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250825.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, August 25, 2025, Vol. 28, No. 169 Headlines A U S T R A L I A AMAZON DEVELOPMENT: First Creditors' Meeting Set for Aug. 28 BINANCE HOLDINGS: Unit Ordered to Audit Over Money Laundering CLOUD9 CONSULTING: First Creditors' Meeting Set for Aug. 27 FIRST MUTUAL: Federal Court Freezes Funds KOBALT ENC: First Creditors' Meeting Set for Aug. 28 RPM INVESTMENT: First Creditors' Meeting Set for Aug. 28 RPM INVESTMENT: Magnetic Insolvency Appointed as Administrator SET METRICS: First Creditors' Meeting Set for Aug. 28 SPIDER WASTE: First Creditors' Meeting Set for Aug. 27 SUNFINDER CARAVANS: Second Creditors' Meeting Set for Aug. 26 TRIUMPHANT WEALTH: First Creditors' Meeting Set for Aug. 28 UNIVERSAL BIOSENSORS: First Creditors' Meeting Set for Aug. 29 C H I N A CHINA VANKE: First-Half Loss Widens to Nearly CNY12 Billion COUNTRY GARDEN: Expects Bigger H1 Loss After Deliveries Slump [] CHINA: Builders Restructure Over USD167BB Debt Since January I N D I A ANDHRA PRADESH: CRISIL Moves D Debt Ratings to Not Cooperating ARINITS SALES: CRISIL Keeps D Debt Ratings in Not Cooperating DEWAN HOUSING: NCLT Declares Ex-Chairman Kapil Wadhawan Bankrupt DHANLAXMI TMT: CRISIL Keeps D Debt Ratings in Not Cooperating E.V. EXPORTS: CARE Keeps B- Debt Rating in Not Cooperating GEM ULTRA: CRISIL Assigns B- Rating to INR20cr Term Loan INNOVA CHILDRENS: CRISIL Keeps D Debt Ratings in Not Cooperating JAI MAANGARH: CRISIL Keeps D Debt Rating in Not Cooperating JKR MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating K.R.P COLD: CRISIL Keeps B+ Debt Ratings in Not Cooperating KAVIT INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating KHANDELWAL GINNING: CRISIL Keeps B+ Ratings in Not Cooperating LAKSHYA FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating LILY REALTY: CRISIL Keeps B Debt Ratings in Not Cooperating M. N. AUTO: CRISIL Lowers Rating on INR3.0c Cash Loan to B MAGIC LANDBASE: CRISIL Moves B Debt Rating to Not Cooperating MAHARAJ SOAPS: CRISIL Lowers Long/Short Term Loan Ratings to D MAHESH HARDWARE: CRISIL Keeps B Debt Ratings in Not Cooperating MODWAY SUITING: CRISIL Keeps B Debt Ratings in Not Cooperating MOTILAL DHOOT: CRISIL Keeps D Debt Ratings in Not Cooperating NEYSA JEWELLERY: CRISIL Assigns D Rating to INR18cr Export Loan PRASAD SUGAR: CRISIL Assigns B- Rating to INR220cr Loan RAASHRI PAINTS: CRISIL Keeps D Debt Ratings in Not Cooperating RAJAVE TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating RATNAGIRI CHEMICALS: CRISIL Keeps D Ratings in Not Cooperating REENA ENGINEERS: CRISIL Moves D Debt Ratings to Not Cooperating RELIANCE INFRA: NCLT Admits Insolvency Petition Against Unit TIRUPATI VEHICLES: CRISIL Withdraws B+ Rating on INR10cr e-DFS TMA INFRASTRUCTURE: CRISIL Reaffirms D Rating on INR17cr Loan WIND WORLD: CRISIL Moves D Debt Ratings to Not Cooperating J A P A N MUSEE PLATINUM: Operator to Undergo Bankruptcy Proceedings M A L A Y S I A GREENPRO CAPITAL: Posts $574K Net Loss for Fiscal Q2 KNM GROUP: Unveils Regularisation Plan With Borsig Disposal N E W Z E A L A N D BIG SKY: Creditors' Proofs of Debt Due on Sept. 8 CARTER HOLT: Planned Eves Valley Sawmill Closure May Cut 142 Jobs CASSCO LIMITED: Court to Hear Wind-Up Petition on Aug. 28 CHAO LIMITED: Creditors' Proofs of Debt Due on Sept. 10 FLETCHER BUILDING: Posts NZD419MM Net Loss for Year Ended June 30 HIREMASTER EVENT: Creditors' Proofs of Debt Due on Sept. 12 HUKA TERRACES: Court to Hear Wind-Up Petition on Aug. 28 NEKITA ENTERPRISES: Creditors' Proofs of Debt Due on Sept. 11 SOUTH ISLAND: Court to Hear Wind-Up Petition on Aug. 28 USKIDS GOLF: Creditors' Proofs of Debt Due on Sept. 12 P A K I S T A N ADAMJEE INSURANCE: A.M. Best Affirms B(Fair) Fin. Strength Rating EFU GENERAL: A.M. Best Hikes Fin. Strength Rating to B(Fair) PAKISTAN: ADB to Back Rail Upgrade as China Financing Stalls P H I L I P P I N E S VILLAR LAND: Fined Over Late Submission of Financial Statements S I N G A P O R E A & R LOGISTICS: Court to Hear Wind-Up Petition on Sept. 5 APROWERKS SINGAPORE: Court to Hear Wind-Up Petition on Aug. 29 BATAVIA INCUBATOR: Creditors' Proofs of Debt Due on Sept. 7 CAPITAL WORLD: Unit Faces More Than MYR320,000 in Claims DA JIAFU: Court Enters Wind-Up Order GENPLUS PTE: Creditors' Meetings Set for Aug. 26 GREF IND: Creditors' Proofs of Debt Due on Sept. 15 GRIP PRINCIPLE: Court to Hear Wind-Up Petition on Aug. 29 LEGEND STAR: Creditors' Proofs of Debt Due on Sept. 12 POWERBEE TECHNOLOGIES: Court Enters Wind-Up Order PROCARE CLEANING: Court to Hear Wind-Up Petition on Aug. 29 RAFFLES EDUCATION: Receives Letter of Demand for CNY33.7 Million RED BOY: Commences Wind-Up Proceedings REDSPOT ENGINEERING: Court to Hear Wind-Up Petition on Aug. 29 SOON NA: Court Enters Wind-Up Order WEDCO GLOBAL: Creditors' Proofs of Debt Due on Sept. 14 S O U T H K O R E A YEOCHUN NCC: Secures KRW300BB Funding From Major Shareholders [] S. KOREA: Mid-sized Construction Firms Face Bankruptcy Crisis - - - - - ================= A U S T R A L I A ================= AMAZON DEVELOPMENT: First Creditors' Meeting Set for Aug. 28 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Amazon Development Holdings Pty Ltd will be held on Aug. 28, 2025 at 10:30 a.m. at the offices of Hall Chadwick Chartered Accountants, at Level 40, 2 Park Street, in Sydney, NSW, and simultaneously via teleconference Alexander Man Chun Siu of Hall Chadwick was appointed as administrator of the company on Aug. 18, 2025. BINANCE HOLDINGS: Unit Ordered to Audit Over Money Laundering ------------------------------------------------------------- Bloomberg News reports that Australia's financial crimes agency ordered Binance Holdings Ltd.'s local arm to appoint an external auditor after finding "serious concerns" with money laundering and terrorism financing controls at the cryptocurrency exchange. According to Bloomberg, The Australian Transaction Reports and Analysis Centre, known as Austrac, said its concerns were sparked by issues including Binance Australia's latest independent review, which it described as "limited in scope relative to its size, business offerings and risks." Austrac has given the company 28 days to nominate auditors, from which the agency will make a selection, it said in a statement Aug. 22. Austrac also raised concerns about high staff turnover along with a lack of local resourcing and senior management oversight at the Australian unit of Binance, the world's largest crypto exchange by volume, Bloomberg relays. "Big global operators may appear well resourced and positioned to meet complex regulatory requirements," Bloomberg quotes Brendan Thomas, chief executive officer of Austrac, as saying in the statement. "But if they don't understand local money laundering and terrorism financing risks, they are failing to meet" obligations around such activities in Australia. "We have engaged openly and transparently with Austrac over the past several months and continue to value their guidance, expertise, and oversight," said Matt Poblocki, general manager of Binance Australia and New Zealand, in an emailed statement. "We remain committed to maintaining best-in-class compliance standards and will continuously enhance our capabilities." Bloomberg relates that the move is the latest attempt by Austrac to crack down on illegal activities that have been associated with the crypto world. In June, Austrac placed a AUD5,000 ($3,210) limit on cash deposits and withdrawals from crypto automatic teller machines and warned a sharp rise in digital asset ATMs had attracted fraudsters and scammers. "Understanding specific risks of criminality in the Australian context is crucial to ensure they're meeting their reporting obligations here," Mr. Thomas said. About Binance Holdings Binance Holdings Ltd. operates the largest crypto asset trading platform in the world, Binance.com. The Australia Securities and Investments Commission (ASIC) on April 6, 2023, cancelled the Australian financial services licence held by Oztures Trading Pty Ltd trading as Binance Australia Derivatives. The licence cancellation was effected April 6, 2023, in response to a request to cancel received from Binance on April 5, 2023. The US Securities & Exchange Commission in June 2023 accused Binance and its founder Changpeng Zhao of mishandling customer funds, misleading investors and regulators, and breaking securities rules. In 2023, Binance and Zhao pleaded guilty to anti-money laundering and sanctions charges and agreed to pay US$4.3 billion in a sweeping settlement with the US, according to Bloomberg News. CLOUD9 CONSULTING: First Creditors' Meeting Set for Aug. 27 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of 66 917 509 229 Pty Ltd (trading as Cloud9 Consulting) will be held on Aug. 27, 2025 at 11:30 a.m. via virtual meeting technology only. Cameron Hamish Gray and Adam Shepard of HM Advisory were appointed as administrators of the company on Aug. 15, 2025. FIRST MUTUAL: Federal Court Freezes Funds ----------------------------------------- The Australia Securities & Investments Commission (ASIC) has obtained urgent interim orders from the Federal Court to freeze the bank accounts of Gregory Raymond Cotton from Melbourne and First Mutual Private Equity Pty Ltd (First Mutual), of which Mr. Cotton is the sole director. The interim orders also bar Mr. Cotton and First Mutual from incurring new liabilities or transferring monies in any bank account until further order. ASIC sought these orders on an urgent basis in order to safeguard investor funds while an investigation is underway. ASIC's immediate concern, based on current information, is that Mr. Cotton and First Mutual are suspected by ASIC to have received around AUD53 million of funds intended for investment and that some of those monies are suspected by ASIC to have not been used for that purpose and may be at risk. Mr. Cotton was notified of the Court hearing but did not attend. ASIC's investigation is ongoing. A further hearing is listed to be held on September 11, 2025. KOBALT ENC: First Creditors' Meeting Set for Aug. 28 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Kobalt Enc Pty Ltd will be held on Aug. 28, 2025 at 10:30 a.m. at Suite 19.02, Level 19, 1 Castlereagh Street, in Sydney, NSW and via teleconference. Glenn Livingstone and Benjamin Ho of WLP Restructuring were appointed as administrators of the company on Aug. 18, 2025. RPM INVESTMENT: First Creditors' Meeting Set for Aug. 28 -------------------------------------------------------- A first meeting of the creditors in the proceedings of RPM Investment Group Pty Ltd, trading as Dunyazud, will be held on Aug. 28, 2025 at 2:30 p.m. at the offices of Magnetic Insolvency at 50/41-49 Norcal Road, in Nunawading, Victoria, and via virtual meeting technology. Peter Goodin at Magnetic Insolvency was appointed as administrator of the company on Aug. 18, 2025. RPM INVESTMENT: Magnetic Insolvency Appointed as Administrator -------------------------------------------------------------- Peter Goodin of Magnetic Insolvency on Aug. 18, 2025, was appointed as Administrator of RPM Investment Group Pty Ltd (trading as Dunyazud). The Administrator may be reached at: Peter Goodin 52/41-49 Norcal Road Nunawading 3131 SET METRICS: First Creditors' Meeting Set for Aug. 28 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Set Metrics Pty Ltd will be held on Aug. 28, 2025 at 2:00 p.m. via Microsoft Teams. Michael Fung and Andrew Lyall Knight of KordaMentha were appointed as administrators of the company on Aug. 19, 2025. SPIDER WASTE: First Creditors' Meeting Set for Aug. 27 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Spider Waste Collection Services Pty Ltd will be held on Aug. 27, 2025 at 10:00 a.m. via MS Teams (Virtual Only). Mathieu Tribut of Mackay Goodwin was appointed as administrator of the company on Aug. 15, 2025. SUNFINDER CARAVANS: Second Creditors' Meeting Set for Aug. 26 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Sunfinder Caravans Pty Ltd has been set for Aug. 26, 2025, at 10:00 a.m. at the offices of DVT Mcleods, at Level 5, 145 Eagle Street, in Brisbane, QLD. 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. 