250820.mbx

250820.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, August 19, 2025, Vol. 28, No. 165 Headlines A U S T R A L I A ER INDUSTRIAL: First Creditors' Meeting Set for Aug. 22 GLOBAL SERVICES: First Creditors' Meeting Set for Aug. 20 LUCAPA DIAMOND: Second Creditors' Meeting Set for Aug. 20 MACKAY HAULAGE: First Creditors' Meeting Set for Aug. 22 MUNDELLA FOODS: Second Creditors' Meeting Set for Aug. 22 TOP SHELF: Placed Under Voluntary Administration C H I N A AIRNET TECH: Regains Compliance With Nasdaq's Listing Rule DONGFENG MOTOR: Puts 50% Stake in Dongfeng Honda Up for Sale HO WAN KWOK: Court Holds Mei Guo in Civil Contempt of Injunction H O N G K O N G HONG KONG: Property Sector Clouded by Rising Debt Repayment Risks I N D I A A.G. MOTOR: CRISIL Keeps D Debt Ratings in Not Cooperating AMARPARKASH RICE: CRISIL Keeps D Debt Ratings in Not Cooperating ANKITA AGRO: CRISIL Keeps B- Debt Ratings in Not Cooperating BALAJI RAW: CRISIL Keeps D Debt Ratings in Not Cooperating GANESH EDUCATION: CRISIL Keeps D Debt Ratings in Not Cooperating GANESH RICE: CRISIL Keeps D Debt Ratings in Not Cooperating GITA REFRACTORIES: CRISIL Keeps D Debt Ratings in Not Cooperating GODRIWALA PLASTICS: CRISIL Keeps B Debt Rating in Not Cooperating HILL TRACK: CRISIL Moves D Debt Ratings to Not Cooperating LAVASA CORP: Yogayatan Opposes Lenders Allowing Bid Revisions MAHIMA MILK: CRISIL Keeps D Debt Ratings in Not Cooperating MAXVEL REALTECH: CRISIL Keeps D Debt Ratings in Not Cooperating MERCHANT CHARITABLE: CRISIL Moves D Ratings to Not Cooperating NEW TEA: CRISIL Reaffirms B+ Rating on INR22.06cr LT Loan PATWA AUTOMOTIVE: CRISIL Keeps D Debt Ratings in Not Cooperating PRIDE COKE: CRISIL Lowers Rating on INR16cr Cash Loan to D R.K. CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating RAM KUMAR: CRISIL Keeps D Debt Ratings in Not Cooperating RAVI TEXO: CRISIL Keeps D Debt Rating in Not Cooperating Category REDHU HATCHERIES: CRISIL Keeps D Debt Ratings in Not Cooperating SA RAWTHER: CRISIL Keeps D Debt Ratings in Not Cooperating SAI LEKSHMI: CRISIL Keeps D Debt Ratings in Not Cooperating SANGA AUTOMOBILES: CRISIL Keeps D Debt Rating in Not Cooperating SATYAM ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating SK. CHAN: CRISIL Keeps D Debt Ratings in Not Cooperating Category SRIKARA PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating SUPERTECH REALTORS: NCLAT Clears Way for Insolvency Proceedings VIRCHAND NARSI: CRISIL Keeps D Debt Rating in Not Cooperating VIRGINIA DEVELOPERS: CRISIL Keeps D Rating in Not Cooperating N E W Z E A L A N D DE CAROLIS: Creditors' Proofs of Debt Due on Sept. 23 GREAT BROKER: Court to Hear Wind-Up Petition on Sept. 18 HIREMASTER: Liquidation Sparks Concerns for Event Industry HONORIS LIMITED: Creditors' Proofs of Debt Due on Sept. 11 JOTY CATERING: Creditors' Proofs of Debt Due on Sept. 11 LEASE2GO LIMITED: Court to Hear Wind-Up Petition on Sept. 18 P H I L I P P I N E S PHOENIX PETROLEUM: Sanctioned by PSE for Late Q2 Filings S I N G A P O R E BLOEM CARE: Court Enters Wind-Up Order CLEAN EATS: Commences Wind-Up Proceedings DAALINI ENGINEERING: Court to Hear Wind-Up Petition on Aug. 29 HWA GLASS: Court to Hear Wind-Up Petition on Aug. 29 MAXEON SOLAR: Annual General Meeting Set for Aug. 29 MAXEON SOLAR: To Replace EY With Marcum Asia as Auditor NSK NAKANISHI: Creditors' Proofs of Debt Due on Sept. 12 TOKENIZE XCHANGE: Placed Under Interim Judicial Management ZACK MARINE: Court to Hear Wind-Up Petition on Aug. 22 - - - - - ================= A U S T R A L I A ================= ER INDUSTRIAL: First Creditors' Meeting Set for Aug. 22 ------------------------------------------------------- A first meeting of the creditors in the proceedings of ER Industrial Pty Ltd (formerly trading as Energy Renaissance) will be held on Aug. 22, 2025 at 10:00 a.m. at Level 1, 14 Watt Street, in Newcastle, NSW and via virtual meetings. Stewart William Free and Bradd William Morelli of Jirsch Sutherland were appointed as administrators of the company on Aug. 13, 2025. GLOBAL SERVICES: First Creditors' Meeting Set for Aug. 20 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Global Services Australia Pty Ltd will be held on Aug. 20, 2025 at 12:00 p.m. at the offices of Roger and Carson, at Level 35, One International Towers, 100 Barangaroo Avenue, in Sydney, NSW. Nicarson Natkunarajah of Roger and Carson was appointed as administrator of the company on Aug. 10, 2025. LUCAPA DIAMOND: Second Creditors' Meeting Set for Aug. 20 --------------------------------------------------------- A second meeting of creditors in the proceedings of: - Lucapa Diamond Company Limited; - Brooking Diamonds Pty Ltd; - Heartland Diamonds Pty Ltd; and - Australian Natural Diamonds Pty Ltd has been set for Aug. 20, 2025, at 10:00 a.m. via virtual facilities. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 19, 2025 at 10:00 a.m. Paul Pracilio and Richard Tucker of KordaMentha were appointed as administrator of the company on May 22, 2025. MACKAY HAULAGE: First Creditors' Meeting Set for Aug. 22 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Mackay Haulage Contractors Pty Ltd will be held on Aug. 22, 2025 at 10:00 a.m. at the offices of Morton + Lee Insolvency, at Level 10, 388 Queen Street, in Brisbane, QLD. Gavin Charles Morton of Morton + Lee Insolvency was appointed as administrator of the company on Aug. 12, 2025. MUNDELLA FOODS: Second Creditors' Meeting Set for Aug. 22 --------------------------------------------------------- A second meeting of creditors in the proceedings of Mundella Foods Pty Ltd, The Margaret River Dairy Company Pty Ltd, and The Cheeky Cow (Wa) Pty Ltd (formerly trading as 'the Cheeky Cow Dairy') has been set for Aug. 22, 2025, at 11:00 a.m. via teleconference facilities. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 21, 2025 at 5:00 p.m. Andrew Quinn, Shaun Fernando & Mathieu Tribut of Mackay Goodwin were appointed as administrators of the company on June 3, 2025. TOP SHELF: Placed Under Voluntary Administration ------------------------------------------------ Top Shelf International Holdings Limited has been placed under voluntary administration. Rob Smith and Matthew Hutton of McGrathNicol were appointed as joint and several administrators of Top Shelf International Holdings Limited and its wholly owned subsidiaries (TSI Group) on Aug. 18, 2025. "Control of the TSI Group now rests with the Administrators who intend to continue to trade on a business as usual basis while options for a going concern sale or recapitalization are explored," McGrathNicol said in a statement. The company's shares are expected to remain suspended from trading until further notice. The Administrators intend to commence a sale and recapitalisation process for the TSI Group. Interested parties are encouraged to contact James Millar from McGrathNicol at topshelf-sale@mcgrathnicol.com or on +61 3 9278 1016. Headquartered in Campbellfield, Australia, Top Shelf International (ASX:TSI) -- https://www.topshelfgroup.com.au/ -- engages in the production, marketing, and selling of NED Australian Whisky and Grainshaker Hand Made Vodka spirit products in Australia. It also provides canning, bottling, and contract packaging services to third party beverage manufacturers; and produces Australian agave spirit. ========= C H I N A ========= AIRNET TECH: Regains Compliance With Nasdaq's Listing Rule ---------------------------------------------------------- AirNet Technology Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a written notification from the Nasdaq Stock Market LLC notifying the Company that it has regained compliance with Nasdaq Listing Rule 5550(b), which requires the Company to meet at least one of the following standards: (1) stockholders' equity of at least $2.5 million; (2) market value of listed securities of at least $35 million; or (3) net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years. The Company was previously notified by Nasdaq on May 13, 2025 that it did not comply with the minimum continued listing requirements set forth under Nasdaq Listing Rule 5550(b). On August 5, 2025, Nasdaq made the compliance determination based on the fact that for the 10 consecutive business days, from July 22 through August 4, 2025, the Company's market value of listed securities has been $35,000,000 or greater and, therefore, this matter is now closed. About AirNet Technology AirNet Technology Inc. was incorporated in the Cayman Islands on April 12, 2007. AirNet, its subsidiaries, through its variable interest entities and the VIEs' subsidiaries, operate its