260730.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, July 30, 2026, Vol. 29, No. 151
Headlines
A U S T R A L I A
ALMA FRESHWATER: First Creditors' Meeting Set for Aug. 3
GFG ALLIANCE: KordaMentha's Fees for Whyalla Top AUD53 Million
GOLDCENTRE CORPORATION: First Creditors' Meeting Set for Aug. 4
LIBERTY BELL: EY Points to Suspiciously Timed Gupta Transactions
NCI AUSTRALIA: First Creditors' Meeting Set for Aug. 4
SCOTT E: First Creditors' Meeting Set for Aug. 4
STAR ENTERTAINMENT: Cuts EBITDA Loss by 70% in June Quarter
TWO COOKED: First Creditors' Meeting Set for Aug. 3
C H I N A
FEISHANG ANTHRACITE: To Address Going-Concern Audit Disclaimer
I N D I A
ATC CSR INDIA: Voluntary Liquidation Process Case Summary
CGE TREASURY: S&P Rates US$60MM Unsec. Notes Due 2034 'BB-'
CHILAKA HOLDINGS: Voluntary Liquidation Process Case Summary
DEVI CHAND: CARE Keeps B- Debt Rating in Not Cooperating Category
ECRON ACUNOVA: CARE Keeps D Debt Ratings in Not Cooperating
FOCUS EDUMATICS: Insolvency Resolution Process Case Summary
GANPATI MOULDERS: CARE Keeps B- Debt Ratings in Not Cooperating
INDO PRODUCTS: CARE Keeps B- Debt Rating in Not Cooperating
INFLUX AGROTECH: Insolvency Resolution Process Case Summary
INTERACTIVE MARKETING: Insolvency Resolution Process Case Summary
JAI KRISHNA: CARE Keeps B- Debt Rating in Not Cooperating Category
JAISANSHU MEDICARE: Insolvency Resolution Process Case Summary
JC FENACIA: CARE Keeps B- Debt Rating in Not Cooperating Category
JIVA PLYWOODS: CARE Keeps D Debt Ratings in Not Cooperating
KUNAL FOUNDER: CARE Keeps B- Debt Rating in Not Cooperating
LAKSHYA FOOD: CARE Keeps B- Debt Rating in Not Cooperating
LONGRANGE COMMODITIES: Insolvency Resolution Process Case Summary
LUCKSHMI YARN: Insolvency Resolution Process Case Summary
MAHALAXMI AGRO: CARE Keeps D Debt Rating in Not Cooperating
MAHIMA COLD: CARE Keeps B- Debt Rating in Not Cooperating
MURLI COLD: CARE Keeps B- Debt Rating in Not Cooperating Category
NASIR ILAHI: CARE Keeps C Debt Rating in Not Cooperating Category
NAVNIT AUTOSPARES: CARE Keeps D Debt Rating in Not Cooperating
OZONE PROJECTS: Insolvency Resolution Process Case Summary
PAHARIMATA COLD: CARE Keeps B- Debt Rating in Not Cooperating
PARORCH DEVELOPERS: Insolvency Resolution Process Case Summary
PATRAN FOODS: CARE Lowers Rating on INR69cr Long Term Loan to B-
PRABHU DAYAL: CARE Keeps D Debt Rating in Not Cooperating
PRADHIN LIMITED: Insolvency Resolution Process Case Summary
PRECISION ELECTRONIC: CARE Keeps C Debt Ratings in Not Cooperating
PRODOT MEDIA: NCLT Delhi Admits CIRP Against Company
REX SEWING: CARE Keeps D Debt Ratings in Not Cooperating Category
SANGAM STEELS: CARE Keeps B- Debt Rating in Not Cooperating
SECUREVALUE INDIA: Insolvency Resolution Process Case Summary
SHYAM FASHION: CARE Lowers Rating on INR20cr LT Loan to B+
STEEL STOCKHOLDERS: CARE Keeps B- Debt Rating in Not Cooperating
SULOCHANA EXPORT: CARE Keeps D Debt Rating in Not Cooperating
SUNSTAR REALTY: Insolvency Resolution Process Case Summary
SUPERFINE METALS: Insolvency Resolution Process Case Summary
TEXOOL LIMITED: CARE Keeps D Debt Ratings in Not Cooperating
VESTA EQUIPMENT: CARE Keeps D Debt Ratings in Not Cooperating
L A O S
EDL-GENERATION PUBLIC: S&P Assigns Preliminary 'CCC+' LT ICR
M A L A Y S I A
I-SERVE TECHNOLOGY: Investors Secure Judgment in Default
N E W Z E A L A N D
GDC CONSULTANTS: Court to Hear Wind-Up Petition on Aug. 10
RW ARCHITECTURAL: Court to Hear Wind-Up Petition on Aug. 10
SMART WATER: Creditors' Proofs of Debt Due on Aug. 19
WESTGATE LIMITED: Creditors' Proofs of Debt Due on Aug. 24
WILEY GEOTECHNICAL: Creditors' Proofs of Debt Due on Aug. 21
P H I L I P P I N E S
PHILIPPINES: Banks Hike Provisions, Brace for Defaults on Iran War
S I N G A P O R E
ASIRI TRADING: Court Enters Wind-Up Order
IDEAL KIDZ: Court to Hear Wind-Up Petition on Aug. 7
IDEALKIDZ PTE: Court to Hear Wind-Up Petition on Aug. 7
MAGPIE SECURITIES: Creditors' Proofs of Debt Due on Aug. 22
PACKER HOLDING: Creditors' Proofs of Debt Due on Aug. 24
S O U T H K O R E A
HOMEPLUS CO: Eyes Store Reopenings as Early as Next Month
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A U S T R A L I A
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ALMA FRESHWATER: First Creditors' Meeting Set for Aug. 3
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Alma
Freshwater Pty Ltd (trading as st.ALMA restaurant) will be held on
Aug. 3, 2026, via virtual meeting technology only.
Cameron Hamish Gray of HM Advisory was appointed as administrator
of the company on July 22, 2026.
GFG ALLIANCE: KordaMentha's Fees for Whyalla Top AUD53 Million
--------------------------------------------------------------
The Australian Financial Review reports that KordaMentha has been
paid more than AUD53 million for its role as administrator of the
ailing Whyalla steelworks since being appointed by the South
Australian government almost 18 months ago, with the long-running
process to find a new buyer set to be extended until September.
The Financial Review relates that details of the fees paid to
KordaMentha and its 333 Capital subsidiary overseeing the sale
process are detailed in summaries of creditors meetings lodged with
the Australian Securities and Investments Commission.
According to the Financial Review, the latest summary for the
period between June 1 and June 14 shows the firm was paid AUD1.41
million. That lifts the total to about AUD53 million over the past
17 months. KordaMentha, one of the country's biggest insolvency
specialists, has more than 25 people working on the assignment.
The firm was appointed administrator of the Whyalla steelworks and
nearby iron ore mines in South Australia in February last year
after the state government seized the business from British
industrialist Sanjeev Gupta, the Financial Review notes.
The businessman had owned Whyalla since 2017 after rescuing it from
administration – it had been owned by the ASX-listed Arrium –
but racked up millions of dollars in debts as his financial
difficulties increased.
Once at the top of a vast steelmaking empire, Mr. Gupta has seen a
string of his companies in the United Kingdom, Europe and Australia
collapse. His business, GFG Alliance, had been financed by
Greensill Capital, the Australian-founded lender which failed in
2021.
Mr. Gupta's last substantial business operation in Australia is
steel distributor and producer InfraBuild. His Liberty Bell Bay
manganese smelter in Tasmania shut in mid-July, and the Tahmoor
coal operations in NSW were mothballed in early 2025 before being
acquired by coal magnate Matt Latimore and partner GEAR in June
when it fell into administration.
A successful bidder for the Whyalla steelworks is expected to be
announced by September, after KordaMentha and the state government
whittled the list down in late May to Latimore's M Resources and
India's Jindal Steel, according to the Financial Review.
The Financial Review says M Resources is arguing that it should win
the auction so that the plant returns to Australian ownership and
control. Last week, Jindal Steel said it was prepared to invest
significant sums to modernise the plant under a plan to replicate a
US$2 billion (AUD2.8 billion) low-carbon mill it built in Oman.
Whyalla's ageing blast furnace has been offline for long stretches
this year and is nearing the end of its life. It was built by BHP
in the early 1960s.
A spokeswoman for KordaMentha said the sale process was "in the
final stages" and the successful bidder would be confirmed "in
coming months," the Financial Review relays.
About GFG Alliance
GFG Alliance is a global group of businesses in industries
including steel, aluminium, and energy. GFG Alliance has had
significant operations in Australia, including the Whyalla
Steelworks in South Australia run by OneSteel Manufacturing Pty
Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in
Tasmania.
On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams,
Michael Korda and Lara Wiggins were appointed voluntary
administrators of OneSteel Manufacturing. The appointment was made
by the South Australian Government. The state government took the
decision to place OneSteel in administration, after losing
confidence in the financial capability of GFG Alliance to pay its
bills as and when they fall due, and in GFG's ability to secure
funding needed for the ongoing operation of the steelworks,
according to Department for Energy and Mining.
Liberty Primary Metals Australia (LPMA) is the holding entity for
GFG's Australian steel and mining businesses, including Tahmoor.
On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel
of William Buck were appointed as administrators of LPMA.
On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted
Advisors were appointed as administrators of Tahmoor Coal Pty Ltd
(trading as Tahmoor Colliery). The company entered liquidation on
March 6, 2026, resulting in 238 job losses.
