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260708.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, July 8, 2026, Vol. 29, No. 135 Headlines A U S T R A L I A CHAN VERNIE: First Creditors' Meeting Set for July 10 DECORUG HOLDINGS: First Creditors' Meeting Set for July 9 HUDSON GLOBAL: Australian Watchdog Cancels Labour Hire Licence INTURA PTY: First Creditors' Meeting Set for July 13 KHOOS TRADING: First Creditors' Meeting Set for July 10 ORION TRUST 2026-1: S&P Assigns B (sf) Rating to Class F Notes QPM ENERGY: Independent Gas Producer Enters Receivership RAVEEN INTERNATIONAL: First Creditors' Meeting Set for July 9 THIESS GROUP: S&P Places 'BB+' Long-Term ICR on Watch Positive [] ASIC Puts AUD3.66BB Figure on Retail's 4-Year Insolvency Toll C H I N A SHIMAO GROUP: Founder, Son Face Penalties For Disclosure Breaches I N D I A AKAL PIPE: CARE Keeps C Debt Rating in Not Cooperating Category ARTEMIS AUTO: CARE Keeps D Debt Rating in Not Cooperating Category ATS INFRABUILD: CARE Keeps D Debt Rating in Not Cooperating BHAGHYAJYOTHI AGRO: CRISIL Keeps D Ratings in Not Cooperating CFI VENTURES: CARE Keeps C Debt Rating in Not Cooperating Category CHINTAMANI'S JEWELLERY: NCLAT Revives Insolvency Proceedings COLOUR COTTEX: CARE Keeps D Debt Rating in Not Cooperating ESGI GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating J.M.D. CORPORATION: CRISIL Keeps D Ratings in Not Cooperating J.M.D. LAXMI: CRISIL Keeps D Debt Ratings in Not Cooperating M B AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category M. D. ESTHAPPAN: CRISIL Keeps D Debt Ratings in Not Cooperating MAHALAXMI ASSOCIATES: CARE Lowers Rating on INR37cr ST Loan to D MAHALAXMI INDIA: CARE Lowers Rating on INR40cr ST Loan to D MANSAROVAR ROLLER: CARE Keeps B- Rating in Not Cooperating METSMITH INNOVATIONS: CARE Keeps D Debt Ratings in Not Cooperating NATIONAL ELECTRONICS: CARE Cuts Rating on INR20cr LT Loan to D NEWTONE CONSTRUCTION: CARE Cuts Rating on INR240cr LT Loan to B+ NORTH INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating OASIS GREEN: CARE Keeps B- Debt Rating in Not Cooperating ONEUP MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating POWER WELFARE: CRISIL Keeps D Debt Rating in Not Cooperating PRANAV FOUNDATIONS: CRISIL Keeps D Debt Rating in Not Cooperating RAC PAPERS: CRISIL Lowers Rating on INR25cr Cash Loan to C RAMKA SILK: CRISIL Keeps D Debt Ratings in Not Cooperating RISHABH CONSTRUCTIONS: CARE Keeps D Ratings in Not Cooperating SATRANG STEELS: CARE Keeps B- Debt Rating in Not Cooperating WAA SOLAR: CARE Lowers Rating on INR33.83cr LT Loan to B+ J A P A N ZENTOSHIN CO: Gets Court Approval to Begin Bankruptcy Proceedings N E W Z E A L A N D ALANMDR LIMITED: Grant Reynolds Appointed as Liquidator ALI LIMITED: Creditors' Proofs of Debt Due on Aug. 7 GROW NZ: Court to Hear Wind-Up Petition on July 16 NATIONAL DISTILLERY: Goes Into Voluntary Liquidation QUANTIFUL LIMITED: Creditors' Proofs of Debt Due on July 24 ROADING INDUSTRY: Court to Hear Wind-Up Petition on July 13 SAND SAFARIS: Headed for Liquidation After High Court Setback S I N G A P O R E FASHION RETAIL: Creditors' Proofs of Debt Due on Aug. 1 IGD SERVICES: Creditors' Proofs of Debt Due on Aug. 1 MEP DECK: Court to Hear Wind-Up Petition on July 17 MEP SYSTEMS: Court to Hear Wind-Up Petition on July 17 SUPERGREAT PTE: Creditors' Proofs of Debt Due on July 27 X X X X X X X X ZW DATA: BVI Unit Buys 8% Margo Asia Equity for Cash, Stock - - - - - ================= A U S T R A L I A ================= CHAN VERNIE: First Creditors' Meeting Set for July 10 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Chan Vernie Pty Ltd (trading as Spencer Road Dental Care) will be held on July 10, 2026, at 11:00 a.m. at the offices of WA Insolvency Solutions, a division of Jirsch Sutherland, at Level 6, 109 St Georges Terrace, in Perth, WA, and via conferencing facilities. Clifford Rocke and Jimmy Trpcevski of WA Insolvency Solutions were appointed as administrators of the company on June 30, 2026. DECORUG HOLDINGS: First Creditors' Meeting Set for July 9 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Decorug Holdings Pty Ltd (trading as Rugs A Million) will be held on July 9, 2026, at 10:30 a.m. via virtual facilities only. Graeme Beattie of Worrells was appointed as administrator of the company on June 29, 2026. HUDSON GLOBAL: Australian Watchdog Cancels Labour Hire Licence -------------------------------------------------------------- Victoria's Labour Hire Authority (LHA) has cancelled the labour hire licence of Hudson Global Resources Pty Ltd (Hudson), effectively banning the company from operating in the state. LHA formed the view that Hudson contravened the Labour Hire Licensing Act 2018 (Vic), noting: * the significant history of unlawful conduct by Hudson, including breaches of workplace, taxation, corporations and labour hire laws * substantial unpaid debts to workers, the government and creditors, including over AUD8 million in unpaid superannuation and wages, and an ATO debt of over AUD20 million * issues with compliance capacity, given Hudson is under external administration, is subject to active criminal proceedings from ASIC, has traded at a loss for several years, and has not demonstrated meaningful accountability or governance reform * several transactions were identified by the company administrator as likely representing breaches of directors' duties, including forgiveness of AUD11 million in debts owed by related companies * failure to declare its CEO and other executives as decision-makers within the company, in contravention of the Act. The licence cancellation takes effect on July 10, 2026. If Hudson provides labour hire services in Victoria after that date, it faces maximum penalties under the Act of more than AUD660,000 for a company and AUD160,000 for an individual. Organisations hosting workers supplied by Hudson may opt to directly employ these staff on a fixed-term or ongoing basis, or to engage them through another licensed labour hire company. LHA has notified government departments of the cancellation of Hudson's licence, providing an opportunity for other arrangements to be made as required and appropriate. Stronger labour hire licensing laws took effect in Victoria on 1 June 2026, including a more stringent 'fit and proper person' test, increased legal compliance requirements, and financial viability tests. Labour Hire Licensing Commissioner, Steve Dargavel, provided the following comments in relation to the matter: "We found it unacceptable – as I'm sure competent businesses would – for Hudson to continue to make a mockery of the legal obligations everyone else must comply with. Enough is enough." "The administrator's recommended way forward extinguishes claims against the company by workers and other creditors, likely reducing workers' ability to recover what they're owed." "While the company administrator says Hudson can trade its way out of this situation, based on the company's history and the evidence provided, I'm not satisfied that's the case." "Through its conduct, Hudson has badly let down its workforce, customers, creditors and the wider community. I have concluded greater harm would likely arise if Hudson continued to operate." "Labour hire staff have less security in pay and conditions than direct employees, so it is especially critical that workers are protected from the risk of continued misconduct." "While people often think about fruit pickers and security guards as labour hire workers, office staff can also be harmed by labour hire operators that flout the law and do the wrong thing." About Hudson Global Hudson Global Resources Pty. Ltd. provides employment services. The Company offers permanent, contract and temporary recruitment, and payroll services. Hudson Global Resources operates globally. Glenn Livingstone, Nicholas Charlwood and Benjamin Ho of WLP Restructuring were appointed as administrators of Hudson Global Resources on April 22, 2026. In May 2026, the administrators reported that the company has total liabilities of approximately AUD48 million, including AUD12.5 million owed to secured creditors, AUD5.2 million in unpaid superannuation contributions, AUD2.3 million in other employee entitlements, and AUD27.6 million owed to 19 unsecured creditors, including approximately AUD19 million payable to the ATO. The administrators also advised that a draft Deed of Company Arrangement (DOCA) has been proposed by a consortium comprising Hudson's management and directors, with the aim of recapitalising the business. INTURA PTY: First Creditors' Meeting Set for July 13 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Intura Pty. Ltd. will be held on July 13, 2026, at 10:00 a.m. at the offices of Vincents, at Level 34, 32 Turbot Street, in Brisbane, QLD, and via virtual meeting technology. Nick Combis of Vincents was appointed as administrator of the company on July 1, 2026. KHOOS TRADING: First Creditors' Meeting Set for July 10 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Khoos Trading Pty Ltd will be held on July 10, 2026, at 12:00 p.m. via teleconference. John Maxwell Morgan of BCR Advisory was appointed as administrator of the company on July 1, 2026. ORION TRUST 2026-1: S&P Assigns B (sf) Rating to Class F Notes -------------------------------------------------------------- S&P Global Ratings assigned its ratings to eight classes of residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee of Orion Trust 2026-1. Orion Trust 2026-1 is a securitization of residential mortgage loans originated by Brighten Financial Pty Ltd. The ratings reflect the following factors. The credit risk of the underlying collateral portfolio, which comprises predominantly low-documentation residential mortgage loans to Australian resident borrowers, and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination and excess spread, if any. S&P's assessment of credit risk considers Brighten Financial's underwriting standards and approval process, and its servicing quality. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, principal draw function, provision of a liquidity facility, and provision of an extraordinary expense reserve. S&P said, "Our analysis is on the basis that the notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and we assume the notes are not called at or beyond the call-option date." S&P said, "Our ratings also take into account the counterparty exposure to Westpac Banking Corp. as bank account provider and liquidity facility provider. We also have factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness. "We have assessed the servicing and standby servicing arrangements in this transaction under our "Global Framework For Assessing Operational Risk In Structured Finance Transactions" criteria, published Oct. 9, 2014, and concluded that there are no constraints on the maximum rating that can be assigned to the notes." Ratings Assigned Orion Trust 2026-1 Class A1-S, A$320.00 million: AAA (sf) Class A1-L, A$500.00 million: AAA (sf) Class A2, A$77.50 million: AAA (sf) Class B, A$36.50 million: AA (sf) Class C, A$36.00 million: A (sf) Class D, A$13.00 million: BBB (sf) Class E, A$6.50 million: BB+ (sf) Class F, A$7.00 million: B (sf) Class G1, A$2.50 million: Not rated Class G2, A$1.00 million: Not rated QPM ENERGY: Independent Gas Producer Enters Receivership -------------------------------------------------------- Industry Queensland reports that Moranbah Gas Project owner QPM Energy has gone into receivership, with the first meeting of creditors due by the end of next week. It comes less than two months after the company was hailing the arrival in Queensland of two GE Vernova LM6000 gas turbines to underpin its planned AUD196 million Isaac Power Station development at Moranbah. According to Industry Queensland, the company said at the time it had invested about AUD138 million, unaudited, in Isaac Power Station development, capital expenditure and associated financing costs by the end of March 2026. It had arranged a financing facility to fund the capital cost of construction. In addition to the Moranbah Gas Project, QPM Energy manages a portfolio of gas supply sourced from the MGP and mine waste gas produced by co-located coal mining operations. The company also manages the dispatch of power from the gas-fired Townsville and Moranbah power stations. Chris Hill and Ben Campbell of FTI Consulting have been appointed as receivers and managers over the gas-producing operations and entities within the QPM Group, Industry Queensland discloses. Their appointment follows the appointment of Mark Holland and Anthony Connelly of McGrathNicol as voluntary administrators to QPM Energy and all of its controlled entities. "The QPM Group produces raw and processed natural gas and the generation and dispatch of electricity to domestic customers," Mr. Hill and Mr. Holland said in a joint statement. "The appointment of voluntary administrators and subsequently receivers is intended to provide a stable basis for continued trading, to enable an immediate assessment of the options available to support the long-term future of the QPM Group and facilitate a restructure of the operations. "The receivers and voluntary administrators intend to work together to continue operations on a 'business as usual' basis and look forward to the support of relevant stakeholders while an urgent assessment of options is undertaken." QPM Energy Limited (ASX:QPM) -- https://qpmenergy.com.au/ -- together with its subsidiaries, operates as an independent gas producer in Australia. It operates through the Townsville Energy Chemicals Hub (TECH) Project and QPM Energy segments. The company holds 100% interest in the Moranbah Gas Project (MGP) to manage a portfolio of gas supply sourced from the MGP, and mine waste gas produced by co-located coal mining operations; and owns the Townsville Energy Chemicals Hub (TECH) Project, which aims to develop a refinery to produce nickel, cobalt, and high-purity alumina (HPA). It also generates electricity through the operation of power stations. RAVEEN INTERNATIONAL: First Creditors' Meeting Set for July 9 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Raveen International Pty Ltd will be held on July 9, 2026, at 12:30 p.m. via via Microsoft Teams. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on June 29, 2026. THIESS GROUP: S&P Places 'BB+' Long-Term ICR on Watch Positive -------------------------------------------------------------- S&P Global Ratings placed its 'BB+' long-term issuer credit rating on Thiess Group Holdings Pty Ltd. on CreditWatch with positive implications. The CreditWatch placement reflects the potential for upgrading Thiess to the same level as S&P's rating on CIMIC. This would be subject to a positive reassessment of group support whereby S&P could consider Thiess as a core entity of CIMIC and the broader ACS Group. The CreditWatch placement reflects the potential for S&P's rating on Thiess to be raised and equated with the ratings on CIMIC (BBB-/Stable/A-3). This follows CIMIC's acquisition of the outstanding 40% shares in Thiess from Elliott Investment Management L.P. On July 1, 2026, CIMIC Group Ltd. announced it has acquired the remaining 40% interest in Thiess Group Holdings Pty Ltd. for A$1.18 billion. This means Thiess is now a wholly owned subsidiary of CIMIC. Upward rating momentum on Thiess would be subject to a positive reassessment of group support whereby S&P may view Thiess as a core entity of CIMIC. CIMIC's full ownership of Thiess simplifies the latter's ownership and governance structure, enhances its capital structure efficiency, and increases financial flexibility by enabling discretion over distributions. S&P said, "The CreditWatch placement reflects the possibility that we could raise our rating on Thiess by one notch following its acquisition by CIMIC. This is due to the increased importance of Thiess to CIMIC and the wider ACS Group now that CIMIC has full ownership of Thiess. "We expect to resolve the CreditWatch placement once we have further clarity on CIMIC's strategic plans for Thiess and the latter's positioning within the broader ACS Group." [] ASIC Puts AUD3.66BB Figure on Retail's 4-Year Insolvency Toll ---------------------------------------------------------------- Christopher Kelly at RagTrader reports that retail trade accounted for 238 voluntary administration appointments between 2021 and 2025, according to a new report from the Australian Securities and Investments Commission (ASIC), with total liabilities of AUD3.66 billion and median liabilities of AUD2.10 million per appointment. According to RagTrader, the figures are contained in ASIC's Report 836, which reviews voluntary administration and deed of company arrangement (DOCA) data between 2021 and 2025. The report analysed 3,528 grouped voluntary administration (VA) appointments covering 5,020 companies nationally, and is the regulator's first detailed public breakdown of how the VA and deed of company arrangement (DOCA) process plays out in practice. ASIC's report does not break the DOCA-versus-liquidation outcome down by individual industry, RagTrader relays. But it does show the outcome is closely tied to the size of a company's liabilities, and retail's median liabilities place a typical appointment in a bracket where roughly half of all VAs nationally converted to a DOCA. All VA appointments with AUD1 million to AUD2 million in liabilities transitioned to a DOCA 49.7 per cent of the time nationally, compared with just 15.4 per cent for appointments under AUD250,000 in liabilities, RagTrader discloses. Overall, 44 per cent of all VAs in the review period resulted in an approved DOCA and 50 per cent ended in voluntary liquidation. The rest were forced into liquidation by a court. Smaller failures across all industries were far less likely to see a DOCA proposal put to creditors at all, and far more likely to end in a creditors' voluntary liquidation, the report, as cited by RagTrader, found. According to RagTrader, ASIC's report found that nationally, DOCAs were used for a range of purposes: 49 per cent of approved DOCAs involved the business continuing to trade after execution, 22 per cent involved a sale of the business or assets, and 22 per cent involved no sale and no continued trading, instead operating as a negotiated compromise of creditor claims. RagTrader relates that ASIC commissioner Kate O'Rourke said the findings show DOCAs are being used for a range of commercial purposes. "They may allow the company's business to continue trading, facilitate the sale of the business or assets, or provide a mechanism for creditor claims to be compromised," RagTrader