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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
Monday, August 3, 2026, Vol. 29, No. 153
Headlines
A U S T R A L I A
BATHLA GROUP: Centuria Loans Soured in Just Three Months
CASHMERE FUNDING 2026-1: S&P Assigns BB+(sf) Rating on Cl. E Notes
CONGO BRANDS: Unlikely to Secure Rescue Deal
EQUITIFUND (OPERATIONS): First Creditors' Meeting Set for Aug. 7
FIRST GUARDIAN: ASIC Sues Auditeo and Auditors Over Audit Failures
HOWARD CONSTRUCTION: Second Creditors' Meeting Set for Aug. 7
LATITUDE AUSTRALIA 2025-2: Moody's Hikes Rating on F Notes to Ba3
LIBERTY BELL: Tasmania Loaned AUD20MM Despite Insolvency Warning
LOCKYER VALLEY: First Creditors' Meeting Set for Aug. 5
PEPPER PRIME 2026-1: S&P Assigns B(sf) Rating on Class F Notes
PHOTON REMEDIATION: First Creditors' Meeting Set for Aug. 6
SOLVE INDUSTRIAL: First Creditors' Meeting Set for Aug. 6
H O N G K O N G
FUTU SECURITIES: SFC Orders Asset Freeze in IPO Fraud Probe
I N D I A
AGARWAL AGENCY: CARE Keeps B- Debt Rating in Not Cooperating
AJR INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
ALVI TECH: Insolvency Resolution Process Case Summary
ASHUTOSH CHAWAL: CARE Keeps B- Debt Rating in Not Cooperating
BALAJI PACK: CARE Keeps B- Debt Rating in Not Cooperating Category
BALAMURUGAN MODERN: CARE Keeps B- Debt Rating in Not Cooperating
BEE GEE: CARE Keeps B- Debt Rating in Not Cooperating Category
CHANDRIKA POWER: CARE Reaffirms D Rating on INR92.60cr LT Loan
DEWAN CHAND: CARE Keeps D Debt Ratings in Not Cooperating Category
DHRUV WELLNESS: CARE Keeps D Debt Rating in Not Cooperating
DKS DESICCANTS: Voluntary Liquidation Process Case Summary
FPL AUTOMOBILES: CARE Keeps B- Debt Rating in Not Cooperating
FUTURE SUPPLY: CARE Keeps D Debt Ratings in Not Cooperating
JAI JYOTI: CARE Keeps B- Debt Rating in Not Cooperating Category
KEW PRECISION: Insolvency Resolution Process Case Summary
KHATTAR EDIBLES: CARE Lowers Rating on INR6.52cr LT Loan to B
MENTOR HOME: CARE Lowers Rating on INR250cr LT Loan to C
NAMS CHEMICALS: Voluntary Liquidation Process Case Summary
OZONE PROJECTS: CARE Keeps D Debt Rating in Not Cooperating
RENEX INDUSTRIES: CARE Lowers Rating on INR14cr LT Loan to D
RPN ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
SHREE ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
SML FINANCE: CARE Keeps B- Debt Rating in Not Cooperating Category
SOCIETY DISTRIBUTORS: CARE Keeps B- Debt Rating in Not Cooperating
SUKRITI HOSPITAL: Insolvency Resolution Process Case Summary
SUNPAUL PROPERTIES: CARE Keeps C Debt Rating in Not Cooperating
USHA SPINNERS: CARE Keeps B- Debt Rating in Not Cooperating
VOLT-AGE INFRA: CARE Keeps D Debt Ratings in Not Cooperating
J A P A N
RAKUTEN GROUP: S&P Affirms 'BB' LongTerm ICR, Outlook Stable
M A L A Y S I A
PRG HOLDINGS: Unit Faces Revised Demand for Unpaid Glazing Works
PROTASCO BHD: Bankruptcy Hearing vs Ex-Directors Moved to Aug. 18
N E W Z E A L A N D
CK MIIRACLE: Court to Hear Wind-Up Petition on Aaug. 6
HICKEY CONTRACTORS: Rotorua Builder Winds Up After Nearly 50 Years
KANECH TRANSPORT: Creditors' Proofs of Debt Due on Aug. 21
OUTER ASPECT: Khov Jones Appointed as Receivers
PRUNUS ORCHARDS: Court to Hear Wind-Up Petition on Aug. 6
QUICK SHUTTLE: Khov Jones Appointed as Receivers
P A P U A N E W G U I N E A
PAPUA NEW GUINEA: Moody's Alters Outlook on 'B2' Ratings to Pos.
S I N G A P O R E
ANTANIUM RESOURCES: Commences Wind-Up Proceedings
ASPARI PTE: Creditors' Proofs of Debt Due on Aug. 17
CHOW TAI: Creditors' Proofs of Debt Due on Aug. 27
KASEY AUTOMATION: Court Enters Wind-Up Order
RESPONSIBLE CYBER: Placed in Provisional Liquidation
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A U S T R A L I A
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BATHLA GROUP: Centuria Loans Soured in Just Three Months
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The Australian Financial Review reports that Centuria Bass agreed
to refinance debts owed by Bathla only three months before the
loans began to sour, and despite several warning signs that the
major Sydney developer was becoming increasingly troubled.
The Financial Review relates that while Centuria Bass, part of the
broader Centuria Capital funds management and real estate empire,
had been lending to Bathla for three years, it agreed in December
to refinance a large loan for a 339-apartment project in Sydney's
west. But that facility became troubled in March, according to
people close to the business who requested anonymity.
The loan was initially advertised to investors as a "de-risked"
AUD155.6 million loan, which was extended at a AUD232 million "as
if complete" valuation, according to documents seen by The
Australian Financial Review.
The Financial Review says the project was supposed to be completed
in May this year.
But to complete the project, Centuria Bass was forced to lend more
money, with the loan eventually turning into a AUD203 million
facility with an 83 per cent loan-to-value ratio. A significant
amount of that exposure was placed in the Centuria Bass Credit Fund
and the Bass Property Credit Fund.
By May, Centuria Bass was telling investors that it was having
issues with Bathla, the Financial Review recalls. The Centuria Bass
Credit Fund, which oversees some AUD268 million in investments, is
exposed to five other loan facilities to the developer.
"Since the end of May, we have been issuing specific Bathla-focused
updates to investors," a Centuria Bass spokesman said in response
to questions.
Bathla builds budget-friendly housing estates, townhouses and
apartments in Sydney's western suburbs. However, over the past few
years, the developer has become overextended, with its debt pile
now sitting over AUD3 billion, the bulk of which is owed to private
credit funds, according to the Financial Review. Recently, it has
stopped paying suppliers, forcing its lenders, including Centuria
Bass, to effectively take over projects and fund subcontractors
themselves.
The Financial Review notes that the precarious financial position
has raised new questions about lending by private credit firms,
which have already been under heavy scrutiny from the Australian
Securities and Investments Commission this year over how assets are
valued, and how transparent funds are with their investors.
Bathla has a long list of private credit funds among its lenders,
including PAG Asia Capital, CVS Lane Capital Partners, Balmain, Ray
White Capital, Keyview, Credit Connect in Queensland and La Trobe
Financial.
Bhart Bhushan, a former taxi driver, founded Bathla in 1997.
The Financial Review notes that the main entity, known as Universal
Property Group, has been overleveraged for some time, with debts of
nearly AUD3.2 billion. Another Bathla company, Raj and Jai
Construction, had AUD304 million in liabilities as of June 30 last
year, according to filings that reveal that in the previous year it
faced over AUD222 million in liabilities, with just AUD133 million
in assets.
There have been other warning signs of the company's performance,
the Financial Review says. Tribunals are littered with residents
complaining of defects, and Bathla is tied up in several court
cases, including one where it was found to owe more than AUD70
million – an amount yet to be paid to settle a transaction.
In June, after the loans had soured and it had increased the
facility, Centuria changed the information memorandum for the
Centuria Bass Credit Fund. That document is important, because it
sets up guidelines and restrictions for how investments made by the
fund are managed.
CASHMERE FUNDING 2026-1: S&P Assigns BB+(sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to nine classes of prime
residential mortgage-backed securities (RMBS) issued by AMAL
Trustees Ltd. as trustee of Cashmere Funding Trust 2026-1. Cashmere
Funding Trust 2026-1 is a securitization of prime residential
mortgages originated by RAMS Financial Group Pty Ltd., a subsidiary
of Westpac Banking Corp.
The ratings reflect the following factors.
S&P has assessed the credit risk of the underlying collateral
portfolio, and it believes the credit support is sufficient to
withstand the stresses it applies. The credit support for the rated
notes comprises note subordination and excess spread. The
assessment of credit risk considers the underwriting standards and
loan approval processes. RAMS Financial Group Pty Ltd. originated
the loans in the portfolio and Pepper Money Ltd. performs the
servicing role.
The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. S&P's analysis is on the basis
that the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and it assumes the notes are not called at or beyond
the call-option date.
S&P said, "We have assessed the counterparty exposure to Westpac as
the bank account provider and interest-rate swap provider as well
as Bank of America N.A., Australian Branch as the liquidity
facility provider. The transaction documents include downgrade
language consistent with our counterparty criteria.
"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."
Ratings Assigned
Cashmere Funding Trust 2026-1
Class A1-1, A$6,540.793million: AAA (sf)
Class A1-2, A$3,467.775 million: AAA (sf)
Class A1-3, A$2,251.656 million: Not rated
Class A1-4, A$1,578.948 million: AAA (sf)
Class A2-1B, A$307.538 million: AAA (sf)
Class A2-2, A$230.654 million: AA+ (sf)
Class B, A$369.046 million: AA- (sf)
Class C, A$292.162 million: A- (sf)
Class D, A$107.639 million: BBB (sf)
Class E, A$61.509 million: BB+ (sf)
Class F, A$69.197 million: Not rated
Class G, A$23.067 million: Not rated
Class H, A$76.886 million: Not rated
CONGO BRANDS: Unlikely to Secure Rescue Deal
--------------------------------------------
News.com.au reports that the Australian company behind social media
stars Logan Paul and KSI's Prime energy drink is unlikely to get a
rescue deal, after the business collapsed owing millions.
New filings with ASIC show the financial woes of Congo Brands
Australia, which was behind influencer-led brands such as Prime and
Lunchily, which was jointly founded with Mr Beast.
News.com.au relates that during its first meeting of creditors held
on July 17, administrator Alice Ruhe of The Ruhe Group confirmed
the business' precarious position, including the bombshell that all
staff had been terminated and the business owed more than AUD8
million.
Claims lodged for the meeting revealed substantial related-party
debts, including AUD8.85 million from Congo LLC, Congo Brands Korea
(AUD361,900), Congo Brands Japan (AUD39,987), and Congo Brands
Switzerland (AUD854,327).
This was alongside amounts owed to logistics, manufacturing, and
labelling companies, such as BR International Logistics
(AUD328,565), Refresco Australia (AUD199,036), and CCL Label
(AUD61,345), news.com.au discloses.
The business has terminated all staff members.
