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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, August 28, 2025, Vol. 28, No. 172

                           Headlines



A U S T R A L I A

AND GOLD: First Creditors' Meeting Set for Sept. 2
DISCOUNT COMPOUND: First Creditors' Meeting Set for Sept. 2
INTRA FORCE: First Creditors' Meeting Set for Sept. 3
KEYSTONE ASSET: ASIC Bans MWL Compliance Manager
RAPIDCRETE PTY: First Creditors' Meeting Set for Sept. 2

STAR ENTERTAINMENT: In Talks With Lenders Over Debt Waivers
TABTIMER PTY: First Creditors' Meeting Set for Sept. 2


C H I N A

LOGAN GROUP: Gauges Interest for Corniche Loan Refinancing
SUNAC CHINA: Interim Loss Narrows to CNY12.8BB in H1 of 2025
WINDROSE TECHNOLOGY: Allegedly Insolvent, Manager Claims


I N D I A

ARKAS ENERGY: ICRA Keeps D Debt Rating in Not Cooperating
BALAJI CEMENT: Insolvency Resolution Process Case Summary
BHAGIRATH CONSTRUCTION: Insolvency Resolution Process Case Summary
BHARANI SPINNINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
DEVI CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating

GURU GOBIND: CRISIL Keeps D Debt Ratings in Not Cooperating
GURUKRUPA METALS: ICRA Keeps B- Debt Rating in Not Cooperating
HINDVA BUILDERS: ICRA Keeps B+ Debt Rating in Not Cooperating
HOOGHLY SHIPBREAKERS: ICRA Keeps D Debt Rating in Not Cooperating
JPC INFRA: ICRA Keeps D Debt Ratings in Not Cooperating Category

KANCHAN MOTORS: ICRA Keeps D Debt Rating in Not Cooperating
KARPAGAM STEELS: ICRA Keeps B+ Debt Rating in Not Cooperating
LAMIFABS AND PAPERS: CRISIL Keeps D Ratings in Not Cooperating
LUCKNOW SITAPUR: ICRA Keeps D Debt Rating in Not Cooperating
MAHAGUN (INDIA): Insolvency Resolution Process Case Summary

MARVELOUS METALS: Liquidation Process Case Summary
NARBADA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
PADIGELA GINNING: ICRA Keeps D Debt Ratings in Not Cooperating
PADMASRI RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
PARA ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating

PRAJAY PROPERTIES: CRISIL Keeps D Debt Ratings in Not Cooperating
PRIDE COKE: Insolvency Resolution Process Case Summary
PUNJAB GENCO: ICRA Keeps B+ Issuer Ratings in Not Cooperating
PUR ENERGY: ICRA Reaffirms and Withdraws D Issuer Rating
PUSHPAK AUXICHEM: Insolvency Resolution Process Case Summary

RAJESH LANDMARK: Liquidation Process Case Summary
SANCHETI ORNAMENTS: CRISIL Keeps D Debt Rating in Not Cooperating
SUDHIR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
SWASTIK COPPER: CRISIL Keeps D Debt Ratings in Not Cooperating
TEXPLAS INDIA: ICRA Keeps D Debt Ratings in Not Cooperating

THRIVE SOLAR: CRISIL Keeps D Debt Ratings in Not Cooperating
TRUMP IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating
VENUS STAR: Insolvency Resolution Process Case Summary
VISHNU STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
VISHWAKARMA SCALES: CRISIL Keeps C Ratings in Not Cooperating



N E W   Z E A L A N D

AQUA PLUMBER: Creditors' Proofs of Debt Due on Sept. 15
RN PROPERTIES: Court to Hear Wind-Up Petition on Oct. 2
SLS ENTERPRISE: Creditors' Proofs of Debt Due on Oct. 3
TJA CONSTRUCTION: Court to Hear Wind-Up Petition on Sept. 5
UNIVERSAL PROPERTY: Creditors' Proofs of Debt Due on Sept. 16



P A K I S T A N

JUBILEE GENERAL: A.M. Best Affirms B(Fair) Fin. Strength Rating


S I N G A P O R E

AMBROSIA MANAGEMENT: Court to Hear Wind-Up Petition on Sept. 12
DISCOUNT LOFT: Court to Hear Wind-Up Petition on Sept. 5
LE HOME: Court to Hear Wind-Up Petition on Sept. 5
NEW RAPID: Court to Hear Wind-Up Petition on Sept. 5
V.I.P AUTO: Court to Hear Wind-Up Petition on Sept. 5

WING TAI: Net Loss Narrows to SGD71.1 Million for H2 Ended June 30


S O U T H   K O R E A

HOMEPLUS CO: FSS Looking Into MBK Partners Over Takeover

                           - - - - -


=================
A U S T R A L I A
=================

AND GOLD: First Creditors' Meeting Set for Sept. 2
--------------------------------------------------
A first meeting of the creditors in the proceedings of And Gold
Investments Pty Ltd and Deotech Pty Ltd will be held on Sept. 2,
2025 at 11:00 a.m. at the offices O'Brien Palmer, at Level 9, 66
Clarence Street, in Sydney, NSW, and via Zoom teleconferencing
facilities.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on Aug. 21, 2025.


DISCOUNT COMPOUND: First Creditors' Meeting Set for Sept. 2
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Discount
Compound Pharmacy Pty Ltd (trading as Pharmacy 4 Less Town Hall and
Formerly Traded As "Pharmacy 4 Less Maroubra") will be held on
Sept. 2, 2025 at 11:00 a.m. via virtual meeting.

Antony Resnick and Henry Kwok of DVT Group were appointed as
administrators of the company on Aug. 21, 2025.


INTRA FORCE: First Creditors' Meeting Set for Sept. 3
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Intra Force
Technologies Pty. Ltd will be held on Sept. 3, 2025 at 10:00 a.m.
at the offices of Dye & Co. Pty Ltd, at 165 Camberwell Road, in
Hawthorn East.

Nicholas Giasoumi and Shane Leslie Deane Dye & Co. Pty Ltd were
appointed as administrators of the company on Aug. 25, 2025.


KEYSTONE ASSET: ASIC Bans MWL Compliance Manager
------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
banned Robert John Tohill for a period of 5 years from providing
any financial services, performing, as an officer, responsible
manager or compliance manager, any function involved in the
carrying on of a financial services business and controlling an
entity that carries on a financial services business.

Mr. Tohill was the responsible manager and compliance manager of
MWL Financial Services Pty Ltd (MWL). ASIC found that Mr. Tohill:

   * was involved in contraventions of financial services laws by
     another person

   * was on the investment committee that continued to evaluate
     and approve the Shield Master Fund (Shield)

   * reviewed and approved template Statements of Advice (SOA) and

     certain SOAs prepared by financial advisers which contained:

        - false and misleading information about the performance
          history of Shield, and

        - no information about MWL's arrangements with lead
          generators.

