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251008.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, October 8, 2025, Vol. 28, No. 201 Headlines A U S T R A L I A ALTERNATIVE LENDING: First Creditors' Meeting Set for Oct. 10 AUSTRALIAN HEALTHCARE: First Creditors' Meeting Set for Oct. 10 GRIFFIN COAL: Taxpayer Funds Used to Pay to Indian Bank GURU TEGH: First Creditors' Meeting Set for Oct. 10 JOUST PTY: First Creditors' Meeting Set for Oct. 13 PUBLIC HOSPITALITY: Adgemis Bankruptcy Won't End Liquidator Action TIMBERPRO JOINERY: First Creditors' Meeting Set for Oct. 13 C H I N A MERCURITY FINTECH: Joins S&P Global Broad Market Index I N D I A A. BHUPAL: CARE Lowers Rating on INR45.46cr LT Loan to B- ANAND IMPEX: CARE Keeps D Debt Ratings in Not Cooperating Category BABA BHUMAN: CARE Keeps D Debt Rating in Not Cooperating Category DOABA KHALSA: CARE Keeps D Debt Rating in Not Cooperating Category ECONOMY SALES: CARE Keeps C/A4 Debt Ratings in Not Cooperating GANPAT RAI: CARE Keeps B- Debt Rating in Not Cooperating Category GN POULTRY: CARE Keeps B- Debt Rating in Not Cooperating Category GOKULESH RICE: CARE Keeps B- Debt Rating in Not Cooperating KARTHIKEYA AGRO: CARE Keeps D Debt Rating in Not Cooperating KRISHNA FORGINGS: CARE Keeps B- Debt Rating in Not Cooperating MAISON DE COUTURE: CARE Keeps D Debt Rating in Not Cooperating MOBILESTORE SERVICES: CARE Keeps D Debt Ratings in Not Cooperating PIVOTAL INFRA: CARE Lowers Rating on INR22.35cr LT Loan to B- RATTAN POLYCHEM: CARE Keeps D Debt Ratings in Not Cooperating RATTAN POULTRIES: CARE Keeps D Debt Rating in Not Cooperating REDDY AND REDDY: CARE Keeps B- Debt Rating in Not Cooperating RELIANCE COMMUNICATIONS: Loans Classified as Fraud by UCO Bank REWA LEISURE: CARE Keeps D Debt Ratings in Not Cooperating RISHI BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating ROYAL ORCHID: CARE Keeps C Debt Rating in Not Cooperating Category SAHA DRUG: CARE Keeps B- Debt Rating in Not Cooperating Category SHRIMATI NARASAMMA: CARE Keeps D Debt Rating in Not Cooperating STAR RAISON: CARE Keeps D Debt Rating in Not Cooperating Category TECHNO SATCOMM: CARE Keeps D Debt Ratings in Not Cooperating TRANSSTADIA TECHNOLOGIES: CARE Keeps C Rating in Not Cooperating UMAK EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating V. SELVAM: CARE Lowers Rating on INR10.68cr LT Loan to B YASHWANT DUGDH: CARE Keeps D Debt Rating in Not Cooperating [] INDIA: Cheque Bounce Suits Cannot Be Stayed Due to Insolvency I N D O N E S I A GARUDA INDONESIA: To Tap State Fund for US$1.44 Billion M A L A Y S I A FASHIONVALET: Founders Allowed to Attend Islamic Programme Abroad N E W Z E A L A N D JETT FORCE: Court to Hear Wind-Up Petition on Oct. 29 JUICY FESTIVAL: Asks Artists to Pay Back Appearance Fees MEDITERRANEAN FOODS: Creditors' Proofs of Debt Due on Oct. 31 NICO KITCHENS: Creditors' Proofs of Debt Due on Oct. 29 TMIK INVESTMENTS: Court to Hear Wind-Up Petition on Oct. 10 TOP FINANCE: Creditors' Proofs of Debt Due on Oct. 24 S I N G A P O R E APEX TRADING: Court to Hear Wind-Up Petition on Oct. 10 BRAWN BUSAN: Court to Hear Wind-Up Petition on Oct. 10 CSCT PTE: Court to Hear Wind-Up Petition on Oct. 10 E2 FOOD: Court to Hear Wind-Up Petition on Oct. 10 RIFE ENGINEERING: Liquidator Alledgely Misappropriated Money YELLOW ROAD: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= ALTERNATIVE LENDING: First Creditors' Meeting Set for Oct. 10 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Alternative Lending Ltd will be held on Oct. 10, 2025, at 10:00 a.m. at Grand Hotel, 129 - 137 Seventh Street, in Mildura, Victoria. Andrew Langshaw and Stephen Duncan of DuncanPowell were appointed as administrators of the company on Sept. 30, 2025. AUSTRALIAN HEALTHCARE: First Creditors' Meeting Set for Oct. 10 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of Australian Healthcare and Hospitals Assocation Limited will be held on Oct. 10, 2025 at 11:30 a.m. via virtual meeting technology. Barry Frederic Kogan and Shane Norman O'Keeffe of McGrathNicol were appointed as administrators of the company on Sept. 29, 2025. GRIFFIN COAL: Taxpayer Funds Used to Pay to Indian Bank ------------------------------------------------------- Daniel Mercer at ABC News reports that an Indian company that is the most senior lender to an embattled West Australian coal mine is receiving money from taxpayers, despite state government assurances it would not allow a bailout package to leak offshore. The ABC relates that Sindhu Trade Links, a little-known conglomerate based near the Indian capital of Delhi, became the highest-ranked creditor to Griffin Coal when it loaned the struggling miner US$60 million (AUD90 million) in 2015 through its Australian arm, Oceania Resources. The ABC notes that Griffin is one of only two WA coal miners and it supplies the 434MW Bluewaters power plant, which generates about 10 per cent of the power used in the state's main grid. However, Griffin fell into receivership in September 2022 as it buckled under the weight of mounting losses and crippling debts of about AUD1.5 billion, the ABC says. Most of that debt is owed to India's biggest privately owned bank, ICICI. Yet in a move that was described as baffling by observers at the time, ICICI provided the money that Sindhu loaned to Griffin. In doing so, ICICI subordinated its own much larger claim, the ABC relates. Amid the messy fallout from Griffin's failure, which threatened to take down the grid, WA Premier Roger Cook threw the coal producer a AUD220 million lifeline in late 2023, the ABC recalls. At the time, the government insisted the money would not be used to pay down the debts owed to Indian creditors including ICICI and Sindhu. "The grant funding is designed to help stabilise Griffin's Collie operations and provide certainty to the local workforce," a government spokesman said at the time. "There are agreed parameters to the funding, which do not include debt repayments." Despite this pledge, financial reporting in India shows Sindhu Trade Links has been receiving regular payments linked to coal production at Griffin, slashing the amount it is owed by a quarter, the ABC says. According to a report from India Ratings & Research, a subsidiary of global ratings giant Fitch, Sindhu - through Oceania - is collecting about US$1 million (AUD1.5 million) a month under an arrangement with Griffin and "involved parties," the ABC reports. "[India Ratings & Research] expects the principal outstanding to further reduce to $USD30 million-35 million by June 2026, as per the arrangement," the ratings agency reported. Thanks in part to the payments being made to Sindhu, India Ratings & Research lifted Sindhu's credit score from so-called junk status - which implies the company is at a high risk of failure - to an investable grade. Back in Western Australia, the government appeared to confirm payments were being made to "secured creditors," the ABC relates. In parliament, it was revealed the government had so far paid AUD14.8 million to "ICICI Bank Limited as the agent for the secured creditors". But the state also distanced itself from the ultimate use of the money, saying it was "not a party to the distribution of payments between the creditors". According to the ABC, revelations about the payments come as the clock ticks down on the government's stated deadline for its support of Griffin. Under the deal, the state has committed to subsidising Griffin's operations until the end of June next year, the ABC relates. It originally said the bailout would cost AUD220 million - a figure which has since blown out to AUD308 million. The ABC relates that shadow energy minister Steve Thomas labelled the creditor payments "hush money", saying the government was using taxpayers' cash to keep creditors onside. Dr Thomas said the payments were likely to total more than AUD30 million by next June - almost 10 per cent of the total bailout package. "The secured creditors of Griffin are going to receive about AUD30 million out of the AUD308 million that taxpayers are pouring into the black hole that is Griffin Coal," the ABC quotes Dr Thomas as saying. About Griffin Coal Based in Australia, The Griffin Coal Mining Company Pty Ltd -- https://griffincoal.com.au/ -- is engaged in coal mining and processing. Griffin Coal operates major mines in the Collie area, approximately 220 kilometers south east of Perth. The Company is producing more than three million tons of coal per year. Griffin Coal has operations at Ewington Mine, Muja Mine and Buckingham Mine. Griffin Coal went into receivership in September 2022 owing close to AUD1.5 billion to creditors. GURU TEGH: First Creditors' Meeting Set for Oct. 10 --------------------------------------------------- A first meeting of the creditors in the proceedings of Guru Tegh Bahadur Pty. Ltd. will be held on Oct. 10, 2025 at 11:00 a.m. via Microsoft Teams. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on Sept. 30, 2025. JOUST PTY: First Creditors' Meeting Set for Oct. 13 --------------------------------------------------- A first meeting of the creditors in the proceedings of Joust Pty Ltd will be held on Oct. 13, 2025 at 12:00 p.m. via Microsoft Teams. David Henry Sampson of BPS Recovery was appointed as administrator of the company on Sept. 30, 2025. PUBLIC HOSPITALITY: Adgemis Bankruptcy Won't End Liquidator Action ------------------------------------------------------------------ The Australian Financial Review reports that embattled Sydney pub baron Jon Adgemis may still face a public grilling over his AUD1.8 billion failure when liquidators question him in court about what went wrong, despite the shock move to bankrupt himself on Oct. 2. The Financial Review relates that Mr. Adgemis filed for bankruptcy owing more than AUD1.8 billion, avoiding a showdown with the Australian Taxation Office in the Federal Court on Oct. 3 - an ignominious fall from grace for the former KPMG dealmaker who once advised WIN television owner Bruce Gordon and rich-list retailer Jan Cameron. The grandson of Greek migrants, he aimed to build a hospitality empire to rival that of Sydney entrepreneur Justin Hemmes, cultivating an image as a model-dating, luxury car-driving "property private equity" player. Mr. Adgemis bought 22 pubs across Sydney and Melbourne - 16 during the pandemic - leveraging wealthy friends, chutzpah and hundreds of millions of dollars in cheap money. "I take responsibility for the position that has been reached," the Financial Review quotes Mr. Adgemis, 47, as saying in a statement on Oct. 2. "I am deeply disappointed that my broader vision for the group did not come to fruition, and that, despite sustained efforts, I was unable to deliver a better outcome for creditors." Current and former creditors include 800 former hospitality employees, contractors and small businesses, the Tax Office, Monaco-based businessman Richard Gazal, and Deutsche Bank, which led a refinancing of part of the business, saving it from collapse, last year. "I will co-operate fully, so the process can run its course," Mr. Adgemis said, appointing Pitcher Partners' Andrew Yeo, nominated by the Tax Office, as his bankruptcy trustee, the Financial Review relays. His bankruptcy means he can no longer run a company or own a car worth more than AUD9,600. According to the Financial Review, Mr. Adgemis has been paying more than AUD60,000 a month in rent for a luxury apartment in Bondi and has been photographed driving around Sydney's eastern suburbs in a Mercedes-Benz G-Class. The Financial Review relates that Mr. Adgemis expanded his company Public Hospitality during the pandemic, buying up unloved pubs with plans to remodel to attract an upmarket crowd, with better food, boutique rooms, and rooftop bars. But when inflation surged, Mr. Adgemis tapped short-term high-interest debt from the booming private credit market, often borrowing money for his properties based on valuations that far outweighed the purchase price. His venues and his own personal property took on mortgages and associated caveats; the vast majority had second mortgages, and some even had a third. The AUD1.8 billion debt figure does not account for further debts owed by some of his companies, and documents seen by The Australian Financial Review show potential tax debts of just under AUD300 million across 27 companies. The Tax Office has investigated Mr. Adgemis and Public for months, including raiding his home and office in May last year. Mr. Adgemis may still face a public reckoning, according to the Financial Review. Insolvency firm BRI Ferrier has sought to be appointed across numerous Mr. Adgemis companies. Its lawyers, ERA Legal, have raised allegations of improper and potentially fraudulent GST claims across its companies. They did so at meetings during his attempt to avoid bankruptcy by asking creditors to accept a personal insolvency agreement. These GST allegations are being investigated by BRI Ferrier and the Tax Office. Mr. Adgemis denies any tax fraud. As BRI Ferrier continues its investigations, it will look to launch public examinations in the Federal Court, compelling Mr. Adgemis and his business associates to provide evidence in the witness box, the Financial Review adds. About Public Hospitality Public Hospitality Group is an Australian hospitality company that focused on operating a large portfolio of pubs, hotels, and bars across Sydney and Melbourne As reported in the Troubled Company Reporter-Asia Pacific on Sept. 19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group has taken another hit with receivers and external managers appointed at five of his Sydney hotels, including Oxford House and The Strand Hotel. Insolvency specialist FTI Consulting has stepped in as receivers and managers to operate Public's hip Redfern pub The Norfolk, Oxford House in Paddington and Darlinghurst's The Strand Hotel, as well as Alexandria's Camelia Grove Hotel and The Exchange Hotel, also in Darlinghurst, Good Food said. The pubs will be sold as soon as possible. Duncan Club and Andrew Sallway of BDO were appointed Voluntary Administrators on Sept. 13, 2024, of Public Lifestyle Management Pty Ltd; 146 Henderson Street Pty Ltd and Camelia Grove Operations Pty Ltd. TIMBERPRO JOINERY: First Creditors' Meeting Set for Oct. 13 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Timberpro Joinery Pty Ltd will be held on Oct. 13, 2025 at 2:30 p.m. via via videoconference facilities only. Simon Patrick Nelson of BPS Reconstruction and Recovery was appointed as administrator of the company on Oct. 1, 2025. ========= C H I N A ========= MERCURITY FINTECH: Joins S&P Global Broad Market Index ------------------------------------------------------ Mercurity Fintech Holding Inc. announced its inclusion in the S&P Global Broad Market Index (BMI), effective as of Monday, September 22, 2025. This milestone inclusion also makes the Company eligible for consideration in additional S&P indices that draw from the Global BMI universe. The S&P Global BMI is designed to capture the global, investable equity universe, spanning 48 developed and emerging market countries and representing over 99% of available market capitalization worldwide. With more than 14,000 companies included, the BMI provides the foundation for institutional investors, ETFs, and strategy indices. "We are honored that, following our inclusion in the Russell 2000® Index , Mercurity Fintech has now also been successfully added to the S&P Global BMI, another significant milestone for Mercurity Fintech as we continue to innovate at the intersection of blockchain technology and traditional finance," said Shi Qiu, Chief Executive Officer of Mercurity Fintech Holding Inc. "This recognition reflects our strategic approach to bridging digital assets and capital markets and helps position us for growth as investors increasingly seek exposure to next-generation fintech companies." Inclusion in the S&P Global BMI may increase investor interest, enhance liquidity, and broaden market recognition as index-tracking funds and institutional portfolios gain exposure to MFH through passive investment strategies. As of September 2025, around 80 institutional investors, including major index funds and ETFs, are shareholders of MFH, underscoring the Company's growing visibility among institutional investors. About Mercurity Fintech Holding Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries engaged in distributed computing and financial brokerage. Beyond its core fintech operations, the Company contributes to the advancement of AI hardware technology by delivering secure and innovative solutions in intelligent manufacturing and advanced liquid cooling systems. Its focus on compliance, innovation, and operational efficiency supports its position as a trusted player in both the evolving digital finance space and the AI technology sector. For more information, please visit the Company's website at https://mercurityfintech.com. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million in total assets, $11.60 million in total liabilities, and $24.09 million in total shareholders' equity. ========= I N D I A ========= A. BHUPAL: CARE Lowers Rating on INR45.46cr LT Loan to B- --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of A. Bhupal Reddy (ABR), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 45.46 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 29, 2024, placed the rating(s) of ABR under the 'issuer non-cooperating' category as ABR had failed to provide information for monitoring of the rating agreed to in its Rating Agreement. ABR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 15, 2025, July 25, 2025, August 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of ABR have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable A.Bhupal Reddy (ABR) is a Bellary, Karnataka based Proprietorship firm. ABR is a Class -1 contractor having more than 10 years of experience in civil construction activities. Currently, the majority of the order book has work orders in relation to the Modernization/Construction of canal network, Reconstruction of Structures etc. It receives continuous orders from Executive Engineer HW &HLC Division TB Dam, PWP& IWTD Division Ballary, Minor Irrigation-Tumkur Division and Karnataka Neeravari Nigam Limited. ANAND IMPEX: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Anand Impex (AI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 24, 2024, placed the rating(s) of AI under the 'issuer non-cooperating' category as AI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 10, 2025, August 20, 2025, August 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Surat (Gujarat) based, Anand Impex was established as a partnership firm in the year 2006 by Mr. Dilip Kheni and Mr. Vinod Kheni along with Dilip Godhani. Anand Impex is engaged in the business of processing of rough diamonds into finished polished diamonds of various sizes, shapes, purity and colour. The firm has its sales office in Mumbai and its processing plant is located in Surat. The firm imports rough diamonds from Belgium and sells CPD largely in the domestic market. BABA BHUMAN: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Baba Bhuman shah Ji Industries (BBSJI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.80 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 20, 2024, placed the rating(s) of BBSJI under the 'issuer non-cooperating' category as BBSJI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BBSJI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 6, 2025, August 16, 2025 and August 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Baba Bhuman Shah Ji Industries (BBSJI) was established in February 2014 as a partnership firm by Mr. Harish Kumar, Mr. Rakesh Kumar, Mr. Ram Kishan, Mr. Sunil Kumar, Mrs. Vanita Rani and Mr. Rakesh Kumar. The firm is engaged in processing of paddy at its manufacturing facility located in Fazilka, Punjab. DOABA KHALSA: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Doaba Khalsa Trust (DKT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 31.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 25, 2024, placed the rating(s) of DKT under the 'issuer non-cooperating' category as DKT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DKT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 11, 2025, August 21, 2025 and August 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Doaba Khalsa Trust was established in 1998 under the India Trust Act, 1882 to impart higher education. The trust operates with Mr. Mohinder Singh Batth as its chairman. It is currently operating three campuses, one each in Mohali, Ropar and Nawanshahar (Punjab) under the name 'Doaba Group of Colleges'. The colleges offer graduation, postgraduation and diploma courses in engineering and technology, management and pharmacy. The different courses offered are approved by AICTE (All India Council of Technical Education), PTU (Punjab Technical University), Jalandhar, SCERT (State Council of Educational Research and Training), Punjab, PU (Punjab University), Chandigarh and PSBTE (Punjab State Board of Technical Education), Chandigarh. ECONOMY SALES: CARE Keeps C/A4 Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Economy Sales (ES) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 9.00 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 27, 2024, placed the rating(s) of ES under the 'issuer non-cooperating' category as ES had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ES continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 13, 2025, August 23, 2025, September 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Delhi-based, Economy Sales (ES) is a partnership firm established in 1990 and is currently being managed by Mr. Ravi Kishor Gupta, Mr. Kunal Gupta and Mr. Gaurav Gupta. The firm trades in readymade branded clothes from its six-retail outlet located in Delhi NCR region (Jhandewalan, Lajpat Nagar, Noida, etc.). GANPAT RAI: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ganpat Rai Kewal Ram Trading Co. Private Limited (GRKRTCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 16, 2024, placed the rating(s) of GRKRTCPL under the 'issuer non-cooperating' category as GRKRTCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GRKRTCPL continues to be noncooperative despite repeated requests for submission of information through e-mails dated August 2, 2025, August 12, 2025 and August 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Ganpat Rai Kewal Ram Trading Company Private Limited (GRKRTCPL) was incorporated in 2007. The company is currently being managed by Mr Nitin Mittal, Ms Adesh Rani Mittal, Ms Chhaya Rungta and Ms Beena Singh. GRK is engaged in trading of coal. GN POULTRY: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of GN Poultry Farms (GNPF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 20, 2024, placed the rating(s) of GPF under the 'issuer non-cooperating' category as GPF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GPF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 6, 2025, July 16, 2025, July 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Telangana based GN Poultry Farms (GPF) was established as a partnership firm in the year 2011. GPF was promoted by Mr. Ramchandra Reddy and Mr. Narsi Reddy. The firm is engaged in layer poultry farming and wholesale trading of eggs. The firm has an installed capacity of 20,000 layers in 7 sheds as on February 28, 2018. The firm sells its products, eggs, cull birds, and manure to the customers located in Telangana, Andhra Pradesh and Karnataka. The firm purchases inputs for feeding of birds like maize, soya, broken rice, shell grit and minerals from local traders. GOKULESH RICE: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Gokulesh Rice Mill (SGRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.56 