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260810.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 Monday, August 10, 2026, Vol. 29, No. 158 Headlines A U S T R A L I A ALL STARS: Placed Into Court-Ordered Liquidation AURORA RARE: First Creditors' Meeting Set for Aug. 13 DRIFTA CAMPING: First Creditors' Meeting Set for Aug. 17 KONVOY GROUP: ACCC Blocks Microstar Acquisition of Company's Assets NSX ELECTRICAL: First Creditors' Meeting Set for Aug. 13 PINT CLUB: Takes Step Toward Reopening After Constitution Vote POPY HOLDINGS: First Creditors' Meeting Set for Aug. 13 TORRISI SMASH: First Creditors' Meeting Set for Aug. 17 TRG GROUP: Enters Liquidation for Second Time VALERA RECYCLING: First Creditors' Meeting Set for Aug. 13 H O N G K O N G FUTURE FINTECH: Raises $30M Through 30M-Share Private Placement I N D I A AHALYA AGENCIES: CRISIL Lowers Rating on INR5.4cr Cash Loan to B AKBAR INTERNATIONAL: CRISIL Cuts Rating on INR11cr Cash Loan to B ALLFLEX PLASTIC: Insolvency Resolution Process Case Summary AMBIIENCE METCORP: CRISIL Lowers Rating on INR4cr Loan to B BABA NAGA: CRISIL Keeps D Debt Ratings in Not Cooperating Category BAGWAN COTEX: CRISIL Lowers Rating on INR4cr Term Loan to B BALAJI LOOMTEX: CRISIL Lowers Rating on INR16.5cr LT Loan to B BHARAT CAARRIERS: CRISIL Keeps D Debt Ratings in Not Cooperating BHARATAGE INNOVATIONS: Voluntary Liquidation Process Case Summary CAPBRIDGE VENTURE: Insolvency Resolution Process Case Summary CARMEL POINT: Voluntary Liquidation Process Case Summary COMET GRANITO: Insolvency Resolution Process Case Summary DATASIFT PRIVATE: Voluntary Liquidation Process Case Summary EARTHCON UNIVERSAL: CRISIL Keeps D Ratings in Not Cooperating FRESCO CERAMIC: CRISIL Lowers Ratings on LT/ST Debts to D GADDALA FINANCIAL: CRISIL Keeps D Debt Ratings in Not Cooperating GIRIVAR HOTEL: Insolvency Resolution Process Case Summary JABALPUR HOSPITAL: CRISIL Keeps B- Ratings in Not Cooperating JMJ FINANCE: CRISIL Lowers Rating on INR10cr New LT Loan to B KASHYAPI INFRASTRUCTURE: Insolvency Resolution Process Case Summary MAA JANKI: CRISIL Keeps B- Debt Ratings in Not Cooperating MAURYA MOTORS: CRISIL Withdraws B Rating on INR40cr Loan NITIN GUPTA: CRISIL Lowers Rating on INR15.62cr Term Loan to B NORTH EAST: CRISIL Withdraws D Rating on INR7.75cr Bank Loan OM NAMAH: CRISIL Withdraws B Rating on INR16cr Cash Loan RAJA UDYOG: CRISIL Lowers Rating on INR56cr Cash Loan to D ROHARSH MOTORS: CRISIL Keeps B- Debt Ratings in Not Cooperating ROLTA INDIA: NCLAT Rejects DoT's 469-crore Claim Appeal SHARDA HEALTH: CRISIL Keeps B- Debt Ratings in Not Cooperating SPEEDOFER COMPONENTS: CRISIL Keeps B- Ratings in Not Cooperating SS INNOVATIONS: CFO Sarah Romano Granted Options for 750K Shares SURYA FOUNDRY: Insolvency Resolution Process Case Summary SURYA PANEL: CRISIL Lowers Rating on INR9.5cr Loan to B- SWASTIK ENTERPRISES: CRISIL Keeps B- Ratings in Not Cooperating VARSHA SUPER: CRISIL Lowers Rating on INR9cr Cash Loan to B WELTIME FOOTWEAR: CRISIL Keeps D Debt Ratings in Not Cooperating M A L A Y S I A TXCD BHD: Withdraws PN17 Revamp Plan After Regulatory Pushback XIN HWA: Auditor Raises Going Concern Doubt N E W Z E A L A N D BALLENTYNES FASHION: Closing After More Than 50 Years in Business S I N G A P O R E CAPGEN HOLDINGS: Creditors' Meetings Set for Aug. 18 EPIC CECIL: Creditors' Proofs of Debt Due on Sept. 7 KBL AESTHETICS: Creditors' Meetings Set for Aug. 20 KIBBLES PTE: Court Enters Wind-Up Order LH PRECISION: Court to Hear Wind-Up Petition on Aug. 21 RED CARP: Creditors' Meetings Scheduled for Aug. 19 SCRAP DIRECT: Commences Wind-Up Proceedings - - - - - ================= A U S T R A L I A ================= ALL STARS: Placed Into Court-Ordered Liquidation ------------------------------------------------ The Daily Telegraph reports that the luxury Sydney wedding entertainment firm The All Stars Group has been forced into court-ordered liquidation. The Supreme Court of New South Wales formally appointed liquidator Stephen Michell to wind up the business, The Daily Telegraph relays. Credit data reveals the group's financial issues dated back to at least April 2024, when it defaulted on a $28,244 debt to business lender Bizcap, according to the report. AURORA RARE: First Creditors' Meeting Set for Aug. 13 ----------------------------------------------------- A first meeting of the creditors in the proceedings of: - Aurora Rare Earths Limited; - Ginja Minerals Pty Ltd; - Protean Energy Australia Pty Ltd; - Protean Power Pty Ltd; and - SK Energy Metals Pty Ltd will be held on Aug. 13, 2026, at 10:00 a.m. via Virtual Meeting Only. Mathieu Tribut of Mackay Goodwin was appointed as administrator of the company on Aug. 3, 2026. DRIFTA CAMPING: First Creditors' Meeting Set for Aug. 17 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Drifta Camping Kitchens Pty Ltd will be held on Aug. 17, 2026, at 11:00 a.m. via Virtual Meeting by Microsoft Teams. Benjamin Joshua Ismay and Scott Anthony Newton of Shaw Gidley Port Macquarie were appointed as administrators of the company on Aug. 5, 2026. KONVOY GROUP: ACCC Blocks Microstar Acquisition of Company's Assets ------------------------------------------------------------------- Andy Young at The Shout reports that the Australian Competition and Consumer Commission (ACCC) has blocked MicroStar Logistics' proposed acquisition of Konvoy's assets, finding the deal would likely substantially reduce competition in Australia's keg pooling market. The Shout says MicroStar, which operates as Kegstar in Australia, and Konvoy are currently the only two suppliers of keg pooling services in Australia. The services allow brewers to rent kegs on a short-term basis to supply draught beer and other alcoholic beverages to licensed venues. According to The Shout, MicroStar notified the ACCC of its proposed acquisition in February 2026, after previously seeking informal merger clearance for the transaction in June 2025. In October 2025, the ACCC said it was opposed to the informal merger. The Shout relates that ACCC Commissioner Dr Philip Williams said allowing MicroStar to acquire its only existing competitor could lead to higher costs and poorer service, particularly for independent breweries. "We found that MicroStar acquiring the assets of Konvoy, the only other provider of keg pooling services in Australia, would be likely to substantially lessen competition," The Shout quotes Dr Williams as saying. "Without competitors, MicroStar could increase prices above a competitive level and reduce services or quality of service for customers, in particular independent brewers." While breweries can own and manage their own keg fleets, the ACCC found self-supply was not a viable substitute for keg pooling services, particularly for smaller breweries distributing to venues over larger geographical areas, The Shout says. The Shout relates that the regulator also found there was not a sufficient likelihood of a new competitor entering the Australian market quickly enough, or at sufficient scale, to constrain MicroStar from increasing prices or reducing service quality following the acquisition. Konvoy has been in receivership since March 2025 and its assets could ultimately be liquidated if another buyer is not secured, The Shout notes. However, the ACCC found there remains a realistic prospect of another buyer acquiring Konvoy and continuing to operate the business, preserving competition in the keg pooling market. "While recognising that Konvoy's assets may ultimately be liquidated, our assessment showed that there is a real prospect of the business being acquired by an alternate buyer and continuing under new ownership," Dr Williams said. About Konvoy Group Konvoy Group -- https://www.konvoykegs.com/ -- provides keg rental solution for the beverage industry. Joseph Hansell and David McGrath of FTI Consulting were appointed as administrators of the company on March 11, 2025. Keith Crawford and Robert Smith of McGrathNicol were appointed as the Receivers and Managers of Konvoy Holdings Pty Limited and its Australian wholly owned subsidiaries, by a secured creditor, EQT Structured Finance Services Pty Ltd on March 11, 2025. Keith Crawford and Andrew Grenfell were also appointed Receivers of Konvoy's New Zealand subsidiary, Konvoy New Zealand