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260716.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, July 16, 2026, Vol. 29, No. 141 Headlines A U S T R A L I A ADG HOSPITALITY: First Creditors' Meeting Set for July 17 CAPITAL GUARD: ASIC Seeks to Wind Up Company Over Fund Concerns DASHDOT PTY: Liquidator to Retrieve AUD70,000 Founder Loan FIRST MUTUAL: Federal Court Orders Investment Scheme to be Wound Up HIPCO PTY: First Creditors' Meeting Set for July 21 JAMES BOAG: Tasmania Government to Explore Buying Brewery LIDCO (NSW): First Creditors' Meeting Set for July 17 MILI MILI: First Creditors' Meeting Set for July 17 YOUTOPIA CARE: First Creditors' Meeting Set for July 23 C H I N A KAIDIANBAO PAYMENT: Applies for Bankruptcy Liquidation I N D I A 99 AVENUE: CRISIL Lowers Rating on INR20cr Term Loan to B ACCORD UDYOG: CARE Keeps D Debt Rating in Not Cooperating Category ASHIANA ISPAT: Insolvency Resolution Process Case Summary BACHMANN INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating BEEHIVE ALCOVEB: CARE Lowers Rating on INR30cr LT Loan to B+ BHAGWATI AIR: CARE Keeps D Debt Rating in Not Cooperating Category BLACKBURN FUELS: Insolvency Resolution Process Case Summary CREATIVITY AT BEST: Insolvency Resolution Process Case Summary DIVYA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category EARTH SYSCOM: CARE Lowers Rating on INR50cr LT Loan to B+ EPISURF INDIA: Voluntary Liquidation Process Case Summary JAGADEESH AND SHASHIREKHA: CARE Keeps D Rating in Not Cooperating JAI BHAGWAN: CARE Lowers Rating on INR6.09cr LT Loan to B- JAYARAM TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating KRISHA ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating LAXMI OIL: CARE Keeps D Debt Rating in Not Cooperating Category LUCKSHMI YARN: CRISIL Lowers Rating on Long Term Debt to D LYNX TOOLS: Voluntary Liquidation Process Case Summary M.U. BUILDCON: Insolvency Resolution Process Case Summary NEW JAI: CARE Keeps D Debt Rating in Not Cooperating Category NIGAM COLD: CARE Keeps B- Debt Rating in Not Cooperating Category OJAAN REALTY: Insolvency Resolution Process Case Summary OMKARA VIJAYALAKSHMI: Insolvency Resolution Process Case Summary OSIA GEMS: CRISIL Lowers Rating on INR14.85cr Loan to B OSWAL OVERSEAS: NCLAT Allows Withdrawal of Insolvency Case PRODOT MEDIA: Insolvency Resolution Process Case Summary RBA FINANCE: CRISIL Withdraws B Rating on INR100cr LT Loan S. K. HATCHERIES: CARE Keeps D Debt Rating in Not Cooperating S. SELLADURAI: CARE Keeps C Debt Rating in Not Cooperating SARVODAY SAT: CARE Keeps B- Debt Ratings in Not Cooperating SPENTA INTERNATIONAL: CRISIL Cuts Rating on INR9.25cr Loan to B SRI LAKSHMI: Insolvency Resolution Process Case Summary STC VENTURES: Insolvency Resolution Process Case Summary UJJWAL LUXURY: CARE Lowers Rating on INR5.37cr LT Loan to B- UNITON INFRA: CARE Keeps B- Debt Rating in Not Cooperating VEEKAY PVC: CARE Keeps B- Debt Rating in Not Cooperating Category VINDHYA SHIKSHA: CARE Keeps D Debt Rating in Not Cooperating [] INDIA: NCLT Clears 78 Resolution Plans in June Quarter N E W Z E A L A N D AUTOPOINT LIMITED: Creditors' Proofs of Debt Due on Sept. 1 CONSOLIDATED FRUITS: Court to Hear Wind-Up Petition on Aug. 14 CRASBORN FRESH: Creditors' Proofs of Debt Due on Aug. 7 JUKEN NEW ZEALAND: To Close Northland Mill, 60 Jobs Under Threat PEGASUS MANAGEMENT: Creditors' Proofs of Debt Due on Aug. 7 WRIGHTWAY PAINTING: Court to Hear Wind-Up Petition on Aug. 17 S I N G A P O R E CES YICHANG: Commences Wind-Up Proceedings FCL COMPONENTS: Creditors' Proofs of Debt Due on July 31 HERA CAPITAL: Creditors' Proofs of Debt Due on Aug. 8 SOLUTIONS BASE: Court to Hear Wind-Up Petition on July 24 TOP ACE: Court to Hear Wind-Up Petition on July 24 - - - - - ================= A U S T R A L I A ================= ADG HOSPITALITY: First Creditors' Meeting Set for July 17 --------------------------------------------------------- A first meeting of the creditors in the proceedings of ADG Hospitality Group Pty Ltd will be held on July 17, 2026, at 2:00 p.m. via Zoom. Con Kokkinos of Worrells was appointed as administrator of the company on July 7, 2026. CAPITAL GUARD: ASIC Seeks to Wind Up Company Over Fund Concerns --------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has applied to the Supreme Court of New South Wales to wind up Capital Guard AU Pty Ltd on just and equitable grounds. ASIC is seeking the appointment of an independent liquidator to take control of Capital Guard, investigate its affairs, and preserve and recover assets where possible. ASIC has taken this action because it has serious concerns about Capital Guard's management, the handling of investor funds, and whether particular bonds offered to investors existed as represented. ASIC is concerned that: * Capital Guard appears to have promoted bond investments that may not have existed or may not have been available for investment as represented * investor funds appear to have been used in ways that are inconsistent with how Capital Guard told investors those funds would be invested * Capital Guard appears to have provided false information to its auditor * there has been a breakdown in the company's governance and management, and * Capital Guard has failed to comply with a range of regulatory and reporting obligations. ASIC's investigations to date indicate that Capital Guard has raised approximately AUD17.4 million from around 80 investors, and that only a small proportion of those funds remain in known Capital Guard bank accounts and payment platforms. ASIC cancelled Capital Guard's Australian financial services (AFS) licence on June 29, 2026 after finding it had engaged in serious misconduct, including promoting a fake Macquarie Bank bond, providing false documents to its auditor and making misleading statements on its website. The matter has been listed for directions hearing on July 20, 2026. ASIC's investigation into Capital Guard and related persons and entities remains ongoing. On June 29, 2026, ASIC cancelled Capital Guard's AFS licence. On July 3, 2026, ASIC placed Capital Guard on its Moneysmart Investor Alert List following the cancellation of the AFS licence and the company's website has been taken down. DASHDOT PTY: Liquidator to Retrieve AUD70,000 Founder Loan ---------------------------------------------------------- SmartCompany reports that the liquidator of collapsed buyers' agency Dashdot expects to retrieve a AUD70,000 loan made to its founders, with less hope of recovering a AUD3 million inter-company loan for Dashdot's long list of creditors. A June report from liquidator Rebecca Gill has shed more light on the finances of Dashdot Pty Ltd, which suddenly caved in May, SmartCompany relates. According to SmartCompany, creditors have been waiting for answers about Dashdot's finances and the prospects of returns on the AUD15.46 million allegedly owed to outstanding customers, staff, and financial supporters. The findings, first reported by Capital Brief, showed Ms. Gill expects to retrieve a director loan, totalling AUD69,295.23, made to directors and co-founders Glenn ‘Goose' McGrath and Gabi Billing, SmartCompany relays. Ms. Gill also identified an inter-company loan of AUD3.08 million made to Global Proptech Operations Pty Ltd - a corporate entity McGrath and Billing used to build Rhomeo, a proprietary real estate industry software tool. Unlike the director loan, the report stated Ms. Gill expects none of that value can be returned to creditors, SmartCompany relates. Beyond those outstanding loans, Dashdot Pty Ltd held just under AUD750 in a Commonwealth Bank account. According to SmartCompany, the report listed hundreds of creditors, mostly property buyers who handed Dashdot tens of thousands of dollars to help assemble an investment portfolio. But major creditors include venture debt provider Mighty Partners, which claimed AUD1.5 million against the collapsed business. The Australian Taxation Office (AUD915,995.27), Meta (AUD134,671.23), and American Express (AUD413,734.83) also number among the largest creditors, SmartCompany discloses. About Dashdot Pty Dashdot Pty Ltd was an Australian property buyer's agency and real estate consulting company. Founded in 2019 by Gabi Billing and Goose McGrath, the Bondi-based company used proprietary technology, market analysis, and online property advice to help everyday Australians build real estate investment portfolios. Dashdot entered voluntary liquidation on May 28, 2026. FIRST MUTUAL: Federal Court Orders Investment Scheme to be Wound Up ------------------------------------------------------------------- The Federal Court has ordered that First Mutual Private Equity Pty Ltd and the unregistered