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260804.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, August 4, 2026, Vol. 29, No. 154 Headlines A U S T R A L I A ABC WAREHOUSE: First Creditors' Meeting Set for Aug. 13 AESTHETIK GROUP: First Creditors' Meeting Set for Aug. 10 BARBEQUES GALORE: Acom International Acquires Retailer, Names CEO CONGO BRANDS: Second Creditors' Meeting Set for Aug. 11 DACADOO APAC: First Creditors' Meeting Set for Aug. 11 HEALTHSCOPE: Not-For-Profit Plan Delays Lender Payout for Two Year HOTEL BANC: Second Creditors' Meeting Set for Aug. 10 T-CORP GROUP: Ezio Senatore Appointed as Administrator C H I N A ADDENTAX GROUP: Raises $3.25 Million in Private Share Placement ORIGIN AGRITECH: Issues US$2.05M Sr. Convertible Note to Investor ZW DATA: Increases Authorized Common Stock to 200 Million Shares I N D I A A B ROLLING: CRISIL Moves D Debt Ratings to Not Cooperating ARUNACHALA & CO: CRISIL Cuts Rating on INR6.6cr LT Loan to D DEMECH CHEMICAL: CRISIL Keeps B Debt Rating in Not Cooperating E K ELECTRONICS: CRISIL Keeps B Debt Ratings in Not Cooperating FUTURE CONSUMER: First Creditors' Meeting Scheduled for Aug. 6 HERITAGE DISTILIARIES: CRISIL Keeps B Rating in Not Cooperating HIGH RANGE: CRISIL Keeps B Debt Ratings in Not Cooperating Category HIMALAYAN THEATRES: CRISIL Keeps B- Rating in Not Cooperating HIMATSINGKA AUTO: CRISIL Withdraws B- Rating on INR6cr Loan JCO GAS: CRISIL Keeps B Debt Rating in Not Cooperating Category KARNATAKA TURNED: CRISIL Reaffirms B+ Rating on INR5.5cr Loan KARUNAMAYE BEVERAGES: CRISIL Keeps B- Ratings in Not Cooperating MANORAMA RUPAMATA: CRISIL Moves B- Ratings to Not Cooperating ORRA PRINTPACK: CRISIL Lowers Rating on INR7.25cr Term Loan to B PENINSULA VACATIONS: CRISIL Keeps B Rating in Not Cooperating PRANAV ORGANICS: CRISIL Keeps B- Debt Rating in Not Cooperating R.K. COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating RADHESHYAM COTTEX: CRISIL Keeps B Debt Ratings in Not Cooperating RAGAM METAL: CRISIL Keeps B Debt Ratings in Not Cooperating RAI INFRASTRUCTURE: CRISIL Withdraws B Rating on INR23cr Loan RAJESH STEEL: CRISIL Keeps B Debt Rating in Not Cooperating RAPID TRANSPAY: CRISIL Keeps B Debt Ratings in Not Cooperating RISHI SPICES: CRISIL Keeps B Debt Ratings in Not Cooperating ROCKWELL MINERALS: CRISIL Keeps B Debt Rating in Not Cooperating ROYAL CONSTRUCTION: CRISIL Keeps B Debt Rating in Not Cooperating ROYAL SHELTER: CRISIL Keeps B Debt Ratings in Not Cooperating RVS RAW: CRISIL Keeps B Debt Ratings in Not Cooperating Category SATHI AGRICULTURAL: CRISIL Keeps B- Rating in Not Cooperating SGRD HEALTHCARE: CRISIL Lowers Rating on INR15.4cr Term Loan to B TV VISION: NCLT Admits Insolvency Plea, IRP Appointed VISHWANATH SPINNERZ: CRISIL Keeps D Ratings in Not Cooperating M A L A Y S I A ONE GLOVE: Auditor Flags Material Uncertainty Over Going Concern N E W Z E A L A N D FIVE STAR: Liquidators Examine Pre-Collapse Sales of Four Salons S I N G A P O R E AC RENEWABLE: Creditors' Meetings Set for Aug. 13 ASPARI PTE: Court Enters Wind-Up Order CONVERSANT PTE: Commences Wind-Up Proceedings FB INDUSTRIES: Creditors' Proofs of Debt Due on Aug. 28 GLOBAL-TEC CONSULTANTS: Court Enters Wind-Up Order HIN LEONG: WongPartnership Wins Appeal to Strike Out US$2.6BB Claim HIREF INTERNATIONAL: Creditors' Proofs of Debt Due on Aug. 28 NANYANG OPTICAL: Invites Bids for Optical Inventory in Shenzhen - - - - - ================= A U S T R A L I A ================= ABC WAREHOUSE: First Creditors' Meeting Set for Aug. 13 ------------------------------------------------------- A first meeting of the creditors in the proceedings of ABC Warehouse Pty Ltd will be held on Aug. 13, 2026, at 10:30 a.m. via via Microsoft Teams. Nikhil Khatri of Worrells was appointed as administrator of the company on July 31, 2026. AESTHETIK GROUP: First Creditors' Meeting Set for Aug. 10 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Aesthetik Group Pty Ltd will be held on Aug. 10, 2026, at 12:00 p.m. via online video conference. Rachel Burdett and Daniel P Juratowitch of Cor Cordis were appointed as administrators of the company on July 30, 2026. BARBEQUES GALORE: Acom International Acquires Retailer, Names CEO ----------------------------------------------------------------- Harry Booth at Inside Retail reports that Melbourne-based wholesaler Acom International has emerged as the buyer of Barbeques Galore, the largest outdoor furniture retailer in the country, which collapsed earlier this year. Inside Retail relates that Acom's acquisition includes a series of brands, including Ziegler & Brown, Ziggy, Turbo, Beefmaster, and Firehawk. The deal will see the closure of all company-owned stores, with independently-owned stores allowed to operate under licence. Some 500 jobs were put at risk when Barbeques Galore collapsed; it is unclear how many of those jobs will be saved under the new operating model. The fate of these jobs was dealt an additional blow in early June when a restructuring plan led by investment firm Gordon Brothers was rejected by creditors. According to Inside Retail, longstanding Barbeques Galore executive Mike Ainsworth has been named the new CEO. Acom said he will be joined by an experienced leadership team from the wholesaler's own operation. "Our ambition is simple: To bring Barbeques Galore and some of Australia's most loved barbecue and wood-heating brands within reach of more Australians," Inside Retail quotes Mr. Ainsworth as saying. "We will do that by supporting our independent Barbeques Galore stores, expanding distribution through wholesale customers and other retailers, growing our export markets, and maintaining a strong national online presence." The new era of Barbeques Galore will centre around a "renewed" online business and wholesale model. Acom said it wants to increase the reach of all the acquired brands while expanding into other retailers and growing exports, Inside Retail relays. "This is about building a simpler, more connected business that allows customers to access these brands through a local independent store, another trusted retail partner or online," Mr. Ainsworth added. "The strength of Acom gives the portfolio the stability and platform it needs for its next chapter. We can protect nearly 50 years of heritage while building a business designed to grow these brands and support customers, stores, retailers and suppliers for the long term." About Barbeques Galore Barbeques Galore is considered to be Australia's largest barbecue and outdoor furniture retailer. It specialises in barbecues, heaters and other related products, and stocks brands including Ziegler and Brown, Kamado Joe, Prosmoke, Traeger, Beefeater and Saxon. On Feb. 12, 2026, Philip Campbell Wilson, Lisa Gibb and Matthew James Byrnes of Grant Thornton Australia Limited were appointed as administrators of: - Barbeques Galore Pty Limited; - Barbeques Galore (Aust) Pty Limited; - Barbeques Galore Services Pty Limited; - Bosmana Pty. Limited; - Cook-On Gas Products (Australia) Pty Ltd; - Cougar Leisure Products Pty Limited; - Douglas Manufacturing Pty Ltd; - G.L.G. Australia Pty Limited; - Galore Group Nominees Pty. Limited; - Galore Pty Limited; - Park-Tec Engineering Pty Ltd; - Pricotech Leisure Brands Pty Limited; - Redgun Pty Ltd; - The Galore Group (International) Pty Limited; and - Vilbrent Pty Ltd. CONGO BRANDS: Second Creditors' Meeting Set for Aug. 11 ------------------------------------------------------- A second meeting of creditors in the proceedings of Congo Brands Australia Pty Ltd has been set for Aug. 11, 2026, at 11:00 a.m. via online video conference using Microsoft Teams. 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. 