quotes Ms. O'Rourke as saying. "This is important because voluntary administration is intended to give an insolvent company, or as much of its business as possible, an opportunity to continue where that is viable, or otherwise to produce a better return for creditors than an immediate winding up." As for smaller businesses, which face a lower chance of seeing a DOCA tabled, Ms. O'Rourke said they may have other insolvency pathways available. This includes small business restructuring, which she said may be more efficient or cost-effective. "Less than one-third of smaller appointments, with liabilities of less than AUD1 million, resulted in a deed of company arrangement proposal being approved," Ms. O'Rourke said. "Most of these appointments resulted in liquidation with no deed of company arrangement proposal being put to creditors." RagTrader adds that the report also found that DOCAs relying on future trading profits generally took longer to complete and were more likely to eventually fail and enter liquidation, compared with those funded by asset sales or third-party contributions. Nearly two-thirds of all approved DOCAs involved a third-party contribution, and 83 per cent excluded some or all related-party creditor claims – mechanisms the regulator said are intended to improve returns to unrelated creditors, but which can also reduce the scrutiny of director conduct that would otherwise occur in a full liquidation. Nationally, DOCAs that were wholly effectuated paid unsecured creditors an average of 21.3 cents in the dollar and a median of 11.5 cents in the dollar, RagTrader discloses. ========= C H I N A ========= SHIMAO GROUP: Founder, Son Face Penalties For Disclosure Breaches ----------------------------------------------------------------- Mingtiandi reports that Shimao Group founder Hui Wing Mau and his son Jason Hui Sai Tan, the group's chairman and president, face fines for violations of disclosure requirements by the group's principal mainland entity. Mingtiandi relates that the younger Hui also faces a securities market ban of six years. A final decision on the punishments is pending. The China Securities Regulatory Commission intends to impose a CNY2.8 million ($412,720) fine on Hui Wing Mau and a CNY4.9 million fine on Jason Hui after investigators concluded that Shanghai Shimao Co Ltd, violated disclosure laws and regulations, according to a filing by the Shanghai-listed company with the National Equities Exchange and Quotations (NEEQ) platform last week, Mingtiandi relays. Mingtiandi adds that the CSRC found that from 2020 to 2022, Shanghai Shimao, which has repeatedly defaulted on obligations to creditors, and delisted from the Shanghai Stock Exchange in June 2024, failed to make timely disclosures and omitted information related to indebtedness, related party transactions, debt defaults, connected guarantees, and litigations and arbitrations, Shimao Group said in a separate filing July 5 with the Hong Kong Stock Exchange. The CSRC proposed fines on several other company executives, according to Shanghai Shimao's statement, and a CNY10.5 million fine on Shanghai Shimao itself. The securities watchdog will also prohibit the younger Hui from engaging in securities and securities services business or serving as a director, supervisor or senior executive of any securities issuer, for a term of six years, according to both statements. "The company has been informed by Mr. (Jason) Hui that he is currently assessing the above situation," Shimao Group said on July 5. Now 49, the younger Hui joined Shimao Group in 2000, became the company's president in 2019 and succeeded his father as chairman in 2024. Under his leadership the company expanded rapidly, acquiring projects from other developers who had already been hit by tightening credit conditions, and drove Shimao sales to more than CNY300 billion in 2020, from CNY176 billion in 2018. However, Beijing's 'three red lines' deleveraging crackdown, which was first announced in 2020, choked off Shimao's refinancing channels by late 2021, Mingtiandi states. Shimao Group defaulted on a $1 billion dollar bond in July 2022, triggering a share price collapse for both the Hong Kong-listed parent and the Shanghai-listed mainland arm. Shanghai Shimao was delisted from the Shanghai Stock Exchange in 2024 and now trades on NEEQ, China's over-the-counter securities trading platform for unlisted small and medium sized enterprises. The penalties notice came amid mounting challenges for Shimao Group, Mingtiandi notes. Shimao Group reported CNY92.5 billion of overdue debt as of December 31, with both the company and its founder having sold major assets in recent months to raise liquidity. About Shimao Group China-based Shimao Group Holdings Ltd, formerly Shimao Property Holdings Ltd, is an investment holding company principally engaged in the sale of properties. The Company operates its business through four segments. The sales of Properties segment is mainly engaged in the development of residential real estate. The Property Management Income and Others is mainly engaged in property management. The Hotel Operation Income segment is mainly engaged in hotel operations. The Commercial Properties Operation Income segment is mainly engaged in the development, investment and operation of commercial, office and industrial park property projects. As previously reported in the Troubled Company Reporter-Asia Pacific, Shimao Group has missed the interest and principal payment of a US$1 billion offshore bond due on July 3, 2022. * * * * The two hotels in Tung Chung, Hong Kong, have entered receivership after being pledged as collateral for syndicated project financing secured by a debenture and mortgage. The move follows defaults tied to the loans as the financially distressed property developer continues to address its debt obligations. Receivers have been appointed over the hotel assets and are overseeing the properties while normal hotel operations continue. Shimao's board stated that it supports an orderly marketing and sale process designed to preserve the value of the assets and maximize recoveries for lenders and other stakeholders. ========= I N D I A ========= AKAL PIPE: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Akal Pipe Industries (API) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.86 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.32 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 June 11, 2025, placed the rating(s) of API under the 'issuer non-cooperating' category as API had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. API continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 27, 2026, May 7, 2026, May 17, 2026, 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 Akal Pipe Industries (API) was established in 2010 but started its commercial operations in April 01, 2013 and is currently being managed by Mr. Yadwinder Singh, Mr. Gurnam Singh, Mr. Harpreet Singh, Mr. Harbant Singh and Mr. Nazam Singh, as its partners, sharing the profit and losses in the ratio of 13%, 14%, 13%, 51% and 9% respectively. API is engaged in the manufacturing of HDPE (High density Polyethlylene) lined RCC (Reinforced cement concrete) pipes at its manufacturing unit in Nalagrah, Solan, Himachal Pradesh with varied installed capacity for different size of pipes. The firm's products find their application mainly in the irrigation and sewage sector. ARTEMIS AUTO: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Artemis Auto India Private Limited (AAIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.50 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 May 30, 2025, placed the rating(s) of AAIPL under the 'issuer non-cooperating' category as AAIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AAIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 15, 2026, April 25, 2026, May 5, 2026 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 Artemis Auto India Private Limited (AAIPL) is engaged in the dealership of passenger cars of Volvo Auto India Private Limited (VAIL) such as S60, V40, VC60, and VC90, etc., spare parts & accessories and servicing of vehicles. AAIPL was incorporated in 2010 by Mrs. B. Umamaheswari, Managing Director and Mrs. Nrithya Sivaganesh, Director and Mr. B. Sivaganesh. ATS INFRABUILD: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of ATS Infrabuild Private Limited (AIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 135.00 CARE D; ISSUER NOT COOPERATING; Debentures 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 11, 2023, placed the rating of AIPL under the 'Issuer non-cooperating' category as AIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 24, 2026, June 19, 2026 and June 18, 2026. 