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260715.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, July 15, 2026, Vol. 29, No. 140 Headlines A U S T R A L I A CAREWEST GROUP: First Creditors' Meeting Set for July 17 CONGO BRANDS: First Creditors' Meeting Set for July 17 HEARTLAND WINES: Placed in Voluntary Administration METALLUM FABRICATION: First Creditors' Meeting Set for July 17 NAVIQ GROUP: First Creditors' Meeting Set for July 17 YARRA RANGES: First Creditors' Meeting Set for July 17 C H I N A SENMIAO TECHNOLOGY: Debts Exceed Assets by $4.5M at Dec. 31 I N D I A AGRIALLX VENTURES: Insolvency Resolution Process Case Summary AKASH SPINNING: CARE Keeps B Debt Rating in Not Cooperating ALCOB INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category ARORA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating ASHAPURA CALCINE: CRISIL Moves B Debt Ratings to Not Cooperating BENARA BEARINGS: CARE Keeps D Debt Ratings in Not Cooperating DNR INDIA: Insolvency Resolution Process Case Summary GOPAL SHIVHARE: CARE Keeps C Debt Ratings in Not Cooperating HEALTHFORE TECHNOLOGIES: CARE Keeps D Ratings in Not Cooperating HLN ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating HOTEL DEEPALI: CARE Keeps B- Debt Rating in Not Cooperating J-SEVENTY ONE: Insolvency Resolution Process Case Summary JAI GURUDEV: CARE Keeps C Debt Rating in Not Cooperating Category JAYANTA KHAUND: CARE Keeps C Debt Rating in Not Cooperating K B SPONGE: CARE Keeps D Debt Ratings in Not Cooperating Category LIGARE AVIATION: CARE Keeps D Debt Ratings in Not Cooperating MA MAHAMAYA: CARE Keeps D Debt Ratings in Not Cooperating Category MARUTI NANDAN: CARE Keeps D Debt Rating in Not Cooperating METRO ONE: Restructures Debt With NARCL, Avoids Insolvency NAVYUG (INDIA): CARE Keeps B- Debt Ratings in Not Cooperating NIKKAMAL JEWELLERS: CARE Keeps B- Debt Rating in Not Cooperating OCTAL SALES: CARE Keeps D Debt Rating in Not Cooperating Category ONGOLE AROGYA: CARE Keeps D Debt Rating in Not Cooperating OZONE URBANA: Insolvency Resolution Process Case Summary PARADISE PLASTICS: Insolvency Resolution Process Case Summary S.B. ENGINEERS: CARE Keeps B- Debt Rating in Not Cooperating SEVEN HILLS: CARE Keeps B- Debt Ratings in Not Cooperating SGS MARINE: CARE Keeps D Debt Ratings in Not Cooperating Category STONE INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category TORO PROCESSORS: CARE Keeps D Debt Rating in Not Cooperating VATIKA SOVEREIGN: CARE Keeps D Debt Rating in Not Cooperating I N D O N E S I A [] INDONESIA: OJK Reports Increase in Buy Now, Pay Later Defaults M A L A Y S I A AHMAD ZAKI: Unit Slapped With Two More Winding-Up Petitions PERAK CORP: Associate Defaults on MYR18 Million Financing VINVEST CAPITAL: Faces Possible ACE Market Delisting N E W Z E A L A N D CASSINY LIMITED: Creditors' Proofs of Debt Due on Aug. 4 CVI MANAGEMENT: Creditors' Proofs of Debt Due on Aug. 2 FATEH ENTERPRISES: Court to Hear Wind-Up Petition on July 30 HIIT FIT: Court to Hear Wind-Up Petition on July 28 NORTHERN STEEL: Creditors' Proofs of Debt Due on Sept. 1 PHARMAZEN LIMITED: In Receivership as Sale Process Gets Underway SPRINGBANK HONEY: Up for Sale Following BNZ Receivership S I N G A P O R E ASPARI PTE: Court to Hear Wind-Up Petition on July 17 CHANDRA HOLDINGS: Court to Hear Wind-Up Petition on July 24 FULCRUM ADVISORY: Court to Hear Wind-Up Petition on July 24 KIRIT HOLDINGS: Court to Hear Wind-Up Petition on July 24 OHIN CONSTRUCTION: Commences Wind-Up Proceedings - - - - - ================= A U S T R A L I A ================= CAREWEST GROUP: First Creditors' Meeting Set for July 17 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Carewest Group Pty. Ltd. will be held on July 17, 2026, at 11:00 a.m. at the offices of HM Advisory, at Level 21, 114 William Street, in Melbourne, Vic, and virtual meeting technology. Stephen Dixon of HM Advisory was appointed as administrator of the company on July 7, 2026. CONGO BRANDS: First Creditors' Meeting Set for July 17 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Congo Brands Australia Pty Ltd will be held on July 17, 2026, at 10:30 a.m. via video conference. Alice Fay Ruhe of The Ruhe Group was appointed as administrator of the company on July 7, 2026. HEARTLAND WINES: Placed in Voluntary Administration --------------------------------------------------- News.com.au reports that a celebrated South Australian winery behind a string of acclaimed red wines has entered voluntary administration, casting doubt over the future of Heartland Wines after more than two decades in the industry. Heartland Wines, known for premium but accessible reds from Langhorne Creek and the Limestone Coast, appointed Daniel Lopresti and Anna Agostino of Clifton Hall as administrators on June 15, news.com.au discloses. Founded in the early 2000s, Heartland was set up by winemaker Ben Glaetzer, Scott Collett, Grant Tilbrook, Geoff Hardy and Vicky Arnold. The company produced wines including Director's Cut Shiraz and Heartland One, with a focus on fruit sourced from South Australian regions such as Langhorne Creek and the Limestone Coast. Its range included varieties such as Shiraz and Cabernet Sauvignon, and the label was sold in Australia and overseas. According to news.com.au, ASIC notices showed the company entered administration under section 436A of the Corporations Act, with the appointment made by the company itself. News.com.au relates that creditors were due to decide whether the business could continue through a deed of company arrangement, return to directors' control, or be wound up. METALLUM FABRICATION: First Creditors' Meeting Set for July 17 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Metallum Fabrication Pty Ltd (trading as Metallum Heavy Industries) will be held on July 17, 2026, at 11:00 a.m. at the offices of Rodgers Reidy, at Level 12, 210 Clarence Street, in Sydney, NSW. Andrew James Barnden of Rodgers Reidy was appointed as administrator of the company on July 7, 2026. NAVIQ GROUP: First Creditors' Meeting Set for July 17 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Naviq Group PTY LTD will be held on July 17, 2026, at 10:30 a.m. at the offices of Worrells, at Suite 4, Level 3, 26 Duporth Avenue, in Maroochydore, QLD. Paul Eric Nogueira of Worrells was appointed as administrator of the company on July 7, 2026. YARRA RANGES: First Creditors' Meeting Set for July 17 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Yarra Ranges Terminus Pty Ltd will be held on July 17, 2026, at 10:00 a.m. via Microsoft Teams Meeting. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of the company on July 7, 2026. ========= C H I N A ========= SENMIAO TECHNOLOGY: Debts Exceed Assets by $4.5M at Dec. 31 ----------------------------------------------------------- Senmiao Technology Limited's stockholder's deficit was US$4.5 million at Dec. 31, 2025. The stockholder's deficit was US$2.9 million at March 31, 2025. At Dec. 31, 2025, the Company had total assets of US$5.7 million and total liabilities of US$6.9 million. At March 31, 2025, the Company had total assets of US$5.8 million and total liabilities of US$5.2 million. Senmiao Technology Ltd stated that its business is capital intensive and identified several negative trends in its liquidity position, including the net loss of approximately $4.0 million for the nine months ended Dec. 31, 2025, an accumulated deficit of approximately $49.1 million as of Dec. 31, 2025, $0.8 million of net cash outflows in operating activities from continuing operations for the nine months ended Dec. 31, 2025, and the net working capital deficit of approximately $2.5 million as of Dec. 31, 2025. The Company disclosed that "accounts receivable and advance payments may increase our liquidity risk." It further stated: "We have used the majority of the proceeds from our equity offerings and plan to seek equity and/or debt financings to pay for the expenditure related to the automobile purchase." Management reported that the Company's liquidity position "has been substantially improved by two financing transactions completed in November 2025." Specifically, "the Company received net cash proceeds of approximately $0.66 million from issuance of common stock in PIPE Offering and $2.8 million from issuance of common stock and pre-funded warrants in registered direct offering." As a result, the Company's cash and cash equivalents as of Dec. 31, 2025, increased by approximately $2.8 million as compared with that of Sept. 30, 2025. With respect to going concern, management disclosed that it evaluated the Company's current liquidity and operating forecasts for the twelve months following the issuance of these unaudited condensed consolidated financial statements and has concluded that, as a result of the recent financing and improved cash flows, there was no substantial doubt about the Company's ability to continue as a going concern for a period of twelve months from the issuance of unaudited condensed consolidated financial statements for the quarterly period ended December 31, 2025." For the nine months ended Dec. 31, 2025, net cash used in operating activities was $1,258,193, consisting of net outflows of $793,096 from continuing operations and $465,097 from discontinued operations. For the same period, net cash provided by financing activities was $4,059,719, driven primarily by warrant exercises and November 2025 equity and warrant offerings, as well as borrowings from related parties. The Company also described specific capital resources and obligations. It reported a loan to a related party of $229,469 during the nine months ended Dec. 31, 2025, partially offset by $5,710 of proceeds from sales of used automobiles, resulting in net cash used in investing activities of $223,759. Senmiao noted borrowings from related parties of $277,165 and repayments to a related party of $127,514 during the nine months ended Dec. 31, 2025, and stated that debt financing from financial institutions and equity financings "have been utilized to finance our working capital requirements." Regarding off-balance sheet and contingent obligations, Senmiao disclosed that, as of the filing date, it had "no purchase commitment." It further stated that Hunan Ruixi holds 35% of equity interest in Jinkailong and "has not made any payments towards the investment amounting to RMB3.5 million (approximately $500,000)," and that, under new PRC registered capital rules, "Hunan Ruixi shall pay the subscribed capital of Jinkailong before June 30, 2032." The Company also reported a gain of $213,000 from "historical debt forgiveness by service providers and the company's former directors" during the three and nine months ended Dec. 31, 2025, and recognized a $2,896,455 loss as "excess of the warrants' fair value over the total offering proceeds" from its November 2025 issuance of common shares, pre-funded warrants, and concurrent private placement warrants. A full-text copy of the Form 10-Q/A is available at https://tinyurl.com/3mufamxt About Senmiao Technology Limited Senmiao Technology Limited is a U.S. holding company incorporated in the State of Nevada in 2017. The Company operates its business in one segment: automobile transaction and related services focusing on the online ride-hailing industry in the People's Republic of China through the Company's majority owned subsidiaries, Hunan Ruixi Business Operation Management Co., Ltd., a PRC limited liability company and formerly known as Hunan Ruixi Financial Leasing Co., Ltd., and Sichuan Jinkailong Automobile Leasing Co., Ltd., a PRC limited liability company, an equity investee in which the Company holds 35% of the equity interests. The Company also operated the business through its former wholly owned subsidiary, Chengdu Corenel Technology Co., Ltd., a PRC limited liability company, and its former majority owned subsidiary, Chengdu Jiekai Yunli Technology Co., Ltd., a PRC limited liability company and its subsidiary. ========= I N D I A ========= AGRIALLX VENTURES: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Agriallx Ventures Private Limited 104, Andheri Industrial Premises Co. Sos., Off Veera Desai Road, Plot No. 22, Andheri Railway Station, Andheri West, Mumbai - 400058, Maharashtra, India Insolvency Commencement Date: June 30, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 27, 2026 Insolvency professional: Lalit Kumar Dangi Interim Resolution Professional: Lalit Kumar Dangi Libord IRP Advisors Private Limited, 104, M.K. Bhavan, 300 Shahid Bhagat Singh Road, Fort, Mumbai - 400001 Maharashtra, India Email: lalit@libord.com B-524, Chintamani Plaza, Near W.E. Highway Metro Station, Andheri Kurla Road, Andheri (East) Mumbai - 400099 Email: agriallxventures.cirp@gmail.cpm libordirp.ipe@libord.com Last date for submission of claims: July 14, 2026 AKASH SPINNING: CARE Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Akash Spinning Mills (ASM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.26 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 30, 2025, placed the rating(s) of ASM under the 'issuer non-cooperating' category as ASM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ASM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 15, 2026, April 25, 2026, May 5, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Akash Spinning Mills (ASM) was established as a partnership firm in April 2017 by Mr. Rajiv Garg and Mrs. Reena Garg as its partners, sharing profits and losses equally. ASM is engaged in the manufacturing of cotton yarn (in counts of 4-10s) at its manufacturing facility located at Panipat, Haryana having a total installed capacity of manufacturing 144 lakh kg of cotton yarn per annum as on November 30, 2019. The yarn manufactured by the firm is of coarser counts and is primarily used in the manufacturing of bath mat, home furnishings, etc. The other group concerns are Akash Home Furnishings Private Limited, engaged in the manufacturing of 3d bed sheets (established in 2009) and Shiv Trading Company, engaged in the trading of cotton waste and cotton yarn (established in 2012). ALCOB INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Alcob India Private Limited (AIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 16.