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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, August 13, 2026, Vol. 29, No. 161
Headlines
A U S T R A L I A
ACFS PORT: First Creditors' Meeting Set for Aug. 18
BUILDSMART WA: Vows to Finish Six Uncompleted Homes
HUDSON GLOBAL: Fined AUD270,000 for Financial Reporting Breaches
OKAMI DISTRIBUTION: First Creditors' Meeting Set for Aug. 19
PUBLIC HOSPITALITY: Ex-CFO Reveals Finc'l. Strain Before Collapse
RIO TINTO: Aluminium Smelter to Get Australian Government Bailout
SERINITY PTY: First Creditors' Meeting Set for Aug. 18
TZI 1 PTY: First Creditors' Meeting Set for Aug. 18
VK LOGIC: First Creditors' Meeting Set for Aug. 20
C H I N A
ANHUI HUAHENG: Executive Arrested Over Defunct P2P Lending Business
I N D I A
ADANI GEMS: Voluntary Liquidation Process Case Summary
AMAR JYOTI: Insolvency Resolution Process Case Summary
ANMOL NIRYAT: Insolvency Resolution Process Case Summary
BHARAT CAPITAL: Insolvency Resolution Process Case Summary
CENTENARY ARCADES: CRISIL Keeps D Debt Rating in Not Cooperating
CHANDRA ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
CORROSION ENGINEERS: CRISIL Keeps D Ratings in Not Cooperating
DEEPIKA INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
DHANASHREE AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
DOLBIS GRANITE: CRISIL Keeps D Debt Ratings in Not Cooperating
ELECTRA GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
ENKAY FOAM: CRISIL Keeps D Debt Ratings in Not Cooperating
FILM FARM: CRISIL Keeps D Debt Ratings in Not Cooperating
FOREST PRESS: CRISIL Keeps D Debt Ratings in Not Cooperating
GAJANAN MAHARAJ: Insolvency Resolution Process Case Summary
GOODWILL IRON: Insolvency Resolution Process Case Summary
GREEN AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
GREEN INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
HELIOS INFRASTRUCTURE: Voluntary Liquidation Process Case Summary
INDO PACIFIC: Insolvency Resolution Process Case Summary
KAMAL SUITINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
KHUKHRAIN COLD: CRISIL Keeps D Debt Ratings in Not Cooperating
KM TOLL: Insolvency Resolution Process Case Summary
KRISHNA ELECTRICAL: Insolvency Resolution Process Case Summary
KSHIPRA MOTORS: Insolvency Resolution Process Case Summary
MITTAL INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
MOHAN MOTOR: CRISIL Keeps D Debt Rating in Not Cooperating
MUGHAL FOUNDATION: CRISIL Keeps D Debt Rating in Not Cooperating
OPTIMAL POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
ORGANIC WORLD: Insolvency Resolution Process Case Summary
PREMIUM LAMINATORS: Insolvency Resolution Process Case Summary
PROTAC FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
RADHA KRISHNA: Insolvency Resolution Process Case Summary
RADHE COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJDHANI EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
RISHAB COTSPIN: CRISIL Keeps D Rating in Not Cooperating Category
S A MULLA: CRISIL Keeps D Debt Ratings in Not Cooperating
SAEL RESTRICTED: Fitch Lowers Rating on Sr. Secured Notes to 'BB'
SHRENIK LIMITED: Insolvency Resolution Process Case Summary
SIPUL ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
SITARA CONDUCTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
SOCRUS PHARMACEUTICALS: Insolvency Resolution Process Case Summary
THERMOSOL GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
TRUWEIGHT WELLNESS: Insolvency Resolution Process Case Summary
VENUS GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
J A P A N
[] JAPAN: Mobile Game Developers Bankruptcies Surge in 2026
N E W Z E A L A N D
AVANTI KEA 2026-1: Moody's Assigns (P)B2 Rating to NZD11MM F Notes
DEOL ENTERPRISES: Court to Hear Wind-Up Petition on Aug. 21
HI SPEC: Court to Hear Wind-Up Petition on Sept. 10
LUXEOUTDOORS LIMITED: Creditors' Proofs of Debt Due on Sept. 2
NORTHSEA HOLDINGS: Creditors' Proofs of Debt Due on Sept. 3
Q CARD 2026-1: Fitch Assigns 'B(EXP)sf' Rating on Class F Notes
SACRED HILL: Former Exec Pleads Not Guilty to SFO Fraud Charges
THECA GROUP: Creditors' Proofs of Debt Due on Sept. 14
S I N G A P O R E
DIRECT LINK: Court to Hear Wind-Up Petition on Aug. 21
JUNO DIGITAL: Court to Hear Wind-Up Petition on Aug. 21
NIDEC COMPONENTS: Creditors' Proofs of Debt Due on Sept. 7
TRF HOLDINGS: Creditors' Proofs of Debt Due on Sept. 7
TRF SINGAPORE: Creditors' Proofs of Debt Due on Sept. 7
S O U T H K O R E A
HOMEPLUS CO: To Reopen All 67 Temporarily Closed Stores
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A U S T R A L I A
=================
ACFS PORT: First Creditors' Meeting Set for Aug. 18
---------------------------------------------------
A first meeting of the creditors in the proceedings of ACFS Port
Logistics Pty Limited and ACFS Investments 1 Pty Ltd will be held
on Aug. 18, 2026, at 12:30 p.m. via Microsoft Teams only.
Sule Arnautovic, Jessica Perri and Anthony Elkerton of Salea
Advisory were appointed as administrators of the company on Aug. 6,
2026.
BUILDSMART WA: Vows to Finish Six Uncompleted Homes
---------------------------------------------------
News.com.au reports that a Western Australian building firm which
has been stripped of its registration over financial shortfalls has
vowed to appeal and complete any unfinished homes.
According to news.com.au, Perth-based firm Buildsmart WA still has
six unfinished properties in its pipeline, despite a tribunal judge
upholding a move to strip the company of its licence.
News.com.au says the ruling was made after the state's building
commissioner said the firm had been unable to prove it could meet
its debt.
However, the construction firm has insisted it will appeal the
ruling and vowed to still complete the half-a-dozen projects it
still has outstanding.
"Buildsmart WA acknowledges the decision of the State
Administrative Tribunal. While we are disappointed with the
outcome, we intend to pursue an appeal.
"Our priority remains our clients and the successful progression of
homes currently under construction.
"For 12 years, Buildsmart WA has proudly operated in Western
Australia, navigating a number of challenging periods for the
building industry and committed to the clients and communities we
serve."
Two weeks ago, WA's Building Service Board made the decision to
refuse a bid to renew its registration on financial grounds,
news.com.au recalls.
News.com.au says the decision not to renew the registration was due
to analysis of the firm's net assess position of -AUD4,779.74 –-
with a cash flow deficit more than AUD48,000.
The company, however, argued that payments due by clients would
exceed construction costs by more than AUD540,000.
A tribunal hearing, which concluded this week, has rubber stamped
the decision, cancelling Buildsmart WA's registration, news.com.au
notes.
It means the company will be unable to carry out any works that
require a building permit or are valued at AUD20,000 or more.
Building Commissioner Phil Payne urged homeowners with incomplete
or defective work under contract with Buildsmart WA to contact
QBE.
"Buildsmart WA could not demonstrate the capacity to meet its debt
as and when they fall due," news.com.au quotes Mr. Payne as
saying.
"The tribunal's decision, reached after hearing extensive financial
and expert evidence, confirmed the board's initial assessment and
decision.
"Registration renewal is not a rubber stamp. Builders must be able
to demonstrate, with accurate, complete and timely financial
information, that they have means to complete their building
contracts and pay their debts as and when they fall due."
HUDSON GLOBAL: Fined AUD270,000 for Financial Reporting Breaches
----------------------------------------------------------------
Recruitment firm Hudson Global Resources (Aust) Pty Ltd has been
fined AUD270,000 for failing to meet its financial reporting
obligations as a large proprietary company.
Hudson was convicted and fined on July 21, 2026, at the Downing
Centre Local Court.
As a large proprietary company, Hudson was required to lodge
audited financial reports with ASIC for its financial years for
2022, 2023 and 2024. These reporting requirements are in place to
help those dealing with these businesses to make informed decisions
and support the integrity of Australia's financial system.
This latest outcome is a part of ASIC's enforcement focus in 2026
on non-lodgement of financial reports.
Companies should check whether they are required to lodge financial
reports, confirm their applicable lodgement deadline, and ensure
audit and board approval processes are scheduled early enough to
meet that deadline.
Failure to lodge full-year financial reports with ASIC is a breach
of sections 319(1) and 1311(1) of the Corporations Act.
A proprietary company is defined as being 'large' or 'small'. The
thresholds that define a large proprietary company increased on
July 1, 2019.
About Hudson Global
Hudson Global Resources Pty. Ltd. provides employment services. The
Company offers permanent, contract and temporary recruitment, and
payroll services. Hudson Global Resources operates globally.
Glenn Livingstone, Nicholas Charlwood and Benjamin Ho of WLP
Restructuring were appointed as administrators of Hudson Global
Resources on April 22, 2026.
In May 2026, the administrators reported that the company has total
liabilities of approximately AUD48 million, including AUD12.5
million owed to secured creditors, AUD5.2 million in unpaid
superannuation contributions, AUD2.3 million in other employee
entitlements, and AUD27.6 million owed to 19 unsecured creditors,
including approximately AUD19 million payable to the ATO.
On June 26, 2026, Victoria's Labour Hire Authority cancelled
Hudson's labour hire licence, banning the company from operating in
that state due to a history of unlawful conduct, tax debts, and
underpayments.
On July 20, 2026, ASX-listed suitor HiTech Group Australia Limited
entered into a binding agreement to buy the Australian operations
and select business assets of Hudson for AUD7 million upfront. This
asset sale allows HiTech to absorb Hudson's brands and contractor
workforce while leaving behind historical liabilities.
OKAMI DISTRIBUTION: First Creditors' Meeting Set for Aug. 19
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Okami
Distribution Pty Ltd will be held on Aug. 19, 2026, at 11:00 a.m.
via telephone conference facilities.