managed investment scheme operated by it and Gregory Raymond Cotton be wound up, following an application by the Australian Securities & Investments Commission (ASIC). The court also appointed Robert Woods and Salvatore Algeri of Deloitte SRT Pty Ltd as liquidators. ASIC made the application to facilitate the orderly administration of the remaining assets and to enable any available funds to be identified and, where possible, returned to investors. ASIC took the decision to seek the winding up of First Mutual and the unregistered managed investment scheme in order to protect current and potential investors. Liquidators will now take control of First Mutual, identify and recover available assets, assess claims, and, where funds are available, distribute them to creditors and investors. The appointment of liquidators replaces the prior court-ordered appointment of receivers and asset freezing orders. ASIC's investigation into the affairs of First Mutual and Mr. Cotton is ongoing. In August 2025, ASIC commenced proceedings to obtain orders to freeze the bank accounts of Mr. Cotton and First Mutual to safeguard investor funds while ASIC's investigation progressed. Orders were later made appointing receivers to the property of Mr Cotton and First Mutual, with the receivers ordered to investigate the financial position of the First Mutual business, including identifying the amount of money received from investors and how those funds have been used, and to report their findings to the Court. The Receivers' Report, which sets out the results of those investigations, is available to investors and can be accessed at the following link to the Federal Court website: Other cases of public interest. On July 13, 2026, the Federal Court ordered that First Mutual and the scheme operated by it and Mr. Cotton be wound up, and appointed liquidators to carry out the winding up process. HIPCO PTY: First Creditors' Meeting Set for July 21 --------------------------------------------------- A first meeting of the creditors in the proceedings of Hipco Pty Ltd (trading as ICF Haulage) will be held on July 21, 2026, at 11:00 a.m. via Microsoft Teams. Sule Arnautovic and Jessica Perri of Salea Advisory were appointed as administrators of the company on July 9, 2026. JAMES BOAG: Tasmania Government to Explore Buying Brewery --------------------------------------------------------- News.com.au reports that the Tasmanian government could purchase the almost 150-year-old James Boag brewery after a meeting with Japanese parent company Kiri, Premier Jeremy Rockliff has revealed. Beverage distributor Lion, which is owned by Kirin, announced last month plans to shutter the James Boag brewery in Tasmania's second city of Launceston this November, news.com.au recalls. The brewery, alongside Cascade Brewery in Hobart, is among Australia's oldest, having first opened in 1881. On July 15, Mr. Rockliff said Kirin had "provided in-principle support" to explore a proposal by the state government to purchase the site. "The Boag's site is part of Tasmania's industrial and cultural heritage, and any transition must be managed responsibly and with a focus on future economic opportunities," news.com.au quotes Mr. Rockliff as saying. "Any future planning framework must strike the right balance between preserving the site's heritage, unlocking investment, creating jobs and ensuring the precinct can evolve to meet the needs of future generations." It was not immediately clear how much the government would consider paying for the site, or what it would be used for. However, Mr. Rockliff said Kirin and Lion had committed to working with the government and the City of Launceston on the future use of the site, news.com.au relays. The state government and Kirin had also agreed to pursue enabling legislation to support future redevelopment opportunities across the precinct" in a timely way, noting the complexities of the site". According to news.com.au, Mr. Rockliff said the "unexpected decision" to shutter the site had hit workers and their families hard. "After advocacy that reflected the community's view during our meeting in Japan, Kirin has agreed to genuinely consider the further requests in relation to the worker support package," Mr. Rockliff said. News.com.au says the Liberal Premier will meet next week with Lion chief executive Anubha Sahasrabuddhe to "progress discussions on workforce support ahead of the brewery's closure". "Workers have always been our priority throughout this process, and we will continue fighting for them," he said. "Kirin reinforced its commitment to explore small batch opportunities with Tasmanian brewers." Mr. Rockliff said the state government would continue engaging with Kirin, employees, unions, local government, and community on the future of the site. In a statement, Lion noted a "long-term decline" in the national beer market for the closure of James Boag, which had been operating under capacity, news.com.au relays. "After considering all of the feedback received during consultation, we have concluded that the structural challenges facing the brewery cannot be overcome and have made the difficult decision to proceed with the closure," Ms. Sahasrabuddhe said on July 1. "While we continue to engage openly and constructively with a number of parties, it is not our intention to sell the James Boag's brand – we remain committed to both Tasmania and supporting the James Boag's brand." The closure will impact 42 people employed at the brewery, news.com.au adds. LIDCO (NSW): First Creditors' Meeting Set for July 17 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Lidco (NSW) Pty Ltd will be held on July 17, 2026, at 10:00 a.m. at the offices of Magnetic Insolvency, AT 50/41-49 Norcal Road, IN Nunawading, Victoria and via virtual meeting technology. Peter Goodin of Magnetic Insolvency was appointed as administrator of the company on June 12, 2026. MILI MILI: First Creditors' Meeting Set for July 17 --------------------------------------------------- A first meeting of the creditors in the proceedings of Mili Mili Pty Limited will be held on July 17, 2026, at 10:00 a.m. via Teleconference and Video Conference Only. Hayden Gregory Asper of Worrells was appointed as administrator of the company on July 7, 2026. YOUTOPIA CARE: First Creditors' Meeting Set for July 23 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Youtopia Care Pty Ltd (trading as Hope Floats Home-Care) will be held on July 23, 2026, at 10:00 a.m. at the offices of RSM Australia Partners, at Equinox Building 4, Level 2, 70 Kent Street, in Deakin, ACT and via virtual meeting technology. Jonathon Kingsley Colbran and Adam Cormack of RSM Australia Partners were appointed as administrators of the company on July 13, 2026. ========= C H I N A ========= KAIDIANBAO PAYMENT: Applies for Bankruptcy Liquidation ------------------------------------------------------ Caixin Global reports that Kaidianbao Payment Service Co. Ltd., once one of China's major third-party payment firms, has applied for bankruptcy liquidation as tighter oversight accelerates a shakeout in the country's payment industry. Caixin relates that a Shanghai court has scheduled a hearing for July 16, according to a notice on China's national corporate bankruptcy restructuring information platform. The Shanghai-based provider had already suspended operations and faced regulatory fines for rule breaches prior to initiating court-supervised bankruptcy proceedings, Caixin says. Kaidianbao Payment Service Co. Ltd. specialized in providing mobile payment processing, point-of-sale (POS) systems, data services, and financial solutions designed primarily for small and micro-enterprises. ========= I N D I A ========= 99 AVENUE: CRISIL Lowers Rating on INR20cr Term Loan to B --------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of 99 Avenue Realty LLP (99ARLLP; part of the Raviraj Realty group) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 20 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BBB-/Stable') Crisil Ratings has been consistently following up with 99ARLLP 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 99ARLLP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on 99ARLLP 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 99ARLLP to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BBB-/Stable'. About the Group Raviraj Group has started undertaking residential and commercial projects in 1994 and has completed more than 69 projects till date. encompassing 8.9 million sq ft area of construction. The group undertakes all the real estate projects in Pune and its outskirts. It is promoted by Mr Ravindrakumar N Sakla and his son Mr Abhinandan R Sakla. 