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260728.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 Tuesday, July 28, 2026, Vol. 29, No. 149 Headlines A U S T R A L I A CULLETON CONTRACTING: First Creditors' Meeting Set for July 30 EASCOM ELECTRICAL: First Creditors' Meeting Set for Aug. 3 GENE S: First Creditors' Meeting Set for Aug. 3 GROCON GROUP: Former CEO Daniel Grollo Goes Bankrupt LEADING EDGE: Collapses Into Administration Owing Millions QUINTIS GROUP: Kingston Rest Near Kununurra Listed as Under Offer RIVERD PTY: Closure Won't Derail Teneriffe Banks, Developer Says ROUGHAN HAULAGE: First Creditors' Meeting Set for July 30 SNACKING INVESTMENTS: Moody's Affirms 'B2' CFR, Outlook Stable WARLE PTY: First Creditors' Meeting Set for July 31 I N D I A ARIHANT SUGAR: CARE Keeps D Debt Rating in Not Cooperating ARUN CONSTRUCTION: CRISIL Withdraws B Rating on INR21cr LT Loan ARUN ENGINEERING: CRISIL Cuts Rating on INR10cr Cash Loan to B BABASAHEB BAPUSAHEB: CARE Keeps B- Debt Rating in Not Cooperating BHARAT SINGH: CARE Keeps B- Debt Rating in Not Cooperating BISMI CONNECT: CARE Lowers Rating on INR60.48cr LT Loan to B- BMK PRIVATE: CRISIL Withdraws B Rating on INR28cr Proposed Loan BRAHMMAS AGRO: CARE Keeps C Debt Rating in Not Cooperating DEEPAK AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category JAIDEEP SHIKSHA: CARE Keeps C Debt Rating in Not Cooperating JANSHAKTI TEXTILE: CRISIL Reaffirms D Rating on INR15cr Term Loan LAKSHMI RAIL: CARE Keeps B- Debt Rating in Not Cooperating MODERN INDIA: CARE Keeps B Debt Rating in Not Cooperating Category NSL TEXTILES: CRISIL Reaffirms D Rating on LT/ST Debts PRL PROJECTS: CRISIL Moves D Debt Ratings to Not Cooperating RAMASIGNS INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating RBEP ENTERTAINMENT: CARE Keeps D Debt Ratings in Not Cooperating SANDCITY AUTOTEC: CARE Keeps B- Debt Rating in Not Cooperating SHIVAM CASTOR: CRISIL Withdraws B Rating on INR19cr Cash Loan SONA AGROTECH: CRISIL Withdraws B Rating on INR16cr Cash Loan SUKHMAA BUILDCON: CRISIL Lowers Rating on INR40cr Disc. Loan to B TROIX CHEMICALS: CARE Keeps C/A4 Debt Ratings in Not Cooperating TRUE POWER: CRISIL Withdraws B- Rating on LT/ST Debts VALUE SPACES: CRISIL Withdraws B Rating on INR80cr Term Loan VALUES SPACES: CRISIL Withdraws C Rating on INR80cr Disc. Loan VSG VENTURES: CARE Keeps D Debt Ratings in Not Cooperating N E W Z E A L A N D APERITIVO LIMITED: Court to Hear Wind-Up Petition on Aug. 6 BRICK+CO LIMITED: First Creditors' Meeting Set for July 29 GEORGE STREET: First Creditors' Meeting Set for July 29 GOOD VIBES: Goes Into Liquidation Owing More Than NZD8MM LITTLE HEN: Creditors' Proofs of Debt Due on Sept. 17 NZ BUILD: Sold After Receivership as Parent Co. Faces Liquidation PARNELL VENTURES: Court to Hear Wind-Up Petition on Aug. 6 TW GROUP: Millions Owed and Assets Reported Stolen S I N G A P O R E ADFACT PTE: Creditors' Proofs of Debt Due on Aug. 20 CULTURE SHADES: Court to Hear Wind-Up Petition on Aug. 7 EXIGO MARKETING: Court Enters Wind-Up Order G-CHEM LOGISTICS: Court Enters Wind-Up Order NORVIC SHIPPING: Court to Hear Wind-Up Petition on July 31 S O U T H K O R E A HOMEPLUS CO: Bond Probe Closes in on MBK Partners Leadership - - - - - ================= A U S T R A L I A ================= CULLETON CONTRACTING: First Creditors' Meeting Set for July 30 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Culleton Contracting Pty Ltd (Administrators Appointed) in its own right and as trustee for the Culleton Business Trust will be held on July 30, 2026, at 10:00 a.m. The meeting to be held virtually only. Mark Alfred Holland and Robert Michael Kirman of McGrathNicol were appointed as administrators of the company on July 20, 2026. EASCOM ELECTRICAL: First Creditors' Meeting Set for Aug. 3 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Eascom Electrical Bendigo Pty Ltd will be held on Aug. 3, 2026, at 10:00 a.m. via Microsoft Teams Meeting. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of the company on July 22, 2026. GENE S: First Creditors' Meeting Set for Aug. 3 ----------------------------------------------- A first meeting of the creditors in the proceedings of Gene S Pty Ltd will be held on Aug. 3, 2026, at 11:00 a.m. at the offices of BRI Ferrier at Level 4, 673 Murray Street, in West Perth, WA, and via virtual meeting technology. Sally Hutchinson and Giovanni Maurizio Carrello of BRI Ferrier were appointed as administrators of the company on July 22, 2026. GROCON GROUP: Former CEO Daniel Grollo Goes Bankrupt ---------------------------------------------------- The Australian Financial Review reports that Daniel Grollo, the third-generation former chief executive of Melbourne's most famous construction family, has been declared bankrupt five years after the collapse of the Grocon construction empire, owing more than AUD10 million to the Australian Taxation Office. The Grocon group, which Daniel took over running from his father Bruno, built Rialto Towers and the Eureka Tower, transforming Melbourne's skyline, but collapsed in 2021, owing creditors more than AUD100 million, the Financial Review notes. According to the Financial Review, the collapse brought to an end a business once worth billions, with origins dating back to a concreting venture started by Mr. Grollo's grandfather Luigi in the 1930s. The Financial Review says bankruptcy searches confirm that Mr. Grollo was made bankrupt on March 12 but the news has not been publicly revealed. PKF partner Brad Tonks, who declined to comment, was appointed his trustee. The Australian Financial Review has obtained Mr. Grollo's statement of affairs, lodged with the Australian Financial Security Authority. "I am applying to voluntarily become bankrupt," Mr. Grollo declares on the first page of the 149-page document. The Financial Review relates that the bankruptcy comes after Mr. Grollo settled a legal battle against the NSW government last year over the AUD2 billion Central Barangaroo project, for a reported payment worth AUD27 million, just 10 per cent of Grocon's AUD270 million legal claim. A NSW parliamentary inquiry in 2023 found Infrastructure NSW treated Grocon unfairly in the Barangaroo debacle and the Mr. Grollo camp largely blames it for the Grocon collapse. Mr. Grollo declined to comment for this report, but a source close to the 56-year-old said he was looking forward to closing the book on the past few years, the Financial Review relays. He remained committed to meeting his obligations under the bankruptcy process, they said, including making the required income contributions to his two external creditors – the ATO and a project bonder, the source said. The Financial Review adds that Mr. Grollo remains the CEO of GFM Investments Group, a build-to-rent business operating under the HOME and CASA brands, and his salary is declared in his statement as AUD630,000 a year. The bankruptcy was a personal matter and would not affect any other Grocon business or his position as chief executive of GFM, the source said. Mr. Grollo's statement of affairs reveals he was hit for a further debt of AUD4.13 million to the ATO in February this year, on top of his personal guarantee to the Tax Office for AUD6.65 million, incurred in 2021, the Financial Review discloses. He also has related party debts owing to Grocon, including AUD17.58 million to Grocon Projects and AUD3.19 million to Grocon Funds Unit Management Trust, established in 2010 to manage the Grollo Family interests. Other declared debts include a AUD24.28 million loan owing to the Twenty Twenty2 trust, a trust vehicle jointly owned by Mr. Grollo and his ex-wife Katherina, as well as AUD3 million to Assetinsure, a specialist insurance company that acts as an underwriting agent for Swiss Re International SE, adds the Financial Review. LEADING EDGE: Collapses Into Administration Owing Millions ---------------------------------------------------------- David Richards at ChannelNews reports that struggling buying group Leading Edge has been placed into administration, with suppliers notified by letter earlier on July 23. ChannelNews, citing the correspondence, discloses that the Board of Leading Edge Group resolved at a recent board meeting to appoint Henry McKenna of Vincents as administrator after the company was unable to meet its debt obligations. The NSW based operation is believed to owe millions, despite multiple suppliers having already placed the group on credit hold. The collapse comes just weeks after ChannelNews exclusively revealed that the Company's liabilities stood at AUD28.26 million as of June 30, 2025, including borrowings of AUD5.05 million and a AUD570,000 tax liability under a funding arrangement with the Australian Taxation Office. Peter Knock, is the Non-Executive Director and Chairman of Leading Edge Group Australia and Leading Edge Group UK. ChannelNews relates that the letter claims the decision was made only after an extensive period of reviewing every available option to strengthen the Australian business, including restructuring, capital raising, strategic investment opportunities and the sale of selected assets. "Despite these efforts, voluntary administration has been determined to be the most appropriate course of action," he wrote. "Over recent years, the Australian retail sector has experienced one of the most prolonged and challenging trading environments in decades. Rising interest rates, persistent cost-of-living pressures, reduced consumer discretionary spending, escalating operating