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250905.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, September 5, 2025, Vol. 28, No. 178 Headlines A U S T R A L I A CBS INTERNATIONAL: Second Creditors' Meeting Set for Sept. 10 F.L. DUNN: First Creditors' Meeting Set for Sept. 10 GFG ALLIANCE: NSW Government Charges Tahmoor's Mining Leases HAMILTON ELEVATORS: Second Creditors' Meeting Set for Sept. 10 LORSTAGE ASIA: First Creditors' Meeting Set for Sept. 10 S30 FRANCHISING: First Creditors' Meeting Set for Sept. 12 STAR ENTERTAINMENT: Names Bruce Mathieson Jnr as Non-Exec Director C H I N A YUANNIAN TECHNOLOGY: In Financial Crisis Amid Bankruptcy Rumors H O N G K O N G NEW WORLD: Scion Adrian Cheng Resigns From Family Investing Firm I N D I A BALAJI TECH: CRISIL Keeps D Ratings in Not Cooperating Category DIPAK J: CRISIL Keeps D Debt Ratings in Not Cooperating Category DMR HOSPITALS: CRISIL Keeps D Debt Ratings in Not Cooperating EDEN CRITICAL: CRISIL Keeps D Debt Rating in Not Cooperating EXPOVAN: CRISIL Keeps D Debt Ratings in Not Cooperating Category FLEXI PLAST: CRISIL Keeps D Debt Ratings in Not Cooperating GAJANAN GANGAMAI: CRISIL Keeps D Debt Ratings in Not Cooperating GANESH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating GARV UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating GEMS EDUCATION: Insolvency Resolution Process Case Summary GREENLEAF TOBACCO: CRISIL Keeps D Debt Rating in Not Cooperating GYE TAY: Voluntary Liquidation Process Case Summary H K LUMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating HINDUSTHAN NATIONAL: Auditor Flags INR63cr Fraudulent Transactions J.K. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating JUMPINGMINDS AI: Voluntary Liquidation Process Case Summary KALP DIAMONDS: CRISIL Keeps D Debt Ratings in Not Cooperating KIA TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating KRISHNAPING MINERALS: CRISIL Keeps D Ratings in Not Cooperating KUTTANADU VIKASANA: CRISIL Keeps D Debt Rating in Not Cooperating L G FIBRE: Liquidation Process Case Summary LIVTAR SINGH: CRISIL Keeps D Debt Rating in Not Cooperating MBR GROUP: CRISIL Keeps D Debt Rating in Not Cooperating Category MILAN INFRASTRUCTURES: CRISIL Keeps D Rating in Not Cooperating MOIDU'S MEDI: CRISIL Keeps D Debt Ratings in Not Cooperating MPL MOTORS: CRISIL Keeps C Debt Ratings in Not Cooperating NALANDA CAPITAL: Voluntary Liquidation Process Case Summary RAHIL COLD: CRISIL Keeps D Ratings in Not Cooperating Category RAM LAL ANEJA: Liquidation Process Case Summary RK-CPR (JV): CRISIL Keeps D Debt Rating in Not Cooperating S S RICE: CRISIL Keeps D Debt Ratings in Not Cooperating Category SABARIS EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating SEVENN PROTECTIVE: Liquidation Process Case Summary SGM PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating SITI NETWORKS: Faces Loan Default and Insolvency Proceedings VISHNU POWER: CRISIL Keeps D Debt Ratings in Not Cooperating [] Operational Creditors Insolvency Cases Trail Financial Lenders N E W Z E A L A N D KAIPARA LOGGING: Court to Hear Wind-Up Petition on Oct. 28 KLOVA & CO: Creditors' Proofs of Debt Due on Oct. 13 PUKEKOHE TRADERS: Creditors' Proofs of Debt Due on Sept. 24 R&A OUTDOOR: Court to Hear Wind-Up Petition on Sept. 11 RAPID BUILD: Creditors' Proofs of Debt Due on Sept. 24 S I N G A P O R E LVND HOMES: Creditors' Proofs of Debt Due on Sept. 30 MM2 ASIA: Operations Unaffected by Cathay Cineplexes Liquidation MM2 ASIA: Two Subsidiaries Receive Demand Letters from Disney SEMBCORP DEVELOPMENT: Creditors' Proofs of Debt Due on Sept. 29 SHINLUCK INTERNATIONAL: Commences Wind-Up Proceedings SINO WATER: Creditors' Proofs of Debt Due on Sept. 29 SYNERGY PROJECTS: Court to Hear Wind-Up Petition on Sept. 12 - - - - - ================= A U S T R A L I A ================= CBS INTERNATIONAL: Second Creditors' Meeting Set for Sept. 10 ------------------------------------------------------------- A second meeting of creditors in the proceedings of CBS International Trading Co. Pty Ltd has been set for Sept. 10, 2025, at 4:00 p.m. via virtual facilities only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Sept. 9, 2025 at 5:00 p.m. Graeme Robert Beattie of Worrells was appointed as administrator of the company on Aug. 6, 2025. F.L. DUNN: First Creditors' Meeting Set for Sept. 10 ---------------------------------------------------- A first meeting of the creditors in the proceedings of F.L. Dunn & Associates Pty. Limited will be held on Sept. 10, 2025 at 3:30 p.m. at DVT Mcleods Parramatta Office - Suite 2, at Level 2, 60 Phillip Street, in Parramatta, NSW and via Microsoft Teams. Henry Kwok and Suelen McCallum of DVT Mcleods were appointed as administrators of the company on Aug. 30, 2025. GFG ALLIANCE: NSW Government Charges Tahmoor's Mining Leases ------------------------------------------------------------ The Australian Financial Review's Street Talk reports that the NSW government, which is owed millions in missed royalty payments by Sanjeev Gupta's Tahmoor metallurgical coal mine, has taken an extraordinary step to make sure the British-Indian tycoon comes good on his debts when he finally secures financing. Street Talk relates that NSW state government on Sept. 4 placed a charge against Tahmoor's mining leases, people briefed on the matter told Street Talk. That means it has put in protections to ensure it's treated as a secured creditor should Tahmoor collapse into administration. GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited (which is currently in external administration), Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. HAMILTON ELEVATORS: Second Creditors' Meeting Set for Sept. 10 -------------------------------------------------------------- A second meeting of creditors in the proceedings of Hamilton Elevators (Qld) Pty Ltd has been set for Sept. 10, 2025, at 10:00 a.m. via videoconference only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Sept. 9, 2025 at 5:00 p.m. Roberto Crispino and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Aug. 6, 2025. LORSTAGE ASIA: First Creditors' Meeting Set for Sept. 10 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Lorstage Asia Pacific Pty Ltd will be held on Sept. 10, 2025 at 11:00 a.m. via Microsoft Teams only. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on Aug. 29, 2025. S30 FRANCHISING: First Creditors' Meeting Set for Sept. 12 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of S30 Franchising Pty Ltd will be held on Sept. 12, 2025 at 10:30 a.m. at the offices of BRI Ferrier at Level 4, 673 Murray Street, in West Perth, WA, and via virtual meeting technology. Shaun William Boyle and Giovanni Maurizio Carrello of BRI Ferrier were appointed as administrators of the company on Sept. 2, 2025. STAR ENTERTAINMENT: Names Bruce Mathieson Jnr as Non-Exec Director ------------------------------------------------------------------ The Star Entertainment Group Limited announced on Aug. 29 the appointment of Mr. Bruce Mathieson Jnr as a Non-Executive Director of the Company, subject to all regulatory and ministerial approvals being obtained. Mr. Mathieson Jnr has over 30 years' experience in the hotel, hospitality and gaming industries. He is currently Director and CEO of Bruce Mathieson Group and a Director of Ord Minnett Investment Limited and numerous other private companies. Mr Mathieson is a former non-executive director of ASX listed Endeavour Group Limited and also, among other roles, was the CEO of ALH Group for over 11 years. Mr. Mathieson Jnr will join The Star board as a nominee of Investment Holdings Pty Limited (IH). IH is the Company's largest shareholder and has also made an investment in The Star of $100 million consisting of a subordinated debt instrument and convertible notes (IH Strategic Investment) under a Subscription Agreement dated May 23, 2025 (IH Subscription Agreement). The IH Strategic Investment was also approved by the Company's shareholders on June 25, 2025 (with the issue of additional convertible notes remaining subject to satisfaction of relevant conditions precedent). Mr. Mathieson Jnr will act as an Observer to The Star Board pending all regulatory and ministerial approvals. He will commence as an Observer on Sept. 1, 2025. Mr. Mathieson Jnr commented: "I am delighted to join the board of The Star at such an important time in the transformation of the business. "I share The Star's commitment to the progress of the remediation plan, working closely with regulators and governments to help position it for a sustainable future for all stakeholders including shareholders. "The Star makes an important contribution to the employment and investment economies in Queensland and New South Wales and plays a key role in the tourism, hospitality and entertainment industries in each State, all of which I have a long involvement in and am passionate about." Anne Ward, Chairman said: "I am pleased to welcome Bruce Mathieson Jnr to the Board of The Star. Bruce brings extensive experience in the hospitality and gaming sectors and as a nominee of our largest shareholder his appointment reflects Investment Holdings' ongoing commitment to supporting The Star's strategic direction and governance. "We look forward to his contribution as we continue to navigate the Company's transformation." 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. The casino operator posted a statutory net loss after tax of AUD471.5 million for the year ended June 30, 2025. 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. ========= C H I N A ========= YUANNIAN TECHNOLOGY: In Financial Crisis Amid Bankruptcy Rumors --------------------------------------------------------------- China Travel News reports that Yuannian Technology, a leading player in the corporate expense management sector, has fallen into a financial crisis, with even rumors of bankruptcy circulating. Once regarded as the "gatecrasher" of the airline distribution and TMC industry, the company ultimately failed to survive a critical turning point in its market segment. China Travel News says the core value of expense management software lies in reimbursement compliance and invoice management. However, with the widespread adoption of electronic invoices and the integration of direct bank connections into financial systems, its "moat" quickly eroded. Coupled with the superior user experience and services of OA and TMC platforms, expense management tools have fallen into a predicament of being "organizationally unfriendly and failing to gain user acceptance." Yuannian Technology's crisis fundamentally stems from the disappearance of industry pain points and technological substitution, according to China Travel News. Expense management software initially gained traction through innovations such as OCR recognition, unified payment, and direct bank integration. However, as these functions gradually became standard features in banking and financial systems, their standalone value was bypassed. In corporate travel, the real core demands remain "cost reduction and efficiency improvement." Expense management software failed to address these needs, and instead has been criticized for rigid processes and fragmented user experience. This case illustrates the risk of a "disappearing track," China Travel News states. According to China Travel News, regulatory changes and technological iterations can fundamentally eliminate the very pain points that startups rely on for survival, collapsing their value propositions. For corporate travel and transportation-related companies, this is not an isolated case. Just as airlines have faced declining revenue under high-speed rail competition, the demise of expense management software serves as a reminder: only timely transformation and proactive integration can prevent repeating the fate of companies like Yuannian. Beijing Yuanian Technology Co. Ltd. develops application software. The Company develops and sells intelligent management platform, comprehensive budget management software, consolidated report management software, and other products. Beijing Yuanian Technology offers services in China. ================= H O N G K O N G ================= NEW WORLD: Scion Adrian Cheng Resigns From Family Investing Firm ---------------------------------------------------------------- Bloomberg News reports that Adrian Cheng, former chief executive officer of New World Development Co., has stepped down as a director of the closely held Chow Tai Fook Enterprises Ltd., marking a further retreat from the business empire long associated with his lineage. He resigned as a director of Chow Tai Fook Enterprises, the Cheng family's investment vehicle, on June 30, according to company registry records. Ming Pao reported the change earlier, Bloomberg notes. Cheng has been gradually stepping away from his family-related operations, ceasing to be director of New World's K11 Group and K11 Concepts from November last year, Bloomberg recalls. He also resigned from the board of the listed New World Development starting in July. His wife Jennifer Yu Cheng left the private company CTF Education Group. According to Bloomberg, the family patriarch, Henry Cheng, brought in an outsider Echo Huang as New World CEO to steer the firm through a turbulent period. The developer has been trying to grapple with its heavy debt amid an unprecedented property downturn. The Cheng family is considering injecting