250909.mbx

250909.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, September 9, 2025, Vol. 28, No. 180 Headlines A U S T R A L I A AKTN PTY: First Creditors' Meeting Set for Sept. 12 AUSTRALIAN TRAVEL: Customers Unlikely to Get Money Back ESEL PTY: Owes More Than AUD18 Million to Several Distributors GRANDSCALE CONSTRUCTIONS: First Meeting Set for Sept. 12 HARD HAT: Ex-Bankrupt Builder Wins AUD400,000 NSW Council Contracts K.V.W & ASSOCIATES: First Creditors' Meeting Set for Sept. 15 NEIS CONSTRUCTION: First Creditors' Meeting Set for Sept. 12 NEWNHAM TRUCKING: Goes Into Voluntary Administration SFO DEVELOPMENTS: First Creditors' Meeting Set for Sept. 11 C H I N A WM MOTOR: To Resume Production This Month, Sell 10K Units This Year I N D I A ALTECH INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating AMIT ENTERPRISES: ICRA Withdraws D Rating on INR75cr Term Loan BYJU'S: Karnataka HC Bars Byju Raveendran From Selling Assets CANOPY ESTATES: CRISIL Keeps D Debt Ratings in Not Cooperating CJ S HARITHA: CRISIL Keeps D Debt Ratings in Not Cooperating DUNZO DIGITAL: NCLT Dismisses Fresh Insolvency Plea ENTRACK OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating EVERGREEN VENEERS: ICRA Keeps B Debt Ratings in Not Cooperating GENIE COMMERCIAL: CRISIL Keeps D Debt Rating in Not Cooperating INDOTECH INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating K.K. BUILDERS: ICRA Keeps B+ Debt Ratings in Not Cooperating MANDEEP INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating MIRAJ METALS: ICRA Keeps D Debt Ratings in Not Cooperating OSIAN COMMOTRADE: CRISIL Keeps D Debt Ratings in Not Cooperating PMA CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating PRABHU SPINNING: ICRA Withdraws B+ Rating on INR85cr LT Loan PUNE TUBES: CRISIL Keeps D Debt Ratings in Not Cooperating SETCO AUTO: ICRA Lowers Rating on INR350cr NCD to D SHIVA ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating SIDDHAM JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating SIVARAM YARNS: CRISIL Keeps D Debt Ratings in Not Cooperating SKANDASHREE JEWEL: CRISIL Keeps D Debt Ratings in Not Cooperating STAR CLAYS: CRISIL Keeps D Debt Ratings in Not Cooperating SUMA FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating SWEETY INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating TEAM INTERVENTURE: CRISIL Keeps D Debt Ratings in Not Cooperating TEXAS LIFESTYLE: CRISIL Keeps D Debt Ratings in Not Cooperating VADSOLA CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating N E W Z E A L A N D CELLCITY NZ: Court to Hear Wind-Up Petition on Sept. 11 L&B PLUMBING: Court to Hear Wind-Up Petition on Sept. 30 MRD SOLUTIONS: Creditors' Proofs of Debt Due on Sept. 25 SMITHS CITY: Stores Temporarily Reopens for Liquidation Sale VANZ MOTOR: Creditors' Proofs of Debt Due on Sept. 17 WINDSOR HOSPITALITY: Creditors' Proofs of Debt Due on Sept. 23 S I N G A P O R E EAST37ID PRIVATE: Court Enters Wind-Up Order FORMWORK HIRE: Commences Wind-Up Proceedings GRAND HARBOUR: Court Enters Wind-Up Order SIMPLY BLOOMS: Commences Wind-Up Proceedings YELLOW ROAD: Court to Hear Wind-Up Petition on Sept. 19 - - - - - ================= A U S T R A L I A ================= AKTN PTY: First Creditors' Meeting Set for Sept. 12 --------------------------------------------------- A first meeting of the creditors in the proceedings of AKTN Pty (Trading name: Marrickville Automotive Services, MAS Silverwater & Mas Vehicle Specialists) will be held on Sept. 12, 2025 at 10:00 a.m. via Zoom Videoconferencing only. Bradd William Morelli and Stewart William Free of Jirsch Sutherland were appointed as administrators of the company on Sept. 2, 2025. AUSTRALIAN TRAVEL: Customers Unlikely to Get Money Back ------------------------------------------------------- ABC News reports that Australians who lost more than AUD1 million on prepaid "dream" holidays have been told not to expect to see their money again. Melbourne-based agency Traveldream - registered as Australian Travel Deals Pty Ltd and known for selling discounted flights, cruises, and international tour packages - collapsed in April and went into voluntary administration. The ABC, citing a new administrator's report, discloses that Traveldream paid another Melbourne-based company, My Travel Experience (MTE), about AUD1.22 million to secure flights, accommodation and tours for customers. However, MTE failed to pass the money on to suppliers and has now gone into external administration itself, leaving customers with little chance of recouping their losses. "To be abundantly clear, without creditor funding to progress the claims detailed in the body of this report, no dividend is expected to be declared to any class of creditor," concluded administrator Bill Karageozis from insolvency firm DVT Mcleods, the ABC relays. Mr. Karageozis also found debts owed to customers - considered "unsecured creditors" - totalling more than AUD1.42 million. The ABC adds that the report found Traveldream "may have been trading while insolvent" since June 2024 and did not hold customer funds in a trust account. Company directors found guilty of allowing a company to trade while insolvent can face civil or criminal penalties and be banned from managing companies, the ABC states. Bill Karageozis of Mcleods Accounting was appointed as administrator of the company on April 28, 2025. ESEL PTY: Owes More Than AUD18 Million to Several Distributors -------------------------------------------------------------- CRN Australia reports that Esel, the ex-parent company to reseller Mwave, reportedly owes more than AUD18 million to several major Australian distributors following the company filing for voluntary administration last month. Those distributors allegedly owed money include, Dicker Data, Ingram Micro, XIM, Leader, Synnex, MMT, and Centercom. CRN Australia understands some of those distributors are owed sums of up to AUD3.6 million. On June 25, ASIC held the first meeting for creditors of the company where the specific amounts were revealed to the creditors. Multiple sources familiar with the matter and present on the call told CRN Australia that during the creditors' meeting the administrators reportedly said several of these companies do not have creditors' insurance. One distributor is allegedly owed AUD3.6 million and does not have insurance. Several creditors declined to comment, however Dicker Data, XIM and MMT confirmed that they are owed money by Esel, CRN Australia says. Since buying Mwave, a DigiDirect spokesperson told CRN Australia that the company is in early stages of conversations as they work through the administration process. "We have been pleased with support we have received to date, transactions have taken place for new stock with a focus on fulfilling customer orders and demand, and we look forward to continuing this progress in the coming weeks," they said. After Mwave's ex-parent company, Esel filed for voluntary administration last month, the company announced its purchase by the DigiDirect Group which also owns the previously defunct Booktopia. CRN Australia understands Mwave was acquired by DigiDirect Group for AUD500,000. DigiDirect Group declined to confirm the number and directed the publication to speak to the insolvency firm managing the matter, DVT Group. "It is our understanding that the administrators revealed details of a portion of the deal," a spokesperson for DigiDirect Group told CRN Australia. "The transaction for the company was based on more than only goodwill for the brand, database, software, plant and equipment, which were all based on assessments of two independent valuations that determined fair value. "The transaction also included staff entitlements rolling over to the new ownership, and since administration, a commitment to fulfil prepayments of customer orders, gift cards and warranties - all of which amount to millions of dollars in value." According