251009.mbx

251009.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 Thursday, October 9, 2025, Vol. 28, No. 202 Headlines A U S T R A L I A ALTHEA ACQUISITION: S&P Rates EUR2,600MM First-Lien Term Loan 'B' BARKINDJI MARAURA: First Creditors' Meeting Set for Oct. 13 FAMOUS FOOTWEAR: To Close all 17 Stores After More Than 25 Years GLENCORE PLC: To Get Government Bailout to Avoid Smelter Closure INFINITY BUILDING: Goes Into Liquidation Owing Millions JATH DIM: First Creditors' Meeting Set for Oct. 14 LENDLEASE FINANCE: Moody's Rates New AUD Sub. Securities 'Ba1' MELMV PROPERTIES: First Creditors' Meeting Set for Oct. 13 MME AUTOPAY 2024-1: Fitch Hikes Rating on Class F Notes to 'BBsf' ST. GEORGE ABORIGINAL: First Creditors' Meeting Set for Oct. 14 TRIMVIEW CERAMICS: First Creditors' Meeting Set for Oct. 13 C H I N A COUNTRY GARDEN: Applies for Ch. 15 Bankruptcy Recognition in U.S. SHINECO INC: Delays FY25 10-K Filing H O N G K O N G [] HK: Seafood Restaurants Take Major Hit From Weaker Economy I N D I A A M INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating ABHISHEK MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating ACCORD HOSPITALITY: CRISIL Keeps B- Rating in Not Cooperating ADITYA AUTOMOTIVE: CRISIL Keeps B Debt Ratings in Not Cooperating ADVANSYS (INDIA): CRISIL Keeps D Debt Ratings in Not Cooperating AISWARYA INFRA: CRISIL Keeps C Debt Ratings in Not Cooperating AKAR CREATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating AMBICA TEA: CRISIL Keeps B Debt Rating to Not Cooperating ANUBANDANA INFRATECH: CRISIL Keeps D Rating in Not Cooperating ARCHEESH HEALTH: CRISIL Keeps B Debt Ratings in Not Cooperating ARNAV TECHNOSOFT: CRISIL Keeps D Debt Ratings in Not Cooperating ASHA ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating ASTHA BEEJ: CRISIL Keeps B+ Debt Ratings in Not Cooperating BAJAJ AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating BAJPAI REFRIGERATION: CRISIL Keeps B+ Ratings in Not Cooperating BALAJI ROLLER: CRISIL Keeps B Debt Rating in Not Cooperating BAVA INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating BHAVIN IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating BLUE MOUNTAIN: CRISIL Keeps B- Debt Rating in Not Cooperating BLUEMOUNT PAPER: CRISIL Lowers Rating on INR4cr Cash Loan to B BOPARAI METALS: CRISIL Keeps B Debt Ratings in Not Cooperating BRAHMAPUTRA AUTO: CRISIL Keeps B- Debt Ratings in Not Cooperating CORAL COVE: CRISIL Keeps B Debt Ratings in Not Cooperating FERROUS INVESTMENTS: Insolvency Resolution Process Case Summary IRB INFRASTRUCTURE: Fitch Affirms BB+ Long-Term IDR, Outlook Stable LDR DEVELOPERS: Insolvency Resolution Process Case Summary PRATISHTHA DAIRY: Liquidation Process Case Summary RELIANCE HOME: Insolvency Resolution Process Case Summary RISHABH TRIEXIM: CRISIL Lowers Long/Short Ratings to D RV LIFESCIENCES: CRISIL Keeps B Debt Rating in Not Cooperating SHRI PARAMSUKH: Insolvency Resolution Process Case Summary SOLACE HEALTHCARE: CRISIL Keeps D Debt Rating in Not Cooperating ST. NICHOLAS: CRISIL Keeps D Debt Ratings in Not Cooperating SUMOHAN ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating V FORCE TRADING: Insolvency Resolution Process Case Summary N E W Z E A L A N D ARCANIST LIMITED: Creditors' Proofs of Debt Due on Nov. 7 BLACK LION: Court to Hear Wind-Up Petition on Oct. 21 DECENT DEVELOPMENTS: Creditors' Proofs of Debt Due on Nov. 12 DENHEATH CORPORATION: Owes More Than NZD500K to Unsec. Creditors GCO PHARMACEUTICALS: Creditors Must File Claim by Oct. 31 JACKIE RAYNOR: Court to Hear Wind-Up Petition on Oct. 21 NEW IMAGE: Creditors' Proofs of Debt Due on Oct. 29 S I N G A P O R E ATOMIC TECHNOLOGIES: Court Enters Wind-Up Order CAR PULSE: Court Enters Wind-Up Order HARVESTLAND DEVELOPMENT: Creditors' Proofs of Debt Due on Oct. 29 M-WORLD GROUP: Court to Hear Wind-Up Petition on Oct. 10 YMG TECH: Court Enters Wind-Up Order S O U T H K O R E A HOMEPLUS CO: To Launch Open Competitive Bidding Process X X X X X X X X ABH DEVELOPERS: CRISIL Lowers Rating on INR30cr LT Loan to B - - - - - ================= A U S T R A L I A ================= ALTHEA ACQUISITION: S&P Rates EUR2,600MM First-Lien Term Loan 'B' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' long-term issue rating to the EUR2,600 million first-lien term loan to be issued by Althea Acquisition Bidco S.a.r.l., a financing vehicle of the new Zentiva group. In September 2025, Zentiva, a leading European generics pharmaceutical company, announced its sale by Advent to new financial sponsor GTCR. The transaction will be financed through the new EUR2,600 million first-lien term loan and EUR1.59 billion of equity, of which EUR535 million are preferred equity certificates (PECs). A EUR350 million revolving credit facility, which is expected to remain undrawn at closing, will simultaneously be put in place, an increase from the previous one. The transaction is expected to close in early January 2026. The financing vehicle will now be Althea Acquisition Bidco S.a.r.l., instead of Al Sirona Acquisition S.a.r.l. The group is issuing EUR535 million of PECs at the level of Althea Acquisition Topco S.a.r.l. S&P said, "We anticipate that GTCR's acquisition of parent company Zentiva will not affect our 'B' issuer credit rating on AI Sirona (Luxembourg) Acquisition S.a.r.l., although it will considerably reduce rating headroom for acquisitions. "Despite equity-like features, we expect to treat the proposed PEC instrument as debt under our methodology. After the transaction, we project Zentiva's total S&P Global Ratings-adjusted debt will rise to about EUR3.5 billion, with S&P Global Ratings-adjusted debt to EBITDA surpassing 8x in 2025 and gradually decreasing to around 7x by 2027. Excluding PECs, we expect S&P Global Ratings-adjusted leverage to be 7x in 2025, declining to about 6x by 2027. We expect Zentiva's operating performance will remain robust, bolstered by strong product diversification, favorable demand trends, and consistent execution from management. By 2025, we foresee a full revenue contribution from the Apontis acquisition, with adjusted EBITDA margins improving to 23.8% in 2025 and 24.7% in 2026. EBITDA cash interest coverage is expected to remain comfortably above 2.5x, with free operating cash flow projected at EUR74 million in 2025 and EUR104 million in 2026. The PECs bear capitalized interest, which protects cash-flow generation. The group's leverage, which had already been affected by a dividend recapitalization of EUR625 million in March 2025, is stretched for the current 'B' rating but the healthy cash-flow coverage ratios and Zentiva's track-record of very robust operating performance are mitigants. "We expect that the group's future trajectory, under GTCR's involvement, will largely preserve the integrity of its core strategy. Zentiva remains committed to organic growth, relying on price increases and volume off-takes, along with new product launches and opportunities arising from loss of exclusivity to drive growth. Zentiva's acquisition strategy targets bolt-on acquisitions aimed at enhancing its over-the-counter (OTC) and specialty portfolios or facilitating expansion into markets where its presence has been limited. "We view Zentiva's medium-term strategy favorably, as it aims to strengthen its leadership in core Central and Eastern European markets, including the Czech Republic, Slovakia, and Romania. Additionally, growth in Western Europe is expected to be primarily driven by Germany and France, along with ongoing expansion in the business-to-business sector. Nevertheless, there are challenges, including uncertainty regarding volumes for new specialty drug launches and the impact of consumer sentiment on volume and product mix gains in the OTC segment. We also recognize the volatility of underlying input costs, which is somewhat offset by Zentiva's in-house manufacturing operations. The company benefits from a diversified sales and manufacturing presence across Europe but does not have exposure to the U.S. pharmaceutical market. The acquisition of Apontis in late 2024 has provided valuable assets in cardiology as well as an expansion of the group's German operations beyond the generics' tenders." BARKINDJI MARAURA: First Creditors' Meeting Set for Oct. 13 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Barkindji Maraura Elders Environment Team Ltd will be held on Oct. 13, 2025 at 11:00 a.m. via Zoom. Scott Andersen and Nathan Deppeler of Worrells were appointed as administrators of the company on Oct. 1, 2025. FAMOUS FOOTWEAR: To Close all 17 Stores After More Than 25 Years ---------------------------------------------------------------- Inside Retail reports that Australian shoe retailer Famous Footwear will close its 17 physical stores and online shop after more than 25 years. In a statement posted to social media, the retailer said that it would "be closing permanently, with our online store open until December 31," notes the report According to Inside Retail, the company confirmed it will continue to accept online orders, vouchers and store credit until the end of the year, with its remaining stores to shut early next year. Inside Retail notes that the closure is one among several other Australian fashion and footwear brands that have shut down over the past couple of years due to challenging economic conditions. Wittner also faced financial strain in the past year, with Nike franchise group AF-1 closing seven stores across Sydney last week, after losing its licensing agreement, resulting in 113 job losses. "We've loved helping you find your famous fit for more than 25 years," said Famous Footwear, according to Inside Retail. "We're truly grateful for the loyalty and support from our community over the years." Famous Footwear, owned by Queensland-based Asco International, operates stores