On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and
Samuel John Freeman of Ernst & Young were appointed as
administrators of Liberty Bell Bay Pty Ltd.
GOLDCENTRE CORPORATION: First Creditors' Meeting Set for Aug. 4
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Goldcentre
Corporation Pty Ltd (trading as 'HSET Global' and 'EHS On Demand')
will be held on Aug. 4, 2026, at 12:00 p.m. at the offices of
Mackay Goodwin, at Suite 12.02 Level 12, 20 Bridge Street, in
Sydney, NSW and via virtual meeting technology.
Nelson Huang, Domenic Calabretta and Mathieu Tribut of Mackay
Goodwin were appointed as administrators of the company on July 23,
2026.
LIBERTY BELL: EY Points to Suspiciously Timed Gupta Transactions
----------------------------------------------------------------
The Australian Financial Review reports that companies controlled
by Sanjeev Gupta were moving money out of the Liberty Bell Bay
manganese smelter in Tasmania even after the corporate regulator
moved to wind up the business, with administrators raising
suspicions with creditors about the timing of transactions.
In one instance, Liberty Bell Bay paid Mr. Gupta's GFG Alliance
about AUD1.5 million two weeks after the Australian Securities and
Investments Commission began its attempts at removing management,
and just three days before lenders moved in and installed
administrators, the Financial Review relays.
In another, earlier instance, Liberty Bell Bay sold 500 metric
tonnes of ferromanganese at just 10 per cent of the market price.
That transaction happened in the same month, May last year, that
the smelter largely closed because of ore shortages, rising costs
and poor market conditions.
Mr. Gupta once oversaw an empire of steelmaking assets that
stretched from the United Kingdom to the United States and
Australia. But the business was built on substantial debts, and as
his companies have collapsed, administrators have begun exploring
the complex web of transactions that kept some parts afloat while
other assets began to fail.
Late on July 24, a report prepared by EY for creditors of the
Liberty Bell Bay smelter concluded that GFG Alliance had borrowed
AUD191 million from the plant, which subsequently failed, with 200
positions made redundant.
The Financial Review relates that the report plots how a healthy
business declined over years of Gupta's ownership as money was
loaned or paid to other GFG Alliance companies.
But the administrators have narrowed in on a smaller number of
transactions – including the payment of AUD1.5 million to GFG
Alliance in the days before Liberty Bell Bay collapsed and another
deal which meant Gupta's Tahmoor coal business did not have to
repay AUD5.5 million – to conclude that the plant's finances were
being manipulated.
"The timing of these transactions, following trigger events such as
escalating creditor action and regulatory involvement, suggests
that they were not entered into in the ordinary course of business,
but rather in anticipation of, or in response to, impending
insolvency appointments and had the effect of eliminating unsecured
claims against the company and debts due to the company by related
parties," the administrators wrote to creditors, the Financial
Review relays.
The smelter was built by BHP in 1962 and became part of Gupta's
Liberty Steel in 2021. Production halted in May last year, the date
EY identified as the likely start of its insolvency, amid weak
prices for manganese, which is largely used as a strengthening
agent in steel manufacturing.
The plant has remained idle despite the Tasmanian government
advancing a AUD20 million loan in August to buy 48,000 tonnes of
ore to enable a restart.
The transactions between parts of GFG Alliance – GFG stands for
Gupta Family Group – are a hallmark of the businessman's broader
interests. In 2023, The Australian Financial Review revealed that
yet another part of his Australian business, steel distributor
InfraBuild, was paying hundreds of millions of dollars in fees to
other companies for "shared services".
InfraBuild is now the only viable part of Mr. Gupta's
once-sprawling local business after the collapse of Liberty Bell
Bay and his eviction from the Whyalla steelworks by the South
Australian government last year.
According to the Financial Review, KordaMentha has previously said
that the Whyalla steelworks was losing money – up to AUD1.5
million a day – partly because it was selling products too
cheaply to other parts of Gupta's business such as InfraBuild. In
March, Sebastian Hams, a partner at KordaMentha, described the
plant as "hard-wired" to make losses because of the low prices it
charged.
In the UK, the Serious Fraud Office began investigating GFG
Alliance in 2024. The Financial Times reported earlier this year
that the probe had not concluded. Mr. Gupta is separately being
sued for failing to file accounts, the Financial Review adds.
About GFG Alliance
GFG Alliance is a global group of businesses in industries
including steel, aluminium, and energy. GFG Alliance has had
significant operations in Australia, including the Whyalla
Steelworks in South Australia run by OneSteel Manufacturing Pty
Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in
Tasmania.
On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams,
Michael Korda and Lara Wiggins were appointed voluntary
administrators of OneSteel Manufacturing. The appointment was made
by the South Australian Government. The state government took the
decision to place OneSteel in administration, after losing
confidence in the financial capability of GFG Alliance to pay its
bills as and when they fall due, and in GFG's ability to secure
funding needed for the ongoing operation of the steelworks,
according to Department for Energy and Mining.
Liberty Primary Metals Australia (LPMA) is the holding entity for
GFG's Australian steel and mining businesses, including Tahmoor.
On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel
of William Buck were appointed as administrators of LPMA.
On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted
Advisors were appointed as administrators of Tahmoor Coal Pty Ltd
(trading as Tahmoor Colliery). The company entered liquidation on
March 6, 2026, resulting in 238 job losses.
On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and
Samuel John Freeman of Ernst & Young were appointed as
administrators of Liberty Bell Bay Pty Ltd.
NCI AUSTRALIA: First Creditors' Meeting Set for Aug. 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of NCI
Australia Pty Ltd will be held on Aug. 4, 2026, at 11:00 a.m. via
virtual meeting technology only.
Anne Marie Barley of AMB Insolvency was appointed as administrator
of the company on July 23, 2026.
SCOTT E: First Creditors' Meeting Set for Aug. 4
------------------------------------------------
A first meeting of the creditors in the proceedings of Scott E
Matthews Pty Ltd will be held on Aug. 4, 2026, at 11:00 a.m. via
Microsoft Teams.
Stuart Otway and Matthew Ormsby of SV Partners were appointed as
administrators of the company on July 23, 2026.
STAR ENTERTAINMENT: Cuts EBITDA Loss by 70% in June Quarter
-----------------------------------------------------------
Asia Gaming Brief reports that the Star Entertainment Group reduced
its EBITDA loss for the quarter ended June 30 by 70 percent
year-on-year to AUD8 million ($5.6 million), supported by cost
reductions and stronger gaming volumes at The Star Gold Coast.
However, the loss widened from the preceding three-month period.
Revenue for the three months totaled AUD265 million ($185 million),
down 2 percent from the prior-year period and broadly unchanged
from the quarter ended March 31, AGB discloses. The EBITDA loss
compared with AUD27 million ($18.9 million) a year earlier and AUD1
million ($698,500) in the preceding quarter.
The figures were disclosed in an unaudited report filed with the
Australian Securities Exchange on July 24. EBITDA excludes
significant items, which will be reported separately with The
Star's fiscal 2026 results.
According to AGB, operating expenses declined by 11 percent
year-on-year to AUD206 million ($144 million), as lower corporate
costs offset increased marketing investment and seasonally higher
labor expenses compared with the preceding quarter.
AGB relates that the Star said the result included 'stabilised
trading' at its Sydney property, although trading remained at
'historical lows'.
The Star Sydney generated revenue of AUD150 million ($105 million),
up 2 percent from the preceding quarter but 7 percent lower
year-on-year. Property EBITDA fell by 35 percent to AUD10 million
($7 million), while the segment recorded an AUD10 million EBITDA
loss after corporate allocations.
Gaming revenue fell by 4 percent due to lower table-game volumes.
Average daily revenue has declined by 20 percent since mandatory
carded play and an AUD5,000 daily cash limit were fully implemented
in October 2024.
The Star Gold Coast delivered the strongest property performance,
with revenue rising by 12 percent year-on-year to AUD107 million
($74.7 million). Property EBITDA increased by 51 percent to AUD22
million ($15.4 million), driven by growth in both table games and
electronic gaming machines.
At The Star Brisbane, operator-fee revenue dropped to AUD5 million
($3.5 million) from AUD15 million ($10.5 million) in the preceding
quarter. The decline followed a reduction in the operator fee
payable to The Star under an amended Casino Management Agreement
after the company completed its exit from the Destination Brisbane
Consortium (DBC) joint venture. The revised fee arrangement remains
subject to regulatory approval.
Cash and cash equivalents increased to AUD267 million ($186
million) as of June 30th from AUD120 million three months earlier,
mainly following a $390 million secured refinancing with WhiteHawk
Capital Partners, AGB discloses.
Operating cash flow for the quarter was positive at AUD31.8 million
($22.2 million), supported by previously escrowed Brisbane operator
fees and an AUD18.1 million tax refund. However, full-year
operating cash flow remained negative at AUD101.1 million ($70.6
million).
Despite completing the refinancing, The Star said its ability to
continue as a going concern remained dependent on material
uncertainties, some outside its control, AGB relays. There was
‘no assurance' they would be resolved before the company files
its audited annual financial statements.
About Star Entertainment
The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.
The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively. The
casino operator posted a net loss after tax of AUD427.9 million for
the year ended June 30, 2025.
As reported in the Troubled Company Reporter-Asia Pacific in late
November 2025, Queensland and New South Wales gaming authorities
have given the green light to a US-led rescue package for the
embattled Star Entertainment.
