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250910.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 Wednesday, September 10, 2025, Vol. 28, No. 181 Headlines A U S T R A L I A AURIC INTERNATIONAL: ASIC Cancels Brokerage Firm's AFS Licence BLACKWATTLE SERIES 6: S&P Assigns B(sf) Rating on Class F Notes ERIC INSURANCE: Second Creditors' Meeting Set for Sept. 16 JAFFLE HOLDINGS: First Creditors' Meeting Set for Sept. 15 MELBOURNE COLLINS: First Creditors' Meeting Set for Sept. 16 PINKENBA OPERATIONS: First Creditors' Meeting Set for Sept. 11 VK CHINA: First Creditors' Meeting Set for Sept. 15 [] S&P Hikes Rating on 24 Note Classes by La Trobe Financial C H I N A SHIMAO GROUP: Gets HK$10BB Loan Extension Amid HK Housing Crisis H O N G K O N G UNITED ENERGY: S&P Assigns 'B+' ICR, Outlook Stable I N D I A AB PAPER: CRISIL Keeps D Debt Rating in Not Cooperating Category ADROIT CORPORATE: CRISIL Keeps D Debt Ratings in Not Cooperating ANANT RAM: CRISIL Keeps D Debt Ratings in Not Cooperating ASHIRVAD AGRO: CARE Keeps B- Debt Rating in Not Cooperating AVEENA MILK: CARE Keeps D Debt Rating in Not Cooperating Category EKCON INFRAPROJECTS: CRISIL Cuts Rating on LT/ST Loans to D GANCO ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating GARUDA INFRATECH: CRISIL Keeps C Debt Ratings in Not Cooperating GVK ENERGY: JSW, Vedanta Among Companies Keen to Buy Entity's Asset HARAGOURI HIMGHAR: CARE Keeps D Debt Rating in Not Cooperating HEERA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating JAI SHIV: CRISIL Lowers Rating on INR23cr Cash Loan to B JOY GURU: CRISIL Keeps B Debt Ratings in Not Cooperating Category KEDARESHWAR BUILDERS: CARE Keeps D Debt Rating in Not Cooperating LICHCHHWI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating MAHESVARA CASHEW: CARE Keeps C Debt Rating in Not Cooperating MALLIKARJUN CONSTRUCTION: CRISIL Keeps C Debt Rating in Not Coop. MUKTI FIRMS: CRISIL Keeps B- Debt Ratings in Not Cooperating NARMADA FIBRES: CARE Keeps B- Debt Rating in Not Cooperating NATARAJ GINNING: CARE Keeps B- Debt Rating in Not Cooperating R. RAJESH: CARE Keeps B Debt Rating in Not Cooperating Category RAIL ONE: CARE Keeps C Debt Rating in Not Cooperating Category TENNY JOSE: CRISIL Keeps D Debt Ratings in Not Cooperating J A P A N MITSUBISHI UFJ: S&P Assigns 'BB+' Rating on Sub. AT1 Notes M A L A Y S I A TH HEAVY: Unit Fails to Obtain Leave at Court to Stop Winding-Up N E W Z E A L A N D EXSURGO LIMITED: Creditors' Proofs of Debt Due on Sept. 26 JUICY FESTIVAL: Court Battle Looms Over Ticket Refunds NEW LYNN: Court to Hear Wind-Up Petition on Sept. 11 PAPAKURA PROPERTY: Court to Hear Wind-Up Petition on Sept. 11 RYCORLIN LIMITED: Ex-Staff Claim Thousands in Unpaid Holiday Pay SCOOP GELATO: Khov Jones Appointed as Receivers STAFFLABOURSOLUTIONS: Creditors' Proofs of Debt Due on Oct. 10 P H I L I P P I N E S RB OF TALISAY: Deposit Insurance Claims Deadline Set for Sept. 22 S I N G A P O R E CAR PULSE: Court to Hear Wind-Up Petition on Sept. 19 EON REALITY: Court Enters Wind-Up Order INDOSURYA INTI: Court Enters Wind-Up Order NICE BEAUTY: Court to Hear Wind-Up Petition on Sept. 19 VFIX AUTO: Court Enters Wind-Up Order S O U T H K O R E A QOO10: WeMakePrice Faces Liquidation as Court Ends Proceedings - - - - - ================= A U S T R A L I A ================= AURIC INTERNATIONAL: ASIC Cancels Brokerage Firm's AFS Licence -------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of forex and derivatives brokerage company, Auric International Markets Pty Ltd (AIMS), effective Aug. 11, 2025. AIMS' AFS licence was cancelled after the company failed to submit financial statements, comply with the relevant financial services laws and meet the organisational competence requirements of an AFS licensee. AIMS also failed to pay industry funding levies for more than 12 months and failed to inform ASIC of changes to company details, including its business addresses and company officeholders. ASIC can cancel or suspend an AFS licence if it believes it is likely to breach its general obligations under law, including the obligation to provide services efficiently, honestly and fairly. AIMS held AFS licence 430091 from Dec. 12, 2012 to Aug. 13, 2025. It was authorised to carry on an Australian financial services business to provide financial product advice and deal in financial products including derivatives, foreign exchange contracts, debentures and securities to wholesale clients. AIMS ran the website www.aimsfx.com.au AIMS has the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision. BLACKWATTLE SERIES 6: S&P Assigns B(sf) Rating on Class F Notes --------------------------------------------------------------- S&P Global Ratings assigned its ratings to eight classes of residential mortgage-backed securities (RMBS) issued by Permanent Custodians Ltd. as trustee for Blackwattle Series RMBS Trust No.6. Blackwattle Series RMBS Trust No.6 is a securitization of prime residential mortgage loans originated by Sintex Consolidated Pty Ltd. The ratings assigned reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance (LMI), and excess spread. Our assessment of credit risk takes into account Sintex's underwriting standards and approval process, the servicing quality of Sintex, and the support provided by the LMI policies on 0.9% of the loan portfolio. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the interest-rate swap, the loss reserve, the liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. S&P's analysis is on the basis that the notes are fully redeemed by their legal final maturity date, and it assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also consider the counterparty exposure to Westpac Banking Corp. as interest-rate swap provider, bank account provider, and liquidity facility provider. An interest-rate swap will be provided to hedge the mismatch between the fixed-rate mortgage loans and the floating-rate obligations on the notes. The transaction documents for the swap and facilities include downgrade language consistent with S&P Global Ratings' counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Ratings Assigned Blackwattle Series RMBS Trust No.6 Class A1-S, A$300.00 million: AAA (sf) Class A1-L, A$337.50 million: AAA (sf) Class A2, A$65.25 million: AAA (sf) Class B, A$16.50 million: AA (sf) Class C, A$15.37 million: A (sf) Class D, A$7.50 million: BBB (sf) Class E, A$3.75 million: BB (sf) Class F, A$1.28million: B (sf) Class G1, A$1.35 million: Not rated Class G2, A$1.50 million: Not rated ERIC INSURANCE: Second Creditors' Meeting Set for Sept. 16 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Eric Insurance Limited has been set for Sept. 16, 2025, at 10:00 a.m. via virtual facilities only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Sept. 15, 2025 at 4:00 p.m. Katherine Sozou and Shaun Fraser of McGrathNicol were appointed as administrators of the company on July 28, 2025. JAFFLE HOLDINGS: First Creditors' Meeting Set for Sept. 15 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Jaffle Holdings Pty Ltd and Jaffle IO Pty Ltd will be held on Sept. 15, 2025 at 11:00 a.m. at the offices of SV Partners Melbourne, at Level 17, 200 Queen Street, in Melbourne, Victoria, and via teleconference facilities (Microsoft Teams). Michael Carrafa and Peter Gountzos of SV Partners were appointed as administrators of the company on Sept. 3, 2025. MELBOURNE COLLINS: First Creditors' Meeting Set for Sept. 16 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Melbourne Collins Street One Mq Centre Pty Ltd will be held on Sept. 16, 2025 at 11:00 a.m. via Microsoft Teams. Martie Maree Tziotis and Morgan Kelly of Ernst & Young were appointed as administrators of the company on Sept. 4, 2025. PINKENBA OPERATIONS: First Creditors' Meeting Set for Sept. 11 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Pinkenba Operations Pty Ltd; - QRT Labour Pty Ltd; - QRT Plant Pty Ltd; - Waterford Operations Pty Ltd; - QRT Properties Pty Ltd; - Waterford QRT Property Pty Ltd (trustee of Waterford Property Trust); and - Pinkenba QRT Property Pty Ltd will be held on Sept. 11, 2025 at 9:30 a.m. via virtual meeting only. Mark Alfred Holland and Anthony Norman Connelly of McGrathNicol were appointed as administrators of the company on Sept. 