10, 2026 at 5:00 p.m. Alice Fay Ruhe of The Ruhe Group was appointed as administrator of the company on July 7, 2026. DACADOO APAC: First Creditors' Meeting Set for Aug. 11 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Dacadoo Apac Pty Ltd will be held on Aug. 11, 2026, at 9:00 a.m. via Zoom video conferencing only. Shabnam Amirbeaggi of Crouch Amirbeaggi was appointed as administrator of the company on July 31, 2026. HEALTHSCOPE: Not-For-Profit Plan Delays Lender Payout for Two Year ------------------------------------------------------------------ Michael Smith at The Australian Financial Review reports that lenders to Australia's second-largest hospital group who are owed more than AUD1.6 billion would have to wait two years to be paid under a proposal from Healthscope management to turn the company into a not-for-profit entity. High-profile director and businesswoman Helen Nugent, who is advising Healthscope, was expected to meet Monday, Aug. 3 with members of a consortium of the hospital group's landlords, who have put a rival offer to lenders. The Financial Review relates that Ms. Nugent is expected to meet with Sid Sharma, the executive in charge of David Di Pilla's real estate business at HMC Capital, which owns 11 of the operator's hospitals. If the meeting goes ahead, it would be the first high-level exchange between the two parties that have been at odds for more than a year. Relations between Healthscope and HMC have been volatile since they fell out over rental payments when global alternative investment manager Brookfield still owned the business, until it was put into receivership in 2025. HMC claims it has still not been formally briefed on the proposal to turn the operator into a not-for-profit entity. HMC Capital is part of a consortium led by Catholic hospital group Calvary that has made a non-binding offer for Healthscope. According to the Financial Review, receivers McGrathNicol wrote to the consortium's advisers Jefferies Australia on July 31 setting out a timetable to make a binding bid by August 13. A big difference between the two competing bids is that lenders will have to wait two years to get a return on their investment under the not-for-profit plan, whereas the consortium said its offer puts cash on the table immediately, the Financial Review relays. However, the lenders are being advised that the trade-off is that the returns they will receive under the not-for-profit plan in the longer term will be materially higher than what the consortium is currently offering. Canada's Northwest Healthcare Properties, which owns 12 Healthscope hospitals, is also part of the consortium. Both property groups do not support the not–for–profit plan, which they argue is not viable and will lead to closures. The Financial Review says Mr. Nugent is also expected to seek a meeting with Northwest this week. While the landlords are confident their bid will succeed, McGrathNicol and lenders are still seriously considering the not-for-profit proposal, the Financial Review states. Mr. Nugent presented details of that revamped plan, known as PurposeCo, to lenders last week in what one source close to the transaction described as "credible and compelling". The Financial Review says the role of the HMC and Northwest in the 13-month-long battle to secure Healthscope's future is critical because they own the majority of the 27 hospitals in the network that have not been sold. The consortium offer lodged last week is non-binding. McGrathNicol, which is pressuring the consortium to increase its offer, has expressed concerns about execution risk and financing. "Stakeholders are frustrated the consortium hasn't come to the table with a binding offer. Their proposal is attractive conceptually, but value and executability have not yet been demonstrated," the Financial Review quotes one source close to the transaction, who requested anonymity because the discussions were confidential, as saying. "Once landlords hear the PurposeCo detail from Helen we expect they'll recognise it's as least as good as the consortium for them both economically and from an execution standpoint." However, sources close to the landlords said the consortium bid was the only viable solution, and they would not be supporting the management-backed plan, the Financial Review relays. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. HOTEL BANC: Second Creditors' Meeting Set for Aug. 10 ----------------------------------------------------- A second meeting of creditors in the proceedings of Hotel Banc Group Pty Ltd (trading as 'Observatory') has been set for Aug. 10, 2026, at 11:00 a.m. at the offices of Drovers Room at the Old Woolstore Hotel, at 1 Macquarie Street, in Hobart, TAS. 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. 7, 2026 at 4:00 p.m. Adam Johnston of Apex Advisory Australia was appointed as administrator of the company on July 6, 2026. T-CORP GROUP: Ezio Senatore Appointed as Administrator ------------------------------------------------------ Ezio Senatore of Eddie Senatore Advisory on July 31, 2026, was appointed as Administrator of T-Corp Group Pty Ltd. The Administrator may be reached at: Ezio Senatore Eddie Senatore Advisory Unit 2/16 Bougainville St. Griffith, ACT 2603 ========= C H I N A ========= ADDENTAX GROUP: Raises $3.25 Million in Private Share Placement --------------------------------------------------------------- Addentax Group Corp. said in a regulatory filing with the Securities and Exchange Commission that, on July 30, 2026, it entered into separate private placement agreements with Mr. Hong Zhihao, Mr. Hong Zhiwang, and Mr. Yip Wai Lun, collectively, the "Investors", pursuant to which the Company agreed to issue and sell an aggregate of 677,084 shares of its common stock, including: (i) 250,000 shares to Mr. Hong Zhihao, (ii) 218,750 shares to Mr. Hong Zhiwang, and (iii) 208,334 shares to Mr. Yip Wai Lun, at a purchase price of $4.80 per share, for aggregate gross proceeds of approximately $3.25 million. The Company stated that it intends to use the net proceeds from the Private Placement for general corporate purposes, including working capital and potential strategic investments. Mr. Hong Zhihao is the brother of Mr. Hong Zhida, the Company's Chief Executive Officer and Chairman of the Board of Directors. Mr. Hong Zhiwang is a director of the Company and the brother of Mr. Hong Zhida. The subscriptions by Mr. Hong Zhihao and Mr. Hong Zhiwang were reviewed and approved by the Audit Committee of the Board as related party transactions on July 29, 2026. On the same day, the Board approved the Private Placement, including such related party subscriptions. The Private Placement Agreements contain customary representations, warranties and covenants of the Company and the Investors. The closing of the Private Placement is subject to the satisfaction or waiver of customary closing conditions set forth in the Private Placement Agreements. The shares of common stock to be issued pursuant to the Private Placement Agreements are expected to be issued in reliance upon the exemption from the registration requirements of the Securities Act of 1933, as amended provided by Regulation S promulgated thereunder. The shares have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. A full-text copy of the Private Placement Agreements is available at https://tinyurl.com/36ybbx84 About Addentax Group Corp. Addentax Group Corp. -- https://www.addentax.com/ -- is an integrated service provider specializing in garment manufacturing, logistics services, and property management and subleasing. Kuala Lumpur, Malaysia-based HML PLT, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 29, 2026, attached to the Company's Annual Report, citing that the Company has incurred a net loss of approximately $4.47 million during the period, which raises substantial doubt about the its ability to continue as a going concern. As of March 31, 2026, the Company had $29.3 million in total assets, $7.6 million in total liabilities, and $21.7 million in total equity. ORIGIN AGRITECH: Issues US$2.05M Sr. Convertible Note to Investor ----------------------------------------------------------------- Origin Agritech Limited said in a regulatory filing with the Securities and Exchange Commission that, on July 16, 2026, the Board of Directors approved the issuance of a Senior Convertible Promissory Note in the principal amount of RMB 15 million (approximately US$2.05 million) to an individual investor. The Note is dated