Star agreed to a AUD300 million lifeline from US gambling giant
Bally's, as well as Investment Holdings Pty Ltd, which is
controlled by pub baron Bruce Mathieson and his family. The move
was approved by shareholders in June, ABC News said. Combined, the
two companies will own more than half of the embattled casino
operator.
TWO COOKED: First Creditors' Meeting Set for Aug. 3
---------------------------------------------------
A first meeting of the creditors in the proceedings of Two Cooked
Chooks Pty Ltd (trading as Alma Avalon) will be held on Aug. 3,
2026, at 10:30 a.m. via virtual meeting technology only.
Cameron Hamish Gray of HM Advisory was appointed as administrator
of the company on July 22, 2026.
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C H I N A
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FEISHANG ANTHRACITE: To Address Going-Concern Audit Disclaimer
--------------------------------------------------------------
TipRanks reports that Feishang Anthracite Resources has outlined
steps to address a disclaimer of opinion on its 2024 and 2025
financial statements, centered on going-concern uncertainties
flagged by its auditors.
According to TipRanks, the group is exploring capital raising,
negotiating with lenders, and considering divestitures of interests
in key coal mines to lower debt and improve its gearing ratio.
TipRanks relates that management is also seeking to settle ongoing
litigations and arbitrations, while monitoring legal proceedings
related to pledged shares of its controlling shareholder.
Operationally, the company reported a sharp year-on-year drop in
production volume for the first half of 2026 and is relying on
tightened coal quality controls and targeted cost-cutting measures
to protect profitability and underpin financial stability.
About Feishang Anthracite
Feishang Anthracite Resources Limited, an investment holding
company, engages in the extraction, sale, and trade of anthracite
coal in the People's Republic of China. It engages in the
acquisition, construction, development, and operation of anthracite
coal mines. The company also owns and operates four coal mines in
Guizhou province. In addition, it involved in coal washing
activities; and purchasing construction equipment services and
consulting.
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I N D I A
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ATC CSR INDIA: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: ATC CSR India Private Limited
Plot 64, 1st Floor,
Sector-44, Gurgaon - 122003
Haryana, India
Liquidation Commencement Date: July 15, 2026
Court: National Company Law Tribunal, Chandigarh Bench
Liquidator: Subodh Kumar
210, 2nd Floor,
Wadhwa Complex, Street No. 10,
Laxmi Nagar, Delhi - 110092
Tel: 95601 08675
Email: ip.atccsr@gmail.com
Last date for
submission of claims: August 13, 2026
CGE TREASURY: S&P Rates US$60MM Unsec. Notes Due 2034 'BB-'
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to
US$60 million senior unsecured notes maturing in 2034 that CGE
Treasury IFSC Pte. Ltd. issued. S&P already has a 'BB-' issue
rating and '4' recovery rating on the company's US$390 million
senior unsecured notes due 2031.
CGE Treasury will use proceeds from the new issuance as well as the
2031 notes to fully redeem the outstanding US$435 million notes due
2027 that Continuum Energy Aura Pte. Ltd. issued.
S&P said, "We equalize our issue rating on CGE Treasury's senior
unsecured notes with the issuer credit rating on Continuum Green
Energy Ltd. (Continuum Ltd.; BB-/Negative/--) and its parent,
Continuum Green Energy Holdings Ltd. (Continuum Holdings;
BB-/Negative/--).
"We assess CGE Treasury as a core subsidiary of Continuum Ltd.
because we believe CGE Treasury is an integral part of the group
and its sole purpose is to raise funding for the group. CGE
Treasury is a 100%-owned financing subsidiary of Continuum Ltd. We
believe CGE Treasury will benefit from the group's long-term
commitment to Continuum Ltd."
CGE Treasury's US$390 million and US$60 million senior unsecured
notes benefit from an unconditional and irrevocable guarantee from
Continuum Ltd., limited to an amount equal to 110% of the total
aggregate principal amount of the notes. The guarantee is a strong
signal of support. However, the guarantee does not explicitly
contribute to the rating because it does not fully cover all
interest and principal payments.
CHILAKA HOLDINGS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Chilaka Holdings Private Limited
Flat No. 8 and 9, B Block,
Sky Villa, Olympia Opaline,
OMR, Navalur, Chennai,
Chengalpattu - 603103
Liquidation Commencement Date: July 17, 2026
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Vasudevan Gopu
G.V. Enclave 18/30,
Ramani Street, K.K. Pudur,
Saibaba Colony, (Opposite Road
to Saibaba Colony,
Hotel Annapoorna Road - 4th Right)
Coimbatore - 641038
Tel: 0422-4347063
Email: vasudevanacs@gmail.com
vasudevangopu.ip@gmail.com
Last date for
submission of claims: August 16, 2026
DEVI CHAND: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Devi Chand
And Sons (DCS) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.30 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 10, 2025, placed the rating(s) of DCS under the 'issuer
non-cooperating' category as DCS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DCS continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 26, 2026, May
6, 2026, May 16, 2026 among others. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating on the basis
of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Devi Chand and Sons (DCS) was initially established as a
proprietorship concern in 2008 by Mr. Sanjeev Kumar. However, in
April 2014, the firm was converted to partnership firm and is
currently being managed by Mr. Shubham Singla, Mrs. Santosh Rani
and Mr. Satish Kumar as its partners. The firm is engaged in
processing of paddy at its manufacturing facility located in
District Moga, Punjab. Further, the firm is also engaged in milling
of rice on job work basis.
ECRON ACUNOVA: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ecron
Acunova Limited (Ecron) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 15.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Long Term Bank 11.16 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 26, 2025, placed the rating(s) of EAL under the 'issuer
non-cooperating' category as EAL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
EAL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 11, 2026,
April 21, 2026, May 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: Consolidated
CARE Ratings had taken consolidated financials of Ecron Acunova
along with subsidiaries - Navitas Life Sciences Company Limited,
Thailand, and Navitas LLP, India along with factoring in linkages
with TAKE group.
Outlook: Not Applicable
Ecron Acunova Limited is a Clinical Research Organisation, which
undertakes clinical studies including Bio equivalence and Bio
Availability Studies and Phase I of Clinical Trials. The company is
headquartered in Bangalore and has around 170 employees to date.
The company has three subsidiaries- Acunova Life Sciences USA,
which had discontinued operations in March 2023 and Navitas Life
Sciences company ltd, Thailand, which is also into clinical
research. During September 2021, Ecron purchased 99.9% stake in
Navitas LLP.
FOCUS EDUMATICS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Focus Edumatics Private Limited
#11 (Old No. 64),
4th Floor, 1st Cross,
HGN Layout, Ganga Nagar,
P Col. Kavalbyrasandra,
Bangalore North, Karnataka, 560032
Insolvency Commencement Date: June 23, 2026
Court: National Company Law Tribunal, Bengaluru Bench
Estimated date of closure of
insolvency resolution process: December 20, 2026
Insolvency professional: Jyotindra Kumar Parida
Interim Resolution
Professional: Jyotindra Kumar Parida
003, Mythri Maiden Apartment,
Somasundarpalya, HSR Sector 2,
Bengaluru - 560102
Tel: 9861227666
Email: cajkparida@gmail.com
Bhavani Amman Niaga, No. 04,
3rd Floor, 8th Cross,
Parappana Agrahara Main Road,
M.Vishweshwaraiah Layout,
Hosa Road, Bangalore - 560100
Email: cirp.focusepl@gmail.com
Last date for
submission of claims: July 15, 2026
GANPATI MOULDERS: CARE Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ganpati
Moulders Private Limited (GMPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 1.88 CARE B-/CARE A4; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Long Term Bank 10.81 CARE B-; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term 1.00 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 25, 2025, placed the rating(s) of GMPL under the 'issuer
non-cooperating' category as GMPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GMPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 11, 2026, May
21, 2026, May 31, 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
Aurangabad based, Ganpati Moulders Private Limited (GMPL) was
incorporated in the year 2005 and is engaged in plastic injection
moulding of household appliances, like parts of refrigerators,
washing machines and air conditioners.
INDO PRODUCTS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Indo
Products (IP) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 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 26, 2025, placed the rating(s) of IP under the 'issuer
non-cooperating' category as IP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
IP 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
Indo Products was incorporated in 1979 as a partnership concern and
was engaged in the manufacturing of steel products. The
manufacturing was however seized in 1994 and the firm was
reconstituted as a proprietorship concern with Mr Varinder Gupta as
the sole proprietor. It currently engages in trading and
distribution of steel products. The firm is an authorized dealer of
JSW Steel Limited, since 2009, and is engaged in the distribution
of iron and steel products (HR Sheets, CR sheets, rounds, etc), for
the company. The firm is also engaged in the distribution of steel
products like HR coils, CR coil, wires rods, etc. for Steel
Authority of India Limited (SAIL), with whom it is associated since
2013. The products find application in bicycle parts, automobile
components, fasteners etc.
