250926.mbx

250926.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, September 26, 2025, Vol. 28, No. 193 Headlines A U S T R A L I A B.A.M PLUMBING: Second Creditors' Meeting Set for Sept. 29 INSTINCT ENERGY: First Creditors' Meeting Set for Oct. 1 MCGREGORSDC PTY: First Creditors' Meeting Set for Sept. 30 MINERAL RESOURCES: Fitch Rates USD700MM Sr. Unsecured Notes 'BB-' OCD CAR: First Creditors' Meeting Set for Sept. 30 SOBAH BEVERAGES: Enters Voluntary Administration VENTURE SPIRITS: Second Creditors' Meeting Set for Sept. 30 C H I N A CHINA AOYUAN: Extends Offshore Debt Restructuring Period POWERLONG REAL ESTATE: Announces June 2025 Sales Figures SEAZEN GROUP: To Pay 13% Yield on New Dollar Bond H O N G K O N G NEW WORLD: Seeks Rent Cut for Ailing Hong Kong Airport Mega Mall I N D I A ADITYA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating BALDOVINO: CRISIL Keeps D Debt Ratings in Not Cooperating BENGAL SHELTER: Insolvency Resolution Process Case Summary CLASSIC DISPLAY: ICRA Keeps B+ Debt Ratings in Not Cooperating EMPEE SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating HACKBRIDGE-HEWITTIC: Insolvency Resolution Process Case Summary HARI GROUP: ICRA Keeps B+ Debt Rating in Not Cooperating Category IL&FS TRANSPORTATION: ICRA Keeps D Ratings in Not Cooperating JYOTE MOTORS: ICRA Lowers Rating on INR39.50cr LT Loan to C LEELAP CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating M.D. FROZEN: ICRA Keeps D Ratings in Not Cooperating Category MNR DAIRY: CRISIL Keeps D Debt Rating in Not Cooperating Category NALGONDA MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating NAVKAR BUILDCON: ICRA Keeps B- Debt Rating in Not Cooperating P&M ASSOCIATES LLP: Liquidation Process Case Summary PARANTHAMAN TEXTILES: CRISIL Keeps D Rating in Not Cooperating PIYUSH COLONISERS: ICRA Keeps D Debt Rating in Not Cooperating POLYPLASTICS AUTOMOTIVE: ICRA Keeps D Ratings in Not Cooperating PRAMUK INFRACON: ICRA Keeps B+ Debt Ratings in Not Cooperating R.G.R EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating RAI BAHADUR: ICRA Keeps B+ Debt Rating in Not Cooperating SARASWATI EDUCATION: CRISIL Keeps D Ratings in Not Cooperating SHILPI CABLE: ICRA Keeps D Rating in Not Cooperating Category SITARAM PRINTS: Insolvency Resolution Process Case Summary SMS9 AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category SUNGBO ENGINEERING: Insolvency Resolution Process Case Summary SUPREME COATED: CRISIL Keeps D Debt Rating in Not Cooperating SURYA FOODS: ICRA Keeps B Ratings in Not Cooperating Category TRIDENT SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating VENKATESHWARA POLYMERS: ICRA Keeps B Ratings in Not Cooperating VIJAY RAM: Liquidation Process Case Summary WHEEL FLEXIBLE: ICRA Keeps B+ Debt Ratings in Not Cooperating ZINDRELLA: CRISIL Keeps D Debt Rating in Not Cooperating Category M A L A Y S I A IREKA CORP: Defaults on MYR1 Million Loan Repayments to 2 Banks KNM GROUP: Secures Court Protection as Italian Unit Sale Hits Snag N E W Z E A L A N D DYNAMIC BEING: Court to Hear Wind-Up Petition on Sept. 30 KAILARD DAIRIES: Creditors' Proofs of Debt Due on Nov. 5 KARAKA PLUMBING: Creditors' Proofs of Debt Due on Oct. 15 T HOME BUILDERS: Creditors' Proofs of Debt Due on Oct. 27 TAP AND GO: Goes Into Liquidation; Owes More Than NZD450,000 TOIMATA BUILDERS: Court to Hear Wind-Up Petition on Sept. 30 P A K I S T A N PAKISTAN: Reforms Needed to Reduce Poverty, World Bank Says S I N G A P O R E AVANCE ENGINEERING: Commences Wind-Up Proceedings JKH PTE: Creditors' Meeting Scheduled for Oct. 7 NARITA PTE: Creditors' Proofs of Debt Due on Oct. 14 QUANTUM LEAP: Court Enters Wind-Up Order STUDIO21 PTE: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= B.A.M PLUMBING: Second Creditors' Meeting Set for Sept. 29 ---------------------------------------------------------- A second meeting of creditors in the proceedings of B.A.M Plumbing & Gasfitting Pty Ltd and CBL Plumbing Pty Ltd has been set for Sept. 29, 2025, at 11:30 a.m. via Microsoft Teams only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Sept. 26, 2025 at 5:00 p.m. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on Aug. 25, 2025. INSTINCT ENERGY: First Creditors' Meeting Set for Oct. 1 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Instinct Energy Limited will be held on Oct. 1, 2025 at 10:00 a.m. at BRI Ferrier WA, at Level 4, 673 Murray Street, in West Perth, WA, and via virtual meeting technology. Giovanni Maurizio Carrello of BRI Ferrier Western Australia was appointed as administrator of the company on Sept. 18, 2025. MCGREGORSDC PTY: First Creditors' Meeting Set for Sept. 30 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of McGregorsdc Pty Ltd will be held on Sept. 30, 2025 at 3:00 p.m. via Microsoft Teams Meeting. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of the company on Sept. 18, 2025. MINERAL RESOURCES: Fitch Rates USD700MM Sr. Unsecured Notes 'BB-' ----------------------------------------------------------------- Fitch Ratings has assigned Australia-based Mineral Resources Limited's (MinRes, BB-/Negative) proposed USD700 million senior unsecured notes a rating of 'BB-'. The bonds are rated at the same level as MinRes's Long-Term Issuer Default Rating (IDR) as they constitute its unconditional, unsecured and unsubordinated obligations. MinRes intends to use the proceeds to refinance the outstanding USD700 million senior unsecured notes due May 2027. Fitch expects the placement of new bonds to be leverage-neutral. Fitch also expects the company to continue to focus on deleveraging through cost improvements, capex discipline, and the production ramp-up at its Onslow iron ore project, resulting in a significant reduction in EBITDA net leverage from 7.4x as of the end of the financial year ending June 2025 (FY25). The Negative Outlook reflects execution risks associated with MinRes's planned organic and inorganic initiatives that may keep leverage above its expectations and could lead to negative rating action. Key Rating Drivers High Leverage: Fitch expects MinRes's performance to improve in FY26 due to further effects from cost-cutting initiatives, capex discipline, and higher production volumes at Onslow. This should allow MinRes to stabilise leverage below 4x in FY26-FY27, assuming no new significant investments. EBITDA net leverage increased to 7.4x in FY25 (FY24: 4.9x), reflecting weaker financial performance, a working-capital build-up, and the revaluation of its US dollar bonds, which increased reported debt. Monetising Investments: MinRes has indicated its intention to seek inorganic sources to strengthen its balance sheet, as its EBITDA leverage has significantly exceeded its long term target of 2.0x. Fitch believes that those opportunities might be critical for medium-term deleveraging amid softening in commodity markets. The company has been monetising investments to support its balance sheet and fund an extensive capex pipeline over the past few years. It sold its 49% stake in its Onslow Iron haul road for up to AUD1.3 billion in FY24, with net proceeds of AUD1.1 billion received in FY25. It also received AUD780 million as the initial consideration for its gas assets sold in 1HFY25. Additional contingent considerations for these transactions total AUD0.3 billion. Challenging Lithium Market: MinRes's lithium segment EBITDA declined to AUD23 million in FY25 from AUD384 million in FY24, as the magnitude of the commodity-price decline more than offset the positive impact of cost-out initiatives. The company projects further decline in the FY26 free-on-board costs of its Wodgina and Mt. Marion mines, but also lower consolidated production volumes. This, along with Fitch's forecast of soft lithium prices, is unlikely to result in a material increase in the segment's contribution to the group's EBITDA in FY26. Onslow on Track: Fitch expects MinRes's deleveraging from FY26 to be supported by rising cash generation at Onslow. Fitch forecasts Onslow will generate EBITDA of around AUD1 billion, provided there are no material operational disruptions. The project reached its nameplate capacity in August 2025, and the company forecasts Onslow's attributable production to rise to between 17.1 million tonnes (mt) and 18.8mt in FY26 (FY25: 8mt). Capex to Moderate: Fitch also assumes MinRes will remain disciplined in capital allocation, as Fitch expects a material decline in its growth capex from AUD1.4 billion in FY25, following the completion of the Onslow project. MinRes plans growth capex of around AUD0.5 billion for Onslow, including a road upgrade, in FY26 (FY25: AUD1.1 billion). Corporate Governance Issues: MinRes's ratings reflect a deficiency in corporate governance, which may exacerbate its credit risks. The board has been renewed, with a new chair and independent members. It has introduced new practices that will enhance internal processes for related-party transactions, investment decisions, disclosure and leadership succession. Fitch expects MinRes to continue to strengthen its corporate governance to reduce pressure