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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, October 3, 2025, Vol. 28, No. 198

                           Headlines



A U S T R A L I A

AF1 PTY: 7 Nike Stores Close With More Than 100 Jobs Axed
BARTON SERIES 2025-1: S&P Assigns Prelim BB (sf) Rating to E Notes
BRIGHTE GREEN 2023-1: Moody's Ups Rating on Cl. F-C Notes from Ba1
FSCK SYSTEM: First Creditors' Meeting Set for Oct. 9
GRANDSCALE CONSTRUCTIONS: Second Creditors' Meeting Set for Oct. 8

NEIS CONSTRUCTION: Second Creditors' Meeting Set for Oct. 8
PUBLIC HOSPITALITY: Adgemis Declares Bankruptcy; Over AUD1.8BB Debt
ROGUE TRADERS: First Creditors' Meeting Set for Oct. 8
RUBY BOND 2025-1: S&P Assigns BB+ (sf) Rating to Class E Notes
SAPPHIRE XXXIII 2025-2: S&P Assigns Prelim 'B' Rating to F Notes

SP GROUP: First Creditors' Meeting Set for Oct. 8


C H I N A

CBAK ENERGY: Dawei Li Holds 4.21% Equity Stake as of Sept. 12
CBAK ENERGY: Plans Redomicile Merger With Cayman Subsidiary
TIANAN PROPERTY: Defaults on USD730 Million Bond


I N D I A

C-NET INFOTECH: Insolvency Resolution Process Case Summary
CANDID GUARD: Insolvency Resolution Process Case Summary
DEV KIRAN: CARE Keeps D Debt Ratings in Not Cooperating Category
DULLAT RESORT: CARE Keeps D Debt Rating in Not Cooperating
EMPEE HOTELS: CARE Keeps D Debt Rating in Not Cooperating Category

G.S. RADIATORS: CARE Keeps C Debt Ratings in Not Cooperating
GIRIRAJ JEWELLERS: CARE Keeps D Debt Ratings in Not Cooperating
GOYAL ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
GURU RAMDASS: CARE Keeps B- Debt Rating in Not Cooperating
HELLA INFRA MARKET: Fitch Lowers IDR to 'B(EXP)', Outlook Stable

JAGABANDHU ENTERPRISERS: CARE Keeps D Ratings in Not Cooperating
K. RADHAKRISHNA: CARE Keeps D Debt Ratings in Not Cooperating
KUTE SONS: Insolvency Resolution Process Case Summary
MAHALAXMI JWELLERS: CARE Keeps B- Debt Rating in Not Cooperating
NARIAN PERIWAL: CARE Keeps D Debt Rating in Not Cooperating

NEELAM DYEING: CARE Keeps D Debt Rating in Not Cooperating
P. M. INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
PRAKASH CORRUGATED: CARE Keeps D Debt Ratings in Not Cooperating
R. S. ENTERPRISES: CARE Keeps B+ Debt Rating in Not Cooperating
RANA STEELS: CARE Keeps D Debt Ratings in Not Cooperating Category

S.K. HITECH: CARE Keeps D Debt Rating in Not Cooperating Category
SHILPA ELECTRIFICATION: CARE Keeps C Rating in Not Cooperating
SINGER IMPEX: CARE Keeps D Debt Rating in Not Cooperating Category
STAR REALCON: CARE Keeps D Debt Rating in Not Cooperating Category
SUKRITHA BUILDMANN: ICRA Keeps D Debt Rating in Not Cooperating

SWAMINARAYAN DIAMONDS: Insolvency Resolution Process Case Summary
TATA MOTORS: Moody's Affirms 'Ba1' CFR, Alters Outlook to Neg.
THETA GREEK: Voluntary Liquidation Process Case Summary
TUBE TURN: CARE Keeps D Debt Ratings in Not Cooperating Category
VASISTA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating

VICHITRA PRESTRESSED: ICRA Keeps C+ Rating in Not Cooperating
VISHWASRAO NAIK: ICRA Keeps B+ Debt Ratings in Not Cooperating
WAVE DISTILLERIES: ICRA Keeps B+ Debt Ratings in Not Cooperating


M A L A Y S I A

GREENPRO CAPITAL: SFAI Replaces JP Centurion as Auditor


N E W   Z E A L A N D

ARTISAN BUILDERS: Creditors' Proofs of Debt Due on Oct. 31
BARAKAT BUILDERS: Court to Hear Wind-Up Petition on Oct. 6
CARTER HOLT: To Close Tokoroa Plywood Plant, 119 Jobs Affected
LEEF CIVIL: Creditors' Proofs of Debt Due on Oct. 21
LONGFELLOW LIMITED: Creditors' Proofs of Debt Due on Oct. 10

MTF MAGNUM 2025: Fitch Assigns 'BB(EXP)sf' Rating to Class E Notes
NANOLAYR: Placed Into Voluntary Administration
PA SERVICE: Court to Hear Wind-Up Petition on Oct. 10
WAREHOUSE GROUP: Posts Net Loss of NZD2.8MM for Year Ended Aug. 3


P H I L I P P I N E S

ROXAS HOLDINGS: Leviste's PHP5-B Bid Still in Limbo After 16 Mos.


S I N G A P O R E

A & R LOGISTICS: Court Enters Wind-Up Order
ALLIANZ RADIANCE: Creditors' Proofs of Debt Due on Oct. 24
CATHAY CINEPLEXES: Commences Wind-Up Proceedings
DISCOUNT LOFT: Court Enters Wind-Up Order
JBF GLOBAL: Court Enters Wind-Up Order

MM2 ASIA: Seeks Another 90-Day Extension for AGM

                           - - - - -


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A U S T R A L I A
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AF1 PTY: 7 Nike Stores Close With More Than 100 Jobs Axed
---------------------------------------------------------
David Adams at SmartCompany reports that seven Nike stores across
Sydney have closed, and as many as 115 workers have lost their jobs
after major franchisee AF1 Pty Ltd collapsed into liquidation.

According to SmartCompany, Nike-branded outposts in Sydney's
central Pitt Street, Bondi Junction, Neutral Bay, Burwood,
Warringah, Chatswood and Castle Hill are closed, after AF1 on Sept.
26 appointed John Morgan of BCR Advisory to serve as liquidator.

The sportswear giant has pulled its licensing agreement with AF1, a
Nike spokesperson told SmartCompany.

Its other retail outlets across Sydney and wider NSW are unaffected
by the liquidation.

"We have appreciated the partnership and look forward to continuing
to serve consumers through our growing fleet of Nike stores,
multi-brand retail partners, and nike.com," the spokesperson said.

In a statement obtained by Sky News, Mr. Morgan said the
liquidator's office is working with Nike and store landlords on an
"orderly closedown" and the potential return of unsold goods to
Nike proper, SmartCompany relays.

SmartCompany relates that the liquidator reportedly advised
employees they will be covered by the Commonwealth Government Fair
Entitlements Guarantee scheme, with further information coming for
trade creditors.

Gift card holders are less fortunate, with the liquidation leaving
them as unsecured creditors.

The factors leading to those store closures and Mr. Morgan's
appointment as liquidator were not immediately clear, SmartCompany
states.

On its website, AF1 said its stores offer "Sydney's largest and
most complete Nike collection", in stores "strategically located in
key retail locations around the city and outlying suburbs".

The business' website still listed 10 job openings across its
Sydney stores as of Thursday, Oct 2.

Beyond retailing Nike shoes and athletic clothing, AF1 offers
consultancy services for "clients seeking to start, manage or grow
their retail enterprises".

The store closures, just ahead of the busy end-of-year sales
period, arrive months after Nike Australia sought to wind up online
retailer SurfStitch and claimed it was owed nearly AUD238,000, adds
SmartCompany.


BARTON SERIES 2025-1: S&P Assigns Prelim BB (sf) Rating to E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six of the
seven classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee
for Barton Series 2025-1 Trust. Barton Series 2025-1 Trust is a
securitization of prime residential mortgage loans originated by
Beyond Bank Australia Ltd.

The preliminary ratings assigned to the prime floating-rate RMBS
reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of rated notes are
commensurate with the ratings assigned. Subordination and lenders'
mortgage insurance (LMI) cover provide credit support for the rated
notes. The credit support provided to the rated notes is sufficient
to cover the assumed losses at the applicable rating stress. Our
assessment of credit risk takes into account Beyond Bank's
underwriting standards and approval process, which are consistent
with industrywide practices; Beyond Bank's servicing quality; and
the support provided by the LMI policies on all loans in the
portfolio. The LMI policies provide 14.1% cover for the outstanding
principal of each insured loan, accrued interest, and reasonable
selling costs.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the LMI cover, the
fixed-rate swap, the mechanism for trapping excess spread into a
yield reserve, the provision of a liquidity reserve, and the
principal draw function. All rating stresses are made on the basis
that the trust does not call the notes at or beyond the call-option
date, and that all rated notes must be fully redeemed via the
principal waterfall mechanism, under the transaction documents.

S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as fixed-rate swap provider and
National Australia Bank Ltd. as bank account provider. Some 8.2% of
the portfolio is made up of loans for which the interest rate is
fixed for up to five years. A fixed-rate swap will be provided to
hedge the mismatch between the fixed-rate receipts on the
fixed-rate loans and the floating-rate interest payable on the
notes. The transaction documents for the swap include downgrade
language consistent with our counterparty criteria.

"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Preliminary Ratings Assigned

  Barton Series 2025-1 Trust

  Class A, A$460.00 million: AAA (sf)
  Class AB, A$20.50 million: AAA (sf)
  Class B, A$8.50 million: AA (sf)
  Class C, A$5.90 million: A (sf)
  Class D, A$1.85 million: BBB (sf)
  Class E, A$1.65 million: BB (sf)
  Class F, A$1.60 million: Not rated


BRIGHTE GREEN 2023-1: Moody's Ups Rating on Cl. F-C Notes from Ba1
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on nine classes of notes
issued from two Brighte Green Trust transactions.

The affected ratings are as follows:

Issuer: Brighte Green Trust 2022-1

Class C-G Notes, Upgraded to Aa1 (sf); previously on Feb 4, 2025
Upgraded to Aa2 (sf)

Class D-G Notes, Upgraded to Aa1 (sf); previously on Feb 4, 2025
Upgraded to A1 (sf)

Class E-G Notes, Upgraded to Aa3 (sf); previously on Feb 4, 2025
Upgraded to A3 (sf)

Class F-G Notes, Upgraded to A1 (sf); previously on Feb 4, 2025
Upgraded to Baa3 (sf)

Issuer: Brighte Green Trust 2023-1

Class B-C Notes, Upgraded to Aaa (sf); previously on May 9, 2024
Upgraded to Aa1 (sf)

Class C-C Notes, Upgraded to Aa1 (sf); previously on Feb 4, 2025
Upgraded to Aa3 (sf)

Class D-C Notes, Upgraded to Aa2 (sf); previously on Feb 4, 2025
Upgraded to A2 (sf)

Class E-C Notes, Upgraded to A2 (sf); previously on Feb 4, 2025
Upgraded to Baa2 (sf)

Class F-C Notes, Upgraded to A3 (sf); previously on Feb 4, 2025
Upgraded to Ba1 (sf)

A comprehensive review of all credit ratings for the transactions
has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the good collateral
performance to date.

No action was taken on the remaining rated classes in the deals as
credit enhancements for these classes remain commensurate with the
respective current ratings.

Brighte Green Trust 2022-1

Following the September 2025 payment date, the note subordination
available for the Class C-G, D-G, E-G and F-G Notes has increased
to 19.3%, 16.3%, 11.2% and 9.9% respectively from 16.6%, 13.6%,
8.3% and 7% at the time of the last rating action for these notes
in February 2025.

Principal collections have been distributed on a pro-rata basis
among the rated notes since the February 2024 payment date. Current
outstanding notes as a percentage of the total closing notes
balance is 30.3%.

As of end-August 2025, 1.1% of the outstanding pool was 30-plus day
delinquent and 0.1% was 90-plus day delinquent. The portfolio has
incurred 0.7% (as a percentage of the original portfolio balance)
of losses to date, all of which have been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's have decreased Moody's expected default assumption to 2.25%
of the outstanding pool balance (equivalent to 1.4% of the original
balance) from 3% of the outstanding pool balance (equivalent to
1.8% of the original balance) at the time of the last rating action
in February 2025. Moody's have also decreased Moody's portfolio
credit enhancement (PCE) assumption to 16% from 20% and increased
Moody's recovery rate assumption to 15% from 12.5% at the time of
the last rating action for the transaction in February 2025.

