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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
Monday, October 6, 2025, Vol. 28, No. 199
Headlines
A U S T R A L I A
AFG 2025-1: S&P Assigns B (sf) Rating to Class F Notes
DONOVAN CONCEPTS: First Creditors' Meeting Set for Oct. 10
HEALTHSCOPE NEWCO: Lender Seeks Buyer for AUD93MM Debt Exposure
JAGA INTERMEDIATE: First Creditors' Meeting Set for Oct. 13
LINCHPIN HOSPITALITY: First Creditors' Meeting Set for Oct. 9
RENAISSANCE LEEDERVILLE: First Creditors' Meeting Set for Oct. 7
S30 FRANCHISING: Second Creditors' Meeting Set for Oct. 8
C H I N A
BCG CHINASTAR: Fitch Affirms & Withdraws BB+ IDR, Negative Outlook
FUTURE FINTECH: Avondale Capital, 3 Others Hold 8% Stake
FUTURE FINTECH: Shanchun Huang, Wealth Index Hold 48.107% Stake
INTERNATIONAL FINANCIAL: Fitch Affirms & Withdraws BB+ LongTerm IDR
NINGBO SHANSHAN: Yangzijiang Financial to Inject CNY1.02 Billion
SEAZEN: Unit Probe Uncovers Nearly US$1BB in Undisclosed Transfers
YICHANG HIGH-TECH: Fitch Affirms & Withdraws 'BB+' Long-Term IDR
I N D I A
AGRAWAL IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
ANDHRA PRADESH: CRISIL Lowers Rating on INR600cr Loan to D
ASIS CORPORATE: Insolvency Resolution Process Case Summary
ATUL ELECTRO: Voluntary Liquidation Process Case Summary
D D INTERNATIONAL: CRISIL Keeps B Debt Rating in Not Cooperating -
DBM GEOTECHNICS: CRISIL Keeps D Debt Ratings in Not Cooperating
FLEXITI TECHNOLOGIES: Voluntary Liquidation Process Case Summary
GENSOL ENGINEERING: Directed to Handover Remaining EVs to Smas Auto
GOALTORE COLD: CRISIL Keeps B- Debt Ratings in Not Cooperating
GODHANI GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
GRAU INDIA: Voluntary Liquidation Process Case Summary
GREATSHIP OILFIELD: Voluntary Liquidation Process Case Summary
ICON DESIGN: CRISIL Lowers Rating on INR4cr Bank Loan to D
INDIA CLEANTECH: Fitch Affirms 'BB-' Rating on $334MM Sr. Sec Notes
JAATVEDAS CONSTRUCTION: Liquidation Process Case Summary
JBF INDUSTRIES: Gets Resolution Plan Amid Insolvency Proceedings
K. S. BIGILI: CRISIL Keeps D Debt Ratings in Not Cooperating
M. M. PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
MANUGRAPH INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
MILESTONE ALUMINIUM: Insolvency Resolution Process Case Summary
MISSION HOLDINGS: Liquidation Process Case Summary
NANI S: CRISIL Keeps B Debt Rating in Not Cooperating Category
NEW WIN: CRISIL Keeps D Debt Ratings in Not Cooperating Category
NICE MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating
OPTION OXIDES: CRISIL Keeps D Debt Ratings in Not Cooperating
PALNADU INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
PRECISION ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
PROTO DEVELOPERS: Insolvency Resolution Process Case Summary
PVSRSN ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
QUANTECO WORLD: Insolvency Resolution Process Case Summary
RAJ BREEDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJ CHICK: CRISIL Keeps D Debt Ratings in Not Cooperating
RAMADA ALLEPPEY: CRISIL Keeps D Debt Ratings in Not Cooperating
RASIK PRODUCTS: Insolvency Resolution Process Case Summary
SAPNA GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
SATYASAI OIL: CRISIL Keeps B Debt Rating in Not Cooperating
SATYESHWAR HIMGHAR: CRISIL Keeps D Debt Rating in Not Cooperating
SEW LSY: CRISIL Keeps D Debt Rating in Not Cooperating Category
SHREENATH METALS: CRISIL Keeps B Debt Ratings in Not Cooperating
SIDDHIVINAYAKA AGRO: CRISIL Keeps C Ratings in Not Cooperating
SPALON INDIA: Voluntary Liquidation Process Case Summary
VANTEC LOGISTICS: Voluntary Liquidation Process Case Summary
VIRAJAA STEEL: Insolvency Resolution Process Case Summary
J A P A N
DESKTOP METAL: Court Okays Chapter 11 Liquidation Plan
MARELLI AUTOMOTIVE: Seeks to Extend Exclusivity to Feb. 6, 2026
MITSUBISHI MOTORS: S&P Affirms 'BB+' ICR, Alters Outlook to Neg.
N E W Z E A L A N D
H S RIAR: Creditors' Proofs of Debt Due on Oct. 29
INSTITUTE OF IT: Collapses Into Liquidation
KAIRAKAU ARAHI: Court to Hear Wind-Up Petition on Oct. 28
NEST HOME: Court to Hear Wind-Up Petition on Oct. 16
NZ NATIVE: Creditors' Proofs of Debt Due on Oct. 31
PRIME DEVELOPMENTS: Creditors' Proofs of Debt Due on Nov. 1
P H I L I P P I N E S
LBC EXPRESS: Addressing SEC Show-Cause Order on Delayed Report
S I N G A P O R E
BAYFRONT INFRASTRUCTURE: Creditors' Proofs of Debt Due on Oct. 24
CORDLIFE GROUP: Weighs Survival Amid Potential One-Year Suspension
ECLAT ENGINEERING: Court to Hear Wind-Up Petition on Oct. 10
EURO CORE: Creditors' Proofs of Debt Due on Oct. 24
SYNERGY PROJECTS: Court Enters Wind-Up Order
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A U S T R A L I A
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AFG 2025-1: S&P Assigns B (sf) Rating to Class F Notes
------------------------------------------------------
S&P Global Ratings assigned ratings to eight of the nine classes of
prime residential mortgage-backed securities (RMBS) issued by
Perpetual Corporate Trust Ltd. as trustee for AFG 2025-1 Trust in
respect of Series 2025-1.
The ratings reflect the following factors.
S&P has assessed the credit risk of the underlying collateral
portfolio and it believes the credit support is sufficient to
withstand the stresses it applies. The credit support for the rated
notes comprises note subordination and lenders' mortgage insurance
on 13.8% of the portfolio.
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 LMI cover, the
principal draw function, the provision of a liquidity facility, and
the provision of an extraordinary expense reserve.
S&P said, "We have assessed the counterparty exposure to National
Australia Bank Ltd. as bank account provider and liquidity facility
provider. The transaction documents for the bank account and
liquidity facility 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."
Ratings Assigned
AFG 2025-1 Trust In Respect Of Series 2025-1
Class A1-S, A$310,000,000: AAA (sf)
Class A1-L, A$590,000,000: AAA (sf)
Class A2, A$59,000,000: AAA (sf)
Class B, A$18,800,000: AA (sf)
Class C, A$11,700,000: A (sf)
Class D, A$4,100,000: BBB (sf)
Class E, A$3,400,000: BB (sf)
Class F, A$1,000,000: B (sf)
Class G, A$2,000,000: Not rated
DONOVAN CONCEPTS: First Creditors' Meeting Set for Oct. 10
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Donovan
Concepts Pty Ltd will be held on Oct. 10, 2025 at 10:00 a.m. via
Microsoft Teams.
Amanda Lott of Acris was appointed as administrator of the company
on Sept. 29, 2025.
HEALTHSCOPE NEWCO: Lender Seeks Buyer for AUD93MM Debt Exposure
---------------------------------------------------------------
The Australian Financial Review's Street Talk reports that another
long-suffering creditor of Healthscope, the country's
second-largest private hospital operator, wants to cash out of the
debt stack.
Street Talk relates that Bank of China started taking bids for its
AUD93 million loan on Oct. 2, according to people involved in the
auction, who asked to remain anonymous. The offer price was said to
be between 52 cents and 54 cents in the dollar, and a deal had not
been struck as of Oct. 3.
Healthscope provides healthcare services. The Company manages a
network of hospitals, clinics, and physicians for the provision of
emergency care, women's services, cancer care, and pediatric
services. Healthscope operates 38 hospitals across Australia.
On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland &
Katherine Sozou of McGrathNicol Restructuring were appointed as
Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope
NewCo Pty Ltd. The appointments are limited to these two entities
only, which are 'holding companies' within the Healthscope Group
corporate structure.
Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of
KordaMentha were appointed as administrators of Healthscope Newco
Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025.
According to Sky News Australia, the lenders behind Healthscope
have opted to call in receivers to find a buyer for the private
hospital operator. Healthscope was purchased by Canadian asset
management firm Brookfield in 2019, however, it handed control of
the health company to the lenders earlier in May 2025. This
syndicate of hedge funds and banks voted on May 26 to put the
company into receivership, Sky News Australia said.
JAGA INTERMEDIATE: First Creditors' Meeting Set for Oct. 13
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of JAGA
Intermediate HoldCo Pty Ltd and related entities will be held on
Oct. 13, 2025 at 2:00 p.m. via virtual meeting only.
The related entities are:
- JAGA License HoldCo Pty Ltd;
- 8 Campbell Parade Operations Pty Ltd (trading as Bondi
House; Gelataio; Mambo Italiano Bondi; Noah's House; Oste;
Oste Bondi; Sobo House; South Bondi Apertivo; South Bondi
Bar; South Bondi Coffee; South Bondi Hotel; South Bondi
House; South Bondi Italian; South Bondi Rooftop);
- 103 Parramatta Operations Pty Ltd;
- Barclay House Operations Pty Ltd (trading as Barclay
House);
- Bayswater OpCo Pty Ltd;
- Bondi Public OpCo Pty Ltd;
- Claridge OpCo Pty Ltd ;
- Claridge Operations Pty Ltd;
- Empire OpCo Pty Ltd (trading as Empire Hotel Annandale);
- Exchange OpCo Pty Ltd;
- Exchange Operations Pty Ltd;
- 17 BW Road Pty Ltd IIOR & ATF 28 Flinders Street Unit
Trust;
- 28 Flinders Street Pty Ltd IIOR & ATF 28 Flinders Street;
Unit Trust (trading as Bird Cage Bar; House of
Hornecker);
- Beattie Street Property Investments Pty Ltd (IIOR & ATF The
Beattie Street Property Investments Unit Trust);
- Parramatta Empire Pty Ltd (IIOR & ATF Parramatta Empire
Unit Trust);
- The Beach House Bondi Pty Ltd (IIOR & ATF The Beach House
Bondi Unit Trust); and
- JAGA HoldCo Pty Ltd
LINCHPIN HOSPITALITY: First Creditors' Meeting Set for Oct. 9
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Linchpin
Hospitality Pty Limited will be held on Oct. 9, 2025 at 11:00 a.m.
via teleconference facility.
Timothy Cook of Balance Insolvency was appointed as administrator
of the company on Sept. 29, 2025.
RENAISSANCE LEEDERVILLE: First Creditors' Meeting Set for Oct. 7
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Renaissance
Leederville Pty Ltd will be held on Oct. 7, 2025 at 10:00 a.m. at
Quigley & Co, at Level 6, 231 Adelaide Terrace, in Perth, WA.
Peter Reymond Quigley of Quigley & Co was appointed as
administrator of the company on Sept. 24, 2025.
S30 FRANCHISING: Second Creditors' Meeting Set for Oct. 8
---------------------------------------------------------
A second meeting of creditors in the proceedings of S30 Franchising
Pty Ltd has been set for Oct. 8, 2025, at 11:00 a.m. at the offices
of BRI Ferrier WA, at Level 4, 673 Murray Street, in West Perth,
WA, 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.
Shaun William Boyle and Giovanni Maurizio Carrello of BRI Ferrier
were appointed as administrators of the company on Sept. 2, 2025.
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C H I N A
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BCG CHINASTAR: Fitch Affirms & Withdraws BB+ IDR, Negative Outlook
------------------------------------------------------------------
Fitch Ratings has affirmed Beijing Capital Group Company Limited's
(BCG) Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) at 'BBB-' with a Negative Outlook, and affirmed BCG
Chinastar International Investment Ltd.'s (Chinastar) Long-Term
Foreign-Currency IDR at 'BB+' with a Negative Outlook. At the same
time, Fitch has withdrawn all ratings.
BCG's support score of 20 points and its Standalone Credit Profile
(SCP) of 'b' result in Fitch applying a five-notch uplift from the
SCP to the IDR, in accordance with the notching guideline in
Fitch's Government-Related Entities (GRE) Rating Criteria.
BCG's SCP reflects weaknesses in its property development business
amid the sector's downturn, resulting in deteriorating operating
cash flow (OCF) and high leverage. BCG is shifting its focus from
the market-driven property business to Chinese government projects,
including development of primary land and social housing. Progress
in the monetisation of these projects is likely to yield sufficient
funds to address its near-term OCF shortfall in the property
segment and interest payment at BCG's holding company (holdco). The
Negative Outlook reflects execution risk in this transition.
Chinastar, BCG's sole directly and wholly owned offshore financing
platform, is rated one notch below the parent's IDR, based on its
assessment of 'Low' legal, 'Medium' strategic and 'High'
operational incentives for the parent to provide support under its
Parent and Subsidiary Linkage Rating Criteria.
Fitch has withdrawn the ratings due to commercial reasons. Fitch
will no longer provide ratings or analytical coverage of BCG and
Chinastar.
Key Rating Drivers
'Strong' State Decision-Making, Oversight: Fitch assesses the
Beijing government's decision-making and oversight of BCG as
'Strong' as the company is 100%-owned by the Beijing State-owned
Assets Supervision and Administration Commission (SASAC), which
appoints senior management and has influence over the company's
strategy and key investment decisions. BCG is mandated to undertake
government-directed activities, such as the development of primary
land, social housing and rental housing.