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 4, 2025, placed the rating(s) of AIPL under the ‘issuer non-cooperating’ category as AIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 20, 2026, April 30, 2026, May 10, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Alcob India Private Limited (AIPL), formerly known as Alcob System Private Limited was incorporated on July 26, 2004 based in Pune promoted by Mr. Badrinarayan Rajagopalan. AIPL is engaged into aluminum façade engineering includes designing, engineering, manufacturing and installation of all types of facade systems, the advanced curtain-wall and cladding systems which is offered globally. AIPL’s client base includes ITC, Hindustan Unilever, Sahayadri Hospitals, Ruby Hall Clinic etc. The company operates from headquarter at Pune however has office in Mumbai, Noida and Ahmedabad as well. ARORA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Arora Industries (AI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 79.88 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 8, 2025, placed the rating(s) of AI under the ‘issuer non-cooperating’ category as AI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 24, 2026, April 03, 2026, April 14, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings’ opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Arora Industries is a Partnership Firm registered with Registrar of firms of Indian Partnership Act,1932. The firm is managed by Shri Mohinder Singh Arora and Ravinder Pal Singh, both are partners in this firm. The firm is engaged in manufacturing and exports of Knitted Fabrics, Home Textiles, Garments, Mink Blankets and other substitutes. ASHAPURA CALCINE: CRISIL Moves B Debt Ratings to Not Cooperating ---------------------------------------------------------------- CRISIL Ratings has migrated the ratings on certain bank facilities of Ashapura Calcine and Refactories LLP (ACRLP), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 0.4 Crisil B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Fund- 9.6 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with ACRLP 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 ACRLP 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 ACRLP, 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 ACRLP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ACRLP migrated to 'Crisil B/Stable Issuer not cooperating'. Set up in 2017 as a limited liability firm, ACRLP manufactures calcine clay. Its manufacturing facility is in Bhachau, Gujarat, with installed capacity of 3,750 metric tonne per month. The firm is owned and managed by Mr Hareshkumar Mohanlal Rajyaguru and Mr Rajpalsinh Sahadevsinh Gohil. BENARA BEARINGS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Benara Bearings and Pistons Limited (BBPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 47.01 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.99 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 29, 2025, placed the rating(s) of BBPL under the 'issuer non-cooperating' category as BBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 14, 2026, April 24, 2026, May 4, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Benara Bearings & Pistons Ltd (BBPL) (ISIN: INE495Z01011), incorporated in 1970 by Mr. Panna Lal Jain, manufactures aftermarket automotive parts and has 2 units in Agra, Uttar Pradesh which manufactures engine bearings & bushes for stationary marine engines, pistons, pins, piston rings, engine bearing and bushes for all applications. Furthermore, the company is involved in the marketing of products like ball bearing, spark plugs, rocker arms, timing chains etc. DNR INDIA: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: DNR India Autotech Private Limited 1903/1903A, 19th FLC, Haware Infotech Park Sec 30A, Vashi, Mumbai City, Navi Mumbai, Maharashtra, 400706 Insolvency Commencement Date: June 30, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 27, 2026 Insolvency professional: Mangesh Vitthal Kekre Interim Resolution Professional: Mangesh Vitthal Kekre 607, Chetak Centre, RNT Marg, Near Hotel Shreemaya, Indore, M.P. - 452001 Email: ca.mangesh@gmail.com ip.dnrindia@gmail.cpm Last date for submission of claims: July 14, 2026 GOPAL SHIVHARE: CARE Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Gopal Shivhare (GS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING Category Long Term/ 12.00 CARE C; Stable/CARE A4 Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 12, 2025, placed the rating(s) of GS under the ‘issuer non-cooperating’ category as GS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 28, 2026, May 8, 2026, May 18, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Madhya Pradesh based Gopal Shivhare (GS) was formed in 2006 as a proprietorship concern by Mr Gopal Shivhare. He is engaged in Liquor Trading business and the shops are allotted in Madhya Pradesh by the state government through a competitive bidding process for a period of one year. The firm’s product profile comprises almost all the major brands of Indian Made Foreign Liquor (IMFL) such as Seagram, Signature, Mc Dowells No.1, DIG whisky among others. Shivhare Liquor group has entities namely Ram Swaroop Shivhare, Gopal Shivhare, Laxminarayan Shivhare, Kalpana Shivhare, Kamla Shivhare, Gopal Shivhare, Vinum Traders Pvt Ltd, Ranjeet Shivhare, Shriram & Co, Shivhare Liquors, Prabha Star and Rahul Shivhare which are engaged in similar business activity. HEALTHFORE TECHNOLOGIES: CARE Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Healthfore Technologies Limited (HTL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 266.67 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.10 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 20, 2025, placed the rating(s) of HTL under the 'issuer non-cooperating' category as HTL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HTL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 5, 2026, April 15, 2026, April 25, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Healthfore Technologies Limited (HTL; erstwhile Religare Technologies Limited), incorporated in May, 2009 is a global healthcare IT solutions and advisory services company. HTL offers various products and services including product 'Infinity' which is a Hospital Information System and supports patient, clinical, ancillary and financial management, 'Magnum Imaging system' which optimizes clinical workflow by combining Picture Archival and Communication System (PACS), Radiology Information System (RIS) and teleradiology. HTL also provides telehealth services spanning telemedicine, telepathology, teledermatology and teleradiology. HLN ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of HLN Enterprises (HLN) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 11.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 7, 2025, placed the rating(s) of HLN under the 'issuer non-cooperating' category as HLN had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HLN continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 23, 2026, April 2, 2026, April 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Veraval-based (Gujarat) HLN Enterprises (HE) is a proprietorship firm established in 2008 by Mr. Lenin Augustin to export fish majorly to China and other countries. HE procures fishes directly from fisherman, segregate fishes according to its size and type, freeze it and exports it from Pipavav Port (Gujarat) on demand to China, Vietnam, Thailand etc. HE majorly exports Ribbon Fish which is available in Arabian Sea and highly demanded in China. HOTEL DEEPALI: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Hotel Deepali (HD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.26 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 9, 2025, placed the rating(s) of HD under the 'issuer non-cooperating' category as HD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HD continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 25, 2026, May 5, 2026, May 15, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sagar (Madhya Pradesh) based Hotel Deepali (HD) was formed as a proprietorship concern in 2002 by Mrs. Saroj Singh Thakur. HD is engaged in the hotel business and presently owns and operates