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 9, 2024, placed the rating(s) of SGRM under the 'issuer non-cooperating' category as SGRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 25, 2025, July 5, 2025, July 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in the year 2004, Ahmedabad based Shree Gokulesh Rice Mill (SGRM) is a partnership firm engaged in the processing of non-basmati rice. Key partners include Mr. Minesh H. Patel, Mr. Raghav J. Patel, and Mr. Tejas K. Patel who manages the day to day operations. As on March 31 2016, it had a total installed capacity of 36,000Metric Tonne per Annum (MTPA) for paddy processing and operates through its sole manufacturing facility at Jetalpur (Ahmedabad). SGRM procures paddy from local traders and supplies its products in pan India levels through brokers. SGRM has base of 150 brokers in pan India level. However, it supplies mainly to Gujarat, Maharashtra, Karnataka and Rajasthan. SGRM sells its products under three brands named 'Galaxy', 'Butterfly' and 'Gokulesh'. KARTHIKEYA AGRO: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Karthikeya Agro Industries (KAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.23 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 20, 2024, placed the rating(s) of KAI under the 'issuer non-cooperating' category as KAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 6, 2025, July 16, 2025, July 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Karthikeya Agro Industries (KAI) was established in 2013 as a partnership firm, promoted by Mr. G.Madhusudhana Rao along with his wife Ms. G Naga Malleswari. The firm is engaged in milling and processing of rice at Nellore District, Andhra Pradesh, with an installed capacity to process 16,698 metric tons per annum of rice. The firm also sells the by products such as broken rice, husk and bran which comes out during the milling and processing of rice. The main raw material for the firm is paddy which is directly procured from local farmers located in and around Nellore. The firm sells its final product (rice) in the open markets of Tamil Nadu, Andhra Pradesh and Kerala. KRISHNA FORGINGS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shri Krishna Forgings (SKF) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 27, 2024, placed the rating(s) of SKF under the 'issuer non-cooperating' category as SKF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 13, 2025, August 23, 2025 and September 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Rohtak, Haryana based Shri Krishna Forgings (SKF) is a partnership firm established in August, 2018. SKF was established with an aim to set up unit for manufacturing of auto components such as gears, shafts, engine parts, etc. MAISON DE COUTURE: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Maison De Couture Fabrics Private Limited (MDCFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.52 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 27, 2024, placed the rating(s) of MDCFPL under the 'issuer non-cooperating' category as MDCFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MDCFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 13, 2025, August 23, 2025, September 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in the year 1995 by Mr. Urvil Jani and Mr. Manoj Khushalani, the group began its business under a partnership firm "Roshvil Enterprise". The firm was engaged in the business of trading of fabrics in bulk quantities for men's wear. Subsequently, the product profile was diversified by the firm to cater to women's wear and readymade garments. Owing to increase in the scale of operation over the years, the group was re-christened as Oneworld group and the business carried under the partnership firm was transferred to a private limited company incorporated in the year 2012 viz Oneworld Industries Private Limited. Consequently, many other companies were incorporated to carry on trading of various textile products. Currently, the group is engaged in the business of trading in fabric materials and readymade garments (manufactured on job work basis). Maison De Couture Fabrics Private Limited was incorporated on August 10, 2015 to establish and undertake business of trading of shirting fabrics in India under the brand name 'Tissori' on stock and sales basis. MOBILESTORE SERVICES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of The Mobilestore Services Limited (TMSL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 70.66 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 26.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 27, 2024, placed the rating(s) of TMSL under the 'issuer non-cooperating' category as TMSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TMSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 13, 2025, August 23, 2025, September 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable The MobileStore Services Limited (TMSL), a part of the Essar Group, is engaged in the business of distribution of telecom, consumer electronics and related products including mobile handsets, accessories, domestic appliances and other consumer durable products. PIVOTAL INFRA: CARE Lowers Rating on INR22.35cr LT Loan to B- ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Pivotal Infrastructure Private Limited (PIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 22.35 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 16, 2024, placed the rating(s) of PIPL under the 'issuer non-cooperating' category as PIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 2, 2025, August 12, 2025 and August 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of PIPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable PIPL was incorporated on June 7, 2006 to carry on real estate development and ancillary services (maintenance of buildings, rental services, etc.) business in the areas of Gurgaon, Faridabad, etc. RATTAN POLYCHEM: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rattan Polychem Private Limited (RPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 12.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 27, 2024, placed the rating(s) of RPPL under the 'issuer non-cooperating' category as RPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 13, 2025, August 23, 2025 and September 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Faridabad (Haryana) based, Rattan Polychem Private Ltd (RPPL) incorporated on December 03, 2009 is promoted by Mr. Yashvir Singh Dagar and Mrs. Darshana Dagar. The company is engaged in manufacturing of Expandable polystyrene (EPS) of various grades. The manufacturing facility of the company is located at Faridabad, Haryana. RATTAN POULTRIES: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rattan Poultries Private Limited (RPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 30, 2024, placed the rating(s) of RPPL under the 'issuer non-cooperating' category as RPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 16, 2025, August 26, 2025, September 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Rattan Poultries Private Limited (RPPL) was incorporated in May 1999 and is currently being managed by Mr. Ranjit Singh Sidhu, Mr. Rahuljit Singh Sidhu and Mrs. Mohinder Kaur Sidhu as its directors. RPPL is engaged in poultry farming business at its poultry farm located in Sangrur, Punjab. REDDY AND REDDY: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Reddy and Reddy Automobiles (RRA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 9, 2024, placed the rating(s) of RRA under the 'issuer non-cooperating' category as RRA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RRA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 25, 2025, July 5, 2025, July 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Reddy and Reddy Automobiles (RRA) is a partnership firm, incorporated in 2004 by Mr. G. Ramakrishna Reddy and Mrs. G Radha. Mr. G Ramakrishna Reddy is the Managing Partner of the firm. RRA