out-of-home advertising network, primarily air travel advertising network, in the People's Republic of China. The Company also conducts cryptocurrencies mining business operations by its Hong Kong subsidiary, Blockchain Dynamics Limited. Singapore-based Assentsure PAC, the Company's auditor since 2025, issued a "going concern" qualification in its report dated May 2, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a history of operating losses and negative operating cash flows and has negative working capital of approximately US$52.6 million as of December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Historically, the Company has relied principally on both operational sources of cash and non-operational sources of equity and debt financing to fund its operations and business development. The Company's ability to continue as a going concern depends on management's ability to successfully execute its business plan which includes increasing the utilization rate of existing staffs and potential financing from public market or private placement. However, there is no assurance that the measures can be achieved as planned. DONGFENG MOTOR: Puts 50% Stake in Dongfeng Honda Up for Sale ------------------------------------------------------------ Reuters reports that Dongfeng Motor has put its 50% stake in Dongfeng Honda Engine Company up for sale, according to a stock exchange filing on the Guangdong United Assets and Equity Exchange on Aug. 18. A reserve price has yet to be set, Reuters relates. The company's assets were valued at CNY5.4 billion ($752.15 million) last year, while its debts totaled CNY3.3 billion, Reuters discloses citing audited results included in the filing. It reported a loss of CNY227.8 million in 2024. The listing deadline is Sept. 12. Dongfeng Motor Group Co Ltd is a China-based company mainly engaged in automobile-related businesses. HO WAN KWOK: Court Holds Mei Guo in Civil Contempt of Injunction ---------------------------------------------------------------- Judge Julie A. Manning of the United States Bankruptcy Court for the District of Connecticut holds Mei Guo in civil contempt of the consented to in part preliminary injunction in the adversary proceeding captioned as LUC A. DESPINS, CHAPTER 11 TRUSTEE FOR THE ESTATE OF HO WAN KWOK, Plaintiff, v. MEI GUO, Defendant, Adv. P. No. 23-05008 (Bankr. D. Conn.). On May 16, 2023, the Trustee filed the Complaint initiating this adversary proceeding. The Complaint states four claims for relief against Ms. Guo: (i) The first claim seeks declaratory judgment that (i) pursuant to section 541(a) of title 11 of the United States Code, a Bombardier Global XRS private jet with serial number 9189, formerly indirectly owned by Ms. Guo, was property of the estate because it was beneficially owned by the Individual Debtor as of the filing of his bankruptcy petition and at the time of its post-petition sale; and (ii) pursuant to section 541(a)(6) the proceeds of the sale of the Bombardier are property of the estate. On these bases, pursuant to sections 542 and 544 of the Bankruptcy Code, the first claim seeks turnover of the Bombardier Proceeds to the estate via delivery to the Trustee. (ii) The second claim seeks, in the alternative to the first claim and pursuant to sections 549 and 550 of the Bankruptcy Code, avoidance of a postpetition transfer of the Bombardier Proceeds from the Individual Debtor to Ms. Guo and recovery of the value thereof from Ms. Guo. (iii) The third claim seeks, in the alternative to the first and second claims and pursuant to sections 544 and 550 of the Bankruptcy Code and former section 276 of the New York Debtor and Creditor Law (repealed effective April 4, 2020), the value of Anton Development Limited, a former owner of the Bombardier, at the time of its transfer from Mr. Han Chunguang to Ms. Guo on the basis of fraudulent transfer and recovery thereof from Ms. Guo. (iv) The fourth claim seeks declaratory judgment that pursuant to section 541(a) of the Bankruptcy Code, several British Virgin Islands entities owned by Ms. Guo, namely, Whitecroft Shore Limited, Allied Capital Global Limited, Creative Apex Investments Limited, Crystal Breeze Investments Limited, Elite Well Global Limited, Globalist International Limited, Infinite Increase Limited, Infinitum Developments Limited, Noble Fame Global Limited, and Rosy Acme Ventures Limited are beneficially owned by the Individual Debtor. On this basis, pursuant to sections 542 and 544 of the Bankruptcy Code, the fourth claim seeks turnover of the BVI Entities to the estate via delivery to the Trustee. The Court has entered partial summary judgment against Ms. Guo, (i) ruling the Individual Debtor beneficially owned the Bombardier and Whitecroft and, hence, the Bombardier Proceeds and Whitecroft are property of his bankruptcy estate which must be delivered to the Trustee; and (ii) narrowing the issues for trial on the third claim and remainder of the fourth claim. The United States District Court for the District of Connecticut has affirmed this decision as it relates to the first and fourth claims. The District Court decision is presently on appeal at the United States Court of Appeals for the Second Circuit. On Dec. 21, 2023, the Court entered the Preliminary Injunction. At the time of its entry, Ms. Guo consented to its terms other than the requirement -- not at issue presently -- that certain funds held overseas be transferred to an escrow agent in the United States. On Dec. 20, 2024, the Trustee filed the Contempt Motion. On Jan. 3, 2025, the Court issued an order for Ms. Guo to appear and show cause why she should not be held in contempt of court. On Jan. 16, 2025, Ms. Guo filed an objection to the Contempt Motion. The Trustee argues the Preliminary Injunction clearly and unambiguously requires Ms. Guo to seek his consent or a Court order before dissipating any assets, including assets acquired after the entry of the Preliminary Injunction. Ms. Guo argues the Preliminary Injunction is ambiguous and unclear as to whether it applies to after acquired assets and whether there is an exception for personal expenses. The Court agrees with the Trustee. The Trustee also argues Ms. Guo did not comply with the Preliminary Injunction. Ms. Guo asserts it would be impossible for her to comply because compliance would prevent her from paying necessary personal expenses. The Court agrees with the Trustee. The factual record introduced during the evidentiary hearing makes clear Ms. Guo transferred assets -- both those she held at the time the Preliminary Injunction entered and those she afterwards acquired -- to pay certain expenses -- both personal in nature and not, including gratuities for, e.g., the Individual Debtor's criminal defense counsel -- without the Trustee's consent or further order of the Court. The Court finds the Trustee has established by clear and convincing evidence that Ms. Guo did not comply with the Preliminary Injunction. The Trustee further argues Ms. Guo has not even attempted to comply with the Preliminary Injunction. The Trustee observes Ms. Guo has not, as required by the Preliminary Injunction, sought his consent to her expenditures or sought further order from the Court. Ms. Guo objects to the Trustee's assertion and argues that she complied with the terms she reasonably believed were contained in the Preliminary Injunction. The Court agrees with the Trustee. According to the Court, Ms. Guo maintained an expensive and luxurious lifestyle. She paid excessive gratuities to third parties. Ms. Guo also testified she financed her lifestyle based on hundreds of thousands of dollars in unsolicited gifts from family, friends, and friends of family or friends. The Court concludes the Trustee has established by clear and convincing evidence that Ms. Guo did not reasonably attempt to comply in a diligent manner. She did not attempt to comply at all and ignored the terms of an injunction to which she consented to be bound. There is nothing reasonable about the amounts and modes of her dissipation of assets. Ms. Guo also testified that she never attempted to obtain the Trustee's consent or a further order of the Court as provided in the Preliminary Injunction. This failure demonstrates a lack of diligence, the Court concludes. The Court finds the Trustee has established all elements of civil contempt. Accordingly, the Court cites Ms. Guo for civil contempt of court. Ms. Guo is sanctioned and must pay the Trustee's reasonable attorneys' fees and costs incurred in bringing and prosecuting the Contempt Motion, the reasonableness and amount of which will be determined by the Court. The Trustee's other requests for sanctions are denied without prejudice to the Trustee filing a motion for such relief, including without limitation a motion for the disclosure of assets. As provided in the Preliminary Injunction, Ms. Guo and the Trustee must meet and confer on an agreement or consent order to resolve their various concerns, including Ms. Guo's concerns about her ability to pay personal expenses and the Trustee's concerns about asset dissipation. Failure by Ms. Guo to meet and confer in good faith may result in further sanctions, including without limitation additional attorneys' fees and costs incurred by the Trustee in attempting to reach an agreement. A copy of the Court's Memorandum of Decision and Order dated July 31, 2025, is available at https://urlcurt.com/u?l=9hVqK3 from PacerMonitor.com. Counsel for Ms. Mei Guo: Eric A. Henzy, Esq. James M. Moriarty, Esq. ZEISLER & ZEISLER, P.C. 10 Middle Street, 15th Floor Bridgeport, CT 06604 Email: ehenzy@zeislaw.com jmoriarty@zeislaw.com About Ho Wan Kwok Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge Julie A. Manning oversees the case. Dylan Kletter, Esq., is the Debtor's legal counsel. Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman. According to Reuters, Guo was a former real estate magnate who fled China for the U.S. in 2014 ahead of corruption charges. Guo filed for bankruptcy after a New York court ordered him to pay lender Pacific Alliance Asia Opportunity Fund $254 million stemming from a contract dispute. PAX had initially loaned two of Guo's companies $100 million in 2008 for a construction project in Beijing and sued Guo when he failed to pay off the loan. An Official Committee of Unsecured Creditors has been appointed in the case and is represented by Pullman & Comley, LLC. Luc A. Despins was appointed Chapter 11 Trustee in the case. ================= H O N G K O N G ================= HONG KONG: Property Sector Clouded by Rising Debt Repayment Risks ----------------------------------------------------------------- Reuters reports that Hong Kong's debt-laden developers and their creditors are set to face intensifying financial pressure as bond maturities are slated to jump by nearly 70% next year amid falling sales and valuations for the city's economically crucial property sector. Road King last week became the first city-based developer to default on bond coupons since China's property debt crisis began in 2021, following the first loan default by listed peer Emperor International earlier this year, Reuters notes. Slim prospects for a revival in the commercial property sector in the near term and fewer sources of raising fresh capital mean more developers would struggle to meet repayment obligations in Hong Kong, analysts said. According to Reuters, property and its related sectors account for roughly a quarter of Hong Kong's GDP, and the industry's rising non-repayments will not only weigh on its economic prospects but also cast a cloud over creditors, including HSBC with sizeable exposure to developers in the Asian financial hub. Local property developers' bond maturities will climb to $7.1 billion in 2026 from $4.2 billion this year, according to LSEG data and Reuters calculations. According to Reuters, S&P Global Ratings analyst Edward Chan said that he would not rule out the possibility of more small-sized developers defaulting in the next 12-24 months because banks are cutting their loan exposure to them. "It will be at a point where there is actually no chance for them to repay such loans," Reuters quotes Mr. Chan as saying. Developers, which hold mainly office and retail assets, are under huge pressure due to the challenge to sell assets to raise cash in those two segments that have seen valuations drop more than 50% from 2019 peaks and with no recovery in sight, he said. More fire sales, on the other hand, would further depress the valuations and affect the overall industry, including cash-rich developers, analysts said. Among the cash-strapped debt issuers, New World Development, one of Hong Kong's top four developers, will face bond repayment obligations of $168 million next year and of another $630 million in 2027, while Lai Sun Development will have $524 million due next year, Reuters notes. New World, seen as one of the biggest risks to the city's financial and property markets due to its HK$180 billion ($23 billion) borrowings, averted default by sealing a $11.2 billion debt refinancing deal in June, recalls Reuters. The majority of Hong Kong developers' debt comes from bank borrowings, Reuters says. In a sign of the growing bad loans in the sector, Hang Seng Bank took a hefty HK$2.5 billion charge on Hong Kong commercial real estate in the first six months of this year - up 224% from a year ago, Reuters notes. Its parent HSBC updated its internal model that resulted in its Hong Kong commercial real estate loans with significant credit risk, but those that had not yet defaulted, tripling to $18.1 billion at end June this year. HSBC said the classification of problematic loans that saw a big rise was not an absolute indicator of credit quality, and that it was common for external events and market conditions to lead to increases in that classification without resulting in actual defaults, adds Reuters. ========= I N D I A ========= A.G. MOTOR: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of A.G. Motor (AGM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.75 CRISIL D (Issuer Not Cooperating) Standby Line of Credit 0.75 CRISIL D (Issuer Not Cooperating) Term Loan 2.70 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AGM for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AGM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AGM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AGM continues to be 'Crisil D Issuer not cooperating'. AGM was established in 2009 as a proprietorship firm by Mr Mohan Singh Guleria. The firm is an authorised dealer in all two wheelers of Honda for Mandi. It has one 3S (sales-service-spares) showroom in the district. AMARPARKASH RICE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Amarparkash Rice Exports Private Limited (AREPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL D (Issuer Not Cooperating) Term Loan 9.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AREPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AREPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AREPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AREPL continues to be 'Crisil D Issuer not cooperating'. Punjab-based AREPL, incorporated in 2013, is promoted by Mr Rupinder Pal and Mr Narinder Kumar. ANKITA AGRO: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Ankita Agro and Food Processing Private Limited (AAFL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.49 CRISIL B-/Stable (Issuer Not Cooperating) Term Loan 6.51 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AAFL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AAFL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AAFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AAFL continues to be 'Crisil B-/Stable Issuer not cooperating'. AAFL, a private limited company, was incorporated in 2005 and is promoted by Mr. Rajesh Kumar Jain. The company has set up a manufacturing facility to manufacture oats in Neemrana (Rajasthan) which are used as breakfast meals. BALAJI RAW: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Balaji Raw And Parboiled Rice Mills Private Limited (SBRPRM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Bank Guarantee 3 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Warehouse Financing 15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SBRPRM for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SBRPRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBRPRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SBRPRM continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in June 2013 by Mr. Viswanadham and his family, SBRPRM mills and processes paddy into rice; it also generates by-products, such as broken rice, bran, and husk. The mill is in Vijayawada. GANESH EDUCATION: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Ganesh Education and Welfare Society (SGEWS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 2.75 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.26 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 0.1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.97 CRISIL D (Issuer Not Cooperating) Term Loan 2.44 CRISIL D (Issuer Not Cooperating) Term Loan 6.12 CRISIL