260731.mbx

260731.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 Friday, July 31, 2026, Vol. 29, No. 152 Headlines A U S T R A L I A 888 HOSPITALITY: First Creditors' Meeting Set for Aug. 4 ADVENT ENERGY: Court Dismisses PEP 11 Judicial Review Bid CHRISTIAN BROTHERS: EREA to Back Full Payouts for Abuse Survivors COMET RESOURCES: Second Creditors' Meeting Set for Aug. 4 IVEGA GROUP: First Creditors' Meeting Set for Aug. 7 LEADING EDGE: First Creditors' Meeting Set for Aug. 4 PANORAMA AUTO 2025-3: Fitch Affirms 'BBsf' Rating on Class E Notes SIMRAN PTY: First Creditors' Meeting Set for Aug. 5 SKYHIGH OBSERVATORY: To Stay Shut as Liquidators Work on Reopening B A N G L A D E S H BRAC BANK: S&P Affirms 'B+/B' ICRS & Alters Outlook to Neg. I N D I A BHILAI JAYPEE: Dalmia Cement Wins Bid Under Insolvency Process C MOHAN: CRISIL Keeps B Debt Ratings in Not Cooperating Category CANPLY INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating DHARANI TURBO: CRISIL Keeps B Debt Rating in Not Cooperating ELCON: CRISIL Keeps B Debt Rating in Not Cooperating Category FRESHCUT ORGANIC: CRISIL Keeps B Debt Rating in Not Cooperating GEM CORPOCHEM: CRISIL Keeps B Debt Rating in Not Cooperating GOKUL MAMRA: CRISIL Keeps B Debt Ratings in Not Cooperating GUPTA HAIR: CRISIL Keeps B Debt Rating in Not Cooperating HARISH CHANDRA: CRISIL Keeps B Debt Rating in Not Cooperating ISOPLETH NICKEL: CRISIL Keeps B Debt Rating in Not Cooperating JALALABAD RICE: CRISIL Keeps B Debt Ratings in Not Cooperating JASBIR SINGH: CRISIL Keeps B Debt Ratings in Not Cooperating KAPIL SOLVEX: CRISIL Keeps B Debt Ratings in Not Cooperating KOENIG SOLUTIONS: CRISIL Keeps B Debt Rating in Not Cooperating KUKSONS ELECTRONICS: CRISIL Keeps B Rating in Not Cooperating KUN UNITED: CRISIL Keeps B Debt Ratings in Not Cooperating LAXMI INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating LUCKNOW PRODUCERS: CRISIL Keeps B Debt Ratings in Not Cooperating MAHESH EXTRUSIONS: CRISIL Keeps B Debt Ratings in Not Cooperating MANGALAM METALS: CRISIL Keeps B Debt Ratings in Not Cooperating MANGE RAM: CRISIL Keeps B Debt Rating in Not Cooperating Category NICE SESAME: CRISIL Keeps B Debt Rating in Not Cooperating NOEL TEXTILES: CRISIL Keeps B Debt Ratings in Not Cooperating PHIFER INDIA: CRISIL Keeps B Debt Rating in Not Cooperating PREMIER EXPORTS: CRISIL Keeps B Debt Ratings in Not Cooperating PREMSONS DIVERSEY: CRISIL Keeps B Debt Rating in Not Cooperating PRIYA PETRO: CRISIL Keeps B Debt Rating in Not Cooperating REGAL ENTERPRISES: NCLT Delhi Admits CIRP Against Company [] INDIA: Insolvency Shield Not for Promoters, Supreme Court Says I N D O N E S I A ASURANSI ASEI: Fitch Lowers National IFS Rating to 'BB+(idn)' M A L A Y S I A BINA PURI: Proposes Capital Reduction to Tackle MYR344MM Debts UNITE EDENOR: Placed Under Juducial Management N E W Z E A L A N D CAMPAIGN CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 18 CHARDIKALA ENTERPRISES: Court to Hear Wind-Up Petition on Aug. 10 FARGO GROUP: Court to Hear Wind-Up Petition on Aug. 6 RESET TRADE: Commences Wind-Up Proceedings RESULT CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 21 S I N G A P O R E A3 AUTOHUB: Court Enters Wind-Up Order AD2 TRANSIT: Court to Hear Wind-Up Petition on Aug. 7 HERITAGE AUTO ENTERPRISE: Court to Hear Wind-Up Petition on Aug. 7 HERITAGE AUTO: Court to Hear Wind-Up Petition on Aug. 7 SALVATORE HOME: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= 888 HOSPITALITY: First Creditors' Meeting Set for Aug. 4 -------------------------------------------------------- A first meeting of the creditors in the proceedings of 888 Hospitality Pty Ltd (formerly traded as "Tiny's Liquor Emporium") will be held on Aug. 4, 2026, at 2:30 p.m. at the offices of WA Insolvency Solutions, a division of Jirsch Sutherland, at Level 6, 109 St Georges Terrace, in Perth, WA, and via teleconference. David Hurt and Jimmy Trpcevski of WA Insolvency Solutions were appointed as administrators of the company on July 23, 2026. ADVENT ENERGY: Court Dismisses PEP 11 Judicial Review Bid --------------------------------------------------------- TipRanks reports that BPH Energy reported that its investee Advent Energy, via subsidiary Asset Energy, has had its judicial review bid over the refusal to vary, suspend and extend the offshore PEP 11 permit dismissed by the Federal Court. According to TipRanks, the judgment leaves the Joint Authority's refusal in place, although Advent has now appealed to the Full Court and separately lodged a renewal application over half of the existing PEP 11 area, which remains under consideration. In Northern Australia, Advent's onshore subsidiary Onshore Energy has entered voluntary administration after prolonged regulatory delays and heritage issues affecting EP386 and RL1, whose main asset is the Weaber Gas Field, TipRanks reports. The administrator is assessing options ranging from a deed of company arrangement to winding up, and there is no assurance that RL1 will be developed or that Onshore will continue as a going concern, underscoring heightened uncertainty for BPH's gas exploration interests. Advent Energy is an oil and gas exploration and production company based in Perth, Western Australia. CHRISTIAN BROTHERS: EREA to Back Full Payouts for Abuse Survivors ----------------------------------------------------------------- Myriam Robin at The Australian Financial Review reports that relief mixed with anger on July 24 as victims and survivors of institutional sexual abuse digested the news that the body that houses the former Christian Brothers schools had finally consented to meet their compensation claims in full. The Financial Review relates that the decision of the trustees of Edmund Rice Education Australia will, for the purposes of meeting abuse compensation claims, add the assets of the far-richer schools organisation – on government data Australia's 23rd largest charity – with those of the nearly defunct Christian Brothers order. According to the Financial Review, the order told creditors last month it had only AUD200 million in assets to meet its liabilities to victims of AUD774 million. Entering into a revised scheme of arrangement with the order, which is going bankrupt, was "the right thing to do for victims and survivors", said Dr Stephen Brown, chair of the trustees of Edmund Rice Education Australia, citing EREA's "touchstones" of "justice, solidarity and inclusive community," the Financial Review relays. "EREA is committed to supporting those who have suffered abuse, so today we are seeking to provide reassurance that we will step in to address future funding shortfalls." The Financial Review says the federal government welcomed EREA's announcement, without which it was likely to have emerged as the largest creditor of the order due to an estimated AUD65 million in claims owed it due to the National Redress Scheme. "The past few weeks of uncertainty have been difficult for victim survivors of abuse in institutions run by the Christian Brothers," the Financial Review quotes Social Services Minister Tanya Plibersek as saying. "They should never have been put in the position of wondering whether their claims would be met." EREA is a successor organisation of the Christian Brothers now operationally separate from the religious order. But as the Australian Financial Review revealed, much of its wealth rests on a AUD2 billion property portfolio given to it by the Christian Brothers between 2013 and 2017, during the Royal Commission into Institutional Responses to Child Sex Abuse. Ever since the order's flagged bankruptcy, those with claims against the order have been trying to insert EREA as a co-defendant in their abuse cases. These attempts had been vigorously opposed until now, the Financial Review notes. According to the Financial Review, two weeks ago a barrister for the trustees of EREA told the Victorian Supreme Court any move to join them to proceedings would have "High Court written all over it", and could affect the educational needs of the 44,000 students currently educated at Edmund Rice's 61 Catholic schools. Submissions to this point were due shortly. Earlier, EREA had rebuffed requests from the Christian Brothers to provide it with financial assistance to meet its liabilities. But on July 24, the