Brighte Green Trust 2023-1

Following the September 2025 payment date, the note subordination
available for the Class C-C, D-C, E-C and F-C Notes has increased
to 16.5%, 13.2%, 7.2% and 6.5% respectively from 14.7%, 11.4%, 5.2%
and 4.5% at the time of the last rating action for these notes in
February 2025. Note subordination available for the Class B-C Notes
has increased to 22.7% from 17.7% at the time of the last rating
action for the notes in May 2024.

Principal collections have been distributed on a pro-rata basis
among the rated notes since the August 2024 payment date. Current
outstanding notes as a percentage of the total closing notes
balance is 33.9%.

As of end-August 2025, 1.3% of the outstanding pool was 30-plus day
delinquent and 0.1% was 90-plus day delinquent. The portfolio has
incurred 0.7% (as a percentage of the original portfolio balance)
of losses to date, all of which have been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's have decreased Moody's expected default assumption to 2.25%
of the outstanding pool balance (equivalent to 1.5% of the original
balance) from 3% of the outstanding pool balance (equivalent to
1.8% of the original balance) at the time of the last rating action
in February 2025. Moody's have also decreased Moody's portfolio
credit enhancement assumption to 16% from 20% and increased Moody's
recovery rate assumption to 15% from 12.5% at the time of the last
rating action for the transaction in February 2025.

The transactions are securitisations of Australian unsecured
consumer and commercial Buy Now Pay Later (BNPL), and unsecured
loan receivables originated by Brighte Capital Pty Limited.

Moody's have considered sensitivity scenarios with higher default
probability rates, higher PCE rates and different default timing to
evaluate the resiliency of the note ratings.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.

FSCK SYSTEM: First Creditors' Meeting Set for Oct. 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of FSCK System
Services Pte. Ltd will be held on Oct. 9, 2025 at 1:00 p.m. via
teleconference facilities.

Mohammad Mirzan Bin Mansoor of Circuit Restructuring was appointed
as administrator of the company on Sept. 26, 2025.


GRANDSCALE CONSTRUCTIONS: Second Creditors' Meeting Set for Oct. 8
------------------------------------------------------------------
A second meeting of creditors in the proceedings of Grandscale
Constructions Pty Ltd has been set for Oct. 8, 2025, at 11:00 a.m.
at the offices of RSM Australia Partners, at Equinox Building 4,
Level 2, 70 Kent Street, in Deakin, ACT and via virtual meeting
technology.

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 Oct. 7, 2025 at 4:00 p.m.

Frank Lo Pilato of RSM Australia Partners was appointed as
administrator of the company on Sept. 2, 2025.


NEIS CONSTRUCTION: Second Creditors' Meeting Set for Oct. 8
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Neis
Construction Pty Ltd has been set for Oct. 8, 2025, at 11:00 a.m.
via teleconference.

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 Oct. 7, 2025 at 5:00 p.m.

Edwin Narayan and Andrew Quinn of Mackay Goodwin were appointed as
administrators of the company on Sept. 2, 2025.


PUBLIC HOSPITALITY: Adgemis Declares Bankruptcy; Over AUD1.8BB Debt
-------------------------------------------------------------------
News.com.au reports that Sydney pub baron Jon Adgemis has declared
bankruptcy owing more than AUD1.8 billion to suppliers and
creditors.

The embattled publican made the call after funding was pulled from
lenders and ahead of a court appearance against the Australian
Taxation Office, where they planned to recoup AUD162 million in tax
obligations.

"I take responsibility for the position that has been reached,"
news.com.au quotes Mr. Adgemis as saying in a statement on Oct. 2
to The Australian. "I am deeply disappointed that my broader vision
for the group did not come to fruition, and that, despite sustained
efforts, I was unable to deliver a better outcome for creditors."

News.com.au notes that Mr. Adgemis founded Public Hospitality
during the pandemic, adding 22 pubs and development projects across
Sydney and Melbourne. But it was all funded through short-term,
high interest loans.

News.com.au relates that the group was on the verge of collapse
last year, before it agreed to a rescue in a refinancing agreement
led by Deutsche Bank.

Earlier this week Mr. Adgemis ceded control of five pubs to
KordaMentha as administrator and McGrathNicol as receivers after
Deutsche Bank pulled its financing, news.com.au notes.

News.com.au says Deutsche Bank is owed AUD371 million but has
priority security over five pubs: The Empire Hotel in Annandale,
The Diplomat Hotel in Potts Point, The Exchange Hotel in Balmain
Claridge House in Darlinghurst and the South Bondi Hotel, formerly
Noah's BACKPACKERS.

                     About Public Hospitality

Public Hospitality Group is an Australian hospitality company that
focused on operating a large portfolio of pubs, hotels, and bars
across Sydney and Melbourne

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group
has taken another hit with receivers and external managers
appointed at five of his Sydney hotels, including Oxford House and
The Strand Hotel.

Insolvency specialist FTI Consulting has stepped in as receivers
and managers to operate Public's hip Redfern pub The Norfolk,
Oxford House in Paddington and Darlinghurst's The Strand Hotel, as
well as Alexandria's Camelia Grove Hotel and The Exchange Hotel,
also in Darlinghurst, Good Food said. The pubs will be sold as soon
as possible.

Duncan Club and Andrew Sallway of BDO were appointed Voluntary
Administrators on Sept. 13, 2024, of Public Lifestyle Management
Pty Ltd; 146 Henderson Street Pty Ltd and Camelia Grove Operations
Pty Ltd.


ROGUE TRADERS: First Creditors' Meeting Set for Oct. 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of Rogue
Traders Group Pty Ltd will be held on Oct. 8, 2025 at 11:00 a.m. at
the offices of Romanis Cant, at Level 2, 106 Hardware Street, in
Melbourne, Vic and via virtual facilities.

Manuel Hanna of Romanis Cant was appointed as administrator of the
company on Sept. 25, 2025.


RUBY BOND 2025-1: S&P Assigns BB+ (sf) Rating to Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Ruby Bond Trust 2025-1. Ruby
Bond Trust 2025-1 is a securitization of prime residential mortgage
loans originated by BC Securities Pty Ltd.

The ratings assigned to the floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio, which
predominantly comprises residential mortgage loans to nonresidents
of Australia, and the credit support provided to each class of
notes are commensurate with the ratings assigned. Credit support is
provided by subordination, lenders' mortgage insurance covering
77.4% of the loan portfolio, excess spread, if any, and a loss
reserve funded by the trapping of excess spread, subject to
conditions. S&P's assessment of credit risk considers BC
Securities' underwriting standards and approval process as well as
its servicing quality.

The rated notes can meet timely payment of interest and ultimate
repayment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the loss reserve,
the principal draw function, the liquidity reserve, and the
provision of an extraordinary expense reserve. S&P's analysis is on
the basis that the notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and it assumes the notes are not called at or
beyond the call-option date.

S&P said, "Our ratings also take into account the counterparty
exposure to Australia and New Zealand Banking Group Ltd. and
National Australia Bank Ltd. as the bank account providers. The
transaction documents include downgrade remedy language consistent
with our counterparty criteria.

"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.

"We have assessed the servicing and standby servicing arrangements
in this transaction under our "Global Framework For Assessing
Operational Risk In Structured Finance Transactions" criteria,
published on Oct. 9, 2014, and concluded that there are no
constraints on the maximum rating that can be assigned to the
notes."

  Ratings Assigned

  Ruby Bond Trust 2025-1

  Class A1-MM, A$134.00 million: AAA (sf)
  Class A1-AU, A$181.00 million: AAA (sf)
  Class A2, A$132.50 million: AAA (sf)
  Class B, A$38.00 million: AA (sf)
  Class C, A$25.00 million: A (sf)
  Class D, A$7.50 million: BBB+ (sf)
  Class E, A$5.50 million: BB+ (sf)
  Class G, A$1.50 million: Not rated


SAPPHIRE XXXIII 2025-2: S&P Assigns Prelim 'B' Rating to F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of nonconforming and prime residential mortgage-backed
securities (RMBS) to be issued by Permanent Custodians Ltd. as
trustee of Sapphire XXXIII Series 2025-2 Trust. Sapphire XXXIII
Series 2025-2 Trust is a securitization of nonconforming and prime
residential mortgages originated by and Bluestone Mortgages Pty
Ltd. (Bluestone).

The preliminary ratings S&P has assigned to the floating-rate RMBS
reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk considers
Bluestone's underwriting standards and approval process as well as
its servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, the yield reserve,
retention amount built from excess spread, and the provision of an
extraordinary expense reserve. S&P said, "Our analysis is on the
basis that the rated notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and we assume the notes are not called at or
beyond the call-option date."

S&P said, "Our ratings also consider the counterparty exposure to
National Australia Bank Ltd. as liquidity facility provider and
Commonwealth Bank of Australia as bank account provider. The
transaction documents for the facilities include downgrade language
consistent with our counterparty criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Preliminary Ratings Assigned

  Sapphire XXXIII Series 2025-2 Trust

  Class A1S, A$350.00 million: AAA (sf)
  Class A1L, A$450.00 million: AAA (sf)
  Class A2, A$90.00 million: AAA (sf)
  Class B, A$39.00 million: AA (sf)
  Class C, A$38.00 million: A (sf)
  Class D, A$15.00 million: BBB (sf)
  Class E, A$9.00 million: BB (sf)
  Class F, A$5.00 million: B (sf)
  Class G1, A$2.00 million: Not rated
  Class G2, A$2.00 million: Not rated


SP GROUP: First Creditors' Meeting Set for Oct. 8
-------------------------------------------------
A first meeting of the creditors in the proceedings of SP Group
Services Pty Ltd will be held on Oct. 8, 2025 at 10:00 a.m. at the
offices of Romanis Cant, at Level 2, 106 Hardware Street, in
Melbourne, Vic and via virtual facilities.

Manuel Hanna of Romanis Cant was appointed as administrator of the
company on Sept. 25, 2025.




=========
C H I N A
=========

CBAK ENERGY: Dawei Li Holds 4.21% Equity Stake as of Sept. 12
-------------------------------------------------------------
Dawei Li disclosed in a Schedule 13G (Amendment No. 1) filed with
the U.S. Securities and Exchange Commission that as of September
12, 2025, he beneficially owns 3,733,359 shares of common stock of
CBAK Energy Technology, Inc., representing 4.21% of the 88,645,836
shares of outstanding common stock. All shares are directly held by
him with sole voting and dispositive power.

Dawei Li may be reached at:

    No. 11 Meigui Street (East)
    Huayuankou Economic Zone, Dalian, China 116450

A full-text copy of Dawei Li's SEC report is available at:
https://tinyurl.com/4k2kste8

                   About CBAK Energy Technology

Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium and sodium batteries that are mainly used in light electric
vehicles, electric vehicles, energy storage such as residential
energy supply & uninterruptible power supply (UPS) application, and
other high-power applications. The Company's primary product
offering consists of new energy high power lithium and sodium
batteries. In addition, after completing the acquisition of 81.56%
of registered equity interests (representing 75.57% of paid-up
capital) of Hitrans in November 2021, the Company entered the
business of developing and manufacturing NCM precursor and cathode
materials. Hitrans is a leading developer and manufacturer of
ternary precursor and cathode materials in China, whose products
have a wide range of applications on batteries that would be
applied to electric vehicles, electric tools, high-end digital
products, and storage, among others.

Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 17, 2025, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses incurred
for the prior years and significant short-term debt obligations
maturing in less than one year as of December 31, 2024. All these
factors raise substantial doubt about its ability to continue as a
going concern.

As of June 30, 2025, the Company had $302.22 million in total
assets, $182.15 million in total liabilities, and $120.07 million
in total stockholders' equity.

CBAK ENERGY: Plans Redomicile Merger With Cayman Subsidiary
-----------------------------------------------------------
CBAK Energy Technology, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Company
and CBAK Energy Technology Limited ("CBAT Cayman"), an exempted
company incorporated under the laws of the Cayman Islands and a
wholly-owned subsidiary of the Company, entered into an agreement
and Plan of Merger related to a proposed merger transaction. The
Merger Agreement provides that, upon the terms and subject to the
conditions set forth therein, the Company will merge with and into
CBAT Cayman, with CBAT Cayman continuing as the surviving company
resulting from the merger.