Offsetting against the liabilities was around AUD12,000 in cash,
other assets including AUD400,000 worth of stocks and AUD265,000 in
trade debtors.
This is a further slip from the company's last financial report
lodged with the Australian Securities and Investments Commission in
September last year which reported its sales had halved from the
previous year to AUD14.5 million from AUD31 million, news.com.au
relays.
According to news.com.au, the Melbourne-based company suffered a
net loss of AUD1.42 million in the financial year 2024, with
AUD7.92 million in debts and only AUD84,855 in the bank.
Between 2023 and 2024, Congo Brands Australia also dropped its
inventory holdings from AUD28.9 million to AUD1.7 million,
including a AUD4.57 million writedown of stock.
Launched in 2022, Prime quickly became hugely popular among
Australian schoolchildren with intense hype driven by Logan Paul
and KSI - two well-known social media influencers.
The hugely popular brand aimed at Australian school kids was
selling for as much as AUD30 per beverage.
Congo Brands Australia is directed by Congo's US-based founder Max
Clemons and Peter Davison.
Alice Fay Ruhe of The Ruhe Group was appointed as administrator of
the company on July 7, 2026.
EQUITIFUND (OPERATIONS): First Creditors' Meeting Set for Aug. 7
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A first meeting of the creditors in the proceedings of Equitifund
(Operations) Pty Ltd will be held on Aug. 7, 2026, at 11:00 a.m.
via virtual meetings only.
Domenic Calabretta and Grahame Ward of Mackay Goodwin were
appointed as administrators of the company on July 27, 2026.
FIRST GUARDIAN: ASIC Sues Auditeo and Auditors Over Audit Failures
------------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
launched Federal Court proceedings against Auditeo Australia Pty
Ltd and two auditors over alleged serious audit failures linked to
the First Guardian Master Fund.
ASIC alleges that unqualified audit reports on First Guardian and
its compliance plan for the 2020 to 2024 financial years, issued by
Auditeo and signed by either lead auditor Ajm Didarul Islam Khan
or, for certain compliance plan audits, Brian Robert Taylor, were
false or misleading, contravening s1308(5) of the Corporations Act
2001 (Cth).
ASIC Chair Sarah Court said, 'We allege audit opinions were issued
despite there being no reasonable basis for those opinions and
despite significant audit work required under auditing standards
not being performed. The alleged failures in this matter occurred
before the collapse of the First Guardian Master Fund, with a
devastating impact on investors.'
'Just six months after Auditeo issued unqualified audit reports in
relation to First Guardian, liquidators were appointed. More than
6,000 Australians were exposed to its collapse, with liquidators
warning losses could be as high as AUD446 million.'
This action is part of ASIC's 2026 enforcement priority of seeking
accountability for the collapse of First Guardian and related
funds.
Mr. Khan is the sole director and shareholder of Auditeo and was
the lead auditor for the First Guardian financial audits. Mr.
Taylor was engaged by Auditeo as the lead auditor in relation to
most of the First Guardian compliance plan audits.
ASIC alleges that each of Auditeo, Mr. Khan and Mr. Taylor failed
to comply with auditing and assurance standards that applied to the
conduct of the audits, did not obtain sufficient and appropriate
audit evidence and did not perform the First Guardian audits with
due care and skill. Specific failures alleged by ASIC include
that:
* Auditeo's audit files do not demonstrate that any financial
audit was in fact conducted for the 2021 financial year, despite
Auditeo and Mr Khan issuing a report for that year;
* in the 2022 financial year, approximately AUD137 million of
reported assets were entirely untested by Auditeo and Mr. Khan, and
in 2023 the untested amount increased to approximately AUD170
million; and
* Auditeo and Mr. Taylor failed to consider the correct
compliance plan that applied for part of the 2022 financial year
and the entire 2023 financial year.
'Auditors play a critical gatekeeper role in maintaining trust in
our markets and helping ensure investors receive an accurate
picture of a scheme's financial position. When that role is not
properly performed, the consequences can be severe,' the Chair
said.
'Compliance plans also play a fundamental role in the regulatory
framework to protect retail investors. Auditors providing reliable
assurance that responsible entities are adhering to compliance
plans is a fundamental aspect of that framework. Auditor misconduct
remains an ASIC enforcement priority.'
ASIC is seeking declarations of contravention, financial penalties,
injunctions and other orders from the Court.
Auditor misconduct and holding those responsible for the collapse
of the Shield and First Guardian Master Funds to account are key
enforcement priorities for ASIC in 2026.
ASIC is seeking civil penalties against Auditeo, Mr. Khan and Mr.
Taylor for alleged contraventions of s 1308(5) of the Corporations
Act through making or authorising statements in audit reports
submitted to ASIC, which rendered those reports materially false or
misleading. ASIC is also seeking orders restraining the defendants
from conducting certain audit activities.
About Falcon Capital
Falcon Capital Limited is the responsible entity for the First
Guardian Master Fund, a registered managed investment scheme.
As reported in the Troubled Company Reporter Asia Pacific on April
11, 2025, the Federal Court appointed Ross Blakeley and Paul
Harlond of FTI Consulting as liquidators of Falcon Capital Limited
and ordered the Liquidators to wind up Falcon, the First Guardian
Master Fund and related unregistered subsidiary funds.
The Liquidators were appointed following an application by ASIC.
ASIC took this action as it was concerned about Falcon's management
and operation of First Guardian and the associated risks to
investors.
The Federal Court also ordered that Mr. Paul Allen of PKF Melbourne
be appointed as receiver to the property of David Anderson, a
director of Falcon.
This action follows previous action taken by ASIC in February 2025
to freeze the assets of Falcon, First Guardian and Mr. Anderson to
help protect investor funds while ASIC continues its
investigation.
The related unregistered subsidiary funds are:
* the First Guardian Global Income Fund
* the First Guardian Australian Development Fund
* the First Guardian Absolute Equities Fund
* the First Guardian Trulet Innovation Fund
* the First Guardian Global Equity Fund.
HOWARD CONSTRUCTION: Second Creditors' Meeting Set for Aug. 7
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Howard
Construction and Earthmoving Pty Ltd has been set for Aug. 7, 2026,
at 10:30 a.m. at the offices of Rodgers Reidy, at Level 12, The
University Centre, 210 Clarence Street, in Sydney, NSW.
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. 6, 2026 at 12:00 p.m.
Andrew James Barnden of Rodgers Reidy was appointed as
administrator of the company on July 2, 2026.
LATITUDE AUSTRALIA 2025-2: Moody's Hikes Rating on F Notes to Ba3
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on five classes of notes
issued by Latitude Australia Personal Loans Series 2025-2 Trust.
Issuer: Latitude Australia Personal Loans Series 2025-2 Trust
Class B Notes, Upgraded to Aaa (sf); previously on Oct 23, 2025
Definitive Rating Assigned Aa2 (sf)
Class C Notes, Upgraded to Aa2 (sf); previously on Oct 23, 2025
Definitive Rating Assigned A2 (sf)
Class D Notes, Upgraded to A2 (sf); previously on Oct 23, 2025
Definitive Rating Assigned Baa2 (sf)
Class E Notes, Upgraded to Baa3 (sf); previously on Oct 23, 2025
Definitive Rating Assigned Ba2 (sf)
Class F Notes, Upgraded to Ba3 (sf); previously on Oct 23, 2025
Definitive Rating Assigned B2 (sf)
A comprehensive review of all credit ratings for the respective
transaction(s) has been conducted during a rating committee.
RATINGS RATIONALE
The upgrades were prompted by an increase in credit enhancement
available to the affected notes and performance of the collateral
pool to date.
No action was taken on the remaining rated class in the deal as
credit enhancement remains commensurate with the current rating for
the notes.
Following the July 2026 payment date, credit enhancement available
for the Class B, Class C, Class D, Class E and Class F Notes has
increased to 30.5%, 22.4%, 17.5%, 7.9% and 6.6% respectively, from
23.0%, 16.9%, 13.2%, 6.0% and 5.0% at closing. Principal
collections have been distributed on a sequential basis starting
with the Class A Notes. Current outstanding balance of notes as a
percentage of the closing balance of notes was 75.5%.
As of end-June 2026, 4.3% of the outstanding pool was 30-plus days
delinquent, and 1.8% was 90-plus days delinquent. The deal has
incurred 1.4% of gross losses (as a percentage of the outstanding
aggregate pool balance acquired) to date, all of which have been
covered by excess spread.
Based on the observed performance to date and loan attributes,
Moody's have decreased Moody's expected default assumption to 9.0%
of the outstanding pool balance (equivalent to 7.4% of the
outstanding aggregate pool balance acquired) from 9.25% of the
outstanding pool balance at closing. Moody's have also decreased
the Aaa portfolio credit enhancement to 35% from 38% at closing.
Moody's analysis has also considered various scenarios involving
different mean default rate and default timing to evaluate the
resiliency of the note ratings.
The transaction is a cash securitization of unsecured personal
loans extended to obligors located in Australia. All receivables
were originated by Latitude Personal Finance Pty Limited.
The principal methodology used in these ratings was "Consumer Loan
Securitizations" published in May 2026.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.
Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.
LIBERTY BELL: Tasmania Loaned AUD20MM Despite Insolvency Warning
----------------------------------------------------------------
PulseTasmania.com.au reports that Labor has accused the Tasmanian
government of lending AUD20 million to Liberty Bell Bay despite
receiving a report weeks earlier showing the manganese smelter was
likely insolvent.
According to PulseTasmania.com.au, Deputy Labor leader Janie Finlay
said the state and Commonwealth governments were given the
financial information around June 24, 2025, before the loan was
announced on August 18, 2025.
"On or around the 24th of June 2025, both the Commonwealth and the
state governments were provided information that demonstrated that
Liberty Bell Bay were insolvent," PulseTasmania.com.au quotes Ms.
Finlay as saying.
Ms. Finlay questioned whether the government understood the
information or pressed ahead regardless.
"Did they make a decision knowing that Liberty Bell Bay was
insolvent? Did they not understand the information they had at
hand?" she said.
"No fair-minded director of any company, no minister of a state
should lend money to a company trading insolvent."
More than 200 workers lost their jobs when Liberty Bell Bay went
into voluntary administration earlier this month.
PulseTasmania.com.au relates that Industry Minister Felix Ellis
said the government was well aware of the financial troubles
surrounding Sanjeev Gupta's GFG Alliance at the time and structured
the loan accordingly.
"It's no secret around the world that Sanjeev Gupta was in trouble
at the time," he said.
"That's exactly why we structured up the loan specifically in the
way that we did, for a tradable commodity with high-ranking
security."
Mr. Ellis described the loan as a "calculated risk" backed by legal
advice and designed to protect taxpayers while giving the smelter a
chance to restart, PulseTasmania.com.au relays.
"This is support not for Sanjeev Gupta, it's for the workers of
Liberty Bell Bay and to give the operation the best chance of
restarting," he said.
Mr. Ellis said Labor had supported the loan at the time and was now
changing its position, PulseTasmania.com.au relays.
The AUD14.4 million pile of manganese ore purchased with part of
the loan remains on site with receivers managing it.