across Australia's eastern coast and carries brands including Pied a Terre, Naughty Monkey, London Rebel and Venice Beach Shoes. GLENCORE PLC: To Get Government Bailout to Avoid Smelter Closure ---------------------------------------------------------------- InDaily South Australia reports that Glencore has been threatening to shut its loss-making Mount Isa copper smelter and Townsville copper refinery, saying it could not afford to operate them without subsidies. On Oct. 8, federal Industry Minister Tim Ayres and Queensland Resources Minister Dale Last announced they had struck a deal to keep them running, InDaily relates. Mr. Ayres said the agreement provided much-needed certainty for workers and maintained Australia's domestic minerals processing capacity, which was fundamental to economic resilience, self-sufficiency and the transition to net-zero emissions. "Copper is critical to building solar panels, wind turbines and energy storage systems," the report quotes Mr. Ayres as saying. "If Australia didn't already have established facilities like the Mount Isa copper smelter, we'd be looking to build them to protect Australia's industrial capability." In July, Glencore closed its underground copper mine at Mount Isa with a loss of almost 500 direct jobs, InDaily recalls. It also warned it was preparing to put the nearby copper smelter and its Townsville copper refinery into care and maintenance until market conditions improved. The Mount Isa smelter is one of Australia's largest industrial facilities and energy users, providing about half of the nation's copper smelting capacity. According to InDaily, more than 600 direct jobs and a further 500 jobs at the nearby Phosphate Hill facility will be protected by the bailout. Three funding tranches will be released to Glencore contingent on the company proving it can keep the facility financially sustainable beyond the three-year arrangement, says the report. It will also have to complete a transformation study to demonstrate further industrial opportunities in the region. Glencore said the assets were losing money and forecast a AUD2.2 billion loss over the next seven years, InDaily relates. InDaily adds that the AUD600 million package will be split between the Commonwealth and the Queensland government, with work on the specifics of the funding arrangements to be completed over coming weeks. Glencore plc engages in the production, refinement, processing, storage, transport, and marketing of metals and minerals, and energy products in the Americas, Europe, Asia, Africa, and Oceania. INFINITY BUILDING: Goes Into Liquidation Owing Millions ------------------------------------------------------- Herald Sun reports that Infinity Building Group has plunged into liquidation owing millions to creditors, amid legal action over alleged unpaid debts. At a general meeting of the Company's members held on Sept. 15, 2025, a resolution was passed to wind up the Company and appoint Shaun Fernando of Mackay Goodwin as liquidator. Infinity Building Group, trading as "Infinity Homes Australia", "Esperant Building Group" and "Style Studio By Infinity", was a Mulgrave-based construction company. JATH DIM: First Creditors' Meeting Set for Oct. 14 -------------------------------------------------- A first meeting of the creditors in the proceedings of Jath Dim Sum Specialist Pty Ltd, trading as Ru Yi Dim Sum Specialist, will be held on Oct. 14, 2025 at 10:00 a.m. via Microsoft Teams. Amanda Lott of Acris was appointed as administrator of the company on Oct. 1, 2025. LENDLEASE FINANCE: Moody's Rates New AUD Sub. Securities 'Ba1' -------------------------------------------------------------- Moody's Ratings assigned a Ba1 rating to the proposed AUD subordinated securities to be issued by Lendlease Finance Limited (Baa3 stable), a wholly owned subsidiary of Lendlease Group (Baa3 stable). The ratings on Lendlease Group, Lend Lease (US) Finance Inc., Lend Lease Europe Finance plc, Lendlease (US) Capital Inc. and Lendlease Finance Limited, as well as stable outlooks, remain unaffected by the rating action. The net proceeds of the issue will be used to repay debt and for general corporate purposes. RATINGS RATIONALE The Ba1 rating on the proposed security reflects the notes' relative position in the company's capital structure. The proposed notes rank junior to the senior unsecured obligations, but rank senior to the obligations of the issuer under all classes of share capital, including preference shares and pari passu with any Parity Obligations of the issuer such as the SGD400 million in hybrid securities priced on September 23, 2025. Moody's considers the proposed securities as 100% debt due to the 500 basis point coupon step-up at year three, which provides the company with a strong incentive to repay the securities. This leads to a one notch differential between the proposed subordinated securities rating of Ba1 and the senior unsecured rating of Baa3. The decision to take no action on the existing ratings and outlooks is based on Moody's views that Lendlease's results for fiscal 2025 continue to reflect the ongoing restructuring of the business, which was announced at its strategy day in May 2024. As at June 30, AUD2.5 billion of the targeted AUD2.8 billion in asset sales had been announced or completed, with AUD300 million of this to complete in FY26 and with a further AUD2 billion targeted in fiscal 2026 of which AUD1 billion is at advanced stages. Moody's therefore expect Lendlease's credit quality to continue to improve in line with management's commitment to reduce gearing to at or below 15% by fiscal 2026. The reported AUD3 billion in available liquidity as at June 30, 2025 and the expected AUD2.3 billion in asset sales and settlements in fiscal 2026 mitigate credit risk while the business transforms and credit quality improves over fiscal 2026. The stable outlook reflects Moody's expectations that Lendlease will continue to execute the announced capital recycling, secure new business from the Australian development pipeline, deliver the cost-out program, and successfully transition the earnings towards 50% from investments, all while maintaining high levels of liquidity. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade over the next 12 months is unlikely as Moody's would need time to see the reduction to gearing, execution of the announced evolution of the business, and assess the improvement to the earnings composition and the extent to which the improved earnings quality lowers Lendlease's financial and operational risk profile. Over the longer term, Moody's could upgrade Lendlease's ratings if the Group demonstrates a sustained trend of earnings and cash flow growth from its core segments. Specifically, for an upgrade Moody's expects Lendlease to maintain debt/capital below 25% and net debt/EBITDA below 2.5x. Moody's would also expect Lendlease to maintain an excellent liquidity profile. Moody's could downgrade Lendlease's ratings if the group does not successfully execute the balance of its capital recycling initiatives and/or its announced business strategy such that debt/capital remains above 35% or net debt/EBITDA is sustained above 4x. The ratings could also be downgraded if the Group's liquidity deteriorates meaningfully from currently strong levels. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Homebuilding and Property Development published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Lendlease Group, headquartered in Sydney, Australia, is an integrated real estate group with key segments of Investments, Development and Construction. The Group focuses on large scale urbanization projects and generated around AUD7.75 billion in revenues for the fiscal year ended June 30, 2025. MELMV PROPERTIES: First Creditors' Meeting Set for Oct. 13 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of MelMV Properties Pty Ltd will be held on Oct. 13, 2025 at 10:00 a.m. via Zoom Meeting. Nick Combis of Vincents Chartered Accountants was appointed as administrator of the company on Sept. 30, 2025. MME AUTOPAY 2024-1: Fitch Hikes Rating on Class F Notes to 'BBsf' ----------------------------------------------------------------- Fitch Ratings has upgraded five and affirmed three classes of MME Autopay ABS 2024-1 Trust's pass-through floating-rate notes. Fitch has also revised the Outlook on four notes to Positive, from Stable. The notes are backed by a pool of first-ranking Australian automotive loan receivables originated by MoneyMe Financial Group Pty Ltd. The notes were issued by Perpetual Corporate Trust Limited as trustee for the trust. The upgrades were driven by the combination of the build-up of credit enhancement (CE) and asset performance outperforming base-case assumptions. The Positive Outlooks reflect the potential for continued outperformance versus the lifetime base-case and further build-up of CE; however, Fitch expects the increase in CE to be less pronounced than previously experienced, given the anticipated transition to pro-rata principal payments. Entity/Debt Rating Prior ----------- ------ ----- MME Autopay ABS 2024-1 Trust A1 AU3FN0091286 LT AAAsf Affirmed AAAsf A2 AU3FN0091294 LT AAAsf Affirmed AAAsf B AU3FN0091302 LT AA+sf Upgrade AAsf C AU3FN0091310 LT AA-sf Upgrade Asf Commission Notes AU3FN0092169 LT AAAsf Affirmed AAAsf D AU3FN0091328 LT A-sf Upgrade BBBsf E AU3FN0091336 LT BB+sf Upgrade BBsf F AU3FN0092136 LT BBsf Upgrade B+sf KEY RATING DRIVERS Stable Asset Performance: The performance of the underlying assets has been stable. As of end-July 2025, 30+ and 60+ day arrears were 1.3% and 0.7%, respectively, both below Fitch's 1Q25 Auto ABS Performance Monitor arrears of 1.64% and 0.81%. Cumulative gross losses of 0.64% are tracking below the 4.7% lifetime default rate that Fitch expected at transaction closing. Cumulative recoveries were 6.7%, against its base case of 30.0%. However, these may be understated, as some defaulted receivables are still yet to receive full recoveries. Default and recovery assumptions are unchanged from closing. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.8% for the year to June 2025 and unemployment was 4.2% in August 2025. Fitch forecasts GDP growth of 1.8% in 2025 and 2.1% in 2026, with unemployment at 4.2% and 4.1%, respectively. Credit Enhancement Supports Ratings: Its cash flow analysis incorporates its base-case default and recovery expectations, updated portfolio compositions and the build-up of CE. The notes can withstand all Fitch stresses at their assigned rating levels. The Positive Outlooks reflect potential continued asset outperformance versus the lifetime base-case and further CE build-up. However, Fitch expects CE growth to be less pronounced than previously experienced, due to the anticipated transition to principal pro-rata payments. No Residual Value Exposure: There is no residual value exposure in this transaction, however, 16.9% of the portfolio by loan value has balloon amounts payable at maturity. Low Operational and Servicing Risk: All receivables were originated by MoneyMe, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by standby servicing arrangements. The nominated standby servicer is Perpetual Corporate Trust Limited. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other auto lenders. The key rating drivers listed in the applicable sector criteria, but not mentioned above, are not material to this rating action. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the CE available to the notes. Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case and are likely to result in a decline in CE and remaining loss-coverage levels available to the notes. Decreased CE may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing weighted-average defaults and decreasing the weighted-average recovery rate. Notes: Commission / A1 / A2 / B / C / D / E / F Rating: AAAsf / AAAsf / AAAsf / AA+sf / AA-sf / A-sf / BB+sf / BBsf 10% defaults increase: AAAsf / AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBsf / BB-sf 25% defaults increase: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf 50% defaults increase: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / B+sf / less than Bsf 10% recoveries decrease: AAAsf / AAAsf / AAAsf / AA+sf / AA-sf / BBB+sf / BB+sf / BB-sf 25% recoveries decrease: AAAsf / AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / BB-sf 50% recoveries decrease: AAAsf / AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBsf / B+sf 10% defaults increase/10% recoveries decrease: AAAsf / AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBsf / B+sf 25% defaults increase/25% recoveries decrease: AAAsf / AAAsf / AAAsf / AA-sf / Asf / BBB-sf / BB-sf / Bsf 50% defaults increase/50% recoveries decrease: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf / less than Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of CE that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The 'AAAsf' notes are at the highest level on Fitch's scale and cannot be upgraded. Therefore, upgrade sensitivities for these notes are not relevant. Notes: B / C / D / E / F Rating: AA+sf / AA-sf / A-sf / BB+sf / BBsf 10% defaults decrease/10% recoveries increase: AAAsf / AAsf / Asf / BBB-sf / BBsf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information as part of its ongoing monitoring. Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. ST. GEORGE ABORIGINAL: First Creditors' Meeting Set for Oct. 14 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of St. George Aboriginal Housing Company Limited will be held on Oct. 14, 2025 at 10:30 a.m. at the offices of Worrells, at Level 15, 300 Queen Street, in Brisbane, Qld, and via Microsoft Teams upon request. Adam Francis Ward and Andrew Ivor Thomas Worrellof Worrells were appointed as administrators of the company on Oct. 1, 2025. TRIMVIEW CERAMICS: First Creditors' Meeting Set for Oct. 13 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Trimview Ceramics Pty Ltd will be held on Oct. 13, 2025 at 10:30 a.m. at the offices of WA Insolvency Solutions, a Division of Jirsch Sutherland, Suite 6.02, Level 6/109 St Georges Terrace, in Perth, WA and via conferencing facilities. Jimmy Trpcevski and Greg Prout of WA Insolvency Solutions were appointed as administrators of the company on Oct. 1, 2025. ========= C H I N A ========= COUNTRY GARDEN: Applies for Ch. 15 Bankruptcy Recognition in U.S. ----------------------------------------------------------------- OffshoreAlert reports that in an attempt to stave off an "insolvent liquidation", Cayman Islands-domiciled, Chinese property developer Country Garden Holdings Company Limited has applied for its Hong Kong insolvency proceedings to be recognized in the United States as part of a restructuring effort. Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Earlier in August 2025, it reached an agreement with a core group of bank creditors that holds 49% of the company's offshore debt, marking another step in its $14.1 billion restructuring plan, according to Reuters. SHINECO INC: Delays FY25 10-K Filing ------------------------------------ Shineco, Inc. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it is unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2025, by the filing deadline due to a delay experienced by the Company in completing its financial statements and other disclosures in the Form 10-K. As a result, the Company is still in the process of completing its audit for the fiscal year ended June 30, 2025 and compiling certain other required information for its Form 10-K. The Company anticipates that it will file the Form 10-K no later than the fifteenth calendar day following the prescribed filing date. About Shineco Inc. Headquartered in Beijing, People's Republic of China, Shineco, Inc. aims to 'care for a healthy life and improve the quality of life' by providing health and medical products and services to society. Shineco, operating through subsidiaries, has researched and developed 33 vitro diagnostic reagents and related medical devices to date, and the Company also produces and sells healthy and nutritious foods. Singapore-based AssentSure PAC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Sept. 30, 2024, citing that the Company had net losses of approximately US$$24.3 million and US$14.0 million, and cash outflow of US$3.9 million and US$5.4 million from operating activities for the years ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and 2023, the Company had accumulated deficit of US$54.3 million and US$31.7 million, respectively, and as of June 30, 2024 and 2023, the Company had negative working capital of US$6.7 million and US28.9 million, respectively. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ================= H O N G K O N G ================= [] HK: Seafood Restaurants Take Major Hit From Weaker Economy ------------------------------------------------------------- SeafoodSource reports that Hong Kong has long boasted one of the world's highest per-capita seafood consumption rates, but the closure in August of a high-profile seafood restaurant has highlighted the challenges facing the city's seafood distributors. Glorious Seafood Restaurant, located on the second floor of prominent mall Cheung Sha Wan Plaza, closed its doors without notice on 1 August, SeafoodSource relates citing a report from The Standard. The city's Eating Establishment Employees General Union has been seeking to recoup unpaid wages for 50 workers who lost their jobs when the restaurant closed, which followed a spate of other restaurant closures across the city, according to the publication. According to SeafoodSource, the reduced business is also evident in financial results of other prominent restaurant operators in Hong Kong. Dragon King Group Holdings Ltd., which operates full-service Cantonese style restaurants - a style of cuisine which features seafood prominently - saw revenue for the six months ended 30 June 2025 fall 78.2 percent year over year, a poor result considering the company closed two of its outlets the prior year, SeafoodSource notes. SeafoodSource relates that revenue generated from the company's Dragon Gown restaurant chain fell by 38.1 percent in the first half of 2025, a decrease the company said "was mainly due to the business environment remaining challenging and the negative impact by the weak market sentiment." The downturn is likely to have an impact on the seafood industry in Hong Kong, SeafoodSource adds. ========= I N D I A ========= A M INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of A M Industries - Hardoi (AMI) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 2 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AMI for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AMI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AMI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AMI continues to be 'Crisil B/Stable Issuer not cooperating'. AMI was formed as a partnership between Mr. Arjit Mittal and Mr. Ankit Mittal in 2000. The firm processes (mills, polishes and sorts) rice, bran, and paddy, at its facility in Hardoi, Uttar Pradesh, having installed capacity of 10 tonnes per hour (tph). The firm trades rice under its own brand, Rice Man. ABHISHEK MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Abhishek Motors Private Limited (AMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.6 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 5.9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AMPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AMPL continues to be 'Crisil D Issuer not cooperating'. AMPL, incorporated in 1998 by Guwahati (Assam)-based Mr. Pulak Goswami, is an authorised dealer of Tata Motor Ltd's passenger cars in several districts of Assam. The company is also in the transportation business. ACCORD HOSPITALITY: CRISIL Keeps B- Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Accord Hospitality and Services (AHAS) continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 6.15 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AHAS for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AHAS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AHAS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AHAS continues to be 'Crisil B-/Stable Issuer not cooperating'. AHAS, established in 2011, is engaged in hospitality business. The firm is promoted by Raigarh-based Mr. Sudip Kumar Moda, Mr. Priti Sudip Moda and Mr. Mahendra Kumar Loda and is currently setting up a three-star hotel, Hotel Accord International in Raigarh (Chhattisgarh). ADITYA AUTOMOTIVE: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aditya Automotive continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.5 CRISIL B/Stable (Issuer Not Cooperating) Channel Financing 2.