'Strong' Precedents of Support: Fitch assesses BCG's support
precedents as 'Strong', as the government has provided consistent
support to BCG in the form of capital and asset injections, as well
as regular significant subsidies to its subway operations. In
addition, government support has enabled BCG to secure low-cost
funding for its long-stay rental projects.
'Strong' Contagion Risk: A default would have 'Strong' contagion
risk due to BCG's significant size among GREs owned by the Beijing
SASAC. BCG plays an important role in China's development plan for
the Beijing-Tianjin-Hebei region and Beijing's development plan for
the Daxing district. Beijing provided support to ease BCG's
financial tension through asset injections and accelerate the
development of policy-driven projects. A default by BCG could
disrupt financing or increase financing costs for other state-owned
enterprises in Beijing.
Limited Role in Preserving Government Policy: This factor is not
applicable to BCG as most of its services - subway operations and
water supply - are unlikely to be affected by a default because
they rely on pre-existing infrastructure and facilities that
require minimal additional funding above maintenance costs. Its
property arm aims to play a significant role in Daxing's
development, but most of BCG's capital remains at its market-driven
businesses, including property development, water treatment and
supply businesses.
Weak Property Sales, Cash Flow: The property business, operated by
Beijing Capital City Development Group Co., Ltd. (BCCD), accounts
for about half of BCG's capital employed and weighs significantly
on BCG's SCP. Fitch projects BCCD's sales to decrease by 20% in
2025 and an additional 10% in 2026. BCCD is likely to sustain
Fitch-defined negative OCF of about CNY3 billion annually from its
market-driven operations due to expected continued weak sales and
minimal land acquisitions, constraining its financial and
operational flexibility.
Asset Monetisation to Fund Shortfalls: BCG's holdco and BCCD have a
cash requirement of about CNY4 billion per year due to BCCD's OCF
shortfall of about CNY3 billion and the holdco's annual interest
obligations of about CNY2 billion, with around CNY1 billion covered
by dividends from other key subsidiaries and major joint ventures.
BCG plans to address this through asset monetisation. Fitch expects
this to fund holdco and BCCD operating and interest needs through
2025, but visibility will weaken beyond 2026. A government-backed
comprehensive plan in progress should provide greater clarity.
Resilient Environment Business: Fitch expects the EBITDA net
leverage of BCG's environmental subsidiary, Beijing Capital
Eco-Environment Protection Group Co. Ltd. (Capital Eco), to remain
at about 7x over the next two years (1H25: 7.0x), driven by flat
revenue growth from 2026, stable margins, controlled capex and less
working-capital pressure. Capital Eco continued to generate
positive OCF, after interest payment, in 1H25.
Stable Infrastructure Operations: The infrastructure segment has
been receiving strong policy support. Fitch estimates the segment's
net leverage will remain low at below 3x as Fitch expects new
subway lines to start operating with higher government subsidies
and BCG to control capex.
Chinastar Rating Notched Down: BCG guarantees about 24% of
Chinastar's legal obligations, which remains closer to the lower
end of the 20%-50% range for a 'Medium' legal incentive, driving
the 'Low' score. The operational incentive is 'High', as Fitch
believes BCG will keep the offshore funding channel active. The two
companies are fully integrated.
Peer Analysis
The five-notch uplift on BCG's IDR from its SCP is the same as that
for Beijing Capital Development Holding (Group) Co., Ltd. (BCDH,
BBB-/Negative, SCP: b), which has the same GRE assessment scores.
BCG, similar to BCDH, has large exposure to the property
development business. BCG performs policy roles in the development
of primary land, social housing and rental housing, as well as
through its water treatment, environmental protection and
infrastructure businesses, while BCDH is the sole platform for
taking over municipal state-owned enterprises' non-commercial
assets and mandated by the government to lead the city's old-town
renovation. Fitch regards the two entities as equally important to
Beijing SASAC and expect similar government support.
BCG's 'b' SCP encompasses the credit risk from its self-sufficient
environmental-protection, infrastructure and financial-service
segments, as well as the highly leveraged property business. The
SCP also considers the large debt balance at BCG holdco and high
interest payment burden from both the holdco and BCCD.
Key Assumptions
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- Assumptions used in the rating case for BCCD are used in BCG's
rating case.
- Beijing MTR: revenue to increase by 5% in 2025 and 2026 based on
the operational timetable of new lines provided by the company.
Capex of CNY1 billion per annum in 2025 and 2026.
- Capital Eco: revenue to decrease by a low single-digit percentage
in 2025 as a result of disposal of ECO project in Singapore;
revenue to stay flat from 2026 on lower construction revenue for
waste treatment build-operate-transfer projects but offset by other
segments' growth albeit at a lower rate due to slower capacity
expansion. Capex to stay at the 2024 level. No material increase in
trade receivables from 2025 due to potential support from the local
government's special bond programmes.
RATING SENSITIVITIES
Not applicable as the ratings have been withdrawn.
Liquidity and Debt Structure
Fitch estimates BCG had readily available cash of CNY44 billion as
of end-1H25, which was able to cover reported short-term debt of
CNY42 billion. The company has limited exposure to trust loans.
Fitch believes BCG will maintain strong domestic funding access
given its status as a high-profile Beijing GRE. The company had
CNY220 billion in undrawn bank facilities (uncommitted) at
end-2024.
Dividends from subsidiaries, joint ventures and associated
companies may fall short of interest payments at the holdco level.
However, the risk is mitigated by BCG's potential cash inflows from
the sale of social housing projects and proceeds from land sales.
Issuer Profile
BCG is wholly owned by the Beijing SASAC. BCG has five core
businesses: water supply and treatment, and solid waste treatment;
infrastructure (subway and highway construction); real estate
(primary-land and secondary-property development); financial
services and investments; and operation of cultural and creative
projects. The first three segments account for about 95% of BCG's
total revenue.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
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.
Following the withdrawal of ratings for BCG, Fitch will no longer
be providing the associated ESG Relevance Scores.
Entity/Debt Rating Prior
----------- ------ -----
BCG Chinastar
International
Investment Ltd. LT IDR BB+ Affirmed BB+
LT IDR WD Withdrawn
Beijing Capital
Group Company
Limited LT IDR BBB- Affirmed BBB-
LT IDR WD Withdrawn
LC LT IDR BBB- Affirmed BBB-
LC LT IDR WD Withdrawn
senior unsecured LT BBB- Affirmed BBB-
senior unsecured LT WD Withdrawn
Beijing Capital
Polaris Investment
Co., Ltd.
senior unsecured LT BBB- Affirmed BBB-
senior unsecured LT WD Withdrawn
FUTURE FINTECH: Avondale Capital, 3 Others Hold 8% Stake
--------------------------------------------------------
Avondale Capital, LLC, Streeterville Capital LLC, Streeterville
Management, LLC, and John M. Fife, disclosed in a Schedule 13G
filed with the U.S. Securities and Exchange Commission that as of
September 24, 2025, they beneficially own 1,505,000 shares of
Future FinTech Group Inc.'s common stock, par value $0.001 per
share.
The shares are directly held by Avondale Capital, LLC and
indirectly beneficially owned by the other reporting persons. These
holdings represent 8% of the 18,708,311 shares outstanding as of
September 17, 2025, as reported in the Company's Form 8-K filed
September 22, 2025. The reporting persons have sole voting and
dispositive power over the 1,505,000 shares.
The Reporting Persons through:
John M. Fife, President
297 W Auto Mall Drive, Suite 4
St. George, Utah 84770
Tel: 312-297-7000
A full-text copy of the SEC report is available at:
https://tinyurl.com/3bukzhv8
About Future FinTech Group
New York, N.Y.-based Future FinTech Group Inc. is a holding company
incorporated under the laws of the State of Florida. The Company
historically engaged in the production and sale of fruit juice
concentrates (including fruit purees and fruit juices) and fruit
beverages (including fruit juice beverages and fruit cider
beverages) in the PRC. Due to drastically increased production
costs and tightened environmental laws in China, the Company
transformed its business from fruit juice manufacturing and
distribution to financial technology-related service businesses.
The main business of the Company includes supply chain financing
services and trading in China, asset management business in Hong
Kong, and cross-border money transfer service in the UK.
Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 15, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
has suffered losses from operations. Therefore, the Company has
stated substantial doubt about its ability to continue as a going
concern.
The ability of the Company to continue as a going concern is
dependent upon its ability to successfully execute its new business
strategy and eventually attain profitable operations.
As of Dec. 31, 2024, the Company had $25.9 million in total assets,
$13.3 million in total liabilities, and a total stockholders'
equity of $12.6 million.
FUTURE FINTECH: Shanchun Huang, Wealth Index Hold 48.107% Stake
---------------------------------------------------------------
Shanchun Huang and Wealth Index Capital Limited disclosed in a
Schedule 13D filed with the U.S. Securities and Exchange Commission
that as of September 16, 2025, they beneficially own 9,000,000
shares of Future Fintech Group Inc.'s common stock, par value
$0.001 per share. These shares are directly held by Wealth Index
Capital Limited, which is wholly owned and controlled by Shanchun
Huang. The holdings represent 48.107% of the 18,708,311 shares of
common stock outstanding as of September 17, 2025, according to the
Issuer's transfer agent. Both reporting persons have sole voting
and dispositive power over the 9,000,000 shares.
Wealth Index Capital Limited may be reached through:
Shanchun Huang
3-2-205 Xi Jing Rd., Badachu High-Tech Industrial Park
Beijing, F4, 100041
Tel: 86 10 67084378
A full-text copy of Shanchun Huang's SEC report is available at:
https://tinyurl.com/mswe42b5
About Future FinTech Group
New York, N.Y.-based Future FinTech Group Inc. is a holding company
incorporated under the laws of the State of Florida. The Company
historically engaged in the production and sale of fruit juice
concentrates (including fruit purees and fruit juices) and fruit
beverages (including fruit juice beverages and fruit cider
beverages) in the PRC. Due to drastically increased production
costs and tightened environmental laws in China, the Company
transformed its business from fruit juice manufacturing and
distribution to financial technology-related service businesses.
The main business of the Company includes supply chain financing
services and trading in China, asset management business in Hong
Kong, and cross-border money transfer service in the UK.
Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 15, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
has suffered losses from operations. Therefore, the Company has
stated substantial doubt about its ability to continue as a going
concern.
The ability of the Company to continue as a going concern is
dependent upon its ability to successfully execute its new business
strategy and eventually attain profitable operations.
As of Dec. 31, 2024, the Company had $25.9 million in total assets,
$13.3 million in total liabilities, and a total stockholders'
equity of $12.6 million.
INTERNATIONAL FINANCIAL: Fitch Affirms & Withdraws BB+ LongTerm IDR
-------------------------------------------------------------------
Fitch Ratings has affirmed Beijing Capital City Development Group
Co., Ltd.'s (BCCD) Long-Term Foreign-Currency Issuer Default Rating
(IDR) at 'BBB-' with a Negative Outlook. Fitch has also affirmed
the Long-Term Foreign-Currency IDR of BCCD's main overseas
investment platform, International Financial Center Property Ltd.
(IFC) at 'BB+' with a Negative Outlook.
In addition, Fitch has affirmed the rating on Central Plaza
Development Ltd's USD3 billion medium-term note programme at
'BBB-', the same level as BCCD's rating as Central Plaza acts as
BCCD's financing SPV.
At the same time, Fitch has withdrawn all ratings due to commercial
reasons.
BCCD's rating is equalised with that of its stronger parent,
Beijing Capital Group Company Limited (BCG, BBB-/Negative), based
on Fitch's Parent and Subsidiary Linkage (PSL) Rating Criteria.
This reflects its assessment of the 'Medium' legal, 'Medium'
strategic and 'High' operational incentives for BCG to provide
support. The ratings on the parent have also been withdrawn today.
BCCD's Standalone Credit Profile (SCP) is assessed at 'b-',
indicating continued deterioration in contracted sales and
operating cash flow. The Negative Outlook is consistent with
Fitch's view of BCG, reflecting uncertainties about the pace and
magnitude of business transformation. This transformation focuses
on BCCD's shift away from its market-driven property business, and
the group's asset-monetisation efforts.
Key Rating Drivers
Weak Property Sales, Cash Flow: Fitch projects BCCD's property
sales to drop by 20% in 2025 and 10% in 2026. The weak sales,
combined with minimal land acquisitions, are likely to keep
Fitch-defined operating cash flow from BCCD's market-driven
operations at about negative CNY3 billion annually, constraining
its financial and operational flexibility. Fitch believes the soft
sales reflect the poor quality of BCCD's land bank after the
company almost ceased land purchases since 2021, leading to a lack
of new projects that meet homebuyer preferences.
Asset Monetisation to Fund Shortfalls: BCG along with BCCD has a
cash requirement of about CNY5 billion per year, which is not
readily covered by dividends from BCG's other key subsidiaries and
major joint ventures. BCG plans to address this cash requirements
through asset monetisation. Fitch believes cash flow from asset
monetisation will be sufficient to cover near-term operating
expenses and interest payments, but there is less visibility beyond
2026. BCG is formulating a comprehensive plan in collaboration with
the government, which Fitch expects will provide clarity.
Persistently High Leverage: Fitch forecasts BCCD's leverage -
measured by net debt/net property assets - to remain elevated at
about 70% in the next two years on weak sales and cash generation.
Fitch expects the company to exercise strict control over land
acquisitions as it shifts its focus to government projects.
However, this strategy may lead to a shortage of new projects and
ongoing sales pressure, as much of BCCD's market-driven land bank
is in cities with weak demand and oversupply in its view.