About GFG Alliance
GFG Alliance is a global group of businesses in industries
including steel, aluminium, and energy. GFG Alliance has had
significant operations in Australia, including the Whyalla
Steelworks in South Australia run by OneSteel Manufacturing Pty
Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in
Tasmania.
On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams,
Michael Korda and Lara Wiggins were appointed voluntary
administrators of OneSteel Manufacturing. The appointment was made
by the South Australian Government. The state government took the
decision to place OneSteel in administration, after losing
confidence in the financial capability of GFG Alliance to pay its
bills as and when they fall due, and in GFG's ability to secure
funding needed for the ongoing operation of the steelworks,
according to Department for Energy and Mining.
Liberty Primary Metals Australia (LPMA) is the holding entity for
GFG's Australian steel and mining businesses, including Tahmoor.
On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel
of William Buck were appointed as administrators of LPMA.
On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted
Advisors were appointed as administrators of Tahmoor Coal Pty Ltd
(trading as Tahmoor Colliery). The company entered liquidation on
March 6, 2026, resulting in 238 job losses.
On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and
Samuel John Freeman of Ernst & Young were appointed as
administrators of Liberty Bell Bay Pty Ltd.
LOCKYER VALLEY: First Creditors' Meeting Set for Aug. 5
-------------------------------------------------------
A first meeting of the creditors in the proceedings of The Lockyer
Valley Fruit & Vegetable Processing Company Limited and Lockyer
Valley Clean & Green Pty Ltd will be held on Aug. 5, 2026, at 11:00
a.m. via virtual meetings only.
Melissa Joy Smith and Anthony Norman Connelly of McGrathNicol were
appointed as administrators of the company on July 24, 2026.
PEPPER PRIME 2026-1: S&P Assigns B(sf) Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned ratings to eight of the 10 classes of
prime residential mortgage-backed securities (RMBS) issued by
Permanent Custodians Ltd. as trustee for Pepper Prime 2026-1 Trust.
Pepper Prime 2026-1 Trust is a securitization of prime residential
mortgage loans originated by Pepper Homeloans Pty Ltd., a
subsidiary of Pepper Money Ltd. (Pepper).
The ratings reflect the following factors.
S&P said, "We have assessed the credit risk of the underlying
collateral portfolio, and we believe the credit support is
sufficient to withstand the stresses we apply. The credit support
for the rated notes comprises note subordination and excess spread.
Our assessment of credit risk considers the underwriting standards
and centralized approval process of the seller, Pepper."
The rated notes can meet timely payment of interest and ultimate
repayment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the excess spread
reserve, the provision of a liquidity facility, the principal draw
function, and the provision of an extraordinary expense reserve.
S&P's analysis is on the basis that the rated notes are fully
redeemed via the principal waterfall mechanism under the
transaction documents by their legal final maturity date, and it
assumes the notes are not called at or beyond the call-option
date.
S&P said, "We have assessed the counterparty exposure to National
Australia Bank Ltd. as liquidity facility provider and interest
rate swap provider, and Commonwealth Bank of Australia as bank
account provider. The transaction documents for the liquidity
facility, swap and bank account include downgrade remedy language
consistent with our counterparty criteria.
"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."
Ratings Assigned
Pepper Prime 2026-1 Trust
Class A1-s, A$272.80 million: AAA (sf)
Class A1-a, A$607.20 million: AAA (sf)
Class A2, A$45.00 million: AAA (sf)
Class B, A$32.50 million: AA (sf)
Class C, A$21.50 million: A (sf)
Class D, A$10.00 million: BBB (sf)
Class E, A$5.00 million: BB (sf)
Class F, A$2.50 million: B (sf)
Class G1, A$1.75 million: Not rated
Class G2, A$1.75 million: Not rated
PHOTON REMEDIATION: First Creditors' Meeting Set for Aug. 6
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Photon
Remediation Technology Australia Pty Ltd will be held on Aug. 6,
2026, at 10:00 a.m. via teleconference only.
Blair Pleash of Hall Chadwick was appointed as administrator of the
company on July 27, 2026.
SOLVE INDUSTRIAL: First Creditors' Meeting Set for Aug. 6
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Solve
Industrial Services Pty Ltd will be held on Aug. 6, 2026, at 11:00
a.m. via teleconference facility only.
Timothy Cook and Nicholas Charlwood of Balance Insolvency were
appointed as administrators of the company on July 28, 2026.
=================
H O N G K O N G
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FUTU SECURITIES: SFC Orders Asset Freeze in IPO Fraud Probe
-----------------------------------------------------------
Dimsum Daily reports that Hong Kong's Securities and Futures
Commission has directed Futu Securities International (Hong Kong)
Limited to freeze client assets amounting to as much as HK$125
million in connection with an ongoing investigation into suspected
initial public offering fraud.
In a formal restriction notice, the regulator prohibited the
brokerage from dealing with or processing assets held in specific
client accounts associated with an entity believed to have
participated in a scheme designed to create a false or artificial
appearance of demand for shares in an IPO. The assets subject to
the order total approximately HK$125.25 million, according to
Dimsum Daily.
Dimsum Daily relates that under the terms of the notice, Futu is
barred from disposing of or handling the relevant assets in any
manner without prior written consent from the SFC. The restriction
also prevents the firm from assisting, encouraging or enabling any
other party to deal with the funds. Should the brokerage receive
instructions relating to the frozen accounts, it must inform the
regulator immediately.
Dimsum Daily adds that the SFC said the action was taken in the
interests of safeguarding investors and upholding the wider public
interest while investigations continue. The regulator emphasised
that Futu itself is not the subject of the probe and that the
restriction notice does not affect the company's other clients or
its general operations.
About Futu Securities
Futu Securities International (Hong Kong) Limited provides
financial services in securities brokerage, wealth management, and
fintech. The Company offers securities trading, fintech platforms
with market data and analytical tools, and a range of investment
products. Futu Securities International serves retail investors and
individual clients in the United States, Singapore, and Hong Kong.
=========
I N D I A
=========
AGARWAL AGENCY: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Agarwal
Agency (AA) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 4, 2025, placed the rating(s) of AA under the 'issuer
non-cooperating' category as AA had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AA continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 20, 2026, May
30, 2026, June 9, 2026 among others. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating on the basis
of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Shahjahanpur, Uttar Pradesh based Agarwal Agency (AA) was
established in the year 2000 as a proprietorship firm and is
currently managed by Mr. Vinay Kumar Agarwal. The firm is engaged
in the manufacturing of snacks such as kachri papad, papad, corn
grits and processing of pulses into gram flour (besan) and
multigrain flour at its manufacturing facility located in
Shahjahanpur, Uttar Pradesh.
AJR INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of AJR Infra
& Tolling Limited (AITL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 35.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 23, 2025, placed the rating(s) of AITL under the 'issuer
non-cooperating' category as AITL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AITL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 8, 2026,
April 18, 2026, April 28, 2026 among others. In line with the
extant SEBI guidelines, CareEdge Ratings has reviewed the rating on
the basis of the best available information which however, in
CareEdge Ratings' opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Detailed description
AJR Infra & Tolling Limited (ISIN: INE181G01025) (AITL; erstwhile
Gammon Infrastructure Projects Limited) was incorporated in 2001 by
Gammon India Limited (GIL; rated CARE D; INC). The company
undertakes development of infrastructure projects on a public
private partnership (PPP) basis under separate project-specific
Special Purpose Vehicles (SPVs), having presence in project
development, project advisory and sector-specific operations and
maintenance. AITL is publicly listed entity on BSE and NSE and has
a pan-India presence with two decades of experience and technical
expertise in the multi-purpose infrastructure segments with diverse
portfolio across Roads, Power and Port sectors.
ALVI TECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Alvi Tech Services Private Limited
Basement Shivam Place,
Chinchpada Road, Kalyan East
421306, Maharashtra
Insolvency Commencement Date: July 20, 2026
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: January 16, 2027
Insolvency professional: Neha Jain Nemani
Interim Resolution
Professional: Neha Jain Nemani
2404B Parthenon Building,
JP Road, 4 Bungalows,
Andheri West, Mumbai City,
Maharashtra, 400053
Email: nehavkjain@gmail.com
1601, Chandak Unicorn,
Dattaji Salve Marg,
Off Veera Desai Road,
Andheri West, Mumbai, 400053
Email: cirp.alvitech@gmail.com
Last date for
submission of claims: August 3, 2026
ASHUTOSH CHAWAL: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashutosh
Chawal Udyog (ACU) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 31.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 30, 2025, placed the rating(s) of ACU under the 'issuer
non-cooperating' category as ACU had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ACU continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 15, 2026,
April 25, 2026, May 5, 2026 among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Bundi (Rajasthan) based ACU was formed in 1981 as a proprietorship
concern by Mr. Chouthmal Maheshwari for carrying out the business
of trading and processing of paddy to produce rice. However, due to
death of the proprietor in February 2013, the constitution of the
firm was changed to partnership. Currently, there are four partners
in the firm viz. Mr. Vijendra Kumar Maheshwari, Mr. Satya Narayan
Jajoo, Mr. Chetanya Kumar Jajoo and Mr. Narendra Kumar Jajoo
sharing profit and loss equally. Its rice mill is located in Bundi
and spread across 2623 sq. meter area with installed capacity of 8
Ton Per Hour (TPH). The firm sells rice under the brand name of
'Double Katar' and 'Basant Bahar'. Further, the firm also sells
by-products of rice viz. husk and rice brand.
BALAJI PACK: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balaji Pack
and Pack Private Limited (BPPPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 18, 2025, placed the rating(s) of BPPPL under the
'issuer non-cooperating' category as BPPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BPPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
3, 2026, June 13, 2026, June 24, 2026 among others. In line with
the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings' opinion is not sufficient to arrive
at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Balaji Pack & Pack Private Limited (BPPPL) was incorporated in
April, 2001 as a Private Limited Company by Mr. Bimal Kumar
Sultania and his wife Mrs. Sarita Sultania. BPPPL is engaged in the
business of manufacturing of electrical appliances i.e. Air coolers
and auto parts.
BALAMURUGAN MODERN: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashutosh
Chawal Udyog (ACU) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 27.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 29, 2025, placed the rating(s) of SBMRM under the 'issuer
non-cooperating' category as SBMRM had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SBMRM continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
14, 2026, April 24, 2026, May 04, 2026 among others. In line with
the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings' opinion is not sufficient to arrive
at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Sri Balamurugan Modern Rice Mill (SBMRM) was established by Mr.
Mani as a partnership firm during September 1998 with family
members as partners. The firm is into rice milling and processing
with installed capacity of 16425 MTPA, having its manufacturing
facility at Kallakurichi Tamil Nadu. The firm predominantly
processes, non-basmati rice, and procures paddy from local farmers
and traders from Karnataka and Tamil Nadu and sells the processed
non-basmati rice in its own brand name 'Gopuram' to wholesalers
across the state of Tamil Nadu. SBMRM is also facilitated with 1MW
solar power plant in Virudhunagar District, Tamil Nadu for its own
captive use. SBMRM operates with manpower of around 45, in rotation
of two shifts per day.