Limited on March 11, 2025. NSX ELECTRICAL: First Creditors' Meeting Set for Aug. 13 -------------------------------------------------------- A first meeting of the creditors in the proceedings of NSX Electrical Pty Ltd will be held on Aug. 13, 2026, at 10:00 a.m. at the offices of Rodgers Reidy (TAS) Pty Ltd, Ground Floor, Cnr Bathurst & Argyle St, in Hobart, TAS, and via virtual meeting technology. Shelley-Maree Brooks of Rodgers Reidy (TAS) was appointed as administrator of the company on Aug. 3, 2026. PINT CLUB: Takes Step Toward Reopening After Constitution Vote -------------------------------------------------------------- NT News reports that The PINT Club in Marrara, Darwin, is heading toward a potential reopening after members voted to update the club's constitution at a special general meeting, just months after the historic 1968 venue collapsed into voluntary liquidation and ceased trading on April 27, 2026. A four-year Deed of Company Arrangement fell through, forcing the venue to close its doors in April 2026, the report notes. POPY HOLDINGS: First Creditors' Meeting Set for Aug. 13 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Popy Holdings Limited will be held on Aug. 13, 2026, at 11:00 a.m. via via Microsoft Teams. Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. Pty Ltd were appointed as administrators of the company on Aug. 4, 2026. TORRISI SMASH: First Creditors' Meeting Set for Aug. 17 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Torrisi Smash Repairs Pty. Ltd. (trading as Torrisi Smash Repairs) will be held on Aug. 17, 2026, at 11:00 a.m. via Via Teleconference only. Richard Albarran and Kathleen Vouris of Hall Chadwick were appointed as administrators of the company on Aug. 5, 2026. TRG GROUP: Enters Liquidation for Second Time --------------------------------------------- Sam Street at Paint & Panel reports that Queensland truck repair business TRG Group of Companies Pty Ltd has entered liquidation for a second time, according to notices lodged with the Australian Securities and Investments Commission (ASIC). According to Paint & Panel, an ASIC Published Notice stated that at a general meeting held on July 20, 2026, members resolved that the company be wound up and appointed William Roland Robson as liquidator. ASIC's register also listed the company's status as being under external administration and records that a Notification of Appointment of a Receiver was lodged on August 3. The latest development followed Paint & Panel's previous reporting on the collapse of the original Truck Repair Group business – which was directed by Scott Hunter – and the subsequent establishment of TRG Group of Companies Pty Ltd. As previously reported, the original Truck Repair Group entered voluntary liquidation after leaving suppliers and creditors owed substantial sums. Assets from that business were later sold to a new company directed by Jasmine Hunter and Joshua Hunter – the adult children of Scott Hunter – which continued operating from the same locations and using the existing website. Paint & Panel also reported last year that liquidator Nick Combis of Vincents had commenced winding-up proceedings against the newer entity after alleging that the sale price of the original business was below its assessed value. At the time, Mr. Combis also raised questions regarding a number of vehicles and expressed concerns about possible insolvent trading by the original company from 2022. Those matters were reported as part of court proceedings. Responding to those earlier proceedings, Scott Hunter told News Corp newspapers that the matter related to "legacy issues from a former entity" and was "not a reflection of the current operations or structure of TRG Group of Companies," Paint & Panel relays. "The proceedings relate to legacy issues from a former entity and are not a reflection of the current operations or structure of TRG Group of Companies," Mr. Hunter said. Recently, News Corp newspapers have reported that the business appeared to still be operating and continued to answer customer telephone calls following the latest liquidation. Paint & Panel has not independently verified those reports, Paint & Panel relays. News Corp reports also stated that Davina Brebner has been identified as the new romantic partner of Scott Hunter and noted that she registered the business name, DRG Heavy Vehicle Smash Repairs, on July 10 under her sole trader ABN. Paint & Panel has not independently verified those reports and does not suggest that the registration is connected with the liquidation or with TRG Group of Companies. At the time of publication there had been no public announcement regarding the future operation of TRG Group of Companies, and it remains unclear what impact the latest liquidation will have on customers, employees or creditors, Paint & Panel notes. VALERA RECYCLING: First Creditors' Meeting Set for Aug. 13 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Valera Recycling Pty Ltd will be held on Aug. 13, 2026, at 10:30 a.m. via Virtual Facilities Only. Graeme Beattie of Worrells was appointed as administrator of the company on Aug. 3, 2026. ================= H O N G K O N G ================= FUTURE FINTECH: Raises $30M Through 30M-Share Private Placement --------------------------------------------------------------- Future FinTech Group Inc. said in a regulatory filing with the Securities and Exchange Commission that on July 29, 2026, it entered into Securities Purchase Agreements with Wealth Index Capital Limited, Sun Tao, Hu Junfeng, Ao Quanfang, Li Yali, Liu Zhifen, Tong Junyan, Xu Fan, Xu Haifeng, Wu Xiaoping, Wang Nan, Han Mainaom, Zhai Xiaojuan, Deng Ting, Feng Yulong, Li Fang, and Li Gaoqiang, collectively the "Purchasers," pursuant to which the Company agreed to issue and sell to the Purchasers, and the Purchasers agreed to purchase from the Company, an aggregate of 30 million shares of the Company's common stock, par value $0.001 per share, at a purchase price of $1.00 per share, for aggregate gross proceeds to the Company of $30 million. Wealth Index Capital Limited, which purchased 10 million of the Shares, is wholly owned and controlled by Mr. Shanchun Huang, its sole member. Mr. Huang is the Company's controlling shareholder and served as the Company's Chief Executive Officer from 2020 to Aug. 2024. Prior to the Offering, WICL beneficially owned approximately 27% of the Company's outstanding Common Stock, and immediately following the Offering WICL beneficially owns approximately 32.9% of the outstanding Common Stock. The per-share purchase price for the Shares was fixed at $1.00, which was at a premium to (and in any event not less than) the "Minimum Price" as defined in Nasdaq Listing Rule 5635(d)(1)(A), being the lower of: (i) the Nasdaq official closing price of the Common Stock immediately preceding the signing of the SPA and (ii) the average Nasdaq official closing price of the Common Stock for the five trading days immediately preceding the signing of the SPA. Accordingly, the Company does not believe stockholder approval of the Offering is required under Nasdaq Listing Rule 5635(d). No Shares will be issued to any Purchaser to the extent that such issuance, together with securities held by such Purchaser and its affiliates and any group of which such Purchaser is a member, would result in such Purchaser beneficially owning in excess of 19.99% of the Company's outstanding Common Stock immediately after giving effect to such issuance, or would otherwise result in a "change of control" of the Company within the meaning of Nasdaq Listing Rule 5635(b), unless and until the Company obtains stockholder approval in accordance with applicable Nasdaq rules. The SPA contemplated that the Company and the Purchasers would enter into a registration rights agreement with respect to the Shares. Effective Aug. 4, 2026, the Company and each Purchaser agreed in writing that no such agreement will be entered into, and each Purchaser irrevocably waived any and all registration rights with respect to the Shares. The Company has no obligation to register the offer or resale of the Shares, which remain "restricted securities" that may be resold only pursuant to an effective registration statement under the Securities Act of 1933, as amended, or