25, 2025 at 4:00 p.m. Bill Karageozis of DVT Mcleods was appointed as administrator of the company on July 21, 2025. TRIUMPHANT WEALTH: First Creditors' Meeting Set for Aug. 28 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Triumphant Wealth Capital Pty Ltd will be held on Aug. 28, 2025 at 10:00 a.m. at the offices of Hall Chadwick Chartered Accountants, at Level 40, 2 Park Street, in Sydney, NSW, and simultaneously via teleconference Alexander Man Chun Siu of Hall Chadwick was appointed as administrator of the company on Aug. 18, 2025. UNIVERSAL BIOSENSORS: First Creditors' Meeting Set for Aug. 29 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Universal Biosensors Pty Ltd will be held on Aug. 29, 2025 at 10:30 a.m. via Microsoft teams. David Hardy, Emily Seeckts and James Dampney of KPMG were appointed as administrators of the company on Aug. 20, 2025. ========= C H I N A ========= CHINA VANKE: First-Half Loss Widens to Nearly CNY12 Billion ----------------------------------------------------------- The Standard reports that China Vanke widened its net loss by over 21 percent to CNY11.95 billion (HK$13 billion) in the first half of 2025. Revenue for six months slumped by more than 26 percent to CNY105 billion, of which, sales from property development business plunged by 45.7 percent to CNY69.11 billion, The Standard discloses. According to The Standard, the developer delivered over 45,000 units in the six months and completed 13 project transactions with contracted sales of CNY6.43 billion. It has revitalized 64 projects over the past three years, with approximately CNY78.5 billion of saleable value involved. While acknowledging it faces "phased pressure in operation", Vanke said it believes that it will "certainly emerge from the trough and embrace a turning point," The Standard relays. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in mid-June 2025, S&P Global Ratings affirmed its 'B-' long-term issuer credit rating on China Vanke Co. Ltd. and its subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK). S&P also affirmed its 'B-' issue rating on Vanke HK's senior unsecured notes. S&P removed the ratings from CreditWatch, where they were placed with developing implications on March 5, 2025. The negative rating outlook on China Vanke reflects S&P's view that the company's liquidity could tighten in the face of deteriorating sales and a bond maturity wall over the next 12 months. The TCR-AP reported on May 20, 2025, Fitch Ratings has downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC', from 'CCC+', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC', from 'CCC+', with a Recovery Rating of 'RR4'. The ratings are removed from Rating Watch Negative. The TCR-AP in March 2025, S&P Global Ratings placed on CreditWatch with developing implications the following ratings: the 'B-' long-term issuer credit ratings on China Vanke and on China Vanke's subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and the 'B-' issue ratings on Vanke HK's senior unsecured notes. COUNTRY GARDEN: Expects Bigger H1 Loss After Deliveries Slump ------------------------------------------------------------- Reuters reports that Country Garden on Aug. 22 warned of a bigger loss for the first half of fiscal 2025, after deliveries of housing projects halved from 2024 and asset impairments rose. The company delivered about 74,000 housing units in the first half, compared with over 150,000 in the same period last year, Reuter discloses. It expects a loss in the range of CNY18.5 billion ($2.58 billion) to CNY21.5 billion for the six months ended June, higher than the CNY15.1 billion reported last year, Reuters relays. China's property slump has slowed housing project deliveries and squeezed earnings of developers as they struggle to revive their businesses. Reuters adds that Country Garden also said gross profit margins remained low due to a fall in the scale of settlement for its real estate development projects. It has recorded higher impairments against its real estate projects. The company will report its first-half results on August 29. About Country Garden Holdings Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Earlier in August, it reached an agreement with a core group of bank creditors that holds 49% of the company's offshore debt, marking another step in its $14.1 billion restructuring plan, according to Reuters. [] CHINA: Builders Restructure Over USD167BB Debt Since January --------------------------------------------------------------- Yicai Global reports that 20 Chinese property developers have won approval for their debt restructuring plans since the start of the year, clearing more than CNY1.2 trillion (USD167 billion) in liabilities, according to the latest figures from the China Index Academy. As of early this month, developers that have completed both domestic and offshore debt restructurings include Sunac China Holdings, China Aoyuan Group, and Sino-Ocean Group, according to the think tank's analysis of about 60 distressed property firms reporting progress on debt restructuring or corporate reorganization, Yicai relays. Those that have obtained approval for offshore debt restructuring include Shimao Group Holdings, Greenland Holdings and Country Garden. According to Yicai, developers are now focusing on more practical restructuring plans, such as cash buybacks, debt extensions, as well as debt-for-equity swaps, to avoid the pitfalls faced by firms that completed debt restructurings early. Many of these fell back into crisis after misjudging the impact of the property market downturn and have triggered a new wave of corporate rescue efforts. For instance, Guangzhou R&F Properties was the first builder to secure extensions on all of its onshore and offshore debt at the end of 2022, but ran into trouble again last year, Yicai notes. Similarly, Modern Land restructured its overseas debt in 2022 and reached an agreement on the roll over of domestic liabilities, only for the firm to have since defaulted again. Yicai relates that most troubled developers face tight cash flows, and with many of their assets devalued or pledged as collateral, few high-quality assets remain to repay debt, according to researchers at CRIC. As a result, debt-to-equity swaps have become the default option for those trying to restructure, with the main goal being to cut overall debt levels. Most are looking to slash debt by about 70 percent. ========= I N D I A ========= ANDHRA PRADESH: CRISIL Moves D Debt Ratings to Not Cooperating -------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Andhra Pradesh Power Finance Corporation Limited (APPFC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bond 249.4 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Bond 1,011.3 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Bond 736.1 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Bond 1000.0 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Bond 597.2 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with APPFC for obtaining information through emails and letter dated August 8, 2025, 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 company's management, Crisil Ratings failed to receive any information, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on APPFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bonds of APPFC migrated to 'Crisil D Issuer Not Cooperating' APPFCL was incorporated as a Government Company under Companies Act, 1956 in July 2000. It has obtained registration from Reserve Bank of India as a non-banking company in August 2000. The objective of the company is to support/augment the resources for financing the Power Sector Reforms in the State of Andhra Pradesh. It reported a profit after tax (PAT) of INR140 crore on a total income of INR1,211 crore for fiscal 2024 against PAT of INR193 crore on a total income of INR1,582 crore for fiscal 2023. ARINITS SALES: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Arinits Sales Private Limited (ASPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 CRISIL D (Issuer Not Cooperating) Cash Credit 6 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 24 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ASPL 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 ASPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ASPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up as a partnership concern, Arinits Sales Corporation, in 1997, by Mr. Ashish Chopra and his wife Mrs. Anusha Chopra, ASPL was reconstituted as a private limited company under the current name in 2003. ASPL trades in chemicals such as phenol, PVC resins, melamine, linear low-density polyethylene, and ethylene vinyl acetate. Sales of phenol and PVC resins contribute about 75% to the revenue. DEWAN HOUSING: NCLT Declares Ex-Chairman Kapil Wadhawan Bankrupt ---------------------------------------------------------------- The Economic Times reports that the National Company Law Tribunal (NCLT) Mumbai has declared Kapil Wadhawan, former chairman of the now-defunct Dewan Housing Finance Corp (DHFL), bankrupt following a petition by Union Bank of India for recovery of INR4,546 crore. ET relates that the tribunal passed the bankruptcy order on Aug. 14, after Wadhawan failed to submit a repayment plan despite multiple attempts by resolution professionals to secure one. Also, the tribunal has appointed Sanjay Kumar Mishra as bankruptcy trustee to manage the distribution of Wadhawan's estate. Dewan Housing Finance Corporation Limited (DHFL) operates as a housing finance company in India. The company's deposit products include fixed deposit products for individuals, and trusts and institutions; and corporate, recurring, and Wealth2Health deposits products. It also offers home loans, which include home improvement loans, home construction loans, home extension loans, plot loans/land loans, plot and construction loans, and balance transfer of home loans, as well as home loans for the self-employed; small and medium enterprise loans, including property term, plant and machinery, medical equipment, and business loans; mortgage loans, such as loans against property, loan for purchase of commercial premises, and loan through lease rental discounting; and NRI home loans. As reported in the Troubled Company Reporter-Asia Pacific, Deccan Herald said the Mumbai bench of the National Company Law Tribunal (NCLT) on Dec. 2, 2019, admitted a petition by the Reserve Bank of India (RBI) seeking bankruptcy proceedings to resolve DHFL. The move came in after the Reserve Bank on Nov. 29, 2019, made an application for bankruptcy proceedings to resolve the credit and liquidity crisis at the company, which became the first financial sector player being sent for bankruptcy. RBI appointed R Subramaniah Kumar as the company's administrator. Financial creditors to DHFL have submitted claims worth INR86,892 crore against the mortgage lender, BloombergQuint disclosed. In September 2021, Piramal Capital acquired DHFL for the consideration of INR34,250 crore and merged following a resolution under the IBC. According to The Economic Times, the creditors of DHFL (including FD holders) had recovered an aggregate amount of INR38,000 crore from the resolution process of DHFL at the time of approval of the plan. Around 94% of the creditors had voted in favor of Piramal's resolution plan, which had proposed a recovery of about 46% for the lenders. DHANLAXMI TMT: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dhanlaxmi TMT Bars Private Limited (Dhanlaxmi: part of the Dhanlaxmi group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Cash Credit 13.5 CRISIL D (Issuer Not Cooperating) Cash Credit 4.5 CRISIL D (Issuer Not Cooperating) Cash Credit 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Dhanlaxmi 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 Dhanlaxmi, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Dhanlaxmi is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Dhanlaxmi continues to be 'Crisil D/Crisil D Issuer not cooperating'. Dhanlaxmi, incorporated in 2001 by Mr. Sanjay Mantri, manufactures thermo-mechanically treated (TMT) bars. In 2002, Mr. Sanjay Mantri and Mr. Nilesh Chechani incorporated NSAPL, which manufactures mild steel ingots/billets for consumption by Dhanlaxmi. The group's manufacturing facility is located at Jalna (Maharashtra). E.V. EXPORTS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of E.V. Exports (EE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 13, 2024, placed the rating(s) of E.V. Exports (EE) under the 'issuer non-cooperating' category as EE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. EE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 29, 2025, July 9, 2025, July 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Noida, based EV Exports (EE) was established in 2015 by Mr. Sanjeev Garg as a proprietorship firm. He handles the overall operations of the firm. EV Exports is an export-oriented firm engaged in the manufacturing and export of readymade garments mainly for women. The manufacturing process of the company is done in unit located in Noida, Uttar Pradesh. GEM ULTRA: CRISIL Assigns B- Rating to INR20cr Term Loan -------------------------------------------------------- Crisil Ratings has assigned its 'Crisil B-/Stable' rating to the long-term bank facilities of Gem Ultra Pvt Ltd (GUPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 