'Medium' Legal Support Incentive: BCG and its offshore financing
platform, BCG Chinastar International Investment Ltd., guarantee
over 30% of BCCD's total debt. BCG also provides keepwell deeds on
all of BCCD's offshore capital market securities, amounting to
USD950 million. Fitch expects BCG to continue to provide legal
support to BCCD, especially after the privatisation of BCCD.
'Medium' Strategic Support Incentive: Its assessment of the
strategic incentives for parental support for BCCD considers the
company's role in fulfilling the parent's political objectives in
primary-land development, social housing and long-term rental
projects. BCCD also accounts for about half of BCG's total assets.
Fitch sees the asset size of state-owned entities as a key
consideration, as it reflects the relative importance of the entity
to the government and may also affect funding access. That said,
Fitch assesses BCCD's growth potential as low.
'High' Operational Support Incentive: Fitch believes BCCD is
strongly integrated within BCG's management framework. It is fully
owned by its parent, which maintains strong control and direct
oversight of the subsidiary. BCG appoints all of BCCD's board and
key management and guides the subsidiary's strategic and financial
planning. The two entities also share the same branding.
IFC Rated One Notch Below BCCD: IFC, which is 100% indirectly held
by BCCD, is rated one notch below BCCD based on its support
assessment. Fitch assesses the legal incentive for BCCD to support
IFC as 'Low', as the US dollar notes guaranteed by IFC have been
repaid and it now has no material debt obligations that will
trigger cross-default with BCCD. The strategic support incentive is
'Medium', given IFC's role as BCCD's primary overseas investment
platform, while the operational incentive is 'High' as IFC as an
integral offshore department that is fully managed by BCCD and BCCD
intends to keep the offshore funding channel open.
Peer Analysis
BCCD has weaker land bank quality, operational flexibility and
financial structure than Beijing Capital Development Holding
(Group) Co., Ltd. (BCDH, BBB-/Negative, SCP: b). About half of
BCDH's land bank (in terms of sellable resources) is in Beijing,
compared with about 30% for BCCD. Therefore, Fitch believes BCDH's
sales and operating cash flow risks are lower than those of BCCD.
BCDH's leverage of 60%-65% is also lower than BCCD's 70%-75%,
justifying the one-notch higher SCP.
Key Assumptions
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
Total sales to drop by 20% in 2025, which is wider than its
expected 7% decrease for the industry due to BCCD's lower-quality
land bank. This is to be followed by a 10% drop in 2026 (2024:
-56%; 1H25: 0%).
Cash collection rate of 100% over the next two years.
Limited land purchases over the next two years (2024: nil), based
on BCCD's business transformation strategy.
Construction expenditure/sales of about 60% over the next two
years.
Average borrowing cost at 4.5% (2024: 4.3%).
Policy assets monetised in 1Q25 are reflected in the rating case.
RATING SENSITIVITIES
Not applicable as the ratings have been withdrawn.
Liquidity and Debt Structure
BCCD's liquidity ratio, measured by readily available
cash/short-term debt, was 0.8x by end-1H25. BCCD has refinanced its
USD450 million notes due July 2025 and USD500 million notes due
January 2026. The company also has a record of continuous access to
the domestic bond market.
Issuer Profile
BCCD is a wholly owned subsidiary of industrial conglomerate, BCG,
which is fully owned by the Beijing State-owned Assets Supervision
and Administration Commission.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
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.
Following the withdrawal of ratings for BCCD, Fitch will no longer
be providing the associated ESG Relevance Scores.
Entity/Debt Rating Prior
----------- ------ -----
Beijing Capital
City Development
Group Co., Ltd. LT IDR BBB- Affirmed BBB-
LT IDR WD Withdrawn
Central Plaza
Development Ltd
senior unsecured LT BBB- Affirmed BBB-
senior unsecured LT WD Withdrawn
International
Financial Center
Property Ltd. LT IDR BB+ Affirmed BB+
LT IDR WD Withdrawn
NINGBO SHANSHAN: Yangzijiang Financial to Inject CNY1.02 Billion
----------------------------------------------------------------
The Business Times reports that Yangzijiang Financial and two of
its strategic investors have entered into an agreement to lead the
restructuring of Chinese lithium battery producer Ningbo Shanshan.
In a bourse filing on Oct. 1, Yangzijiang Financial said the
consortium - comprising its wholly owned subsidiary Jiangsu New
Yangzi Commerce & Trading, as well as strategic investors Xiamen
TCL Industrial Investment and China Orient Asset Management - will
obtain effective voting rights of about 23.4 per cent in Shanshan,
BT relates.
These voting rights will be entrusted to Yangzijiang Financial upon
the completion of Shanshan's restructuring.
As part of the deal, Yangzijiang Financial and the two strategic
investors have formed an investment holding platform to acquire
223.3 million shares of Shanshan at CNY11.44 per share. This
translates to 9.9 per cent of Shanshan's total share capital.
According to BT, Yangzijiang Financial will contribute CNY1.02
billion and hold a 40 per cent interest in the platform.
Xiamen TCL Industrial Investment, a wholly owned subsidiary of
Chinese electronics company TCL Technology Group, will separately
acquire 43.7 million shares, representing 1.9 per cent of
Shanshan's total share capital. The voting rights for these shares
will be granted to the platform.
BT relates that Yangzijiang Financial said that, in the next phase,
a limited partnership will be established with a service trust
managed by China Orient Asset Management as a limited partner. This
partnership will acquire 20 million additional Shanshan shares, or
0.89 per cent of its total share capital, with voting rights also
entrusted to the platform.
Additionally, the sellers' remaining voting rights will be handed
over to the platform.
BT adds that Yangzijiang Financial said that, following the
restructuring's completion, it will exercise the effective voting
rights of 23.4 per cent in Shanshan, as general partner of the
platform on behalf of the consortium.
It added that the CNY1.02 billion investment is around 4.8 per cent
of the group's net asset value as at Jun 30, and is 4.5 per cent of
its market capitalisation as at Oct 1.
However, it cautioned that the agreement remains subject to
authorities' approval, with "no certainty or assurance that it will
become effective or be completed".
"In addition, there is no certainty whether the consortium will be
able to fulfil its funding obligations under both (phases)," said
Yangzijiang Financial, adding that the completion timeline for the
reorganisation and final shareholder structure are therefore
subject to change.
According to BT, Ren Yuanlin, executive chairman and chief
executive officer of Yangzijiang Financial, said the group's
investment capitalises on the gradual recovery of China's economy.
"It aligns well with our investment philosophy of supporting
companies with solid business fundamentals, established market
presence and strong industry partnerships, but require fresh
capital to unlock growth or navigate restructuring, an area where
we have proven expertise," he said.
Ren added that Yangzijiang Financial will continue pursuing
"promising opportunities that strengthen its core investment
portfolio . . . (and) generate sustainable returns to
shareholders".
Founded in 1992, Ningbo Shanshan produces and sells lithium battery
anode materials and polarisers, which are used in the new energy,
battery and electric vehicle industries.
In February, the company's controlling shareholder, Shanshan Group,
entered a court-led bankruptcy reorganisation. Bloomberg reported
that month that the lithium battery company had five
yuan-denominated bonds, with a total of CNY5.1 billion
outstanding.
SEAZEN: Unit Probe Uncovers Nearly US$1BB in Undisclosed Transfers
------------------------------------------------------------------
Caixin Global reports that an internal investigation at S-Enjoy
Service Group Co. Ltd. has uncovered about CNY7 billion ($983
million) in undisclosed transfers to an affiliated developer,
leading to the ouster of its chief operating officer.
The Hong Kong-listed property management firm launched the probe in
late March, Caixin recalls. It has since delayed its 2024 earnings
release and suspended trading of its shares, highlighting the
governance risks and financial opacity plaguing China's property
sector.
S-Enjoy and Seazen Holdings are part of the Seazen conglomerate
controlled by property tycoon Wang Zhenhua.
About Seazen Group
Seazen Group operates primarily in residential development in
China. The company was founded in 1996 by its former chairman, Wang
Zhenhua, who is its key shareholder.
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
25, 2025, S&P Global Ratings assigned its 'B-' long-term issue
rating to the proposed U.S. dollar-denominated senior unsecured
notes that Seazen Group Ltd. and Seazen Holdings Co. Ltd. will
unconditionally and irrevocably guarantee. New Metro Global Ltd., a
special purpose financing vehicle of Seazen Group, will issue the
notes.
The TCR-AP reported in late June 2025 that Moody's Ratings has
revised to positive from negative the outlook on Seazen Group
Limited. At the same time, Moody's have affirmed Seazen Group's
Caa1 corporate family rating, as well as Caa2 backed senior
unsecured rating on the bonds issued by New Metro Global Limited
and guaranteed by either Seazen Group or Seazen Holdings Co., Ltd.
YICHANG HIGH-TECH: Fitch Affirms & Withdraws 'BB+' Long-Term IDR
----------------------------------------------------------------
Fitch Ratings has affirmed China-based Yichang High-Tech Investment
Development Co., Ltd.'s (YHID) Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'BB+'. The Outlook is
Stable. At the same time, Fitch has withdrawn all the ratings on
YHID.
Fitch regards YHID as a government-related entity (GRE) of Yichang
municipality in China. The affirmation reflects YHID's unchanged
policy role in urban development in the Yichang Hi-tech Industry
Development Zone (Yichang High-tech Zone). The Stable Outlook
reflects its expectation that the creditworthiness of Yichang
municipality and its assessment of the support score will remain
steady.
The company is directly owned by Yichang Industry Investment
Holding Group Co., Ltd (YIIH) and ultimately owned and controlled
by the Yichang State-Owned Assets Supervision and Administration
Commission (SASAC). Hence, Fitch "look through" its immediate
shareholder and regard the Yichang government as YHID's sponsor.
The ratings reflect its expectation that YHID will receive
extraordinary support from the municipal government when needed.
Fitch rates YHID under its Government-Related Entity Rating
Criteria, reflecting its assessments of the local government's
responsibility and incentive to provide support. The ratings also
take into consideration the Standalone Credit Profile (SCP)
assessment under its Public Policy Revenue-Supported Entities
Rating Criteria.
Fitch has chosen to withdraw the ratings for commercial reasons.
Fitch will no longer provide ratings or analytical coverage for
YHID.
KEY RATING DRIVERS
Support Score Assessment 'Very likely'
Fitch believes extraordinary support from the Yichang municipality
to YHID would be 'Very Likely' should it be needed, as reflected in
a support score of 30 out of a maximum 60 under its GRE criteria.
This is based on its assessments of the government's responsibility
and incentive to provide support.
Responsibility to Support
Decision Making and Oversight 'Strong'
YHID is directly owned by YIIH and is ultimately owned and
controlled by the municipal government. The government makes key
decisions for YHID through YIIH, including board appointments, and
approves its major events, such as M&A, disposals, strategic
developments, long-term plans, annual budgets, major capex and
funding plans. The government also requires frequent reporting on
key operating and financial performance indicators. The factor
assessment is not higher because the issuer's urban construction
projects focus on the high-tech zone rather than the whole
municipality, and the municipal government has less direct control
over the entity.
Precedents of Support 'Strong'
The government has provided consistent support to enable YHID to
fulfill its policy mandate and maintain its financial profile. The
support includes capital injections and subsidiary transfers to
increase YHID's capital reserves, and operating subsidies to
support daily operations. YHID's capital reserve increased by
CNY2.3 billion in the five years to end-2024, and the increment was
equivalent to 13% of its shareholder equity. Operating subsidies in
2020-2024 were around CNY1.3 billion, accounting for 82% of net
profit.
Incentives to Support
Preservation of Government Policy Role 'Strong'
YHID plays a strategic role in the municipality's urban
development. It was established to investment in infrastructure to
help develop the Yichang High-Tech Zone and promote Yichang's
urbanisation. Fitch believes a default by YHID could delay the
financing and construction of its major projects, which would
disrupt the operation of the zone's public-service projects and
potentially hinder the implementation of the government's
development strategies, with a long-term impact.
Contagion Risk 'Strong'
Fitch regards YHID a high-profile GRE in Yichang, based on its
status as one of the city's major urban developers, with a
significant role in the development of the Yichang High-Tech Zone.
It is an active bond issuer with diversified funding channels and
established capital-market access. Bonds accounted for around 68%
of its total debt at end-2024. Fitch believes a default by YHID
default is likely to disrupt access to, or increase cost of,
financing for the municipal government or its other GREs, including
YHID's parent company YIIH.
Standalone Credit Profile
The SCP is assessed as 'b' and is derived from a 'Midrange' risk
profile and 'b' financial profile. Fitch expects leverage to
average around 72x over the next five years, which is at the higher
end of peers with 'b' SCPs, though the company's sufficient
liquidity remains a mitigating factor against a lower assessment.
Risk Profile: 'Midrange'
Its risk profile assessment, reflects ' Midrange' risks for
revenue, expenditure and liquidity and liabilities.
Revenue Risk: 'Midrange'
The assessment is based on 'Midrange' demand and pricing
characteristics. YHID has diversified revenue sources, which
includes urban infrastructure construction, social housing and
trading, although with some geographic and customer concentration.
Fitch expects demand to be tied to the municipality's economic
development. For urban infrastructure and social housing
construction, the government ensures the company's reasonable
profitability, while pricing for other business sectors is
determined by the market.
Expenditure Risk: 'Midrange'
The assessment reflects 'Midrange' assessments for operating costs,
supply risk and investment planning. YHID's costs are
well-identified, and Fitch expects its cost structure to remain
largely stable. The supply of resources and labour are adequate,
considering Yichang municipality's solid economic growth prospects.
YHID's major investment plans are in accordance with the objectives
set by the municipal government and have historically been executed
consistently with the government's plans.