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Aditya for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Aditya, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Aditya is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Aditya continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in December 2013 as a proprietorship firm by Mr. Dinesh Agarwal, Aditya is an authorised dealer for two-wheelers of Honda Motorcycles & Scooter India Pvt Ltd for the Pune-Baner area. ADVANSYS (INDIA): CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Advansys (India) Private Limited (AIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AIPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AIPL continues to be 'Crisil D Issuer not cooperating'. AIPL, promoted by Mr. Pankaj Balwani, is setting up a plant in Pune for manufacturing healthcare and fitness products. The promoter has experience of around a decade in manufacturing and trading of wellness and healthcare products. AISWARYA INFRA: CRISIL Keeps C Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Aiswarya Infrastructure and Services (AIS) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 6 CRISIL C (Issuer Not Cooperating) Proposed Long Term 2 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with AIS for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AIS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AIS continues to be 'Crisil C Issuer not cooperating'. Set up in 2007, AIS leases warehouses and commercial spaces in and around the industrial hub of Kakinada (Andhra Pradesh). Mr. M Venkata Sasidhar, Mr. M Gowtham, and Mr. M Naveen Krishna are partners in the firm. AKAR CREATIONS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings the ratings on bank facilities of Akar Creations Private Limited (ACPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Drop Line 25 CRISIL D (Issuer Not Overdraft Facility Cooperating) Loan Against 3.5 CRISIL D (Issuer Not Property Cooperating) Mortgage Loan 10 CRISIL D (Issuer Not Facility Cooperating) Overdraft Facility 20 CRISIL D (Issuer Not Cooperating) Proposed Long Term 4.2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ACPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ACPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ACPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ACPL continues to be 'Crisil D Issuer not cooperating'. ACPL, incorporated in 1993 by the Borkar family, develops real estate projects in Goa and Mumbai. The company's key promoters are Mr. Avinash Borkar and Mr. Chinmai Borkar. AMBICA TEA: CRISIL Keeps B Debt Rating to Not Cooperating --------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Ambica Tea Estate (ATE) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Tea Hypothecation 6.9 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with ATE for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ATE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ATE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ATE continues to be 'Crisil B/Stable Issuer not cooperating'. Based in Kolkata, ATE is owned and managed by the Bannerjee family. ATE is an integrated tea player, engaged in cultivation of tea and manufacturing and selling of CTC (crush, tear, curl) tea and has its garden in Assam. ANUBANDANA INFRATECH: CRISIL Keeps D Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Anubandana Infratech Private Limited (AIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AIPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AIPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2010 and promoted by Mr. K Sridhar, AIPL constructs and sells residential apartments in Karnataka and Andhra Pradesh. ARCHEESH HEALTH: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Archeesh Health Care Private Limited (AHCPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 10 CRISIL B/Stable (Issuer Not Cooperating) Proposed Fund- 1 CRISIL B/Stable (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with AHCPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AHCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AHCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AHCPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in October, 2015 as a private limited company, AHCPL is setting up a manufacturing unit for cosmetic and Ayurveda product. Based in Hyderabad, Telangana it is a manufacturer of Herbal Skin Care, Personal Care Products and Baby Care products, and permanent supplier of 'The Himalaya Drug Company'. The company is promoted by Mr. Santosh Kumar Kokku who has 10 years of extensive industry experience. ARNAV TECHNOSOFT: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings the ratings on bank facilities of Arnav Technosoft Private Limited (ATPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 2.47 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 11.03 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ATPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ATPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ATPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ATPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2007, ATPL is a real estate developer and is executing its maiden project in Noida (Uttar Pradesh). The project involves construction and leasing of a corporate office building. ATPL is part of the SDS group which is engaged into real estate construction spanning group housing projects, integrated townships, commercial space, and information technology park in Noida and Greater Noida regions of Uttar Pradesh. The group is headed by Mr. Deepak Bansal and Mrs Anshul Bansal. ASHA ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Asha Enterprises (AE) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AE for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AE continues to be 'Crisil D Issuer not cooperating'. Asha, incorporated in 2015 by Mr. Bineet Somani is setting-up a 40 key three star hotel at Sevoke Road, Bhaktinagar in Siliguri, West Bengal. The firm is proposing to start its commercial operations by April, 2017. Mr. Kedar Somani (father), Mrs. Asha Somani (mother) and Mr. Amit Somani (brother) are the other partners of the firm. ASTHA BEEJ: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Astha Beej Company Private Limited (ABC) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 1.81 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Standby Line 0.35 CRISIL B+/Stable (Issuer Not of Credit Cooperating) Term Loan 1.34 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ABC for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ABC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ABC continues to be 'Crisil B+/Stable Issuer not cooperating'. Established on July 26, 1999, (production began from 2005) by Mr. D K Goel, ABC supplies certified, foundation, and research wheat and paddy seeds. Operations are managed by Mr. D K Goel, Mr. S K Goel, and Ms. Ruchin Goel. BAJAJ AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bajaj Agro Industries (BAI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Cash Credit 5.5 CRISIL D (Issuer Not Cooperating) Term Loan 2.51 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BAI for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BAI continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 2011, Kurud (Chhattisgarh)-based BAI, a proprietorship firm of Mr. Naresh Kumar Bajaj, is engaged in the processing and domestic sale of basmati rice. Its unit, with capacity to process 4 lakh quintal of paddy per annum, is currently utilised at 75-80%. BAJPAI REFRIGERATION: CRISIL Keeps B+ Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bajpai Refrigeration and Bakers Company (BRBC) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 2 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.75 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BRBC for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BRBC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BRBC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BRBC continues to be 'Crisil B+/Stable Issuer not cooperating'. BRBC, a partnership firm set up by Mr. M C Bajpai, Mrs Sandhya Bajpai, and Mr. Ashok Lakhan, has an integrated cold chain facility in Kashipur, Uttarakhand, to supply fresh and chilled food produce, mainly green peas. Commercial operations commenced in January 2015. BALAJI ROLLER: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Balaji Roller Flour Mills - Vizianagaram (BRFM) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BRFM for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BRFM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BRFM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BRFM continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2004 as a partnership firm, BRFM operates a wheat flour mill. The manufacturing facility is in Vizianagaram, Andhra Pradesh. Mr. Chandrakant Rathi, Mr. M Rao Mr. A Nagesh, and Mr. T Saptagiri are the partners. BAVA INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bava Infrastructure Developers Private Limited (BIDPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 11 CRISIL D (Issuer Not Cooperating) Proposed Overdraft 5 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with BIDPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BIDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BIDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BIDPL continues to be 'Crisil D Issuer not cooperating'. BIDPL was incorporated in 2009.Based out of Mangalore, Karnataka, the company is engaged in civil construction works. BIDPL is owned & managed by Mr.Moideen Bava, Mr.Mahsoof Ahmed and Ms.Nageena Moideen Bava. BHAVIN IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Bhavin Impex Private Limited (BIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 9.5 CRISIL D (Issuer Not Credit Cooperating) Proposed Cash 9.5 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with BIPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BIPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2001, BIPL is promoted by the Sayani group, which has been involved in the manufacturing and export of copper alloys and brass fittings since more than a decade. BIPL manufactures, exports, and trades in brass ingots, billets, brass extrusion, brass fasteners and fittings. BLUE MOUNTAIN: CRISIL Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Blue Mountain Estates (BME) continues to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 16 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with BME for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BME, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BME is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BME continues to be 'Crisil B-/Stable Issuer not cooperating'. BME was acquired by the current promoters in 2001 and operates a coffee plantation in Chikmagalur district, Karnataka. BLUEMOUNT PAPER: CRISIL Lowers Rating on INR4cr Cash Loan to B -------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Bluemount Paper And Boards Limited (BPABL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB/Stable ISSUER NOT COOPERATING') Proposed Long Term 1 Crisil B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Revised from 'Crisil BB/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with BPABL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BPABL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BPABL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BPABL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB/Stable Issuer not cooperating'. BPABL was incorporated in December 2002. The company is engaged in manufacturing of high quality food grade kraft paper with total installed capacity of 1500 tons per month. BPABL is owned and managed by Mr. M. Balasubramaniam and his son Mr. Aswin. Its manufacturing facility is located at Tirunelveli (Tamil Nadu). BOPARAI METALS: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Boparai Metals Private Limited (BMPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 2.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BMPL for obtaining information through letter and email dated September 05, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BMPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1994, BMPL produces cast iron, precision-machined components such as tractor products and engine parts. It is an ISO-certified company. Mr. Karanpreet Singh Boparai, Mr. Sukhcharanjit Singh, Mr. Prithipal Singh Boparai, and Mrs. Gurdip Kaur are the promoters. BRAHMAPUTRA AUTO: CRISIL Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Brahmaputra Automobiles (BA) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B-/Stable (ISSUER NOT COOPERATING) Proposed Long Term 2.35 CRISIL B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Crisil Ratings has been consistently following up with BA for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BA continues to be 'Crisil B-/Stable Issuer not cooperating'. BA was set up in 2012, as a proprietorship firm. It operates an authorized dealership for commercial vehicles of SML Isuzu Ltd. The firm operates through showrooms and a service center in Guwahati, Assam. Mr. Keshab Chandra Das manages the operations. CORAL COVE: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Coral Cove Hotels and Resorts Private Limited (CCHRPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 2.4 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 4.1 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Coral CCHRPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CCHRPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CCHRPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CCHRPL continues to be 'Crisil B/Stable Issuer not cooperating'. CCHRPL, incorporated in 2014, is engaged in the hospitality business. The company is promoted by Andaman and Nicobar Islands-based Mr. Ameet J Arora and Mrs. Nupur Arora, who are setting up a 3-star resort at Mini Bay, Port Blair. FERROUS INVESTMENTS: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Ferrous Investments Private Limited A19, Ground Floor, FIEE Complex, Suite #1164, Okhla Industrial Area, Phase II, Okhla Industrial Area Phase-I, New Delhi, New Delhi, Delhi, India, 110020 Insolvency Commencement Date: September 15, 2025 Estimated date of closure of insolvency resolution process: March 14, 2026 (180 Days) Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Mrs. Chaya Gupta 1, Bima Nagar, 202, Almas Dreams Apartment, Near Anand Bazaar, Indore, Madhya Pradesh, 452018 Email Id: guptachayacs@gmail.com 911, Apollo Premier, Near Vijay Nagar Square, Indore - 452010, M.P Email Id: cirp.ferrousinvestments@gmail.com Last date for submission of claims: September 29, 2025 IRB INFRASTRUCTURE: Fitch Affirms BB+ Long-Term IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed India-based IRB Infrastructure Developers Ltd's Long-Term Issuer Default Rating and the rating on its US dollar senior secured notes at 'BB+'. The Outlook is Stable. RATING RATIONALE The rating reflects IRB's strong consolidated financial profile, with adequate rating headroom. Fitch expects continued robust traffic performance by IRB's diverse and strategically located assets, helped by strong Indian GDP growth. The company has a record of operating and maintaining the group's assets to a high standard, with expertise provided by an in-house engineering, procurement and construction (EPC) business through its subsidiary, Modern Road Makers Private Limited (MRM). Fitch expects IRB's financial profile to remain robust, with the group's consolidated debt-service coverage ratio (DSCR) under its rating case averaging at 1.39x between the financial year ending March 2026 (FY26) and FY32. Equity infusions from GIC Private Limited's affiliates and Cintra, S.A. at both the IRB Infrastructure Trust (Private InvIT) and the holding-company level have strengthened the funding base for future projects. Fitch's rating approach fully consolidates IRB's wholly owned contracting and concession activities and includes distributions from its Private InvIT and IRB InvIT Fund (Public InvIT). IRB is a leader in India's road sector. It owns and manages around 15,500 lane kilometres (km) of build-operate-transfer (BOT), toll-operate-transfer and hybrid-annuity-model road assets across 12 states. The National Highways Authority of India (NHAI) aims to expand the national highway network from roughly 150,000km currently to over 200,000km by 2037. Fitch believes IRB is well positioned to benefit from upcoming road auctions. KEY RATING DRIVERS Diversified Portfolio, Robust Fundamentals - Revenue Risk - Volume: High Midrange IRB wholly owns five projects, of which two are operational and the rest under construction. These road assets cover nearly 500km across Maharashtra, Gujarat, Uttar Pradesh, Himachal Pradesh and Tamil Nadu, primarily on key national highway corridors. Traffic is robust, with a higher share of commercial than private vehicles and India's relatively low toll rates. IRB also faces traffic risk on 20 toll projects out of 21 projects under its two infrastructure trusts. Most trust concessions are part of India's "golden quadrilateral" network, serving diverse traffic but facing some competition from free routes. Formula-Linked Tariff Increases - Revenue Risk - Price: Midrange Toll increases for IRB projects are regulated by the NHAI or Maharashtra State Road Development Corporation. The concession for the National Highway 48 section of IRB's Mumbai-Pune project allows a 16% hike every three years until FY31, while the Mumbai-Pune Expressway section rates are now flat after the last rise in FY24 till the end of the concession. Tolls under NHAI concessions include base fees, a 3% annual hike, and 40% of India's wholesale price index rise. Fitch expects tolls to broadly align with index forecasts. There has not been significant legislative interference. NHAI's agreements can extend or shorten concession maturities based on traffic thresholds. Well-Developed Capital Plan - Infrastructure Development and Renewal: Stronger IRB has robust capital and maintenance plans and undertakes in-house operation and maintenance (O&M) for each SPV. All EPC and O&M contracts are fixed-price and date-certain. IRB has not been responsible for significant delays or cost overruns. Capacity exceeds the medium-term forecasts of IRB's technical consultant and capex is