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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, July 14, 2026, Vol. 29, No. 139
Headlines
A U S T R A L I A
GOTERRA PTY: Enters Liquidation After Hopes of Sale Fall Through
HOTEL BANC: First Creditors' Meeting Set for July 16
KABI METAL: ASIC Disqualifies Director David Fanning For 5 Years
MININGCOMMSTEEL PTY: First Creditors' Meeting Set for July 16
OBSIDIAN METALS: First Creditors' Meeting Set for July 15
REEF VIEW: First Creditors' Meeting Set for July 16
ZEN ENERGY: First Creditors' Meeting Set for July 15
C H I N A
CHINA VANKE: Board Overhaul Cements Shenzhen State Control
CHINA VANKE: Expects First-Half Loss to Widen to Up to US$2.21BB
I N D I A
ADITYA KNITS: CRISIL Lowers Rating on INR23cr Cash Loan to B
AYSHWARYA SEA: Voluntary Liquidation Process Case Summary
DIGI CABLECOMM: Insolvency Resolution Process Case Summary
DILSUKHNAGAR EDUCATIONAL: CRISIL Cuts Rating on INR5cr Loan to B
E.S. KNIT: CRISIL Keeps C Debt Ratings in Not Cooperating
G M INFINITE: Insolvency Resolution Process Case Summary
HILL TRACK: CRISIL Moves B- Debt Ratings to Not Cooperating
HINDUSTAN ENTERPRISES: CRISIL Cuts Rating on INR20cr Loan to B
MAN MADE: CRISIL Lowers Rating on INR10cr Export Loan to B
MITTAPALLI SPINNERS: CRISIL Cuts Rating on INR10cr LT Loan to B
RAJGARIA TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating
RAMLAL DURGADUTT: CRISIL Lowers Rating on INR45cr e-DFS to B
RAVIRAJ ENTERPRISE: CRISIL Cuts Rating on INR9.99cr Loan to B
SAMADHAN KENDRA: CRISIL Keeps B Debt Rating in Not Cooperating
SB MOTOR: CRISIL Lowers Rating on INR11cr Cash Loan to B
SECURITY HI TECH: CRISIL Lowers Rating on INR24cr Cash Loan to B
SENATE LAB: CRISIL Reaffirms B+ Rating on INR49.73cr Loan
SETELIA LLP: CRISIL Lowers Rating on INR2cr Cash Loan to B
SHINING TOOLS: CRISIL Lowers Rating on INR3.7cr Cash Loan to B
STURDY INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
TRIDENT TEXOFAB: CRISIL Lowers Rating on INR13.25cr Loan to B
VISHAL AROGYA: CRISIL Lowers Rating on INR15.2cr Cash Loan to B
VISHWASRAO NAIK: CRISIL Assigns B Rating to INR100cr Cash Credit
VK AND SONS: CRISIL Lowers Rating on INR30cr Proposed Loan to B
M A L A Y S I A
GREENPRO CAPITAL: CEO Buys 65,591 Shares in $100K Private Offering
MMM GROUP: Bursa Rejects Regularisation Plan, May Face De-listing
N E W Z E A L A N D
ADVANCED SECURITY: Court to Hear Wind-Up Petition on Sept. 28
GLENDA SYSTEMS: Court to Hear Wind-Up Petition on July 28
HAWKINS CONSTRUCTION: Liquidation Nears End; Creditors Get Just 4%
KIWI CRUNCH: First Creditors' Meeting Set for July 16
ROCKIT ORCHARD: Creditors' Proofs of Debt Due on July 30
TELEVISION NEW ZEALAND: Sees NZD48.8MM in Net Losses Over Two Years
WBS HENDERSON: BDO Auckland Appointed as Receivers
S I N G A P O R E
ARENDAL SPIRIT: Creditors' Proofs of Debt Due on July 29
KIBBLES PTE: Court to Hear Wind-Up Petition on July 24
RH CAPITAL: Creditors' Proofs of Debt Due on Aug. 7
RW HIGASHI: Creditors' Proofs of Debt Due on Aug. 7
SINGAPORE TRADE: Creditors' Proofs of Debt Due on Aug. 7
S O U T H K O R E A
HOMEPLUS CO: Government Reviews Support for Workers
HOMEPLUS CO: Temporarily Closes Outlets Starting July 13
- - - - -
=================
A U S T R A L I A
=================
GOTERRA PTY: Enters Liquidation After Hopes of Sale Fall Through
----------------------------------------------------------------
SmartCompany reports that food waste processing startup Goterra
will be wound up and liquidated, after its administrators received
no viable proposals to preserve the growing but loss-making
business.
Teneo's Daniel Walley and Martin Ford will serve as liquidators,
SmartCompany discloses citing a notice published by the Australian
Securities and Investments Commission (ASIC) on July 9.
Goterra collapsed into voluntary administration in June, with a
company spokesperson saying the business exhausted its cash runway
while seeking the investment it needed to scale.
Messrs. Walley and Ford, who were earlier tapped as joint
administrators, further detailed the financial challenges facing
Goterra in a report prepared for creditors, SmartCompany says.
Goterra's insolvency appeared to be the result of "ongoing losses
that arose as the Company attempted to develop its waste technology
and build the business to scale," according to the report cited by
SmartCompany.
The business, which uses black soldier fly larvae to turn organic
waste into animal feed and fertiliser, grew its trading revenue in
recent years.
It recorded trading revenue of AUD365,000 in 2023-23, which
expanded to AUD1.43 million in the 11 months to May 31, 2026,
indicating continued sales growth.
Goterra also booked considerable R&D tax offsets, claiming AUD5.97
million in 2024-25, and a further AUD4.49 million through 2025-26.
But its operating expenses scaled even faster, growing from AUD7.71
million in 2023-23 to AUD17.43 million in 2024-25, SmartCompany
relays.
According to SmartCompany, the business incurred "significant"
losses in the four financial years reviewed by the administrators,
peaking at AUD11.74 million in 2024-25, with another AUD8.33
million operating loss in the 11 months to May 31, 2026.
Faced with those mounting losses, Goterra accessed funding from Get
Advanced against its R&D tax incentive claim.
It also explored a Series B raise to secure further capital.
The report said Goterra negotiated with a potential partner, who
would fund the business from July 2026, SmartCompany relates.
To carry it through to that investment, Goterra sought bridge
funding, contingent on a signed term sheet from the potential
partner.
But no term sheet materialised, meaning Goterra could not access
the bridge funding needed to sustain its operations.
SmartCompany relates that the administrators counted AUD11.2
million in creditor claims at the time of their appointment, with
some AUD9.8 million attributed to secured creditors, including AUD4
million to Get Advanced.
Messrs. Walley and Ford advertised the business for sale or
recapitalisation, and 22 parties investigated Goterra and its
operations, SmartCompany notes.
"No offers were received, [and] we were advised by interested
parties that this was primarily due to the significant funding
requirements of continuing the business," according to the report.
The administrators recommended to creditors that the business be
wound up and liquidated, given the absence of a buyout or
recapitalisation plan, SmartCompany adds.
Daniel Walley and Martin Ford of Teneo were appointed as
administrators of the company on June 3, 2026.
HOTEL BANC: First Creditors' Meeting Set for July 16
----------------------------------------------------
A first meeting of the creditors in the proceedings of Hotel Banc
Group Pty Ltd (trading as 'Observatory') and Pub Banc Group Pty Ltd
(trading as 'Cargo Bar Pizza Lounge', 'Franklin Wharf', 'Franklin
Wharf Function Centre', 'Franklin Wharf Restaurant & Bar', 'Jack
Greene', 'Post Street Social' and 'Republic Bar and Cafe') will be
held on July 16, 2026, at 1:00 p.m. at Merino Room at the Old
Woolstore Hotel, 1 Macquarie Street, in Hobart, TAS.
Adam Johnston of Apex Advisory Australia was appointed as
administrator of the company on July 6, 2026.
KABI METAL: ASIC Disqualifies Director David Fanning For 5 Years
----------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
disqualified Queensland director David Shane Fanning from managing
corporations for the maximum period of five years due to his
involvement in the failure of four companies.