schools organisation folded, the Financial Review says. It is not anticipated any of its educational facilities – which include prestigious institutions such as Sydney's Waverley College, Melbourne's St Kevin's, Perth's Aquinas College and Adelaide's Rostrevor College – are at risk of closure. EREA had turnover of AUD1.2 billion last year and cash reserves of more than AUD380 million. It can absorb the Christian Brothers' liabilities, it is thought, with only some hardship. The Financial Review adds that talks about EREA joining the Christian Brothers as a party to the creditor's scheme have been under way for two weeks. A memorandum of understanding between EREA and the Christian Brothers was signed on July 24, leading to the announcement, which makes provision both for EREA's assets being used to compensate victims in cases already decided and for EREA to join the Christian Brothers as a co-defendant in future abuse litigation. COMET RESOURCES: Second Creditors' Meeting Set for Aug. 4 --------------------------------------------------------- A second meeting of creditors in the proceedings of Comet Resources Limited has been set for Aug. 4, 2026, at 1:00 p.m. at the offices of 101 Advisory, at Level 3, 101 St Georges Terrace, in Perth, WA, and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 3, 2026 at 4:00 p.m. Bryan Hughes of 101 Advisory was appointed as administrator of the company on June 30, 2026. IVEGA GROUP: First Creditors' Meeting Set for Aug. 7 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Ivega Group Pty Ltd will be held on Aug. 7, 2026, at 11:00 a.m. via Teleconference Only. Mohammad Najjar of Vanguard Insolvency Australia was appointed as administrator of the company on July 28, 2026. LEADING EDGE: First Creditors' Meeting Set for Aug. 4 ----------------------------------------------------- A first meeting of the creditors in the proceedings of: - Leading Edge Group Limited (trading as "DREAM COLLECTION JEWELLERY"; "Staff Shop Online"; "Leading Edge Appliances"; "Diamond Republic"; "The Revenue Generation Company"; "Bid- or-Buy"; "LE Bid-or-Buy"; "INDEPENDENT BOOKSELLERS"; "LEADING EDGE VIDEO"; "Leading Edge Retail"; "EVERYBODY BEAUTIFUL"; "LEADING EDGE AUTO ELECTRICAL"; "PHOTOEDGE"; "DIAMOND VIP"; "VIP TECH CLUB"; "LEADING EDGE DIGITAL"; "LEADING EDGE BOOKS" and "LEADING EDGE JEWELLERS") - Leading Edge Computers Pty Limited - Troy AU Pty Ltd - Leading Edge Technology Pty Limited - Rosman Australia Pty Ltd (Formerly known as "Merchandise Management Centre Pty Ltd") (Trading as "CONTRAC IT" and "CONTRACIT AUSTRALIA". Formerly traded as "Rosman Australia"; "ARCTEK" and "Merchandise Management Centre") - Riverwise Pty. Limited (Trading as "RIVERWISE PTY LIMITED") will be held on Aug. 4, 2026, at 12:00 p.m. via Zoom and at the offices of Vincents, Level 14, 25 Martin Place, in Sydney, NSW. Henry McKenna of Vincents was appointed as administrator of the company on July 23, 2026. PANORAMA AUTO 2025-3: Fitch Affirms 'BBsf' Rating on Class E Notes ------------------------------------------------------------------ Fitch Ratings has upgraded two and affirmed four classes of asset-backed floating-rate notes from Panorama Auto Trust 2025-3. The Outlook is Positive on one note and Stable on the remainder. The transaction is backed by a pool of first-ranking Australian automotive lease and loan receivables originated by Angle Auto Finance Pty Ltd (AAF). The notes were issued by Perpetual Corporate Trust Limited as trustee. The upgrades were driven by the build-up of credit enhancement (CE), while the Positive Outlook on the class C notes reflects their sensitivity to decreased defaults and increased recoveries against its expected increase in CE over the next 12 to 24 months. Entity/Debt Rating Prior ----------- ------ ----- Panorama Auto Trust 2025-3 Commission Note AU3FN0101309 LT AAAsf Affirmed AAAsf A AU3FN0101259 LT AAAsf Affirmed AAAsf B AU3FN0101267 LT AAAsf Upgrade AAsf C AU3FN0101275 LT AA-sf Upgrade Asf D AU3FN0101283 LT BBBsf Affirmed BBBsf E AU3FN0101291 LT BBsf Affirmed BBsf Transaction Summary The collateral pool has amortised to AUD1.0 billion as of the 30 June 2026 pool-cut date from AUD1.3 billion at closing. The pool comprises 26,359 fixed-rate contracts, down from 28,513 at closing, with an average obligor balance of AUD39,619, compared with AUD45,593 at closing. The weighted-average (WA) remaining term has decreased to 46.3 months from 54.9 months at closing. KEY RATING DRIVERS Stable Asset Performance: Obligor default risk is a key assumption in its quantitative analysis. As of end-June 2026, the transaction's 30+ and 60+ day arrears were 1.2% and 0.5%, respectively, which are below Fitch's 1Q26 ABS Performance Monitor of 1.6% and 0.8%. Cumulative gross defaults are currently at 0.1%. Fitch applied the same base cases, multiples, and haircuts used at closing for each sub-group, weighted according to the current sub-group proportions in the pool. Its base-case gross loss expectations and 'AAAsf' default multiples at closing were as follows: Novated leases: 1.0% (7.5x) Consumer loans: 3.5% (5.25x) Commercial loans: 4.0% (5.25x) The recovery base case for electric vehicles (EVs) is 24.0%, with a 'AAAsf' recovery haircut of 60.0% and for non-EVs 35.0%, with a 'AAAsf' recovery haircut of 50.0%. The WA base-case default assumption is 2.5% and the 'AAAsf' default multiple is 5.6x, in line with the closing assumption. Credit Enhancement Supports Ratings: Structural features include liquidity facilities sized at 1.3% of the invested amount of the notes (other than the class G notes), which is sufficient to mitigate Fitch's payment interruption risk. Updated cash flow analysis was performed and incorporates Fitch's default and recovery expectations, portfolio compositions and the build-up of CE. The transaction is currently paying down principal sequentially until the stepdown criteria are met. The class A to E notes will receive principal repayments pro rata upon satisfaction of the stepdown criteria. During the pro rata period, the rated notes benefit from some increase in CE as a percentage, since the class G notes' pro rata allocation is redistributed among the rated notes. Once pro rata paydown is triggered, the transaction will continue amortising on a pro rata basis until either the clean-up call date is reached or performance deteriorates such that the stepdown criteria are no longer satisfied. Low Operational and Servicing Risk: All receivables were originated by AAF, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated back-up servicer is Perpetual Corporate Trust. Fitch undertook an operational review and found that the operations of the servicer were comparable with those of other auto lenders. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 2.5% for the year to March 2026 and unemployment was 4.4% in June 2026. Fitch forecasts GDP growth of 2.2% in 2026 and 2.0% in 2027, with unemployment at 4.4% and 4.5%, respectively. The key rating drivers listed in the applicable sector criteria, but not mentioned above, are not material to this rating action. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the CE available to the notes. Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in CE and remaining loss-coverage levels available to the notes. Decreased CE may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Downgrade Sensitivities Notes: Commission / A / B / C / D / E Rating: AAAsf / AAAsf / AAAsf / AA-sf / BBBsf / BBsf 10% WAFF increase: AAAsf / AAAsf / AA+sf / A+sf / BBBsf / BB-sf 25% WAFF increase: AAAsf / AAAsf / AA+sf / Asf / BBB-sf / B+sf 50% WAFF increase: AAAsf / AA+sf / AA-sf / A-sf / BB+sf / less than Bsf 10% WARR decrease: AAAsf / AAAsf / AAAsf / AA-sf / BBBsf / BB-sf 25% WARR decrease: AAAsf / AAAsf / AAAsf / AA-sf / BBBsf / BB-sf 50% WARR decrease: AAAsf / AAAsf / AA+sf / A+sf / BBB-sf / B+sf 10% WAFF increase / 10% WARR decrease: AAAsf / AAAsf / AA+sf / A+sf / BBBsf / B+sf 25% WAFF increase / 25% WARR decrease: AAAsf / AAAsf / AAsf / Asf / BBB-sf / Bsf 50% WAFF increase / 50% WARR decrease: AAAsf / AA+sf / A+sf / BBBsf / BBsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of CE that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The commission note, class A and class B notes are rated 'AAAsf' which is the highest level on Fitch's scale and cannot be upgraded. Therefore, upgrade sensitivities for these notes are not relevant. Upgrade Sensitivities Notes: C / D / E Rating: AA-sf / BBBsf / BBsf 10% WAFF decrease / 10% WARR increase: AAsf / BBBsf / BBsf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transaction closing, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Panorama Auto Trust 2025-3, in which EVs form 18.4% of the pool, has an ESG Relevance Score (RS) of '4' for Energy Management, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The ESG RS is higher than the baseline RS of '2' for this general issue in the Australian auto sector. There is limited credit performance data for EVs, and available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction was not adjusted, due purely to the "green" nature of the underlying collateral, but Fitch referenced available market data for EVs in determining its recovery assumptions. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. SIMRAN PTY: First Creditors' Meeting Set for Aug. 5 --------------------------------------------------- A first meeting of the creditors in the proceedings of Simran Pty Ltd (trading as Billus @ Bella Vista & Little India Norwest) will be held on Aug. 5, 2026, at 11:00 a.m. via Zoom teleconferencing facilities. Daniel Frisken of O'Brien Palmer was appointed as administrator of the company on July 24, 2026. SKYHIGH OBSERVATORY: To Stay Shut as Liquidators Work on Reopening ------------------------------------------------------------------ Ranges Trader Star Mail reports that after a sudden shutdown at the SkyHigh Observatory in Mt Dandenong due to liquidation, the venue is set to stay closed until at least this weekend. As the liquidation company works with Parks Victoria and others to reopen the venue, SkyHigh will remain closed until August 2 at this stage. Mr. Adrian Roca of SMB Advisory was appointed Liquidator of SkyHigh Mt Dandenong Pty Ltd by order of the Federal Court of Australia on July 21 and trading has been suspended at the venue, with the closure announced by SkyHigh on July 26, Star Mail discloses. "The liquidator's office has been working urgently with Parks Victoria and other key stakeholders to finalise approvals and operating arrangements necessary to facilitate the reopening of the venue while an orderly sale process for the business and its assets is undertaken," Star Mail quotes Mr. Roca as saying. Some SkyHigh employees, who spoke with Star Mail on the condition of anonymity, were also stood down this week, with a number of staff informed they were not required to come into work and have been left confused and concerned about the future of their jobs. While no clear picture on what has led to the liquidation has emerged yet, Mr. Roca has informed Star News that while the discussions are progressing as a matter of priority, no outcome can be guaranteed until the necessary approvals have been obtained. "The proposed arrangement is intended to preserve the business as a going concern, maintain its goodwill and maximise outcomes for creditors, employees, customers and other stakeholders," he said. =================== B A N G L A D E S H =================== BRAC BANK: S&P Affirms 'B+/B' ICRS & Alters Outlook to Neg. ----------------------------------------------------------- S&P Global Ratings revised its rating outlook on BRAC Bank PLC to negative from stable. At the same time, S&P affirmed its 'B+' long-term and 'B' short-term issuer credit rating on the bank. This follows a similar action on the sovereign. S&P revised the outlook on BRAC Bank to negative from stable following a similar action on Bangladesh. A weak domestic banking sector, fiscal constraints, external headwinds, and the growing prospects of a more protracted recovery pose increasing risks to Bangladesh's economy. The challenges follow a political crisis in 2024, and coincide with lingering weakness in the banking sector, which is undergoing sweeping consolidation to address poor asset quality at some of the country's largest banks. S&P said, "We have revised the economic risk trend for Bangladesh's banking system to negative from stable. Our economic risk and industry risk score remains '9' and the BICRA group remains unchanged at '9'. We view the industry risk trend as stable." Bangladesh's banking sector faces elevated asset quality stress amid economic and geopolitical volatility. Weak consumption and investment, coupled with structural reforms under the previous IMF program, have exposed deep-rooted fragilities--particularly the scale of stressed assets. This indicates economic imbalances are high and unwinding, in S&P's view. Slower economic growth than its expectations could further accentuate this. S&P said, "We expect tighter loan classification and renewal criteria to result in the banking system's stressed assets ratio (nonperforming and restructured loans) staying about 40% of systemwide loans over the next two years. State-owned and Islamic banks contribute to a major portion of the stressed assets. "We expect the banking sector's credit loss ratio to peak at about 7.8% at 2025, and improve to 5.0%-6.5% of total loans over the next two years as the government implements structural reforms to rehabilitate the banking sector. While the new restructuring scheme may ease provisioning requirements from 2026, banks are required to maintain general provisions in 2025, limiting near-term earnings relief. "We expect banking system losses to somewhat ease over the next one to two years. We project negative returns on assets (ROA) of about 2.9% in 2026 and 1.9% in 2027, compared with negative returns of -4.8% in 2025, because we anticipate elevated credit costs will persist. "We believe sustained reform momentum will be critical for addressing weak supervision and governance in the banking sector. Bangladesh's banking sector is undercapitalized, with a negative capital adequacy ratio of 2.6%, far below the regulatory minimum of 10%. We note that the banking sector is not homogeneous. Capital weakness is concentrated in the state-owned and Islamic banks, while private commercial banks generally meet regulatory requirements." Support from the Bangladesh central bank remains critical for banks facing liquidity challenges. This has mainly taken the form of open-market operations, along with special liquidity facilities and credit guarantee schemes. The government has provided funding support to Islami Bank, the largest bank in Bangladesh. S&P views the merger and partial recapitalization of troubled Islamic banks into Sammilito Islami Bank as an early step to rehabilitate the banking system. Stronger remittances support the banking system's U.S. dollar liquidity for the banking system. The sector's funding situation shows early signs of stabilization, barring some troubled entities. This is because of likely tepid loan growth, reflecting weaker economic activity, and healthy deposit growth amid elevated interest rates. That said, S&P notes that stronger private sector banks with better governance structures are increasingly benefiting from a flight to quality. S&P said, "Our BICRA for Bangladesh is 9, near the bottom of our 1-10 scale (with 10 being the weakest). This reflects the very high economic and industry risks that the Bangladesh banking sector is exposed to. "We changed the economic risk trend to negative from stable. The country's slower economic growth may exacerbate the already significant asset quality challenges that the banking system is facing." Credit growth is likely to remain subdued due to high rates and inflation, while elevated nonperforming loans (NPLs) will keep credit costs above historical levels. S&P will revise its Bangladesh economic risk and BICRA assessment to '10' from '9' if: -- Credit cost and asset quality weaknesses in the banking system remain persistently high. This could happen if reforms to the banking system are not implemented effectively, or the country's slower economic activity derails reforms and the resolution of elevated weak loans in the banking system. S&P will revise the economic risk trend to stable from negative if: -- If the asset quality challenges of the banking system are alleviated, which could happen if banking system reforms reduces the sizable level