D (Issuer Not Cooperating) Term Loan 0.93 CRISIL D (Issuer Not Cooperating) Working Capital 0.17 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with SGEW for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SGEW, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGEW is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGEW continues to be 'Crisil D Issuer not cooperating'. SGEW, set up in 2011 at Saharanpur (Uttar Pradesh), provides educational services through its Dev Rishi Institute and Dev Rishi International College. Mr Dinesh Kumar (president), Ms Soniya (secretary), Mr Om Singh (treasurer) are the promoters GANESH RICE: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ganesh Rice Mills (Partnership) (GRM; part of the Josan group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5.16 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.34 CRISIL D (Issuer Not Cooperating) Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GRM for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GRM continues to be 'Crisil D Issuer not cooperating'. JFPL, set up in 2000 by Mr. Hukam Chand Josan and Mr. Sher Chand Josan in Ferozepur (Punjab), mills and shells rice.GRM, set up in 2010, mills rice. Currently, the firm is managed by its partners, Mr. Sarvjeet Josan and Mr. Pushpinder Singh.The Josan group has combined milling and sorting capacities of 14 tonnes per hour (tph) and 10 tph, respectively. GITA REFRACTORIES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gita Refractories Private Limited (GRPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.1 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.1 CRISIL D (Issuer Not Bill Discounting Cooperating) Long Term Loan 0.54 CRISIL D (Issuer Not Cooperating) Proposed Working 3.26 CRISIL D (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with GRPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GRPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. GRPL incorporated in 1988 is part of the Gilada Group, promoted by Mr. Rajgopal Gilada. The company is engaged in manufacturing of refractory material. Its product line includes High Alumina Bricks, Magnesia Carbon Bricks, Magnesite, Mag-chrome Bricks, Chrome-Mag Bricks, Chromite Bricks, along with Monolithics consisting of Conventional, LC/ULC Castables and Ramming, Felting, Gunning and Spraying mixes. GODRIWALA PLASTICS: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Godriwala Plastics Private Limited (GPPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GPPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GPPL continues to be 'Crisil B/Stable Issuer not cooperating'. GPPL, incorporated in 2000, manufactures moulded plastic furniture and household items. The company is promoted by Mr Suresh Thourani and Mr Murlidhar Thourani and is located in Raipur (Chhattisgarh). HILL TRACK: CRISIL Moves D Debt Ratings to Not Cooperating ---------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Hill Track Constructions Private Limited (HITCPL) to 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 2.3 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Overdraft Facility 6 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Overdraft Facility 4 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Overdraft Facility 3.5 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Overdraft Facility 4.7 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with HITCPL for obtaining information through letter and email dated August 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HITCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HITCPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of HITCPL to 'Crisil D Issuer not cooperating'. HCPL, established in June 2001 at Wayanad (Kerala) and promoted by Mr P A Devasia, undertakes contracts for civil construction work for buildings such as hostels, colleges, shopping malls, and offices. LAVASA CORP: Yogayatan Opposes Lenders Allowing Bid Revisions ------------------------------------------------------------- The Economic Times reports that Mumbai-based Yogayatan Group has filed a petition in the National Company Law Tribunal (NCLT) opposing creditors' move to allow revised resolution plans for taking over the debt-laden Lavasa Corp after Yogayatan emerged as the highest bidder. ET relates that the company fears that Valor Estates' increased bid after the initial offers were opened could compromise the integrity and timeline of the CIRP process. About Lavasa Corporation Lavasa Corporation Limited develops and manages a hill city in India. Its portfolio includes R&D and training centers, IT and biotech industry, KPOs and those related to art, fashion, and animation companies; hospitality, tourism, health, education, and IT and ITES industries; lakeside apartments, villas, rental housing, and retiree housing; and studio apartments, starter homes, and workforce apartments. Lavasa is a subsidiary of construction major Hindustan Construction Company (HCC) and entered insolvency proceedings at the National Company Law Tribunal, Mumbai, in August 2018. As reported in the Troubled Company Reporter-Asia Pacific in late July 2023, the National Company Law Tribunal approved a INR1,814 crore resolution plan for the private hill station Lavasa, nearly five years after the initiation of the insolvency resolution process. MAHIMA MILK: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shiv Mahima Milk Products Private Limited (SMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Long Term Loan 6.6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SMPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMPL continues to be 'Crisil D Issuer not cooperating'. SMPL was incorporated in 2013, promoted by the Mittal family. The Jaipur-based company has set up a wheat-processing unit with a grinding capacity of 63,000 tpa at Shahapur to manufacture maida, wheat, and bran. The key promoter, Mr Bharat Mittal manages operations along with his wife, Ms Mukta Mittal. MAXVEL REALTECH: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maxvel Realtech Private Limited (MRPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 6 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 14 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MRPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MRPL continues to be 'Crisil D Issuer not cooperating'. MRPL, formerly known as Sanjay Cements Pvt Ltd, was incorporated in 1989, promoted by Mr Rajinder Khurana, Mr Rajender Saluja, Mr Siddharth Agarwal, and Mr Amarjeet Singh. The company had not undertaken any activity until October 2013. It is engaged in real estate development. MERCHANT CHARITABLE: CRISIL Moves D Ratings to Not Cooperating -------------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of Merchant Charitable Trust (MCT) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Overdraft Facility 10.5 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 7 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with MCT for obtaining information through letter and email dated July 14, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MCT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MCT is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of MCT to 'Crisil D/Crisil D Issuer not cooperating'. Set up in 1996, MCT operates 10 colleges on two of its campuses, one at Mehsana and the other at Visnagar, both in Gujarat. The colleges offer various courses in the medical, engineering and technology streams. NEW TEA: CRISIL Reaffirms B+ Rating on INR22.06cr LT Loan --------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long term bank facilities of New Tea Exports Private Limited (NTEPL; part of the New Tea group). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 22.06 CRISIL B+/Stable (Reaffirmed) Credit The rating reflects exposure to risks posed by volatility in prices and seasonality in tea production, and the working capital-intensive operations. These weaknesses are partially offset by the extensive experience of the promoters and the moderate financial risk profile of the New Tea group. Analytical Approach Crisil Ratings has combined the business and financial risk profile of New Tea Company Limited (NTCL) and NTEPL. As NTCL & NTEPL has significant business, financial and managerial linkages. Key Rating Drivers & Detailed Description Weaknesses: * Exposure to volatility in prices and seasonality in tea production: Operating margin has remained volatile over the years, due to fluctuations in input costs along with retrospective wage hike announced by the Government of West Bengal, which increased the labor costs in for NTCL and for NTEPL with shift to other export markets through indirect exports, the company incurred additional commission costs which impacted the margins in FY25. This is compounded by sizeable inventory, which makes the group vulnerable to any downward revision in tea prices. * Working capital intensive operations: Gross current assets (GCAs) have been high, ranging from 190 to 250 days over the three fiscals ending March 31, 2025 on group basis. GCAs is estimated to be around 242 days as on March 31, 2025, on group basis arising from the sizeable inventory and receivables as the group extends a long credit period to its customers. Also, given the nature of business, it holds large work-in-process and finished goods inventory. Strengths: * Extensive experience of the promoters: The five-decade-long experience of the promoters in the tea industry, their strong understanding of market dynamics and established relationships with suppliers and customers will continue to support the business risk profile. * Moderate financial risk profile: Capital structure is estimated to be marked by moderate gearing and total outside liabilities to adjusted networth ratios of ~1.7 times and ~1.9 times, respectively, as on March 31, 2025, and will continue to be aided by moderate reliance on external debt. Debt protection measures of the group also remained average due to moderate profitability. Interest coverage and net cash accrual to total debt ratios stood at ~1.4 times and 0.05 time, respectively, for fiscal 2025 on group basis. The group's financial profile is expected to improve over the medium term. Liquidity: Stretched Average bank limit utilisation of the group remained over 90% in the last 12 months ended May'25. Expected net cash accrual of ~Rs 4-5 crore against nil term debt obligation over the medium term. The current ratio is estimated to be moderate at 1.3 times on March 31, 2025. The promoters are likely to extend support by infusing further unsecured loans to cover the working capital requirement and debt obligation as and when required. Outlook: Stable Crisil Ratings believes the New Tea group will continue to benefit from the extensive experience of its promoters in the tea industry and their established relationships with clients. Rating sensitivity factors Upward factors * Significant growth in revenue and profitability, leading to cash accrual above Rs 5 crore on group basis. * Improvement in the debt protection metrics, aiding the financial risk profile Downward factors * Decline in revenue more than 20% and profitability, leading to cash accrual lower than previous expectations * Sizeable repayment of unsecured loans received from the promoters, weakening liquidity About the Group The Kolkata-based New Tea group has been promoted by Mr Roshan Lal Agarwal, along with his five brothers and other family members. The group is engaged in growing, processing, packing, trading and export of crush, tear, curl (CTC) tea. The flagship company (NTCL) was incorporated in 1936 and taken over by the current promoters in 1976. PATWA AUTOMOTIVE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Patwa Automotive Private Limited (PAPL; part of the Patwa Marketing group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.29 CRISIL D (Issuer Not Cooperating) Cash Credit 31.71 CRISIL D (Issuer Not Cooperating) Inventory Funding 9.00 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with PAPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PAPL continues to be 'Crisil D Issuer not cooperating'. PARPL and PAPL were set up in 1989 and 2007, respectively, by Mr Surendra Patwa, a Madhya Pradesh-based businessman. The group is an authorised dealer of passenger vehicles and light commercial vehicles of M&M in Madhya Pradesh. The companies are managed by Mr Anil Sharma (CEO) with support from professionals. The group also distributes polymer products. PRIDE COKE: CRISIL Lowers Rating on INR16cr Cash Loan to D ---------------------------------------------------------- Crisil Ratings has downgraded its rating on Pride Coke Private Limited (PCPL) to 'Crisil D Issuer Not Cooperating' from 'Crisil B-/Stable Issuer Not Cooperating.' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 16 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B-/Stable ISSUER NOT COOPERATING') Term Loan 4.14 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with PCPL for obtaining information through letter and email dated January 8, 2025, among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the best available information, Crisil Ratings has downgraded its rating to 'Crisil D Issuer Not Cooperating' from 'Crisil B-/Stable Issuer Not Cooperating' as PCPL has defaulted in the repayment of loans to banks or other borrowings from any lender as per information in the public domain. Incorporated in 2004 and promoted by Mr Kamal Harlalka, PCPL commenced operations in 2005 and manufactures low-ash metallurgical coke and coke breeze at its unit in Guwahati. It also set up a parboiled rice processing unit in 2017. R.K. CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R.K. Constructions - Parbhani (RKC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Proposed Cash Credit Limit 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RKC for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RKC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RKC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RKC continues to be 'Crisil D/Crisil D Issuer not cooperating'. RKC was established as a partnership firm in 2000, by Mr Shaikh Nazir and Mrs Sheela R Pawar. The firm executes government contracts for civil construction work, related to road, bridges, and buildings. RAM KUMAR: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ram Kumar Narwani (RKN) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RKN for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RKN, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RKN is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RKN continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 2001, RKN is a partnership firm that constructs roads and minor bridges for various government departments in Madhya Pradesh. The firm is owned and managed by Mr. Ram Kumar Narwani and family. RAVI TEXO: CRISIL Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Ravi Texo Fab Private Limited (RTFPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RTFPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RTFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RTFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RTFPL continues to be 'Crisil D Issuer not cooperating'. RTFPL, incorporated in November 1994 at Panipat, Haryana, trades in all types of yarn, fabrics, and handloom goods. The company is managed by Mr Vaibhav Khurana. REDHU HATCHERIES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Rating said the ratings on bank facilities of Redhu Hatcheries Private Limited (RHPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.14 CRISIL D (Issuer Not Cooperating) Funded Interest 7.17 CRISIL D (Issuer Not Term Loan Cooperating) Term Loan 5.03 CRISIL D (Issuer Not Cooperating) Working Capital 18.66 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with RHPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RHPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1992 by Mr Baljeet Singh and his brother Mr Mohinder Singh, RHPL undertakes poultry farming. It sells day-old chicks and eggs. The hatchery units and broiler farms are based out of Jind (Haryana). SA RAWTHER: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SA Rawther Spices Private Limited (SASPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Purchase 0.25 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 70 CRISIL D (Issuer Not Cooperating) Packing Credit 85 CRISIL D (Issuer Not Cooperating) Post Shipment 120 CRISIL D (Issuer Not Credit Cooperating) Term Loan 24.