Mr. Fanning was a director or officer of the following companies
that failed between 2020 and 2022:
* Kabi Metal Fabrication Pty Ltd ACN 160 074 359
* EZ Machinery Australia Pty Ltd ACN 164 493 216
* Xtract Engineering and Fabrication Pty Ltd ACN 165 053 985,
and
* EZ Machinery Global Pty Ltd ACN 642 620 219.
Kabi Metal Fabrication provided labour hire to EZ Machinery
Australia. Xtract Engineering manufactured and sold machinery and
EZ Machinery Australia and EZ Machinery Global sold this machinery
to customers.
ASIC found that Mr. Fanning:
* failed take all reasonable steps to ensure that EZ Machinery
Global and Xtract Engineering kept proper financial records
* failed to exercise due care and diligence to ensure that EZ
Machinery Global and Xtract Engineering met their statutory
lodgement obligations
* did not understand his obligations as a director, officer
and General Manager of companies
* failed to adequately discharge his obligations as a director
and officer, and
* misrepresented to ASIC his role in the companies.
The four companies failed owing a total of AUD6,045,185 to
unsecured creditors, including the ATO.
ASIC have granted Mr. Fanning permission to manage Hudson David Pty
Ltd ACN 139 413 817, trustee of the Fanning Superannuation Fund.
In disqualifying Mr. Fanning, ASIC relied on supplementary reports
lodged by the liquidators of Kabi Metal Fabrication, Jason Porter
of SV Partners, and the liquidator of Xtract Engineering, Steven
Gladman of Hall Chadwick. ASIC assisted the liquidators to prepare
reports by providing funding from the Assetless Administration
Fund.
Mr. Fanning is disqualified from managing corporations until 6 July
2031.
Mr. Fanning has the right to seek a review of ASIC's decision by
the Administrative Review Tribunal.
MININGCOMMSTEEL PTY: First Creditors' Meeting Set for July 16
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of
MiningCommSteel Pty Ltd will be held on July 16, 2026, at 10:00
a.m. via virtual meeting.
Kelly Dale Meyn and Dermott Joseph McVeigh of Avior Consulting were
appointed as administrators of the company on July 6, 2026.
OBSIDIAN METALS: First Creditors' Meeting Set for July 15
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Obsidian
Metals Group Pty Ltd will be held on July 15, 2026, at 10:30 a.m.
via virtual meeting.
Mervyn Jonathan Kitay of Worrells WA was appointed as administrator
of the company on July 3, 2026.
REEF VIEW: First Creditors' Meeting Set for July 16
---------------------------------------------------
A first meeting of the creditors in the proceedings of Reef View
Homes Pty Ltd will be held on July 16, 2026, at 10:30 a.m. via
virtual technology only.
Daniel Walley and Adam Colley of Teneo Financial Advisory were
appointed as administrators of the company on July 6, 2026.
ZEN ENERGY: First Creditors' Meeting Set for July 15
----------------------------------------------------
A first meeting of the creditors in the proceedings of:
- Zen Energy Pty Ltd;
- Zen Energy Finance Pty Ltd;
- Zen Energy Retail Pty Ltd;
- Zen Energy Derivatives Pty Ltd;
- Zen Energy Holdings Pty Ltd;
- Zen Energy Markets Pty Ltd;
- Zen Energy Environmental Pty Ltd;
- Sunshot Industries Pty Ltd;
- Zen Transport Fuels Pty Ltd;
- Zen Metals Pty Ltd;
- Zen Energy Retail Holdings Pty Ltd; and
- Zen Energy Wholesale Pty Ltd
will be held on July 15, 2026, at 2:30 p.m. via virtual facilities
only.
Robert Smith and Jason Preston of McGrathNicol were appointed as
administrators of the company on July 3, 2026.
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C H I N A
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CHINA VANKE: Board Overhaul Cements Shenzhen State Control
----------------------------------------------------------
Caixin Global reports that China Vanke Co. Ltd. has nominated a new
board entirely controlled by Shenzhen's state-owned sector, marking
the end of the embattled developer's long-standing
professional-manager system.
All six candidates for non-independent director seats on its next
board come from Shenzhen's government or state-owned enterprises,
according to a company filing July 10, Caixin relays. None are from
the developer's longtime professional-management team.
About China Vanke
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
Fitch Ratings, in May 2026, downgraded China Vanke Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
to 'RD' from 'CC', and affirmed the Long-Term IDR on China Vanke's
wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd
(Vanke HK) at 'CC'. Fitch has also affirmed Vanke HK's senior
unsecured rating and the rating on its outstanding senior notes at
'C', with a Recovery Rating of 'RR5'.
Moody's Ratings, on Dec. 30, 2025, downgraded the following ratings
of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke
Real Estate (Hong Kong) Company Limited -- (1) China Vanke's
corporate family rating (CFR) to Ca from Caa2; (2) Backed senior
unsecured rating on the medium-term note (MTN) program of Vanke
Real Estate to (P)C from (P)Caa3; and (3) Backed senior unsecured
rating on the bonds issued by Vanke Real Estate to C from Caa3.
Moody's have also maintained the negative outlooks of the
entities.
S&P Global Ratings, on Dec. 23, 2025, lowered its long-term issuer
credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P
affirmed its 'CCC-' long-term issuer credit rating on its
subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and
its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured
notes. At the same time, S&P removed the ratings from CreditWatch,
where they were placed with negative implications on Nov. 27, 2025.
CHINA VANKE: Expects First-Half Loss to Widen to Up to US$2.21BB
----------------------------------------------------------------
Megan Cheah at Dow Jones Newswires reports that China Vanke expects
its net loss for the six months to widen, weighed by a weak
real-estate market.
According to Dow Jones, the property developer said July 10 that
its first-half loss is expected at between CNY12.0 billion to
CN15.0 billion, equivalent to $1.77 billion to $2.21 billion. Its
loss for the corresponding period a year earlier was CNY11.95
billion.
Vanke attributed the loss to a significant decline in the scale of
settlements for real-estate development projects, which kept its
gross profit margins low. It also made additional provisions for
asset impairment after taking into account "changes in the
industry, market and business environment," Vanke said.
"At present, there is no sign of substantial improvement in the
operating metrics of the company, and its debts and liquidity are
still under pressure," the developer said.
Dow Jones relates that the company completed delivery of around
23,000 housing units on schedule in the first half, said Vanke. It
also obtained bondholders' consent to extend the maturity of 10
publicly issued bonds.
Looking ahead, Vanke said it aims to focus on key cities and its
core businesses while withdrawing investments in noncore
businesses. It also aims to optimize its corporate governance
system, improve efficiency and reduce costs, adds Dow Jones.
About China Vanke
China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.
Fitch Ratings, in May 2026, downgraded China Vanke Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
to 'RD' from 'CC', and affirmed the Long-Term IDR on China Vanke's
wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd
(Vanke HK) at 'CC'. Fitch has also affirmed Vanke HK's senior
unsecured rating and the rating on its outstanding senior notes at
'C', with a Recovery Rating of 'RR5'.
Moody's Ratings, on Dec. 30, 2025, downgraded the following ratings
of China Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke
Real Estate (Hong Kong) Company Limited -- (1) China Vanke's
corporate family rating (CFR) to Ca from Caa2; (2) Backed senior
unsecured rating on the medium-term note (MTN) program of Vanke
Real Estate to (P)C from (P)Caa3; and (3) Backed senior unsecured
rating on the bonds issued by Vanke Real Estate to C from Caa3.
Moody's have also maintained the negative outlooks of the
entities.
S&P Global Ratings, on Dec. 23, 2025, lowered its long-term issuer
credit rating on China Vanke Co. Ltd. to 'SD' from 'CCC-'. S&P
affirmed its 'CCC-' long-term issuer credit rating on its
subsidiary Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) and
its 'CCC-' long-term issue ratings on Vanke HK's senior unsecured
notes. At the same time, S&P removed the ratings from CreditWatch,
where they were placed with negative implications on Nov. 27, 2025.
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I N D I A
=========
ADITYA KNITS: CRISIL Lowers Rating on INR23cr Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Aditya Knits Private Limited (AKPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 23 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BB/Stable')
Overdraft Facility 3 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BB/Stable')
Working Capital 14 Crisil B/Stable (ISSUER NOT
Term Loan COOPERATING; Migrated from
'Crisil BB/Stable')
Crisil Ratings has been consistently following up with AKPL for
obtaining NDS through letters/emails dated April 30, 2026, May 29,
2026 and June 30, 2026 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, Crisil also sent a letter dated June 25, 2026
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of AKPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from AKPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
Crisil Ratings believes that rating action on AKPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of AKPL
migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil
BB/Stable'.