Jason Tang and Ian Niccol of KPT Restructuring were appointed as
administrators of the company on Aug. 7, 2026.
PUBLIC HOSPITALITY: Ex-CFO Reveals Finc'l. Strain Before Collapse
-----------------------------------------------------------------
The Sydney Morning Herald reports that Jon Adgemis' former chief
financial officer has told a court about the severe financial
stress of running businesses which the failed pub baron used to
fund a lavish lifestyle in the lead-up to the AUD1.8 billion
collapse of his hospitality empire.
SMH relates that Alexander Andruska, a Woollahra councillor who
worked with Mr. Adgemis since 2012, told a Federal Court
examination into his former boss's financial affairs that it was a
"complete mystery" what happened to money invested in the former
KPMG partner's Public Hospitality Group.
Mr. Adgemis declared bankruptcy last October owing AUD1.8 billion
to creditors. Lawyers for liquidators BRI Ferrier are currently
hearing evidence from a string of witnesses related to his
companies, SMH relays.
According to SMH, Mr. Andruska's evidence painted a picture of a
tangled web of businesses, under near constant financial stress,
but where Mr. Adgemis used funds to maintain a lavish lifestyle.
"It was always under financial stress because Jon would always
overcommit . . . he had an exorbitant lifestyle that he had to
maintain," SMH quotes Mr. Andruska as saying.
He said that Mr. Adgemis had "absolutely" used his group of
companies to continue funding that lifestyle, which included buying
a yacht once owned by Shirley Temple and a string of luxury cars
which have since been sold to pay off his creditors, SMH relays.
"A lot of it was dealing with one disaster after another," Mr.
Andruska said of managing the finances of Mr. Adgemis' companies.
Mr. Andruska, who was recently employed as a staffer for Liberal
senator Andrew Bragg, said that trying to find out where all the
money went was a "thankless job".
"It was very stressful. I wanted to bloody blow my brains out," he
told the court. He also said that the stress had manifested in
"depression and excessive drinking".
"Jon had a reputation as the worst communicator in Sydney," Mr.
Andruska said.
"What Jon would do was have these information silos. Everyone would
have a little of the picture, but nobody would have it in its
entirety," he said.
According to SMH, this week's hearings have revealed where at least
some of that money came from. The court heard that the Australian
Taxation Office was examining around AUD1 billion in spending as
part of an alleged sham tax scheme, where one of Mr. Adgemis'
businesses, JAGA Group Constructions, had received AUD77 million in
GST refunds.
Mr. Andruska said the GST refunds were essential to the continued
running of Mr. Adgemis' businesses.
"I do not think the company would have been able to trade at all
but for the AUD77 million," he said.
"He [Adgemis] was aware that they were dodgy claims," Andruska said
of the GST refunds. Asked why he had not taken further steps to
verify the underlying claims made to the tax office, Andruska said:
"Jon's a force of nature, people just do what he tells them to do.
"It's like having the frog in the boiling pot of water. You just
don't realise it's boiling until it is," Mr. Andruska said of Mr.
Adgemis' alleged scheme.
Mr. Adgemis created Public Hospitality Group in 2021 with designs
on becoming a hospitality mogul to rival Merivale's Justin Hemmes.
He bought 22 properties across Sydney and Melbourne including The
Norfolk in Redfern and Alexandria's Camelia Grove Hotel in a
debt-fuelled pandemic-era buying spree.
But the business, which relied on cheap cash and high-interest
private credit loans, quickly began to struggle with repayments,
and teetered on the brink of collapse before it was rescued in the
form of a AUD400 million lifeline from Deutsche Bank in early
2024.
In October last year, Mr. Adgemis declared himself bankrupt, with
debts of AUD1.8 billion, leaving behind a lengthy list of creditors
including hundreds of former hospitality staff, Monaco-based
businessman Richard Gazal, Deutsche Bank and the Australian
Taxation Office.
Mr. Adgemis was due to front the liquidator's examinations last
week, but his lawyers are seeking to argue that his appearance is
an abuse of process. He is also trying to get his examination held
in private.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group
has taken another hit with receivers and external managers
appointed at five of his Sydney hotels, including Oxford House and
The Strand Hotel.
Insolvency specialist FTI Consulting has stepped in as receivers
and managers to operate Public's hip Redfern pub The Norfolk,
Oxford House in Paddington and Darlinghurst's The Strand Hotel, as
well as Alexandria's Camelia Grove Hotel and The Exchange Hotel,
also in Darlinghurst, Good Food said. The pubs will be sold as soon
as possible.
Duncan Club and Andrew Sallway of BDO advisory firm have also been
appointed voluntary administrators at affiliated companies
including Public Lifestyle Management Pty Ltd, Good Food added.
RIO TINTO: Aluminium Smelter to Get Australian Government Bailout
-----------------------------------------------------------------
Bloomberg News reports that the owners of Australia's biggest
aluminum smelter, including Rio Tinto Group, are set to receive a
government bailout to keep the plant operating as it grapples with
high energy costs, according to people familiar with the matter.
After lengthy talks, majority owner Rio and its partners at the
Tomago smelter in New South Wales will get financial support from
both the federal and state governments, said the people, who asked
not to be named because the discussions were private, Bloomberg
relays.
An announcement is expected Aug. 13, including further details of
the package and plans for the smelter's future, they said.
Rio Tinto owns slightly more than half of the Tomago plant, which
has produced aluminum for more than 40 years. Gove Aluminium
Finance and Norsk Hydro also hold stakes in the joint venture that
operates the plant.
Bloomberg says higher energy prices have battered the
power-intensive aluminum industry worldwide, triggering a wave of
closures and cutbacks. Years of expansion in China, where smelters
are subsidized and typically incur lower costs, have intensified
global competition.
According to Bloomberg, Rio has previously said that electricity
accounts for more than 40% of Tomago's operating costs. Prime
Minister Anthony Albanese pledged financial support during a visit
to the plant in December, months after Rio warned that soaring
energy costs could force it to close when an existing power-supply
contract expires later this decade.
As part of any arrangement, the smelter's owners would spend at
least AUD1-billion ($706-million) on maintenance and upgrades, the
government said in a statement at the time. Separately, in March,
Rio secured AUD2-billion in combined federal and State government
funding for another Australian smelter, Boyne, in the state of
Queensland, Bloomberg relays.
Bloomberg adds that the company is not alone in securing Australian
state funding: last year, the federal and respective State
governments provided packages of support to Glencore for its Mount
Isa copper smelter and associated refinery, while Trafigura Group
subsidiary Nyrstar Australia received funding for its Port Pirie
lead smelter and Hobart zinc works.
Rio Tinto Group engages in exploring, mining, and processing
mineral resources worldwide. The company operates through Iron Ore,
Aluminium, Copper, and Minerals Segments. The Iron Ore segment
engages in the iron ore mining, and salt and gypsum production in
Western Australia.
SERINITY PTY: First Creditors' Meeting Set for Aug. 18
------------------------------------------------------
A first meeting of the creditors in the proceedings of Serinity Pty
Ltd will be held on Aug. 18, 2026, at 10:00 a.m. at the offices of
Vincents, at Level 34, 32 Turbot Street, in Brisbane, QLD, and via
virtual meeting technology.
Nick Combis of Vincents was appointed as administrator of the
company on Aug. 6, 2026.
TZI 1 PTY: First Creditors' Meeting Set for Aug. 18
---------------------------------------------------
A first meeting of the creditors in the proceedings of TZI 1 Pty
Ltd as trustee for The Australian Container Freight Services Trust
will be held on Aug. 18, 2026, at 12:30 p.m. via Microsoft Teams
only.
Sule Arnautovic, Jessica Perri and Anthony Elkerton of Salea
Advisory were appointed as administrators of the company on Aug. 6,
2026.
VK LOGIC: First Creditors' Meeting Set for Aug. 20
--------------------------------------------------
A first meeting of the creditors in the proceedings of VK Logic
Pty. Ltd will be held on Aug. 20, 2026, at 10:00 a.m. via virtual
meeting.
Justin Howlett of SMB Advisory was appointed as administrator of
the company on Aug. 10, 2026.
=========
C H I N A
=========
ANHUI HUAHENG: Executive Arrested Over Defunct P2P Lending Business
-------------------------------------------------------------------
Caixin Global reports that the celebrated founder of
Shanghai-listed Anhui Huaheng Biotechnology Co. Ltd. has been
officially arrested on charges related to a now-defunct
peer-to-peer (P2P) lending business she had invested in, forcing
her resignation from the biotech company and halting its planned
listing in Hong Kong.
According to Caixin, the arrest of the Guo Henghua highlights the
lingering legal risks for Chinese entrepreneurs who jumped on the
P2P and microlending bandwagon in the previous decade, as the
charges against her relate to a years-old scandal that resulted in
CNY243 million ($36 million) in investor losses.
=========
I N D I A
=========
ADANI GEMS: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: Adani Gems Education India Private Limited
The Eagle Flight, 7th Floor,
Suren Road, Andheri East,
Chakala Midc, Mumbai,
Maharashtra, India, 400093
Liquidation Commencement Date: July 31, 2026
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Yatin Sharma
PPC 182, DLF Park Place,
DLF Phase 5, Sector 54,
Gurgaon, 122009 (Haryana)
Tel: +91 9810162206
Email: ageiplvolliq@gmail.com
Last date for
submission of claims: August 30, 2026
AMAR JYOTI: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Amar Jyoti Universe Nidhi Ltd.