   * was responsible for the content of Financial Services Guides
     that did not disclose required information about MWL's
     arrangements with lead generators

   * was responsible for maintaining MWL's compliance manual which

     included MWL's conflicts policy, and

   * failed in his gatekeeper functions as compliance manager and
     responsible manager.

Mr. Tohill has the right to apply to the Administrative Review
Tribunal for a review of ASIC's decision.

The banning of Mr. Tohill is recorded on ASIC's banned and
disqualified register.

Mr. Tohill commenced as compliance manager at MWL in December 2016
and was appointed as one of MWL's responsible managers in December
2021.

Whilst at MWL, certain financial advisers provided personal
financial product advice to consumers who invested in the Shield
Master Fund.

ASIC has previously banned four former financial advisers of MWL in
respect of advice provided in relation to Shield.

In February 2024, ASIC halted new offers of investments in Shield.
ASIC made interim stop orders on four product disclosure statements
for Shield.

In June 2024, ASIC took action to secure the assets held within
Shield. ASIC sought orders to preserve the assets of the scheme so
that they may be recovered, to the extent available, for the
benefit of investors while the investigation is continuing.

ASIC understands that, since February 2022, funds totalling more
than $480 million have been invested in Shield by at least 5,800
consumers, who accessed Shield primarily through superannuation
platforms, the trustees for which were Macquarie Investment
Management Limited and Equity Trustees Superannuation Limited. The
investigation to date suggests that potential investors were called
by lead generators and referred to personal financial advice
providers who advised investors to roll their superannuation assets
into a retail choice superannuation fund available on a choice
platform and then to invest part or all of their superannuation
into Shield.

ASIC is investigating the circumstances surrounding Shield. ASIC is
investigating Keystone Asset Management Ltd and its directors and
officers, the role of the superannuation trustees, certain
financial advisers who recommended investors invest in Shield, the
lead generators, and others.

Keystone Asset Management Ltd is the responsible entity for the
Shield Master Fund.

On Dec. 2, 2024, Jason Tracy and Glen Kanevsky of Deloitte were
appointed as joint and several liquidators of KAM.


RAPIDCRETE PTY: First Creditors' Meeting Set for Sept. 2
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Rapidcrete
Pty Ltd will be held on Sept. 2, 2025 at 10:30 a.m. via electronic
means.

Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne were
appointed as administrators of the company on Aug. 21, 2025.


STAR ENTERTAINMENT: In Talks With Lenders Over Debt Waivers
-----------------------------------------------------------
Reuters reports that Star Entertainment said on Aug. 27 it is in
discussions with its lenders to secure potential waivers on loan
covenants, though the terms offered by the lenders so far were
unacceptable to the casino operator.

This is the latest challenge to Star, which has been under a severe
debt crisis and faces regulatory scrutiny.

According to Reuters, Star said it will defer its unaudited
full-year financial accounts by a day to Friday, August 29. In
February, the cash-strapped casino operator delayed issuing its
half-year accounts pending bailout offers.

The waivers are for the periods ended September 30 and December 31
this year, Star said in a statement, Reuters relays.

The company did not provide further details on the debt waivers.
The Australian Financial Review had reported that the waivers were
necessary for Star to publish its results by Aug. 29, Reuters
relays.

Earlier this month, Star revived a sidelined deal with its Hong
Kong-based partners to sell a half stake in its AUD3.6 billion
($2.34 billion) Brisbane resort, recalls Reuters.

                     About Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.

As reported in the the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2025, Star Entertainment has warned that it faces
"material uncertainty" over its ability to stay afloat unless it
finds a solution to its worsening financial woes.

In a quarterly update to investors on Jan. 20, ASX-listed Star said
its revenue had fallen 15 per cent in the December quarter, citing
ongoing weakness in its operating performance. It pointed to a
"challenging" consumer environment, the impact of carded play in
NSW, and expenses caused by a series of regulatory and compliance
problems.


TABTIMER PTY: First Creditors' Meeting Set for Sept. 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Tabtimer Pty
Ltd will be held on Sept. 2, 2025 at 10:30 a.m. via virtual meeting
only.

Joanne Keating of Worrells was appointed as administrator of the
company on Aug. 21, 2025.




=========
C H I N A
=========

LOGAN GROUP: Gauges Interest for Corniche Loan Refinancing
----------------------------------------------------------
Bloomberg News reports that distressed Chinese developers Logan
Group Co. and KWG Group Holdings Ltd. have been sounding out
investor interest in a potential plan to refinance a $1.05 billion
private loan secured by a luxury residential project in Hong Kong,
according to people familiar with the matter.

Bloomberg relates that the firms are seeking to lower borrowing
costs with the new potential deal, the people said, asking not to
be identified discussing private matters. The existing facility,
backed by the upscale Corniche project and signed in August 2024,
carries an initial annualized yield of up to 13%, with a 30-month
term and two optional six-month extensions.

It is unclear if any investors are interested in such a deal, the
people said.

According to Bloomberg, the 2024 facility, arranged by JPMorgan
Chase & Co. and provided by a consortium including Davidson Kempner
Capital Management and Pacific Investment Management Co., helped
the developers avert a default on a bank loan. It also cleared a
path for Logan to restructure its $8 billion in offshore debt.
Although the Corniche wasn't included in Logan's debt
restructuring, it had been at the center of negotiations, as the
ability to refinance the asset had been seen as a bellwether for
the viability of the company's broader restructuring plan.

Logan and KWG borrowed from 16 commercial banks in 2021 to fund the
development of the luxury complex, betting on an influx of wealthy
Chinese buyers, Bloomberg notes. However, the project's location,
adjacent to a sewage treatment facility and a driving school in a
middle-class neighborhood, proved to be a difficult sell.

Some 78 out of 295 units at the Corniche have been sold so far,
Bloomberg discloses citing the project's register of transactions.
Sales picked up after the developers slashed prices by almost half.
The latest transaction completed this month was a 1,697-square foot
unit, which sold at HK$49.1 million ($6.3 million), or about
HK$28,933 per square foot.

                         About Logan Group

Headquartered in Shenzhen, Guangdong, China, Logan Group Co Ltd is
a property developer. It develops and sells residential properties
and retail shops. The company also leases office units and retail
shops; and carries out construction works of office premises and
residential buildings for its external customers.

As reported in the Troubled Company Reporter-Asia Pacific on April
21, 2022, Fitch Ratings has withdrawn Logan Group Company Limited's
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
of 'CCC'. Fitch has also withdrawn the senior unsecured rating and
the rating on Logan's outstanding US dollar senior notes of 'CCC',
with a Recovery Rating of 'RR4'. The 'CC' rating, with a Recovery
Rating of 'RR6', on Logan's subordinated perpetual capital
securities has also been withdrawn.

Fitch is withdrawing the ratings as Logan has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.