of stressed assets. Industry risk trend is stable, in S&P's view. Systemwide funding risks have eased somewhat, supported by improvements in the country's external position and better access to U.S. dollar liquidity. While central bank support remains important for banks facing liquidity pressures, overall funding conditions have improved because loan growth has been slower than deposit growth. BRAC Bank The rating action on BRAC Bank follows S&P's revised outlook on Bangladesh. Bangladesh's economy faces a challenging period of rebalancing amid enduring weakness in the banking sector, with additional risks stemming from volatile global energy markets and trade conditions, which has weighed on S&P's assessment of credit conditions in Bangladesh. BRAC Bank's financial position is better than the industry average, compared with state-owned banks and Islamic banks, which have borne the brunt of asset quality deterioration. The bank has a track record of prudent management that will help it navigate this period of volatility. S&P said, "We estimate BRAC Bank's NPL ratio will stay at about 3.0% over the next 12-18 months, significantly lower than the average for Bangladesh's banking sector. The bank's balanced loan book, good underwriting and proactive risk management should keep asset quality healthy. "We estimate BRAC Bank's risk-adjusted capital (RAC) ratio at 3.5%-4.2% over the next two years, compared with 3.4% at the end of December 2025 and 3.3% in 2024. The bank's good revenue generation, high earnings retention, and calibrated loan growth should support the RAC ratio over the next two years." The negative rating outlook on BRAC Bank reflects that on the sovereign. In S&P's view, the bank should be able to navigate the challenging operating conditions in Bangladesh and maintain its financial profile over the next 12-18 months. S&P will downgrade BRAC Bank if it lowers its ratings on Bangladesh. S&P could also lower the rating if: -- BRAC Bank's asset quality deteriorates sharply, due, for example, to strategic missteps or escalation of macroeconomic vulnerabilities. -- The bank's RAC ratio declines and stays below 3% on a sustained basis. This could be due to more aggressive growth or higher credit costs, leading to weaker profitability than S&P anticipates. S&P said, "We could revise the outlook on BRAC Bank back to stable if we take a similar action on the sovereign rating, and we revise our BICRA economic trend back to stable, which could happen if reform measures are implemented effectively, resulting in a demonstrable reduction in industry wide NPLs." ========= I N D I A ========= BHILAI JAYPEE: Dalmia Cement Wins Bid Under Insolvency Process -------------------------------------------------------------- TipRanks reports that Dalmia Cement (Bharat) Limited has been selected as the successful resolution applicant for Bhilai Jaypee Cement Limited under the corporate insolvency resolution process. The subsidiary received a Letter of Intent from the resolution professional after the Committee of Creditors approved its resolution plan. TipRanks relates that the proposed acquisition, which is subject to National Company Law Tribunal and regulatory approvals, would bolster Dalmia Bharat's production capacity and regional presence, with potential implications for creditors and industry consolidation. Bhilai Jaypee Cement Limited owns a 2.2 million tonnes per annum grinding unit in Bhilai, Chhattisgarh, and a 1.1 million tonnes per annum clinker unit at Babupur, Madhya Pradesh. C MOHAN: CRISIL Keeps B Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of C Mohan International (CMI) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan 0.1 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with CMI for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CMI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CMI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CMI continues to be 'Crisil B/Stable Issuer not cooperating'. CMI, set up in 1980, is a proprietorship firm of Mr Indermohan Jain. The firm manufactures knitted fabric, and is based in Ludhiana, Punjab. CANPLY INDIA: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Canply India Private Limited (CIPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B/Stable (ISSUER NOT COOPERATING) Foreign Letter 1 CRISIL B/Stable (ISSUER NOT of Credit COOPERATING) Crisil Ratings has been consistently following up with CIPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CIPL continues to be 'Crisil B/Stable Issuer not cooperating'. CIPL, incorporated in 2012, is engaged in trading of wood plywood. The company is promoted by Mr M J Robert and Mrs Varna Simple Truman. The company is based out of Bangalore, Karnataka. DHARANI TURBO: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the rating on bank facilities of Dharani Turbo Engineering Spares and Services Private Limited (DTESSPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 5 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with DTESSPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DTESSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DTESSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DTESSPL continues to be 'Crisil B/Stable Issuer not cooperating'. DTESSPL was incorporated in 2012, it is located in Hyderabad. DTESSPL is promoted by Suman Nadika and family. DTESSPL is involved in providing spares and services to industrial machinery like turbines and compressors. ELCON: CRISIL Keeps B Debt Rating in Not Cooperating Category ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Elcon (Elcon; part of the Elcon group) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Elcon for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Elcon , which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Elcon is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Elcon continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2007, Elcon is engaged in manufacture of heavy pressed and fabrication components. Linga was incorporated in 2016 and is also engaged in manufacture of heavy duty press parts. The day to day operations are promoted by Mr. Ganesh and Mrs Kalpana. FRESHCUT ORGANIC: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Freshcut Organic Products Private Limited (FOPPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 9 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with FOPPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of FOPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on FOPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of FOPPL continues to be 'Crisil B/Stable Issuer not cooperating'. FOPPL was incorporated in 2017 in Thamarassery, Kerala by Mr Augustine LibinPeous, Mr Sujeesh Kolothody, Mr Shibu T and Mr Ashok Mathai. It is engaged in chicken waste treatment and manufacturing of amino acid for poultry feed and animal oil. It was expected to start commercial operations in April, 2019. GEM CORPOCHEM: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Gem Corpochem Private Limited (GCPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GCPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GCPL continues to be 'Crisil B/Stable Issuer not cooperating'. GCPL, set up in 2013, trades in almonds and chemicals. While almonds account for 60% of total revenue, the chemical segment constitutes the balance. The Mumbai-based company has been promoted by Mr Bharat Shah. GOKUL MAMRA: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Gokul Mamra Private Limited (GMPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 0.2 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with GMPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GMPL continues to be 'Crisil B/Stable Issuer not cooperating'. GMPL was established as a partnership firm in 2004, and converted into private limited company in 2014. Operations are managed by the two promoter-directors., Mr Viramdevsinh Sarvaiya and Mr Jayson Hirani. The company manufactures rice-based products like mamra (puffed rice) and poha (flattened rice). The manufacturing unit is located near Bavla, Ahmedabad. GUPTA HAIR: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Gupta Hair Products Private Limited (GHPL; part of the Gupta group) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Pre