an available exemption therefrom. The Shares were offered and sold to the Purchasers in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act and/or Rule 506(b) of Regulation D and/or Regulation S promulgated thereunder, as each Purchaser represented that it is a "non-U.S. person" as defined in Regulation S acquiring the Shares for investment purposes and not with a view to distribution. The offer and sale of the Shares were made in offshore transactions and without any form of general solicitation or general advertising. On July 30, 2026, the Company received the aggregate Purchase Price from the Purchasers and, upon the terms and subject to the conditions set forth in the SPA, issued an aggregate of 30 million Shares to the Purchasers. The Shares were sold for an aggregate cash consideration of $30 million, or $1.00 per Share. No underwriting discounts or commissions were paid, and no underwriter or placement agent was engaged, in connection with the offer and sale of the Shares. Immediately following the issuance of the Shares, the Company had 32,080,831 shares of Common Stock issued and outstanding. The Shares were not registered under the Securities Act and were issued in reliance on the exemptions from registration described. The certificates representing the Shares bear a restrictive legend under the Securities Act. A full text of the Securities Purchase Agreement is available at https://tinyurl.com/y9ckcmta About Future FinTech Future FinTech Group Inc., headquartered in Causeway Bay, Hong Kong and incorporated in Florida, is a holding company that provides financial technology-related services, including supply-chain financing and trading in China. Originally engaged in fruit juice production and distribution in China, the company has shifted its business model toward fintech, while previously operating in asset management, cross-border payments, brokerage and cryptocurrency mining. It has divested several subsidiaries and discontinued certain operations in recent years as it refocused on its core supply-chain financing and trading activities. Garden Grove, California-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing that the Company has suffered losses from operations. Therefore, there is substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $51.89 million in total assets and $8.37 million in total liabilities, with stockholders' equity of $43.52 million. ========= I N D I A ========= AHALYA AGENCIES: CRISIL Lowers Rating on INR5.4cr Cash Loan to B ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Ahalya Agencies (Ahalya), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.4 CRISIL B/Stable (Issuer Not Cooperating; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with Ahalya 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 Ahalya, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Ahalya is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Ahalya revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Ahalya, established in 1968 by Mr. Vasudevan Nair, is engaged in the trading of kitchen utensils and crockeries in Kerala. AKBAR INTERNATIONAL: CRISIL Cuts Rating on INR11cr Cash Loan to B ----------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Akbar International (AI), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with AI 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 AI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AI revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. AI was set up in 1979, as a sole proprietorship of Mr Salim Uddin. The firm manufactures and retails marble handicraft items, through its two showrooms in Agra. It specialises in the 'Parchinkari' art form that involves inlay of semi-precious stones in marble artefacts. ALLFLEX PLASTIC: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Allflex Plastic LLP 7, Chatawala Gali, Kolkata - 700012, West Bengal Insolvency Commencement Date: July 23, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: January 24, 2027 Insolvency professional: Hansraj Jaria Interim Resolution Professional: Hansraj Jaria Abinash Sashmal Lane, Beleghata, Phoolbagan, Near Pawanputra Hotel, Kolkata - 700010, West Bengal Email: hansrajjaria@gmail.com allflexplasticllp.cirp@gmail.com Last date for submission of claims: August 11, 2026 AMBIIENCE METCORP: CRISIL Lowers Rating on INR4cr Loan to B ----------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Ambiience Metcorp Private Limited (AIL; previous known as Ambience Impex Limited), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Buyer Credit Limit 4 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Cash Credit 2 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with AIL 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 AIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AIL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 2004, AIL is promoted by Mr Sandeep Agarwal and family. It is engaged in the trading of various ferrous and non-ferrous metals including brass, aluminum, zinc, iron scrap bars and channels etc. BABA NAGA: CRISIL Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Baba Naga Rice and General Mills (BNRGM) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil D (Issuer Not Cooperating) Proposed Working 4 Crisil D (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with BNRGM 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 BNRGM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BNRGM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BNRGM continues to be 'Crisil D Issuer not cooperating'. BNRGM was incorporated by Mr. Rajpal Chadha in 1983.The firm is currently managed by Mrs. Surestha Rani & his son Mr. Saurav Chadha & daughter in law Ms Anchal Chadha. Since beginning, firm is engaged in milling and sorting of basmati as well as nonbasmati rice. It sells 1121 variety of basmati rice. The firm has a rice milling and sorting facility based in Amritsar, Punjab with an installed capacity of 12 tonnes per hour. BAGWAN COTEX: CRISIL Lowers Rating on INR4cr Term Loan to B ----------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Bagwan Cotex (Bagwan), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Rupee Term Loan 4 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with Bagwan 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 Bagwan, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Bagwan is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Bagwan revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Established in June 2013 as partnership firm, Bagwan is engaged in cotton ginning and pressing with production capacity of 300 bales per day. Its manufacturing facility is located at Sillod, Maharashtra. Mr Sayyad Yunus, Mr Sayyad Ibrahim, Mr Abdul Karim, Mr Shaikh Rauf and Mr Shaikh Yasin are the partners. BALAJI LOOMTEX: CRISIL Lowers Rating on INR16.5cr LT Loan to B -------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Balaji Loomtex Private Limited (BLPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Cash 10.5 Crisil B/Stable (ISSUER NOT Credit Limit COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Proposed Term 16.5 Crisil B/Stable (ISSUER NOT Loan COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with BLPL 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 BLPL, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BLPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BLPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Incorporated in February 2017 and promoted by Mr Raghunandan Sarup Gupta, his son Mr Uttam Gupta and daughter-in-law Mrs Shallu Bansal, BLPL is setting up a flannel and polyester fabric textile unit in Panipat. The company is currently engaged in trading and semi-manufacturing of home furnishing textiles such as bed sheets and duvets. BHARAT CAARRIERS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bharat Caarriers Limited (BCL; part of the Bharat group) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 0.83 Crisil D (Issuer Not Cooperating) Term Loan 1.23 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BCL 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 BCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BCL continues to be 'Crisil D Issuer not cooperating'. BCL was originally