2, 2025. VK CHINA: First Creditors' Meeting Set for Sept. 15 --------------------------------------------------- A first meeting of the creditors in the proceedings of VK China Pty. Ltd. will be held on Sept. 15, 2025 at 4:00 p.m. at the offices of Merchants Advisory, at Level 15, 175 Pitt Street, in Sydney, NSW, and via virtual meeting technology. Louisa Sijabat of Merchants Advisory was appointed as administrator of the company on Sept. 3, 2025. [] S&P Hikes Rating on 24 Note Classes by La Trobe Financial ------------------------------------------------------------ S&P Global Ratings raised its ratings on 24 classes of Australian nonconforming residential mortgage-backed securities (RMBS) notes issued by La Trobe Financial Capital Markets Trust 2022-2, 2023-1, 2023-2, 2023-3, and 2024-1. At the same time, S&P affirmed its ratings on 10 classes of notes. The raised ratings reflect an increase in credit support, in the form of subordination, provided to each class of rated notes and which, coupled with the transactions' cash flows, is sufficient to withstand the stresses S&P applies at each note's respective rating level. A key consideration of the raised ratings on the class F notes is the presence of the retention ledger and principal reverse turbo mechanisms. The retention amount built from excess spread (if any) is applied as a principal payment to the most subordinated note at the time. In terms of the principal reverse turbo, once the pro-rata triggers are met, principal would be passed through to each class of notes except for the Equity notes, which will not receive principal repayments until all other notes have been repaid. A notable exception is La Trobe Financial Capital Markets Trust 2023-2, for which the Equity 1 note has started paying down due to the excess spread turbo mechanism. Similar to the retention mechanism, this creates overcollateralization for the transaction and is recorded in an excess spread turbo ledger, where losses are initially allocated before being allocated to the notes and is included in the calculation of hard credit support from subordination. Any principal allocated to the Equity notes under pro-rata payment will be allocated to the most subordinated note above the Equity notes at the time. While some transactions are already paying on a pro-rata basis, some are currently paying down on a sequential basis. For those on a sequential basis, the credit support will continue to build up for the rated notes until the pro-rata tests, including performance triggers, are met. As of June 30, 2025, total arrears for La Trobe Financial Capital Markets Trust 2022-2, 2023-1, and 2023-2 are above the Standard & Poor's Performance Index (SPIN) for Australian nonconforming mortgages. However, arrears have been relatively stable since 2024. There have been minimal or no losses to all the pools. Some of S&P's ratings are constrained below model-implied outcomes due to risk considerations such as sensitivities to the outlook for arrears, yield, pool concentrations, and the absolute size of credit support. Ratings Raised La Trobe Financial Capital Markets Trust 2022-2 Class C: to A+ (sf) from A (sf) Class D: to A (sf) from BBB+ (sf) Class E: to BBB+ (sf) from BB+ (sf) Class F: to BBB (sf) from BB- (sf) La Trobe Financial Capital Markets Trust 2023-1 Class B: to AA+ (sf) from AA (sf) Class C: to AA (sf) from AA- (sf) Class D: to A (sf) from BBB+ (sf) Class E: to BBB+ (sf) from BB+ (sf) Class F: to BBB- (sf) from BB- (sf) La Trobe Financial Capital Markets Trust 2023-2 Class B: to AAA (sf) from AA (sf) Class C: to AA+ (sf) from AA- (sf) Class D: to A+ (sf) from BBB+ (sf) Class E: to BBB+ (sf) from BB+ (sf) Class F: to BBB- (sf) from BB- (sf) La Trobe Financial Capital Markets Trust 2023-3 Class B: to AAA (sf) from AA (sf) Class C: to AA (sf) from A+ (sf) Class D: to A (sf) from BBB+ (sf) Class E: to BBB (sf) from BB+ (sf) Class F: to BB+ (sf) from B+ (sf) La Trobe Financial Capital Markets Trust 2024-1 Class B: to AAA (sf) from AA (sf) Class C: to AA (sf) from A+ (sf) Class D: to A (sf) from BBB+ (sf) Class E: to BBB (sf) from BB+ (sf) Class F: to BB (sf) from B+ (sf) Ratings Affirmed La Trobe Financial Capital Markets Trust 2022-2 Class A1L: AAA (sf) Class A2: AAA (sf) Class B: AA (sf) La Trobe Financial Capital Markets Trust 2023-1 Class A1L: AAA (sf) Class A2: AAA (sf) La Trobe Financial Capital Markets Trust 2023-2 Class A1L: AAA (sf) Class A2: AAA (sf) La Trobe Financial Capital Markets Trust 2023-3 Class A-L: AAA (sf) La Trobe Financial Capital Markets Trust 2024-1 Class A1L: AAA (sf) Class A2: AAA (sf) ========= C H I N A ========= SHIMAO GROUP: Gets HK$10BB Loan Extension Amid HK Housing Crisis ---------------------------------------------------------------- Bloomberg News reports that a HK$10 billion (US$1.3 billion) loan tied to a luxury Hong Kong apartment complex has turned into a months-long saga, underscoring the widespread impact of the city's prolonged property slump. United Overseas Bank Ltd. is extending the maturity of the loan, backed by the Beacon Peak complex near the Kowloon Tong area, after attempts to offload the facility to private credit investors fell through, according to people familiar with the matter, Bloomberg relates. The project, developed by defaulted Chinese builder Shimao Group Holdings Ltd., only began selling in January, with just 17 of 332 units sold in its first phase of development as of Sept. 2, according to sale records. The Singapore-based lender had earlier reached out to private credit investors to sell the loan tied to the project, which is key to Shimao's restructuring plans, Bloomberg News reported in January. Although investors such as Davidson Kempner Capital Management and Ares Management showed interest in buying the loan at a discount, UOB chose to roll over the facility by three years instead, said the sources, who asked not to be identified discussing private matters. The original borrowing was due to mature on Sept. 30, they said. According to Bloomberg, Shimao's loan extension is another case of banks kicking the can down the road as Hong Kong's property slump drags on. With no rebound in sight, lenders are forced to extend or amend developer loans to avoid booking losses. Last month, Hong Kong builder Emperor International Holdings won banks' support to extend about HK$16.5 billion in overdue loans, while distressed developer New World Development secured a record HK$88.2 billion borrowing in June, ending months of talks with lenders to refinance its debt. UOB took over the loan from other banks in 2022, becoming a sole lender to Shimao's facility with full claim over the underlying project, one of the offshore assets listed in the builder's restructuring proposal. The 17 Beacon Peak units were sold at prices ranging from HK$13.4 million to HK$37 million, according to Shimao's records. The latest sale on Sep 2 was a 1,555-square feet unit that fetched a price of HK$32.3 million, the records showed. Proceeds from the sale of units will be first used to pay back the loan's principal, interest and accrued fees, as well as related fees tied to the project, Bloomberg News reported earlier. Its unsecured creditors, including bondholders, could get paid from the sale if there's remaining cash. About Shimao Group China-based Shimao Group Holdings Ltd, formerly Shimao Property Holdings Ltd, is an investment holding company principally engaged in the sale of properties. The Company operates its business through four segments. The sales of Properties segment is mainly engaged in the development of residential real estate. The Property Management Income and Others is mainly engaged in property management. The Hotel Operation Income segment is mainly engaged in hotel operations. The Commercial Properties Operation Income segment is mainly engaged in the development, investment and operation of commercial, office and industrial park property projects. As reported in the Troubled Company Reporter-Asia Pacific, Shimao Group has missed the interest and principal payment of a US$1 billion offshore bond due on July 3, 2022. ================= H O N G K O N G ================= UNITED ENERGY: S&P Assigns 'B+' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings assigned its 'B+' long-term issuer