Following the Redomicile Merger, CBAT Cayman, together with its
subsidiaries, will own and continue to conduct the Company's
business in substantially the same manner as is currently being
conducted by the Company and its subsidiaries.

Subject to the terms and conditions of the Merger Agreement, upon
completion of the Redomicile Merger, each share of common stock of
the Company issued and outstanding immediately prior to the
effective time of the Redomicile Merger will be converted into the
right to receive one ordinary share of CBAT Cayman.

The consolidated assets and liabilities of CBAT Cayman will be the
same as those of the Company immediately prior to the Redomicile
Merger.

Additionally, at the Effective Time, all existing equity
compensation plans of the Company, as may be amended, will be
adopted and assumed by CBAT Cayman. Each outstanding restricted
share unit and other equity award issued under our equity
compensation plans for the purchase or receipt of, or payment based
on, each share of the Company's common stock will represent the
right to purchase or receive, or receive payment based on, one
ordinary share in the share capital of CBAT Cayman on substantially
the same terms.

At the Effective Time, CBAT Cayman also will adopt and assume the
obligations of the Company under or with respect to certain
contracts or agreements as described in the Merger Agreement. The
contracts and agreements will become the obligations of CBAT Cayman
and will be performed in the same manner and without interruption
until the same are amended or otherwise lawfully altered or
terminated.

The Merger Agreement contains customary closing conditions,
including, among others, approval of the Redomicile Merger by the
Company's stockholders, the effectiveness of the registration
statement on Form F-4 filed by CBAT Cayman related to the
Redomicile Merger and receipt of required regulatory approvals.

The consent of the holders of a majority of the outstanding shares
of the Company's common stock entitled to vote is required to
approve and adopt the Merger Agreement. The Board of Directors of
the Company believes that the Redomicile Merger, to be effected by
the Merger Agreement, is advisable and in the best interests of the
Company and its stockholders.

Pursuant to the Merger Agreement, the Board of Directors of the
Company may exercise its discretion to terminate the Merger
Agreement, and therefore abandon the Redomicile Merger, at any time
prior to the Effective Time, including after the adoption of the
Merger Agreement by the Company's stockholders.

Immediately prior to the Effective Time, the directors and officers
of the Company at such time will be elected or appointed as the
directors and officers of CBAT Cayman (to the extent the directors
and officers of CBAT Cayman and the Company are not already
identical), each such person to have the same office(s) with CBAT
Cayman (and the same class designations and committee memberships
in the case of directors) as he or she held with the Company, with
the directors to serve until the earlier of the next meeting of
CBAT Cayman, until their successors are elected or appointed (or
their earlier death, disability or retirement).

The Merger Agreement has been approved by the Boards of Directors
of each of the Company and CBAT Cayman. Subject to the required
approval of the Company's stockholders, requisite regulatory
approvals, the effectiveness of the registration statement on Form
F-4 filed by CBAT Cayman related to the Redomicile Merger, and
other customary closing conditions, the Redomicile Merger is
expected to be completed by the end of 2025.



The foregoing summary of the Merger Agreement does not purport to
be complete and is qualified in its entirety by reference to the
complete text of the Merger Agreement, which is available at
https://tinyurl.com/2fafa2p6

Where to Find Additional Information on the Redomicile Merger:

In connection with the proposed Redomicile Merger, CBAT Cayman has
filed with the United States Securities and Exchange Commission a
registration statement on Form F-4 to register the ordinary shares
of CBAT Cayman to be issued to the stockholders of the Company. The
registration statement includes a proxy statement of the Company
which will be sent to the stockholders of the Company seeking their
approval of the Redomicile Merger and related matters at the
Company's 2025 Annual Meeting of Stockholders.

This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. Stockholders of the Company are urged to read
the registration statement on Form F-4 and the proxy
statement/prospectus included within the registration statement and
any other relevant documents to be filed with the SEC in connection
with the proposed Redomicile Merger for important information about
the proposed transaction.

                   About CBAK Energy Technology

Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium and sodium batteries that are mainly used in light electric
vehicles, electric vehicles, energy storage such as residential
energy supply & uninterruptible power supply (UPS) application, and
other high-power applications. The Company's primary product
offering consists of new energy high power lithium and sodium
batteries. In addition, after completing the acquisition of 81.56%
of registered equity interests (representing 75.57% of paid-up
capital) of Hitrans in November 2021, the Company entered the
business of developing and manufacturing NCM precursor and cathode
materials. Hitrans is a leading developer and manufacturer of
ternary precursor and cathode materials in China, whose products
have a wide range of applications on batteries that would be
applied to electric vehicles, electric tools, high-end digital
products, and storage, among others.

Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 17, 2025, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses incurred
for the prior years and significant short-term debt obligations
maturing in less than one year as of December 31, 2024. All these
factors raise substantial doubt about its ability to continue as a
going concern.

As of June 30, 2025, the Company had $302.22 million in total
assets, $182.15 million in total liabilities, and $120.07 million
in total stockholders' equity.

TIANAN PROPERTY: Defaults on USD730 Million Bond
------------------------------------------------
Caixin Global reports that Tianan Property Insurance Co. Ltd. has
defaulted on a CNY5.3 billion ($730 million) capital supplementary
bond - the first such failure in China's insurance sector - after
the troubled firm said it lacked the solvency to make the payment.

Caixin relates that the insurer, a former affiliate of the
dismantled Tomorrow Holding, said on Sept. 30 that it could not
repay the principal or interest on the 10-year bond, which matured
Sept. 30. Issued in September 2015, the bond carried a coupon of
5.97% for the first five years, rising to 6.97% for the final
five.

Based in China, Tianan Property Insurance offers commercial, auto,
property, and casualty insurance.




=========
I N D I A
=========

C-NET INFOTECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: C-Net Infotech Private Limited

        Registered Address:
        E-5/4, IInd Floor,
        Shopping Complex Arera Colony,
        Bhopal, Madhya Pradesh,
        India – 462001

Insolvency Commencement Date: September 11, 2025

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: March 14, 2026

Insolvency professional: Teena Saraswat Pandey

Interim Resolution
Professional: Teena Saraswat Pandey
              387F, 114 Scheme Part 1
              Behind Diksha Boys Hostel
              Sant Nagar, Indore, Madhya Pradesh 452010
              Email id: teenasaraswat@yahoo.co.in
              Email id: cirp.cnet@gmail.com

Last date for
submission of claims: September 29, 2025


CANDID GUARD: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Candid Guard Services Private Limited

        Registered Address:
        E-2/55, Sector-7, Amlidih Road
        New Rajendra Nagar,
        Raipur Chhtisgarh 492001

Insolvency Commencement Date: September 9, 2025

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: March 8, 2026

Insolvency professional: Prabhat Jain

Interim Resolution
Professional: Prabhat Jain
              LIG 212 E-7 Arera Colony
              Near Union Bank, Stop No. 11
              Bhopal MP 462016
              Email: cirp.candidguardservices@gmail.com

Last date for
submission of claims: September 23, 2025


DEV KIRAN: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Dev Kiran
Paper Mills Private Limited (DKPMPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      26.22       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           9.78       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      4.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 26, 2024, placed the rating(s) of DKPMPL under the
'issuer non-cooperating' category as DKPMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DKPMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
12, 2025, August 22, 2025, September 1, 2025
among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Dev Kiran Paper Mills Private Limited was incorporated as a private
limited company in 1988 and is promoted by Mr. R. H. Sreenivasa
Setty, Mr. R. H. Ramakrishna Setty and Mr. R. H. Ramanuja Setty.
The company is engaged in manufacturing of kraft paper such as
corrugated media kraft paper, test liner, absorbent kraft (used in
decorative laminates), kraft liner, etc. Its manufacturing facility
is located at Bengaluru, Karnataka.


DULLAT RESORT: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dullat
Resort (DR) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 30, 2024, placed the rating(s) of DR under the 'issuer
non-cooperating' category as DR had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DR continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 16, 2025, July
26, 2025 and August 5, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Dullat Resort (DR) was established as a partnership firm by Mr.
Avtar Singh and Mr. Rupinder Singh in October 2015 sharing profit
and losses equally. DR is established with an aim to set up a
resort by the name of "Dullat Resort" in 2 phases – Phase I and
Phase II. Phase I consists of 8 rooms, 1 office room, 1 banquet
hall, 1 conference room, and parking space for 400 cars at Mohali,
Punjab.


EMPEE HOTELS: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Empee
Hotels Ltd. (EHL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible     185.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from EHL to monitor
the rating(s) vide letter/e-mail communications dated September 6,
2025, September 1, 2025 & August 31, 2025. However, despite
repeated requests, the company has not provided the requisite
information for monitoring the ratings.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Empee Hotels Limited's proposed NCDs will now
be denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

CARE Ratings Ltd. has assigned the rating of CARE D to the proposed
Non-Convertible Debentures (NCD) of Empee Hotels Limited (EHL).
Facilities with this rating are in default or are expected to be in
default soon. The rating factors in the ongoing delays in servicing
of debt obligations of Edelweiss Asset Reconstruction Company
(EARC) by EHL.

Analytical approach: Standalone

Outlook: Stable

Detailed description of key rating drivers:

At the time of last rating on October 1, 2024, the following were
the rating weaknesses and strengths.

Key weaknesses

* Ongoing delays in debt obligations to Edelweiss Asset
Reconstruction Company (EARC): On account of consistent liquidity
issues, the company has delayed meeting the debt obligations for
the period of FY20, FY21 and FY22. The company entered into
one-time settlement (OTS) agreement with the lender (EARC) during
March 2022, as per which the company was liable to pay INR205
crore, by May 31, 2022. The company could pay only INR17 crore out
of the total outstanding amount as on date (June 17, 2022). The
proceeds from the proposed NCD would be utilized towards settling
the amount of OTS and the balance amount is proposed to be paid by
promoters. However, EARC filed a petition against Empee Hotels in
NCLT invoking Section 7 of the IBC. The final decision of the
petition is still pending.

* Weak Financial Profile: the company has a weak financial risk
profile characterized by high leverage and poor debt coverage
indicators. Going forward, EHL's cash flow from hotel operations
would not be sufficient to meet the debt obligations related to
proposed NCDs. Hence, there would be significant reliance on
promoters for timely fund infusion to repay the quarterly interest
obligations and bullet principal repayment at the end of two years.
The promoters are expected to monetize some of their assets or
develop another land in JV for a commercial real estate project to
meet the debt obligations related to proposed NCDs.

Key strengths

* Experienced promoters: EHL is promoted by Mr. MP Purshothaman who
is also serving as Chairman of EHL. Mr.MP Purshothaman has
extensive experience of over five decades in hospitality business
and has also held the position of President of Tamil Nadu Hotels
and Restaurants Association for close to 22 years. Mrs. Nisha
Purshothaman, who is serving as a Managing Director of EHL also has
a rich experience of over 3 decades in hoteling and hospitality
business.

* Favourable location of hotels and strong Brand image of 'Hilton':
The hotel is located in Ekkaduthangal, which is proximity to the
Chennai airport and IT clusters of Chennai. Chennai has the sixth
busiest airport in the country (based on passenger traffic in
2021-22), and also enjoys the status of being the second largest
exporter of Information technology and business process outsourcing
(BPO) services, after Bengaluru, in India. Thus, owing to the
hotel's favorable location, EHL benefits from an influx of business
and leisure travellers. Further, EHL has a long-term association
with Hilton group, UK which is one of the largest hospitality
brands across the world and has a stellar reputation among the
international business and leisure travellers. The hotel is
operated by the name 'Hotel Hilton' and is fully managed by the
Hilton group. In consideration, Hilton charges from EHL 2% of
revenue as management fees and a further 8% of gross operating
profit as incentive fees, which is calculated as per defined terms,
for managing the hotel. Further EHL also shares 2% of revenue as
group service benefit fees (GSB) with Hilton.

Liquidity: Not Applicable

Assumptions/Covenants: Not Applicable

Empee Hotels Ltd (EHL) was incorporated in 2004 primarily to
develop a 5-star deluxe hotel project in Chennai. The company
commenced its operations in 2011. EHL is promoted by Mr.M.P.
Purushothaman, Chairman of Empee group of companies. EHL currently
owns a 204 rooms 5-star deluxe category hotel in the name of
'Hilton, Chennai' at Ekkaduthangal, located within proximity to
Chennai International Airport and IT clusters in Chennai. The major
shareholding in EHL is held by Empee International Hotels and
Resorts Ltd (EIHRL), a closely held company promoted by the Empee
group. The Hotel is fully managed by the Hilton Group, UK in
consideration of management, incentive fee and group sharing fees.