as of June 30, 2026, with a funding date as of July 16. The proceeds of the Note will be paid to Hainan Aoyu Biotechnology Co., Ltd., the Company's PRC operating affiliate, and will be used for general working capital purposes. The Note bears interest at a rate of 3.98% per annum, calculated on the basis of a 365-day year for the actual number of days elapsed, provided that interest shall accrue and be payable only if and when the Purchaser elects to require repayment of all or part of the principal amount in cash, on conversion or at maturity. The Note matures three years from the date on which the entire principal amount is funded by the Purchaser. At any time from the Final Funding Date until the maturity date, the Purchaser has the right to convert all or any portion of the outstanding principal amount into fully paid and non-assessable ordinary shares of the Company at a conversion price of US$1.50 per share, subject to customary anti-dilution adjustments. After the first anniversary of the Final Funding Date, the Purchaser may, at its sole discretion, require the Company to repay all or any portion of the outstanding principal amount in cash, together with accrued interest, by delivering a written notice to the Company, and the Company shall make such repayment within thirty business days. The Company may prepay all or any part of the outstanding principal amount at any time without penalty, subject to the prior written consent of the holders of a majority of the aggregate outstanding principal amount. The Note is unsecured. The shares of Common Stock issuable upon conversion of the Note will be subject to a lock-up period of six months from the date of issuance, during which such shares may not be sold, transferred, pledged or otherwise disposed of, except with the prior written consent of the Company or as otherwise permitted by applicable securities laws. The issuance of the Note and the shares of Common Stock issuable upon conversion thereof were made as a private placement pursuant to an exemption from registration under the Securities Act of 1933, as amended, and the Note and such shares are restricted securities. A full-text copy of the Senior Convertible Promissory Note is available at https://tinyurl.com/9j2h7zmm As of the date, July 31, 2026, there are 12,143,526 ordinary shares issued and outstanding, excluding shares that may be issued pursuant to outstanding options, warrants and other convertible securities. About Origin Agritech Headquartered in Beijing, China, Origin Agritech Limited, along with its subsidiaries, is focused on agricultural biotechnology, operating in the PRC. The Company's seed research and development activities specialize in crop seed breeding and genetic improvement. Origin believes that it has built a solid capacity for seed breeding technologies, including marker-assisted breeding and doubled haploids technologies, which it believes, along with its rich germplasm resources, will allow it to become a significant seed technology company in China. Singapore-based Enrome LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Jan. 30, 2026, citing that the Company has negative operating cashflow of RMB 22.9 million in the year ended Sept. 30, 2025, net loss of RMB 58.0 million in the year ended Sept. 30, 2025, net current liabilities of RMB83.3 million as of Sept. 30, 2025, accumulated deficit of RMB634.2 million as of Sept. 30, 2025 and shareholders' deficit of RMB 615.2 million as of Sept. 30, 2025 that raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company's total assets were RMB92.6 million and total liabilities were RMB168.1 million. ZW DATA: Increases Authorized Common Stock to 200 Million Shares ---------------------------------------------------------------- ZW Data Action Technologies, Inc. said in a regulatory filing with the Securities and Exchange Commission that an amendment to its Articles of Incorporation increasing the number of authorized shares of the Company's common stock has become effective. As previously disclosed in the Company's Current Report on Form 8-K filed on July 22, 2026, the amendment was approved by stockholders at the Company's Annual Meeting of Stockholders held on July 22, 2026. The amendment increases the number of authorized shares of the Company's common stock, par value $0.001 per share, from 12.5 million shares to 200 million shares. The amendment became effective upon its filing with, and acceptance for record by, the Nevada Secretary of State on July 24, 2026. A copy of the Amendment to the Company's Articles of Incorporation effecting the increase in authorized common stock is available at https://tinyurl.com/4japfdmz About ZW Data Action Technologies Beijing, China-based ZW Data Action Technologies Inc., established in 2003, is an ecological enterprise that provides digital services to sales and marketing channels through blockchain, big data, and precision marketing. ZW Data Action is committed to empowering SMEs to achieve more efficient and accurate operations and management, resulting in additional value for clients. Hong Kong, China-based ARK Pro CPA & Co, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that the Company has accumulated deficit from recurring net losses and significant net operating cash outflow for the year ended Dec. 31, 2025. All these factors raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had US$9.46 million in total assets, US$5.09 million in total liabilities, and US$4.37 million in total stockholders' equity. ========= I N D I A ========= A B ROLLING: CRISIL Moves D Debt Ratings to Not Cooperating ----------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of A B Rolling Mills Private Limited (ABRMPL) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.63 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 33.50 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Overdraft Facility 3.50 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Overdraft Facility 20 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Fund- 1.55 Crisil D (ISSUER NOT Based Bank Limits COOPERATING; Rating Migrated) Proposed Fund- 0.39 Crisil D (ISSUER NOT Based Bank Limits COOPERATING; Rating Migrated) Term Loan 4.97 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 3.48 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 1.26 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 0.72 Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with ABRMPL for obtaining information through letter and email dated July 7, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ABRMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABRMPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of ABRMPL to 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2007, ABRMPL manufactures steel utensils, hot-rolled stainless steel (SS, grade 202/203) strips and cold-rolled SS strips (known as patta/patti in local language, used for manufacturing utensils). Its unit, in Umargaon, Gujarat, has an installed capacity of 900 tonne per month (tpm). Mr Navin Chunilal Gala and Mr Liladhar Devraj Gosar are the promoters. ARUNACHALA & CO: CRISIL Cuts Rating on INR6.6cr LT Loan to D ------------------------------------------------------------ Crisil Ratings has downgraded the rating of Arunachala & Co (AC) to 'Crisil D Issuer Not Cooperating from 'Crisil B/Stable Issuer Not Cooperating due to delays in servicing debt obligation. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.4 Crisil D (ISSUER NOT COOPERATING; Downgraded from Crisil B/Stable ISSUER NOT COOPERATING) Proposed Long Term 6.6 Crisil D (ISSUER NOT Bank Loan Facility COOPERATING; Downgraded from Crisil B/Stable ISSUER NOT COOPERATING) Working Capital Loan 3 Crisil D (ISSUER NOT COOPERATING; Downgraded from Crisil B/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with AC for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AC is consistent with 'Assessing Information Adequacy Risk' Based on the last available information, Crisil Ratings has downgraded the rating to 'Crisil D Issuer Not Cooperating from 'Crisil B/Stable Issuer Not Cooperating due to delays in servicing debt obligation. Set up in 2000, AC is engaged in rice trading. DEMECH CHEMICAL: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Demech Chemical Products Private Limited (DCPPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.9 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DCPPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of DCPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DCPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DCPPL continues to be 'Crisil B/Stable Issuer not cooperating'. Set up by Mr Kashinath Rajaram Natu in Pune in 1993, DCPPL manufactures epoxy-based chemical products and adhesives that are used to prevent erosion and corrosion of equipment, pipelines, structures, and floorings. Operations are managed by the company's directors: Ms Jyoti Bhide, Ms Prabha Natu, Ms Mamta Sayed, and Mr Satish Samant. E K ELECTRONICS: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of E K Electronics Private Limited (EKEPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 9 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with EKEPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of EKEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EKEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EKEPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 20110, EKEPL manufactures wiring harness for refrigerators. The Pune-based company has been promoted by Mr Sachin Patil, Ms Jayashree Bendre and Mr Somnath Bendre. FUTURE CONSUMER: First Creditors' Meeting Scheduled for Aug. 6 -------------------------------------------------------------- TipRanks reports that Future Consumer Limited has announced that the first meeting of its Committee of Creditors will be held on Aug. 6, 2026 at 4:00 P.M., under the oversight of the Interim Resolution Professional. The session, convened in line with SEBI's listing and disclosure regulations, marks a formal step in the ongoing corporate insolvency resolution process. According to TipRanks, this meeting is expected to shape the future course of the company's restructuring, with creditor deliberations likely to influence operational continuity, potential revival options, and recovery prospects for lenders and other stakeholders. The disclosure underscores the regulated nature of the process and signals that formal negotiations on the company's financial resolution are now advancing. Future Consumer Limited is part of the Future Group and operates as a food company. The company's line of business include branding, marketing, sourcing, manufacturing, and distribution of basic foods, ready-to-eat meals, snacks, beverages, dairy, personal hygiene, and home care products of private label brands of the Future Group (such as Premium Harvest, Golden Harvest, Ektaa, Clean mate, Caremate, Tasty Treat, Fresh & Pure, and Voom among others and other brands including Sunkist and Sach), primarily through Future group formats and outlets in urban and rural areas across India. The company has been undergoing insolvency resolution proceedings, with Aegis Resolution Services Private Limited appointed as the Interim Resolution Professional to oversee creditor negotiations and restructuring efforts. HERITAGE DISTILIARIES: CRISIL Keeps B Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating for the bank facilities of Heritage Distiliaries Private Limited (HDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 14 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with HDPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HDPL continues to be 'Crisil B/Stable Issuer not cooperating'. HDPL was incorporated in 1999 by Mr. Kartick Swain and his family. It owns a manufacturing facility with area of 1.3 acres and capacity of 0.12 million cases per month, which it has leased to United Spirits Ltd (USL) for manufacturing Indian-made foreign liquor. The lease is for 5 years and is renewable for 5 years. HDPL plans capital expenditure for expanding its facility, which will also be leased to USL. HIGH RANGE: CRISIL Keeps B Debt Ratings in Not Cooperating Category ------------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of High Range Coffee Curring Private Limited (HRCCPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.25 Crisil B/Stable (Issuer Not Cooperating) Cash Credit 2 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 1.45 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HRCCPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HRCCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HRCCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HRCCPL continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2004, HRCCPL processes and trades in coffee beans. The company, promoted by Mr K H Muhammed Sali, is based in Madikeri, Karnataka. HIMALAYAN THEATRES: CRISIL Keeps B- Rating in Not Cooperating ------------------------------------------------------------- CRISIL said the rating for the bank facilities of Himalayan Theatres Private Limited (HTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 5.9 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with HTPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HTPL, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of HTPL continues to be 'Crisil B-/Stable Issuer not cooperating'. The company is constructing a 44-room hotel in Darjeeling named Himalayan Gems and Jews. The project commenced in fiscal 2014 and is expected to be completed by May 2018'on account of strikes in Darjeeling, the project got delayed by a year. Day-to-day operations are managed by Mr Dinanath Gupta and Mr Ashok Gupta. HIMATSINGKA AUTO: CRISIL Withdraws B- Rating on INR6cr Loan ----------------------------------------------------------- Crisil Ratings has withdrawn its rating on the bank facilities of Himatsingka Automobiles Private Limited (HAPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil B-/Stable/Issuer Not Cooperating (Withdrawn) Proposed Working 0.5 Crisil B-/Stable/Issuer Not Capital Facility Cooperating (Withdrawn) Rupee Term Loan 4 Crisil B-/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with HAPL for obtaining information through letter and email dated July 1, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the rating on bank facilities of HAPL to 'Crisil B-/Stable Issuer not cooperating'. Patna-based HAPL was set up in December 2007 by Mr Mohan Himatsingka. It used to deal in commercial vehicles of TML in Bihar and Jharkhand. The company has haulted its operations of dealerships and is now only in assembly of trailers in Jharkhand. JCO GAS: CRISIL Keeps B Debt Rating in Not Cooperating Category --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of JCO Gas Pipe Limited (JCO) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 15 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with JCO for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JCO, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JCO is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JCO continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2006, JCO is a New Delhi based company promoted by D.P Jindal Group and Chokhani Group. The company manufactures Seamless and ERW pipes with its plant located near Nagpur. KARNATAKA TURNED: CRISIL Reaffirms B+ Rating on INR5.5cr Loan ------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facilities of Karnataka Turned Components Private Limited (KTC). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 5.5 Crisil B+/Stable (Reaffirmed) Proposed Long Term 4.5 Crisil B+/Stable (Reaffirmed) Bank Loan Facility Term Loan 3 Crisil B+/Stable (Reaffirmed) The rating continues to reflect KTC's modest scale of operations and susceptibility of its operating margin to fluctuations in key input costs. These weaknesses are partially offset by the experience of the company's promoters in the automotive components industry and its moderate financial risk profile. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of KTC. Key rating drivers - Weaknesses * Modest scale of operations: The company's scale of operations remains modest, as reflected in revenue of INR33.95 crore in fiscal 2026, thus limiting bargaining power against customers and suppliers. * Susceptibility of operating margin to fluctuations in key input costs: The company's operating margin has been volatile, ranging from 5% to 9% in the four years through fiscal 2026, largely on account of fluctuations in key input costs. The ability of the company to demonstrate sustainable profitability is a key rating sensitivity factor. Key rating drivers - Strengths * Extensive experience of the promoters: The six-decade-long experience of the Kumar family shall contribute to the company's growth, and the healthy relationships with key stakeholders will continue to support the business risk profile. * Moderate financial risk profile: The financial risk profile remains supported by moderate gearing and comfortable debt protection metrics. The gearing was 1.07 times as on March 31, 2026, supported by improving accretion to reserve. The debt protection metrics are reflected in interest coverage and net cash accrual to total debt ratio of 3.79 times and 0.23 time, respectively, for fiscal 2026. Liquidity Stretched Bank limit utilisation was high at 96% on average in the 12 months through June 2026. Annual cash accrual is expected over INR2 crore against yearly term debt obligation of INR30–40 lakh over the medium term. The current ratio was moderate, estimated at 1.11 times as on March 31, 2026. Outlook Stable Crisil Ratings believes KTC will continue to benefit from the extensive experience of its promoters and established customer relationships. Rating sensitivity factors Upward factors: * Revenue above INR45 crore over the medium term and improvement in operating margin to over 10% * Efficient working capital management leading to improvement in the financial risk profile Downward factors: * Steep decline in revenue or profitability, leading to cash accrual less than INR1 crore * Stretch in the working capital cycle, sizeable addition to debt or withdrawal of unsecured loans, weakening the liquidity profile KTC was set up in 1960 by Raj Kumar and his family. The Bengaluru-based company manufactures precision engineering components for the automotive industry. KARUNAMAYE BEVERAGES: CRISIL Keeps B- Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Sri Karunamaye Beverages Private Limited (SKBPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 2 Crisil B-/Stable (Issuer Not Cooperating) Proposed Long Term 5 Crisil B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SKBPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SKBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKBPL continues to be 'Crisil B-/Stable Issuer not cooperating'. SKBPL was set up in 2013 by Mr Manas Chakraborty. The company manufactures polyethylene terephthalate (PET) bottles and polypropylene (PP) caps. It started commercial operations in July 2017. The company is currently setting up a facility for manufacturing packaged drinking water, soda, and soft drinks under own brands. MANORAMA RUPAMATA: CRISIL Moves B- Ratings to Not Cooperating ------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Manorama Rupamata Natural Sugar Private Limited (MRNSPL) to 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 Crisil B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 33 Crisil B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with MRNSPL for obtaining information through letter and email dated July 13, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MRNSPL, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MRNSPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of MRNSPL to 'Crisil B-/Stable Issuer not cooperating'. MRNSPL, incorporated in 2020, manufactures sugar at its plant in Solapur, Maharashtra, with installed capacity of 1,250 tonne crushing per day. Mr Patwari Sanjay Dinkarrao and Mr Gund Vyankat Vishwanath own and manage the business. ORRA PRINTPACK: CRISIL Lowers Rating on INR7.25cr Term Loan to B ---------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Orra Printpack LLP (OPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Term Loan 7.25 Crisil B/Stable (ISSUER NOT COOPERATING; Migrated from 'Crisil B+/Stable') Crisil Ratings has been consistently following up with OPL for obtaining information through letter and email dated July 16, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of OPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on OPL is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of OPL to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. Set up in August 2018 as a partnership firm by Mr Bipin Vadsola, Mr Sharad Vadsola and Mr Kaushik Vachhani, OPL manufactures corrugated boxes. PENINSULA VACATIONS: CRISIL Keeps B Rating in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Peninsula Vacations Private Limited (PVPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- .01 CRISIL B/Stable (Issuer not Based Bank Not Cooperating) Limits Crisil Ratings has been consistently following up with PVPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PVPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PVPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in September 2017, by Mr Vaibhavkumar Jyani and Mr Jignesh Vyas, PVPL proposes to undertake online travel bookings of flights, domestic and international hotels, multi-city car rental, sightseeing of the world and international airport transfers. Lataar.com is an ISO certified company and LATAAR is a trademark. PRANAV ORGANICS: CRISIL Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Pranav Organics (PO) continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 5 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PO for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PO, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PO is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PO continues to be 'Crisil B-/Stable Issuer not cooperating'. PO is a Hindu undivided family managed by Kartha, Mr Santosh Siddiram Kolawar; the firm started operations from fiscal 2017. The Hyderabad based firm undertakes wholesale trading of soybean, maize, rice bran and ground nut de-oiled cake to customers in the poultry and fishing industries across Andhra Pradesh. R.K. COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R.K. Cotton & Ginning Industries (RKC) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B/Stable (Issuer Not Cooperating) Proposed Cash 1 CRISIL B/Stable (Issuer Not Credit Limit Cooperating) Proposed Long Term 1.95 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.05 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RKC for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RKC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RKC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RKC continues to be 'Crisil B/Stable Issuer not cooperating'. RKC was set up in 2012 as a partnership firm by Mr K Ramesh and Mr K Anantharamulu. The firm gins and presses cotton at its unit in Karimnagar, Telangana. Firm's manufacturing facility has 36 medium-sized ginning machines with total capacity of 53 tonne per day. RADHESHYAM COTTEX: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Radheshyam Cottex - Rajkot (RCR) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 Crisil B/Stable (Issuer Not Cooperating) Proposed Fund- 3.93 Crisil B/Stable (Issuer Not Based Bank Limits Cooperating) Term Loan 1.38 Crisil B/Stable (Issuer Not Cooperating) Working Capital 1.98 Crisil B/Stable (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with RCR for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RCR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RCR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RCR continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2010 as a partnership firm by Mr Ashok Chanv, Mr Dhaval Chanv and Mr Vishnuprasad Chanv, RCR is engaged in cotton ginning and pressing of cotton bales. The firm has capacity of 129,600 cotton bales per annum. RAGAM METAL: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ragam Metal Products Private