Shipment 12 Crisil B/Stable (Issuer Not Packing Credit Cooperating) Crisil Ratings has been consistently following up with GHPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GHPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2001, Chennai-based GHPL, promoted by Mr Krishna Kishore and M.M. Gupta, is engaged in the business of manufacturing and exports hair wefts. Established in 1974, GE is engaged in the business of processing and exporting of human hair products and sandalwood. The firm is based out of Eluru, Andhra Pradesh. Incorporated in 2012, Chennai-based MMGI, promoted by Mr Krishna Kishore and M.M. Gupta, is engaged in the business of manufacturing and exports hair wefts. HARISH CHANDRA: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Harish Chandra Ram Kali Charitable Trust (HCRT) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 15 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HCRT for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HCRT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HCRT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HCRT continues to be 'Crisil B/Stable Issuer not cooperating'. Registered in 2001, HCRT operates six All India Council for Technical Education (AICTE)-approved colleges and Delhi Public School in Ghaziabad, Uttar Pradesh. The colleges are affiliated to Dr APJ Abdul Kalam Technical University (AKTU), Uttar Pradesh. The trust is managed by Mr Anil Agarwal, Mr Santosh Agarwal, Ms Deepanjali Agarwal, and Mr Gopal Agarwal. ISOPLETH NICKEL: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Isopleth Nickel Powders Private Limited (INPPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 9.9 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with INPPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of INPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on INPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of INPPL continues to be 'Crisil B/Stable Issuer not cooperating'. INPPL was incorporated in March, 2020 by Lakshmi Sunkara & Srinivas Mudragada. INPPL is setting up a unit to manufacture nickel powders & allied at Old Bowenpally, Hyderabad. The plant is expected to be commissioned in Dec-2020. JALALABAD RICE: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Jalalabad Rice Exports Private Limited (JREPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18.7 Crisil B/Stable (Issuer Not Cooperating) Proposed Cash 5.3 Crisil B/Stable (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with JREPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JREPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JREPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JREPL continues to be 'Crisil B/Stable Issuer not cooperating'. Surinder Kumar and group processes paddy into basmati rice, rice bran, broken rice, and husk. Mr Kulwant Rai Bajaj and Mr Surinder Kumar Bajaj are the promoters and manage the daily operations. JASBIR SINGH: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Jasbir Singh and Sons Hotels Private Limited (JSSHPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 3.44 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 8.56 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JSSHPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JSSHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JSSHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JSSHPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2010 and promoted by Mr Jasbir Singh, Mr Kulwant Singh, and Mr Jaspal Singh, JSSHPL operates a four-star hotel, The Wave International, in Jamshedpur. The hotel has facilities such as gym, spa, restaurant, bar, banquet, and an open party plot. Operations began in fiscal 2016. KAPIL SOLVEX: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Kapil Solvex Private Limited (KSPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 30 Crisil B/Stable (Issuer Not Cooperating) Cash Credit-Stock 10 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KSPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KSPL continues to be 'Crisil B/Stable Issuer not cooperating'. KSPL began commercial operations in 2009, promoted by the Chakkarwar family. The company processes soya beans to manufacture oil, cattle feed, and de-oiled cakes. Its production unit is in Nanded, Maharashtra. KOENIG SOLUTIONS: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Koenig Solutions Private Limited (KSL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 10.93 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KSL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KSL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KSL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KSL continues to be 'Crisil B/Stable Issuer not cooperating'. KSL was incorporated in 1993, by promoter, Mr Rohit Agarwal and his family members. The company is primarily engaged in IT training, both in the retail and corporate segments. In the retail division, it offers training solutions related to software and infrastructure management services, among others. In the corporate sector, the company mainly provides staffing and training solutions to IT companies. KUKSONS ELECTRONICS: CRISIL Keeps B Rating in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Kuksons Electronics Private Limited (KEPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 7 CRISIL B/Stable (ISSUER NOT Overdraft COOPERATING) facility Crisil Ratings has been consistently following up with KEPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KEPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1996 and promoted by the Kuklani family, KEPL is an authorised distributor and service provider for industrial automation solutions of Siemens India. It also manufactures control panels used for industrial automation under its brand, Kuksons. The company has manufacturing facilities in Pune, Maharashtra. KUN UNITED: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Kun United Motors Private Limited (KUMPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Inventory Funding 9.75 Crisil B/Stable (Issuer Not Facility Cooperating) Inventory Funding 1.60 Crisil B/Stable (Issuer Not Facility Cooperating) Inventory Funding 4 Crisil B/Stable (Issuer Not Facility Cooperating) Long Term Loan 0.25 Crisil B/Stable (Issuer Not Cooperating) Overdraft Facility 2 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 0.4 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) SME Credit 2 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KUMPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KUMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KUMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KUMPL continues to be 'Crisil B/Stable Issuer not cooperating'. KUMPL incorporated in 2005 is an authorized dealer of passenger vehicles of Hyundai Motor India Ltd in Andhra Pradesh. LAXMI INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Laxmi Industries - Bengalore (LI) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 1.21 CRISIL B/Stable (Issuer Not Cooperating) Proposed Working 1.79 CRISIL B/Stable (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with LI for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LI continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 1998 and based in Bengaluru, LI manufactures bright steel bars. The firm's day-to-day operations are managed by its proprietor, Mr. Basant Jalan. LUCKNOW PRODUCERS: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Lucknow Producers Co-Operative Milk Union Limited (LPMUL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 Crisil B/Stable (Issuer Not Cooperating) Cash Credit 3 Crisil B/Stable (Issuer Not Cooperating) Cash Credit 10 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LPMUL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LPMUL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LPMUL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LPMUL continues to be 'Crisil B/Stable Issuer not cooperating'. LPMUL is a cooperative milk union set up in 1938 to ensure fair payment to milk producers and regulate its supply in Uttar Pradesh. It works within the cooperative structure of PCDF. It procures milk from over 1000 village dairy co-operative societies in