AKPL was incorporated in 1997, it is located in Ludhiana, Punjab.
AKPL is engaged in the manufacturing of various types of fabrics
with installed capacity of aroud 20TPD. AKPL is owned & managed by
Mr. Vikram Jain, Ms. Rupali Jain and Mr. Aditya Jain.
AYSHWARYA SEA: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Ayshwarya Sea Food LLP
4/364, Anna Salai,
Palavakkam, Chennai,
Tamil Nadu, India, 600041
Liquidation Commencement Date: June 29, 2026
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Chandrasekhar Sagutoor
F4 & F5, 1st Floor,
SVP Salma Arcade Complex,
No. 333, Kodambakkam Main Road,
Trust Puram, Kodambakkam,
Chennai - 600024, Tamil Nadu
Tel: 9500159376
Email: liquidatorasfl1p@gmail.com
Last date for
submission of claims: July 29, 2026
DIGI CABLECOMM: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Digi Cablecomm Services Private Limited
Unit No. 41A/44,
Legacy Building, 4th Floor,
25A, Shakespeare Sarani,
Kolkata - 700017,
West Bengal, India
Insolvency Commencement Date: June 25, 2026
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: December 26, 2026
Insolvency professional: Hansraj Jaria
Interim Resolution
Professional: Hansraj Jaria
36, Abinash Sashmal Lane,
Beleghata, Phoolbagan,
Near Pawanputra Hotel,
Kolkata - 700010, West Bengal
Email: hansrajjaria@gmail.com
digicablecomm.cirp@gmail.com
Last date for
submission of claims: July 13, 2026
DILSUKHNAGAR EDUCATIONAL: CRISIL Cuts Rating on INR5cr Loan to B
----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Dilsukhnagar Educational Society (DES), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 5 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BB-/Stable')
Term Loan 11.12 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BB-/Stable')
Term Loan 8 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BB-/Stable')
Term Loan 21.2 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BB-/Stable')
Term Loan 7.86 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BB-/Stable')
Term Loan 1.82 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BB-/Stable')
Crisil Ratings has been consistently following up with DES for
obtaining information through letter and email dated June 9, 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 DES, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DES
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the rating on
bank facilities of DES to 'Crisil B/Stable Issuer not cooperating'
from 'Crisil BB-/Stable'.
Set in 1985, DES operates five schools under the name, Dilsukhnagar
Public School, at Dilsukhnagar, RK Puram, Vanasthalipuram,
Karmanghat and Badangpet in Hyderabad. It is currently setting up
two more branches, one at Hayathnagar and the other at
Ibrahimpatnam. Mr Ayyalapu Venkata Narayan., is the chairman of the
society.
E.S. KNIT: CRISIL Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of E.S. Knit
Wear (ESKW) continue to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 1.25 CRISIL C (Issuer Not
Discounting Cooperating)
Packing Credit 3.25 CRISIL A4 (Issuer Not
Cooperating)
Term Loan 0.40 CRISIL C (Issuer Not
Cooperating)
Working Capital 1.1 CRISIL C (Issuer Not
Facility Cooperating)
Crisil Ratings has been consistently following up with ESKW 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 ESKW, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ESKW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ESKW continues to be 'Crisil C/Crisil A4 Issuer not cooperating'.
Incorporated in 1985 as a proprietorship firm by Mr. Easwaran. The
firm is engaged in manufacturing of readymade garments.
G M INFINITE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: G M Infinite Dwelling (India) Private Limited
G.M. Pearl, No. 06,
B.T.M. Layout, 1st Stage,
1st Phase, Bangalore,
Karnataka - 560068, India
Insolvency Commencement Date: July 30, 2024
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: December 21, 2026
Insolvency professional: Maligi Madhusudhana Reddy
Interim Resolution
Professional: Maligi Madhusudhana Reddy
M M R Lion Corp., 4th Floor,
HSR Eden, Road No. 2,
Banjara Hills, Hyderabad
500034, Telangana
Tel: 040-23418836/09848271555
Email: mmreddyandco@gmail.com
cirp.gminfinite@gmail.com
Classes of creditors: Allottees under a Real Estate
Project
Authorized representative
of creditors in a class: 1. Madhava Reddy
2. Chinna Gurappa
3. Machar Rao Meenavalli
Last date for
submission of claims: July 11, 2026
HILL TRACK: CRISIL Moves B- Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Hill Track Constructions Private Limited (HITCPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Overdraft Facility 2.3 Crisil B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Overdraft Facility 6 Crisil B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Overdraft Facility 4 Crisil B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Overdraft Facility 3.5 Crisil B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Overdraft Facility 4.7 Crisil B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Crisil Ratings has been consistently following up with HITCPL for
obtaining NDS through letters/emails dated April 30, 2026, May 29,
2026 and June 30, 2026 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated June 25, 2026
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of HITCPL to confirm timely debt servicing
during these months, but awaits any feedback.
'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 NDSs from HITCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
Crisil Ratings believes that rating action on HITCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of HITCPL
migrated to 'Crisil B-/Stable Issuer not cooperating'.
HITCPL, established in June 2001 at Wayanad (Kerala) and promoted
by Mr P A Devasia, undertakes contracts for civil construction work
for buildings such as hostels, colleges, shopping malls, and
offices.
HINDUSTAN ENTERPRISES: CRISIL Cuts Rating on INR20cr Loan to B
--------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Hindustan Enterprises (HE), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 20 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BB+/Stable')
Crisil Ratings has been consistently following up with HE for
obtaining NDS through letters/emails dated April 30, 2026, May 29,
2026 and June 30, 2026 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated June 25, 2026
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of HE to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from HE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
Crisil Ratings believes that rating action on HE is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of HE migrated to
'Crisil B/Stable Issuer not cooperating' from 'Crisil BB+/Stable'.
Set up in 2006 in Visakhapatnam, HE trades in pulses. Operations of
the firm are managed by the proprietor, Mr Puvvada Sesha Masthan
Rao.
MAN MADE: CRISIL Lowers Rating on INR10cr Export Loan to B
----------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Man Made (MM), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 10 Crisil B/Stable (ISSUER NOT
Credit COOPERATING; Migrated from
'Crisil BB-/Stable')
Crisil Ratings has been consistently following up with MM for
obtaining NDS through letters/emails dated April 30, 2026, May 29,
2026 and June 30, 2026 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated June 25, 2026
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of MM to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from MM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
Crisil Ratings believes that rating action on MM is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of MM migrated to
'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'.
MM, established as a partnership firm in 2003, manufactures carpets
and rugs at Jaipur and Varanasi. All the carpets are handmade by
local villagers spread across India. Around 90-95% of the revenue
comes from the export segment, majorly the USA.
MITTAPALLI SPINNERS: CRISIL Cuts Rating on INR10cr LT Loan to B
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Mittapalli Spinners Private Limited (MSPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BB+/Stable')
Long Term Loan 10 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BB+/Stable')
Long Term Loan 5.32 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BB+/Stable')
Long Term Loan 2.68 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BB+/Stable')
Crisil Ratings has been consistently following up with MSPL for
obtaining information through letter and email dated June 9, 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 MSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MSPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the rating on
bank facilities of MSPL to 'Crisil B/Stable Issuer not cooperating'
from 'Crisil BB+/Stable'.
Incorporated in 2010, MSPL manufactures and processes all types of
cotton yarn, such as combed and carded cotton yarn. Its
manufacturing facility is in Narasaraopet, Andhra Pradesh. The
company is promoted by Mr M V Koteshwara Rao and his family
members.
RAJGARIA TIMBER: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rajgaria
Timber Private Limited (RTPL; part of Rajgaria Group) continue to
be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with RTPL 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 RTPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Set up as a partnership firm by Kolkata-based Mr Pawan Rajgaria and
family, the firm was reconstituted as a private-limited company in
2000. Following a division in the Rajgaria family in 2004, Mr Pawan
Kumar Rajgaria acquired a controlling stake in RTPL. The company
sells sawed timber.
RAMLAL DURGADUTT: CRISIL Lowers Rating on INR45cr e-DFS to B
------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Ramlal Durgadutt Motors Private Limited (RDMPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BBB+/Stable')
Electronic Dealer 45 Crisil B/Stable( Issuer Not
Financing Scheme COOPERATING; Migrated from
(e-DFS) 'Crisil BBB+/Stable')
Electronic Dealer 18.85 Crisil B/Stable( Issuer Not
Financing Scheme COOPERATING; Migrated from
(e-DFS) 'Crisil BBB+/Stable')
Electronic Dealer 19.5 Crisil B/Stable( Issuer Not
Financing Scheme COOPERATING; Migrated from
(e-DFS) 'Crisil BBB+/Stable')
Electronic Dealer 11.65 Crisil B/Stable( Issuer Not
Financing Scheme COOPERATING; Migrated from
(e-DFS) 'Crisil BBB+/Stable')
Crisil Ratings has been consistently following up with RDMPL for
obtaining NDS through letters/emails dated April 30, 2026, May 29,
2026 and June 30, 2026 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated June 25, 2026
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of RDMPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from RDMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
Crisil Ratings believes that rating action on RDMPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of RDMPL
migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil
BBB+/Stable'.
Incorporated in 2007, RDMPL is an authorised dealer of passenger
and commercial vehicles of MSIL in Assam. It has around 30
showrooms and workshops. The company is promoted by Mr Vishal
Agarwal and his family members.
RAVIRAJ ENTERPRISE: CRISIL Cuts Rating on INR9.99cr Loan to B
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Raviraj Enterprise-Rajkot (RER), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9.99 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil B+/Stable')
Proposed Long Term 5.01 Crisil B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Migrated from
'Crisil B+/Stable')
Crisil Ratings has been consistently following up with RER for
obtaining information through letter and email dated June 9, 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 RER, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RER
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the rating on
bank facilities of RER to 'Crisil B/Stable Issuer not cooperating'
from 'Crisil B+/Stable'.
Rajkot (Gujarat)-based RER was established as a partnership firm in
2009. RER undertakes civil construction works such as construction
of roads, buildings, bridges and infrastructure projects. The firm
is owned and managed by Mr Jayendrasinh Kiritsinh Vala and Mr
Jitendrasinh Ramsinh Solanki.
SAMADHAN KENDRA: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Samadhan
Kendra (Samadhan) continues to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 2 Crisil B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING;
Crisil Ratings has been consistently following up with Samadhan for
obtaining information through letter and email dated May 26, 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 Samadhan, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Samadhan is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of Samadhan continues to be 'Crisil B/Stable Issuer not
cooperating'.
Samadhan Kendra was started in 2004 by Mr Subhash Kumar along with
a few other likeminded youngsters in the area. Initially the focus
was on Raghopur Diyar (a community development block in Vaishali
district). The people based in these areas were very poor; due to
water logging, they had no other option apart from traditional
agriculture practice and dairy for livelihood. Today, Samadhan
Kendra operates in all 16 blocks of Vaishali district. The society
prioritised rural and unreached areas for managing microcredit,
health, and sanitation projects, where target beneficiaries are
from schedule caste and other lower backward castes. The target
groups include women, adolescents, and youth.
SB MOTOR: CRISIL Lowers Rating on INR11cr Cash Loan to B
--------------------------------------------------------
Crisil Ratings has migrated the rating on bank facilities of SB
Motor Corp (SBMC) to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BB-/Stable')
Crisil Ratings has been consistently following up with SBMC for
obtaining information through letter and email dated June 9, 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 SBMC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SBMC
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the rating on
bank facilities of SBMC to 'Crisil B/Stable Issuer not cooperating'
from 'Crisil BB-/Stable'.
SBMC was incorporated in 1998 as a partnership firm. It is an
authorised dealer for passenger cars of MSIL. Operations of the
firm, based in Rajahmundry, AP, are managed by Mr M Ram Kumar and
his family members.
SECURITY HI TECH: CRISIL Lowers Rating on INR24cr Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Security Hi Tech Graphics Private Limited (SHTGPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 24 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BB+/Stable')
Term Loan 3 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil BB+/Stable')
Crisil Ratings has been consistently following up with SHTGPL for
obtaining NDS through letters/emails dated April 30, 2026, May 29,
2026 and June 30, 2026 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated June 25, 2026
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of SHTGPL to confirm timely debt servicing
during these months, but awaits any feedback.
'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 NDSs from SHTGPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
Crisil Ratings believes that rating action on SHTGPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SHTGPL
migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil
BB+/Stable'.
SENATE LAB: CRISIL Reaffirms B+ Rating on INR49.73cr Loan
---------------------------------------------------------
Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the
long-term bank facilities of Senate Laboratories Ltd (SLL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.73 Crisil B+/Stable (Reaffirmed)
Cash Credit 4.27 Crisil B+/Stable (Reaffirmed)
Term Loan 49.73 Crisil B+/Stable (Reaffirmed)
The rating reflects leveraged capital structure due to debt funded
project and exposure to risks related to the ongoing project. These
rating weaknesses are partly offset by the extensive experience of
the promoters in the pharmaceutical formulations industry.
Analytical Approach
Crisil Ratings has evaluated the standalone business and financial
risk profiles of SLL
Key Rating Drivers - Weaknesses
* Exposure to risks related to the ongoing project: SLL is setting
up plant for manufacturing of pharmaceuticals products such
tablets, injections, syrup and others. Although the promoters have
relevant experience in the pharmaceutical business, timely
approvals for new plant and its production may pose demand risk.
With operations partly commencing from August 2026, timely
completion of the project, with no cost overrun, remains key
monitorable.
* Expected leveraged capital structure: The project is being funded
via debt of INR49.7 crores, leading to a debt-to-equity ratio of 3
times. The capital structure could remain leveraged over the medium
term, till the company generates substantial accretion to reserves
to improve networth.
Key Rating Drivers - Strengths
* Extensive experience of the promoters: The three-decade-long
experience of the promoters in the pharmaceuticals industry,
through a related entity. Longstanding presence of the promoters,
their healthy relationships with suppliers and customers, and
established network will aid in ramp up of operations.
Liquidity Stretched
Expected cash accrual should suffice to cover the upcoming debt
obligations, post commencement of operations since there is a long
moratorium period, aiding liquidity. The promoters too are likely
to extend need-based support in case of any exigency. CC limit of 9
crore has also been sanctioned to meet working capital
requirements.
Outlook Stable
Crisil Rating believes that SLL will benefit from the extensive
experience of its promoters in the pharmaceutical formulations
industry over the medium term.
Rating sensitivity factors
Upward factors:
* Timely completion of project milestones with no cost overrun,
ensuring commencement of operations as per schedule
* Ramp up of scale of operations, leading to net cash accrual
greater than INR2 crore
Downward factors:
* Significant delay in completion of the project or any major cost
overruns
* Lower than expected offtake or profitability impacting cash
accrual lower than INR1.5 crore
* Substantial increase in working capital requirement, post
commencement of operations, weakening the financial risk profile
and liquidity
SLL was incorporated in December 2022, by the promoters, Mr.
Surender Pundir, Mr. Prashant Pundir, Mr. Nishant Pundir and their
family members. The company is setting up a plant in Roorkee,
Uttarakhand, for manufacturing products such tablets, injections,
syrups, ointments, injectables, etc.
SETELIA LLP: CRISIL Lowers Rating on INR2cr Cash Loan to B
----------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Setelia LLP, as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil B+/Stable')
Proposed Fund- 3 Crisil B/Stable (ISSUER NOT
Based Bank Limits COOPERATING; Migrated from
'Crisil B+/Stable')
Crisil Ratings has been consistently following up with Setelia LLP
for obtaining NDS through letters/emails dated April 30, 2026, May
29, 2026 and June 30, 2026 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated June 25, 2026
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of Setelia LLP to confirm timely debt servicing
during these months, but awaits any feedback.
'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 NDSs from Setelia LLP, which restricts
Crisil Ratings' ability to take a forward looking view on the
entity's credit quality. Further, non-sharing of NDS by issuers may
reflect operational issues faced by issuers in some cases. On the
other hand, it may be a beginning of a general non-cooperation and
may extend to non-submission of other information.