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). The rating has been reaffirmed on account of non-availability of requisite information due to non-cooperation by ATS Infrabuild Private Limited with CARE Ratings Ltd.'s efforts to undertake a review of the rating outstanding. CARE Ratings Ltd. views information availability risk as a key factor in its assessment of credit risk. The reaffirmed in ratings assigned to the instrument of AIPL factors in non-payment of NCDs principal and redemption premium due to mismatch between project receipts vis a vis the debt repayment obligations. Analytical approach: Standalone Outlook: Not applicable Detailed description of key rating drivers Key weaknesses * Delay in servicing of debt obligations: There were delays in repayment of NCD's principal amount and redemption premium due on June 11, 2022, to the investor who have not given their positive consent for the roll-over of the NCD for period of two years to Jun 11, 2024. AIPL has applied for extension of final maturity date of NCDs from June 11, 2022, to June 11, 2024. Further, the company has received consent on June 9, 2022 for extension from 76.67% of the investors but remaining investors didn't given their positive consent for the rollover and redemption of NCDs. Liquidity: Poor AIPL has poor liquidity position since the company had not made the payment of interest/redemption due on NCDs on account of insufficient cash flow. Assumptions/Covenants: Not applicable ATS Infrabuild Pvt Ltd (AIPL), incorporated on October 4, 2007, is engaged in development of Real Estate Projects. AIPL is a part of ATS Group (ATS), which has a long-standing presence in real estate industry primarily in north India. The promoter of the group, Mr. Getamber Anand, has more than two decades of experience in the real estate industry. In the past, the group has successfully completed seven residential/group housing projects with total saleable area of about 113 lakh square feet (lsf). At present, the ATS group is developing 22 residential projects across North India (mainly Delhi NCR) having total saleable area of approximately 361 lsf. AIPL is currently developing a premium residential group housing project, CASA Espana, in Sector 121, Mohali Punjab, in a joint venture with Shivalik Group. The project is being developed in 2 phases. While Phase 1 is fully approved and is under construction, Phase 2 is at approval stage. Phase 1 has a total saleable are of 14.34lsf while Phase 2 has a saleable area of 11.66 lsf. BHAGHYAJYOTHI AGRO: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sree Bhaghyajyothi Agro Foods (SBAF) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (ISSUER NOT COOPERATING) Key Cash Credit 4.5 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SBAF for obtaining information through letter and email dated May 21, 2026 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 SBAF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBAF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBAF continues to be 'Crisil D Issuer not cooperating'. SBAF, set up in 2011, processes paddy into rice, rice bran, and husk, and has capacity of 3.5 tonne per hour. The firm was set up by Mr Sharanaiya Swami and his mother Ms Gangamma. CFI VENTURES: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of CFI Ventures Private Limited (CVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE C; 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 May 5, 2025, placed the rating(s) of CVPL under the 'issuer non-cooperating' category as CVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 21, 2026, April 10, 2026 and June 24, 2026 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 CFI Ventures Private Limited (CVPL) (erstwhile Joshi Auto Wheels Private Limited) was incorporated in June 2015. The company operates a 3S facility (Sales, Spares, Service) showroom for Nissan Motor India Private Limited (NMIPL). The company started its operations in October-2015. The operations of the company are managed by the directors, Mr Manish Joshi and Mrs Bhawna Joshi. CHINTAMANI'S JEWELLERY: NCLAT Revives Insolvency Proceedings ------------------------------------------------------------ The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has revived insolvency proceedings against Chintamani's Jewellery Arcade Pvt Ltd allowing a restoration application filed by Axis Bank, holding that the company had committed a material and continuing breach of court-recorded settlement terms. A three-member NCLAT bench recalled its earlier order passed on May 9, 2024 that set aside the insolvency admission against the company and restored to its original position, ET relates. Consequently, the corporate insolvency resolution process (CIRP) against the Mumbai-based jewellery company was revived before the National Company Law Tribunal (NCLT), Mumbai, also stands revived. "The record clearly establishes that the respondents (Chintamani's Jewellery Arcade) failed to adhere to the repayment schedule forming part of the consent terms. The breach is neither technical nor insignificant but substantial and continuing," said an NCLAT bench comprising Justice N Seshasayee, Arun Baroka, and Indevar Pandey. ET relates that NCLAT further said, "The very foundation on which the appeal came to be disposed of having failed, the applicant is entitled to invoke the liberty expressly reserved by this Tribunal." Axis Bank had extended various credit facilities to Chintamani's Jewellery Arcade, which later defaulted on repayments. Following the default, the bank filed an insolvency petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) before the NCLT Mumbai. According to ET, the NCLT admitted the plea on Feb. 23, 2024 and appointed an interim resolution professional. The admission order was challenged before the NCLAT by the suspended management of the corporate debtor. During the pendency of the appeal, the parties entered into settlement terms on April 27, 2024 under which the company paid INR1.5 crore upfront and agreed to repay remaining dues through a structured repayment schedule. Taking the settlement on record, the NCLAT on May 9, 2024 set aside the CIRP admission order and closed the insolvency proceedings, ET says. However, it granted liberty to Axis Bank to revive the appeal in the event of any default under the settlement. Axis Bank later moved a restoration application, alleging that the company failed to honour the agreed repayment schedule. The bank submitted that against dues of INR3.30 crore falling due between July and December 2024, only INR70 lakh had been paid, while several instalments remained unpaid. Chintamanis Jewellery Arcade Private Limited manufactures jewelry products. The Company offers diamond, gold, and platinum rings, necklace set, earrings, nose pins, and bracelets. Chintamanis Jewellery Arcade serves customers in India. COLOUR COTTEX: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Colour Cottex Private Limited (CCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 78.98 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 June 2, 2025, placed the rating(s) of CCPL under the 'issuer non-cooperating' category as CCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 18, 2026, April 28, 2026, May 8, 2026, 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 Incorporated in June 2012, Colour Cottex Private Limited (CCPL) is engaged in the manufacturing and trading of readymade garments (primarily T-shirts) and knitted cloth. The company is currently operating with Mr Rajesh Dhanda as the Managing Director. The manufacturing unit of the company is located in Ludhiana, Punjab having an installed capacity of 10,80,000 pieces for ready-made garments and 936 tons for knitted cloth as on March 30, 2016. The company also engages in trading of garments and cloth. ESGI GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of ESGI Garments Private Limited (ESGI) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.7 CRISIL D (ISSUER NOT COOPERATING) Foreign Bill 8 CRISIL D (ISSUER NOT Purchase COOPERATING) Packing Credit 8 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 0.6 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Working Capital 3 CRISIL D (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with ESGI for obtaining information through letter and email dated May 21, 2026 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 ESGI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ESGI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ESGI continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up as a partnership entity, ESGI Leather Exports, the firm got reconstituted into a private-limited company with the current name in 2012. This Chennai-based company manufactures leather apparel such as jackets, skirts, shorts, and trousers, and predominantly exports to the US and Europe. J.M.D. CORPORATION: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of J.M.D. Corporation of India Limited (JMD) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18.5 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 11.5 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with JMD for obtaining information through letter and email dated May 21, 2026 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 JMD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JMD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JMD continues to be 'Crisil D Issuer not cooperating'. JMD, set up in 2012, is a proprietorship concern of Mr. Ashwini Agarwal. The firm trades in iron and steel products including cold-rolled and hot-rolled coils, steel sheets, steel beams, steel plates, thermo-mechanically treated bars, ingots, and billets. With over a decade's experience, Mr. Agarwal oversees the firm's operations. J.M.D. LAXMI: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of J.M.D. Laxmi Enterprises (JMD) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with