Crisil B-/Stable (Assigned) Term Loan 20 Crisil B-/Stable (Assigned) The rating reflects the company's exposure to inherent risks in the poultry industry and weak financial risk profile. These weaknesses are partially offset by the extensive experience of the promoters in the poultry industry. Analytical approach Crisil Ratings has considered the standalone business and financial risk profiles of GUPL. Unsecured loan of INR17.36 crore as on March 31, 2025, from the promoters has been treated as 75% equity and 25% debt, as it is expected to remain in the business over the medium term. Key rating drivers and detailed description Weaknesses: * Exposure to inherent risks in the poultry industry: The industry is vulnerable to outbreak of diseases, which impact sales volumes and prices. Diseases also impact the production of healthy chicks. Furthermore, the industry is affected by seasonal demand, leading to volatility in prices. * Weak financial risk profile: The financial risk profile is constrained by high gearing and total outside liabilities to adjusted networth (TOLANW) ratio of over 3.5 times and 5 times respectively as on March 31, 2025. Capital structure is expected to improve over the medium term with increase in equity. Debt protection metrics were subdued owing to high gearing and low cash accrual. Interest coverage and net cash accrual to total debt ratios were 1.16 times and 0.04 times, respectively, in fiscal 2025 and are expected to improve over the medium term. Strength: * Extensive industry experience of the promoters: The promoters have experience of over 20 years in the poultry industry. This has given them an understanding of the market dynamics and enabled them to establish relationships with suppliers and customers, which will continue to support the business. Liquidity: Poor Bank limit utilisation was high at 98% on average during the 12 months through July 2025. Cash accrual, expected over INR3 crore per fiscal, will be insufficient to cover yearly term debt obligation of over INR4 crore over the medium term. The promoters will likely extend equity and unsecured loans to meet working capital requirement and debt obligation. Outlook: Stable Crisil Ratings believes GUPL will continue to benefit from the extensive experience of the promoters and its established relationships with clients. Rating sensitivity factors Upward factors: * Steady increase in revenue and stable operating margin at more than 2% leading to higher cash accrual * Improvement in the financial risk profile and liquidity Downward factors: * Decline in revenue by 20% or fall in operating margin leading to lower cash accrual * Any stretch in working capital requirement or any large debt-funded capex, leading to deterioration in financial risk profile and liquidity GUPL, formerly known as Jeevan Travel Services Pvt Ltd, was incorporated in 2009. The company commenced operations in March 2024 and manufactures poultry feed. It is based in Chennai, Tamil Nadu. It is owned and managed by Mr M S Sunther, Ms S Sivagami and Ms Gopika Lakshmi Sunther. INNOVA CHILDRENS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Rating said the ratings on bank facilities of Innova Childrens Heart Hospital Private Limited (ICHPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.75 CRISIL D (Issuer Not Cooperating) Term Loan 1.73 CRISIL D (Issuer Not Cooperating) Term Loan 9.22 CRISIL D (Issuer Not Cooperating) Term Loan 0.80 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ICHPL 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 ICHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ICHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ICHPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2006, ICHPL operates a 100-bed multi-specialty hospital in Hyderabad. The operations of the hospital are managed by its promoter, Dr. KS Murthy and Dr. K Sujanee Murthy. JAI MAANGARH: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Jai Maangarh Palace (JMP) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 7.4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JMP 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 JMP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JMP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JMP continues to be 'Crisil D Issuer not cooperating'. JMP is a sole proprietorship concern of Mr Sanjay Bhandari, established in 2017. It is constructing a hotel in Udaipur, which is to start commercial operations by January 2020. Mr Sanjay Bhandari is associated with another firm, Jain Trading Co, which trades in agricultural commodities. JKR MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of JKR Motors Private Limited (JKRMPL) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JKRMPL 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 JKRMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JKRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JKRMPL continues to be 'Crisil B+/Stable Issuer not cooperating'. JKRMPL was incorporated in 2009, by Mr. Joginder Goel, Mr. Kunal Goel and Mr. Tushar Goel. The company operates a dealership of passenger cars (PC) manufactured by TML, and has one showroom-cum-workshop and service centre at Kangra. K.R.P COLD: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of K.R.P Cold Storage Llp (KRP) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term 0.31 Crisil B+/Stable (Issuer Not Loan Cooperating) Term Loan 0.69 Crisil B+/Stable (Issuer Not Cooperating) Term Loan 10 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KRP 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 KRP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KRP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KRP continues to be 'Crisil B+/Stable Issuer not cooperating'. KRP was incorporated in the year 2016 and started its commercial operation from March 2018. Promoted by Mr Muthukrishnan Vinoth Kumar and Mr Padmanabhan Sriramulu, the firm is engaged in the business of providing cold storage facility for agricultural products. The cold storage unit is located in Chennai, Tamil Nadu. KAVIT INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kavit Industries (KI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.34 CRISIL D (Issuer Not Cooperating) Term Loan 0.66 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KI 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 KI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KI continues to be 'Crisil D/Crisil D Issuer not cooperating'. Based in Noida, Uttar Pradesh, KI was established as a proprietorship firm in 2000 by Mr. Vijay Manchanda. The firm manufactures PU foams and matrices and also trades in industrial chemicals and fabrics. KHANDELWAL GINNING: CRISIL Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Khandelwal Ginning and Pressing - Amarawati (KGP) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B+/Stable (Issuer Not Cooperating) Rupee Term Loan 3 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KGP 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 KGP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KGP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KGP continues to be 'Crisil B+/Stable Issuer not cooperating'. KGP, established in January 2016, is owned and managed by Mr Murlimanohar Khandelwal and his family. The firm gins and presses cotton at its facility in Amarawati, Maharashtra, with an installed capacity of around 15,000 bales per season. LAKSHYA FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Lakshya Food India Limited (LFIL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 26 Crisil B/Stable (Issuer Not Cooperating) Working Capital 2.5 Crisil B/Stable (Issuer Not Term Loan 2.5 Cooperating) Crisil Ratings has been consistently following up with LFIL 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 LFIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LFIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LFIL continues to be 'Crisil B/Stable Issuer not cooperating'. LFIL was incorporated in 2007 and reconstituted as a limited company in 2008. The Haryana-based company processes milk and other dairy products such as pasteurised milk, ghee, butter, curd, paneer, flavored milk and khoya. The manufacturing unit is located in Jind, Haryana. Operations are managed by the promoters, Mr Lakshman Joukani, Mr Joel Rupani and Mr Ankit Redhu. LILY REALTY: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lily Realty Private Limited (Lily Realty; part of the Pashmina group) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft 20 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 310 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with Lily Realty for obtaining information through letter and email dated July 21, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Lily Realty, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Lily Realty is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Lily Realty continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in March 2007 and promoted by Mr Asit Koticha (founder of ASK Investment Holdings Pvt Ltd), Lily Realty is a special-purpose vehicle set up by the Pashmina group to develop a premium residential project, Pashmina Waterfront, with a total saleable area of around 30 lakh square foot. The property is being developed in two phases with four towers each at a total cost of INR1450 crore. Phase I of the project was launched in November 2011 and is in advanced stage of completion. Phase II is still in the early stage and the company is awaiting approvals to commence construction. M. N. AUTO: CRISIL Lowers Rating on INR3.0c Cash Loan to B ---------------------------------------------------------- Crisil Ratings has revised the ratings on bank facilities of M. N. Auto Products Private Limited (MNAPPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable Issuer not cooperating'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 3.00 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Long Term Loan 0.25 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Proposed Working 0.27 Crisil B/Stable (ISSUER NOT Capital Facility COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Term Loan 2.69 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Term Loan 0.79 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Working Capital 1.93 Crisil B/Stable (ISSUER NOT Loan COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Working Capital 0.77 Crisil B/Stable (ISSUER NOT Loan COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Working Capital 0.30 Crisil B/Stable (ISSUER NOT Term Loan COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with MNAPPL 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 MNAPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MNAPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MNAPPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable Issuer not cooperating'. MNAPPL was incorporated in March 2004. It is a manufacturer of electrical products for automobiles from two-wheelers to commercial vehicles such as buzzers, decorative lights, flashers, melody makers, relays, reverse horns, wiring harnesses, etc. The company markets its products under brand name 'Super'. Its manufacturing facility is located at Manchester, Coimbatore. MNAPPL is promoted by Mr. Narayanaswami and Mrs. Malleeswari. MAGIC LANDBASE: CRISIL Moves B Debt Rating to Not Cooperating ------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Magic Landbase Private Limited (MLPL) to 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 23 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with MLPL for obtaining information through letter and email dated July 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MLPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MLPL 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 MLPL to 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2008, MLPL has recently set up a resort in tehsil Dharamshala in Kangra district, Himachal Pradesh. The resort has a coffee shop, banquet hall, bars, restaurants and conference rooms. Operations are managed by the promoters, Mr Manish Omprakash Kukreja and Mr Vivek Vazirchand Khanna. The promoters operate multiple hotels across India through group companies. MAHARAJ SOAPS: CRISIL Lowers Long/Short Term Loan Ratings to D -------------------------------------------------------------- Due to inadequate information and in line with the guidelines of the Securities and Exchange Board of India, Crisil Ratings had migrated the ratings on the bank facilities of Maharaj Soaps Industry Pvt Ltd (MSIPL) to 'Crisil BB+/Stable/Crisil A4+ Issuer Not Cooperating'. However, the management has subsequently started sharing the requisite information necessary for carrying out a comprehensive review of the rating. Consequently, Crisil Ratings is downgraded the ratings of MSIPL to 'Crisil D/Crisil D' from 'Crisil BB+/Stable/Crisil A4+ Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Downgraded from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (Downgraded from 'Crisil A4+ ISSUER NOT COOPERATING') The rating downgrade reflects delay in repayment of term loan principal during the six months through July 2025 and overdue in the purchase bill discounting facility beyond 30 days as of August 2025 due to weak liquidity. The rating also reflects the vulnerability of operating profitability to volatility in raw material prices and exposure to risks related to intense competition. These weaknesses are partially offset by the extensive experience of the promoters in the detergent industry and MSIPL's moderate financial risk profile. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of MSIPL. Key Rating Drivers & Detailed Description Weaknesses: * Working capital-intensive operations: Gross current assets (GCAs) were range-bound at 180-217 days in the two fiscals through 2025. High GCAs are primarily due to additional stocking of key raw materials (soda ash) anticipating supply constraints on account of geopolitical crisis. * Exposure to intense competition: MSIPL has modest capacity in the highly fragmented regional detergents market, which comprises a few large players and several unorganized players. The intense competitive pressure may continue to constrain scalability, pricing power and profitability. Strengths: * Extensive experience of the promoters: The key promoter, Mr M E Raviraja, has a decade of experience in the detergent industry as a clearing and forwarding agent for Sundari Soaps (a product of Lakshmi Industries in Karnataka). The expertise of the promoters has helped to establish healthy relationships with reputed raw material suppliers and a wide network of distributors. Revenue is estimated to be INR113 crore in fiscal 2025 against INR134 crore in fiscal 2024 and the growth trend is expected to continue over the medium term. * Moderate financial risk profile: The financial risk profile is supported by moderate networth of INR42.46 crore as on March 31, 2025. Gearing stood at 1.81 times in fiscal 2025. Debt protection metrics are supported by interest coverage ratio of 1.66 times and net cash accrual to adjusted debt ratio of 0.09 time for fiscal 2025. Liquidity: Poor Bank limit utilisation was high at 94% on average for the 12 months ended June 30, 2025. Cash accrual is expected to be INR9-19 crore which will be sufficient against term debt obligation of INR5-6 crore over the medium term. The promoters are likely to continue to extend support in the form of equity and unsecured loans to meet the working capital requirement and debt obligation. Rating sensitivity factors Upward factors: * Track record of timely debt servicing for 90 days or more * Revenue growth of 20-30% in the next two years with sustenance of operating profitability leading to better net cash accrual * Improvement in the working capital cycle leading to better liquidity and financial risk profiles MSIPL was incorporated in September 2009 by Mr M E Raviraja and his wife, Ms E Shashika. The company manufactures detergent cakes and powder in Davangere, Karnataka. MSIPL operates in Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, Maharashtra and Goa. It has a low-pricing strategy and focuses on the economy segment. MAHESH HARDWARE: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mahesh Hardware and Pipes Private Limited (MHPPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25 Crisil B/Stable (Issuer Not Cooperating) Cash Credit 22 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MHPPL 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 MHPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MHPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MHPPL continues to be 'Crisil B/Stable Issuer not cooperating'. MHPPL was originally set up as a proprietorship firm, Mahesh Pipes, in 1997, and was reconstituted as a private limited company with the current name in March 2009. It distributes polyvinyl chloride (PVC) pipes mainly made by Supreme. MHPPL is promoted by Mr Ashok Jain (proprietor of the erstwhile Mahesh Pipes) and his brother Mr Mahender Jain. MODWAY SUITING: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Modway Suiting Private Limited (CTPL; previously known as Cyan Textile Private Limited and a part of Swaraj Suiting Group) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil B/Stable (Issuer Not Cooperating) Term Loan 7.7 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CTPL 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 CTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CTPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2003, SSPL manufactures cotton and denim fabrics. CTPL, incorporated in 2018, manufactures synthetic fabrics. Both these companies are promoted by Mr Mohammad Sabir and Mr Nasir Khan and is based out of Bhilwara, Rajasthan. SSPL is coming with new facility of dyeing, processing & finishing of denim fabric and is expected to commence operations from April 2022. MOTILAL DHOOT: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Motilal Dhoot Infrastructure Private Limited (MDIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.25 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Cash Credit 1.15 CRISIL D (Issuer Not Cooperating) Term Loan 1.60 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MDIPL 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 MDIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MDIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MDIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MDIPL, based in Pune (Maharashtra) was incorporated in 2006 and was acquired by its current promoters, Mr Sushil Dhoot and family, in fiscal 2010. MDIPL manufactures ready-mix concrete and supplies aggregates such as crushed stone and dust obtained from stone crushing. It also undertakes civil construction activities. NEYSA JEWELLERY: CRISIL Assigns D Rating to INR18cr Export Loan --------------------------------------------------------------- Crisil Ratings has assigned its 'Crisil D/Crisil D' ratings to the bank facilities of Neysa Jewellery Ltd (NJL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 18.00 Crisil D (Assigned) Credit Foreign Bill Discounting 1.33 Crisil D (Assigned) Foreign Bill Purchase 5 Crisil D (Assigned) Packing Credit 5 Crisil D (Assigned) Proposed Fund- Based Bank Limits 5.67 Crisil D (Assigned) The ratings reflect the delay in servicing of its bank debt obligations by NJL. The ratings also factor in the company's subdued working capital cycle and modest scale of operations. These weaknesses are partially offset by the extensive experience of the promoters in the jewellery industry. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of NJL. Unsecured loan of around INR18.5 crore as on March 31, 2025, from the promoters and related entities is treated as neither debt nor equity as the loan is expected to remain in the business over the medium term. Key Rating Drivers & Detailed Description Weaknesses: * Delays in servicing of bank debt: NJL has delayed the servicing of its working capital debt because of which the account is currently categorized as a non-performing asset. * Subdued working capital cycle: NJL's large working capital requirement is reflected in gross current assets (GCA) of more than 700 days over the three years through fiscal 2025. The GCA is estimated around 780-790 days as on March 31, 2025 driven by receivables of 610-620 days and inventory of 150-160 days. The sizeable receivables are because of stuck payment with customers. NJL had written off a portion of these receivables in fiscal 2025 (net impact of around INR5 crore) leading to a loss for the fiscal. Additionally, the company maintains sizeable inventory. The working capital cycle is expected to remain subdued over the medium term and remains monitorable. * Modest scale of operations: NJL's scale of operations remains modest as reflected in annual revenue of INR55-65 crore over the three years through fiscal 2025. The scale is constrained by limited liquidity cushion to support the working capital required to grow the business. The modest scale constrains the operational flexibility of NJL. Strength: * Extensive experience of the promoters in the jewellery industry and their funding support: NJL's promoters have experience of around three decades in the jewellery business, which has helped the company establish its presence in international markets. Its business risk profile will remain supported by the experienced management. Liquidity: Poor NJL has poor liquidity as indicated by the delay in bank debt servicing. The bank lines were utilised above 99% on average for the 12 months through July 2025. The liquidity profile is expected to remain supported by unsecured loan from the promoters and related entities. Cash and bank balance stood around INR2 lakh and the current ratio is estimated at 2.3 times as on March 31, 2025. Rating sensitivity factors Upward factors: * Timely payment and settlement of bank borrowings on a sustained basis for 90 days. * Improvement in the working capital cycle Set up in 1996, NJL is promoted by Mr Pravin Shah and his family members. The company manufactures and exports diamond-studded gold, silver and brass jewelry. Its manufacturing unit is in Santacruz Electronic Export Processing Zone (SEEPZ), Mumbai. PRASAD SUGAR: CRISIL Assigns B- Rating to INR220cr Loan ------------------------------------------------------- Crisil Ratings has assigned its 'Crisil B-/Stable' rating to the long term bank facilities of Prasad Sugar and Allied Agro Products Limited (PSAPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.9 Crisil B-/Stable (Assigned) Cash Credit 1.6 Crisil B-/Stable (Assigned) Proposed Term Loan 42.4 Crisil B-/Stable (Assigned) Sugar Pledge Cash Credit 220 Crisil B-/Stable (Assigned) Term Loan 8.8 Crisil B-/Stable (Assigned) Term Loan 26.3 Crisil B-/Stable (Assigned) The rating reflects PSAPL's cyclicality associated with sugar business; risks get amplified by dependence on monsoon, working capital intensive operations, and weak financial profile. These weaknesses are partially offset by its extensive industry experience of the promoters. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of PSAPL. Key Rating Drivers & Detailed Description Weaknesses: * Cyclicality associated with sugar business; risks get amplified by dependence on monsoon: Cane production is highly dependent on the monsoons and realizations in alternative crops such as rice and wheat, which may prompt farmers to switch to sowing other crops. Also, the cane availability is restricted to the command area allocated to each company. In India, alternative sweeteners to sugar are gur and khandsari. Lower sugarcane yields and an increase in the sale of sugarcane to gur and khandsari manufacturers may lead to decrease in sugar production. * Working capital intensive operations: Gross current assets were at 227-337 days over the three fiscals ended March 31, 2025. Its intensive working capital management is reflected in its gross current assets (GCA) of 337 days as on March 31, 2025. Its's large working capital requirements arise from its high debtor and inventory levels. It is required to extend long credit period. Furthermore, due to its business need, it holds large work in process & inventory. * Weak financial profile: PSAPL has average financial profile marked by gearing of 11.85 times and total outside liabilities to adj tangible net worth (TOL/ANW) of 17.64 times for year ending on March 31, 2025. PSAPL's debt protection measures have also been at weak level in past due to high gearing and low accruals from the operations. The interest coverage and net cash accrual to total debt (NCATD) ratio are at 1.65 times and 0.07 times for fiscal 2025. PSAPL debt protection measures are expected to remain at similar level with high debt levels. Strength: * Extensive industry experience of the promoters: The promoters have an experience of over a decade in sugar industry. This has given them an understanding of the dynamics of the market and enabled them to establish relationships with suppliers and customers. Liquidity: Stretched Bank limit utilisation is high at around 84 percent for the past twelve months ended Mar 2025. Cash accrual are expected to be over INR21-26 crore which are sufficient against term debt obligation of INR16 crore over the medium term. Current ratio are low at 0.94 times on March 31, 2025. Outlook: Stable Crisil Ratings believe PSAPL will continue to benefit from the extensive experience of its promoter, and established relationships