G.S. RADIATORS: CARE Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of G. S.
Radiators Limited (GSRL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.68       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/           2.00       CARE C; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term
   Bank Facilities      6.00       CARE A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 12, 2024, placed the rating(s) of GSRL under the
'issuer non-cooperating' category as GSRL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GSRL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
29, 2025, August 8, 2025 and August 18, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Incorporated in 1988, G.S Radiators Limited (GSRL) is a closely
held public limited company promoted by Mr. Ranjodh Singh, Mr.
Mohinder Singh and Ms. Rajinder Kaur. The company is engaged in the
manufacturing of copper-brass radiators for the automotive original
equipment manufacturers (OEMs). The manufacturing unit of the
company is located at Ludhiana (Punjab).


GIRIRAJ JEWELLERS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Giriraj
Jewellers Private Limited (GJPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      6.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 26, 2024, placed the rating(s) of GJPL under the
'issuer non-cooperating' category as GJPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GJPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
12, 2025, August 22, 2025, September 1, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Giriraj Jewellers Private Limited (GJPL) formerly known as Giriraj
Exports was incorporated in 1982 as partnership firm; later in 2004
it was converted into Private limited company by Mr. Rasik B Salla,
Mrs. Saroj Salla and Mr. Girish Salla. GJPL is engaged in to
manufacturing and trading of gold diamond jewellery such as chain,
necklace, ring, bracelets, bangles, earrings and various other
products and sell them to various jewellery retailers, wholesalers
and also walk in customers across India. GJPL has its processing
located in Mumbai, Maharashtra.


GOYAL ENERGY: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Goyal
Energy and Steel Private Limited (GESPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      106.04      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     20.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 20, 2024, placed the rating(s) of GESPL under the
'issuer non-cooperating' category as GESPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GESPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
6, 2025, August 16, 2025, August 26, 2025
among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Goyal Energy & Steel Private Limited (GESPL) was promoted in
December 2004 by Raipur-based Mr. Deepak Agarwal and his younger
brother Mr. Ritesh Agarwal. GESPL has two manufacturing units in
Raipur and one unit in Bhilai, Chattisgarh. The Raipur units are
engaged in manufacturing of billets & structural steel products
(i.e. angles, strips, channels) and Bhilai has a forging unit. The
company had purchased the Bhilai Unit in January, 2017 and
subsequently refurbished it at a cost of about Rs.6 crore which was
funded through internal accruals/promoter's contribution (in the
form of unsecured loan). The unit started operation in July 2018.
GESPL is a closely held family managed business.


GURU RAMDASS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Guru
Ramdass Ji Stone Crasher (GRSC) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 23, 2024, placed the rating(s) of GRJSC under the
'issuer non-cooperating' category as GRJSC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GRJSC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
9, 2025, August 19, 2025, August 29, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Uttar Pradesh based Guru Ramdass Ji Stone Crasher (GRSC) was
established on February 8, 2011 as a partnership firm and is
currently being managed by Mr. Jagjeet Singh and Mr. Harpreet
Singh. The firm was established with the objective of stone
crushing, washing, grading & natural screening of stones.


HELLA INFRA MARKET: Fitch Lowers IDR to 'B(EXP)', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has downgraded India-based Hella Infra Market
Limited's Issuer Default Rating (IDR) to 'B(EXP)' from 'B+(EXP)'
and assigned a final rating of 'B'. The Outlook is Stable. At the
same time, Fitch has withdrawn all the ratings on Hella Infra
Market.

The downgrade reflects a rise in near-term net leverage by about
3.0x as Fitch now classifies Hella Infra Market's compulsory
convertible preference shares (CCPS) as debt. The CCPS was
reclassified from non-debt as Fitch believes the conditions under
which the expected rating was assigned are unlikely to be met,
including the CCPS having a longer maturity than Hella Infra
Market's debt obligations. This was to be achieved by refinancing
debt using a US dollar note, but the company does not intend to tap
the US dollar bond market after a recent unsuccessful attempt.

Fitch expects Hella Infra Market's EBITDA net leverage to stay
above or around 4.5x over the next two years, from 6.9x in the
financial year ended March 2025 (FY25), breaching its negative
rating sensitivities.

Fitch has chosen to withdraw the ratings on Hella Infra Market for
commercial reasons.

Key Rating Drivers

CCPS Reclassified as Debt: Fitch considers the CCPS as a
shareholder loan, as Fitch sees the CCPS investors' strategic and
economic interests as aligned with those of the company's founders.
CCPS investors, who hold a 53.3% stake on a fully diluted basis,
have voting rights, and some hold board positions. Fitch believes
the CCPS increase the probability of a default on Hella Infra
Market's debt, as the investors get the right to force the
founders, which hold a 28% stake on a fully diluted basis, to sell
their stake six months after the exit date of June 2029 if an exit
is not made available.

Fitch earlier viewed CCPS as non-debt based on Hella Infra Market's
plan of refinancing its existing debt such that the CCPS would have
longer maturity than its debt, making it irrelevant whether the
CCPS could increase the probability of default on other debt.

Weak but Improving Metrics: Fitch expects EBITDA net leverage to
stay high at above 4.5x in next two years, before improving to
3.5x. This partly reflects Hella Infra Market's annual capex plan
of around INR4 billion (FY25: INR14 billion) for its planned
addition of owned plants to achieve a balanced mix between its
currently 180 owned and 260 managed plants. The surge in FY25 net
leverage to 6.9x (FY24: 5.5x) was from high capex and acquisition
costs totalling INR23 billion, partly funded through INR27 billion
of new CCPS raised in FY25.

Hella Infra Market has low EBITDA compared with many similarly
rated global peers in the building product and material sector,
although we expect its EBITDA to double in the next three years
(FY25: INR13.3 billion). The increase should be helped by a wider
EBITDA margin from stronger retail sales. However, Fitch expects
the margin to remain weak and below 10% (FY25: 7.2%).

Reliance on Short-Dated Debt: Revolving working-capital loans make
up 40% of total debt excluding CCPS, and non-convertible debentures
50%, mostly with short maturities of 15 to 48 months. Around 80% of
group debt excluding CCPS at FYE25 was due in the next 24 months.
This is somewhat mitigated by its strong local bank access,
supported by long-standing relationships with major public and
private banks, a record of renewal and increased limits at many
outstanding bank facilities. The company has also demonstrated
access to new capital through multiple rounds of CCPS.

Rapid Expansion: Hella Infra Market has tripled its top line in the
past four years and diversified its business through a mix of
organic and inorganic expansion. It employs an asset-light model in
which it contracts for exclusive rights to the capacity of managed
plants without taking asset ownership, while controlling most
end-to-end operations. It acquired tile manufacturers in FY25,
achieving India's second-largest tile manufacturing capacity. The
company has no further acquisition plans in the near term. Fitch
would treat any acquisition as an event risk.

Strong Position in Local Market: Hella Infra Market ranks in the
top two in India's fragmented ready-mix concrete and autoclaved
aerated concrete block segments, which contributed 35% of its FY25
revenue. It has an established position in various building-product
sub-segments, offering a wide suite of construction materials and
products for both interior and exterior applications. Its
integrated solution strategy does not provide the same pricing
benefits as its peers', but its strategy to sell products at the
same stores may provide cross-selling opportunities.

Diverse Revenue Sources: Hella Infra Market enjoys balanced
end-market diversity, benefiting from exposure to regular
infrastructure and public and private construction cycles. Its
operations are geographically diverse across India for its key
segment, ready-mix concrete, cushioning against regional
construction downturns. It also exports a portion of its building
products. Exports contribute 30% of revenue, but Fitch expects this
to decline to 25% as it expands its core and local businesses.

Peer Analysis

Hella Infra Market has weaker credit and profitability metrics than
Fitch's publicly rated portfolio of building materials companies,
which are concentrated in the low-investment-grade rating
category.

Hella Infra Market's profile is comparable to that of Eco Material
Technologies Inc. (B/Rating Watch Positive), which has a leading
position in the niche supplementary cementitious materials market
in the US. Eco has a small size, geographically diverse operations
across the US and a balanced end-markets mix. Eco has less product
diversity relative to Hella Infra Market due to its concentration
in fly ash, but it has stronger profitability, with EBITDA margin
likely to stay above 15% and benefits from a longer-dated debt
maturity schedule. Eco has a highly leveraged profile, similar to
Hella Infra Market.

The Rating Watch Positive on Eco's ratings reflects the recent
announcement that Eco will be acquired by CRH plc (BBB+/Stable),
which Fitch believes will enhance the combined company's scale,
geographic footprint, and customer and product portfolio.

Key Assumptions

- Average annual revenue growth rate of 11% in the next three
years

- EBITDA margin to improve above 8% from FY26, with higher
direct-to-retail sales

- Total capex of around INR12 billion until FY28

- No acquisition or new CCPS in the next three to four years

RATING SENSITIVITIES

Not relevant since the ratings have been withdrawn.

Liquidity and Debt Structure

Hella Infra Market had cash and cash equivalents of INR15.7 billion
and about INR15.7 billion of undrawn committed facilities at
end-FY25, against INR25.5 billion of outstanding revolving
facilities and INR16.6 billion of long-term debt maturing within
one year. It refinanced about INR5.9 billion of FY26 maturities in
1QFY26. Fitch expects Hella Infra Market to face rising refinancing
pressure on maturities after FY26 if operating cash flow remains
negative.

Fitch's base case expects a gradual improvement in the company's
cash flow from its business expansion and improving margins, while
working-capital requirements remain high.

Issuer Profile

Hella Infra Market is an India-based producer and distributor of a
wide range of building materials and products.

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

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating             Prior
   -----------             ------             -----
Hella Infra Market
Limited              LT IDR B(EXP)Downgrade   B+(EXP)
                     LT IDR B     New Rating
                     LT IDR WD    Withdrawn

JAGABANDHU ENTERPRISERS: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jagabandhu
Enterprisers Private Limited (JEPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      7.90       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 20, 2024, placed the rating(s) of JEPL under the
'issuer non-cooperating' category as JEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
6, 2025, August 16, 2025, August 26, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Jagabandhu Enterprisers Private Limited (JEPL) was incorporated in
April 2000 by Mr. Jaga bandhu Muduli, Mrs. Anjali Bala Muduli and
Mr. Sunil Prasad Muduli. Since its inception, the company has been
engaged in trading of petrol, diesel and other related products
through its sole petrol pump located at Mancheswar Industrial
Estate, Bhubaneswar in Odisha. This apart, the company also engaged
in supply, installation, erection, testing and commissioning of
electrical equipment on a turnkey basis for various power
transmission companies like Odisha Power transmission Corporation
Ltd., Madhya Pradesh Power Transmission
Company Limited, Bihar Pradesh Power Transmission Company Limited
etc.

K. RADHAKRISHNA: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of K.
Radhakrishna Naik (KN) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.02       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.36       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 14, 2024, placed the rating(s) of KN under the 'issuer
non-cooperating' category as KN had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KN continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 30, 2025, July
10, 2025, July 20, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

K.Radhakrishna Naik (KN) is a proprietorship firm established in
1978 by Mr K. Radhakrishna Naik in Udayagiri, Karnataka. The firm
is a class I civil contractor for Public Works Department (PWD),
Karnataka for undertaking civil constructions of buildings, roads
etc. Over the last two years, KRN has constructed roads and bridges
in Bantwal and Mangalore regions of Karnataka for Karnataka Rural
Road Development Agency (KRRDA) and Public Works Department,
Karnataka. The firm subcontracts 30% of its labour work to various
other contractors.