Liabilities and Liquidity Risk: 'Midrange'
The assessment is based on 'Midrange' debt and liquidity
characteristics. The assessment reflects China's evolving financial
market in which YHID operates. The company's debt maturity is
mostly in line with the usual construction periods of public
projects, with weighted-average life of debt of around 3.8 years as
of end-2024. Fitch believes YHID has good access to bond markets
and sufficient liquidity available for debt service, given its
solid relationships with major Chinese banks.
Financial Profile 'b'
Its financial profile assessment is based primarily on a 'b'
category leverage ratio. YHID's net leverage improved to 89.2x in
2024 from negative in 2023, although it remains high due to lower
government subsidies than in the past. Fitch expects government
subsidies to recover to close to the historical level, with
leverage forecast to average around 72x over the next five years,
commensurate with the 'b' category.
Secondary metrics indicate a 'b' debt-service coverage ratio, a 'b'
gross interest coverage ratio, and a 'bb' liquidity coverage ratio.
Fitch believes sufficient liquidity is a mitigating factor against
the high leverage level.
Peer Analysis
YHID's closest peers include Zhejiang Changsanhe Holding Group Co.,
Ltd. (BBB-/Stable), Chengdu Tianfu New Area Investment Group
Co.,Ltd. (BBB/Stable), and Hunan XiangJiang New Area Development
Group Co., Ltd. (BBB/Stable). These urban developers operate within
specific geographical areas (e.g., economic development zones) of
their sponsoring municipalities. Their duties include
infrastructure, social housing, and primary land development.
Issuer Profile
YHID invests in and undertakes public works projects, such as
infrastructure and social housing construction, in the Yichang
High-Tech Zone in Yichang City in China's Hubei province.
Key Assumptions
Its rating case is a "through-the-cycle" scenario that incorporates
a combination of revenue, cost and financial risk stresses. It is
based on 2020-2024 historical figures and 2025-2029 scenario
assumptions:
- Fitch expects revenue from core businesses and the cost of goods
sold to generally track local economic growth, given that YHID will
retain its key policy role in Yichang High-Tech Zone's public works
and continue to support the region's development.
- Fitch expects government subsidies to recover to CNY300 million,
close to the historical levels in 2020-2022.
- Fitch expects adjusted debt to increase to CNY33.9 billion by
2029, from CNY26.5 billion in 2024, representing an annual growth
rate of 5.1%. Fitch assumes the ratio of long-term debt to
short-term debt will remain at the current level.
- Fitch expects the cost of debt to remain stable.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Not applicable, as the ratings have been withdrawn.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Not applicable, as the ratings have been withdrawn.
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
----------- ------ -----
Yichang High-Tech
Investment
Development Co., Ltd. LT IDR BB+ Affirmed BB+
LT IDR WD Withdrawn
LC LT IDR BB+ Affirmed BB+
LC LT IDR WD Withdrawn
=========
I N D I A
=========
AGRAWAL IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agrawal Iron
& Industries (AGRIN) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.68 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 12.00 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.32 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with AGRIN for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of AGRIN, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on AGRIN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
AGRIN continues to be 'Crisil D Issuer not cooperating'.
AGRIN processes iron ore and manufactures iron-cum-manganese ore
pellets at its unit in Bastar, Chhattisgarh. The firm is promoted
by Mr Anil Agrawal.
ANDHRA PRADESH: CRISIL Lowers Rating on INR600cr Loan to D
----------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Andhra Pradesh Power Development Company Limited (APPDCL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 300 Crisil D (ISSUER NOT
COOPERATING; Downgraded from
Crisil B-/Stable ISSUER NOT
COOPERATING)
Cash Credit 200 Crisil D (ISSUER NOT
COOPERATING; Downgraded from
Crisil B-/Stable ISSUER NOT
COOPERATING)
Cash Credit 400 Crisil D (ISSUER NOT
COOPERATING; Downgraded from
Crisil B-/Stable ISSUER NOT
COOPERATING)
Proposed Fund- 600 Crisil D (ISSUER NOT
Based Bank Limits COOPERATING; Downgraded from
Crisil B-/Stable ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with APPDCL for
obtaining information through letter and emails dated August 21,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of APPDCL, which restricts Crisil
Ratings' ability to take a forward-looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
APPDCL is consistent with 'Assessing Information Adequacy Risk'.
The rating on the bank facilities of APPDCL has been downgraded to
'Crisil D/Issuer not cooperating' from 'Crisil B-/Stable Issuer not
cooperating' due to delay in debt service obligations to its
lenders as per publicly available information.
APPDCL is a special-purpose vehicle which was originally set up as
a 50:50 joint venture between Andhra Pradesh Power Generation
Corporation Ltd (APGenco) and Infrastructure Leasing & Financial
Services Ltd, to implement mega power projects. Subsequently, the
company was reconstituted, with APGenco holding 51 percent stake
and the balance 49 percent being held by the four discoms of
erstwhile Andhra Pradesh (together holding 45.04 percent) and the
Government of Andhra Pradesh (3.96 percent). APPDCL runs a thermal
power project, Sri Damodaram Sanjeevaiah Thermal Power Station, in
Krishnapatnam, Andhra Pradesh. The project has three units of 800
MW each. While Unit I commenced commercial operations on February
5, 2015, and Unit II on August 24, 2015, Unit III became
operational in June 2019.
ASIS CORPORATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: ASIS CORPORATE ADVISORS LIMITED
201 2ND FLOOR, 18 PRIME CENTRE S V ROAD,
ABOVE VIJAY SALES, SANTACRUZ,
Mumbai Maharashtra, India, 400054
Insolvency Commencement Date: September 9, 2025
Estimated date of closure of
insolvency resolution process: March 8, 2026
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Mr. Devendra Jain
B-604, Ratnakar Nine square,
Opp. ITC Narmada Hotel,
Nr Keshavbaug, Vastrapur, Ahmedabad 380015
Email: djain21168@gmail.com
Email: asiscor.irp@gmail.com
Last date for
submission of claims: September 23, 2025
ATUL ELECTRO: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Atul Electro Formers Limited
Sr. No 10 Final Plot No 408, Unit No. 13,
Kubera Estate, Gultekdi, Pune - 411037
Liquidation Commencement Date: September 12, 2025
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: CS Mandar Wagh
Flat no. C-1302, Grandstand Trinity,
Service Road from Vedbhavan to Warje,
Pune Bangalore Highway,
Near Chandani Chowk, Pune 411038
C/o Anand Chaitanya Corporate Legal Advisors LLP
603, 5th Floor, Venture,
Above Mc'Donald's Paud Road,
Bhusari Colony, Pune 411 038
Email Id: atul.vl@yahoo.com
Email: mandar.wagh@anandchaitanya.com
Contact: 9822844488
Last date for
submission of claims: October 12, 2025
D D INTERNATIONAL: CRISIL Keeps B Debt Rating in Not Cooperating -
------------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of D D
International (DDI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with DDI for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of DDI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DDI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DDI continues to be 'Crisil B/Stable Issuer not cooperating'.
Formed in 1990 as a proprietorship firm, DDI trades in dry fruits,
including almonds, cashews, apricots, dates, and others. The firm,
based in Mumbai, is promoted by Mr Darshan Kapadia.
DBM GEOTECHNICS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of DBM
Geotechnics and Constructions Private Limited (DBM) continues to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with DBM for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of DBM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DBM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DBM continues to be 'Crisil D/Crisil D Issuer not cooperating'.
DBM, incorporated in 1990, specialises in offering geotechnical
services, foundation engineering services, and marine construction
activities. It is promoted by Mr. DB Mahajan, a geotechnical
engineer. DBM offers services such as geotechnical investigation
(land and marine), piling and micro piling, construction of
diaphragm wall, construction of berth/jetties, pre-stressed rock
anchoring, and topographic/hydrographic survey.
FLEXITI TECHNOLOGIES: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: FLEXITI TECHNOLOGIES (INDIA) PRIVATE LIMITED
Floor 2, VVC Konark, Plot No. 5 Jubilee Enclave,
Hitec City, Hyderabad,
Telangana, India, 500081
Liquidation Commencement Date: September 10, 2025
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Mr. Girish Kambadaraya
Registered Address:
No.36, CHATURA HOMES, 2nd Main,
Meenakshinagar, Basaveshwaranagar,
Bengaluru – 560079, Karnataka
Office Address:
207, BINDU GALAXY, No. 2,
1st Main, Chord Road, Industrial Town,
Rajajinagar, Bengaluru – 560010, Karnataka
Email: cmagirish999@gmail.com
Mobile: 9980695702
Last date for
submission of claims: October 10, 2025
GENSOL ENGINEERING: Directed to Handover Remaining EVs to Smas Auto
-------------------------------------------------------------------
The Economic Times reports that the Delhi High Court has asked
Gensol Engineering's resolution professional to cooperate in
handing over remaining electric vehicles (EVs) to Smas Auto Leasing
India and give a no-objection for the same. The court also directed
the resolution professional to initiate steps towards transfer of
ownership of the EVs in favour of the leasing company.
ET relates that Justice Jyoti Singh, in her order, said Gensol must
not create any hindrance or obstruction in the handover process.
"In case any obstruction is created, the court-appointed receivers
will be at liberty to seek police assistance," she said, adding
that station house officers of the concerned police stations must
render complete support if approached.
According to ET, the order came after Smas Auto approached the
court to secure 164 EVs that had been leased out to Gensol in 2021.
Senior counsel Rajshekhar Rao, appearing for Smas Auto, informed
the court that a court-appointed receiver had already taken
possession of 158 EVs, while eight vehicles were yet to be
retrieved, ET relays.
In 2021, Smas Auto and Gensol entered into a master lease agreement
under which the latter leased EVs and availed fleet management
services. Following Gensol's failure to pay its lease dues, Smas
moved the Delhi High Court in May this year seeking protection and
preservation of the leased EVs, which required regular operation
and maintenance. The court had previously granted this relief.
ET relates that the legal proceedings come amid wider regulatory
scrutiny of Gensol and its promoters. On April 15, the Securities
and Exchange Board of India (Sebi) barred Gensol's promoters -
brothers Anmol and Puneet Jaggi - from accessing the capital
markets and ordered a forensic audit into their listed renewable
energy firm.
Subsequently, the Jaggi brothers were detained under the Foreign
Exchange Management Act (Fema) on charges of financial misconduct
and diversion of funds. An interim Sebi report found indications of
fund diversion and governance lapses within the company.
ET notes that the promoters are facing allegations of misuse of
term loans obtained from state-run Indian Renewable Energy
Development Agency (Ireda) and Power Finance Corporation (PFC).
Between FY22 and FY24, Gensol secured INR977.75 crore in loans from
the two lenders, of which INR663.89 crore was earmarked for
purchasing 6,400 EVs.
About Gensol Engineering
Gensol Engineering is a part of the Gensol Group of companies,
which offers engineering, procurement, and construction (EPC)
services for the development of solar power plants.
In May 2025, SMAS Auto Leasing India Pvt. Ltd had moved the Delhi
high court, which restrained Gensol and its affiliated entity,
BluSmart Mobility, from creating any third-party rights over the
leased vehicles. The court also appointed receivers to take
custody of the fleet.
Gensol's insolvency was admitted on June 13, 2025, by the National
Company Law Tribunal (NCLT) in Ahmedabad, following a petition by
the Indian Renewable Energy Development Agency (Ireda), which
alleged loan defaults of INR510 crore. Its EV leasing subsidiary,
Gensol EV Leasing Pvt. Ltd, was also brought under CIRP.
GOALTORE COLD: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Goaltore Cold
Storage Private Limited (GCSPL) continue to be 'Crisil B-/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.33 CRISIL B-/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 3.35 CRISIL B-/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Working Capital 1.32 CRISIL B-/Stable (ISSUER NOT
Facility COOPERATING)
Crisil Ratings has been consistently following up with GCSPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of GCSPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GCSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GCSPL continues to be 'Crisil B-/Stable Issuer not cooperating'.
Initially established as a partnership firm in 1993, West
Bengal-based GCSPL was reconstituted as a private limited company
in 1997. The company operates a cold storage unit for potato
farmers. Mr Tapan Karak and his family members are the promoters.
GODHANI GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Godhani Gems
Private Limited (GGPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating - CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with GGPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of GGPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GGPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
GGPL, set up in 1995 as a partnership firm by Mr. Ramesh V Godhani,
Mr. Vinod V Godhani, and their family members, was reconstituted as
a private limited company in 2011. The company cuts and polishes
diamonds.
GRAU INDIA: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: Grau India Brake Products Private Limited
FL-101, Building K/1,
Empire Estate Premier City,
Chinchwad, Pune, Maharashtra,
India, 411019
Liquidation Commencement Date: September 11, 2025
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Pranav Damania
407, Sanjar Enclave,
Opposite Milap Cinema,
S.V Road, Kandivali West,
Mumbai - 400067
Email Id: pranav@winadvisors.co.in
Contact No: +91 98204 69825
Last date for
submission of claims: October 11, 2025
GREATSHIP OILFIELD: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: GREATSHIP OILFIELD SERVICES LIMITED
One International Center, Tower 3,
23rd Floor, Senapati Bapat Marg,
Elphinstone Road (West), Mumbai City,
Mumbai, Maharashtra, India, 400013
Liquidation Commencement Date: September 8, 2025
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Tehseen Fatima Khatri
Navjivan Commercial Premises,
12th Floor, office No 1204, Lamington Road,
Mumbai Central (East), Mumbai 400008
Email: tfkhatriassociates@gmail.com
Mobile No: 9757410975
Last date for
submission of claims: October 8, 2025
ICON DESIGN: CRISIL Lowers Rating on INR4cr Bank Loan to D
----------------------------------------------------------
Crisil Ratings has downgraded its ratings on the bank facilities of
Icon Design Automation Private Limited (IDAPL) to 'Crisil D/Crisil
D' from 'Crisil B/Stable/Crisil A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 Crisil D (Downgraded from
'Crisil A4')
Cash Credit 4 Crisil D (Downgraded from
'Crisil B/Stable')
Proposed Fund-Based 3.25 Crisil D (Downgraded from
Bank Limits 'Crisil B/Stable')
Term Loan 1.3 Crisil D (Downgraded from
'Crisil B/Stable')
The rating downgrade reflects the delays by IDAPL in meeting its
long-term debt obligation in June and August 2025, owing to delay
in receipts from customers resulting in stretched liquidity.