Jalandhari Sarai, Budaun,
Uttar Pradesh - 243601
Insolvency Commencement Date: July 23, 2026
Court: National Company Law Tribunal, Allahabad Bench
Estimated date of closure of
insolvency resolution process: January 19, 2027
Insolvency professional: Veenu Drall
Interim Resolution
Professional: Veenu Drall
13 G, Vikrant Apartments,
Sector 13, Rohini,
New Delhi - 110085
Email: ipveenudrall@gmail.com
D-71, Indiabulls Enigma,
Sector-110, Dwarka Expressway,
Gurugram, Haryana - 122017
Email: irp.amarjyoti@gmail.com
Classes of Creditors: Financial Creditors in a Class (Deposit
Holders)
Authorized Representatives
of creditors in a class: 1. Virendra Maurya
2. Aakriti Sood
3. Parth Garg
Last date for
submission of claims: August 6, 2026
ANMOL NIRYAT: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Anmol Niryat Private Limited
Village Bagoria, P.O-Dhabani,
P.S-Laudoha, Bardhaman,
Durgapur, West Bengal
India - 713205
Insolvency Commencement Date: July 30, 2026
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: January 26, 2027
Insolvency professional: Ritesh Agarwal
Interim Resolution
Professional: Ritesh Agarwal
Jindal Tower, Block C,
Flat No. 301, 1A Kundan Bye Lane,
Near Silver Jubilee Hospital,
Haora, West Bengal - 711204
Email: ritesagarwal@gmail.com
6, Little Russel Street,
Kankaria Estates, 7th Floor,
Kolkata - 700071
Email: cirpanmol@gmail.com
Last date for
submission of claims: August 13, 2026
BHARAT CAPITAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Bharat Capital and Holdings Limited
Unit No. 102-B,
Dipti Classic Premises CHS Ltd.,
Suren Road, Andheri East,
Mumbai - 400093
Insolvency Commencement Date: July 31, 2026
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: January 27, 2027
Insolvency professional: Anjali Nirav Choksi
Interim Resolution
Professional: Anjali Nirav Choksi
Bansi S Mehta & Co.
2nd Floor, H.N. House,
Opposite Muktajivan Colour Lab,
Near Income-Tax Under Bridge,
Stadium Circle, Navrangpura,
Ahmedabad - 380009
Email: anjali.ibc@gmail.com
cirpbharatcapital@gmail.com
Last date for
submission of claims: August 14, 2026
CENTENARY ARCADES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Centenary
Arcades Private Limited (CAPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Lease Rental 25.55 CRISIL D (Issuer Not
Discounting Loan Cooperating)
Crisil Ratings has been consistently following up with CAPL 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 CAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CAPL continues to be 'Crisil D Issuer not cooperating'.
CAPL is promoted by Mr N L Nagendra. It has commercial space in
Mysore which has been occupied by Big Bazaar since 2008; CAPL has
signed a 15-year agreement with Big Bazaar.
CHANDRA ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chandra
Engineers (CE) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 4.45 CRISIL D (Issuer Not
Overdraft facility Cooperating)
Rupee Term Loan 7.55 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with CE 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 CE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of CE
continues to be 'Crisil D Issuer not cooperating'.
Set up as a proprietorship firm in 1967, CE is promoted by Mr
Satish Chandra. The firm manufactures various electrical and metal
sheet stamping components, which majorly find application in the
automotive, engineering and electronics industries. CE has
manufacturing facilities at Manesar, Haryana and Alwar, Rajasthan
CORROSION ENGINEERS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Corrosion
Engineers Private Limited (CEPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 8 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with CEPL 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 CEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Incorporated in 1974, Delhi-based CEPL is owned and managed by Mr
Sanjay Kumar and Mr Narender Kumar. It trades poly-vinyl-chloride
(PVC) resin, plasticiser, ethylene vinyl acetate, PVC heat
stabilisers, waxes, rubber additives and other chemicals that are
used in manufacturing plastics and auto components.
DEEPIKA INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deepika
Infratech Private Limited (DIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 30.51 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 31.30 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 21.39 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 29.14 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 18.16 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Cash Credit 10 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with DIPL 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 DIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Incorporated in 2004, Hyderabad-based DIPL, promoted by Mr Kandala
Vijaya, is engaged in civil construction works mainly irrigation
projects.
DHANASHREE AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhanashree
Agro Products Private Limited (DAPPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 60 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 52 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 8 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with DAPPL 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 DAPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DAPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DAPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
DAPPL (formerly, Lakshmi Sugar Mills Company Pvt Ltd), incorporated
in September 1940, is promoted by the Sawhney family. It is one of
the oldest sugar manufacturing companies in Uttarakhand. It has a
sugar factory at Iqbalpur in Haridwar.
DOLBIS GRANITE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of DolbiS
Granite Exports Private Limited (DGE) continue to be 'Crisil D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 Crisil D (Issuer Not
Cooperating)
Long Term Loan 5 Crisil D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with DGE 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 DGE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DGE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DGE continues to be 'Crisil D Issuer not cooperating'.
DGE, is a Chennai based company, is involved in processing and
export of granite. The company has manufacturing facility based in
Tamil Nadu.
ELECTRA GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Electra
Global Resources Private Limited (EGRPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 3.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term
Bank Loan Facility 0.5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with EGRPL 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 EGRPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on EGRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EGRPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
EGRPL erstwhile known as Priti International Pvt Ltd was
incorporated in 1995 by Mr. Chetan Sanghvi and Mr. Bhaumik Sanghvi.
The company is engaged in trading of motorcycle batteries and lead.
The company had started with trading of lead in July 2015 whereas
trading of batteries started from September 2015.
ENKAY FOAM: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Enkay Foam
Private Limited (EFPL) continues to be 'Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 Crisil D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with EFPL 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 EFPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on EFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
EFPL continues to be 'Crisil D Issuer not cooperating'.
Incorporated in 1990, EFPL is promoted by Mr Mayank Jain and Mr
Saurabh Jain. The company manufactures industrial foam of 9-50
density. This is used in industries such as furniture, garments,
footwear, automobiles, and packaging.
FILM FARM: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Film Farm
India Private Limited (FFIPL) continue to be 'Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1 Crisil D (ISSUER NOT
COOPERATING)
Working Capital 9 Crisil D (ISSUER NOT
Term Loan COOPERATING)
Crisil Ratings has been consistently following up with FFIPL 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 FFIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on FFIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
FFIPL continues to be 'Crisil D Issuer not cooperating'.
Incorporated in 1999 by Mr Kalyan Guha, FFIPL produces TV serials
and commercial advertisements. The company is based in Mumbai and
entered film production in 2013. It has produced popular Hindi
serials such as Uttaran, Kashi, and Tumhari Disha. FFIPL released a
Marathi film, Narbachi Wadi, in September 2013
FOREST PRESS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Forest Press
Machineries Private Limited (FPMPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Cash Term Loan 13 CRISIL D (Issuer Not
Cooperating)
Inland/Import 0.55 CRISIL D (Issuer Not
Letter of Credit Cooperating)
Proposed Long Term 1.45 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with FPMPL 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 FPMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on FPMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FPMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
FPMPL was set up in 2015 in Bangalore. The company is engaged in
manufacture of machinery required to meet the demand of concrete
and building materials industry.
GAJANAN MAHARAJ: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shri Gajanan Maharaj Sugar Limited
Anant Residency, 1st Floor,
2054 Sadashiv Peth, Tilak Road,
Pune - 411030, Maharashtra
Insolvency Commencement Date: July 31, 2026
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: January 31, 2027
Insolvency professional: Shekhar Arvind Parkhi
Interim Resolution
Professional: Shekhar Arvind Parkhi
A-904, Malpani,
Vivanta, Laxman Nagar Balewadi,
Near Baner D-Mart, Pune,
Maharashtra, 411045
Email: ip.shekparkhi@gmail.com
cirp.gajanan2026@gmail.com
Last date for
submission of claims: August 18, 2026
GOODWILL IRON: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Goodwill Iron & Steel Traders Private Limited
42, Kaila Walan Delhi Gate,
Ghaziabad, Uttar Pradesh,
India - 201001
Insolvency Commencement Date: June 9, 2026
Court: National Company Law Tribunal, Allahabad Bench
Estimated date of closure of
insolvency resolution process: December 6, 2026
Insolvency professional: Manish Agarwalla
Interim Resolution
Professional: Manish Agarwalla
Room No. 9, 5th Floor,
Parmeshwari Building,
Chatribari, Guwahati - 781001
Email: carmanishagarwalla@gmail.com
Room No. 1 & 2, 2nd Floor,
Parmeshwari Building,
Chatribari, Guwahati - 781001
Tel: 9435241000
Email: cirp.goodwill@gmail.com
Last date for
submission of claims: August 11, 2026
GREEN AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Green Agro
Pack Private Limited (GAPPL) continue to be 'Crisil D/Crisil D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Bill 9 Crisil D (ISSUER NOT
Negotiation COOPERATING)
Letter of Credit 1 Crisil D (ISSUER NOT
COOPERATING)
Packing Credit 16 Crisil D (ISSUER NOT
COOPERATING)
Proposed Working 2 Crisil D (ISSUER NOT
Capital Facility COOPERATING)
Term Loan 6 Crisil D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with GAPPL 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 GAPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GAPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GAPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
GAPPL was incorporated in 1994 by Mr. B M Devaiah and his friends
in Bengaluru (Karnataka). The company processes and exports
gherkins. Its plant in Davangere (Karnataka) has capacity to
process 12,000 tonnes of gherkins per annum. This facility can
handle a mixed variety of vegetables, such as sliced cucumber,
carrot, jalapeno, and round-cut and shredded capsicum.
GREEN INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Green India
Irrigation Limited (GIIL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Rupee Term Loan 5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with GIIL 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 GIIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GIIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GIIL continues to be 'Crisil D Issuer not cooperating'.
Incorporated in August 2008, GIIL manufactures drip and sprinkler
irrigation systems. Mr. Diliprao Autade Patil, and Mr Mahesh Aher
are the promoters. The manufacturing unit is in Shrirampur MIDC,
Ahmednagar District, Maharashtra.
HELIOS INFRASTRUCTURE: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: Helios Infrastructure and Projects Ltd.