INFLUX AGROTECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Influx Agrotech Private Limited
F1-6, T 5, Durwankur,
CTS 587 213, Paranjape Road,
Apte Road, Pune,
Maharashtra, India, 411004
Insolvency Commencement Date: July 9, 2026
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: January 6, 2027
Insolvency professional: Udaykumar Bhaskar Bhat
Interim Resolution
Professional: Udaykumar Bhaskar Bhat
B-304, Goldville,
Aundh Ravet Road, Dange Chowk,
Thergaon, Pune - 411033
Email: udaybhat2805@gmail.com
cirp.agrotech@gmail.com
Last date for
submission of claims: July 23, 2026
INTERACTIVE MARKETING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Interactive Marketing Private Limited
0-208 & 211, Floor 2,
Plot - 40, Shilpin Centre,
G.D. Ambekar Marg, Wadala,
Mumbai City, Mumbai,
Maharashtra, India, 400031
Insolvency Commencement Date: June 4, 2026
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: January 13, 2027
Insolvency professional: Shekhar Arvind Parkhi
Interim Resolution
Professional: Shekhar Arvind Parkhi
A-904, Malpani Vivanta,
Laxman Nagar Balewadi,
Near Baner D Mart, Pune,
Maharashtra ,411045
Tel: 93732 73800
Email: ip.shekharparkhi@gmail.com
cirp.impl@gmail.com
Last date for
submission of claims: July 31, 2026
JAI KRISHNA: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jai Krishna
Steel Private Limited (JKSPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 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 23, 2025, placed the rating(s) of JKSPL under the 'issuer
non-cooperating' category as JKSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JKSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
8, 2026, April 18, 2026, April 28, 2026 among others. In line with
the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings' opinion is not sufficient to arrive
at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Jai Krishna Steels Private Limited (JKSPL) was incorporated in
September, 2010 and started its commercial operations from 2012.
The registered office of the company is situated at Patna, Bihar.
JSPL has been engaged in manufacturing and trading of MS structure
and MS TMT bars at its plant located at Patna district of Bihar
with an installed capacity of 46,500 metric tons per annum (MTPA).
The company derives major revenue from manufacturing activities and
very minor revenue from trading activities.
JAISANSHU MEDICARE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Jaisanshu Medicare Private Limited
Plot No. 63, SF BLK A,
Kh No 903, Gulab Bagh,
Uttam Nagar, New Nawada Metro Station,
New Delhi - 110059
Flat No C-4, Shree Ram Apartment,
Ram Nagar, Haridwar,
Roorkee - 247661, Uttarakhand
Khasra No 32, Shiv Ganga Industrial Estate,
Lakeshwari Bhagwanpur, Roorke,
Haridwar - 247661, Uttarakhand
Insolvency Commencement Date: June 30, 2026
Court: National Company Law Tribunal, New Delhi Bench-II
Estimated date of closure of
insolvency resolution process: December 27, 2026
Insolvency professional: Alok Kaushik
Interim Resolution
Professional: Alok Kaushik
G-105, Sai Baba Apartments,
Sector-9, Rohini,
Delhi - 110085
B-124, North Ex Mall,
Sector-9, Rohini,
Delhi - 110085
Email: cirp.jaisanshu@gmail.com
Last date for
submission of claims: July 31, 2026
JC FENACIA: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of JC Fenacia
Exports Private Limited (JFEPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 22, 2025, placed the rating(s) of JFEPL under the 'issuer
non-cooperating' category as JFEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JFEPL 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
West Bengal based J.C. Fenasia Exports Pvt. Ltd. (JFEPL)
incorporated in February 2005, was promoted by Mr. Naresh Kumar
Juneja, Mrs. Minnie Juneja and Mr. Nirvik Juneja. Since its
inception, JFEPL has been engaged in manufacturing and exporting of
leather goods and trading of finished leathers and leather
chemicals. The manufacturing facility of the company is located at
Kasba, West Bengal with an installed capacity of 10000 pieces per
month (leather bags) and 25000 pieces per month (wallets). The
company earns major revenue from trading activities accounting for
around 72% of total operating income in FY20 (prov.) and remaining
from manufacturing and license sales. The manufacturing facility of
the company has an ISO 9001:2008 certification which enables wide
acceptance of its products in the market. The company procures its
entire raw materials from domestic market whereas it sells its
products both in the domestic as well as international market. The
major export destinations of the company are various European
Countries and gulf countries. J.C. Fenasia Exports Pvt. Ltd. has an
associate concern 'Fenasia Limited.' which is engaged in
manufacturing of leather chemicals.
JIVA PLYWOODS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jiva
Plywoods Private Limited (JPPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.46 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 24, 2025, placed the rating(s) of JPPL under the 'issuer
non-cooperating' category as JPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
JPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 10, 2026, May
20, 2026, May 30, 2026 among others. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating on the basis
of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Kutch, Gujarat based Jiva Plywoods Private Limited (JPPL) was
incorporated in December 2015 by Mr. Moolji Patel and his sons Mr.
Govind Patel but started its commercial operations from September,
2016. The company is currently being managed by Mr. Jagdish Patel,
Mr. Moolji Bhai Patel and Mr. Jigna Patel. The company is engaged
into trading and processing of wooden log into Plywood, doors and
boards. JPS imports the raw material mainly wooden logs like Teak,
Pine, Hardwood (backed by L/C) from Malaysia, China, Vietnam and
Myanmar which are subsequently sized at its saw mill unit in
Gandhidham into various commercial sizes as per the requirement of
its customers. Plywoods are sold in domestic market to traders,
wholesalers, civil engineering and construction companies to PAN
India.
KUNAL FOUNDER: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kunal
Founder and engineers Private Limited (KFEPL) continues to remain
in the 'Issuer Not Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.40 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 5, 2025, placed the rating(s) of KFEPL under the 'issuer
non-cooperating' category as KFEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KFEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
21, 2026, May 1, 2026, May 11, 2026 among others. In line with the
extant SEBI guidelines, CareEdge Ratings has reviewed the rating on
the basis of the best available information which however, in
CareEdge Ratings' opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
The entity was established as a partnership firm in April, 1978
under the name of Kunal Founder and Engineers. In May, 1996 the
name and constitution of the firm changed to its present one i.e.
Kunal Founder and Engineers Private Limited (KFEPL). The company is
currently being managed and promoted by Mr. Subhash Mahajan and Mr.
Yuvraj Mahajan. The company is engaged in the manufacturing of
automotive components like flywheel, brake housing, wet bar
steering brackets, excel brackets etc. with total installed
capacity of 1,900 metric tonnes of automotive components per annum
at its manufacturing facility in Sahibzada Ajit Singh Nagar,
Punjab. Besides KFEPL, one of the directors is also engaged in
another group concern namely, Bharat Foundry, which is a
proprietorship firm established in 2004 and is engaged in similar
line of business.
LAKSHYA FOOD: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lakshya
Food (India) Limited (LFIL) continues to remain in the 'Issuer Not
Cooperating ' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 28.45 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 5, 2025, placed the rating(s) of LFL under the 'issuer
non-cooperating' category as LFL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
LFL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 21, 2026, May
1, 2026, May 11, 2026 among others. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating on the basis
of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Haryana-based, LFL was initially setup in 2007 as a private limited
company. However, it was reconstituted as a public limited company
in 2008. LFL is promoted by Mr. Ankit Redhu (son of Mr. Baljit
Singh Redhu) and Venture Capitalist funds Bellamoosh Investments
LLP and Lalsham Ventures LLP. The company has a dairy farm and a
milk-processing unit in Jind (Haryana) with an installed capacity
of processing raw milk of 1.5 lakh liters per day (LLPD). It sells
dairy products, such as pasteurised milk, ghee, butter, curd,
paneer, flavoured milk, Khoya, sweets and ice-cream, under the
brand name- 'Lakshya'. LFL is an ISO 22000-2005 certified company
for the purpose of Food Safety Management System. Earlier, LFL had
three group concerns viz. Redhu Hatcheries Private Limited, Redhu
Farms Private Limited and JM Feed Mills Private Limited engaged in
poultry business. With the resignation of the common directors from
LFL, these companies, now remain related parties of LFL.
LONGRANGE COMMODITIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Longrange Commodities Private Limited
Office No. 118, 1st Floor,
Plot No. 49, Vyapar Bhavan,
P.D Mello Road, Carnac Bunder,
Chinchbunder, Princess Dock,
Mumbai, Maharashtra,
India, 400009
Insolvency Commencement Date: June 12, 2026
Court: National Company Law Tribunal, Mumbai Bench-VI
Estimated date of closure of
insolvency resolution process: December 9, 2026
Insolvency professional: Kuldeep Tank
Interim Resolution
Professional: Kuldeep Tank
202, Block-A,
The One, RNT Marg,
Indore - 452001
Email: cakuldeeptank@gmail.com
cirp.longrange@gmail.com
Last date for
submission of claims: June 26, 2026
LUCKSHMI YARN: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Luckshmi Yarn Impex Private Limited
Flat No. A3, SLS Luxury Apartment,
188, East Sambandam Road,
R.S. Puram, Coimbatore,
641002, Tamil Nadu
Insolvency Commencement Date: July 2, 2026
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: December 29, 2026
Insolvency professional: P. Balasubramanian
Interim Resolution
Professional: P. Balasubramanian
85/3, Sukkaliyur,
Karuppampalayam Village,
Karur, Tamil Nadu, 639003
Email: karurbalaw@gmail.com
cirp.luckshmiyarnimpex@gmail.com
Last date for
submission of claims: July 20, 2026
MAHALAXMI AGRO: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahalaxmi
Agro Mills (Prop. D.M. Agro Products Private Limited) (MAM)
continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.77 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 5, 2025, placed the rating(s) of MAM under the 'issuer
non-cooperating' category as MAM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MAM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 21, 2026, May
1, 2026, May 11, 2026 among others. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating on the basis
of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Uttar Pradesh based Mahalaxmi Agro Mills (MAM) was established in
the year January 1996 under the company D.M. Agro Products Private
Limited as a private limited and is currently managed by Mr.