IDAPL remains susceptible to risks inherent in tender-based
operations and has large working capital requirement. The company
benefits from the extensive experience of its promoters.
Analytical Approach
Crisil Ratings has evaluated the standalone business and financial
risk profiles of IDAPL.
Key Rating Drivers: Weaknesses
* Modest scale of operations and tender-driven business: Revenue
remains modest due to tender-driven business and exposure to
intense competition. Though significant pick-up in order book is
expected to boost revenue over the medium term, it will remain
small and continue to constrain scalability, pricing power, and
profitability.
* Large working capital requirement: Gross current assets have been
290-530 days over the three fiscals through 2025 due to high
inventory levels. Consequently, the company has to rely on
short-term debt, funding support from the promoter, and creditors
to partially fund working capital requirement. Operations will
remain working capital intensive over the medium term.
* Below-average financial risk profile: Networth and gearing were
weak at around Rs 6.65 crore and 1.36 times, respectively, as on
March 31, 2025. Gearing is expected to remain at a similar level
over the medium term on account of debt-funded capital expenditure
plan. Debt protection metrics were average, with interest coverage
and net cash accrual to total debt ratios of around 2.29 times and
0.10 time, respectively, for fiscal 2025.
Key Rating Drivers: Strength
* Extensive experience of the promoter: Presence of over 25 years
in the electronics and engineering industry has enabled the
promoter to understand local market dynamics and establish healthy
relationships with suppliers and customers.
Liquidity: Poor
The company has had instances of delays in long-term debt servicing
in the month of June 2025, owing to stretched liquidity. Bank limit
utilisation is high at around 101.67 percent for the past twelve
months ended July 2025. Current ratio are moderate at 1.3 times on
March 31, 2025. The promoters are likely to extend support in the
form of equity and unsecured loans to meet its working capital
requirements and repayment obligations.
Rating sensitivity factors
Upward factors:
* Track record of timely debt servicing for 90 days or more
* Sustained increase in revenue and operating margin leading to
better cash accruals
* Improvement in the working capital cycle leading to better
liquidity and financial risk profile
Incorporated in 1997 and promoted by Mr S Ramachandra,
Bengaluru-based IDAPL manufactures components, subsystems,
hardware, and software for the defense, aerospace, electronics, and
telecommunication industries.
INDIA CLEANTECH: Fitch Affirms 'BB-' Rating on $334MM Sr. Sec Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed India Cleantech Energy's (ICEL) USD334
million senior secured notes due 2026 at 'BB-'. The Outlook is
Stable.
RATING RATIONALE
The affirmation reflects Fitch's expectation that ICEL's financial
profile will remain above its negative rating trigger, albeit with
modest rating headroom. Fitch believes Acme RG1, a restricted group
of 12 entities operating solar power generation plants, will secure
refinancing at an all-in cost lower than Fitch's previous
assumptions, after the restricted group's parent company, Acme
Solar Holdings Limited, recently secured debt funding at favourable
rates for its other projects.
The pressure on the refinancing period debt service coverage ratio
(DSCR) has increased since its last review due to the significant
and continued depreciation of the Indian rupee against the US
dollar. ICEL's current hedging strategy exposes part of the US
dollar notes' bullet repayments to foreign-exchange volatility.
However, the lower refinancing cost expectations should mitigate
any material deterioration in its credit metrics.
The rating action also considers Acme RG1's strong operational and
financial performance, which has consistently exceeded its rating
case projections, which will mitigate the DSCR pressure resulting
from the rupee depreciation, in its view.
The note rating reflects the credit profile of Acme RG1, but it is
notched down to reflect risk related to the orphan issuance
structure. The rating benefits from the portfolio's modest
generation variability and the fully contracted revenue of the
operating assets, whose counterparties include sovereign-owned
entities and distribution companies owned by various Indian
states.
KEY RATING DRIVERS
Experienced Contractors; Proven Technology: Operation Risk -
Midrange
Fitch views Acme RG1's polycrystalline solar technology as proven,
with a long operating history and straightforward operations.
Modules are sourced from internationally recognized suppliers.
Operation and maintenance are performed by affiliated entities
under long-term, fixed-price contracts that extend broadly through
the power purchase agreement (PPA) tenor and include fixed annual
indexation. Replacement operators are readily available. The RG's
operating performance has varied modestly.
However, the assessment is constrained to 'Midrange' because the
operating cost forecast has not been validated by an independent
technical advisor.
Reasonable Forecast Spread, Adequate Operating Performance: Revenue
Risk (Volume) - Midrange
The third-party energy yield assessment indicates an overall
P50/one-year P90 spread of around 7%, supporting a 'Midrange'
assessment. The portfolio has a reasonable operating track record,
with a capacity-weighted average life of about eight years and all
assets have been in operation for more than five years. Historical
load factors for Acme RG1's portfolio show low variability relative
to one-year P90 projections (about 2%). Curtailment risk in India
is limited due to the "must-run" status of renewable energy
projects.
Fixed Long-Term Prices for Almost All Contracts, Low Renewal Risk:
Revenue Risk (Price) - Midrange
All of Acme RG1's capacity is under long-term PPAs, with 93% of
capacity under fixed-price contracts that extend beyond the tenor
of the US dollar notes, protecting the portfolio from merchant
price volatility. The revenue risk (price) is constrained to
'Midrange' because 7% of Acme RG1's capacity is exposed to the
national average power purchase cost (APPC), which is set annually.
However, the variable tariff will apply only in the financial year
ending March 2028 (FY28), which is after the maturity of the US
dollar notes.
The PPAs of Acme RG1's portfolio have capacity-weighted residual
life of about 17 years. Contracts with sovereign-owned utilities
account for 55% of alternative current (AC) capacity (or about 61%
of direct current (DC) capacity) of the restricted group's total
capacity while the remaining capacity is contracted with state
distribution companies.
Partially Amortised Bond, Manageable Refinancing Risk: Debt
Structure - Weaker
About 7% of the notes' principal will amortise over the note life.
Refinancing risk on the remaining principal is mitigated by a
mandatory cash sweep, cash trap in the final year and the PPAs'
remaining tenor. The noteholders benefit from a share pledge and
charge over ICEL's assets, excluding the rupee-denominated
non-convertible debentures (NCDs). ICEL benefits from the usual
protective structural features and security package of the entities
in Acme RG1. The noteholders will have only indirect access to the
NCDs' security package, a common structure used in several other
Fitch-rated transactions.
The debt structure is assessed as 'Weaker' due to a combination of
substantial bullet repayments, the orphan issuance structure and
the partial exposure to rupee depreciation up to a contracted
strike price for the 40% remaining principal hedged using options.
However, holders of the NCDs will provide a redemption premium to
cover any funding shortfall between the spot exchange rate at
issuance and the strike price, which will mitigate the risk to
bondholders.
Notched Down on Orphan SPV Issuance Structure
Fitch believes the orphan SPV structure provides lower protection
to the offshore US dollar noteholders if a hedge counterparty fails
and hedge agreements are terminated before the notes mature. The
sponsor is not legally obligated to replace hedge counterparties or
allowed to cover all the additional costs associated with these
events, including the early termination amount payable to
defaulting hedge counterparties. As a result, Fitch notches down
the rating from the credit assessment of Acme RG1.
Financial Profile
Fitch assumes that the US dollar bond will be refinanced upon
maturity by another debt that will amortise across the remaining
PPA terms. Fitch focuses on the average annual DSCR over the
refinancing period given the largely bullet structure of the bond.
Fitch's base case reflects average performance data, incorporates
0.5% annual degradation and a lower refinancing rate from its last
review. The lower refinancing rate reflects reduced interest rate
stress after Acme Solar Holdings Limited recently managed to secure
funding at costs that were well below Fitch's refinancing cost
assumptions. Fitch assumes the exchange rate for the portion of
bullet repayment hedged with options will be around INR87 per US
dollar, in line with Fitch's latest Global Economic Outlook
forecast. Its base case results in an average annual DSCR of 1.41x
during the refinancing period.
Acme RG1's generation tracks its previous base case and has not
dipped below its rating case so far. As such, Fitch's rating case
assumes a slightly lower production haircut than other rated Indian
renewable peers at 4% production haircut from the base case, 0.7%
annual degradation and a 10% stress on management's operating
expense forecast. Fitch assumes a similar refinancing interest rate
and foreign-exchange assumptions as Fitch's base case. Its rating
case results in an average annual DSCR of 1.30x during the
refinancing period.
PEER GROUP
Fitch views Acme RG1 as comparable with the restricted group of
entities (Hero RG1) that underpins the 'BB-'/Stable rating on the
notes issued by Clean Renewable Power (Mauritius) Pte. Ltd. Both
restricted groups face significant bullet repayments at bond
maturity. Acme RG1's portfolio configuration is stronger with 100%
solar assets, compared with Hero RG1's mixed portfolio of solar
(54% of total AC capacity) and wind (46%). Acme RG1 also benefits
from marginally higher capacity contracted with sovereign-owned
utilities. While both groups maintain similar DSCR profiles, the
rating on ICEL's notes is notched down from the credit profile of
Acme RG1 due to the orphan issuance structure.
India Green Power Holdings (ReNew RG1, note rating: BB-/Stable) has
an orphan issuance and debt structure similar to that of Acme RG1,
with large bullet repayments at maturity. ReNew RG1 has a stronger
financial profile than Acme RG1, but the latter has a stronger
portfolio configuration (100% pure solar portfolio) as Renew RG1
comprises a mix of wind and solar projects. Acme RG1 also has
stronger counterparties, while close to 80% of Renew RG1's capacity
is contracted with state distribution companies. Combined, their
similar credit profiles are justified, in its view.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Average annual DSCR across refinance period remains below 1.30x
persistently
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Positive rating action is unlikely in the near term as Fitch does
not expect the financial profile to change materially given the US
dollar note maturity in August 2026
CREDIT UPDATE
Acme RG1's energy output in FY25 was only marginally lower
year-on-year and versus the one-year P90 (assuming 0.7% degradation
per year), by less than 1% in both cases. Management attributes the
shortfall primarily to lower irradiation and equipment breakdowns
at certain plants. Receivable days remain low at 65, up modestly
from 56 in FY24.
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
----------- ------ -----
India Cleantech Energy
India Cleantech
Energy/Project
Revenues - First
Lien/1 LT LT BB- Affirmed BB-
JAATVEDAS CONSTRUCTION: Liquidation Process Case Summary
--------------------------------------------------------
Debtor: JAATVEDAS CONSTRUCTION COMPANY PRIVATE LIMITED
F/306, 3rd Floor, Eastern Business District,
LBS Rd, Bhandup West,
Mumbai - 400078 (Maharashtra)
Liquidation Commencement Date: September 10, 2025
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Amit Vijay Karia
Incorp Restructuring Services LLP
8, 3rd Main, KSSIDC Ind Estate 6th Block,
Rajajinagar, Bangalore-560010, (Karnataka)
Email ID: irsllp.ibc@incorprestucturing.in
405, Hind Rajasthan Building,
Dadasaheb Phalke Road, Gautam Nagar,
Dadar (East), Mumbai - 400014 (Maharashtra)
Email ID: liquidation.jaatvedas@gmail.com
Last date for
submission of claims: October 10, 2025
JBF INDUSTRIES: Gets Resolution Plan Amid Insolvency Proceedings
----------------------------------------------------------------
TipRanks reports that JBF Industries Limited is undergoing a
Corporate Insolvency Resolution Process (CIRP), and a Resolution
Plan has been received by the Resolution Professional. A meeting of
the Committee of Creditors (CoC) was held to discuss the plan, but
it was adjourned for further deliberations.
This development is crucial for the company's stakeholders as it
indicates ongoing efforts to resolve the company's financial
distress and could impact its future operations and market
positioning, TipRanks relates.
JBF group produces polyester and other related products in the
polyester value chain. Its production capacity is about 1.9mtpa,
which would increase to 3.2mtpa once the purified terephthalic acid
plant commences operations. The group operates out of three
domestic facilities, one in Gujarat and two in Silvassa, and three
international facilities, one each in the UAE, Belgium and
Bahrain.
JBF Industries Limited commenced insolvency proceedings on Jan. 25,
2024.
K. S. BIGILI: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K. S. Bigili
(KSB) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 4 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with KSB for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of KSB, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KSB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSB continues to be 'Crisil D/Crisil D Issuer not cooperating'.
KSB is based out of Kollam, Kerala and is engaged in civil
construction work for various Government departments.
M. M. PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M. M.
Projects (MMP) continues to be 'Crisil D/Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.5 Crisil D (Issuer Not
Cooperating)
Cash Credit 1 Crisil D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with MMP for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of MMP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MMP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MMP continues to be 'Crisil D/Crisil D Issuer not cooperating'.
MMP was set up in 2007 as a proprietorship firm by Mr. Mutchu
Mithi. The firm undertakes construction of roads and bridges and is
based in Itanagar, Arunachal Pradesh.