established in 1992 as a partnership firm by the Didwania family. The firm was reconstituted as a closely held limited company in 2002. The company is in the road transportation business. BML was originally established in 1980 as a partnership firm by the Didwania family, and was reconstituted as a closely held limited company in 1995. The company is an authorised dealer for Hero Moto Corp (since 1985) and General Motors (since 1998). It became the sole dealer for Volkswagen India in Odisha in 2010 and for Piaggio in July 2013. It started dealership of Mahindra & Mahindra Ltd's vehicles and TVS Motor Company's two-wheelers in 2014. BML, promoted by Mr. Jai Prakash Didwania and Mr. Om Prakash Didwania, is based in Bhubaneswar. SBML, set up in 1999, started operations as a dealer of Tata Motors Ltd's passenger cars. The company now also deals in vehicles of Bajaj Auto Ltd (from 2005), Action Construction Equipment Ltd (2011), Daimler India Commercial Vehicles Pvt Ltd (2012), and Fiat Group Automobiles India Pvt Ltd (2013). The company, based in Bhubaneswar, is promoted by Mr. Jai Prakash Didwania and Mr. Om Prakash Didwania. BHARATAGE INNOVATIONS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------------- Debtor: Bharatage Innovations Private Limited Plot No. 20, Okhla Industrial Area PH-III, New Delhi Delhi, India - 110020 Liquidation Commencement Date: July 30, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Lovkesh Batra F-29, LGF, Green Park, New Delhi, South Delhi - 110016 Tel: 08398994547 Email: BIPL.liquidator@gmail.com pcslovkeshbatra@gmail.com Last date for submission of claims: August 29, 2026 CAPBRIDGE VENTURE: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Capbridge Venture LLP 15th Floor, A Block, Westgate Business Bay, S G Road, Jivraj Park, Ahmedabad, Ahmedabad City, Gujarat, India, 380051 Insolvency Commencement Date: July 30, 2026 Court: National Company Law Tribunal, Ahmedabad Bench-I Estimated date of closure of insolvency resolution process: January 26, 2027 Insolvency professional: Bhavesh Manshukhbhai Rathod Interim Resolution Professional: Bhavesh Manshukhbhai Rathod 12th Floor, 12D, A Wing, CTS No. 165 and 163A, White Spring, Rivali Park, Western Express Highway, Near Metro Mall, Magathane, Borivali (East), Mumbai, Maharashtra, 400066 Email: bhavesh76@gmail.com Office No. 515, 5th Floor, Dimple Arcade, Near V Mall, Asha Nagar, Behind Saidham, Thakur Complex, Kandivali East, Mumbai - 400101 Email: cirp.capbridge@gmail.com Last date for submission of claims: August 13, 2026 CARMEL POINT: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: Carmel Point Investments India Private Limited #1302, Tower-3, ONE International Center, Senapti Bapat Marg, Elphinstone Road (West), Mumbai City, Mumbai, Maharashtra, India - 400013 Liquidation Commencement Date: July 30, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Dilipkumar Natvarlal Jagad Excel Restructuring Advisory LLP 105 and 106, Midas Tower, Sahar Plaza, Andheri Kurla Road, Andheri East, J.B. Nagar, Mumbai - 400059 Tel: +91 98211 42587 Email: Info@exceladvisory.in carmelvolliq@gmail.com Last date for submission of claims: August 29, 2026 COMET GRANITO: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Comet Granito Private Limited Survey No. 118, National Highway No. 8-A, Nava Jambudiya, Morbi, 363642, Gujarat Insolvency Commencement Date: July 29, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: January 25, 2027 Insolvency professional: Anil Kashi Drolia Interim Resolution Professional: Anil Kashi Drolia B-508, Ekta Woods, Raheja Estate, Kulupwadi, Borivali-East, Near National Park, Mumbai - 400066 Email: anildrolia@gmail.com 2nd Floor, Bajaj Bhawan, Jamnalal Bajaj Marg, Nariman Point, Mumbai - 400021 Email: cirp.comet@gmail.com Last date for submission of claims: August 13, 2026 DATASIFT PRIVATE: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Datasift Private Limited B-105, International Convention Centre, Senapati Bapat Road, Pune, Maharashtra, India - 411016 Liquidation Commencement Date: July 25, 2026 Court: National Company Law Tribunal, Mumbai Bench Liquidator: A.R. Ramasubramania Raja 4A, 1st Floor, S R Iyer Layout, Near All India Radio, Trichy Road, Ramanathapuram, Coimbatore - 641045, Tamilnadu Tel: 98430 43576 Email: arrsraja@yahoo.com Last date for submission of claims: August 24, 2026 EARTHCON UNIVERSAL: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Earthcon Universal Infratech Private Limited (EUIPL; a part of the Earthcon group) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Rupee Term Loan 25 Crisil D (Issuer Not Cooperating) Rupee Term Loan 100 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with EUIPL for obtaining information through letter and email dated June 30, 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 EUIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EUIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EUIPL continues to be 'Crisil D Issuer not cooperating'. EUIPL was incorporated in 2009 as Zayat Infratech Pvt Ltd and got its present name in 2010. Greater Noida Industrial Development Authority, through a bid system, allotted a 65,330-square-metre plot of land in Sector-I, Greater Noida, to a consortium of Universal Construction Company (a partnership firm), Earthcon Construction Pvt Ltd, and Omaxe Ltd. For the purpose of allotment and development of the land, EUIPL was set up as a special purpose vehicle with shareholding in a ratio of 46:44:10, respectively. Omaxe Ltd later transferred its shareholding to other shareholders. The Earthcon group, promoted by Mr Shabad Khan, constructs residential and commercial apartments in northern India. Since inception, the group has delivered various projects, including villas, cottages, and apartments in Delhi, Noida, Lucknow, Moradabad, and Nainital. FRESCO CERAMIC: CRISIL Lowers Ratings on LT/ST Debts to D --------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Fresco Ceramic Private Limited (FCPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING) Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with FCPL for obtaining information through letters and emails dated May 2, 2025, July 21, 2026, July 31, 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 FCPL, which restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes that the rating action on FCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has migrated its ratings on the bank facilities of FCPL to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B+/Stable/Crisil A4 Issuer not cooperating'. Public records show ongoing delinquency in the company accounts and clarity from the management and bankers is yet awaited. Incorporated in 2006, FCPL set up a glazed vitrified tiles manufacturing unit, with daily capacity of 9,000 boxes (each box containing 10 tiles), at Morbi in Gujarat. Ghanshyam Dhoriyani and Keval Dhoriyani are the promoters. GADDALA FINANCIAL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Gaddala Financial Services Private Limited (GFS) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 4 Crisil D (Issuer Not Bank Loan Facility Cooperating) Proposed Long Term 6 Crisil D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with GFS for obtaining information through letter and email dated June 30, 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 GFS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GFS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GFS continues to be 'Crisil D Issuer not cooperating'. The current promoter, Mr John Gaddala, acquired GFS from Mr Poorna Chandra Rao in 2009. Earlier the company was called Vanki Neni and operated as a hire purchase company. Post-acquisition, it commenced operations as a microfinance institution (MFIs) in 2010. However, unlike other MFIs, GFS does not operate in business models such as self-help group or joint liability group; instead it directly lends to individuals. The company is based in Telangana and confined to few districts such as Warangal, Mahubudabad, Jangaon and Hyderabad. GIRIVAR HOTEL: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Girivar Hotel & Resort Private Limited Registered Address: 7-8, Hanuman Villa, Khatipura Road Opposite Old Bright Land School, Jaipur - 302012, Rajasthan, India Principal Office: Hotel