costs and intense competition from large national chains and online retailers have placed significant pressure on independent businesses across the country." "Many of our members have seen trading volumes decline, reduced their participation in buying group programs as they sought to preserve cash, or, in some cases, made the difficult decision to close their businesses altogether. These broader market conditions have had a direct impact on Leading Edge Group's revenue base and financial performance, despite the continued loyalty and commitment of our members, suppliers and employees." Addressing suppliers directly, Mr. Knock wrote: "We appreciate that this announcement may raise concerns regarding existing trading arrangements. Our supplier partners have played a critical role in the success of Leading Edge Group over many years, and we acknowledge the confidence and support you have shown the organisation." According to ChannelNews, the business claims the appointment of an administrator does not necessarily mean trading will cease. The Administrator will immediately assess the business, its contracts and operations to determine the best outcome for creditors and other stakeholders, and will communicate directly with suppliers regarding trading arrangements, future supply requirements and ongoing commercial relationships. The Board and management said they will work closely with the Administrator to ensure a smooth transition, provide complete access to company records and support any initiatives that maximise value for creditors. As ChannelNews previously revealed, the group holds a AUD15 million invoice discounting facility with Scottish Pacific, with AUD5.05 million drawn at year end, and was in the process of relocating from Chatswood to Crows Nest. CEO Charlie Davey resigned suddenly and was replaced by Scott Lindsay, former GM of Technology and Sales, with the Australian business on credit hold with suppliers including Hisense and Leader Computers, ChannelNews relates. ChannelNews says the group has bled appliance and CE volume to the Independent Business Group, run by former franchisees, and Australian revenue of AUD67.4 million was increasingly propped up by the UK arm (AUD27.5 million), where Barclays holds a debenture over assets. ChannelNews adds that management had admitted members had fallen behind on payments, that supplier payments were being delayed, and that staff and contractors had left. The group also confirmed it remains liable for defaulted member payments after burning cash reserves to keep suppliers paid. Leading Edge Group is an Australian-owned consumer electronics buying group with retail shopfronts. QUINTIS GROUP: Kingston Rest Near Kununurra Listed as Under Offer ----------------------------------------------------------------- The West Australian reports that the Kingston Rest aggregation near Kununurra has officially been listed as under offer. This milestone comes after spending 1.5 years on the market following the high-profile liquidation and receivership of the global sandalwood giant, Quintis. The West Australian relates that the sale was mandated by receivers to recoup hundreds of millions of dollars in debt following the collapse of Quintis. While developed for forestry, the asset drew massive attention for high-value cropping conversion, The West Australian notes. Buyers in the region are increasingly flipping former sandalwood land to broadacre cotton, horticulture, and intensive fodder, fueled by the development of the nearby Kununurra Cotton Gin. About Quintis Quintis is Australia's largest sandalwood forestry management company and manages 17 separate managed investment schemes. KordaMentha Restructuring partners Richard Tucker, Scott Langdon, and John Bumbak were appointed as Voluntary Administrators of the Quintis Group on Jan. 20, 2018 after Asia Pacific Investments DAC exercised an option requiring Quintis to acquire 400 hectares of plantations at a pre-determined price of AUD37 million, with settlement required totake place on Feb. 2, 2018. Quintis did not have the financial resources to pay the put option. As a result of the appointment of Administrators, on Jan. 23, 2018, the secured bondholders appointed Jason Preston, Shaun Fraser and Robert Brauer of McGrathNicol as Receivers and Managers. After emerging from receivership in October 2018, Quintis was recapitalised with AUD145 million and ownership passed to a group of its creditors and investors, including BlackRock Advisors. Several operating subsidiaries including Quintis (Australia) Pty Ltd, Quintis Forestry Pty Ltd, and other entities were placed into voluntary liquidation in July 2024. RIVERD PTY: Closure Won't Derail Teneriffe Banks, Developer Says ---------------------------------------------------------------- The Urban Developer reports that the developer of the AUD1.5-billion Teneriffe Banks project on the banks of the Brisbane River has shut down claims the project is on the rocks. Kokoda Property Group told The Urban Developer that the closure of one of its holding companies was unrelated to the precinct project. According to The Urban Developer, media reports that Riverd Pty Ltd, a Kokoda-affiliated company, had entered voluntary administration, supposedly putting the Teneriffe Banks projects in jeopardy, hit the headlines late last week. Christopher Peter Sequeira and Andrew John McCabe of Wexted Advisors were appointed as voluntary administrators of Riverd Pty Ltd and KK Finance No. 200 Pty Ltd on June 19, 2026. ROUGHAN HAULAGE: First Creditors' Meeting Set for July 30 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Roughan Haulage And Excavations Pty Ltd will be held on July 30, 2026, at 3:00 p.m. via Microsoft teams. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on July 20, 2026. SNACKING INVESTMENTS: Moody's Affirms 'B2' CFR, Outlook Stable -------------------------------------------------------------- Moody's Ratings has affirmed the B2 corporate family rating and senior secured bank credit facilities rating of Snacking Investments BidCo Pty Limited (Arnott's). The outlook is stable. RATINGS RATIONALE Arnott's B2 rating is supported by stable demand and cash flow generated from its portfolio of well-known and trusted packaged food brands. Arnott's has a leading market position in biscuits in Australia and New Zealand (ANZ) and a good overall market position in snacks and meals in Asia Pacific. The rating is constrained by the company's high level of gross debt as a result of KKR's leveraged buy-out of the business in 2019, weak interest coverage driven by high interest costs and ongoing investment in growth and M&A, which increases execution risk and could lead to higher leverage if funded with debt. Changing consumer preferences towards healthier products may also present a longer-term challenge to Arnott's business, although its product range already includes some healthier options. Moody's expects Arnott's revenues will grow by around 3% in fiscal year ending August 2026 (fiscal 2026), supported by a full year of revenues from Mother Earth, volume growth in ANZ underpinned by promotional activity, and higher exports into the UK and the US. Organic growth would have been stronger if not for the additional week in fiscal 2025, which creates a challenging year-on-year comparison. Arnott's also faced operational disruptions and lower sales from a change in its warehouse and logistics provider in Asia. However, this has now been resolved and will not be a drag on fiscal 2027 results. For fiscal 2027, Moody's forecasts revenue growth of around 3%. Arnott's leading market share in several core segments will continue to support solid sales growth despite inflationary pressures and weak consumer sentiment in Australia. Moody's expects Arnott's EBITDA will be flat to slightly lower year over year in fiscal 2026, reflecting commodity cost hedges at higher prices, alongside ongoing promotional activity. However, Moody's forecasts that lower-priced commodity hedges, particularly for cocoa, together with cost management and productivity improvements, will support EBITDA growth of 5.5%-6.0% and margin expansion of 40 basis points in fiscal 2027. Arnott's will continue to generate solid operating cash flow over the next 12 to 18 months, allowing the company to fully fund its capital expenditure from internally generated cash flow. Arnott's capital spending, including lease payments, will amount to AUD110 million per year in fiscal 2027 and 2028, as it seeks to expand biscuits production capacity and invest in new product lines. Moody's expects EBITDA growth over the next 12 months to continue driving Arnott's leverage – as measured by Moody's adjusted gross debt to EBITDA – down to around 5.7x over the next 12 months (6.1x estimated for fiscal 2026), well within the threshold for the rating of 7.0x. This assumes adjusted debt remains at fiscal 2026 levels and that the company does not undertake any debt-funded acquisitions or significant shareholder-friendly initiatives. Moody's estimates interest coverage – as measured by Moody's adjusted EBITA to Interest expense – to improve to around 1.5x in the next 12 months (1.4x estimated for fiscal 2026) driven by earnings growth and lower credit margins on the company's term loan facilities. OUTLOOK The stable outlook reflects Moody's expectations that the portfolio will retain its strong market position and that management will focus on investing in its core business whilst maintaining credit metrics within the parameters