MANUGRAPH INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Manugraph
India Limited (Manugraph) continue to be 'Crisil D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 10 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 98 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Crisil Ratings has been consistently following up with Manugraph
for obtaining information through letter and email dated August 21,
2025, apart from telephonic communication. However, the issuer has
remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such
non-co-operation by a rated entity may be a result of deterioration
in its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Manugraph, which restricts
Crisil Ratings' ability to take a forward-looking view on the
entity's credit quality. Crisil Ratings believes that rating action
on Manugraph is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the rating on bank
facilities of Manugraph continues to be 'Crisil D Issuer Not
Cooperating'.
Analytical Approach
For arriving at its ratings, Crisil Ratings has taken a
consolidated view of Manugraph and its wholly-owned subsidiary,
i.e., Manugraph Americas Inc.
Incorporated in 1971 and promoted by Mr Sanat Shah, Manugraph
manufactures single- and double-width web offset printing machines.
The manufacturing facility is in Kolhapur, Maharashtra. The company
has been recognized as an R&D house by the Department of Scientific
and Industrial Research. Its strong R&D capability has facilitated
the development of products such as the Smartline 4X1 machine
(double-width) with a speed of 70,000 copies per hour (cph),
Dreamline 4X1 machine (double-width) with a speed of 50,000 cph,
and Ecoline 2X1 machine (single width) with a speed of 25,000 cph.
In fiscal 2018, the company entered the plastic packing industry by
manufacturing flexo-machines, used for printing food packaging. It
has partnered with Carraro Srl, Italy, and delivered its first
order in March 2018.
Revenue and net loss were INR45 crore and INR9 crore, respectively,
in the first nine months of fiscal 2023, as against INR34 crore and
INR12 crore, respectively, in the corresponding period of the
previous fiscal.
MILESTONE ALUMINIUM: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Milestone Aluminium Company Private Limited
No. B-171/202, 4th Main, 2nd Stage,
Peenya Industrial Estate,
Bangalore, Karnataka - 560058
Insolvency Commencement Date: September 8, 2025
Estimated date of closure of
insolvency resolution process: March 6, 2026
Court: National Company Law Tribunal, Bengaluru Bench
Insolvency
Professional: Rashmi Jadhav
No. 18, Trupti, 3rd Cross,
3rd Stage, Binny Layout,
Bangalore, Karnataka -560040
Email: rashmi@vkca.com
"VK Commerce", #8, 3rd Floor, 3rd Main Road,
Opp. Rajajinagar IT Park,
KSSIDC, Rajajinagar Industrial Estate,
Bengaluru, Karnataka - 560010
Email: milestonealuminium.cirp@outlook.com
Last date for
submission of claims: September 22, 2025
MISSION HOLDINGS: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Mission Holdings Private Limited
311, 3rd Floor, Vardhaman Plaza Pocket 7,
Plot No. 6, Sector 12,
Dwarka, New Delhi, Delhi, India, 110078
Liquidation Commencement Date: August 1, 2025
Court: National Company Law Tribunal, New Delhi Bench-II
Liquidator: Mr. Hemant Sethi
C1/ 2846, Sushant Lok,
Phase-1, Gurgaon 122002
E-mail: hemantmlsethi60@gmail.com
Mobile: 9899703132
AAA House, First Floor,
64, Okhla Estate, Phase III,
(Near Modi Mills),
New Delhi 110020
E-mail: mhpl.irp@gmail.com
Last date for
submission of claims: September 27, 2025
NANI S: CRISIL Keeps B Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of NBPL continues
to be 'Crisil B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 10 Crisil B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with NBPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of NBPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NBPL continues to be 'Crisil B/Stable Issuer not cooperating'.
NBPL, incorporated in 2006 by Mr Yashwant Khodke, undertakes
residential real estate development projects in Nagpur
(Maharashtra). It currently has 3 project under execution ' Vedant
Emerald, Vedant Peridot, and Vedant Olivine.
NEW WIN: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of New Win Win
Feeds Private Limited (NWW) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.29 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4.05 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.93 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 0.73 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with NWW for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of NWW, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NWW
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NWW continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Incorporated in 2012, NWW manufactures poultry feed, and has
capacity of 3000 tonne per month. It also undertakes broiler
chicken farming on contract. Promoters Mr Amarnath Saha and Mr
Debnath Saha look after operations.
NICE MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nice Marine
Exportts (India) Private Limited (NMEPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 5 CRISIL D (Issuer Not
Cooperating)
Packing Credit 3 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with NMEPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of NMEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NMEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NMEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
OPTION OXIDES: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Option Oxides
Private Limited (OOPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 14.8 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 4 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 14.6 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 6.6 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with OOPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of OOPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on OOPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OOPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Set up in 2008 as a partnership (Option Oxides) between Mr. Dilip
Parekh and Mrs. Jyoti Parekh, it was reconstituted as a private
limited company and renamed OOPL in 2012. The company manufactures
zinc oxide, zinc sulphate, and manganese sulphate. Zinc oxide
accounts for over 80 per cent of total sales. It has an office in
Mumbai and a manufacturing facility in Bharuch, Gujarat. Mr.
Parekh, who manages operations, has been in the chemicals business
since 1998.
PALNADU INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Palnadu
Infrastructure Private Limited (PIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 3.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2.15 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 10.35 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PIPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of PIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PIPL continues to be 'Crisil D Issuer not cooperating'.
PIPL was set up in 2013 by Mr K Mahesh Reddy, Mr Rajesh Alla, and
their family members. The company develops real estate, and is
currently developing a commercial real estate project in
Hyderabad.
PRECISION ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Precision
Engineering Corporation (PEC) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 7 CRISIL D (Issuer Not
Cooperating)
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating)
Term Loan 2 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PEC for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of PEC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PEC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PEC continues to be 'Crisil D/Crisil D Issuer not cooperating'.
PEC was originally set up as a proprietorship concern by Mr. H D
Gupta in 1982, as an ancillary to Bhilai Steel Plant; it gradually
added other customers. In 2010, it was reconstituted as a
partnership firm after the founder's son, Mr. Vaibhav Gupta, joined
the business. PEC manufactures heat exchanger coils used in boilers
in power plants. Its manufacturing facility and office are in
Bhilai (Chhattisgarh).
PROTO DEVELOPERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Proto Developers and Technologies
127/1/129, W-1, Saket Nagar,
Kanpur-208025, Uttar Pradesh
Insolvency Commencement Date: September 9, 2025
Estimated date of closure of
insolvency resolution process: March 8, 2026 (180 Days)
Court: National Company Law Tribunal, Jaipur Bench
Insolvency
Professional: Garima Diggiwal
91, Moji Colony Malviya Nagar,
Jaipur, Rajasthan-302017
Email: cirp.protodevelopers@gmail.com
Classes of Creditors: Allottees under a Real Estate Project
Representative of
creditors in a class: 1. Mr. Sanjay Dewani
2. Mr. Mukesh Kumar Jain
3. Mr. Sumit Sharma
Last date for
submission of claims: September 29, 2025
PVSRSN ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PVSRSN
Enterprise Private Limited (PVSRSN) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 10 CRISIL D (Issuer Not
Cooperating)
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with PVSRSN for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of PVSRSN, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
PVSRSN is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of PVSRSN continues to be 'Crisil D/Crisil D Issuer not
cooperating'.
PVSRSN was set up as a proprietorship firm in 2003 by Mr. P V Sita
Rama Swamy Naidu. The firm was reconstituted as a closely held
company in 2008. PVSRSN undertakes civil construction activities
entailing irrigation and roadwork, and has implemented projects in
Andhra Pradesh.
QUANTECO WORLD: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Quanteco Word Limited
(Formerly known as: Suumaya Trans Logistics Limited)
Office No 4063, Second Floor, Rustomjee Ease Zone Building
Goregaon Mulund Link Road, Goregaon West,
Mumbai, Maharashtra, India 400104
Insolvency Commencement Date: September 12, 2025
Estimated date of closure of
insolvency resolution process: March 11, 2026
Court: National Company Law Tribunal, Mumbai Bench-VI
Insolvency
Professional: Deepak Kumar Garg
1-702A, Ajnara Integrity Rajnagar Extension
Ghaziabad, Uttar Pradesh 201017
Email: deepakgarg07@reddiffmail.com
7A, Atmaram Hourse No. 1,
Tolstoy Marg, New Delhi 110001
Email: cirp.qwpl@gmail.com
Last date for
submission of claims: September 26, 2025
RAJ BREEDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raj Breeders
and Hatcheries Private Limited (RBHPL; part of the Raj group)
continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 18.3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.1 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 3.75 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1.35 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.90 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with RBHPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of RBHPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RBHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RBHPL continues to be 'Crisil D Issuer not cooperating'.
The Raj group, which comprises RBHPL (up in 1998) and RCFPL (2002),
is promoted by Mr. O P Khurana and his family. Both entities are is
in the poultry farming business.
RAJ CHICK: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raj Chick
Farms Private Limited (RCFPL; part of the Raj group) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.3 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.7 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 4.38 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 1.62 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with RCFPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of RCFPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RCFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RCFPL continues to be 'Crisil D Issuer not cooperating'.
The Raj group, which comprises RBHPL (up in 1998) and RCFPL (2002),
is promoted by Mr. O P Khurana and his family. Both entities are is
in the poultry farming business.
RAMADA ALLEPPEY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ramada
Alleppey (RA) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 17.5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RA for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of RA, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RA is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of RA
continues to be 'Crisil D Issuer not cooperating'.
RA, set up by Mr Regi Cherian as a proprietorship firm in 2012, is
a luxury hotel in Alappuzha.
RASIK PRODUCTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: RASIK PRODUCTS PRIVATE LIMITED
141 K.M. DELHI AGRA BYE PASS, NEAR ALWER RAILWAY BRIDGE,
KRISHNA NAGAR, MATHURA, UTTAR PRADESH-281004
Insolvency Commencement Date: September 8, 2025
Estimated date of closure of
insolvency resolution process: March 12, 2026 (180 days)
Court: National Company Law Tribunal, Allahabad Bench
Insolvency
Professional: PARUL GOYAL
B-5/24, SECTOR 4, ROHINI, NEAR VISHRAM CHOWK,
OPPOSITE MOTHER DIVINE PUBLIC SCHOOL,
New Delhi, National Capital Territory of Delhi,
110085
Email: parul.aquarius@gmail.com
Email: ip.rasikproducts@gmail.com
Last date for
submission of claims: September 27, 2025
SAPNA GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sapna Gems
(SG) continue to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 3 CRISIL D (Issuer Not
Cooperating)
Post Shipment 12 CRISIL D (Issuer Not
Credit Cooperating)
Proposed Short Term 5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with SG for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SG, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SG is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SG
continues to be 'Crisil D Issuer not cooperating'.
SG, set up in 1978 as a partnership firm, mainly trades in polished
diamonds. The firm also cuts and polishes diamonds. It derives 97%
of its revenue from trading, and 3% from processing. SG currently
has two partners: Mr Popatlal Shah and Mr Devendra Shah.
SATYASAI OIL: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Shri Satyasai
Oil Industries and Refinery (SSIR) continues to be 'Crisil B/Stable
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8.8 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with SSIR for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SSIR, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSIR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSIR continues to be 'Crisil B/Stable Issuer not cooperating'.
SSIR was set up as a partnership firm of Mr.Sanjeev Kolawar and his
family. The Maharashtra -based firm refines soya crude oil and
markets soya refined oil.
SATYESHWAR HIMGHAR: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of SHPL continues
to be 'Crisil D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Fund-Based 10 Crisil D (Issuer Not
Facilities Cooperating)
Crisil Ratings has been consistently following up with SHPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SHPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SHPL continues to be 'Crisil D Issuer not cooperating'.
Incorporated in 2014, SHPL is promoted by Mr Bhaskar Ghosh, Mr
Dipankar Ghosh, Mr Sasanka Ghosh, Mr Shankar Ghosh and Mr Kinkar
Prasad Ghosh (all brothers). The company provides cold storage
facility for potatoes. It has a storage unit in Chandrakona, West
Bengal, with capacity of 178,000 quintal per annum.
SEW LSY: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SEW LSY
Highways Limited (SLHL) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 90 CRISIL D (Issuer Not
Cooperating)
Term Loan 300 CRISIL D (Issuer Not
Cooperating)
Term Loan 90 CRISIL D (Issuer Not
Cooperating)
Term Loan 70 CRISIL D (Issuer Not
Cooperating)
Term Loan 70 CRISIL D (Issuer Not
Cooperating)
Term Loan 45 CRISIL D (Issuer Not
Cooperating)
Term Loan 45 CRISIL D (Issuer Not
Cooperating)
Term Loan 45 CRISIL D (Issuer Not
Cooperating)
Term Loan 90 CRISIL D (Issuer Not
Cooperating)
Term Loan 90 CRISIL D (Issuer Not
Cooperating)
Term Loan 270 CRISIL D (Issuer Not
Cooperating)
Term Loan 240 CRISIL D (Issuer Not
Cooperating)
Term Loan 140 CRISIL D (Issuer Not
Cooperating)
Term Loan 115 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SLHL for
obtaining information through letter and email dated August 21,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SLHL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SLHL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SLHL continues to be 'Crisil D Issuer not cooperating'.
Incorporated in July 2011, SLHL is a SPV promoted by SEW
Infrastructure Ltd and Prasad And Company Project Works Ltd (rated
'CRISIL B+/Stable/CRISIL A4'), which own 83% and 17% stakes,
respectively. SLHL was awarded a contract by UPSHA for converting
the current two lanes of the 206-kilometre (km) stretch into four
lanes, from 10.91 km to 217.00 km on the Delhi-Saharanpur-Yamunotri
section of state highway 57 in Uttar Pradesh, up to the Uttarakhand
border. The contract was on a design, build, finance, operate, and
transfer toll basis.