43, Community Centre,
New Friends Colony, New Delhi,
Delhi, India, 110065
Liquidation Commencement Date: July 29, 2026
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Amit Gupta
C-17, Vinay Nagar,
Krishna Nagar, Lucknow,
Uttar Pradesh, 226023
Email: vl.heliosltd@gmail.com
Last date for
submission of claims: August 28, 2026
INDO PACIFIC: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Indo Pacific Projects Limited
1st Floor B, Poonam Chambers,
Byramji Town, Chhindwara Road,
Nagpur, Maharashtra,
India - 440013
Insolvency Commencement Date: July 30, 2026
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: January 26, 2027
Insolvency professional: Megha Agrawal
Interim Resolution
Professional: Megha Agrawal
001, Shivranjini Apartments,
In Circle of Congress Nagar Garden,
Nagpur, Maharashtra, 440012
Email: ip.meghaagrawal@gmail.com
Plot No. 72, Anjaneya Niwas,
Opposite Dew Trinity Hospital,
Hindustan Colony, Near Sai Mandir,
Wardha Road, Nagpur - 440015
Email: cirp.indopacific@gmail.com
Last date for
submission of claims: August 13, 2026
KAMAL SUITINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamal
Suitings Private Limited (KSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 0.5 CRISIL D (Issuer Not
Cooperating)
Standby Letter 0.5 CRISIL D (Issuer Not
of Credit Cooperating)
Term Loan 3.5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with KSPL for
obtaining information through letter and email dated June 29, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of KSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
KSPL is a Bhilwara (Rajasthan)-based entity acquired in 2008 by Mr.
Kapil Maheshwari. The company manufactures and markets synthetics
blended suiting cloth, which it supplies to wholesalers all over
the country.
KHUKHRAIN COLD: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khukhrain
Cold Storage & Ice Factory (KCS) continue to be 'CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (Issuer Not
Cooperating)
Term Loan 1.05 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with KCS 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 KCS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KCS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KCS continues to be 'Crisil D Issuer not cooperating'.
Chandigarh-based KCS is a partnership firm promoted by the Sahni
family. The firm provides warehousing and logistics services for
dairy products, frozen meat products and vegetables, and beverages
through a cold storage and a fleet of refrigerated vehicles.
KM TOLL: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: KM Toll Road Private Limited
Reliance Centre, 19,
Walchand Hirachand Marg,
Ballard Estate, Mumbai - 400001
Insolvency Commencement Date: July 22, 2026
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: January 18, 2027
Insolvency professional: Ashish Avinash Saoji
Interim Resolution
Professional: Ashish Avinash Saoji
3rd Floor, M G House,
Rabindra Nath Tagore Marg,
Civil Lines, Nagpur - 440001
Email: ashishsaoji@gmail.com
ip.kmtoll@gmail.com
Last date for
submission of claims: August 19, 2026
KRISHNA ELECTRICAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Krishna Electrical Industries Limited
MPI House, Maharajpura Airport Road,
Gola-Ka-Mandir, Gwalior,
Madhya Pradesh, India, 474005
Insolvency Commencement Date: July 28, 2026
Court: National Company Law Tribunal, Indore Bench
Estimated date of closure of
insolvency resolution process: January 25, 2027
Insolvency professional: Bishwa Ranjan Chatterjee
Interim Resolution
Professional: Bishwa Ranjan Chatterjee
68 Pink City, IDA Scheme No. 94 Extension,
Opposite PTS Ring Road,
Indore, Madhya Pradesh, 452001
Email: brcind@gmail.com
cirp.keind@gmail.com
Last date for
submission of claims: August 12, 2026
KSHIPRA MOTORS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Kshipra Motors Private Limited
74, Chimanganj Mandi Agar Road,
Ujjain, Madhya Pradesh,
India - 456001
Insolvency Commencement Date: July 29, 2026
Court: National Company Law Tribunal, Indore Bench
Estimated date of closure of
insolvency resolution process: January 25, 2027
Insolvency professional: Navin Khandelwal
Interim Resolution
Professional: Navin Khandelwal
206, Navneet Plaza 5/2,
Old Palasia, Indore - 452018
Email: navink25@yahoo.com
cirp.kshipramotors@gmail.com
Last date for
submission of claims: August 12, 2026
MITTAL INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Mittal
Infrastructure Private Limited (MIPL) continue to be 'Crisil
D/Crisil D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 Crisil D (Issuer Not
Cooperating)
Cash Credit 6 Crisil D (Issuer Not
Cooperating)
Proposed Bank 2 Crisil D (Issuer Not
Guarantee Cooperating)
Proposed Long Term 2 Crisil D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with MIPL 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 MIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
MIPL was incorporated in 2004, promoted by the Mittal family of
Pune, Maharashtra. The company, registered as a Class A government
contractor, undertakes civil works for government entities such as
the Indian Railways, semi-government entities such as Hindustan
Aeronautics Ltd and Bharat Electronics Ltd, and private entities
such as educational trusts and manufacturing companies.
MOHAN MOTOR: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mohan Motor
Udyog Private Limited (MMUPL) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 65 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with MMUPL 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 MMUPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MMUPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MMUPL continues to be 'Crisil D Issuer not cooperating'.
Incorporated in 1986 and promoted by Mr Sandip Kumar Bajaj and Mr
Gaurav Bajaj, MMUPL was an authorised dealer for Maruti Suzuki
India Ltd till March 2014, when it acquired dealership of Hyundai
Motor India Ltd vehicles. It has two exclusive showrooms with three
extension counters and one workshop in Kolkata.
MUGHAL FOUNDATION: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mughal
Foundation Mall (MFM) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 8 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with MFM 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 MFM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MFM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MFM continues to be 'Crisil D Issuer not cooperating'.
MFM operates a 1.23 lakh square feet commercial mall in
Kodungallur. It was established in 2012 as a partnership firm by Mr
Mohamed Ali (who manages the operations) and his family.
OPTIMAL POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Optimal Power
Synergy India Private Limited (OPS) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 1.85 CRISIL D (Issuer Not
Cooperating)
Foreign Letter 1 CRISIL D (Issuer Not
of Credit Cooperating)
Proposed Long Term 3.65 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with OPS 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 OPS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on OPS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OPS continues to be 'Crisil D/Crisil D Issuer not cooperating'.
OPS, incorporated in 2007, is a subsidiary of Optimal Power
Solutions Pty Ltd, Australia. The company is involved in renewable
energy business, specifically in the manufacture and design of
power conditioning units such as inverters and various control
systems. OPS also manufactures rooftop solar inverters of 3-30
kilowatt. Dr Swati Purakayastha manages the operations.
ORGANIC WORLD: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Organic World Private Limited
211, Milinda Manor,
2 RNT Marg, Indore Tukoganj,
Indore, Madhya Pradesh,
India, 452001
Insolvency Commencement Date: August 3, 2026
Court: National Company Law Tribunal, Indore Bench
Estimated date of closure of
insolvency resolution process: January 29, 2027
Insolvency professional: Prakul Thadi
Interim Resolution
Professional: Prakul Thadi
Flat No. 1405, J Block,
Rainbow Vistas, Green Hills Road,
Moosapet, Hyderabad,
500018, Telangana
Email: prakulthadi@hotmail.com
470/12, II Floor, HIG-1,
Block-5, Baghlingampally,
Hyderabad - 500044
Email: cirp.organicworld@gmail.com
Last date for
submission of claims: August 17, 2026
PREMIUM LAMINATORS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Premium Laminators Private Limited
CB Block 24D, DDA Flats,
Hari Nagar, Clock Tower,
New Delhi - 110064
Insolvency Commencement Date: August 5, 2026
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: February 1, 2027
Insolvency professional: Gopal Garg
Interim Resolution
Professional: Gopal Garg
408, New Delhi House,
27 Barakhamba Road,
Connaught Place, Central,
National Capital Territory of Delhi - 110001
Email: gopalgarg1987@gmail.com
cirp.premiumlaminators@gmail.com
Last date for
submission of claims: August 19, 2026
PROTAC FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ProTAC Foods
International Private Limited (PFIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 13 CRISIL D (Issuer Not
Cooperating)
Term Loan 5.5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PFIPL 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 PFIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PFIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PFIPL continues to be 'Crisil D Issuer not cooperating'.
PFIPL was promoted by Mr Tarun Kunzru (managing director), Mr
Chethan MV and Mr Abhishek Gowda M.N to engage in chicken
processing, with an integrated cold chain preservative system and
sales. The company was incorporated on February 5, 2014. The
company has commenced operations since June 2016.
RADHA KRISHNA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shree Radha Krishna Vinimay Private Limited
206, 2nd Floor,
Samriddhi Square, Kishorganj,
Ranchi, Jharkhand - 834001
Insolvency Commencement Date: July 13, 2026
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: January 9, 2027
Insolvency professional: Umesh Kumar
Interim Resolution
Professional: Umesh Kumar
Flat No. 4D, D Block,
Satyabhama Grand Apartment Kusai,
Doranda, Ranchi - 834002
Email: umeshkr62@yahoo.com
Flat No. 202 B, Mahalaxmi Complex,
Line Tank Road, Sharda Babu Street,
Ranchi, Jharkhand - 834001
Email: srkv.1307@gmail.com
Last date for
submission of claims: July 27, 2026
RADHE COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radhe Cotton
(RC) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.50 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.09 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.57 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RC for
obtaining information through letter and email dated June 29, 2026
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of RC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of RC
continues to be 'Crisil D Issuer not cooperating'.
RC, set up in 2013 at Junagadh, is a partnership between Mr Kirit
Akheniya, Mr Mukesh Limbani, Mr Parakash Kantilal Popat, Mr Uday
Limbani and Mr Viral Akheniya. The firm gins and presses cotton; it
started commercial operations in May 2014.
RAJDHANI EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajdhani
Educational Charitable Trust (RECT) continues to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 7.5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RECT 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 RECT, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RECT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RECT continues to be 'Crisil D Issuer not cooperating'.
Incorporated in May 2015, RECT is a Delhi-based trust, engaged in
the lease rental business. It has entered into an agreement with
'Presidium Educational & Charitable Trust' for running a school
over a 45-year tenure.
RISHAB COTSPIN: CRISIL Keeps D Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rishab
Cotspin Private Limited (RCPL) continue to be 'Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 7 Crisil D (Issuer Not
Overdraft facility Cooperating)
Loan Against 2.82 Crisil D (Issuer Not
Property Cooperating)
Long Term Loan 0.16 Crisil D (Issuer Not
Cooperating)
Long Term Loan 5.54 Crisil D (Issuer Not
Cooperating)
Long Term Loan 1.83 Crisil D (Issuer Not
Cooperating)
Working Capital 0.11 Crisil D (Issuer Not
Term Loan Cooperating)
Working Capital 0.2 Crisil D (Issuer Not
Term Loan Cooperating)
Working Capital 2.73 Crisil D (Issuer Not
Term Loan Cooperating)
Crisil Ratings has been consistently following up with RCPL 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 RCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RCPL continues to be 'Crisil D Issuer not cooperating'.