Accordingly, Fitch will no longer provide ratings or analytical
coverage for Logan.

The TCR-AP in late March 2022 reported that S&P Global Ratings
withdrew its 'CCC-' long-term issuer credit rating on Logan Group
Co. Ltd. at the company's request. The outlook was negative at the
time of the withdrawal.  S&P has also withdrawn its 'CC' issue
rating on the company's senior unsecured notes.


SUNAC CHINA: Interim Loss Narrows to CNY12.8BB in H1 of 2025
------------------------------------------------------------
South China Morning Post reports that Sunac, one of China's largest
privately owned developers, founded by the magnate Sun Hongbin,
said on Aug. 27 that its interim loss narrowed by 14.4 per cent to
CNY12.8 billion, helped mainly by lower operating and financing
costs.

According to the Post, the improved results underscore how a
recovery in mainland China's retail consumption and the
government's policy lifelines towards the builders and developers
have begun to sow the seeds of recovery in the property industry.
As recently as a year ago, many developers including Sunac were
still in crisis mode as they struggled with ballooning debt, tepid
sales and a dearth of financing from banks.

Sunac's residential property business remained under strain, the
Post says. Property sales, the company's main revenue source, fell
during the first six months to CNY14 billion, only half of last
year's level. Its share of total revenue also declined from 82 per
cent in June 2024 to under 70 per cent.

The slump in property sales was the main driver behind an overall
revenue plunge of 41.7 per cent to CNY20 billion, following a 41.4
per cent drop in the same period last year, according to
management, the Post relays.

The company had managed to crimp its total liabilities to CNY805.9
billion as of June 30, from CNY827.7 billion in December, the Post
notes. Its gearing ratio, calculated by dividing net debt by total
capital, rose to 84.1 per cent, compared to 81.3 per cent six
months ago.

Sunac's shares closed 5 per cent lower at HK$1.52 in Hong Kong
after its results were announced, the Post adds.

                         About Sunac China

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.

Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.

Creditors of Sunac China Ltd have approved its US$9 billion
offshore debt restructuring plan, the company said on Sept. 18,
2023, marking the first approval of such debt overhaul by a major
Chinese property developer.

Sunac China Holdings Limited sought creditor protection in the
United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy
Judge Philip Bentley presides over the Chapter 15 proceedings.
Sidley Austin is the legal counsel to Sunac China.


WINDROSE TECHNOLOGY: Allegedly Insolvent, Manager Claims
--------------------------------------------------------
electrive.com reports that Chinese electric truck developer
Windrose, which launched with major international ambitions, is
reportedly insolvent. Kyle Maki, Director of Customer Success and
Operations at Windrose, claims the company is 90 days behind on
wage payments. No further evidence has yet been provided to support
his statements.

According to electrive.com, Kyle Maki has taken to LinkedIn to
criticise his employer. Mr. Maki writes that the Windrose team has
been working out of a caravan for two months because the company no
longer has suitable premises. According to the post, wages have not
been paid for three months. Mr. Maki blames founder and CEO Wen Han
for the situation. Wen Han has not responded, and the company has
not issued an official statement.

Based in Hefei, Windrose Technology designs and develops vehicles,
which are then contract-manufactured by Anhui Jianghuai Automobile
and Higer Bus.  




=========
I N D I A
=========

ARKAS ENERGY: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long- Term rating for the Bank facilities of
Arkas Energy LLP (AEL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        17.65      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with AEL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in June 2015, Arkas Energy LLP (AEL) is primarily
engaged in the business of power generation and distribution
activities. The LLP owns and operates 1x1.25 MW wind turbine
generator (WTG) at Kappadgudda, Karnataka, 2x2 MW WTG at Mandsaur,
MP and 1x2.1 MW WTG at Vajrakarur, AP. AEL is a group concern of
Bhilai Engineering Corporation Ltd.


BALAJI CEMENT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Sri Balaji Cement and Power Limited
Survey No. 367, Village Malkhed,
        Sedam Taluq, Kalaburagi District,
        Gulberga, Sedam,
        Karnataka - 585317, India

Insolvency Commencement Date: August 1, 2025

Estimated date of closure of
insolvency resolution process: January 27, 2026

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Gullapalli Kishore Babu
       Sowbhagyapuram, Road No.1, Kothapet,
              Hyderabad, Telangana - 500035
              Email: gkishorebabu@gmail.com

Last date for
submission of claims: August 15, 2025


BHAGIRATH CONSTRUCTION: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Bhagirath Construction Company Private Limited
33, Raj Ratna Complex, 3rd Floor,
        Near Navrangpura Bus-Stand,
        Navrangpura, Ahmedabad, 380009

Insolvency Commencement Date: August 6, 2025

Estimated date of closure of
insolvency resolution process: February 2, 2026

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Dhaval C Khamar
       1012, Shilip Zaveri,
              Shyamal Cross Road, Satellite,
              Ahmedabad, Gujarat - 380015
              Email: ca.dhavalkhamar@gmail.com
              Email: cirp.bhagirath@gmail.com

Last date for
submission of claims: August 20, 2025


BHARANI SPINNINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Bharani
Spinnings India Limited (SBSIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee      0.25     CRISIL D (Issuer Not Cooperating)
   Cash Credit         5.25     CRISIL D (Issuer Not Cooperating)
   Letter of Credit    2.5      CRISIL D (Issuer Not Cooperating)
   Long Term Loan      4        CRISIL D (Issuer Not Cooperating)

Crisil Ratings has been consistently following up with SBSIL 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 SBSIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SBSIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBSIL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


SBSIL was incorporated in 1994 as a private limited company for the
purpose of setting up a spinning mill with 3000 spindles. It was
reconstituted as a public Limited company. The company commenced
commercial production in 1995 with 5760 spindles. Presently, it has
14,880 spindles of capacity.


DEVI CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Devi
Construction Company (DCC) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         4          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            9          CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with DCC 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 DCC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DCC continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

The firm, established in 1983, is a civil contractor and undertakes
projects such as construction of roads and bridges, and
improvement, widening, and straightening of roads, for government
departments and private players. Operations are concentrated in
Rajasthan as the firm is headquartered in Jaipur, and are managed
by Mr. Krishna Yadav and his son Mr. Abhijeet Yadav. The firm is an
'AA' class contractor.


GURU GOBIND: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Guru Gobind
Foods And Agro Private Limited (GGFAPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         8          CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with GGFAPL 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 GGFAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
GGFAPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of GGFAPL continues to be 'Crisil D Issuer not
cooperating'.  

GGFAPL, incorporated in 2014 by Mr. Shaminderjeet Singh Sandhu, is
a Muktsar (Punjab)-based company that processes basmati and
non-basmati rice, with milling and sorting capacities of 8 tonne
per hour each; the company commenced operations in March 2015.