Limited (RMPPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Working 8.75 CRISIL B/Stable (Issuer Not Capital Facility Cooperating) Term Loan 1.25 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RMPPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RMPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RMPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RMPPL continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 1988, RMPPL manufactures sheet metal components. The company is promoted by Mr.C.Rammohan and Mrs.Beena Rammohan. RAI INFRASTRUCTURE: CRISIL Withdraws B Rating on INR23cr Loan ------------------------------------------------------------- Crisil Ratings has withdrawn its rating on the bank facilities of Rai Infrastructure (RI) on the request of the firm and after receiving no objection certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 23 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Fund- 6 Crisil B/Stable/Issuer Not Based Bank Limits Cooperating (Withdrawn) Term Loan 1 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with RI for obtaining information through letters and emails dated July 1, 2026 and July 13, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RI. This restricts Crisil Ratings' ability to take a forward looking view on the credit quality of the entity. Crisil Ratings believes that rating action on RI is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on the bank facilities of RI to 'Crisil B/Stable Issuer Not Cooperating' from 'Crisil BB/Stable'. Established in 2010 as a proprietorship firm by Mr Ramlal Rai, the firm is engaged in the business of sorting and grading of various pulses such as Urad daal, Moong daal and Channa daal. The firm has its processing unit based in Kareli, Madhya Pradesh. RAJESH STEEL: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Rajesh Steel and Wire Industries (RSWI; a part of the Bajoria group) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RSWI for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RSWI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RSWI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RSWI continues to be 'Crisil B/Stable Issuer not cooperating'. About the Group RSWI was set up in 1987, as a partnership firm, between Mr Rajesh Bajoria and Mr Suresh Bajoria. The partnership was later transferred to Mr Rajesh Bajoria and his wife, Ms Jyoti Bajoria. The firm trades in mild steel products, mainly thermo-mechanically treated (TMT). The firm has recently started trading of e-rickshaws. SSSC is a proprietorship concern set up in 1991, by Mr. Suresh Bajoria. The firm trades in TMT bars, ingots, fillets, and sponge iron. The firm operates from Nagpur, Maharashtra. RAPID TRANSPAY: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rapid Transpay Private Limited (RTPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 7 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RTPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RTPL, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RTPL continues to be 'Crisil B/Stable Issuer not cooperating'. RTPL, based in Delhi, was incorporated in March 2010, promoted by Mr Vivek Anand and Mr Sumanth Koorapati. The company provides information technology services, consultation, and business solutions primarily in the ambit of modernisation of urban transport by means of innovative technological solutions. The company possesses extensive expertise in providing technology-enabled payment solutions to a host of industries. RISHI SPICES: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Rishi Spices (RS) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 7.8 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Warehouse Financing 4.2 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RS for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RS continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2016, Warangal based RS trades in spices such as chilli powder, millets and turmeric. RS is owned and managed by Mr Kambampati Sridhar. ROCKWELL MINERALS: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Rockwell Minerals and Metals Private Limited (RMAMPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RMAMPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RMAMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RMAMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RMAMPL continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2010, RMAMPL is into trading of Mill scale and iron ore etc. The company is procuring these from domestic manufacturers and is selling the same to other traders in Maharashtra. ROYAL CONSTRUCTION: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Royal Construction - Jamnagar (RC) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RC for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RC continues to be 'Crisil B/Stable Issuer not cooperating'. Formed in 1995 by Mr Mr Manikandan Kunhunni Nair, RC is into construction and infrastructure related activities (mainly road works, earthen embankment and other allied construction activities). ROYAL SHELTER: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Royal Shelter (RS) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Long Term Loan 6 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 8 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 10 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with RS for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RS continues to be 'Crisil B/Stable Issuer not cooperating'. RS, set up in 2008 and based in Trichy, is a real estate developer. The day-to-day operations of the firm are managed by Mr. Ravichandran who is also the promoter. RVS RAW: CRISIL Keeps B Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of RVS Raw And Boiled Rice Mill (RVSRM) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.95 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 3.05 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with RVSRM for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RVSRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RVSRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RVSRM continues to be 'Crisil B/Stable Issuer not cooperating'. RVSRM was establish in 1985, it is located in Nellore, Andhra Pradesh RVSRM is owned and managed by Mr. Raja Hazarathaiah. RVSRM is engaged in processing of rice and sells mainly to wholesalers and brokers. SATHI AGRICULTURAL: CRISIL Keeps B- Rating in Not Cooperating ------------------------------------------------------------- CRISIL said the rating on bank facilities of Sathi Agricultural Multi Himghar Private Limited (SAMHPL) continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 7 CRISIL B-/Stable (ISSUER NOT Based Bank Limits COOPERATING) Crisil Ratings has been consistently following up with SAMHPL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SAMHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAMHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAMHPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 2013 and promoted by Mr Sekh Golam Hossain, Ms Aspia Begam, Mr Angshuman Dawn, and Mr Sekh Mahammad Ali Hossain, SAMHPL operates a potato cold storage unit at Purba Bardhaman district of West Bengal. The unit has capacity of 50,000 quintal per annum. SGRD HEALTHCARE: CRISIL Lowers Rating on INR15.4cr Term Loan to B ----------------------------------------------------------------- Crisil Ratings has revised the rating on bank facilities of SGRD Healthcare Private Limited (SGRD) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 15.4 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with SGRD for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SGRD, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGRD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGRD revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. SGRD was incorporated in 2011, by promoters, Mr Amarjit Singh Sabharwal and his brother, Mr Tejinder Singh Sabharwal. The company has set up a 130-bedded multi-specialty hospital at Amritsar. Work