Company was incorporated in 1995 and was involved in the trading of
acrylic yarn. However, the manufacturing facilities started in
January 2018. RCPL's manufacturing capacity is 9000 spindles.
S A MULLA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S A Mulla
(SAM) continue to be 'Crisil D/Crisil D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SAM 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 SAM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SAM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAM continues to be 'Crisil D/Crisil D Issuer not cooperating'.
SAM, set up in 1986 as a proprietorship, was converted into a
partnership in fiscal 2018. The Kolhapur-based firm constructs
roads and canals for the Karnataka and Maharashtra governments. Mr
Saifuddin A Mulla and Mr Mainuddin S Mulla are the partners.
SAEL RESTRICTED: Fitch Lowers Rating on Sr. Secured Notes to 'BB'
-----------------------------------------------------------------
Fitch Ratings has downgraded SAEL Restricted Group's (SAEL RG1) US
dollar senior secured notes due 2031 to 'BB' from 'BB+'. The
Outlook is Stable.
The downgrade reflects the weakening of SAEL RG1's financial risk
profile following a sharp rupee depreciation that exceeded the
cover under the company's hedging structure. This has resulted in
higher rupee-denominated interest payments and a larger refinancing
debt amount at bond maturity, weakening the debt-service coverage
ratio (DSCR) to 1.59x from 1.94x during the bond period and to
1.42x from 1.66x during the refinancing period, under Fitch's
rating case.
Asset performance remains strong, with solar generation near P50
estimates and waste-to-energy (WTE) assets operating at a load
factor of 95% on average. The rating is supported by limited volume
and price risk, manageable fuel-supply risk for the WTE projects,
and higher load factors and tariffs. Risks include the systemic
risk associated with the Indian power sector, the bond's balloon
maturity and reliance on mandatory cash sweeps (MCS).
KEY RATING DRIVERS
Operation Risk - Midrange
Proven Technology, Affiliated Contractor: SAEL RG1's 334MW rated
portfolio comprises 72% solar projects and 28% WTE assets, with a
capacity-weighted average operating history of about five years.
Fitch considers the technologies as proven. Solar modules are
mostly sourced from established suppliers, while the WTE assets use
equipment from Thyssenkrupp AG, Burmeister & Wain Scandinavian
Contractor and Siemens.
Operation and maintenance (O&M) is provided by affiliate SAEL
Engineering Private Limited under fixed-price contracts with minor
annual escalation. Reserve accounts for major maintenance at the
WTE projects and inverter replacement are funded separately. The
assessment is constrained to 'Midrange' because the operating cost
forecast has not been validated by an independent technical
advisor.
Revenue Risk - Volume - Midrange
Higher WTE Proportion, Tighter Solar Spread Forecast: The WTE
projects, unlike thermal projects, lack take-or-pay arrangements,
but face limited curtailment risk due to their implied "must-run"
status and base-load operation. They also support distribution
companies' renewable-power purchase obligations and help reduce
pollution from crop burning.
A third-party expert's energy yield forecast for the solar
portfolio indicates an overall one-year P90/P50 spread of about 6%.
The projects have performed closer to P50 estimates and better than
most other assets in India. The solar projects also have "must-run"
legal status and should similarly benefit from lower curtailment
risk.
Revenue Risk - Price - Midrange
Fixed Long-Term Prices for Most Contracts: Most solar tariffs are
fixed under 25-year power purchase agreements (PPAs), while the
tariff on a 50MW project is fixed until March 2030 and will then be
based on the counterparty's average power-purchase cost. The solar
portfolio's capacity-weighted average remaining PPA life is about
17 years.
WTE project tariffs have a fixed component based on fixed costs and
a variable component that accounts for fuel costs, with PPA tenors
of more than 20 years. Tariffs are fixed for 13 years at three
projects and are variable at one. The variable component will
increase by 5% per annum over the fixed tariff period, regardless
of actual increases in underlying fuel costs.
Supply Risk - Midrange
Reasonable Supply, Lumpy Procurement: Five assets are in paddy-rich
states and utilise abundant paddy straw that is burnt in the
fields. An asset in Rajasthan also uses mustard and ground nut
husks as fuel. Supply is unaffected by variability in crop yields,
as paddy straw remains readily available, even if the crop cycle is
poor. Fuel for the entire year is procured during the two-to-three
month harvesting period. All projects have the capacity to stock
one-to-two months of fuel, while the remaining stock is stored at
nearby collection centres.
The supply contracts offer fixed prices with some annual
escalation, but lack delivery liquidated damages or reserves to
cover PPA deductions or operating costs.
Debt Structure - Midrange
Repayments Driven by Cash Sweeps, No Restricted Payments: SAEL
Limited and its five co-issuing operating subsidiaries provide
cross-guarantees for one another. Fitch expects the notes to be
repaid primarily through MCS (40.9%) under its rating case, with a
smaller portion through scheduled amortisation (5.5%). Bondholders
benefit from a complete cash lockup and restrictions on permitted
indebtedness, excluding USD20 million of working capital debt.
Debt is hedged through a US dollar-Indian rupee call spread, but
the sharp rupee depreciation has pushed the spot rate above the
hedge strikes and reduced the hedge's effectiveness. This has
weakened SAEL's financial profile, although it is updating its
hedge structure to widen coverage.
Credit Update
The portfolio's overall load factor increased to 42% in FY26 from
36% in FY25 and 30% in FY24, driven by stabilisation of new
capacities and improving performance of existing assets. All assets
in the portfolio are now fully operational. All solar assets are
generating above P90 levels, approaching P50 estimates. WTE assets
are mostly operating close to or better than its base-case
forecasts, except for the recently commissioned asset in Rajasthan,
which is stabilising.
Revenue and EBITDA increased by 19% and 17%, respectively, in FY26.
Overall receivable days fell to about 40 days in FY26, from 50 days
in FY25. The company has also consistently made its MCS payments
over the past three payment cycles.
Peer Analysis
SAEL RG1 can be compared with Continuum Green Energy (India)
Private Limited (Continuum RG2, note rating: BB+/Stable). SAEL
RG1's 334MW portfolio of solar and WTE assets primarily serves
state distribution companies. In contrast, Continuum RG2's 1GW
portfolio of wind and solar projects has a diversified pool of
commercial and industrial clients that generally have shorter
payment cycles. Both peers rely on MCS repayments and have balloon
structure bonds. However, SAEL RG1's debt structure traps all
excess cash and pays full upfront hedging costs for the bond.
Continuum RG2's stronger refinancing-period DSCR of 1.85x, compared
with 1.42x for SAEL RG1, explains the one-notch difference.
SAEL RG1 can also be compared with Adani Green Energy Limited
Restricted Group 1 (AGEL RG1, senior secured note rating:
BBB-/Stable) and Adani Green Energy Limited Restricted Group 2
(AGEL RG2, senior secured note rating: BBB-/Stable). AGEL RG1 and
AGEL RG2 are both pure solar portfolios, with counterparties
comprising state distribution companies and sovereign-backed
off-takers. All three restricted groups have ringfenced issuing
structures, with direct issuance by the operating entities.
However, SAEL RG1 is exposed to refinancing risk, which is absent
for AGEL RG1 and AGEL RG2 due to their largely amortising debt
structures and no reliance on MCS.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Average annual rating-case DSCR decreases persistently below 1.4x.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Average annual rating-case DSCR increases persistently above 1.6x.
Financial Profile
Its base case for solar assets' generation reflects average
performance data and incorporates 0.5% annual degradation. Fitch
applies the P50 generation for newly operational solar assets, a 5%
production haircut and 0.5% annual degradation. Fitch assumes WTE
projects have a fuel efficiency of 1.1 tonnes/MWh and a load factor
that reflects average performance data. Fitch uses a third-party
consultant's load factor estimate for newly operational assets and
expect newly commissioned and upgraded assets to stabilise in the
second year. Its O&M and fuel supply cost forecasts are in line
with those of the company.
Its rating case assumes a 3% production haircut from one-year P90
estimates and 0.6% annual degradation for solar assets. A lower
production haircut has been applied to reflect the strong
historical performance of the solar assets, at close to P50
estimates. Fitch assumes WTE projects have 1.2 tonnes/MWh fuel
efficiency and a 5% lower generation from the base case. Newly
commissioned and upgraded assets are to stabilise in the third
year. Its O&M costs are 10% higher for the solar assets and 20%
higher for the WTE projects. Fitch assumes 5% annual escalation for
fuel costs.
Both cases assume contracted tariffs for projects with long-term
PPAs. Fitch assumes a 50% tariff haircut for solar project Unit 7
when the tariff tenor expires and a flat tariff for three WTE
projects when the 13-year tariff periods expire. Fitch assumes the
outstanding US dollar bond will be refinanced at 11%, with
accumulated cash reducing the refinancing debt amount. SAEL RG1 and
its peers have raised debt at lower rates in the current market,
but Fitch uses a higher rate, largely similar to other rated
renewable transactions, to reflect uncertainty around refinancing
bullet debt.
Under its base case, these assumptions generate an average DSCR of
1.77x during the refinancing period and 1.90x during the bond
period; under its rating case, the corresponding figures are 1.42x
and 1.59x.
SECURITY
The primary obligation of each co-issuer in respect of the US
dollar notes will be secured by a first ranking pari passu:
- mortgage or charge over the immovable, movable (tangible and
intangible), current assets and receivables of the co-issuer;
- mortgage or charge over accounts established pursuant to the
applicable trust and retention account agreement and debt service
reserve accounts;
- assignment of, or charge over, rights title, interest, benefits,
claims and demands under the PPAs, project documents and insurance
policies of the co-issuer;
- pledge of 100% of the shares of each co-issuer.