credit rating to United Energy Group Ltd. (UEG). S&P said, "The stable rating outlook reflects our expectation that UEG's scale will remain small and its production will remain concentrated in Iraq, Pakistan, and Egypt over the next 12 months. We expect its ratio of debt-to-EBITDA to remain below 1.5x over the period. Our rating will not be capped by sovereign ratings." UEG is a small-scale oil and gas exploration and production company with geographic concentration in high-risk countries, primarily in Iraq and Pakistan. UEG's leverage will grow over the next two years as it increases debt financing to fund its acquisitions and production growth amid falling oil prices. UEG will remain as a small-scale oil and gas producer with operations concentrated in high-risk countries. The operations will remain small even after factoring in production growth from the company's Iraq oilfield and its recently acquired asset in Egypt. We estimate UEG's annual production at 22 million barrels of oil equivalent (mmboe)-26 mmboe (on a net entitlement basis) and at 46mmboe-54mmboe (on a working interest basis) in 2025-2026. This compares with 24.4 mmboe in 2024 on a net entitlement basis. UEG has a short proven (1P) reserve life of 6.6 years (on net entitlement basis) and a low reserve replacement ratio (RRR) of below 100% in 2024. The 1P reserve life is 11.2 years on a working interest basis. UEG's business profile is also constrained by the high concentration of its operations in high-risk countries, including Iraq, Pakistan, and Egypt. The company will face higher economic and political risk. It will also face higher risks related to the financial system, payment culture, and rule of law in these countries, in contrast with peers operating in lower-risk countries. Offsetting these weaknesses is UEG's low cash cost position, thanks to its focus on onshore conventional production, with a fair percentage of natural gas, and low labor costs where the company operates. It also has a good record of controlling costs by lowering the lifting cost of its acquired assets. UEG's leverage will grow in 2025-2026 due to a retreat in oil prices and increasing debt financing to fund its acquisitions and production growth. S&P anticipates a decline in the company's EBITDA in 2025 due to lower oil prices and a decline in natural gas production in Pakistan. UEG's EBITDA will then rebound in 2026 on higher production with the ramp-up of the Block 9 oilfield in Iraq and a full year of consolidated operations of Egypt-based Apex International Energy Holdings I, which UEG acquired in 2025. UEG's debt level will likely increase due to additional debt financing for funding acquisitions and capital expenditure (capex). UEG will raise about US$645 million of bank loans in 2025, given S&P forecasts its annual operating cash flow will not be sufficient to cover its capex. S&P said, "We expect the company to incur high annual capex of HK$6 billion-HK$7 billion in 2025 and 2026 for increasing production from its oilfields in Iraq, acquisitions, and exploration. As a result, we forecast UEG's debt-to-EBITDA ratio will increase to about 0.8x in 2025-2026, up from low leverage of 0.5x in 2022-2024. "Our analysis on the company's financial risk profile factors in the volatile nature of hydrocarbon prices. The company's small production scale in high-risk countries also heightens the chance of a drastic EBITDA decline in the event of production disruptions at certain oilfields. "That said, we believe UEG can partly mitigate oil price volatility because of the pricing mechanism of natural gas in Pakistan, which is linked to international oil prices at a flatter slope, with a floor and ceiling price. "Our rating on UEG is two notches above the sovereign ratings on Iraq and Pakistan. About 55% of the company's exploration and production (E&P) revenue in 2024 was from Iraq (B-/Stable/--) and 35% from Pakistan (B-/Stable/--). The company derives of 100% and 46% of its revenues from crude oil and gas exports in Iraq and Pakistan, respectively, with the U.S. dollar used as the transactional currency. UEG keeps these proceeds at offshore accounts in Hong Kong and Dubai. "Since UEG generates hard-currency revenues from these exports, we think the company would be able to service its foreign-currency financial obligations if the sovereigns were to restrict access to foreign currencies. UEG passes our sovereign transfer and convertibility (T&C) stress tests. As a result, we rate UEG two notches above the 'B-' T&C assessment on Iraq and Pakistan. "We could revise this assessment if we envisage a country-specific event that would lead to harsher T&C restrictions or if UEG's exposure to a single jurisdiction increases materially. "We consider recent shareholder and board changes as a moderately negative factor in UEG's management and governance." Former chairman Mr. Zhang Hong Wei resigned from the board in June 2025 due to the prohibition of his service as a director of listed companies by the Chinese regulatory authorities. This followed an investigation of financial fraud at Orient Group Co. Ltd., another company owned by Mr. Zhang. Mr. Zhang and his related parties sold large chunks of their shareholdings in UEG after the event. They are no longer the largest shareholders of the company. Four of UEG's six members of the board of directors also quit. S&P said, "We view the unexpected change of shareholders and the board, and the former largest shareholder's track record as moderately negative. We will continue to closely monitor the related-party transactions between UEG and the former largest shareholder. We will also observe the new board's effectiveness in governance and oversight. "However, there is no rating impact from our assessment of management and governance risks, given that UEG has stable executive leadership and it is isolated from the former largest shareholder. "The stable outlook on UEG reflects the stable outlook on the sovereign ratings on Iraq and Pakistan, where the company has significant exposure. It also reflects our expectation that UEG's scale will remain small with production concentrated in Iraq and Pakistan for the next 12 months. Despite rising capex, the company's ratio of debt to EBITDA will remain below 1.5x in the next 12 months, according to our projections. We also expect the company to pass stress tests for a rating above the sovereigns." S&P could lower the rating on UEG if it were to become constrained by the sovereign ratings. This could happen if: -- S&P assesses the company will no longer be able to pass the rating above sovereign stress tests; or -- S&P downgrades Iraq or Pakistan; or -- UEG's E&P revenue exposure to Iraq increases to above 70%. S&P said, "We may also downgrade UEG if we believe weaknesses in management and governance have led to a deterioration of its credit profile, such as through operational disruptions or losses of financial resources. "We could also downgrade the rating if UEG's ratio of debt to EBITDA rises to above 2.0x on a sustained basis. This may happen if the company incurs significant capex or spending on acquisitions, or if the company's operating cash flow is significantly below our expectations due to low oil prices, lower production, or high operating expenses." S&P would raise the rating on UEG if: -- S&P upgrades Iraq or Pakistan; -- S&P assesses the company will be able to pass the stress tests so that its rating could be higher than the sovereign ratings on Iraq, Pakistan, or any other countries where UEG has at least 25% revenue exposure; and -- The company's business profile in terms of geographic diversification to lower-risk countries improves materially, or production grows significantly while costs remain low and the ratio of debt to EBITDA stays below 1.5x. S&P sees the likelihood of fulfilling all the above conditions as remote for the next 12 months. ========= I N D I A ========= AB PAPER: CRISIL Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of AB Paper (ABP) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 7 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with ABP 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 ABP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ABP continues to be 'Crisil D Issuer not