99ARLLP is undertaking construction of a premium commercial project in Lulla Nagar Pune. The project was started in March 2022 and expected to complete by June 2025. ACCORD UDYOG: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Accord Udyog Private Limited (AUPL) continues 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 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 10, 2025, placed the rating(s) of AUPL under the 'issuer non-cooperating' category as AUPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AUPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2026, May 6, 2026, May 16, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in December 2009, Accord Udyog Private Limited (AUPL) was promoted by Mr. Avinash Singh and Mrs. Jyoti Singh. The company has been engaged in trading of channels, pipes, angles, plates, chequer plates, galvanised plain and corrugated sheets, thermo-mechanically treated bars, bars, and other such products majorly in the states of Jharkhand, Orissa and West Bengal. The major client profile of the company includes reputed names like TATA Motors Ltd., Usha Martin Ltd., etc. Mr. Avinash Singh, having more than a decade of experience in this line of business, looks after the day to day operations of the company. He is supported by other promoter Mrs. Jyoti Singh, also has a decade experience along with a team of experienced professional. ASHIANA ISPAT: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Ashiana Ispat Limited Registered Office: A-1116, Phase III, RIICO Industrial Area, District Alwar, Bhiwadi 301019 - Rajasthan Corporate Office: 908-910, Pearl Best Height-III, Netaj Subhash Place, Pitampura, New Delhi - 110034 Insolvency Commencement Date: July 3, 2026 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: December 30, 2026 Insolvency professional: Prashant Agrawal Interim Resolution Professional: Prashant Agrawal F-106, 1st Floor, Sumer Complex, Gautam Marg, C-Scheme, Jaipur 302001, Rajasthan Email: ippagarwal@gmail.com cirp.ashianaispat@gmail.com Last date for submission of claims: July 17, 2026 BACHMANN INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bachmann Industries India Limited (BIIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.37 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 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 May 29, 2025, placed the rating(s) of BIIL under the 'issuer non-cooperating' category as BIIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BIIL 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). The ratings assigned to the bank facilities of BIIL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Delhi based, Bachmann Industries India Limited (BIIL) was incorporated in October, 1987 as a public limited company (closely held). The company is currently directed by Mr. Michael William Sheppard, Mr. Rajesh Maheshwari, Mr. Shyam Manohar Maheshwari and Mr. Gaurav Chandhok. The company is engaged in the manufacturing of fuel gas control, isolation equipment's, DG sets, control panels, piping's, dampers, glandular valves/spades and other engineering products majorly used in the power plants. It has one plant each in Faridabad (Haryana) and Chennai. The company majorly deals with semi government entities which contributes 80% in their top line and remaining 20% are from the private entities. BEEHIVE ALCOVEB: CARE Lowers Rating on INR30cr LT Loan to B+ ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Beehive Alcoveb (BA), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Long Term/ 6.00 CARE B+; Stable/CARE A4; ISSUER Short Term NOT COOPERATING; Rating Bank Facilities continues to remain under ISSUER NOT COOPERATING category and LT rating downgraded from CARE BB-; Stable and ST rating reaffirmed Short Term 14.00 CARE A4; ISSUER NOT Bank 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 14, 2025, placed the rating(s) of BA under the 'issuer non-cooperating' category as BA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 30, 2026, April 10, 2026, April 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). The ratings assigned to the bank facilities of BA have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Uttar Pradesh based Deep Wines and Agencies Private Limited (DWA) was incorporated in July, 2003 as a private limited company whereas Beehive Alcoveb (BA) was established in March, 2013 as an association of persons (AOP). The group is currently managed by Mrs. Anupama Jaiswal, Mr. Ashok Kumar Jaiswal, Mr. Vikas Jaiswal, Mr. Atul Kumar Jaiswal, Mr. Anil Kumar Jaiswal, Mr. Satyadeo Gupta, Mr. Dharam Raj Jaiswal, Mr. Jitendra Jaiswal and Mr. Anup Kumar Jaiswal, Mr. Naveen Jaiswal and Mr. Arvind Jaiswal. The group is engaged in the trading of Indian-made foreign liquor (IMFL), country liquor & beer wherein Deep Wines and Agencies private Limited (DWA) is engaged in the retail trading of Indian-made foreign liquor (IMFL) & beer and has 160 retail shops in Uttar Pradesh for FY21. DWA is basically the forward integration of group and thus, it makes 81% purchases in FY22 (PY: 73%) from its sister concern and rest from different wholesale companies and sells its product to end customers (individuals, hotels & restaurants). On the other hand, BA is engaged in the wholesale trading of Indian-made foreign liquor (IMFL), country liquor & beer and has licenses for distribution in 14 districts of Uttar Pradesh. BA makes purchases from liquor manufacturing companies of different brands by placing its order through central excise portal and receives the stock in a span of 2 to 3 days. BA sells its product only to authorized retailers and bars under the strict excise policy (post inspecting their respective licenses). The group is having one more associate concern namely; "Deep Distributors Private Limited" (incorporated in 2004) engaged in the import and distribution of liquor in Uttarakhand. BHAGWATI AIR: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Bhagwati Air Express Private Limited (BAEPL) 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 21, 2025, placed the rating(s) of BAEPL under the 'issuer non-cooperating' category as BAEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BAEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 6, 2026, April 16, 2026, April 26, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable BAEPL was incorporated in 2010 by Mr. Dinesh Kumar Digga and Mr. Roopchand Baheti. The company provides domestic freight services through airway channel (air freight forwarding services) and surface transportation. The company has tie up with domestic air carrier for transportation of goods through air and for surface transportation the company has its own fleet of more than 108 trucks with capacity ranging from 9 tons to 18 tons. BLACKBURN FUELS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Blackburn Fuels Pvt Ltd. H No. 1-81, Ganapati Nivas Srinivasa Nagar, NCS Road, Vizianagaram, Andhra Pradesh, India - 535001 Insolvency Commencement Date: June 30, 2026 Court: National Company Law Tribunal, Amaravati Bench Estimated date of closure of insolvency resolution process: December 27, 2026 Insolvency professional: Mylavarapu Sujata Interim Resolution Professional: Mylavarapu Sujata A-302, Vinayagar Oceanic Apartments, Panduranga Puram, Visakhapatnam, Andhra Paradesh - 530003 Tel: 9739973520 Email: sujatam777@gmail.com Director's Residence, IIM Visakhapatnam Campus, Gambheeram (V), Anandapuram (M), Visakhapatnam - 531163 Tel: 9739973520 Email: bfpl.cirp26@gmail.com Last date for submission of claims: July 14, 2026 CREATIVITY AT BEST: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Creativity At Best Technologies Limited Khasra No. 1788/438, Ground Floor, Asola Fatehpur Beri, South West Delhi, Delhi, India - 110074 Insolvency Commencement Date: July 2, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: December 29, 2026 Insolvency professional: Anil Kohli Interim Resolution Professional: Anil Kohli ARCK Resolution Professionals LLP Office No. 409, 4th Floor Ansal Bhawan, 16, K G Marg, Connaught Place, New Delhi - 110001 Email: insolvency@arck.in cirp.creativity@gmail.com Last date for submission of claims: July 16, 2026 DIVYA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Divya Agro Roller Flour Mills Private Limited (DARFMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.60 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 June 9, 2025, placed the rating(s) of DARFMPL under the 'issuer non-cooperating' category as DARFMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DARFMPL 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: Not applicable DARFMPL was incorporated on December 11, 2011, by Mr. Kapil Gupta, Mr. Vishal Vijaywargi and Mr. Nandlal Vijaywargi for setting up a manufacturing unit for the production of various grain-based flours (viz, Maida, Suzi, Atta and Bran) with an installed capacity of 60,000 metric tonnes per annum. The total cost of the project was about INR14.34 crore and the company had expected the unit to achieve commercial operations in April 2015. EARTH SYSCOM: CARE Lowers Rating on INR50cr LT Loan to B+ --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Earth Syscom Private Limited (ESPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 50.