Crisil Ratings believes that rating action on Setelia LLP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of
Setelia LLP migrated to 'Crisil B/Stable Issuer not cooperating'
from 'Crisil B+/Stable'.
Setelia LLP is engaged in civil works mainly construction of over
head service reservoir, pipeline networks, HDD, road tarring and
underground utilities.
SHINING TOOLS: CRISIL Lowers Rating on INR3.7cr Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shining Tools
Limited (STL) continues to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.7 Crisil B/Stable (Issuer Not
Cooperating)
Proposed Long Term 4.3 Crisil B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with STL 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 STL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on STL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
STL continues to be 'Crisil B/Stable Issuer not cooperating'.
STL was incorporated in 2013, is engaged in manufacturing of solid
carbide cutting tool solutions for end mill, drill, reamer and its
re-conditioning services under its brand 'Tixna'. STL is owned &
managed by Laljibhai Ghoniya and family.
STURDY INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sturdy
Industries Limited (SIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with SIL 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 SIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Established in 1995, SIL, promoted by Mr. Ramesh Guptamanufactures
polyvinyl chloride pipes and irrigation systems, aluminium
composite panels, and aluminium cables and conductors, and trades
in aluminium products. The company also has a plant for
manufacturing asbestos cement roofing sheets.
TRIDENT TEXOFAB: CRISIL Lowers Rating on INR13.25cr Loan to B
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Trident Texofab Limited (TTL) to 'Crisil B/Stable'
from 'Crisil B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13.25 Crisil B/Stable (Downgraded
from 'Crisil B+/Stable')
Long Term Loan 3.25 Crisil B/Stable (Downgraded
from 'Crisil B+/Stable')
Proposed Fund-
Based Bank Limits 0.44 Crisil B/Stable (Downgraded
from 'Crisil B+/Stable')
Working Capital
Term Loan 0.64 Crisil B/Stable (Downgraded
from 'Crisil B+/Stable')
Working Capital
Term Loan 2.42 Crisil B/Stable (Downgraded
from 'Crisil B+/Stable')
The downgrade factors in the continued stretch in the liquidity
profile. Overall, net cash accrual remained at INR2.3 crore as on
March 31, 2026, which was insufficient against debt obligation of
INR3 crore. However, the gap was met through available bank lines
and unsecured loans of INR10 crore. The working capital cycle
remained stretched, with gross current assets (GCAs) at 277 days,
driven by high receivables and moderate inventory of 150 days and
67 days, respectively, as on March 31, 2026. This led to high bank
limit utilisation of 87% on average for the 12 months through May
2026, with full utilisation observed in several months. Improvement
in financial flexibility and the liquidity profile will be a key
rating sensitivity factor.
The rating reflects exposure to intense competition, susceptibility
to volatility in raw material prices and large working capital
requirement. These weaknesses are partially offset by the extensive
experience of the promoters in the textile industry and the average
financial risk profile of the company.
Analytical Approach
Crisil Ratings has considered the standalone business and financial
risk profiles of TTL.
Unsecured loan of INR10 crore, as on March 31, 2026, from the
promoters has been treated as 100% debt as there have been
withdrawals in the past. However, the loan will remain in the
business to support liquidity.
Key Rating Drivers - Weaknesses
* Exposure to intense competition and susceptibility to volatility
in raw material prices: The textile industry is highly fragmented
due to low entry barriers on account of limited capital and
technology requirements and low differentiation in products.
Moreover, revenue and profitability are susceptible to fluctuations
in the prices of key raw materials (cotton and yarn), as raw
material cost accounts for 85-90% of the total cost. However, with
revival in demand and cost savings driven by investment in
renewable sources of power, the operating margin is expected to be
4.5-5% over the medium term. Any adverse fluctuation in
profitability will be monitorable.
* Large working capital requirement: Operations remain working
capital intensive with GCAs at 277 days on account of high debtors
and moderate inventory. Receivables were high at 150 days due to
slow realisations from customers impacted by the West Asia crisis.
GCAs are expected to remain high at 270-278 days.
Key Rating Drivers - Strengths
* Extensive experience of the promoters: The promoters have more
than two decades of experience in the textile weaving, knitting and
processing industry. Their strong understanding of market dynamics
and healthy relationships with suppliers and customers will support
the business. Revenue was INR118 crore as on March 31, 2026, and is
expected to grow at 4–5% over the medium term, which will be
monitorable.
* Moderate financial risk profile: The financial risk profile is
moderate, as reflected in total outstanding liabilities to tangible
networth (TOLTNW) ratio of 1 time and gearing of 0.6 time as on
March 31, 2026. Debt protection metrics are adequate, with interest
coverage and net cash accrual to adjusted debt ratios estimated at
1.51 times and 0.07 time, respectively, in fiscal 2026. The
company's networth improved to INR55 crore in fiscal 2026,
supported by equity infusion through conversion of share warrants
to equity. In the absence of any major debt-funded capital
expenditure (capex), the financial risk profile is expected to
remain moderate.
Liquidity Stretched
Bank limit utilisation was high at 87% for the 12 months through
May 2026, with several months reporting full utilisation. Cash
accrual remained insufficient against term debt obligation, with
net cash accrual to debt obligation ratio at 0.77 time in fiscal
2026. Net cash accrual is expected to tightly match the debt
obligation in fiscal 2027. The gap is expected to be serviced
through unsecured loans of INR10 crore as of June 2026 and
utilisation of working capital limits. Improvement in overall
liquidity remains a key rating sensitivity factor. The current
ratio was healthy at 2 times as on March 31, 2026.
Outlook Stable
Crisil Ratings believes TTL will continue to benefit from the
extensive experience of the promoters. Timely, need-based funding
support from the promoters is likely to continue.
Rating sensitivity factors
Upward factors
* Steady revenue growth and operating margin sustaining above 5%,
leading to better-than-expected cash accrual of more than INR3
crore
* Improvement in the working capital cycle and sustenance of
moderate financial risk profile
Downward factors
* Decline in revenue or profitability resulting in net cash accrual
below INR2.3 crore
* Further stretch in the working capital cycle, with GCAs crossing
300 days with continued full utilisation of bank limits
* Large, debt-funded capex impacting the financial risk profile
Incorporated in 2008, TTL manufactures and trades in textile
fabrics used in home furnishing products and clothing. Its facility
in Surat, Gujarat, has installed capacity of 20-25 lakh metre of
fabric per month. The company was listed on the small and medium
enterprises platform of the Bombay Stock Exchange in 2017. Hardik
Desai and Chetan Jariwala own and manage the business.
VISHAL AROGYA: CRISIL Lowers Rating on INR15.2cr Cash Loan to B
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Vishal Arogya Sampat Private Limited (VASPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15.2 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil B+/Stable')
Cash Credit 14 Crisil B/Stable (ISSUER NOT
COOPERATING; Migrated from
'Crisil B+/Stable')
Working Capital 8 Crisil B/Stable (ISSUER NOT
Term Loan COOPERATING; Migrated from
'Crisil B+/Stable')
Working Capital 6.5 Crisil B/Stable (ISSUER NOT
Term Loan COOPERATING; Migrated from
'Crisil B+/Stable')
Working Capital 14.8 Crisil B/Stable (ISSUER NOT
Term Loan COOPERATING; Migrated from
'Crisil B+/Stable')
Crisil Ratings has been consistently following up with VASPL for
obtaining NDS through letters/emails dated April 30, 2026, May 29,
2026 and June 30, 2026 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, Crisil also sent a letter dated June 25, 2026
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of VASPL to confirm timely debt servicing during
these months, but awaits any feedback.
'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 NDSs from VASPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
Crisil Ratings believes that rating action on VASPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of VASPL
migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil
B+/Stable'.
Set up as a partnership, Vishal Arogya Sampat, in 2010, the firm
was reconstituted as a private limited company with the current
name in 2018. Based in Hyderabad, VASPL is the sole distributor of
ayurvedic medicines and a few food products of PAL, and the sole
distributor of ayurvedic medicines of DP in Telangana. The company
is also a distributor of Veeba and Relaxo Footwear. The promoter,
Mr G Sridhar Rao, manages the operations.