JMD for obtaining information through letter and email dated May 21, 2026 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 JMD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JMD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JMD continues to be 'Crisil D Issuer not cooperating'. JMD, set up in 2012, is a proprietorship concern of Mr. Ashwini Agarwal. The firm trades in iron and steel products including cold-rolled and hot-rolled coils, steel sheets, steel beams, steel plates, thermo-mechanically treated bars, ingots, and billets. With over a decade's experience, Mr. Agarwal oversees JMD's operations. M B AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of M B Agro Mills (MBAM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.09 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 May 6, 2025, placed the rating(s) of MBAM under the 'issuer non-cooperating' category as MBAM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MBAM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2026, April 1, 2026, April 11, 2026 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 Sitarganj (Uttarakhand) based M B Agro Mills (MBAM) is a partnership firm and was established in November, 2017 and operation is expected to start from January 2018, and is currently being managed by Mr. Anil Mittal & Mr. Amit Mittal. MBAM is proposed to be engaged manufacturing rice and its by-products by processing paddy, in its manufacturing unit located in Sitarganj, Uttarakhand. M. D. ESTHAPPAN: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of M. D. Esthappan Infrastructures Private Limited (MDEIPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 8 CRISIL D (ISSUER NOT COOPERATING) Overdraft Facility 18.75 CRISIL D (ISSUER NOT COOPERATING) Proposed Non 2 CRISIL D (ISSUER NOT Fund based limits COOPERATING) Crisil Ratings has been consistently following up with MDEIPL for obtaining information through letter and email dated May 21, 2026 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 MDEIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MDEIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MDEIPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2008, MDEIPL undertakes civil construction work in Kochi, Kerala. The company is owned and managed by Mr MD Esthappan and his sons, Biji Stephen and Josy Stephen. MAHALAXMI ASSOCIATES: CARE Lowers Rating on INR37cr ST Loan to D ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Mahalaxmi Associates Private Limited (MAPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.00 CARE D Rating removed from Facilities ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Short Term Bank 37.00 CARE D Rating removed from Facilities ISSUER NOT COOPERATING category and Downgraded from CARE A4 Rationale and key rating drivers In the absence of minimum information required for the purpose of rating, CARE Ratings Limited (CARE) was unable to express an opinion on the rating of MAPL and in line with the extant SEBI guidelines, CARE had moved the rating of the bank facilities of the company to 'CARE BB-; Stable and A4; Issuer Not Cooperating'. However, the company has now submitted the requisite information to CARE. Accordingly, CARE has carried out a full review of the rating, and the rating has been removed from Issuer not cooperating category and revised to 'CARE D'. The revision in the ratings assigned to the bank facilities of MAPL considers the delay in servicing of its repayment obligation on term loans in the recent past. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Track record of timely servicing of debt obligations for at least 90 days. Analytical approach: Combined. For arriving at ratings, CARE Ratings has combined the risk profiles of Mahalaxmi Continental Limited (MCL), Mahalaxmi India Private Limited (MIPL) and Mahalaxmi Associates Private Limited (MAPL). The companies operate under common management and are involved in similar business, have operational synergies and exhibit cash flow fungibility. Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Delays in debt servicing: There have been instances of delays in payment of GECL loan in the recent past across all the three entities. The term loan repayments are made from respective Cash credit accounts, however because of full utilisation of the limits, the EMI were not serviced on time. Liquidity: Poor The group's liquidity position remains weak, as reflected in its full utilisation of working capitals limits including overdraws in Cash credit accounts, usage of temporary overdrafts, delay in payment of term loans and instances of LC devolvement in the recent past. MCL, the flagship company of the Mahalaxmi group, is into coal trading company business with dominant presence across northeast India. It was formed in 1985 as a sole proprietorship firm named M/s Mahalaxmi Coal Traders in Meerut (Uttar Pradesh) and was later reconstituted as a limited company with the present name in 2002. The company trades in coal, coke and related materials. As a key entity within the Mahalaxmi Group, it operates at a significant scale, generating over INR500 crore in revenue and supplying both domestic and imported coal to the steel and cement sectors. Mahalaxmi India Private Limited Incorporated in 2000, MIPL specializes in the bulk trading and import of coking and non-coking coal across PAN India. As part of the Mahalaxmi Group, the company reported a turnover of INR180 crore in FY25 and focuses on sourcing coal from countries such as Indonesia and South Africa to serve industrial clients. MIPL operates through a network of branches located in Ludhiana, Kutch, Paradip, Meerut, and Goalpara. Mahalaxmi Associates Private Limited Mahalaxmi Associates Private Limited (MAPL), established in 1998 and headquartered in Guwahati, Assam, is a well-established company, engaged in the bulk trading and supply of coking and non-coking coal with turnover of INR219.72 Cr in FY25. It primarily caters to the steel and cement industries across India and is also involved in coal imports. MAHALAXMI INDIA: CARE Lowers Rating on INR40cr ST Loan to D ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Mahalaxmi India Private Limited (MIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D Rating removed from Facilities ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Short Term Bank 40.00 CARE D Rating removed from Facilities ISSUER NOT COOPERATING category and Downgraded from CARE A4 Rationale and key rating drivers In the absence of minimum information required for the purpose of rating, CARE Ratings Limited (CARE) was unable to express an opinion on the rating of MIPL and in line with the extant SEBI guidelines, CARE had moved the rating of the bank facilities of the company to 'CARE B+; Stable and A4; Issuer Not Cooperating'. However, the company has now submitted the requisite information to CARE. Accordingly, CARE has carried out a full review of the rating, and the rating has been removed from Issuer not cooperating category and revised to 'CARE D'. The revision in the ratings assigned to the bank facilities of MIPL considers the delay in servicing of its repayment obligation on term loans in the recent past. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Track record of timely servicing of debt obligations for at least 90 days. Analytical approach: Combined For arriving at ratings, CARE Ratings has combined the risk profiles of Mahalaxmi Continental Limited (MCL), Mahalaxmi India Private Limited (MIPL) and Mahalaxmi Associates Private Limited (MAPL). The companies operate under common management and are involved in similar business, have operational synergies and exhibit cash flow fungibility. Outlook: Not applicable Detailed description of key rating drivers: Key weaknesses * Delays in debt servicing: There have been instances of delays in payment of GECL loan in the recent past across all the three entities. The term loan repayments are made from respective Cash credit accounts, however because of full utilisation of the limits, the EMI were not serviced on time. Liquidity: Poor The group's liquidity position remains weak, as reflected in its full utilisation of working capitals limits including overdraws in Cash credit accounts, usage of temporary overdrafts, delay in payment of term loans and instances of LC devolvement in the recent past. MCL, the flagship company of the Mahalaxmi group, is into coal trading company business with dominant presence across northeast India. It was formed in 1985 as a sole proprietorship firm named M/s Mahalaxmi Coal Traders in Meerut (Uttar Pradesh) and was later reconstituted as a limited company with the present name in 2002. The company trades in coal, coke and related materials. As a key entity within the Mahalaxmi Group, it operates at a significant scale, generating over INR500 crore in revenue and supplying both domestic and imported coal to the steel and cement sectors. MANSAROVAR ROLLER: CARE Keeps B- Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mansarovar Roller Flour Mills Private Limited (MRFMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.60 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 5, 2025, placed the rating(s) of MRFMPL under the 'issuer non-cooperating' category as MRFMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MRFMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 