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 8, 2025, placed the rating(s) of ESPL under the 'issuer non-cooperating' category as ESPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ESPL 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). The ratings assigned to the bank facilities of ESPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Established in 2004, Earth Syscom Private Limited is a private limited company engaged in trading and distribution of printers, laptops, desktops, processors, and other such products of various brands viz. Dell, Intel, Asus, Epson, Gigabyte, Hp, LG, Samsung, etc. with the trading and distribution business constituting 65% of total revenue contribution. Further, the company is also a services and solution provider of surveillance products like camera, CCTV, recorder and others on a project basis (with project tenure of 1 to 2 years) and also bids in government tenders by participating in tenders floated by Gujarat Informatics Limited, which is a government platform where ESPL bids and fetches tenders like Sarva Shikshan Abhiyaan, Department of Education, Bihar and the surveillance product business and government tender business. The company derives remaining 35% of the revenues from services and solution provider of surveillance products like camera, CCTV etc. ESPL procures the products from various National Distributors (NDs) based in and outside of Mumbai. EPISURF INDIA: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Episurf India Private Limited S - 327, Lower Ground Floor, Greater Kailash - II, South Delhi, New Delhi, Delhi, India, 110048 Liquidation Commencement Date: June 18, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Damodar Prasad Gupta 1st Floor, 14 Rani Jhansi Road, Near Jhandewalan Temple, New Delhi - 110055 Tel: +91 93122 07831 Email: sgsdel@gmail.com Last date for submission of claims: July 17, 2026 JAGADEESH AND SHASHIREKHA: CARE Keeps D Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jagadeesh and Shashirekha (JS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.51 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 June 11, 2025, placed the rating(s) of JS under the 'issuer non-cooperating' category as JS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 27, 2026, May 7, 2026, May 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Jagadeesh And Shashirekha (JS) refers to Joint Borrowers namely Mr. Jagadeesh and Smt. Shashirekha Jagadeesh. The said individuals have come together to lease two ware houses with an aggregate area 189000 sq. ft. build-up area at Nelamangala Taulk, Bangalore which has been leased out. JAI BHAGWAN: CARE Lowers Rating on INR6.09cr LT Loan to B- ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Jai Bhagwan Ji Food Products (JBJFP), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.09 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Short Term 0.75 CARE A4; ISSUER NOT Bank 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 16, 2025, placed the rating(s) of JBJFP under the 'issuer non-cooperating' category as JBJFP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JBJFP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 1, 2026, April 11, 2026, April 21, 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.)) JBJFP was formed as partnership firm on August 15, 2016 by Mr. Manojkumar Sahajwani, Mr. Inderkumar Sahajwani and Mr. Mohit Sahajwani. JBJFP commenced its manufacturing operations for sorting and polishing of non-basmati rice from August 2016 onwards, from its manufacturing plant located at Sihora, M.P. Further, it also trades in rice and paddy according to market opportunities. Waste and by-product during manufacturing of rice are sold as a cattlefeed in local mandis. Further, JBJFP also trades in Gram and Gram dal as a commission agent. The associate concerns of JBJFP include M/s. Jai Bhawani Traders, M/s. Jai Gurudev Food Products, M/s. Jaidev Kirana Stores which are also engaged in the agrocommodities related businesses. JAYARAM TEXTILES: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Jayaram Textiles (JT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.36 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.18 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 22, 2025, placed the rating(s) of JT under the 'issuer non-cooperating' category as JT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 7, 2026, April 17, 2026, April 27, 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 Jayaram Textiles (JT) was established as a partnership firm in 1985 by Mr. P.M. Thirumoorthy, Mr. P.M. Balasubramaniam and Mr. P.M. Ganeshmoorthy (brothers). The firm was started as a fabric manufacturing unit with an initial capacity of 78 power looms in Tirupur, Tamil Nadu. Since then, the firm has expanded its weaving operations to the current levels. The firm procures raw materials from Tamil Nadu, Andhra Pradesh, Telangana and Karnataka. The present installed capacity is 12,000 spindles, 150 power looms and 32 suzler looms. The firm produces yarn in counts of 32's, 40's and 60's which is used for its own fabric production. The fabric produced by JT finds application in linen, curtains etc. The firm sells the fabric to a number of distributors and agents in the markets like Tirupur, Jaipur, Ahmedabad, Mumbai, Kolkata and New Delhi, who in turn sells the fabric to linen and garment manufacturing units. KRISHA ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Krisha Enterprises Private Limited (KEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 21.00 CARE D; ISSUER NOT COOPERATING; Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated, July 8, 2025, placed the rating(s) of KEPL under the 'issuer non-cooperating' category as KEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 24, 2026, June 3, 2026 and June 13, 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 Rating's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Key weaknesses * Default made by directors in various other group companies: The directors of KEPL, Priyal Kantilal Patel and Pratik Harish Patel, have been recognised as wilful defaulters on the CIBIL suit filed cases. This is against default made in various group companies including Rajguru Developers Private Limited, Rajesh Cityspaces Private Limited, Rajesh Landmark Projects Private Limited, Rajesh Buildspaces Private Limited, Rajesh Business & Leisure Hotels Private Limited and Rajesh Habitat Private Limited. Further, CareEdge Ratings doesn't have any update on the repayment/conversion of the existing OCDs wherein scheduled repayment date was March 31, 2025. CareEdge Ratings also doesn't have any update on placement of proposed NCDs and hence, expects likelihood of default in KEPL considering ongoing default made by the directors in aforementioned group companies. * Project execution and funding risk: Company is developing 1 tower in Mumbai. Total 160 commercial units and 7 retail units will be developed over total saleable area of 296,000 sq. ft. As on March 12, 2020, company has purchased land however the construction is yet to commence. Therefore, the completion of the construction work in timely manner needs to be seen. The total cost of the project is INR 241.65 crore and till March, 2020, the total expenditure of INR42.99 crore (18% of the total project cost) was incurred which was funded through contribution from promoters of INR21.99 crore and optionally convertible debenture of INR21.00 crore. Moreover, going forward, for the balance cost of the project amounting to INR198.66 crore, the company is dependent on promoters' balance contribution of INR 31.90 crore and balance of INR 166.76 crore through customer advances. Therefore, going forward timely arrangement of the above funds to complete the project without any cost and time overrun coupled with receiving of the commencement certificate and occupation certificate would be critical from the credit perspective. * Marketing risk: KEPL is expecting an average rate of INR 17,087 per sq. ft. which is reasonable considering the prices prevailing of new projects in the