on its ratings. Earnings Diversification: Fitch forecasts Onslow will deliver incremental EBITDA of around AUD1 billion on average in FY26-FY28 as it boosts production to 35mt per annum, with a significant portion of EBITDA from mining services which have less exposure to commodity-price fluctuations. This will complement its position in lithium spodumene mining and mining services, which is already strong. Unique Model: MinRes's strength lies in the provision of pit-to-ship, life-of-mine services to mines. It funds a mine's design and construction in return for equity, before securing a life-of-mine contract that charges based on production units, with no direct exposure to commodity prices. MinRes earns a margin on the volume. Current investments and developments tie cash flow to lithium and iron ore markets through its vertical integration options. Prepayment Treated as Debt: MinRes presold iron ore under an agreement for USD400 million (around AUD600 million), with delivery over FY25-FY28. The company includes the prepayment as non-debt in its financial statements. However, Fitch treats the prepayment as debt, as Fitch believes the agreement creates an obligation for MinRes. There are costs under the agreement that are akin to interest payments, and the arrangement is an alternative source of funding. Peer Analysis MinRes's rating reflects its strong position in upstream lithium and rising production of iron ore. Fitch expects the company to boost iron ore production to 35mt (FY25: 16mt) over the next two years, with a significant improvement in its average cost position on the iron ore industry curve. PT Indika Energy Tbk's (B+/Stable) and PT Golden Energy Mines Tbk's (BB-/Stable) business profiles are affected by large exposure to coal and relatively low diversification. This could increase their credit risks as funding access tightens for thermal coal-related industries due to increasing environmental, social, and governance considerations. However, both companies have stronger financial profiles than MinRes, supported by lower leverage. Canada's Hudbay Minerals Inc. (BB-/Stable) is a mid-sized copper mining company with substantial commodity diversification through its gold production. It has a longer-term focus on copper, which makes its cash flow sensitive to changes in commodity prices. This contrasts with MinRes, whose near-term cash flow will be more broadly diversified in the medium term. Still, Hudbay has a more conservative financial profile than MinRes, as Fitch projects its EBITDA net leverage will be sustained below 3.5x under its copper and gold assumptions. Key Assumptions - Iron ore price of USD85/t in 2026, USD75/t in 2027, and USD70/t thereafter, adjusted for impurity discounts. - Spodumene concentrate price of around USD769/t in 2026 before a gradual increase to USD955/t by 2028. - Gradual ramp-up in MinRes's share of export volume from Onslow to 21mt by FY27. - Spodumene concentrate sales of 409,000t (SC6 equivalent) in FY26 and around 490,000t on average in FY27-FY28. - Bald Hill remains in maintenance and care across the rating horizon to FY28. - No commercial production of lithium hydroxide over FY26-FY28. - Dividend payments to resume in FY28 at a payout ratio of 35% of underlying net profit after tax. - Capex forecast does not include any major growth projects after FY26. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage rising above 4.0x for a sustained period; - Material loss of mining-service contracts. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch may revises the Outlook to Stable if EBITDA net leverage falls below 4.0x for a sustained period. This could be through a reduction in capex and improved financial performance following the completion of growth projects or other initiatives. Liquidity and Debt Structure MinRes had AUD412 million in cash as of June 2025 and AUD705 million in undrawn revolving facilities expiring in 2027. Debt consists largely of bonds, with the nearest maturity of USD700 million in May 2027. The remainder of its debt maturities is well-spread-out. The repayment of the AUD600 million prepayment will be achieved through the delivery of iron ore; Fitch expects AUD400 million to be effectively repaid in FY26 and FY27. Issuer Profile MinRes is a mining and mining-service company based in Australia. The mining segment operates iron ore and lithium mines located in Western Australia. The company also holds an interest in gas exploration and production assets in the Perth and Carnarvon Basins. Summary of Financial Adjustments Fitch has reclassified MinRes' prepayment of USD400 million (around AUD600 million) as debt. Further details are provided in the Key Rating Drivers. Date of Relevant Committee 03 March 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Mineral Resources Limited has an ESG Relevance Score of '4' for Governance Structure due to corporate governance issues, including related-party transactions involving its executives, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. 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 ----------- ------ Mineral Resources Limited senior unsecured LT BB- New Rating OCD CAR: First Creditors' Meeting Set for Sept. 30 -------------------------------------------------- A first meeting of the creditors in the proceedings of OCD Car Care Pty Ltd will be held on Sept. 30, 2025 at 10:00 a.m. via teleconferencing facilities only. Alexander Man Chun Siu of Hall Chadwick was appointed as administrator of the company on Sept. 18, 2025. SOBAH BEVERAGES: Enters Voluntary Administration ------------------------------------------------ The Crafty Pint reports that Sobah Beverages have entered voluntary administration, with the non-alcoholic beer makers citing the economic downturn and broader challenges in the beer industry as reasons for their decision. Sobah was founded in 2017 by Dr Clinton Schultz and Lozen McDiarmid-Schultz, making it Australia's first dedicated non-alcoholic beer brand. In 2021, they undertook an equity crowdfunding campaign via Birchal, and in 2023 they opened Sobah HQ on the Gold Coast, making it the country's first dedicated non-alc craft production brewery. Last year, they placed the brewery on the market to return to a contract brewing model, with Clinton telling The Crafty Pint at the time that they were holding too much debt and wanted to streamline the business. Earlier this year, Sobah announced a strategic partnership with Black Hops in which the Gold Coast craft brewery would produce and distribute the Sobah range. In their media statement, Sobah reiterated that their products are still available and that the administrators, Worrells, would be in contact with all of the brewing company's equity investors, according to The Crafty Pint. Documents filed with ASIC show that Worrells were appointed as administrators on September 17 and that the first meeting of creditors will take place on September 29, The Crafty Pint discloses. VENTURE SPIRITS: Second Creditors' Meeting Set for Sept. 30 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Venture Spirits Pty Ltd has been set for Sept. 30, 2025, at 11:00 a.m. at the offices of WA Insolvency Solutions, a division of Jirsch Sutherland, at GPO Box E241, 66 St Georges Terrace, in Perth, WA. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Sept. 29, 2025 at 4:00 p.m. Clifford Rocke and Glenn Anthony Crisp of WA Insolvency Solutions were appointed as administrators of the company on Aug. 29, 2025. ========= C H I N A ========= CHINA AOYUAN: Extends Offshore Debt Restructuring Period -------------------------------------------------------- TipRanks reports that China Aoyuan Group Limited has announced a further extension of the holding period for its offshore debt restructuring, moving the expiry date to December 22, 2025. This extension allows more time for the distribution of trust assets under the China Aoyuan and Add Hero Schemes, impacting creditors who are required to submit necessary documentation by December 1, 2025. The company will provide additional updates on the restructuring process as needed, TipRanks relates. About China Aoyuan China Aoyuan Group Limited, formerly China Aoyuan Property Group Limited, is an investment holding company principally engaged in the sales of properties. The Company operates its business through three segments. The Property Development segment is engaged in the development and sale of properties. The Property Investment segment is engaged in the leasing of investment properties. The Others segment is engaged in hotel operation, the provision of consulting and management services. Through its subsidiaries, the Company is also engaged in construction business. China Aoyuan Group Limited and affiliate Add Hero Holdings Limited sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-12030) on Dec. 20, 2023. U.S. Bankruptcy Judge John P. Mastando III presides over the Chapter 15 proceedings. POWERLONG REAL ESTATE: Announces June 2025 Sales Figures -------------------------------------------------------- TipRanks reports