is an authorized dealer of Hero MotoCorp Ltd's entire range of two-wheelers, and their spares and accessories. RRA has one showroom-cum-service station in Bhimavaram (Andhra Pradesh), and five display centres in West Godavari (Andhra Pradesh). RRA belongs to Reddy and Reddy Group which has diverse interests including trading of prawns feed, authorized dealership of Maruti Suzuki India Limited (MSIL) and is also engaged in button manufacturing business. RELIANCE COMMUNICATIONS: Loans Classified as Fraud by UCO Bank -------------------------------------------------------------- TipRanks reports that Reliance Communications Limited has received a letter from UCO Bank classifying its loan accounts as 'fraud'. This development comes as the company is undergoing a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The resolution plan for the company has been approved by its creditors and is awaiting approval from the National Company Law Tribunal, Mumbai Bench. TipRanks relates that the loans in question pertain to a period before the insolvency process, and their resolution will be part of the overall resolution plan or liquidation. About Reliance Communications Based in Mumbai, India, Reliance Communications Ltd is a telecommunications service provider. The Company operates through two segments: India Operations and Global Operations. India operations segment comprises wireless telecommunications services to retail customers through global system for mobile communication (GSM) technology-based networks across India; voice, long distance services and broadband access to enterprise customers; managed Internet data center services, and direct-to-home (DTH) business. Global operations comprise Carrier, Enterprise and Consumer Business units. It provides carrier's carrier voice, carrier's carrier bandwidth, enterprise data and consumer voice services. The Company owns and operates Internet protocol (IP) enabled connectivity infrastructure, comprising over 280,000 kilometers of fiber optic cable systems in India, the United States, Europe, Middle East and the Asia Pacific region. The National Company Law Tribunal on May 9, 2019, allowed Reliance Communications (RCom) to exclude the 357 days spent in litigation and admitted it for insolvency. With this, RCom, which owes over INR50,000 crore to banks, has become the first Anil Ambani group company to be officially declared bankrupt after the NCLT on May 9 superseded its board and appointed a new resolution professional to run it and also allowed the SBI-led consortium of 31 banks to form a committee of creditors. RCom is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, with a resolution plan approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai, on March 6, 2020, awaiting NCLT approval. REWA LEISURE: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rewa Leisure Private Limited (RLPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.21 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 3.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 24, 2024, placed the rating(s) of RLPL under the 'issuer non-cooperating' category as RLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 10, 2025, August 20, 2025, August 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable RLPL, a special purpose vehicle (SPV) of Ruchi Realty Holdings Ltd (RRHL), was incorporated in November 2013 to set up an ecotourism and adventure park in the city of Rewa, Madhya Pradesh. The contract has been concessioned on a publicprivatepartnership (PPP) basis by Madhya Pradesh Ecotourism Development Board (concessioning authority) to RLPL (concessionaire) and includes development of facilities on two islands in the river 'Beehar' along with a suspension bridge. The concession agreement was signed on April 28, 2014 for a period of 30 years, including two years of construction. The project was largely completed in April 2016; however, 'Construction Completion Certificate' was not received till July 2016 from M.P Ecotourism Development Board due to pending construction of minor facilities. Meanwhile, the project infrastructure and suspension bridge was affected during September 2016 due to heavy rainf all and the project was expected to be completed by around September 2019. The total project cost of around INR9.80 crore is financed with a term loan of INR4.72 crore and the balance through promoter funding (equity and unsecured loans). RISHI BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Rishi Builders and Developers (RBD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.95 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 16, 2024, placed the rating(s) of RBD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RBD continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 2, 2025, August 12, 2025, August 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Rishi Builders & Developers (RBD) was established as a partnership firm in October 2003 by Mr. Rishi Dev Batra, Mrs. Saroj Kumari and Mr. Jai Batra based out of Bhubaneswar, Odisha. Since its inception the firm has been engaged in real estate activities of leasing out commercial properties. The firm has entered into long term lease out agreement with Sarvejana Healthcare Private Limited (SHPL) for a period of 9 years starting from May 5, 2014 and ending on March 04, 2024 with a monthly lease rental of INR0.25 crore with escalation in rent at 5% after every 12 months. The repayment of the term loan facility is backed by an escrow arrangement and exclusive charge of the lender on the same. As per the escrow mechanism, the lessee directly deposits the lease rentals in the bank on monthly basis based on the pay-in dates as per the lease agreement. Despite the limited available cushion between pay-in (rentals to be deposited by 12th of month) and pay-out due dates (by 19th of the month), the risk is mitigated to some extent by the moderate credit profiles of lessees. ROYAL ORCHID: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Royal Orchid Hotels Limited (ROHL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 38.48 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 10, 2024, placed the rating(s) of ROHL under the 'issuer non-cooperating' category as ROHL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ROHL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 27, 2025, August 6, 2025, August 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Consolidated. Company's financial and operational performance along with its JVs and subsidiaries are considered for analysis due to strong financial, operational and management linkages between them. Outlook: Stable Royal Orchid Hotels Limited (ROHL) (ISIN Number: INE283H01019) is promoted by Mr. CK Baljee, to carry on the business and management of hotels/ hospitality business. The group largely operates 5-Star/4-Star hotels having presence in 38 locations and 11 states under the brand name Royal Orchid and Regenta. As on March 31, 2022, on consolidated basis, ROHL along with its subsidiaries, associates and JVs, owns/operates/manages 67 hotels with 4888 keys. SAHA DRUG: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Saha Drug Distributor (SDD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 17, 2024, placed the rating(s) of SDD under the 'issuer non-cooperating' category as SDD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SDD continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 3, 2025, August 13, 2025, August 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable SDD, a proprietorship concern established up by Mrs. Soma Saha, Proprietor, in 1990, is engaged in distribution of pharmaceuticals products including medicated cosmetics in Tripura. SDD procures its supplies from leading manufacturers like Glaxo Smith Kline Pharmaceuticals Ltd, Johnson & Johnson Ltd, Cipla Limited, Lupin Limited, The Himalaya Drug Company and Dr. Reddy Laboratories Ltd. The operations are managed by the