met by internal accruals. The concessions do not provide for recovery of maintenance cost, but toll rises offer some protection against rising costs. Risk is also mitigated by many O&M agreements covering the entire concession life. Exposure to Construction Business - In-House EPC and O&M Fitch expects IRB's contracting activity to contribute around 15% of consolidated EBITDA in FY26-FY32. Contractual income from its SPVs is typically from the cyclical highway construction and O&M business. The captive EPC business has built over 19,000 lane km over three decades. IRB uses its EPC capability only for in-house projects and does not bid for third-party contracts. IRB intends to further expand its order book and has high visibility around construction revenue, as its EPC contracts relate only to in-house projects. Partially Amortising Debt - Debt Structure: Midrange The US dollar notes have an eight-year 52% partially amortising structure and a fixed coupon. The covenant package is adequate, with restricted payment conditions and limits on additional debt through leverage and coverage ratios, including the infrastructure trusts. The notes benefit from a six-month debt-service reserve and a dedicated escrow account at the IRB level, secured through collateral, including a pledge of partial shares of its Mumbai-Pune project subsidiary and a charge over the escrow account. Refinancing risk at the FY32 maturity is mitigated by the long concession period and the group's access to banks. The notes are structurally subordinated to the project loans at subsidiaries. However, Fitch believes the subordination is not significant enough to warrant any notching. The holding company's adjusted EBITDA interest coverage (including MRM's EBITDA and returns from Private InvIT) is sufficient, averaging 2.8x over FY26-FY31 with a minimum of around 1.4x. Covenants for domestic financing at the subsidiary level are also less restrictive for distributions and can be easily refinanced. Financial Profile Its base case is aligned with the sponsor's case for the traffic growth assumptions for the Mumbai-Pune project, Private InvIT and Ahmedabad-Vadodara projects and the sponsor's case for EPC revenues with a 20% EBITDA margin for FY26-FY32. The group's consolidated DSCR under its base case averages 1.63x between FY26 and FY32, while its base-case leverage declines to below 1.0x in FY29, from a peak of 2.1x in FY26. Its rating case incorporates further stress, including a lower EPC order book at a narrower EBITDA margin of 17% and slower traffic growth for the Mumbai-Pune, Ahmedabad-Vadodara and Private InvIT projects. The group's consolidated DSCR under its rating case averages 1.39x between FY26 and FY32, while its rating-case leverage declines to below 1.0x in FY30, from a peak of 2.2x in FY26. PEER GROUP IRB can be compared with Yuexiu Transport Infrastructure Limited (YXT, BBB/Stable), a China-based concession group with a large portfolio of expressways, including a diverse network in Guangdong province and central China, with few roads facing competition. IRB has a better price risk assessment, as YXT lacks transparency and predictability in the regulatory framework. IRB also has a better financial profile as Fitch forecasts its net leverage at below 2.2x between FY26 and FY32, while YXT's net leverage under its rating case is projected to remain below 4.6x over the medium term. However, IRB is rated two notches below YXT, as it is exposed to the more volatile EPC contracting business. IRB can also be compared with Shenzhen International Holdings Limited (SZIH, BBB/Negative, Standalone Credit Profile: bb+), which is engaged in toll road and logistics park operation in China. Most of SZIH's assets are essential roads in economically vibrant regions with limited competition. However, IRB has a better price risk, and infrastructure development and renewal assessments, as SZIH is exposed to other businesses, including logistics. Fitch also expects higher net leverage at SZIH of 8.0x in the near term, against 2.2x for IRB over FY26-FY32. However, IRB is exposed to the cyclical EPC business, which justifies a similar credit assessment for both entities. Varanasi Aurangabad NH-2 Tollway Private Limited (VATPL, BBB-/Stable) is another peer. India-based VATPL is the project company responsible for expanding the 192.4km Varanasi to Aurangabad segment of National Highway 2 from four lanes to six under a long-term concession agreement. VATPL's rating case initial net debt/EBITDA is 5.1x for FY26, while the bond period average net debt/EBITDA for its rating case is forecast at 3.0x with profile net debt/EBITDA of 4.5x for FY26-FY28. IRB is rated a notch below VATPL due to its weaker financial profile, exposure to the volatile EPC contracting business and structural subordination for its US dollar notes. This is partially offset by IRB's exposure to multiple assets and better assessments for volume risk, and infrastructure development and renewal risk. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained deterioration in the consolidated rating-case DSCR profile to below 1.25x due to higher costs, traffic underperformance or a major change in IRB's financials and dividend policy. - A sustained increase in structural subordination, leading to adjusted EBITDA interest coverage falling below 1.7x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch does not expect a positive rating action in the near term given IRB's exposure to the low-margin EPC business. Any upgrade will require the consolidated rating-case DSCR profile forecast to be in excess of 1.50x and the adjusted EBITDA interest coverage ratio to be above 2.5x on a sustainable basis. CREDIT UPDATE - Revenue from tolling operations rose by 4% to INR24.8 billion in FY25. - Revenue from EPC and O&M business fell by around 9% to INR45.8 billion in FY25. - Consolidated EBITDA dipped by around 2.5% to INR40.2 billion in FY25. - Ganga Expressway BOT project was transferred to Private InvIT from IRB. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- IRB Infrastructure Developers Ltd LT IDR BB+ Affirmed BB+ IRB Infrastructure Developers Ltd/Traffic Revenues - Senior Secured Notes/1 LT LT BB+ Affirmed BB+ LDR DEVELOPERS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Ms. LDR Developers Private Limited 8, Bishop Rocky Street, Faizabad Road, Opp. Police Line, Lucknow, Uttar Pradesh, India, 226007 Insolvency Commencement Date: September 17, 2025 Estimated date of closure of insolvency resolution process: March 16, 2026 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Sandeep Chandna 109, Surya Kiran Building, KG Marg, New Delhi-110001, New Delhi, National Capital Territory of Delhi, 110001 Email: cirp.ldrdevelopers@gmail.com Email: cssandeep@live.in Last date for submission of claims: October 1, 2025 PRATISHTHA DAIRY: Liquidation Process Case Summary -------------------------------------------------- Debtor: PRATISHTHA DAIRY FARMS PRIVATE LIMITED Nand Colony, Peetal Nagari, Moradabad, Uttar Pradesh, India, 244001 Liquidation Commencement Date: September 15, 2025 Court: National Company Law Tribunal, Allahabad Bench, Prayagraj Liquidator: Ashish Sharma Shop No.22-23, First Floor, Chadha Complex, GMD Road, Moradabad, Uttar Pradesh, 244001 Email Id: ashishkrishancaip@gmail.com Email Id: Liquidator.pratishtha@gmail.com Last date for submission of claims: October 15, 2025 RELIANCE HOME: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Reliance Home Finance Limited Trade World, Kamala Mills Compound, 7th Floor, B Wing, Senapati Bapat Marg, Lower Parel (West), Delisle Road, Mumbai, Mumbai, Maharashtra, India, 400013 Insolvency Commencement Date: September 16, 2025 Estimated date of closure of insolvency resolution process: March 15, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Umesh Balaram Sonkar Flat No. 10, Om Shanti CHS, Plot No. 8/10/12, Sector 11, Road No. 4, New Panvel, Navi Mumbai, Maharashtra – 410206 Email id: rosonkar1603@gmail.com Office No. 25, 3rd floor, at 146 – B, Chikhal House, Princess Street, Kalbadevi, Mumbai, Maharashtra -400 002 Email id: cirp.rhfl@yahoo.com Last date for submission of claims: September 30, 2025 RISHABH TRIEXIM: CRISIL Lowers Long/Short Ratings to D ------------------------------------------------------ Crisil Ratings has downgraded its ratings on the bank facilities of Rishabh Triexim LLP (RTL) to 'Crisil D/Crisil D' from 'Crisil BB/Negative/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Downgraded from 'Crisil BB/Negative') Short Term Rating - Crisil D (Downgraded from 'Crisil A4+') The downgrade reflects delays in debt servicing on account of weak liquidity. The company has disclosed these delays in the no-default statement it has provided. The ratings reflect the firm's healthy product diversity supported by its pan-India presence. This strength is partially offset by susceptibility to fluctuations in raw material prices and foreign exchange (forex) rates and exposure to intense competition. Analytical Approach Crisil Ratings has considered the standalone business and financial risk profiles of RTL. Unsecured loan of Rs 121 crore as on March 31, 2024, from the promoters has been treated as neither debt nor equity as the loan is expected to remain in the business over the medium term and is subordinate to bank debt. Key Rating Drivers - Weaknesses * Susceptibility to fluctuations in raw material prices and forex rates: The firm imports its raw material requirement while exports are minimal. Also, prices of polythene allied products are volatile and susceptible to change in global prices and regional demand-supply dynamics. The firm incurred operating losses in the last two fiscals owing to lower realisations. While the operating margin is expected to improve over the medium term, it is likely to remain below