Jaisalkot, Kuldhara Turn, Off Sam Road, Jaisalmer 345001, Rajasthan Insolvency Commencement Date: July 29, 2026 Court: National Company Law Tribunal, Jaipur Bench Estimated date of closure of insolvency resolution process: January 25, 2027 Insolvency professional: Gunjan Jain Interim Resolution Professional: Gunjan Jain 15, Narayan Nagar, Near Swasthaya Kalyan Blood Bank, Tonk Road, Jaipur, Rajasthan - 302018 Email: gunjan.jain555@gmail.com cirpgirivarhotel@gmail.com Last date for submission of claims: August 12, 2026 JABALPUR HOSPITAL: CRISIL Keeps B- Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jabalpur Hospital and Research Centre Private Limited (JHRC) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B-/Stable (Issuer Not Cooperating) Term Loan 5.5 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JHRC 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 JHRC, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JHRCis consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JHRCcontinues to be 'Crisil B-/Stable Issuer not cooperating'. JHRC, incorporated in 1989, is managed by Mr R S Dhirawani, his wife Mrs Pragya Dhirawani, and his two younger brothers, Mr Dinesh Dhirawani and Mr Prakash Dhirawani. The company operates a 250-bed multi-speciality hospital in Jabalpur, Madhya Pradesh, with a focus on providing cardiac and pulmonary health services. The hospital is accredited and approved by the National Accreditation Board for Hospitals and Healthcare Providers, and the National Accreditation Board for Testing and Calibration Laboratories. JMJ FINANCE: CRISIL Lowers Rating on INR10cr New LT Loan to B ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of JMJ Finance Limited (JMJ Finance), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 10 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with JMJ Finance for obtaining information through letter and email dated June 30, 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 JMJ Finance, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JMJ Finance is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JMJ Finance revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Incorporated in 1996, JMJ Finance is the flagship company of the JMJ group based in Thrissur, Kerala. Mr Joju M J, the promoter of the company, is the chairman and managing director. JMJ Finance is a non-deposit taking NBFC and provides finance for gold loans and term loans. The company has a network of 50 branches in seven districts of Kerala, Tamil Nadu and Karnataka. KASHYAPI INFRASTRUCTURE: Insolvency Resolution Process Case Summary ------------------------------------------------------------------- Debtor: Kashyapi Infrastructure Private Limited 8/13, Hospital Road, Jangpura Extension, New Delhi, Delhi, India - 110014 Insolvency Commencement Date: July 26, 2026 Court: National Company Law Tribunal, New Delhi Bench-IV Estimated date of closure of insolvency resolution process: January 19, 2027 Insolvency professional: Satya Prakash Gupta Interim Resolution Professional: Satya Prakash Gupta 808, Eros Apartment, 56 Nehru Place, New Delhi - 110019 Email: spgfinance@gmail.com cirp.kashyapiinfra@gmail.com Last date for submission of claims: August 13, 2026 MAA JANKI: CRISIL Keeps B- Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maa Janki Toofan Agro Industries Private Limited (MJTAIPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.9 Crisil B-/Stable (Issuer Not Cooperating) Term Loan 4.75 Crisil B-/Stable (Issuer Not Cooperating) Working Capital 0.6 Crisil B-/Stable (Issuer Not Loan Cooperating) Crisil Ratings has been consistently following up with MJTAIPL 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 MJTAIPL, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MJTAIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MJTAIPL continues to be 'Crisil B-/Stable Issuer not cooperating'. MJTAIPL has been set up by Mr Bishwanath Choudhary, Ms Ram Daie Devi, Ms Ranju Kumari, and Mr Kundan Kumar Gautam for providing a multipurpose cold storage facility in Begusarai, Bihar. The cold storage has a total capacity of 10,000 tonne with three chambers, and has been operational from fiscal 2016. MAURYA MOTORS: CRISIL Withdraws B Rating on INR40cr Loan -------------------------------------------------------- Crisil Ratings has withdrawn its rating on the bank facilities of Maurya Motors Private Limited (MMPL) 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 11 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Inventory Funding 40 Crisil B/Stable/Issuer Not Facility Cooperating (Withdrawn) Crisil Ratings has been consistently following up with MMPL 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 MMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, Crisil Ratings has continued the rating on bank facilities of MMPL to 'Crisil B/Stable Issuer not cooperating'. In 1990, Mr Mohan Himatsingka and Mr Satyendra Agarwal established Maurya Motors Ltd for undertaking the commercial vehicle dealership of TML in Bihar. The company also trades in used cars and spare parts of TML; it rents construction equipment vehicles as well. NITIN GUPTA: CRISIL Lowers Rating on INR15.62cr Term Loan to B -------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Nitin Gupta - Jammu (NGJ), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.38 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Term Loan 15.62 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with NGJ for obtaining information through letter and email dated July 10, 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 NGJ, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NGJ 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 NGJ to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable'. Incorporated in 2024, NGJ is a proprietorship firm that is currently setting up a warehouse (godown) at Bassan village in Udhampur of J&K to be leased to FCI for storage of food grains. Nitin Gupta is the proprietor. NORTH EAST: CRISIL Withdraws D Rating on INR7.75cr Bank Loan ------------------------------------------------------------ Crisil Ratings has withdrawn its ratings on the bank facilities of North East Engineering and Construction (NEC) on the request of the company and after receiving no objection certificate from the bank. The rating action is in line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.4 Crisil D Issuer Not Cooperating (Withdrawn) Bank Guarantee 7.75 Crisil D Issuer Not Cooperating (Withdrawn) Cash Credit 3.25 Crisil D Issuer Not Cooperating (Withdrawn) Overdraft Facility 0.1 Crisil D Issuer Not Cooperating (Withdrawn) Crisil Ratings has been consistently following up with NEC for obtaining information through letter and email dated October 16, 2025 and March 12, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NEC. 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 NEC is consistent with 'Assessing Information Adequacy Risk' Based on the last available information, the ratings on bank facilities of NEC continues to be 'Crisil D/Crisil D Issuer Not Cooperating'. NEC was established in 1992 as a proprietorship firm of Mr. Amar Baruah. The firm is engaged in fabrication and installation of oil pipelines and other civil construction works, primarily for public sector undertaking oil companies. The day-to-day operations of the firm are looked after by its proprietor, Mr. Amar Baruah. OM NAMAH: CRISIL Withdraws B Rating on INR16cr Cash Loan -------------------------------------------------------- Crisil Ratings has withdrawn its rating on the bank facilities of OM Namah Shivay Trading Company (ONSTC) on the request of the company and after receiving no objection certificate from the bank. The rating action is in line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 16 Crisil B/Stable/Issuer Not Cooperating (Withdrawn) Proposed Long Term 1 Crisil B/Stable/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Working Capital 3 Crisil B/Stable/Issuer Not Loan Cooperating (Withdrawn) Crisil Ratings has been consistently following up with ONSTC for obtaining information through letter and email dated April 15, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ONSTC. 