BEE GEE: CARE Keeps B- Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bee Gee
Automobiles (Solan) (BGA) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 4, 2025, placed the rating(s) of BGA under the 'issuer
non-cooperating' category as BGA had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BGA continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 20, 2026, May
30, 2026, June 9, 2026 among others. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating on the basis
of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Bee Gee Automobiles (Solan) (BGA) was established in July 1, 2014
as a proprietorship entity by Mr. Munish Gupta. The entity was
later on converted into proprietorship entity in 2014. BGA is an
authorized dealer of Tata Motors Limited (TML) for sale of all
commercial vehicles (with various range of bus, truck and loading
vehicle) and its spare parts for Solan & Shimla region.
CHANDRIKA POWER: CARE Reaffirms D Rating on INR92.60cr LT Loan
--------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Chandrika Power Private Limited (CPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 92.60 CARE D Rating removed from
Facilities ISSUER NOT COOPERATING category
and Reaffirmed
Short Term Bank
Facilities 13.40 CARE D Assigned
Rationale and key rating drivers
Ratings to the bank facilities of CPPL takes into account the delay
in servicing of its debt repayment obligation on term loans.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
* Track record of timely debt servicing for at least 90 days.
Analytical approach: Standalone
Outlook: Not applicable
Detailed description of key rating drivers
Key weaknesses
* Delay in debt servicing: There were instances of delays in the
servicing of principal and interest obligations on term loans
during April–June 2026, primarily owing to operational challenges
which impacted its cash accruals and led to liquidity constraints.
The constrained liquidity was reflected in inadequate balances in
the respective cash credit/overdraft accounts from which the debt
repayment obligations are serviced.
Liquidity: Poor
The company's liquidity position remains poor, as reflected in the
high utilisation of its working capital limits, instances of
overdrawal in the cash credit accounts, and delays in servicing
term loan obligations. Operational challenges have adversely
impacted cash accruals, leading to persistent liquidity pressures
and weakening its debt-servicing ability.
CPPL is a private limited company incorporated in May 2010. The
company has set up a greenfield project of grain-based distillery
plant in Fatehali, Nalanda District of Bihar to produce fuel grade
and supply to Oil Marketing Companies (OMCs). The plant has 1SEBI:
Securities and Exchange Board of India; RBI: Reserve Bank of India;
MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and
Development Authority of India; PFRDA: Pension Fund Regulatory and
Development Authority an installed capacity of 60 Kilo Litre Per
Day (KLPD). The company has achieved COD in December 2023. The
company has a long-term agreement with the OMCs for 10 years for an
offtake of 0.99 crore litres of Ethanol per annum (i.e. ~50% of the
installed capacity). Currently, day to day affair of the company is
look after by Mr Manish Agarwal (Managing Director).
DEWAN CHAND: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Dewan
Chand (DC) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 7.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 04, 2025, placed the rating(s) of DC under the 'issuer
non-cooperating' category as DC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 20, 2026, May
30, 2026, June 9, 2026 among others. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating on the basis
of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
DC was initially established as proprietorship concern and later on
converted into a partnership firm on August 29, 2009. DC is
Delhi-based firm managed by Mr Vikram Phalper along with his wife
Mrs Anita Phalper for carrying out different types of civil
construction projects for Public Works Department (PWD) Delhi. DC
was founded in 1949 by late Lala Mr Dewan Chand. DC is registered
as a Class A contractor with PWD, Delhi, and has tendered various
contracts involving contracts of government buildings since
inception. It has completed prestigious contracts namely Indra
Prastha Bhawan, Ashoka Estate Building, World health house, Indian
Oil Bhawan, Police head Quarters, etc. DC is present majorly in
Delhi.
DHRUV WELLNESS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhruv
Wellness Limited (DWL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 30, 2025, placed the rating(s) of DWL under the 'issuer
non-cooperating' category as DWL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DWL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 15, 2026,
April 25, 2026, May 5, 2026 among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
Established in 2005 by Mr. Pravin Kumar Prajapati as a
proprietorship entity, Dhruv Agency (DA), with Mrs. Anita Prajapati
as the proprietor) was later converted into a private limited
company and renamed as Dhruv Wellness Private Limited (DWPL) in
March 2015, thereafter which it was converted into a public limited
company and renamed as Dhruv Wellness Limited (DWL) [ISIN:
INE109Y01011] in July 2017. DWL is engaged in trading &
distributorship of various pharmaceutical & cosmetic products which
are sold to various retailers and wholesalers mainly in the Western
suburbs of Mumbai and outskirts also. Some of the
said products are procured by the company directly from the
principal manufacturers of the same for whom the company acts as a
distributor, whereas the rest of the products are procured from
other wholesalers of the same. Moreover, the company also
undertakes manufacturing of ayurvedic medicines under its own brand
"Dhruv", however such manufacturing is completely outsourced to
Savita Health Care Private Limited.
DKS DESICCANTS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: DKS Desiccants Private Limited
A-6, Sector-27,
Noida, Gautam Buddha Nagar,
Noida, Uttar Pradesh - 201301, India
Liquidation Commencement Date: July 20, 2026
Court: National Company Law Tribunal, Allahabad Bench
Liquidator: Gyaneshwar Sahai
OS-2, II Floor,
The Next Door, Sector-76,
Faridabad, Haryana - 121004
Tel: 9953541408
Email: gyaneshwar.sahai@gmail.com
Last date for
submission of claims: August 19, 2026
FPL AUTOMOBILES: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of FPL
Automobiles Private Limited (FAPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 2, 2025, placed the rating(s) of FAPL under the 'issuer
non-cooperating' category as FAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
FAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 18, 2026,
April 28, 2026, May 8, 2026 among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
FPL Automobiles Private Limited (FAPL) was incorporated in the year
2014 by Mr. N. Mohan, Mr. V. Sekar, Mrs. S. Suganthi & Mrs. M.
Padma. Prior to establishing FAPL, the directors had previous
experience in textile engineering & plastic manufacturing. FAPL has
a group entity called Formulated Polymers Limited which is engaged
in manufacturing of formulated polymers. FAPL is the authorized
dealer of Hyundai Motor Company for vehicles and spare parts. It
currently has three operating showrooms in Chennai, Tamil Nadu. The
company procures the vehicles and spare parts directly from
Hyundai's manufacturing unit in Chennai. The registered office is
located in Chennai, Tamil Nadu.
FUTURE SUPPLY: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Future
Supply Chain Solutions Limited (FSCSL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 140.53 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Non-convertible 199.00 CARE D; ISSUER NOT COOPERATING
debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
Vide its press release dated July 25, 2025, CARE Ratings Limited
(CareEdge Ratings), had reviewed ratings of FSCSL under the 'issuer
not-cooperating' category, as the company failed to provide
information for monitoring ratings and had not paid surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
The company continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
10, 2026, June 20, 2026, July 30, 2026, July 7, 2026, and July 13,
2026, among others. In line with the extant Securities and Exchange
Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the
rating based on the best available information, which however, in
CareEdge Ratings' opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders, and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not applicable
At the time of last rating on July 25, 2025, the following was the
key rating weakness (updated for the information available from
stock exchange).
Detailed description of key rating drivers
Key weaknesses
* Delays in servicing debt obligation: The company failed to
service its debt repayment obligation. On January 5, 2023, the
National Company Law Tribunal (NCLT) admitted FSCSL for corporate
insolvency resolution process (CIRP) under insolvency and
bankruptcy code (IBC) on petition filed by an operational creditor.
The Hon'ble NCLT, Mumbai Bench, approved the resolution plan
submitted by Reliance Retail Ventures Limited (RRVL) on October 13,
2025.
Incorporated in March 2006, FSCSL is a Future Group company with a
focus on providing supply chain solutions (for non-agro products)
to its group companies (anchor customers) and to outside companies.
FSCSL provides integrated end-to-end logistics solutions for supply
chain management, and offers warehousing and distribution,
multi-modal transportation, and container freight
stations.
JAI JYOTI: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jai Jyoti
Texo Fab (JJTF) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.49 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 1, 2025, placed the rating(s) of JJTF under the 'issuer
non-cooperating' category as JJTF had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
JJTF continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 17, 2026, May
27, 2026, June 6, 2026 among others. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating on the basis
of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Jai Jyoti Texo Fab (JJTF) was established in April, 2012 as a
proprietorship firm by Smt. Raksha Rani. JJTF is presently engaged
in manufacturing of polar fleece blankets and polyester fabric at
its manufacturing facility located in Panipat, Haryana. The firm
undertakes in-house dyeing and stitching of these blankets and
fabric. The polyester fabric manufactured by firm is used as
captive consumption for manufacturing of polar fleece blankets.
KEW PRECISION: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Kew Precision Parts Private Limited
41, DLF Industrial Area,
New Delhi, India - 110015
Insolvency Commencement Date: July 15, 2026
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: January 16, 2027
Insolvency professional: Shashi Bhushan Prasad
Interim Resolution
Professional: Shashi Bhushan Prasad
G-4/9, 1st Floor,
Malviya Nagar,
New Delhi - 110017
Email: shashibpd@gmail.com
E-43, LGF,
Panchsheel Park,
New Delhi - 110017
Email: cirp.kewprecisionparts@gmail.com
Last date for
submission of claims: August 3, 2026
KHATTAR EDIBLES: CARE Lowers Rating on INR6.52cr LT Loan to B
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Khattar Edibles Private Limited (KEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.52 CARE B; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING and Downgraded from
CARE B+; Stable
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 17, 2025, placed the rating(s) of KEPL under the 'issuer
non-cooperating' category as KEPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KEPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 3, 2026, May
13, 2026, May 23, 2026 among others. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating on the basis
of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of KEPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Kolkata, West Bengal based Khattar Edibles Private Limited (KEPL)
was incorporated in September, 2011 and is currently managed by Mr.
Deepak Kumar and Mr. Umesh Kumar. The company is engaged in the
manufacturing of rusks. The manufacturing process of the company is
located in Kushinagar, Uttar Pradesh. The company sells the product
under the brand name "Honey Bunny", "Superstar" and "Guddu" to
dealers & retailers based in Uttar Pradesh and Bihar.
MENTOR HOME: CARE Lowers Rating on INR250cr LT Loan to C
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mentor Home Loans India Limited (MHIL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 250.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Revised from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings) had, vide its press release
dated March 14, 2023, placed the ratings of MHLIL under the 'Issuer
non-cooperating' category as MHLIL had failed to provide
information for monitoring of the ratings as agreed to in its
Rating Agreement. MHLIL continues to be non-cooperative despite
repeated request for submission of information through phone calls
and emails dated April 1, 2026, and April 11, 2026, and April 21,
2026. In line with the extant SEBI guidelines, CARE Ratings Ltd.
has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating. The rating on Mentor Home
Loans India Limited bank facilities will now be denoted as CARE C;
Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The ratings have been revised on account of limited information
available.
Analytical approach: Standalone approach along with factoring
support from the promoters and its group entity SWLPL.