proprietor, Mrs. Soma Saha. The firm has its godown at Santipara, Agartala. The other proprietorships under Mrs. Soma Saha are S S Enterprise and Sayak Agency. There are two partnership firms in the same business with Mr Alok Kumar Saha (husband) and Mr. Sayak Saha (son) as partners in the ratio of 1:1. These partnership firms are Sayak Enterprise and Mediblaze. SHRIMATI NARASAMMA: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shrimati Narasamma Gotyal Shikshna Samsthe (SNGSS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.33 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 20, 2024, placed the rating(s) of SNGSS under the 'issuer non-cooperating' category as SNGSS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SNGSS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 6, 2025, July 16, 2025, July 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Shrimati Narasamma Gotyal Shikshana Samaste (SNGSS) was established in the year 2015 to provide primary and higher school education by Mr Jettappa Siddappa Bolegaon, a social worker. The society is located in Vijapur district of Karnataka. Currently, the society runs classes from kinder garden to 8th standard and Pre- University Course -1 (PUC -1) and Pre-University Course -2 and has strength of 528 students (as on March 31, 2018 (Provisional)) and 44 staff members. The campus is built in an area of 6,972 square feet. STAR RAISON: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Star Raison Landmarks (SRL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 19, 2024, placed the rating(s) of SRL under the 'issuer non-cooperating' category as SRL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 5, 2025, August 15, 2025, August 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SRL is a partnership firm, incorporated in March 2011, by Star Relacon Pvt. Ltd. (SRPL), Pinnacle Housing Pvt. Ltd. (PHPL) and the promoters of SRPL & PHPL. The company is engaged in development of a residential real estate project namely 'The Essentia' in Bhiwadi (Rajasthan). TECHNO SATCOMM: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Techno Satcomm India Private Limited (TSIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 14.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 26, 2024, placed the rating(s) of TSIPL under the 'issuer non-cooperating' category as TSIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TSIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 12, 2025, August 22, 2025, September 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Techno Satcomm (India) Private Limited (TSIPL) was incorporated in year 2008 by Dave Family. The company was formerly known as Techno Com Inc started in August, 2005 and later incorporated to Private Limited in January, 2008. Currently Mr. Jay Dave, Mr. Nirav Dave and Mr. Jagdip Rana are directors of the company. The company is engaged in providing services of RFID solutions, IP based PA systems, WIFI solutions, CCTV Surveillance, Black Box in trains, Network Infrastructure, Captive portal and Biometric solutions. TSIPL has registered office in Mumbai and branches in Delhi and Kolkata. TRANSSTADIA TECHNOLOGIES: CARE Keeps C Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Transstadia Technologies Private Limited (TTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.25 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 18, 2024, placed the rating(s) of TTPL under the 'issuer non-cooperating' category as TTPL had failed to provide information for monitoring of the rating exercise as agreed to in its Rating Agreement. TTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 4, 2025, August 14, 2025, August 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Transstadia Technologies Pvt Ltd (TTPL) was incorporated in November 2010 by the promoters of Setco group, led by Mr. Harish K Sheth and is involved in the business of manufacturing, selling and leasing of Modular are na systems (T-Box). Manufacturing plant of the company is situated at Kalol, Gujarat. UMAK EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Umak Educational Trust (UET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 66.37 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 24, 2024, placed the rating(s) of UET under the 'issuer non-cooperating' category as UET had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UET continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 10, 2025, August 20, 2025 and August 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Umak Educational Trust (UET) was established in 2006 with an objective to provide education services. The trust operates a college under the name of Vedatya Institute (VEI) in Gurgaon, Haryana, offering varied courses. V. SELVAM: CARE Lowers Rating on INR10.68cr LT Loan to B -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of V. Selvam, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 10.68 CARE B; Stable; ISSUER NOT Bank Facilities COOPERATING; Downgraded from CARE B+; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from V. Selvam to monitor the ratings vide e-mail communications dated July 25, 2025, September 24, 2025, among others and numerous phone calls. However, despite repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on V. Selvam's bank facilities will now be denoted as CARE B; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings have been revised on account of non-availability of requisite information due to non-cooperation by V. Selvam with CareEdge's efforts to undertake a review of the outstanding ratings as CareEdge views information availability risk as key factor in its assessment of credit risk profile. The ratings assigned to the bank facilities of V. Selvam continues to be constrained by the small scale of operations, stretched liquidity profile and proprietorship nature of constitution with inherent risk of withdrawal of capital. The rating is further constrained by the inherent cyclicality of the hospitality industry and highly leveraged capital structure. The rating, however, derives strength from the experienced promoter and healthy operating margins. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers: At the time of last rating on September 25, 2024, the following were the rating strengths and weaknesses. Key weaknesses * Small scale of operations: The scale of operations stood small at INR 9.32 crore in FY24 (refers to the period from April 1 to March 31) albeit improved from INR8.37 crore in FY23. In FY24, the hotel business contributed around 75% (PY: 71%) of the total revenue, followed by bar, bus service and rental income. Revenue from Hotel business improved from INR6.21 crore in FY23 to INR7.01 crore in FY24 owing to better occupancy. The firm has collected INR2.89 crore in 5m FY25(refers to the period from April 1 to August 31). * Moderate capital structure: The capital structure of the firm marked by overall gearing stood moderate, however improved to 1.83x as on March 31, 2024, against 2.65x as on March 31, 2023. The debt coverage indicators marked by Total Debt/GCA also remained moderate at 7.86x as on March 31, 2024, against 12.93x as on March 31, 2023. * Proprietorship nature of constitution with inherent risk of withdrawal of capital: V. Selvam is a proprietorship nature of business wherein the inherent risk of withdrawal of capital by the proprietary at the time of their personal contingencies resulting in erosion of capital base leading to adverse effect on capital structure. Key strengths * Experienced promoter: Mr. V. Selvam runs various businesses viz hotel, bus transport services, wedding hall/commercial complex rentals and auto fuel outlets. He was previously associated with the educational sector for almost two decades and holds the position of Vice President in one of the renowned higher educational institutions in India, viz Vellore institute of Technology. * Healthy operating margins: The operating margin of the firm stood healthy