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 ONSTC is consistent with 'Assessing Information Adequacy Risk' Based on the last available information, the rating on bank facilities of ONSTC continues to be 'Crisil B/Stable Issuer Not Cooperating'. ONSTC was established as a partnership firm in 2007. The operations of the firm are managed by Mr Sanjay Patil, Mr Samadhan Patil, Mr Ravindra Marathe, and their family members. The partners have more than a decade of experience in cotton ginning; they previously traded in agro chemicals. ONSTC gins cotton at its facility in Jalgaon, Maharashtra. RAJA UDYOG: CRISIL Lowers Rating on INR56cr Cash Loan to D ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Raja Udyog Private Limited (RUPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil D (Issuer Not Cooperating; Downgraded from Crisil B-/Stable ISSUER NOT COOPERATING) Cash Credit 56 Crisil D (Issuer Not Cooperating; Downgraded from Crisil B-/Stable ISSUER NOT COOPERATING) Term Loan 5 Crisil D (Issuer Not Cooperating; Downgraded from Crisil B-/Stable ISSUER NOT COOPERATING) Term Loan 15.26 Crisil D (Issuer Not Cooperating; Downgraded from Crisil B-/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with RUPL for obtaining information through letters and emails dated April 15, 2026 and July 30, 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 has been arrived at without any interaction with the management and is based on best-available, limited or dated information regarding the firm. Such non-cooperation by a rated entity may be a result of weakening of 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 of RUPL, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the firm. The rating action on RUPL is consistent with the criteria detailed in 'Assessing information adequacy risk'. Based on the publicly available information, Crisil Ratings has downgraded its rating on the long-term bank facilities of RUPL to 'Crisil D Issuer not cooperating' from 'Crisil B-/Stable Issuer not cooperating'. As per information available in the public domain, there remains delinquency in the entity's accounts and clarity about the same from the management and bankers is awaited. RUPL was set up as Raja Biscuit Industries Pvt Ltd (RBIPL) in 2001 and got its present name in 2008. The company manufactures biscuits, cakes, and namkeen products. Additionally, it has started manufacturing cookies and has a small presence in coconut oil. All its product ranges are sold under the Raja brand ROHARSH MOTORS: CRISIL Keeps B- Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Roharsh Motors Private Limited (RMPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 17 Crisil B-/Stable (Issuer Not Cooperating) Drop Line 3 Crisil B-/Stable (Issuer Not Overdraft Facility Cooperating) Crisil Ratings has been consistently following up with RMPL 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 RMPL, which restricts ability Crisil Ratings' to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RMPL continues to be 'Crisil B-/Stable Issuer not cooperating'. RMPL was incorporated in 2012 and started operations in October 2013; it is promoted by the Pune-based Ghatge family. The company is a dealer in passenger vehicles of Renault India Ltd in Pune. It has two showrooms and workshops each at Baner and Wagholi, both in Pune. ROLTA INDIA: NCLAT Rejects DoT's 469-crore Claim Appeal ------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has dismissed the appeal filed by the Department of Telecommunications (DoT) challenging the resolution plan for debt-ridden Rolta India Ltd, holding that the plan has already been approved and implemented. ET says the DoT had challenged the resolution plan approved by NCLT while claiming statutory dues of INR469.09 crore towards unpaid licence fees. A three-member NCLAT bench upheld the order of the Mumbai bench of the National Company Law Tribunal (NCLT), which on Dec. 15, 2025, approved the INR900-crore resolution plan submitted by Ashdan Properties for Rolta India, according to ET. ET relates that the tribunal observed that Rolta's resolution plan had already been implemented, with the NCLT closing the company petition on Feb. 2, 2026. Moreover, DoT never raised the issue of categorisation of its claims before the NCLT during hearings. "The resolution process having attained finality and the plan having been acted upon, interference to the order dated 15.12.2025 at this stage, would be inappropriate, and that the sanctity of an approved and implemented resolution plan is not to be disturbed on claims that were not timeously agitated," said the bench comprising Officiating Chairperson Justice Yogesh Khanna along with Members Barun Mitra and Ajai Das Mehrotra. This was challenged by the DoT, an operational creditor, before the appellate tribunal NCLAT, claiming statutory dues of INR469.09 crore towards unpaid licence fees linked to adjusted gross revenue (AGR) dues for FY2005-06 and FY2006-07. DoT had granted Rolta Internet Service Provider (ISP) license. However, the resolution professional classified DoT's claim as "not acceptable but contingent" citing an interim stay granted by the Telecom Disputes Settlement and Appellate Tribunal (TDSAT). ET says the DoT had argued that the approved resolution plan for Rolta has "unfair treatment" as it allocated only INR10 lakh for government and statutory authorities despite total admitted claims of INR179.2 crore by the DoT and the Income Tax Department. It contended that while secured financial creditors were set to receive about INR808.55 crore and unsecured financial creditors INR64.2 crore from the INR900-crore resolution plan, government and statutory creditors would receive only a small fraction of their admitted dues, allegedly without adequate consideration of the provisions of Section 30(2)(b) and the waterfall mechanism under Section 53 of the Insolvency and Bankruptcy Code (IBC), ET adds. About Rolta India Rolta India is a technology company with operations in 40 locations across India, North America, Europe, the Middle East and Australia. It provides IT solutions to various federal, state and local governments; defense and security agencies; utilities; financial services, manufacturing, retail and healthcare companies; and others. As reported in the Troubled Company Reporter-Asia Pacific in January 2023, a bankruptcy court on Jan. 19 admitted Rolta India for the corporate insolvency resolution process (CIRP), allowing a petition filed by state-owned Union Bank of India. The Mumbai Bench of the National Company Law Tribunal (NCLT) appointed Mamta Binani as the interim resolution professional for the listed firm, according to The Economic Times. Union Bank had approached the bankruptcy court in February 2020 after the Mumbai-based company defaulted on dues of over INR1,413 crore to the lender. SHARDA HEALTH: CRISIL Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sharda Health Care Private Limited (SHPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.37 Crisil B-/Stable (Issuer Not Cooperating) Long Term Loan 7.36 Crisil B-/Stable (Issuer Not Cooperating) Proposed Working 1.27 Crisil B-/Stable (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with SHPL 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 SHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SHPL continues to be 'Crisil B-/Stable Issuer not cooperating'. SHPL, is a Rajasthan based company incorporated in 2016 by Mr. Bhagat Singh, is involved in manufacture of medical equipment's. The company has manufacturing facility based in Bhiwadi, Alwar. SPEEDOFER COMPONENTS: CRISIL Keeps B- Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Speedofer Components Private Limited (SCPL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 CRISIL B-/Stable (Issuer Not Cooperating) Foreign Letter 3.5 CRISIL B-/Stable (Issuer Not of Credit Cooperating) Proposed Long Term 1.0 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SCPL 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 SCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 2007, SCPL is owned and managed by Mr Bramha Jeet Singh Randhawa. The company manufactures soft ferrite cores. The manufacturing facility is in Greater Noida, Uttar Pradesh. SS INNOVATIONS: CFO Sarah Romano Granted Options for 750K Shares ---------------------------------------------------------------- Sarah