GURUKRUPA METALS: ICRA Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term rating of Gurukrupa Metals (GM) in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B-(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-        10.00        [ICRA]B-(Stable);ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

As part of its process and in accordance with its rating agreement
with GM, ICRA has been trying to seek information from the entity
to monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of the requisite
information and in line with the aforesaid policy of ICRA, the
rating has been moved to the "Issuer Not Cooperating" category. The
rating is based on the best available information.

Gurukrupa Metals (GM) is a metal merchant based in Jamnagar,
Gujarat and has been in operations since September 2011. The firm
primarily trades imported non-ferrous metallic scrap, such as brass
scrap, ingots, copper alloys and zinc in and around Jamnagar.


HINDVA BUILDERS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Hindva Builders (HB) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         15.72       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with HB, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Established as a partnership firm in December 2009 by the Patel and
Kheni families of Gujarat, HB is involved in the construction and
development of residential, commercial and industrial real estate
projects. The firm is based in Ahmedabad, Gujarat. It has launched
14 projects in Surat and Ahmedabad, in Gujarat, of which 12 are
complete.

In FY2020, the firm reported a net profit of INR2.46 crore on an
operating income (OI) of INR32.4 crore, against a net profit of
INR3.00 crore on an OI of INR19.7 crore in FY2019.


HOOGHLY SHIPBREAKERS: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating of Hooghly
Shipbreakers Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        (2.55)      [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term        70.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with Hooghly Shipbreakers Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 1998, Hooghly Shipbreakers Limited was a joint
venture between Mr. Russi Mody (Ex-Chairman Tata Steel Ltd., MOBAR
Group) and partners of family owned shipbreaking firm M/s.
Ganpatrai Jaigopal Group. However, in 2007, Mobar Group withdrew
from the joint venture and 100% holding came to Mr. Ramesh Aggarwal
& family from M/s. Ganpatrai Jaigopal Group. Currently, the
Aggarwal family owns 54% of the shares of the company. The company
currently has been allotted plot no. V-2 at Alang-Sosiya ship
recycling yard by Gujarat Maritime Board and is engaged in the ship
breaking activities.


JPC INFRA: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of JPC Infra Private Limited
(JPC) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        20.80       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-         0.20       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with JPC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in 2006, JPC owns a commercial property in Sector 63
Noida (~20 km from Central Delhi) with a total leasable area of
~12,000 sq. mt. out of which, currently ~8,600 sq ft has been
leased to a group company, Standard Type Foundry Pvt Ltd (STF),
which operates a Toyota service centre under the name 'Uttam
Toyota' in the building. The ongoing lease agreement was signed in
October 2011 for seven years with a lock-in period for the entire
tenure. Escalation of 18.75% in the rental is applicable every
alternate year.


KANCHAN MOTORS: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Short-Term rating for the Bank facilities of
Kanchan Motors in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short-term-       10.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with Kanchan Motors, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Established in 2002, Kanchan Motors is a proprietorship firm
engaged dealership of Light Commercial Vehicles (LCV) and Passenger
Vehicles (PV) of Tata Motors Limited (TML) in Nashik, Maharashtra.
The firm enjoys exclusive dealership for the TML's LCVs in Nashik
though faces competition from other TML dealers for the PV segment
in the region. Additionally, the firm also provides auxiliary
services like sale of spare parts, accessories, insurance services,
workshop and financing of vehicles among others. The firm is
headquartered in Nashik city. The firm has an outlet in Aurangabad
which has 3S (sales, spare and services) facility while other are
either 1S or 2S outlets. Also, promoters of the group operate an
IOCL petrol pump in Nashik.


KARPAGAM STEELS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings of Sri Karpagam Steels in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with Sri Karpagam Steels, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Sri Karpagam Steels was established in the year 1991 as a
partnership firm and is engaged in the business of trading steel
products. The firm procures flat products such as Hot Rolled & Cold
Rolled Coils and plates from domestic players and sells to local
manufacturers and traders. After a decade in the industry, the firm
setup its own plant at Saravanampatti to manufacture Mild steel and
boiler steel sheets from the purchased HRC coils – as per client
requirements - through CNC Gas cutting and mechanical cutting
machines.


LAMIFABS AND PAPERS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lamifabs and
Papers Private Limited (LPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.75        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          11           CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        9.30        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    3.15        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             3.80        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with LPPL 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 LPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on LPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
LPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Incorporated in 1982, LPPL manufactures plastic woven fabrics
(HDPE, polyethylene, and polypropylene), vermi beds, irrigation
pipes, pond linings, HDPE tarps, tarpaulins, and tents. The company
has two manufacturing units in Aurangabad, Maharashtra, with total
capacity of 3,200 tonne per annum.


LUCKNOW SITAPUR: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Lucknow Sitapur Expressways
Limited (LSEL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        142.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with LSEL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

LSEL, promoted and 99.64% owned by DSC Limited (DSC), is a Special
Purpose Vehicle (SPV) promoted for undertaking a Build, Operate and
Transfer (BOT) road project involving four laning of Lucknow
–Sitapur section (from Km 488.270 to Km 413.200) of National
Highway 24 (NH-24). The project was awarded by National Highway
Authority of India (NHAI) to a consortium led by DSC. The
Concession Agreement (CA), between LSEL and NHAI was executed
onDecember 23, 2005. The project achieved provisional completion
certificate in October 2011 and final completion in August 2012
against scheduled COD (commercial operation date) of May 2009. The
company had capitalized INR490 crore as project cost. The project
road starts at Sitapur near Sitapur intersection in the Sitapur
district (Uttar Pradesh) and ends at Lucknow and involved total
length of ~76 km.


MAHAGUN (INDIA): Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Mahagun (India) Private Limited

Registered Office:
        C-227, Vivek Vihar, Phase 1,
        East Delhi, Delhi - 110095

        Principal Office:
        Mahagun Metro Mall
        VC-3, Sector 3,
        Vaishali, Ghaziabad,
        Uttar Pradesh, 201010

Insolvency Commencement Date: August 5, 2025

Estimated date of closure of
insolvency resolution process: February 1, 2026

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Manoj Kumar Babulal Agarwal
       Office No. 4, First Floor, Hotel Citi Pride,
              Behind Ambedkar Statue, Pimpri,
              Pune, Maharashtra - 411018
              Email: manojagarwal20@gmail.com

              Finvin Turnaround Restructuring Private Limited
              Situated at 605, 6th Floor, Sunteck Crest,
              Mukund Nagar Road, Andheri (E),
              Mumbai, MH - 400059
              Email: cirp.mahagun@gmail.com

Last date for
submission of claims: August 19, 2025


MARVELOUS METALS: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Marvelous Metals Private Limited

Registered Office:
        E-3, MIDC, Gokul Shirgaon,
        Kolhapur, Maharashtra, India, 416234

        Principal Office:
        C-12 and B-71, MIDC, Gukol Shirgaon,
        Kolhapur, Maharashtra, India, 416234

Liquidation Commencement Date: August 4, 2025

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Atul Rajwadkar
     47, Hindusthan Colony,
            Wardha Road, Nagpur - 440015
            Email: vervecapital@gmail.com
            Email: cirp.marvelous@resurgentrpl.com

Last date for
submission of claims: September 3, 2025


NARBADA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Narbada Dairy
Foods And Farms Private Limited (Narbada) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             1         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      6.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               7.94      CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with Narbada 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 Narbada, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Narbada is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of Narbada continues to be 'Crisil D Issuer not
cooperating'.  