The notes and obligations of the co-issuers will not be secured
by:
- immovable, movable and other current assets and receivables of
the warehousing business;
- project assets forming a part of the railway rooftop projects
(about 3MW).
Climate Vulnerability Signals
The results of its Climate.VS screener did not indicate an elevated
risk for SAEL RG1.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
SAEL RG1
SAEL RG1/Project
Revenues/1 LT LT BB Downgrade BB+
SHRENIK LIMITED: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shrenik Limited
1009, 10th Floor,
Shivalik Shilp Iscon Cross Road,
Ahmedabad, Gujarat - 380015
Insolvency Commencement Date: July 30, 2026
Court: National Company Law Tribunal, Ahmedabad Bench
Estimated date of closure of
insolvency resolution process: January 26, 2027
Insolvency professional: Rahul Nareshbhai Shah
Interim Resolution
Professional: Rahul Nareshbhai Shah
20, Sudershan Society,
Part 2, Near Naranpura Bus Stop,
Naranpura, Ahmadabad,
Gujarat - 380013
Email: carahulnshah@gmail.com
Shop No. 6, Samprati Residency,
Opposite Paliyadnagar AMC Garden,
Naranpura, Ahmadabad,
Gujarat - 380013
Email: cirp.shrenik@gmail.com
Last date for
submission of claims: August 19, 2026
SIPUL ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sipul
Enterprises Limited (SEL; Formerly known as Shah Motilal Foods
Limited) continue to be 'Crisil D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 Crisil D (ISSUER NOT
COOPERATING)
Long Term Loan 3 Crisil D (ISSUER NOT
COOPERATING)
Long Term Loan 2.87 Crisil D (ISSUER NOT
COOPERATING)
Long Term Loan 1.8 Crisil D (ISSUER NOT
COOPERATING)
Proposed Long Term 2.33 Crisil D (ISSUER NOT
Bank Loan Facility COOPERATING)
Crisil Ratings has been consistently following up with SEL 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 SEL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SEL continues to be 'Crisil D Issuer not cooperating'.
Based in Hyderabad (Telangana) and set up in April 2012, SEL is
engaged in processing and trading of milk and milk products. The
day-to-day operations of SEL are managed by Mr. Rajesh Gandhi.
SITARA CONDUCTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sitara
Conductors and Cables Private Limited (SCCPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with SCCPL 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 SCCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SCCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
SCCPL, established in 1997 is engaged in manufacturing overhead
electricity transmission conductors, stay wires/earth wires,
paper-covered aluminium round and rectangular conductors, and
hard-drawn copper conductors. The company is certified under ISO
9001:2008 and has an office at Liluah, in Howrah, West Bengal.
SOCRUS PHARMACEUTICALS: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Socrus Pharmaceuticals Limited
Plot No. 252 Sector-I,
Pithampur, Indore,
Dhar, Madhya Pradesh,
India - 454775
Insolvency Commencement Date: August 4, 2026
Court: National Company Law Tribunal, Indore Bench
Estimated date of closure of
insolvency resolution process: January 31, 2027
Insolvency professional: Kuldeep Tank
Interim Resolution
Professional: Kuldeep Tank
202, Block-A,
The One, RNT Marg,
Indore - 452001
Email: cakuldeeptank@gmail.com
cirp.socrus@gmail.com
Last date for
submission of claims: August 18, 2026
THERMOSOL GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thermosol
Glass Private Limited (TGPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 1.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 21.58 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 7.78 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with TGPL 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 TGPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TGPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
TGPL was incorporated in March 2011 to set up a glass-processing
unit in the Kutch district of Gujarat, primarily to supply
parabolic mirrors to CSP plants. The unit is estimated to have
installed capacity of 1.1 million square metres (sqm) per annum.
The project has been commissioned at an estimated cost of Rs 86.4
crore, funded through debt of around INR46.0 crore, promoters'
contribution of around INR28.0 crore, and the remaining through
credit from suppliers. External debt is likely to be replaced with
contribution from promoters over the medium term. TGPL is a part of
Ahmedabad-based Cargo group, and a wholly-owned subsidiary of
flagship company, Cargo Motors Pvt Ltd (CMPL). The Cargo group is
promoted by Mr Jayant Nanda and his family members. CMPL,
established in 1959, is one the largest dealers of commercial
vehicles of Tata Motors Ltd (rated 'Crisil AA-/Stable/Crisil A1+')
in Gujarat.
TRUWEIGHT WELLNESS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Truweight Wellness Private Limited
56/13, 284,
Garvebhavi Palya,
Opposite Shirdi Sai Baba Temple,
Hosur Road, Bommanahalli,
Bangalore, Karnataka - 560068
Insolvency Commencement Date: July 20, 2026
Court: National Company Law Tribunal, Bengaluru Bench
Estimated date of closure of
insolvency resolution process: January 27, 2027
Insolvency professional: Sannidhi Chakrala
Interim Resolution
Professional: Sannidhi Chakrala
Efficax Resolution Professionals Private Limited
Unit No. 14, 1st Floor,
Ishwar Colony, Bhamashah Marg,
New Delhi - 110009
Email: md@efficaxindia.com
Raheja Vistas Elite,
Tower - H, Flat No. 1104,
Plot No. 127A, IDA Nacharam,
Uppal Mandal, Nacharam Village,
Hyderabad, Telangana - 500076
Tel: 9701255861
Email: cirp_truweightwellness@efficaxindia.com
Last date for
submission of claims: August 14, 2026
VENUS GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Venus
Garments India Limited (VGIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter of credit 14.91 CRISIL D (Issuer Not
& Bank Guarantee Cooperating)
Proposed Long Term 3.17 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 73.83 CRISIL D (Issuer Not
Cooperating)
Working Capital 69 CRISIL D (Issuer Not
Facility Cooperating)
Crisil Ratings has been consistently following up with VGIL 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 VGIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VGIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VGIL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Incorporated in 1999 and promoted by Mr Anil Jain, VGIL
manufactures and exports ready-made garments such as polo shirts,
T-shirts, jogging suits, sweat shirts, thermal wear, and sweaters.
The company mainly exports to the US, Europe, Mexico, Canada, and
other countries.
=========
J A P A N
=========
[] JAPAN: Mobile Game Developers Bankruptcies Surge in 2026
-----------------------------------------------------------
Automaton Media, citing a new report by Teikoku Databank, reports
that bankruptcies among Japanese game companies that develop and
run mobile games have seen a sharp rise. Just between January and
July 2026, a total of 10 such bankruptcies were recorded, far
exceeding the total of three bankruptcies seen throughout all of
2025, Automaton Media relates. Given this pace, the industry is
likely to see a new record-high number of annual bankruptcies by
the end of 2026, surpassing 2015 (when 12 mobile game developers
went under).
This news comes fresh on the heels of a rather controversial
bankruptcy announcement – at the end of July, Tokyo-based
developer Ambition, who had been running the live-service game
Bungo Stray Dogs: Tales of the Lost for nine years, suddenly
announced that the game would be ending services only a day later,
according to Automaton Media. Moreover, the company said it would
be refusing to refund players for unused in-game currency and paid
items, garnering backlash. It was later revealed that the company
had simultaneously filed for bankruptcy.
Automaton Media relates that even with titles based on popular IPs
with generous marketing campaigns, mobile game developers are
finding it increasingly difficult to create and sustain hits. As
some of the reasons for this, Teikoku Databank cites the growing
complexity expected of the genre (such as 3D graphics, full voice
acting, etc.) and a chronic shortage of creators domestically,
which often push initial development costs into the hundreds of
millions of yen.
Automaton Media says post-launch operations are also a challenge,
as continuing to release new content is likewise costly for
developers and can become difficult to sustain amidst a shrinking
player base. The report also cited the fierce competition from
high-budget hits coming from China and South Korea as a factor, the
quality and scale of which many Japanese developers believe is
difficult to reproduce domestically within the industry's current
conditions.
=====================
N E W Z E A L A N D
=====================
AVANTI KEA 2026-1: Moody's Assigns (P)B2 Rating to NZD11MM F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the notes to be issued by New Zealand Guardian Trust Company
Limited in its capacity as trustee of Avanti Kea NZ Personal Loan
ABS Trust 2026-1.
Issuer: New Zealand Guardian Trust Company Limited in its capacity
as trustee of Avanti Kea NZ Personal Loan ABS Trust 2026-1
NZD155.00 million Class A Notes, Assigned (P)Aaa (sf)
NZD24.25 million Class B Notes, Assigned (P)Aa2 (sf)
NZD18.75 million Class C Notes, Assigned (P)A2 (sf)
NZD12.00 million Class D Notes, Assigned (P)Baa2 (sf)
NZD16.00 million Class E Notes, Assigned (P)Ba2 (sf)
NZD11.00 million Class F Notes, Assigned (P)B2 (sf)
The NZD13.00 million Class G Notes are not rated by us.
Avanti Kea NZ Personal Loan ABS Trust 2026-1 is a cash
securitisation of predominantly unsecured personal loans extended
to obligors in New Zealand, with the remainder of the portfolio
comprising loans secured by motor vehicles. The transaction has a
6-month substitution period subject to certain substitution
termination events, loan eligibility criteria and portfolio
parameters. Avanti Finance Limited (Avanti Finance) originated and
services all receivables.
This is Avanti Finance's first ABS transaction that is
predominantly backed by personal loans in New Zealand. In November
2023, Avanti Finance completed its inaugural New Zealand ABS
transaction, which was backed by auto loans originated by its
subsidiary, Branded Financial Services Pty Limited.
Avanti Finance is a non-bank lender that provides residential
mortgage loans, consumer loans, auto loans, and small and
medium-sized enterprise (SME) loans in New Zealand. The company has
been in business since 1989. As of March 2026, Avanti Finance's
receivables portfolio totaled approximately NZD3.6 billion.