commenced in April 2012 and operations have started from August 2015. SGRD has entered into an agreement with IVY Health & Life Sciences Pvt Ltd (IVY), to manage the entire operations of the hospital for a period of 10 years. TV VISION: NCLT Admits Insolvency Plea, IRP Appointed ----------------------------------------------------- Storyboard18 reports that the National Company Law Tribunal (NCLT) has admitted Punjab National Bank's insolvency petition against television broadcaster TV Vision Ltd over an alleged default of INR294.65 crore, initiating the corporate insolvency resolution process (CIRP) against the company. In a regulatory filing on July 31, TV Vision said the Mumbai bench of the NCLT had admitted the lender's application under Section 7 of the Insolvency and Bankruptcy Code (IBC) and ordered the commencement of insolvency proceedings against the company, Storyboard18 relates. The filing follows the tribunal's oral pronouncement on July 30 and the subsequent upload of the detailed order on the NCLT website. The tribunal has appointed Alok Kumar Murarka as the interim resolution professional (IRP) to oversee the insolvency proceedings and manage the company's affairs as a going concern, Storyboard18 discloses. With the commencement of the CIRP, the powers of TV Vision's board of directors stand suspended and will now be exercised by the IRP. According to Storyboard18, Punjab National Bank had approached the NCLT in February this year, seeking insolvency proceedings against the broadcaster for an alleged financial debt of INR294.65 crore. According to the tribunal's order, the bank had sanctioned two term loans of INR50 crore each in May and July 2016, aggregating to INR100 crore. Storyboard18 relates that the lender said TV Vision's loan account was classified as a non-performing asset (NPA) on March 31, 2018, following repayment defaults. Punjab National Bank subsequently initiated proceedings under the SARFAESI Act and issued a demand notice to the company, its directors and guarantors in June 2018. Storyboard18 says the NCLT noted that TV Vision had submitted multiple one-time settlement (OTS) proposals between 2020 and 2025 in an attempt to resolve the dues. The broadcaster's latest proposal, submitted in July 2025, offered a settlement of INR167 crore covering eight group accounts, but was rejected by the bank in November 2025. In its submission before the tribunal, TV Vision acknowledged its inability to repay the loans on time and attributed its financial difficulties to changing consumption patterns in the media industry, including the rapid growth of over-the-top (OTT) platforms and music-streaming applications that affected traditional television viewership, Storyboard18 relates. The company also told the tribunal that it had no objection to the admission of the insolvency proceedings, although it had initially objected to the appointment of the resolution professional proposed by the lender. The bank later proposed Murarka's name, which was accepted by the tribunal. As part of the insolvency proceedings, the NCLT has imposed a moratorium under Section 14 of the IBC, prohibiting the institution or continuation of legal proceedings against the company, the transfer or disposal of its assets and the enforcement of any judgments or decrees during the resolution process. Storyboard18 adds that TV Vision said the insolvency process commenced with effect from July 30 and that the interim resolution professional would undertake further actions in accordance with the Insolvency and Bankruptcy Code and applicable regulations. About TV Vision TV Vision Ltd (TVL) is engaged in the business of broadcasting. The company has channels like Mastiii, Dabangg, Maiboli, Dhamaal and Dillagi. Mastiii is music channel for pan India. Dabangg and Dhamaal are R-GECs catering to the Hindi speaking belt of Bihar, Uttar Pradesh and Jharkhand and Gujarat respectively. Maiboli is a regional Marathi channel for Maharashtra while Dillagi is a dedicated TV channel for small towns and villages of India. At present, the group operates in two major segments i.e. (i ) content production and distribution/syndication and (ii) broadcasting. VISHWANATH SPINNERZ: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vishwanath Spinnerz India Limited (VSIL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) Cash Credit 12.5 CRISIL D (Issuer Not Cooperating) Funded Interest 6.21 CRISIL D (Issuer Not Term Loan Cooperating) Long Term Loan 10 CRISIL D (Issuer Not Cooperating) Long Term Loan 18.38 CRISIL D (Issuer Not Cooperating) Long Term Loan 21.41 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VSIL for obtaining information through letter and email dated June 29, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of VSIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VSIL continues to be 'Crisil D Issuer not cooperating'. Established in 2010, VSIL manufactures cotton yarn. Promoted by Mr Sridhar Reddy and his family, the company's spinning mill is at Pedavuru in Nalgonda, Telangana. =============== M A L A Y S I A =============== ONE GLOVE: Auditor Flags Material Uncertainty Over Going Concern ---------------------------------------------------------------- The Star reports that One Glove Group Bhd's external auditor has issued an unqualified audit opinion with a material uncertainty related to the group's ability to continue as a going concern for the financial year ended March 31, 2026. In a filing with Bursa Malaysia, the glove manufacturer said its external auditor, Messrs Deloitte Malaysia PLT, highlighted that the group incurred a net loss of MYR39.1 million during the financial year ended March 31, 2026 (FY26), while the company posted a net loss of MYR131 million, The Star relates. The Star says the group also recorded net operating cash outflows of MYR12.3 million and ended the financial year with net current liabilities of MYR23.9 million. "The group continues to operate in a challenging operating environment. The glove manufacturing activity faces persistent global oversupply, subdued selling prices, and rising production costs," Deloitte said. According to The Star, the auditor said the group's ability to continue as a going concern depends on the successful implementation of its financial and operational restructuring plans, including the disposal of all or part of land owned by an indirect associate, or the disposal of the associate itself. It also depends on continued financial support from substantial shareholder ADA Capital Investments Ltd. Despite the material uncertainty, Deloitte's audit opinion was not modified, The Star notes. Separately, the auditor identified two key audit matters involving impairment assessments. At the group level, One Glove recognised an impairment loss of MYR5.63 million on plant and machinery, including capital work-in-progress, following operating losses at subsidiary Onetexx Sdn Bhd. At the company level, it recognised an impairment loss of MYR128.67 million on its investment in Onetexx. To address the going concern uncertainty, One Glove said its 38%-owned associate, One Glove Venture Sdn Bhd, is pursuing the disposal of all or part of about 322 acres of land valued at approximately MYR520 million, or an indirect disposal through the sale of the landholding company, according to The Star. The proceeds attributable to One Glove are intended to support Onetexx's operations and repay borrowings. The Star relates that the group also said it has secured a repayment moratorium from a lender after the financial year-end and will continue discussions with lenders to obtain further repayment relief. The company expects to complete the proposed measures by March 31, 2027, barring unforeseen circumstances, The Star adds. About One Glove One Glove Group Berhad, an investment holding company, manufactures, markets, and sells examination gloves and other related activities in Malaysia, Japan, Germany, the United States, India, and internationally. The company offers powder-free nitrile butadiene rubber medical examination and industrial gloves. It also sells fresh