Narbada was incorporated in September 2012 by Mr. Shashanka Pandey
and his brother, Mr. Sujeet Pandey. The company operates a fully
mechanized dairy farm in Potiya (Durg; Chhattisgarh) and sells
unprocessed milk.


PADIGELA GINNING: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Padigela Ginning Industries
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         7.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-         0.10       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category


   Long Term-         4.40       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with Padigela Ginning, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Padigela Ginning Industries was founded in 2009 as a partnership
firm. It is located in Bhainsa, Adilabad District, Telangana and is
involved in the ginning & pressing of raw cotton to produce cotton
lint & seeds and also processing of cotton seeds to produce cotton
seed oil & cakes. The firm has 36 gins and one pressing unit. The
current capacity of the plant is 300 bales of lint per day. The
operations are currently managed by its managing partner, Mr. P.
Srinivas and his family members who has more than 6 years of
experience in Ginning Industry.


PADMASRI RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of
Padmasri Rice Mill (PRM) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         30.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.67        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.33        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with PRM, ICRA has been trying to seek information from the entity
to monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of the requisite
information and in line with the aforesaid policy of ICRA, the
rating has been moved to the "Issuer Not Cooperating" category. The
rating is based on the best available information.

Padmasri Rice Mill (PRM), established in the year 2010, is engaged
in the milling of paddy and produces raw and boiled rice. It is
promoted by Mr. P. Gangi Reddy and partners. The firm has a milling
unit in Duppalapudi (East Godavari district) of Andhra Pradesh with
a milling capacity of 1,62,000 MTPA.


PARA ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Para
Enterprises Private Limited (PEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            28          CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit       10          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      8.1        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Working Capital        13.9        CRISIL D (Issuer Not
   Term Loan                          Cooperating)

Crisil Ratings has been consistently following up with PEPL 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 PEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Incorporated in December 1996, PEPL is a Chennai based company
engaged in undertaking wind EPC contracts in  the 250 Kw and 750 Kw
windmills segment (around 70 percent of revenue) and manufacturing
and export of match sticks and skillets (around 30 percent of
revenue).


PRAJAY PROPERTIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prajay
Properties Private Limited (PPPL; part of the Prajay group)
continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Project Loan          50          CRISIL D (Issuer Not
                                     Cooperating)

   Project Loan          20          CRISIL D (Issuer Not
                                     Cooperating)

   Project Loan          21.3        CRISIL D (Issuer Not
                                     Cooperating)

   Project Loan          30          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.7        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with PPPL 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 PPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PPPL continues to be 'Crisil D Issuer not cooperating'.  

PPPL, incorporated in 2007 by Prajay Engineers Syndicate Ltd, is
developing a high-rise residential real estate project ' Prajay
Megapolis - in Hyderabad (Andhra Pradesh). State General Reserve
Fund, Oman, has invested around Rs.659 million in PPPL by way of
compulsory convertible debentures. PLCPL, a wholly owned subsidiary
of PPPL, owns 8.35 acres of land out of the total 17.12 acres under
development.


PRIDE COKE: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Pride Coke Private Limited
12th Mile Ambher, Kamrup,
        Guwahati, Assam, India, 781023

Insolvency Commencement Date: August 7, 2025

Estimated date of closure of
insolvency resolution process: February 3, 2026

Court: National Company Law Tribunal, Guwahati Bench

Insolvency
Professional: Ashok Kumar Agarwala
       Saraswati Palace, House No. 4/5,
              Dr. B.C Das Lane,
              F. A Road, Kumar Para,
              Guwahati - 781001
              Email: pridecokeprivateltd@gmail.com

Last date for
submission of claims: August 21, 2025


PUNJAB GENCO: ICRA Keeps B+ Issuer Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Punjab Genco Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Issuer Ratings       -         [ICRA]B+(Stable); ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Punjab Genco Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Punjab Genco Limited (a wholly owned subsidiary of Punjab Energy
Development Agency, a nodal agency for Government of Punjab) was
incorporated in March 1998 to meet with the statutory requirements
of Electricity Supply Act, 2003 for power generation. The main
objective of the company is to identify the projects based on new
and renewable energy fuels, prepare techno - economic feasibility
reports, identify and select suitable investors for implementation
of such projects in joint/assisted sector or on Build, Operate and
Own (BOO) basis or at its own including supervision and execution
of such schemes. The company has a portfolio of 1MW of high rate
bio-methanation plant, 9.8 MW of mini-hydel plants (MHPs) and two
solar PV plants of 0.25 MW capacity. All the assets are based in
the state of Punjab.


PUR ENERGY: ICRA Reaffirms and Withdraws D Issuer Rating
--------------------------------------------------------
ICRA has reaffirmed and withdrawn the Issuer Rating of [ICRA]D
assigned to Pur Energy Limited (PEL) at the request of the company,
and in accordance with ICRA's policy on the withdrawal of credit
ratings.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Issuer Rating          -         [ICRA]D reaffirmed and
                                    withdrawn

The reaffirmation of the issuer rating at [ICRA]D considers delays
in debt servicing by the company during February 2025 to May 2025
on a short-term loan of INR5.0 crore. On August 12, 2025, ICRA
received feedback from one of the company's lenders that while
interest payments have been timely, there has been a delay in
principal repayments of the said facility, which were due in
February 2025 and May 2025. ICRA understands that the company has
repaid these instalments in June 2025 and there have been no delays
on this facility since then. PEL had been sharing no-default
statements with ICRA at the beginning of every month, suggesting
timely debt servicing. The rating also remains constrained because
of PEL's stretched liquidity position owing to elevated working
capital requirement primarily due to higher inventory holding
amidst growing scale of operations.
The company is a manufacturer of electric two-wheelers and
lithium-ion batteries.

Key rating drivers and their description

Credit strengths

* Favourable outlook for EV vehicles provides revenue visibility
over the medium term: While India is the largest conventional
two-wheeler (2W) market in terms of volumes sold, the electric
two-wheeler (e2W) industry is still at a nascent stage. The growth
prospects of the e2W industry are supported by factors such as
improving battery technology, attractive total cost of ownership
compared to conventional vehicles, and increasing customer
acceptance. Additionally, policy support from Central and state
governments aimed at accelerating investments in the EV ecosystem,
along with narrowing pricing gap with conventional 2Ws, is expected
to drive volume increase in the medium term, offering healthy
revenue growth potential for industry players. PEL's revenues, at
INR134.9 crore in FY2025, have growth at a CAGR of around 68% over
the past five years.