nearby area. Company has not yet sold any unit and received advances. Therefore, going forward the timely monetization from saleable area would be critical which is highly dependent on the successful sale and customer advances to be received from the booked units. Thus, any delay in the receipt of funds from customers, ability to achieve timely sales at envisaged rates given competition from other players in the surrounding vicinity will be crucial. However, the marketing risk is mitigated to a certain extent on account of prime location of the project undertaken as well as past experience of the promoters to undertake such projects. * Cyclical nature of the real estate industry: The real estate in India is highly fragmented and is capital intensive in nature. The life cycle of a real estate project is long and the state of the economy at every point in time, right from land acquisition to construction to actual delivery, has an impact on the project. This capital-intensive sector is extremely vulnerable to the economic cycles. Adverse movement in interest rate affects the real estate players in both ways by hampering demand as well as increasing the cost of construction. The expectations of many developers have been able to hold on to the prices so far. However, given the considerable inventory levels which direction the price graph goes remains to be seen. Key strengths * Experienced promoters and presence in established group in real estate industry: Directors Mr. Priyal Patel and Mr. Pratik Patel have more than a decade of experience in the real estate industry. Further, the company is part of group Rajesh Lifespaces which has established presence in the real estate industry over five decades. Group has developed several projects over 9.1 million sq. ft. of land in Mumbai over the years. * Location advantage: KEPL's project is located in Vikhroli, Mumbai and the same being well established location, is well connected through railways and roadways with proximity to other day to day necessities. Nonetheless, its ability to monetize in timely manner amidst the cyclical nature of industry and avoid cash flow mismatches shall be critical from credit perspective. The liquidity position of the company remained poor marked by inadequate accruals vis-à-vis repayment obligations. Krisha Enterprises Private Limited (KEPL) was incorporated in 2010 by Patel family as a private limited company and is currently managed by directors, Mr. Priyal Patel and Mr. Pratik Patel, engaged in real estate development. LAXMI OIL: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Laxmi Oil And Vanaspati Private Limited (LOVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 50.00 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 15, 2025, placed the rating(s) of LOVPL under the 'issuer non-cooperating' category as LOVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LOVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 10, 2026, April 20, 2026, July 2, 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 Laxmi Oil & Vanaspati Pvt Ltd (LOVPL) was incorporated in April 2003 as a private limited company. The company is engaged in business of manufacturing of refined oil. The company also has a packaging unit for the packaging the oil into pouch, tin, jar and bottle for supply to distributors. The company primarily caters to the wholesalers and suppliers of packaged refined oil. It holds the FSSAI compliance certificates. The company also sells refined and blended rice bran oil under the brand name of 'Parv' which is sold by a distribution network in the rural markets of eastern Uttar Pradesh, Madhya Pradesh and Bihar. LUCKSHMI YARN: CRISIL Lowers Rating on Long Term Debt to D ---------------------------------------------------------- Crisil Ratings has downgraded the rating of Luckshmi Yarn Impex Private Limited (LYIPL) to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with LYIPL for obtaining information through letter and email dated February 11, 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 LYIPL, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on LYIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the latest available public information, Crisil Ratings has downgraded the rating to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating'. As per information available in the public domain, there remains delinquency in company accounts and clarity about the same from the management and bankers is continuing to remain awaited. Coimbtore based LYIPL was incorporated in 2020. LYIPL is engaged trading of cotton yarn and manufacturing abd trading of fabrics. LYIPL market it under the brand name "Comfoline". LYIPL is owned & managed by Gopal Sharma and Sunil Sharma. LYNX TOOLS: Voluntary Liquidation Process Case Summary ------------------------------------------------------ Debtor: Lynx Tools & Components Private Limited Prop. No. 558-A, 1st Floor, Silver Oak Marg, Vill-Ghitorni, Near Bakshi Farm, New Delhi - 110030 Liquidation Commencement Date: July 1, 2026 Court: National Company Law Tribunal, Allahabad Bench Liquidator: Deepak Gupta Unit No. 212, Tower-C, Bhutani Cyber Park, Plot No. C-28-29, Sector-62, Noida - 201301 Tel: 98114 23461 Email: deepak@drassociates.org Last date for submission of claims: July 31, 2026 M.U. BUILDCON: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: M.U. Buildcon Private Limited 728, 1st Floor, Gali Abdul Salam Qureshi Green Market, Baratooti Chowk, Delhi, 110006, India Insolvency Commencement Date: June 30, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: December 27, 2026 Insolvency professional: Deepa Gupta Interim Resolution Professional: Deepa Gupta B-2/110, Sector-16, Rohini, North East Delhi, Delhi - 110089 Email: advocate.deepa.gupta@gmail.com cirp.mubuildcon@gmail.com Last date for submission of claims: July 14, 2026 NEW JAI: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of New Jai Bharat Educational Trust (NJBET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 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 22, 2025, placed the rating(s) of NJBET under the 'issuer non-cooperating' category as NJBET had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NJBET continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 7, 2026, April 17, 2026, April 27, 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 M/s New Jai Bharath Educational Trust (NJBET) is a non-minority; charitable trust registered under Section 12A of the Income Tax Act. The main objective of the trust is to provide education services and engage in social welfare activities to the rural population. Presently, the trust runs engineering college offering five undergraduate engineering courses which are approved by the All India Council for Technical Education (AICTE) and is affiliated to Anna University, Chennai. The campus is spread over 20 acres of land located at Trichy district, Tamil Nadu and build up area of 95000 sq. ft. NIGAM COLD: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Nigam Cold Storage Private Limited (NCSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.10 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 April 25, 2025, placed the rating(s) of NCSPL under the 'issuer non-cooperating' category as NCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 11, 2026, March 21, 2026, June 22, 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 Nigam Cold Storage Private Ltd (NCSPL), incorporated on December 18, 1995 was promoted by Rana family of West Bengal to set up a cold storage facility with a storage capacity of 2,29,880 quintals in Midnapur district of West Bengal. NCSPL is engaged in the business of trading of potato along with providing cold storage facility primarily for potatoes to farmers & traders. Besides providing cold storage facility, the company also works as a mediator between the farmers and marketers of potato by taking advances from marketers on behalf of the farmers in order to facilitate sale of potato stored and it also provides advances to farmers for farming activities against the potato stored. This apart it also provides additional services to farmers such as insurance of potatoes stored & drying of potatoes. OJAAN REALTY: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Ojaan Realty Private Limited 7/13/2 SF, Devika Tower Nehru Place, New Delhi - 110019 Insolvency Commencement Date: July 1, 2026 Court: National Company Law Tribunal, New Delhi Bench-IV Estimated date of closure of insolvency resolution process: December 28, 2026 Insolvency professional: Rajiv Bajaj Interim Resolution Professional: Rajiv Bajaj LG, B-269, Chattarpur Enclave, Phase-II, New Delhi, Delhi - 110074 Email: rbajajip@gmail.com cirpojaanrealty@yahoo.com Last date for submission of claims: July 14, 2026 OMKARA VIJAYALAKSHMI: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Omkara Vijayalakshmi Strips Private Limited 76-18-45, Plot No. 45, Iron Yard, Bhavanipuram, Vijayawada, Andhra Pradesh, India - 520012 Insolvency Commencement Date: June 23, 2026 Court: National Company Law Tribunal, Amaravati Bench-I Estimated date of closure of insolvency resolution process: December 20, 2026 Insolvency professional: Neha Jain Nemani Interim Resolution Professional: Neha Jain Nemani 2404B Parthenon Building, JP Road, 4 Bungalows, Andheri West, Mumbai City, Maharashtra, 400053 Email: nehavkjain@gmail.com 1601, Chandak Unicorn, Dattaji Salve Marg, Off Veera Desai Road, Andheri West, Mumbai, 400053 Email: omkaravijayalakshmicirp@gmail.com Last date for submission of claims: July 7, 2026 OSIA GEMS: CRISIL Lowers Rating on INR14.85cr Loan to B ------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Osia Gems Private Limited (OGPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Fund-Based 14.85 Crisil B/Stable (ISSUER NOT Facilities COOPERATING; Migrated from 'Crisil BB-/Stable') Fund-Based 10 Crisil B/Stable (ISSUER NOT Facilities COOPERATING; Migrated from 'Crisil BB-/Stable') Fund-Based 13.59 Crisil B/Stable (ISSUER NOT Facilities COOPERATING; Migrated from 'Crisil BB-/Stable') Proposed Fund- 17.56 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'Crisil BB-/Stable') Crisil Ratings has been consistently following up with OGPL for obtaining information through letter and email dated June 1, 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 OGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OGPL 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 OGPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. OGPL was originally established in 1991 as a partnership firm by Mr. Prakash Gandhi and his family members. In 2008, the firm was reconstituted as a private limited company. The company cuts and processes rough diamonds and exports polished diamonds. Its manufacturing unit is in Surat, Gujarat. It is also engaged in the trading of rough and polished diamonds OSWAL OVERSEAS: NCLAT Allows Withdrawal of Insolvency Case ---------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has allowed the withdrawal of an appeal filed against insolvency proceedings initiated against Oswal Overseas Limited after a settlement with its financial creditor LH Sugar Factories. According to ET, a joint application was moved before a NCLAT bench of Justice Mohammad Faiz Alam Khan and Naresh Salecha by Oswal Overseas and its financial creditor LH Sugar Factories to inform the appellate tribunal about an amicable settlement of their dispute. They also placed the settlement terms on record before the appellate tribunal. Moreover, a demand draft for INR2.80 crore has already been handed over to LH Sugar Factories following the settlement between the parties, ET relays. Counsel appearing for LH Sugar Factories informed the NCLAT that "now the financial debt so far as the Respondent No 1 (LH Sugar Factories) is concerned has been discharged in full and final". Earlier in this matter, the NCLAT on June 8, 2026, restrained the Interim Resolution Professional (IRP) of Oswal Overseas from taking further steps in the matter, ET notes. ET adds that parties submitted that an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) is required to be moved before the National Company Law Tribunal (NCLT) for initiating the withdrawal process. Oswal Overseas Limited manufactures sugar and steel ingots. PRODOT MEDIA: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Prodot Media Private Limited Flat No. S.F.-7, Devika Tower, 6 Nehru Place, New Delhi - 110019 Insolvency Commencement Date: July 1, 2026 Court: National Company Law Tribunal, New Delhi Bench-IV Estimated date of closure of insolvency resolution process: December 28, 2026 Insolvency professional: Rajiv Bajaj Interim Resolution Professional: Rajiv Bajaj LG, B-269, Chattarpur Enclave, Phase-II, New Delhi, Delhi, 110074 Email: rbajajip@gmail.com prodotmediacirp@yahoo.com Last date for submission of claims: July 14, 2026 RBA FINANCE: CRISIL Withdraws B Rating on INR100cr LT Loan ---------------------------------------------------------- CRISIL Ratings has withdrawn the ratings on certain bank facilities of RBA Finance Private Limited (RBA Finance), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 100 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Crisil Ratings has been consistently following up with RBA for obtaining information through letter and email dated May 4, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RBA Finance, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RBA Finance is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RBA Finance revised to 'Crisil B/Stable Issuer Not Cooperating' from 'Crisil BB/Stable Issuer Not Cooperating'. Crisil Ratings has withdrawn its rating on the bank facilities of RBA Finance on the request of the company and after receiving no objection certificate from the banks. The rating action is in line with the Crisil Ratings policy on withdrawal of ratings on bank loan facilities. RBA Finance, incorporated in 1996, is registered as a non-deposit taking non-banking financial company (NBFC) – asset financing company (AFC) with the Reserve Bank of India (RBI). The company was promoted by Mr Radha Ballabh Agarwal and Mr Shyam Sunder Agarwal, with an objective to finance purchase of new three-wheelers, light commercial vehicles (LCV), two-wheelers, and offer business loans. The company's business, which is primarily based in Agra, Uttar Pradesh, also caters to states like Madhya Pradesh, Punjab, Haryana, Rajasthan, Gujarat and Uttarakhand, through its network of 53 branches. The RBA group has two other companies: RBA Insurance Brokers Pvt Ltd and RBA Infratech Pvt Ltd. The promoters are insurance agents of the Life Insurance Corporation of India Ltd and conduct insurance broking activities through the former, established in 2003. S. K. HATCHERIES: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of S. K. Hatcheries (SKH) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.23 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 5, 2025, placed the rating(s) of SKH under the 'issuer non-cooperating' category as SKH had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKH continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 21, 2026, May 1, 2026, May 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 S. K. Hatcheries (SKH) was established in 2005 by Mr. Ramehar Singh as a proprietorship firm and is engaged in poultry farming of egg laying poultry birds (chicken) and trading of broiler hen in the poultry farm located in Village Jatauli, Haryana. Firm procures feeding material i.e. maize, millets, soyabean, DCP (Di Calcium Phosphate), vitamins and medicines etc. from suppliers based in Delhi NCR. S. SELLADURAI: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of S. Selladurai Nadar Hotel & Catering World (SSNHCW) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 5.00 CARE C; Stable; ISSUER NOT Bank 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 16, 2025, placed the rating(s) of SSNHCW under the 'issuer non-cooperating' category as SSNHCW had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSNHCW continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 1, 2026, April 11, 2026, April 21, 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 S. Selladurai Nadar Hotel & Catering World (SSNHCW) was established in 2003 as a Hindu Undivided Family by Mr. Suthanthiraseelan S along with his family members in Chennai, Tamil Nadu. The entity sells products like cookware, housekeeping needs and small kitchen appliances through its retail outlet in Chennai. The outlet is spread over 2000 square feet and has, ground plus three floors. The product range includes aluminium products, baking equipment, barware, copper and brass ware, crockery and cutlery items, table decorators, electronic appliances and housekeeping needs that are used in households and by small scale operators in the hotel industry. SSN's products are also exported to foreign destinations like USA, Canada, Singapore through Selladurai Nadar Exports, a proprietorship concern of Mrs. Santhi, wife of Mr. Suthanthiraseelan S. SARVODAY SAT: CARE Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sarvoday Sat Isabgol Factory (SSIF) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 0.49 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 20.00 CARE B-; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Rating Bank Facilities continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 8, 2025, placed the rating(s) of SSIF under the 'issuer non-cooperating' category as SSIF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSIF 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: Stable Established in 1986 as a partnership firm, Sarvoday Sat Isabgol Factory (SSIF) is engaged in processing of psyllium seeds to produce psyllium husk along with its by-products Gola and Lali. SSIF sells its psyllium products under the brand name of 'Deepak'. SSIF has its processing facility at Siddhpur in Gujarat. As on March 31, 2020, SSIF has installed processing capacity of 19,000 metric ton per day (MTPD) of psyllium seeds. SPENTA INTERNATIONAL: CRISIL Cuts Rating on INR9.25cr Loan to B --------------------------------------------------------------- Crisil Ratings has migrated the rating on the bank facilities of Spenta International Limited (SIL) to 'Crisil B/Stable Issuer Not Cooperating' from 'Crisil BB/Stable. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.25 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Cash Credit 8.85 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Proposed Fund- 2.15 Crisil B/Stable (ISSUER NOT Based Bank Limits COOPERATING; Migrated from 'Crisil BB/Stable') Term Loan 4.75 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil BB/Stable') Crisil Ratings has been consistently following up with SIL for obtaining information through letters and emails dated June 1, 2026, June 5, 2026, June 8, 2026, June 11, 2026, and June 30, 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. This restricts Crisil Ratings' ability to take a forward looking view on the credit quality of the entity. Crisil Ratings believes that rating action on SIL 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 the bank facilities of SIL to 'Crisil B/Stable Issuer Not Cooperating' from 'Crisil BB/Stable SIL was incorporated in July 1986. The company specializes in designing, manufacturing and exporting cotton socks for men, women and children of all age groups. Its manufacturing facility is located at Palghar (West), Maharashtra with a total installed capacity of 15 lakh pairs of socks per month. The day to day operations of the company are managed by Mr. Danny Hansotia. SRI LAKSHMI: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Sri Lakshmi Narasimha Spinning Mills (India) Private Limited 63/2, Simhapuri Estate, Mahalaxmipuram Etukur Road, Guntur, Andhra Pradesh, India - 522003 Insolvency Commencement Date: June 8, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: December 5, 2026 Insolvency professional: Ranjan Chakraborti Interim Resolution Professional: Ranjan Chakraborti 1/22 2nd Floor, Asaf Ali Road, New Delhi, National Capital Territory of Delhi, 110002 Email: ranjanns@gmail.com 17D/522, Konark, Vasundhara, Ghaziabad (NCR), U.P-201012 Email: cirp.sln.spinningmill@gmail.com Last date for submission of claims: July 3, 2026 STC VENTURES: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: STC Ventures Private Limited 515, Sai Chambers, Near Railway Station Santacruz (East), Mumbai - 400055, Maharashtra 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: Purusottam Behera Interim Resolution Professional: Purusottam Behera Flat No. 402, Sai Prasad Building, Sion Kamgar CHS, Road No. 29, Sion (East) Mumbai, Mumbai City, Maharashtra, 400022 Email: purusosbbj@yahoo.com 410, 4th Floor, Bluerose Industrial Estate, Near Metro Mall and Tata Power Petrol Pump, Western Express Highway, Borivali East, Mumbai - 400066 Email: ibc.stcventures@gmail.com Last date for submission of claims: July 14, 2026 UJJWAL LUXURY: CARE Lowers Rating on INR5.37cr LT Loan to B- ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Ujjwal Luxury Hotels Private Limited (ULHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.37 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 23, 2025, placed the rating(s) of ULHPL under the 'issuer non-cooperating' category as ULHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ULHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 8, 2026, April 18, 2026, April 28, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Ujjwal Luxury Hotels Private Limited (ULHPL) was incorporated in June, 2011 as a private limited company by Mr. Bhagirath Poonia and Mr. Daya Ram Poonia with an objective to establish a three-star hotel at Jaipur (Rajasthan). ULHPL has completed construction work on the hotel in the middle of November 2015 and has started its operations from December 2015. The hotel has a facility of total 75 deluxe rooms along with one restaurant cum bar and one banquet hall with capacity of 400 persons. UNITON INFRA: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Uniton Infra Private Limited (UIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 8, 2025, placed the rating(s) of UIPL under the 'issuer non-cooperating' category as UIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UIPL 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: Stable Uniton Infra Private Limited (UIPL) was incorporated in the year 2017 with its registered office at Banjara Hills, Hyderabad. The promoters of the company are Mr. Mahesh Bigala (Managing Director) and Mrs. Shalini Bigala (Director). They have experience of more than two decades in Construction Industry. The company is primarily engaged in construction of buildings, apartments and other infrastructure works. The company procures its work orders through online tenders from Greater Hyderabad Municipal Corporation (GHMC), Telangana. VEEKAY PVC: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Veekay PVC Profiles (VPP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.01 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 22, 2025, placed the rating(s) of VPP under the 'issuer non-cooperating' category as VPP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VPP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 7, 2026, April 17, 2026, April 27, 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 Veekay PVC Profiles (VPP) was established in the year 2001 as partnership firm by Mr. Valerian Lobo and his wife Mrs. Flavia Kanthi Lobo. The firm is engaged in processing of raw cashew nut into cashew kernels with installed capacity of 6000 kilograms per day at Udupi District, Karnataka. The process involves steam roasting, shell cutting, peeling and grading. The firm majorly procures raw material (raw cashew nuts) from African countries like Benin, Togo, Ivory Coast, and Tanzania etc. The firm imports 100% of the raw cashew nut (85% of total purchases) owing to better quality and relatively lower prices as compared to the domestic market. The firm is also engaged in trading of cashew kernels. The firm purchases the cashew kernels for trading from the local traders in Karnataka. The firm sells the processed cashew kernels in Bangalore, Mangalore, Mumbai, Delhi and Punjab. The firm also generates income from sale of by-products cashew shells, cashew husk and rejections. The firm exports 40% of cashew kernels in international market places like Dubai and Singapore. VINDHYA SHIKSHA: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vindhya Shiksha Samiti (VSS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.04 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 14, 2025, placed the rating(s) of VSS under the 'issuer non-cooperating' category as VSS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VSS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 30, 2026, April 10, 2026, April 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 Balaghat (Madhya Pradesh) based Vindhya Shiksha Samiti (VSS) is registered as a society in 2000 under M.P. Society Registration Act, 1973 with an objective to impart education. The society is presently operating nine colleges in Balaghat, Mandla and Dongariya district of Madhya Pradesh and offers degree courses in Engineering and Technology, Medical and Pharmaceutical sciences, basic science, nursing education, commerce and Polytechnic as well as post graduate course in M.Sc (IT) stream, M.Ed. It also offers diploma course in electrical mechanical & civil engineering courses to students under its colleges, Sardar Patel College of Technology and Sardar Patel Polytechnic College which are affiliated with Rajiv Gandhi Proudyogiki Vishwavidyalaya (RGPV) and Rani Durgawati Vishwavidyalaya University, Jabalpur and has taken approval from All India Council for Technical Education (AICTE), Pharmacy Council of India (PCI) and NCTE. The society is also running a school namely Mount Litera Zee Learn School in Balaghat from nursery to seventh. The school became operational from academic year 