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SASPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SASPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SASPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SASPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Promoted by Mr. Syed Mohammed Rawther, SASPL has been processing and exporting spices (black pepper, cardamom, chilly, and dry ginger) and coffee since 1985. Facilities are in Gorur, Karnataka; and Hindupur, Andhra Pradesh. SAI LEKSHMI: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sai Lekshmi Foods (SLF) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 CRISIL D (Issuer Not Cooperating) Foreign Bill 1 CRISIL D (Issuer Not Purchase Cooperating) Packing Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SLF for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SLF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SLF continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up as a proprietorship firm in 1996, SLF processes raw cashew nuts and sells cashew kernels. SLF operates seven facilities in Kollam (Kerala) with combined processing capacity of around 10 tonnes per day. Its operations are managed by proprietor Mr. N Krishnan Kutty. SANGA AUTOMOBILES: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sanga Automobiles Private Limited (SAPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Funding Facility 4.8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAPL continues to be 'Crisil D Issuer not cooperating'. SAPL was set up in 2004, by the promoter, Mr Aminuddin Kagzi. The Jaipur ((Rajasthan)-based company is an authorised dealer of vehicles manufactured by Maruti Suzuki India Ltd (MSIL. The company has two showrooms and three workshops in Jaipur. SATYAM ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Satyam Ispat (North East) Limited (SINEL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Cash Credit 16.5 CRISIL D (Issuer Not Cooperating) Cash Credit 4.4 CRISIL D (Issuer Not Cooperating) Letter of Credit 9.5 CRISIL D (Issuer Not Cooperating) Proposed Term Loan 9.2 CRISIL D (Issuer Not Cooperating) Working Capital 8.8 CRISIL D (Issuer Not Term Loan Cooperating) Working Capital 5.1 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with SINEL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SINEL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SINEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SINEL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SINEL, incorporated in 2005, is a part of Satyam Group of Industries. It commenced commercial operations in April 2007, and manufactures TMT bars and mild steel billets, which it sells under Satyam Super TMT brand. The company has a semi-integrated plant in Assam, with capacity to manufacture TMT and mild steel billets. SK. CHAN: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings the ratings on bank facilities of SK. Chan Basha and Co (SCB) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 8.25 CRISIL D (Issuer Not under Letter Cooperating) of Credit Cash Credit 5.00 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCB for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SCB continues to be 'Crisil D/Crisil D Issuer not cooperating'. SCB, set up in 2009, trades in shrimp. The firm is promoted by Mr. SK Chan Basha and his family members. SRIKARA PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Srikara Packaging Private Limited (SPPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Long Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SPPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPPL continues to be 'Crisil D Issuer not cooperating'. Set up in 2012, SPPL is engaged in manufacturing of polypropylene non-woven fabric. The firm is based out of Madurai (Tamil Nadu) and is promoted by Mr. V. Vairamuthu and his family members. SUPERTECH REALTORS: NCLAT Clears Way for Insolvency Proceedings --------------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has cleared the way for insolvency proceedings against Supertech Realtors, the developer of the Supernova project, which comprises residential apartments, offices, retail space, and a luxury hotel. ET relates that the Insolvency and Bankruptcy Appellate Tribunal has upheld the previous order passed by the Delhi bench of the National Company Law Tribunal (NCLT), which had, on June 12, 2024, directed the initiation of the Corporate Insolvency Resolution Process (CIRP) over a petition filed by Bank of Maharashtra, claiming default. A two-member NCLAT bench said the revised proposal submitted by its promoter, Ram Kishore Arora, for settlement has not been accepted by the Consortium of Banks. "We are of the view that the present is a case where the resolution of the Corporate Debtor (Supertech Realtors) has to be undertaken as per the I&B Code and CIRP Regulations, 2016, in accordance with law. We, thus, upheld the order of the Adjudicating Authority (NCLT) admitting the Section 7 application and dismissing the appeal," said NCLAT, ET relays. According to ET, the appellate tribunal also gave a go-ahead to the interim resolution professional appointed by NCLT to constitute the CoC (Committee of Creditors) and proceed with the CIRP in accordance with the law. Supertech Realtors is a subsidiary of realty firm Supertech, which is also facing insolvency proceedings along with some other group companies. Supertech Realtors is developing the Supernova project at a cost of INR2,326.14 crore on a land measuring 70,002 square metres at Sector 94, Noida. As per the plans, the Supernova project will have 80 floors and will be the tallest building in Delhi-NCR at a height of 300 metres. Earlier, the NCLAT had put the process of constitution of the lender body CoC on hold on July 3, 2024, over Arora's plea, ET recalls. He had not raised any dispute. Supertech Ltd is a Noida-based property developer. As reported in the Troubled Company Reporter-Asia Pacific, insolvency proceedings have been initiated against Supertech Ltd after a National Company Law Tribunal (NCLT) bench on March 25, 2023, admitted a petition filed by Union Bank of India for non-payment of dues by the company. An interim resolution professional (IRP) has also been appointed for Supertech, superseding the company's board. VIRCHAND NARSI: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Virchand Narsi Cotton Private Limited (VNCPL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 26.5 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with VNCPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VNCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VNCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VNCPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2002, VNCPL is engaged in ginning and pressing of raw cotton and crushing of cotton seeds. Company is promoted by Mr. Kumarpal Dand and his family. VIRGINIA DEVELOPERS: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Virginia Developers Private Limited (VDPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Lease Rental 220 CRISIL D (Issuer Not Discounting Loan Cooperating) Crisil Ratings has been consistently following up with VDPL for obtaining information through letter and email dated July 15, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VDPL continues to be 'Crisil D Issuer not cooperating'. VDPL, promoted by Ms. Banu Ramaswamy owns and operates the Virginia mall in Whitefield, Bengaluru. Operations are managed by the promoters along with a professional team. ===================== N E W Z E A L A N D ===================== DE CAROLIS: Creditors' Proofs of Debt Due on Sept. 23 ----------------------------------------------------- Creditors of De Carolis Constructions Limited and Guntrip Logistics Limited are required to file their proofs of debt by Sept. 23, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 5, 2025. The company's liquidator is: Thomas Lee Rodewald c/o Rodewald Consulting Limited Level 1, The Hub 525 Cameron Road PO Box 15543 Tauranga 3144 GREAT BROKER: Court to Hear Wind-Up Petition on Sept. 18 -------------------------------------------------------- A petition to wind up the operations of Great Broker Limited will be heard before the High Court at Auckland on Sept. 18, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 26, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 HIREMASTER: Liquidation Sparks Concerns for Event Industry ---------------------------------------------------------- Radio New Zealand reports that the liquidation of Wellington event equipment hire company Hiremaster has sparked concerns for event planners. Hiremaster went into liquidation on August 14 after more than 70 years in business. David Ruscoe and Adele Hicks of Grant Thornton were appointed as liquidators and were understood to be looking for a buyer for the company, RNZ discloses. Hiremaster was established in 1948 as "Tea Services Limited" supplying catering services, tea merchant and servicing industrial cafeterias. The company eventually transitioned away from the catering and industrial cafeteria work and had been operating as Hiremaster for the past 30 years. According to RNZ, Britt from the Wedding Coach