to CRN Australia, the DigiDirect spokesperson said they have told the administrators they are interested in acquiring in all stock in their possession following Esel's entry into voluntary administration. "We are willing to negotiate and purchase all stock at fair and negotiated value with those who affirm ownership of said stock," they said. Eyebrows in the channel community were raised when the news of the acquisition of Mwave by DigiDirect happened a day after Esel filed for voluntary administration. The spokesperson did not comment on when they began discussions of DigiDirect Group acquiring Mwave but said they have held a "long-standing" interest in the business, CRN Australia relates. "Talks were held initially with Mwave's previous majority shareholders and more recently, with their founder and majority shareholder. Conversations progressed very recently and reached a final agreement," they told CRN Australia. About Esel Pty Esel Pty Ltd, formerly trading as Mwave, sells gaming PCs, laptops, components and peripherals, software licenses and other PC-related products. Antony Resnick and Henry Kwok dVT Group were appointed voluntary administrators of the company on June 13, 2025. GRANDSCALE CONSTRUCTIONS: First Meeting Set for Sept. 12 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Grandscale Constructions Pty Ltd will be held on Sept. 12, 2025 at 11:00 a.m. at the offices of RSM Australia Partners, at Equinox Building 4, Level 2, 70 Kent Street, in Deakin, ACT, and via virtual meeting technology. Frank Lo Pilato of RSM Australia Partners was appointed as administrators of the company on Sept. 2, 2025. HARD HAT: Ex-Bankrupt Builder Wins AUD400,000 NSW Council Contracts ------------------------------------------------------------------- ABC News reports that a New South Wales council awarded nearly half a million dollars' worth of work to a building company run by a formerly bankrupt businessman responsible for multiple company collapses. The ABC relates that Anthony Falconer, 63, from Killcare on the Central Coast, has directed three failed civil construction companies in the past few years. It has also been suggested in a public report that Mr Falconer may have been operating as a "shadow director" while bankrupt at a fourth business that also failed, which he has denied. Creditors across all four businesses stretch from Tasmania to far north Queensland, with more than AUD2 million of debt, and include the tax department. The ABC understands the Australian Securities and Investments Commission (ASIC) has commissioned several secret reports into the liquidated companies. ASIC declined to comment. Despite authorities investigating, the Central Coast Council hired a civil construction company directed by Mr. Falconer to carry out two projects in the past year, according to the ABC. One of the jobs began just two months after Mr. Falconer's most recent company collapsed into liquidation. Mr. Falconer told the ABC several of his businesses had collapsed because "I took my eye off the ball" due to a family member becoming sick and denied any wrongdoing. The ABC relates that Desmond Colgan, a Central Coast rate payer and home owner who claims to have lost money from the fallout, said he was "disappointed but not surprised" to learn his council engaged Mr. Falconer for work. The Central Coast Council awarded two jobs to Hard Hat 1 Pty Ltd, a civil construction company, to renew bus stops, kerb ramps and footpaths, for AUD219,000 in December and AUD209,000 for a job ending in June. Mr. Falconer is the sole director of Hard Hat 1. His wife, Philippa Skipper, is the sole shareholder and was the previous director. Mr. Falconer took over from his wife as the director on October 24, 2022, just six days after he was released from bankruptcy. He told the ABC although his wife had no knowledge of civil construction, she knew how to run a business as it was "not rocket science". When asked why he assumed control so soon after his bankruptcy, he said "she didn't want to do it, and she was quite happy for me to take over and do it". One of Mr. Falconer's other companies went into liquidation in October, just two months before the council engaged Hard Hat 1, the ABC notes. A Central Coast Council spokesperson said in a statement it was "unaware of any bankrupt or insolvency history" associated with Hard Hat 1 and that "more comprehensive searches" into a business were only done for projects considered "higher value/risk contract". The spokesperson said formal tenders were only sought for projects worth more than AUD250,000. In October, another of Mr. Falconer's businesses involved in civil construction, Hard Hat 2, collapsed owing more than AUD600,000, with the tax department owed the majority, including for unpaid superannuation to staff, the ABC discloses. Liquidator Chad Rapsey, of insolvency firm Rapsey Griffiths, said Hard Hat 2 was a labour hire business providing services to a related entity, Hard Hat 1. In a report to creditors, published by ASIC, the liquidator noted Mr Falconer "has not been able to provide a copy of the contract" between the two companies, adding it appeared to be an "unprofitable agreement". He wrote to creditors that Hard Hat 2 might have been trading insolvent for two years, the ABC relays. Mr Rapsey told the ABC that ASIC had also requested he submit a supplementary report, an additional report on the company's affairs that was confidential and could pre-empt disciplinary action. Another civil construction business Mr Falconer directed crumbled less than a year earlier. In November 2023, Hard Hat 3 went into liquidation over a AUD73,000 debt to a contractor, NCH Civil, the ABC discloses. "It's cost me a lot of money," the ABC quotes NCH Civil director Nathan Hall as saying. Mr. Hall, whose business is based in Tolga near Cairns, flew down to work as a subcontractor for Hard Hat 3 at the Muswellbrook TAFE site in the upper Hunter, but said he was not paid for some of his work. There were 13 other creditors of Hard Hat 3 and the total debt climbed to more than AUD200,000. The appointed liquidator of Hard Hat 3, Terry Grant Van Der Velde, from insolvency firm SV Partners, made a creditors report saying Mr Falconer might have committed several offences, according to the ABC. Those included continuing to trade the company while insolvent, failure to act with a degree of care and diligence, failure to act in good faith and for a proper purpose and failure to keep financial records. The ABC adds that the liquidator's report also said a AUD42,000 transaction made by the director, Mr Falconer, was potentially "unreasonable". Mr. Falconer said he had not retained any of his paperwork, having handed it all in to liquidators, so was not able to comment on the transaction. ASIC had also requested this liquidator submit a secret report on the company's affairs, the ABC relays. K.V.W & ASSOCIATES: First Creditors' Meeting Set for Sept. 15 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of K.V.W & Associates Pty Ltd will be held on Sept. 15, 2025 at 12:00 p.m. via Microsoft Teams. Stuart Otway and Travis Olsen of SV Partners were appointed as administrators of the company on Sept. 3, 2025. NEIS CONSTRUCTION: First Creditors' Meeting Set for Sept. 12 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Neis Construction Pty Ltd will be held on Sept. 12, 2025 at 2:00 p.m. via teleconference. Edwin Narayan and Andrew Quinn of Mackay Goodwin were appointed as administrators of the company on Sept. 2, 2025. NEWNHAM TRUCKING: Goes Into Voluntary Administration ---------------------------------------------------- Emma Kirk at The Australian reports that a Brisbane trucking company has collapsed into voluntary administration after 23 years of operation. The Australian relates that ASIC records show Newnham Trucking, based near Logan in Brisbane's south, entered voluntary administration