2017-18. The society is also running a university namely Sardar Patel University in Balaghat in Madhya Pradesh. University became operational from academic years 2018-19 and here are more than 70 courses in university. [] INDIA: NCLT Clears 78 Resolution Plans in June Quarter --------------------------------------------------------- The Economic Times reports that the National Company Law Tribunal (NCLT) approved 78 resolution plans involving a total amount of INR5,517.66 crore in the three months ended June. It also marked the "highest-ever first quarter performance in terms of approval of resolution plans since the enactment of the Insolvency and Bankruptcy Code, 2016 (IBC)," the tribunal said in a report, ET relays. The IBC provides for time-bound and market-linked resolution of stressed assets and the final resolution is approved by the tribunal. In the June quarter, the tribunal cleared 78 resolution plans that involved a total amount of INR5,517.66 crore, the report said. Till June 30 this year, the tribunal has given its nod for 1,628 resolution plans, involving an aggregate approved value of over INR4.78 lakh crore, ET discloses. "As on June 30, 2026, 349 applications seeking approval of resolution plans continued to remain pending before different benches of the NCLT, while 38 matters had already been heard and reserved for orders," the report on its website said. Apart from the principal bench and the New Delhi bench, the tribunal has benches in Allahabad, Ahmedabad, Bengaluru, Chandigarh, Chennai, Cuttack, Hyderabad, Indore, Kolkata, Kochi and Mumbai, according to ET. As on July 13, the tribunal was functioning with President, 26 Judicial Members, and 25 Technical Members as on July 13. The sanctioned strength of the Tribunal is 1 President, 31 Judicial Members and 31 Technical Members. "No appointments of Judicial or Technical Members have been made since January 2025. The only appointment during this period was of Justice (Retd) Anupinder Singh Grewal as the President of the NCLT," the report, as cited by ET, said. ===================== N E W Z E A L A N D ===================== AUTOPOINT LIMITED: Creditors' Proofs of Debt Due on Sept. 1 ----------------------------------------------------------- Creditors of Autopoint 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 liquidator is: David Thomas Don't Be Limited c/o 13C/65 Chapel Street Tauranga Central Shopping Centre CONSOLIDATED FRUITS: Court to Hear Wind-Up Petition on Aug. 14 -------------------------------------------------------------- A petition to wind up the operations of Consolidated Fruits Limited will be heard before the High Court at Auckland on Aug. 14, 2026, at 10:45 a.m. Korokipo Apple Limited Partnership filed the petition against the company on April 20, 2026. The Petitioner's solicitor is: James Hakaria Sharp Tudhope Lawyers Level 4 152 Devonport Road (Private Bag 12020) Tauranga CRASBORN FRESH: Creditors' Proofs of Debt Due on Aug. 7 ------------------------------------------------------- Creditors of Crasborn Fresh Harvest Limited 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 3, 2026. The company's liquidators are: Leon Francis Bowker Kristal Pihama c/o KPMG 18 Viaduct Harbour Avenue PO Box 1584 Shortland Street Auckland 1140 JUKEN NEW ZEALAND: To Close Northland Mill, 60 Jobs Under Threat ---------------------------------------------------------------- Radio New Zealand reports that Northland Mill is closing down, with no buyer or government investment stepping in to save 60 jobs under threat. The owner, Japanese forestry company Juken New Zealand (JNL), announced in March it wanted to exit Kaitāia and put its two mills on the market. According to RNZ, director Yasufumi Tsuchiya said the decision comes after work to try to find a buyer, or an arrangement that would allow Northland Mill to operate in a financially sustainable way. "Despite those efforts, we were unable to identify a viable pathway forward." He said the company undertook a consultation process with employees and union representatives over the past week, considering feedback, RNZ relays. About 60 people work at the Northland Mill, while 140 are employed at the Triboard Mill, which may also be put up for sale. RNZ relates that Mr. Tsuchiya said the company is in discussions with staff about redeployment opportunities across the company, as well as access to financial aid, wellbeing support, and employment and training opportunities. "Many people have dedicated years of service to Northland Mill, and we acknowledge the impact this decision will have." When the closure was announced last month, a union organiser said there was shock and disappointment in Kaitāia. Just days ago, Northland leaders urged the government to invest in proposals to save the two Kaitāia mills, warning time was running out, RNZ says. The mill is scheduled to close on August 21, with production activity gradually reducing over the coming weeks as remaining work is completed, according to RNZ. "JNL remains committed to New Zealand and to maintaining a sustainable forestry and manufacturing business here." While the mill is closing, Mr. Tsuchiya said JNL remained open to potential buyers and exploring opportunities with the land and assests. He said the process to explore a potential sale of Triboard as a going concern continues. RNZ adds that the director said decisions about Kaitāia mills had been made with the long-term viability of the wider business in mind. Speaking to Checkpoint on July 14, before the closure was confirmed, Workers First Union spokesperson Savage said he was disappointed at the lack of government intervention, RNZ relays. Staff were facing redundancy with four weeks notice, he said, and the job losses would shrink the economy of the small town leading to people moving away. He believed JNL had underinvested in the mill which could have been profitable, RNZ adds. Juken New Zealand Ltd. manufactures wood panels, engineered and solid wood products. The Company offers laminated veneer lumber, veneer, and plywood products for structural and non-structural, external, internal, and appearance. Juke serves customers throughout the New Zealand. PEGASUS MANAGEMENT: Creditors' Proofs of Debt Due on Aug. 7 ----------------------------------------------------------- Creditors of Pegasus Management Limited, Woolston Auto Surgery (2019) Limited and Mechanical Construction Link Limited 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 1, 2026. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 WRIGHTWAY PAINTING: Court to Hear Wind-Up Petition on Aug. 17 ------------------------------------------------------------- A petition to wind up the operations of Wrightway Painting Limited will be heard before the High Court at Tauranga on Aug. 17, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on May 21, 2026. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton ================= S I N G A P O R E ================= CES YICHANG: Commences Wind-Up Proceedings ------------------------------------------ Members of Ces Yichang Pte. Ltd. on July 1, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Mr. Lin Yueh Hung Ms. Yap Hui Li 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 FCL COMPONENTS: Creditors' Proofs of Debt Due on July 31 -------------------------------------------------------- Creditors of FCL Components Asia Pte. Ltd. are required to file their proofs of debt by July 31, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 30, 2026. The company's liquidator is: Lai Seng Kwoon c/o 7500A Beach Road #05-303/304 The Plaza Singapore 199591 HERA CAPITAL: Creditors' Proofs of Debt Due on Aug. 8 ----------------------------------------------------- Creditors of Hera Capital Partners Holdings IV B Pte. Ltd. and Hera Capital Partners Holdings IV Pte. Ltd. are required to file their proofs of debt by Aug. 8, 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: James Alexio Cai Xinyu, Annabelle c/o Kroll Pte Ltd One Raffles Place #29-01, One Raffles Place Tower 1 Singapore 048616 SOLUTIONS BASE: Court to Hear Wind-Up Petition on July 24 --------------------------------------------------------- A petition to wind up the operations of Solutions Base 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 June 30, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 TOP ACE: Court to Hear Wind-Up Petition on July 24 -------------------------------------------------- A petition to wind up the operations of Top Ace 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 June 2, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ********* 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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