said she used Hiremaster for about 60-70 percent of the weddings she did. She said although she used a number of providers in the Wellington region, Hiremaster was somewhat of a "one-stop-shop". RNZ relates that Britt said there was a limited amount of suppliers in Wellington that could provide things like decor, furniture, props, and large amounts of glassware and plates. "I think losing Hiremaster in Wellington would really [have] an impact on the industry in terms of what's available," she said. "It might even impact how many people are able to get married down here." Britt said Auckland in contrast to Wellington seemed to have a lot more variety and options to choose from, and she did hire some things herself from the northern region, RNZ relays. Alex, an event planner in Wellington, said she was both surprised and saddened to hear Hiremaster had gone into liquidation. She said they seemed to be one of the only hire companies in the Wellington region with the resources to handle some larger scale projects such as big marquee builds. "I don't think there's much competition for a lot of what they do." Alex predicted she used Hiremaster for about half the events she did, RNZ relays. She suspected the event industry would see cost hikes in some areas if Hiremaster exited the market with outsourced products and services likely to cost more, and some options no longer available at all, adds RNZ. HONORIS LIMITED: Creditors' Proofs of Debt Due on Sept. 11 ---------------------------------------------------------- Creditors of Honoris Limited are required to file their proofs of debt by Sept. 11, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 8, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 JOTY CATERING: Creditors' Proofs of Debt Due on Sept. 11 -------------------------------------------------------- Creditors of Joty Catering Limited are required to file their proofs of debt by Sept. 11, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 7, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 LEASE2GO LIMITED: Court to Hear Wind-Up Petition on Sept. 18 ------------------------------------------------------------ A petition to wind up the operations of Lease2go Limited will be heard before the High Court at Auckland on Sept. 18, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 26, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ===================== P H I L I P P I N E S ===================== PHOENIX PETROLEUM: Sanctioned by PSE for Late Q2 Filings -------------------------------------------------------- Bilyonaryo.com reports that the Philippine Stock Exchange (PSE) has imposed penalties on 13 companies for failing to submit their second-quarter 2025 financial results on time. The list of companies includes Phoenix Petroleum Corp., controlled by Duterte crony Dennis Uy; the Reyno family's Manila Jockey Club and MJC Affiliate; and newcomer Topline Business Development Inc. Other firms sanctioned include AllHome Corp., owned by ultra bilyonaryo Manny Villar; Globalport 900 of former Congressman Mikee Romero; Abra Mining of the Belly family; Bogo-Medellin Milling, IP E-Game Ventures of Kevin Belmonte and Jaime Enrique Gonzalez; Philippine National Construction Corp.; Arthaland, controlled by the Po family; Alliance Select Foods; and Century Peak, owned by Wilfredo King. PSE rules require listed companies to file quarterly reports within 45 days after the end of each period. Late submissions incur fines, and repeated non-compliance can lead to trading suspensions of up to two months or even delisting. The sanctions aim to ensure timely disclosure and uphold market transparency, which is crucial for investor confidence. About Phoenix Petroleum Phoenix Petroleum Philippines, Inc. is engaged in the marketing and distribution of petroleum products on a wholesale and retail basis as well as the operation of gas stations, oil depots, storage facilities and allied services. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 30, 2023, Dennis Uy's financial troubles have deepened as Phoenix Petroleum's (PNX) navigates an extraordinary surge in losses. PNX reported losses of PHP2.061 billon in the first half of 2023, 1,617 percent more than its PHP121 million loss in 2022, Bilyonaryo.com disclosed. While Uy-led management previously blamed PNX's PHP3.2 billion annual loss in 2022 to the spiraling cost of crude oil, the prevailing scenario has seen the average price of Dubai crude (benchmark of Asian refineries) dwindling by a quarter to $77.37 per barrel. According to Bilyonaryo.com, PNX's setback came primarily from its ballooning financial expenses which hit PHP1.9 billion in 2023, 43 percent more than the PHP1.3 billion in 2022. ================= S I N G A P O R E ================= BLOEM CARE: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on Aug. 7, 2025, to place the operations of Bloem Care Pte. Ltd. under judicial management. The company's judicial managers are: Luke Anthony Furler Tan Kim Han c/o Quantuma (Singapore) 137 Amoy Street #02-03 Far East Square Singapore 049965 CLEAN EATS: Commences Wind-Up Proceedings ----------------------------------------- Members of Clean Eats & Co Pte. Ltd. on Aug. 8, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ellyn Tan Huixian 135 Cecil Street #10-01 Philippine Airlines Building Singapore 069536 DAALINI ENGINEERING: Court to Hear Wind-Up Petition on Aug. 29 -------------------------------------------------------------- A petition to wind up the operations of Daalini Engineering Pte. Ltd. will be heard before the High Court of Singapore on Aug. 29, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Aug. 4, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 HWA GLASS: Court to Hear Wind-Up Petition on Aug. 29 ---------------------------------------------------- A petition to wind up the operations of HWA Glass Pte. Ltd. will be heard before the High Court of Singapore on Aug. 29, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Aug. 4, 2025. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 The Concourse Singapore 199555 MAXEON SOLAR: Annual General Meeting Set for Aug. 29 ---------------------------------------------------- Maxeon Solar Technologies, Ltd. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that it intends to hold an Annual General Meeting of Shareholders on August 29, 2025 at 9:00 p.m. Singapore Standard Time, to transact the following business: ORDINARY BUSINESS: 1. To receive and adopt the Directors' Statement and Audited Financial Statements for the financial period ended 31 December 2024 and the Auditor's Report thereon. 2. To re-elect Dr. Teo Tong Kooi as a Director pursuant to Regulation 94 of the Constitution of the Company, following his appointment by the Directors, effective 1 June 2025, and who, being eligible, offers himself for re-election. 3. To approve Dr. Teo Tong Kooi's Directors' annual fees of US$254,000 to be paid pro rata on a quarterly basis, based on the Company's Outside Director Compensation Policy. SPECIAL BUSINESS: To consider and, if thought fit, to pass with or without any amendments the following as Ordinary Resolutions, with or without modifications: 4. (a) To appoint: (i) NLA DFK Assurance PAC as the statutory auditors of the Company in place of the retiring statutory auditor, Ernst & Young LLP ("EY"), to hold office until the conclusion of the next annual general meeting of the Company pursuant to section 205 of the Companies Act 1967 of Singapore; and (ii) Marcum Asia CPAs LLP as the auditor of the Company for other applicable reporting requirements under the relevant securities rules and regulations which the Company is subject to as a NASDAQ-listed company, and to authorize the Directors of the Company to fix their respective remuneration (the "Proposed Change of Auditors"). (b) The Directors and any one of them be and are hereby authorized and empowered to approve and complete and do all such acts and things (including to approve, modify, ratify, sign, seal, execute and deliver all such documents as may be required) as they or he may consider expedient, desirable, necessary or in the interests of the Company to give effect to the Proposed Change of Auditors. 