set for the rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade is unlikely over the next 12-18 months, given the company's current high leverage. However, longer term, Moody's could upgrade Arnott's ratings if (1) Moody's adjusted debt/EBITDA decreases to around 5.0x; and (2) Moody's adjusted EBITA/interest is above 2.0x, both on a sustained basis. Moody's could downgrade the ratings if (1) the company's financial sponsor engages in aggressive debt-funded acquisitions or capital distributions; and/or (2) Moody's adjusted debt/EBITDA is above 7.0x and/or Moody's adjusted EBITA/Interest is below 1.3x, both on a sustained basis. LIQUIDITY Arnott's liquidity is sufficient to cover cash requirements over the next 12 months. As of May 03, 2026, Arnott's had around AUD248 million of available liquidity comprised of AUD134 million in cash and cash equivalents and AUD114 million of undrawn facilities. Moody's estimates Arnott's total available liquidity will be higher by the end of fiscal 2026. Moody's expects Arnott's to generate around AUD160 million in operating cash flow over the next 12 months. This, along with available liquidity, should be sufficient to cover expected capital expenditures and debt amortizations. Moody's expects Arnott's to generate positive free cash flow over the next 12 to 18 months. Arnott's revolver has a springing first lien net leverage covenant that would require the company to maintain first lien net leverage below 8.3x, tested quarterly, if 45% or more of the revolver is drawn. Moody's expects that Arnott's will maintain ample cushion under this covenant for the next 12-18 months. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS Arnott's CIS-4 indicates that the ratings would be lower than they would have been if ESG risk exposure did not exist. ESG attributes have some negative impact on the current rating due to high exposure to governance risks. This reflects the company's private equity ownership, which can result in prioritization of shareholder interests over creditor interests, such as more aggressive growth plans and strategies, including a tolerance for higher debt and leverage. METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. COMPANY PROFILE The Arnott's group was acquired by KKR from Campbell Soup Company as part of a leveraged buyout in 2019. Arnott's operates three business units: 1) ANZ Snacking encompassing Arnott's Biscuits, which owns well-known brands such as Tim Tams, Shapes and Jatz as well as the nutritious snacking businesses including Good Food Partners and Mother Earth. Good Food Partners was formed in FY21 following the acquisition of 75% of Diver Foods and selected manufacturing assets of Freedom Foods and the Mother Earth brand was acquired in January 2025. 2) International Snacking including the Indonesian business (with brands such as Goodtime and Nyam Nyam) and international distribution of Arnott's Biscuits and other snacking products including Tim Tam to US and UK. 3) The Meals business including the ANZ Meals and Asia Meals businesses with significant sales in Malaysia, Singapore, HK, Taiwan and Japan. The Meals business includes Campbell branded soup, stock and juice as well as ready-made meals, pasta and sauces including Prego and Kimball brands in Malaysia. Arnott's has five manufacturing facilities in Australia, one in Indonesia, one in Malaysia and one in New Zealand. WARLE PTY: First Creditors' Meeting Set for July 31 --------------------------------------------------- A first meeting of the creditors in the proceedings of Warle Pty Ltd will be held on July 31, 2026, at 10:30 a.m. via Microsoft Teams. Stewart Free and Bradd William Morelli of Jirsch Sutherland were appointed as administrators of the company on July 21, 2026. ========= I N D I A ========= ARIHANT SUGAR: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Arihant Sugar Industries Limited (ASIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 28.27 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 19, 2025, placed the rating(s) of ASIL under the ‘issuer non-cooperating’ category as ASIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ASIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 5, 2026, May 15, 2026, May 25, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings’ opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated on August 2009 as a Private Limited company, Arihant Sugar Industries Limited (ASIL) was later reconstituted as a Public Limited company on February 11, 2010. ASIL is engaged in production of white crystal sugar & molasses from sugarcane. The plant is located at Chikkodi Taluka in Belgaum District of Karnataka. The company’s name has been changed from Om Sugars Limited to Arihant Sugar Industries Limited with effect from June 4, 2020. ARUN CONSTRUCTION: CRISIL Withdraws B Rating on INR21cr LT Loan --------------------------------------------------------------- Crisil Ratings has withdrawn its ratings on the bank facilities of Arun Construction (AC) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 23 Crisil A4/Issuer Not Cooperating (Withdrawn) Overdraft Facility 5 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Long Term 21 Crisil B/Stable/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Term Loan 1 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with AC for obtaining information through letter and email dated November 10, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AC, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the ratings on bank facilities of AC to 'Crisil B/Stable/Crisil A4 Issuer not cooperating'. AC was established in 2006, it is located in Uttar Pradesh. AC is owned & managed by Mr. Arun Kumar. AC is engaged in civil construction works, such as construction of canal works, irrigation works and allied works. ARUN ENGINEERING: CRISIL Cuts Rating on INR10cr Cash Loan to B -------------------------------------------------------------- Due to inadequate information and in line with the Securities and Exchange Board of India guidelines, Crisil Ratings had migrated its ratings on the bank facilities of Arun Engineering Projects Private Limited (AEPPL) to 'Crisil B-/Stable/Crisil A4 Issuer not cooperating'. However, the company's management has subsequently shared the information necessary for a comprehensive review of the ratings. Consequently, Crisil Ratings is migrating the ratings of AEPPL to 'Crisil B/Stable/Crisil A4' from 'Crisil B-/Stable/Crisil A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 15 Crisil A4 (Migrated from 'Crisil A4 ISSUER NOT COOPERATING') Bank Guarantee 5 Crisil A4 (Migrated from 'Crisil A4 ISSUER NOT COOPERATING') Cash Credit 10 Crisil B/Stable (Migrated from 'Crisil B-/Stable ISSUER NOT COOPERATING') The ratings reflect modest scale of operations, geographical concentration in the revenue profile, susceptibility to risks inherent in the tender-based business and large working capital requirement. These weaknesses are partially offset by the extensive experience of the promoters in the construction indusry. Analytical Approach Crisil Ratings has considered the standalone business and financial risk profiles of AEPPL. Key Rating Drivers - Weaknesses * Modest scale of operations and geographic concentration in the revenue profile: Intense competition constrains scalability, as reflected in modest revenue of INR19.36 crore in fiscal 2026. Operations are concentrated in Karnataka and hence geographic concentration risk persists. * Susceptibility to risks inherent in tender-based business: Revenue and profitability entirely depend on the ability to win tenders, timely execution of the orders and billing. Intense competition forces players to bid aggressively to bag contracts and thus restricts the operating margin. Steady improvement in revenue and sustenance of operating margin will be monitorables. * Large working capital requirement: Gross current assets were sizeable at 593 days as on March 31, 2026, driven by large inventory and receivables of 378 days and 76 days, respectively Key Rating Drivers - Strengths * Extensive experience of the promoters: The key promoter, Late Arun Kumar Harry, was in the infrastructure development business for over three decades. The current promoter, Arun John Grieg, manages the business and has experience of over a decade in executing water supply and underground drainage projects. The promoters' extensive experience and healthy relationships with customers and suppliers will continue to support the business. Liquidity Stretched Bank limit utilisation was high at 96% on average for the 12 months through April 2026. Cash accrual, expected above INR1.5 crore per fiscal, will sufficiently cover term debt obligation of INR0.50 crore in fiscal 2027 amid nil debt obligation. Outlook Stable Crisil Ratings believes AEPPL will continue to benefit from the experience of the promoters. Rating sensitivity factors Upward factors * Increase in revenue by 20–25% and stable operating margin above 5% leading to higher cash accrual * Improvement in the working capital cycle strengthening the liquidity Downward factors * Decline in revenue by 15–20% or decline in the operating margin leading to lower cash accrual * Further stretch in the working capital cycle weakening the liquidity AEPPL was set up in 1972 as a proprietorship by Late R A Harry in Bengaluru; the firm was reconstituted as a private limited company in 1998. Mr. Arun John Grieg currently manages the business. The company provides engineering, procurement