SHREENATH METALS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shreenath
Metals (SM) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit/ 5.4 CRISIL B/Stable (Issuer Not
Overdraft facility Cooperating)
Proposed 4.6 CRISIL B/Stable (Issuer Not
Overdraft Facility Cooperating)
Term Loan 7 CRISIL B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SM for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SM
continues to be 'Crisil B/Stable Issuer not cooperating'.
SM, established in 1996 at Pune, Maharashtra, is owned and managed
by Mr Balasaheb Vitthal Pacharne. The firm manufactures aluminium
castings through gravity die casting as well as low-pressure die
casting with fully machined components. It has two manufacturing
facilities, both in Pune.
SIDDHIVINAYAKA AGRO: CRISIL Keeps C Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Siddhivinayaka Agro Extractions Private Limited (SSAEPL) continue
to be 'CRISIL C Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL C (Issuer Not
Cooperating)
Proposed Long Term 5 CRISIL C (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with SSAEPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SSAEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
SSAEPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of SSAEPL continues to be 'Crisil C Issuer not
cooperating'.
SSAEPL was established in 1988 as a private limited company by Mr.
Purshottam Pallod and his family members. The company is engaged in
processing of soya bean seeds to produce soya-bean oil, and
soya-bean de-oiled cakes. The company's plant is located in
Zaheerabad, Andhra Pradesh.
SPALON INDIA: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: SPALON INDIA PRIVATE LIMITED
130/A (209/A), Saba House,
St.Mary's Road, Alwarpet,
Chennai, Tamil Nadu, India, 600018
Liquidation Commencement Date: September 10, 2025
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Mr. Dilipkumar Natvarlal Jagad
803/804, Ashok Heights,
Opp. Saraswati Apartment, Nikalas Wadi Road,
Near Bhuta School, Old Nagardas X Road,
Gundavali, Andheri East,
Mumbai City, Maharashtra - 400069
Email: dilipjagad@hotmail.com
spalonvol@gmail.com
Contact no: +91-9821142587
Last date for
submission of claims: October 10, 2025
VANTEC LOGISTICS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Vantec Logistics India Private Limited
38 to 39, SIDCO Garment Complex,
2nd Floor, Guindy, Guindy Industrial Estate,
Chennai, Chennai City Corporation,
Tamil Nadu, India, 600032
Liquidation Commencement Date: September 11, 2025
Court: National Company Law Tribunal, Chennai Bench
Liquidator: Vasudevan Gopu
G.V. enclave, 18/30, Ramani Street,
K.K. Pudur, Saibaba Colony
(4th right opp. Road to
Saibaba Colony Hotel Annapoorna Road),
Coimbatore -641038
Tamil Nadu, India
Email: vasudevangopu.ip@gmail.com,
Email: vasudevanacs@gmail.com
Telephone No. 0422-4347063
Last date for
submission of claims: October 11, 2025
VIRAJAA STEEL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Virajaa Steel and Power Private Limited
Suniamuhanp Mancheswar via Chashapara,
Cuttack, Orissa, India-754027
Insolvency Commencement Date: September 9, 2025
Estimated date of closure of
insolvency resolution process: March 7, 2026 (180 Days)
Court: National Company Law Tribunal, Cuttack Bench
Insolvency
Professional: Mr. Umesh Chandra Sahoo
Plot No4, Snowdrop Apartment, Laxmi Sagar,
Cuttack Road, Bhubaneswar-751006
Email: info@nayadarshan.com
Email: ibc.virajaasteel@gmail.com
Last date for
submission of claims: September 9, 2025
=========
J A P A N
=========
DESKTOP METAL: Court Okays Chapter 11 Liquidation Plan
------------------------------------------------------
Emily Lever of Law360 Bankruptcy Authority reports that Desktop
Metal Inc. secured court approval for its liquidation plan Tuesday,
Sept. 30, 2025, after a Texas bankruptcy judge endorsed an
agreement struck with the company's parent and leading creditor.
The Troubled Company Reporter previously reported that Desktop
Metal, Inc. and its Affiliated Debtors submitted a Second Amended
and Restated Combined Disclosure Statement and Plan of Liquidation
dated September 10, 2025.
To address its immediate liquidity needs, the Company entered into
an agreement with Anzu Special Acquisition Corp., pursuant to which
Anzu would acquire the Company's German, Italian, and Japanese
subsidiaries, including certain related U.S. assets, in a private
sale for total consideration of $10 million (the "Private Sale
Transaction").
Concurrently, the Company filed the Cash Collateral Motion seeking
to use a portion of the proceeds from the Private Sale Transaction
to fund the Chapter 11 Cases and the sale of the Company's
remaining assets. The Court approved the Private Sale Transaction
and the Cash Collateral Motion (on an interim basis) on July 31,
2025. The Court set a hearing to consider approval of the Cash
Collateral Motion on a final basis on September 11, 2025. The
Private Sale Transaction with Anzu has closed.
On July 31, 2025, the Company also sought and obtained approval of
the Bid Procedures, pursuant to which the Company sold its dental
labs businesses at an auction held on August 11, 2025 for total
consideration of approximately $7.8 million in the aggregate
pursuant to the Sale Orders. The Debtors also sold certain of their
remaining assets pursuant to the Additional Sale Orders.
After selling the foregoing assets, the Debtors are seeking to
effectuate an orderly wind down of their remaining operations and
assets, including the investigation and prosecution of any viable
Causes of Action, and to disburse the proceeds therefrom to their
Creditors. On the Effective Date, the Debtors will transfer the
remaining unliquidated assets, the Administration Trust Assets and
Litigation Trust Assets, to the Administration Trust and Litigation
Trust, as applicable.
The Administration Trust and Litigation Trust will investigate the
Estate's Causes of Action as set forth in the Administration Trust
Agreement and Litigation Trust Agreement, as applicable, and will
liquidate, collect, prosecute, sell, settle, or otherwise dispose
of the transferred assets. The Litigation Trust will transfer
Litigation Recoveries to the Administration Trust, which will
distribute all net proceeds to Creditors in accordance with the
priority scheme under the Bankruptcy Code and the Plan. There will
be no distributions to Holders of Interests.
Class 7 Unsecured Claims, estimated amount $130,875,250.
Holders Of Class 7 Claims shall receive a Pro Rata share of the
Administration Trust Interests in exchange for their Allowed Class
7 Claims, which entitle the Beneficiaries thereof to a Pro Rata
share of any net proceeds of the Administration Trust Assets, after
payment of all Administration Trust Expenses, Allowed
Administrative Claims, Allowed Priority Tax Claims, Allowed
Priority Non-Tax Claims, any Allowed adequate protection claims,
and net of any proceeds of Collateral payable to the Holders of
Allowed Secured Claims.
Unsecured Claims are subject to all statutory, equitable, and
contractual subordination claims, rights, and grounds available to
the Debtors, the Estates, the Plan Administrator, and the
Litigation Trustee, which subordination claims, rights, and Grounds
are fully enforceable prior to, on, and after the Effective Date.
The estimated recovery for General Unsecured Claims is "unknown",
according to the Disclosure Statement.
There shall be no Distribution on account of Class 9 Interests.
Upon the Effective Date, all Interests in Desktop will be deemed
cancelled and will cease to exist, and all Interests in Debtors
other than Desktop shall be retained at the option of the Debtors
or the Administration Trust, as applicable.
The Debtor(s) shall make Distributions to Holders of Claims on the
Initial Distribution Date. Subject to the terms of the Plan and The
Administration Trust Agreement, Plan Administrator may, in its Sole
discretion, make a full or partial Pro Rata Distribution to the
Holders of Claims on a Subsequent Distribution Date.
Any Distribution not made on the Initial Distribution Date or a
Subsequent Distribution Date because the Claim relating to such
Distribution had not been Allowed on that Distribution Date shall
be held by the Plan Administrator for Distribution on any
Subsequent Distribution Date after such Claim is Allowed.
A full-text copy of the Second Amended and Restated Combined
Disclosure Statement and Plan dated September 10, 2025 is Available
at https://urlcurt.com/u?l=1QpEc0 from PacerMonitor.com at no
charge.
About Desktop Metal Inc.
Desktop Metal designs and markets 3D printing systems. ExOne's
business primarily consisted of manufacturing and selling 3D
printing machines and printing products to specification for its
customers for both direct and indirect applications. ExOne offered
its pre-production collaboration and print products for customers
through its network of ExOne Adoption Centers and supplied the
associated materials, including consumables and replacements parts,
and other services, including training and technical support,
necessary for purchasers of its 3D printing machines to print
products.
Desktop Metal and its affiliates sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90268)
on July 28, 2025, listing under up to $50,000 in both assets and
liabilities. The case is jointly administered in Case No.
25-90268.
Judge Christopher M. Lopez oversees the case.
Benjamin Lawrence Wallen at Pachulski Stang Ziehl & Jones LLP
serves as the Debtors' counsel.
On August 6, 2025, the Office of the United States Trustee
appointed an official committee of unsecured creditors in these
Chapter 11 cases. The committee tapped Lowenstein Sandler LLP and
Munsch Hardt Kopf & Harr, PC as counsel and Province LLC as
financial advisor.
MARELLI AUTOMOTIVE: Seeks to Extend Exclusivity to Feb. 6, 2026
---------------------------------------------------------------
Marelli Automotive Lighting USA LLC and affiliates asked the U.S.
Bankruptcy Court for the District of Delaware to extend their
exclusivity periods to file a plan of reorganization and obtain
acceptance thereof to February 6, 2026 and April 7, 2026,
respectively.
The Debtors explain that their capital structure, which as of the
Petition Date consisted of approximately $4.9 billion in funded
debt obligations, is large and complex. As such, administering
these chapter 11 cases requires significant input from the Debtors'
management team and advisors on a wide range of complicated matters
necessary to bring structure and consensus to a large and complex
process. Accordingly, the complexity of these chapter 11 cases
weighs in favor of extending the Exclusivity Periods.
The Debtors claim that they have made significant progress in
negotiating with their stakeholders and administering these chapter
11 cases, which warrants an extension of the Exclusivity Period.
The Debtors commenced these chapter 11 cases with limited liquidity
and have moved expeditiously through these chapter 11 cases and
advanced discussions among the Debtors' key stakeholders regarding
global consensus in these chapter 11 cases. The Debtors'
substantial progress administering these chapter 11 cases weighs in
favor of an extension of the Exclusivity Periods.
Since the Petition Date, the Debtors have paid their postpetition
debts in the ordinary course of business or as otherwise provided
by Court order.
The Debtors assert that their request for an extension of the
Exclusivity Periods is their first such request and comes fewer
than four months after the Petition Date. During this short time,
the Debtors have accomplished a great deal all while the Debtors
continue to work diligently with all stakeholders to ensure
widespread support of the chapter 11 plan and disclosure statement.
Additionally, the fact that this is the Debtors' first request for
an extension further supports granting the requested extension.
The Debtors further assert that their exclusivity extension request
is not intended to pressure creditors to submit to the Debtors'
restructuring demands but to provide sufficient time for the
Debtors to file and eventually confirm a value-maximizing chapter
11 plan and implement the transactions contemplated thereby without
the disruption and distraction created by competing plan proposals.
Accordingly, the relief requested herein is without prejudice to
the Debtors' creditors and will benefit the Debtors' estates, their
creditors, and all other key parties in interest.
Co-Counsel for the Debtors:
Laura Davis Jones, Esq.
Timothy P. Cairns, Esq.
Edward A. Corma, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
919 North Market Street, 17th Floor
P.O. Box 8705
Wilmington, Delaware 19899 (Courier 19801)
Tel: (302) 652-4100
Fax: (302) 652-4400
Email: ljones@pszjlaw.com
tcairns@pszjlaw.com
ecorma@pszjlaw.com
Co-Counsel for the Debtors:
Joshua A. Sussberg, P.C.
Nicholas M. Adzima, Esq.
Evan Swager, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, New York 10022
Telephone: (212) 446-4800
Facsimile: (212) 446-4900
Email: joshua.sussberg@kirkland.com
nicholas.adzima@kirkland.com
evan.swager@kirkland.com
- and -
Ross M. Kwasteniet, P.C.
Spencer A. Winters, P.C.
333 West Wolf Point Plaza
Chicago, Illinois 60654
Tel: (312) 862-2000
Fax: (312) 862-2200
Email: ross.kwasteniet@kirkland.com
spencer.winters@kirkland.com
About Marelli Automotive Lighting USA
Marelli Automotive Lighting USA, LLC is a global automotive parts
supplier based in Saitama, Japan. The company designs and
manufactures advanced technologies for leading automakers,
including lighting systems, electronic components, software
solutions, and interior products. Operating in 24 countries with a
workforce of over 46,000, Marelli also collaborates with
motorsports teams and industry partners on high-performance
component development.
Marelli and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on
June 11. 2025. In its petition, Marelli reported between $1 billion
and $10 billion in assets and liabilities.
Judge Brendan Linehan Shannon handles the cases.
The Debtors are represented by Kirkland & Ellis LLP, Kirkland &
Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP.
Alvarez & Marsal North America, LLC is the Debtors' restructuring
advisor. PJT Partners Inc. is the Debtors' investment banker.
Kurtzman Carson Consultants, LLC, doing business as Verita Global,
is the Debtors' notice and claims agent.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Paul Hastings, LLP and Morris James, LLP as legal
counsel and FTI Consulting, Inc. as its financial advisor.
MITSUBISHI MOTORS: S&P Affirms 'BB+' ICR, Alters Outlook to Neg.
----------------------------------------------------------------
S&P Global Ratings revised its outlook on its 'BB+' long-term
issuer credit rating on Mitsubishi Motors to negative from stable.
S&P affirmed the long-term issuer credit rating.