21, 2026, April 10, 2026, and June 24, 2026 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 Mansarover Roller Flour Mills Private Limited (MRFMPL) was incorporated in 1989 and is currently being managed by Mr. Amrik Singh and Mr. Kamaljeet Singh. The company is engaged in the processing of wheat at its manufacturing facility located in Samrala, Punjab. METSMITH INNOVATIONS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Metsmith Innovations Private Limited (MIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.12 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.72 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 May 29, 2025, placed the rating(s) of MIPL under the 'issuer non-cooperating' category as MIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 14, 2026, April 24, 2026, May 4, 2026 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 Metsmith Innovations Private Limited (MIPL) incorporated in August, 2013 as JMJ Switch Gears Private Limited (JMJ) and is promoted by Mr. Adaikalasamy along with his friend Mr. Philip Kumar. The company has changed its name to Metsmith Innovations Private Limited from May 04, 2021. The company started its commercial operation in January, 2014. It has been engaged in the business of manufacturing of electrical products like power control panels, low-tension & high-tension panels, compact substations with its sole manufacturing facility located at Bommasandra Industrial Area, Bangalore. These panels provide backup protection to the power transformers, generation, capacitor banks and power distribution. NATIONAL ELECTRONICS: CARE Cuts Rating on INR20cr LT Loan to D -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of National Electronics (NE), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 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 Limited (CareEdge Ratings) had, vide its press release dated July 30, 2025, placed the rating(s) of NE under the 'issuer non-cooperating' category as NE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 15, 2026, June 26, 2026, June 30, 2026 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 for NE have been revised on account of non-availability of requisite information. The ratings have been revised on account of delays in debt servicing as recognized from publicly available information. Analytical approach: Standalone Outlook: Not applicable NE was set up as a proprietorship firm in 1987 by the late Jasbir Singh Jolly in Jamshedpur and was converted into a partnership firm in April 1996. The firm is engaged in the business of trading in electronics, home appliances and other consumer durables like televisions, refrigerators, washing machines, air conditioners, audio, mobile, and digital and movie camera products of reputed Indian and MNC manufacturers. Presently, there are 7 partners in the firm and the day-to-day operations of the firm are being managed by Kulwant Singh and Jaspal Singh. Currently, the firm operates 8 retail showrooms in Jamshedpur and Ranchi. NEWTONE CONSTRUCTION: CARE Cuts Rating on INR240cr LT Loan to B+ ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Newtone Construction Private Limited (NCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 240.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE BB; Stable and moved to ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from NCPL to monitor the rating vide e-mail communications dated April 13, 2026, April 28, 2026, May 6, 2026, June 8, 2026 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' opinion is not sufficient to arrive at a fair rating. Further, NCPL has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The ratings on NCPL's bank facilities will now be denoted as 'CARE B+; Stable; 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 assigned to the bank facilities of NCPL have been revised on account of non-availability of requisite information. The ratings continued to remain constrained on account of implementation and saleability risk associated with the on-going project, high geographical concentration of its operations and inherent risks associated with cyclical nature of real estate sector. Rating, however, derives comfort from experienced promoter group having an established presence in real estate development in Surat (Gujarat), favourable location of the project along with availability of all requisite approvals/permissions and achievement of financial closure for the entire project debt. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers At the time of last rating on July 2, 2025 the following were the rating strengths and weaknesses (updated from the information available from public domain). Key weaknesses * Implementation risk associated with an on-going project: NCPL launched a luxurious residential project "Aashirwad River Home" in December 2022, to be constructed on a land parcel admeasuring 11,032 sq. meters. The total estimated project was INR503.49 crore, envisaged to be funded through promoter's contribution/ unsecured loans (USL), project term loan and customer advances in the ratio of 27:16:56. Though the project progress is slower than earlier envisaged level, it is slated to complete by December 2026. As on March 30, 2026, NCPL has incurred total cost of INR158.68 crore (i.e. 31% of the total estimated project cost), which includes INR38.65crore towards civil construction cost (i.e. 11% of the total construction cost), funded by mix of promoter's equity/ USL and project debt. Till March 30, 2026, the promoters have infused 72% of envisaged promoter's contribution for the project in form of equity/ USL towards the project. Completion of the on-going project within envisaged cost and time parameters shall remain a key rating monitorable * Saleability risk associated with an on-going project: The project is to be developed as luxurious residential flats in Surat, Gujarat with total saleable area of 4.38 LSF with configuration of 5BHK and 6BHK aiming high-net worth individuals (HNIs) as its customer base. The project is yet be launched for sale and considering the project progress, receipt of unit bookings at an envisaged prices and timely collection there from shall remain crucial from credit perspective. * Inherent risk associated with cyclical nature of real estate sector: The life cycle of a real estate project is long and the state of economy from land acquisition, construction to actual delivery, has an impact on the project. India's real estate sector is fragmented, with numerous regional players dominating local markets, resulting in fierce industry competition. Sensitivity to macroeconomic cycles and interest rates characterizes the real estate sector. Adverse movement in interest rate affects the real estate players in both ways – by hampering demand as well as increasing the project construction cost. Key strengths * Experienced promoters in real estate industry: NCPL is incorporated by Gopal Dokania in February 1991 as a part of Aashirwad Group, Surat, Gujarat having more than 30 years of experience in Surat real estate. The group has track record of completion of more than 15 real estate projects, and one project is under construction. He is well supported by Mayaben Dokania, who looks after human resources department, Mahendra Rathi, finance and liaison department, and Anupam Mishra, sales and marketing. The firm benefits from the distinct experience of the promoters in real estate market and hence completion and sale of the on-going project looks achievable. * Strategic location of the project: NCPL's on-going project comprises 88 units (5BHK and 6BHK units), situated at Piplod area of Surat, close to the Tapi river viewpoint. Conveniently located near the Airport (6 km) and Railway Station (11 km), as well as malls, schools, colleges, and clubs, ensuring accessibility. The project benefits from the nearby infrastructure development, fostering favourable demand for the on-going project. * Requisite approvals/permissions are in place: NCPL has obtained all requisite approvals and permissions for commencing project execution, including non-agricultural land approval, building construction approval, height clearance from the Airport Authority of India (AAI), No-objection Certificate from the Fire department regarding project design and drawings, building layout plan approvals, construction permission, and RERA registration. Incorporated in February 1991, Newtone Construction Private Limited (NCPL) is promoted by Mr. Gopal Dokania and is engaged in the construction of residential and commercial complexes. Further, group has completed more than 15 residential and commercial projects in and around Surat and currently there is one ongoing project under the group. NORTH INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of North India Surgical Company (NISC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 13 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NISC for obtaining information through letter and email dated May 21, 2026 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 NISC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NISC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NISC continues to be 'Crisil D/Crisil D Issuer not cooperating'. NISC, a partnership firm of Mr Varun Singla and Mr Arun