a Hotel namely Hotel Deepali at village Bamora, Jabalpur Road, Sagar (Madhya Pradesh) which is on Sagar- Jabalpur Highway and 6 KMs away from Sagar main Bus stand. The hotel had 66 rooms along with marriage garden, 6 banquets hall, restaurant, game zone and other recreation centres. J-SEVENTY ONE: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: J-Seventy One Properties & Pictures Pvt Ltd. B/104, 1st Floor, Shiv Shivam Tower, Adarsh Nagar, New Link Road, Oshiwara, Jogeshwari (West), Mumbai - 400102 Insolvency Commencement Date: June 30, 2026 Court: National Company Law Tribunal, Mumbai Bench-VI Estimated date of closure of insolvency resolution process: December 27, 2026 Insolvency professional: Kamal Agarwal Interim Resolution Professional: Kamal Agarwal 487/27 School Road, Near Peeragarhi Metro Station, New Delhi - 110087 Tel: 98111 38823 Email: cirp.j71@gmail.com advocate.kamal.aggl@gmail.com Last date for submission of claims: July 14, 2026 JAI GURUDEV: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Jai Gurudev Food Product (JGFP) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 13, 2025, placed the rating(s) of JGFP under the 'issuer non-cooperating' category as JGFP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JGFP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2026, May 9, 2026, May 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sihora-based (Madhya Pradesh (M.P.)) JGFP was formed on July 17, 2018 as partnership firm by Mr. Nareshkumar Sehajwani and Mr. Inderkumar Sehajwani. The firm is currently into trading of rice and is envisaging to foray into manufacturing and processing of paddy and rice. The total cost of project was envisaged at Rs.4.70 crore (excluding working capital margin) to be funded via debt-equity mix of 1.14:1.00 times, while JGFP has completed 95% of its project till March 31, 2019. JGFP's processing unit is situated at Pherewa, Sihora, Madhya Pradesh having installed capacity of 38,400 Metric Tonne Per Annum (MTPA) for rice processing as on March 31, 2019. Commercial operations of JGFP's manufacturing facility was expected to commence from April, 2019. JGFP envisages procuring paddy from local traders of M.P. and Uttar Pradesh (U.P.) and will sell the parboiled rice domestically within India. JAYANTA KHAUND: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Jayanta Khaund (JK) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 2, 2025, placed the rating(s) of JK under the 'issuer non-cooperating' category as JK had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JK continues to be non-cooperative despite repeated requests for submission of information through emails dated March 18, 2026, March 28, 2026, April 7, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in 1998, Jayanta Khaund (JK) was promoted by Mr. Jayanta Khaund based out of Guwahati, Assam. Since its inception, the firm has been engaged in execution of rural electrification works on turnkey basis. K B SPONGE: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of K B Sponge Iron Limited (KBSIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.99 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 6, 2025, placed the rating(s) of KBSIL under the 'issuer non-cooperating' category as KBSIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KBSIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2026, April 1, 2026, April 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable KBSIL, promoted by the Kejriwal family of West Bengal, was incorporated in April 2002 and started its operations from 2007. The company has been engaged in manufacturing of ingots/billets. Currently, the company has an installed capacity of 61,200 metric tons per annum (MTPA) (enhanced from 25,200 MTPA from June 2020). The manufacturing facility of the company is located at Durgapur, West Bengal. The day-to-day operations of the company is looked after by Mr. Ramesh Kumar Kejriwal with the support of other directors and a team of experienced professionals. LIGARE AVIATION: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ligare Aviation Limited (LAL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 235.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 20, 2025, placed the rating(s) of LAL under the 'issuer non-cooperating' category as LAL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LAL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 5, 2026, April 15, 2026, April 25, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ligare Aviation Limited (LAL) incorporated in September, 1996 is a subsidiary of Ligare Voyages Ltd (LVL; erstwhile Religare Voyages Ltd) which holds 99.99% stake in LAL as on March 31, 2016. RHC Holding Private Limited is the ultimate holding company of LAL as RHC holds 95% stake in LVL as on March 31, 2016. LAL is engaged in non-scheduled air charter business with fleet of 11 aircrafts (out of which four were owned and balance seven were leased) including jets, turbo props and helicopters with a flying range within the Asian continent and the Middle East. RHC (formerly known as, Solaris Finance Private Limited), incorporated in April 2007, is a Non-Banking Financial Company (NBFC) managed and controlled by the family members of Mr Malvinder Singh and Mr Shivinder Singh. MA MAHAMAYA: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Ma Mahamaya Rice Mill Private Limited (MMRMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.36 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.45 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 2, 2025, placed the rating(s) of MMRMPL under the 'issuer non-cooperating' category as MMRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MMRMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 18, 2026, March 28, 2026, April 7, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Ma Mahamaya Rice Mill Private Limited was incorporated in July 2006 with an objective to enter into the rice milling and processing business. The manufacturing unit of the company is located at Madhyamgram, Dist: Burdwan. The company sells its finished product under the brand name of Mahamaya Bhog. The company is procuring raw paddy from the local farmers and small paddy agents. Mr. Sandip Hazra (Director) and Mrs. Madhumita Hazra who have around 21 years and 16 years of experiences, respectively, in similar line of business, are looking after the day-to-day operation of the company. MARUTI NANDAN: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Maruti Nandan Food Products Private Limited (MNFPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 8, 2025, placed the rating(s) of MNFPPL under the 'issuer non-cooperating' category as MNFPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MNFPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 24, 2026, April 3, 2026, April 14, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Maruti Nandan Food Products Pvt. Ltd (MNFPPL), incorporated in July, 2007, was promoted by two brothers Shri Abhimanyu Kumar Singh and Shri Abhijeet Kumar Singh of Patna to set up a flour mill (both Roller Flour Mill and Atta 'Chakki'). The company is engaged in manufacturing of different flour qualities like "Atta", "Maida" and "Suzi". MNFPPL commenced commercial production on February 9, 2011, upon commissioning of its plant at Arrah (Bihar). MNFPPL's manufacturing facility is well equipped with modern amenities which have been reflected from the ISO 22000:2005 certification that it has received for