KUTE SONS: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Kute Sons Dairys Limited

        Registered Address:
        S. No. 406 & 407, Village Nimbhore,
        Post Survadi, Tal. Phaltan,
        Satara, Maharashtra, India 415523

Insolvency Commencement Date: September 15, 2025

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 14, 2026

Insolvency professional: Kunal Jayant Waje

Interim Resolution
Professional: Kunal Jayant Waje
              Plot No 26, Snehal Bunglow,
              Gokulwadi, Shrirang Nagar,
              Gangapur Road, Nashik 422013
              Email: ipkunalwaje@gmail.com
              Email: cirp.kutesonsdairy@gmail.com

Last date for
submission of claims: September 29, 2025


MAHALAXMI JWELLERS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahalaxmi
Jwellers Private Limited (MJPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 14, 2024, placed the rating(s) of MJPL under the
'issuer non-cooperating' category as MJPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MJPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
30, 2025, July 10, 2025, July 20, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Mahalaxmi Jewellers Private Limited (MJPL), a Gulbarga (Karnataka)
based company, was initially setup in 1985 as a partnership entity
by Mr. Raghavendra Mailapur, Mr. Mallikarjun K Mailapur, Mr.
Dattatreya Mailapur and family members. Later in the year 1998, the
constitution of the entity changed to Private Limited. The company
is engaged in jewellery retailing business, which includes
customized ornaments made up of gold, diamond and silver with
single store at Gulbarga, Karnataka. The company procures bullion
(gold & silver) and diamond from Karnataka and Maharashtra. MJPL
outsources 100% of its ornaments making (including gold, diamond
and silver) to job workers who in turn get wages on contract basis.
The company does not have in house craftsmen for jewellery making.
Furthermore, the company has marketing and sales team to get the
orders and expand business. The company gets 80% of the total
revenue from gold jewellery business. The diamonds and silvers are
majorly procured domestically and sold across Karnataka, Telangana
and Maharashtra. MJPL has its own brands in the name of
'Mahalaxmi'. MJPL holds 80% stake in Ambizone Infrastructure Pvt
Ltd (AIPL), which is engaged in construction business.


NARIAN PERIWAL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiv Narian
Periwal & Sons Private Limited (SNPSPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 17, 2024, placed the rating(s) of SNPSPL under the
'issuer non-cooperating' category as SNPSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SNPSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
3, 2025, August 13, 2025 and August 23, 2025
among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

The entity was established as a proprietorship firm in April, 1978
by Mr. Sunil Periwal and later got reconstituted as a private
limited company in June 2014 with the current name. SNPSPL is
engaged in the trading of diversified agriculture products like
fertilizers, seeds and pesticides. SNPSPL is the authorized dealer
of reputed companies like Syngenta India Limited, Bayer Crop
Science Limited, Rallis India Limited, Shriram Chemicals and
Fertilizers (a unit of DCM Shriram Limited) and Rasi Seeds Private
Limited. The traded goods are sold to various wholesalers located
in Punjab, Haryana, Rajasthan etc.


NEELAM DYEING: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Neelam
Dyeing and Printing House Private Limited (NDPHPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 18, 2024, placed the rating(s) of NDPHPL under the
'issuer non-cooperating' category as NDPHPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NDPHPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
4, 2025, August 14, 2025, August 24, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Neelam Dyeing and printing house private limited (NDPHPL) was
incorporated in the year 2014 by Mr. Sandeep Singh and Ms. Neha and
it is engaged in processing of fabric on job work basis and its
full operation is expected to start from June 2018.


P. M. INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of P. M.
Industries (PMI) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.64       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.36       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 20, 2024, placed the rating(s) of PMI under the
'issuer non-cooperating' category as PMI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PMI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
6, 2025, August 16, 2025, August 26, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

P.M. Industries (PMI) was established in 2007 by Mr. Mukesh Doomra
as a proprietorship firm. However, on April 1, 2014, the
constitution of PMI was changed into a partnership firm with Mr
Mukesh Doomra and Mrs Neena Rani as its partners. The firm is
engaged in processing of paddy at its manufacturing facility in
Fazilka, Punjab.


PRAKASH CORRUGATED: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Prakash
Corrugated Products (PCP) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      22.31       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.02       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 17, 2024, placed the rating(s) of PCP under the
'issuer non-cooperating' category as PCP had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PCP continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
3, 2025, August 13, 2025, August 23, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

PCP was established in September 2001, as a proprietorship concern
and is involved in manufacturing of make to order corrugated boxes.
PCP's unit is located at Verna, Goa.

R. S. ENTERPRISES: CARE Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R. S.
Enterprises (New Delhi) (RSED) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 23, 2024, placed the rating(s) of RSED under the
'issuer non-cooperating' category as RSED had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RSED continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
9, 2025, August 19, 2025, August 29, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Delhi-based R. S. Enterprises (RSED) is a partnership firm
established in 2006. RSED succeeded an erstwhile proprietorship
firm established in 1995 by Mr Samir Kumar Singhal. The firm is
currently being managed by Mr Samir Kumar Singhal and Mr Achin
Kumar Singhal sharing profit and losses equally. RSED is engaged in
trading of various types of fabrics viz., Cambric dyed, cambric
chicken print, cambric gray, and cotton gray.

RANA STEELS: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rana
Steels India Private Limited (RSIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      26.24       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           4.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 17, 2024, placed the rating(s) of RSIPL under the
'issuer non-cooperating' category as RSIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RSIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
3, 2025, August 13, 2025 and August 23, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Muzaffarnagar (Uttar Pradesh) based Rana Steels India Limited
(RSIPL), was initially incorporated in 1992 under the name K. K.
Steels Limited by Mr Kadir Rana, as a closely held company. In
2009, the company was renamed to its current name. The company is
currently being managed by Mr. Shah Mohammad Rana, Mr. Aslam Tyagi
and Mr. Sahajad as directors of the company. The company is engaged
in manufacturing of Mild Steel (M.S.) angles, T-Iron, channels,
bars and rounds. RSIPL sells its products under the brand name of
"RANA", which is a regionally known brand. RSPL is a part of "Rana
Group" which has diversified business such as rolling mills,
induction furnaces, paper mill, sponge iron plant and refractory
plant.


S.K. HITECH: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.K. Hitech
Industries (SHI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 12, 2024, placed the rating(s) of SHI under the
'issuer non-cooperating' category as SHI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SHI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated June
28, 2025, July 8, 2025, July 18, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Davanagere (Karnataka) based S K Hitech Industries (SHI) was
established in the year 2014 as Partnership Firm by Mr. H Syed
Jameel, Ms. Syeda Rehana, Ms. Shahataj Banu and Mr. Shaik Abdul
Khuddus. The firm is engaged in processing of paddy to produce
rice, broken rice, bran and husk with the installed capacity of 14
ton per hour. Ms. Syeda Rehana, the Managing Partner, of the firm
looks after the day-to-day operations.


SHILPA ELECTRIFICATION: CARE Keeps C Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shilpa
Electrification (SE) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      5.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 13, 2024, placed the rating(s) of SE under the 'issuer
non-cooperating' category as SE had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SE continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated June 29, 2025, July
9, 2025, July 19, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Shilpa Electrification (SE) was established as a partnership firm
in 2010 and promoted by Mr. K. Nageswara Rao and his family
members. The firm is engaged in electrical works such as erection,
installation, commissioning, and construction of 132 KV and 220 KV
sub stations and transmission lines. The firm receives 80 per cent
of the revenue from construction of transmission lines, sub
stations, services and the rest of 20 per cent receives from the
supply of material like insulators, bolts, nuts etc. The
firm renders services only to government bodies in the state of
Telangana and Andhra Pradesh and the firm's major customers are TS
Transco and AP Transco.


SINGER IMPEX: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Singer
Impex (SI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 19, 2024, placed the rating(s) of SI under the
'issuer non-cooperating' category as SI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
5, 2025, August 15, 2025, August 25, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Surat-based (Gujarat) Singer Impex (SI) was established in 2008 by
Mr Deepak Narang and Mr Ankur Narang. It is engaged in the
wholesale trading of embroidery spare parts. SIM is the authorized
distributor of TOYO brand embroidery parts and needles from China.


STAR REALCON: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Star
Realcon Private Limited (SRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 20, 2024, placed the rating(s) of SRPL under the
'issuer non-cooperating' category as SRPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SRPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
6, 2025, August 16, 2025, August 26, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Delhi-based Star Realcon Private Limited (SRPL) was incorporated in
2007 by Mr Goldy Gupta and Mr Nitin Kumar Gupta. SRPL is engaged in
the civil construction and real estate development for residential
and commercial projects. The company undertake civil construction
project for construction of institutional and residential
buildings, corporate offices, schools, religious buildings and
hotels.


SUKRITHA BUILDMANN: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term ratings of Sukritha Buildmann
Private Limited (SBPL) 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 SBPL, 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.

Incorporated in 1988, Sukritha Buildmann Pvt Ltd (SBPL) is involved
in real-estate development in Bengaluru, Karnataka. The promoters
have long experience in the field of real-estate development and
construction. The company's business spanned across contracting,
consulting engineering and real-estate development, but at present,
the focus is on realestate development. The company is executing a
villa cum apartment project called, "Buildmann Aaroha" at KR Puram,
Off Old Madras road, Bangalore. The project is split into two
phases spread across 2.96 lakh sqft of land parcel and has two
towers with 85 apartments and 39 villas with an aggregate super
built up area of 4,25,757 square feet (sqft). In the future, the
company plans to launch unique mid-segment housing projects in
well-connected locations.


SWAMINARAYAN DIAMONDS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Swaminarayan Diamonds Private Limited

        Registered Address:
        AW2111, Bharat Diamond Bourse,
        Bandra Kurla Complex Bandra East,
        Mumbai - 400051
        Maharashtra, India

Insolvency Commencement Date: September 11, 2025

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 10, 2026

Insolvency professional: Megha Agrawal

Interim Resolution
Professional: Megha Agrawal
              001, Shivranjini Apartments in
              Circle of Congress Nagar Garden,
              Congress Nagar, Nagpur - 440012 (M.S.)
              Email: ip.meghaagrawal@gmail.com

              -- and --

              Plot No. 72, Anjaneya Niwas,
              opp. Dew and Trinity Hospital,
              Hindustan Colony, Wardha Road
              Nagpur - 440015 (M.S.)
              Email: cirp.sndpl@gmail.com

Last date for
submission of claims: September 25, 2025


TATA MOTORS: Moody's Affirms 'Ba1' CFR, Alters Outlook to Neg.
--------------------------------------------------------------
Moody's Ratings has affirmed Tata Motors Limited's (TML) Ba1
corporate family rating. The rating outlook has been changed to
negative from positive.

"The affirmation of TML's Ba1 rating reflects Moody's views that it
will likely be able to withstand the impact of the cyber incident
that has severely disrupted operations over the last four weeks at
its wholly owned subsidiary, Jaguar Land Rover Automotive Plc (JLR,
Ba1 negative)", says Sweta Patodia, a Moody's Ratings Assistant
Vice President and Analyst.

"The outlook change to negative from positive reflects Moody's
views that a full recovery in credit metrics will likely take
several months", adds Patodia, who is also Moody's lead analyst for
TML.

The cyber incident at JLR highlights the customer relations risk
captured under social risk considerations within Moody's ESG
framework, and is the key driver of the rating action.

RATINGS RATIONALE

Following the demerger of TML's commercial vehicle business, which
takes effect on October 01, 2025, JLR will contribute more than 90%
of its consolidated EBITDA, underscoring the convergence of their
credit profiles.

The rating action on TML follows Moody's recent rating action on
JLR.  

Following the cyber incident, JLR's operations have been disrupted
for the last four weeks, causing a full production halt that will
last at least until October 01. Even after production resumes, it
may take several months for operations to return to normal.

Moody's estimates that JLR's production halt will reduce TML's
consolidated EBITDA to around $850 million for the fiscal year
ending March 31, 2026 (FY25-26), down from Moody's previous
forecasts of around $3 billion. Additionally, higher working
capital requirements will result in negative cash flow from
operations this fiscal year.

Despite the halt, JLR continues to incur weekly cash outflows of
around GBP500 million ($675 million) driven by ongoing obligations
such as supplier payments and employee wages. However, this cash
burn is likely to moderate in the coming weeks as supplier payments
taper. Furthermore, the resumption of sales from existing inventory
– estimated at around 25,000 vehicles - should help ease working
capital pressures over the near term.

However, if production remains suspended for an extended period or
if the return to normal operations is delayed, the impact on
earnings and cash flows could be more severe.

While existing cash buffers and access to committed credit
facilities should help the company manage temporary cash flow
shortfalls, the sharp earnings decline in FY25-26 will drive a
spike in TML's consolidated leverage, as measured by debt/EBITDA,
to around 10.0x by March 2026 from 2.2x at March 2025. Nonetheless,
Moody's expects leverage to correct towards 2.0x by March 2027,
supported by a gradual normalization in JLR's operations over the
next few months.