cooperating'. ABP was set up in year 2018. ABP is currently setting up a plant to manufacture kraft paper in Gandhinagar, Gujarat. The plant is expected to be commissioned in April, 2023. ABP is owned & managed by Mr. Apurvakumar Rajnikant Patel and Mr. Bhavin Rajnikant Patel. ADROIT CORPORATE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Adroit Corporate Services Private Limited (ACSPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Term Loan 18.53 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ACSPL 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 ACSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ACSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ACSPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1994, ACSPL provides business process outsourcing services, primarily to the banking sector. The company is also a R&T agent. Operations are managed by Mr Sadashiva Shetty. ANANT RAM: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Anant Ram Bhatia Oils Private Limited (ABPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ABPL 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 ABPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ABPL continues to be 'Crisil D Issuer not cooperating'. ABPL was originally established by Mr. Anant Ram as a proprietary firm in 1950; the firm was reconstituted as a private limited company in 2012. ABPL trades in rice, edible oil, Vanaspati, ghee, sugar, and other commodities. It is planning to set up an oil refinery in Khandsa, Haryana, in the near term, to produce refined oil. ASHIRVAD AGRO: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ashirvad Agro Processors (AAP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 23, 2024, placed the rating(s) of AAP under the 'issuer non-cooperating' category as AAP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AAP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 8, 2025, June 18, 2025, June 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Ashirvad Agro Processors (AAP) was established in the year 2000 as proprietorship firm by Mr. K. Sridhar Nayak. The firm is engaged in trading and processing of cashew nuts and cashew kernels. The firm sells both raw cashew nuts and processed cashew kernels based on market requirements and volatility of prices. The firm has installed capacity of 10,000 kilograms per day at Birau, Mangalore, Karnataka. The process involves steam roasting, shell cutting, drying, sorting, peeling and grading. The firm outsources the cutting, peeling and grading processes on job work basis. The firm majorly procures raw material (raw cashew nuts) from African countries like Benin, Togo, Ivory Coast, Ghana, Burkina Faso, Tanzania, Indonesia etc. The firm imports raw cashew nuts owing to better quality and relatively lower prices as compared to the domestic market. The firm sells the cashew kernels to wholesalers located all over India majorly in the states Karnataka (around 50%), Gujarat (around 20%), Rajasthan (around 20%) and others (around 10%). The firm also generates income from sale of by-products like cashew shells, cashew husk and rejections. AVEENA MILK: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aveena Milk Products (AMP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 29, 2024, placed the rating(s) of AMP under the 'issuer non-cooperating' category as AMP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AMP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 15, 2025, July 25, 2025, August 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Delhi based, Aveena Milk Products (AMP) is a partnership firm established in January, 2014 and commenced its operations in April, 2017. The current partners are Mr. Avdesh Mittal and Hrishikesh Farms Private Limited sharing profit and losses in the ratio 99:1. AMP was established with an aim to operate a milk dairy plant. The dairy unit is located in Bhagwanpur, Uttarakhand. EKCON INFRAPROJECTS: CRISIL Cuts Rating on LT/ST Loans to D ----------------------------------------------------------- Crisil Ratings has downgraded its ratings on the bank facilities of EIP to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating' basis publicly available information. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with EIP for obtaining information through letter and email dated April 4, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of EIP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EIP is consistent with 'Assessing Information Adequacy Risk'. Crisil Ratings has downgraded its ratings on the bank facilities of EIP to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating' basis publicly available information. EIP, set up in 1990 by Mr Naeem Khan, is a Mumbai-based firm that undertakes construction and repairs of buildings for government department. GANCO ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Ganco Energy India Private Limited (GANCO) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Open Cash Credit 3 CRISIL D (Issuer Not Cooperating) Term Loan 7.65 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Ganco 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 Ganco, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Ganco is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Ganco continues to be 'Crisil D Issuer not cooperating'. It is engaged in manufacturing of solar panels and modules such as batteries & street light pole. It is Visakhapatnam, Andhra Pradesh based company and promoted by Mr. G. Appala Naidu and Mrs. G Chinni Kumarilakshmi. GARUDA INFRATECH: CRISIL Keeps C Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Rating said the ratings on bank facilities of Garuda Infratech India Private Limited (GIIPL) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL A4 (Issuer Not Cooperating) Cash Credit 6 CRISIL C (Issuer Not Cooperating) Proposed Long Term 17 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with GIIPL 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 GIIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GIIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GIIPL continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. Incorporated in 2010 and based in Hyderabad (Andhra Pradesh), GIIPL undertakes civil construction work for residential projects. It is promoted by Mr Sreenivas Babu Kode, Mr Ancha Chittaranjan, Mr Satya Lakshmi Narayana Gottipati, Mr Raju Venkata Manthena, and Mr Satya Sekhar Boppanna. GVK ENERGY: JSW, Vedanta Among Companies Keen to Buy Entity's Asset ------------------------------------------------------------------- The Economic Times reports that JSW Energy Ltd., Adani Power Ltd. and Vedanta Ltd. are among more than a dozen companies that have expressed interest in acquiring GVK Energy's 330 MW Alaknanda hydro power project in Uttarakhand, according to people familiar with the matter. Several other firms, including Torrent Power and Jindal Steel & Power, have also expressed interest in acquiring the plant, ET relates. In May, insolvency proceedings were permitted against GVK Group company GVK Energy, which has five subsidiaries and owes lenders INR11,187 crore in direct and in direct exposure. GVK Energy Limited commenced insolvency proceedings on May 6, 2025. HARAGOURI HIMGHAR: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Haragouri Himghar Private Limited (HHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.27 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 27, 2024, placed the rating(s) of HHPL under the 'issuer non-cooperating' category as HHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 13, 2025, July 23, 2025, August 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Haragouri Himghar Private Ltd. (HHPL), incorporated on September 19, 2012, was initially established as a partnership firm named M/s Hara Gouri Himghar in 2008 by Shri Haradhan Samanta and Smt. Tapasi Samanta of Hooghly, West Bengal. The partnership firm was converted to Private Limited Company on September 19, 2012. HHPL is currently engaged in the business of providing cold storage facility at Mukhtarpur village of Hooghly, West Bengal, primarily for potatoes. Besides providing cold storage facility the unit also works as a mediator between the farmers and marketers of potato to facilitate sale of potatoes stored and it also provides interest bearing advances to farmers for farming of potatoes. Further, HHPL is also engaged in trading of potatoes. Shri Haradhan Samanta is the main promoter and he looks after the day to day operations of the company. HEERA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Heera Rice Mills (HRM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 17.50 CRISIL D (Issuer Not Cooperating) Proposed Fund- 0.22 CRISIL D (Issuer Not Based Bank Limits Cooperating) Term Loan 1.28 CRISIL D (Issuer Not Cooperating) Warehouse Receipts 7.50 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HRM 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 HRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HRM continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2008, HRM is engaged in milling and sorting of basmati and non-basmati rice. It produces polished as well as unpolished rice to be sold to exporters in the domestic market. The firm has total milling capacity of 12 tons per hour (TPH) and sorting capacity of 20 TPH in Assand, Haryana. The firm is managed by Mr. Satish Goel and his family members. JAI SHIV: CRISIL Lowers Rating on INR23cr Cash Loan to B -------------------------------------------------------- Crisil Ratings has revised the rating on bank facilities of JSSPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 23 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB/Stable ISSUER NOT COOPERATING') Long Term Loan 5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with JSSPL 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 JSSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JSSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JSSPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable Issuer not cooperating'. JSSPL, promoted by Mr Giriraj Ajmera, was incorporated in the year 2009 and is engaged in manufacturing of synthetic cloths, and has a facility based in Bhilwara Rajasthan with installed capacity of 65 lakhs metres per annum. JOY GURU: CRISIL Keeps B Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Joy Guru Rice Mill (JRM) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 0.8 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.2 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JRM 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 JRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JRM continues to be 'Crisil B/Stable Issuer not cooperating'. JRM has a rice mill with installed capacity of 56 tonne per 8 hours at Hooghly in West Bengal, set up in 2015. The firm acquired a rice mill with capacity of 24 tonne per day, and installed machinery to expand the capacity. Mr Santanu Saha, Mr Krishna Saha, Mr Bidyut Kumar Saha, Ms Lakshmibala Saha, Ms Mitali Sabui, and Mr Dipak Saha are partners in the firm. Daily operations are managed by Mr Santanu Saha and Mr Dipak Saha. The firm started operations in August 2016. KEDARESHWAR BUILDERS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Kedareshwar Builders & Developers Private Limited (SKBDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 70.88 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 28, 2024, placed the rating(s) of SKBDPL under the 'issuer non-cooperating' category as SKBDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKBDPL continues to be noncooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025, August 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Shri Kedareshwar Builders & Developers Private Limited (SKBDPL) was incorporated on 17th November 2014 by Madhav Deshpande and Abhijeet Dudhane who are having more than two decades of experience in the real estate business. The company is engaged in the business of real estate development (residential and commercial projects) mainly in Nagpur. LICHCHHWI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lichchhwi Foods India Private Limited (LFIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.49 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.74 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LFIPL 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 LFIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LFIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LFIPL continues to be 'Crisil D Issuer not cooperating'. LFIPL, incorporated in 1998, offers cold storage facilities to potato farmers in Hajipur, Bihar. LFIPL has a holding capacity of 13,500 metric tonne per annum with 10 different temperature-controlled chambers. Mr. Avinash Kumar, Mr. Alok Kumar and Mr. Arun Kumar are the directors. MAHESVARA CASHEW: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahesvara Cashew Industries (MCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.08 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 17, 2024, placed the rating(s) of MCI under the 'issuer non-cooperating' category as MCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 2, 2025, June 12, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Mahesvara Cashew Industries (MCI) was established in the year 2010 and promoted by Mr. Gopinath Bhat, Mr. Udaya Shetty, Mr. Chiranjitha Ajila, Mrs. Arundathi Ajila, and Mrs. Namitha Shetty. The firm is engaged in processing of raw cashew nuts. The firm sells the processed cashew nuts in Karnataka, Gujarat and Mumbai. The firm procures raw cashew nuts from international market places like South Africa and Tanzania. Currently, the day to day operations of the firm are managed by the Mr. Gopinath Bhat (Managing Partner). MALLIKARJUN CONSTRUCTION: CRISIL Keeps C Debt Rating in Not Coop. ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mallikarjun Construction Co. (MCC) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 7 CRISIL A4 (Issuer Not Cooperating) Cash Credit 2 CRISIL C (Issuer Not Cooperating) Cash Credit 1 CRISIL C (Issuer Not Cooperating) Proposed Long Term 0.5 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Proposed Short Term 0.5 CRISIL A4 (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MCC 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 MCC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MCC continues to be 'Crisil C/Crisil A4 Issuer not cooperating'. MCC was set up as a proprietorship firm in 1985 by Mr. Nelatury Chuinchu Reddy. It constructs roads and bridges. In December 2004, it was reconstituted as a partnership firm, with Mr. Reddy's sons, Mr. Malleshwar Reddy and Mr. Mallikarjun Reddy, as partners. MUKTI FIRMS: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Mukti Firms Private Limited (MFPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL B-/Stable (ISSUER NOT COOPERATING) Long Term Loan 4.9 CRISIL B-/Stable (ISSUER NOT COOPERATING) Working Capital Facility 0.5 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with MFPL 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 MFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MFPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Established in March 2017, MFPL, promoted by Mr Kalpana Kundu and Mr Sanjib Pal, provides cold storage facilities for potato storage and trades in potatoes. The company has taken over an existing unit named Ceramist Multipurpose Cold Storage having capacity of 15,000 tonne per annum. NARMADA FIBRES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Narmada Fibres LLP (NFL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.42 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 28, 2024, placed the rating(s) of NFL under the 'issuer non-cooperating' category as NFL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NFL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025, August 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in July-2017, NFL is based out of Nagpur, Maharashtra and is a partnership firm promoted by Mr. Madhav A Nirmal and Mrs. Aparna M Nirmal. The entity is engaged in the business of cotton ginning and pressing at its manufacturing facility located at Beed, Maharashtra. Narmada Ginning and Pressing (NGP) and Narmada Agro Cotex Private Limited (NAPL), engaged in similar line of business are group entities of NF. NATARAJ GINNING: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nataraj Ginning & Pressing Mill (NGPM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.60 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 18, 2024, placed the rating(s) of NGPM under the 'issuer non-cooperating' category as NGPM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NGPM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 3, 2025, June 13, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Telangana based, Nataraj Ginning & Pressing Mill (NGPM) was established on April 1, 2015 and started the commercial operations from December 9, 2016. The firm was established as a proprietorship concern by Mrs. Shivarathri Narsamma and she is supported by her son Mr. Mahesh babu who is managing the overall business operations of NGPM. The firm is engaged in cotton ginning and pressing and the firm sells its products in and around Mothkur. The manufacturing unit is located in Mothkur, Telangana. R. RAJESH: CARE Keeps B Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of R. Rajesh Exports (RRE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 101.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 30, 2024, placed the rating(s) of RRE under the 'issuer non-cooperating' category as RRE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RRE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 16, 2025, July 26, 2025 and August 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable R. Rajesh Exports (RRE) was established in 1980 as a partnership firm engaged in trading of diamonds. In 1985 the firm started its manufacturing activities (cutting and polishing of rough diamonds at Surat). RAIL ONE: CARE Keeps C Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rail One USA Corp (ROUC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 89.38 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 27, 2024, placed the rating(s) of ROUC under the 'issuer non-cooperating' category as ROUC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ROUC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 13, 2025, July 23, 2025, August 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable ROUC is a wholly owned subsidiary of PCM Rail.One AG (Germany), incorporated in 2013 in USA for setting up of facility for manufacturing of Concrete Sleepers in the USA. ROUC has entered into a 10-year contract with Union Pacific, for supply of sleepers with minimum off take of 2 Lakh sleepers per year. The facility with installed capacity of 4 lakh sleepers commenced operation in April 2014. ROUC belongs to the PCM group having presence in various sectors such as manufacturing of concrete sleepers, real estate, tea, steel, etc. The group is headed by Mr. Kamal Kumar Mittal, having over three decades of experience in various industries. TENNY JOSE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tenny Jose Limited (TJL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL D (Issuer Not Cooperating) Letter Of Guarantee 20 CRISIL D (Issuer Not Cooperating) Letter of Credit 3 CRISIL D (Issuer Not Cooperating) Term Loan 1.8 CRISIL D (Issuer Not Cooperating) Term Loan 0.03 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TJL 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 TJL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TJL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TJL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2012 in Thrissur, Kerala, and promoted by Mr Tenny Jose, TJL is engaged in trading and distributorship of writing and printing paper, and steel and steel products. The company is expected to begin trading dry fruits and cereals from August 2018. ========= J A P A N ========= MITSUBISHI UFJ: S&P Assigns 'BB+' Rating on Sub. AT1 Notes ---------------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term issue credit rating to Mitsubishi UFJ Financial Group Inc.'s (MUFG; A-/Stable/--) perpetual, subordinated additional tier 1 (AT1) notes (US$1 billion). S&P understands the issuance will qualify as Basel III-compliant AT1 notes under Japanese regulations. S&P said, "The issue rating on the AT1 notes to be issued by the nonoperating holding company (NOHC) of the largest banking group in Japan is five notches lower than our assessment of MUFG's group stand-alone credit profile (SACP) of 'a'. We believe that extraordinary support from the government would unlikely be available for these AT1 notes. We use the issuer credit rating we assign MUFG as our starting point. This rating is one notch below the group SACP, because of structural subordination." Overall, the five-notch downward revision from our group SACP reflects the following: -- One notch for contractual subordination; -- Two notches for the risk of nonpayment of coupons as regulatory Tier 1 capital; -- One notch for the risk of principal write-down if the bank is facing distress or nonviability; and -- One notch for the issuer being a nonoperating holding company, which means that the creditors of the issuer are structurally subordinated to the creditors of the operating companies. S&P said, "We also view the AT1s as having intermediate equity content. This adds further support to our expectation that MUFG's capitalization will remain stable over the next 12-24 months. In addition, we believe the instruments will support the banks' efforts to diversify its long-term foreign currency funding profile in response to increasing overseas lending demands." S&P views of these notes as having intermediate equity content reflects our understanding that the notes: -- Are perpetual, regulatory Tier 1 capital instruments; -- Contain no step-up features; and -- Can absorb losses on a going-concern basis through the nonpayment of coupons, at MUFG's full discretion. S&P said, "The one-notch deduction for the risk of principal write-down reflects our view that under Japanese regulations, which comply with the Basel III standards, AT1s may absorb losses via principal write-downs when a bank is facing distress or nonviability. This is notwithstanding our assessment that the Japanese government is highly supportive toward the senior creditors of the systemically important banks. Furthermore, under a relatively unique feature of the Japanese bank resolution framework, the government has a mechanism to preemptively support the banks without triggering a bail-in of AT1s. Consequently, we consider that there is a possibility that the government may provide extraordinary support for the AT1s issued by systemically important banks facing distress if it considers that absence of such support may bring about instability for the financial system. Nevertheless, the risk that AT1s will absorb losses via principal write-downs remains untested and significant, in our view." =============== M A L A Y S I A =============== TH HEAVY: Unit Fails to Obtain Leave at Court to Stop Winding-Up ---------------------------------------------------------------- theedgemalaysia.com reports that THHE Fabricators Sdn Bhd, a subsidiary of delisted TH Heavy Engineering Bhd, has failed to obtain leave (permission) from the Federal Court on Sept. 9 to halt the compulsory winding-up proceedings at the High Court. theedgemalaysia.com relates that a three-member bench led by Chief Judge of Malaya Tan Sri Hasnah Mohamed Hashim told THHE Fabricators counsel Mark Ho Hing Kheong that the court did not side with the appellant on the matter. "The application does not meet the threshold from the court for it to grant leave on the questions posed before the bench," she said. Sitting with Hasnah in the unanimous decision were Federal Court judges Datuk Rhodzhariah Bujang and Tan Sri Ahmad Terrirudin Mohd Salleh. In civil cases at the Federal Court, leave or permission has first to be granted by the court for the merits of the application to be heard. According to theedgemalaysia.com, lawyer Ho had posed eight questions of law to be decided by the apex court for consideration after then-High Court judge Ong Chee Kwan (now Court of Appeal judge) on Feb 2 last year had granted leave to Blackstone Technology Sdn Bhd (previously known as Blackstone Process Solution Sdn Bhd) and Dynac Sdn Bhd to initiate compulsory winding up on THHE Fabricators. Counsel David Thomas Mathew, appearing with Olivia Loh and Lai Ann Xing for Blackstone and Dynac, opposed the application, as the High Court proceedings