capital into New World as early as the end of the year, people familiar said earlier this week, Bloomberg relays. The family is willing to contribute about HK$10 billion (US$1.3 billion) and is seeking a partner that can provide a roughly similar amount for an equity stake, to establish a joint venture to provide liquidity to New World, the people added. New World still needs more funding to help it cut debt and sustain its operations, despite securing an US$11 billion loan refinancing deal earlier this year, Bloomberg says. About New World Development New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. New World is still facing challenges even after it pulled off one of Hong Kong's biggest refinancing deals worth US$11 billion earlier this year. It has also been trying to secure a loan of as much as HK$15.6 billion led by Deutsche Bank, though it recently missed a self-imposed target for that effort, Bloomberg News. Controlled by Hong Kong's Cheng family, New World carries the heaviest debt burden among major developers in the city, amid a prolonged real estate downturn in the financial hub and mainland China. Its net debt reached 95.5 per cent of shareholders' equity as at December, according to Bloomberg Intelligence. ========= I N D I A ========= BALAJI TECH: CRISIL Keeps D Ratings in Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Balaji Tech (SBT) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.75 CRISIL D (Issuer Not Cooperating) Drop Line Overdraft 2.25 CRISIL D (Issuer Not Facility Cooperating) Letter of Credit 0.25 CRISIL D (Issuer Not Cooperating) Proposed Working 0.25 CRISIL D (Issuer Not Capital Facility Cooperating) Secured Overdraft 3.50 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with SBT 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 SBT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SBT continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 2004, SBT manufactures valves, bushes and sleeves. The operations of the firm are managed by Mr. Suresh Kumar. The firm is located in Chennai. DIPAK J: CRISIL Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dipak J. Bhivare (DJB) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL D (Issuer Not Cooperating) Cash Credit 5.5 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.12 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with DJB 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 DJB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DJB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DJB continues to be 'Crisil D/Crisil D Issuer not cooperating'. DJB was set up in 2002 as a proprietorship firm by Mr Dipak J Bhivare. The firm undertakes civil construction work, primarily construction of water filters and overhead reservoirs, and laying of pipelines, for government agencies. It is registered as a Class 1 contractor with Maharashtra Jiwan Pradhikaran. DMR HOSPITALS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of DMR Hospitals Private Limited (DMR) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 1 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.6 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 8.9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DMR 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 DMR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DMR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DMR continues to be 'Crisil D/Crisil D Issuer not cooperating'. DMR, incorporated in 2011, runs a multi-speciality hospital in Karnal (Haryana). The company is promoted by Dr Subhash Khanna, Mr Dalip Singh, Mr Saurabh Juneja, and Mr Tarun Chawla. EDEN CRITICAL: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Eden Critical Care Hospital Private Limited (ECCHPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 19.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ECCHPL 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 ECCHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ECCHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ECCHPL continues to be 'Crisil D Issuer not cooperating'. Set up in 2011 by Dr. Sanjay Bansal and his family members, ECCHPL operates a 100-bed multi-specialty hospital in Chandigarh. The hospital began operations in July 2014. EXPOVAN: CRISIL Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Expovan continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 6 CRISIL D (Issuer Not Credit Cooperating) Export Packing 35 CRISIL D (Issuer Not Credit Cooperating) Export Packing 30 CRISIL D (Issuer Not Credit Cooperating) Foreign Exchange 0.7 CRISIL D (Issuer Not Forward Cooperating) Proposed Long Term 1.8 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Working Capital 3 CRISIL D (Issuer Not Term Loan Cooperating) Working Capital 3.5 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with Expovan 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 Expovan, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Expovan is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Expovan continues to be 'Crisil D Issuer not cooperating'. Expovan was set up in 2015 by Mr R Mahendran as a partnership firm. Expovan is a 100% export-oriented unit and has set up a 22,000 square feet factory in Pollachi, Tamil Nadu for processing and exporting of natural Vanilla -- its beans, pods and powder. FLEXI PLAST: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Flexi Plast Industries (FPI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.0 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with FPI 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 FPI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FPI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of FPI continues to be 'Crisil D Issuer not cooperating'. FPI was formed as a partnership concern in February, 2015 by Mr. Pushpendra Sharma and Mr. Sunil Singhvi. However the firm operationalized there operation from October, 2016. FPI engaged in manufacturing of flexible packaging laminates such as Plastic Pouch, Packaging Bag and Packaging Pouch. The product will be majorly catered in food packaging industry and currently caters its product in Rajasthan, Gujarat, Jharkhand, Maharashtra, Madhya Pradesh and Uttar Pradesh. GAJANAN GANGAMAI: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gajanan Gangamai Industries LLP (GGIL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 25 CRISIL D (Issuer Not Cooperating) Cash Credit 40 CRISIL D (Issuer Not Cooperating) Cash Credit 9.4 CRISIL D (Issuer Not Cooperating) Cash Credit 40 CRISIL D (Issuer Not Cooperating) Term Loan 25.6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GGIL 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 GGIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GGIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GGIL continues to be 'Crisil D Issuer not cooperating'. About the Group GOPL is a part of the Gajanan group and is promoted by Mr Nitin Jadhav and his family. The company extracts soya and wash cotton seed oil, and refines soya, cotton and palm oils. GOPL was incorporated in December 2015 to undertake expansion of the brown field project acquired from Bhaskar Foods Pvt Ltd of the Dainik Bhaskar group. GSL is a closely held public-limited company set up in 2010. It extracts oil from cotton seeds and soya and also sells the by-products, husk, DOC and lint to varied industries. The company has its plant in Buldhana. GIL is a closely held public-limited company set up in 2007. It refines cotton and soya oil into edible oil in its facility in Buldhana. NOAL is a traditional oil mill that manufactures edible oil. GGIL is a partnership concern incorporated in 2014 that extracts oil from soya seed and sells by-product, DOC, to varied industries. GGIL has its plant at Hingoli. GANESH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shri Ganesh Agro Industries - Parbhani (SGAI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SGAI 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 SGAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGAI continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2007 by Daga family, SGAI gins and presses raw cotton, and extracts oil from cotton seeds. GARV UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Garv Udyog (GU) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.25 CRISIL D (Issuer Not Cooperating) Letter of Credit 6.5 CRISIL D (Issuer Not Cooperating) Term Loan 3.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GU 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 GU, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GU is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GU continues to be 'Crisil D/Crisil D Issuer not cooperating'. GU is a partnership firm, manufacturing copper wires, which are used in electrical products. The firm's manufacturing facility is located in Shiv Ganga Industrial Estate, Haridwar. Its operations are managed by current partners Mr Mukesh Dhawan and Mr Sumit Magan. GEMS EDUCATION: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Gems Education Solutions India Private Limited C-310 3rd floor Unitech Business Zone Nirvana Country South City 2, Gurgaon, Gurgaon Haryana, India, 122002 Insolvency Commencement Date: August 14, 2025 Estimated date of closure of insolvency resolution process: February 10, 2026 Court: National Company Law Tribunal, Chandigarh Bench Insolvency Professional: CA Sapna Gupta Lane 4, Bhagat Colony, Uttam Nagar, Khalsa School Road, Khanna Ludhiana - 141401 Email: sapnaarun.ca@gmail.com Email: cirp.gemseducation@gmail.com Last date for submission of claims: August 28, 2025 GREENLEAF TOBACCO: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL said the rating on bank facilities of Greenleaf Tobacco Threshers Limited (GTTL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 15 CRISIL D (ISSUER NOT Credit COOPERATING) Crisil Ratings has been consistently following up with GTTL 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 GTTL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GTTL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GTTL continues to be 'Crisil D Issuer not cooperating'. GTTL was set up in 1985 as a private limited company by Mr Shyamsundara Rao and his family, and was reconstituted as a closely held public limited company in 1990. The company processes tobacco leaves and is based in Guntur (Andhra Pradesh). GYE TAY: Voluntary Liquidation Process Case Summary --------------------------------------------------- Debtor: Gye Tay Machinery Works (India) Private Limited Villa No. 35, Casa Grand Eternia, SF No. 33 Kalapatti - Kurumbapalayam Mail Road Kalapatti, Coimbatore 641048 Liquidation Commencement Date: August 4, 2025 Court: National Company Law Tribunal Chennai Bench Liquidator: Tharuvai Ramachandran Ravichandran No. 27, 3rd Floor, Dev Apartments, 1st Main Road, Kasturibai Nagar, Adyar, Chennai - 600020 Email: TRRAVICHANDRAN@YAHOO.COM Tel No: +91 9884070424 Last date for submission of claims: September 3, 2025 H K LUMBERS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of H K Lumbers LLP (HKL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 5.5 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with HKL 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 HKL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HKL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HKL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2014, HKL is a Gujarat based company engaged in trading of timber. Apart from trading, it would also undertake processing of timber so as to cater to customized orders. The day to day operations will be managed by Mr. Bharat Kumar Rudrani. HINDUSTHAN NATIONAL: Auditor Flags INR63cr Fraudulent Transactions ------------------------------------------------------------------ The Economic Times reports that transactions auditor BDO India has detected three potentially fraudulent or wrongful transactions worth INR63.34 crore under the erstwhile management of Hindusthan National Glass & Industries Ltd (HNG) during the three financial years 2019-20 to 2021-22. According to ET, the three entities reportedly involved in the fraudulent or wrongful trading are Rafbrix International (INR15.10 crore), Maithan Ceramic Ltd (INR5.78 crore), and Durvish Vyapaar Pvt Ltd (INR42.46 crore), as per the report submitted to NCLT as part of the resolution process of the debt-ridden company. ET relates that the auditor in its report said it is concluded that outstanding advances amounting to INR15.10 crores, Rafbrix International, is a potential diversion of funds and the same can be classified under section 66 of the Insolvency and Bankruptcy Code (IBC) as 'fraudulent or wrongful trading'. A similar observation was made in the case of HNG trading with Durvish Vyapaar Pvt Ltd (INR42.46 crore) after negative physical site visit, absence of basis for selection of the vendor, absence of adequate supporting documents, and absence of rationale for procuring material at a higher rate, ET relays. ET says the forensic review has been conducted as part of the corporate insolvency resolution process (CIRP) of HNG, once India's largest glass container manufacturer. Following the approval from the NCLT earlier in August 2025, the Madhvani Group company INSCO has initiated the process of taking over HNG after NCLT approved, ET notes. On June 13, 2025, the Committee of Creditors (CoC) approved the plan