TML's Ba1 CFR continues to reflect the company's global market
presence in the luxury car segment through JLR, its growing market
share within the passenger vehicle segment in India as well as the
sustained strengthening in its credit profile on the back of debt
reduction and earnings expansion. TML's Ba1 rating incorporates
Moody's expectations of extraordinary support from its parent Tata
Sons that results in a one-notch uplift included in its rating.

ESG CONSIDERATIONS

Moody's revised TML's sub-factor score for customer relations to 4
from 3 due to the information security and data privacy breaches
resulting from the cyber incident at JLR, which caused a production
halt and significant losses in revenue and earnings.

LIQUIDITY

TML has adequate liquidity. As of June 2025, it held consolidated
cash and equivalents of approximately $5.7 billion. A portion of
the cash at its Indian operations will be transferred to the CV
entity upon demerger.

Cash at JLR and TML's PV operations in India, along with Moody's
forecasted operating cash flows should cover its debt repayments,
capital spending and dividends through March 2027.

JLR's liquidity is further supported by an undrawn revolving credit
facility (RCF) of GBP1.7 billion maturing between 2028 and 2029 and
a five-year UK Export Finance backed loan facility of GBP1 billion
that is available for drawdown until August 2027. In addition, JLR
has recently secured additional short term working capital
facilities of GBP2 billion to address any temporary cash flow
shortfalls due to the ongoing operational disruptions.

In India, TML benefits from access to 364-day working capital lines
and strong banking relationships, both domestic and international,
underpinned by its affiliation with the Tata Group.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Given the negative outlook, an upgrade is unlikely over the next
12-18 months. The outlook could be revised to stable if JLR's
outlook is changed to stable.

Although unlikely in the near term, an upgrade to investment grade
would require sustained strong operating performance, adherence to
financial policy targets -- including net debt below zero -- high
single-digit EBIT margins, positive free cash flow, and very good
liquidity. More importantly, an upgrade of JLR's ratings is a
prerequisite for TML's rating upgrade.

A downgrade of JLR's ratings would result in a downgrade of TML's
CFR.

Deviations in TML's financial policies that result in consolidated
debt/EBITDA sustained above 3.5x, free cash flows remaining
negative or weakening in its liquidity, will also exert negative
rating pressure.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Automobile
Manufacturers published in April 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

CORPORATE PROFILE

Tata Motors Limited (TML), the flagship automotive company of the
Tata Group, is India's leading manufacturer of commercial vehicles
(CVs), offering a broad portfolio across light, medium, and
heavy-duty trucks, pickups, and buses. In the passenger vehicle
(PV) segment, TML sells both internal combustion engine (ICE) and
electric vehicles (EVs), including utility vehicles and compact
cars. For LTM June 2025, TML sold approximately 379,000 CVs and
542,400 PVs (excluding JLR). The company is in the process of
demerging its CV business into a separately listed entity.

JLR, TML's wholly owned UK-based subsidiary, designs and
manufactures luxury vehicles under the Range Rover, Defender, and
Discovery brands. For LTM June 2025, JLR sold 390,400 units
globally.

THETA GREEK: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Theta Greek Securities Private Limited
        Flat No. 104, Plot No.-C-124 A,
        Bаpu Nagar, Moti Marg, Bapu Nagar,
        Jaipur, Rajasthan, India - 302015

Liquidation Commencement Date: August 8, 2025

Court: National Company Law Tribunal, Jaipur Bench

Liquidator: Shyam Sundar Maheshwari
            35, Flat No. F-2, Shanti Vihar,
            Kalyan Nagar, Tonk Road, Sanganer,
            Jaipur, Rajasthan 302029
            Email: vl.tgspl@gmail.com
            Tel: +91 97833 68645

Last date for
submission of claims: September 7, 2025


TUBE TURN: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Tube Turn
India Private Limited (TTIPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 23, 2024, placed the rating(s) of TTIPL under the
'issuer non-cooperating' category as TTIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. TTIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
9, 2025, August 19, 2025, August 29, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Tube Turn (India) Private Limited (TTIPL), incorporated in 1996, is
promoted by Mr. Praveenchandra Kadakia and Mr. Ashit Kadakia. TTIPL
is engaged in the manufacturing of pipe fittings such as elbows,
t-fittings, flanges, caps, butt-weld and socketweld fittings,
branched outlet fittings, and screwed forged fittings that are used
in oil and gas, power, steel, textiles, and consumer industries
across India. Its manufacturing plant is located at Navi Mumbai.


VASISTA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating for the Bank
facilities of The Vasista Educational Society 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-         2.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-         8.20       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term/        11.80      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

As part of its process and in accordance with its rating agreement
with The Vasista 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
based on the best available information.

The Vasista Educational Society was established in August 2000 at
Seetharam Puram village, West Godavari District of Andhra Pradesh
by Mr. K.V. Satyanarayana & Mr. S. Ramesh Babu to promote technical
education. The Society runs two engineering colleges Swarnandhra
College of Engineering & Technology (SCET) and Swarnandhra
Institute of Engineering & Technology (SIET) offering Diploma, B.
Tech, M. Tech, MBA and MCA courses.


VICHITRA PRESTRESSED: ICRA Keeps C+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Vichitra
Prestressed Concrete Udyog Private Limited (VPC) in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]C+; ISSUER
NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term-        5.00       [ICRA]C+; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short Term-      15.00       [ICRA]A4 ISSUER NOT
   Non Fund Based               COOPERATING; Rating continues
   Others                       to remain under 'Issuer Not
                                Cooperating' category

As part of its process and in accordance with its rating agreement
with VPC, ICRA has been trying to seek information from the entity
so as to monitor its performance, but 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.

Based in Delhi, Vichitra Prestressed Concrete Udyog Private Limited
(VPC) was incorporated on 27th March 1989. The company is closely
held by promoters. The company undertakes contracts for manufacture
and lying and water and sewerage pipes for various government
agencies like Haryana Urban Development Authority (HUDA), U.P. Jal
Nigam, Rajasthan Urban Sector Development Investment Program
(RUSDIP), etc. VPC undertakes manufacturing of different types of
pipes like Prestressed Concrete Pipes, RCC Pipes and MS Pipes. The
main manufacturing facility of the firm is in Gurgaon, Haryana.
Apart from this, the company also has two other manufacturing units
– located at Nashik (Maharashtra) and Unnav (U.P.).


VISHWASRAO NAIK: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Vishwasrao Naik Sahakari Sakhar Karkhana (VNSSKL) in the 'Issuer
Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.50        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          7.50        [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 VNSSKL, 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.

Vishwasrao Naik Sahakari Sakhar Karkhana (VNSSKL), the Shirala,
Sangli (Maharashtra) based sugar company was incorporated in 1972.
The company commenced crushing operations in 1972 with a capacity
of 1250 TCD. The company over the years has built a capacity of
2500 TCD The sugar operations are integrated with bagasse-based
power co-generation 15 MW plant (established in 2012) and
distillery operations of installed capacity of 30 KLPD (established
in 2001). The firm also operates a molasses waste based microbial
digestion unit in the factory premises which generates carbon
dioxide. The carbon dioxide is sold to Chikhali Industrial Gases
Private Limited.


WAVE DISTILLERIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Wave Distilleries and
Breweries Limited (WDBL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         99.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-        151.00        [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 WDBL, 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.

Wave Distilleries and Breweries Limited (WDBL) was incorporated as
UBIO Chemicals Limited in 2008. The company was acquired by Chadha
group in 2009 from the promoters of UBIO Chemicals for the
consideration of close to INR93 Cr. under share purchase agreement.
The production plant of the company is located in Aligarh district
of UP having the production capacity of 2.70 Cr. litres of ENA
(which is used in manufacturing (CL),10 Cr. litres of brewery and
45 lakh litre of Industrial alcohol. The company received the
production license in June 2009 and started its production in June
2009 itself. The sales of Country liquor manufactured takes place
to Flora and Fauna Land Developers private limited which has got
the wholesale license to distribute the country liquor in UP. The
Company also has installed a turbine of 2 MW which takes care of
the power requirement of the company.




===============
M A L A Y S I A
===============

GREENPRO CAPITAL: SFAI Replaces JP Centurion as Auditor
-------------------------------------------------------
Greenpro Capital Corp. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that the Board of
Directors, as well as the Audit Committee approved and accepted the
resignation of JP Centurion & Partners PLT as the Company's
independent registered public accounting firm, effective
immediately.

The reports of JP Centurion on the Company's financial statements
as of and for the two most recent fiscal years ended December 31,
2024 and December 31, 2023, did not contain an adverse opinion or a
disclaimer of opinion, nor were such reports qualified or modified
as to uncertainty, audit scope or accounting principles except that
there was an explanatory paragraph as to the Company's ability to
continue as a going concern and as to critical audit matters.

During the years ended December 31, 2024 and December 31, 2023, and
the subsequent interim period from January 1, 2025 to the date of
this report, and in connection with the audit of the Company's
financial statements, there were:

     (a) no disagreements (as defined in Item 304(a)(1)(iv) of
Regulation S-K and the related instructions) with JP Centurion on
any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which
disagreements, if not resolved to JP Centurion's satisfaction,
would have caused JP Centurion to make reference to the subject
matter of the disagreement in connection with its reports on the
Company's consolidated financial statements for such periods an
     (b) no "reportable events" (as defined in Item 304(a)(1)(v) of
Regulation S-K and the related instructions).

Following JP Centurion's resignation, the Board of Directors, as
well as the Audit Committee of the Company, approved and authorized
the engagement of the accounting firm of SFAI Malaysia PLT as the
Company's new independent registered public accounting firm. SFAI's
appointment is for the Company's fiscal year ending December 31,
2025, and related interim periods.

During the Company's two most recent fiscal years (ended December
31, 2024 and December 31, 2023) and the subsequent interim period
prior to the engagement of SFAI, neither the Company, nor anyone on
the Company's behalf consulted with SFAI regarding either:

     (i) the application of accounting principles to any specified
transaction, either completed or proposed, or the type of audit
opinion that might be rendered on the Company's financial
statements; or
    (ii) any matter that was either the subject of a disagreement
(as defined in Regulation S-K, Item 304(a)(1)(iv) and the related
instructions) or
   (iii) any reportable event (as defined in Regulation S-K, Item
304(a)(1)(v)).

                   About Greenpro Capital Corp.

Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides
cross-border business solutions and accounting outsourcing services
to small and medium-sized businesses located in Asia, with an
initial focus on Hong Kong, China, and Malaysia. Greenpro offers a
range of services as a package solution to its clients, believing
that this approach can reduce business costs and improve revenues.

Kuala Lumpur, Malaysia-based JP Centurion & Partners, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated April 9, 2025, attached to the Company's Annual Report
on Form 10-K for the year ended Dec. 31, 2024, citing that for the
years ended December 31, 2024, the Company incurred a negative cash
flow from operating activities of $1,360,454 and as of December 31,
2024, the Company incurred an accumulated deficit of $37,264,379.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.

As of Dec. 31, 2024, the Company had $6,473,923 in total assets,
$1,279,635 in total liabilities, and a total stockholders' equity
of $5,194,288. As of June 30, 2025, the Company had $6,555,277 in
total assets, $1,739,350 in total liabilities, and a total
stockholders' equity of $4,815,927.




=====================
N E W   Z E A L A N D
=====================

ARTISAN BUILDERS: Creditors' Proofs of Debt Due on Oct. 31
----------------------------------------------------------
Creditors of Artisan Builders East Limited and New and Old 2012
Limited are required to file their proofs of debt by Oct. 31, 2025,
to be included in the company's dividend distribution.

Artisan Builders commenced wind-up proceedings on Sept. 19, 2025.

New and Old 2012 commenced wind-up proceedings on Sept. 23, 2025.

The company's liquidator is:

          Derek Ah Sam
          Rodgers Reidy (NZ) Limited
          PO Box 45220
          Te Atatu
          Auckland 0651


BARAKAT BUILDERS: Court to Hear Wind-Up Petition on Oct. 6
----------------------------------------------------------
A petition to wind up the operations of Barakat Builders Limited
will be heard before the High Court at Hamilton on Oct. 6, 2025, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 26, 2025.

The Petitioner's solicitor is:

          Christina Anne Hunt
          Inland Revenue, Legal Services
          21 Home Straight (PO Box 432)
          Hamilton


CARTER HOLT: To Close Tokoroa Plywood Plant, 119 Jobs Affected
--------------------------------------------------------------
Radio New Zealand reports that workers at Carter Holt Harvey's
Tokoroa plywood plant have been told that 119 jobs will be lost.