and construction services in the water supply and underground drainage segments. BABASAHEB BAPUSAHEB: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Babasaheb Bapusaheb Gunjate (BBG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 6.00 CARE B-; Issuer not cooperating; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated April 29, 2025, placed the rating(s) of BBG under the 'issuer non-cooperating’ category as BBG had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BBG continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 15, 2026, March 26, 2026, April 4, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings’ opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sangali (Maharashtra) based Babasaheb Bapusaheb Gunjate (BBG) was formed as a proprietorship concern in 1995 by Mr. Babasaheb Bapusaheb Gunjate. BBG is registered Class-I (A) approved contractor with PWD Maharashtra. The firm is engaged in execution of civil construction projects which involve road work, deep excavation, bridges, hard rock cuttings, blasting operations and industrial building (civil work) and various other infrastructure jobs for both private as well as government departments whereby it gets orders through bidding and tendering process. The firm also executes projects as sub-contractor for government projects which are obtained through private corporates. BHARAT SINGH: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Bharat Singh Verma Cold Storage (BSVCS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.60 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.40 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 26, 2025, placed the rating(s) of BSVCS under the 'issuer non-cooperating’ category as BSVCS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BSVCS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 12, 2026, May 22, 2026, June 1, 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 Uttar Pradesh based Bharat Singh Verma Cold Storage (BSVCS) was established in September, 2004 as a partnership firm. The firm is currently managed by Mr. Mahijeet Singh Verma, Mr. Ranjeet Singh Verma and Mr. Surjeet Singh Verma. The firm is engaged in renting of its cold storage facility for potatoes to the local farmers in Etah, Uttar Pradesh. The firm has two group associate namely; "Bharat Trading Company" (established in 1985); and "Jeet Trading Company" (established in 1992) engaged in the trading of vegetables (potatoes, garlic, onions, etc.) on commissioning basis. BISMI CONNECT: CARE Lowers Rating on INR60.48cr LT Loan to B- ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Bismi Connect Limited (BCL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 60.48 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 9, 2025, placed the rating(s) of BCL under the 'issuer non-cooperating’ category as BCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BCL 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). The ratings assigned to the bank facilities of BCL have been revised on account of non-availability of requisite information. The revision also factored in continued losses and leveraged capital structure in FY24. Analytical approach: Standalone Outlook: Stable Bismi Connect Limited was incorporated as a Private Limited company in 2016 by Mr. VA Ajmal and is engaged in the trading and distribution of electronic goods and home appliances. It was formed after a merger with the already existing partnership firm named M/s Bismi Appliances which was also engaged in the same line of business. The company’s name has been changed to the current name since January 2024. BCL currently has over 20 showrooms, all of them located in various regions in Kerala. The group also has two warehouses located in Kerala. BMK PRIVATE: CRISIL Withdraws B Rating on INR28cr Proposed Loan --------------------------------------------------------------- Crisil Ratings has withdrawn its ratings on the bank facilities of BMK Private Limited (BMK) on the request of the company and after receiving no objection certificate from the bank. The rating action is in line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6 Crisil A4/Issuer Not Cooperating (Withdrawn) Cash Credit/ 6 Crisil B/Stable/Issuer Not Overdraft facility Cooperating (Withdrawn) Proposed Bank 28 Crisil A4/Issuer Not Guarantee Cooperating (Withdrawn) Crisil Ratings has been consistently following up with BMK for obtaining information through letter and email dated May 8, 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-cooperation 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 BMK. 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 BMK is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BMK continues to be 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating'. Incorporated in 1995, as a private limited company BMKPL is promoted by Mr. Mohan Kumar Bellala and Mrs. Bellala Durga Bhavani and Mrs Jamuna Rani Raja Padhanabhuni. The company is undertaking constructi on work in Africa for Government organisation related projects for entities like Ministry of Public work and water resources, Ministry of UNICEF with construction for private entities. It is involved in the construction of Water tank and installation of bore well and storage well. BRAHMMAS AGRO: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Brahmmas Agro Industries Private Limited (BAIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 18.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 22, 2025, placed the rating(s) of BAIPL under the 'issuer non-cooperating’ category as BAIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BAIPL 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 Brahmmas Agro Industries Pvt. Ltd (BAIPL), incorporated in August 2008, was promoted by Mr. B. Srinivasa Rao and Mr. T. Mastan Reddy. Mr. Mastan Reddy has around four decades of experience in extraction and refining of cotton seed oil while, Mr. B. Srinivasa Rao has an overall experience of over a decade in the industry. The company is engaged into processing of cotton seed for solvent extraction & refining of cotton seed oil and manufacturing of allied products like cotton seed hulls, cotton seed cake, linters etc. The company has a processing plant at Vetapalemu, Prakasham district, Andhra Pradesh with an installed capacity of 125,000 MTPA for Cotton seed processing, 65000 MTPA for solvent extraction of cotton seed cake and 12000 MTPA for extraction refinery. DEEPAK AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Deepak Agro Private Limited (DAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 4, 2025, placed the rating(s) of DAPL under the 'issuer non-cooperating’ category as DAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 20, 2026, April 30, 2026, May 10, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Uttar Pradesh based Deepak Agro Private Limited (DAPL) is a company which commenced its operations in March 1994 and is currently being managed by Mr. Mahesh Chandra Agnihotri and Mr. Deepak Agnihotri. DAPL is engaged in processing rice and its by-products by processing paddy, in its processing unit located in Village Mainpuri, with capacity of manufacturing 20000 quintals of rice monthly. DAPL procures paddy from local grain markets through open market and farmers situated locally. It sells its product in domestic market in nearby regions namely Kanpur, Delhi, Agra, Lucknow etc. It exports basmati rice in countries like Japan, Nepal, Bhutan etc. through an exporter based in Gujarat. JAIDEEP SHIKSHA: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Jaideep Shiksha Utthan Samiti (JSUS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.25 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 2, 2025, placed the rating(s) of JSUS under the 'issuer non-cooperating' category as JSUS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JSUS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 18, 2026, April 28, 2026, May 8, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jaideep Shiksha Utthan Samiti (JSUS) got registered under the Society Registration Act- 1860 in 1996 and is currently being managed by Mr. Jagdish Jaglan, Mrs. Sudesh Jaglan, Mr. Ankit Singh, Mr. Ramphal Singh, Mr. Rajinder Singh, Mr. Yudhvir Singh and Mrs. Bimla as the members with an objective to provide education service. The society is running one school under the name of "Greenwood Public School" and two colleges under the name of "Greenwood College of Education" and "Greenwood Degree College" in Karnal, Haryana. Greenwood Public School is offering classes from Nursery to 8th standard and is Haryana Board of School Education (HBSE) affiliated and whereas the colleges are offering courses like B.A., B.Com, B.Sc, B.Ed, JBT/D.Ed, Post Graduate diploma in Yoga, certificate course in Yoga which are duly approved by NCTE (National Council for Teacher Education) and are also affiliated to Kurukshetra University, Kurukshetra (KUK). JANSHAKTI TEXTILE: CRISIL Reaffirms D Rating on INR15cr Term Loan ----------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil D' rating on the long-term bank facilities of Janshakti Textile Mills Limited (JTML). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil D (Reaffirmed) Term Loan 15 Crisil D (Reaffirmed) The rating continues to reflect the delay in meeting debt obligation owing to weak liquidity, and the modest scale of operations and highly leveraged capital structure of the company. These weaknesses are partially offset by the extensive experience of the promoters in the cotton textile business. Analytical approach Crisil Ratings has considered the standalone business and financial risk profiles of JTML. Key rating drivers - Weaknesses * Delay in debt servicing: The company's weak liquidity has led to delay in meeting term debt obligation. * Modest scale of operations: Intense competition constrains scalability, as reflected in average revenue of around INR50 crore in fiscal 2026, and operating flexibility. * Leveraged capital structure: The capital structure is leveraged, as reflected in networth and gearing of INR7.84 crore and 3.58 times, respectively, as on March 31, 2025, and the same are expected to be around INR7 crore and 3.20 times respectively, as on March 31, 2026. The capital structure is expected to remain leveraged over the medium term. Key rating drivers - Strengths Extensive experience of the promoters: The promoters' experience of over 15 years in the cotton textile business, understanding of the market dynamics and established relationships with suppliers and customers will continue to support the business. Liquidity Poor Liquidity is poor as indicated by the delay in meeting term debt obligation. Rating sensitivity factors Upward factors * Track record of timely debt servicing for at least 90 days * Improvement in the financial risk profile Incorporated in 2011, JTML manufactures cotton yarn from bales at its unit in Ahmednagar. The company is promoted by V J Kakade, M T Purnale and L B Bittal. LAKSHMI RAIL: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Lakshmi Rail Infra Private Limited (LRIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 21, 2025, placed the rating(s) of LRIPL under the 'issuer non-cooperating' category as LRIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LRIPL 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: Stable The Padia Group is involved in manufacturing of plastic tubs, cans & bottles (mainly for paint, lube & ink industry) and concrete sleepers mainly for railways. The group is jointly managed by promoters- Kesar Chand Padia (Chairman) along with his two sons - Bijay Padia (handles concrete sleeper business) and Ajay Padia (handles plastic business). Incorporated in 1980 as a proprietorship firm, Bemco Sleepers Limited (BSL) was reconstituted as a private limited company in 1983 and thereafter as a public limited company in 1995. The company was taken over by Mr. K. C. Padia from erstwhile promoters in Jan 2005. BSL is engaged in manufacturing of pre-stressed concrete sleepers for Indian Railways and operates with two manufacturing units, one at Nandgaon and other at Kandwa with total installed Mono Block Sleepers capacity of 360,000 units per year and Turnout sleepers capacity of 67,500 units per year. Incorporated in 1987, Lakshmi Pre-stress Concrete Works Pvt Ltd (LPCWPL) is involved in manufacturing of concrete sleepers with a capacity to produce 252,000 units of Mono Block Sleepers per year. The company was taken over by Mr. K. C. Padia from erstwhile promoters in Sep 2017 by making OTS (One Time Settlement) to Indian Bank. Incorporated in 2009, Lakshmi Rail Infra Pvt Ltd (LRIPL) is involved in manufacturing of concrete sleepers with a capacity to produce 102,000 units of Mono Block Sleepers per year. The Company was taken over by Mr. K. C. Padia from erstwhile promoters in October 2018 by making OTS to State Bank of India (SBI). MODERN INDIA: CARE Keeps B Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Modern India Creative Private Limited (MICPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 16, 2025, placed the rating(s) of MICPL under the 'issuer non-cooperating' category as MICPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MICPL 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 Modern India Creative Private Limited (MICPL) was incorporated in February 2012 by one Mr Suresh Kumar Choudhury of Bhubaneswar, Odisha. Subsequently, the company started to initiate a two wheeler spare parts trading business and has setup a selling and servicing facility at Badajena Complex near Bhubaneswar. Currently the company is the sole dealers for selling TVS Motors Two Wheelers for Puri District and sole dealers for selling TVS Motors spare parts for State of Odisha. Furthermore, the company has opened three selling and servicing facilities in Puri and Bhubaneswar area. Moreover, the company has not availed any moratorium from its lender that could be availed under the terms of recent RBI circular. NSL TEXTILES: CRISIL Reaffirms D Rating on LT/ST Debts ------------------------------------------------------ Crisil Ratings has reaffirmed its 'Crisil D/Crisil D' ratings on the bank facilities of NSL Textiles Limited (NSLTL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Reaffirmed) Short Term Rating - Crisil D (Reaffirmed) The reaffirmation reflects the delay in servicing of optionally convertible debentures (OCDs) and term loan by the company, and continuing overdue as on date. The ratings also factor in the company's subdued operating profit, working capital-intensive operations and weak financial risk profile. However, NSLTL has a fully integrated manufacturing process and presence across the value chain. Analytical Approach Compulsory convertible zero-coupon debentures of INR345.70 crore from group companies (Mandava Holdings Pvt Ltd-INR250.5 crore; Prabhat Agri Biotech-INR10 crore; Prabhakar Rao-INR5.2 crore; Yaaganti Seeds-INR5 crore; Nuziveedu Seeds-INR60 crore; and NSL Estates-INR15 crore) have been treated as quasi-equity. Optionally convertible zero-coupon debentures of INR2.50 crore from Mandava Holdings Pvt Ltd have been treated as debt. The OCDs of INR371.25 crore, with coupon of 0.01% per annum, from banks have been treated as debt. Key Rating Drivers - Weaknesses * Delay in debt servicing: The company has delayed servicing the OCDs as per the banker's feedback and the management of NSLTL. Weak liquidity, following tepid performance and pressure on cash flow, has resulted in the delay. The submission of a 'no default' statement by the issuer (last shared for November 2023), however, does not indicate any delay in repayment of any facilities. * Subdued operating profit: The operating profitability remained impacted in fiscal 2026 by low capacity utilisation following muted demand. The profitability was negative 2.4% against negative 4.3% in fiscal 2025, resulting in negative accrual. Material improvement in the profitability will depend on recovery in demand and optimal capacity utilisation. * Weak financial risk profile: The financial risk profile remains constrained by sizeable debt of ~Rs 589 crore as of March 2026 (including OCDs of INR242 crore). Gearing remains weak because of the large debt-funded capital expenditure incurred in the past and losses since fiscal 2023, which also impacted the networth. Debt protection metrics were muted, with negative interest coverage and net cash accrual to total debt ratios of 0.18 time and 0.19 time, respectively, in fiscal 2026. * Working capital-intensive operations and susceptibility to volatility in cotton prices and foreign exchange fluctuations: Any sharp volatility in cotton prices will impact the working capital requirement, profitability and demand-supply dynamics of end products such as yarn/fabrics. The company's ability to manage these challenges effectively will remain critical for the sustenance of improved performance. Key Rating Drivers - Strengths * Fully integrated manufacturing process and presence across value chain: The company started out as a cotton yarn manufacturer and expanded its production capabilities through a series of acquisitions. Over the years, it has evolved into a complete textile player with presence across the value chain, including ginning, spinning, weaving, and fabric processing and dyeing. Integrated manufacturing facilities enhance the flexibility of NSLTL's operations, allowing it to strategically plan and control raw material procurement and production policies, resulting in healthy operational efficiency. Liquidity Poor This is reflected in delays in meeting debt obligation. Bank limit utilisation was high at 83% on average for the six months through April 2026. Cash accrual is expected to be inadequate to meet the upcoming debt obligation, including the OCDs. Rating sensitivity factors Upward factors * Track record of timely debt servicing for at least over 90 days * Improvement in operating performance resulting in improvement in liquidity position. Set up in 2002 and promoted by Mr M Prabhakhar Rao, NSLTL is part of the NSL group. The group has revenue of over $1 billion and its businesses include seeds, textiles, power, infrastructure, and sugar. NSLTL is in the textiles industry and has spinning, weaving, yarn and fabric dyeing, processing, and garmenting capacities. Its manufacturing facilities are spread over seven locations in Andhra Pradesh. PRL PROJECTS: CRISIL Moves D Debt Ratings to Not Cooperating ------------------------------------------------------------ Due to inadequate information and in line with the Securities and Exchange Board of India guidelines, Crisil Ratings had migrated its ratings on the bank facilities of PRL Projects and Infrastructure Ltd (PPAIL) to 'Crisil D/Crisil D Issuer Not Cooperating'. However, the management has subsequently started sharing requisite information for carrying out a comprehensive review of the ratings. Consequently, Crisil Ratings has migrated its ratings on the bank facilities of PPAIL to 'Crisil D/Crisil D'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.78 Crisil D (Migrated from 'Crisil D ISSUER NOT COOPERATING') Cash Credit 3.86 Crisil D (Migrated from 'Crisil D ISSUER NOT COOPERATING') Letter of credit & Bank Guarantee 3.02 Crisil D (Migrated from 'Crisil D ISSUER NOT COOPERATING') Letter of credit 12.2 Crisil D (Migrated from & Bank Guarantee 'Crisil D ISSUER NOT COOPERATING') Proposed Non Fund 33.14 Crisil D (Migrated from based limits 'Crisil D ISSUER NOT COOPERATING') Further, Crisil Ratings has withdrawn its rating on INR33.14 crore bank facilities basis request of the company. This is in line with the Crisil Ratings policy on withdrawal of bank loan ratings. The ratings continue to reflect instances of delays in debt obligations for term loans and large working capital requirements. These weaknesses are partially offset by the extensive experience of the promoters in the civil construction industry along with healthy order book. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of PPAIL. Key Rating Drivers - Weaknesses * Instances of delays in debt obligation for term loan: There have been instances of delays in the repayment of dues to SREI Equipment Finance Limited and Kotak Mahindra Bank. As per the management, these delays are attributable solely to ongoing disputes with the respective lenders. The management is currently engaged in discussions with the concerned lenders and is cautiously pursuing an amicable resolution of the matter. * Large working capital requirement: The operations of the company are working capital intensive as reflected by gross current assets of 255 days as on March 31, 2026, which is predominantly driven by high retention money of INR60-65 crore as on 31st March 2026. The debtor were 11 days and inventory were 69 days during fiscal 2026. Since, the firm deals with government entities, the debtor realization are often delayed. Going ahead, owing to delay in payments and sizeable retention money, along with accumulation of work in progress inventory, the gross current assets are expected to be in the range of 230-250 days in fiscal 2027. Timely order execution and efficient working capital management will remain a key monitorable. Key Rating Drivers - Strengths * Extensive experience of the promoters: The promoters have more than a decade of experience in construction of roads and bridges; their strong understanding of market dynamics and healthy relationships with customers and suppliers helped get repeat orders from National Highways Authority of India, State Public Works Department and the railways. The operations are well diversified across India, insulating the business from geographical concentration in its revenue profile. The company has booked a revenue of INR186 crore in fiscal 2026, improving from INR141 crore in fiscal 2025, and has an unexecuted order book of ~Rs 295 crore as of May 2026, which gives revenue visibility over the next 1.5-2.0 years. Going forward, revenue is expected to grow to INR180-200 crore over the medium term. Liquidity Poor There have been instances of delays in the repayment of dues to SREI Equipment Finance Limited and Kotak Mahindra Bank Rating sensitivity factors Upward factors: * Timely honouring of debt obligation for three months * Sustained improvement in scale of operations and sustenance of operating margin, leading to higher-than-expected net cash accrual PPAIL, incorporated in 2005, is engaged in civil construction activities (such as construction of roads and bridges) and allied works; it is located in New Delhi. Mr Manish Garg and Mr Vijay Garg own and manage the business. RAMASIGNS INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ramasigns Industries Limited (RSIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 4.90 CARE D; ISSUER NOT Debentures COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 23, 2025, placed the rating assigned to the Non Convertible Debentures (NCD) issued by RSIL under the 'Issuer Not-Cooperating' category as RSIL had not paid the surveillance fees for monitoring of the rating as agreed to in its Rating Agreement. RSIL continues to be non-cooperative despite repeated requests through emails dated June 8, 2026, June 18, 2026, and June 24, 2026, and phone calls 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 reaffirmation in the rating assigned to the long-term instruments of RSIL is on account of ongoing delays in servicing of its debt obligations due to stretched liquidity position. Analytical approach: Standalone Detailed description of key rating drivers: At the time of last rating on July 23, 2025, following were the rating drivers. Key weaknesses * On-going delays in debt servicing: There are on-going delays in servicing of the of interest and principal obligations of the Non-Convertible Debentures since September 30, 2023, due to stress on liquidity and temporary halt in operations by Enforcement Directorate. Liquidity: Poor The company has poor liquidity position marked by on-going delays in debt servicing. Assumptions/Covenants: Not applicable Environment, social, and governance (ESG) risks: Not applicable Incorporated in 1981, Ramasigns Industries Limited (Formerly Known as M/s Rammaica India Limited till FY17 & was engaged in the business of manufacturing decorative laminates) is engaged in the business of trading of signage and digital media consumables namely Front lit Flex, Backlit Flex, Self-Adhesive Vinyl, Colour Vinyl, Lamination Films, Acrylic Sheets, Wall Painting Media, Printable Fabrics, Window Films, Roll UP Films, Inkjet & Eco Solvent Medias, UV Medias, One Way Vision Films, Mesh Banner, Digital Printable Wall Papers, PP Films, Sun Board & Celuka Sheets, Plastic sheets & Rolls, Acrylic sheets etc. RBEP ENTERTAINMENT: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of RBEP Entertainment Private Limited (REPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 430.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 150.00 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 18, 2025, placed the rating(s) of REPL under the 'issuer non-cooperating' category as REPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. REPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 4, 2026, May 14, 2026, May 24, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable REPL, incorporated in 2006, is one of the media and entertainment companies of the Reliance Anil Dhirubhai Ambani Group (R ADAG). R-ADAG has interests in telecommunications, energy, financial services, infrastructure and media and entertainment. In media and entertainment industry, the R-ADAG has presence in various verticals majorly through companies such as Reliance Mediaworks, Reliance Broadcast Networks Limited etc. and their subsidiaries/ joint ventures (JVs). SANDCITY AUTOTEC: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sandcity Autotec Private Limited (SAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.78 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 16, 2025, placed the rating(s) of SAPL under the 'issuer non-cooperating' category as SAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAPL 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: Not Applicable SAPL was incorporated in June, 2014 by Shri Shiv Kumar Poddar and Shri Ankit Poddar of Balasore, Odisha. However, the company commenced operations from January, 2015. It is an authorized dealer of Hyundai Motor India Ltd (HMIL) for its passenger vehicles, spares & accessories in Balasore, Odisha. Currently, SAPL has its only vehicle showroom and workshop at Balasore (Odisha) where it also provides repair and refurbishment services for HMIL passenger vehicles. SHIVAM CASTOR: CRISIL Withdraws B Rating on INR19cr Cash Loan ------------------------------------------------------------- Crisil Ratings has withdrawn its ratings on the bank facilities of Shivam Castor Products Private Limited (SCPPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 19 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with SCPPL 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 SCPPL. 