for compulsory winding up had already concluded, theedgemalaysia.com says. The Court of Appeal had on May 8 this year, dismissed THHE Fabricators and its parent company TH Heavy Engineering's application to halt the compulsory winding-up proceedings, recalls theedgemalaysia.com. Last month at the Federal Court, THHE Fabricators had also sought a stay on the High Court proceedings, citing Sept. 9's proceedings for leave but failed in that attempt. As a result, the High Court hearing for the compulsory winding up began on Aug. 18 and concluded on Aug. 21, and the High Court has fixed Dec. 3 to give its decision on the petition for compulsory winding up, theedgemalaysia.com relates. The difference between a voluntary winding-up as opposed to a compulsory winding-up is that in a voluntary action, it is initiated by the company, while a compulsory winding-up is initiated by the court. THHE began voluntary winding-up in September 2023, after being delisted for a year, stating it couldn't continue operations due to its liabilities, according to theedgemalaysia.com. Global Mariner Offshore Services Sdn Bhd, Blackstone Technology and Dynac filed an application for a compulsory winding-up against THHE, while Blackstone and Dynac filed separate applications against THHE Fabricators. The High Court granted their application on Feb 4 last year. theedgemalaysia.com notes that the petitioners are seeking a compulsory winding-up of THHE Fabricators, claiming the voluntary winding-up was not done in good faith and was not in the best interests of creditors or shareholders. They also believe an independent investigation is needed and want independent liquidators appointed to look into the company's affairs. TH Heavy Engineering Berhad is an investment holding company. The Company is engaged in the provision of management services. The Company is engaged in the fabrication of offshore steel structures and the provision of other related offshore oil and gas engineering services in Malaysia. ===================== N E W Z E A L A N D ===================== EXSURGO LIMITED: Creditors' Proofs of Debt Due on Sept. 26 ---------------------------------------------------------- Creditors of Exsurgo Limited are required to file their proofs of debt by Sept. 26, 2025, to be included in the company's dividend distribution. Exsurgo Limited commenced wind-up proceedings on Aug. 28, 2025. The company's liquidators are: Mark Terence McDonald Stephen Speers Keen Grant Thornton New Zealand Limited PO Box 1961 Auckland JUICY FESTIVAL: Court Battle Looms Over Ticket Refunds ------------------------------------------------------ Sam Smith at Stuff.co.nz reports that liquidators tasked with getting money returned to creditors from two cancelled music festivals are in court as the quest to see thousands of ticketholders refunded continues. Juicy Festival and Timeless Summer Tour were cancelled after promoters failed to get a liquor licence for Juicy Festival's Auckland date. The companies involved - Juicy Festival Limited and Timeless Events New Zealand Limited - have since been placed into liquidation, owing millions. However, thousands of ticketholders have had to wait eight months to be refunded, with many still yet to be paid. Some have even been taking up disputes with their banks in an effort to get their money back, according to Stuff. Liquidator Blacklock Rose had previously told Stuff that as unsecured creditors, ticket holders will likely be the last in line to get refunded, behind at least 25 other creditors. Stuff says Ben Francis and Gary Whimp of Blacklock Rose have been in court seeking a determination of entitlements and liabilities in the liquidation relating to customers who purchased tickets to attend the two events. They have been seeking legal advice from the High Court in Auckland for a number of issues regarding refunds to ticket holders, including whether customers who purchased tickets are subject to distribution. Other issues they are seeking answers to include whether any ticketholders who have obtained a refund through a credit card chargeback, or other similar process, have received a recovery, and finally, whether the refunds paid out constitute an insolvent transaction, Stuff relates. A large number of ticketholders initiated credit card chargebacks on the basis they paid money to attend the concerts but the concerts were cancelled. Subject to the chargeback rules governing the use of a ticketholder's credit card, some ticketholders have already received a full refund of their ticket purchase price. Some of these purchases were made using payment services provided by Stripe New Zealand Ltd, while other purchases were made using credit cards provided by various banks. According to Stuff, the issues for determination include whether Stripe NZ is required to pay over funds received from customers that have not yet been credited to the accounts of the companies in liquidation, and whether the banks are entitled to give effect to chargebacks for tickets purchased using credit cards. Last week in court, Stripe NZ, ASB Bank, ANZ Bank, KiwiBank, Westpac NZ, Bank of New Zealand, Mastercard Asia Pacific and Visa Worldwide Ltd were served as interested parties, as a result, while an amicus curiae (impartial adviser) was appointed to represent ticketholders as a class in court. The liquidators themselves are also continuing to look into the details surrounding the collapse of both companies, Stuff relays. Stuff adds that Mr. Whimp said their investigations continue to focus on "matters that will maximise the recoveries for the creditors, including ticketholders". A second liquidator's report into Juicy Festival Limited and Timeless Events New Zealand Ltd is due to be released in October, Stuff notes. Juicy Festival Limited, Timeless Events New Zealand and Timeless Events Australia Limited were placed into liquidation on March 7, with Blacklock Rose's Ben Francis and Garry Whimp appointed as liquidators. NEW LYNN: Court to Hear Wind-Up Petition on Sept. 11 ---------------------------------------------------- A petition to wind up the operations of New Lynn Property 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 12, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 PAPAKURA PROPERTY: Court to Hear Wind-Up Petition on Sept. 11 ------------------------------------------------------------- A petition to wind up the operations of Papakura Property 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 12, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 RYCORLIN LIMITED: Ex-Staff Claim Thousands in Unpaid Holiday Pay ---------------------------------------------------------------- Stuff.co.nz reports that former staff of a Tauranga CBD restaurant said they are owed thousands of dollars in holiday pay, as the franchise owner goes into liquidation. Lone Star Tauranga franchise owner Rycorlin Limited has entered voluntary liquidation, Lone Star New Zealand national operations manager Paul Steiner confirmed, Stuff relates. SCOOP GELATO: Khov Jones Appointed as Receivers ----------------------------------------------- Steven Khov and Kieran Jones of Khov Jones Limited on Aug. 22, 2025, were appointed as receivers and managers of Scoop Gelato NZ Limited and General Aqua Services Limited (formerly Vining Marine Limited). The receivers and managers may be reached at: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 STAFFLABOURSOLUTIONS: Creditors' Proofs of Debt Due on Oct. 10 -------------------------------------------------------------- Creditors of StaffLabourSolutions Limited, Oke Maintenance Limited, Auckland Reno Limited, North Shore Maintenance Specialists Limited and FBNP Consultants Limited are required to file their proofs of debt by Oct. 10, 2025, to be included in the company's dividend distribution. The companies commenced wind-up proceedings on Aug. 22, 2025. The company's liquidator is: Derek Ah Sam Rodgers Reidy (NZ) Limited PO Box 45220 Te Atatu Auckland 0651 ===================== P H I L I P P I N E S ===================== RB OF TALISAY: Deposit Insurance Claims Deadline Set for Sept. 22 ----------------------------------------------------------------- The Philippine Deposit Insurance Corporation (PDIC) announced that depositors of the closed Rural Bank of Talisay (Cebu), Inc. have until September 22, 2025, to file their deposit insurance claims. Based on the latest PDIC data, deposit insurance claims for 939 deposit accounts with aggregate insured deposits amounting to PHP2.3 million have yet to be filed by depositors. Data also showed that as of July 31, 2025, PDIC had paid depositors of the closed Rural Bank of Talisay (Cebu), Inc. the total amount of PHP59.1 million, corresponding to 96% of the bank's total insured deposits amounting to PHP61.5 million. Depositors are advised to file their claims either online via e-mail at pad@pdic.gov.ph or through postal mail or courier addressed to the PDIC Public Assistance Department, Ground Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City 1233. Claims may also be filed personally at the PDIC Public Assistance Center (PAC) located at the Ground Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City, from Monday to Friday, 8:00 AM to 5:00 PM. For visits to the PAC, clients are highly encouraged to request for an appointment by calling the Public Assistance Hotline during office hours at (02) 8841-4141 (for clients within Metro Manila), or the Toll-Free number 1-800-1-888-7342 or 1-800-1-888-PDIC during office hours (for clients outside Metro Manila). Clients may also send an e-mail to pad@pdic.gov.ph, or send a private message at PDIC's official Facebook page, www.facebook.com/OfficialPDIC. When filing claims through e-mail, scanned copies or photo images of the accomplished, signed, and notarized Claim Form, evidence of deposit (i.e., first page of the savings passbook with account name/number and last page with account balance, or the front and back portion of the certificate of time deposit, etc.), and one valid photo-bearing ID with the depositor's signature should be attached to the e-mail. For claims filed personally or via postal mail or courier service, depositors are advised to submit the accomplished, signed and notarized Claim Form, original Savings Passbook and/or Certificate of Time Deposit and photocopy of one (1) valid photo-bearing ID with depositor's signature. The depositors are further advised that additional documents and/or original copy of documents submitted via e-mail may be required by PDIC, as necessary, in the course of evaluation and processing of claims. The Claim Form can be downloaded from the PDIC website at http://www.pdic.gov.ph/files/New_PDIC_Claim_Form.pdf. The Claim Form is free and there is no fee for filing deposit insurance claims. Depositors who are below 18 years old should mail or submit either a photocopy of their Birth Certificate issued by the Philippine Statistics Authority (PSA) or a duly certified copy issued by the Local Civil Registrar. Representatives of claimants are required to mail or submit an original copy of a notarized Special Power of Attorney of the depositor or parent of a minor depositor. The Special Power of Attorney template may be downloaded from the PDIC website at http://www.pdic.gov.ph/files/spa_claims.pdf. Under the PDIC Charter, depositors are given two years from bank takeover to file deposit insurance claims with the PDIC. Rural Bank of Talisay (Cebu), Inc. was taken over by the PDIC on September 22, 2023, after it was ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas on September 21, 2023. Rural Bank of Talisay (Cebu), Inc. was a single-unit rural bank located on Cebu South Road, Tabunok, Talisay City, Cebu. Depositors who have outstanding loans or payables to the bank will be referred to the duly designated Loans Officer prior to the settlement of their deposit insurance claims. For more information, depositors may call the PDIC Public Assistance Hotline at (02) 8841-4141, or the Toll-free hotline 1-800-1-888-PDIC or 1-800-1-888-7342 during office hours. Depositors may also send an e-mail to the PDIC Public Assistance Department at pad@pdic.gov.ph or private message at the official PDIC Facebook page, www.facebook.com/OfficialPDIC ================= S I N G A P O R E ================= CAR PULSE: Court to Hear Wind-Up Petition on Sept. 19 ----------------------------------------------------- A petition to wind up the operations of Car Pulse 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. 25, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 EON REALITY: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Aug. 1, 2025, to wind up the operations of Eon Reality Pte. Ltd. Pontus Paal Appelqvist filed the petition against the company. The company's liquidators are: Technic Inter-Asia Pte Ltd 50 Havelock Road #02-767 Singapore 160050 INDOSURYA INTI: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on Aug. 15, 2025, to wind up the operations of Indosurya Inti Holdings 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 NICE BEAUTY: Court to Hear Wind-Up Petition on Sept. 19 ------------------------------------------------------- A petition to wind up the operations of Nice Beauty & Hair Salon 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. 25, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 VFIX AUTO: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Aug. 22, 2025, to wind up the operations of Vfix Auto Private Limited. The company's liquidators are: Ng Kian Kiat Goh Wee Teck c/o RSM SG Corporate Advisory 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 ===================== S O U T H K O R E A ===================== QOO10: WeMakePrice Faces Liquidation as Court Ends Proceedings -------------------------------------------------------------- Yonhap News Agency reports that e-commerce platform operator WeMakePrice was poised to face liquidation as a Seoul court decided to terminate the company's rehabilitation proceedings. Last September, WeMakePrice, along with its then sister company TMON, entered court-led rehabilitation proceedings after they struggled to make payments to vendors due to liquidity issues. According to Yonhap, the Seoul Bankruptcy Court said it would terminate the proceedings for WeMakePrice as it failed to submit a rehabilitation plan by last Thursday's deadline. The decision will be confirmed if an appeal is not made within 14 days. If rehabilitation proceedings are terminated due to a company's inability to carry out a rehabilitation plan, insolvency is effectively the only option left. WeMakePrice has sought for a swift acquisition to pay off its liabilities but has struggled to find a buyer. Meanwhile, TMON was acquired by grocery delivery platform Oasis in June after the court approved its rehabilitation plan, Yonhap notes. About Qoo10 Singapore-based Qoo10 Group retails e-commerce products. The Company offers personal care, sports apparel, consumer electronics, home furnishing, food, toys, and other consumer products. Qoo10 serves customers worldwide. Qoo10 owns Korean online shopping platforms TMON and WeMakePrice. As reported the Troubled Company Reporter-Asia Pacific on Sept. 11, 2024, the Seoul Bankruptcy Court on Sept. 10 granted a rehabilitation process for liquidity crisis-hit e-commerce platforms TMON and WeMakePrice, allowing them to restructure their debts to creditors under the supervision of court-appointed custodians. According to Yonhap News Agency, the decision came more than a month after TMON and WeMakePrice filed for court-supervised rehabilitation, following overdue payments to vendors operating on their platforms that reached nearly KRW1 trillion (US$744 million). In November 2024, a liquidator was appointed to take over management of the insolvent company after Korea Culture Promotion (KCP), which operates culture portal sites and issues culture gift certificates in South Korea, sued Qoo10 for nearly KRW76 billion (SGD69 million) in unpaid debt, The Straits Times said. Singapore's High Court approved the winding up of Qoo10 in November 2024 and allowed 21st Century Healthcare, which said it is owed SGD954,115, to replace KCP as the claimant. A committee of inspection - a group that represents the interests of the creditors - was appointed on Jan. 17, 2025, to supervise and assist the liquidator with the administration of Qoo10's affairs. This includes appointing lawyers, approving the liquidator's fees and starting legal proceedings for asset recovery. ********* 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 ***