Romano disclosed in a Form 3 filed with the Securities and Exchange Commission that as of Aug. 3, 2026, she was granted options to purchase 750,000 shares of common stock of SS Innovations International, Inc., where she serves as Chief Financial Officer. According to the filing, the options were granted under the company's 2026 Incentive Stock Plan at an exercise price of $3.95 per share, with an expiration date of Aug. 3, 2031. The options vest in stages, with 250,000 shares vesting on Aug. 3, 2027, the first anniversary of the grant date. The remaining options vest in 23 equal monthly installments of 20,833 shares, followed by a final monthly installment of 20,841 shares, subject to Romano's continued employment with the company and the terms of the Incentive Plan. The filing further states that if a Change in Control occurs before the options are fully vested, and Romano remains employed by the company at that time, any unvested portion of the options will immediately vest in full. About SS Innovations International SS Innovations International, Inc. (OTC: SSII) is a developer of innovative surgical robotic technologies headquartered in Gurugram, Haryana, India. The company's vision is to make robotic surgery benefits more affordable and accessible globally. SSII's product range includes its proprietary "SSi Mantra" surgical robotic system and "SSi Mudra," a broad array of surgical instruments for various procedures, including robotic cardiac surgery. The company plans to expand its presence with technologically advanced, user-friendly, and cost-effective surgical robotic solutions. BDO India Services Private Limited (predecessor Firm BDO India LLP), the Company's independent registered public accounting firm since 2024, included an explanatory paragraph in its audit report dated March 10, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has suffered recurring losses from operations and has negative cash flows from operating activities during the year ended Dec. 31, 2025. The Company is dependent on further funding to meet its obligations to sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $90.55 million in total assets, $36.02 million in total liabilities, and $54.53 million in total stockholders' equity. SURYA FOUNDRY: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Surya Foundry Private Limited AG-31, Shalimar Bagh, New Delhi - 110068 Insolvency Commencement Date: July 29, 2026 Court: National Company Law Tribunal, New Delhi Bench-IV Estimated date of closure of insolvency resolution process: January 25, 2027 Insolvency professional: Reetesh Kumar Agarwal Interim Resolution Professional: Reetesh Kumar Agarwal Unit No. 531, Shopping Mall, D.C. Chowk, Rohini Sector-09, Delhi - 110085 Email: carkagarwal@gmail.com ip.suryafoundry@gmail.com Last date for submission of claims: August 12, 2026 SURYA PANEL: CRISIL Lowers Rating on INR9.5cr Loan to B- -------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Surya Panel Private Limited (SPPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 Crisil B-/Stable (ISSUER NOT COOPERATING) Proposed Fund- 9.5 Crisil B-/Stable (ISSUER NOT Based Bank Limits COOPERATING) Term Loan 6.5 Crisil B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SPPL 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 SPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in December 2014 and promoted by Mr Sudharshan Hadihalli Byregowda and Mr Rushil Krupesh Thakkar, SPPL is setting up a manufacturing facility for high-density and medium-density fibre boards. SWASTIK ENTERPRISES: CRISIL Keeps B- Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Swastik Enterprises - New Delhi (SE) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 Crisil B-/Stable (Issuer Not Cooperating) Proposed Long Term 9.5 Crisil B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SE 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 SE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SE continues to be 'Crisil B-/Stable Issuer not cooperating'. SE, set up as a proprietorship firm in 1989 by Mr. Rakesh Gupta, is located in New Delhi. It was reconstituted as a partnership firm in 1991. SE trades in steel scraps and cold-rolled sheets; it sells steel scraps to thermo-mechanically treated (TMT) steel bar manufacturers, auto manufacturers, and casting units. The firm's operations are managed by Mr. Rakesh Gupta, Ms. Renu Gupta, and Mr. Arun Gupta. VARSHA SUPER: CRISIL Lowers Rating on INR9cr Cash Loan to B ----------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Varsha Super Stockist India Private Limited (VSS), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil B+/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with VSS 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 VSS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VSS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VSS revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil B+/Stable Issuer not cooperating'. Varsha Enterprises, established in 1993 as a proprietorship firm, was re-constituted as a private limited company 'VSS. The company is the sole regional distributor for Samsung mobile phones in Trivandrum and also the sole regional distributor for Samsung home appliances for Trivandrum and Kollam districts. It is also a distributor of V- Guard Industries and Hercules Cycles. Based in Trivandrum, the company is promoted by Mr T.G. Thampy and his wife Ms. Resmi Mol Thampy. WELTIME FOOTWEAR: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Weltime Footwear Private Limited (WFPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 Crisil D (Issuer Not Cooperating) Term Loan 7.5 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with WFPL 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 WFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on WFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of WFPL continues to be 'Crisil D Issuer not cooperating'. WFPL was set up in 2014 by Mr Moh'd Hausildar, Mr Moh'd Havaldar and Mr Moh'd Taiyab. The company manufactures shoes, sandals and hawaai chappals at its facility in Haryana that has capacity to manufacture 30,000-35,000 pair per day. =============== M A L A Y S I A =============== TXCD BHD: Withdraws PN17 Revamp Plan After Regulatory Pushback -------------------------------------------------------------- The Edge Malaysia reports that TXCD Bhd has withdrawn its proposed regularisation plan after regulators said its proposal to transfer its listing to a new company while carving out its construction business amounted to a significant change in business direction under the Securities Commission Malaysia's Equity Guidelines. In a Bursa Malaysia filing on Aug. 7, the PN17 company said it voluntarily withdrew the application submitted in March following regulatory feedback, The Edge relays. It has applied for a six-month extension until Feb. 7, 2027 to submit a revised regularisation plan. The Edge relates that the original proposal, announced on March 26, would have seen TXCD transfer its Main Market listing to newly incorporated dormant company, RCV Bhd, with shareholders exchanging their TXCD shares and irredeemable convertible preference shares (ICPS) for RCV securities on a one-for-one basis. RCV would then become the listed company and take over TXCD's construction unit, Ageson Kensetsu Sdn Bhd (AKSB), while TXCD and its dormant subsidiaries would be sold for MYR1 and wound up. As of March 11, AKSB had secured 17 construction contracts worth MYR500.66 million, with an outstanding order book of MYR323.66 million to be recognised over the next three years, The Edge notes. According to The Edge, TXCD said the restructuring was intended to separate its construction business from legacy assets and liabilities that led to its Practice Note 17 status, allowing the group to focus on construction under AKSB. However, regulators said the proposed transfer of the listing status to RCV and the inclusion of AKSB under the new listed entity constituted a significant change in the company's business direction, triggering the Securities Commission's Equity Guidelines. TXCD said it will revise the plan to comply with the guidelines and announce the new proposal once it is finalized, The Edge relays. The turnaround