maintaining a standard quality system. MNFPPL procures wheat from wholesalers and commission agents present in local grain markets and sell its products to wholesale traders in the states of Bihar, Orissa and West Bengal. The day-to-day affairs of the company are looked after by Shri Abhimanyu Kumar Singh, with adequate support from other two directors and a team of experienced personnel. METRO ONE: Restructures Debt With NARCL, Avoids Insolvency ---------------------------------------------------------- The Economic Times reports that Metro One Private Limited (MMOPL), a subsidiary of Reliance Infrastructure, and the operator of the city's Versova–Andheri–Ghatkopar Metro Line-1, on July 10, said it has achieved debt restructuring, pulling the company back from the brink of insolvency. The overall size of the restructuring agreement stands at INR2,771.32 crore. In a regulatory filing, the company said it has signed a Master Restructuring Agreement (MRA) with National Asset Reconstruction Company Limited (NARCL), a government-backed asset reconstruction entity, on July 9, 2026, according to ET. Mumbai Metro One Private Limited is a joint venture between Reliance Infrastructure Limited, holding 74% equity stake, and Mumbai Metropolitan Region Development Authority (MMRDA), holding 26% stake. "The debt restructuring marks a significant milestone in resolving MMOPL's debt and strengthening its financial position, enabling it to continue focusing on the efficient and uninterrupted operation and maintenance of the Versova–Andheri–Ghatkopar Metro Line-1, while reinforcing its long-term operational sustainability," the company said. As part of the restructuring terms, NARCL has secured the right to nominate a director to MMOPL's board, ET relays. The agreement also establishes a monitoring committee, which will have representatives from both the lender and MMOPL, tasked with overseeing how the restructuring is carried out. NAVYUG (INDIA): CARE Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Navyug (India) Limited (NIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 4.70 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short term Bank 5.25 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 6, 2025, placed the rating(s) of NIL under the 'issuer non-cooperating' category as NIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 22, 2026, April 1, 2026, April 11, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jalandhar, Punjab based Navyug (India) Limited (NIL) was initially incorporated as a private limited company with the name 'Navyug Auto and Allied Industries Private Limited' in 1973 by Mr. Santosh Kumar Parmar with his family members & friends. Later in May 1986, the constitution of the company was changed to Public Limited (closely held). The current management of the company comprises of Mr. Santosh Kumar Parmar (Managing Director), Mr. Avinash Parmar (Director), Mr. Rajneesh Parmar (Director) and Mr. Munish Parmar (Director). The company has its manufacturing unit located in Jalandhar, Punjab and is engaged in the manufacturing of rubber V-belts, flat transmission belts and hoses of various types and sizes which find its application in mining, quarrying and transport industry. NIKKAMAL JEWELLERS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nikkamal Jewellers Private Limited (NJPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 7, 2025, placed the rating(s) of NJPL under the 'issuer non-cooperating' category as NJPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NJPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 23, 2026, April 2, 2026, April 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Nikkamal Jewellers Private Limited (NJPL), incorporated in year 1991, is engaged in the business of manufacturing and trading of gold jewellery, diamond/precious stones, gold bars/coins etc. The company sells jewellery and precious stones to retail customers at its showroom located in Ludhiana under the brand name- 'Nikkamal Jewellers'. NJPL started its operations in 1991 with a showroom in New Delhi. However, in the year 2010, the company shifted its operations to Ludhiana. OCTAL SALES: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Octal Sales Private Limited (OSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 19, 2025, placed the rating(s) of OSPL under the 'issuer non-cooperating' category as OSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 4, 2026, April 14, 2026, April 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Octal Sales Pvt Limited (OSPL) was incorporated in 1997 by Mr. Aditya Sarda and family with main objective of trading of jute. In February 2016, OSPL has entered into the agreement with Government of Bihar for mining lease for stones and thus from FY17 it started mining of stones. ONGOLE AROGYA: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ongole Arogya Hospitals Private Limited (OAHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 38.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 20, 2025, placed the rating(s) of OAHPL under the 'issuer non-cooperating' category as OAHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OAHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 5, 2026, April 15, 2026, April 25, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ongole Arogya Hospitals Private Limited (OAHPL), incorporated as a Private Limited company in July 2012, was promoted by Mr. M. Anjaneyulu (Managing Director) and Ms. Manne Madhavi Latha (Director, W/o Managing Director). The Ongole-based company has set up a 300-beded super multi-specialty hospital named 'Arogya Hospitals' at Ongole in Prakasam district of Andhra Pradesh (A.P). OZONE URBANA: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Ozone Urbana Infra Developers Private Limited No. 38, Ulsoor Road, Bengaluru, Karnataka - 560042 Insolvency Commencement Date: June 10, 2026 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: December 26, 2026 Insolvency professional: Amarpal Interim Resolution Professional: Amarpal A-304, Plot No. 3C, Mandakini Apartments, Sector-2, Dwarka, New Delhi, Delhi, 110075 Email: amarpal@icai.org Office No. 707, 7th Floor, Barton Centre, MG Road, Bengaluru, Karnataka, India - 201309 Email: cirp@ozoneurbanacirp.in Classes of Creditors: Allottees under Real Estate Project Authorized Representatives of creditors in a class: 1. Srinivas Thatikonda 2. T. Narayanaswamy 3. Hari T. Devadiga Last date for submission of claims: July 13, 2026 PARADISE PLASTICS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Paradise Plastics Enterprises Limited Registered Office: 805, Dev Plaza, Plot No-68, Opposite Andheri Fire Brigade, S V Road, Andheri West, Maharashtra, 400058 Factory/Warehouse at Jhajjar - Harayana, Noida and Haridwar - Uttarakhand Insolvency Commencement Date: June 25, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: December 28, 2026 Insolvency professional: Namrata A. Randeri Interim Resolution Professional: Namrata A. Randeri 215, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri West, Mumbai, Maharashtra - 400053 Email: namrataranderi@gmail.com BKC Centre, 31-E, Laxmi Industrial Estate, New Link Road, Andheri West, Mumbai, Maharashtra - 400053 Email: cirp.ppel@gmail.cpm Last date for submission of claims: July 15, 2026 S.B. ENGINEERS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of S.B. Engineers (SE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 43.35 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 