Lucknow, Hardoi, Lakhimpur, Sitapur, Raebareli, and Unnao districts in the state. Its processing unit is in Lucknow and has capacity of 1.5 lakh litre per day. MAHESH EXTRUSIONS: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Mahesh Extrusions Private Limited (MEPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 4.6 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 5.4 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MEPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MEPL continues to be 'Crisil B/Stable Issuer not cooperating'. MEPL was incorporated in 1991 and is engaged in manufacturing of polyvinyl chloride and high-density polyethylene pipes. MEPL market it under brand name Mahesh, Apoorva, Ganesh, Gowri and Jalagnag Pipes. MEPL manufacturing facility is located in Bellary, Karnataka. MEPL is owned & managed by Mr. A Prasad Setty and Mr. A.Mahesh. MANGALAM METALS: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Mangalam Metals and Ores Limited (MMOL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B/Stable (Issuer Not Cooperating) Cash Credit 25 Crisil B/Stable (Issuer Not Cooperating) Proposed Fund- 40 Crisil B/Stable (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with MMOL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MMOL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MMOL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MMOL continues to be 'Crisil B/Stable Issuer not cooperating'. MMOL, which was set up in 2003, trades in iron ore lumps and fines and sized iron ore. Operations are managed by promoters, Mr Rajendra Gupta and Mr Dinesh Agarwal. MANGE RAM: CRISIL Keeps B Debt Rating in Not Cooperating Category ----------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Mange Ram Enterprises Private Limited (MREPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MREPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MREPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MREPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MREPL continues to be 'Crisil B/Stable Issuer not cooperating'. MREPL was incorporated in 2007 in Ghaziabad, Uttar Pradesh, promoted by Mr Pushpendra Rawat. The company is an authorised dealer of HMIL passenger cars and Mahindra & Mahindra Ltd two-wheelers. It operates four HMIL showrooms and one M&M showroom in Ghaziabad. It also deals in spares and provides services. NICE SESAME: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Nice Sesame Agro Industries (NSAI) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.96 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NSAI for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NSAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NSAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NSAI continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2005, NSAI is promoted by Hanif Majid, Javed Majid, Munaf Majid and Rafid Majid. The firm processes (hulls) sesame seeds and other agricultural products. Its manufacturing facility is located in Kapadwanj, Gujarat. NOEL TEXTILES: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Noel Textiles (India) Private Limited (Noel) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.2 CRISIL B/Stable (ISSUER NOT COOPERATING) Cash Credit 5.8 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with Noel for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Noel, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Noel is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Noel continues to be 'Crisil B/Stable Issuer not cooperating'. Noel was incorporated in 2011 by Mr. Suryakant Agarwal. The company is engaged in the trading of yarn, fabric and and is focused primarily in the domestic market. The company trades in all categories of fabrics, yarns etc. including woollen, synthetic etc. PHIFER INDIA: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Phifer India Private Limited (PIPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Line of Credit 1.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PIPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PIPL continues to be 'Crisil B/Stable Issuer not cooperating'. PIPL is the Indian distribution arm of PI and is involved in the dealership of a variety of mosquito nets, blinds and balcony covers in India. PREMIER EXPORTS: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Premier Exports International (PEI) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 10 CRISIL B/Stable (Issuer Not Credit Cooperating) Foreign Bill 10 CRISIL B/Stable (Issuer Not Discounting Cooperating) Proposed Standby 2 CRISIL B/Stable (Issuer Not Line of Credit Cooperating) Crisil Ratings has been consistently following up with PEI for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PEI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PEI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PEI continues to be 'Crisil B/Stable Issuer not cooperating'. PEI was set up as a partnership firm of Mr. A Musthaf in 1982. The Alappuzha (Kerala)-based firm processes and exports seafoods. PREMSONS DIVERSEY: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Premsons Diversey Private Limited (PDPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PDPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PDPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2009, PDPL is promoted by the Poddar family members based in Ranchi, Jharkhand. The company has been an authorised dealer for Honda since 2012. It has showrooms at Ranchi, Dhanbad and Bokaro in Jharkhand. PRIYA PETRO: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Priya Petro Products (PPP) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PPP for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PPP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PPP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PPP continues to be 'Crisil B/Stable Issuer not cooperating'. PPP is a Chennai based partnership firm promoted by Mr Ravi. The firm reprocesses and refines waste oil into base oil and fuel oil. REGAL ENTERPRISES: NCLT Delhi Admits CIRP Against Company --------------------------------------------------------- LiveLawBiz reports that the New Delhi National Company Law Tribunal (NCLT) on July 9 admitted a Corporate Insolvency Resolution Process (CIRP) petition against Regal Enterprises Limited, holding that a financial creditor only needs to establish the existence of debt and default under Section 7 of the Insolvency and Bankruptcy Code (IBC). According to LiveLawBiz, President Anupinder Singh Grewal and Technical Member Ravindra Chaturvedi admitted the petition filed by Akkme Food Craft Limited and ordered commencement of CIRP against Regal Enterprises Limited. LiveLawBiz relates that the Bench held: "In the absence of any supporting documentary proof, the plea of the Corporate Debtor being a solvent and going concern cannot be accepted merely on the basis of unsubstantiated averments. Accordingly, the plea of the Corporate Debtor being a solvent and going concern cannot be accepted solely on the basis of averments and requires support from cogent material placed on record." Akkme Food Craft Limited, which operates cloud kitchens and quick service restaurants, had extended an Inter-Corporate Deposit (ICD) of Rs. 1 crore to Regal Enterprises Limited in July 2025 at an interest rate of 15%. The amount was repayable by Jan. 31, 2026. LiveLawBiz relates that Regal Enterprises issued two cheques in February 2026 towards repayment of the deposit. However, both cheques were dishonoured due to insufficient funds. Akkme Food Craft claimed that Regal Enterprises had defaulted on repayment of INR1,05,74,726 and filed a petition under Section 7 of the IBC (which allows a financial creditor to initiate insolvency proceedings against a corporate debtor upon default). Regal Enterprises opposed the petition, alleging that it was filed to pressurise and coerce the company rather than to facilitate insolvency resolution. It claimed that the company was solvent and functioning as a going concern. LiveLawBiz says the corporate debtor also argued that the petition was not maintainable as it did not contain a record of default from an Information Utility. It contended that dishonour of cheques alone could not establish default and that