Singla, commenced operations in April 2012. The firm trades in surgical equipment such as stents, spinal implants and pacemakers. OASIS GREEN: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Oasis Green Energy Private Limited (OGEPL) continues to remain in the 'Issuer Not Cooperating ' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.00 CARE B-; 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 May 23, 2025, placed the rating(s) of OGEPL under the 'issuer non-cooperating' category as OGEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OGEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 8, 2026, April 18, 2026, April 28, 2026 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 Oasis Green Energy Private Limited (OGEPL), incorporated in March 2015, is setting up a 3.15 MW solar Photovoltaic (PV) Power Plant in Village Bahadarpur, District Mansa, Punjab. The company is promoted by Mr Mukesh Goyal and Mr Pawan Goyal who are also the promoters of Oasis Contractors and Consultants Pvt. Ltd. (OCCPL; engaged in the business of civil construction). ONEUP MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Oneup Motors India Private Limited (OMIPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Electronic Dealer 14 CRISIL D (ISSUER NOT Financing Scheme COOPERATING) (e-DFS) Inventory Funding 1.25 CRISIL D (ISSUER NOT Facility COOPERATING) Inventory Funding 6 CRISIL D (ISSUER NOT Facility COOPERATING) Proposed Inventory 0.25 CRISIL D (ISSUER NOT Funding COOPERATING) Crisil Ratings has been consistently following up with OMIPL for obtaining information through letter and email dated May 21, 2026 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 OMIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OMIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of OMIPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2006, Oneup deals in MSIL vehicles; it has 2 showroom-cum-service centre and 3 service centre in Lucknow (Uttar Pradesh). POWER WELFARE: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Power Welfare Society (PWS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 30 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PWS for obtaining information through letter and email dated May 21, 2026 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 PWS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PWS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PWS continues to be 'Crisil D Issuer not cooperating'. PWS was set up in 2005 as a non-profit organisation under the Andhra Pradesh Societies Act, 2001, to build an 853flat residential complex for its members, at Gachibowli in Hyderabad. PRANAV FOUNDATIONS: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Pranav Foundations Private Limited (PFPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Bank 25 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with PFPL for obtaining information through letter and email dated May 21, 2026 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 PFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PFPL continues to be 'Crisil D Issuer not cooperating'. PFPL, promoted by Mrs. Sreelakshmi Ranganathan is into real-estate development in Chennai, Tamilnadu. The company also owns a 4 storied Banquet hall in Pursawalkam, Chennai. RAC PAPERS: CRISIL Lowers Rating on INR25cr Cash Loan to C ---------------------------------------------------------- Crisil Ratings has revised the ratings on bank facilities of RAC Papers Limited (RAC) to 'Crisil C Issuer not cooperating' from 'Crisil BB+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25 Crisil C (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Long Term Loan 0.5 Crisil C (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Rupee Term Loan 12.5 Crisil C (ISSUER NOT COOPERATING; Revised from 'Crisil BB+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with RAC for obtaining information through letter and email dated May 4, 2026 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 RAC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RAC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RAC revised to 'Crisil C Issuer not cooperating' from 'Crisil BB+/Stable Issuer not cooperating'. RAC (formerly. Nav Bharat Duplex Limited) was established in 1985, promoted by Mr Sanjay Mittal, Mr Ajay Kumar Mittal, Mr Kailash Chand Gupta, and Mr Manoj Gupta. The company manufactures kraft paper and newsprint at its facility in Hapur, Uttar Pradesh. RAMKA SILK: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ramka Silk House Private Limited (RSHPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Packing Credit 14.5 CRISIL D (Issuer Not Cooperating) Packing Credit 10.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RSHPL for obtaining information through letter and email dated May 21, 2026 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 RSHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RSHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RSHPL continues to be 'Crisil D Issuer not cooperating'. Established in 2002, RSHPL, promoted by Mr Sharad Rochlaney and Mr Kiran Rochlaney, manufactures and exports embroidered fabric and garments. The company procures fabric or yarn depending upon requirement, provides the designs, and gets the processing and embroidery done on a jobwork basis. RISHABH CONSTRUCTIONS: CARE Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rishabh Constructions Private Limited (RCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 56.24 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 Ltd. (CareEdge Ratings) had, vide its press release dated May 21, 2025, placed the rating(s) of RCPL under the 'issuer non-cooperating' category as RCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 6, 2026, April 16, 2026, April 26, 2026 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 Jaipur (Rajasthan) based RCPL was incorporated in November 1984 and is promoted by Mr. Mahendra Kumar Sethi and Mr. Madan Lal Sethi. RCPL is engaged in execution of civil construction contract works with major focus on construction of buildings, refurbishment/modification of buildings, hospitals, sophisticated & complex laboratories, water supply & sewage disposal and electrical engineering works. It is a 'SS' (highest in the scale of SS to E) class approved contractor from Military Engineer Services (MES) and 'AA' class approved contractor from Central Public Work Department (CPWD). The company also undertakes civil construction work for private clients. It also has a windmill in Jaisalmer with a total installed capacity of 1.25 Mega Watt (MW). SATRANG STEELS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Satrang Steels and Alloys Private Limited (SSAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; 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 May 28, 2025, placed the rating(s) of SSAPL under the 'issuer non-cooperating' category as SSAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 14, 2026, April 23, 2026, May 03, 2026 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 Jhansi (U.P.) based, Satrang Steels and Alloys Private Limited (SSAPL) was established in May, 2004 as a private limited company and is currently being managed by Mr. Mukesh Kumar Bansal and Mr. Puneet Bansal. The company is engaged in manufacturing of TMT bars and billets at its manufacturing facility located at Raisen, Madhya Pradesh. WAA SOLAR: CARE Lowers Rating on INR33.83cr LT Loan to B+ --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of WAA Solar Limited (WSL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 33.83 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB+; Stable Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 20 2025, placed the rating(s) of WSL under the 'issuer non-cooperating' category as WSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. WSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 5, 2026, April 15, 2026, April 25, 2026 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 WSL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in November 2009, Vadodara-based WSL (ISIN: INE799N01012) is a subsidiary of Madhav Power Private Limited, promoted by Mr. Ashok Khurana and Mr. Amit Khurana. The promoters of WSL were the erstwhile promoters of MSK Projects India Limited, which was subsequently taken over by the Welspun group (now known as Welspun Enterprises Limited). WSL had commissioned 10.25- MW (AC -10 MW) grid interactive solar PV power project at District Surendranagar, Gujarat, which was operational since January 2012. WSL signed a Power Purchase Agreement (PPA) for 25 years with GUVNL under the Gujarat Solar Policy 2009 framework for the sale of entire generated solar power. WSL has also commissioned a 0.10 MW grid interactive solar PV power project at Rajabhoj Airport, Bhopal, which was operational since July 2013. Apart from the above, WSL has sponsored Madhav group's various project specific SPVs in the road construction and solar power segments. ========= J A P A N ========= ZENTOSHIN CO: Gets Court Approval to Begin Bankruptcy Proceedings ----------------------------------------------------------------- The Japan Times reports that Zentoshin Co., Ltd. has received approval from Osaka District Court to start voluntary bankruptcy procedures, according to research firm Teikoku