Credit challenges

* Delays in debt servicing: The company has delayed its principal
repayments on short-term working capital demand loan, which had a
defined due date, as per feedback received from one of its lenders.
PEL has, however, been sharing no-default statements with ICRA at
the beginning of every month, suggesting timely debt servicing.

* Stretched liquidity owing to higher working capital requirements:
The company's working capital intensity has been high at 60.1% in
FY2025 due to elevated inventory level and elongation of
receivables cycle in the past two years. However, equity infusion
of around INR52.0 crore helped support its liquidity position in
FY2025.

* Exposed to geo-political developments, impacting supply of
critical components like battery cells: PEL is dependent on imports
for procuring battery cells. Hence, its operations are vulnerable
to geopolitical developments between India and cell exporting
nations. Any change in regulations related to import of components
or supply chain disruptions could impact PEL's growth prospects.
ICRA notes that the company has multiple vendors for most of the
components, which mitigate the risk to some extent.

Liquidity Position: Stretched

PEL's liquidity is Stretched owing to high working capital
intensity, given the high inventory holding, which is resulting in
increasing working capital requirements amidst growing scale of
operations. However, ICRA notes that equity infusion in FY2025
supported its liquidity requirements to an extent.

PUR Energy is an IIT Hyderabad-incubated company, founded by Dr.
Nishanth Dongari and headed by CEO Mr. Rohit Vadera. The firm has
executed hybrid solar storage projects for many prestigious
business groups, universities, hospitals, residential communities,
NGOs, and schools. The company's management team brings significant
experience from academia and energy industries (both the founders
are alma mater of IIT). The company forayed into manufacturing of
electric two-wheeler under the brand, PURE EV and lithium batteries
under the brand, PURE Lithium.
PEL has a facilities agreement signed with IIT Hyderabad, with the
institute being one of the stakeholders in the company. Thus, the
company has access to all the laboratories, test facilities and
strong support from the institute for all R&D projects. Apart from
manufacturing electric vehicles, which include bicycles, mopeds,
scooter and bikes, PURE Lithium is a segment where the company
manufactures battery packs.


PUSHPAK AUXICHEM: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Pushpak Auxichem Private Limited
        241/B-2, Katsuri Plaza,
        2nd Floor, Manpada Road,  
        Thane, Dombivli East,
        Maharashtra, India, 421201

Insolvency Commencement Date: August 7, 2025

Estimated date of closure of
insolvency resolution process: February 3, 2026

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Sabbani Maruthi
       New Mhada Ews Towers, Block 3C Flat no 303,
              Bangurnagar, Goregaon(W),
              Mumbai Suburban, Maharashtra, 400104
              Email: Maruthi.Sabbani18@gmail.com

              New Mhada Ews Towers, Block 3C Flat no 303,
              Bangurnagar Goregaon(W),
              Mumbai Suburban, Maharashtra ,400104
              Email: IP@PUSHPAKCIRP.COM

Last date for
submission of claims: August 21, 2025


RAJESH LANDMARK: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Rajesh Landmark Projects Private Limited
        139, Seksaria Chambers, 2nd Floor
        N M Road Fort, Mumbai
        Maharashtra, India 400023

Liquidation Commencement Date: August 1, 2025

Court: National Company Law Tribunal, Mumbai Bench V

Liquidator: Smita Gupta
            Flat No. 702, 7th Floor,
            Godrej Central J Tower, Shell Colony
            Near Tilak Nagar Railway Station,
            Chembur, Mumbai
            Mumbai Suburban, Maharashtra 400071
            Email: sumitayal31@gmail.com
            Email: irprajeshlandmark@gmail.com

Last date for
submission of claims: September 10, 2025


SANCHETI ORNAMENTS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sancheti
Ornaments Private Limited (SOPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            18         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SOPL 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 SOPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SOPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SOPL continues to be 'Crisil D Issuer not cooperating'.  

Sancheti Group is promoted by Mr. Ashok Sancheti and his family.
The three group companies, SOPL, SJPL and OJPL were setup in 2011
in Mumbai to manufacture and wholesale gold jewellery. The
promoters have been in business since 1988.


SUDHIR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sudhir Agro
Oils Private Limited (SAOPL; part of Sudhir Group) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            2          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      24          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      12          CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SAOPL 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 SAOPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SAOPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAOPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


SAOPL was incorporated in 1993, and is managed by Shri Prem Kumar,
the company is in the business of whole sale trade business in
Edible and non-edible oils e.g. Cotton seed Oils, Mustard Oils,
Sunflower Oils, Soya Oils, Soya DOC. The company supplies this raw
material to various manufacturing units and customers throughout
India. The company imports around 70% of its requirement.

ANHL incorporated in 1947 is currently managed by Shri Prem Kumar,
the company is in the business of whole sale trade business in
Edible and non-edible oils e.g. Cotton seed Oils, Mustard Oils,
Sunflower Oils, Soya Oils, Soya DOC. The company supplies this raw
material to various manufacturing units and customers throughout
India. All the procurement happens from domestic market.


SWASTIK COPPER: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swastik
Copper Private Limited (SCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         36         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            20         CRISIL D (Issuer Not
                                     Cooperating)

   Inland/Import           1.5       CRISIL D (Issuer Not
   Letter of Credit                  Cooperating)

   Letter of Credit        2.5       CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SCPL 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 SCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Incorporated by Mr. Sandeep Jain in 1995, SCPL manufactures
distribution and power transformers, with capacity ranging from
5-10,000 kilovolt amperes (kVA). The company supplies transformers
to electricity boards/power distribution companies in Uttar
Pradesh, Rajasthan, Chhattisgarh and Madhya Pradesh. It has
installed capacity to manufacture 1,000 transformers of up to 250
kVA, 1,500 transformers from 250-10,000 kVA and 3,000 protective
boxes.


TEXPLAS INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Texplas India
Private Limited (TIPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING ".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short-term         3.50       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long-term-        11.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-         2.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with TIPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Texplas India Private Limited (TIPL) incorporated in September 1975
is a venture of the Texplas group and being managed by Mr J. C.
Jain, his son, Mr Shriyance Jain and his wife, Mrs Sunita Jain. TIP
presently has three product lines which include composite
materials, plastic moulding products and polymer-based insulators.
The products have application in various industries like thermal
power, home appliances, chemical industry and general engineering
industries. The company utilises variety of raw materials which
includes polyester resins, copper sheet, fibre glass, etc, which
are procured domestically. Besides TIP, the Texplas group consists
of Texplas Composites (India) Private Limited engaged in the
manufacturing of plastic products, Texplas Lifestyle (India)
engaged in manufacturing home appliances, Texplas Textile India
Private Limited engaged in manufacturing of woolen yarn & worsted
yarn and Vardhman Industrial, a partnership firm engaged in
infrastructure-related activities.