above 30% during the last three years due to the service nature of the industry. The PBILDT Margin stood at 34.26% in FY24 as against 32.30% in FY23. The firm's hotel division is a key driver of its impressive profitability, significantly enhancing the overall financial performance. V. Selvam is a proprietorship firm which was founded and promoted by Mr. V. Selvam since 1990. The firm operates in various business vertical namely Bar, bus transport service and hotel businesses. Hotel business is functioning under the brand name of 'Khanna Fiesta' situated in Vellore, Tamil Nadu having 52 deluxe rooms, 2 banquet hall with seating capacity of 200 persons each, multi cuisine restaurant and separate bar facility. Khana Fiesta is a three-star hotel which was established in the year 2016 is being managed and operated by M/s Bergamont Hotels Private Limited as per the agreement entered with the firm. The promoter has experience close to 3 decades in various businesses. YASHWANT DUGDH: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Yashwant Dugdh Prakriya Limited (YDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 20, 2024, placed the rating(s) of YDPL under the 'issuer non-cooperating' category as YDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. YDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 6, 2025, August 16, 2025, August 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable YDPL is a public limited company and is based out of Sangli district in Maharashtra. YDPL commenced its operations in the year 2008 and was promoted by Mr. Shivajirao Yashwantrao Naik (M.L.A.). Mr. Satyajit Shivajirao Nayak, son of Mr. Shivajirao Naik is the Managing Director (MD) looks after the overall operations of the company. YDPL markets their milk products under the brand "Puro" and sells products across the regions of Maharashtra, Goa and few parts of Karnataka. In addition, it manufactures various value-added products such as butter milk, amrakhand, ghee, khoya, paneer, shrikhand, curd, lassi, SMP etc. [] INDIA: Cheque Bounce Suits Cannot Be Stayed Due to Insolvency ---------------------------------------------------------------- TheLiveNagpur.com reports that the Nagpur Bench of the Bombay High Court has ruled that legal proceedings under the Negotiable Instruments Act (NIA) for cheque dishonour cannot be suspended merely because loan recovery has been temporarily halted under the Insolvency and Bankruptcy Code (IBC). According to the report, Justice M.M. Nerlikar delivered the ruling while hearing a plea filed by Shri Ramdev Cotspin, an Akola-based firm, against Ashok Mehra (Chairman) and Chandraprakash Mehra (Managing Director) of Pacific Cotspin Company, Kolkata. Earlier, on April 7, 2022, the National Company Law Tribunal (NCLT) had ordered a temporary suspension of loan recovery proceedings against the accused firm under the IBC, TheLiveNagpur.com recalls. Following this, on August 17, 2023, the Judicial Magistrate First Class (JMFC), Akola, had stayed the cheque bounce case proceedings. Challenging the stay, Shri Ramdev Cotspin approached the High Court, which set aside the lower court's order, TheLiveNagpur.com relates. The bench directed the JMFC, Akola, to resume the trial, observing that criminal liability under Section 138 of the Negotiable Instruments Act is independent of insolvency-related civil proceedings. Advocate Palash Mohta appeared on behalf of Shri Ramdev Cotspin before the High Court. TheLiveNagpur.com notes that the ruling underscores that insolvency proceedings cannot serve as a legal defence against criminal prosecution for dishonoured cheques, reaffirming the principle that financial accountability under the NIA stands apart from IBC protections. ================= I N D O N E S I A ================= GARUDA INDONESIA: To Tap State Fund for US$1.44 Billion ------------------------------------------------------- Bloomberg News reports that PT Garuda Indonesia expects to raise as much as US$1.44 billion in cash from the nation's sovereign wealth fund to put the distressed state-owned carrier on firmer financial footing. Garuda, which will seek shareholder approval of the plan on Nov. 12, seeks to secure the financial help from PT Danantara Asset Management, an arm of wealth fund Danantara, through a private placement, according to a stock exchange filing, Bloomberg relays. It also reached a deal to convert a US$405 million loan from Danantara, the airline's majority shareholder, into additional shares, the filing said. About Garuda Indonesia Garuda Indonesia is the flag carrier of Indonesia. On Oct. 22, 2021, one of Garuda's creditors filed a PKPU petition against Garuda to commence the PKPU Proceeding under Indonesian Insolvency Law. PKPU is a court-enforced suspension of payments process which is designed to provide a debtor a definite period of time to restructure its debt and reorganize its affairs pursuant to a composition plan with its creditors. The Indonesian Court granted the PKPU Petition on Dec. 9, 2021 and appointed Jandri Siadari, S.H., Dip.Mkt., LL.M., Martin Patrick Nagel, S.H., M.H., Albert Hasoloan Limbong, S.H., Asri, S.H., M.H., Mulyadi, S.H., LL.M., William Eduard Daniel, S.E., S.H., LL.M., MBL as administrators who, together with the Debtor, manage the Debtor's assets during the PKPU Proceeding. On June 17, 2022, Garuda proposed to creditors the PKPU Plan developed in consultation with an ad hoc group of its aircraft lessors, Sukuk Holders and a number of other creditors working to facilitate the restructuring of Garuda's debts. The PKPU Plan anticipates Garuda continuing to operate in the ordinary course. PT Garuda Indonesia (Persero) Tbk filed a Chapter 15 petition in New York (Bankr. S.D.N.Y. Case No. 22-bk-11274) on Sept. 23, 2022, to seek U.S. recognition of its debt restructuring in Jakarta, Indonesia. The U.S. case is overseen by Honorable Bankruptcy Judge Lisa G Beckerman. The Debtor is represented by Thomas S. Kessler of Cleary Gottlieb Steen & Hamilton LLP in the U.S. =============== M A L A Y S I A =============== FASHIONVALET: Founders Allowed to Attend Islamic Programme Abroad ----------------------------------------------------------------- The Edge Malaysia reports that the Sessions Court on Oct. 7 granted FashionValet founders Datin Vivy Yusof and her husband, Datuk Fadzarudin Shah Anuar, temporary access to their international passports to attend an Islamic programme in Istanbul and Bosnia. Judge Rosli Ahmad allowed the application filed by the couple's lawyer, Shaarvin Raaj, permitting the release of their passports from Oct. 7 until Nov. 12. "The passports will be handed over to the applicants today and must be returned to the court on Nov. 13," The Edge quotes Rosli as saying. Earlier, Shaarvin told the court that his clients are scheduled to attend the programme dubbed "Islamic Historical Retreat to Istanbul-Bosnia with Sheikh Wael Ibrahim" from Nov. 4 to Nov. 11. "I hereby request that their passports be released today to facilitate visa applications, and shall be returned to the court on Nov. 13," said the lawyer. Deputy public prosecutor Haresh Prakash Somiah did not object to the request. This marks the second time the couple have been allowed temporary access to their passports as the court had previously approved a similar request to allow them to perform umrah in December last year, according to The Edge. Vivy, 38, whose full name is Vivy Sofinas Yusof, and Fadzarudin, 37, were charged on Dec. 5, 2024, with criminal breach of trust involving RM8 million in investment funds from Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB). The Edge relates that the duo, acting as directors of FashionValet Sdn Bhd, were accused of committing criminal breach of trust by authorising a payment of RM8 million from FashionValet's corporate bank account to 30 Maple Sdn Bhd without the approval of the company's board of directors. The offence was allegedly committed on Aug. 21, 2018 at Public Bank Bhd's