that Powerlong Real Estate Holdings Ltd. reported unaudited operating statistics for June 2025, revealing a contracted sales value of approximately RMB554 million and a contracted sales area of 43,380 square meters. For the first half of 2025, the total contracted sales value reached RMB3,723 million with a total contracted sales area of 316,718 square meters, TipRanks discloses. These figures are based on preliminary internal data and may differ from future audited reports, urging investors to exercise caution. Powerlong Real Estate Holdings Ltd. operates real estate businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other services. Powerlong Real Estate Holdings also operates hotel operation, tourism development, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in early July 2022, Moody's Investors Service has downgraded Powerlong Real Estate Holdings Limited's corporate family rating to Caa2 from Caa1 and senior unsecured rating to Caa3 from Caa2. The outlook remains negative. On June 29, 2022, S&P Global Ratings lowered its long-term issuer credit rating on Powerlong Real Estate Holdings Ltd. to 'CCC+' from 'B'. S&P also lowered the long-term issue rating on the developer's senior unsecured notes to 'CCC' from 'B-'. At the same time, S&P placed the ratings on CreditWatch with negative implications. S&P subsequently withdrew its issuer credit rating and issue rating on Powerlong at the company's request. In December 2023, Powerlong Real Estate Holdings said it missed a coupon payment on an offshore bond and hiring restructuring advisors, according Mingtiandi. Having failed to pay US$15.9 million in interest on a set of dollar bonds by the Oct. 30, 2023, due date, the developer said that it had failed to honour that obligation within the 30-day grace period, triggering a default and setting the stage for a debt restructuring. SEAZEN GROUP: To Pay 13% Yield on New Dollar Bond ------------------------------------------------- Caixin Global reports that Hong Kong-listed Seazen Group Ltd. plans to issue a high-yield U.S. dollar bond, its second attempt in 2025 to tap the offshore debt market at a steep price, testing investor appetite for risky Chinese property debt. The property developer's subsidiary, New Metro Global Ltd., intends to issue US$160 million in two-year senior notes with an 11.88% coupon, according to a Sept. 23 company filing, Caixin relates. The notes, planned for issuance on Sept. 30, will be offered at a discount of 98.082% of their face value, bringing the actual yield to around 13%, Caixin has learned from sources with knowledge of the matter. About Seazen Group Seazen Group operates primarily in residential development in China. The company was founded in 1996 by its former chairman, Wang Zhenhua, who is its key shareholder. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 25, 2025, S&P Global Ratings assigned its 'B-' long-term issue rating to the proposed U.S. dollar-denominated senior unsecured notes that Seazen Group Ltd. and Seazen Holdings Co. Ltd. will unconditionally and irrevocably guarantee. New Metro Global Ltd., a special purpose financing vehicle of Seazen Group, will issue the notes. The TCR-AP reported in late June 2025 that Moody's Ratings has revised to positive from negative the outlook on Seazen Group Limited. At the same time, Moody's have affirmed Seazen Group's Caa1 corporate family rating, as well as Caa2 backed senior unsecured rating on the bonds issued by New Metro Global Limited and guaranteed by either Seazen Group or Seazen Holdings Co., Ltd. ================= H O N G K O N G ================= NEW WORLD: Seeks Rent Cut for Ailing Hong Kong Airport Mega Mall ---------------------------------------------------------------- Bloomberg News reports that New World Development Co. is in talks with Hong Kong's Airport Authority about reducing rental obligations at its flagship 11 Skies mall, according to people familiar with the matter, as the debt-laden Hong Kong developer seeks to ease a liquidity crunch that's pushed it to the brink. Bloomberg relates that New World is seeking approval to waive at least part of the requirement that it pay a guaranteed rent, though the developer will still give a share of the mall-and-office complex's annual revenue to the Airport Authority, the people said, asking not to be identified discussing private deliberations. About New World Development New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. New World is still facing challenges even after it pulled off one of Hong Kong's biggest refinancing deals worth US$11 billion earlier this year. It has also been trying to secure a loan of as much as HK$15.6 billion led by Deutsche Bank, though it recently missed a self-imposed target for that effort, Bloomberg News. Controlled by Hong Kong's Cheng family, New World carries the heaviest debt burden among major developers in the city, amid a prolonged real estate downturn in the financial hub and mainland China. Its net debt reached 95.5 per cent of shareholders' equity as at December, according to Bloomberg Intelligence. ========= I N D I A ========= ADITYA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aditya Agro - Chhindwara (Aditya Agro) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 0.28 CRISIL D (Issuer Not Cooperating) Term Loan 6.44 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Aditya Agro for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Aditya Agro, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Aditya Agro is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Aditya Agro continues to be 'Crisil D Issuer not cooperating'. Aditya Agro, a partnership firm set up in 2013, is promoted by Suryawanshi family of Chhindwara, Madhya Pradesh. It is constructing a warehouse with capacity of 27,000 tonnes for agricultural products in Chhindwara. BALDOVINO: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Baldovino continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 4 CRISIL D (Issuer Not Credit Cooperating) Foreign Discounting 6 CRISIL D (Issuer Not Bill Purchase Cooperating) Crisil Ratings has been consistently following up with Baldovino for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Baldovino, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Baldovino is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Baldovino continues to be 'Crisil D/Crisil D Issuer not cooperating'. M/S Baldovino was set up in 2010 as a proprietorship concern by Mr. Rikin Shah. The firm is also engaged in cutting and polishing of diamonds. BENGAL SHELTER: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Bengal Shelter Housing Development Limited Eternity Building, DN-1, 3rd Floor, Sector-V Salt Lake, Kolkata - 700091 Insolvency Commencement Date: August 29, 2025 Estimated date of closure of insolvency resolution process: February 25, 2026 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Mahesh Chand Gupta FE-202, Salt Lake City, Sector-III, 1st Floor, Kolkata-700106 Email: mcgupta90@gmail.com 11&11/1, B B Ganguly Street, 1st Floor, Suit No.-1, Kolkata-700012 Email: cirp.bengalshelter@gmail.com Last date for submission of claims: September 12, 2025 CLASSIC DISPLAY: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings of Classic Display Systems Pvt. Ltd. (CDS) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 6.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with CDS, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Classic Display Systems Pvt. Ltd. (CDS) was incorporated in 2003 by Mr. Harsh Mohunta. The company is engaged in the manufacturing of Point of Sale solutions, industrial packing etc. The company has further added metal racks in its product mix. The company started supplying to players like Liberty Shoes, Reckitt Benckiser and has added number of clients since then. Mr. Harsh Mohunta is a first-generation entrepreneur. EMPEE SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Empee Sugars and Chemicals Limited (ESCL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term 128.18 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category Long-term- 127.14 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 384.90 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 0.78 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with ESCL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. ESCL is engaged in the manufacturing of sugar and spirits including ethanol. The Company started its cane crushing operation in 1992 at Naidupet Unit in Andhra Pradesh and later ventured into the production of Spirits namely rectified spirits and extra neutral alcohol. ESCL has two operating units at Naidupet (Nellore) in Andhrapradesh and Ambasamudram (Tirunelveli) in Tamil Nadu. ESCL has 8000 TCD cane crushing capacity, integrated with 60 klpd distillery and 50 MW cogeneration plant at Ambasamudram and 3000 TCD and 20 klpd distillery at Naidupet. ESCL also has a subsidiary Empee Power Company Limited, which operates 20 MW cogeneration power plant at Naidupet. Its Ambasamudram unit is facing cane