with clients. Rating sensitivity factors Upward factors: * Sustained and significant growth in revenue and steady operating margin leading to cash accrual of more than INR23 crore. * Better working capital management and improvement in gearing. * Improvement in liquidity profile of the company. Downward factors: * Weaker operating performance due to shortage of sugar cane (crushing less than 4 lakh MT) or lower sugar realizations. * Increase in working capital requirement or any large debt-funded capital expenditure weakening liquidity and financial risk profile. PSAPL, incorporated in 2007, is owned and managed by Mr Shusilkumar Deshmukh and Mr Prasad Tanpure, and their family members. The company manufactures sugar at its plant in Rahuri Taluka in the Ahmednagar district of Maharashtra, with an installed capacity of 4,000 tonne crushed per day and an ethanol plant with 60 KLPD capacity. RAASHRI PAINTS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Raashri Paints and Barrels Private Limited (RPBPL; previously known as Evergreen Drums and Cans Private Limited) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) Corporate Loan 6 CRISIL D (Issuer Not Cooperating) Letter of Credit 10 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.35 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 6.15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RPBPL 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 RPBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RPBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RPBPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. RPBPL was originally set up as a partnership firm in 1974; the firm was reconstituted as a private limited company in 1992-93 (refers to financial year, April 1 to March 31). It manufactures metal containers, cans, roll-on-pilfer-proof caps, barrels, and drums. Its day-to-day operations are being managed by Mr. Kamal Jhunjhunwala. RAJAVE TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rajave Textiles Private Limited (RTPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.05 CRISIL D (Issuer Not Cooperating) Cash Credit 50 CRISIL D (Issuer Not Cooperating) Letter of Credit 8 CRISIL D (Issuer Not Cooperating) Long Term Loan 8.88 CRISIL D (Issuer Not Cooperating) Long Term Loan 3.41 CRISIL D (Issuer Not Cooperating) Proposed Long Term 10.10 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with RTPL 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 RTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1995 and promoted by Mr. S Ravindran, RTPL manufactures cotton yarn of counts ranging from 18s to 40s. The company's spinning mill is in Coimbatore (Tamil Nadu). RATNAGIRI CHEMICALS: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ratnagiri Chemicals Private Limited (RCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL D (Issuer Not Cooperating) Packing Credit 4.5 CRISIL D (Issuer Not Cooperating) Post Shipment 2 CRISIL D (Issuer Not Credit Cooperating) Crisil Ratings has been consistently following up with RCPL 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 RCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1996 by Mr. P. V. Ramana Rao, RCPL is engaged in the manufacturing of specialty chemicals and antioxidant additives, which find application in food processing, petrochemical, and pharmaceutical industries. The company has its manufacturing facilities at Parshuram (Ratnagiri) with a total installed capacity of around 2500 MT per annum. REENA ENGINEERS: CRISIL Moves D Debt Ratings to Not Cooperating --------------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of Reena Engineers and Contractors Private Limited (RECPL) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 15 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Line of Credit 40 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Overdraft Facility 10 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with RECPL 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 RECPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RECPL 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 RECPL to 'Crisil D/Crisil D Issuer not cooperating'. RECPL was incorporated in 2004, it is located in Kannur, Kerala. RECPL is engaged in the business of water pipeline contract services i.e. supply and laying water pipeline for Kerala Water Authority (KWA), along with manufacturing of Ready Mix Concrete (RMC) and Reinforced Concrete Cement (RCC) pipes. RECPL, part of Reena Group, is promoted by Mr. K. C. James (Managing Director). RELIANCE INFRA: NCLT Admits Insolvency Petition Against Unit ------------------------------------------------------------ TipRanks reports that Reliance Infrastructure Limited has announced that the National Company Law Tribunal, Mumbai bench, has admitted a petition under the Insolvency and Bankruptcy Code against its wholly-owned subsidiary, SU Toll Road Private Limited. The petition, filed by the State Bank of India, involves a claim amount of INR 358.70 crore. Despite this development, Reliance Infrastructure has stated that the company's exposure is fully provided for, and no financial impact is expected, TipRanks relates. About Reliance Infrastructure Reliance Infrastructure Limited (RIL) is the flagship company of the India-based Reliance Group, led by Anil Dhirubhai Ambani, active in the energy and infrastructure businesses. R-Infra has an in-house engineering-procurement-construction/EPC division that is active in the power and road segments. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 5, 2025, India Ratings and Research (Ind-Ra) has upgraded Reliance Infrastructure Limited's (Reliance Infra) bank loan ratings to 'IND B' from 'IND D'. The Outlook is Stable. CARE Ratings, in early March 2025, said the rating of RIL's Long-Term and Short-Term bank facilities continue to remain in the 'Issuer Not Cooperating' category. CARE Ratings withdrawn the rating(s) assigned to the NCD issue (INR600 crore) of RIL with immediate effect, as the company has repaid the aforementioned NCD issue in full and there is no amount outstanding under the issue as on date. TIRUPATI VEHICLES: CRISIL Withdraws B+ Rating on INR10cr e-DFS -------------------------------------------------------------- Crisil Ratings has withdrawn its rating on the bank facilities of Tirupati Vehicles Private Limited (TVPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil B+/Stable/Issuer Not Cooperating (Withdrawn) Electronic Dealer 10 Crisil B+/Stable/Issuer Not Financing Scheme Cooperating (Withdrawn) (e-DFS) Proposed Long Term 1.45 Crisil B+/Stable/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Standby Line 0.3 Crisil B+/Stable/Issuer Not of Credit Cooperating (Withdrawn) Term Loan 0.25 Crisil B+/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with TVPL for obtaining information through letter and email dated September 9, 2024 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 TVPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the rating on bank facilities of TVPL to 'Crisil B+/Stable Issuer not cooperating'. TVPL is a dealer of M&M, and has showrooms in Bijnour, Saharanpur, and Gajroula in Uttar Pradesh. The company is promoted by Mr Deepak Garg, Mr Sanjeev Lahoti, and Mr Anuj Kumar Bishnoi. TMA INFRASTRUCTURE: CRISIL Reaffirms D Rating on INR17cr Loan ------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil D/Crisil D' ratings on the bank facilities of TMA Infrastructure Private Limited (TMA). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 Crisil D (Reaffirmed) Bank Guarantee 6.5 Crisil D (Reaffirmed) Cash Credit/ 17 Crisil D (Reaffirmed) Overdraft facility Cash Credit/ 6 Crisil D (Reaffirmed) Overdraft facility The ratings continue to reflect the extensive experience of TMA's promoters in the civil construction industry and moderate financial risk profile. These strengths are partially off-set by its modest scale of operations and geographical concentration in revenue. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of TMA. Key Rating Drivers & Detailed Description Weakness: * Modest scale of operations and geographical concentration: TMA is a small-sized player in the civil construction business, with revenue around INR51 crore in fiscal 2025. Orders of about INR150 crore, however, await execution and support revenue visibility for the next 18-24s months. Regional concentration in operations—with revenue derived entirely from Tamil Nadu—also result in fluctuating revenue Strengths: * Extensive experience of the promoters and healthy relationships with stakeholders: Presence of more than 10 years in the civil construction industry, has enabled the promoters to establish healthy relationship with suppliers and customers. TMA has a strong track record of executing and completing irrigation projects on time. As a result, operating margin continues to be healthy. * Moderate financial risk profile: Financial risk profile remains moderate, with net worth of INR17.40 crore and moderate gearing estimated at 1.53 times as on March 31, 2025. Debt protection metrics are also modest with interest coverage ratios at 1.43times as of March 31, 2025. Liquidity: Poor Bank limit utilisation is high at around 100.26 percent for the past last twelve months ended in June 2025. Poor Liquidity, reflected in delay servicing long-term debt obligations from NBFCs. Current ratio are estimated at 1.5 times on March 31, 2025 Rating sensitivity factors Upward factors: * Track record of timely debt servicing for at least over 90 days Sustained improvement in scale of operations by 10% and operating margins at over 8%, leading to higher cash accruals TMA was set up in 1989 as a proprietorship firm and was reconstituted as a private limited company in 2011. It executes civil contracts for the highway department, PWD, and municipality of Tiruvarur in Tamil Nadu. Operations are managed by Mr T Manoharan. WIND WORLD: CRISIL Moves D Debt Ratings to Not Cooperating ---------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Wind World Wind Farms (Karnataka) Limited (WWWFPL) to 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 15.4 Crisil D (ISSUER NOT Based Bank Limits COOPERATING; Rating Migrated) Term Loan 12.6 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with WWWFPL for obtaining information through letter and email dated July 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of WWWFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on WWWFPL 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 WWWFPL to 'Crisil D Issuer not cooperating'. WWWFPL was formed in 2000, as a special purpose vehicle (SPV) between Wind World India Ltd (WWIL; 51% stakeholder) and Enercon GmbH (49% stakeholder), to set up windmills. The company has its windmills in Chitradurga and Gadag districts in Karnataka with total of 24.2MW of installed capacity. Operations are managed by Mr Yogesh Mehra and Mr Ajay Mehra. ========= J A P A N ========= MUSEE PLATINUM: Operator to Undergo Bankruptcy Proceedings ---------------------------------------------------------- Jiji Press reports that Tokyo District Court on Aug. 18 ordered the start of bankruptcy proceedings for the operator of Musee Platinum, a major hair removal salon chain for women, according to credit research firm Teikoku Databank Ltd. This is the largest bankruptcy ever of a hair removal salon, leaving debts totaling about JPY26 billion and affecting some 200,000 creditors, including customers, Jiji Press relates. Since last year, the salon chain has struggled to pay salaries and has been forced to close outlets due to deteriorating earnings, according to Jiji Press. Former employees filed for the company's bankruptcy with the court in May, while the company decided in June to dissolve itself and seek special liquidation, adds Jiji Press. =============== M A L A Y S I A =============== GREENPRO CAPITAL: Posts $574K Net Loss for Fiscal Q2 ---------------------------------------------------- Greenpro Capital Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $574,128 for the three months ended June 30, 2025, compared to a net loss of $565,753 for the three months ended June 30, 2024. Revenue for the three months ended June 30, 2025, was $427,092 compared to a revenue of $361,174 for the same period in 2024. For the six months ended June 30, 2025, the Company reported a net loss of $1,209,704, compared to a net loss of $838,663 for the same period in 2024. Revenue for the six months ended June 30, 2025 was $779,847 compared to a revenue of $1,019,573 for the same period in 2024. During the six months ended June 30, 2025, had net cash used in operations of $772,674, and as of June 30, 2025, the Company incurred an accumulated deficit of $38,474,083. These factors raise substantial doubt about the Company's ability to continue as a going concern within the next 12 months. In addition, the Company's independent registered public accounting firm, in its report on the Company's December 31, 2024 financial statements, has expressed substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide additional cash to meet the Company's obligations as they become due. Despite the amount of funds that we have raised in the past, no assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4kpzm36m About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. Kuala Lumpur, Malaysia-based JP Centurion & Partners, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 9, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that for the years ended December 31, 2024, the Company incurred a negative cash flow from operating activities of $1,360,454 and as of December 31, 2024, the Company incurred an accumulated deficit of $37,264,379. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $6,473,923 in total assets, $1,279,635 in total liabilities, and a total stockholders' equity of $5,194,288. As of June 30, 2025, the Company had $6,555,277 in total assets, $1,739,350 in total liabilities, and a total stockholders' equity of $4,815,927. KNM GROUP: Unveils Regularisation Plan With Borsig Disposal ----------------------------------------------------------- The Malaysian Reserve reports that KNM Group Bhd has proposed a regularisation plan to exit its Practice Note 17 (PN17) status after nearly three years, built on the disposal of its German unit Borsig GmbH, a major balance sheet clean-up and a debt restructuring scheme with creditors. According to its Bursa filing, KNM will sell Deutsche KNM GmbH, the holding company of Borsig, to Japan's NGK Insulators Ltd for EUR270 million (MYR1.26 billion), the Malaysian Reserve relays. The Malaysian Reserve relates that the divestment, which contributed 82.2% of group revenue in FY2024, is expected to result in a loss of MYR104.62 million due to forex reclassification, but will generate over MYR1 billion in net cash proceeds for debt repayment. The group will also slash its issued share capital from MYR1.70 billion to MYR275.97 million, erasing MYR1.42 billion in accumulated losses and turning them into MYR432.73 million retained earnings. Every four shares will be consolidated into one, cutting KNM's share base from 4.05 billion to 1.01 billion. Together with the sale proceeds, the restructuring will support a scheme of arrangement covering MYR1.188 billion in scheme debt, the report noets. The Malaysian Reserve adds that KNM said the plan provides a comprehensive settlement framework for creditors, coupled with an upfront MYR100 million injection to stabilise Malaysian operations. "This regularisation plan is comprehensive and positions KNM to return to normal status once implemented and approved by our shareholders. It represents a decisive step forward in strengthening the company's foundation," KNM chairman Tunku Datuk Yaacob Khyra said in a press statement. Its group CEO Ravindrasingham Balasingham added, "With the continued support of both our creditors and shareholders, we are confident in delivering a successful turnaround that restores KNM to sustainable profitability and long-term growth," the Malaysian Reserve relays. About KNM Group KNM Group Berhad (KLSE:KNM) -- https://www.knm-group.com/ -- is engaged in the investment holding and the provision of management services. It operates through three geographical segments: Asia and Oceania, Europe and America. The Asia and Oceania segment includes Malaysia, Thailand, Indonesia, Myanmar, Australia and Mauritius. The Europe segment includes Germany, Italy, United Arab Emirates, United Kingdom, British Virgin Islands, Netherlands, Saudi Arabia, and Isle of Man. The America segment includes the United States of America and Canada. Its subsidiary KNM Process Systems Sdn. Bhd. is engaged in the design, manufacture, assembly and commissioning of process equipment, pressure vessels, heat exchangers, skid mounted assemblies, process pipe systems, storage tanks, specialized structural assemblies and module assemblies for the oil, gas and petrochemical industries. Its other subsidiaries include KNM International Sdn. Bhd., KNM Capital Sdn. Bhd. and KNM Renewable Energy Sdn. Bhd. On Oct. 31, 2022, KNM Group Bhd said it had become an affected listed issuer under the Practice Note 17 (PN17) on the basis that Paragraph 2.1(e) of the note was triggered in its audited consolidated financial statements for the period ended June 30, 2022, which were published on Oct. 31, 2022. The company said its auditor had highlighted a material uncertainty over its ability to continue as a going concern. ===================== N E W Z E A L A N D ===================== BIG SKY: Creditors' Proofs of Debt Due on Sept. 8 ------------------------------------------------- Creditors of Big Sky Food Limited are required to file their proofs of debt by Sept. 8, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 7, 2025. The company's liquidators are: Kristal Pihama Luke Norman KPMG 79 Cashel Street Level 5 PO Box 1739 Christchurch 8140 CARTER HOLT: Planned Eves Valley Sawmill Closure May Cut 142 Jobs ----------------------------------------------------------------- Radio New Zealand reports that Carter Holt Harvey plans to shut the Eves Valley Sawmill affecting 142 jobs, the Nelson mayor said. The facility, 21 kilometres out of Nelson, was built in the 1980s. According to RNZ, Nick Smith said Carter Holt Harvey, which owned the plant, wanted to shut it to consolidate its resources at its Kawerau plant in Bay of Plenty. He told RNZ that the plan was under consultation until September 1, but following a meeting with the company's management he was not optimistic that anything could be changed. "I put to them was there anything that council or government could do that would save the local jobs, and they made plain not really. "It was really that consolidation of their timber manufacturing business in New Zealand that was driving the closure of the Nelson plant so disappointingly." Regional Development Minister Shane Jones and South Island Minister James Meager were briefed on the matter by Smith, he said. "They were obviously disappointed but also were supportive of ensuring government agencies like [Ministry of Social Development] are there and available to provide the support for the very significant number of workers and families that will be affected if this closure proceeds." Mr. Smith said he had spoken to half-a-dozen workers, RNZ relays. "They are absolutely gutted. Some of them have just purchased homes and are now desperately worried about how they are going to meet those mortgage repayments." The forestry company planned to make a final decision on Sept. 4, he said. Auckland, New Zealand-based Carter Holt Harvey Limited is a forestry and wood products company. The Company operates softwood plantation forests, sawmills, and manufactures panel and engineered wood products such as particleboard, medium density fiberboard, plywood and laminated veneer lumber. Carter also processes logs, chips and waste paper into softwood pulp, linerboard, and cartonboard. CASSCO LIMITED: Court to Hear Wind-Up Petition on Aug. 28 --------------------------------------------------------- A petition to wind up the operations of Cassco Limited will be heard before the High Court at Auckland on Aug. 28, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 3, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 CHAO LIMITED: Creditors' Proofs of Debt Due on Sept. 10 ------------------------------------------------------- Creditors of Chao Limited are required to file their proofs of debt by Sept. 10, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 13, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 FLETCHER BUILDING: Posts NZD419MM Net Loss for Year Ended June 30 ----------------------------------------------------------------- Radio New Zealand reports that Fletcher Building has reported another full year loss, with a number of large one-time costs as well as a drop in revenue. RNZ relates that chief executive Officer Andrew Reding said the year just ended had been one of the most demanding in recent memory, with tough market conditions as well as costly measures to address legacy issues. According to RNZ, the key numbers for the 12 months ended June compared with a year ago: - Net loss NZD419 million vs NZD227 million - Revenue NZD7.0 billion vs NZD7.683 billion - Underlying profit NZD384 million vs NZD509 million - Net debt NZD999 million vs NZD1.77 billion - Full year dividend nil vs nil Mr. Reding said the outlook was more positive with a strategy to focus on manufacturing and distribution of building products, RNZ relays. "While the near-term environment remains uncertain, our focus on cost control, operational discipline, effective capital allocation and portfolio simplification is positioning Fletcher Building well to both navigate current headwinds and deliver stronger, more sustainable returns over the medium to long term." He said the company was still considering the sale of its construction division assets, while the future of the residential and development business was also being reviewed. According to RNZ, Mr. Reding said "solid progress" had also been made to addressing longstanding legacy issues. "In June 2025, we reached a settlement with the New Zealand Transport Agency on the Puhoi to Warkworth motorway project and have recently settled our insurance claims in respect of the weather and landslips that affected the project. "Final finishing and commissioning work on the New Zealand International Convention Centre (NZICC) remains on track for handover in 2025, ahead of its planned opening in early 2026. "In Australia, the Industry Response for the Western Australian plumbing issues was signed, with a provision of NZD170 million recognised in the first half of the year, and the remediation work of the participating builders is starting to build momentum." The company did not offer guidance for the current year. RNZ relates that Mr. Reding said New Zealand's market volumes were expected to remain low with subdued demand through the current financial year. "Indicators are mixed in Australia, and it is too early to determine when recent signals might translate into greater activity and volumes." Fletcher Building Limited, together with its subsidiaries, manufactures and distributes building products in New Zealand, Australia, and internationally. It operates through Building Products, Distribution, Concrete, Residential and Development, Construction, and Australia segments. HIREMASTER EVENT: Creditors' Proofs of Debt Due on Sept. 12 ----------------------------------------------------------- Creditors of Hiremaster Event & Party Limited 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. 14, 2025. The company's liquidators are: David Ian Ruscoe Adele Irene Hicks Grant Thornton New Zealand Limited PO Box 10712 Wellington HUKA TERRACES: Court to Hear Wind-Up Petition on Aug. 28 -------------------------------------------------------- A petition to wind up the operations of Huka Terraces BRE Limited will be heard before the High Court at Auckland on Aug. 28, 2025, at 10:00 a.m. Auckland Council filed the petition against the company on May 30, 2025. The Petitioner's solicitor is: Kirstin Margaret Wakelin 135 Albert Street Auckland NEKITA ENTERPRISES: Creditors' Proofs of Debt Due on Sept. 11 ------------------------------------------------------------- Creditors of Nekita Enterprises 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. 14, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 SOUTH ISLAND: Court to Hear Wind-Up Petition on Aug. 28 ------------------------------------------------------- A petition to wind up the operations of South Island Properties Limited will be heard before the High Court at Auckland on Aug. 28, 2025, at 11:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 12, 2025. The Petitioner's solicitor is: David Tasker Inland Revenue, Legal Services 663 Colombo Street Christchurch Central Christchurch 8011 USKIDS GOLF: Creditors' Proofs of Debt Due on Sept. 12 ------------------------------------------------------ Creditors of Uskids Golf 2019 Limited 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. 13, 2025. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 =============== P A K I S T A N =============== ADAMJEE INSURANCE: A.M. Best Affirms B(Fair) Fin. Strength Rating ----------------------------------------------------------------- AM Best has affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "bb" (Fair) of Adamjee Insurance Company Limited (Adamjee) (Pakistan). The outlook of these Credit Ratings (ratings) is negative. The ratings reflect Adamjee's balance sheet strength, which AM Best assesses as adequate, as well as its strong operating performance, neutral business profile and marginal enterprise risk management (ERM). The negative outlooks reflect pressure on the company's non-life underwriting performance. Whilst Adamjee has a history of robust overall profitability, with profits before tax ranging from PKR 2.3 billion to PKR 8.7 billion between 2020 and 2024, consolidated operating performance has been increasingly supported by the company's life insurance operations and investment activities, with the non-life business generating marginal results. The company's non-life underwriting performance improved in 2024 due to corrective underwriting actions, but was adversely affected by the unprecedented rainfall in the United Arab Emirates, resulting in an overall combined ratio of 99.9%. The company aims to improve the underwriting performance of its non-life book through higher market rates and stringent underwriting practices. Adamjee's balance sheet strength assessment is underpinned by its risk-adjusted capitalization at the adequate level, as measured by Best's capital Adequacy Ratio (BCAR). At year-end 2024, risk-adjusted capitalization declined from the previous year due to higher market values on affiliated investments and significant growth in its non-life portfolio. Investment risk remains the primary driver of required capital, with the investment portfolio highly concentrated in equity securities within Pakistan. Whilst some diversification was achieved through term deposit holdings in the UAE, Adamjee remains exposed to potential capital volatility. In addition, the company has a high dependence on reinsurance and exposure to non-rated reinsurance recoverable through mandatory cessions to the state-owned reinsurer in Pakistan. Traditionally, the company maintains one of the leading positions in the market, writing a diversified life and non-life portfolio and offering conventional and takaful products. In addition, Adamjee generated close to 40% of its non-life premium income through branch operations in the UAE in 2024, which provides the company with geographical diversification to a more stable country risk environment. The ERM assessment is viewed as marginal given the size and complexity of Adamjee's operations. The company's operations in Pakistan present exposure to very high levels of economic, political and financial system risks, some of which are beyond the company's control. EFU GENERAL: A.M. Best Hikes Fin. Strength Rating to B(Fair) ------------------------------------------------------------ AM Best has upgraded the Financial Strength Rating to B (Fair) from B- (Fair) and the Long-Term Issuer Credit Rating to "bb" (Fair) from "bb-" (Fair) of EFU General Insurance Limited (EFUG) (Pakistan). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect EFUG's balance sheet strength, which AM Best assesses as adequate, as well as its strong operating performance, neutral business profile and marginal enterprise risk management (ERM). The rating upgrades reflect improvements in EFUG's balance sheet strength fundamentals, notably through strengthened risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), underpinned by good earnings retention. In addition, the upgrade considers improvements in the economic, political and financial system risks in Pakistan. The stable outlooks reflect EFUG's strengthened risk-adjusted capitalization, which is expected to remain at least at the very strong level, as measured by BCAR. However, the company's risk-adjusted capitalization remains potentially volatile and sensitive to asset risk, which is the primary driver of required capital. Further offsetting factors include a high dependence on reinsurance and exposure to a non-rated reinsurance counterparty, through mandatory cessions to the state-owned reinsurer in Pakistan. EFUG has a history of robust operating profitability, with a five-year (2020-2024) weighted average return on equity of 14.9%, supported by positive underwriting and investment results. The company has generated solid underwriting profits over the same period, with an average combined ratio of 88.8%. Despite difficult market conditions, AM Best expects EFUG’s prospective underwriting performance to remain strong. EFUG benefits from its leading market position domestically, with an estimated non-life market share of 20% in 2024. The company has a well-diversified underwriting portfolio across non-life business segments, and when combining conventional and takaful business, EFUG wrote consolidated gross written premium of PKR 41.3 billion (USD 149 million) in 2024. The company experienced a marginal decline in premiums during 2024 as part of a strategic action to de-risk its underwriting portfolio. The company leverages its long-standing client relationships in the market, which has helped it to navigate the challenging business environment. AM Best views EFUG's ERM as marginal given the size and complexity of its operations. The company's risk profile remains exposed to Pakistan's elevated economic, political and financial system risks. While AM Best notes EFUG's historical operational resilience to country risk factors, risk management challenges are presented by its concentration of business and assets in Pakistan. PAKISTAN: ADB to Back Rail Upgrade as China Financing Stalls ------------------------------------------------------------ Reuters reports that the Asian Development Bank will fund upgrades to part of Pakistan's creaking railway system, replacing China, after prolonged delays in securing financing from Beijing threatened to put a strain on a strategic mining project, two sources said on Aug. 22. An extensive revamp of 1,800 km (1,118 miles) of railways has been the centrepiece of a $60 billion Chinese investment programme in Pakistan announced in 2015 as part of Beijing's Belt and Road Initiative global infrastructure push, according to Reuters. A decade of negotiations, however, have yet to produce a finance package for the rail upgrades - the single biggest project under the programme with China. And Pakistan is, meanwhile, struggling to repay Chinese debt owed for other projects, Reuters says. The ADB is in advanced talks to lead the financing of a $2 billion upgrade of a 500-km stretch of the railway line from Karachi to Rohri in the country's south that had previously been part of the Chinese project, two sources with direct knowledge of the discussions told Reuters. Reuters relates that the upgrade has become urgent, they said, as it is needed to transport copper ore from the Reko Diq mine currently being developed by Canada's Barrick Mining Corp. About Pakistan Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 21, 2025, Moody's Ratings has upgraded the Government of Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa1 from Caa2. Moody's have also upgraded the rating for the senior unsecured MTN programme to (P)Caa1 from (P)Caa2. Concurrently, Moody's changed the outlook for the Government of Pakistan to stable from positive. The TCR-AP reported in April 21, 2025, Fitch Ratings has upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The Outlook is Stable. ===================== P H I L I P P I N E S ===================== VILLAR LAND: Fined Over Late Submission of Financial Statements --------------------------------------------------------------- Benise Balaoing at ABS-CBN News reports that the Securities and Exchange Commission (SEC) has fined Villar Land Holdings Corp. and its officers PHP12 million over the late submission of its audited financial statements. In an order, the SEC's Markets and Securities Regulation Department noted that Villar Land in September last year bought 366.34 hectares of land through the purchase of outstanding capital stock of Althorp Land Holdings Inc., Chalgrove Properties Inc., and Los Valores Corporation at PHP5.2 billion. Villar Land said that at that time, it had already changed its accounting policy on its investment properties to fair value accounting, ABS-CBN News relays. The 3 companies it bought out, however, were using a different external auditor. Villar Land decided to retain the external auditors, thinking it's the more efficient arrangement. According to ABS-CBN News, the valuation was completed by Feb. 11, 2025, and the financial statements of the 3 companies were incorporated by Villar Land into its own consolidated financial statements. But on April 15, Villar Land asked the SEC to extend the deadline to submit its 2024 annual report to allow its external auditor Punongbayan & Araullo "to have adequate additional time to review and finalize the Company's 2024 Financial Statements." ABS-CBN News relates that Villar Land said Punongbayan & Araullo asked for another appraisal of the newly-acquired assets. The SEC, however, said Villar Land's explanation for the delay in the submission of its financial reports are without merit, because on March 28, it released a report saying its board of directors approved and authorized the release of financial statements for the year ended Dec. 31, 2024. The company at that time was still known as Golden MV Holdings. According to the report, SEC said Golden MV Holdings reported that the purchase of the parcels of land were "recorded in the books as investment properties and accounted for using the fair value method." The securities regulator also noted that the March 28 report publicly made known the substantial fair value gains in company's total assets because of value appreciation of certain properties, but these were later reported to still be pending final verification or audit, ABS-CBN News relays. "This act or scheme could very well mislead the investing public," it said. "The effect of such disclosure to the investing public can be clearly seen in the volume turnover of the company's shares in the market as, during the period of March 25, 2025 to March 31, 2025, the average volume turnover was at PHP2,112,808, while it was only PHP218,382.50 for the period March 3, 2025 to March 24, 2025," it added. In a statement, Villar Land said the company and its directors and officers "welcome the opportunity to explain their side on the issues raised," adding that they will respond to the SEC's order "in due course," ABS-CBN News relays. ABS-CBN News relates that Villar Land said that the delay in filing the pertinent documents was "not due to the refusal of our external auditor to sign the 2024 Audited Financial Statements but because of said auditor's varying requests for additional audit procedures to review the valuation of the properties acquired by Villar Land in Villar City." The company also explained that "it reluctantly proposed to the external auditors the use of cost basis in recording its properties" in order to secure the "immediate release of the 2024 Audited Financial Statements," noting that Villar Land "firmly believes that it is the fair value of the Villar City properties that should be reflected in its financial statements." Aside from the PHP12 million fine, the company was also fined PHP2,000 each for every day of delay reckoned from July 1 until submission of the 2024 annual report and quarterly report for the first quarter of 2025. The officials, including former senators Manuel Villar Jr. and Cynthia Villar, sitting senators Camille and Mark Villar, and Paolo Villar were also asked to show cause why they should not be held liable administratively liable for violating the Securities Regulation Code and other laws within 10 days, adds ABS-CBN News. About Villar Land Villar Land Holdings Corp., together with its subsidiaries, engages in the development of memorial parks in the Philippines. It operates through two segments, Residential and Deathcare. The Residential segment develops and sells residential houses and lots, subdivision lots, and condominium units. The Deathcare segment sells memorial lots; and offers chapel and interment services. It also develops, constructs, and operates columbarium and memorial chapel facilities. The company provides death care products and services under the Golden Haven brand; and operates residential development business under the Bria Homes name. The company was formerly known as Golden MV Holdings, Inc. and changed its name to Villar Land Holdings Corp. in April 2025. ================= S I N G A P O R E ================= A & R LOGISTICS: Court to Hear Wind-Up Petition on Sept. 5 ---------------------------------------------------------- A petition to wind up the operations of A & R Logistics Pte. Ltd. will be heard before the High Court of Singapore on Sept. 5, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Aug. 11, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 APROWERKS SINGAPORE: Court to Hear Wind-Up Petition on Aug. 29 -------------------------------------------------------------- A petition to wind up the operations of Aprowerks Singapore 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. 8, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 BATAVIA INCUBATOR: Creditors' Proofs of Debt Due on Sept. 7 ----------------------------------------------------------- Creditors of Batavia Incubator Pte. Ltd. are required to file their proofs of debt by Sept. 7, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 8, 2025. The company's liquidators are: Ong Woon Pheng Tan Lye Heng Paul Nexia Solutions Pte Ltd c/o 36 Robinson Road #11-01 City House Singapore 068877 CAPITAL WORLD: Unit Faces More Than MYR320,000 in Claims -------------------------------------------------------- The Business Times reports that Capital World Ltd on Aug. 20 announced that its subsidiary is facing payment demands of more than MYR320,000 from a buyer it sold a unit to in 2021. In March 2021, the claimant, Chong Kim Chuan, entered a sale-and-purchase agreement with the company's wholly owned subsidiary, Capital City Property, to buy a serviced suite unit. BT, citing a legal letter dated Aug 14, relates that the claimant is seeking claims over Capital City Property's failure to "deliver the vacant possession of the unit" within 52 months of the sale-and-purchase agreement date. According to BT, Capital World said its unit received the letter on Aug. 20. The sum comprises a refund of about MYR286,212, the purchase price paid for the unit, and a sum of around MYR41,740, which was the interest paid to the claimant's end-financier. Capital City Property is required to appear in court within 14 days of being served the letter, BT notes. If it fails to do so, the claimant may proceed with action and enter judgment against it without further notice. Capital World said that it is seeking legal advice on the matter, with the case management scheduled for Sept. 11 in the Johor Bahru Session Court, BT adds. Based in Singapore, Capital World Limited (SGX:1D5), an investment holding company, primarily engages in the property development and other activities in Singapore and Malaysia. It undertakes the conception, design, and implementation of integrated property projects. The company also offers business and management consultancy services; and facility management services; as well as involved in property investment activities. Capital World Limited was formerly known as Capital City Property Sdn Bhd and changed its name to Capital World Limited in May 2017. DA JIAFU: Court Enters Wind-Up Order ------------------------------------ The High Court of Singapore entered an order on Aug. 1, 2025, to wind up the operations of Da Jiafu Services (Pte. Ltd.). Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 GENPLUS PTE: Creditors' Meetings Set for Aug. 26 ------------------------------------------------ Genplus Pte. Ltd. will hold a meeting for its creditors on Aug. 26, 2025, at 11:00 a.m. via video conferencing (Microsoft Teams or Zoom). Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to confirm the appointment of liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Mr. Chan Yee Hong of CLA Global TS Risk Advisory was appointed as as provisional liquidator of the Company on Aug. 7, 2025. GREF IND: Creditors' Proofs of Debt Due on Sept. 15 --------------------------------------------------- Creditors of Gref Ind Acquisition 2 Pte. Ltd. are required to file their proofs of debt by Sept. 15, 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: Cheong Beng Sheng, Dean c/o Guardian Advisory Pte Ltd 531A Upper Cross Street #03-118 Hong Lim Complex Singapore 051531 GRIP PRINCIPLE: Court to Hear Wind-Up Petition on Aug. 29 --------------------------------------------------------- A petition to wind up the operations of Grip Principle 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. 8, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 LEGEND STAR: Creditors' Proofs of Debt Due on Sept. 12 ------------------------------------------------------ Creditors of Legend Star Shipping 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 liquidators are: Mr. Yamashika Masao Mr. Yiong Kok Kong Avic DKKY Pte. Ltd. 180 Cecil Street, #12-04 Singapore 069546 POWERBEE TECHNOLOGIES: Court Enters Wind-Up Order ------------------------------------------------- The High Court of Singapore entered an order on Aug. 1, 2025, to wind up the operations of Powerbee Technologies Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 PROCARE CLEANING: Court to Hear Wind-Up Petition on Aug. 29 ----------------------------------------------------------- A petition to wind up the operations of Procare Cleaning Services Pte. Ltd. will be heard before the High Court of Singapore on Aug. 29, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Aug. 4, 2025. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 The Concourse Singapore 199555 RAFFLES EDUCATION: Receives Letter of Demand for CNY33.7 Million ---------------------------------------------------------------- The Business Times reports that Raffles Education has received a letter of demand claiming that it is liable for about CNY33.7 million (SGD6.2 million) in enterprise income tax and late payment penalties, the group disclosed in a bourse filing on Aug. 22. BT relates that the letter of demand is from Oriental University City Development Co, a Chinese company. The sum is said to be related to the transfer of an equity interest in the Bank of Langfang made by Oriental University in 2021 to a third party designated by Raffles Education. Raffles Education believes that the claim is "without merit", and is working with legal advisers to prepare a response, BT adds. Based in Singapore, Raffles Education Corporation Limited is an investment holding company. The Company is engaged in the provision of business and management consultancy services. Its segments include Private Education System (PES), National Education System (NES), Education Facilities Rental Service, Real Estate Investment & Development, and Corporate & Others. The Company offers students a range of degree, diploma and full-time certification programs in design and business-oriented disciplines at post-secondary level. It also participates in pre-tertiary education. The PES segment includes Raffles K12 Sdn. Bhd. (RAS), offering an American K12 curriculum. The Company runs programs within the Chinese national public school system. The Education Facilities Rental Service segment refers to Oriental University City Holdings (H.K.) Limited (OUCHK), which is engaged in education facilities leasing and commercial leasing for supporting facilities. It participates in real estate investments and development. The Group's net current liabilities exceeded its current assets by SGD16.8 million for the financial year ended June 30, 2024. The Group reported annual net losses of SGD5.30 million and SGD19.26 million for the years ended June 30, 2023, and 2024, respectively. RED BOY: Commences Wind-Up Proceedings -------------------------------------- Members of Red Boy Pte. Ltd. on Aug. 12, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Chian Yeow Hang c/o Guardian Advisory 531A Upper Cross Street #03-118 Singapore 051531 REDSPOT ENGINEERING: Court to Hear Wind-Up Petition on Aug. 29 -------------------------------------------------------------- A petition to wind up the operations of Redspot 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. 8, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 SOON NA: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on Aug. 1, 2025, to wind up the operations of SOON NA SERVICE Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 WEDCO GLOBAL: Creditors' Proofs of Debt Due on Sept. 14 ------------------------------------------------------- Creditors of Wedco Global Ventures (Singapore) Pte. Ltd. are required to file their proofs of debt by Sept. 14, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 4, 2025. The company's liquidators are: Lim Loo Khoon Tan Wei Cheong 6 Shenton Way OUE Downtown 2, #33-00 Singapore 068809 ===================== S O U T H K O R E A ===================== YEOCHUN NCC: Secures KRW300BB Funding From Major Shareholders ------------------------------------------------------------- Alpha Biz reports that Yeochun NCC, Korea's third-largest ethylene producer, has finalized a KRW300 billion (approx. USD 220 million) funding package from its joint major shareholders, DL Chemical and Hanwha Solutions, to avert a looming default crisis. At a board meeting held on August 18, Yeochun NCC approved a resolution to borrow KRW150 billion each from DL Chemical and Hanwha Solutions, Alpha Biz says. The decision comes amid severe financial distress triggered by the prolonged downturn in the petrochemical industry, which has forced the company to halt major plant operations and raised market concerns over a potential default. According to Alpha Biz, the emergency funding is expected to stabilize Yeochun NCC's liquidity through the end of the year, easing immediate pressure on its operations. Industry observers note that the capital injection reflects the commitment of DL Group and Hanwha Group to sustaining Yeochun NCC's competitiveness despite challenging market conditions. Yeochun NCC Co., Ltd. manufactures and sells chemical products. The Company produces ethylene, propylene, benzene, toluene, xylene, styrene monomer, and other products. Yeochun NCC also provides after sale services. Yeochun NCC recorded its largest-ever operating profit of KRW1.1 trillion in 2017. However, due to oversupply originating from China, the company reported a net loss of KRW347.7 billion in 2022, KRW240.2 billion in 2023, and KRW236 billion in 2024, according to Chosun Biz. The liability ratio surged from 200.1% in 2002 to 331.4% last year. [] S. KOREA: Mid-sized Construction Firms Face Bankruptcy Crisis ---------------------------------------------------------------- Chosun Biz reports that domestic mid-sized construction companies are facing a series of bankruptcies due to economic downturns. As of July this year, an average of more than 1.5 construction companies have closed each day. Chosun Biz, citing the Ministry of Land, Infrastructure and Transport, discloses that a total of 309 closures of comprehensive construction companies in South Korea were reported from January to July this year. This marks an increase of 4.74% compared to the same period last year (295 cases). This means that, on average, about 1.5 construction companies have closed each day this year. Looking at the number of closure reports from comprehensive construction companies on an annual basis, the figure increased from 170 in 2022 to 360 in 2023, and then decreased to 295 last year. Subsequently, it has exceeded 300 again this year, indicating a return to an upward trend. In particular, the phenomenon of 'surplus bankruptcy' is increasing despite making profits, Chosun Biz notes. Hanil Construction, a mid-sized construction firm known for its Verace brand, recently reported a default of around KRW8 billion. It has been in arrears for about 40 days and has also failed to submit an audit report this year, making it effectively known to be in a state of bankruptcy, according to Chosun Biz. Hongseong Construction, which ranks 197th in construction capability evaluation, also generated an operating profit of KRW5.8 billion in the first half of this year, but faced liquidity issues as the collection of construction receivables was delayed. The Daegu District Court issued a comprehensive prohibition order to Hongseong Construction on Aug. 1 and initiated rehabilitation proceedings, Chosun Biz reports. Earlier in January this year, Shin Dong-A Construction, which owns the housing brand 'Familie' and ranks 58th in construction capability evaluation, applied for corporate rehabilitation proceedings in court, Chosun Biz recalls. Following this, Daejeo Construction (103rd), SAMBU Construction (71st), Angang Construction (138th), and Daewoo Shipbuilding & Marine Engineering Construction (83rd) also successively applied for corporate rehabilitation proceedings. Currently, there are a total of 10 domestic construction companies that have gone bankrupt, Chosun Biz discloses. From January to July this year, the construction companies that filed for bankruptcy regionally include 3 in Seoul, 2 in Gyeonggi, 2 in Busan, 1 in Ulsan, 1 in North Chungcheong and 1 in South Chungcheong. Chosun Biz notes that the decision of mid-sized construction companies to apply for closure or corporate rehabilitation proceedings and to go bankrupt is analyzed as the result of a combination of rising construction costs, continued high interest rates, persistent real estate market recession, and an increase in unsold inventory. ********* 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 ***