Bukit Damansara branch, The Edge notes. They were charged under Section 409 of the Penal Code, read together with Section 34, which provides for a maximum jail term of 20 years, whipping, and a possible fine upon conviction. Fashion Valet Sdn Bhd operates as an online fashion store. The Company offers ready-to-wear garments for women, shoes, accessories, and handbags. Fashion Valet serves customers in Malaysia. ===================== N E W Z E A L A N D ===================== JETT FORCE: Court to Hear Wind-Up Petition on Oct. 29 ----------------------------------------------------- A petition to wind up the operations of Jett Force Construction Co. Limited will be heard before the High Court at Auckland on Oct. 29, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 19, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 JUICY FESTIVAL: Asks Artists to Pay Back Appearance Fees -------------------------------------------------------- Stuff.co.nz reports that artists who were due to perform at the cancelled Juicy Festival and Timeless Summer Tour have been asked to pay back their appearance money as liquidators battle to find the cash needed to pay creditors. The two music festivals were cancelled after promoters failed to get a liquor licence for Juicy Festival's Auckland date. The companies involved - Juicy Festival Limited and Timeless Events New Zealand Limited - have since been placed into liquidation. Stuff, citing the newly released second liquidator's report, discloses that the two companies had utilised funds from ticket sales to pay artists and other costs associated with putting on the events. As a result, the companies became insolvent immediately after the cancellation of the events. However, it can now be revealed that both companies owe millions of dollars, with a lack of assets making payback requirements difficult to the creditors, most of whom are ticket holders, Stuff relates. The second liquidators' reports into both cancelled events show that Juicy Festival Limited owes NZD8,921,227.45 but only has NZD101,762.23 in assets, Stuff discloses. Timeless events New Zealand Limited on the other hand owe NZD5,218,824.92 but only have NZD36,149.78 in assets. Stuff says the lack of money available has meant the liquidators, Blacklock Rose Limited, have gone to the artists themselves, asking them to return funds they were paid to appear at the two events. The artists who were scheduled to appear included Ludacris, Akon, and Blackstreet at Juicy Festival, and Boy George, Little River Band, and Starship at Timeless Summer Tour. In their latest report, Blacklock Rose said they instructed their solicitors to write to the artists requesting that they return the funds received, Stuff relays. "We are seeking to recover funds due from related party loans and from artists to, hopefully, increase the distribution to the respective creditor pool." They said, so far though, that all artists had either not responded or rejected the request to repay the funds. Stuff asked Blacklock Rose which artists they had contacted and who had declined to pay back their fee, however, they said they did not consider it to be appropriate to list which artists fell in each category. They did say though that the transactions may be voidable under the insolvent transaction provisions of the Companies Act, and they are in discussions with their solicitors regarding the most prudent way forward. Another issue raised by the liquidators was how some ticketholders had been given refunds through a bank process known as a chargeback. This came about after thousands of ticketholders had to wait months to be refunded, with many still yet to be paid, adds Stuff. Juicy Festival Limited, Timeless Events New Zealand and Timeless Events Australia Limited were placed into liquidation on March 7, 2025, with Blacklock Rose's Ben Francis and Garry Whimp appointed as liquidators. MEDITERRANEAN FOODS: Creditors' Proofs of Debt Due on Oct. 31 ------------------------------------------------------------- Creditors of Mediterranean Foods (Nelson) 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. 25, 2025. The company's liquidator is: Geoff Falloon Biz Rescue Limited PO Box 27 Nelson 7040 NICO KITCHENS: Creditors' Proofs of Debt Due on Oct. 29 ------------------------------------------------------- Creditors of Nico Kitchens and Joinery 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. 22, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 TMIK INVESTMENTS: Court to Hear Wind-Up Petition on Oct. 10 ----------------------------------------------------------- A petition to wind up the operations of TMIK Investments Limited will be heard before the High Court at Auckland on Oct. 10, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 17, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 TOP FINANCE: Creditors' Proofs of Debt Due on Oct. 24 ----------------------------------------------------- Creditors of Top Finance Limited and Steadfast Carpenters 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. 26, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ================= S I N G A P O R E ================= APEX TRADING: Court to Hear Wind-Up Petition on Oct. 10 ------------------------------------------------------- A petition to wind up the operations of Apex Trading Pte. Ltd. will be heard before the High Court of Singapore on Oct. 10, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Sept. 19, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 BRAWN BUSAN: Court to Hear Wind-Up Petition on Oct. 10 ------------------------------------------------------ A petition to wind up the operations of Brawn Busan Pte. Ltd. will be heard before the High Court of Singapore on Oct. 10, 2025, at 10:00 a.m. Boss LLC filed the petition against the company on Sept. 15, 2025. The Petitioner's solicitors are: CHP Law LLC 20 Cecil Street #10-03 PLUS Singapore 049705 CSCT PTE: Court to Hear Wind-Up Petition on Oct. 10 --------------------------------------------------- A petition to wind up the operations of CSCT Pte. Ltd. will be heard before the High Court of Singapore on Oct. 10, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Sept. 19, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 E2 FOOD: Court to Hear Wind-Up Petition on Oct. 10 -------------------------------------------------- A petition to wind up the operations of E2 Food Concepts Pte. Ltd. will be heard before the High Court of Singapore on Oct. 10, 2025, at 10:00 a.m. DBS Bank Ltd filed the petition against the company on Sept. 19, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 RIFE ENGINEERING: Liquidator Alledgely Misappropriated Money ------------------------------------------------------------ The Straits Times reports that a former director of multiple firms was charged on Oct. 3 after he allegedly misappropriated nearly SGD2.5 million in total while acting as an appointed liquidator of other companies. Tee Wey Lih, 48, who used to be a director at firms including Learning Space and Acres Capital, is accused of eight counts of criminal breach of trust, according to ST. ST relates that the Singaporean allegedly committed the offences between 2020 and 2022, with each charge involving around SGD128,000 to SGD705,000. According to ST, court documents stated that the SGD705,000 was linked to a company known as Rife Engineering. Between June 28 and Aug. 22, 2022, Tee was its appointed liquidator and was entrusted with the amount. He then allegedly misappropriated the money. He is said to have committed similar offences while acting as the appointed liquidator for other companies including United Legal Alliance, Newstead Technologies, Plantation Management Partners and Brightoil 639 Oil Tanker. Mr. Tee's case has been adjourned to Nov. 13, ST notes. YELLOW ROAD: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Sept. 19, 2025, to wind up the operations of Yellow Road Rangers Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***