the ICD receipts relied upon by Akkme Food Craft were unilateral documents and did not constitute financial debt. According to LiveLawBiz, the Tribunal rejected these objections, observing that Section 7 of the IBC requires proof of debt and default. It further noted that Regulation 20(1A) of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 does not make a record of default from an Information Utility the only mode of proving default, and other evidence can also establish the existence of debt and default. Further, the Bench observed that Regal Enterprises failed to place audited financial statements or any other material to substantiate its claim of solvency. It held that mere assertions that the company was a going concern could not defeat a CIRP petition. Accordingly, the NCLT admitted the petition, declared a moratorium and appointed Sandeep Agrawal as the Interim Resolution Professional (IRP), LiveLawBiz notes. Regal Enterprises Limited manufactures textile garments and clothing accessories. [] INDIA: Insolvency Shield Not for Promoters, Supreme Court Says ----------------------------------------------------------------- The Times of India reports that promoters of real estate companies use pending insolvency proceedings as a shield to protect themselves in court cases filed by homebuyers for not giving possession of flats, but Supreme Court on July 27 clarified that a moratorium against the corporate debtor does not give protection to promoters and directors, and proceedings can continue against them. A bench of Justices Vikram Nath and Sandeep Mehta quashed an order passed by the National Consumer Disputes Redressal Commission by which a consumer complaint against promoters and directors of a Bengaluru-based real estate company was stayed in view of insolvency proceedings against the company, TOI relates. The court allowed the plea of homebuyers who challenged the NCDRC order. Section 14 of Insolvency and Bankruptcy Code provides that once insolvency process begins and a moratorium is declared, the continuation of pending suits and proceedings against the corporate debtor, including execution proceedings, comes to an automatic halt. The object of this moratorium is to preserve the assets of the corporate debtor during the insolvency resolution proceedings and to facilitate an orderly resolution. Explaining the provision, the bench said it was not open either to the adjudicating authority or the court to enlarge its ambit beyond what the statute contemplated, and a plain reading of the provision made it clear that the moratorium operated against the corporate debtor alone, TOI relays. "No other category, whether it be any subsidiary company, any managers/directors, personal guarantors etc, can be added to it unless specifically provided," it said. According to TOI, homebuyers had moved SC through advocate Chandrachur Bhattacharya, contending that promoters of the company could not claim protection of the moratorium. Accepting their plea, the court said the protective sweep of a moratorium must remain within the four walls as carved out by the statute. "It ought not be expanded in a manner that stultifies remedies envisaged under the Consumer Protection Act, unless expressly provided. Code is to facilitate the resolution process and not to eclipse the statutory remedies," the bench said while reviving the proceedings against promoters of Mantri Technology Constellation Pvt Ltd. "In the present case, respondent no. 1 (company) alone is the corporate debtor against whom the CIRP has been initiated. No independent moratorium or independent protection operates in favour of respondent nos. 2 to 7 (promoters and directors). In the absence of any legal bar against continuation of proceedings qua the said respondents, NCDRC was not justified in rejecting appellants' prayer to proceed with the complaint against the rest of the respondents," the bench said. ================= I N D O N E S I A ================= ASURANSI ASEI: Fitch Lowers National IFS Rating to 'BB+(idn)' ------------------------------------------------------------- Fitch Ratings Indonesia has downgraded PT Asuransi Asei Indonesia's (Asei) National Insurer Financial Strength (IFS) Rating to 'BB+(idn)', from 'BBB(idn)', and placed the rating on Rating Watch Negative (RWN). Fitch has also lowered its assessment of Asei's standalone credit quality to 'bb+(idn)' from 'bbb(idn)'. The downgrade reflects a sharp drop in the insurer's capital and weak financial performance. The RWN reflects high near-term downside risks to the rating in light of the weak capital position as well as the risk of non-compliance with higher impending minimum regulatory capital requirements. Fitch expects to resolve the RWN once there is greater clarity over the company's capital position, including execution of any capital plans. Resolution of the RWN could take longer than six months. 'BB' National IFS ratings denote a fairly weak capacity to meet policyholder obligations relative to all other obligations or issuers in the same country or monetary union, across all industries and obligation types. Key Rating Drivers Sharp Drop in Equity: The company recorded negative equity of IDR305 billion at end-2025 under a new local accounting standard, PSAK 117, which is adopted from IFRS 17. It also revised the end-2024 equity position to a negative IDR262 billion under PSAK 117, from positive equity of IDR366 billion under the old accounting standard, PSAK 104. The revision reflects higher reserves for its credit insurance business, a reserve adjustment from past underwriting years and a continued net loss. Capital Plan in Progress: Management has set out a capital plan in its 2025 annual report, which includes the conversion of a IDR407 billion subordinated loan from its parent, PT Reasuransi Indonesia Utama, as well as a fresh capital infusion of IDR279 billion. The company also expects a profit turnaround in 2026 through improved underwriting results and cost efficiency. Fitch believes successful execution of the plan would help the company to achieve the new regulatory minimum equity requirement of IDR375 billion by end-2026. Weak Earnings: The company recorded a net loss of IDR37 billion in 2025 despite a positive insurance service result of IDR152 billion (2024: loss of IDR50 billion). This was because the company had written off its uncollectible receivables from its past underwriting years, amounting to IDR225 billion, which was required under PSAK 109. The implementation of PSAK 109 started 1 January 2025. Asei revised its net loss under PSAK 117 to IDR163 billion in 2024, from IDR90 billion under 2024's old accounting standard, PSAK 104. Rising Credit Insurance Exposure: The company's premiums rose by 204% to IDR697 billion in 2025 (2024: IDR229 billion), with credit insurance contributing 64% of the premium mix (2024: 6%). The company sources new credit insurance business directly from fintech customers. Other premiums were from property, engineering and marine hull, with a minor portion from motor, personal accident and miscellaneous. 'Less Favourable' Company Profile: Fitch assesses Asei's company profile as 'Less Favourable', based on a 'Less Favourable' business profile and 'Neutral' corporate governance compared with other insurers in Indonesia. This is driven by its limited business franchise and very high risk appetite relative to that of the sector. The company has high exposure to credit insurance, a segment whose performance has been weak. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Inability to execute the capital plan, including meeting the new capital requirements. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch may resolve the RWN and assign a Stable Outlook if Asei demonstrates the ability to strengthen its equity base by successfully executing its capital plan and it is able to comply with the new minimum capital requirement. Entity/Debt Rating Prior ----------- ------ ----- PT Asuransi Asei Indonesia Natl LT IFS BB+(idn) Downgrade BBB(idn) =============== M A L A Y S I A =============== BINA PURI: Proposes Capital Reduction to Tackle MYR344MM Debts -------------------------------------------------------------- The Malaysian Reserve reports that Bina Puri Holdings Bhd has proposed a capital reduction exercise and debt restructuring scheme to address MYR343.98 million in outstanding liabilities and strengthen its balance sheet. In a Bursa Malaysia filing July 29, the construction and property development group said the proposals comprise a MYR250 million capital reduction and a proposed scheme of arrangement with its creditors, The Malaysian Reserve relates. According to The Malaysian Reserve, the capital reduction, undertaken pursuant to Section 117 of the Companies Act 2016, involves cancelling MYR250 million of issued share capital, with the resulting credit to be used to offset accumulated losses. The exercise will not affect the number of issued shares or share prices. Under the proposed scheme of arrangement, Bina Puri's MYR343.98 million liabilities as at June 30, 2025 will be settled through a combination of debt restructuring, share issuance, cash payments and debt waiver, The Malaysian Reserve relays. The scheme includes MYR21.67 million upfront cash payment funded through a proposed rights issue, MYR126.58 million sustainable debt restructuring into a seven-year facility, MYR88.06 million settlement shares, MYR28.55 million option shares, MYR44.72 million redeemable convertible unsecured Islamic debt securities (RCUIDS), and a MYR34.40 million permanent debt waiver by creditors. The Malaysian Reserve says Bina Puri is also proposing a renounceable rights issue of up to 372.89 million new shares on the basis of two rights shares for every five existing shares, with each rights share accompanied by one free detachable warrant. The rights issue is expected to raise between MYR41.99 million and MYR78.31 million, with MYR21.67 million earmarked for creditor payments, up to MYR54.08 million for working capital and MYR2.56 million for professional and regulatory expenses. Major shareholder Chai Chan Tong has provided an undertaking to subscribe for his full entitlement and apply for up to 140 million excess rights shares to ensure the minimum subscription level is achieved. According to The Malaysian Reserve, Bina Puri said the restructuring is expected to generate a one-off gain of MYR34.40 million from the debt waiver and reduce interest expenses by up to MYR11.32 million annually. Upon completion, the group's gearing ratio is expected to improve to between 0.44 and 0.50 times from 1.04 times. "The resulting improved balance sheet from the proposed scheme of arrangement is expected to place the group on a stronger financial position with expected interest savings and provide added working capital to execute contracts in hand and bid for new contracts," Bina Puri said. The group's construction division currently has an outstanding order book of about MYR341.7 million, mainly comprising infrastructure and road works in Sarawak, while its property segment is anchored by The Valley @ Bentong development in Pahang. Based in Selayang, Malaysia, Bina Puri Holdings Bhd -- https://www.binapuri.com.my/ -- an investment holding company, engages in the construction and property development businesses in Malaysia and other Asian countries. The company operates through Construction, Property Development, Quarry, and Power Supply segments. UNITE EDENOR: Placed Under Juducial Management ---------------------------------------------- Business Today reports that Mega First Corporation Berhad (MFCB) announced that the High Court has approved an application to place Edenor Technology Sdn Bhd (ETSB) and its subsidiaries under judicial management, where it will see court-appointed managers to oversee the group's operations and restructuring efforts. According to Business Today, MFCB said the High Court allowed the judicial management application on July 22, with the sealed court order issued on July 27. Under the order, the Edenor Group of Companies will be placed under judicial management pursuant to Section 405 of the Companies Act 2016. The court also appointed Rodgers Reidy & Co as the judicial managers, Business Today discloses. They will be responsible for managing the affairs, business operations and assets of the Edenor Group in accordance with the Companies Act. According to Business Today, MFCB said a statutory moratorium under Section 411(4) of the Companies Act 2016 has now taken effect and will remain in force throughout the judicial management period, subject to the terms of the High Court's order. During the moratorium, no legal proceedings, enforcement actions or other legal processes may be initiated or continued against the Edenor Group or its assets without leave of the High Court. Edenor Technology manufactures and sells Oleochemicals and derivatives using Palm Oil and Palm Kernel Oil as feedstock. ===================== N E W Z E A L A N D ===================== CAMPAIGN CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 18 --------------------------------------------------------------- Creditors of Campaign Construction Limited are required to file their proofs of debt by Aug. 18, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 21, 2026. The company's liquidator is: John Marshall Scutter Fervor Limited Level 1 17–19 Seaview Road Paraparaumu Beach CHARDIKALA ENTERPRISES: Court to Hear Wind-Up Petition on Aug. 10 ----------------------------------------------------------------- A petition to wind up the operations of Chardikala Enterprises Limited will be heard before the High Court at Hamilton on Aug. 10, 2026, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 24, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton FARGO GROUP: Court to Hear Wind-Up Petition on Aug. 6 ----------------------------------------------------- A petition to wind up the operations of Fargo Group Limited will be heard before the High Court at Auckland on Aug. 6, 2026, at 10:00 a.m. ASCC Limited filed the petition against the company on March 17, 2026. The Petitioner's solicitors are Ivan Milan Vodanovich and Philip Andrew Sheat of Vodanovich Law. RESET TRADE: Commences Wind-Up Proceedings ------------------------------------------ Members of Reset Trade Group Limited, Reset Construction Limited, Reset Data & Security Limited, Reset Electrical Limited and Reset Plumbing Limited on July 22, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Brad Burness Jessica Kellow BDO Wellington PO Box 10340 Wellington 6143 RESULT CONSTRUCTION: Creditors' Proofs of Debt Due on Aug. 21 ------------------------------------------------------------- Creditors of Result Construction 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 July 23, 2026. The company's liquidator is: Victoria Toon Corporate Restructuring Limited PO Box 10100 Dominion Road Auckland 1446 ================= S I N G A P O R E ================= A3 AUTOHUB: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on July 17, 2026, to wind up the operations of A3 Autohub Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 AD2 TRANSIT: Court to Hear Wind-Up Petition on Aug. 7 ----------------------------------------------------- A petition to wind up the operations of Ad2 Transit Pte. Ltd. will be heard before the High Court of Singapore on Aug. 7, 2026, at 10:00 a.m. Kam Jian Wai filed the petition against the company on July 15, 2026. The Petitioner's solicitors are: M/s Luo Ling Ling LLC 37 Hougang Ave 7, #09-05 Singapore 538803 HERITAGE AUTO ENTERPRISE: Court to Hear Wind-Up Petition on Aug. 7 ------------------------------------------------------------------ A petition to wind up the operations of Heritage Auto Enterprise Pte. Ltd. will be heard before the High Court of Singapore on Aug. 7, 2026, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on July 15, 2026. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 HERITAGE AUTO: Court to Hear Wind-Up Petition on Aug. 7 ------------------------------------------------------- A petition to wind up the operations of Heritage Auto Capital Pte. Ltd. will be heard before the High Court of Singapore on Aug. 7, 2026, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on July 15, 2026. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 SALVATORE HOME: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on July 17, 2026, to wind up the operations of Salvatore Home Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani BDO Advisory 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***