Outlook: Stable
Detailed description of the key rating drivers
The ratings have been revised on account of limited information
available, uncertainty pertaining to the outcome of the pending
National Company Law Tribunal (NCLT) litigation in relation to the
ongoing dispute within the promoter family that has impacted its
resources raising ability and thereby led to sustained decline in
operations of the company.
Key weakness
* Pending NCLT litigation in relation to on-going dispute in the
promoter family: Pending NCLT litigation in relation to on-going
dispute in the promoter family which has impacted the company's
overall operations.
* Challenges in resource mobilization: Company continues to face
challenges in raising resources from banks, financial institutions,
and other lenders. Reflecting limited access to external funding,
total borrowings declined to INR67.46 crore as on FY25 from
INR95.27 crore as on FY24 and INR334.95 crore
as on FY21. The constrained funding environment has contributed to
the continued shrinkage in business operations.
* Small scale of operations and continued de-growth in AUM: MHIL's
scale of operations remains small with a sustained decline in
portfolio size. AUM declined by 24.9% YoY to INR254.42 crore
as on FY25 from INR338.97 crore as on FY24 and has reduced
significantly from INR457.11 crore as on FY21. Loan outstanding
also declined to INR158.14 crore as on FY25 from INR203.12 crore as
on FY24.
* Moderate Profitability & regional concentration: MHIL's total
income decreased during FY25 mainly due to consistent decline in
AUM and decline in interest income to INR20.93 crore in FY25 from
INR34.90 crore in FY24. Further, provisions increased significantly
to INR43.53 crore from INR2.15 crore in FY24,
resulting in a net loss of INR43.74 crore in FY25 against a
marginal profit of INR0.39 crore in FY24. Roughly 73.37% of
portfolio as on FY22 is concentrated in Rajasthan followed by
Madhya Pradesh (22.19%), Gujarat (3.56%) and Maharashtra (0.88%).
(updated data for geography wise not available). Asset quality
indicators on the on-book portfolio improved, with GNPA reducing to
1.16% as on FY25 from 1.67% as on FY24 and NNPA reducing to 0.65%
from 1.27%. However, GNPA on AUM increased to 1.34% from
1.00%, indicating some pressure when viewed on the overall
portfolio basis. The company also reported elevated provisioning
during FY25.
Key strengths
* Secured nature of portfolio with low LTV Ratio: MHIL focuses on
housing loans and LAP which comprised 75:25 of total loan portfolio
mix as on March 31, 2022 (71:29 as on FY21) which are secured in
nature. During FY22, nearly 81% of total disbursements (FY21: 87%)
had LTV of upto 50% with the balance 19% having LTV ranging between
51% to 75% (FY21: 13.32%). (Updated data not available)
Mentor Home Loans India Limited was initially registered as a
non-deposit taking Non-Banking Finance Company (NBFC) with Reserve
Bank of India (RBI) as an Asset finance company and was engaged in
vehicle financing. Subsequently, it got registered with National
Housing Bank (NHB) as non-deposit taking Housing Finance Company
(HFC) in August 2014 and commenced its housing finance business.
The company is headquartered in Jaipur and is engaged in financing
of housing loans and LAP (Mortgage loan). As on FY25, MHIL's own
book loan portfolio stood at INR158.14 crore. The company operates
out of its network of 36
branches (as on March 31, 2025) which are located across Rajasthan,
Madhya Pradesh and Gujarat.
NAMS CHEMICALS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Nams Chemicals Private Limited
1308, Best Sky Tower,
F-5 Netaji Subhash Place,
Pitampura, Delhi
110034, India
Liquidation Commencement Date: July 18, 2026
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Gyaneshwar Sahai
OS-2, II Floor,
The Next Door, Sector-76,
Faridabad, Haryana - 121004
Tel: 9953541408
Email: gyaneshwar.sahai@gmail.com
Last date for
submission of claims: August 17, 2026
OZONE PROJECTS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ozone
Projects Pvt. Ltd. (OPPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non Convertible 126.30 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 25, 2025, continued to place the rating of OPPL under
the 'issuer non-cooperating' category as OPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. OPPL continues to be non-cooperative despite repeated
requests for submission of information through emails dated May 11,
2026, May 22, 2026, May 25, 2026, May 29, 2026, June 10, 2026, June
20, 2026, June 26, 2026, June 30, 2026, and phone calls among
others. In line with the extant SEBI guidelines, CareEdge Ratings
has reviewed the rating on the basis of the best available
information which however, in CareEdge Ratings' opinion is not
sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings take into account delays in redemption of the rated
Non-Convertible Debentures (NCD) on due date.
Analytical approach: Standalone
Detailed description of key rating drivers
At the time of last rating on July 25, 2025, the following were the
rating weaknesses.
* Non-redemption of NCD on due date: As confirmed over the
telephonic discussion by the debenture trustee (DT) to CareEdge
Ratings on August 19, 2021, company has not redeemed the debentures
on due date i.e. June 30, 2021, though the same was earlier
deferred from July 31, 2020, and August 10, 2020, as per amended
DTD. However, CareEdge Ratings couldn't reach the debenture trustee
during the current review period. Based on NSDL website, there is
delay in redemption of rated NCD.
Incorporated in 2005, OPPL is promoted by the Bengaluru based Ozone
group and is currently developing a township at Anna Nagar, Chennai
called 'Ozone Metrozone'.
RENEX INDUSTRIES: CARE Lowers Rating on INR14cr LT Loan to D
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Renex Industries Private Limited (RIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 6.00 CARE D/CARE D; ISSUER NOT
Short Term COOPERATING; Rating continues
Bank Facilities to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE C/
CARE A4
Long Term 14.00 CARE D; ISSUER NOT
Bank Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE C; Stable
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 4, 2025, placed the rating(s) of RIPL under the 'issuer
non-cooperating' category as RIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 20, 2026,
April 30, 2026, May 10, 2026, July 23, 2026 among others. In line
with the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings' opinion is not sufficient to arrive
at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of RIPL have been
revised on account of non-availability of requisite information.
The revision also factored in ongoing delays in debt servicing
recognized from publicly available information i.e. auction notice
issued by the lender.
Analytical approach: Standalone
Outlook: Not Applicable
Renex Industries Private Limited was earlier incorporated in 2010
by Mr Premraj Pamate Chalavaraj, Mr Ashish Bipinkumar Soni and Mr
Ravi Banarasilal Kapoor as Swathi Sunsource Power Private Limited
(SSPPL) to setting up unit to manufacture solar
collectors/equipment's i.e. Parabolic Troughs, which can be used by
clientele to generate heat/steam/power at its manufacturing
facility located at Industrial Part Penukonda, Anantapur District,
Andhra Pradesh. Furthermore, the company also has in-house research
and development facility at Penukonda, which is partially
functional.
RPN ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RPN
Engineers Chennai Private Limited (RECPL) continue to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.26 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 4.87 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 30, 2025, placed the rating(s) of RECPL under the 'issuer
non-cooperating' category as RECPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RECPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
15, 2026, April 25, 2026, May 5, 2026 among others. In line with
the extant SEBI guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information which
however, in CareEdge Ratings' opinion is not sufficient to arrive
at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
RECPL was established as a proprietorship firm (M/s. Lookmans
Engineering Contractors) in 1995 by Mr. P.K. Luqmman Basha and was
reconstituted into a private limited in May 1999 in Chennai. RPN is
engaged in the business of civil and mechanical constructions like
laying of pipes for state and central government agencies and
contract work for the Indian railways.
SHREE ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Enterprises (SE) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 17, 2025, placed the rating(s) of SE under the 'issuer
non-cooperating' category as SE had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SE continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 2, 2026, June
12, 2026, June 22, 2026 among others. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating on the basis
of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
SE was formed in 2015 as a proprietorship concern by Mr Praveen
Gehlot. SE is a registered super distributor for ayurvedic
medicines, food supplements, home and personal care etc of
Patanjali Ayurveda Limited (PAL) and Divya Pharmacy (A unit of
Divya Yog Mandir Trust) in 8 out of 33 districts of Rajasthan. The
firm operates from its warehouse located at Jodhpur, Rajasthan.
Further, SE exclusively sells Ayurvedic medicines to Patanjali
Chikitsalaya and Patanjali Arogya Kendra in 8 districts.
SML FINANCE: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SML Finance
Limited (SMLFL) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term bank 45.00 CARE B-; Stable; ISSUER NOT
facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) vide its press release
dated April 7, 2021, placed the rating of SMLFL under the 'issuer
non-cooperating' category as SMLFL failed to provide information
for monitoring of the rating. SMLFL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and emails dated June 13, 2026, June 24, 2026,
and July 3, 2026. In line with the extant Securities and Exchange
Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the
rating on the basis of the best available information, which,
however, in CareEdge Ratings' opinion is not sufficient to arrive
at a fair rating.
Users of this rating (including investors, lenders and public at
large) are hence requested to exercise caution while using above
rating(s).
The rating assigned to SMLFL's bank facilities is constrained by
the moderate scale of its loan portfolio, geographical
concentration of operations, marginal credit profile of the
underlying borrower segment, moderate profitability, weak asset
quality, and moderately diversified resource profile. However, the
rating derives strength from the group's long track record of
operations, extensive experience of the promoters, and the
company's adequate capitalisation profile.
Analytical approach: Standalone
Outlook: Stable
Detailed description of key rating drivers
At the time of last rating on July 28, 2025, the following were
rating strengths and weaknesses (updated for the information
available from registrar of companies and other public
information):
Key weaknesses
* Moderation in loan portfolio: SMLFL's overall business moderated
in FY25 with loan portfolio reduced from INR108 crore as on March
31, 2024, to INR103 crore as on March 31, 2025, registering the
de-growth of 4.6%. The company started offering personal loans in
FY19 and its share stood at 13.1% of the total portfolio as on
March 31, 2025. The company also started extending its presence in
gold loan and other new products such as property/mortgage loan
(1.82% as on March 31, 2025). The share of gold loan increased from
7.27%, as on March 31, 2020, to 45.40% as of March 2025. The
company's ability to maintain diversification in loan products and
improve business volumes in each loan products remain critical from
the rating perspective.
* Geographically concentrated business: SMLFL currently operates
only in southern and central Kerala with 42 branches as on March
31, 2026. Its associate company, BRD securities, is also engaged in
the same operations of SMLFL in Kerala. However, BRD securities'
operations are confined to northern and central Kerala, restricting
SMLFL to expand in northern Kerala to avoid overlapping their
business with BRD securities.
* Marginal credit profile of borrower: SMLFL is primarily engaged
in asset financing and business finance to the unorganised segment
in the rural and semi-urban areas, which is characterised by
marginal credit profile of borrowers and that are not serviced by
the banking sector. This segment is highly susceptible to the
impact of economic downturn and asset quality is a key monitorable.
However, the management team's good knowledge and experience in
this target customer segment provides comfort to an extent.
* Weak asset quality: Gross non-performing assets (GNPA) stood at
12.94% as on March 31, 2025, against 20.24% as on March 31, 2024.