availability issues and the sugar production is discontinued. Further, the 50 MW power co-gen plant also has stopped generation of power since Dec. 1, 2014. HACKBRIDGE-HEWITTIC: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: HACKBRIDGE-HEWITTIC & EASUN LIMITED 6/1A1 & 6/1B1, SY. NO.6, Behind Escorts Ltd, ERNAVUR VILLAGE, TIRUVOTTIYUR, CHENNAI, Tamilnadu, India, 600019 Insolvency Commencement Date: September 1, 2025 Estimated date of closure of insolvency resolution process: February 28, 2026 Court: National Company Law Tribunal, Chennai Bench-I Insolvency Professional: CHINNAM POORNA CHANDRA Flat No G1, Cloud9 Heights, Road No 8 Panchavati Colony, Manikonda, HYDERABAD 500089 Telangana State Email: chinnam.poorna@gmail.com Email: cirp.hhe@gmail.com Last date for submission of claims: September 19, 2025 HARI GROUP: ICRA Keeps B+ Debt Rating in Not Cooperating Category ----------------------------------------------------------------- ICRA has kept the Long-Term rating for the Bank facilities of Shri Hari Group in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loans to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Shri Hari Group, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. The firm established in 1989 undertakes real-estate activities and is promoted by Mr. Hari Om Gupta, the managing partner of the company along with Mr. Padam Chand. Under Shri Hari Group, the partners have started their first housing project under Chief Minister Affordable Housing scheme at Vill-Narottampura The -Sanganer, Jaipur. The firm has entered into a joint development agreement with Neelkanth Developers. Neelkanth Developers is a partnership firm with Mr. Mukesh Yadav and Mr. Ved Prakash as partners. The land is owned by Neelkanth Developers and has been given to SHG for development against 25% of the total flats. SHG is constructing a residential project with current approval of G+4 having a total of 672 flats divided among LIG and EWS quota. There are two blocks with total flats of 522 in the G+4 towers under LIG and 150 flats in the G+4 towers under EWS. The total saleable area stood at 3,39,600 sq. ft with a total project cost of Rs. 37.3 crore. Under the JDA, 25% of the total cash outflows will be towards Neelkanth Developers. IL&FS TRANSPORTATION: ICRA Keeps D Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-term and Short-term ratings for IL&FS Transportation Networks Limited (ITNL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 490.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Short-term- 320.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category CP/CD/STD- 1000.00 [ICRA]D; ISSUER NOT COOPERATING; Commercial Rating continues to remain under Paper 'Issuer Not Cooperating' Category NCD/Debt 3963.50 [ICRA]D; ISSUER NOT COOPERATING; bonds/ Rating continues to remain under NCD/LTD 'Issuer Not Cooperating' Category NCD/Debt- 760.00 [ICRA]D; ISSUER NOT COOPERATING; Preference Rating continues to remain under Shares 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with ITNL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2000, IL&FS Transportation Networks Limited (ITNL) is an established surface transportation infrastructure company and one of the largest private sector Build-Operate-Transfer (BOT) road operators in India. The company is promoted by IL&FS Limited which holds 71.92% equity stake in ITNL as on December 31, 2017. Since inception, ITNL has been involved in the development, construction and implementation, operation and maintenance of national and state highways, roads, flyovers and bridges. ITNL, through its wholly- owned subsidiary in Singapore, namely ITNL International Pte Ltd (IIPL) holds 100% equity stake in Elsamex S.A, a Spanish O&M operator which provides maintenance services for infrastructure facilities largely in the roads sector in Spain and the rest of Europe and 49% stake (51% being held by Chongqing Expressway Group Company Limited) in Chongqing YuHe Expressway Company Limited (CYECL), a toll-based road project in southwest China which has a long operating history of over nine years. JYOTE MOTORS: ICRA Lowers Rating on INR39.50cr LT Loan to C ----------------------------------------------------------- ICRA has revised the ratings on certain bank facilities of Jyote Motors Private Limited (JMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 39.50 [ICRA]C; ISSUER NOT Fund Based COOPERATING; Rating downgraded Cash Credit from [ICRA]B+ (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long Term- 0.50 [ICRA]C; ISSUER NOT Unallocated COOPERATING; Rating downgraded from [ICRA]B+ (Stable); ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' Category Rationale The rating is downgrade because of lack of adequate information regarding JMPL performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Jyote Motors Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2000, JMPL is an authorised dealer of MSIL. The company has its showrooms and service centres under the brand name 'Jyote Motors' in Odisha. JMPL deals in sales and servicing of vehicles, sale of spare parts/accessories, and trades in pre-owned cars. In April 2017, the company opened a new showroom to deal in the NEXA variant of MSIL vehicles. The company also set up two sales outlets in Bhubaneswar in October 2015, which deal in bikes manufactured by Suzuki Motorcycles India Private Limited (SMIPL) and the NEXA variant of MSIL vehicles, respectively. LEELAP CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Leelap Clothing Private Limited (SRPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Cash Credit 13.25 CRISIL D (Issuer Not Cooperating) Long Term Loan 23 CRISIL D (Issuer Not Cooperating) Proposed Working 3 CRISIL D (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with SRPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRPL continues to be 'Crisil D Issuer not cooperating'. Set up in 2008, SRPL retails ready-made garments, sarees, cosmetics, toys and accessories. It has two multi-brand outlets in Chennai with total built-up area of around 70,000 square feet. Its day-to-day operations are managed by Mr. Vinod Sharma. M.D. FROZEN: ICRA Keeps D Ratings in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-Term ratings for the Bank Facility of M.D. Frozen Food Exports in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 54.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term- 7.63 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 2.37 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category Long-term 0.50 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with M.D. Frozen Food Exports, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Formed in 1992 as a partnership firm, M.D. Frozen Food Exports is engaged in processing and export of frozen meat to various countries in Africa, Asia, and the Middle East. MDF purchases live animals from traders and farmers and sends it to the Meem Agro slaughterhouse. The meat is then processed at its facilities in Dasna, Ghaziabad (UP), stored at Dasna or at Lawrence road facility of M/s Sushil Ice Factory & Cold Storage (another promoter concern), dispatched to Mumbai by train from where it is shipped overseas. The meat is sold under its own brand name 'Hanian' or other generic brands as desired by buyers. MDF also used to processes meat on a contractual basis for its group concern, MD Frozen Food Exports Private Limited (MDPL) but has not done so in FY15. MNR DAIRY: CRISIL Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of MNR Dairy Farms (MNR) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MNR for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MNR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MNR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MNR continues to be 'Crisil D Issuer not cooperating'. MNR was set up as a partnership concern in 2011 Mr. M Narsi Reddy and family. The firm processes milk, which it sells under the brand Kiaro. It is based in Hyderabad. NALGONDA MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-term ratings for the bank facilities of Nalgonda Municipality (NM) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". As part of its process and in accordance with its rating agreement with Nalgonda Municipality, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Nalgonda Municipality (NM), was upgraded to a Municipality in 2018 from a selection - grade Municipality. The ULB provides municipal services to the city of Nalgonda, situated in the Nalgonda district of Telangana and is governed by the Telangana Municipalities Act 2019 (Act). It covers an area of 105 square kilometre (sq. km.) and serves a population of 2,07,050 (projected for 2021). The major functions of the NM involve water supply, solid waste management, repair and maintenance of roads and street lighting in its area. The ULB is divided into 45 wards and is governed by an elected body (Council), headed by a Chairperson, while the Commissioner acts as the chief executive, overseeing its everyday functioning. NAVKAR BUILDCON: ICRA Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- ICRA has kept the long-term rating of Navkar Buildcon (NB) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B-(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 15.00 [ICRA]B- (Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with NB, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is base don't he best available information. Incorporated in 2011, Navkar Buildcon (NB) is a partnership firm engaged in development of a residential cum commercial real estate project - Navkar Plaza in Ratnagiri, Maharashtra. The firm is a joint venture between the Ratnagiri based Padmavatee Group and Panvel based Neel Group. The Padmavatee Group, being managed by Mr. Mahendra Jain and his two sons, Mr. Abhay Jain and Mr. Pravin Jain. The Neel Group, being managed by Mr. Vilas Kothari, was formed in 1985 as LPG cylinder distributors in Panvel and then the Group diversified into the real estate sector. P&M ASSOCIATES LLP: Liquidation Process Case Summary ---------------------------------------------------- Debtor: P & M Associates LLP No. 78/6, Shankarappa Garde, C-Block, 8th Cross, Magadi Road, Bangalore, Karnataka, India, 560023 Liquidation Commencement Date: August 29, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Pramod Srihari 3rd Floor, Raaj Towers, 23rd Cross, Banashankari 2nd Stage, Bengaluru-560070 Email: pramod@capad.in Last date for submission of claims: September 28, 2025 PARANTHAMAN TEXTILES: CRISIL Keeps D Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sri Paranthaman Textiles Private Limited (SPTPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Secured Overdraft 5.5 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with SPTPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SPTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SPTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SPTPL continues to be 'Crisil D Issuer not cooperating'. SPTPL, was incorporated in 2000 in Chennai (Tamil Nadu) and is engaged in the manufacture of cotton yarn, primarily 60s and 80s count. The day to day operations are overseen by Mrs Prema Paranthaman and Mr Pramod Paranthaman. PIYUSH COLONISERS: ICRA Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the long-term rating of Piyush Colonisers Limited (PCL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 30.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with PCL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is base don't he best available information. PCL was incorporated in 2004 as a private limited company. This flagship company of the Piyush Group and is managed by Mr. Anil Goel and his two sons Mr. Puneet Goel and Mr. Amit Goel. The company has completed several group housing projects in the NCR andis currently developing ten projects, namely 'Piyush Horizon' (1st phase completed) in Dharuhera, 'Piyush City', 'SCO' and 'Elite' in Palwal, 'Piyush Rosette, Square and Galleria' in Bhiwadi and 'Piyush Height' (possession given in 11 towers out of 17) inFaridabad. Apart from these projects the company has launched two projects 'Piyush Epitome' in Palwal and 'Piyush Pranakutti' in Bhiwadi. POLYPLASTICS AUTOMOTIVE: ICRA Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the Long-Term ratings and Short-Term ratings of Polyplastics Automotive India Private Limited (PAIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 8.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term/ 5.80 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Long-term/ 1.20 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Fund Based/ remain under 'Issuer Not Cash Credit Cooperating' Category Short-term 0.25 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Continues to remain under the Others 'Issuer Not Cooperating' Category Long-term- 9.75 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with PAIPL, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. PAIPL is a manufacturer of injection molded plastic auto components for the automobile (four-wheeler passenger vehicles and two wheelers) industry. The company manufactures auto components such as wheel covers, wheel caps, radiator grills (for passenger vehicles) and garnish cowl, rear cowl centre, gear speedo meter, side cover, handle cover, wheel cap, throttle lever, inner door handle, fuse box and cover, etc (for two wheelers) at its manufacturing facility located at Industrial Growth Centre in Bawal (Rewari, Haryana). The unit has 20 injection moulding machines and painting facilities, which include body colour paint shop, automatic wheel cover paint shop and conventional paint shops. The company's client list includes Maruti Suzuki India Limited, Honda Motorcycle & Scooter India Pvt. Ltd. and Hero Motocorp Ltd., apart from other OEMs and Tier-1 suppliers. PRAMUK INFRACON: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the long-term ratings of Pramuk Infracon LLP in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 90.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Pramuk Infracon LLP, ICRA has been trying to seek information from the entity to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of the requisite information and in line with the aforesaid policy of ICRA, the rating has been moved to the "Issuer Not Cooperating" category. The rating is based on the best available information. Pramuk Infracon LLP is a Bengaluru-based real-estate firm engaged in the development of residential and commercial projects. The firm was incorporated in 2011 with Mr. SKB Prasad and Mr. N Keshavmurthy as partners. The entity is into the business of real estate development and has completed two projects since its inception with a total built-up area of 6.3 lakh square feet. Presently, the firm is executing its third mixed-use project named Pramuk MM Meridian Heights in KR Road, Jayanagar, Bengaluru. The project consists of two residential towers, comprising of 2B+25 floors each with 132 residential units and one commercial tower, comprising of 3B+7 floors with total area of 3,16,731 square feet (sqft). R.G.R EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R.G.R Educational Trust (RGR) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 9 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RGR for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RGR, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RGR is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RGR continues to be 'Crisil D/Crisil D Issuer not cooperating'. Setup in 2010, RGR operates 2 school under the name 'RGR Matriculation Higher Secondary School' and 'RGR International School' in Namakkal district ' Tamil Nadu and offers courses in primary and higher secondary school (State Board & CBSE). RGR is currently managed by Mr. P. Rajamanickam, Mrs. R. Gunavathi, and Mrs. R.Revathi. RAI BAHADUR: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------- ICRA has kept the long-term rating of Rai Bahadur Raghbir Singh Educational Society in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 15.41 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Rai Bahadur Raghbir Singh Educational Society, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is base don't he best available information. Rai Bahadur Raghbir Singh Educational Society runs the GD Goenka Public School in Sarita Vihar. The school commenced operations in April 2015. The promoter group has significant experience in the education sector, as it already operates the Rohini branch and Gurgaon branch of GD Goenka Public School since 2007 and 2013, respectively. The society also operates reputed colleges in Delhi through Maharaja Agrasen Technical Education Society, and Maharaja Agrasen Hospital Charitable Trust. SARASWATI EDUCATION: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Saraswati Education Society, Navi Mumbai (SESNM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 6.25 CRISIL D (Issuer Not Cooperating) Secured Overdraft 0.50 CRISIL D (Issuer Not against term Cooperating) deposits Term Loan 12.00 CRISIL D (Issuer Not Cooperating) Term Loan 6.