According to RNZ, the company delivered the news to workers on
Sept. 30 with the plant expected to shut down in November.

A union delegate confirmed the news to RNZ. He said a handful of
workers will keep their jobs to process imported timber.

The future of the factory has been up in the air for the last two
weeks after the owners began consultations on closing the plant,
notes the report.

RNZ relates that owner of Morrissey's clothing store Larry Sullivan
said most of the plywood factory workforce were locals. He said it
was a hard time, but people were focused on taking care of each
other.

"Everybody is sort of worried about individuals, you keep reeling
off names when there's a few guys standing around at the pub,
'how's this guy getting on', 'how's that guy getting on'.

"So yeah, a lot of caring I think, and yeah, it's just one punch
after the other sort of thing at the moment."

Auckland, New Zealand-based Carter Holt Harvey Limited is a
forestry and wood products company. The Company operates softwood
plantation forests, sawmills, and manufactures panel and engineered
wood products such as particleboard, medium density fiberboard,
plywood and laminated veneer lumber. Carter also processes logs,
chips and waste paper into softwood pulp, linerboard, and
cartonboard.


LEEF CIVIL: Creditors' Proofs of Debt Due on Oct. 21
----------------------------------------------------
Creditors of Leef Civil Limited and KBW Holdings Limited are
required to file their proofs of debt by Oct. 21, 2025, to be
included in the company's dividend distribution.

The companies commenced wind-up proceedings on Sept. 23, 2025.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751



LONGFELLOW LIMITED: Creditors' Proofs of Debt Due on Oct. 10
------------------------------------------------------------
Creditors of Longfellow Limited are required to file their proofs
of debt by Oct. 10, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 18, 2025.

The company's liquidator is:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana, Porirua 5247


MTF MAGNUM 2025: Fitch Assigns 'BB(EXP)sf' Rating to Class E Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to MTF Magnum Trust
2025's pass-through floating-rate notes. The notes are backed by a
pool of first-ranking New Zealand automotive loan receivables
originated by Motor Trade Finance Limited (MTF). The notes will be
issued by The New Zealand Guardian Trust Company Limited as trustee
for MTF Magnum Trust 2025.

   Entity/Debt       Rating           
   -----------       ------           
MTF Magnum
Trust 2025

   A              LT AAA(EXP)sf  Expected Rating
   B              LT AA(EXP)sf   Expected Rating
   C              LT A(EXP)sf    Expected Rating
   D              LT BBB(EXP)sf  Expected Rating
   E              LT BB(EXP)sf   Expected Rating
   Seller Note    LT NR(EXP)sf   Expected Rating

Transaction Summary

The total collateral pool at the 14 September 2025 cut-off date was
NZD300 million and consisted of 19,517 receivables with
weighted-average (WA) seasoning of 7.7 months, WA remaining
maturity of 37.9 months and an average contract balance of
NZD15,371.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch derived borrower
risk-tier-specific default base-case expectations using historical
loss data since 2006. Its default assumptions (and 'AAAsf' default
multiples) are:

Low risk: 1.0% (7.25x)

Medium risk: 2.8% (5.50x)

High risk: 8.0% (4.00x)

The WA base-case default assumption was 2.8% and the WA 'AAAsf'
default multiple was 5.3x.

The recovery base case is 55.0%, with a 'AAAsf' recovery haircut of
45.0%, across all sub-pools. Fitch stressed the asset pool to the
transaction's portfolio parameters, which apply during the initial
18-month revolving period.

Portfolio performance is supported by New Zealand's economic
recovery, despite GDP falling by 1.1% in the year to March 2025 and
a softening labour market, with unemployment at 5.2% as of June
2025. Fitch forecasts GDP growth of 1.2% in 2025 and 2.5% in 2026,
with unemployment at 5.1% and 4.9%, respectively. This reflects its
expectation that monetary easing will support economic activity.

Structural Risk Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap provider, liquidity facility
provider or transaction account bank fall below a certain level.
Fitch's cash flow analysis incorporates the transaction's
structural features, where relevant to the ratings, and tests each
note's robustness by stressing default and recovery rates,
prepayments, interest-rate movements and default timing.

Low Operational and Servicing Risk: All receivables are originated
by MTF, a large New Zealand motor-vehicle financier established in
1970. Fitch undertook an operational review and found that the
operations of the originator and servicer were consistent with
market standards for auto and equipment lenders in New Zealand.
Servicer disruption risk is mitigated by standby servicing
arrangements, with Verofi Limited the nominated standby servicer

No Residual Value Risk: There is no residual value exposure in this
transaction and only a small exposure to balloon-payment loans.

Rated Above Sovereign: Structured finance notes can be rated up to
six notches above New Zealand's Long-Term Local-Currency Issuer
Default Rating of 'AA+', supporting the 'AAAsf' rating on the class
A notes.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.

Unanticipated increases in the frequency of defaults and decreases
in recoveries on defaulted receivables could produce loss levels
higher than Fitch's base case, and are likely to result in a
decline in credit enhancement and remaining loss-coverage levels
available to the notes. Decreased credit enhancement may make
certain note ratings susceptible to negative rating action,
depending on the extent of the coverage decline.

Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions; these include
increasing WA defaults and decreasing the WA recovery rate.

Downgrade Sensitivities

Notes: Class A / B / C / D / E

Expected Rating: AAAsf / AAsf / Asf / BBBsf / BBsf

10% defaults increase: AA+sf / AA-sf / A-sf / BBB-sf / BBsf

25% defaults increase: AAsf / A+sf / BBB+sf / BB+sf / BB-sf

50% defaults increase: AA-sf / Asf / BBBsf / BBsf / Bsf

10% recoveries decrease: AA+sf / AA-sf / A-sf / BBB-sf / less than
Bsf

25% recoveries decrease: AA+sf / A+sf / BBB+sf / BB+sf / less than
Bsf

50% recoveries decrease: AAsf / Asf / BBBsf / BBsf / less than Bsf

10% defaults increase/10% recoveries decrease: AA+sf / A+sf /
BBB+sf / BB+sf / less than Bsf

25% defaults increase/25% recoveries decrease: AA-sf / Asf / BBBsf
/ BBsf / less than Bsf

50% defaults increase/50% recoveries decrease: Asf / BBBsf / BBsf /
Bsf / less than Bsf

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Economic conditions, loan performance and credit losses that are
better than its baseline scenario or sufficient build-up of credit
enhancement that would fully compensate for credit losses and cash
flow stresses commensurate with higher rating scenarios, all else
being equal.

Upgrade Sensitivities

Notes: Class A / B / C / D / E

Expected Rating: AAsf / Asf / BBBsf / BBsf

10% defaults decrease/10% recoveries increase: AA+sf / A+sf /
BBB+sf / BB+sf

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch
for this transaction.

As part of its ongoing monitoring, Fitch reviewed a small, targeted
sample of MTF's origination files and found the information
contained in the reviewed files to be adequately consistent with
the originator's policies and practices and the other information
provided to the agency about the asset portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

NANOLAYR: Placed Into Voluntary Administration
----------------------------------------------
Radio New Zealand reports that an Auckland-based nanofibre textile
company with backing from well-known venture capital firms has been
placed into voluntary administration.

Nanolayr, which was founded in 2009, appointed Stephen Keen and
Russell Moore of Grant Thornton New Zealand as administrators on
Oct. 2, RNZ discloses.

According to RNZ, Grant Thornton said the voluntary administration
was due to a number of factors, including New Zealand being too far
from key markets and Nanolayr could not get enough investment to
reach "commercial revenue scale needed to become profitable".

Nanolayr had well-known backers, including the Movac Fund, Icehouse
Ventures, Sir Stephen Tindall's K1W1 and Ngāi Tahu.

RNZ says the administrators were seeking expressions of interest
from potential local and international buyers.

They said Nanolayr owned "world-leading technology and assets" and
the administrators expected strong interest from other companies.

Nanolayr's flagship 5500sq m manufacturing plant at Mangere Bridge
produced nanofibre textiles at scale.

"Nanolayr's investors have been very supportive of the company's
potential as they have sought commercial scale," a statement from
Nanolayr and Grant Thornton said, RNZ relays. "As such, they are
endeavouring to support all staff impacted by this decision."

Auckland-based NanoLayr is a textile company offering industrial
scale, nanofibre production services.


PA SERVICE: Court to Hear Wind-Up Petition on Oct. 10
-----------------------------------------------------
A petition to wind up the operations of PA Service 2018 Limited
will be heard before the High Court at Auckland on Oct. 10, 2025,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 17, 2025.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


WAREHOUSE GROUP: Posts Net Loss of NZD2.8MM for Year Ended Aug. 3
-----------------------------------------------------------------
The Warehouse Group on Oct. 2, 2025, announced its financial
results for the year ended Aug. 3, 2025, marking a year of reset
and progress in an extremely challenging and competitive
environment. While profitability remains below acceptable levels,
the Group took deliberate steps to strengthen its ongoing
performance and saw early signs of improvement, particularly in the
second half, with improved sales and margin trends.

Chair, Dame Joan Withers, said FY25 was a year of decisive change
and deployment of the brand led strategy outlined last year.
"Economic and retail conditions in New Zealand remain extremely
challenging. Unemployment and inflation remain comparatively high,
and consumer confidence is down, putting further pressure on
discretionary spending and intensifying retail competition. Against
that backdrop, The Warehouse Group held its top line, improved
sales in the second half, and made meaningful progress on cost
control. While profitability is not where we want it to be, the
decisions made this year have laid the foundation for improved
margin and bottom line performance as the economic recovery
unfolds."

Group sales were NZD3.1 billion, up 1.6% on FY24, flat on a 52-week
same store basis. Operating profit (EBIT pre-NZ IFRS16) was NZD1.3
million, with a reported net loss after tax of NZD2.8 million and
adjusted net loss after tax of NZD4.5 million.

Gross profit margin declined 140 basis points to 32.2%. This was
mainly due to The Warehouse resetting key price points in its
higher-margin home and apparel categories to reinforce its value
position, along with a shift in sales towards lower-margin
categories. Noel Leeming, the Group's lowest-margin brand, also
made up a larger proportion of sales in FY25. Additionally, all
three brands, especially The Warehouse and Warehouse Stationery,
ran more clearance activity than planned to clear seasonal ranges.

Group Chief Executive Officer Mark Stirton, who took on the role in
August 2025, said the Group is sharpening its focus on disciplined
execution to lift performance. "In FY25, we reset how we operate.
We simplified our organisational structure and returned to a
brand-led model with retail ways of working. We also reset our
pricing, improved our product range, and controlled costs and
capital expenditure."

"Customers are responding well to our new ranges and pricing, with
higher conversion and more units sold, especially in home, apparel,
toys, and health and beauty. Stronger second-half sales show that
when we get the offer right, customers respond quickly. Economic
conditions remain tough and continue to affect consumer confidence,
but we have additional work to do on rebuilding our retail
fundamentals within buying and planning which will be a key focus
of FY26. There is growing excitement in the business as we work to
unlock the full potential of our brands."

CODB decreased by 40 basis points to 32.2% of sales. "We are
controlling the controllable," said Mr Stirton. "While store wage
rates, rents and utilities have risen ahead of sales, we have
reduced head office costs by 7.8% and depreciation by 7.4%. We
recently announced the first phase of our strategic partnership
with Tata Consultancy Services, which is expected to deliver NZD40
million in savings over five years through the licences and managed
services consolidation. This will help us drive greater efficiency
across our cost base."

Mr Stirton said the Group carefully managed capital during the
period, with expenditure reduced to NZD12.4 million from NZD39.0
million in FY24. "The major investment in essential core IT systems
and infrastructure is now complete. Future investment will focus on
improving merchandise buying and planning capabilities to lift
margins and strengthen inventory management, implement new
automation in our distribution centre to improve our efficiencies,
and enhance our store experience in key locations.

                         Brand performance

The Warehouse

The Warehouse delivered sales of NZD1.8 billion, up 1.4% on a
53-week reported year, with 52-week same store sales up 1.2%. Sales
declined 2.2% in the first half but recovered in the second,
growing 2.0% over the 26-week period.

Toys had a record breaking year, up 8.0% on a 52-week basis, and
The Warehouse reclaimed its number one position in consumer
preference for toys. FMCG delivered a strong performance, with
sales up 7.7%, including growth in cosmetics, up 7.8%, and health
and wellbeing, up 6.2%, on a 52-week basis.