Net NPA (NNPA) stood at 10.42% as on March 31, 2025, against 17.86%
as on March 31, 2024. The company's ability to recover bad assets
and reduce NPA level in the hire purchase (HP) segment and maintain
good asset quality in new products remains critical for credit
perspective.
* Moderately diversified resource profile: SMLFL's funding profile
is moderately diversified with resources such as retail
non-convertible debentures (NCDs), sub debt and term loans and cash
credit (CC) facilities. NCDs accounted ~38% (FY24: 35%) and sub
debt ~54% (FY24: 60%), while bank facilities was ~7% (FY24: 5%) of
the total borrowing as on March 31, 2025.
* Moderate profitability: SML reported loss of INR3.72 crore in
FY25 against loss of INR0.67 crore in FY24. The company's net
interest margin (NIM) reduced to 3.13% in FY25 against 5.39% in
FY24, with degrowth in loan book. Opex increased to 9.09% in FY25
(FY24: 7.11%). Credit cost decreased to 2.73% in FY25 (FY24:
7.73%). The company's yield declined to 14.18% in FY25 (FY24:
17.42%) and cost of funds remained stable at 12.83% in (FY24:
12.86%) with interest spreads compressing to 1.36% (FY24: 4.57%)
resulting in loss for the company.
Key strengths
* Long track record of the group's operations and experienced
promoters: SML group started business in 1980 with its registered
office at Kunnamkulam. SML group is currently operating with two
main companies, SMLFL and SML Motors, with branch offices across
Kerala. Over the three decades of its operations, the SML group
ventured across different businesses including new vehicle
dealership, used vehicle dealership and non-banking financial
company (NBFC). SMLFL has been operational for around two decades
providing hire purchase facility for all kinds of two wheelers,
three wheelers, and four wheelers (new and used vehicles) and has
provided finance for over one lakh vehicles. SMLFL was promoted
by William Varghese, who ~20 years of experience in vehicle
financing. He is the sole proprietor of SML Motors and the founder
of BRD group of companies.
* Adequate capitalisation profile: SML's net worth stood at
INR49.75 crore as on March 31, 2025, against INR53.61 crore as on
March 31, 2024. Gearing stood at 1.97x as on March 31, 2025,
against 1.99x as on March 31, 2024. The company's total capital
adequacy ratio (CAR) was adequate at 23.81% and tier-I capital was
~15.88% as on March 31, 2019. CAR was adequate at 25.00% and tier-I
capital was ~16.67% as on December 31, 2019.
SMLFL is an NBFC- ICC, and part of the SML group. It was
incorporated on August 13, 1996, as a private limited company under
the name 'SML Finance Private Limited' and was later converted to a
limited company on June 18, 1998. The company extends business
loans and HP loans for financing three wheelers, two wheelers,
cars, and light commercial vehicles (LCV) for old and new vehicles.
The company also extends personal loans, gold loans, consumer
durable loans and property/mortgage loans. The
company has its registered office at Thrissur, Kerala, and
corporate office in Cochin, Kerala. The company operates with 42
branches with the entire portfolio concentrated in the southern and
central Kerala. Apart from SMLFL, the group includes SML Motors,
which is an authorised dealer for Piaggio vehicles. SML's promoter
group also has interest in the BRD group of companies, (all firms
in BRD group promoted by SML's promoters and promoter holds
majority shares in both groups), which has presence in vehicle
dealerships (three wheelers, LCVs, and cars), vehicle financing,
vehicle body fabrication, chit funds, education, and real estate.
SML and BRD group entities operate in different regions of Kerala;
while SML group mainly operates in southern and central Kerala, the
BRD group largely operates in some central and northern Kerala.
SMLFL acquired Vanchinad Finance Private Limited (VFPL, rated 'CARE
B-; Stable: ISSUER NOT COOPERATING') in May 2016 and is holding
100% Equity Shares as on March 31, 2019. VFPL was incorporated in
1987 and was in the business of extending HP loans.
Post-acquisition by SML group, VFPL has been extending only micro
finance loans. VFPL offers microfinance loans under the self-help
group (SHG) model. VFPL has operations spread across Kerala and
Tamil Nadu, with a network of 61 branches and loan book of INR209
crore as on March 31, 2025.
SOCIETY DISTRIBUTORS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Society
Distributors Private Limited (SDPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated June 11, 2025, placed the rating(s) of SDPL under the 'issuer
non-cooperating' category as SDPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SDPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 27, 2026, May
7, 2026, May 17, 2026 among others. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating on the basis
of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Society Distributors Private Limited (SDPL) was incorporated in
December 2010 as a closely-held company promoted by Mr. S P
Agnihotri and his son Mr. Anuj Agnihotri. Mr S P Agnihotri, an
alumnus of IIT-Kanpur and IIM-Ahmedabad has more than three decades
of experience in the dealership business through a group concern,
vi z. Society Motors Limited, which was established in 1975 as an
authorized dealer of passenger vehicles of Tata Motors Ltd. and
Fiat India Automobiles Pvt. Ltd. Mr. S.P. Agnihotri retired in FY15
and the company is now looked after by Mr. Anuj Agnihotri and Ms.
Aparna Agnihotri. Mr. Anuj Agnihotri has nearly eight years of
experience in the dealership business environment while Ms. Aparna
is an MBA with nearly 6 years of experience. SDPL is an exclusive
authorized dealer of Procter & Gamble India Limited's (P&G)
products in 19 designated districts of Uttar Pradesh (U.P.).
SUKRITI HOSPITAL: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Sukriti Hospital and Research Centre Private Limited
Holding No. 143, Khata No. 33,
Plot No. 1031, Thana No. 247 Dhurwa,
Ward No. 54, Patel Nagar,
Ranchi, Jharkhand,
India, 834003
Insolvency Commencement Date: July 20, 2026
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: January 16, 2027
Insolvency professional: Surendra Kumar Agarwal
Interim Resolution
Professional: Surendra Kumar Agarwal
Bhawani Enclave, 3D,
99C Girish Ghosh Road,
Liluah, Howrah -711204
Email: surendraca@gmail.com
cirpsukritihospital@gmail.com
Last date for
submission of claims: August 3, 2026
SUNPAUL PROPERTIES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sunpaul
Properties Private Limited (SPPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 9.00 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated May 29, 2025, placed the rating(s) of SPPL under the 'issuer
non-cooperating' category as SPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated April 14, 2026,
April 24, 2026, May 4, 2026 among others. In line with the extant
SEBI guidelines, CareEdge Ratings has reviewed the rating on the
basis of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Sunpaul Properties Private Limited (SPPL) was incorporated on June
18, 2012 and the operation commenced in October 2013. The key
promoter is Mr. Sunny Paul. SPPL belongs to Sunpaul Group of
Companies which has interest in construction and real estate
businesses. Associate concerns Dezira Projects & Realtors Pvt. Ltd.
(DPR) and Sunpaul Dezira Projects Pvt. Ltd (SDP) are property
developers in the Kerala. Mr. Sunny Paul is the Managing director
of the group companies as well. SPPL is engaged in civil
construction of residential and commercial business buildings for
developers. SPPL is a regional player in Kerala state. The company
is also engaged in property development.
USHA SPINNERS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Usha
Spinners (US) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 14.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 18, 2025, placed the rating(s) of US under the 'issuer
non-cooperating' category as US had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
US continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 3, 2026, June
13, 2026, June 25, 2026 among others. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating on the basis
of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Usha Spinners (US), based in Ludhiana (Punjab), was established in
1998 as a proprietorship firm by Mr. Gautam Thapar. The firm is
engaged in trading of fabric and readymade garments at its facility
located in Ludhiana, Punjab. The firm is also engaged in
manufacturing of readymade garments through job work basis. The
product line includes cotton fabric, wool fabric, polyester fabric
and sports-wear for both men and women.
VOLT-AGE INFRA: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Volt-Age
Infra Private Limited (VIPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 9.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated July 3, 2025, placed the rating(s) of VIPL under the 'issuer
non-cooperating' category as VIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
VIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 19, 2026, May
29, 2026, June 8, 2026 among others. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating on the basis
of the best available information which however, in CareEdge
Ratings' opinion is not sufficient to arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
VIPL is engaged in design, supply, erection, testing and
commissioning of E.H.V. (Extra High Voltage), Turnkey outdoor
substation projects, hydropower projects, switchyard station, power
transmission lines and industrial lines, testing of electrical
equipment's, live line/hot line and offline maintenance on an
Engineering, Procurement and Construction (EPC) basis. The company
was originally established as Voltage Infra & Power Projects Pvt.
Ltd. in May 2003. Later, the name of the company was changed to
Voltage Infra Pvt. Ltd w.e.f. 12th January, 2005. The company
started its operation since 2005 -06. The firm undertakes projects
on tender basis for various customers including government, semi
-government and private industrial entities.
=========
J A P A N
=========
RAKUTEN GROUP: S&P Affirms 'BB' LongTerm ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit rating
on Japan-based Rakuten Group Inc.
The outlook remains stable based on S&P's expectation that
nonfinancial business results and key financial ratios will
continue recovering moderately as mobile business losses decline.
Revenue growth for Rakuten Group's mobile business will help
support a moderate improvement in business performance and
financial results, largely in line with S&P's previous
expectations.
Stable creditworthiness for the company's financial business will
continue to underpin the ratings.
Rakuten Group's nonfinancial businesses will continue improving.
The company's internet services business will in S&P's view perform
well on the back of its strong position. The mobile business should
also continue improving.
S&P said, "We expect EBITDA in the mobile business to expand
moderately. Subscriptions exceeded 10 million as of Dec. 31, 2025,
up from 8.3 million a year earlier. EBITDA turned to profit in the
same period when including contributions from Rakuten Mobile's
ecosystem. We expect Rakuten Group's mobile business to continue to
offer low-priced plans and increase subscribers. It can do so by
leveraging its strong customer base in its internet and financial
businesses."
Rakuten Group will continue to lag the three major mobile
companies. Its share of the Japanese mobile market, customer base,
and network infrastructure remain far behind the majors. The
company's share of the domestic market for mobile phone
subscriptions was 3.6% as of March 2026.
The company also relies on roaming agreements with KDDI Corp. for
part of its network. While the contract is being gradually reduced,
the company plans to invest more than JPY200 billion in the mobile
business in fiscal 2026 (ending Dec. 31, 2026), far more than in
the past few years, to improve the base stations. If the capital
investment does not proceed as planned due to delays in securing
construction resources, it may have a negative impact on customer
acquisition by limiting the quality of communications and capacity,
in S&P's opinion.
Higher profit in the mobile business is neutral for our assessment
of creditworthiness in the nonfinancial unit for now. An increase
in the profit contribution of the mobile business, which has weak
business competitiveness, could worsen the business portfolio. This
is dominated by the internet business, which has a strong position.
In turn, this could depress the competitiveness and profitability
of the nonfinancial unit as a whole.
S&P said, "On the other hand, we believe two main factors would
offset the negative impact of these structural changes. First,
improvement in the performance of the mobile business would be
positive. Second, an increase in the value of the ecosystem through
increased cross-selling between the mobile and internet businesses
and synergies such as increased customer loyalty would also help.
