251010.mbx

251010.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, October 10, 2025, Vol. 28, No. 203 Headlines A U S T R A L I A AUSSIE PHARMA: First Creditors' Meeting Set for Oct. 16 BMA TRUCKIN: First Creditors' Meeting Set for Oct. 15 CPG RESEARCH: ASIC Cancels AFS Licence for Ceasing Operations FOX RESOURCES: Second Creditors' Meeting Set for Oct. 14 NEXUS INTELLIGENCE: First Creditors' