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250911.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 Thursday, September 11, 2025, Vol. 28, No. 182 Headlines A U S T R A L I A ARETE PARTNERSHIP: First Creditors' Meeting Set for Sept. 17 BELLARINE TRAINING: First Creditors' Meeting Set for Sept. 12 GENERAL PANTS: Court Rejects Bid to Place Retailer in Liquidation LINE HYDROGEN: Second Creditors' Meeting Set for Sept. 16 OLYMPIC DAM: Second Creditors' Meeting Set for Sept. 19 RAMS HOME: Westpac Had Warnings of Widespread Misconduct TILERS TRADE: First Creditors' Meeting Set for Sept. 15 C H I N A CHINA EVERGRANDE: Hearing Set for Liquidators' Bid Skip COI [] CHINA: Mulls Revision to Enterprise Bankruptcy Law I N D I A AJAY PROTECH: Insolvency Resolution Process Case Summary ALLAHABAD INDUSTRIAL: Voluntary Liquidation Process Case Summary ARAGYA HEALTH CARE: Voluntary Liquidation Process Case Summary ARTH INFRASTRUCTURE: CRISIL Moves D Rating From Not Cooperating BARODA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category BEEMED PHARMA: Voluntary Liquidation Process Case Summary BHARTI PRINTS: CARE Keeps B- Debt Rating in Not Cooperating BIDHANNAGAR MUNICIPAL: CRISIL Cuts Rating on INR10cr LT Bond to B CENTURY DOWNTOWN: CARE Assigns B+ Rating to INR275cr LT Loan CHEMTROLS INDUSTRIES: CARE Moves D Debt Ratings to Not Cooperating CUREBOAT HEALTHCARE: Voluntary Liquidation Process Case Summary DURGAPUR MUNICIPAL: CRISIL Cuts Rating on INR10cr Bond to B ENVOY MORTGAGE: Voluntary Liquidation Process Case Summary G.V.D. TEXTILES: CARE Keeps C Debt Rating in Not Cooperating GALAXY CONCAB: CARE Keeps C Debt Rating in Not Cooperating GLOBAL MEGA: Insolvency Resolution Process Case Summary GREEN VALLEY: Insolvency Resolution Process Case Summary GREENLANDS (A&M): CARE Keeps D Debt Ratings in Not Cooperating HI-GREEN CARBON: CARE Lowers Rating on INR10.52cr LT Loan to D HILTON METAL: CARE Lowers Rating on INR7cr LT Loan to D INDICA CONVEYORS: CRISIL Withdraws D Rating on INR15cr Cash Loan INFOTECH HAL: Insolvency Resolution Process Case Summary J R AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating JRA INFRASTRUCTURE: Insolvency Resolution Process Case Summary JSV INFRA: CARE Lowers Rating on INR15cr LT Loan to B+ KRISHNA STOCKIST: Insolvency Resolution Process Case Summary KSH INFRA PARK 5: Voluntary Liquidation Process Case Summary LAKHARI RESOURCES: Insolvency Resolution Process Case Summary LAKSHMI MOTOR: Insolvency Resolution Process Case Summary LATHA EDUCATIONAL: CRISIL Keeps B Debt Rating in Not Cooperating LIFECRAFT HEALTHCARE: Voluntary Liquidation Process Case Summary MEDHANSH SNACKS: Liquidation Process Case Summary MULTI-VERSE TECHNOLOGIES: Liquidation Process Case Summary P.N. GAWANDE: CRISIL Withdraws B Debt Rating on INR5cr Cash Loan PIR PANCHAL: CRISIL Reaffirms B+ Rating on INR7cr Cash Credit PRANA SHERLOCKS: Voluntary Liquidation Process Case Summary PRASANTHI CASHEW: CRISIL Reaffirms B- Rating on INR50cr Loans RATHAM FARMS: CARE Keeps D Debt Rating in Not Cooperating Category RD FORGE: CRISIL Withdraws B Rating on INR5cr Loan S.S.T PACKAGING: CARE Keeps D Debt Rating in Not Cooperating SABHARWAL INVESTMENTS: Voluntary Liquidation Process Case Summary SATYUG GOLD: Voluntary Liquidation Process Case Summary SHEVA SHEVANI: CARE Keeps B- Debt Rating in Not Cooperating SHIVAM INDIA: Insolvency Resolution Process Case Summary SHRADDHA LANDMARK: Insolvency Resolution Process Case Summary SIDHARTH CONSTRUCTION: Insolvency Resolution Process Case Summary SIDHI VINAYAK: CARE Keeps D Debt Ratings in Not Cooperating SIGMA INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating SOHO LIMITED: Insolvency Resolution Process Case Summary STANDARD FROZEN: CARE Keeps B- Debt Rating in Not Cooperating SU TOLL ROAD: Insolvency Resolution Process Case Summary SWARNA HOSPITAL: Liquidation Process Case Summary SWAROOP HOMES: CARE Keeps D Debt Rating in Not Cooperating TRV GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating Category USHA SPINCOAT: CARE Lowers Rating on INR23.44cr LT Loan to B V S MATRIX: Liquidation Process Case Summary VAAYU RENEWABLE: CRISIL Cuts Rating on INR116cr LT Loan to D VALUE LINE: CARE Lowers Rating on INR6.12cr LT Loan to B- M A L A Y S I A 1MDB: Malaysia Recovers US$8.57MM in Assets Linked to Jho Low MYAIRLINE: Court Sides With Investors in Case Against Co-Founder M O N G O L I A DEVELOPMENT BANK: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable N E W Z E A L A N D ABSOLUTE TRAFFIC: Goes Into Liquidation; 85 Workers Lose Jobs BYL BUILDING: Court to Hear Wind-Up Petition on Sept. 25 CLARK & SON: Court to Hear Wind-Up Petition on Sept. 17 CML CONSTRUCTION: Khov Jones Appointed as Receivers LUXURY LIU: Creditors' Proofs of Debt Due on Oct. 4 TG 2018: Creditors' Proofs of Debt Due on Oct. 3 S I N G A P O R E BH AUTO: Court to Hear Wind-Up Petition on Sept. 19 COASTAL LOGISTICS: Creditors' Meetings Set for Sept. 18 ELLOONIA STUDIO: Court Enters Wind-Up Order HENG TONG: Creditors' Meetings Set for Sept. 18 VFIX AUTO SERVICE: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= ARETE PARTNERSHIP: First Creditors' Meeting Set for Sept. 17 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Arete Partnership Pty Ltd (trading asSchnitz - Northland (Murray Road) will be held on Sept. 17, 2025 at 10:00 a.m. at the offices of Dye & Co., at 165 Camberwell Road, in Hawthorn East, VIC, and via Microsoft Teams. Nicholas Giasoumi and Shane Leslie Deane of Dye & Co. were appointed as administrators of the company on Sept. 8, 2025. BELLARINE TRAINING: First Creditors' Meeting Set for Sept. 12 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Bellarine Training and Community Hub Incorporated will be held on Sept. 12, 2025 at 11:00 a.m. via virtual meeting technology. Ben te Wierik at BTW Advisory was appointed as administrator of the company on Sept. 2, 2025. GENERAL PANTS: Court Rejects Bid to Place Retailer in Liquidation ----------------------------------------------------------------- Liam Beatty at news.com.au reports that a bid to shutter a well-known Australian fashion retailer over an almost AUD70,000 debt has been thrown out of court. General Pants Co, which operates 55 stores across Australia and New Zealand, was served with an insolvency claim by a supplier alleging the chain had failed to pay six invoices between October and December last year, news.com.au notes. In a statutory demand for payment sent in June, UCC Company, an importer and wholesaler, claimed they had supplied General Pants Co with cameras and film and were owed AUD69,835.92. "The goods were delivered and accepted by the debtor and the invoiced amounts remain due and payable," the document stated. News.com.au, citing court documents, says General Pants Co failed to comply with the demand to settle the bill within 21 days, leading UCC Company to seek a court order for a liquidator to be appointed to wind-up the retailer on July 17. In a response filed in the Supreme Court seven days later, General Pants Co voiced their opposition and stated the company remained solvent and had since settled the debt, news.com.au relates. News.com.au notes that the case was called before Judicial Registrar Kim Woronczak on Sept. 10, as the court officer dismissed the case. "Proceeding dismissed with no arrested costs," the judicial registrar said. Winding-up notices are regularly issued to companies to enforce the payment of debts. If a debtor is unable to pay, and the debt is found to be legitimate, the court can appoint independent liquidators to take control of a company, wind up its affairs and recover the debt. Founded in Sydney in 1972, General Pants Co sells streetwear and surfwear from international and local brands, growing over the years to have stores across Australia. The company was acquired by Alquemie Group in 2022. LINE HYDROGEN: Second Creditors' Meeting Set for Sept. 16 --------------------------------------------------------- A second meeting of creditors in the proceedings of LINE Hydrogen (Australia) Pty Ltd has been set for Sept. 16, 2025, at 11:00 a.m. via teleconference 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 5:00 p.m. David Ross and David Ingram of I & R Advisory were appointed as administrators of the company on Aug. 12, 2025. OLYMPIC DAM: Second Creditors' Meeting Set for Sept. 19 ------------------------------------------------------- A second meeting of creditors in the proceedings of Olympic Dam Haulage Pty Limited has been set for Sept. 19, 2025, at 10:00 a.m. at the offices of Bernardi Martin, at 195 Victoria Square, in Adelaide, SA. 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. 19, 2025 at 9:00 a.m. Hugh Sutcliffe Martin of Bernardi Martin was appointed as administrator of the company on June 17, 2025. RAMS HOME: Westpac Had Warnings of Widespread Misconduct -------------------------------------------------------- The Australian Financial Review reports that Westpac's investigation into misconduct across its now-closed RAMS Home Loan network found concerns at more than half of its franchisees and gave just five a clean bill of health, new court filings show. The internal probe of the network, with its 70 franchisees, took place in 2022, was known as Project Guardian and cost the bank AUD46 million, the Financial Review recalls. Westpac, the country's second-largest mortgage lender, absorbed a AUD31.8 billion RAMS loan portfolio last August after the investigation concluded that there was serious misconduct at several franchises. Those issues included the failure to meet responsible lending standards and ultimately led to investigations by the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority. According to the Financial Review, ASIC sued the mortgage broker in the Federal Court in June this year for failing to properly supervise its network of franchisees, allowing some to engage in systemic misconduct over almost four years. Westpac has admitted that RAMS "conducted business with unlicensed persons, failed to supervise its representatives properly and failed to have adequate policies and procedures in place, resulting in widespread misconduct by its franchisees and their staff," the regulator said. RAMS has paid customers who suffered losses due to the misconduct, the Financial Review notes. According to the Financial Review, Samantha Aitken, Westpac's head of risk and treasury audit, discovered what she suspected was fraud within the RAMS franchise network. She is now separately suing Westpac after claiming she was bullied by other senior managers who labelled her a troublemaker and prevented her from raising her concerns with regulators in 2022 and 2023. The Financial Review relates that Ms. Aitken also claimed that employees at Westpac subsidiary St George were directly involved in the misconduct at a RAMS franchise in Fairfield, in Sydney's west. Registered under the business name Sech Finance, the franchise is also suing RAMS in the Federal Court, claiming its agreement was terminated based on unproven suspicions from Westpac, the Financial Review reports. Sech Finance claims Westpac failed to provide evidence or allow it to explain anomalies. In its filings, the company details how Westpac investigated 50 loan applications at its business and identified concerns or potential irregularities on 45 applications in late 2022, the Financial Review relates. In mid-2022, Westpac established Project Guardian and had a team of 200 people from the bank's risk, compliance and mortgage teams review loan applications across the RAMS network. As results came in, there were recommendations to revoke some franchise agreements. In court filings, Westpac said there were instances "where there was a rating of 'high' in relation to the criterion 'seriousness of franchisee conduct'." A rating of high meant franchises could not resolve issues that "appear to be systemic in nature and/or issues are of a serious nature (such as potential fraud or other criminal concerns)," the bank said in those filings. One franchise at Auburn in Sydney's west carried a very high rating. By June 2023, 36 RAMS franchises were "considered to be of concern", 29 were being monitored, and five had no indicators of concern. RAMS was founded by John Kinghorn as Registered Australian Mortgage Securities in 1991, and its woolly mascot Raymond helped it become one of the best-known mortgage brands alongside Aussie Home Loans. It was once the largest non-bank originator and servicer of home loans in Australia. TILERS TRADE: First Creditors' Meeting Set for Sept. 15 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Tilers Trade Outlet (Vic) Pty Ltd will be held on Sept. 15, 2025 at 10:00 a.m. at the offices of Dye & Co., at 165 Camberwell Road, in Hawthorn East, VIC, and via Microsoft Teams. Nicholas Giasoumi and Shane Leslie Deane of Dye & Co. were appointed as administrators of the company on Sept. 5, 2025. ========= C H I N A ========= CHINA EVERGRANDE: Hearing Set for Liquidators' Bid Skip COI ----------------------------------------------------------- The High Court of the Hong Kong Special Administrative Region is scheduled to hear an application by China Evergrande's liquidators on September 16, 2025, at 10:00 a.m., seeking an order to dispense with the formation of a Committee of Inspection (COI). The Court made an order on April 17, 2025, among others, that the liquidators are to report to the Court with regard to the information collected from persons believing themselves to be creditors of the company and as to those creditors expressing interest in serving as a member of any COI; and are to apply to the Court for further directions as to whether a COI should be formed and if so, the composition. On July 25, 2025, the liquidators made such report and application to the court, by which application the liquidators seek an order that no COI be formed. About China Evergrande China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets. China Evergrande Group, the second largest real estate developer in China, and certain of its affiliates sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023. Evergrande, widely known as the most leveraged company in the world, and its affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for recognition of foreign proceedings as "foreign main" proceeding under Chapter 15. Evergrande is in the midst of a highly complex restructuring of around $20 billion in offshore debt. In total, the Company has more than $300 billion in liabilities. Evergrande is incorporated in the Cayman Islands as an exempted company with limited liability, with its principal place of business located at 15th Floor, YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong. It is subject to a restructuring proceeding entitled In the Matter of China Evergrande Group, concerning a scheme of arrangement between Evergrande and certain Scheme Creditors pursuant to the relevant provisions of the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong), currently pending before the High Court of Hong Kong (Case Number HCMP 1091/2023. Affiliate Tianji Holding Limited is incorporated in Hong Kong as a limited liability company, with its principal place of business located at 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring proceeding entitled In the Matter of Tianji Holding Limited, concerning a scheme of arrangement between Tianji and certain Scheme Creditors, pursuant to the relevant provisions of the Hong Kong Companies Ordinance and currently pending before the Hong Kong Court (Case Number HCMP 1090/2023). Affiliate Scenery Journey Limited is incorporated in the British Virgin Islands as a limited liability company, with its principal place of business located at 2nd Floor Water's Edge Building, Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is subject to a restructuring proceeding entitled In the Matter of Scenery Journey Limited, concerning a scheme of arrangement between Scenery Journey and certain Scheme Creditors, pursuant to section 179A of the BVI Business Companies Act, 2004, and currently pending before the High Court of the Eastern Caribbean Supreme Court (Case Number BVIHCOM 2023/0076). U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15 proceedings. Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji. Maples BVI is the British Virgin Island Counsel to Scenery Journey. On Jan. 29, 2024, a Hong Kong court ordered the liquidation of China Evergrande Group. Edward Middleton and Tiffany Wong of Alvarez & Marsal were appointed as the liquidators. [] CHINA: Mulls Revision to Enterprise Bankruptcy Law ----------------------------------------------------- Xinhua News Agency reports that Chinese lawmakers have begun reviewing a draft revision to the Enterprise Bankruptcy Law, as part of efforts to improve the market exit system. Xinhua relates that the draft revision to the law was submitted on Sept. 8 to the ongoing session of the Standing Committee of the National People's Congress, for its first reading. The draft introduces a relatively comprehensive revision to the current law, with more than 160 provisions newly added or revised. It highlights the role of governments of county level and above in coordinating bankruptcy affairs, and stipulates measures to prevent the depreciation or malicious transfer of a debtor's property after the filing of a bankruptcy petition and before the court's ruling. According to Xinhua, new revisions also improve rules on optimizing procedures related to corporate reorganization, refining the bankruptcy system for special types of enterprises, and enhancing judicial cooperation in cross-border insolvencies. The current Enterprise Bankruptcy Law, enacted in 2007, has played an important role in promoting orderly exit of business entities, fostering fair competition, and optimizing resource allocation. ========= I N D I A ========= AJAY PROTECH: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Ajay Protech Private Limited 59, Pratap Chamber 1st Floor, Near ST & Railway Crossing, Unjha, Gujarat, 384170 Insolvency Commencement Date: August 6, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: February 2, 2026 Insolvency professional: Mamta Sandeep Devpura Interim Resolution Professional: Mamta Sandeep Devpura Office No.2 10, Gokulam Arcade, Sarthana Jakatnama, Surat, Gujarat - 395013 Email: mamtabaheti123@gmail.com -- and -- 505, 21st Century Business Center, Near World Trade Centre Ring Road, Surat, Gujarat 395002 Email: cirp.ajayprotech@gmail.com Last date for submission of claims: September 5, 2025 ALLAHABAD INDUSTRIAL: Voluntary Liquidation Process Case Summary ---------------------------------------------------------------- Debtor: Allahabad Industrial Development Centre Pvt. Ltd. 1st Floor, Indira Arcade, Near Civil Lines Crossing, 200/45 Mg Road, Prayagraj - 01 Liquidation Commencement Date: August 18, 2025 Court: National Company Law Tribunal Prayagraj Bench Liquidator: Anil Kumar C-03, 2nd Floor, "Vinayak City Square", 7/9, S.P. Marg, Civil Lines, Allahabad (Prayagraj) Uttar Pradesh-01 Email: purswanianil@gmail.com Email: Vl.aidcpl@gmail.com Tel No.: +91 9415306147 Last date for submission of claims: September 17, 2025 ARAGYA HEALTH CARE: Voluntary Liquidation Process Case Summary -------------------------------------------------------------- Debtor: Aragya Health Care Private Limited 10, Cinema House Lane, Krishnagar Ward No. 18, Kotwali Nadia, Krishnanagar - 741103, West Bengal, India Liquidation Commencement Date: August 25, 2025 Court: National Company Law Tribunal, Kolkata Bench Liquidator: Vishnu Kumar Tulsyan 6, Jawaharlal Nehru Road, Siddha Esplanade, Room No.1607, Kolkata - 700013, West Bengal Email: tulsyanvk@gmail.com Email: aragyahealthcarevl@gmail.com Mobile: 9831054160/9163254180 Last date for submission of claims: September 24, 2025 ARTH INFRASTRUCTURE: CRISIL Moves D Rating From Not Cooperating --------------------------------------------------------------- Due to inadequate information and in line with the Securities and Exchange Board of India guidelines, Crisil Ratings had migrated its rating on the long-term bank facility of Arth Infrastructure (AI) to 'Crisil D Issuer not cooperating'. However, the management has subsequently started sharing information necessary for a comprehensive review of the rating. Consequently, Crisil Ratings has migrated the rating on bank facilities of AI to 'Crisil D'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 13 CRISIL D (Migrated from 'Crisil D ISSUER NOT COOPERATING') The rating reflects the instances of overutilization for more than 30 straight days in cash credit limit in the 12 months through June 2025. The reason for the delays is due to the stretched liquidity. Furthermore, the rating continues to reflect AI's susceptibility to risks inherent in tender-based business and modest scale of operations. These weaknesses are partially offset by the extensive experience of the partner in the civil construction industry. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of AI. Key rating drivers and detailed description Weaknesses: * Overutilisation of the working capital limit: There has been instances where cash credit facilities have remained continuously overdrawn for more than 30 straight days in the past 12 months. Last instance was encountered in June 2025 whereby the cash credit limit was overdrawn for more than 30 days due to stretched liquidity. * Susceptibility to risks inherent in tender-based business: Revenue and profitability entirely depend on the ability to win tenders. Also, entities in this segment face intense competition, thus requiring aggressive bidding to get contracts, which restricts the operating margin to a moderate level. Also, given the cyclicality inherent in the construction industry, the ability to maintain profitability through operating efficiency becomes critical. * Modest scale of operations: AI's business risk profile is constrained by its scale of operations in the intensely competitive civil construction industry. The scale of operations will continue to limit its operating flexibility. The revenue was INR36 crore in fiscal 2025 as against INR26 crore in fiscal 2024. The scaling up of operations, maintaining the operating margin, will remain monitorable. Strength: * Extensive industry experience of the partner: The key partner - Mr Ashok Patel - has experience of over 16 years in the civil construction industry, which has given him an understanding of the market dynamics and enabled him to establish relationships with suppliers and customers. Liquidity: Poor Liquidity remains poor as indicated by substantial debt repayment against moderate cash accrual. Instances of overutilisation for more than 30 straight days in cash credit limit in the 12 months through June 2025. Rating Sensitivity Factors Upward factors * Track record of timely servicing of debt and absence of any irregularity, for at least 90 days * Significant improvement in liquidity AI was established in 2008 and is in Ahmedabad, Gujarat. AI is owned and managed by Mr Ashok A Patel and Mrs Anandiben A Patel. AI undertakes civil construction works, such as construction of roads, bridges and tunnels. BARODA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Baroda Agro Chemicals Limited (BACL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.61 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated July 10, 2024, placed the rating(s) of BACL under the 'issuer non-cooperating' category as BACL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BACL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 26, 2025, June 5, 2025, June 15, 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 Vadodara-based (Gujarat) Baroda Agro Chemicals Limited (BACL) was incorporated on January 17, 1996. BACL has been engaged in toll manufacture of agro-chemical inputs. BACL built good manufacturing facilities, technology, practices and knowledge, which has made it a leader in toll manufacturing for agro-inputs in India. The company is operating from its sole ISO certified manufacturing facilities located at Panelav, Village Halol, Vadodara. BACL also does job work on the raw materials received from its customers and deliver the final product in turn. Final product of BACL i.e., pesticides and insecticides of various grades and types finds its application fertilizers and pesticides, mainly used in agro industries. The associate concerns of BACL, namely Ravi Plant Biotechnologies Limited is engaged into business of metals and chemicals and India Farmcare Private Limited which is engaged into marketing pertaining to innovation in the areas of Crop Protection Products, Fertilizers, Irrigation Systems and Agricultural Implements. BEEMED PHARMA: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: M/S Beemed Pharma Solutions Private Limited E-596, 4th Floor, Daani Plaza, Sector 7, Harijan Basti, Dwarka, Delhi, India - 110045 Liquidation Commencement Date: August 19, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: Mr. Dharmendra Kumar Tower 1, Supreme Enclave, Mayur Vihar Phase 1, New Delhi, National Capital Territory of Delhi, 110091 Email:kumar36@hotmail.com; Email: beemedpharmasolutions02vl@gmail.com Mobile No: 9973603517 30, Last date for submission of claims: September 18, 2025 BHARTI PRINTS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bharti Prints (BP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; 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 September 2, 2024, placed the rating(s) of BP under the 'issuer non-cooperating' category as BP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 19, 2025, July 29, 2025, August 8, 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 Surat-based (Gujarat), BP was established in 1985 as a proprietorship firm. It is promoted by Mr Ramesh Kumar Gupta. BPS is engaged in trading of fabrics and sarees. Furthermore, it also purchases fabrics and gets it processed like printing, embroidery, cutting etc. on job work basis. BIDHANNAGAR MUNICIPAL: CRISIL Cuts Rating on INR10cr LT Bond to B ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Bidhannagar Municipal Corporation (BMC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bond LT 10.0 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up BMC through letter and email dated July 21, 2025, among others, apart from telephonic communication. However, the issuer has remained non-cooperative. '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 has been arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. Ratings with the issuer not cooperating suffix lack a forward-looking component'. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings has not received any information on the financial performance or strategic intent of BMC, which restricts the ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that the rating action on BMC is consistent with the 'Assessing Information Adequacy Risk' methodology detailed in criteria 'Basics of Ratings'. Based on the last available information, the bond rating of BMC has been revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable Issuer not cooperating'. BMC is the local government responsible for civic infrastructure and administration of Salt Lake and Rajarhat areas in Greater Kolkata. Salt Lake is a planned urban agglomeration in West Bengal and a satellite township of Kolkata. The area is now a hub of economic and social expansion and has gained popularity as an information technology centre. Rajarhat is also a planned town lying on the periphery of North Kolkata, and has seen a huge spurt in real estate development in recent years. The East Kolkata Wetlands also fall under the jurisdiction of BMC. CENTURY DOWNTOWN: CARE Assigns B+ Rating to INR275cr LT Loan ------------------------------------------------------------ CARE Ratings has assigned rating to the bank facilities of Century Downtown Private Limited (CDPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 275.00 CARE B+; Stable; Assigned Facilities Rationale and key rating drivers The rating assigned to long-term bank facilities of CDPL factors in project execution risk owing to nascent stage of construction, high exposure to leasing risk with competition from other players in the vicinity, corporate guarantee given to group company and refinancing risk. The rating however derives comfort from the strong promoter group and experienced management with experience in office leasing and residential sectors of the real estate. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Substantial progress in execution without significant cost overrun and timely leasing of project. Negative factors * Delay in project execution leading to significant cost overrun. * Cash coverage ratio (CCR) falling below 1.10x post completion of asset. * Un-envisaged debt addition by the company for project completion. * Crystallisation of corporate guarantee given to Century Joint Development Private Limited. Analytical approach: Standalone Although standalone approach is adopted by CARE Ratings Limited (CareEdge Ratings), the support is derived from the strong promoter, Century Real Estate Holdings Private Limited. Outlook: Stable The stable outlook reflects CareEdge Ratings belief that the company will continue benefitting from the strong track record of sponsors in developing and managing office leasing. Detailed description of key rating drivers: Key weaknesses * Project execution risk with nascent stage of construction: CDPL owns approximately 3.04 acres land. The company is currently developing an office tower for leasing, with a total area of 6.25 lakh square feet (lsf). The estimated total development cost for the office tower is INR465.75 crore, of which approximately INR76.63 crore had been incurred as on June 30, 2025. Given that the construction is still in its early stages, the company faces significant execution risk. * Refinancing risk: The construction term loan is structured with a bullet repayment due at the end of 36 months from the date of first disbursement, with repayment scheduled on March 31, 2028. Notably, there is no cushion between project completion date and bullet repayment, exposing the company to potential refinancing risk in the absence of finalised lease agreements by the repayment date. However, company has an internal target to complete the project before 6 months which will remain monitorable. * Exposure to leasing risk and competition risk: Since the construction of office tower is in nascent stage, the project's leasable area is yet to be tied up and hence the company is exposed to leasing risk. The company would face competition from other office towers in the vicinity which could exert pressure on rental rates and occupancy, going forward. Nevertheless, the project's location and extensive experience of sponsors in real estate, mitigates the risk to certain extent. * Geographical concentration: At the group level, there are no plans for geographic diversification, as promoters hold substantial land assets in Bengaluru. Their focus remains primarily on residential projects, which they consider to be strong early cash flow generators. The proposed office tower is also situated in the Hebbal district of Bengaluru. Hebbal is situated along Bellary Road and the outer ring road in North Bengaluru. * Potential Liability Risk from Corporate Guarantee Invocation: Century Joint Developments Private Limited (CJDPL), a group company of the Century Group, has issued Non-Convertible Debentures (NCDs) to the tune INR1,600 crore at high coupon rates. These NCDs were issued to refinance prior debt availed by CJDPL and other group companies. It is noted that Century Downtown Private Limited (CDPL) along with other group companies has extended a corporate guarantee to cover the existing NCDs of INR1600 crore. The pro-rata liability for CDPL is limited to 10%. While, the new issuance includes a moratorium period of 21 months, in the event of any cash flow mismatches in CJDPL, CDPL may be required to extend support, if corporate guarantee is invoked. This exposes it to potential financial strain and elevated liability. Key strengths * Favourable location of the office tower: The proposed office tower is in Hebbal, Bengaluru, a prominent locality in North Bangalore. Hebbal is situated along Bellary Road and the outer ring road in North Bangalore. Hebbal is renowned for its strategic proximity to the airport and excellent connectivity to different parts of the city, including the Central Business District (CBD). * Experienced promoters: The promoter company of CDPL is Century Real Estate Holdings Private Limited (CREHPL) which is a part of the Century Group. CREHPL is in the business of real estate development since past 50 years and has a development portfolio of over 20 million sq. ft. comprising both commercial and residential properties including educational institutions, plotted developments for sale, ultraluxurious villas, premium apartments and integrated townships spread across south India. Liquidity: Stretched As on June 30, 2025, CDPL has a free liquid cash and bank balance of around INR0.09 crore. The company has sanctioned limit of INR275 crores with a bullet repayment falling on March 31, 2028. There is no immediate repayment obligation which provides a buffer for conversion of construction finance loan to Lease Rental Discounting (LRD) loan. The liquidity of the company is supported by comfortable CCR of over 1.10 times (average for projected five years). CDPL (CIN: U70109KA2019PTC127744) is a part of the Century Group and was incorporated on September 09, 2019. The company is engaged in the development of real estate projects. Currently, Century Downtown is developing a commercial building known as 'Tower 2', which is situated on a portion of a larger land parcel measuring 3.04 acres. The development comprises a total built-up area of 9.01 lsf, including three basement levels for parking, a ground floor, and 12 upper floors. The project offers a leasable area of 6.25 lsf. CDPL has given the contract to Century Real Estate Holdings Private Limited for construction of tower2 project. Century Real Estate Holdings Private Limited has given contract to B L Kashyap & Sons Ltd. for civil work. CHEMTROLS INDUSTRIES: CARE Moves D Debt Ratings to Not Cooperating ------------------------------------------------------------------ CARE Ratings has migrated the rating on bank facilities of Chemtrols Industries Private Limited (CIPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 130.79 CARE D; ISSUER NOT COOPERATING; Facilities Rating moved to ISSUER NOT COOPERATING category Short Term Bank 169.21 CARE D; ISSUER NOT COOPERATING; Facilities Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. has been seeking information from CIPL to monitor the rating vide email communications dated June 13, 2025, August 13, 2025 among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on Chemtrols Industries Private Limited's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating takes into account non-receipt of information required to conduct rating review. Analytical approach: Standalone Detailed description of key rating drivers: At the time of last rating on August 30, 2024, the following were the rating strengths and weaknesses (updated for the financials extracted from Registrar of Companies). Key weaknesses * Ongoing delay in debt servicing: As per the bank statement provided by the client, there were multiple instances of overdrawals in the Cash Credit (CC) account with the latest overdrawal from July 20, 2024, which is still not regularised as on August 28, 2024, resulting in continued overdrawals of more than 30 days. There was invocation of Bank Guarantee (BG) of INR 30 crore dated July 20, 2024, which was debited from the CC account. The same was confirmed by the lender as well. The company reported sales of INR 96.03 crore during 10MFY24 compared to INR 165.36 crore in FY23. Chemtrols Industries Private Limited (formerly known as Chemtrols Industries Limited) was initially founded as a proprietorship concern by Mr. K. Nandakumar. The company offers solutions in five segments of the chemical process and energy sector, which are process analytics, process measurements, process automation, steam conditioning, and electricity energy (utility) management/supervisory control and data acquisition (SCADA) systems. These products cater to a wide range of industries including oil and gas, petrochemicals, chemicals, power, fertilizers, steel, pulp, paper, and cement. CUREBOAT HEALTHCARE: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: M/S Cureboat Healthcare Private Limited Plot E-596, 4th Floor, Daani Plaza, Sector 7, Harijan Basti, South West Delhi, Dwarka, Delhi, India, 110045 Liquidation Commencement Date: August 19, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: Mr. Dharmendra Kumar 30, Tower 1, Supreme Enclave, Mayur Vihar Phase 1, New Delhi, National Capital Territory of Delhi, 110091 Email: kumar36@hotmail.com; Email: cureboathealthcare03@gmail.com Mobile No: 9973603517 Last date for submission of claims: September 18, 2025 DURGAPUR MUNICIPAL: CRISIL Cuts Rating on INR10cr Bond to B ----------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Durgapur Municipal Corporation (DMC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bond 10.0 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with DMC through a letter and email dated July 21, 2025, among others, apart from telephonic communication. However, the issuer has remained non- cooperative. '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 the best available or limited or dated information on the firm. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. Ratings with the 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 the financial performance or strategic intent of DMC, which restricts Crisil Ratings ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that the rating action on DMC is consistent with 'Assessing Information Adequacy Risk' methodology detailed in criteria 'Basics of Ratings'. Based on the last available information, the bond rating of DMC is revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable Issuer not cooperating'. Durgapur is a planned Tier II urban agglomeration and a major industrial city in Paschim Bardhaman district in West Bengal. Durgapur is the third largest city in West Bengal in terms of area (154.20 square kilometre) and population (5,66,937) (2011 census and excluding the urban agglomeration). ENVOY MORTGAGE: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Envoy Mortage (India) Private Limited Door No. 76/3 2nd floor, Kasturi Complex, Mission Road, Sampangiramanagar, Bengaluru - 560027 Karnakata, India Liquidation Commencement Date: August 22, 2025 Court: National Company Law Tribunal Bengaluru Bench Liquidator: Mr. Joby Chacko No 120 3rd main 3rd cross, Pride Valley View, Jigani Hobli, Bengaluru - 560105 Email: jobykc@gmail.com Phone: +91 96633 08656 Last date for submission of claims: September 21, 2025 G.V.D. TEXTILES: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of G.V.D. Textiles Private Limited (GTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.76 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated July 10, 2024, placed the rating(s) of GTPL under the 'issuer non-cooperating' category as GTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 26, 2025, June 5, 2025, June 15, 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 Coimbatore based, G.V.D. Textiles Private Limited (GTPL) was incorporated on November 11, 1983. It is engaged into manufacturing of cotton yarn. GTPL is a part of PSG Group, which was established in the year 1926. PSG Group has been in existence for over 8 decades and has diverse business interests ranging from educational institutions, hospitals, science and technology, research, textiles, metallurgy & foundries etc. in Tamil Nadu. GTPL has an installed capacity of 16,384 spindles in its manufacturing unit located at Coimbatore, Tamil Nadu. GALAXY CONCAB: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Galaxy Concab India Private Limited (GCIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.13 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 21.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 29, 2024, placed the rating(s) of GCIPL under the 'issuer non-cooperating' category as GCIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GCIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 15, 2025, July 25, 2025 and 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: Stable Jaipur (Rajasthan)-based Galaxy Concab (India) Pvt. Ltd. (GCIPL) was incorporated in 2006 by Mr. Vinay Gupta and Mr. Rajesh Gadia. GCIPL is engaged in manufacturing of Low-tension (LT) power cables mainly Low-tension Cross-Linked Polyethylene (LT XLPE) and Low-Tension Polyvinyl Chloride (LT PVC) cables, Aerial Bunched cables and conductors as well as PCC poles. Manufacturing facilities for cables and conductors are located in Jaipur whereas manufacturing facilities for PCC poles are located in Ajeetgarh (Sikar). GLOBAL MEGA: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Global Mega Ventures Private Limited Parkcity Katara Hills, Bhopal, Madhya, Pradesh, India 462043 Insolvency Commencement Date: July 28, 2025 Court: National Company Law Tribunal, Indore Special Bench Estimated date of closure of insolvency resolution process: January 26, 2026 Insolvency professional: Gaurav Srivastava Interim Resolution Professional: Gaurav Srivastava Ground Floor, Jeevan Tara (DRT Building), 5, Parliament Street, New Delhi (earlier Flat no. 908 Charms Solitaire) Ahinsa Khand-II Indirapuram Ghaziabad Email: srivastava.law@gmail.com Last date for submission of claims: August 15, 2025 GREEN VALLEY: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Green Valley Plywood Limited B-2/232 Paschim Vihar, New Delhi, New 110063 Insolvency Commencement Date: August 20, 2025 Estimated date of closure of insolvency resolution process: February 16, 2026 Court: National Company Law Tribunal, Principal Bench Insolvency Professional: Desh Deepak House Number 1099/1, Sector 37-B, Chandigarh, U.T. 160036 Email: deshdeepak297@gmail.com Email: rp.gvpl@gmail.com Last date for submission of claims: September 3, 2025 GREENLANDS (A&M): CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Greenlands (A&M) Corporation (GC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 28.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 2.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities 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 GC under the 'issuer non-cooperating' category as GC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GC 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 Greenland Corporation (GC), established by Late R.N. Khetrapal in 1950 initiated business as a franchise of Ferguson tractors which pioneered the concept of mechanized farming in various districts of eastern Uttar Pradesh. The business was diversified by the current partners (sons of Mr. R.N. Khetrapal) by adding dealerships of other Original Equipment Manufacturers (OEMs) across different segments, viz. TVS Motors Limited (deals in 2-wheels; associated since 1985), Force Motors (deals in passenger and light commercial vehicle; associated since 2008), Terex Equipment Private Limited (deals in tractors; associated since 2009), Atul Auto Limited (deals in three wheelers; associated since 2010) and VE Commercial Vehicles Limited (deals in medium and heavy commercial vehicles; associated since 2010). HI-GREEN CARBON: CARE Lowers Rating on INR10.52cr LT Loan to D -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Hi-Green Carbon Limited (HCL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.52 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated March 18, 2025, placed the rating(s) of HCL under the 'issuer non-cooperating' category as HCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HCL continues to be non-cooperative despite repeated requests for submission of information through emails dated September 1, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s 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). The ratings assigned to the bank facilities of HCL have been revised on account of non-availability of requisite information. The revision of ratings also factored in delays in debt servicing recognized from publicly available information. Analytical approach: Standalone Outlook: Not Applicable HCL was formally incorporated as Shantol Green Hydrocarbons (India) Private Limited during 2011 by Mr. Amitkumar Bhalodi, Mrs. Dakshaben Makadia and Mrs. Binaben Makadia. Subsequently, RNG Finlease Pvt. Ltd. (RNG) acquired control of HCL during 2012-2017. Later, Mr. Amitkumar Bhalodi, Dr. Shaileshkumar Makadia, Mrs. Krupa Dethariya, Mrs. Radhika Bhalodi, Mrs. Shiryakumari Makadia, and Mr. Koosh Dethariya acquired combined 28.42% from RNG in 2022. Further, during September 2023, HCL came up with Initial public offer to raise ~INR52.8 crore and got its shares listed on NSE SME (NSE Emerge) platform. HCL is engaged in the business of waste tyres recycling. Main products of HCL are Recovered Carbon Black (RCB), Steel Wires, Fuel Oil and Synthesis Gas which are produced from pyrolysis process on end-of-life tyres (ELTs). HGCL further processes synthesis gas to manufacture Sodium silicate (Raw glass). RCB has been used as a reinforcing agent in tyres, also acting as a pigmenting, UV stabilizing and conducive agent in products such as plastics, printing inks, coatings, etc. Fuel Oil also known as bio-oil used in industrial applications like boilers, furnaces, kilns, hot water generators, etc. Sodium silicate is used in soap detergent and in the manufacturing of silica gel. Company's production facility is located at Bhilwara, Rajasthan with an installed capacity of recycling of 100 MT waste tyres/day and 60 MT/day of sodium silicate production. It's second unit commenced operations from November 2024 in Maharashtra. HILTON METAL: CARE Lowers Rating on INR7cr LT Loan to D ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Hilton Metal Forging Limited (HMFL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE C; Stable Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE A4 Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated July 16, 2025, placed the ratings of HMFL under the 'issuer non-cooperating' category as HMFL had failed to provide information for monitoring of the ratings as agreed to in its Rating Agreement. HMFL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and a letter dated June 20, 2025, June 30, 2025, July 4, 2025, July 8, 2025, and September 1, 2025, etc. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the ratings 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 ratings. The ratings assigned to the bank facilities of HMFL are revised on account of delays in servicing of its debt obligations as disclosed in FY25 annual report. The rating action is in line with CareEdge Ratings' policy on default recognition. Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Delays in debt servicing: As per the FY25 annual report there have been delays in debt servicing by HMFL during the year. Dues totalling INR0.49 crore were unpaid till the date of signing of financial statements, with delays ranging from 30 to 58 days. Liquidity: Poor The liquidity position remained poor marked by delay in debt servicing. Established as a proprietorship concern in the year 1999 and later on converted to public limited company in the year 2005, Hilton Metal Forging Limited (HMFL) is engaged in manufacturing of stainless-steel forging flanges allied pipe fitting items, Butt Weld Fittings, Railway Wheels, Gear Blanks, Forged Crankshafts for Automotive sector and Annealed Nickel Alloy and rings and Valve Body bonnet, stainless steel forged flanges forged fittings and lap-joint stub-ends (seamless) which find application in the oil and gas sector, petro chemical and refineries, marine and ship building, paper, pulp, pumps and valves industry and agricultural sectors. The manufacturing facility of the company is located at Wada, Thane with an installed capacity of 14,400 MTPA. INDICA CONVEYORS: CRISIL Withdraws D Rating on INR15cr Cash Loan ---------------------------------------------------------------- Crisil Ratings has withdrawn its ratings on the bank facilities of Indica Conveyors Limited (ICL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities Amount Facilities (INR crore) Ratings ---------- ----------- ------- Bank Guarantee 9 Crisil D (Issuer Not Cooperating/Withdrawn) Cash Credit 15 Crisil D (Issuer Not Cooperating/Withdrawn) Letter of Credit 6 Crisil D (Issuer Not Cooperating/Withdrawn) Crisil Ratings has been consistently following up with ICL for obtaining information through letter and email dated May 2, 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 ICL. This restricts Crisil Ratings' ability to take a forward looking view on the credit quality of the entity. Crisil Ratings believes that rating action on ICL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on the bank facilities of ICL continues to be 'Crisil D/Crisil D Issuer Not Cooperating'. ICL, incorporated in 1998 by Mr. Ranbir Singh and his two sons Mr. Arvinder Singh and Mr. Tarunjit Singh, is engaged in the manufacturing and marketing of solid woven polyvinyl chloride (PVC) coated conveyor belts. The conveyor belts manufactured by ICL are PVC-covered, fire retardant, anti-static conveyor belts which are mainly used in underground mining. INFOTECH HAL: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Infotech Hal Limited 5th Floor, Infotech IT Park Phase 1, 110A & 110 B, Electronics City, Hosur Main Road, Bangalore-560100, Karnataka, India Insolvency Commencement Date: August 22, 2025 Court: National Company Law Tribunal, Coimbatore Estimated date of closure of insolvency resolution process: February 18, 2026 Insolvency professional: Vasudevan Gopu Interim Resolution Professional: Vasudevan Gopu G.V. Enclave, 18/30, Ramani Street, K.K. Pudur Saibaba Colony (4th Right Opposite Road to Saibaba Colony Hotel, Annapoorna Road), Coimbatore - 641038, Tamilnadu, India Email: vasudevanacs@gmail.com; vasudevangopu.ip@gmail.com Email: ihalcirp@gmail.com Last date for submission of claims: September 8, 2025 J R AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of J R and Company (JRC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.00 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 26, 2024, placed the rating(s) of JRC under the 'issuer non-cooperating' category as JRC had failed to provide information for monitoring of the ratings as agreed to in its Rating Agreement. JRC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 11, 2025, June 23, 2025, July 1, 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 Bangalore, Karnataka based J R and Company was established in 1989 by Mr. Anoop Daga as a proprietorship concern. The firm is engaged in the trading of steel products like MS Plates, SS Angles, Channels, HR Sheets, Coils, Strips among others. The proprietor, Mr. Anoop Daga looks after the day-to-day affairs of the business. JRA INFRASTRUCTURE: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: JRA Infrastructure Limited Ashok Villa, Opposite Old Adarsh School Deesa (N.G.), Deesa, Gujarat, India 385535 Insolvency Commencement Date: August 24, 2025 Estimated date of closure of insolvency resolution process: February 20, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Rajendra Devidas Puranik C-601 Dindoshi Onkar CHS Ltd Shivdam Complex Off Gen AK Vaiduya Marg Opposite Fire Brigade Malad East Mumbai Suburban, Maharashtra 400097 Email: rdpuranik@gmail.com Email: cirp.jrainfra@gmail.com Mobile No. 9820127828 Last date for submission of claims: September 7, 2025 JSV INFRA: CARE Lowers Rating on INR15cr LT Loan to B+ ------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of JSV Infra (JSV), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE BB-; Stable and moved to ISSUER NOT COOPERATING category Short Term Bank 19.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from JSV to monitor the ratings vide e-mail communications dated May 19, 2025, August 25, 2025, among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. 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 Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on JSV's bank facilities will now be denoted as CARE B+; Stable/CARE A4; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings have been revised on account of non-availability of requisite information due to non-cooperation by JSV with CareEdge's efforts to undertake a review of the outstanding ratings as CareEdge views information availability risk as key factor in its assessment of credit risk profile. The ratings assigned to the bank facilities of JSV are constrained by moderate scale of operations, capital withdrawal risk associated with partnership nature of the business, geographically concentrated order book position and highly competitive and tender based nature of the industry, profit margins exposed to volatile raw material prices. The ratings however derive strength from the long track record of the firm, vast experience of the promoter in the business and satisfactory debt coverage metrics. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers: At the time of last rating on July 17, 2024, the following were the rating strengths and weaknesses. Key weaknesses * Moderate scale of operations albeit grown over the years: The scale of operations remains moderate with total operating income of INR 145.12 crore in FY24 (refers to the period April 1 to March 31) albeit grown over the years from INR 41.88 crore in FY21 with a CAGR of 36% in the last four years ended FY24. * Concentrated orderbook position: The order book stood at INR 276.55 crore as on July 1, 2024, translating to 1.91x of FY24 income. The operations of the firm are geographically concentrated with 100% of orders in a single district in Tamil Nadu which exposes the firm to changes in state government's policy on infrastructure and political conditions in that region. Further the top 2 orders constitute 100% of total order book as on July 01, 2024. * Profitability margins are susceptible to fluctuation in raw material prices: The prices of basic input materials for execution of contracts are highly volatile. Hence, the operating margin of the firm is exposed to any sudden spurt in the input material prices along with an increase in labour prices being in labour intensive industry. The absence of price escalation clause leads to raw material fluctuation risk. The PBILDT margin of the firm has been volatile in the range of 4.70% to 6.18% over the past four years ended FY24. * Tender driven nature of business with highly competitive intensity: The firm receives work orders from State Government of Tami Nadu and NHAI. All these are tender-based, and the revenues are dependent on the firm's ability to bid successfully for these tenders. Profitability margins come under pressure because of competitive nature of the industry. However, the promoter's vast experience in similar industry mitigates this risk to some extent. JSV operates in highly fragmented and competitive industry having presence of large number of medium sized players. Also, the presence of big sized players with established track record and network results into intense competition in the industry. * Partnership nature of business constitution with inherent risk of withdrawal of capital: JSV is a partnership nature of business wherein the inherent risk of withdrawal of capital by the partners at the time of their personal contingencies resulting in erosion of capital base leading to adverse effect on capital structure. It is witnessed that the partners have withdrawn the capital to the extent of INR 11.04 crore in FY22, however the partners infused capital of INR 1.43 crore in FY23 and INR 1.91 crore in FY24. Key strengths * Experienced promoters with long track record of operations: JSV has a long track record of over three decades in the field of construction. It is a partnership firm managed by S. Vaithilingam who has more than 25 years of experience in construction sector. He is ably supported by his daughter V. Sudha (Civil Engineering graduate) along with G. Murugesan who also has more than 12 years of experience in the field of Civil constructions. S. Kaviyarasan (Diploma in Civil Engineering), partner also has over 7 years of experience in the same field. The firm has executed various projects for Government bodies like PWD, WRD, NHAI etc. * Comfortable capital structure and moderate debt coverage indicators: The capital structure of the firm marked by overall gearing stood comfortable at 0.10x as on March 31, 2024, against 0.51x as on March 31, 2023. The firm does not rely much on the mobilization advances and the debt profile majorly consists of working capital bank borrowings and minimal long-term loans. The interest coverage stood comfortable at 7.87x in FY24 (PY: 4.43x). The debt coverage metrics also remained satisfactory with Total debt/ GCA of 0.25x (PY: 1.34x) as on March 31, 2024. JSV is a partnership firm started during 1992. Initially the firm was established as a sole proprietorship entity by S. Vaithilingam who has more than three decades of experience in civil constructions. During 2020, it was converted into partnership firm. The firm is situated in Thanjavur, Tamil Nadu and is engaged in undertaking contracts for Roadworks, Public work Department, Water Resources Department, National Highways etc. KRISHNA STOCKIST: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Sri Krishna Stockist & Traders Private Limited 1-8-5 Kovvur Mandal, I Pangdi, Andra Pradesh India 534342 Insolvency Commencement Date: August 20, 2025 Court: National Company Law Tribunal, Amaravati Bench Estimated date of closure of insolvency resolution process: February 16, 2025 Insolvency professional: Chillale Rajesh Interim Resolution Professional: Chillale Rajesh B-725, Western Plaza, O. U. Colony, H. S. Darga, Hyderabad 500008 Telengana Email: chillalerajesh@yahoo.com Email: skst.cirp@gmail.com Last date for submission of claims: September 3, 2025 KSH INFRA PARK 5: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: KSH Infra Park 5 Private Limited 46 1/2 Tilak Road, Sadashiv Peth New English School, Pune 411030 Maharashtra India Liquidation Commencement Date: July 15, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Sandeep Kulkarni 27/2, Gujarat Colony Near Hotel Samarth, Paud Road, Vanaz Corner, Kothrud Pune 411038 Maharashtra India Email: kulkami.sandeep@rediffmail.com Tel: 9673000045/9922688378 Last date for submission of claims: August 14, 2025 LAKHARI RESOURCES: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Lakhari Resources Private Limited No 5/2 (3/2) Murugesan Street, T. Nagar, Chennai - 600017, Tamil Nadu, India Insolvency Commencement Date: August 8, 2025 Court: National Company Law Tribunal, Divisional Bench (Court-I), Chennai Estimated date of closure of insolvency resolution process: February 22, 2026 Insolvency professional: Jitender Kothari Interim Resolution Professional: Jitender Kothari 702, Orchid A Wing, Evershine Park CHS, Off Veera Desai Road, Andheri (West), Mumbai-400053 Email: jitenderkothari@rediffmail.com Email: cirp.lakhari@gmail.com Last date for submission of claims: September 9, 2025 LAKSHMI MOTOR: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Sri Lakshmi Motor Service Private Limited No 21, Industrial Suburb Opposite CMTR TUMKUR Road Yeswanthpur, Banglore - 560022 Karnataka, India Insolvency Commencement Date: August 20, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: February 16, 2026 Insolvency professional: Indrajit Mukherjee Interim Resolution Professional: Indrajit Mukherjee Flat No. 1101, Building 2, KAI, Kesar Exotica CHSL, Sector 10, Kharghar, Raigad - 410210, Maharashtra, India Email: indrajitmukherjee15@vahoo.com Email: cirp.srilakshmimotor@gmail.com Last date for submission of claims: September 3, 2025 LATHA EDUCATIONAL: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Latha Educational Society (LES) continues to be 'Crisil B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LES 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 LES, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LES continues to be 'Crisil B/Stable Issuer Not Cooperating'. LES, based in Tamil Nadu, manages Sakthi Matric Higher Secondary School and ECR International School at Chinnasalem in Tamil Nadu. Established in 1993, the society is managed by Mr. E C Ravikumar. LIFECRAFT HEALTHCARE: Voluntary Liquidation Process Case Summary ---------------------------------------------------------------- Debtor: M/S Lifecraft Healthcare Private Limited B 4/137, Paschim Vihar, New Delhi Delhi, India - 110063 Liquidation Commencement Date: August 19, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: Mr. Dharmendra Kumar 30, Tower 1, Supreme Enclave, Mayur Vihar Phase 1, New Delhi, National Capital Territory of Delhi, 110091 Email: kumar36@hotmail.com Email: lifecrafthealthcare01vl@gmail.com Mobile No: 9973603517 Last date for submission of claims: September 18, 2025 MEDHANSH SNACKS: Liquidation Process Case Summary ------------------------------------------------- Debtor: Medhansh Snacks Private Limited LP-11D, Pitampura, North West, New Delhi, Delhi, India, 110034 Liquidation Commencement Date: August 8, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: Gagan Gulati A-179, First Floor, Sudershan Park, New Delhi 110015 Email: advocategulati@gmail.com I-23, L.G.F, Lajpat Nagar III, New Delhi, Delhi 110024 Email: ppirpmedhansh@gmail.com Last date for submission of claims: August 12, 2025 MULTI-VERSE TECHNOLOGIES: Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Multi-Verse Technologies Private Limited # 41/1, New No 35, Trisha Mansion, Second Floor Nanjappa Road, Shanthinagar, Bangalore, Karnataka, India, 560027 Liquidation Commencement Date: August 18, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Shirley Mathew #23, Fifth Cross Hutchins Road, St. Thomas Town, Bangalore, Karnataka - 560084 Email: shirley@smathew.in Email: multiverse.cirp@outlook.com Last date for submission of claims: September 21, 2025 P.N. GAWANDE: CRISIL Withdraws B Debt Rating on INR5cr Cash Loan ---------------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of P.N. Gawande Ginning Pressing and Oil Mill Private Limited (PNGPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Rupee Term Loan 3 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with PNGPL for obtaining information through letter and email dated March 12, 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 PNGPL. This restricts Crisil Ratings' ability to take a forward looking view on the credit quality of the entity. Crisil Ratings believes that rating action on PNGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PNGPL continues to be 'Crisil B/Stable Issuer Not Cooperating'. Crisil Ratings has withdrawn its ratings on the bank facilities of PNGPL on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities Incorporated in 2017, PNGPL gins and presses cotton seeds. The company is based in Nagpur, Maharashtra, and Mr Subhash Gawande and his family members are the promoters. PIR PANCHAL: CRISIL Reaffirms B+ Rating on INR7cr Cash Credit ------------------------------------------------------------- Crisil Ratings has reassigned its 'Crisil B+/Stable' rating to the long term bank facility of Pir Panchal Construction Private Limited - Joint Venture (PPCPL) while reaffirming the short term rating at 'Crisil A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 30 Crisil A4 (Reaffirmed) Cash Credit 7 Crisil B+/Stable (Reaffirmed) Cash Credit 6.5 Crisil B+/Stable (Reaffirmed) The ratings continue to reflect the extensive experience of the promoters in undertaking electrification projects. The revenue of the company has increased to INR39.24 Cr in fiscal 2025 from INR1.30 Cr in fiscal 2024 on account of work order from Power Grid Corporation of India Limited of around INR164 crores under domestic Competitive bidding under RDSS (Revamped Distribution Sector Scheme). The revenue is expected to further improve over the medium term with additional new orders in hand worth INR78 crore. Operating margins are projected to be around 8.5%- 9% over the medium term. The ratings factor in the small scale of operations and large working capital requirements. These are partially offset by the extensive experience of promoters. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of PPCPL. Unsecured loans of INR8.2 Cr, as on March 31, 2025, have been treated as debt. Key Rating Drivers & Detailed Description Weaknesses: * Small scale of operations: Operating performance is closely linked with the investment climate in end-user industries, which are cyclical in nature. The revenue of the company has increased to INR39 crores in fiscal 2025 from INR1.30 crores in fiscal 2024 on account of work order from Power grid Corporation of India Limited of around INR164 crores (Excluding GST) under domestic Competitive bidding under RDSS (Revamped Distribution Sector Scheme). Operations are also exposed to inherited risks associated with the procurement of raw materials (primarily steel) or fluctuation in their prices. Hence, the impact of this on the operating margin remains a key monitorable. * Large working capital requirements: Gross current assets (GCAs) are high at 452 days as on March 31, 2025 and are expected to be around 300- 350 days going ahead. This is primarily because of stretched receivables. Outstanding debtors largely include retention money which is released post final closure of the project. Timely implementation of projects and receipt of payment from customers remain critical to managing the working capital cycle, which will remain stretched over the medium term. Strengths: * Extensive experience of the promoters: Pir Panchal Constructions Pvt Ltd, one of the key joint venture (JV) partner of PPCPL and promoted by Mr PC Kapoor, has been in the civil construction space for more than four decades, during which it has executed many projects for the government departments of Jammu & Kashmir. Liquidity: Stretched The liquidity profile of the company is stretched marked by negative cash accruals in fiscal 2025 primarily owing to capital withdrawals during the fiscal, however this is partially offset by no repayment obligations. Net cash accruals are expected to be around INR0.2 crore in fiscal 2026 and range between INR2.0-2.5 crore going ahead. Bank limit utilization is above average at around 80 percent for the past twelve months ended March 2025. Current ratio is moderate at 1.4 times on March 31, 2025. The promoters are likely to extend support in the form of equity and unsecured loans to meet its working capital requirements and repayment obligations. Outlook: Stable Crisil Ratings believes that the company will benefit from the extensive experience of its promoters over the medium term. Rating Sensitivity Factors Upward Factors: * Sustenance of increased revenue of more than INR50 crores along with operating margin at around 8-9% resulting in improved net cash accruals. * Better working capital cycle supported by release of retention money. Downward Factors: * Any decline in revenue or operating margin or sizeable capital withdrawals leading to weak net cash accruals * Further stretch in working capital cycle or large, debt-funded capex, weakening the financial risk profile with total outside liabilities to adjusted networth ratio above 5 times. PPCPL was set up in May 2009 by Advance Steel Tubes Ltd (Crisil BB+/Stable/Crisil A4+), Fabric (India) Pvt Ltd, Pir Panchal Constructions Pvt Ltd and Rama Steels Tubes Ltd in an equal investment ratio of 25% each. In FY 2020, shareholding pattern change with Pir Panchal holding 50% shares and Advance Steel Tubes Ltd and Rama Steels Tubes Ltd holding 25% share each. In FY 2025, Advance Steel Tubes Ltd, and Rama Steel Tubes Ltd, having 25% share each exited the company and two new partners Ms. Monia kapoor and Ms. Tannu Kapoor joined the company having 25% share each in FY 26. The JV was floated to implement a turnkey electrification project of INR149 crore in Rajouri, Poonch and Doodha districts of Jammu & Kashmir under the Rajiv Gandhi Grameen Vidyutikaran Yojana. PRANA SHERLOCKS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Prana Sherlocks Entertainment Private Limited # 13/2, 1st Floor, Padmalaya, Budha Vihar Road, Frazer Todha Town, Bangalore, Karnataka, India, 560005 Liquidation Commencement Date: August 18, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Ravi Sankar Devarakonda No 41/1, 2nd Floor, 11th Cross, 8th Main, Jayanagar 2nd Block, Bangalore - 560011 Mobile No: 98441 02554/ 93419 79634 Email: ravicacscmallb@gmail.com Last date for submission of claims: September 17, 2025 PRASANTHI CASHEW: CRISIL Reaffirms B- Rating on INR50cr Loans ------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B-/Stable' rating on the long-term bank facilities of Prasanthi Cashew Company (PCC). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil B-/Stable (Reaffirmed) Export Packing 20 Crisil B-/Stable (Reaffirmed) Credit & Export Bills Negotiation/ Foreign Bill discounting Proposed Fund- 50 Crisil B-/Stable (Reaffirmed) Based Bank Limits The rating continues to reflect the firm's large working capital requirement and modest financial risk profile. These weaknesses are partially offset by the extensive experience of the promoter in the cashew industry. Analytical approach Crisil Ratings has considered the standalone business and financial risk profiles of PCC. Unsecured loan of INR81.06 crore as on March 31, 2025, has been treated as neither debt nor equity as the loan will remain in the business over the medium term. Key rating drivers and detailed description Weaknesses: * Large working capital requirement: Operations are working capital intensive, as indicated by gross current assets (GCAs) of over 800 days as on March 31, 2025, owing to estimated sizeable receivables and inventory of 149 days and 494 days, respectively. The working capital cycle will remain stretched over the medium term. * Modest financial risk profile: The financial risk profile is constrained by small networth of INR15.45 crore and gearing of over 2.02 times as on March 31, 2025. Debt protection metrics were subdued, as indicated by interest coverage ratio of 1.33 times in fiscal 2025. Strength: * Extensive experience of the promoter: The promoter has experience of over decade in the cashew industry and established relationships with suppliers and customers, enabling the firm to navigate industry challenges and capitalise on growth opportunities effectively. The promoter's strong network and reputation facilitate access to raw materials, support customer retention and drive business expansion, mitigating the inherent risks of the industry. Liquidity: Stretched Bank limit utilisation was high at 95.5% on average for the 12 months through May 2025. Cash accrual, expected at INR1.11 crore per fiscal, will barely cover yearly term debt obligation of over INR1.5 crores over the medium term. Current ratio was healthy at 2.02 times as on March 31, 2025. The promoter has extended unsecured loan of INR81.06 crore as on March 31, 2025, to meet working capital requirement and debt obligation. Outlook: Stable Crisil Ratings believes PCC will continue to benefit from the extensive industry experience of the promoter. Rating sensitivity factors Upward factors * Increase in revenue by more than 25% and rise in operating profitability to over 5.5% leading to higher cash accrual * Efficient working capital management, with improvement in GCAs * Improvement in the financial risk profile and liquidity Downward factors * Decline in revenue or fall in operating profitability below 3% leading to lower cash accrual * Weakening of the financial risk profile and liquidity In 1983, B Mohana Chandran Nair (BMC Nair) founded PCC as a small export-oriented unit in Kollam, Kerala. The firm is a government-accredited cashew exporter, which exports to over 100 countries. RATHAM FARMS: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Ratham Farms and Feeds (RFF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 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 July 24, 2024, placed the rating(s) of RFF under the 'issuer non-cooperating' category as RFF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RFF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 9, 2025, June 19, 2025, June 29, 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 Ratham Farms and Feeds (RFF) was established in the year 1990 by Mr. Krishnasamy Ramesh Kumar. The proprietor has more than two decades of experience in poultry business. The firm is engaged in farming of egg, laying poultry birds (chickens) and trading of eggs, cull birds & their Manure. The firm mainly buys chicks from Venkateshwara Hatcheries, Tamil Nadu and raw materials for feeding of birds like broken rice, maize, sun flower oil cake, shell grit, minerals and soya from Mahindra Feeds and other local suppliers. The firm sells all its products like eggs and cull birds to retailers located at Kerala through own sales personnel and dealers. RD FORGE: CRISIL Withdraws B Rating on INR5cr Loan -------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of RD Forge Private Limited (RDFPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 5 Crisil B/Stable/Issuer Not Credit Cooperating (Withdrawn) Proposed Cash 1 Crisil B/Stable/Issuer Not Credit Limit Cooperating (Withdrawn) Proposed Long Term 3 Crisil B/Stable/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Term Loan 3.5 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with RDFPL for obtaining information through letter and email dated May 2, 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 RDFPL. This restricts Crisil Ratings' ability to take a forward looking view on the credit quality of the entity. Crisil Ratings believes that rating action on RDFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RDFPL continues to be 'Crisil B/Stable Issuer Not Cooperating'. Incorporated in 2010, RDFPL, promoted by Mr Saurabh Garg and Mr Gaurav Garg, manufactures flanges in different sizes, which are primarily used in the oil and gas industry. Around 80% of revenue comes from the international market. However, over the medium term, RDFPL will cater mainly to oil and gas players in the export market. Its plant in Ghaziabad, Uttar Pradesh, has capacity to machine 5000 flanges tonne per annum and is utilised at around 50%. S.S.T PACKAGING: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of S.S.T Packaging Private Limited (SPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.49 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 29, 2024, placed the rating(s) of SPPL under the 'issuer non-cooperating' category as SPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPPL 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 S.S.T Packaging Private Limited (SPPL) was incorporated in 2016 by Mr. Tanmay Kumar and Mrs. Snigdha Kumar based out of Kolkata, West Bengal for setting up a manufacturing unit for paper poly coating and paper cups. The commercial operation of the company has started from July 2017 onwards. The company has been engaged in manufacturing of paper poly coating & paper cups at its plant located at Sonarpur, Kolkata, West Bengal. The company procures its raw materials from Japan, China and Kolkata and it sells its products in the domestic market. SABHARWAL INVESTMENTS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------------- Debtor: Sabharwal Investments Private Limited M-87, Greater Kailash-1 New Delhi, Delhi-110048 Liquidation Commencement Date: August 18, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: Mohammad Khalid G3/2 2nd floor, Malviya Nagar, New Delhi-110017 Email: cskhalid01@gmail.com Tel No.: +91-9654631686 Last date for submission of claims: September 20, 2025 SATYUG GOLD: Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: Satyug Gold Private Limited 4th Floor, C Wing, Sahar Classique, Opp. P & T Colony, Sahar Road, Andheri (E), Mumbai 400099 Maharashtra, India Liquidation Commencement Date: July 17, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Vallabh N Sawana Building No. 11, Flat No. 505, Regency Sarvam, Ganesh Mandir Road, Titwala (East), Kalyan, District Thane - 421605, Maharashtra Email: ipvallabhsawana@gmail.com Last date for submission of claims: August 16, 2025 SHEVA SHEVANI: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sheva Shevani Cotton Industries (SSCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.65 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 25, 2024, placed the rating(s) of SSCI under the 'issuer non-cooperating' category as SSCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 10, 2025, June 20, 2025, June 30, 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, Sheva Shevani Cotton Industries (SSCI) was incorporated in May 2016 as a partnership firm and is promoted by Ms. V. Santhoshi Kumari, managing partner along with her family members. Firm's registered office and factory are located in Rukmapur, Telangana. Prior to the establishment of SSCI, the spouses of the current partners have established "Subramanya Cotton Ginning Industry" in the year 2008 as partnership firm. The firm is engaged in ginning and pressing of cotton produces 5000 quintals of lint per month during on s eason. Whereas, during off season the firm produces 0-100 quintals of lint per month and to exist in the market, firm sells maize or any other agricultural products. SSCI purchases 90% of raw cotton from farmers located in Karimnagar district and 10% from traders in Karimnagar district in the state of Telangana. The firm has the customer base from across India in the states of Tamilnadu, Coimbatore (Lint) and Haryana, Gujarat, Madhya Pradesh, Uttar Pradesh, Punjab, Maharashtra and Rajasthan. The firm also sells to other countries through deemed exports. SHIVAM INDIA: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Shivam India Limited Registered Address: Govind Mahal, 3 Wood Street 2nd Floor, Flat No. 1 West Bengal, India 700016 Plant Location: Angadpur Industrial Area, Raturia, Durgapur, dist.-Burdwan, West Bengal 713215 Insolvency Commencement Date: August 22, 2025 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: February 18, 2026 Insolvency professional: Jitendra Lohia Interim Resolution Professional: Jitendra Lohia Klass Insolvency Resolution Professionals Pvt. Ltd. 2/7 Sarat Bose Road, Vasundhara Building, 2nd Floor, Kolkata 700020 Email: jitulohia@knjainco.com Email: cirp.shivamindia@gmail.com Last date for submission of claims: September 5, 2025 SHRADDHA LANDMARK: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Shraddha Landmark Private Limited Manisha Heights Commercial Complex Back Side Bal Rajeshwar Marg Bhatwadi Vaishali Nagar Mulund (W), Mumbai City, Mumbai - 400080 Insolvency Commencement Date: August 22, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: February 18, 2026 Insolvency professional: Manish Motilal Jaju Interim Resolution Professional: Manish Motilal Jaju D 502 Neelkanth Business Park Vidyavihar, Mumbai - 400086 Email: mmjaju76@gmail.com Email: irp.shraddha@gmail.com Last date for submission of claims: September 5, 2025 SIDHARTH CONSTRUCTION: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Sidharth Construction And Trading Private Limited Rajabagicha, Cuttack, Orissa, India, PIN-753009 Insolvency Commencement Date: August 19, 2025 Court: National Company Law Tribunal, Cuttack Bench Estimated date of closure of insolvency resolution process: February 15, 2026 Insolvency professional: Saradindu Jena Interim Resolution Professional: Saradindu Jena OU 510, 5th Floor, Esplanade One, Rasulgarh, Bhubaneswar - 751010 Email: ip.jena2017@gmail.com -- and -- Duplex-15, Bhimpur Duplex Colony, Bhimpur, Bhubaneswar - 751020 Email: cirp.sidharth@gmail.com Last date for submission of claims: September 2, 2025 SIDHI VINAYAK: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sidhi Vinayak Rice Mills (SVRM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.14 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 18.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd (CareEdge Ratings) had, vide its press release dated August 29, 2024, placed the rating(s) of SVRM under the 'issuer non-cooperating' category as SVRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 15, 2025, July 25, 2025 and 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 Karnal-based (Haryana) SVRM established in July 2008, as a partnership firm by Mr. Rameshwar Das, Mr. Ashok Kumar, Mr. Suresh Kumar and Mr. Amit Kumar sharing profit and losses equally. The firm started its commercial operations in February 2009. The firm is engaged in milling and processing and trading of basmati rice. SIGMA INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sigma Industrial Corporation (SIC) continue 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 Short Term Bank 10.00 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 September 2, 2024, placed the rating(s) of SIC under the 'issuer non-cooperating' category as SIC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 19, 2025, July 29, 2025, August 8, 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 Established by Mr Harikishen J. Mehta in 1975, Sigma Industrial Corporation (SIC) is engaged in the trading of various steel products, mainly Hot Rolled (HR) and Cold Rolled (CR) coils/plates and galvanized coils/sheets, Thermo Mechanically Treated (TMT) bars, Mild Steel (MS) channels and angles. SOHO LIMITED: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Soho Limited PLOT No. 32 K.H. No.11/22 BLK, B-II Sewak Park, SF, Uttam Nagar, West Delhi, New Delhi, Delhi, India, 110059 Insolvency Commencement Date: August 12, 2025 Court: National Company Law Tribunal, Allahabad Bench Estimated date of closure of insolvency resolution process: February 8, 2026 Insolvency professional: Ashish Kumar Pathak Interim Resolution Professional: Ashish Kumar Pathak 527, Laxman Puri Extension, Indira Nagar, Near Brij Market, Lucknow, Uttar Pradesh - 226016 E-mail: pathak.ashishca@gmail.com soholimited.cirp@gmail.com Last date for submission of claims: August 27, 2025 STANDARD FROZEN: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Standard Frozen Foods Exports Private Limited (SFFEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 23.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 12.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 29, 2024, placed the rating(s) of SFFEPL under the 'issuer non-cooperating' category as SFFEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SFFEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 15, 2025, July 25, 2025 and 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: Stable Standard Frozen Foods Export Private Limited (SFFEPL) was incorporated in 2012 by Mr. Sachin Verma and Mr. Kamal Kant Verma. The company was incorporated with aim of setting up a green field integrated cold chain and preservation facility for buffalo meat processing at Unnao district, Uttar Pradesh. SU TOLL ROAD: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: SU Toll Road Private Limited Reliance Centre, 19, Walchand Hirachand Marg, Ballard Estate, Mumbai, Maharashtra – 400001 Insolvency Commencement Date: August 18, 2025 Court: National Company Law Tribunal, Mumbai Bench 6 Estimated date of closure of insolvency resolution process: February 13, 2026 Insolvency professional: Sanjay Kumar Mishra Interim Resolution Professional: Sanjay Kumar Mishra Dreams Complex, 4C- 1605, LBS Marg, Bhandup (W), Mumbai - 78 Email: ipsanjaymishra@rediffmail.com -- and -- 304, The Summit, Western Express Highway Vile Parle (E), Mumbai - 400 057 Email: cirp.sutollroad@gmail.com Last date for submission of claims: September 2, 2025 SWARNA HOSPITAL: Liquidation Process Case Summary ------------------------------------------------- Debtor: Swarna Hospital Private Ltd C-1, Jayadev Vihar, P.O: RRL Bhubaneswar, Odisha, PIN - 751013, India Liquidation Commencement Date: August 19, 2025 Court: National Company Law Tribunal Cuttack Bench Liquidator: Suresh Chandra Pattanayak GKV-38, Gati Krushna Villa, Tankapani Road, Bhubaneswar, Dist. Khorda, Odisha, 751018 Email: suresh_pattanayak@yahoo.co.in Email: swarnahospital2015@gmail.com Last date for submission of claims: September 18, 2025 SWAROOP HOMES: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Swaroop Homes LLP (SHL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.00 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 28, 2024, placed the rating(s) of SHL under the 'issuer non-cooperating' category as SHL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SHL 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: Not Applicable Swaroop Homes LLP (SHL) is a Pune based firm, established in year 2017, and is proposed to be engaged in the business of real estate development. The firm is jointly promoted by Sai Essen94 LLP (SEL), Ms. Jidnyasa Chetan Patil and Ms. Priyanka Alande. Furthermore, SEL is jointly owned by the Sai Group & Esson group. TRV GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of TRV Global Exports Private Limited (TGEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 14.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated July 10, 2024, placed the rating(s) of TGEPL under the 'issuer non-cooperating' category as TGEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TGEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 26, 2025, June 5, 2025, June 15, 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 TRV Global Exports Private Limited (TGEPL) was formerly known as TRV Exports which was promoted by Mr. N. Shiva Kumar in the year 1999 as a partnership firm. Subsequently, TRV Exports was converted into private limited company on August 28, 2007 and name of the entity changed to current nomenclature i.e. TGEPL. TGEPL is engaged in processing and trading of granite slabs and blocks. TGEPL provides a varied range of quality granite products to its clients that cater to the requirements of constructions like buildings, hospitals, hotels and other housing projects. The key raw material, granite rough blocks, are mainly procured from its owned & leased quarries located at Karimnagar, Telangana. The quarry operations are highly mechanized with TGEPL deploying a host of machineries/equipment viz. Volvo Excavators, Diamond Wire Saws, Hydraulic Multidrilling Rod Compressors, Dumpers, Loaders and Tippers. The raw granite blocks are dressed on wire-saws and monoblade dressers before transporting from stockyard for dispatch. USHA SPINCOAT: CARE Lowers Rating on INR23.44cr LT Loan to B ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Usha Spincoat Private Limited (USPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 23.44 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 9, 2024, placed the rating(s) of USPL under the 'issuer non-cooperating' category as USPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. USPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 25, 2025, June 4, 2025, June 14, 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). The ratings assigned to the bank facilities of USPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Usha Spincoat Private Limited (USPL) was established by Mr. P. Ranga Rao, Mr. G. Rajesh and others in October, 2006 for the manufacturing of cotton yarn. The company started its commercial operations from February 2011 with 15,600 spindles (11 ring frames with 1440 spindles per ring frame) which was later expanded to 20,160 spindles (14 ring frames with 1440 spindles per ring frame) in September 2011. The firm purchases the raw material such as raw cotton from various suppliers of Andhra Pradesh, Karnataka and Maharashtra. The firm has the customer base spread across the states of Maharashtra and Tamil Nadu. V S MATRIX: Liquidation Process Case Summary -------------------------------------------- Debtor: V S Matrix Private Limited No. 486, Patparganj Industrial Area, Delhi – 110092 Liquidation Commencement Date: August 21, 2025 Court: National Company Law Tribunal, New Delhi Bench-III Liquidator: Rahul Jindal 6772/2, Dev Nagar, Karol Bagh - New Delhi-110005 Email: jindalrahul60@gmail.com Email: liq.vsmatrix@gmail.com Last date for submission of claims: September 20, 2025 VAAYU RENEWABLE: CRISIL Cuts Rating on INR116cr LT Loan to D ------------------------------------------------------------ Crisil Ratings has downgraded its rating on the long-term bank facilities of Vaayu Renewable Energy (Tapti) Private Limited (VRETPL) to 'Crisil D' from 'Crisil B+/Negative'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 116 Crisil D (Downgraded from 'Crisil B+/Negative') The rating downgrade reflects the delays in servicing of debt obligations by VRETPL as confirmed by the client and the lender. The rating continues to reflect deteriorating DSCR due to cashflow mismatch, exposure to inherent risks associated with renewable energy generation. These weaknesses are partially offset by steady cash flows due to successful renewal of power purchase agreement (PPA) with a strong counterparty i.e. SRF Ltd (Rated 'Crisil AA+/Stable/Crisil A1+'). Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of VRETPL. Key Rating Drivers & Detailed Description Weaknesses: * Delay in the servicing of the debt: VRETPL has delayed the servicing of the debt obligations on account of poor liquidity and inadequate cashflows. Sustained improvement in liquidity and timely repayment of loans remains monitorable. * Subdued DSCR and risk of Debt Service Reserve Account (DSRA) falling below the required threshold: VRETPL's DSCR stands at around 0.5 times for the entire tenure of the loan. Furthermore, increased bank rate of interest and downward revision in tariff rates has led to lower cash flows further leading to dip in the DSRA with total availability as on date of INR65-70 lakhs. * Exposure to inherent risks associated with renewable energy generation: PLF for wind power projects is entirely dependent on wind patterns and generally varies as per climatic conditions. Hence, VRETPL's cash flows are highly sensitive to the local wind conditions and the technical performance of its wind assets. Any prolonged reduction in yearly PLF levels leading to lower cash accruals can hamper the debt servicing ability of VRETPL. Strength: * Stable business profile driven by strong counterparty and healthy PLF: VRETPL has PPA with SRF Ltd till 2032 for power offtake and their track record of timely payments leads to stable business profile. The company has historically reported PLF of 23.4% on an average basis, though its slightly moderated to 21.6% in fiscal 2025, overall PLF should remain in the range of 20-22% supported by locational advantage. Liquidity: Poor Liquidity is poor as reflected in delays in debt servicing obligations. Liquidity is further stretched with a dip in expected DSCR to less than 1 time. The entity does not have any working capital limits. Cash flows will be inadequate to service the term debt obligation of INR14-15 crores per annum in fiscal 2026 and 2027 and thus the promoters support in order to fund the debt service obligation will be required and remains a key monitorable. Rating Sensitivity Factors Upward Factors * Timely debt servicing continuously for at least 90 days. * Improvement in inflows or reduced debt repayment leading to DSCR of more than 1.0 time VRETPL is a special purpose vehicle incorporated on 20th July, 2011 with a primary objective of setting up of wind power projects for electricity generation in India. VRETPL has wind farms with installed capacity of 22.40 MW in the state of Tamil Nadu. VALUE LINE: CARE Lowers Rating on INR6.12cr LT Loan to B- --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Value Line Trade Private Limited (VLTPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.12 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Short Term Bank 4.65 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated July 10, 2024, placed the rating(s) of VLTPL under the 'issuer non-cooperating' category as VLTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VLTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 26, 2025, June 5, 2025, June 15, 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). The ratings assigned to the bank facilities of VLTPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Value Line Trade (P) Limited (VLTPL) was incorporated in March 2001 as a private limited company by Mr. Narinder Anand (Managing Director) and Mrs. Usha (Director). The company is primarily engaged in the trading of sanitary ware and bathroom fittings products (basically bath wellness, kitchen products, Tiles and Bath room fittings etc.) and sells its products under the brand name of 'Valueline' in Telangana, Andhra Pradesh, Bengaluru and Delhi. The company deals into luxury segment of sanitary ware and bathroom fittings only. =============== M A L A Y S I A =============== 1MDB: Malaysia Recovers US$8.57MM in Assets Linked to Jho Low ------------------------------------------------------------- The Edge Malaysia reports that Malaysia has recovered US$8.57 million in assets linked to fugitive financier Low Taek Jho, also known as Jho Low, and his family in the multi-billion dollar 1MDB scandal, the anti-graft agency said on Sept. 10. The Edge relates that the latest recovery, along with the recent US$330 million settlement with JPMorgan Chase, brings the total amount of assets recovered by Malaysia in the 1MDB case to MYR31.19 billion (US$7.40 billion), the Malaysian Anti-Corruption Commission (MACC) said in a statement. Malaysian and US investigators said at least US$4.5 billion was stolen from 1MDB in a globe-spanning scheme between 2009 and 2014, with some money sent to offshore bank accounts and shell companies linked to Low, the Edge notes. Low had helped former Malaysian prime minister Datuk Seri Najib Razak set up 1MDB to promote economic development. Najib was jailed in 2022, after being found guilty of 1MDB-linked corruption and money laundering. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about $3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about $2.5 billion paid by Goldman Sachs as settlement; as well as $780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. MYAIRLINE: Court Sides With Investors in Case Against Co-Founder ---------------------------------------------------------------- The Edge Malaysia reports that the High Court has ruled in favour of 15 investors who sued MyAirline co-founder Datuk Allan Goh Hwan Hua over the alleged failure to pay to the investors monthly redemption value sums and financing returns from the investors' outlay of about MYR8 million. According to The Edge, High Court judge Leong Wai Hong, who delivered the decision on Sept. 9, ruled that the investors had proven their case on the balance of probabilities and ordered the sum of MYR7,610,000 and SGD170,000 to be paid back to them. The Edge relates that the court also awarded costs of MYR100,000 to be paid jointly or severally by Goh, along with defendants i-Serve Online Mall Sdn Bhd (ISOM), Bright Moon Venture PLT (BMV), QA Smart Partnership PLT (QAS), and Trillion Cove Holdings Bhd (TCH). To be jointly or severally liable means each defendant named under an order is responsible for paying off the debt either individually or as a group. If anyone is unable to pay, the rest must shoulder the burden until the debt is paid. In the legal action filed in 2022, the investors said that the companies had failed to make the agreed-upon monthly payments from November 2021 to June 2022, despite numerous letters of demand issued, The Edge recalls. The investors also noted that the payments to them stopped in November 2021, around the time that Bank Negara Malaysia (BNM) had raided ISOM, TCH, and other companies, and subsequently froze their banking accounts, The Edge relays. The investors said that a failure to make the payments was a breach of agreement, and they are seeking their full investment amount, as well as arrears of the monthly payments. They also claim that Goh had perpetrated fraud by misrepresenting that some of the defendants were legitimate operations. According to The Edge, the plaintiffs claim that Goh is the "controlling mind" of the defendants and cited notices, announcements, and teleconferences organised by or under Goh and ISOM's instructions regarding investments via BMV, QAS, and TCH. The defendants had filed an application to strike out the suit on the basis that the legal action was a nullity and an abuse of the court process. Some defendants contended that the plaintiffs were "statutorily prohibited" from filing the legal action, as the sum demanded was part of the monies seized by BNM under the Anti-Money Laundering Act (AMLA) in late 2021, The Edge says. However, in December 2023, the High Court had ruled that there were issues in the case that had to be ventilated in a trial, including whether Goh and the companies had committed fraud. The investors were represented by Rajesh Nagarajan, Sachpreetraj Singh, and Amanda Sonia Mathew. Messrs Mathews Hun Lachimanan is representing Goh in this matter. Messrs Chetan Jethwani & Company are representing ISOM and TCH, while the law firm KP Lu & Tan is acting for BMV and QAS, The Edge discloses. MYAirline operated a fleet of nine Airbus A320-200 planes that fly from Kuala Lumpur to other parts of Malaysia, as well as Bangkok. As reported in the Troubled Company Reporter-Asia Paicifc in late April 2024, the Civil Aviation Authority of Malaysia (CAAM) revoked the air operator's certificate (AOC) of cash-strapped low-cost carrier MYAirline Sdn Bhd, effective April 15, 2024, after it failed to find a new investor before the April 14 deadline. On Oct. 12, 2023, MYAirline abruptly halted its operations citing financial pressures, less than a year after it began flying. =============== M O N G O L I A =============== DEVELOPMENT BANK: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Development Bank of Mongolia LLC's (DBM) Long-Term Issuer Default Ratings (IDRs) at 'B+' and Government Support Rating (GSR) at 'b+'. The Outlook on the IDRs is Stable. Key Rating Drivers Full State Ownership: DBM's IDRs and GSR are equalised with the IDRs of the Mongolian sovereign (B+/Stable), reflecting its view that the sovereign has a high propensity to support DBM, given its full state ownership and status as a policy bank. Fitch expects the state to remain the majority owner of DBM. The Ministry of Economy and Development has been designated as the representative of the government's shareholder rights since August 2024 and is mandated by the government to undertake reforms at DBM. Strengthening Policy Role: Fitch expects DBM to improve its policy lending execution through enhancements to its governance framework and statutory authority, as outlined in the draft amendment of the DBM law. The proposal will also expand DBM's lending function to better support Mongolia's target sectors, such as exports and imports. This expansion reinforces the bank's policy role and increases the likelihood of state support. Progress of Legal Amendment: The draft amendment was approved by the Cabinet in April 2025 and is pending final approval by the Mongolian Parliament later this year. Fitch expects DBM to participate in more development projects in the medium term, in line with Mongolia's economic growth, after the amendment is enacted. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A significant dilution of the state's ownership would lead us to reassess the propensity of the government to provide the necessary support to DBM. This may result in a downgrade of the GSR and, in turn, the IDRs. The ratings would also be downgraded if Fitch believes DBM's policy role and importance to the state have diminished materially. DBM's ratings will also be downgraded if the sovereign rating is downgraded. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Positive rating action on the sovereign rating is likely to lead to similar action on DBM's ratings, assuming no changes in the sovereign's propensity to provide support. Public Ratings with Credit Linkage to other ratings DBM's IDRs are directly linked to Mongolia's sovereign rating based on its view of the likelihood of state support. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Development Bank of Mongolia LLC LT IDR B+ Affirmed B+ ST IDR B Affirmed B LC LT IDR B+ Affirmed B+ Government Support b+ Affirmed b+ ===================== N E W Z E A L A N D ===================== ABSOLUTE TRAFFIC: Goes Into Liquidation; 85 Workers Lose Jobs ------------------------------------------------------------- Stuff.co.nz reports that eighty-five traffic management workers have lost their jobs after their employer, Absolute Traffic Solutions, went into liquidation owing NZD1.58 million. Stuff, citing the first liquidator's report, discloses that by Digby Noyce of RES Corporate Services, showed the company owed around NZD1.58 million, including NZD1.1 million to Inland Revenue. There were 85 employees working at the company on the date of liquidation, however, all employment contracts were terminated on the appointment of the liquidator, Stuff relates. Employees are listed in the report as being owed about NZD452,000 in entitlements. All up, the liquidator has estimated the company's deficit was NZD2.89 million. According to Stuff, the report said the company could not pay its obligations to Inland Revenue, and for a time, complied with a payment arrangement with them. When the company failed to make a payment under this arrangement, Inland Revenue issued a statutory demand. The shareholders then resolved to liquidate the company. The company's assets include transport management vehicles, traffic equipment, signage, and plant and equipment. In his report, Mr. Noyce said they intend to sell these assets with the consent of the secured creditors. Regarding distributing funds to creditors, Mr. Noyce said a "partial distribution" may be available for preferential creditors. "Our initial view is that the accounts receivable are largely current and likely to be collectable. "However recovery actions through insolvent transactions or other remedies may bring in additional funds, although it is still too early to express a view on such matters," Stuff quotes Mr. Noyce as saying. At the date of liquidation, the company's available cash balance was NZD150,355. Stuff relates that the liquidators said they intended to sell the business to mitigate the losses arising from the breaches in the warranties by the vendor. An investigation will also be carried out to determine if any other assets are available, and if there are any other potential avenues for recoveries. The investigation will also look to see if any insolvent transactions have occurred, and if there have been any breaches of legislation by the company or its officers, Stuff relays. Stuff adds that Mr. Noyce said if any insolvent transactions or breaches of legislation have occurred, they will consider making any claims that will increase the recovery available to creditors. Where sufficient evidence exists, reportable breaches of legislation will be reported to the relevant authorities. Auckland-based Absolute Traffic Solutions offered a range of services, including traffic management and worksite protection, and had been running for over 17 years. BYL BUILDING: Court to Hear Wind-Up Petition on Sept. 25 -------------------------------------------------------- A petition to wind up the operations of BYL Building Limited will be heard before the High Court at Auckland on Sept. 25, 2025, at 10:45 a.m. Takanini Home and Trade Limited filed the petition against the company on July 26, 2025. The Petitioner's solicitor is: Ayleath Veronica Foote Duncan Cotterill Level 2, Duncan Cotterill Plaza 148 Victoria Street Christchurch 8013 CLARK & SON: Court to Hear Wind-Up Petition on Sept. 17 ------------------------------------------------------- A petition to wind up the operations of Clark & Son Limited will be heard before the High Court at Hamilton on Sept. 17, 2025, at 10:00 a.m. Lance Stephen Clark filed the petition against the company on June 26, 2025. The Petitioner's solicitor is: Daniel Wein 1544 Cambridge Road, RD 3 Cambridge CML CONSTRUCTION: Khov Jones Appointed as Receivers --------------------------------------------------- Steven Khov and Kieran Jones of Khov Jones on Aug. 26, 2025, were appointed as receivers and managers of CML Construction Limited. The receivers and managers may be reached at: Steven Khov Kieran Jones c/o Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 LUXURY LIU: Creditors' Proofs of Debt Due on Oct. 4 --------------------------------------------------- Creditors of Luxury Liu Limited, Soil Cube Limited and Minas Anor Limited are required to file their proofs of debt by Oct. 4, 2025, to be included in the company's dividend distribution. The companies commenced wind-up proceedings on Aug. 28, 2025. The company's liquidators are: Janet Sprosen Stephen White PwC, PwC Auckland Private Bag 92162 Victoria Street West Auckland 1142 TG 2018: Creditors' Proofs of Debt Due on Oct. 3 ------------------------------------------------ Creditors of TG 2018 Limited (previously known as Telos Group Limited) are required to file their proofs of debt by Oct. 3, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 28, 2025. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 ================= S I N G A P O R E ================= BH AUTO: Court to Hear Wind-Up Petition on Sept. 19 --------------------------------------------------- A petition to wind up the operations of BH Auto Services Pte. Ltd. will be heard before the High Court of Singapore on Sept. 19, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Aug. 27, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 COASTAL LOGISTICS: Creditors' Meetings Set for Sept. 18 ------------------------------------------------------- Coastal Logistics Pte. Ltd. will hold a meeting for its creditors on Sept. 18, 2025, at 2:30 p.m. Agenda of the meeting includes: a. to receive a statement of the Company's affairs together with a list of creditors and the estimated amounts of their claims along with a list of creditors; b. to appoint a Liquidator; c. to appoint a Committee of Inspection for the purpose of such winding up; and d. Any other business. Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were appointed as provisional liquidators of the Company on Aug. 26, 2025. ELLOONIA STUDIO: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on Aug. 22, 2025, to wind up the operations of Elloonia Studio Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 HENG TONG: Creditors' Meetings Set for Sept. 18 ----------------------------------------------- Heng Tong Fuels & Shipping Pte. Ltd. will hold a meeting for its creditors on Sept. 18, 2025, at 2:30 p.m. Agenda of the meeting includes: a. to receive a statement of the Company's affairs together with a list of creditors and the estimated amounts of their claims along with a list of creditors; b. to appoint a Liquidator; c. to appoint a Committee of Inspection for the purpose of such winding up; and d. Any other business. Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were appointed as provisional liquidators of the Company on Aug. 26, 2025. VFIX AUTO SERVICE: 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 Service Limited, Vfix Leasing Pte Ltd., and VFIX Rental 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 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. 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