5. Authority to issue shares THAT pursuant to Section 161 of the Companies Act 1967 of Singapore (the "Companies Act"), but subject otherwise to the provisions of the Companies Act and the Constitution of the Company: (a) Authority be and is hereby given to the Directors of the Company: (i) to allot and issue shares in the capital of the Company ("shares") whether by way of rights, bonus or otherwise; and/or (ii)to make or grant offers, agreements, options or other instruments (collectively, "Instruments") that might or would require shares to be allotted and issued, including but not limited to the creation and issuance of (as well as adjustments to) securities, warrants, rights, units, purchase contracts, debentures or other instruments convertible into or exercisable for shares,at any time to and/or with such persons and upon such terms and conditions and for such purposes as the Directors may in their absolute discretion deem fit, and with such rights or restrictions as the Directors may think fit to impose and as are set forth in the Constitution of the Company; (b) Allot and issue shares pursuant to any Instrument made or granted by the Directors while this Resolution was in force (notwithstanding the authority conferred by this Resolution may have ceased to be in force) including without limitation any allotment and issuance of shares pursuant to convertible instruments which are subsequently issued under any Instrument made by the Directors while this Resolution was in force; and (c) Unless revoked or varied by the Company in general meeting, the authority conferred by this Resolution shall continue in force until (i) the conclusion of the next annual general meeting of the Company, or (ii) the expiration of the period within which the next annual general meeting of the Company is required by law to be held, whichever is the earlier. A full-text copy of the notice of the AGM is available at https://tinyurl.com/4s6r33mm About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in August 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. MAXEON SOLAR: To Replace EY With Marcum Asia as Auditor ------------------------------------------------------- Maxeon Solar Technologies, Ltd. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that the Audit Committee conducted a review process to consider the selection of Maxeon's independent registered public accounting firm for the audit of the financial statements of the Company for the financial year ending December 31, 2025, and approved the termination of Ernst & Young LLP, effective on August 29, 2025. The decision to terminate EY's engagement was approved by the audit committee of Maxeon's board of directors, and was not as a result of any disagreement between the Company and EY on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures. The shareholders of the Company have been asked to approve the appointment of Marcum Asia as the auditor of the Company at Maxeon's 2025 annual general meeting. During the years ended December 31, 2024 and 2023, the reports of EY on Maxeon's financial statements did not contain any adverse opinion or disclaimer of opinion, and such reports were not qualified or modified as to uncertainty, audit scope, or accounting principle, except for an explanatory paragraph related to the Company's ability to continue as a going concern. During the years ended December 31, 2024 and 2023 and through the Termination Date, none of the reportable events listed in paragraphs (a)(1)(v)(A) through (a)(1)(v)(D) of Item 16F of Form 20-F promulgated by the Securities and Exchange Commission occurred. About Maxeon Solar Maxeon Solar Technologies, Ltd. is a Singapore-based company that designs and manufactures photovoltaic panels. The company was previously a division of the American SunPower company before it was spun off in August 2020. Maxeon is still the primary provider of solar panels for SunPower. Singapore-based Ernst & Young LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and negative free cash flows and has stated that substantial doubt exists about the Company's ability to continue as a going concern. NSK NAKANISHI: Creditors' Proofs of Debt Due on Sept. 12 -------------------------------------------------------- Creditors of NSK Nakanishi Asia Pte. Ltd. are required to file their proofs of debt by Sept. 12, 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: Kobayashi Takuji c/o 10 Anson Road #14-06 International Plaza Singapore 079903 TOKENIZE XCHANGE: Placed Under Interim Judicial Management ---------------------------------------------------------- ChannelNews Asia reports that a group of seven investors on Aug. 15 succeeded in getting the High Court to have AmazingTech - the operator of troubled cryptocurrency trading platform Tokenize Xchange - placed under interim judicial management. According to CNA, the High Court has approved the appointment of corporate advisory and restructuring firm KordaMentha's Mr Cameron Duncan, Mr David Kim and Mr Joshua Jeyaraj as the interim judicial managers who will take over the running of the company. CNA relates that the interim judicial managers will have to submit a report on the company's situation to the High Court by Sept. 10. A hearing for a judicial management application will be held no later than Sept. 15. Judicial management is a legal process in which a distressed company is placed under the control of an independent judicial manager - typically a professional with expertise in insolvency and restructuring - appointed by the court. Interim judicial management, as its name suggests, is a temporary measure before a full judicial management order is granted by the court. CNA says the seven investors, who are users of Tokenize Xchange, first applied to the High Court on Aug. 5 to place AmazingTech under judicial management. A second application seeking interim judicial management was filed on Aug. 6, considering that a hearing for a judicial management could take several weeks. CNA notes that the group of seven investors has not been able to withdraw their investment holdings worth a total of SGD4 million (US$3.12 million) since the platform said in July it had ceased operations in Singapore. They are represented by lawyers Alfred Lim, Jaime Lye and Rasveen Kaur from Meritus Law. The lawyers also submitted to the court letters of support for the interim judicial management, garnered from 146 people with SGD47 million in total held by the trading platform, CNA relates. Founded in 2017, Tokenize Xchange has operations in countries in the region, such as Singapore and Malaysia, serving both individual and institutional investors. Last month, it said that it had ceased its Singapore operations after the Monetary Authority of Singapore (MAS) rejected its application for a digital payment token licence. It was previously operating under an exemption in Singapore. As part of its winding down process in Singapore, the platform put in place a phased withdrawal process for its users, according to CNA. For example, those with portfolio values under SGD10,000 can withdraw or transfer their assets from July 17 until July 31, and those with portfolios between SGD10,000 and SGD99,999 can do so from Aug. 1 until Aug. 31, according to an email sent to users on July 17 and seen by CNA. Customers whose portfolios are worth SGD100,000 or more can withdraw their assets from Sept. 1 to Sept. 30. But investors have faced difficulties withdrawing their investments, with several telling CNA that the status of their requests has remained “in transit” for weeks. Investors were hit with more bad news when the Singapore Police Force and the MAS said on Aug. 1 that AmazingTech and its related entities are under investigation for potential offences, including fraudulent trading, CNA relays. Hong Qi Yu, a director of AmazingTech and the founder-CEO of Tokenize Xchange, was charged on July 31 with fraudulent trading. Some investors are mulling other forms of legal action, including a class action suit to recover their losses. Dauntless Law Chambers, the law firm representing another group of investors, said several statutory demands were filed against AmazingTech earlier this week, with the intention of winding up the firm and appointing a liquidator if payment was not made within 21 days, CNA reports. CNA adds that managing director Suresh Divyanathan said he is still finalising the list of investors who wish to proceed with the class action suit, and expects to launch a case next week. ZACK MARINE: Court to Hear Wind-Up Petition on Aug. 22 ------------------------------------------------------ A petition to wind up the operations of Zack Marine Services Pte. Ltd. will be heard before the High Court of Singapore on Aug. 22, 2025. Wai Yok In filed the petition against the company on July 25, 2025. The Petitioner's solicitors are: David Lim & Partners LLP 50 Raffles Place #17-01, Singapore Land Tower Singapore 048623 ********* 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 ***