RATINGS RATIONALE
The provisional ratings take into account, among other factors:
-- Moody's evaluation of the underlying receivables and their
expected performance;
-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. Initially,
principal will be allocated on a sequential basis. Once the
step-down conditions are satisfied, all notes other than the Class
G Notes will receive principal on a pro rata basis. The step-down
conditions include, among others, that subordination to the Class A
Notes is at least 1.4x the initial level at closing, there are no
unreimbursed charge-offs, and the pool's cumulative default ratio
is less than 12%. Following the call option date in March 2031, or
once the aggregate outstanding note balance has amortised below 20%
of the initial principal amount, the structure will revert to a
sequential repayment profile. Initially, the Class A, Class B,
Class C, Class D, Class E and Class F Notes benefit from 38.0%,
23.8%, 20.8%, 16.0%, 9.6% and 5.2% of note subordination,
respectively;
-- The availability of excess spread over the life of the
transaction;
-- Eligibility criteria of each receivable, and key pool
parameters required to be maintained for acquiring additional
receivables during the substitution period include:
-- motor vehicle-secured loans representing between 15% and 18% of
the pool, with the remainder comprising unsecured personal loans;
-- a weighted average interest rate at least 18%;
-- a weighted average remaining term to maturity of no more than
60 months;
-- a weighted average Avanti credit score of at least 590;
-- an average receivable balance of no more than NZD25,000; and
-- the weighted average loan-to-value ratio of the loan secured by
motor vehicle does not exceed 90%.
-- The trustee will enter into two separate interest rate swaps,
one with Westpac Banking Corporation (Aa2 issuer
rating/Aa1(cr)/P-1/P-1(cr)) and the other with Bank of New Zealand
(A1 issuer rating/Aa3(cr)/P-1/P-1(cr)), to hedge the mismatch
between fixed-rate receivables assets and floating-rate
liabilities. The notional amount of each swap will follow a
scheduled amortisation profile based on a certain pool prepayment
rate.
-- The liquidity facility provided by Westpac New Zealand Limited
(A1 issuer rating/Aa3(cr)/P-1/P-1(cr)) in the amount of 2% of the
rated notes balance.
-- The experience of Avanti Finance as servicer and presence of
the standby servicing arrangements with Verofi Limited.
-- The legal and structural integrity of the transaction.
According to Moody's analysis, the transaction benefits from
substantial excess spread to absorb portfolio losses and from the
portfolio's seasoning. The initial pool has a weighted average
interest rate of 18.4% and a weighted average seasoning of 10.4
months, reflecting an established borrower repayment history. Key
transaction challenges include limited historical data and the
reliance on the standby servicer, Verofi Limited (Verofi). Avanti
Finance introduced its credit scoring system in 2022 and provided
us with performance data only for loans originated since its
implementation, resulting in a relatively short performance
history. In addition, Verofi is a relatively small entity with a
limited number of core staff, creating key-person dependency and
reducing the robustness of the standby servicing arrangement.
Although Verofi's team has considerable servicing experience, its
small scale remains a challenge. This risk is partially mitigated
by the Trustee's ability to appoint a replacement servicer if
Verofi is unable to perform its role. In addition, a liquidity
facility covering approximately four months of stressed servicing
fees and interest payments helps reduce the risk of payment
disruption.
Key model and portfolio assumptions:
Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — is 38%. Moody's mean default for
this transaction is 10.6%. The assumed recovery rate is 13%.
Expected defaults, recoveries and PCE are parameters used by us to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
Moody's cash flow model to rate consumer loan ABS.
Key indicative pool characteristics include:
-- 84.7% of the pool comprises unsecured personal loans, with the
remainder comprising loans secured by motor vehicles.
-- Interest rate range from 6.5% to 28.0%, with a weighted average
interest rate of 18.4%.
-- The pool has a weighted average seasoning of 10.2 months.
-- The weighted average remaining term is 57.4 months, while the
maximum receivable term is 84 months.
-- The average receivable balance is NZD23,667, compared with a
maximum balance of NZD84,002.
-- Avanti credit scores range from 530 to just over 700, with a
weighted average score of 597.
-- The largest obligor and 20 largest obligors representing 0.03%
and 0.66% of the pool.
-- None of the receivables include balloon payment at maturity.
-- 2.8% of the pool comprises loans in arrear within 30 days, and
no receivable is more than 30 days in arrears as of the pool cutoff
date.
The principal methodology used in these ratings was "Consumer Loan
Securitizations" published in May 2026.
Factors that would lead to an upgrade or downgrade of the ratings:
Up
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The New Zealand economy and job
market are primary drivers of performance.
Down
Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The New Zealand economy and job
market are primary drivers of performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit quality
of transaction counterparties, lack of transactional governance and
fraud.
DEOL ENTERPRISES: Court to Hear Wind-Up Petition on Aug. 21
-----------------------------------------------------------
A petition to wind up the operations of Deol Enterprises 2012
Limited will be heard before the High Court at Auckland on Aug. 21,
2026, at 10:45 a.m.
Harkness Henry filed the petition against the company on April 10,
2026.
The Petitioner's solicitor is:
S. J. Rawcliffe
8th Floor, KPMG Tower
85 Alexandra Street
Hamilton
HI SPEC: Court to Hear Wind-Up Petition on Sept. 10
---------------------------------------------------
A petition to wind up the operations of Hi Spec Developments
Limited will be heard before the High Court at Auckland on Sept.
10, 2026, at 10:00 a.m.
Nova Energy Limited filed the petition against the company on July
13, 2026.
The Petitioner's solicitor is:
Jeffrey Gray Ussher
c/o Indebted
Level 1, 91 Central Park Drive
Henderson, Auckland 0610
LUXEOUTDOORS LIMITED: Creditors' Proofs of Debt Due on Sept. 2
--------------------------------------------------------------
Creditors of Luxeoutdoors Limited are required to file their proofs
of debt by Sept. 2, 2026, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 5, 2026.
The company's liquidators are:
Steven Khov
Kieran Jones
Khov Jones Limited
PO Box 302261
North Harbour
Auckland 0751
NORTHSEA HOLDINGS: Creditors' Proofs of Debt Due on Sept. 3
-----------------------------------------------------------
Creditors of Northsea Holdings Limited and Panemorfi Construction &
Management Limited are required to file their proofs of debt by
Sept. 3, 2026, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 4, 2026.
The company's liquidators are:
Daran Nair
Heiko Draht
Nair Draht Limited
97 Great South Road
Epsom, Auckland 1051
Q CARD 2026-1: Fitch Assigns 'B(EXP)sf' Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Q Card Trust's
A-2026-1, D-2026-1, E-2026-1 and F-2026-1 pass-through
floating-rate notes. The transaction, a securitisation of New
Zealand credit card receivables, is an asset-backed note programme
featuring a multiclass structure that purchases eligible
receivables from related entities of humm group limited (hummgroup)
on a revolving basis. Issuance proceeds will be used to fully
redeem five series of notes.
The notes will be issued by The New Zealand Guardian Trust Company
Limited in its capacity as trustee of Q Card Trust. The ratings of
the remaining notes outstanding under the trust were affirmed on
October 20, 2025.
Entity/Debt Rating
----------- ------
Q Card Trust
A-2026-1 NZFPFD1075R8 LT AAA(EXP)sf Expected Rating
D-2026-1 NZFPFD1076R6 LT BBB(EXP)sf Expected Rating
E-2026-1 NZFPFD1077R4 LT BB(EXP) sf Expected Rating
F-2026-1 NZFPFD1078R2 LT B(EXP) sf Expected Rating
KEY RATING DRIVERS
Stable Receivables Performance: Portfolio performance has been
stable, with gross charge-offs, yield, and the monthly payment rate
(MPR) averaging 4.4%, 12.9%, and 15.2%, respectively, for the 12
months to June 2026. Yield and MPR exclude merchant service fees
and recoveries. Gross charge-offs and yield have remained
relatively stable, while MPR has stayed elevated over the past five
years, so the steady-state MPR assumption has been revised to 10.5%
from 9.5%.
Portfolio performance is supported by New Zealand's economic
recovery. GDP expanded by 0.8% for the year to March 2026 and
unemployment was 5.3% in March 2026. Fitch forecasts GDP growth of
2.8% in both 2026 and 2027 and a decline in the unemployment rate
to 4.9% in 2026 and 4.5% in 2027.
The steady states and rating stresses are shown below:
Steady state assumptions:
Gross charge-offs: 4.5%
Recovery rate: 15.0%
Monthly payment rate (MPR): 10.5%
Portfolio yield: 15.0%
Purchase rate: 100%
Rating stresses:
Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf
Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.75x /
1.25x
Recoveries (% haircut): 60% / 48% / 36% / 27% / 18% / 12%
MPR (% haircut): 40% / 35% / 30% / 25% / 15% / 7.5%
Portfolio yield (% haircut): 35% / 30% / 25% / 20% / 15% / 10%
Purchase rate (% haircut): 90% / 85% / 75% / 65% / 55% / 45%
Originator and Servicer Risk Mitigated: Fitch reviewed hummgroup's
origination and servicing capabilities and found that the
operations were comparable with those of other credit card
providers in Australia and New Zealand.
Mitigated Counterparty Risk: hummgroup acts in several capacities,
most prominently as originator, servicer and trust manager. The
degree of reliance is mitigated by the transferability of
operations, a contracted standby servicer and a liquidity
facility.
Mitigated Interest-Rate Risk: Interest-rate risk is mitigated by
available credit enhancement and interest rate swaps.
Rated Above Sovereign: Structured finance notes can be rated up to
six notches above New Zealand's Long-Term Local-Currency Issuer
Default Rating of 'AA+', supporting the 'AAAsf' rating on the class
A notes.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce the credit enhancement
available to the notes.
Unanticipated increases in charge-offs or reductions in purchase
rates or yield could produce loss levels higher than Fitch's base
case and are likely to result in a decline in credit enhancement
and remaining loss coverage levels available to the notes.
Decreased credit enhancement may make certain note ratings
susceptible to negative rating action, depending on the extent of
coverage decline. Hence, Fitch conducts sensitivity analysis by
stressing a transaction's steady-state assumptions.
This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.