Pradeep Kumar Maheshwari, Mr. Prabhat Kumar Maheshwari and Mr.
Anurag Maheshwari. MAM is engaged in the milling, processing and
trading of paddy with an at its manufacturing facility located in
Mainpuri, Uttar Pradesh. The firm is also engaged in processing of
groundnuts at the same manufacturing facility.
MAHIMA COLD: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahima Cold
Storage Private Limited (MCSPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.22 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 12, 2025, placed the rating(s) of MCSPL under the
'issuer non-cooperating' category as MCSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MCSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
28, 2026, May 8, 2026, May 18, 2026 among others. In line with the
extant SEBI guidelines, CareEdge Ratings has reviewed the rating on
the basis of the best available information which however, in
CareEdge Ratings' opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Mahima Cold Storage Private Limited (MCSPL) was incorporated in
July 2003 and presently managed by Mr. Rajesh Kumar Patwari and Mr.
Neeraj Agarwal. The cold storage facility of the company is located
at Cooch Bihar, West Bengal with aggregated storage capacity of
149664 quintal. The company provides cold storage services for
potatoes to the farmers and traders. This apart the company
provides interest bearing advances to the farmers & traders against
the pledge of cold storage receipts. Mr. Rajesh Kumar Patwari, has
more than three decades of experience in cold storage industry,
looks after the overall management of the company. He is supported
by other director Mr. Neeraj Agarwal who also has more than a
decade of experience in this line of business. The promoters are
supported by a team of experienced professionals.
MURLI COLD: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Murli Cold
Storage Private Limited (MCSPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.97 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 12, 2025, placed the rating(s) of MCSPL under the
'issuer non-cooperating' category as MCSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MCSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
28, 2026, May 8, 2026, May 18, 2026 among others. In line with the
extant SEBI guidelines, CareEdge Ratings has reviewed the rating on
the basis of the best available information which however, in
CareEdge Ratings' opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Murli Cold Storage Private Limited (MCSPL) was incorporated in
September 1976 and presently managed by Mr. Rajesh Kumar Patwari
and Mr. Neeraj Agarwal. The cold storage facility of MCSPL is
located at Boinchi, Hooghly with aggregated storage capacity of
241836 quintal. The company provides cold storage services for
potatoes to the farmers and traders. This apart the company
provides interest bearing advances to the farmers & traders against
the pledge of cold storage receipts.
NASIR ILAHI: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nasir Ilahi
& Co. (NIC) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 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 June 26, 2025, placed the rating(s) of NIC under the 'issuer
non-cooperating' category as NIC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NIC 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
Nasir Ilahi & Co. (NIC) was established on June 2017 as a
partnership firm by Mr. Nasir Ilahi and Mr. Wasim Ilahi, Mr. Dinesh
Singh and Mr. Sukhchain Singh. Firm is engaged in chicken egg
hatchery business and its hatchery farm is located in Meerut, Uttar
Pradesh. Firm has proposed to sell chicks to bird growers.
NAVNIT AUTOSPARES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Navnit
Autospares (Nagpur) Private Limited (NAPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.60 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 25, 2025, placed the rating(s) of NAPL under the 'issuer
non-cooperating' category as NAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 11, 2026, May
21, 2026, May 31, 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
Navnit Autospares (Nagpur) Private Limited was incorporated in 2002
and is engaged in the distribution of commercial vehicle spare
parts of Tata Motors Limited.
OZONE PROJECTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Ozone Projects Private Limited
New No. 63, G.N. Chetty Road,
T.Nagar, Chennai,
600017, Tamil Nadu
Insolvency Commencement Date: July 16, 2026
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: January 12, 2027
Insolvency professional: Ashok Mittal
Interim Resolution
Professional: Ashok Mittal
S-138, B Wing,
Express Zone Mall,
Western Express Highway,
Goregaon West, Mumbai Suburban,
Maharashtra, 400063
Email: ashokmittal@gmail.com
ozoneprojects.cirp@gmail.com
Classes of Creditors: Home Buyers
Authorized Representatives
of creditors in a class: 1. Sandeep Kothari
Email: ipsandeepkothari@gmail.com
2. Sudhir Gs
Email: sudhircaip@gmail.com
3. Shruti Lohia
Email: cashrutilohia@gmail.com
Last date for
submission of claims: July 30, 2026
PAHARIMATA COLD: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Paharimata Cold Storage Private Limited (SPCSPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 6.42 CARE B-; Stable; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 22, 2025, placed the rating(s) of SPCSPL under the
'issuer non-cooperating' category as SPCSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SPCSPL 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
Shri Paharimata Cold Storage Private Limited (SPCSPL) was
incorporated in December 04, 1972 and currently the company is
being managed by Mr. Ranjit Kumar Dandapat, Mr. Sukamal Dandapat
and Mrs. Moutusi Dandapat. Since its inception; the company has
engaged in cold storage services mainly for preservation of
potatoes. The cold storage unit of the company is located at West
Midnapore, West Bengal with an aggregate storage capacity of 138829
quintals. Moreover, the company has not availed any moratorium from
its lender.
PARORCH DEVELOPERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Parorch Developers LLP
Shop No. 15,
Anuradha Next to Fire Brigade,
Irla Bridge, Andheri (W),
Mumbai, Maharashtra,
India, 400058
Insolvency Commencement Date: June 16, 2026
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: December 13, 2026
Insolvency professional: Ritesh R. Mahajan
Interim Resolution
Professional: Ritesh R. Mahajan
B-203, Devgiri,
Ganeshmala, Sinhagad Road,
Pune, Maharashtra, 411030
Email: ritesh@riteshmahajan.in
parorchcirp@riteshmahajan.in
Last date for
submission of claims: July 29, 2026
PATRAN FOODS: CARE Lowers Rating on INR69cr Long Term Loan to B-
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Patran Foods Private Limited (PFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 69.00 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 Ltd. (CareEdge Ratings) had, vide its press release
dated June 18, 2025, placed the rating(s) of PFPL under the 'issuer
non-cooperating' category as PFPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PFPL 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).
The ratings assigned to bank facilities of PFPL have been revised
on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Patran Foods Pvt Ltd (PFPL) was incorporated in 1999 by Mr. Naresh
Kumar Goyal and Mr. Suresh Kumar Goyal. The company is engaged in
the processing of paddy to basmati rice as well as its by-products
like bardana, bran, husk etc. since the commencement of its
operations in 2000. The company operates at its single
manufacturing facility in Patran, Punjab. The company caters to the
domestic market through a network of distributors and wholesalers
located all over India.
PRABHU DAYAL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prabhu
Dayal And Brothers (PDB) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 5, 2025, placed the rating(s) of PDB under the 'issuer
non-cooperating' category as PDB had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PDB continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 21, 2026, May
1, 2026, May 11, 2026 among others. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating on the basis
of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Uttar Pradesh based, Prabhu Dayal and Brothers (PDB) was
established in October 1988 as a partnership firm and is currently
managed by Mr. Rajendra Prasad and Mrs. Shashi Arora sharing
profits and losses equally. PDB is engaged in the distribution and
trading of fertilizers, pesticides, seeds and other allied
products. The firm procures these traded products from
manufacturers all over India and further sells these products to
the retailers and farmers who are situated in Allahabad, Ghaziabad
and nearby regions.
PRADHIN LIMITED: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Pradhin Limited
61, Sembudoss Street,
Chennai, Tamil Nadu - 600001
Insolvency Commencement Date: July 2, 2026
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: December 29, 2026
Insolvency professional: Rajesh Jasti
Interim Resolution
Professional: Rajesh Jasti
H.No: 1-4-159/1/20,
Plot No. 20, Srichakra Enclave,
6th Avenue Road, Sainikpuri,
Secunderabad - 500094
Email: jastirajeshca@gmail.com
Plot No. 6, 1st Floor,
Road No. 2, Vasanth Nagar,
Near JNTU Metro, Kukatpally,
Hyderabad - 500085,
Telangana, India
Email: ibc.pradhin@gmail.com
Last date for
submission of claims: July 20, 2026
PRECISION ELECTRONIC: CARE Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Precision
Electronic Instruments Company (PEIC) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 3.23 CARE C; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
Under ISSUER NOT COOPERATING
category
Long Term Bank 6.27 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term 0.50 CARE A4; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 10, 2025, placed the rating(s) of PEIC under the 'issuer
non-cooperating' category as PEIC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PEIC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 26, 2026, May
6, 2026, May 16, 2026 among others. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating on the basis
of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Bahadurgarh, Distt. Jhajjar, Haryana based Precision Electronic
Instruments Company (PEIC) is a proprietorship firm established in
January, 1999. The firm is managed by Mr. Rajnish Kumar Aggarwal.
PEIC is engaged in manufacturing of Digital Weighing Scales, weigh
bridges, weighing systems, load cells, Auto/taxi fare meter and LED
lighting.
PRODOT MEDIA: NCLT Delhi Admits CIRP Against Company
----------------------------------------------------
LiveLawBiz reports that the New Delhi Bench of the National Company
Law Tribunal (NCLT) on July 1 held that a corporate guarantor's
co-extensive liability is not extinguished merely because a
Financial Creditor's claim has been partially admitted under the
resolution plan of the principal borrower.