"We expect the company's metrics in the nonfinancial unit to
continue to improve. We calculate the debt-to-EBITDA ratio for the
nonfinancial unit improved to 11x in 2025 from 13x in 2024. This
was because of higher EBITDA and lower debt growth. We expect the
ratio to improve at a slower pace than we had previously expected.
Increased capital spending in the mobile business is behind this.
Nevertheless, we expect the ratio to remain within the acceptable
range of the ratings and to continue to improve moderately.
"Our credit rating on Rakuten Group will continue to be supported
by the stable creditworthiness of its financial business. We
determine the long-term issuer credit rating on the company based
on the weighted average of the creditworthiness of the financial
and nonfinancial businesses. We evaluate the structure in which
cash flows from financial operations can be used to support
nonfinancial operations. The creditworthiness of financial
operations carry a little more weight in our credit analysis. We
assess the creditworthiness of the stable, profitable financial
operations to be higher than the nonfinancial operations. On a
stand-alone basis, we assess the credit profile of nonfinancial
operations as 'b+'.
"A stronger mobile business could reduce the weight of the
financial business in our assessments. The impact on the ratings is
neutral for the time being, however. We determine that the
financial improvement from the increase in EBITDA of nonfinancial
operations will offset the negative impact from the reduction in
the weight of financial operations."
Reorganizing Rakuten Group's fintech business would provide some
credit support to the company. The company's credit card business
had not been subject to bank regulations, but is now. The move
should strengthen the financial base of the financial business as a
whole and improve transparency in risk management. This will
contribute positively to the company's creditworthiness.
Making greater use of Rakuten Bank, which has a rich
deposit-funding base, may also help optimize funding costs for the
entire fintech business. Stronger collaboration among fintech
services could further bolster business foundations and foster
growth.
Following the reorganization, Rakuten Group will own 49.95% of
voting rights and 72.35% of economic interests in Rakuten Bank from
Oct. 1, 2026. Rakuten Bank will also own 100% of Rakuten Card.
The stable outlook reflects S&P's view that operating performance
and key financial indicators for the nonfinancial unit will
continue to recover gradually over the next one to two years as
mobile business losses continue to decline.
S&P may consider a downgrade if it sees a heightened likelihood of
both of the following scenarios:
-- Over the next year or so, the nonfinancial unit's EBITDA
remains substantially weaker than we assume because, for example,
of slower improvement in the mobile business' performance.
-- Debt in the company's nonfinancial unit increases
significantly.
S&P may consider an upgrade if it sees a heightened likelihood of
all of the following scenarios:
-- Continuous improvements in mobile communication quality will
drive sustained earnings growth and stable EBITDA surplus in the
mobile business; furthermore, through significant debt reduction,
the debt-to-EBITDA ratio for the nonfinancial unit will
consistently remain below 5x.
-- The company, as parent, will maintain its overall control over
the financial unit and preserve the financial soundness and
profitability of the financial unit.
===============
M A L A Y S I A
===============
PRG HOLDINGS: Unit Faces Revised Demand for Unpaid Glazing Works
----------------------------------------------------------------
The Malaysian Reserve reports that PRG Holdings Bhd indirect wholly
owned subsidiary, Premier Construction (International) Sdn Bhd
(PCI), has been served with a revised statutory demand for MYR1.61
million over unpaid aluminium glazing works for the Picasso
Residence project in Kuala Lumpur.
In a Bursa Malaysia filing on July 31, PRG said PCI received the
demand from Messrs Vin Law Co, acting on behalf of EKL Metal Sdn
Bhd, on July 30, The Malaysian Reserve says.
According to The Malaysian Reserve, the claim relates to the
supply, delivery and installation of aluminium glazing works
undertaken by EKL for the project, where PCI was the main
contractor appointed by developer Premier De Muara Sdn Bhd.
The revised claim of MYR1,61 million supersedes an earlier
statutory demand issued by EKL on June 10 seeking MYR3.63 million
for the same works.
The Malaysian Reserve relates that PRG said PCI has 21 days from
the date of service to settle, secure or compound the claimed
amount to EKL's reasonable satisfaction, failing which EKL may
commence winding-up proceedings against the subsidiary if no
amicable settlement is reached.
The group said the statutory demand is not expected to have a
material operational impact or result in material additional losses
beyond the liability already recognised in PCI's books.
The Malaysian Reserve adds that PRG said it is seeking legal
advice, reviewing the validity of the claim and has appointed legal
and accounting advisers to evaluate the group's financial position
and explore restructuring options in light of the potential
insolvency issues arising from the statutory demand.
PCI is also engaging with EKL to resolve the matter amicably, it
added.
Based in Malaysia, PRG Holdings Berhad, an investment holding
company, manufactures, markets, and sells rubber strips, yarn,
webbing, and metal components.
PROTASCO BHD: Bankruptcy Hearing vs Ex-Directors Moved to Aug. 18
-----------------------------------------------------------------
The Malaysian Reserve reports that Protasco Bhd said the Shah Alam
High Court has postponed the joint hearing of its creditor's
petition against former directors Tey Por Yee and Ooi Kock Aun,
along with the duo's applications to stay the bankruptcy
proceedings, to Aug. 18 from July 30.
In a Bursa Malaysia filing on July 31, the infrastructure and
engineering group said Tey and Ooi are seeking to suspend the
bankruptcy proceedings pending the outcome of their application for
leave to appeal to the Federal Court.
According to The Malaysian Reserve, the bankruptcy action follows a
March 9 Court of Appeal decision that upheld a High Court ruling
ordering the former directors to pay Protasco MYR84.64 million over
losses arising from a failed Indonesian oil and gas investment
venture.
The Malaysian Reserve says the Aug. 18 hearing will determine
whether the bankruptcy proceedings should be stayed while the
Federal Court considers the duo's application for leave to appeal.
Protasco Berhad, an investment holding company, provides
infrastructure solutions in Malaysia. The company offers routine
maintenance, periodic maintenance, and emergency work services for
federal and state roads; and designs, constructs, upgrades, and
rehabilitates roads, bridges, and buildings. It also provides
engineering and consultancy services, such as geotechnical and
geo-environmental engineering; pavement, highway, and
transportation engineering; asset and project management product,
and personnel certification; and structural and material
engineering services. In addition, the company develops residential
and commercial properties; and develops, manufactures, and
distributes pavement-maintenance materials, construction building
supplies, petroleum-based products, and highway-safety equipment.
Further, it provides civil engineering work and related services;
solar panel installation contract works; supply of power and
electricity derived from solar power plant; and green project
management services. Additionally, the company engages in site
investigation and soil testing activities, as well as operates and
manages hotels, and processes and trades in fruits and related
products.
=====================
N E W Z E A L A N D
=====================
CK MIIRACLE: Court to Hear Wind-Up Petition on Aaug. 6
------------------------------------------------------
A petition to wind up the operations of CK Miiracle Limited will be
heard before the High Court at Auckland on Aug. 6, 2026, at 10:45
a.m.
K Y Chow Limited filed the petition against the company on June 16,
2026.
The Petitioner's solicitor is:
Conall MacFadyen
c/o Price Baker Berridge
Level 2, 87 Central Park Drive
Henderson
Auckland 0610
HICKEY CONTRACTORS: Rotorua Builder Winds Up After Nearly 50 Years
------------------------------------------------------------------
The New Zealand Herald reports that Rotorua company Hickey
Contractors has folded one month before it would have celebrated
its 50th birthday.
NZ Herald relates that the company, based in Te Ngae Rd, wound up
at the end of June, seven months after a new Auckland-based owner
took it over.
Twelve full-time employees and an estimated eight sub-contracted
workers were out of work following the the company's collapse, NZ
Herald says.
KANECH TRANSPORT: Creditors' Proofs of Debt Due on Aug. 21
----------------------------------------------------------
Creditors of Kanech Transport 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 2, 2026.
The company's liquidator is:
Craig Young
Restructuring Services Limited
PO Box 87340
Auckland
OUTER ASPECT: Khov Jones Appointed as Receivers
-----------------------------------------------
Steven Khov and Kieran Jones of Khov Jones Limited on July 24,
2026, were appointed as receivers and managers of Outer Aspect IP
Limited.
The receivers and managers may be reached at:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
PRUNUS ORCHARDS: Court to Hear Wind-Up Petition on Aug. 6
---------------------------------------------------------
A petition to wind up the operations of Prunus Orchards Limited
will be heard before the High Court at Dunedin on Aug. 6, 2026, at
10:00 a.m.
Genesis Nurseries Limited filed the petition against the company on
May 28, 2026.
The Petitioner's solicitor is:
Miranda Gray
Tavendale and Partners
Level 3
329 Durham Street North
Christchurch 8140
QUICK SHUTTLE: Khov Jones Appointed as Receivers
------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones Limited on July 28,
2026, were appointed as receivers and managers of Quick Shuttle
Limited.
The receivers and managers may be reached at:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
===============================
P A P U A N E W G U I N E A
===============================
PAPUA NEW GUINEA: Moody's Alters Outlook on 'B2' Ratings to Pos.
----------------------------------------------------------------
Moody's Ratings has changed the Government of Papua New Guinea's
(PNG) outlook to positive from stable and affirmed the B2 long-term
issuer ratings. Moody's have also affirmed the B2 senior unsecured
ratings.
The change in outlook to positive is underpinned by tangible
ongoing progress in fiscal consolidation in cooperation with the
International Monetary Fund (IMF) and supported by international
financial institutions and bilateral partners, notably Australia.
Sustained commitment to fiscal repair supported by revenue reforms
and expenditure rationalization would lead to sustainably stronger
fiscal conditions and lower funding needs. The positive outlook
also incorporates the potential for continued easing of external
liquidity risks, supported by materially improved access to foreign
exchange and higher levels of reserve coverage.
The affirmation of the B2 ratings reflects PNG's relatively weak
economic strength, constrained by exposure to environmental and
social risks. This is partly offset by its significant resources
base and prospects for its future development, notably in liquefied
natural gas (LNG) projects. Weak institutions and governance
strength hamper control of corruption, government effectiveness and
the rule of law undermining the investment climate. The rating also
reflects past progress on fiscal consolidation, lower government
liquidity risk from a reprofiling of debt towards longer-term and
concessional debt, as well as the ongoing stabilization of external
vulnerability risks.
PNG's local currency (LC) and foreign currency (FC) country
ceilings remain unchanged at Ba2 and B1, respectively. The LC
ceiling, three notches above the B2 rating, reflects the
government's relatively small footprint in the economy against weak
institutions and a moderate vulnerability to external and political
risks; at the same time, the presence of substantial pools of
domestic liquidity, primarily in the banking system and the
superannuation funds, mitigate shared risks from external
imbalances and the reliance on commodities. The FC ceiling, two
notches below the LC ceiling, takes into account constraints to
capital account convertibility, as manifested in a history of
—albeit shrinking—backlogs for foreign currency orders, as well
as relatively weak policy effectiveness.