VISHWASRAO NAIK: CRISIL Assigns B Rating to INR100cr Cash Credit
----------------------------------------------------------------
Crisil Ratings has assigned its 'Crisil B/Stable' rating to the
long-term bank facility of Vishwasrao Naik Sahakari Sakhar Karkhana
Ltd (VNSSKL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Sugar Pledge
Cash Credit 100 Crisil B/Stable (Assigned)
The rating reflects susceptibility to price volatility and
cyclicality in the sugar business, leveraged capital structure and
subdued debt protection metrics, and working capital-intensive
operations. These weaknesses are partially offset by the
established market position of the society backed by longstanding
presence and healthy relationships with member farmers and moderate
revenue and integrated operations.
Analytical approach
Crisil Ratings has evaluated the standalone business and financial
risk profiles of VNSSKL.
Key rating drivers - Weaknesses
* Susceptibility to price volatility and cyclicality in the sugar
business: Cane production is highly dependent on monsoon and higher
realisation in alternative crops, such as rice and wheat, may
prompt farmers to switch to sowing other crops. Also, the
availability is restricted to the command area allocated to each
company. In India, alternative sweeteners to sugar are gur and
khandsari. Lower sugarcane yield and increase in the sale of
sugarcane to gur and khandsari manufacturers may lead to a decrease
in sugar production. Furthermore, sugarcane, sugar and other
by-products manufactured by society remain extremely vulnerable to
government regulations and fluctuations in commodity prices, which
may impact the revenue and profitability.
* Leveraged capital structure and subdued debt protection metrics:
Financial risk profile is constrained by low profit and weak debt
protection metrics. Interest coverage ratio has remained weak at
1.38–1.42 times in the last three fiscals through March 2025 and
estimated at a similar range in fiscal 2026 while net cash accrual
to total debt ratio was 0.02–0.03 time in the three fiscals
through March 2025 and estimated at a similar range in fiscal 2026.
Debt is high owing to debt-funded capital expenditure (capex) and
because of sugar-pledged loans, modernisation and other related
loans availed of by society.
Being a co-operative society, the profit is distributed to farmer
members via incremental sugarcane procurement prices or various
subsidies. Hence, profitability remains suppressed and accretion to
reserve is also limited, which constrains the financial risk
profile.
* Working capital-intensive operations: Gross current assets (GCAs)
were sizeable at 262–360 days over the three fiscals through
2025. Operations are working capital intensive, as reflected in
estimated GCAs of 227 days as on March 31, 2026, driven by
inventory of 170 days. Inventory remains large owing to crop
seasonality (harvested in October and sold through April to
November). Operations will remain working capital intensive over
the medium term.
Key rating drivers - Strengths
* Established market position backed by longstanding presence and
healthy relationships with member farmers: The society has a track
record of over five decades in the sugar industry and has an
established presence in its area of operation. Its well-established
presence and association with several member farmers from nearby
villages ensures regular supply of sugarcane. The board of
representatives consists of directors elected by member farmers and
other directors are nominated by various regulatory and industry
bodies. The board is supported by a qualified management team. Long
operational vintage and established presence support the business.
* Moderate revenue and integrated operations: The society has
crushing capacity of 5,000 tonne of cane per day (TCD) which has
been increased to 7,000 tonne of cane per day (TCD) effective from
sugar season (SS) 2027. VNSSKL has a 22-megawatt (MW) cogeneration
plant and has expanded its distillery to 105 kilolitre per day
(KLPD) from 60 KLPD for SS 2026. The society regularly crushes
4.3–6.0 lakh metric tonne (MT) of sugar cane. Thus, its
operations are integrated in nature. The scale of operations has
remained at INR323–401 crore in the three fiscals through March
2025 and is estimated at around INR352 crore in fiscal 2026.
Society benefits from steadily growing sugar realisation and
remunerative, and the ramping up of ethanol sales should support
the operating performance over the medium term.
Liquidity Stretched
Annual cash accrual, expected to be INR14–20 crore, will be
insufficient to meet yearly debt obligations of INR40–42 crore
over the medium term. Bank limit utilisation was 78% on average for
the 12 months through March 2026. The current ratio was low at 0.76
time as on March 31, 2025.
Outlook Stable
VNSSKL will continue to benefit from the extensive experience of
its management and established relationships with customers and
suppliers.
Rating sensitivity factors
Upward factors
* Increase in operating revenue and sustenance of the operating
margin leading to net cash accrual of more than INR25 crore
* Improvement in the financial risk profile and liquidity
Downward factors
* Decline in revenue or operating profitability leading to net cash
accrual of less than INR10 crore
* Further stretch in the working capital cycle or large,
debt-funded capex weakening liquidity and financial risk profile
About the society
VNSSKL, set up in 1972-73 by Vishwasrao Naik as a co-operative
sugar mill in the Shirala taluka of Sangli district, Maharashtra,
is currently chaired by Mansingh Rao Naik. Its mill has sugarcane
crushing capacity of 5,000 TCD increased to 7,000 TCD recently,
distillery with capacity 105 KLPD (expanded from 60 KLPD), and a
22-kilowatt cogeneration plant.
VNSSKL is headed by Mansingh Rao Naik (Chairman) and Amol Ashokrao
Patil (Managing Director).
VK AND SONS: CRISIL Lowers Rating on INR30cr Proposed Loan to B
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of VK and Sons Buildwell Private Limited (VKSBPL; part of the VKS
Developers group), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 30 Crisil B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Migrated from
'Crisil BB/Stable')
Crisil Ratings has been consistently following up with VKSBPL for
obtaining NDS through letters/emails dated April 30, 2026, May 29,
2026 and June 30, 2026 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, we also sent a letter dated June 25, 2026
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of VKSBPL to confirm timely debt servicing
during these months, but awaits any feedback.
'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 NDSs from VKSBPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.
Crisil Ratings believes that rating action on VKSBPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of VKSBPL
migrated to 'Crisil B/Stable Issuer not cooperating' from 'Crisil
BB/Stable'.
Incorporated in 2023, VKSBPL is a Gurugram-based real estate
developer, engaged in construction of residential projects. It is
owned and managed by Bijendra Pal Singh, Vijendra Pal Singh and
Gaurav Yadav.
VKSIPL was incorporated in 2023 and is a Gurugram-based real estate
developer, engaged in construction of residential projects. VKSIPL
is owned and managed by Bijendra Pal Singh and Vijendra Pal Singh.
===============
M A L A Y S I A
===============
GREENPRO CAPITAL: CEO Buys 65,591 Shares in $100K Private Offering
------------------------------------------------------------------
Greenpro Capital Corp. announced in a regulatory filing that it
entered into a Subscription Agreement with its Chief Executive
Officer, President and Director, Mr. Lee Chong Kuang, providing for
the private placement of 65,591 shares of the Company's common
stock, par value $0.0001, at a per share purchase price of $1.5246
for aggregate gross proceeds of $100,000. The Offering closed on
June 30, 2026.
Following completion of the Offering, the Company had a total of
18,127,663 shares of Common Stock issued and outstanding, and Mr.
Lee holds directly 1,940,884 shares or 10.71% of the Company's
outstanding Common Stock. As of June 30, 2026, Mr. Lee and his
spouse, Ms. Yap Pei Ling, held an aggregate of 2,106,799 shares,
representing approximately 11.62% of the Company's outstanding
Common Stock, consisting of 1,940,884 shares held directly by Mr.
Lee and 165,915 shares held by Ms. Yap Pei Ling.
The issuance of shares of Common Stock pursuant to the Subscription
Agreement was made in reliance upon the exemptions from
registration afforded by Section 4(a)(2) of the Securities Act of
1933, as amended, and Regulation D and/or Regulation S promulgated
under the Securities Act. The Company believes the exemptions
provided by Section 4(a)(2) and Regulation D, and/or Regulation S
of the Securities Act were available because the offering did not
involve a public offering and the Purchaser in the Offering
represented that he is an "accredited investor" within the meaning
of Rule 501(a) of Regulation D and/or is not a "U.S. person" as
defined in Regulation S.
No underwriters were involved in the offer and sale of the Common
Stock in the Offering. The Company plans to use the proceeds of the
Offering for operating capital.
About Greenpro Capital Corp.
Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides
cross-border business solutions and accounting outsourcing services
to small and medium-sized businesses located in Asia, with an
initial focus on Hong Kong, China, and Malaysia. Greenpro offers a
range of services as a package solution to its clients, believing
that this approach can reduce business costs and improve revenues.