Downgrade Sensitivities
Notes: A / D / E / F
Expected Rating: AAAsf / BBBsf / BBsf / Bsf
Increase charge-offs by 25%: AAAsf / BBBsf / BBsf / Bsf
Increase charge-offs by 50%: AAAsf / BBBsf / BBsf / Bsf
Increase charge-offs by 75%: AAAsf / BBBsf / BBsf / Bsf
Reduce MPR by 15%: AAAsf / BBBsf / BBsf / Bsf
Reduce MPR by 25%: AAAsf / BBBsf / BBsf / Bsf
Reduce MPR by 35%: AAAsf / BBBsf / BBsf / Bsf
Reduce purchase rate by 50%: AAAsf / BBBsf / BBsf / Bsf
Reduce purchase rate by 75%: AAAsf / BBBsf / BBsf / Bsf
Reduce purchase rate by 100%: AAAsf / BBBsf / BBsf / Bsf
Reduce yield by 15%: AAAsf / BBBsf / BBsf / Bsf
Reduce yield by 25%: AAAsf / BBBsf / BBsf / Bsf
Reduce yield by 35%: AAAsf / BBBsf / BBsf / Bsf
Increase charge-offs by 25% and reduce MPR by 15%: AAAsf / BBBsf /
BBsf / Bsf
Increase charge-offs by 50% and reduce MPR by 25%: AA+sf / BBBsf /
BBsf / Bsf
Increase charge-offs by 75% and reduce MPR by 35%: AAsf / BBBsf /
BBsf / Bsf
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An improvement in long-term asset performance, such as decreased
charge-offs, increased MPR or increased portfolio yield, driven by
a sustainable positive change in underlying asset quality would
contribute to a positive revision of Fitch's asset assumptions.
This could positively affect the notes' ratings. Increased credit
enhancement ratios that are able to fully compensate for credit
losses and cash flow stresses commensurate with higher rating
scenarios, all else being equal, would also be positive for the
ratings.
Some of the outstanding subordinate tranches may be able to support
higher ratings based on the output of Fitch's proprietary cash flow
model. Enhancement levels are set to maintain a constant rating
level per class of issued notes and may provide more than the
minimum enhancement necessary to retain issuance flexibility, since
the credit card programme is set up as a continuous funding
programme and requires that any new issuance or note reductions do
not affect the rating of existing tranches.
Therefore, Fitch may decide not to assign or maintain ratings above
the current outstanding ratings in anticipation of future issuance
or reductions.
The class A notes are at the highest level on Fitch's scale and
cannot be upgraded. The ratings on the class D, E and F notes are
unlikely to be upgraded prior to their amortisation period due to
the continuous funding nature of the programme. This would no
longer apply during the amortisation period and the ratings may be
upgraded.
Upgrade Sensitivities
Notes: D / E / F
Expected Rating: BBBsf / BBsf / Bsf
Decrease charge-offs by 25%: AAsf / A+sf / Asf
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch sought to receive a third-party
assessment conducted on the asset portfolio information, but none
was available. Overall, and together with any assumptions referred
to above, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
SACRED HILL: Former Exec Pleads Not Guilty to SFO Fraud Charges
---------------------------------------------------------------
Stuff.co.nz reports that Richard Foddy, a former Sacred Hill
Vineyards group executive and director, has entered not guilty
pleas to charges brought by the Serious Fraud Office.
The SFO announced in June that it had filed charges against Mr.
Foddy, who faces 18 charges of false accounting, Stuff recalls. Six
of those charges have an alternative charge of obtaining by
deception.
Stuff relates that the SFO alleges Mr. Foddy artificially increased
the value of Sacred Hill Vineyards' wine inventory in quarterly
stock valuation spreadsheets and compliance certificates provided
to lender Westpac.
The alleged offending occurred during the financial years ending
June 2017 to June 2019.
Mr. Foddy has elected to be tried by a jury and is next scheduled
to appear in the Napier District Court on October 22, Stuff notes.
Sacred Hill Vineyards and Sacred Hill Marlborough Vineyards went
into receivership in May 2021. The case was referred to the SFO by
receiver BDO Auckland.
Stuff notes that the Sacred Hill brand continues to trade in the
wine industry under new ownership after Sacred Hill's Hawke's Bay
business interests were sold in November 2021.
When announcing the charges in June, SFO director Karen Chang said
New Zealand's economic strength relied heavily on its trade
industries.
"Corporate fraud that undermines key sectors, such as viticulture,
poses a direct risk to our economy, our productivity, and our
international standing."
Stuff relates that Ms. Chang said the SFO would continue to treat
such cases as a priority.
The Sacred Hill group of companies were put into receivership
and/or liquidation in 2021 owing more than NZD98 million. The group
included Sacred Hill Vineyards, Sacred Hill Marlborough Vineyards,
Sacred Hill Family Vineyards and Sacred Hill Global.
Sacred Hill's drinks distribution business Quench Collective also
went into liquidation in April owing unsecured creditors NZD3.16
million.
The business was sold in November 2021, but the
receiverships/liquidations of the companies continued, Stuff adds.
THECA GROUP: Creditors' Proofs of Debt Due on Sept. 14
------------------------------------------------------
Creditors of Theca Group Limited are required to file their proofs
of debt by Sept. 14, 2026, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 5, 2026.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
=================
S I N G A P O R E
=================
DIRECT LINK: Court to Hear Wind-Up Petition on Aug. 21
------------------------------------------------------
A petition to wind up the operations of Direct Link Pte. Ltd. will
be heard before the High Court of Singapore on Aug. 21, 2026, at
10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
July 30, 2026.
The Petitioner's solicitors are:
M/s Advent Law Corporation
111 North Bridge Road
#25-03 Peninsula Plaza
Singapore 179098
JUNO DIGITAL: Court to Hear Wind-Up Petition on Aug. 21
-------------------------------------------------------
A petition to wind up the operations of Juno Digital Pte. Ltd. will
be heard before the High Court of Singapore on Aug. 21, 2026, at
10:00 a.m.
The Comptroller Of Income Tax filed the petition against the
company on July 27, 2026.
The Petitioner's solicitors are:
Infinitus Law Corporation
77 Robinson Road
#16-00, Robinson 77
Singapore 068896
NIDEC COMPONENTS: Creditors' Proofs of Debt Due on Sept. 7
----------------------------------------------------------
Creditors of Nidec Components (Singapore) 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's liquidator is:
Chua Chengyuan
c/o 111 North Bridge Road
#12-04 Peninsula Plaza
Singapore 179098
TRF HOLDINGS: Creditors' Proofs of Debt Due on Sept. 7
------------------------------------------------------
Creditors of TRF Holdings 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 31, 2026.
The company's liquidator is:
Victor Goh
C/o Insolvency Advisory Pte Ltd
175A Bencoolen Street
#08-07 Burlington Square
Singapore 189650
TRF SINGAPORE: Creditors' Proofs of Debt Due on Sept. 7
-------------------------------------------------------
Creditors of TRF Singapore 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 31, 2026.
The company's liquidator is:
Victor Goh
C/o Insolvency Advisory Pte Ltd
175A Bencoolen Street
#08-07 Burlington Square
Singapore 189650
=====================
S O U T H K O R E A
=====================
HOMEPLUS CO: To Reopen All 67 Temporarily Closed Stores
-------------------------------------------------------
The Korea Times reports that Homeplus Co will reopen all 67 of its
temporarily shuttered discount stores on Aug. 13, resolving a
monthlong closure driven by a severe cash crunch. The retail chain,
owned by private equity firm MBK Partners, had closed the stores in
mid-July as it entered court-supervised rehabilitation - Korea's
equivalent of Chapter 11 bankruptcy protection.
Ahead of the official relaunch, the chain has been running trial
operations since Aug. 7, and final inspections wrapped up Aug. 6.
Once the doors reopen, 59 of the 67 locations will also resume
online delivery and e-commerce operations, according to The Korea
Times.
The Korea Times relates that Homeplus shut down all of its stores
on July 13 after saying it had run out of operating funds to pay
suppliers and cover basic costs such as rent and utilities. The
company had been under court receivership since March 2025, when it
filed for rehabilitation after a credit rating downgrade left it
unable to pay short-term debt.
The Seoul Rehabilitation Court briefly moved to terminate the
proceedings in early July, which would have pushed the retailer
toward liquidation, before reversing that decision on July 21 and
extending the deadline for creditors to approve a rehabilitation
plan to Sept. 4.
The extension followed an injection of emergency
debtor-in-possession financing - a form of court-approved funding
that lets a company under bankruptcy protection continue operating
- that allowed Homeplus to pay down overdue rent, utility bills and
product costs.
To draw customers back, Homeplus is running discount promotions
through the end of August, The Korea Times says.
According to The Korea Times, members of its My Homeplus loyalty
program can get discounts of up to 50 percent, as well as
buy-one-get-one free specials on meat, seafood, fruit, snacks,
beverages, deli items and bakery goods.
"We're asking customers to use Homeplus often so that this piece of
everyday infrastructure for the public can get back on its feet," a
Homeplus official said, adding that the company would repay
customers' support by offering quality products at low prices.
About Homeplus Co
Homeplus Co., Ltd., operates discount store chain in South Korea.
In March 5, 2025, Homeplus entered court-led rehabilitation process
after a Seoul court approved the request by MBK Partners, the
private equity fund that owns the discount store chain.
The decision came after Korea Investors Service and Korea Ratings
Inc. downgraded the company's rating, citing the company's lack of
efforts to improve its financial health.
In December 2025, Homeplus submitted a rehabilitation plan that
included debtor-in-possession (DIP) financing and asset sales.
According to Yonhap News Agency, the plan's approval deadline was
initially set for March, but was later extended to May and again to
July as the court sought additional time to review the progress of
asset sales and funding efforts.
On July 3, 2026, the Seoul Bankruptcy Court decided to terminate
rehabilitation proceedings for troubled discount store chain,
noting the company failed to come up with the necessary funds of at
least KRW200 billion to carry out the plan.
The court on July 21, 2026, reversed that decision after Homeplus
filed an appeal, extending the rehabilitation proceedings until
Sept. 4, 2026.
The appeal came after Meritz Financial Group, Homeplus' largest
creditor, agreed to provide financing in return for a full
repayment guarantee from MBK Partners.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2026. All rights reserved. ISSN: 1520-9482.
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