with an overwhelming 96.16% majority. At the end of this 45-day monitoring phase, complete control of HNG will pass to the Madhvani Group. The Monitoring Committee will step down, and a new board nominated by the Group will take charge, ET relates. According to the NCLT order, the plan involves a total investment of INR2,250 crore, comprising INR1,900 crore in upfront cash, INR350 crore deferred over 3 years to CoC and 5 per cent equity to creditors. As per the resolution plan, the upfront cash will be paid within 30 days of NCLT approval, with additional working capital infusion and equity issuance to CoC members to be completed within 90 days. Further, INSCO has committed INR1,000 crore in capital expenditure over the coming years to rebuild furnaces and modernise equipment. About Hindusthan National Hindusthan National Glass & Industries Limited is an India-based holding company. The Company is engaged in manufacturing and selling of container glass. The Company offers products in various categories, which include pharmaceuticals, liquor, beer, beverages, cosmetics and processed food. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 27, 2021, the Kolkata bench of the NCLT has admitted application for initiating Corporate Insolvency Resolution Process (CIRP) against Hindusthan National Glass & Industries Ltd (HNG). The insolvency proceedings were initiated against the debt-ridden company by DBS Bank Ltd, one its financial creditors. J.K. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of J.K. International (JKI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.55 CRISIL D (Issuer Not Cooperating) Cash Term Loan 4.45 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JKI 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 JKI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JKI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JKI continues to be 'Crisil D Issuer not cooperating'. Established in 2004 and based in Jalandhar, Punjab, JKI is a partnership concern of Mr Sarjit Singh Kang and Mr Bikramjit Singh Kang. The firm manufactures and processes architectural and automotive glass. The firm has its manufacturing facilities at Jalandhar and Kharla, Himachal Pradesh. Mr Sarjit Singh Kang manages the day-to-day operations. JUMPINGMINDS AI: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Jumpingminds AI Labs Private Limited House No 2382, Narela Mandi Narela City, West Delhi, Delhi India - 110040 Liquidation Commencement Date: August 11, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: Mohammad Khalid G3/2 2nd Floor, Malviya Nagar New Delhi - 110017 Email: cskhalid01@gmail.com Tel No: 9654631686 Last date for submission of claims: September 10, 2025 KALP DIAMONDS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kalp Diamonds (Kalp) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 4 CRISIL D (Issuer Not Credit Cooperating) Foreign Exchange 0.4 CRISIL D (Issuer Not Forward Cooperating) Post Shipment 11 CRISIL D (Issuer Not Credit Cooperating) Proposed Long Term 1.6 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Kalp 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 Kalp, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Kalp is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Kalp continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up as a partnership firm in 1995, Kalp cuts and polishes diamonds. The firm also trades in rough and polished diamonds. It derives 85-90% of its revenue from processing of diamonds, and the rest from trading. It has six partners: Mr Anandlal Shah, Mr Bhavik Shah, Mr Jayesh Shah, Ms Diptiben Shah, Ms Geetaben Shah and Ms Jigishaben Shah. KIA TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of KIA Textiles Private Limited (KTPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.5 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 8.0 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KTPL 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 KTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KTPL continues to be 'Crisil D Issuer not cooperating'. KTPL, incorporated in 2010, is promoted by Mr. S K Bhatia and his son, Mr. Jatin Bhatia. The company trades in cotton, polyester, and blended yarn. About 20 per cent of KTPL's sales are made in the export market, and the remaining in the domestic market. The company is also a consignment agent for polyester-oriented yarn manufactured by Indo Rama Ltd and Wellknown Polyesters Ltd. KRISHNAPING MINERALS: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Krishnaping Minerals Private Limited (KMPL; a part of the Krishnaping group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) Cash Credit 6 CRISIL D (Issuer Not Cooperating) Letter of Credit 6 CRISIL D (Issuer Not Cooperating) Term Loan 6 CRISIL D (Issuer Not Cooperating) Term Loan 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KMPL 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 KMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of KMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. KMPL and KAL, incorporated in 1996, undertakes mining and beneficiation of manganese ore along with manufacturing of ferro manganese alloys. The group is promoted and managed by Mr Sanjeev Khandelwal. KMPL has a factory unit in Vizag, Andhra Pradesh and KAL has factory unit in Chindwara, Madhya Pradesh. KUTTANADU VIKASANA: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Kuttanadu Vikasana Samithy (KVS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 1.15 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with KVS for obtaining information through letter and email dated July 21, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KVS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KVS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KVS continues to be 'Crisil D Issuer not cooperating'. KVS is a non-profit organisation managed by Fr Thomas Peelianickal. The organisation was registered in 1979, and was taken over by the current management in 1993. The company operates in Alappuzha, Kerala and provides microfinance loans to poor women. L G FIBRE: Liquidation Process Case Summary ------------------------------------------- Debtor: L G Fibre Private Limited G-19, Basement, Sarthi Avenue, Behind Satelite Police Station, Satell, TE, Ahmedabad, Gujarat, Inda-380015 Liquidation Commencement Date: August 12, 2025 Court: National Company Law Tribunal Ahmedabad Bench Liquidator: Niharika Maheshwari A904, Rudra Enclave Athan Bhimrad Canal Road, Near Shiv Residency, Bhimrad, Surat Gujarat - 395007 Email: harkamaheshwem2011gmal.com 4026, World Trade Centre, Near 21 Century Building Ring Road, Surat - 395002 Email: cirp legfibre@gmail.com