is led by managing director and major shareholder Chew Swe Siew, who owns a 22.03% stake in TXCD and 38.06% of its outstanding ICPS. About TXCD Bhd TXCD Bhd, formerly known as Ageson Bhd, operates as an investment holding company. Its principal activities are mainly construction and property development. The company's segments include Construction, which is engaged in construction works and trading; Property Development, which is engaged in the development of residential and commercial properties; and Others, which is into investment holding. It generates maximum revenue from the Construction segment. Ageson slipped into PN17 status on Nov. 1, 2023, following the disclaimer of opinion by its then external auditor Messrs Jamal, Amin & Partners on the company's audited financial statements for the 18-month financial period ended Dec. 31, 2022. The concerns were related to certain audit issues that encompass transactions within the company and three other subsidiaries, namely Ageson SMSGMBH Sdn Bhd, Ageson Power Sdn Bhd and Ageson Industrial Sdn Bhd. The group later triggered an additional PN17 criterion after its shareholders' equity fell to MYR2.38 million as at Sept. 30, 2024, equivalent to just 0.98% of its share capital, while accumulated losses widened to MYR279.5 million. Its subsequent external auditor LTTH PLT also issued a disclaimer of opinion on TXCD's audited accounts for the 18-month period ended June 30, 2024. XIN HWA: Auditor Raises Going Concern Doubt ------------------------------------------- New Straits Times reports that Xin Hwa Holdings Bhd has come under a going concern warning after its external auditor flagged material uncertainty over its ability to continue operating, with current liabilities exceeding current assets. In a Bursa Malaysia filing, Xin Hwa said PKF PLT had issued a modified audit opinion highlighting the going concern uncertainty in its audit of the company's financial statements for the year ended March 31, 2026, NST relates. NST says the auditors drew attention to the company's liabilities that exceeded its assets by MYR41.69 million. "This condition indicates that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern. "The appropriateness of the going concern basis of accounting is dependent on the group's ability to generate and sustain future profitability and cash flows from its operations, the successful disposal of a parcel of vacant industrial leasehold land, and continued availability of banking facilities and financial support from the group's financial institution lenders," it said. According to NST, Xin Hwa said it had implemented measures to address the matter such as the disposal of two parcels of vacant industrial land in Pasir Gudang, Johor. The company is also focused on the collection of long-standing receivables by conducting a thorough review of all receivables to identify the root causes of delayed payments, taking action on overdue receivables and reviewing its credit control policy. Additionally, Xin Hwa said it had significantly reduced and deferred non-crucial capital expenditure during the current financial year, NST relays. NST adds that the company said it had achieved a significant turnaround in its financial performance during the current financial year, recording a net profit of MYR3.7 million compared with a net loss of MYR11.3 million in the preceding financial year. "This improvement was driven by higher revenue, improved operational efficiency, and ongoing cost optimisation initiatives," it added. About Xin Hwa Holdings Xin Hwa Holdings Berhad is a Malaysia-based investment holding company, which is engaged in the provision of management services. Through its subsidiaries, the Company is an integrated logistics service provider involved in land transport operations, warehousing and distribution operations and other services. Its segments include Land Transport, Warehousing and Distribution, Manufacturing of Precision Machining Components and Parts, and Others. The Land Transport, Warehousing and Distribution Segment is engaged in cargo transportation services, container haulage services, provision of warehousing services, and distribution services. The Manufacturing of Precision Machining Components and Parts Segment is involved in the manufacturing of precision metal components and parts. The Others segment is involved in the manufacturing and fabrication of trailers, trading of goods, provision of management services and provision of e-commercial, and e-business transactions. ===================== N E W Z E A L A N D ===================== BALLENTYNES FASHION: Closing After More Than 50 Years in Business ----------------------------------------------------------------- Radio New Zealand reports that a long-running family clothing business is shutting down. Ballentynes Fashion Central is closing after more than 50 years in business, RNZ says. In an online statement, the company said 10 of its 23 stores around New Zealand will stay open and become part of the Caroline Eve chain, according to RNZ. They will be located in Blenheim, Richmond, Whanganui, Feilding, Palmerston North, Paraparaumu, Hawera, Levin, Lower Hutt and Masterton. The remaining 13 stores will be closing over the next few months from August 15, RNZ adds. ================= S I N G A P O R E ================= CAPGEN HOLDINGS: Creditors' Meetings Set for Aug. 18 ---------------------------------------------------- Capgen Holdings Pte. Ltd. will hold a meeting for its creditors on Aug. 18, 2026, at 2:00 p.m. via electronic means. Agenda of the meeting includes: a. to provide an update on the status of the liquidation; b. to appoint a committee of inspection, if thought fit; and c. any other business. The company's liquidator may be reached at: Jason Aleksander Kardachi c/o Kroll Pte. Limited 1 Raffles Place #29-01, One Raffles Place Tower 1 Singapore 048616 EPIC CECIL: Creditors' Proofs of Debt Due on Sept. 7 ---------------------------------------------------- Creditors of Epic Cecil Fin Co (SG) Pte. Ltd. are required to file their proofs of debt by Sept. 7, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 29, 2026. The company's liquidators are: Tan Yen Chiaw Toh Ai Ling Chan Kwong Shing, Adrian c/o 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 KBL AESTHETICS: Creditors' Meetings Set for Aug. 20 --------------------------------------------------- KBL Aesthetics and Medical Clinic Pte. Ltd. will hold a meeting for its creditors on Aug. 20, 2026, at 3:00 p.m., at 133 New Bridge Road, #08-01 Chinatown Point, in Singapore and by using audio-visual conference tool. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. authorize the Liquidator to be at liberty to exercise all or any of the powers conferred on her pursuant to the Insolvency, Restructuring and Dissolution Act 2018 including but not limited to the powers to appoint solicitors and to compromise debts and claims; and e. any other business. KIBBLES PTE: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on July 24, 2026, to wind up the operations of KIBBLES Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 LH PRECISION: Court to Hear Wind-Up Petition on Aug. 21 ------------------------------------------------------- A petition to wind up the operations of LH Precision Engineering Pte. Ltd. will be heard before the High Court of Singapore on Aug. 21, 2026, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on July 28, 2026. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 RED CARP: Creditors' Meetings Scheduled for Aug. 19 --------------------------------------------------- Red Carp Pte. Ltd. will hold a meeting for its creditors on Aug. 19, 2026, at 3:00 p.m., via audio-visual conference tool. Agenda of the meeting includes: a. to lay before the creditors a full statement of the company's affairs, showing the assets and liabilities of the Company; b. to confirm the appointment of Mr. Tan Jun Zhang, Solomon of Argile Partners Pte. Ltd. as liquidator; c. to form a Committee of Inspection; and d. any other business. SCRAP DIRECT: Commences Wind-Up Proceedings ------------------------------------------- Members of Scrap Direct Pte. Ltd. on July 30, 2026, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* 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 ***