THRIVE SOLAR: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thrive Solar
Energy Private Limited (TSEPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         0.5         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit           17           CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit       2           CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     3.7         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

Crisil Ratings has been consistently following up with TSEPL 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 TSEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TSEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TSEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


TSEPL was incorporated in 2007 as Thrive Energy Technologies Pvt
Ltd and got its present name in 2013. It manufactures LED-based
solar power lighting systems and solar power generating systems.
Hyderabad-based, TSEPL is promoted by Dr Bodavala Ranganayakulu.


TRUMP IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Trump Impex
Private Limited (TIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9.5        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with TIPL 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 TIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TIPL continues to be 'Crisil D Issuer not cooperating'.  

Established in 2009, TIPL, promoted and managed by Mr. Devang
Mehta, trades in ingots, billets, and ferrous and non-ferrous metal
scrap. Its office is in Mumbai.


VENUS STAR: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Venus Star Chit Private Limited
        20, 1st Floor, Oosur Amman Koil Street,
        Big Natham, Kancheepuram, Chengalpet, 603002

Insolvency Commencement Date: August 7, 2025

Estimated date of closure of
insolvency resolution process: February 3, 2026

Court: National Company Law Tribunal, Chennai Bench - 1

Insolvency professional: Rongali Sridevi

Interim Resolution
Professional: Rongali Sridevi
              Old No 110, New No 178, Rangarajapuram
              Main Road, Kodambakkam, Chennai 600 024
              Email: srica_2003@yahoo.co.in

              -- and --

              No 16. Sivaji Street,
              T-Nagar, Chennai 600 017
              Email: cirp.venusstarchit@hotmail.com

Last date for
submission of claims: August 21, 2025


VISHNU STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishnu Steels
(VS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            19         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of credit        1.55      CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

   Long Term Loan          3.9       CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with VS 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 VS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VS
continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

VS, set up in 2003 by Mr. Gumansingh B Rajpurohit, manufactures
thermo-mechanically treated (TMT) bars from ingots. The firm has a
plant in Wada district, Thane (Maharashtra).


VISHWAKARMA SCALES: CRISIL Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishwakarma
Scales Private Limited (VSPL) continue to be 'CRISIL C/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         1.5         CRISIL A4 (Issuer Not
                                      Cooperating)

   Cash Credit            3           CRISIL C (Issuer Not
                                      Cooperating)

   Proposed Long Term     5.5         CRISIL C (Issuer Not
   Bank Loan Facility                 Cooperating)

Crisil Ratings has been consistently following up with VSPL 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 VSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'.


Incorporated in 2007 and based in Uttarakhand, VSPL manufactures
and markets weighing systems from miniature scales to heavy highway
weighbridges and highway traffic-management systems. Its plant in
Roorkee can manufacture over 1,850 types of weighbridges annually.
Mr. Avinash Chandra Dhiman, Ms Meenal Dhiman, and Mr. Pranav Dhiman
are the promoters.




=====================
N E W   Z E A L A N D
=====================

AQUA PLUMBER: Creditors' Proofs of Debt Due on Sept. 15
-------------------------------------------------------
Creditors of Aqua Plumber Canterbury Limited 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. 18, 2025.

The company's liquidator is:

          John Scutter
          Fervor Limited
          Level 1
          17–19 Seaview Road
          Paraparaumu Beach


RN PROPERTIES: Court to Hear Wind-Up Petition on Oct. 2
-------------------------------------------------------
A petition to wind up the operations of RN Properties Limited will
be heard before the High Court at Auckland on Oct. 2, 2025, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 17, 2025.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


SLS ENTERPRISE: Creditors' Proofs of Debt Due on Oct. 3
-------------------------------------------------------
Creditors of SLS Enterprise Limited and Pinto Services Limited are
required to file their proofs of debt by Oct. 3, 2025, to be
included in the company's dividend distribution.

The companies commenced wind-up proceedings on Aug. 18, 2025.

The company's liquidator is:

          Derek Ah Sam
          Rodgers Reidy (NZ) Limited
          PO Box 45220
          Te Atatu
          Auckland 0651


TJA CONSTRUCTION: Court to Hear Wind-Up Petition on Sept. 5
-----------------------------------------------------------
A petition to wind up the operations of TJA Construction Limited
will be heard before the High Court at Auckland on Sept. 5, 2025,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 12, 2025.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


UNIVERSAL PROPERTY: Creditors' Proofs of Debt Due on Sept. 16
-------------------------------------------------------------
Creditors of Universal Property Management Limited and Castro
Limited are required to file their proofs of debt by Sept. 16,
2025, to be included in the company's dividend distribution.

Universal Property Management commenced wind-up proceedings on Aug.
18, 2025.

Castro Limited commenced wind-up proceedings on Aug. 19, 2025.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751




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P A K I S T A N
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JUBILEE GENERAL: A.M. Best Affirms B(Fair) Fin. Strength Rating
---------------------------------------------------------------
AM Best has revised the outlook to positive from stable for the
Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the
Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR
of "bb" (Fair) of Jubilee General Insurance Company Limited
(Jubilee) (Pakistan). The outlook of the FSR is stable.

These Credit Ratings (ratings) reflect Jubilee's balance sheet
strength, which AM Best assesses as strong, as well as its strong
operating performance, limited business profile and marginal
enterprise risk management (ERM).

The revision of the Long-Term ICR outlook to positive from stable
reflects improvements in the company's balance sheet strength
fundamentals, notably through increased risk-adjusted
capitalization, as measured by Best's Capital Adequacy Ratio
(BCAR), underpinned by good earnings retention. In addition, the
rating action considers improvements in the economic, political and
financial system risks in Pakistan.

Jubilee's balance sheet strength assessment is underpinned by its
risk-adjusted capitalization at the strongest level, as measured by
BCAR (at year-end 2024). Future growth of the company's
underwriting portfolio is expected to be supported adequately by
internal capital generation. However, the company's risk-adjusted
capitalization remains sensitive to changes in asset risk, which is
the primary driver of required capital. Other partially offsetting
rating factors include the company's high dependence on reinsurance
and its exposure to a non-rated reinsurance counterparty through
mandatory cessions to the state-owned reinsurer in Pakistan.

Jubilee has a history of strong earnings, with a five-year
(2020-2024) weighted average return on equity of 19.3%.
Underwriting performance has been resilient over this period, with
a weighted average combined ratio of 94.3%. Investment returns
remain the core driver of operating performance, with Jubilee
generating a weighted average net investment yield, including
capital gains, of 14.3% over the same five-year period.