According to LiveLawBiz, Judicial Member Mahendra Khandelwal and
Technical Member Atul Chaturvedi admitted an insolvency petition
filed by Pashupati Facility and Management Service Pvt. Ltd.
against Prodot Media Pvt. Ltd., in its capacity as a corporate
guarantor for the loan default of Teriyaki Builders Pvt. Ltd.
LiveLawBiz relates that the Bench observed:
"The mere fact that the Financial Creditor has lodged its claim in
the CIRP of the Principal Borrower and that a Resolution Plan
proposes partial payment does not extinguish or suspend the
independent and co-extensive liability of the Corporate Guarantor.
Any amount realized in the CIRP of the Principal Borrower would
only reduce the outstanding liability, but cannot bar initiation of
proceedings against the Guarantor for the entire debt due and
payable as on the date of default."
On Dec. 15, 2022, Teriyaki Builders Pvt. Ltd. obtained an
inter-corporate deposit of INR1.35 crore from Pashupati Facility
and Management Service Pvt. Ltd., carrying interest at 8% per annum
and repayable within 180 days or on demand. To secure repayment,
Teriyaki Builders arranged for two corporate guarantors, including
Prodot Media Pvt. Ltd., which executed a Deed of Guarantee and
subsequently a Deed of Hypothecation in favour of the Financial
Creditor.
LiveLawBiz says the loan remained unpaid, following which CIRP was
initiated against Teriyaki Builders on Aug. 29, 2023. The Financial
Creditor's claim in those proceedings was admitted to the extent of
INR1.40 crore, with the resolution plan proposing payment of
INR63.42 lakh. On April 1, 2024, the Financial Creditor invoked the
corporate guarantee against Prodot Media, but the company failed to
make any payment.
LiveLawBiz relates that Prodot Media argued that since the
Financial Creditor's claim had already been admitted in the CIRP of
the principal borrower, initiating insolvency proceedings against
the guarantor for the entire amount was not maintainable. It
contended that after adjusting the proposed recovery under the
borrower's resolution plan, the remaining liability fell below the
statutory threshold of INR1 crore.
The Corporate Debtor further argued that a guarantor's liability
arises only after invocation of the guarantee and, therefore,
interest could not be calculated for the period prior to such
invocation. It alleged that the insolvency proceedings were being
used as a recovery mechanism.
The Tribunal rejected the submissions and noted that the Deed of
Guarantee recorded the Corporate Debtor's obligation to discharge
the liabilities of the Principal Borrower in case of default. It
further observed that the Deed of Hypothecation reinforced the
security arrangement created in favour of the Financial Creditor.
According to LiveLawBiz, the Bench observed:
"In the present case, once the debt and default of the Principal
Borrower stand established, and the Corporate Debtor has executed a
valid and enforceable guarantee, the Corporate Debtor cannot escape
liability. The guarantee being an independent and continuing
obligation, the Financial Creditor is legally entitled to invoke
the same and proceed under Section 7 of the Code."
Further, the Bench noted that the loan disbursal and default were
established through documentary evidence, including the loan
agreement, NeSL records and the invocation notice. It held that the
contention that interest could not be calculated before invocation
was untenable, as the guarantor's liability arises from the default
committed by the Principal Borrower and the guarantee in the
present case was a continuing and unconditional obligation.
Accordingly, the NCLT admitted the petition and imposed a
moratorium. Rajiv Bajaj was appointed as the Interim Resolution
Professional (IRP), LiveLawBiz discloses.
REX SEWING: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rex Sewing
Machine Company Private Limited (RSMCPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 12.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 2.75 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 RSMCPL under the
'issuer non-cooperating' category as RSMCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RSMCPL 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
Set up in 1957 by Mr. Om Parkash Dandona, RSMCPL is engaged in the
manufacturing of a wide range of sewing machines at its two
manufacturing facilities located in Ludhiana. The company also
engages in the export of its products. The sewing machines are sold
under the brand name `Rex' in the domestic markets as well as
export markets. RSMCPL is currently being managed by Mr Dinesh
Dandona and Mr Bhupesh Dandona (sons of Mr Om Prakash Dandona). All
the machines manufactured by RSMCPL have an ISI registration. The
company also has trading operations wherein it sources and sells
allied machines like Bag Closing Machines, Button Presses & Button
Moulding Machines, sewing machine components and spare parts.
SANGAM STEELS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sangam
Steels (SS) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 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 6, 2025, placed the rating(s) of SS under the 'issuer
non-cooperating' category as SS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SS continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 22, 2026, May
2, 2026, May 12, 2026 among others. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating on the basis
of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Sangam Steels (SS) was incorporated in 1983 by Mr Sandeep Gupta as
a proprietorship firm. The firm is an authorized dealer of JSW
Steel Limited, since 1999, and is engaged in the distribution of
iron and steel products (HR Sheets, CR sheets, rounds, etc), for
the firm. The firm is also engaged in the distribution of steel
products like HR coils, CR coil, wires rods, etc. for Steel
Authority of India Limited (SAIL). These products, primarily sold
in the Punjab and nearby regions of Chandigarh, Himachal Pradesh
and Delhi, find application in bicycle parts, automobiles
components, etc.
SECUREVALUE INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Securevalue India Limited
Office No. 15, 3rd Floor,
Tardeo AC Market, Tardeo,
Haji Ali Mumbai,
Maharashtra, 400034
Insolvency Commencement Date: July 16, 2026
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: December 13, 2026
Insolvency professional: Brijendra Kumar Mishra
Interim Resolution
Professional: Brijendra Kumar Mishra
Flat No. 202, 2nd Floor,
Bhoj Bhavan, Plot No. 18-D,
Shivpuri, Sion-Trombay Road,
Chembur (East), Mumbai City,
Maharashtra, 400071
Email: mishrabk1959@gmail.com
1221, Maker Chambers V,
Nariman Point, Mumbai - 400021
Email: svilcirp@gmail.com
Last date for
submission of claims: July 27, 2026
SHYAM FASHION: CARE Lowers Rating on INR20cr LT Loan to B+
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sri Shyam Fashion Textiles Private Limited (SSFTPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE BB;
Stable
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 12, 2025, placed the rating(s) of SSFTPL under the
'issuer non-cooperating' category as SSFTPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSFTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
28, 2026, May 8, 2026, May 18, 2026 among others. In line with the
extant SEBI guidelines, CareEdge Ratings has reviewed the rating on
the basis of the best available information which however, in
CareEdge Ratings' opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of SSFTPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
SSFTPL was incorporated by Mr. Suresh Kumar Jalan of Purulia (West
Bengal) in March 2003. The company started its operation as a
proprietorship concern under the guidance of Late Mr. Babulal Jalan
(father of Mr. Suresh Jalan) in 1950. Later, with the growth in
operations it was reconstituted as a private limited company under
the leadership of Mr. Suresh Jalan. The company started its
operations in Kolkata in 1990. SSFTPL is engaged in the trading of
clothing fabrics and operates in the domestic market. The company
mainly deals in the kids wear segment. It procures fabrics and
denims (Lycra, Non-lycra, solids, printed fabrics etc.) from
manufacturers/textile millers and sells the denims, in wholesale
market or to garments manufacturers of Kolkata, Delhi, Ahmedabad
and Mumbai with major focus in Kolkata. The company also buys grey
fabrics from manufacturers and further processes it, i.e. dying,
designing, rubbing, peaching and printing, on job work basis as per
prevailing market trends which constitutes around 35- 40% of the
total sales. SSFTPL has its rented warehouses in Lungi, Budge Budge
(West Bengal) and Ahmedabad.
STEEL STOCKHOLDERS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of The Steel
Stockholders Syndicate (TSSS) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 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 25, 2025, placed the rating(s) of TSSS under the 'issuer
non-cooperating' category as TSSS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TSSS continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 11, 2026, May
21, 2026, May 31, 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
Pune based, The Steel stockholders Syndicate (TSSS), is a
partnership firm established in 2003 by Mr Pankaj Shah and Mr Kiran
Shah. The entity is engaged in trading of PVC pipes and fittings,
CI pipes, valves, waterproofing items, RCC pipes amongst others.
TSSS is authorized distributor of Finolex Industries Limited,
Zoloto industries, Matrix valves private Limited, Kapilansh Dhatu
Udyog Private Limited. The firm is part of the Ambalal and Sons
group, which has its presence in trading, consultancy and civil
work. The group caters to the variety of end-user industries and
has customer base across Maharashtra.
SULOCHANA EXPORT: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sulochana
Export (SE) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 22, 2025, placed the rating(s) of SE under the 'issuer
non-cooperating' category as SE had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SE continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 7, 2026,
April 17, 2026, April 27, 2026 among others. In line with the
extant SEBI guidelines, CareEdge Ratings has reviewed the rating on
the basis of the best available information which however, in
CareEdge Ratings' opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Sulochana Export (SE) was established in 2015 as a partnership firm
and promoted by Mr. Madeswaran and his family members. The firm is
engaged in manufacturing of cotton fabrics. The manufacturing unit
is spread in total area of 45000 Sq. ft. located at Tiruchengode,
Namakkal District (Tamil Nadu). SE purchases its key raw material
(cotton yarn) from domestic market in Erode District, which is
famous for cotton production in south India. The firm sells the
cotton fabrics to the customers located at Tamil Nadu, Andhra
Pradesh and Gujarat. The firm has an installed capacity of 15000
meters per day. The firm is utilizing around 85% of capacity per
day. The lender has indicated that the firm has availed moratorium
from March to August 2020 amid covid-19 RBI guidelines.