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 SCPPL is consistent with 'Assessing Information Adequacy Risk' Based on the last available information, the rating on bank facilities of SCPPL continues to be 'Crisil B/Stable Issuer Not Cooperating'. Incorporated in 2011, SCPPL manufactures castor oil and de-oiled cake using raw castor seeds. The manufacturing facility is in Vijapur, near Mehasana (Gujarat). SONA AGROTECH: CRISIL Withdraws B Rating on INR16cr Cash Loan ------------------------------------------------------------- Crisil Ratings has withdrawn its ratings on the bank facilities of SA on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 16 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Foreign Exchange 0.75 Crisil B/Stable/Issuer Not Forward Cooperating (Withdrawn) Packing Credit 15 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Term Loan 20.25 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with SA 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-cooperation 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 SA, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on SA is consistent with 'Assessing Information Adequacy Risk'. Crisil Ratings has revised its ratings on bank facilities of SA to 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating' from 'Crisil BB/Stable/Crisil A4+ Issuer Not Cooperating'. SA, which was set up in 2017, processes non-basmati par boiled rice. The firm has set up a rice mill plant at Gram Nagardhan, Taluka Ramtek, district Nagpur (Maharashtra), with a total capacity of 16 MT/per hour (96,000 MTPA). The plant has commenced operations from July 2022. Operations are managed by Mrs Lata Tulsidas Tajpuriya and Mr Vimal Santulal Zamtani. SUKHMAA BUILDCON: CRISIL Lowers Rating on INR40cr Disc. Loan to B ----------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Sukhmaa Buildcon Private Limited (SBPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Lease Rental 40 Crisil B/Stable (ISSUER NOT Discounting Loan COOPERATING; Migrated from 'Crisil BB-/Stable') Crisil Ratings has been consistently following up with SBPL for obtaining information through letter and email dated July 7, 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 SBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBPL 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 SBPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable'. SBPL, incorporated in 2012, operates a 96,000 square feet commercial property. The company develops commercial real estate in Gujarat and Delhi; it is also engaged in civil construction activities. Mr Ram Mehar Singh Maan and Mr Vijay Maan own and manage the business. TROIX CHEMICALS: CARE Keeps C/A4 Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Troix Chemicals Private Limited (TCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/Short 12.00 CARE C; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated July 1, 2025, placed the rating(s) of TCPL under the 'issuer non-cooperating' category as TCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 17, 2026, May 27, 2026, June 6, 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 the year 1984, Troix Chemicals Private Limited (TCPL) is a private limited company engaged into trading and distribution of petrochemicals i.e. solvents (Ethyl Hexanol, Iso-Butanol and n-Butanol) which find application primarily in the coatings (viz. paints, thinners and varnish), elastic and pharmaceutical industry. It is an authorized distributor of Andhra Petrochemicals Limited (APL) for all over India and operates out of its office in Mumbai. TRUE POWER: CRISIL Withdraws B- Rating on LT/ST Debts ----------------------------------------------------- Crisil Ratings has upgraded its ratings on the bank facilities of True Power Limited (TPL) to 'Crisil B-/Stable/Crisil A4' from 'Crisil D/Crisil D' and subsequently withdrawn the ratings at the request of the company and on receipt of no-objection certificate from the bankers. This rating action is in line with the Crisil Ratings policy on withdrawal of bank loan ratings. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil B-/Stable (Upgraded from 'Crisil D'; Rating Withdrawn) Short Term Rating - Crisil A4 (Upgraded from 'Crisil D'; Rating Withdrawn) The upgrade in ratings highlights TPL's track record of timely debt repayment. The ratings also reflect TPL's established operating track record, diversified product portfolio and improving scale of operations. These strengths are partially offset by modest networth, leveraged capital structure and the inherent risks associated with the timely completion of the ongoing solar panel assembly unit. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of TPL. Key Rating Drivers - Weaknesses * Modest networth and leveraged capital structure: Networth stood modest at INR13 crore as on March 31, 2026, and is expected to improve to INR18–40 crore over the medium term; financial leverage is estimated at 3.35 times as on March 31, 2026. The proposed INR35-crore debt-funded capital expenditure (capex) for the solar panel assembly unit will further strain the capital structure, thereby pushing the total outside liabilities to adjusted tangible networth ratio to 3–4 times over the medium term. * Risks associated with timely completion of ongoing project: TPL is investing around INR35 crore—that is significant in relation to its networth - to set up a solar panel assembly unit. This diversification into a new line of business exposes the company to execution and stabilisation risks. Ability of the company to complete the project on time and within budget, achieve optimal capacity utilisation and secure sustained order flow in a competitive market will be key to the successful stabilisation of operations. Any cost overruns, delays in commissioning or slower-than-expected operating efficiency could adversely impact the financial and liquidity profiles. Key Rating Drivers - Strengths * Established operating track record and diversified product portfolio: TPL has an established, decade-long operating track record in the earthing solution and wires and cables segment. Its product portfolio includes lightning arresters earthing electrodes, grounding rods and industrial cables. The company also benefits from its pan-India presence through multiple sales branches, which supports revenue diversification across geographies. * Improving scale of operations: Revenue grew to INR153 crore in fiscal 2026, from INR118 crore in fiscal 2025, driven by stable execution and steady order flow. Revenue is expected to reach INR160–250 crore over the medium term, supported by steady demand in the core earthing segment and the upcoming contribution from the new solar panel assembly unit. Liquidity Poor Bank limit utilization is moderate at around 73.75 percent for the past twelve months ended Dec-25. Cash accruals are expected to be over INR7-15 crore which would be sufficient against term debt obligation of INR2-3 crore over the medium term. Current ratio is expected to be moderate at 1.23x for FY26. Outlook Stable Crisil Ratings believes TPL will continue to benefit from the extensive experience of its partners. Rating sensitivity factors Upward Factors * Sustained improvement in the scale of operations and profitability, with EBITDA margins over 6.10% * Improvement in financial and liquidity risk profile Downward Factors * Decline in scale of operations or profitability leading to cash accruals of less than INR1 core * Weaking of financial or liquidity risk profile TPL was incorporated in 2013, and is based out of Barabanki, Uttar Pradesh. The company began its operations in 2016 and is involved in the manufacturing of earthing products and industrial wires and cables. It has three manufacturing units located in Barbanki, Kolkata and Hyderabad. The key promoter of the company is Mr Hari Om Tiwari who holds around 99% of the shares. VALUE SPACES: CRISIL Withdraws B Rating on INR80cr Term Loan ------------------------------------------------------------ Crisil Ratings has withdrawn its rating on the bank facilities of Value Spaces Logistics and Industrial Park Polivakkam Private Limited (VSLIPPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 80 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with VSLIPPL 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-cooperation 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 VSLIPPL. 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 VSLIPPL is consistent with 'Assessing Information Adequacy Risk”. Based on the last available information, the rating on bank facilities of VSLIPPL continues to be 'Crisil B/Stable Issuer Not Cooperating'. Incorporated in 2018, VSLIPPL provides warehousing facility on lease at Polivakkam near Sriperumbudur. Its total leasable area is around 1 msf. The company is owned and managed by Mr Satish Kumar Sharma and Mr. Naresh Kumar Sharma. VALUES SPACES: CRISIL Withdraws C Rating on INR80cr Disc. Loan -------------------------------------------------------------- Crisil Ratings has withdrawn its ratings on the bank facilities of Values Spaces Realtors Private Limited (VSRPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Lease Rental 80 Crisil C/Issuer Not Discounting Loan Cooperating (Withdrawn) Crisil Ratings has been consistently following up with VSRPL 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 VSRPL. 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 VSRPL is consistent with 'Assessing Information Adequacy Risk' Based on the last available information, the rating on bank facilities of VSRPL continues to be Crisil C Issuer not cooperating'. VSRPL, part of CCI Logistics group, was incorporated in October 2018, when two companies were demerged from JKS Infrastructure Pvt Ltd, namely VSRPL and Value Spaces Logistics and Industrial Park Polivakkam Pvt Ltd. VSRPL provides warehousing facilities on a lease basis at Bilaspur, Gurugram, and has a total leasable area of around 0.9 million sq ft. Operations are managed by promoters, Mr Satish Kumar Sharma and Mr Naresh Kumar Sharma. VSG VENTURES: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of VSG Ventures Private Limited (VVPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.14 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 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 2, 2025, placed the rating(s) of VVPL under the 'issuer non-cooperating' category as VVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 18, 2026, April 28, 2026, May 8, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Delhi-based VVPL (erstwhile Yash Ceramics Private Limited Ltd, name changed on April 25, 2013), incorporated in June 4, 1997, was promoted by Mr Suresh Chand Garg and Mr Atul Chanana. Currently, the company is engaged in the manufacturing of aluminium wires, aluminium alloy wires and copper clad aluminum wires. The manufacturing facility of the