6, 2025, placed the rating(s) of SBE under the 'issuer non-cooperating' category as SBE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 22, 2026, May 2, 2026, May 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in 2005, S.B. Engineers (SBE) is an Aurangabad based proprietorship firm managed by Mr. Basawaraj V Mangrule. The firm is mainly engaged in the business of civil construction in the state of Maharashtra. SEVEN HILLS: CARE Keeps B- Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Seven Hills Educational and Health Care Society (SHEHCS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.61 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 9, 2025, placed the rating(s) of SHEHCS under the 'issuer non-cooperating' category as SHEHCS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SHEHCS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 25, 2026, April 4, 2026, April 14, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Seven Hills Educational and Health Care Society (SHEHCS) was set up in December 2008 as a society by Mr Nunna Srinivasa Rao, Mr Sukanta Kumar Bisi, Mr Nunna Prasad Rao, Mrs Rinki Babu, Mrs Nunna Veera Lalithamba, Mrs Valluri Bhulaxmi, Mr Kusha Bisi and Mr Santosh Babu of Sambalpur, Odisha. The society is running educational institution in the name of Seven Hills Educational and Health Care Society (SHEHCS) at Sambalpur, Odisha. The Institute has intake sanctioned capacity of 2500 students for Central Board of Secondary Education (CBSE) and 250 students for Council of Higher Secondary Education (CHSE) for the academic year 2018-2019. The society has taken affiliation for Council of Higher Secondary Education (CHSE) in May, 2016. SHEHCS is engaged in the construction of new administrative building with total area of 2,00,000 square feet. SGS MARINE: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of SGS Marine Habitability Private Limited (SMHPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 20, 2025, placed the rating(s) of SMHPL under the 'issuer non-cooperating' category as SMHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 5, 2026, April 15, 2026, April 25, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SGS Marine Habitability Private Limited (SMHPL) was incorporated in the year 2012 and commercial operations of the company started from July 2013. SMHPL is promoted by Mr. Ghanshyam Sharma and family members. The products of the company include doors & hatches and services like providing modular accommodation which comprise of supply, installation and commissioning all products, equipment, machinery, cabins, galley (kitchen), doors, wall and ceiling paneling, flooring, illumination, working area, dining halls, messes, recreation spaces among others, for warships under construction and ships in service for Indian Navy with various shipyards in India. The company gets the orders through participating in tenders. The company's register office and manufacturing unit is located at Visakhapatnam and branches are located at Cochin (Kerala), Port Blair (Andaman & Nicobar Islands), Mumbai (Maharashtra) and Karwar (Karnataka). STONE INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Stone India Limited (SIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 34.48 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 19.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 7, 2025, placed the rating(s) of SIL under the 'issuer non-cooperating' category as SIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 23, 2026, April 2, 2026, April 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Stone India Limited (SIL) currently belonging to the Kolkata-based Duncan Goenka group, was incorporated in 1931. Before coming under the aegis of the Duncan Goenka group in early 90s, SIL was a part of Stone-Platt, a UK based group. SIL has been engaged in the manufacturing of electrical and mechanical equipment like brake systems, alternators, pantographs, slack adjusters, etc. for rail road industry, since eight decades. Its manufacturing facilities are located in Kolkata and Baddi (Himachal Pradesh). SIL has technical tie-ups with foreign players for gaining access to new technology and to maintain business continuity with Indian Railways (IR). The Duncan Goenka group, which has interest in sectors like tea, paper, chemical and engineering, is spearheaded by Mr. G. P. Goenka duly supported by his son Mr. S. V. Goenka. SIL holding ISIN number INE290C01015, was previously listed on BSE. However, it has been delisted as on March 21, 2024. TORO PROCESSORS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Toro Processors India Private Limited (TPIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 7, 2025, placed the rating(s) of TPIPL under the 'issuer non-cooperating' category as TPIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TPIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 23, 2026, April 2, 2026, April 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable TPIPL was incorporated in April 2011 for setting up a manufacturing and fabrication of heavy steel aggregates plant. The commercial operation of the company started in February 2017 and the plant is located at Kharagpur, West Bengal with an installed capacity of 24000 metric tonnes per annum. The company caters to the requirements of reputed clients like Indian Oil Corporation Limited, Larsen and Toubro Limited, etc. VATIKA SOVEREIGN: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vatika Sovereign Park Private Limited (VSPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 182.97 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated May 30, 2025, placed the rating(s) of VSPPL under the 'issuer non-cooperating' category as VSPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VSPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 15, 2026, April 25, 2026, May 5, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable VSPPL was incorporated in 2011 for the purpose of real estate project development. The company is a step-down subsidiary of Vatika Limited, Group's flagship company. VSPPL is developing a 9.68 acres luxurious residential towers at a cost of INR645 crores, part of Vatika India Next (An integrated township with area spanning over 677 acres having residential- floors, plots, villas, group housing, gated towns and commercial projects) in Sector 99, Gurgaon with saleable area of 68.02 lakh square feet (lsf). The project is a joint venture between Vatika Limited and GIC, Singapore's sovereign wealth fund. Project is designed by Arcop, Canada and Landscaping is designed by M. Paul Friedberg, New York. ================= I N D O N E S I A ================= [] INDONESIA: OJK Reports Increase in Buy Now, Pay Later Defaults ----------------------------------------------------------------- Jakarta Globe reports that the Financial Services Authority (OJK) reported an increase in non-performing financing (NPF) for buy now, pay later (BNPL) loans, a form of consumer credit that lets shoppers split purchases into installments. Agusman, OJK's chief executive for the supervision of financing institutions, venture capital firms, microfinance institutions, and other financial services providers, said the NPF ratio for BNPL financing rose to 3.44% in May from 2.99% in April. "The increase was influenced, among other factors, by the declining repayment capacity of some borrowers," Agusman said in a written statement on July 10. Jakarta Globe relates that despite the