SUNSTAR REALTY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sunstar Realty Development Limited
Registered Office:
Office No. 422,
Level 4 Dynasty A Wing,
Andheri-Kurla Road, Mumbai City,
Mumbai, Maharashtra,
India, 400059
Principal Office:
6, Lyons Range,
1st Floor, Gate No. 2,
Kolkata, West Bengal,
India, 700001
Insolvency Commencement Date: July 10, 2026
Court: National Company Law Tribunal, Mumbai Bench-VI
Estimated date of closure of
insolvency resolution process: January 6, 2027
Insolvency professional: Vinod Kumar Chaurasia
Interim Resolution
Professional: Vinod Kumar Chaurasia
A-756, Sector-2,
Rohini, New Delhi, 110085
Email: cavinodchaurasia@gmail.com
cirp.ofsunstar@gmail.com
Last date for
submission of claims: July 24, 2026
SUPERFINE METALS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Superfine Metals Private Limited
Plot No. E-29, E39,
Supa MIDC Village Supa, Tal. Parner,
District Ahmednagar - 414302
Maharashtra, India
Insolvency Commencement Date: July 16, 2026
Court: National Company Law Tribunal, Mumbai Bench-II
Estimated date of closure of
insolvency resolution process: January 12, 2027
Insolvency professional: Megha Agrawal
Interim Resolution
Professional: Megha Agrawal
001, Shivranjini Apartments in
Circle of Congress Nagar Garden,
Congress Nagar,
Nagpur - 440012 (M.S.)
Email: ip.meghaagrawal@gmail.com
Truenex Absolute Insolvency Resolutions LLP
Plot No. 72, Anjaneya Niwas,
Opposite Dew Trinity Hospital,
Hindustan Colony, Near Sai Mandir,
Wardha Road, Nagpur - 440015
Email: cirp.smpl@gmail.com
Last date for
submission of claims: July 30, 2026
TEXOOL LIMITED: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Texool
Limited (TL) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 2.80 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Long Term Bank 1.20 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 23, 2025, placed the rating(s) of TL under the 'issuer
non-cooperating' category as TL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 8, 2026,
April 18, 2026, April 28, 2026 among others. In line with the
extant SEBI guidelines, CareEdge Ratings has reviewed the rating on
the basis of the best available information which however, in
CareEdge Ratings' opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Texool Limited (TL) was incorporated in the year 1995 by the Sajdeh
family. TL is engaged in manufacturing and export of shoddy yarns
and rendered unserviceable used clothing through recycling. It is
an export-oriented unit (EOU) with its facility in Kandla SEZ,
Gujarat.
VESTA EQUIPMENT: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vesta
Equipment Private Limited (VEPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 8.50 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category
Long Term Bank 3.45 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 26, 2025, placed the rating(s) of VEPL under the 'issuer
non-cooperating' category as VEPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
VEPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 11, 2026,
April 21, 2026, May 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: Not Applicable
Vesta Equipment Private Limited (VEPL) was incorporated in May,
2010 and is promoted by Mr. R. Balasubramanian and Mr. Sam Alumkal
Thampi of Bangalore, Karnataka. The company is engaged in
designing, development and manufacturing of diesel engine driven
portable screw air compressor in technical collaboration with M/s.
Sullair Corporation, USA. Currently the company manufactures three
kinds of air screw compressors which are utilized in water well
drilling, coal bed methane drilling, geothermal, underbalanced
drilling etc. The manufacturing unit of the company is situated at
Bangalore.
=======
L A O S
=======
EDL-GENERATION PUBLIC: S&P Assigns Preliminary 'CCC+' LT ICR
------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'CCC+' long-term issuer
credit rating to EDL-Generation Public Co. (EDL-Gen) and a
preliminary 'CCC+' issue rating to the proposed senior unsecured
notes.
The stable outlook reflects S&P's assumption that the bond will be
successfully issued, such that it doesn't foresee a default
scenario within the next 12 months.
EDL-Gen, a state-owned power generation company in Laos, plans to
issue US$300 million of senior unsecured notes to refinance
upcoming maturities, which will reduce immediate refinancing
pressures.
S&P said, "We believe the company's long-term capital structure and
cash flows remain highly dependent on its exposure to its weaker
parent, Electricite du Laos (EDL), which is a key offtaker.
"The preliminary rating reflects our view that the proposed bond
issuance will address EDL-Gen's imminent refinancing risks. The
company faces sizable upcoming obligations, including a US$166
million U.S. dollar-denominated debenture maturing on Sept. 2,
2026, approximately US$130 million in Thai baht-denominated
debentures due in August 2026 and January 2027, and about US$47
million in other Thai baht and Lao kip-denominated loans due with
the next 12 months. If successful, the bond proceeds will cover
most of the US$378 million in debt maturities through year-end
2027, leaving the remaining balance to be serviced by the company's
internal cash flow generation.
"The preliminary issuer credit rating on EDL-Gen and the
preliminary issue rating are conditional on the successful issuance
of U.S. dollar notes to repay the company's debt obligations over
the next 12 months. The final ratings will depend on our receipt
and review of all final documentation and final terms of the
transaction. The preliminary rating should therefore not be
construed as evidence of the final rating.
"Without the bond proceeds, we estimate EDL-Gen's liquidity sources
would cover only approximately 0.4x its liquidity uses over the
next 12 months. We believe alternative funding channels for
issuances of similar size remain limited for the company.
"EDL-Gen's long-term financial sustainability is constrained by
significant counterparty risk from its parent, EDL. Given EDL's
role as a state-owned, single buyer in the domestic power market in
Laos, EDL-Gen has 100% revenue exposure to EDL for its wholly owned
hydropower projects, through long-term power purchase agreements
(PPAs). We assess EDL's financial position as weaker than the
subsidiary's, which brings significant uncertainty regarding its
ability to meet PPA obligations in a timely manner. This risk is
evidenced by a historical track record of EDL-Gen's high receivable
days of above 200 days--significantly exceeding the 45-day payment
period specified in the PPA terms. Continued collection delays will
lead to high working capital pressure and strain cash flows.
"This risk is partly mitigated by dividend income from
equity-invested hydropower projects, majority of which have
higher-quality offtaker in Thailand's state-owned integrated power
company, Electricity Generating Authority of Thailand (EGAT). These
dividends account for approximately 47% of EDL-Gen's adjusted
EBITDA in 2025.
"EDL's weak balance sheet is partly driven by historical
large-scale debt-funded investments in hydropower projects and grid
infrastructure, with reliance on high-interest borrowings from
international lenders. Excessive generation capacity and delays in
securing profitable, long-term export agreements led to
unsustainable debt levels. This was compounded by a large
depreciation of the Lao kip (LAK) between 2020 and 2024, increasing
EDL's foreign-currency debt burden. We understand that EDL has a
track record of debt restructuring and is likely to continue with
such efforts to extend its debt repayment profile.
"We expect the 2025 upward revision of EDL-Gen's PPA tariffs and
EDL's retail tariffs to materially improve earnings for both
parties. That said, a track record remains to be established on
whether these can be translated to cash flow improvements.
Effective July 2025, EDL-Gen arrived at an agreement with EDL to
transition from a Lao kip-denominated tariff to a U.S.
dollar-denominated tariff. This addressed a critical issue of
currency mismatch between its revenues and debt obligations, which
previously caused cash flow pressure when the Lao kip depreciated
more than 50% against the dollar over 2020-2024. Under the new PPA
structure, EDL-Gen's realized tariff will almost double to US$0.047
per kilowatt-hour (kWh) and increase to US$0.05 per kWh by 2029.
The government has also approved a material increase in retail
electricity prices for end users as part of its power sector reform
to improve EDL's earnings stability.
"Our rating assumes limited cash extraction by the parent, such as
aggressive special dividends. Given EDL-Gen's listed status,
related-party transactions, such as intercompany loans to EDL, are
also subject to listing rules requiring minority shareholder
approval. Legally and structurally, EDL and EDL-Gen maintain
independent financing channels with no formal guarantees or
cross-default provisions.
"Our rating also captures EDL-Gen's relatively small revenue scale
(about US$108 million in 2025) and resource concentration risk to
hydropower. These risks are partly mitigated by the company's
stable operating history, characterized by satisfactory
availability factors and high EBITDA margins in line with industry
norms.
"We consider EDL-Gen to be a government-related entity with
moderately high likelihood of timely and sufficient extraordinary
support from the government of Laos. As a key vehicle for the
government's power development initiatives, EDL-Gen's role is not
easily replaceable. The total equity attributable capacity of its
hydropower portfolio is 1.6 gigawatts as of end-2025, accounting
for about 15% of the national hydropower capacity. The government
maintains strong oversight through state ownership and board
representation. It also has a record of providing direct emergency
liquidity injections to EDL-Gen during periods of stress, such as
US$185 million in interest-free capital in 2024 to help the company
meet refinancing needs. However, we believe the government's
overall fiscal capacity to support its state-owned entities remains
highly constrained, making timely support in all scenarios
unlikely.
"The stable outlook reflects our view that EDL-Gen will have
sufficient liquidity sources to meet its cash flow needs and
financial obligations over the next 12 months.
"We may lower the rating on EDL-Gen by multiple notches if the
proposed bond issuance is unsuccessful. We believe refinancing
risks will be very high in this scenario, given large pending
maturities over the next two months and limited alternative
financing plans.
"We could also lower our rating on EDL-Gen if we envision other
default scenarios over the next 12 months. This may be caused by
significantly higher working capital outflows than anticipated and
unexpectedly large dividend payouts that lead to heightened risk of
nonpayment on its financial obligations.