Databank. The company, based in the city of Osaka, had liabilities of about JPY125,929 million, making the case Japan's biggest bankruptcy of the year, Teikoku Databank said July 6. Set up in September 2006, Zentoshin provided a service that paid sales proceeds to credit card merchants before they received payments from credit card companies. It also contracted to sign up new credit card merchants. Its revenue shrank amid the COVID-19 pandemic, The Japan Times says. A Zentoshin employee was arrested in 2024 on suspicion of signing a merchant contract with a dining business using another person's name, and the company was also referred to prosecutors over the incident. Zentoshin decided to cease its operations after concerns surfaced about its creditworthiness, The Japan Times adds. Zentoshin Co., Ltd., provided advance payment services for credit card sales. ===================== N E W Z E A L A N D ===================== ALANMDR LIMITED: Grant Reynolds Appointed as Liquidator ------------------------------------------------------- Grant Reynolds of Reynolds & Associates on Jan. 25, 2026, was appointed as liquidator of Alanmdr Limited (formerly Rue De Seine Limited). The liquidator may be reached at: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany, Auckland 2163 ALI LIMITED: Creditors' Proofs of Debt Due on Aug. 7 ---------------------------------------------------- Creditors of ALI Limited are required to file their proofs of debt by Aug. 7, 2026, to be included in the company's dividend distribution. On June 26, 2026, Simon Dalton of Gerry Rea Partners was appointed liquidator of the company by the High Court at Auckland on the application of Bizcap NZ Limited. The company's liquidator is: Simon Dalton Gerry Rea Partners PO Box 3015 Auckland GROW NZ: Court to Hear Wind-Up Petition on July 16 -------------------------------------------------- A petition to wind up the operations of Grow NZ Business Limited will be heard before the High Court at Auckland on July 16, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 28, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 NATIONAL DISTILLERY: Goes Into Voluntary Liquidation ---------------------------------------------------- The Spirits Business reports that the National Distillery Company in New Zealand has gone into voluntary liquidation after owing more than NZD2.2 million (US$1.24 million) to creditors. The Napier-based spirits producer was placed into liquidation on June 15. Adam Botterill and Damien Grant, licensed insolvency practitioners, were appointed as joint liquidators for the business. National Distillery Company was founded by Blair Nicholl and Ricardo Reis in 2019. The distillery, located in the coastal suburb of Azuriri in Napier, produces gin, vodka, rum and whisky, as well as limited edition products such as a hot cross bun-flavoured vodka. The company has been impacted by Covid-19 lockdowns and recent weather events, which led to 'poor trading conditions in the Hawkes Bay area', The Spirits Business discloses citing the liquidators' first report to creditors and shareholders. According to The Spirits Business, the report noted that there are 18 creditors, who are owed a total of NZD2.24 million. National Distillery Company owes NZD731,000 (US$412,709) to ANZ Bank, NZD627,000 (US$354,478) to Inland Revenue, and NZD740,000 (US$418,326) to New Zealand Customs. It also owes NZD14,000 (US$7,900) in staff entitlements. The report also said the business was sold prior to liquidation and that the liquidators will review the sale, The Spirits Business relays. The liquidators are currently investigating National Distillery Company to determine whether any insolvent transactions have occurred or whether the business' officers have breached any laws. They aim to complete the preliminary investigation within one month. It is not yet known when the liquidation is expected to be completed. The Spirits Business has approached National Distillery Company for comment. QUANTIFUL LIMITED: Creditors' Proofs of Debt Due on July 24 ----------------------------------------------------------- Creditors of Quantiful Limited are required to file their proofs of debt by July 24, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 23, 2026. The company's liquidator is: Victoria Toon Corporate Restructuring Limited PO Box 10100 Dominion Road Auckland 1446 ROADING INDUSTRY: Court to Hear Wind-Up Petition on July 13 ----------------------------------------------------------- A petition to wind up the operations of Roading Industry Support Services Limited will be heard before the High Court at Hamilton on July 13, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 3, 2026. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton SAND SAFARIS: Headed for Liquidation After High Court Setback ------------------------------------------------------------- NZ Herald reports that Sand Safaris 2014 Ltd is facing imminent liquidation after a High Court setback over an unpaid tax debt totaling NZD926,843.20. As reported by NZ Herald, the Whangarei High Court rejected the Kaitaia-based company's application for more time to build a legal defense against the Inland Revenue Department (IRD). Associate Judge Grant Brittain ruled that the business failed to show evidence of financial viability or a credible defense, NZ Herald says. ================= S I N G A P O R E ================= FASHION RETAIL: Creditors' Proofs of Debt Due on Aug. 1 ------------------------------------------------------- Creditors of Fashion Retail Pte. Ltd. are required to file their proofs of debt by Aug. 1, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 22, 2026. The company's liquidator is: Mr. Farooq Ahmad Mann c/o Mann & Associates PAC 3 Shenton Way #03-06C Shenton House Singapore 068805 IGD SERVICES: Creditors' Proofs of Debt Due on Aug. 1 ----------------------------------------------------- Creditors of IGD Services (Singapore) Pte. Ltd. are required to file their proofs of debt by Aug. 1, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 26, 2026. The company's liquidator is: Liu Weikang c/o 9 Raffles Place #26-01 Republic Plaza Singapore 048619 MEP DECK: Court to Hear Wind-Up Petition on July 17 --------------------------------------------------- A petition to wind up the operations of MEP Deck Solutions Pte. Ltd. will be heard before the High Court of Singapore on July 17, 2026, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on June 23, 2026. The Petitioner's solicitors are: Withers Khattarwong LLP 18 Cross Street, #14-01 Singapore 048423 MEP SYSTEMS: Court to Hear Wind-Up Petition on July 17 ------------------------------------------------------ A petition to wind up the operations of MEP Systems Pte. Ltd. will be heard before the High Court of Singapore on July 17, 2026, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on June 23, 2026. The Petitioner's solicitors are: Withers Khattarwong LLP 18 Cross Street, #14-01 Singapore 048423 SUPERGREAT PTE: Creditors' Proofs of Debt Due on July 27 -------------------------------------------------------- Creditors of Supergreat Pte. Ltd. are required to file their proofs of debt by July 27, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 26, 2026. The company's liquidator is: Tham Chee Soon iCFO Advisors Pte Ltd c/o 10 Anson Road #33-15 International Plaza Singapore 079903 =============== X X X X X X X X =============== ZW DATA: BVI Unit Buys 8% Margo Asia Equity for Cash, Stock ----------------------------------------------------------- ZW Data Action Technologies Inc. announced in a regulatory filing that CNET Technology Limited, a wholly-owned subsidiary of the Company in the British Virgin Islands, entered into a purchase agreement with Affirm Mission Limited, a British Virgin Islands company, and Margo Asia Limited, a British Virgin Islands company, pursuant to which Affirm Mission will sell its 8.0% equity interests in Margo to CNET. In consideration for the Equity Interests, the Purchaser shall pay to the Seller $474,000 in cash and cause the Company to issue 180,000 shares of common stock of the Company, having a total value of $126,000 and valued at $0.70 per share, to the Seller. The closing of the acquisition is subject to customary terms and conditions as set forth in the Acquisition Agreement. A copy of the Acquisition Agreement is available at https://tinyurl.com/yc5ewc2r About ZW Data Action Technologies Beijing, China-based ZW Data Action Technologies Inc., established in 2003, is an ecological enterprise that provides digital services to sales and marketing channels through blockchain, big data, and precision marketing. ZW Data Action is committed to empowering SMEs to achieve more efficient and accurate operations and management, resulting in additional value for clients. Hong Kong, China-based ARK Pro CPA & Co, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has accumulated deficit from recurring net losses and significant net operating cash outflow for the year ended December 31, 2025. All these factors raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had US$9.46 million in total assets, US$5.09 million in total liabilities, and US$4.37 million in total stockholders' equity. ********* 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 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***