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SES for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SES, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SES continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 1997, by Mr. Prithviraj Deshmukh. Mrs. Vrushali Deshmukh, wife of Mr. Prithviraj Deshmukh is managing the operations of SES. SES operates a school and college in Maharashtra, offering courses in engineering, and information technology. SHILPI CABLE: ICRA Keeps D Rating in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-Term rating of Shilpi Cable Technologies Limited (SCTL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- NCD/DebtBonds/ 27.00 [ICRA]D; ISSUER NOT COOPERATING; NCD/LTD Rating Continues to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with SCTL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SCTL was established in July 2006 as Rosenberger Shilpi Cable Technologies Limited, a 50:50 joint venture (JV) between Shilpi Communications Private Limited and Rosenberger Hochfrequenztechnik GmbH & Co. KG, Germany. The JV was formed to manufacture and sell radio frequency (RF) feeder cables in the domestic market. The JV set up a manufacturing facility at Chopanki, Rajasthan. The facility commenced commercial production in early 2008, and during the same year the stake of the German partner was bought by the Indian promoters. Though initially SCTL was only into RF feeder cables manufacturing, it has, over the years, added products such as wiring harnesses and battery cables for automobiles, wiring harness sets and power cords for white goods, and copper conductors (magnet copper wires and bunched copper wires) to expand and diversify its offerings. SCTL thus caters to automotive, telecom, and consumer durables segments, among others. In addition, it sells house wires, circuit breakers (MCCB and RCCB), and switches through distributors under the 'SAFE' brand name. SCTL, headquartered in Delhi, has five manufacturing units in Bhiwadi, Chopanki, Bahadurgarh (owned by an associate – AGH Wires), Hosur, and Pune (Bhiwadi and Chopanki plants are owned by the company, while the remaining have been taken on lease), and has 13 sales offices across India. SCTL also has subsidiaries and joint ventures in Singapore and UAE, which trade in copper cables and other products. The company is listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) since 2011. SITARAM PRINTS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Sitaram Prints Private Limited 12A, Keshav Park, Parle Point, Surat, Athwa, Surat, Gujarat, India, 395007 Insolvency Commencement Date: September 2, 2025 Estimated date of closure of insolvency resolution process: March 1, 2026 Court: National Company Law Tribunal, Jaipur Bench Insolvency Professional: Satyendra Prasad Khorania 402, 4th Floor, OK Plus, DP Metro, Opp. Pillar No. 94, New Sanganer Road, Jaipur, Rajasthan, 302019 E-mail: skhorania@live.com E-mail: cirpsitaram@gmail.com Last date for submission of claims: September 16, 2025 SMS9 AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- ICRA has kept the Long-Term rating of S M S 9 Agro Oils LLP (SMS9) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 3.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SMS9, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established on February 10, 2016 as a partnership firm, S M S 9 AGRO OILS LLP (SMS9) is setting up a rice bran oil solvent extraction unit with a plant capacity of 250 TPD. The proposed manufacturing unit would be located in Yadgarpally village in Miryalaguda mandal of Nalgonda district in Telangana on a total area of 6.10 acres. The firm is promoted by Mr. S. Satyanarayana and his family members. The promoters have more than 20 years of experience in edible oil and rice milling businesses. SUNGBO ENGINEERING: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: SUNGBO ENGINEERING INDIA PRIVATE LIMITED Registered Address: Plot No. 824, Sri Selva Vinayagar B Nagar, 7th Street, Azhinjivakkam, Redhills, Chennai 600052 Corporate office Address: 70/2A Part 126, Poonamallee High Road, Velapanchavadi, Chennai 600077 Insolvency Commencement Date: August 22, 2025 Estimated date of closure of insolvency resolution process: February 18, 2026 Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: MATHUR SABHAPATHY VISWANATHAN Plot No. 22 Vallalar Street, Nilamangai Nagar, Adambakkam, Chennai-600088 E-Mail: msv8200@gmail.com Old No.56 New No.01, Dr. Ranga Road 1st Lane, Alwarpet, Chennai 600018 E-Mail: sungbocirp@gmail.com Last date for submission of claims: September 21, 2025 SUPREME COATED: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Supreme Coated Board Mills Private Limited (SCBM) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 24 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SCBM for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SCBM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SCBM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SCBM continues to be 'Crisil D Issuer not cooperating'. SCBM was set up in 2003, by Ms M Tangeswari and her family. Commercial operations began in 2005. The Sivakasi-based company manufactures white-coated boards, used in the matchstick, firework, notebook, and packaging industries. SURYA FOODS: ICRA Keeps B Ratings in Not Cooperating Category ------------------------------------------------------------- ICRA has kept the Long-Term ratings of Surya Foods (SF) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 5.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 2.50 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 2.50 [ICRA]B (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SF, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. SF was established as a partnership firm in 2013 and started operating from January 2014 onwards. SF is engaged in milling & sorting of rice to produce raw and parboiled rice and is promoted by Mr. Raj Kumar, Kidar Nath and Mr. Ashok Kumar all of whom have previous experience in the rice milling business. The manufacturing facility of the company is located in Patran region Patiala, Punjab and is equipped with the requisite machinery. TRIDENT SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Trident Sugars Limited (TSL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 13.95 [ICRA]D; ISSUER NOT COOPERATING; Fund based and continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term- 28.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based and continues to remain under Cash Credit 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with TSL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Rajshree Sugars & Chemicals Limited (RSCL), founded in 1985 by Late Shri. G. Varadaraj, is an integrated sugar company with units at Theni, Villupuram, and Gingee in Tamil Nadu. It also has a subsidiary sugar mill namely Trident Sugars (TSL) at Zaheerabad in Medak District of Andhra Pradesh. The company has a combined (including TSL) crushing capacity of 14000 TCD (tons Crushing Per Day). It also has a distillery of 125 klpd (80 klpd of which was commissioned last year) and a total cogeneration capacity of 54.5 MW. VENKATESHWARA POLYMERS: ICRA Keeps B Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term rating of Sri Venkateshwara Polymers in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 6.25 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Sri Venkateshwara Polymers, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sri Venkateswara Polymers is a partnership firm involved in the manufacture of High Density Poly Ethelene (HDPE)/Poly Propylene (PP) sacks of various grades used in various industries. The firm was established in December 2013 by Mr. Kasi Reddy, Mr. Masthan Reddy and Mr. Raghurami Reddy. The plant is situated in Nandyal in Kurnool district in Andhra Pradesh with an installed capacity of 3600 MT/annum. VIJAY RAM: Liquidation Process Case Summary ------------------------------------------- Debtor: Vijay Ram Traders Private Limited Plot No. 310, Kottakuppam Periya Koil Street Manjankaranai Thiruvallur, Uthukottai, Tamil Nadu, India, 600067 Liquidation Commencement Date: August 22, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: G.S. Sudhir 11, Subham, Jayalakshmi Street Keelkatalai Behind Holy Family Convent School, Chennai, Tamil Nadu 600117 Email: sudhircaip@gmail.com Email: liq.vijayram@gmail.com Last date for submission of claims: October 4, 2025 WHEEL FLEXIBLE: ICRA Keeps B+ Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term rating of Wheel Flexible Packaging in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 3.38 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 11.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Wheel Flexible Packaging, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Wheel Flexible Packaging was established in the year 1999 as a partnership firm by Mr. A.C.B Nambiar and three other partners. Currently Mr. A.C.B Nambiar, Mr. P.A. Mohammed Abdulrehaman, Ms. Vidya Pathak, Mr. Zaidalibabu Mohammed Kutty and Mr. Abhilash Nambiar are looking after the management of the firm. The firm is located in zero tax industrial area of Dadra. The firm is engaged into manufacturing of plastic packaging material i.e. printed, non-printed, laminated rolls and pouches. Design of packing material is provided by the client. The plant is currently operating with an input capacity of processing 6000 MTPA. Also the capacity has increased to 7500 MTPA in FY 2017. ZINDRELLA: CRISIL Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Zindrella (Zindrella) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Zindrella for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Zindrella, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Zindrella is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Zindrella continues to be 'Crisil D Issuer not cooperating'. Set up in 2011 as a proprietorship concern by Ms Dyna Gickson, Zindrella retails ready-made garments at its 15 outlets in Kerala. =============== M A L A Y