expectation and a key monitorable. * Exposure to intense competition: Intense competition, low product differentiation and high price sensitivity prevent the prompt pass-through of increase in input cost to customers Key Rating Drivers - Strength * Healthy product diversity aided by pan-India presence: The product basket is diversified, which supports the scale of operations. For instance, in fiscal 2021, RTL capitalised on the increasing price of polyvinyl chloride (PVC) resin, which suddenly spiked due to demand outpacing supply. The firm's head office is in Sowcarpet, Chennai, and has branch offices in Mumbai and Gujarat. The entity has a rented warehouse in Red Hills, Tamil Nadu, with storage capacity of 1,500 tonne. Diversity in geographic reach and clientele will likely continue to support the business. Liquidity: Poor Liquidity is poor as reflected in delays in repayment of term debt obligations. Rating sensitivity factors Upward factors: * Track record of timely debt servicing for at least over 90 days * Earnings before interest, tax, depreciation and amortisation (Ebitda) margin of 1-2% leading to higher net cash accrual * Improvement in the liquidity risk profile with lower bank limit utilisation Incorporated in 2015, RTL trades in polythene products such as bags, covers, films, wraps and stretch films. The firm is owned and managed by Mr. Mahendra Kumar and Mr. Swaroop Bagrecha. RV LIFESCIENCES: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the rating on bank facilities of RV Lifesciences Limited (APL; previously known as Atra Pharmaceuticals Limited) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 10 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with APL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of APL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on APL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of APL continues to be 'Crisil B/Stable Issuer not cooperating'. APL, incorporated in 1991 is engaged in manufacturing of active pharmaceutical ingredient (API's) and contract manufacturing of formulations. It has a manufacturing unit in Aurangabad, Maharashtra, and is managed by Mr. Rajesh Kumar. SHRI PARAMSUKH: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: SHRI PARAMSUKH EDIBLE FOODS PRIVATE LIMITED In front of IIITM College, Near Hazira Police Station, Morena Link Road, Gwalior, Madhya Pradesh, India, 474015 Insolvency Commencement Date: September 15, 2025 Estimated date of closure of insolvency resolution process: March 14, 2026 Court: National Company Law Tribunal, Indore Bench-1 Insolvency Professional: Mr. Chirag Rajendrakumar Shah 208, Ratnaraj Spring, Beside Navnirman Co. Op. Bank, Opp. HDFC Bank House, Navrangpura, Ahmedabad-380009 Email ID: chirag.irp@gmail.com Email ID: cirp.spefpl@gmail.com Last date for submission of claims: September 29, 2025 SOLACE HEALTHCARE: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Solace Healthcare Private Limited (SHPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 18.7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SHPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SHPL continues to be 'Crisil D Issuer not cooperating'. Established in 2011, SHPL has set up a 125-bed super speciality hospital in Vadodara (Gujarat). The company has started its operations in April 2015. ST. NICHOLAS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of St. Nicholas Cashew Exports (SNCE) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (Issuer Not Cooperating) Packing Credit 2 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SNCE for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SNCE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SNCE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SNCE continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up as a proprietorship concern by Mrs Neethu Rajan, the firm processes raw cashew nuts and is based in Kollam, Kerala. SUMOHAN ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sumohan Engineers Private Limited (SEPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL D (Issuer Not Cooperating) Cash Credit 21 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SEPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SEPL was set up in 2007 by Mr. G. Seetaramakumar and his family. The company fabricates engineering and capital goods. It also undertakes engineering, procurement, and construction contracts. The company is based in Hyderabad, Telangana. V FORCE TRADING: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: V FORCE TRADING PRIVATE LIMITED 902, Solitaire Corporate Park, Chakala, Andheri Ghatkopar Link Road, Andheri-East, Mumbai-400093 Insolvency Commencement Date: September 15, 2025 Estimated date of closure of insolvency resolution process: March 14, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Nitin Om Kothari 5A-301, Alica Nagar, Lokhandwala Township, Kandivali East, Mumbai-400101, Maharashtra Email: cakotharico@gmail.com Email: vforce.cirp@gmail.com Last date for submission of claims: September 29, 2025 ===================== N E W Z E A L A N D ===================== ARCANIST LIMITED: Creditors' Proofs of Debt Due on Nov. 7 --------------------------------------------------------- Creditors of Arcanist Limited are required to file their proofs of debt by Nov. 7, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 22, 2025. The company's liquidators are: Jared Waiata Booth Tony Leonard Maginness Baker Tilly Staples Rodway Auckland Limited PO Box 3899 Auckland 1140 BLACK LION: Court to Hear Wind-Up Petition on Oct. 21 ----------------------------------------------------- A petition to wind up the operations of Black Lion Holdings Limited will be heard before the High Court at Wellington on Oct. 21, 2025, at 10:00 a.m. Carolyn Peterson filed the petition against the company on Sept. 3, 2025. The Petitioner's solicitor is: Laura Drew Community Law Level 2 15 Dixon Street (PO Box 24005) Wellington DECENT DEVELOPMENTS: Creditors' Proofs of Debt Due on Nov. 12 ------------------------------------------------------------- Creditors of Decent Developments Limited (trading as Pocketful) are required to file their proofs of debt by Nov. 12, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 24, 2025. The company's liquidators are: Paul Thomas Manning Thomas Lee Rodewald Liquidation Management Limited PO Box 50683 Porirua 5240 DENHEATH CORPORATION: Owes More Than NZD500K to Unsec. Creditors ---------------------------------------------------------------- Otago Daily Times reports that the company behind arguably New Zealand's most famous custard square owes unsecured creditors more than NZD500,000, the first liquidator's report shows. The Official Assignee was appointed liquidator of Denheath Corporation Ltd, which traded as Denheath Desserts, in August, ODT notes. The custard and flaky pastry treats were produced in South Canterbury for decades, initially from the former post office in Pleasant Point and then from a factory in Timaru. Reasons given for the liquidation included Covid, insufficient capital, economic conditions, retail compliance costs, export issues and costs, the report said. Various parties had expressed interest in purchasing the company's business, including trademarks and recipes, and the secured creditor had confirmed the liquidator could proceed with the sale, according to ODT. Further information was likely to be provided in the liquidator's next statutory report. Stock arrangements were being made for the sale of frozen stock. IRD was owed just over NZD141,000, while unsecured creditors were owed just over NZD517,000, ODT discloses. Employee claims were to be determined. The company's directors are Donald and Lisa Templeton. In December, 2023, Mrs Templeton told TV1 that the business was on the market after 24 years, ODT relays. ODT says the couple took over the business from Mrs Templeton's mother following her terminal cancer diagnosis in 1999. She had previously bought Denheath House in Pleasant Point and the custard square recipe in 1996. GCO PHARMACEUTICALS: Creditors Must File Claim by Oct. 31 --------------------------------------------------------- Otago Daily Times reports that another business linked to Christchurch property developer Andrew Bendemski has folded, leaving a string of connected companies owing at least NZD35 million to creditors. Among failed projects was a Wanaka development with consent to build about 60 townhouses near the lake waterfront, which went to mortgagee sale last year, according to ODT. This was owned by Stoney Creek GCO Ltd, whose director was Mr Bendemski. After developing Christchurch and Wanaka subdivisions, he now has an Auckland address. ODT says the latest of interwoven companies to go under this year is GCO Pharmaceuticals Ltd, which was placed in liquidation on September 26. Mr Bendemski is the sole director of the company. Gerry Rea Partners insolvency practitioner Simon Dalton was appointed liquidator and put out his initial report to creditors and shareholders on Oct. 3, ODT relates. He has yet to estimate a total shortfall for the company, listing Inland Revenue, Bizcap NZ Ltd and Organic Genetics as creditors. GCO Pharmaceuticals was set up by Mr Bendemski in 2022 with troubled GCO Group Ltd listed as the shareholder. According to ODT, Mr Dalton said in the report the company office indicated GCO Pharmaceuticals operated a medicine wholesaling business in Canterbury. "However, there is no evidence to suggest the company is trading. The liquidator of the shareholding company identified related party debts owing by the company and resolved to place the company into liquidation." He said the liquidators would conduct an investigation into the failure of the company. If funds permitted, a distribution might be made to creditors after its