Last date for submission of claims: September 11, 2025 LIVTAR SINGH: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Livtar Singh Bajaj and Company (LSB) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LSB 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 LSB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LSB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LSB continues to be 'Crisil D Issuer not cooperating'. LSB was set up as a proprietorship concern in 2010 by Mr Livtar Singh Bajaj, and was reconstituted as a partnership firm in April 2014 with the addition of Mr Charanjit Singh Bajaj and Mr Kamaljit Singh Bajaj as partners. The firm retails Punjab-medium liquor and Indian-made foreign liquor in Ludhiana and Nayagaon MBR GROUP: CRISIL Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of MBR Group (MBR) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 50 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MBR 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 MBR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MBR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MBR continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2011, the MBR group is a real estate infrastructure firm located in Bengaluru. The partnership firm is owned by Mr. M Babu Reddy, Mr. Bharath Babu Reddy and Mr. Sharath Babu Reddy. MILAN INFRASTRUCTURES: CRISIL Keeps D Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Milan Infrastructures and Developers Private Limited (MIDPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MIDPL 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 MIDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MIDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MIDPL continues to be 'Crisil D Issuer not cooperating'. MIDPL, set up in 2006, is engaged in development of various residential and commercial projects, mainly in Ghaziabad (Uttar Pradesh). The company is promoted by Mr. Navin Tyagi and Mr. Amit Mahajan. At present, it is undertaking a residential-cum-commercial project at Rajnagar extension, Ghaziabad. MOIDU'S MEDI: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Moidu's Medi Care Private Limited (MMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 8 CRISIL D (Issuer Not Cooperating) Overdraft Facility 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 4.12 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MMPL 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 MMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in July 1990, MMPL operates two hospitals - 'National Hospital' and 'Western Medicals' in Calicut, Kerala. The company is promoted and managed by Dr. K Moidu, Mrs. Haseena Ashik, Dr. K M Ashik, Dr. K M Navas, and Mrs. Amina Moidu MPL MOTORS: CRISIL Keeps C Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of MPL Motors Private Limited (MMPL) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.6 CRISIL C (Issuer Not Cooperating) Inventory Funding 2.5 CRISIL C (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with MMPL 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 MMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MMPL continues to be 'Crisil C Issuer not cooperating'. MMPL, incorporated in 1998, is an authorised dealer for commercial vehicles of M&M in Chennai. MAAPL, incorporated in 2000, authorised dealer for passenger vehicles of M&M in Chennai. The group is promoted by Mr. S. Ashok and his family. NALANDA CAPITAL: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Nalanda Capital India Advisors Private Limited 3, North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra, India, 400051 Liquidation Commencement Date: August 14, 2025 Court: National Company Law Tribunal Mumbai Bench Liquidator: Mr. Dilipkumar Natvarlal Jagad 803/804, Ashok Heights, Opp. Saraswati Apartment, Nikalas Wadi Road, Near Bhuta School, Old Nagardas X Road, Gundavali, Andheri East, Mumbai – 400069 Email: dilipjagad@hotmail.com Email: nalandavolliq@gmail.com Contact No: +91-9821142587 Last date for submission of claims: September 13, 2025 RAHIL COLD: CRISIL Keeps D Ratings in Not Cooperating Category -------------------------------------------------------------- CRISIL Ratings said the ratings for the bank facilities of Rahil Cold Storage LLP (RCSL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 3.25 CRISIL D (Issuer Not Cooperating) Long Term Loan 14.92 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RCS 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 RCS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RCS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RCS continues to be 'Crisil D Issuer not cooperating'. Set up in 2013, RCS is an Ahmedabad based partnership firm engaged in storage and trading of fruits and vegetables. RAM LAL ANEJA: Liquidation Process Case Summary ----------------------------------------------- Debtor: Ram Lal Aneja Foods Private Limited Shop No 32, New Grain Market, Jalalabad West, Punjab, 152024 Liquidation Commencement Date: August 3, 2025 Court: National Company Law Tribunal Chandigarh Bench Liquidator: Mr. Deepak Thukral H. No. 237/1, 44 A, Chandigarh 160047 Email: deepakthurrall@gmail.com Mobile No: 9417496655 Email: cirp.rlafood@gmail.com Last date for submission of claims: September 12, 2025 RK-CPR (JV): CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of RK-CPR (JV) (RK-CPR) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 30 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RK-CPR 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 RK-CPR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RK-CPR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RK-CPR continues to be 'Crisil D Issuer not cooperating'. Established in 2012, RK-CPR is engaged in residential real estate construction business in Hyderabad, Telanagana. It is joint venture between CPR Construction Pvt Ltd and R.K.Infracorp Pvt Ltd. The firm has two on-going projects under the name 'Palmridge' and 'BellaVista'. The firm is promoted and managed by Mr.K V Chalapati Reddy. S S RICE: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of S S Rice Mill (SSRM) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.5 CRISIL D (Issuer Not Cooperating) Cash Credit 2.0 CRISIL D (Issuer Not Cooperating) Long Term Loan 3.