"We may raise the rating if there is a sustainable improvement in
EDL-Gen's operating cash flows and liquidity, indicated by a track
record of improved revenue collection efficiency by EDL-Gen under
revised PPA terms."
A raised rating is also contingent on the sovereign rating on Laos
being raised to 'B-'.
===============
M A L A Y S I A
===============
I-SERVE TECHNOLOGY: Investors Secure Judgment in Default
--------------------------------------------------------
Hafiz Yatim at theedgemalaysia.com reports that some 206 investors
have earlier this month secured a judgement in default (JID)
against MYAirline Sdn Bhd co-founder Datuk Allan Goh Hwan Hua and
15 companies he controlled, that requires them to pay a sum of
MYR67.556 million to the investors.
According to theedgemalaysia.com, High Court judge Leong Wai Hong
on July 16 allowed the plaintiffs' application for a declaration
that the defendants operated within a single "ecosystem scheme" and
as a single economic unit, that Goh was the controlling mind of
that scheme, and that the scheme was an illegal deposit-taking or a
Ponzi or pyramid scheme, and that the investment agreements signed
by them were void ab initio (void from the beginning).
Further, the investors have obtained a declaration that the
defendants had committed fraud, or fraudulent misrepresentation,
against the investors, and that the investment was not shariah
compliant.
In addition, the investors secured a court order for the defendants
to jointly and severally repay to each investor the full amount
which they had invested, amounting to MYR67,556,087 as stipulated
in Appendix I of the Statement of Claim, theedgemalaysia.com
relays.
The judge also ordered the defendants to pay MYR80,000 costs to the
investors. A copy of the order was produced this week and was
sighted by The Edge.
Although the cause papers had been duly served, Leong gave the JID
as the defendants had failed to enter an appearance or file any
defence to the claim.
Besides Goh, the 15 companies include I-Serve Technology and
Vacations Sdn Bhd, I-Serve Travels & Tours Sdn Bhd, I-Serve Online
Mall Sdn Bhd, MM 2217 PLT, Bright Moon Venture PLT, QA Smart
Partnership PLT, and QA Premium Partnership PLT.
The others are Alpha International Venture PLT, Advanced Digital
Venture Bhd, Trillion Cove Holdings Bhd (currently in liquidation),
Trillion Cove Capital Sdn Bhd, QA Advance Partnership PLT, Ample
Prosperity Sdn Bhd, I-Serve Payment Gateway Sdn Bhd, and Global
Wealth Elite PLT, according to theedgemalaysia.com.
theedgemalaysia.com says the investors had filed the suit in
February last year through Messrs Zharif Nizamuddin Advocates,
where they claimed that between 2018 and 2023, they were induced to
place their monies with the scheme on the promises of guaranteed
monthly returns.
In November 2021, Bank Negara Malaysia (BNM), together with other
enforcement agencies, raided the I-Serve group of companies and
subsequently issued freezing and seizure orders affecting some of
the companies.
In October 2022, BNM imposed a compound totalling MYR50 million on
the companies for accepting deposits without a licence, and for
money laundering.
Following that, Trillion Cove Holdings was wound up in July 2024.
Prior to this, another court had previously ruled against Goh and
some of the affected companies, theedgemalaysia.com notes.
=====================
N E W Z E A L A N D
=====================
GDC CONSULTANTS: Court to Hear Wind-Up Petition on Aug. 10
----------------------------------------------------------
A petition to wind up the operations of GDC Consultants Limited
will be heard before the High Court at Hamilton on Aug. 10, 2026,
at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 26, 2026.
The Petitioner's solicitor is:
Christina Anne Hunt
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
RW ARCHITECTURAL: Court to Hear Wind-Up Petition on Aug. 10
-----------------------------------------------------------
A petition to wind up the operations of RW Architectural Design
Limited will be heard before the High Court at Hamilton on Aug. 10,
2026, at 10:45 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 26, 2026.
The Petitioner's solicitor is:
Christina Anne Hunt
Inland Revenue, Legal Services
21 Home Straight
PO Box 432
Hamilton
SMART WATER: Creditors' Proofs of Debt Due on Aug. 19
-----------------------------------------------------
Creditors of Smart Water & Irrigation Limited are required to file
their proofs of debt by Aug. 19, 2026, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 22, 2026.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
WESTGATE LIMITED: Creditors' Proofs of Debt Due on Aug. 24
----------------------------------------------------------
Creditors of Westgate Limited are required to file their proofs of
debt by Aug. 24, 2026, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on July 21, 2026.
The company's liquidators are:
Leon Francis Bowker
Kristal Pihama
c/o KPMG
18 Viaduct Harbour Avenue
PO Box 1584
Shortland Street
Auckland 1140
WILEY GEOTECHNICAL: Creditors' Proofs of Debt Due on Aug. 21
------------------------------------------------------------
Creditors of Wiley Geotechnical Limited are required to file their
proofs of debt by Aug. 21, 2026, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Aug. 21, 2026.
The company's liquidators are:
Leon Francis Bowker
Kristal Pihama
c/o KPMG
18 Viaduct Harbour Avenue
PO Box 1584
Shortland Street
Auckland 1140
=====================
P H I L I P P I N E S
=====================
PHILIPPINES: Banks Hike Provisions, Brace for Defaults on Iran War
------------------------------------------------------------------
Bloomberg News reports that Philippine banks have set aside the
most funds for potential loan losses since at least 2008, bracing
for defaults as the Middle East conflict weighs on an already weak
economy.
Lenders allocated PHP111.3 billion (US$1.81 billion) of provisions
for loans and other financial assets in the six months through June
30, up 32% from a year earlier, Bloomberg discloses citing
preliminary data from the Bangko Sentral ng Pilipinas. Total credit
loss allowances, meanwhile, rose 7% to PHP541.2 billion.
=================
S I N G A P O R E
=================
ASIRI TRADING: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on July 17, 2026, to
wind up the operations of Asiri Trading Pte. Ltd.
DBS Bank Ltd filed the petition against the company.
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
IDEAL KIDZ: Court to Hear Wind-Up Petition on Aug. 7
----------------------------------------------------
A petition to wind up the operations of Ideal Kidz Preschool Pte.
Ltd. (formerly registered as Oon Group 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 16, 2026.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
IDEALKIDZ PTE: Court to Hear Wind-Up Petition on Aug. 7
-------------------------------------------------------
A petition to wind up the operations of Idealkidz 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 16, 2026.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
MAGPIE SECURITIES: Creditors' Proofs of Debt Due on Aug. 22
-----------------------------------------------------------
Creditors of Magpie Securities (Singapore) Pte. Ltd. are required
to file their proofs of debt by Aug. 22, 2026, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on July 10, 2026.
The company's liquidator is:
Mr. Farooq Ahmad Mann
c/o Mann & Associates PAC
3 Shenton Way
#03-06C Shenton House
Singapore 068805
PACKER HOLDING: Creditors' Proofs of Debt Due on Aug. 24
--------------------------------------------------------
Creditors of Packer Holding Pte. Limited are required to file their
proofs of debt by Aug. 24, 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:
Lau Chin Huat
Yeo Boon Keong
c/o Technic Inter-Asia
50 Havelock Road, #02-767
Singapore 160050
=====================
S O U T H K O R E A
=====================
HOMEPLUS CO: Eyes Store Reopenings as Early as Next Month
---------------------------------------------------------
Maeil Business reports that Homeplus Co is expected to resume store
operations as early as next month after the resumption of corporate
rehabilitation procedures. However, it is expected that the
sequential resumption of each store will take place depending on
the situation of securing products and restoring logistics
networks.
According to Maeil Business, the distribution industry said on July
28 Homeplus met with the mart union and the general union on the
previous day (July 27) and shared Meritz Financial Group's DIP
(Rehabilitation Company Operating Fund) loan execution schedule,
store reopening plans, and future operational directions.
At the meeting, the company explained that DIP loans are expected
to flow between July 31 and August 3. Homeplus aims to resume
operations within seven days from the time the funds come in.
As a result, store operations nationwide are likely to resume
around August 7 to August 10, Maeil Business relays. However, it is
expected that all stores will resume operations sequentially rather
than opening at the same time due to different levels of product
acquisition and facility inspection conditions.
After the resumption of operations, the company will pursue a
"choice and concentration" strategy that significantly reduces
store size and product composition. The plan is to operate a store
with a size of 600 to 1,000 pyeong, which is smaller than the
existing large discount stores, and reorganize the store to focus
on products with high sales turnover such as food, PB (own brand),
and daily necessities.
According to Maeil Business, the strategy is to reduce the burden
of purchase and inventory by reducing the types of products, and to
increase the speed of rotation of limited operating funds. Homeplus
has described this model as similar to the US PB-centered
supermarket 'Trader Joe'.
Maeil Business says the restoration of the supply chain of goods is
also speeding up. The Homeplus purchasing organization is
coordinating conditions and supply volume with fresh and processed
food suppliers. At the same time, it is also working to restart the
distribution center and secure delivery personnel.
Maeil Business adds that the industry believes that the resumption
of operations will be a watershed moment for Homeplus' recovery.
The deadline for approval of the rehabilitation plan is September
4. Whether it shows a stable normalization of operations within
this period is expected to determine whether the rehabilitation
plan will be approved and sold in the future.
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
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Information contained herein is obtained from sources believed
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thereof are US$25 each. For subscription information, contact
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