assets were realized. ODT says creditors have until the end of the month to file a claim. Mr Bendemski is also the director, and a shareholder until last year, of GCO Group, which was put into liquidation by order of the High Court on the application of Bizcap NZ on March 20, ODT recalls. The company, which operated a management services business in Canterbury, had estimated debts of NZD3.61 million with 24 creditors. Mr Dalton is acting as the liquidator of GCO Group and is also the liquidator of other related companies, including S5 GCO Capital Partnership GP Ltd, S5 Consulting Group Ltd and Tennyson GCO Ltd, ODT notes. Mr Bendemski is the sole director and shareholder of S5 GCO Capital Partnership GP, with an initial liquidation report in April identifying debts of nearly NZD4.53 million and three creditors. ODT relates that the company, described as an investment business, was also put into liquidation by the High Court on the application of Bizcap NZ on March 20. Mr Bendemski is the director of Tennyson GCO, which was put into liquidation by shareholders on April 10, ODT relays. Later that month an initial report into the company, which operated a residential development business in Auckland, had yet to determine the overall debt. S5 Consulting Group Ltd, with Mr Bendemski named as the sole director and shareholder of the consultancy company, was found in a final receivers' report released in August to owe about NZD1.3 million. He is the director of land development company in receivership Blue Skies GCO Ltd with debts of more than NZD18 million, director of residential property company in liquidation Merivale GCO Ltd and director of land development company Bowenvale GCO Ltd, which has debts of about NZD7 million, ODT adds. JACKIE RAYNOR: Court to Hear Wind-Up Petition on Oct. 21 -------------------------------------------------------- A petition to wind up the operations of Jackie Raynor Limited will be heard before the High Court at Rotorua on Oct. 21, 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: Charles David Walmsley Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton NEW IMAGE: Creditors' Proofs of Debt Due on Oct. 29 --------------------------------------------------- Creditors of New Image 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. 29, 2025. The company's liquidator is: Brent Thomas Dickins CS Insolvency 168 Broadway Avenue PO Box 788 Palmerston North ================= S I N G A P O R E ================= ATOMIC TECHNOLOGIES: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Singapore entered an order on Sept. 19, 2025, to wind up the operations of Atomic Technologies Pte. Ltd. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 CAR PULSE: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Sept. 19, 2025, to wind up the operations of Car Pulse 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 HARVESTLAND DEVELOPMENT: Creditors' Proofs of Debt Due on Oct. 29 ----------------------------------------------------------------- Creditors of Harvestland Development Pte. Ltd. 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. 24, 2025. The company's liquidators are: Gary Loh Weng Fatt Seah Roh Lin Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 M-WORLD GROUP: Court to Hear Wind-Up Petition on Oct. 10 -------------------------------------------------------- A petition to wind up the operations of M-World Group Pte. Ltd. will be heard before the High Court of Singapore on Oct. 10, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Sept. 15, 2025. The Petitioner's solicitors are: Tito Isaac & Co LLP 1 North Bridge Road #30-00 High Street Centre Singapore 179094 YMG TECH: Court Enters Wind-Up Order ------------------------------------ The High Court of Singapore entered an order in September 2025 to wind up the operations of YMG TECH Pte. Ltd. Yamaguchi Kikuo filed the petition against the company. The company's liquidators are: Mr. Abuthahir Abdul Gafoor Ms. Yessica Budiman AAG Corporate Advisory 11 Collyer Quay #07-02 The Arcade Singapore 049317 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: To Launch Open Competitive Bidding Process ------------------------------------------------------- BusinessKorea reports that Homeplus, the second-largest hypermarket in South Korea, is set to launch an open competitive bidding process after the Chuseok holiday. The Seoul Bankruptcy Court and the sale manager, Samil PwC, initially considered a "stalking horse" method, which involves securing an initial bidder before opening the process to others, but have decided to proceed directly with competitive bidding. This decision comes as the sale process has been delayed, and further postponement is deemed unfeasible. According to the investment banking (IB) sector on Oct. 1 the bankruptcy court and Samil PwC plan to announce the sale of Homeplus shortly after the Chuseok holiday, BusinessKorea relates. Homeplus has been seeking a new owner since applying for corporate rehabilitation (court receivership) in March, with the court permitting a merger and acquisition (M&A) before approval in June. The process intended to use the stalking horse strategy, but the lack of interest from key candidates resulted in delays. Therefore, the court and manager have concluded that they can no longer postpone the procedure and will soon announce an open bid. BusinessKorea says the sale side has been in contact with various companies, including e-commerce giant Coupang, Nonghyup Economic Holdings, which operates Hanaro Mart, major food and distribution company CJ Group, and household goods distributor Daiso, but has not achieved significant results. It is also reported to be in talks with regional distribution companies. There is anticipation that new buyers, not previously visible, may emerge once the open competitive bidding commences. BusinessKorea relates that industry analysts view Homeplus's financial structure as a key factor determining the success of sale negotiations. Homeplus's total debt is currently estimated at around 5.5 trillion won, with 3.4 trillion won in lease liabilities related to store rents and approximately 2 trillion won in financial borrowings, BusinessKorea discloses. The substantial debt burden that the acquirer must assume, along with the National Pension Fund's investment, poses a challenge, BusinessKorea states. The National Pension Fund has invested a total of 612.1 billion won in Homeplus, of which 582.6 billion won is in redeemable convertible preference shares (RCPS) and 29.5 billion won in common shares. Although RCPS has recovered more than half of the principal, 313.1 billion won, through dividends over the past decade, approximately 270 billion won remains unrecovered. The common share investment of 29.5 billion won is likely to be entirely written off according to the rehabilitation process. BusinessKorea notes that the valuation also hampers potential buyers. According to a report submitted to the court by Samil PwC, Homeplus's liquidation value is 3.6816 trillion won, significantly exceeding its going concern value of 2.5059 trillion won. The fact that asset recovery is more advantageous upon liquidation than operating the business diminishes buyers' willingness to purchase. The asset structure also supports the liquidation incentive. Homeplus's tangible assets have a book value of about 4.8 trillion won, with land alone valued at 3 trillion won. Potential acquirers might prioritize asset recovery through liquidation over profit generation through normal business operations. MBK Partners acquired Homeplus for 7.2 trillion won in 2015, but due to worsening market conditions and debt burdens, the company entered rehabilitation proceedings. MBK has pledged a total of 500 billion won in support, aware of its responsibility. This includes 200 billion won from MBK's operating profit as an additional donation, with the remaining 300 billion won comprising joint guarantees, interest payments, gratuitous write-offs, and personal contributions from Chairman Kim Byung-joo. Industry watchers expect that even if the sale is successful, the transaction price will be very low, BusinessKorea says. The structure where the liquidation value exceeds the going concern value increases buyer negotiation power, thus dampening bidding competition. BusinessKorea says Homeplus must submit a rehabilitation plan to the court by Nov. 10. If no buyer emerges in the open competitive bidding process after Chuseok, the court may have to consider a split sale or liquidation. An industry insider stated, "The longer the sale is delayed, the more the losses for stakeholders such as suppliers, labor unions, and the National Pension Fund could become a reality," adding that "October and November will be a watershed moment for Homeplus's fate." About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. =============== X X X X X X X X =============== ABH DEVELOPERS: CRISIL Lowers Rating on INR30cr LT Loan to B ------------------------------------------------------------ CRISIL Ratings has revised the ratings on certain bank facilities of ABH Developers Private Limited (ABH), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 30 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with ABH for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ABH, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ABH is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ABH revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable Issuer not cooperating'. Incorporated in September 2018 and promoted by three infrastructure developers Mr. Nishit Atal, Mr. Prashant Bagmar and Mr. Ritesh Hanswani. Currently, ABH is undertaking a real estate project, Tree Land, with total saleable area of over 16 lakh square feet. ********* 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 ***