last week after it stopped trading in June. The Courier Mail reported the company owed about AUD1 million in debts, The Australian relays. A creditors' meeting has been scheduled for next week to receive an administrator's report and statement about the business and whether it should be wound up. The company is owned by Graeme Newnham, who also operates Express-West Transport and Newnham Trucking 2. Newnham Trucking's collapse follows XL Express entering administration with a reported AUD41.9 million in debts in June, and trucking company DJK Transport going into voluntary liquidation last month, according to The Australian. A Reserve Bank of Australia report found the number of insolvencies had risen sharply over the last couple of years due to the tough economic climate and a low insolvency rate during the pandemic, The Australian notes. SFO DEVELOPMENTS: First Creditors' Meeting Set for Sept. 11 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of SFO Developments Pty Ltd will be held on Sept. 11, 2025 at 11:00 a.m. at the offices of Bolwell Corporate Advisory Pty Ltd, at Suite 15, Level 2, 25 Claremont Street, in South Yarra, VIC, and via virtual meeting technology. Craig Ivor Bolwell of Bolwell Corporate Advisory was appointed as administrator of the company on Sept. 2, 2025. ========= C H I N A ========= WM MOTOR: To Resume Production This Month, Sell 10K Units This Year ------------------------------------------------------------------- Yicai Global reports that troubled Chinese new energy vehicle startup WM Motor announced it will resume production this month, aiming to make and sell 10,000 cars this year. WM Motor will resume production of its E5 and EX5 electric vehicle models at its factory in Wenzhou, Zhejiang province, this month, ensuring it will sell 10,000 units this year, possibly overachieving to reach 20,000 units, Yicai relates citing 2025-2030 business development plan the carmaker unveiled on Sept. 6. Xiangfei Automobile Sales officially took over WM Motor after its restructuring plan was approved by the court on April 3, WM Motor noted. According to Yicai, WM Motor intends to build a knock-down plant in Thailand to explore the Southeast Asian and Middle Eastern markets and achieve a production target of 100,000 units next year. From 2027 to 2028, WM Motor expects to achieve sales of between 250,000 and 400,000 units and initiate preparations for an initial public offering. By 2030, it aims to reach a production target of one million units, with projected revenue of CNY120 billion (USD16.8 billion). In terms of product planning, WM Motor will focus on developing pure electric and extended-range vehicles. Over the next five years, it expects to launch more than 10 models, including revamped versions of the E5 and EX5, as well as new sedans, sport utility vehicles, and multi-purpose vehicles. Founded in 2015, WM Motor has raised over CNY41 billion (USD5.7 billion). But news about the company cutting salaries, laying off staff, and accumulating large debts started circulating in the second half of 2022, Yicai notes. About one year later, it initiated a bankruptcy restructuring process. About WM Motor Shanghai-based WM Motor is an automotive company that designs, manufactures, develops, and markets battery-operated electric vehicles. As reported in the Troubled Company Reporter-Asia Pacific in October 2023, WM Motor has filed for bankruptcy, marking the demise of a promising standout among China's EV makers as price competition in the world's largest auto market heats up. A court in Shanghai is handling the bankruptcy case, according to a filing dated on Oct. 9, 2023, on the national enterprise bankruptcy information disclosure platform, Reuters said. According to Reuters, the carmaker said it has been mired in an operational dilemma in recent years due to the pandemic's impact, capital market sluggishness, large price swings in raw materials and setbacks in gaining capital needed for operations and development. ========= I N D I A ========= ALTECH INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Altech Infrastructure Private Limited (AIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 8.4 CRISIL D (Issuer Not Cooperating) Cash Credit 8.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 1.5 CRISIL D (Issuer Not Cooperating) Proposed Cash 1.05 CRISIL D (Issuer Not Credit Limit Cooperating) Term Loan 0.55 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AIPL 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 AIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. AIPL was incorporated in 2006, by the promoters, Mr Anil Kumra, and his sons, Mr Rohit Kumra and Mr Amit Kumra, who manage the daily operations. Manufacturing facilities are located at Bhiwadi in Rajasthan, and have a fabrication capacity of 2600 MT per month. AMIT ENTERPRISES: ICRA Withdraws D Rating on INR75cr Term Loan -------------------------------------------------------------- ICRA has withdrawn the rating assigned to the bank facilities of Amit Enterprises Housing Limited at the request of the company and based on the No Due Certificate/Closure certificate received from its banker. The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities have not been captured as the rated instruments are being withdrawn. The Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 75.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Term Loan Amit Enterprises Housing Limited (AEHL), incorporated in 2008, is involved in the development and sale of real estate projects and is a part of the Pune-based Amit Enterprises Group. At present, the firm is executing five residential and one commercial projects. Out of the five residential projects, three projects are in Ambegaon, Pune, while the other two are located in Undri, Pune. The commercial project Astonia Classic is located at Undri, Pune, and is in very nascent stages of development. All the necessary approvals required for the projects such as land approvals, environmental clearance, and commencement certificate, have been obtained. BYJU'S: Karnataka HC Bars Byju Raveendran From Selling Assets ------------------------------------------------------------- The Economic Times reports that the Karnataka High Court on Sept. 1 passed an interim order restraining Byju Raveendran, founder of troubled edtech firm Byju's, and his investment firm, Byju's Investments Pte Ltd (BIPL), from selling, mortgaging, or transferring any properties. According to ET, the court's order followed a petition by Qatar Holding, a subsidiary of the sovereign wealth fund of Qatar, which is seeking to enforce a $235 million arbitral award against Raveendran and his investment firm. ET relates that the claim also has an interest component of 4% per annum, compounded daily, from February 28 last year until the payment is made, the counsel representing Qatar Holding said during the hearing. The accrued interest on the $235 million arbitral award now amounts to $14 million. Counsel for Byju's informed the court that they had not yet received copies of the enforcement petition and interim application, and requested additional time to file objections. ET says the matter pertains to a $150 million loan that Qatar Holding extended to BIPL in 2022, which was personally guaranteed by Raveendran to part-fund the acquisition of coaching centre operator Aakash Educational Services. After multiple defaults on repayment, Qatar Holding ended the financing agreement and sought early repayment of $235 million, the petition said. In March 2024, it initiated arbitration in Singapore and, on July 14 this year, received the final award in its favour. The emergency arbitrator in Singapore had also issued a global freezing order on the assets and funds of BIPL and Raveendran, up to $235 million. This order, along with the award, was later upheld by the Singapore High Court, ET relates. This comes at a time when the edtech company and Raveendran face a series of legal challenges. On July 7, a US court found Raveendran in civil contempt for not complying with orders to produce documents in a matter related to a $1.2 billion term loan. On April 10, the US lenders who had extended the term loan filed a lawsuit in that country against Raveendran, his wife Divya Gokulnath and former company executive Anita Kishore, ET recalls. The lawsuit alleged that the three of them planned and executed a scheme to hide and misappropriate $533 million from the money lent to Byju's Alpha, a special purpose financing vehicle the edtech company had established in the US to receive the loan. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than $3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's $1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. CANOPY ESTATES: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL said the ratings on bank facilities of Canopy Estates Private Limited (CEPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Mortgage Loan 20 CRISIL D (ISSUER NOT Facility COOPERATING) Proposed Long Term 30 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with CEPL 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 CEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CEPL continues to be 'Crisil D Issuer not cooperating'. CEPL, incorporated in 2005 and promoted by Mr Yasir Rizvi, undertakes real estate and property development. It mainly develops residential spaces. During 2010, the company entered into joint development agreement for developing residential and commercial projects. CJ S HARITHA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of CJ S Haritha Homes (CJ) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 13.22 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 7.08 CRISIL D (Issuer Not Cooperating) Term Loan 10 CRISIL D (Issuer Not Cooperating) Working Capital 4.7 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with CJS 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 CJS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CJS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CJS continues to be 'Crisil D Issuer not cooperating'. Established in 2010, CJS is a Kottayam-based residential real estate developer, promoted by Mr D Kumar and his wife Mrs Sreeja Kumar. Prior to setting up of CJS, the promoters were engaged in civil construction, primarily commercial buildings and shopping malls, under their group firm, CJS Constructions. DUNZO DIGITAL: NCLT Dismisses Fresh Insolvency Plea --------------------------------------------------- BW LegalWorld reports that the Bengaluru bench of the National Company Law Tribunal (NCLT) has once again brought Reliance-backed Dunzo Digital into focus as insolvency claims pile up against the company. Exotel Techcom Private Limited, one of Dunzo's operational creditors, moved the tribunal seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The bench, however, dismissed the fresh plea and noted that Dunzo was already admitted into insolvency in an earlier case. According to BW LegalWorld, the tribunal reminded Exotel that Dunzo entered CIRP on August 6, 2025, following a petition by Velvin Packaging Solutions Pvt. Ltd. in CP (IB) No.36/BB/2024. In that proceeding, an Interim Resolution Professional (IRP) was appointed to manage the process. As a result, Exotel's application could not be entertained separately. Instead, the NCLT said that Exotel may present its claims before the IRP or the Resolution Professional in accordance with the Insolvency and Bankruptcy Code (IBC), 2016. This development is another blow for the hyperlocal delivery startup, which once symbolised the promise of India's quick commerce sector, the report notes. Founded in 2014 by Mukund Jha, Kabeer Biswas, Dalvir Suri and Ankur Agarwal, Dunzo grew rapidly by offering doorstep deliveries of groceries, food and essentials. With convenience as its core pitch, the company enjoyed early success and managed to raise funds from some of the biggest names in technology and retail. Since inception, Dunzo raised nearly USD485 million across several funding rounds. Reliance Retail became its largest shareholder in January 2022 after investing USD200 million for a 25.8 percent stake. Google, which entered as an investor in 2017, also increased its exposure over the years. Other backers included Lightbox, Blume Ventures, Aspada, STIC and Lightrock. At its peak, Dunzo was valued at about INR6,350 crore, making it one of the more prominent startups in the Indian delivery ecosystem, BW LegalWorld notes. Despite the capital and high-profile support, the company struggled to sustain operations, says BW LegalWorld. Dunzo found it difficult to fix the economics of hyperlocal delivery, a model heavily dependent on scale and speed. While competitors expanded aggressively into quick commerce, Dunzo failed to capture the same momentum even though it entered the market earlier. Its position weakened further in recent months when Reliance Industries Ltd. wrote off Reliance Retail's USD 240 million investment into the startup. Dunzo provides delivery services in eight Indian cities - Bengaluru, Delhi, Gurugram, Pune, Chennai, Jaipur, Mumbai and Hyderabad - and is also dealing with internal challenges. ENTRACK OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Entrack Overseas Private Limited (EOPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 15 CRISIL D (Issuer Not Credit Cooperating) Export Packing 10 CRISIL D (Issuer Not Credit Cooperating) Proposed Long Term 55 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with EOPL 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 EOPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EOPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of EOPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2012, EOPL exports agricultural commodities to Asian, European, and West Asian countries. The company, based is Mangalore (Karnataka), is promoted by Ms. Sudha S Nayak and Mr. U Aditya Nayak. EVERGREEN VENEERS: ICRA Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-term and Short-term ratings for the bank facilities of Evergreen Veneers Private Limited (EVPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.00 [ICRA]B (Stable); ISSUER NOT Fund Based CC COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Short term- 13.00 [ICRA]A4 ISSUER NOT Non-Fund based COOPERATING; Rating continues To remain under 'Issuer Not Cooperating' category Long term/ 3.05 [ICRA]B(Stable)/[ICRA]A4 Short term- ISSUER NOTCOOPERATING; Unallocated Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with EVPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Evergreen Veneers Private Limited (EVPL) is a private limited company incorporated in 1992. The promoters and directors, Mr. Vijay Gupta and Mr. Ashok Kumar Aggarwal, have extensive experience in manufacturing plywood, face veneer, core veneer and trading in timber. At present, it is involved in the manufacturing of core veneer, plywood, resin and block board. The company started its operations with one peeling machine, one hot press and one dryer initially. Over the years, the capacity has been increased to four peeling machines (large), four peeling machines (small), two hot presses, six dryers and four thermo fluid heaters (boilers). It also has a resin manufacturing unit on the premises. It established a full-fledged laboratory on the premises for R&D and quality checks. EVPL received ISO-9001:2008 certification form the bureau of Indian standards. All the products of the company are certified with IS 303, IS 710 & IS 1659 by the Bureau of Indian Standards. GENIE COMMERCIAL: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on the non-convertible debentures of Genie Commercial Ventures Private Limited (GCVPL) continues at 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Non Convertible 