Mitsubishi Motors' profitability will remain under pressure due to
challenges in passing on costs related to U.S. tariffs.
Profitability will likely be lower than we had expected as
competition intensifies in other key regions.
U.S. tariff policy will significantly reduce the profitability of
Mitsubishi Motors Corp.'s North American operations. The U.S.
market accounts for just 12% of the company's vehicle sales, but
the impact of tariffs on its profitability is as large as that on
other rated Japanese automakers. This is because Mitsubishi Motors
does not operate production facilities in North America, relying on
imports for all its U.S. sales. The company has not passed on
tariff costs to consumers in the U.S. market as much as we had
expected at the beginning of the fiscal year. S&P said, "We believe
that it will be difficult for the company to substantially offset
tariff costs by raising prices going forward. We expect U.S.
tariffs will depress the company's EBITDA margin by about 1
percentage point in fiscal 2025 (ending March 31, 2026)."
Increased sales competition in Southeast Asia and Australia will
also hurt company performance, in S&P's view. The two regions are
key markets for Mitsubishi Motors, generating shares of operating
profit behind only to that of North America in fiscal 2024. Its
market shares are approximately 8% in Southeast Asia and 7% in
Australia. U.S. tariff policy has further intensified competition
in these regions as global automakers offer discounts to secure
volume.
Competition in these regions was already tough. Auto markets such
as Thailand and Indonesia are recovering slowly, while Chinese
manufacturers have increased share in the Australian market by
about 10 percentage points over the past five years. Mitsubishi
Motors has largely maintained its market share in these regions,
but S&P expects pressure to mount on earnings as competition pushes
up sales costs.
S&P said, "Mitsubishi Motors' performance could improve after
fiscal 2026, in our opinion. Despite the difficult competitive
environment, we expect the company to maintain its market share in
core markets by continuing to launch highly competitive models. In
addition, we assume that the full-year effect of the reduced U.S.
tariff on Japan (to 15% from 27.5%) will help performance recover
from fiscal 2026. The easing of U.S. environmental regulations will
also support recovery, as meeting such requirements will carry
lower costs. Deregulation will reduce the need to buy emissions
credits and to develop and sell electric vehicles.
"We expect Mitsubishi Motors to remain on a sound financial footing
over the next year or two. We believe it will continue to generate
positive free operating cash flow (FOCF) with the help of alliances
with other companies, reducing the burden of strategic investments.
The company has announced plans to expand its battery electric
vehicle lineup through alliances with Nissan Motor Co. Ltd. in
North America, Renault S.A. in Europe, and Foxconn Technology Co.
Ltd. in Australia. About ¥300 billion in net cash (for the
automotive business; excluding sales financing) will also support
the company's financial base.
"The negative outlook reflects our view that there is a more than
one-in-three possibility that Mitsubishi Motors' EBITDA margin will
continue to fall far below 6% as a result of the inability to
absorb U.S. tariff costs through price hikes, as well as the
continued deterioration of the competitive environment in key
Southeast Asian and Australian markets."
S&P will consider a downgrade if either of the following prospects
strengthen over the next 12 months or so:
-- The EBITDA margin remains well below 6% due to U.S. tariff
costs, the deteriorating business environment, and increased sales
expenses in core markets; or
-- Free cash flow will likely remain in deficit due to the heavy
burden of strategic investments and the soundness of the company's
financial base being impaired.
S&P will consider revising the outlook to stable if it determines
that there is a stronger prospect for the EBITDA margin remaining
stable at 6% or higher while FOCF stays positive. This could occur
with improved profitability from enhanced product competitiveness
and an easing of the competitive environment.
=====================
N E W Z E A L A N D
=====================
H S RIAR: Creditors' Proofs of Debt Due on Oct. 29
--------------------------------------------------
Creditors of H S Riar Enterprises Limited are required to file
their proofs of debt by Oct. 29, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Sept. 23, 2025.
The company's liquidator is:
Robin Crimp
RAC Insolvency Limited
PO Box 1477
Christchurch 8140
INSTITUTE OF IT: Collapses Into Liquidation
-------------------------------------------
TheRegister.com reports that New Zealand's Institute of IT
Professionals has discovered it is insolvent and advised members it
has no alternative but to enter liquidation.
TheRegister.com relates that Institute of IT Professionals New
Zealand (ITP) wrote to members on Oct. 2 and posted a document
titled "Important Update on ITP's Future" that reveals it has
"reached a point where the organization cannot continue. After a
full review of our finances, the Board has confirmed that ITP is
insolvent."
Insolvency seems to have come as something of a surprise,
TheRegister.com says.
"These debts are historic. They go back over many years. While some
of the issues were worked on in more recent times, the full scale
of the problem only became visible during the leadership change in
2025," the Update stated. "Once the Board understood the full
picture, it was clear that there was no responsible way forward
other than liquidation."
ITP's CEO stepped down in August, and in an exit interview
responded to a question about her biggest achievements in the role
by saying: "When I joined ITP, it was a brilliant organization with
deep roots in the tech community, but to be frank, it was living
beyond its means. Refactoring the organization -financially,
structurally, and strategically—has been a tough but necessary
journey."
ITP's constitution requires its members to formally resolve to wind
up the organization, so as one of its final acts the group has
called a Special General Meeting (SGM) for October 23, 2025 to
confirm liquidation and appoint a liquidator.
This situation impacts more than ITP's ~10,000 members, because the
organization offers assessment services that assess whether IT
professionals' skills and qualifications make them eligible to move
to New Zealand for work. ITP also certifies IT degrees at New
Zealand universities, and oversees the NZ Cloud Computing Code of
Practice, according to TheRegister.com.
ITP also conducted educational and advocacy activities aimed at
growing New Zealand's tech workforce.
Ahead of the SGM, ITP will not conduct any activity, adds
TheRegister.com.
KAIRAKAU ARAHI: Court to Hear Wind-Up Petition on Oct. 28
---------------------------------------------------------
A petition to wind up the operations of Kairakau Arahi Limited will
be heard before the High Court at Whangarei on Oct. 28, 2025, at
10:00 a.m.
Waitangi Limited (trading as Waitangi Treaty Grounds) filed the
petition against the company on July 14, 2025.
The Petitioner's solicitor is:
Jeffrey Gray Ussher
Level 19, 191 Queen Street
Auckland
NEST HOME: Court to Hear Wind-Up Petition on Oct. 16
----------------------------------------------------
A petition to wind up the operations of Nest Home Limited will be
heard before the High Court at Auckland on Oct. 16, 2025, at 10:45
a.m.
LG Home Trading Limited filed the petition against the company on
July 17, 2025.
The Petitioner's solicitor is:
Yang Yang
Level 1, Building 4
195 Main Highway
Ellerslie
Auckland 1051
NZ NATIVE: Creditors' Proofs of Debt Due on Oct. 31
---------------------------------------------------
Creditors of NZ Native Riverwood Limited are required to file their
proofs of debt by Oct. 31, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Sept. 22, 2025.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
PRIME DEVELOPMENTS: Creditors' Proofs of Debt Due on Nov. 1
-----------------------------------------------------------
Creditors of Prime Developments NZ Limited are required to file
their proofs of debt by Nov. 1, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Sept. 24, 2025.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
=====================
P H I L I P P I N E S
=====================
LBC EXPRESS: Addressing SEC Show-Cause Order on Delayed Report
--------------------------------------------------------------
BusinessWorld reports that LBC Express Holdings, Inc. said it is
addressing a show-cause order issued by the Securities and Exchange
Commission (SEC) over the alleged late submission of its 2021
sustainability report.
The order was issued by the SEC's Corporate Governance and Finance
Department, which directed the company to explain its alleged delay
in submitting the report.
BusinessWorld relates that LBC said it received the show-cause
order on Sept. 29.
The SEC order, dated Aug. 5, required the company to explain within
10 days from receipt its alleged one-day delay in filing the 2021
sustainability report, which was due on May 16, 2022.
According to BusinessWorld, LBC said it is compiling its records of
submission to the regulator, noting that it is also clarifying with
the SEC the basis for the order and the possible imposition of a
penalty.
"Furthermore, the corporation intends to file its response to the
show cause letter within the allotted period. The Corporation will
provide further developments on this matter as soon as
practicable," it said in a regulatory filing on Sept. 30.
The company said the SEC noted that the late attachment of its
sustainability report to its annual report is subject to penalties
ranging from a reprimand or warning for the first offense;
PHP30,000 and PHP500 per day of delay for the second offense; and
PHP60,000 plus PHP1,000 per day of delay in filing the amended
report for the third offense, BusinessWorld relays.
LBC Express Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides courier and cargo,
money remittance, and logistics services to retail and corporate
clients. LBC Express Holdings serves customers in Philippines.
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BAYFRONT INFRASTRUCTURE: Creditors' Proofs of Debt Due on Oct. 24
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Creditors of Bayfront Infrastructure Capital II 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. 15, 2025.
The company's liquidator is:
Farooq Ahmad Mann
Mann & Associates PAC
3 Shenton Way #03-06C
Shenton House
Singapore 068805
CORDLIFE GROUP: Weighs Survival Amid Potential One-Year Suspension
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The Business Times reports that Cordlife Group is assessing the
risks and uncertainties that could threaten its ability to continue
as a going concern as it faces a potential one-year suspension, it
said in a bourse filing on Oct. 1.
The Ministry of Health (MOH) on Sept. 29 served Cordlife a notice
of intent for a one-year suspension of its cord-blood banking
services after a July audit uncovered operational lapses, BT notes.
This requires Cordlife to stop collecting, testing, processing and
storing new cord-blood units and the company has 14 days to submit
representations.
According to BT, the private cord-blood bank said that it is
"unable to assess" the impact of the developments on its
performance for the financial year ending Dec. 31, 2025.
Should the suspension take effect, Cordlife said it would continue
to incur fixed fees and other operating expenses while business
activities cease, BT relays.
Operational and financial pressures, in addition to cash outflows
incurred over customer refunds, may hurt its liquidity, the company
said.
Moreover, its ability to continue receiving payments from
unaffected customers under deferred payment plans for the next 12
months is subject to uncertainty, and any delays, shortfalls or
defaults in payment could affect its cash position, it added, BT
relays.
BT relates that the company said it is currently unable to
determine the quantum of cash outflow that may be required for
several items, including potential refunds that may arise from the
outcome of the investigations into the test results of storage tank
samples.
MOH ordered Cordlife to conduct a full investigation into the test
results after the ministry's review of the results revealed that
samples from three of five tanks had failed the criteria for
viability and potency.
The items also include current claims by customers who alleged that
their cord blood units have been damaged, claims that could arise
in the future, as well as fines or penalties that may be imposed on
the company due to the suspension.
BT adds that Cordlife said that the assessment of its ability to
continue as a going concern is expected to be completed by the end
of the week, and it will provide an update accordingly.
The company's net loss for its first half ended June narrowed to
SGD4.6 million, from SGD12.4 million in the year-ago period, BT
discloses. Its revenue surged 108.8 per cent to SGD19.2 million,
amid full resumption of its Singapore operations in January, after
they were suspended for close to nine months.
About Cordlife
Headquartered in Singapore, Cordlife Group Limited, an investment
holding company, provides cord blood banking services in Singapore,
Hong Kong, India, Malaysia, the Philippines, and internationally.
The company operates through two segments, Banking and Diagnostics.
It offers cord blood, cord lining, and cord tissue banking
services, including processing and storage of stem cells; and
various diagnostics services, such as newborn genetic screening,
pediatric vision and ear screening, pediatric allergen test,
genetic talent test, preimplantation genetic screening, endometrial
receptivity test, non-invasive prenatal testing, and newborn
metabolic screening. The company also provides Moms Up, a mobile
app for pregnancy and parenting resources for moms and moms-to-be.
In addition, it provides medical laboratory, marketing, and
property investment services.
As reported in the Troubled Company Reporter-Asia Pacific in late
in April 2024, Cordlife's former internal auditor KPMG had
submitted a disclaimer of opinion in its independent auditor's
report dated April 24, stating that it had not been able to obtain
"sufficient appropriate audit evidence" to provide a basis for an
audit opinion on several areas.
These areas included the company's compliance with laws and
regulations, given Cordlife's ongoing investigations by the
Ministry of Health (MOH) and the Commercial Affairs Department
(CAD).
KPMG also addressed uncertainties in providing an audit opinion on
the subject of Cordlife's refunds and claims, after the company
said it would waive all future annual fees and initiate a refund
for clients affected by its recent case of damaged cord-blood
units, BT related.
ECLAT ENGINEERING: Court to Hear Wind-Up Petition on Oct. 10
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A petition to wind up the operations of Eclat Engineering Pte. Ltd.
will be heard before the High Court of Singapore on Oct. 10, 2025,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Sept. 12, 2025.
The Petitioner's solicitors are:
Tito Isaac & Co LLP
1 North Bridge Road
#30-00 High Street Centre
Singapore 179094
EURO CORE: Creditors' Proofs of Debt Due on Oct. 24
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Creditors of Euro Core Private Limited 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. 15, 2025.
The company's liquidators are:
Mr. Aaron Loh Cheng Lee
c/o Ernst & Young Solutions LLP
Ms. Ee Meng Yen Angela
EY Corporate Advisors
c/o One Raffles Quay
North Tower, Level 18
Singapore 048583
SYNERGY PROJECTS: Court Enters Wind-Up Order
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The High Court of Singapore entered an order on Sept. 12, 2025, to
wind up the operations of Synergy Projects Pte. Ltd.
Maybank Singapore Limited filed the petition against the company.
The company's liquidators are:
Gary Loh Weng Fatt
Dev Kumar Harish Nandwani
c/o BDO Advisory Pte Ltd
No. 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9482.
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