unit is located at Bahadurgarh, Haryana. The company mainly caters to the domestic market. The company has an associate concern "Garg Inox Limited" also engaged in the business of manufacturing of stainless-steel wires, bright bars, zinc wires, aluminium wires, and copper clad aluminium wires. ===================== N E W Z E A L A N D ===================== APERITIVO LIMITED: Court to Hear Wind-Up Petition on Aug. 6 ----------------------------------------------------------- A petition to wind up the operations of Aperitivo Limited will be heard before the High Court at Auckland on Aug. 6, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 9, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 BRICK+CO LIMITED: First Creditors' Meeting Set for July 29 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Brick+Co Limited will be held on July 29, 2026, at 11:00 a.m. via online by Teams link. Benjamin Brian Francis and Garry Cecil Whimp of Blacklock Rose were appointed as administrators of the company on July 17, 2026. GEORGE STREET: First Creditors' Meeting Set for July 29 ------------------------------------------------------- A first meeting of the creditors in the proceedings of George Street Kitchen Limited will be held on July 29, 2026, at 1:30 p.m. via audio-visual link. Steven Khov and Kieran Jones of Khov Jones were appointed as administrators of the company on July 20, 2026. GOOD VIBES: Goes Into Liquidation Owing More Than NZD8MM -------------------------------------------------------- New Zealand Herald reports that another school lunch provider, this time with more than NZD8 million owed to creditors, has gone bust. Steven Khov and Kieran Jones were appointed liquidators of the West Auckland-based Good Vibes Company by shareholder vote on July 15, NZ Herald discloses. LITTLE HEN: Creditors' Proofs of Debt Due on Sept. 17 ----------------------------------------------------- Creditors of Little Hen Limited are required to file their proofs of debt by Sept. 17, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 17, 2026. The company's liquidators are: Christopher Carey McCullagh Stephen Mark Lawrence PKF Corporate Recovery & Insolvency PO Box 3678 Auckland 1140 NZ BUILD: Sold After Receivership as Parent Co. Faces Liquidation ----------------------------------------------------------------- BusinessDesk reports that NZ Build Group, a construction business employing about 250 people, has been sold following a receivership process, while the company behind the business faces a High Court liquidation application from the commissioner of Inland Revenue. BusinessDesk relates that NZ Build Group, owned by Clint Webber and led by Mr. Webber and director Jason Dobbie, was placed into receivership on July 1 after the appointment of receivers Keaton Pronk and Iain McLennan by secured creditor LF Services under a general security agreement. PARNELL VENTURES: Court to Hear Wind-Up Petition on Aug. 6 ---------------------------------------------------------- A petition to wind up the operations of Parnell Ventures Limited will be heard before the High Court at Auckland on Aug. 6, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 9, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 TW GROUP: Millions Owed and Assets Reported Stolen -------------------------------------------------- Stuff.co.nz reports that the hunt is on for an expensive list of assets including a rare NZD200,000 boat and trailer that was bought by a group of civil construction companies, which later collapsed owing tens of millions of dollars. According to Stuff, directors Fred Witton and Ross Troughton have, according to receivers, provided "no satisfactory response" about the whereabouts of the missing Ramco Ultimate 9000. The vessel is the only one of its model in New Zealand. Stuff relates that police and private investigators have been engaged and "recovery action" is being taken to recover assets missing from work sites. Mr. Witton last week told Stuff he had no idea about the whereabouts of the boat or any of the other assets being sought. "We're definitely not to blame," he said. "They were all in control of the receivers by the time we left." Mr. Troughton did not respond to a request for comment for this story, Stuff notes. The pair's companies - TW Group Holdings Ltd, TW Civil Ltd and RMS Contracting (Wellington) Ltd -- went into receivership in November 2024, and later into liquidation owing more than NZD19 million between them, according to Stuff. The most substantially owed creditor is BNZ. The group's most recently assessed liabilities sit at roughly NZD10m after some assets were recovered and sold, according to the most recent receivers' report, Stuff relays. BDO, the receivers, have retained control over the companies at the consent of the liquidators. RMS Contracting was the public-facing civil works business, TW Civil was the equipment-owning company that leased machinery to RMS, and TW Group Holdings was a non-trading holding entity. ================= S I N G A P O R E ================= ADFACT PTE: Creditors' Proofs of Debt Due on Aug. 20 ---------------------------------------------------- Creditors of Adfact Pte Ltd are required to file their proofs of debt by Aug. 20, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 15, 2026. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 CULTURE SHADES: Court to Hear Wind-Up Petition on Aug. 7 -------------------------------------------------------- A petition to wind up the operations of Culture Shades Pte. Ltd. will be heard before the High Court of Singapore on Aug. 7, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on July 14, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 EXIGO MARKETING: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on July 10, 2026, to wind up the operations of Exigo Marketing (S) Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 G-CHEM LOGISTICS: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on July 10, 2026, to wind up the operations of G-Chem Logistics Pte. Ltd. JTC Corporation filed the petition against the company. The company's liquidators are: Chia Soo Hien Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 NORVIC SHIPPING: Court to Hear Wind-Up Petition on July 31 ---------------------------------------------------------- A petition to wind up the operations of Norvic Shipping Asia Pte. Ltd. will be heard before the High Court of Singapore on July 31, 2026, at 10:00 a.m. Mur Shipping BV filed the petition against the company on April 8, 2026. The Petitioner's solicitors are: Oon & Bazul LLC 103 Penang Rd #04-04/05/06 Singapore 238467 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Bond Probe Closes in on MBK Partners Leadership ------------------------------------------------------------ The Korea Herald reports that prosecutors on July 27 summoned MBK Partners Vice Chairman and Homeplus co-CEO Kim Kwang-il, stepping up their investigation into the private equity firm's alleged role in the retailer's financial crisis. According to The Korea Herald, the Seoul Central District Prosecutors' Office questioned Kim as a suspect over alleged fraud under the Act on the Aggravated Punishment of Specific Economic Crimes and violations of the Capital Markets Act. It was his second appearance before prosecutors, following his first questioning on July 24. Prosecutors have been widening their investigation to senior executives at Homeplus and its controlling shareholder, MBK Partners. Several top positions at the retailer are held by MBK executives. After questioning a Homeplus finance executive late last month, prosecutors summoned Homeplus Chief Financial Officer Lee Sung-jin on July 20 before calling in Kim, The Korea Herald relates. The Korea Herald says prosecutors suspect MBK and Homeplus executives continued issuing asset-backed short-term bonds despite anticipating a credit-rating downgrade due to the retailer's deteriorating finances. The Korea Herald notes that Shinyoung Securities and Hana Securities, which underwrote and sold the bonds, filed complaints against MBK Chairman Michael ByungJu Kim, Vice Chairman Kim Kwang-il and others. Prosecutors are also considering whether to summon the MBK chairman. After questioning the key suspects, they are expected to decide whether to seek arrest warrants again and pursue indictments, The Korea Herald adds. About Homeplus Co Homeplus Co., Ltd., operates discount store chain in South Korea. In March 5, 2025, Homeplus entered court-led rehabilitation process after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. In December 2025, Homeplus submitted a rehabilitation plan that included debtor-in-possession (DIP) financing and asset sales. According to Yonhap News Agency, the plan's approval deadline was initially set for March, but was later extended to May and again to July as the court sought additional time to review the progress of asset sales and funding efforts. On July 3, 2026, the Seoul Bankruptcy Court decided to terminate rehabilitation proceedings for troubled discount store chain, noting the company failed to come up with the necessary funds of at least KRW200 billion to carry out the plan. The court on July 21 reversed that decision after Homeplus filed an appeal, extending the rehabilitation proceedings until Sept. 4. The appeal came after Meritz Financial Group, Homeplus' largest creditor, agreed to provide financing in return for a full repayment guarantee from MBK Partners. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***