Same store foot traffic held steady, up 0.3%, with traffic
conversion up 2.5%. Unit sales grew 4.5% across all categories, and
most importantly in home and apparel.

Holding sales in a tough retail climate came at the cost of margin,
with gross profit margin down 180 basis points. This was driven by
strategic price resets to improve value positioning, growth in
lower-margin categories, and deeper clearance in high-margin
categories. Despite good control of overheads, the drop in gross
profit margin led to a decline in operating profit, from NZD17.7
million in FY24 to a loss of NZD12.2 million.

Warehouse Stationery

Warehouse Stationery reported sales of NZD226.0 million, down 2.5%
on a 53-week reported year, with 52-week same store sales down
3.2%. Sales softened in the first half but stabilised in the second
half.

The print and create category delivered strong margin and sales up
7.2% on a 52-week basis on FY24, driven by our expansion of
personalised gifting options and increasing customer demand for
digital printing, while big ticket items like office furniture
remained under pressure.

Same store foot traffic (excluding SWAS stores) declined 1.8%,
while foot traffic conversion rose 5.8%. Gross profit margin
decreased 110 basis points due to a reduction in everyday low
prices and higher sales in lower margin categories. Operating
profit was NZD8.2 million, compared to NZD12.9 million in FY24.

Noel Leeming

Noel Leeming achieved sales of NZD1.0 billion, up 3.3% on a 53-week
reported year, and up 1.4% on a 52-week like for like comparable
period. Noel Leeming Commercial experienced very strong growth of
40% in the year, and excluding Commercial sales which are not
transacted in store, 52-week same store sales decreased 1.6%.

Total sales were resilient throughout the year, growing 0.8% in the
first half with increased growth of 2.0% in the second half 26-week
period.

Despite pressure on discretionary spending, sales grew in key Noel
Leeming categories. Small appliances rose 10.2%, and gaming
delivered a standout result up 21.0% on a 52-week basis on the back
of strong launches of the PS5 and Nintendo Switch. Over the year,
customers prioritised everyday electrical essentials, resulting in
lower basket sizes but higher unit volumes.

Same store foot traffic declined 0.9%, while conversion was very
strong, increasing 3.7%. Gross profit margin held relatively steady
down 20 basis points. Operating profit was NZD11.7 million compared
to NZD17.3 million in FY24.

                           Balance Sheet

Net debt increased from NZD50.7 million to NZD96.1 million. This
was due to the timing of the year end compared to the prior period;
when adjusted for the additional week, net debt would have been
approximately NZD13.0 million.

                         Leadership changes

To drive improvement in execution across the organisation, FY25 saw
the formation of a refreshed Executive Leadership Team. The
Executive Leadership Team now consists of:

Mark Stirton as Group Chief Executive Officer
Stefan Knight as Group Chief Financial Officer
Richard Parker as Group Chief People Officer
Mark Anderton as Group Chief Sourcing and Supply Chain Officer
Shayne Tong as Group Chief Digital and Transformation Officer
Silv Roest as Group Chief Legal and Corporate Affairs Officer
Carrie Fairley as Chief Merchandise Officer – The Warehouse and
Warehouse Stationery (Acting)
Ian Carter as Chief Store Operations Officer – The Warehouse and
Warehouse Stationery
Jason Bell as Chief Executive Officer – Noel Leeming
For the purposes of the Financial Markets Conduct Act 2013, the
Group considers the Group Chief Executive Officer and Group Chief
Financial Officer roles as Senior Managers.

                             Dividend

The Board has elected not to declare a final dividend for FY25,
given the Group's financial performance. Dame Joan said the
decision was not taken lightly. "It is a source of great
disappointment to the Board that we were unable to declare either
interim or final dividends for FY25. Our shareholders have stood by
us through a challenging period, and they rightly expect an
appropriate return on their investment. While we are not yet in a
position to deliver a dividend, we are focused on improving
profitability and rebuilding shareholder value. That work is
underway, and the Board and the Executive Leadership Team remain
committed to delivering for our shareholders."

                              Outlook

Trading for the first seven weeks of FY26 remains challenging, with
sales and gross profit tracking to similar levels as last year.

Dame Joan said the retail outlook in New Zealand remains difficult,
with low consumer confidence and ongoing cost-of-living pressures
continuing to affect household spending. "We are operating in a
tough and unpredictable environment. While we are seeing early
signs of improvement, we remain cautious about the pace of
recovery. The Warehouse Group has taken the right steps to reset
its foundations, and the Board is confident in the leadership and
direction now in place."

Looking ahead, the Group enters FY26 with a clear focus on
disciplined delivery. Margin recovery will be driven by improved
sourcing, tighter inflow margin control, and disciplined inventory
management. The Warehouse will target growth in higher-margin
categories including apparel, health and beauty, home, and toys.
Capital will be allocated to the most impactful projects, and
selective space growth opportunities are being actively pursued.
Overhead cost management remains a priority, with changes underway
to reduce CODB to below 31% of sales.

Mark Stirton said the Group's new purpose will guide its direction.
"Our purpose is to build exceptional retail brands that customers
love, our team take pride in and deliver sustainable shareholder
returns. Our approach is to strengthen and grow our three New
Zealand retail brands, enabling each to lead in its market while
leveraging shared services, platforms, and capital efficiencies.
FY26 is about disciplined delivery, and we will share our
longer-term strategy later in FY26."

                      About The Warehouse Group

The Warehouse Group Limited (NZX:WHS) --
https://www.thewarehousegroup.co.nz/ -- together with its
subsidiaries, engages in the operation of retail stores in New
Zealand. The company sells general merchandise, apparels,
technology, appliance, and stationery products. It also sells
consumables, study equipment, and office furniture. The Warehouse
Group Limited operates its physical retails stores under The
Warehouse Stores, Warehouse Stationery Stores, and Noel Leeming
Stores; and online stores under The Warehouse Stores, Warehouse
Stationery Stores, and Noel Leeming Stores; Torpedo7, and
TheMarket.com brand names. The company is involved in the provision
of property and investment services. The Warehouse Group Limited
was founded in 1982 and is based in Auckland, New Zealand.




=====================
P H I L I P P I N E S
=====================

ROXAS HOLDINGS: Leviste's PHP5-B Bid Still in Limbo After 16 Mos.
-----------------------------------------------------------------
Miguel R. Camus at InsiderPH reports that billionaire-congressman
Leandro Leviste's bid to invest in Roxas Holdings Inc. (RHI) has
stalled, with the sugar group confirming that no definitive
agreement has been signed despite an earlier term sheet.

Through Countryside Investments Holdings Corp., Mr. Leviste
announced in May last year his intention to acquire RHI from tycoon
Manuel V. Pangilinan's First Pacific Group for about PHP5 billion,
InsiderPH recalls.

But in an Oct.1, 2025 filing, RHI said final definitive
documentation "has not been signed as of this date," InsiderPH
relays.

"Discussions on the investment agreement appeared to have been
revived this year around June 2025 but unfortunately were
subsequently stalled," RHI said.

"We have no information at this time as to when the discussions on
the investment agreement will resume," the company added.

InsiderPH notes that RHI has been under trading suspension since
May 21, 2024, after falling behind on regulatory filings and
breaching the Philippine Stock Exchange's reporting requirements.

Mr. Leviste had announced the PHP5-billion takeover in May 2024.

This would have given Countryside a 71.6 percent stake in RHI,
which has nearly PHP6 billion in debts and previously shuttered its
century-old Central Azucarera Don Pedro due to heavy losses,
according to InsiderPH.

Mr. Leviste pitched the infusion as a way to avert bankruptcy,
revive RHI's landholdings in Batangas, and provide new
opportunities for farmers and former sugar workers, InsiderPH
relates.

His corporate push came before he won a congressional seat in
Batangas in the May 2025 elections.

                       About Roxas Holdings

Roxas Holdings, Inc. (PSE:ROX) engages in the business of
manufacturing sugar and allied products. The Company has the
following subsidiaries: Central Azucarera Don Pedro, Inc.; Central
Azucarera de la Carlota, Inc.; CADP Insurance Agency, Inc.; Roxol
Bioenergy Corp.; CADP Port Services, Inc.; RHI Agri-Business
Development Corporation; RHI Pacific Commercial Corp.; San Carlos
Bioenergy, Inc.; Najalin Agri Ventures, Inc.; Roxas Power
Corporation; and Northeastern Port Storage Corporation.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
21, 2024, Roxas Holdings, backed by First Pacific Co. and the
Roxas-Elizalde family, has defaulted on its loans to BDO Unibank
and the Bank of the Philippine Islands (BPI).

"In March 2024, the group defaulted on the payment of principal and
interest due on bank loans owed to BDO and BPI. This resulted to
the acceleration of settlement of outstanding loans owed to BDO and
BPI," ROX said.

According to Bilyonaryo.com, the default came shortly after ROX
shut down permanently the refinery operations of Central Azucarera
Don Pedro, which was founded in 1927.




=================
S I N G A P O R E
=================

A & R LOGISTICS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Sept. 5, 2025, to
wind up the operations of A & R Logistics Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Gary Loh Weng Fatt  
          Dev Kumar Harish Nandwani
          c/o BDO Advisory  
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


ALLIANZ RADIANCE: Creditors' Proofs of Debt Due on Oct. 24
----------------------------------------------------------
Creditors of Allianz Radiance Pte. Ltd. are required to file their
proofs of debt by Oct. 24, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 16, 2025.

The company's liquidators are:

          Chek Khai Juat
          Tay Tuan Leng
          c/o Tricor Singapore
          9 Raffles Place
          #26-01 Republic Plaza
          Singapore 048619


CATHAY CINEPLEXES: Commences Wind-Up Proceedings
------------------------------------------------
Members of Cathay Cineplexes Pte. Ltd. on Sept. 12, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Luke Anthony Furler
          Tan Kim Han
          Quantuma (Singapore)
          137 Amoy Street
          #02‑03 Far East Square
          Singapore 049965


DISCOUNT LOFT: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Sept. 5, 2025, to
wind up the operations of Discount Loft 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


JBF GLOBAL: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Sept. 12, 2025, to
wind up the operations of JBF Global Pte. Ltd.

The company's liquidators are:

          Wong Pheng Cheong Martin
          Koay May Yee
          FTI Consulting (Singapore)
          1 Raffles Quay, #27-10
          Singapore 048583


MM2 ASIA: Seeks Another 90-Day Extension for AGM
------------------------------------------------
The Business Times reports that mm2 Asia on Oct. 1 said it has
applied to the Singapore Exchange (SGX) for another 90-day
extension to hold the company's annual general meeting (AGM) for
the financial year ended March 31.

It is seeking to extend the AGM - originally due on or before July
31 - from the current deadline of Oct. 29, 2025, to Jan. 27, 2026,
BT relates. It also requested for a 90-day extension to issue its
annual and sustainability reports for FY2025 from Oct. 14, 2025, to
Jan. 12, 2026.

This is the second extension mm2 is requesting for its AGM, BT
notes. In May, it first applied for a 90-day extension to push the
AGM deadline to Oct 29, from Sep 29, and to file its annual report
by Nov 29, from Oct 30. These were granted by SGX and the
Accounting and Corporate Regulatory Authority (Acra) in July.

In a bourse filing on Oct. 1, mm2 said it was still securing the
necessary funding for its audit, but its auditors have agreed in
principle to start the audit once the company begins progressively
repaying its outstanding invoices, according to BT.

It also cited "complex accounting treatments" - linked to the
liquidation of its cinema operations under Cathay Cineplexes, MM2
Star Screen and mm2 Screen Management - that require "careful
analysis and discussion". These include impairment assessments,
recognition of provisions and other technical accounting
adjustments, it said.

Acra grants extensions of only 60 days at a time, so mm2 said it
applied for the first 60 days and will submit another application
for an additional 30-day extension. This will put the AGM deadline
at Jan. 27, 2026, BT adds.

                          About mm2 Asia

Based in Singapore, mm2 Asia Ltd. (SGX:1B0) --
https://www.mm2asia.com/ -- primarily engages in the media and
entertainment industry, focusing on the production, distribution,
and exhibition of films and television content. The company
operates through its subsidiaries, including Cathay Cineplexes,
which manages cinema operations.

On Sept. 1, 2025, Luke Anthony Furler and Tan Kim Han of Quantuma
(Singapore) were appointed as Joint and Several Provisional
Liquidators of Cathay Cineplexes Pte Ltd pursuant to Section 161 of
the Insolvency, Restructuring and Dissolution Act 2018.  



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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,
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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