85.0 CRISIL D (Issuer Not Debentures-LT Cooperating) Crisil Ratings has been consistently following up with GCVPL for getting information through letter and email dated June 19, 2025, apart from various 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 GCVPL, thus restricting Crisil Ratings ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes the rating on GCVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on the non-convertible debentures of GCVPL continues at 'Crisil D Issuer Not Cooperating'. A special-purpose vehicle formed by the Transcon group, GCVPL executes real estate projects and holds units in Aap Realtors Limited's (ARL) Tirumala Habitats project. Mr Rishi Todi and Mr Dharmesh Minawala have equal shareholding in GCVPL, which currently holds 77,178 square feet in Tirumala Habitats (received in lieu of the NCDs). The NCD repayment is expected to be met from proceeds of the sale of units held by GCVPL in Tirumala Habitats. The NCDs were earlier listed on the Bombay Stock Exchange. They had a tenure of 36 months. Investors were to be provided with an exit through sale of the acquired area. These debentures have a corporate guarantee from ARL. At the end of the tenure, these debentures have a put option at 20% internal rate of return or developer buyback value. INDOTECH INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Rating said the ratings on bank facilities of Indotech Industries India Private Limited (IIIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.28 CRISIL D (Issuer Not Cooperating) Cash Credit 5.00 CRISIL D (Issuer Not Cooperating) Term Loan 0.61 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with IIIPL 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 IIIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IIIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of IIIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. IIIPL, based in Indore, Madhya Pradesh, was formed in 2004 by Mr Rahul Modi and Mr Vijay Kasat. It manufactures band saw machinery (used in metal cutting) at its facility in Indore, and iron castings at its foundry in Dewas, Madhya Pradesh. K.K. BUILDERS: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-term and Short-term ratings for the bank facilities of K.K. Builders in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 23.00 [ICRA]B+ (Stable); ISSUER NOT Fund Based- COOPERATING; Continues to Cash Credit remain in the 'Issuer Not Cooperating' category Long Term- 7.35 [ICRA]B+ (Stable); ISSUER NOT Fund Based- COOPERATING; Continues to Term Loan remain in the 'Issuer Not Cooperating' category Short Term- 35.00 [ICRA]A4; ISSUER NOT Non Fund Based COOPERATING; Continues to remain in the 'Issuer Not Cooperating' category Long Term/ 0.65 [ICRA]B+ (Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Continues to remain in the 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with K.K. Builders, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. K.K. Builders, a partnership firm formed in 1994, is a Kerala based civil construction contractor. The firm is involved in the execution of road, bridge and building construction projects for Government agencies. The firm is a contractor registered with the Kerala Public Works Department (PWD). The firm has obtained ISO 9001:2008 and ISO 14001:2004 certifications and has the requisite management, manpower and equipment resources to execute road and bridge projects. The firm also operates four hotels, namely KK Residency, Hotel Broad Bean, KK Tourist Home (Kannur) and KK Tourist Home (Iritty) in Kannur district. The hotels have quality rooms, restaurants and beer & wine bar which serve the local population, whereas KK Tourist Home (Kannur) only has lodging facility. Apart from the contracting and hotels division, the firm is also involved in a Kannur bus stand BOT project, operates two stone crusher units and owns KK Fashion Retail which is involved in garments and textile retailing. The businesses were set up by Mr. K.K. Kunhiraman, and are currently managed by his four sons and a son-in-law. The Partners of the firm are Mr. K.K Mohandas, Mr. K.K. Radhakrishnan, Mr. K.K. Rajan, Mr. K.K. Premkumar and Mr. M.C. Shanmugan. MANDEEP INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Mandeep Industries (MI) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 40.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 5.94 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 0.06 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Short-term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with MI, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Mandeep Industries ('MI') was established as a partnership firm in 1973 by Talaviya family. It is engaged in the crushing of ground nut and soyabean to produce oil and oil cake, and solvent extraction of oil cake to produce oil and de-oiled cake. The manufacturing unit of the firm is located at Upleta in Gujarat with input capacity of 310 MT per day of groundnut and 225 MT per day of oil cake. The DOC is used as cattle feed, poultry feed and aqua feed. The groundnut oil is sold locally under the brand name of "Ganesh". Moreover, MI is also involved in trading of groundnut oil cake, groundnut de-oiled cake and cotton seed oil depending on the crop season. MIRAJ METALS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Miraj Metals in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 2.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 13.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Miraj, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in August 2010, Miraj Metals (Miraj) is a proprietorship concern, promoted by Mr. Hiten D Mehta and is engaged in the business of non-ferrous metals scrap. Mr. Hiten D Mehta has over two decades of experience in the non-ferrous metal industry. Miraj is an importer and trader of non-ferrous metals. The company primarily sources its requirement of various types of non-ferrous metals scrap from the international markets for supply to various manufacturing units in India. Sales operations are primarily through the high seas sales channel while indigenous sales are to a small extent. The firm has its registered office in Vile Parle, Mumbai, a branch office in Bhavnagar and a godown in Bhiwandi. OSIAN COMMOTRADE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Osian Commotrade Private Limited (OCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.2 CRISIL D (Issuer Not Cooperating) Letter of Credit 1.8 CRISIL D (Issuer Not Cooperating) Proposed Cash 2.8 CRISIL D (Issuer Not Credit Limit Cooperating) Proposed Letter 14.2 CRISIL D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with OCPL 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 OCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of OCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. OCPL was incorporated on March 31, 2010, promoted by Mr Pankaj Baid. The company trades in multiple products such as plastic granules, hard coke, steel and steel spares, cotton yarn, synthetic yarn, and agricultural commodities such as pulses, rice, and cashew nuts, in the domestic market PMA CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of PMA Constructions Private Limited (PMA) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.8 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.45 CRISIL D (Issuer Not Cooperating) Term Loan 7.7 CRISIL D (Issuer Not Cooperating) Term Loan 5.7 CRISIL D (Issuer Not Cooperating) Term Loan 1.45 CRISIL D (Issuer Not Cooperating) Term Loan 2.9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PMA 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 PMA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PMA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PMA continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2003, PMA is a Faridabad-based company, engaged in crushing of