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSRM 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 SSRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSRM continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 2016 as a partnership firm by Mr. Vinod Lalwani and Mr. Prateek Jain, SSRM is setting up a non-basmati parboiled rice mill having processing capacity of 4 tonnes per hour (tph). Its manufacturing facility is located at in Rajnandgaon. SABARIS EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sabaris Educational Trust (SET) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 Crisil D (Issuer Not Cooperating) Term Loan 11.2 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SET 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 SET, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SET continues to be 'Crisil D Issuer not cooperating'. Set up in 1997 by Mr T N P Muthoo Nataraajan, SET manages a higher secondary school, Sri Dhayanandapuri Matriculation Higher Secondary School, and an engineering college for women, Tejaa Shakthi Institute of Technology, near Tiruppur in Tamil Nadu. SEVENN PROTECTIVE: Liquidation Process Case Summary --------------------------------------------------- Debtor: M/s. Sevenn Protective Fabrics Private Limited 20B, Tin Murti Bunglows, Near Devansh Bunglow, Surdhara Circle Thaltej, Ahmedabad, Gujarat, India, 380054 Liquidation Commencement Date: August 13, 2025 Court: National Company Law Tribunal Ahmedabad Bench-II Liquidator: CA IP Vineeta Maheshwari Office No-302, Third Floor, Reegus Business Centre, Near Anupam Bunglows, New Citylight Road, Bharthan, Vesu, Surat, Gujarat 395007 Email: ipvineetak@gmail.com Email: liq.spfpl@gmail.com Last date for submission of claims: September 12, 2025 SGM PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Rating said the ratings on bank facilities of SGM Packaging Industries (SGM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.25 CRISIL D (Issuer Not Cooperating) Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.25 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SGM 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 SGM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SGM continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 2007 as a proprietorship firm by Mr. Rajesh Chauhan, SGM manufactures wooden crates, corrugated paper boxes, and plastic pallets at its facility in Gurgaon. SITI NETWORKS: Faces Loan Default and Insolvency Proceedings ------------------------------------------------------------ TipRanks reports that Siti Networks Limited has disclosed a default on the payment of interest and principal on loans from several banks, amounting to INR1,206.03 crore. The company is undergoing a Corporate Insolvency Resolution Process (CIRP) as per the Insolvency and Bankruptcy Code, with the National Company Law Tribunal (NCLT) upholding the process after dismissing an appeal. This development impacts the company's financial stability and operational control, with the Interim Resolution Professional now overseeing its operations, TipRanks notes. About Siti Networks Siti Networks Ltd, part of Essel group, is an Indian-based multi-system cable operator. It is engaged in providing cable television network services, internet services, and allied services. Its products includes High-Speed Broadband, Digital Television, Broadband, Local Television Channels, and Electronic Programming. The company also provides a wide gamut of services ranging from OTT and High-speed gaming ready services to IoT Ready Network with security camera and surveillance services to even business solutions in the ILP & ILL domains. Siti was admitted to the corporate insolvency resolution process in February 2023, with Rohit Mehra as the resolution professional. The National Company Law Appellate Tribunal (NCLAT) halted the insolvency proceeding in March but reinstated it in August 2023. VISHNU POWER: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Shree Vishnu Power & Energy Private Limited (SVPEPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL D (Issuer Not Cooperating) Term Loan 17 CRISIL D (Issuer Not Cooperating) Term Loan 23 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SVPEPL 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 SVPEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVPEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVPEPL continues to be 'Crisil D Issuer not cooperating'. SVPEPL, incorporated in November, 2008, is promoted by Chhattisgarh-based Mr Kanhaiyalal Daga, Mr Deepak Daga, and Mr Manoj Kumar Daga. The company currently operates a 10 MW rice husk based bio-mass power plant in Rajnandgaon (Chhattisgarh). The commercial operations of the unit commenced from March 2016 onwards. [] Operational Creditors Insolvency Cases Trail Financial Lenders ----------------------------------------------------------------- The Economic Times reports that the cumulative number of insolvency cases initiated by operational creditors such as raw material suppliers and vendors against defaulters trailed that by financial creditors for the first time since fiscal 2017, show latest data. According to ET, officials said this suggests a growing preference among operational creditors in recent years for out-of-court settlements. ===================== N E W Z E A L A N D ===================== KAIPARA LOGGING: Court to Hear Wind-Up Petition on Oct. 28 ---------------------------------------------------------- A petition to wind up the operations of Kaipara Logging Limited will be heard before the High Court at Whangarei on Oct. 28, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 15, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 KLOVA & CO: Creditors' Proofs of Debt Due on Oct. 13 ---------------------------------------------------- Creditors of Klova & Co Limited (trading as Klova & Co Ltd) are required to file their proofs of debt by Oct. 13, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 25, 2025. The company's liquidators are: Paul Thomas Manning Thomas Lee Rodewald BDO Tauranga Limited Level 1, The Hub 525 Cameron Road PO Box 15660 Tauranga 3144 PUKEKOHE TRADERS: Creditors' Proofs of Debt Due on Sept. 24 ----------------------------------------------------------- Creditors of Pukekohe Traders Limited are required to file their proofs of debt by Sept. 24, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 27, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 R&A OUTDOOR: Court to Hear Wind-Up Petition on Sept. 11 ------------------------------------------------------- A petition to wind up the operations of R&A Outdoor Services Limited will be heard before the High Court at Auckland on Sept. 11, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 10, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 RAPID BUILD: Creditors' Proofs of Debt Due on Sept. 24 ------------------------------------------------------ Creditors of Rapid Build NZ Limited are required to file their proofs of debt by Sept. 24, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 27, 2025. The company's liquidators are: Raymond Paul Cox Gareth Russel Hoole Ecovis KGA Limited Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 ================= S I N G A P O R E ================= LVND HOMES: Creditors' Proofs of Debt Due on Sept. 30 ----------------------------------------------------- Creditors of LVND Homes Pte. Ltd. and City Platinum Holdings Pte. Ltd. are required to file their proofs of debt by Sept. 30, 2025, to be included in the company's dividend distribution. LVND Homes commenced wind-up proceedings on Aug. 25, 2025. City Platinum commenced wind-up proceedings on Aug. 26, 2025. The company's liquidators are: Mr. Don M Ho Mr. David Ho Chjuen Meng c/o Avery Corporate Advisory 63 Market Street, #05-01A Bank of Singapore Centre Singapore 048942 MM2 ASIA: Operations Unaffected by Cathay Cineplexes Liquidation ---------------------------------------------------------------- The Business Times reports that mm2 Asia Ltd on Sept. 3 said the voluntary liquidation of Cathay Cineplexes is not expected to adversely impact its core businesses or continuing operations. Instead, liquidating the struggling cinema chain may improve the group's overall cash flow and profitability, given that Cathay has been cash-flow negative and loss-making since the pandemic, said mm2, BT relays. This was in response to queries raised by the Singapore Exchange regarding the creditors' voluntary liquidation of Cathay, which was announced earlier this week. Shortly after, the cinema chain - which owes money to the landlords of several of its outlets - ceased operations, according to BT. In a bourse filing on Sept. 3, mm2 explained that Cathay's weak financial performance was already consolidated and publicly disclosed. Its core content business continued to perform strongly, contributing SGD109.8 million in revenue in FY2025, the group noted. Earnings before interest, taxes, depreciation and amortisation came in at SGD24.7 million, supported by diversified demand across Singapore, China, Taiwan, Hong Kong and Malaysia. BT says the mainboard-listed company added that it has had "positive negotiations and ongoing engagement" with creditors, including on the deferral of its exchangeable bonds' maturity date. It is also well-positioned to capture "expected continued growth" in the event and concert segment, despite the net loss it registered in FY2025, thanks to its strategic stake in live event and concert organiser UnUsUal. Fundraising initiatives, including a proposed placement of nearly 1.9 billion new shares, are under way as well, said mm2. In July, the group proposed placing the shares at a minimum of SGD0.008 apiece, to raise funds for debt repayment and working capital, recalls BT. If the shares are fully subscribed at the minimum price, mm2 will raise SGD14 million in net proceeds. Of this, SGD7.5 million will be used to repay debt and liabilities, with the remaining used for general working capital. According to BT, the group said that since Cathay's liquidation does not constitute a material adverse change under the placement agreement, it will remain valid. However, the proposed placement is non-underwritten, and is being undertaken on a best-endeavour basis, mm2 said. Its completion will be dependent on various factors, including, but not limited to, the conditions precedent under the placement agreement, and the placement agent's bookbuilding exercise. The cut-off date for the satisfaction of these conditions is Sept. 30, BT discloses. In view of its circumstances, mm2 has appointed a chief restructuring officer to work with management and the board on overall strategic and financial plans, adds BT. The proposed placement will remain a key component of that, the group said. "(But) it is likely that the timeline of the proposed placement will be delayed to accommodate the development of the strategic and financial plans." About mm2 Asia Based in Singapore, mm2 Asia Ltd. (SGX:1B0) -- https://www.mm2asia.com/ -- primarily engages in the media and entertainment industry, focusing on the production, distribution, and exhibition of films and television content. The company operates through its subsidiaries, including Cathay Cineplexes, which manages cinema operations. MM2 ASIA: Two Subsidiaries Receive Demand Letters from Disney ------------------------------------------------------------- The Business Times reports that mm2 Asia Ltd on Sept. 3 said two of its subsidiaries in Malaysia have received letters of demand from Disney, for payment of around MYR1.2 million (SGD374,711) in total. The sum is allegedly for film licence fees owed since November 2023 for movie screenings in Malaysia, BT relates. Consequently, the two subsidiaries - mm2 Star Screen and mm2 Screen Management – have not screened Disney films since June 2024. According to BT, the boards of mm2 and the subsidiaries are reviewing the letters and seeking legal advice. They intend to "actively engage" with Disney to resolve the matter. About mm2 Asia Based in Singapore, mm2 Asia Ltd. (SGX:1B0) -- https://www.mm2asia.com/ -- primarily engages in the media and entertainment industry, focusing on the production, distribution, and exhibition of films and television content. The company operates through its subsidiaries, including Cathay Cineplexes, which manages cinema operations. SEMBCORP DEVELOPMENT: Creditors' Proofs of Debt Due on Sept. 29 --------------------------------------------------------------- Creditors of Sembcorp Development India Pte. Ltd. are required to file their proofs of debt by Sept. 29, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 21, 2025. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 SHINLUCK INTERNATIONAL: Commences Wind-Up Proceedings ----------------------------------------------------- Members of Shinluck International (Private) Limited on Aug. 21, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mr. Mah Beng Weng CM Advisory Pte Ltd 683A Choa Chu Kang Crescent, #08-402 Singapore 681683 SINO WATER: Creditors' Proofs of Debt Due on Sept. 29 ----------------------------------------------------- Creditors of Sino Water Pte. Ltd. are required to file their proofs of debt by Sept. 29, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 22, 2025. The company's liquidators are: Ng Kian Kiat Goh Wee Teck c/o 8 Wilkie Rd #03-08 Wilkie Edge Singapore 228095 SYNERGY PROJECTS: Court to Hear Wind-Up Petition on Sept. 12 ------------------------------------------------------------ A petition to wind up the operations of Synergy Projects Pte. Ltd. will be heard before the High Court of Singapore on Sept. 12, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Aug. 21, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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