As the third-largest non-life insurer in Pakistan, Jubilee holds a
solid competitive position within its domestic market. The company
writes a diversified insurance portfolio, offering conventional and
takaful products principally to commercial customers. The company's
premium income increased by 18.5% in 2024, which was ahead of the
market growth. This was supported by inflation-driven rate
increases and higher sums insured. However, writing PKR 23.1
billion (USD 83 million) of gross premium in 2024, Jubilee remains
relatively small on a global scale.

AM Best views Jubilee'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 Jubilee's historical operational
resilience to country risk factors, risk management challenges are
presented by its concentration of business and assets in Pakistan.




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S I N G A P O R E
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AMBROSIA MANAGEMENT: Court to Hear Wind-Up Petition on Sept. 12
---------------------------------------------------------------
A petition to wind up the operations of Ambrosia Management Pte.
Ltd. will be heard before the High Court of Singapore on Sept. 12,
2025, at 10:00 a.m.

Kredens Capital Management Pte. Ltd filed the petition against the
company on Aug. 18, 2025.

The Petitioner's solicitors are:

          Selvam LLC
          16 Collyer Quay #17-00
          Singapore 049318


DISCOUNT LOFT: Court to Hear Wind-Up Petition on Sept. 5
--------------------------------------------------------
A petition to wind up the operations of Discount Loft 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. 13, 2025.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542  


LE HOME: Court to Hear Wind-Up Petition on Sept. 5
--------------------------------------------------
A petition to wind up the operations of Le Home Concepts Pte. Ltd.
will be heard before the High Court of Singapore on Sept. 5, 2025,
at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on Aug. 15,
2025.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


NEW RAPID: Court to Hear Wind-Up Petition on Sept. 5
----------------------------------------------------
A petition to wind up the operations of New Rapid Evermore (1988)
Pte. Ltd. will be heard before the High Court of Singapore on Sept.
5, 2025, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on Aug. 15,
2025.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


V.I.P AUTO: Court to Hear Wind-Up Petition on Sept. 5
-----------------------------------------------------
A petition to wind up the operations of V.I.P Auto Nation Pte. Ltd.
will be heard before the High Court of Singapore on Sept. 5, 2025,
at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on Aug. 13,
2025.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


WING TAI: Net Loss Narrows to SGD71.1 Million for H2 Ended June 30
------------------------------------------------------------------
The Business Times reports that Wing Tai narrowed its net loss in
the second half of its 2025 fiscal year ended June 30 to SGD71.1
million, down from SGD99.2 million a year ago.

This comes as revenue jumped 64.4 per cent to SGD117.5 million from
SGD71.5 million in the year-ago period, said the group in a bourse
filing on Aug. 26, BT relays.

The revenue growth was attributed to higher contributions from
development properties, in particular the progressive sales from
The LakeGarden Residences in Singapore and Jesselton Hills in
Malaysia.

Loss per share for the half year came in at SGD0.0932, compared
with SGD0.1338 in the corresponding period a year ago.

A first and final dividend of SGD0.03 per share was declared.

For the full year, Wing Tai posted a net loss of SGD61 million,
narrower than the SGD78.7 million loss it incurred in the year-ago
period, BT discloses.

Revenue came in at SGD230.2 million, up 36.1 per cent from SGD169.2
million in the previous corresponding period.

Loss per share for the full year stood at SGD0.08, compared with
SGD0.1113 a year before.

According to BT, the biggest blow to the company's bottom line in
the previous fiscal year came from the performance of its
associated and joint venture companies.

However, for the current half year, Wing Tai narrowed the earlier
loss of SGD90.9 million to SGD55.7 million.

For the full year, the group's share of results of associated and
joint venture companies was a loss of SGD22.5 million as compared
to a loss of SGD58.6 million in the previous year.

In the current fiscal year, its share of loss from Wing Tai
Properties was SGD142 million, which was largely attributable to
the fair value losses on its investment properties and the
provision for impairment losses on its development properties in
Hong Kong, BT relays.

But this was partially offset by the group's share of negative
goodwill of SGD84.4 million on the acquisition of Amara Group in
the current fiscal year, said the financial statement.

On its outlook, Wing Tai said that it launched the 524-unit River
Green residential development in August this year, and 88 per cent
of its total units have been sold, BT relays. It added that it will
continue to monitor the market and release more such units for sale
at appropriate times in the current year.

                          About Wing Tai

Wing Tai Holdings Limited -- https://www.wingtaiasia.com.sg/ -- an
investment holding company, engages in the property investment and
development business in Singapore, Malaysia, Australia, Japan,
China, and Hong Kong. The company operates through Development
Properties, Investment Properties, Retail, and other segments. The
company develops and sells residential and commercial properties;
and manages hotels and serviced residences under the Lanson Place
name, as well as boutique hotel in Hong Kong. It is also involved
in the retail of garments; provision of consultancy and advisory
services; and project management and property maintenance
activities.




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S O U T H   K O R E A
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HOMEPLUS CO: FSS Looking Into MBK Partners Over Takeover
--------------------------------------------------------
Yonhap News Agency reports that South Korea's financial watchdog
sent staff to MBK Partners Ltd.'s office on Aug. 27, to investigate
any irregularities in the process of the private equity fund's
acquisition of now-troubled retailer Homeplus Co.

MBK Partners acquired a 100 percent stake in Homeplus in 2015 from
British retailer Tesco Plc for KRW7.2 trillion ($5.2 billion).

Yonhap relates that the on-site probe by the Financial Supervisory
Service (FSS) came as the watchdog is expanding its investigation
into details of MBK Partner's takeover of Homeplus, including the
fundraising scheme.

The move came after the FSS referred MBK Partners to the
prosecution for a further probe into Homeplus' debt sale fiasco.

Yonhap says the FSS has accused Homeplus of selling short-term
debts while being aware of an imminent rating downgrade, while also
arguing that the equity fund had prepared for a court
rehabilitation scheme for a long period of time without
self-recovery efforts amid the retailer's weakening financial
status.

Homeplus entered court-led rehabilitation proceedings in March.

MBK Partners earlier said its chair, Kim Byung-ju, will use his
personal assets to support suppliers of the major discount store
chain affected by the court-led rehabilitation process, Yonhap
relates.

According to Yonhap, the FSS' on-site probe into MBK also came as
the retailer said it will close 15 out of its 125 outlets here as
part of emergency management measures amid a worsening business
environment, which drew criticism from the political sector and
civic groups.

The probe also comes as Lee Chan-jin, nominee for the FSS' new
chief, is set to undergo a parliamentary hearing early next month.

                         About Homeplus Co

Homeplus Co. operates discount store chain in South Korea. It
currently operates 126 stores nationwide.

Homeplus entered court-led rehabilitation process on March 4, 2025,
after a Seoul court approved the request by MBK Partners, the
private equity fund that owns the discount store chain.

The decision came after Korea Investors Service and Korea Ratings
Inc. downgraded the company's rating, citing the company's lack of
efforts to improve its financial health.   



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2025.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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