basalt stone to finer granules and dust. Operations are managed by Mr Mukesh Kumar. The company has nine crushers at present, each with a capacity of 200 tonne per hour. Basalt is used in construction of roads, buildings and other structures. PRABHU SPINNING: ICRA Withdraws B+ Rating on INR85cr LT Loan ------------------------------------------------------------ ICRA has withdrawn the ratings assigned to the bank facilities of Prabhu Spinning Mills Private Limited (Prabhu) at the request of the company and in accordance with ICRA's policy on withdrawal. However, ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities, Key Financial Indicator have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 85.00 [ICRA]B+ (Stable); ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit Long Term- 29.72 [ICRA]B+ (Stable); ISSUER NOT Fund Based- COOPERATING; Withdrawn Term Loan Long Term/ 35.28 [ICRA]B+ (Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Withdrawn Long Term- 10.00 [ICRA]A4; ISSUER NOT Non Fund COOPERATING; Withdrawn Based-Others Prabhu Spinning Mills Private Limited (Prabhu) was set up in 1994 to boost the group's interest in the spinning business. In FY04, Prabhu diversified into coarse yarn with the installation of 3840 rotors. Currently, the company has two units which are involved in the manufacture of cotton yarn and OE yarn respectively. The former has an installed capacity of 37,680 spindles while the OE division has a capacity of 10800 rotors. The spinning division produces counts ranging from 20s to 40s with very little presence in value added products such as compact yarn. Bulk of the yarn manufactured by the company finds its application in knitting fabric. The OE division functions primarily as an in-house manufacturing division wherein bulk of the production (50%) is carried out on job-work basis. Over the years the company has invested steadily in Wind Electric Generators (WEGs) and as on date it has an installed capacity of 25.9 MW. PUNE TUBES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pune Tubes Manufacturing Private Limited (PTMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.50 CRISIL D (Issuer Not Cooperating) Proposed Cash 7.25 CRISIL D (Issuer Not Credit Limit Cooperating) Term Loan 8.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PTMPL 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 PTMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PTMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PTMPL continues to be 'Crisil D Issuer not cooperating'. Established in 2011, PTMPL, promoted by Mr Prakash Saxsena, Mr Atul Dudhe, Mr Nitin Sathe, and Mr NM Parande, was set up a plant for manufacturing ERW pipes in Pimpari Saandas near Pune (Maharashtra). Commercial operations began October 2016. Its registered office is in Pune. SETCO AUTO: ICRA Lowers Rating on INR350cr NCD to D --------------------------------------------------- ICRA has downgraded the rating for the non-convertible debentures (NCDs) of Setco Auto Systems Private Limited to [ICRA]D following the delay by the company in servicing its NCD repayment obligations that were falling due on September 1, 2025 as per the original payment terms. On August 31, 2025, the company obtained consent from its NCD investor to a one-month extension of the payment due date to October 1, 2025. The consent from the NCD holder was conditional, subject to maintaining the specified security cover and subject to the receipt of requisite approvals from the stock exchanges as per the requirements of SEBI's LODR regulations. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 215.00 [ICRA]D downgraded from Non-convertible [ICRA]B- (Stable) Debenture Long-term- 350.00 [ICRA]D downgraded from Non-convertible [ICRA]B- (Stable) Debenture Long-term- 20.00 [ICRA]D downgraded from Non-convertible [ICRA]B- (Stable) Debenture As per ICRA's Policy on Default Recognition, rescheduling of the debt instrument prior to the due date of payment is not treated as a default, unless the same is done to avoid default or bankruptcy. The aforesaid rescheduling of the original payment terms of the NCDs is conditional as well as carried out in the context of a weak cash flow position and, therefore, notwithstanding the receipt of (conditional) consent from the NCD investor prior to the due date, the rating has been downgraded to the default category. ICRA notes that the company is exploring avenues to raise fresh funding and this could be a credit positive, as and when the fresh funds are raised. SASPL has a long operational track record and supplies automotive clutches, mainly to the medium and heavy commercial vehicles (MHCVs) industry. Key rating drivers and their description Credit strengths * Extensive experience of promoters and established operational track record of the Group in auto component industry: SASPL is managed by Mr. Harish Sheth, who has an experience of over 35 years in the auto component industry. The company manufactures clutches primarily for MHCVs and the company has an established operational track record. The company's revenues are distributed across three key segments—OEMs, original equipment suppliers and independent aftermarket. It has also forayed into manufacturing clutches for the tractor segment and allied parts like lubricants, brake lining, fly wheels, and other auto components in the MHCV segment. * Strong relationships with OEMs along with repeat business from major OEMs: The company has developed an established customer base, resulting in repeat orders. It has an established brand presence in the automotive market with reputed M&HCV OEMs in India. Credit challenges * Delays in debt servicing: SASPL was unable to refinance or repay the NCD of INR215.0 crore, which was due on September 1, 2025, along with the accrued interest till September 2025. Further, NCDs of INR350.0 crore and INR9.75 crore are due on September 6, 2025 and September 7, 2025, respectively. While the company had sought and received a one-month extension from the debenture holders, prior to the due date, the same is subject to receipt of requisite approval from the stock exchanges. * Stressed financial profile of associate entity, LCPL: Lava Cast Pvt. Ltd. (LCPL), in which SASPL has a 10.31% shareholding, started commercial production from April 2016. It has an installed casting capacity of 30,000 MTPA. LCPL has been reporting losses for the past seven years till FY2024 owing to internal challenges such as higher rejections and lower yields. LCPL could not service the debt obligation in FY2020 due to high losses and internal challenges. The company underwent debt restructuring in FY2021, through an elongated repayment period, along with lower interest costs which eased the liquidity position of LCPL. The company was, however, unable to service the debt obligation in FY2022 and FY2023 as the internal challenges continued. SASPL supported LCPL in FY2022 from the NCD funds for maintenance capex and stabilisation of business. ICRA notes that SASPL has further provided financial support to LCPL in FY2024 from its own cash flows. LCPL undertook a major maintenance exercise in FY2023, which mitigated the internal challenges faced earlier, improving its yield and rejection rates in FY2024 and FY2025. * High exposure to cyclicality in auto Industry: SASPL primarily caters to the automobile industry and manufactures clutches used in MHCVs. Thus, it remains exposed to the cyclicality in the auto industry, evident from the volatility in the top line over the past fiscals. Liquidity position: Poor The company's liquidity position remains poor, as reflected in the delay in servicing its NCD obligations and the lack of adequate alternative funding arrangements. Rating sensitivities Positive factors – ICRA could upgrade the ratings after the passage of the minimum curing period post gaining access to fresh long-term funding. Negative factors – Not applicable Established in 1982 in collaboration with Gujarat Industrial Development Corporation (GIDC), Gujarat Setco Automotive Limited (GSAL) was a manufacturer of clutches for OEMs. In 2000, GIDC stepped out of GSAL, and the latter was renamed as Setco Automotive Limited (SAL). SAL manufactured clutches primarily for MHCVs. SAL's clutch business was transferred to its wholly-owned subsidiary, Setco Auto Systems Private Limited, on a slump sale basis in September 2021. SASPL now manufactures clutch products. There were no operations under SASPL before the slump sale. SASPL sells clutches under its own brand, LIPE. SASPL is managed by Mr. Harish Sheth, who has an extensive experience of over 35 years in the auto component business. The company has a manufacturing unit at Kalol, Vadodara (Gujarat), and an assembly unit at Sitarganj, Udham Singh Nagar (Uttarakhand). In addition to OEMs, the company caters to clutch demand from original equipment services and independent aftermarket. The company has also forayed into manufacturing clutches for the farm segment (tractors) and supplies products to various tractor manufacturers. SASPL has also ventured into a new business of allied parts (shop and ship) like lubricants, brake lining, fly wheels, and other auto components in the MHCV segment. SHIVA ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Shiva Energy Resources Private Limited (SERPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 14.9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SERPL 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 SERPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SERPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SERPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SERPL owns a 3.5-megawatt hydropower generation project. It has entered into a 40-year PPA with Himachal Pradesh State Electricity Board at INR3.08 per unit. Operations began in May 2018. SIDDHAM JEWELS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings the ratings on bank facilities of Siddham Jewels Private Limited (SJPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SJPL 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 SJPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SJPL continues to be 'Crisil D Issuer not cooperating'. Sancheti Group is promoted by Mr Ashok Sancheti and his family. The three group companies, SOPL, SJPL and OJPL were setup in 2011 in Mumbai to manufacture and wholesale gold jewellery. The promoters have been in business since 1988. SIVARAM YARNS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sivaram Yarns Private Limited (SYPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (Issuer Not Cooperating) Long Term Loan 15.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SYPL 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 SYPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SYPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SYPL continues to be 'Crisil D Issuer not cooperating'. SYPL was set up in 2012 by Mr. Mediseeti Venkata Rattaiah and his family members. The company manufactures cotton yarn, and its spinning unit is located in East Godavari district (Andhra Pradesh). SKANDASHREE JEWEL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Skandashree Jewel Creations (SJC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 20 Crisil D (Issuer Not Cooperating) Cash Credit 3 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SJC 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 SJC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SJC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SJC continues to be 'Crisil D/Crisil D Issuer not cooperating'. SJC was set up in 2008 as a partnership firm by Mr. A V Vijay Krishna and his brother-in-law, Mr Karthik Nallapeta. The firm manufactures plain gold and diamond-studded jewellery. Its clientele comprises retailers in Karnataka and Tamil Nadu. SJC's manufacturing facility is in Bangalore. STAR CLAYS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Star Clays (SC) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 4.8 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 0.7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SC 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 SC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SC continues to be 'Crisil D Issuer not cooperating'. SC, established in 2006, is engaged in manufacturing of Terracotta Floor Tiles, is partnership entity established by Mr. Mandakan Jose, Mr. Mandakan Joy, Mr. Mandakan Jojo and is based out of Thrissur, Kerala. The firm sales its products by the brand 'Mandakan' majorly in the states of Tamil Nadu, Karnataka, Kerala and Andhra Pradesh., The firm is also entering into manufacturing of Terracotta Roof tiles as well. SUMA FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Suma Foods Private Limited (SFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Term Loan 7.79 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SFPL 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 SFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SFPL continues to be 'Crisil D Issuer not cooperating'. Karnal-based SFPL, incorporated in 2015 by Mr Sachin Singla and Mr Ankit Singla, mills and processes paddy. The company started operations in May 2015; it has milling and sorting capacity of 16 tonne per hour. SWEETY INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sweety Infrastructure Private Limited (SIPL) continues to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SIPL 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 SIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SIPL is a privately owned Company incorporated on 28 April 1998.The company is engaged in civil engineering such as construction activities such as construction of roads and bridges, and has executed several projects for the Central Public Works Department (CPWD) and National Highway Authority of India (NHAI) in north eastern region. TEAM INTERVENTURE: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Team Interventure Exports India Private Limited (TIEIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 12.5 CRISIL D (Issuer Not Purchase Cooperating) Foreign Bill 59 CRISIL D (Issuer Not Purchase Cooperating) Foreign Bill 3 CRISIL D (Issuer Not Purchase Cooperating) Foreign Bill 20 CRISIL D (Issuer Not Purchase Cooperating) Foreign Bill 7 CRISIL D (Issuer Not Purchase Cooperating) Foreign Bill 0.5 CRISIL D (Issuer Not Purchase Cooperating) Foreign Bill 25 CRISIL D (Issuer Not Purchase Cooperating) Proposed Short Term 13 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with TIEIPL 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 TIEIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TIEIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TIEIPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1990 in Mumbai and promoted by Mr. Suresh Agarwal, Mr. Mahendra Agarwal, and Mr. Vinod Agarwal, TIEIPL exports cotton yarn and fabric. TEXAS LIFESTYLE: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Texas Lifestyle Furniture Private Limited (Texas) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Long Term Loan 4.3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Texas 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 Texas, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Texas is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Texas continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2003, Texas manufactures furniture and constructs pre-engineered buildings. The company sells furniture under the brand name next. It is based in Aurangabad (Maharashtra) and promoted by Mr. Ranjeet Kakkad and Mr. Ankushkumar Kadam. VADSOLA CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-term and Short-term ratings for the bank facilities of Vadsola Ceramic (VC) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING /[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.00 [ICRA]B (Stable); ISSUER NOT Fund Based- COOPERATING; Continues to Cash Credit remain in the 'Issuer Not Cooperating' category Long Term- 7.00 [ICRA]B (Stable); ISSUER NOT Fund Based- COOPERATING; Continues to Term Loan remain in the 'Issuer Not Cooperating' category Short Term- 1.50 [ICRA]A4; ISSUER NOT Non Fund Based COOPERATING; Continues to remain in the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with VC, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in August 2013, as a partnership firm, VC manufactures digitally-printed ceramic wall tiles of two sizes - 10"X15" and 12"X18". Its manufacturing unit is in Morbi, Gujarat, and is equipped to manufacture 18,000 metric tons (MT) of tiles per annum. VC is owned and managed by the Vadsola and Patel family who have an experience of more than two decades in ceramic industry through their association with other entities. ===================== N E W Z E A L A N D ===================== CELLCITY NZ: Court to Hear Wind-Up Petition on Sept. 11 ------------------------------------------------------- A petition to wind up the operations of Cellcity NZ 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 19, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 L&B PLUMBING: Court to Hear Wind-Up Petition on Sept. 30 -------------------------------------------------------- A petition to wind up the operations of L&B Plumbing Limited will be heard before the High Court at Wellington on Sept. 30, 2025, at 10:00 a.m. Trilogy Holdings Limited filed the petition against the company on July 10, 2025. The Petitioner's solicitor is: Laura Currie Thomson Wilson Law 125 Bank Street Whangarei MRD SOLUTIONS: Creditors' Proofs of Debt Due on Sept. 25 -------------------------------------------------------- Creditors of MRD Solutions Limited are required to file their proofs of debt by Sept. 25, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 21, 2025. The company's liquidator is: Robin Crimp RAC Insolvency Limited PO Box 1477 Christchurch 8140 SMITHS CITY: Stores Temporarily Reopens for Liquidation Sale ------------------------------------------------------------ Stuff.co.nz reports that Smiths City stores have reopened temporarily for a liquidation sale, while stocks last, with 21,000 items to be sold. The store was put into voluntary administration earlier last week, with all nine stores across Aotearoa closing alongside its website. Colin Gower and Diana Matchett of BDO Christchurch as joint administrators of the Smiths City liquidation, Stuff discloses. After completing an assessment and stock take of the companies financial position, liquidators reopened eight of nine stores for a liquidation sale, according to Stuff. The furniture, appliances, and consumer electronics stores in Auckland and Christchurch reopened on Sept. 5, and stores in Greymouth, Oamaru, Alexandra, Gore and Invercargill opened Saturday morning [Sept. 6]. "The liquidation sale will run for a limited time only and while stocks last," said the administrators. The store in Dunedin will remain closed, Stuff notes. "Customers can expect a wide range of items at significantly reduced prices – over 21,000 pieces must go," said the administrators. But there are a few catches, Stuff notes. Giftcards won't be accepted in the liquidation sale, and customers who had paid deposits on existing orders will not be able to collect their items during the sale - unless they've been told to do so. Customers who had been paid deposits were contacted directly by the administrators about their orders, the statement said. Remaining customers would be contacted again in the coming days, Stuff relays. "The Administrators want to acknowledge the exceptional support from Smiths City staff during the stocktake and with preparations for the liquidation sale," they said. "The Administrators also acknowledge the excellent cooperation by Suppliers during this process." The chain was founded in 1918, and has faced mounting financial pressures due to declining sales and a tough economic environment, said BDO in a statement. "The voluntary administration process aims to achieve the best outcome for all stakeholders," the administrators said. According to Stuff, the decision to put Smiths City into voluntary administration came as the home appliance and furniture retail sector struggles, said Retail NZ chief executive, Carolyn Young. "Ultimately retailers are struggling. It doesn't matter if you are a corner store, on a high street, or a mall, or a large national chain. It's really difficult to keep afloat," said Young. Smiths City announced it was downsizing by 40% less than a month before it was put into voluntary liquidation. Speaking to The Post at the time, Smiths City owner Colin Neal was blunt in his assessment of the situation. "Retail is tough," Stuff quotes Mr. Neal as saying. "It's the economy . . . you don't buy a TV to eat." At its height, Smiths City had 35 stores across Aotearoa, but by August there were just 11, Stuff adds. Smiths City Group Limited -- https://www.smithscity.co.nz/ -- is a retail chain selling furniture and home appliances. Smiths City was founded in Christchurch in 1918 and was floated on the stock exchange in 1972. It has nine stores across New Zealand and an online store. VANZ MOTOR: Creditors' Proofs of Debt Due on Sept. 17 ----------------------------------------------------- Creditors of Vanz Motor Limited are required to file their proofs of debt by Sept. 17, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 20, 2025. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 WINDSOR HOSPITALITY: Creditors' Proofs of Debt Due on Sept. 23 -------------------------------------------------------------- Creditors of Windsor Hospitality Group Limited and Newtrend Food Limited are required to file their proofs of debt by Sept. 23, 2025, to be included in the company's dividend distribution. Windsor Hospitality commenced wind-up proceedings on Aug. 25, 2025. Newtrend Food commenced wind-up proceedings on Aug. 26, 2025. The company's liquidator is: Victoria Toon Corporate Restructuring Limited PO Box 10100 Dominion Road 1446 Auckland ================= S I N G A P O R E ================= EAST37ID PRIVATE: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on Aug. 22, 2025, to wind up the operations of East37id Private Limited (formerly known as Eastbuilds Pte Ltd). Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 FORMWORK HIRE: Commences Wind-Up Proceedings -------------------------------------------- Members of Formwork Hire (S.E.A.) Pte Ltd on Aug. 25, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Ellyn Tan Huixian Forvis Mazars Consulting 135 Cecil Street #10-01 Philippine Airlines Building Singapore 069536 GRAND HARBOUR: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Aug. 15, 2025, to wind up the operations of Grand Harbour (Fund Management) Singapore Pte. Ltd. Sim Mong Teck & Partners filed the petition against the company. The company's liquidator is: Mr. Lee Chi Him c/o Pinebridge Advisory 10 Ubi Crescent #0618 Ubi Techpark Singapore 408564 SIMPLY BLOOMS: Commences Wind-Up Proceedings -------------------------------------------- Members of Simply Blooms (S) Pte. Ltd. and Simply Hamper Singapore Pte. Ltd. on Aug. 27, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Mr. Ong Shyue Wen Mr. Saw Meng Tee EA Consulting Pte Ltd (a subsidiary of EisnerAmper PAC) 1 North Bridge Road #23-05 High Street Centre Singapore 179094 YELLOW ROAD: Court to Hear Wind-Up Petition on Sept. 19 ------------------------------------------------------- A petition to wind up the operations of Yellow Road Rangers Pte. Ltd. will be heard before the High Court of Singapore on Sept. 19, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Aug. 27, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***