deterioration in asset quality, Agusman said OJK is urging finance companies to strengthen risk management by improving credit-scoring models, closely monitoring loan quality, and enhancing collection efforts to keep bad loans under control. The regulator has also issued a new regulation, PADK No. 2/2026, governing BNPL services offered by finance and sharia finance companies. The rule requires lenders to adopt stricter prudential standards, including more robust credit-scoring practices, to support healthier and more sustainable lending, Jakarta Globe relays. "The regulation is expected to improve financing quality and help keep BNPL credit risk under control," Agusman said. BNPL lending, however, continues to expand rapidly despite rising defaults. Jakarta Globe, citing data from Indonesia's Financial Information Service System (SLIK), discloses that outstanding BNPL loans provided by finance companies rose 53.78% year-on-year to IDR13.18 trillion ($730.3 million) in May, following 56.92% annual growth to IDR12.93 trillion in April. As loan growth outpaced repayment quality, the value of non-performing BNPL loans increased from IDR387 billion in April to IDR453 billion in May, indicating the growing risks in Indonesia's fast-expanding pay-later market. Separately, OJK has announced that financial services providers other than banks and finance companies must discontinue BNPL services by Dec. 31, 2027, reinforcing a rule that only banks and licensed finance companies will be allowed to offer pay-later products, Jakarta Globe adds. =============== M A L A Y S I A =============== AHMAD ZAKI: Unit Slapped With Two More Winding-Up Petitions ----------------------------------------------------------- The Edge Malaysia reports that Ahmad Zaki Resources Bhd said its wholly-owned subsidiary Ahmad Zaki Sdn Bhd (AZSB) has been served with two more winding-up petitions over alleged unpaid claims totalling about MYR1.78 million, adding to a string of similar legal actions against the unit over the past two years. In a Bursa Malaysia filing on July 13, the engineering and construction group said petitions were served on AZSB on July 10 by solicitors acting for Tenaga Nirwana (M) Sdn Bhd and Muhibbah Engineering (M) Bhd, The Edge relays. According to The Edge, the petition by Tenaga Nirwana relates to a claim of MYR1.46 million for works carried out under three projects: the Sungai Kuantan bridge project in Pahang, the East Klang Valley Expressway (EKVE) and the MRT V6 package. Meanwhile, Muhibbah Engineering is claiming MYR319,901.89 for works performed under the MRT2 Sungai Buloh-Serdang-Putrajaya line's V202 package. The Edge relates that AZRB said AZSB is not a major subsidiary and does not expect the petitions to have a material financial or operational impact on the group. The group's total cost of investment in the subsidiary stands at MYR165.3 million. "AZSB is currently in discussions with the petitioners to negotiate for a prompt and harmonious resolution to this issue. The company holds a positive outlook, anticipating a successful resolution of the matter," AZRB said. In January 2024, AZSB was served with a winding-up petition by Sukiada Engineering Sdn Bhd over an alleged unpaid sum of MYR168,115.25. A month later, Formula Mutakhir Sdn Bhd filed another winding-up petition against the subsidiary, claiming an alleged outstanding amount of MYR118,009.13, The Edge recalls. In July 2025, Giga Engineering & Construction Sdn Bhd filed a winding-up petition over an alleged unpaid sum of MYR5.86 million, which AZRB said it would contest while seeking a Fortuna injunction. That was followed in November 2025 by two more petitions from Perunding ZKR Sdn Bhd and Mentari Kencana Sdn Bhd over alleged unpaid claims totalling MYR5.31 million. For the first quarter ended March 31, 2026 (1QFY2026), AZRB posted a net loss of MYR1.66 million on revenue of MYR154.75 million. The group has been loss-making in three of the past four financial years, The Edge notes. About Ahmad Zaki Resources Ahmad Zaki Resources Berhad, an investment holding company, engages in the engineering and construction business in Malaysia, Indonesia, India, and the Kingdom of Saudi Arabia. PERAK CORP: Associate Defaults on MYR18 Million Financing --------------------------------------------------------- The Star reports that an associate firm of Perak Corp Bhd has defaulted on a MYR18.36 million financing owed to Malaysia Debt Ventures Bhd (MDV). Perak Corp, which is the corporate guarantor for the financing, is 52.3%-owned by the Perak state government via Perbadanan Kemajuan Negeri Perak. MDV is a subsidiary of the Minister of Finance (Inc). In a filing with Bursa Malaysia, Perak Corp announced that Suaconcept Pro Sdn Bhd, a 49%-owned associate held through PCB Equity Sdn Bhd, had on June 30 defaulted in its repayment obligations under the project financing facility, The Star relates. MDV has issued a notice of termination to Suaconcept. It is demanding a MYR9 million payment from Perak Corp, representing 49% of the outstanding indebtedness of Suaconcept as at end-June 2026. According to The Star, Perak Corp said it submitted a proposed structured repayment arrangement to MDV on July 10. Following this, MDV has placed the notice in abeyance for a 30-day period to facilitate further discussions to finalise a settlement. It clarified that Suaconcept is not a major associate company and that Perak Corp has previously recognised its share of losses up to the carrying amount of its investment. About Perak Corp Perak Corporation Berhad, together with its subsidiaries, engages in the property development, ports and logistics, and hospitality and tourism businesses in Malaysia. Perak Corp has lapsed into Practice Note 17 (PN17) status. The company told the stock exchange on Feb. 11, 2020, that it is now regarded a PN17 company, arising from the default in payment and its inability to declare solvency. This comes after the group defaulted on another repayment of principal, this time in respect of the Musharakah Mutanaqisah Term Financing-I and Tawarruq Revolving Credit-i of up to MYR100 million granted by Affin Islamic Bank Bhd. VINVEST CAPITAL: Faces Possible ACE Market Delisting ---------------------------------------------------- The Star reports that Vinvest Capital Holdings Bhd has received a notice from Bursa Malaysia Securities Bhd to show cause why trading of its securities should not be suspended and why the company should not be delisted from the ACE Market. In a filing with Bursa Malaysia, the company said it received the notice on July 10 after failing to regularise its financial condition under the ACE Market Listing Requirements by appointing a sponsor within three months from its first announcement on April 8, 2026, The Star relays. According to The Star, Bursa Malaysia noted that Vinvest missed the July 8 deadline to appoint a sponsor and did not apply for an extension of time. The Star says the exchange has given the company five market days, until July 17, 2026, to submit written representations, supported by documentary evidence where applicable, explaining why its securities should not be suspended from trading and removed from the official list. VinVest Capital Holdings Berhad, an investment holding company, engages in construction, aluminum design and fabrication, and telecommunication engineering services. ===================== N E W Z E A L A N D ===================== CASSINY LIMITED: Creditors' Proofs of Debt Due on Aug. 4 -------------------------------------------------------- Creditors of Cassiny Limited (formerly Dywania Development Limited) are required to file their proofs of debt by Aug. 4, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 25, 2026. The company's liquidator is: Kevyn Botes i-Business Recovery Limited PO Box 55 Greenhithe, Auckland 0756 CVI MANAGEMENT: Creditors' Proofs of Debt Due on Aug. 2 ------------------------------------------------------- Creditors of CVI Management Services LP are required to file their proofs of debt by Aug. 2, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 2, 2026. The company's liquidators are: John Fisk Lara Bennett Malcolm Hollis C/o Teneo Financial Advisory New Zealand Limited Level 2 79–81 Lichfield Street Christchurch FATEH ENTERPRISES: Court to Hear Wind-Up Petition on July 30 ------------------------------------------------------------ A petition to wind up the operations of Fateh Enterprises Private Limited will be heard before the High Court at Auckland on July 30, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 3, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 HIIT FIT: Court to Hear Wind-Up Petition on July 28 --------------------------------------------------- A petition to wind up the operations of Hiit Fit Limited will be heard before the High Court at Wellington on July 28, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 29, 2026. The Petitioner's solicitor is: Tara Nicola Carr Inland Revenue, Legal Services 55 Featherston Street (PO Box 895) Wellington 6011 NORTHERN STEEL: Creditors' Proofs of Debt Due on Sept. 1 -------------------------------------------------------- Creditors of Northern Steel Limited are required to file their proofs of debt by Sept. 1, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 1, 2026. The company's liquidators are: Christopher Carey McCullagh Stephen Mark Lawrence PKF Corporate Recovery PO Box 3678 Auckland 1140 PHARMAZEN LIMITED: In Receivership as Sale Process Gets Underway ---------------------------------------------------------------- Neal Wallace at Farmers Weekly reports that Christchurch biotechnology company PharmaZen Limited has been put up for sale as a going concern following its placement into receivership. Teneo Financial Advisory was appointed as receiver on March 30, and the business continues to trade while a buyer is sought. According to Farmers Weekly, the receivers' report said an assessment of the company's current trading position and operational requirements supported a decision to continue trading. "If a going-concern sale is not achieved, we will consider the most appropriate strategy to realise assets of the company at that time." Farmers Weekly relates that the initial receiver's report calculated PharmaZen assets at NZD55.2 million with creditors of NZD27.6 million. Of the total owed, NZD26.88 million is to an unnamed first ranking creditor and NZD485,810 to employees. Prior to the calling of receivers, PharmaZen had completed an expansion of production capacity at its Rolleston and Hillsborough facilities, but the anticipated production volumes did not eventuate. In early March managing director Craig McIntosh announced it was "in active negotiations with an overseas party regarding a potential major investment in PharmaZen," Farmers Weekly recalls. That wasn't completed and just a month later, the receivers were appointed. "This operational underperformance combined with customer concentration and the loss of a key customer relationship, contributed to consistent trading losses and liquidity constraints," it reported. "The company sought to raise further capital. However, the secured debt position remained unresolved, and the general secured creditor appointed receivers on 30 March 2026." In the year to December 31, 2024, the last year annual financial results were published, it reported a net loss before tax of NZD10 million, which included an NZD8 million impairment cost reflecting an asset writedown, Farmers Weekly discloses. Sales of NZD30.2 million were 5% higher than 2023 with earnings before interest, tax, depreciation, and amortization (EBITDA) NZD2.2 million, a significant 47% less than 2023. PharmaZen Limited, through its manufacturing arm Waitaki Biosciences, produces nutraceutical and finished products for dietary supplements and functional foods using animal, marine and botanical raw material sourced predominantly from New Zealand. Founded in 2001 by the late Howard Paterson, Dr Max Shepherd and Dr Tak Hung, it commercialises a range of animal remedies. In 2002, it bought Waitaki Biosciences, which was amalgamated into PharmaZen in 2006. SPRINGBANK HONEY: Up for Sale Following BNZ Receivership -------------------------------------------------------- The National Business Review reports that Canterbury beekeeping and honey operation Springbank Honey has been moved into receivership. On July 7, Teneo's Malcolm and Richard Nacy were appointed as receivers by Bank of New Zealand for Springbank Honey as well as another related entity, Glenburn Green. Despite the intervention by BNZ, Springbank's owner reportedly remains hopeful of securing an agreement with potential alternative financiers to rescue the business, NBR relays. ================= S I N G A P O R E ================= ASPARI PTE: Court to Hear Wind-Up Petition on July 17 ----------------------------------------------------- A petition to wind up the operations of Aspari Pte. Ltd. will be heard before the High Court of Singapore on July 17, 2026, at 10:00 a.m. Toh Ghim (Zhuo Jin) filed the petition against the company on June 19, 2026. The Petitioner's solicitors are: Messrs Harry Elias Partnership LLP SGX Centre 2, #17-01 4 Shenton Way Singapore 068807 CHANDRA HOLDINGS: Court to Hear Wind-Up Petition on July 24 ----------------------------------------------------------- A petition to wind up the operations of Chandra Holdings Pte. Ltd. will be heard before the High Court of Singapore on July 24, 2026, at 10:00 a.m. In One Oak Augusta Limited filed the petition against the company on June 26, 2026. The Petitioner's solicitors are: NLC Law Asia LLC 30 Cecil Street #11-04, Prudential Tower Singapore 049712 FULCRUM ADVISORY: Court to Hear Wind-Up Petition on July 24 ----------------------------------------------------------- A petition to wind up the operations of Fulcrum Advisory Pte. Ltd. will be heard before the High Court of Singapore on July 24, 2026, at 10:00 a.m. Kitrit Holding Company Limited filed the petition against the company on June 26, 2026. The Petitioner's solicitors are: NLC Law Asia LLC 30 Cecil Street #11-04, Prudential Tower Singapore 049712 KIRIT HOLDINGS: Court to Hear Wind-Up Petition on July 24 --------------------------------------------------------- A petition to wind up the operations of Kirit Holdings Pte. Ltd. will be heard before the High Court of Singapore on July 24, 2026, at 10:00 a.m. In One Oak Augusta Limited filed the petition against the company on June 26, 2026. The Petitioner's solicitors are: NLC Law Asia LLC 30 Cecil Street #11-04, Prudential Tower Singapore 049712 OHIN CONSTRUCTION: Commences Wind-Up Proceedings ------------------------------------------------ Members of Ohin Construction CO. Pte. Ltd. on June 30, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Mr. Abuthahir Abdul Gafoor Ms. Yessica Budiman 11 Collyer Quay #07-02 The Arcade Singapore 049317 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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