H1 Ended June 30 ---------------------------------------------------------------- The Business Times reports that Cordlife on Aug. 14 posted a net loss of SGD4.6 million for its first half ended Jun 30, trimming its losses from SGD12.4 million in the year-ago period. In tandem, its loss per share narrowed to SGD0.018, from SGD0.0482 previously. Revenue surged 108.8 per cent to SGD19.2 million, from SGD9.2 million in H1 2024, mainly due to the full resumption of operations in Singapore on Jan. 14, after almost nine months of suspension of its operations, the group said, BT relays. In late 2023, Ministry of Health officials found that Cordlife had been storing cord-blood samples in its tanks at suboptimal temperatures, which rendered thousands of units unusable for stem-cell transplants. The cord-blood bank's operations were suspended as a result. For H1 2025, cost of sales rose 5.8 per cent to SGD8.2 million from SGD7.8 million, BT discloses. Cordlife did not declare a dividend for the six-month period, unchanged from the year before. Also on Aug. 14, it announced the appointment of Wu Yifei as group chief financial officer (CFO), BT reports. The 46-year-old will replace Thet Hnin Yi, who resigned "to focus on personal priorities". Thet, who became CFO in January 2023, will step down from the role and all other appointments with Cordlife and its subsidiaries on Nov 14, after serving a three-month notice period, BT relates. Wu comes from biotechnology company PharmaBlock Sciences (Nanjing), where she was group CFO from June 2021 to June 2025. In her new role at Cordlife, she will be responsible for the overall management of the company's financials. BT meanwhile reports that on July 31, Cordlife received a letter of demand from persons who identified as its clients, seeking claims totalling more than SGD250,000. The letter concerned the company's lapses in handling the storage of cord-blood units, and it alleged that Cordlife had breached its service agreement contract with its clients. This brought the aggregate sum of claims received from customers to around SGD8.7 million as at Aug. 14, BT discloses. This includes refund requests and claims that are pending or threatened. According to BT, Cordlife said it cannot determine the impact of the claims on its performance for the financial year ending Dec. 31, 2025. "However, should the company be ultimately required to settle all the claims made by multiple clients in FY2025, this will likely result in a negative impact on the financial position of the group for FY2025," it added. It also said it is seeking legal advice regarding its claims, as well as "actively monitoring and attending to the claims". It added that it would take the "necessary steps" to engage claimants. Regarding its outlook, Cordlife said it is "cautiously optimistic" that its financial performance would improve, driven by the resumption of its Singapore operations, efforts at addressing issues, as well as the long-term growth potential of the cord-blood banking industry, BT relays. BT adds that Chen Xiaoling, group executive director and group chief executive officer, said: "We continue to see new business opportunities and have been investing in our sales and marketing efforts to restore customer confidence and to grow our sales pipeline back to pre-incident levels." For now, it intends to focus on growing its customer base across the countries in which it operates. "The management team is also carefully reviewing the company's cost structures with a view to improving margins and returning to profitability," BT quotes Chen as saying. The group said it has initiated several corporate recovery strategies. These include increasing marketing efforts by participating in baby fairs and expanding outreach through parenting networks to raise awareness about cord-blood banking. It held a series of town halls between Jun 23 and 25 to engage its affected customers, and has been engaging the medical community on its efforts at rectifying and improving its operational procedures, BT adds. About Cordlife Headquartered in Singapore, Cordlife Group Limited, an investment holding company, provides cord blood banking services in Singapore, Hong Kong, India, Malaysia, the Philippines, and internationally. The company operates through two segments, Banking and Diagnostics. It offers cord blood, cord lining, and cord tissue banking services, including processing and storage of stem cells; and various diagnostics services, such as newborn genetic screening, pediatric vision and ear screening, pediatric allergen test, genetic talent test, preimplantation genetic screening, endometrial receptivity test, non-invasive prenatal testing, and newborn metabolic screening. The company also provides Moms Up, a mobile app for pregnancy and parenting resources for moms and moms-to-be. In addition, it provides medical laboratory, marketing, and property investment services. As reported in the Troubled Company Reporter-Asia Pacific in late in April 2024, Cordlife's former internal auditor KPMG had submitted a disclaimer of opinion in its independent auditor's report dated April 24, stating that it had not been able to obtain "sufficient appropriate audit evidence" to provide a basis for an audit opinion on several areas. These areas included the company's compliance with laws and regulations, given Cordlife's ongoing investigations by the Ministry of Health (MOH) and the Commercial Affairs Department (CAD). KPMG also addressed uncertainties in providing an audit opinion on the subject of Cordlife's refunds and claims, after the company said it would waive all future annual fees and initiate a refund for clients affected by its recent case of damaged cord-blood units, BT related. HWEE MENE: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on July 18, 2025, to wind up the operations of Hwee Mene Building Construction Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MADRONE ENTERPRISES: Court to Hear Wind-Up Petition on Aug. 22 -------------------------------------------------------------- A petition to wind up the operations of Madrone Enterprises Limited will be heard before the High Court of Singapore on Aug. 22, 2025, at 10:00 a.m. L.K. Ang Corporate Pte Ltd and Ang Liang Kim filed the petition against the company on June 3, 2025. The Petitioner's solicitors are: PK Wong & Nair LLC 2 Shenton Way, #16-02 SGX Centre 1 Singapore 068804 PANWELD TRADING: Commences Wind-Up Proceedings ---------------------------------------------- Members of Panweld Trading Pte. Ltd. on Aug. 6, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt Seah Roh Lin c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 VENUS GROUP: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Aug. 1, 2025, to wind up the operations of Venus Group Pte. Ltd. Maybank Singapore Limited filed the petition against the company. a The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* S 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 ***