Malaysia-based SFAI MALAYSIA PLT, the Company's auditor since 2025,
issued a "going concern" qualification in its report dated March
30, 2026, attached to the Company's Annual Report on Form 10-K for
the year ended Dec. 31, 2025, citing that for the year ended
December 31, 2025, the Company incurred a negative cash flow from
operating activities of $1.79 million and as of December 31, 2025,
the Company incurred an accumulated deficit of $40.25 million.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.
As of March 31, 2026, the Company had $21.89 million in total
assets, $2.19 million in total liabilities, and $19.70 million in
total stockholders' equity.
MMM GROUP: Bursa Rejects Regularisation Plan, May Face De-listing
-----------------------------------------------------------------
BusinessToday reports that MMM Group Berhad's proposed
regularisation plan has been rejected by Bursa Malaysia Securities
Berhad, raising the risk of the company being delisted unless it
successfully appeals the decision or submits an acceptable
alternative.
BusinessToday relates that the PN17 company said Bursa Securities
had rejected its proposed regularisation plan after concluding that
the company and its principal adviser had failed to demonstrate
that the proposal complied with the requirements of the Main Market
Listing Requirements.
The proposed regularisation plan comprised a share consolidation,
private placement, rights issue with warrants, acquisition of a
billboard operator, and a share capital reduction.
According to BusinessToday, Bursa's primary concern centred on
MMM's proposed acquisition of 100% equity interest in EDSB for
MYR16 million in cash, which forms the cornerstone of the
regularisation plan.
The exchange noted that the acquisition price represented a
substantial premium over EDSB's net assets of approximately
MYR800,000 as at Dec. 31, 2025.
It also highlighted that MMM would ultimately need to invest about
MYR22.16 million after factoring in the planned conversion of 26
out of EDSB's 228 static billboards into digital billboards.
Although the vendors had guaranteed a cumulative profit after tax
of MYR6 million over the financial years ending 2026 to 2028, Bursa
said the guaranteed earnings were significantly lower than the
acquisition consideration and did not sufficiently demonstrate the
long-term sustainability of EDSB's earnings beyond the profit
guarantee period.
BusinessToday relates that the regulator also questioned the
alignment of interests between the vendors and MMM's shareholders,
noting that the acquisition would be settled entirely in cash,
leaving the vendors without any equity participation in the
enlarged group.
Bursa concluded that it was not evident the proposed acquisition
adequately safeguarded the interests of MMM and its shareholders or
would result in a sustainable enhancement in shareholder value.
BusinessToday relates that Bursa also expressed concerns over the
long-term viability of EDSB and the enlarged group following the
acquisition.
EDSB's revenue has declined steadily over the past three financial
years, falling from MYR8.62 million in FY2023 to MYR6.09 million in
FY2025, while the company recorded losses in three of the last four
financial years.
The exchange said it remained unclear whether the acquisition and
the planned billboard upgrades would be sufficient to reverse the
company's weakening business momentum.
Regulatory compliance was another key concern, says BusinessToday.
Of EDSB's 228 billboard sites, only 62 currently possess the
necessary advertising licences and permits. While completion of the
acquisition is conditional upon approvals being obtained for 144
operating sites, EDSB expects these approvals only by the second
quarter of 2027.
Bursa noted that MMM may subsequently need to incur additional
costs and resources to regularise the remaining billboard sites,
creating uncertainty over future operations and exposing the
company to potential regulatory enforcement risks.
In addition, Bursa observed that only 26 of the 228 static
billboards are planned for digital conversion under the proposed
investment programme, suggesting MMM may require significant future
capital expenditure should it wish to modernise the remaining
assets, according to BusinessToday.
Although MMM recorded improved financial performance in FY2026 and
proposed a share capital reduction that would eliminate accumulated
losses of MYR32.65 million, Bursa said the improvement was largely
driven by accounting adjustments rather than sustainable
operational profitability.
The exchange maintained that the proposed regularisation plan had
not sufficiently addressed the underlying circumstances that caused
MMM to trigger PN17 status, particularly given the uncertainties
surrounding the proposed acquisition.
MMM has until Aug. 9, 2026 to appeal Bursa Malaysia's decision,
BusinessToday adds.
About MMM Group
MMM Group Bhd (formerly Asia Media Group Bhd) is a digital
out-of-home Transit TV company. The Company is a media provider,
offering infotainment and targeted advertising through the use of
digital electronic displays installed in various outdoor premises.
Asia media has LCD screens installed in buses travelling in the
market centric hubs of Klang Valley and Johor Bahru.
The company slipped into PN17 status in October 2019 after its
shareholders' equity fell to less than 25% of its issued capital.
In August last year, its external auditor Messrs CAS Malaysia PLT
highlighted a material uncertainty related to a going concern in
its financial statements for the financial year ended March 31,
2021.
=====================
N E W Z E A L A N D
=====================
ADVANCED SECURITY: Court to Hear Wind-Up Petition on Sept. 28
-------------------------------------------------------------
A petition to wind up the operations of Advanced Security NZ
Limited will be heard before the High Court at Tauranga on Sept.
28, 2026, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 19, 2026.
The Petitioner's solicitor is:
Timothy Saunders
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
GLENDA SYSTEMS: Court to Hear Wind-Up Petition on July 28
---------------------------------------------------------
A petition to wind up the operations of Glenda Systems Limited will
be heard before the High Court at Rotorua on July 28, 2026, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 26, 2026.
The Petitioner's solicitor is:
Charles David Walmsley
Inland Revenue, Legal Services
21 Home Straight (PO Box 432)
Hamilton
HAWKINS CONSTRUCTION: Liquidation Nears End; Creditors Get Just 4%
------------------------------------------------------------------
NZ Herald reports that the husk of Hawkins Construction is nearing
the end of its administration, with liquidators reporting they will
soon wrap up a near-decade of insolvency and liquidation.
A recent report filed by liquidators Grant Thornton reveals that
general unsecured creditors will receive an average payout of just
4 cents for every dollar, NZ Herald relates.
Hawkins Construction Company, now known as Orange H, operated a
construction company.
Thirteen ex-Hawkins companies are in receivership and liquidation:
Orange H Group, H Construction Group, Orange H Management, H Plant,
Orange H Construction, H Construction South Island, H Construction
North Island, H Construction North Island Group, H Construction
N.I, H Construction Hobsonville, H Infrastructure Holdings, H
Infrastructure (NZ) and HUC.
KIWI CRUNCH: First Creditors' Meeting Set for July 16
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Kiwi Crunch
Exports Limited, Kiwi Crunch Orchards Limited, Kiwi Crunch Hawkes
Bay Limited (formerly GTP Orchards Limited), Kiwi Crunch Nurseries
Limited, Kiwi Crunch Farms Limited and KC IP Limited will be held
on July 16, 2026, at 11:00 a.m. at the offices of Ecovis KGA Ltd,
L2 5–7 Kingdon Street, in Newmarket, Auckland.
Raymond Paul Cox and Gareth Russel Hoole were appointed as
administrators of the company on July 7, 2026.
ROCKIT ORCHARD: Creditors' Proofs of Debt Due on July 30
--------------------------------------------------------
Creditors of Rockit Orchard No. 2 Limited Partnership and ROP2
General Partner Limited are required to file their proofs of debt
by July 30, 2026, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 30, 2026.
The company's liquidators are:
Rees Logan
George Bannerman
BDO Auckland
PO Box 2219
Auckland 1140
TELEVISION NEW ZEALAND: Sees NZD48.8MM in Net Losses Over Two Years
-------------------------------------------------------------------
Stuff.co.nz reports that Television New Zealand (TVNZ) is
forecasting NZD48.8 million in net losses over two years as it
funds a multi-year shift toward a digital-first platform.
The Television New Zealand (TVNZ) statement of performance
expectations for the year ending June 30, 2027, budgeted a net loss
after tax of NZD28.1 million, RNZ discloses.
This followed a forecast net loss of NZD20.7 million for the year
ending June 30, 2026, bringing the cumulative two-year deficit to
NZD48.8 million.
The state-owned company stated the operating losses were planned as
part of its 'Digital+ 2030' strategy, which aimed to evolve the
business into a fully integrated digital media platform.