fruit bunches. ===================== N E W Z E A L A N D ===================== FIVE STAR: Liquidators Examine Pre-Collapse Sales of Four Salons ---------------------------------------------------------------- BusinessDesk reports that Five Star Nails salon, a collapsed Auckland nail salon chain, is under investigation after four businesses were sold shortly before being liquidated, owing NZD1.34 million. All four companies were placed into liquidation at the High Court in Auckland on June 18, on an application by Inland Revenue (IRD) over unpaid tax. The four businesses across Auckland owed a combined NZD1.34 million, BusinessDesk discloses citing the first liquidators' reports by the official assignee. The reports highlighted two overdrawn shareholder accounts and more than NZD100,000 in finance on cars, BusinessDesk relays. ================= S I N G A P O R E ================= AC RENEWABLE: Creditors' Meetings Set for Aug. 13 ------------------------------------------------- AC Renewable Resources Pte. Ltd. will hold a meeting for its creditors on Aug. 13, 2026, at 2:00 p.m. via electronic means. Agenda of the meeting includes: a. providing an update on the status of the liquidation; b. appointing a committee of inspection, if thought fit; and c. any other business. The liquidator may be reached at: James Alexio c/o Kroll Pte. Limited 1 Raffles Place #29-01, One Raffles Place Tower 1 Singapore 048616 ASPARI PTE: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on July 17, 2026, to wind up the operations of Aspari Pte. Ltd. Toh Ghim (Zhuo Jin) filed the petition against the company. The company's liquidators are: Ho Chjuen Meng David Donald Goh Geok Lin c/o Avery Corporate Advisory Pte Ltd 9 Raffles Place #08-04 Republic Plaza Singapore 048619 CONVERSANT PTE: Commences Wind-Up Proceedings --------------------------------------------- Members of Conversant Pte. Ltd. on July 21, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are Joshua James Taylor and Chew Ee Ling of Alvarez & Marsal (SE Asia). FB INDUSTRIES: Creditors' Proofs of Debt Due on Aug. 28 ------------------------------------------------------- Creditors of FB Industries Private Limited are required to file their proofs of debt by Aug. 28, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 6, 2026. The company's liquidators are: Lau Chin Huat Yeo Boon Keong c/o Technic Inter-Asia Pte Ltd 50 Havelock Road #02-767 Singapore 160050 GLOBAL-TEC CONSULTANTS: Court Enters Wind-Up Order -------------------------------------------------- The High Court of Singapore entered an order on July 17, 2026, to wind up the operations of Global-Tec Consultants Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 HIN LEONG: WongPartnership Wins Appeal to Strike Out US$2.6BB Claim ------------------------------------------------------------------- In 2020, Hin Leong Trading (Pte) Ltd (HLT), formerly one of Asia's largest oil traders, collapsed and entered liquidation amidst revelations of systemic fraud perpetrated by its controllers. The following year, the liquidators commenced proceedings against HLT's former statutory auditor, alleging that its failure to detect fraudulent misstatements in HLT's financial statements had enabled the company to continue trading while insolvent and incur a staggering US$2.6 billion in trading losses. Acting for the auditor, WongPartnership contended that the losses flowed from management's own trading decisions and adverse market movements, rather than from the audit. To impose liability for such losses would impermissibly transform auditors into insurers of a company's trading fortunes and guarantors against market conditions. In a landmark judgment by a five-member coram, the Court of Appeal reversed the decisions of the courts below and struck out HLT's claim for trading losses for being too remote, marking an important limit on the scope of auditor liability. The apex court also revisited the foundational principles of negligence and articulated a six-part framework that is set to provide guidance on the analysis of future negligence claims in Singapore. The WongPartnership team comprised Tan Cheng Han SC (Senior Consultant), Wendy Lin (Deputy Head of the Commercial & Corporate Disputes Practice), Monica Chong Wan Yee (Partner), Brandon Wong Wei Lun and Matthew Tan Ju Wei (Associates) and Adri Faris B Mohd Affendi (Practice Trainee). About Hin Leong Singapore-based Hin Leong Trading (Pte.) Ltd. provided petroleum products and transportation services. The Company offered oil, lubricants, grease, and diesel products, as well grants storage, terminalling, trucking, and marine logistics services. Hin Leong Trading served customers globally. Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed for court protection from creditors on April 17, 2020, as the former struggles to repay debts of almost US$4 billion. Hin Leong posted a positive equity of US$4.56 billion and net profit of US$78 million in the period ended October 31, 2019, according to the people, who asked not to be identified as the matter is sensitive, Bloomberg News reported. But Hin Leong told its creditors that total liabilities reached US$4.05 billion as of early April 2020, while assets were just US$714 million, leaving a hole of at least US$3.34 billion, according to screenshots of the presentation to a group of bankers seen by Bloomberg News. The balance sheet of the company showed no equity at all as of April 9, 2020, and warned that "figures obtained from the company are subject to verification," Bloomberg News added. On April 27, 2020, the Company was granted interim judicial management by the Singapore High Court. Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have been appointed as interim judicial managers. Ernst & Young (EY), has been appointed interim judicial manager for Ocean Tankers. On March 8, 2021, judicial managers Goh Thien Phong and Chan Kheng Tek of PwC were appointed liquidators of Hin Leong. The judicial managers had applied for Hin Leong to be wound up after three potential bidders walked away from a deal to buy Hin Leong and two related companies as a combined entity, according to The Straits Times. HIREF INTERNATIONAL: Creditors' Proofs of Debt Due on Aug. 28 ------------------------------------------------------------- Creditors of Hiref International Fund II Pte. Ltd. are required to file their proofs of debt by Aug. 28, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 24, 2026. The company's liquidator is: Tan Lye Heng Paul c/o Nexia Solutions Pte. Ltd. 36 Robinson Road #11-01 City House Singapore 068877 NANYANG OPTICAL: Invites Bids for Optical Inventory in Shenzhen --------------------------------------------------------------- Nanyang Optical Co. Pte Ltd (In Liquidation) is inviting expressions of interest from optical retailers, distributors, wholesalers, exporters, and trade buyers for the acquisition of its inventory through a tender sale process. The inventory, currently located in Shenzhen, China, presents an opportunity for businesses in the optical industry to acquire a substantial range of products suitable for retail, wholesale, and export markets. Available inventory includes: * Optical frames * Sunglasses * Optical and related inventory Interested parties are invited to obtain detailed inventory listings and tender documentation and submit offers in accordance with the tender sale process. This opportunity may be of interest to companies seeking to expand their product offerings, replenish inventory, or secure eyewear stock for regional and international markets. For enquiries, inventory listings, and tender documents, please contact: Robert Khan & Co Pte Ltd Tel: +65 6333 5668 WhatsApp: +65 8223 0954 WeChatID: RobertKhanCo Email: tender@robertkhanco.com Nanyang Optical Co. Pte. Ltd. operated an optical retail chain in Singapore, offering a wide range of optical products and services. The company is currently in creditors' voluntary liquidation. Seah Chee Wei and Yee Kit Hong of Kit Yee & Co were appointed as liquidators on Feb. 13, 2026. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***