S I A =============== IREKA CORP: Defaults on MYR1 Million Loan Repayments to 2 Banks --------------------------------------------------------------- The Malaysian Reserve reports that Ireka Corporation Bhd (ICB) has defaulted on loan repayments totalling about MYR1.04 million to Hong Leong Bank Bhd (HLBB) and AmBank (M) Bhd, in its capacity as corporate guarantor for facilities previously granted to its now-liquidated unit, Ireka Engineering & Construction Sdn Bhd (IECSB). The default covers MYR675,000 owed to HLBB under a contract overdraft/progress claim facility, and MYR364,962.88 owed to AmBank under a revolving credit overdraft facility, The Malaysian Reserve discloses citing the company's filing with Bursa Malaysia. According to the report, ICB said the current default stems from settlement arrangements entered into after IECSB's liquidation, under which the financiers had earlier initiated winding-up proceedings against the company. These were withdrawn after partial settlements, but arrears remain outstanding. HLBB has since issued a letter of demand dated Sept 18, reserving its rights to pursue legal recovery actions if payments are not made. AmBank has not issued a demand nor indicated plans to refile a winding-up petition, The Malaysian Reserve notes. "The company has been actively engaging in ongoing negotiations with the financiers to pursue mutually acceptable solutions," Ireka said, adding that it is also working on asset monetisation exercises to regularise the arrears. While acknowledging the adverse impact on short-term cash flow, the group stressed that it remains solvent and expects to meet its obligations over the next 12 months, The Malaysian Reserve adds. About Ireka Corp. Malaysia-based Ireka Corporation Berhad is an investment holding company which provides civil, structural, and building construction. The Company, through its subsidiaries, also provides earthworks and leases construction plant and machinery. Ireka also operates online international auction trade and provides venture capital fund to internet, e-commerce, and related technology based companies. Ireka Corp Bhd has been classified as an affected listed issuer under Practice Note 17 (PN17) of the Main Market Listing Requirements. In a filing with Bursa Malaysia on March 1, 2022, the construction and property developer said it had triggered the prescribed criteria under Paragraph 2.1(e) of the PN17 and that Bursa Malaysia Securities Bhd had rejected its application to extend the relief period, which ended on Feb. 26, 2022. Ireka first triggered the criteria for PN17 under Bursa's Main Market Listing Requirements in August 2020, after its auditor highlighted a material uncertainty relating to its ability to continue as a going concern based on its audited financial statements for the financial year ended March 31, 2020 (FY2020). Its shareholders' equity as of end-FY2020 had also fallen to MYR77.51 million or 42.67% of its MYR181.29 million share capital, which was below the required 50% threshold. KNM GROUP: Secures Court Protection as Italian Unit Sale Hits Snag ------------------------------------------------------------------ The Malaysian Reserve reports that Practice Note 17 (PN17) company KNM Group Bhd has secured an interim order from the Court of Appeal restraining all existing and future legal actions against the group, even as efforts to dispose of its Italian subsidiary FBM Hudson Italiana SpA faced another setback. In a bourse filing on Sept. 18, KNM said the Appellate Court granted its application to stay and restrain proceedings pending disposal of its main appeal fixed for hearing in May 2026, the report relays. According to The Malaysian Reserve, the order covers court, winding-up and arbitration proceedings, as well as enforcement processes, labour and industrial court matters, adjudication under the Construction Industry Payment and Adjudication Act 2012, and actions to enforce securities, guarantees or liens. It also restrains creditors from appointing liquidators, receivers, judicial managers or supervisors, or from dealing with the group's assets without consent or further court approval. The Malaysian Reserve says the decision shields KNM's operations and assets in Malaysia and abroad from creditor enforcement while its appeal is pending. It follows a series of legal manoeuvres since KNM and subsidiary KNM Process Systems Sdn Bhd sought court protection in April 2024 to implement a new scheme of arrangement with creditors, The Malaysian Reserve notes. In March, the High Court allowed KNM to convene meetings with creditors on its proposed scheme of arrangement but declined to grant a restraining order, The Malaysian Reserve recalls. KNM later obtained an ad-interim order pending appeal. On Aug. 11, the group said its scheme creditors approved the restructuring plan, which involves shaving off MYR182.04 million in interest and penalties from MYR1.93 billion owed by KNM Process Systems. At group level, KNM currently owes MYR1.23 billion to scheme creditors, The Malaysian Reserve discloses. About KNM Group KNM Group Berhad (KLSE:KNM) -- https://www.knm-group.com/ -- is engaged in the investment holding and the provision of management services. It operates through three geographical segments: Asia and Oceania, Europe and America. The Asia and Oceania segment includes Malaysia, Thailand, Indonesia, Myanmar, Australia and Mauritius. The Europe segment includes Germany, Italy, United Arab Emirates, United Kingdom, British Virgin Islands, Netherlands, Saudi Arabia, and Isle of Man. The America segment includes the United States of America and Canada. Its subsidiary KNM Process Systems Sdn. Bhd. is engaged in the design, manufacture, assembly and commissioning of process equipment, pressure vessels, heat exchangers, skid mounted assemblies, process pipe systems, storage tanks, specialized structural assemblies and module assemblies for the oil, gas and petrochemical industries. Its other subsidiaries include KNM International Sdn. Bhd., KNM Capital Sdn. Bhd. and KNM Renewable Energy Sdn. Bhd. On Oct. 31, 2022, KNM Group Bhd said it had become an affected listed issuer under the Practice Note 17 (PN17) on the basis that Paragraph 2.1(e) of the note was triggered in its audited consolidated financial statements for the period ended June 30, 2022, which were published on Oct. 31, 2022. The company said its auditor had highlighted a material uncertainty over its ability to continue as a going concern. ===================== N E W Z E A L A N D ===================== DYNAMIC BEING: Court to Hear Wind-Up Petition on Sept. 30 --------------------------------------------------------- A petition to wind up the operations of Dynamic Being Limited will be heard before the High Court at Wellington on Sept. 30, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 28, 2025. The Petitioner's solicitor is: Jack David Laird Legal Services 55 Featherston Street (PO Box 895) Wellington 6011 KAILARD DAIRIES: Creditors' Proofs of Debt Due on Nov. 5 -------------------------------------------------------- Creditors of Kailard Dairies Limited are required to file their proofs of debt by Nov. 5, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 15, 2025. The company's liquidator is: David Edward Thomas Don't Be Limited C/- 13C/65 Chapel Street Tauranga Central Shopping Centre Tauranga New Zealand KARAKA PLUMBING: Creditors' Proofs of Debt Due on Oct. 15 --------------------------------------------------------- Creditors of Karaka Plumbing Limited and P&S Autocentre Limited are required to file their proofs of debt by Oct. 15, 2025, to be included in the company's dividend distribution. Karaka Plumbing commenced wind-up proceedings on Sept. 8, 2025. P&S Autocentre commenced wind-up proceedings on Sept. 9, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 T HOME BUILDERS: Creditors' Proofs of Debt Due on Oct. 27 --------------------------------------------------------- Creditors of T Home Builders Limited are required to file their proofs of debt by Oct. 27, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 9, 2025. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom, Auckland 1051 TAP AND GO: Goes Into Liquidation; Owes More Than NZD450,000 ------------------------------------------------------------ Tim Cronshaw at Otago Daily Times reports that a company co-owned by a former All Black which ran a Canterbury restaurant has gone into liquidation owing more than NZD450,000 to creditors. Tap And Go Ltd had operated the Grain & Grape establishment in the small township of Darfield. The New Zealand Companies Office lists Murray Davie and Bernadette Taylor as directors and equal shareholders of Tap And Go. A previous company owned by the business partners, Kick for Touch Ltd, went into liquidation in 2023, after a Rolleston bar and restaurant struggled through Covid-19 restrictions, according to ODT. Mr. Davie, 69, is a former All Black who made the national team for the 1983 tour of England and Scotland and also represented New Zealand in water polo, while Ms. Taylor has a hospitality background. Tap And Go was formed by them in 2022. Insolvency Matters insolvency practitioner Brenton Hunt was appointed the liquidator on September 18 after an initial meeting with directors in July, ODT discloses. In the liquidator's first report released on Sept. 22, he found the company was unable to pay its debts. He said the company was placed into voluntary liquidation immediately after the business was sold, ODT relays. "The business was sold at a level that should have been able to pay [the] majority of creditors, but for various reasons the sale price was reduced leaving a shortfall to creditors." In the report, he said the company bank account held modest funds with a small amount of inventory, as well as plant and equipment, sold during the business sale. Initial investigations did not indicate an overdrawn shareholder account, he said. Of the total estimated shortfall, unsecured creditors are due about NZD250,000, Inland Revenue about $190,000 and staff are owed NZD17,000, ODT discloses. ODT relates that Mr. Hunt said a director had undertaken to personally pay the staff debt for unpaid wages and holiday pay. "Subject to further verification, the liquidator estimates that there will be no funds available to unsecured creditors. However, this will depend on the progress of the liquidation," ODT quotes Mr. Hunt as saying. More than 20 other creditors include ACC and cleaning, legal, accounting, waste, energy, telecommunications and music businesses. TOIMATA BUILDERS: Court to Hear Wind-Up Petition on Sept. 30 ------------------------------------------------------------ A petition to wind up the operations of Toimata Builders Limited will be heard before the High Court at Wellington on Sept. 30, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 30, 2025. The Petitioner's solicitor is: Ashley Ashika Singh Legal Services 55 Featherston Street (PO Box 895) Wellington 6011 =============== P A K I S T A N =============== PAKISTAN: Reforms Needed to Reduce Poverty, World Bank Says ----------------------------------------------------------- The World Bank on Sept. 23, 2025, released "Reclaiming Momentum Towards Prosperity: Pakistan's Poverty, Equity and Resilience Assessment", that marks the first comprehensive evaluation of poverty and welfare trends in the country since the early 2000s. After a steady decline from 64.3% in 2001-02 to 21.9% in 2018-19, the national poverty rate began to increase in 2020. This is largely owing to compounding shocks—including COVID-19, inflation, floods, and macroeconomic stress—but also because the consumption-driven growth model that delivered early gains has reached its limits. To address this, the report calls for sustained and people-centered reforms to protect poor and vulnerable families, improve livelihood opportunities, and expand access to basic services for all. The report taps into 25 years of official household surveys, nowcasted projections, geospatial analysis, and unique administrative data sources. Official poverty estimates are based on multiple rounds of the Household Integrated Economic Survey (HIES), using Pakistan's national poverty line and methodology, which remains the most relevant tool for policymaking. For international comparisons, the report applies global poverty thresholds updated in June 2025. Beyond 2018-19, which is the latest available survey round—it uses microsimulation models to project poverty estimates. New poverty estimates and trends based on survey data will be produced once the recently collected HIES 2024-25 data is released. "It will be critical to protect Pakistan's hard-won poverty gains while accelerating reforms that expand jobs and opportunities -especially for women and young people," said Bolormaa Amgaabazar, World Bank Country Director for Pakistan. "By focusing on results - investing in people, places, and access to opportunities; building resilience against shocks; prioritizing fiscal management; and developing better data systems for decision-making - Pakistan can put poverty reduction back on track." The assessment finds that over the past two decades, poverty reduction in Pakistan was primarily driven by rising non-agricultural labor income, as more households shifted away from farm work to low-quality service jobs. However, slow and uneven structural transformation has hindered diversification, job creation, and inclusive growth. As a result, low productivity across sectors has constrained income growth. Over 85% of jobs remain informal and women and youth remain largely excluded from the labor force. The report also highlights human capital gaps: nearly 40 percent of children are stunted; one-quarter of primary-school-aged children are out of school; and 75 percent of children who do attend primary school cannot read and understand a simple story by the end of the primary cycle. Public service deficits are widespread, with only half of all households having safely managed access to drinking water in 2018, and 31 percent lacking safe sanitation. The report underscores systematic, complex, and persistent spatial disparities in welfare across Pakistan. Rural poverty remains more than twice as high as urban poverty, and many districts that lagged behind decades ago continue to do so today. Furthermore, unplanned urbanization has led to 'sterile agglomeration' - crowded settlements with low living standards. "Progress in poverty reduction is threatened by structural vulnerabilities," said Christina Wieser, Senior Economist and one of the lead authors of the report. "Reforms that expand access to quality services, protect households from shocks, and create better jobs - especially for the bottom 40 percent - are essential to break cycles of poverty and deliver durable, inclusive growth." The report outlines four pathways to restore progress. First, invest in people, places, and opportunities to tackle human capital gaps, particularly for the most disadvantaged. Investments in public services such as health, education, housing, water, and sanitation, need to be accompanied by strengthening local governance. Second, build household shock-resilience by making safety nets responsive and inclusive. Third, adopt progressive fiscal measures by improving municipal finance, phasing out inefficient and wasteful subsidies, and prioritizing targeted investments for the poorest. Finally, invest in timely data systems to guide decisions, target resources, and track results. About Pakistan Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 21, 2025, Moody's Ratings has upgraded the Government of Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa1 from Caa2. Moody's have also upgraded the rating for the senior unsecured MTN programme to (P)Caa1 from (P)Caa2. Concurrently, Moody's changed the outlook for the Government of Pakistan to stable from positive. The TCR-AP reported in April 21, 2025, Fitch Ratings has upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The Outlook is Stable. ================= S I N G A P O R E ================= AVANCE ENGINEERING: Commences Wind-Up Proceedings ------------------------------------------------- Members of Avance Engineering Pte. Ltd. on Sept. 9, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Muk Siew Peng c/o Guardian Advisory 531A Upper Cross Street #03-118 Singapore 051531 JKH PTE: Creditors' Meeting Scheduled for Oct. 7 ------------------------------------------------ JKH Pte. Ltd. will hold a meeting for its creditors on Oct. 7, 2025, at 3:00 p.m., via video conferencing. Agenda of the meeting includes: a. to receive a Statement of Affairs of the Company, showing the assets and liabilities, together with a list of creditors and the estimated amount of their claims; b. to confirm the appointment of Chee Fung Mei, Licensed Insolvency Practitioner, of Chee FM & Associates, at 110 Middle Road #05-03, in Singapore, as Liquidator of the Company for the purpose of such voluntary winding up, and that the Liquidator's fees be based on her normal scale rates and disbursements incurred be paid out of the Company's assets; c. to consider and if deemed fit appoint a Committee of Inspection; and d. any other business. Chee Fung Mei of Chee FM & Associates was appointed as provisional liquidator of the Company on Sept. 12, 2025. NARITA PTE: Creditors' Proofs of Debt Due on Oct. 14 ---------------------------------------------------- Creditors of Narita Pte. Ltd. are required to file their proofs of debt by Oct. 14, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 10, 2025. The company's liquidators are: Mr. Abuthahir Abdul Gafoor Ms. Yessica Budiman AAG Corporate Advisory 11 Collyer Quay #07-02 The Arcade Singapore 049317 QUANTUM LEAP: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Sept. 5, 2025, to wind up the operations of Quantum Leap Incorporation Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 STUDIO21 PTE: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Aug. 29, 2025, to wind up the operations of Studio21 (Pte. Ltd.). Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***