The strategy, released late June, outlined targets to double TVNZ's
digital audience and triple digital revenue by 2030, alongside
delivering sustained profitable earnings.
According to the financial breakdown, TVNZ's total operating
revenue was budgeted at NZD268.6 million for the 2027 financial
year, against operating expenses of NZD289.4 million. This resulted
in an earnings deficit before interest, tax, depreciation, and
amortisation (EBITDAF) of NZD20.8 million, RNZ relays.
The statement of performance expectations document noted that
shareholding ministers outlined financial expectations in April
2026, which directed the broadcaster to run a profitable business,
control costs, and carefully manage its Core Media Systems
Investment Programme.
Despite the directive to remain profitable, TVNZ expected the heavy
investment in its digital infrastructure to delay a return to
profitability until the 2028 financial year.
According to RNZ, TVNZ chief executive Jodi O'Donnell had
previously commented that the company's full-year result would be a
"relatively sizeable loss", but was also "well planned".
The company's dividend yield and dividend payout are both budgeted
at 0% for the 2027 year, down from a 1.4% yield in the 2025
financial year.
The broadcaster, which employs 520.2 full-time equivalent staff
across Auckland, Wellington, Christchurch, and Dunedin, receives
almost all of its revenue from advertising and non-Crown commercial
sources.
It noted that digital revenue is budgeted to rise to NZD94.1
million in the 2027 year, up from NZD67.8 million in 2025, as it
pursues options to diversify its income streams beyond traditional
advertising markets, RNZ relays.
Strategic milestones scheduled for the 2027 financial year include
an upgrade to audio distribution systems, simplified cross-platform
advertising systems, and a unified platform to manage content
rights, scheduling, and programming.
Television New Zealand, also referred to as TVNZ, is a television
network that is broadcast throughout New Zealand and parts of the
Pacific region. All of its currently-operating channels are
free-to-air and commercially funded.
WBS HENDERSON: BDO Auckland Appointed as Receivers
--------------------------------------------------
George Bannerman and Rees Logan, Licensed Insolvency Practitioners
of BDO Auckland on July 6, 2026, were appointed as receivers and
managers of WBS Henderson Limited (trading as Warehouse Building
Supplies Henderson).
The receivers and managers may be reached at:
George Bannerman
Rees Logan Rees Logan
BDO Auckland
PO Box 2219
Auckland 1140
=================
S I N G A P O R E
=================
ARENDAL SPIRIT: Creditors' Proofs of Debt Due on July 29
--------------------------------------------------------
Creditors of Arendal Spirit Pte. Ltd. are required to file their
proofs of debt by July 29, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 29, 2026.
The company's liquidators are:
Sam Kok Weng
Lie Kok Keong
c/o 7 Straits View
Marina One, East Tower, Level 12
Singapore 018936
KIBBLES PTE: Court to Hear Wind-Up Petition on July 24
------------------------------------------------------
A petition to wind up the operations of Kibbles Pte. Ltd. will be
heard before the High Court of Singapore on July 24, 2026, at 10:00
a.m.
Maybank Singapore Limited filed the petition against the company on
July 2, 2026.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
RH CAPITAL: Creditors' Proofs of Debt Due on Aug. 7
---------------------------------------------------
Creditors of RH Capital Two Pte. Ltd. are required to file their
proofs of debt by Aug. 7, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 6, 2026.
The company's liquidator is:
Lee Chong Xiang
c/o Tan, Chan & Partners
26 Eng Hoon Street
Singapore 169776
RW HIGASHI: Creditors' Proofs of Debt Due on Aug. 7
---------------------------------------------------
Creditors of RW Higashi Pte. Ltd. are required to file their proofs
of debt by Aug. 7, 2026, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 29, 2026.
The company's liquidator is:
Lim Loo Khoon
Tan Wei Cheong
6 Shenton Way, OUE Downtown 2, #33-00
Singapore 068809
SINGAPORE TRADE: Creditors' Proofs of Debt Due on Aug. 7
--------------------------------------------------------
Creditors of Singapore Trade Data Exchange Services Pte. Ltd. are
required to file their proofs of debt by Aug. 7, 2026, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on June 29, 2026.
The company's liquidators are:
Ng Kian Kiat
Goh Wee Teck
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
=====================
S O U T H K O R E A
=====================
HOMEPLUS CO: Government Reviews Support for Workers
---------------------------------------------------
Yonhap News Agency reports that the government has reviewed the
progress in rolling out supportive measures for workers of the
troubled supermarket chain Homeplus Co. after a court decided to
terminate its rehabilitation proceedings, the finance ministry said
on July 10.
According to Yonhap, First Vice Finance Minister Lee Hyoung-il
chaired a task force meeting to review the progress in implementing
support measures for affected workers and subcontractors after
vowing last week to provide up to KRW21 million (US$13,980) in
substitute payments for unpaid wages.
Yonhap relates that the government said the labor ministry received
692 inquiries and provided information on available support
programs.
The task force also identified KRW33.3 billion in unpaid wages for
June and vowed to closely monitor any additional delays in wage
payments.
Last week, South Korea also offered low-interest loans of up to
KRW10 million at a rate of 1.5 percent within the amount of their
unpaid salaries.
During the meeting, the participants vowed to continue closely
monitoring damage suffered by workers and business partners
affected by the termination of Homeplus' rehabilitation proceedings
and to come up with additional measures when necessary, Yonhap
relays.
Last week, the Seoul Bankruptcy Court decided to terminate the
rehabilitation proceedings for Homeplus, a retailer wholly owned by
private equity firm MBK Partners, after the supermarket chain
entered the court-led debt restructuring process in March last
year.
About Homeplus Co
Homeplus Co., Ltd. Homeplus Co. operates discount store chain in
South Korea.
In March 5, 2025, Homeplus entered court-led rehabilitation process
after a Seoul court approved the request by MBK Partners, the
private equity fund that owns the discount store chain.
The decision came after Korea Investors Service and Korea Ratings
Inc. downgraded the company's rating, citing the company's lack of
efforts to improve its financial health.
In December 2025, Homeplus submitted a rehabilitation plan that
included debtor-in-possession (DIP) financing and asset sales.
According to Yonhap News Agency, the plan's approval deadline was
initially set for March, but was later extended to May and again to
July as the court sought additional time to review the progress of
asset sales and funding efforts.
HOMEPLUS CO: Temporarily Closes Outlets Starting July 13
--------------------------------------------------------
Yonhap News Agency reports that the Homeplus Co. said July 13 it
has decided to temporarily close its outlets starting Monday due to
a lack of operating capital and difficulties in maintaining store
operations.
Yonhap relates that the decision came after the Seoul Bankruptcy
Court terminated Homeplus' rehabilitation proceedings on July 3,
saying the company had failed to secure at least KRW200 billion
(US$130 million) needed to carry out its self-rescue plan.
Yonhap notes that the retailer, wholly owned by private equity firm
MBK Partners, has been financially strapped by a prolonged slump in
the discount store industry and entered court-led rehabilitation in
March 2025.
Homeplus has asked its largest creditor, Meritz Financial Group, to
provide a 200 billion-won working capital loan, but its request has
yet to be accepted.
"Most of our operating funds have been completely exhausted,
leaving us unable to make payments to suppliers or cover operating
expenses needed to keep our stores open," Yonhap quotes a company
official as saying.
He said both Homeplus' headquarters and all discount stores will
suspend operations starting Monday to ensure security and safety
until circumstances change.
MBK Partners acquired a 100 percent stake in Homeplus from British
retailer Tesco Plc in 2015 for KRW7.2 trillion, Yonhap relays.
About Homeplus Co
Homeplus Co., Ltd. Homeplus Co. operates discount store chain in
South Korea.
In March 5, 2025, Homeplus entered court-led rehabilitation process
after a Seoul court approved the request by MBK Partners, the
private equity fund that owns the discount store chain.
The decision came after Korea Investors Service and Korea Ratings
Inc. downgraded the company's rating, citing the company's lack of
efforts to improve its financial health.
In December 2025, Homeplus submitted a rehabilitation plan that
included debtor-in-possession (DIP) financing and asset sales.
According to Yonhap News Agency, the plan's approval deadline was
initially set for March, but was later extended to May and again to
July as the court sought additional time to review the progress of
asset sales and funding efforts.
*********
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
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