RATINGS RATIONALE
RATIONALE FOR THE CHANGE IN OUTLOOK TO POSITIVE
Fiscal policy effectiveness has strengthened materially under the
authorities' reform agenda, anchored by the multi-year Budget
Repair Plan and reinforced by successive IMF-supported programs.
Based on recent performance and commitment to IMF program
conditionalities Moody's expects the authorities to sustain their
commitment to fiscal consolidation beyond the near-term completion
of the IMF programs.
The improvement in the fiscal outlook reflects a focus on
increasing revenues faster than spending.
On the revenue side, for example, the enactment of amendments to
the Income Tax Act marks a key milestone in tax-policy
simplification under the Medium-Term Revenue Strategy (MTRS), aimed
at broadening the revenue base, improving compliance, and
strengthening the governance of revenue administration. State-owned
enterprise reform has been a further pillar: the National Executive
Council's adoption of a predictable dividend policy across the
three Kumul state holding companies, Kumul Consolidated Holdings,
Kumul Petroleum, and Kumul Minerals, has lifted dividend receipts
and stabilized non-tax revenue, helping offset weaker mining and
petroleum tax collection.
On the expenditure side, consolidation has been underpinned by
sustained rationalization of current spending, reduced by 1.7% of
GDP in 2025 through the deferral and cancellation of lower-priority
transfers, restraining wages and recurrent spending, even as
capital expenditure rose for the first time since 2020. This
signals an improvement in the composition and quality of spending
rather than the alternative of indiscriminate compression of
development spending.
On the administrative side, the Internal Revenue Commission is
rolling out the Integrated Tax Administration System (ITAS) over
2026-2028, a digital transformation that will improve taxpayer
compliance monitoring and reduce leakage in resource sector revenue
collection. On the policy side, the new Income Tax Act 2025
simplifies a code that accumulated decades of inconsistent
amendments, broadens the base by reducing exemptions, and
strengthens the capture of resource related rents through revised
ring fencing provisions.
Reflecting this overall reform effort, the fiscal deficit has
narrowed steadily to around 2.2% of GDP in 2025 from 3.3% in 2024
and a pre-program peak, and is projected to fall further, with the
authorities targeting a balanced budget by 2027, in line with
Moody's own expectations. Sustained commitment to fiscal repair
supported by further revenue reforms and expenditure
rationalization would lead to sustainably stronger fiscal
conditions and lower funding needs.
PNG's near-term liquidity position is also considerably more secure
than previously, underpinned by a shift toward longer-tenor
domestic issuance that reduces short-term rollover risk,
international financial institution program financing, and ongoing
support from bilateral partners, notably Australia, a move towards
fiscal surpluses and a recovery in resource-sector inflows.
More specifically, domestic financing conditions have remained
stable, with demand for government securities remaining strong,
particularly from banks and superannuation funds, supporting the
government's financing needs.
Financing and funding conditions have also eased materially being
underpinned by a deepening base of concessional and bilateral
support that has substantially reduced external liquidity risk. The
IMF's EFF/ECF programs, augmented by the Resilience and
Sustainability Facility have provided multi-year financing of over
US$1 billion in disbursements to date, catalyzing complementary
flows from other creditors by validating the government's reform
trajectory.
Bilateral support, notably from Australia, provides a significant
funding source that materially lowers the probability of a distress
event. For example, it has extended five budget-support loans
totaling around A$3.1 billion since 2020, each explicitly linked to
fiscal repair and the IMF's reform agenda.
Further improvements in foreign exchange availability could support
stronger economic growth and lower external vulnerability risks.
Access to foreign exchange has greatly improved on the back of
central-banking reforms, a substantial narrowing of the kina's
overvaluation, and higher commodity prices, while the Bank of Papua
New Guinea's (BPNG) governance and autonomy have been boosted and
its monetary operations updated, notably the restriction of
central-bank-bill auction access to reserve-maintaining, supervised
institutions.
RATIONALE FOR THE AFFIRMATION OF B2 RATINGS
The affirmation of the B2 ratings reflects a credit profile
underpinned by the confluence of Papua New Guinea's weak economic
strength, weak institutions and governance, and elevated
susceptibility to event risk. Negative exposure to environmental
and social risks further anchors the rating.
In particular, low educational attainment, inadequate provision of
basic services, disruptions to utilities infrastructure, high
levels of inequality, and periodic episodes of violence and social
unrest continue to weigh on investment and dampen the country's
broader economic prospects.
Real GDP is estimated to have expanded by 5.6% in 2025, the
strongest outcome in over a decade, supported by the reopening of
the Porgera gold mine, higher LNG output from the Angore field,
improved foreign exchange availability and buoyant non-resource
activity. Moody's projects growth to moderate to around 3.8% in
2026 as resource sector production in the key projects plateaus and
the Middle East conflict raises fuel and freight costs, before
stabilising around 3% over the medium term.
While efforts to diversify the economy away from the resource
sector are ongoing, economic resilience and sustainability remain
weak in the absence of the soft and hard infrastructure needed to
attract non-resource foreign investment and support job creation.
Structural bottlenecks, power shortages, security concerns,
inefficient public capital spending and limited skilled labour,
continue to constrain the economy's capacity to translate growth
into durable job creation and private investment.
Large resource projects such as Papua LNG and Wafi-Golpu could
materially lift growth, income and fiscal revenue though this is
currently not reflected in both Moody's economic growth and fiscal
metrics baseline. Moody's would incorporate these prospects only
upon a final investment decision, given a long history of project
delays.
Weaknesses in institutional and governance strength, though there
has been some improvement, remain a key constraint on the rating
due to an institutional framework that will continue to encounter
challenges in broad policy implementation and effectiveness given
ongoing capacity constraints.
The emphasis in recent years on improving governance, including the
passage of reforms and establishment of mechanisms to address
corruption, have contributed to higher Worldwide Governance
Indicator (WGI) rankings although they remain weak relative to
rating peers.
More positively, fiscal policy effectiveness continues to be
supported by technical assistance from development partners,
including Australia and multilateral lenders such as the IMF, IBRD
(World Bank) and the Asian Development Bank, which has helped to
boost the government's administrative capacity in support of its
medium-term economic and fiscal reform agenda.
Political volatility has been an important challenge for
policymakers, particularly in pursuit of economic reform and
stability. The forthcoming 2027 election will be an important test
of whether politics has the potential to become more stable and its
aftermath a signal of whether recent economic and fiscal reforms
will be sustained.
ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
PNG's ESG Credit Impact Score CIS-5 indicates that the rating is
lower than it would have been if ESG risk exposures did not exist
and that the negative impact is more pronounced than for issuers
scored CIS-4. PNG's very high exposure to environmental and social
risks is compounded by institutional challenges related to
government policy effectiveness, control of corruption and overall
legal structures, notwithstanding ongoing support from development
partners.
PNG's exposure to environmental risks reflects exposure to climate
events and longer-term carbon transition risks and their potential
impact on economic growth through disruption to agricultural
production and exposure of activities within PNG's key resources
sector. Access to water remains a constraint on economic
development,
PNG's social risk exposure reflects limited access to basic
services, while other societal issues, including widespread
poverty, particularly in the country's most rural areas, remain
present. The government continues to direct resources towards its
long-term development plan, which prioritizes raising living
standards and increasing job opportunities.
The impact of governance on PNG's credit profile reflects weak
institutions and governance profile which constrain its rating. Key
issues are weaknesses in government effectiveness, control of
corruption and rule of law, and limited credibility of legal
structures. While ongoing support from development partners
provides technical capacity in some areas, overall structural
reforms remain limited.
GDP per capita (PPP basis, US$): 3,813 (2025) (also known as Per
Capita Income)
Real GDP growth (% change): 5.5% (2025) (also known as GDP Growth)
Inflation Rate (CPI, % change Dec/Dec): 4.1% (2025)
Gen. Gov. Financial Balance/GDP: -2.2% (2025) (also known as Fiscal
Balance)
Current Account Balance/GDP: 16% (2025) (also known as External
Balance)
External debt/GDP: 40.5% (2025)
Economic resiliency: b2
Default history: No default events (on bonds or loans) have been
recorded since 1983.
On July 22, 2026, a rating committee was called to discuss the
rating of the Papua New Guinea, Government of. The main points
raised during the discussion were: The issuer's economic
fundamentals, including its economic strength, have not materially
changed. The issuer's institutions and governance strength, have
not materially changed. The issuer's fiscal or financial strength,
including its debt profile, has not materially changed. The
issuer's susceptibility to event risks has not materially changed.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS
Upward pressure on the ratings could eventuate from ongoing
evidence of durable reform traction, namely continued fiscal
consolidation and further reserve and convertibility gains which
are sustained beyond the current IMF programs and through the
electoral cycle, demonstrating that policy discipline can be
maintained absent an external anchor. Materialization of a positive
final investment decision on major resource projects, including
Papua LNG, which would raise medium-term growth potential and
expand the economy's productive capacity would also add to upwards
pressure.
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS
A downgrade is unlikely given the positive outlook on the ratings.
That said, the outlook could go back to stable and downward
pressure on the ratings could eventually arise from a reversal of
the fiscal consolidation currently anticipated. A partial or less
effective implementation of macroeconomic reforms, notably relating
to the exchange rate regime and foreign exchange management could
likewise weigh on the rating, particularly if it heightened
government liquidity stress by constraining access to external
concessional financing and materially eroding foreign-exchange
reserves.
The principal methodology used in these ratings was Sovereigns
published in May 2026.
=================
S I N G A P O R E
=================
ANTANIUM RESOURCES: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Antanium Resources Pte. Ltd. on July 21, 2026, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Wong Joo Wan
Tina Phan Mei Ting
Rodgers Reidy Advisory
1 Commonwealth Lane
#06-21 One Commonwealth
Singapore 149544
ASPARI PTE: Creditors' Proofs of Debt Due on Aug. 17
----------------------------------------------------
Creditors of Aspari Pte. Ltd. are required to file their proofs of
debt by Aug. 17, 2026, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on July 17, 2026.
The company's liquidators are:
Ho Chjuen Meng
David Donald
Goh Geok Lin
c/o Avery Corporate Advisory
9 Raffles Place
#08-04 Republic Plaza
Singapore 048619
CHOW TAI: Creditors' Proofs of Debt Due on Aug. 27
--------------------------------------------------
Creditors of Chow Tai Fook Energy (Singapore) Pte. Ltd. are
required to file their proofs of debt by Aug. 27, 2026, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on July 27, 2026.
The company's liquidator is:
Ang Su Chau
c/o 1 Scotts Road
#21-08 Shaw Centre
Singapore 228208
KASEY AUTOMATION: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on July 17, 2026, to
wind up the operations of Kasey Automation Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
c/o BDO Advisory
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
RESPONSIBLE CYBER: Placed in Provisional Liquidation
----------------------------------------------------
Ms. Ellyn Tan Huixian of Forvis Mazars Consulting on July 20, 2026,
were appointed as provisional liquidator of Responsible Cyber Pte.
Ltd.
The provisional liquidator may be reached at:
Ellyn Tan Huixian
135 Cecil Street
#10-01 Philippine Airlines Building
Singapore 069536
*********
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.
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*** End of Transmission ***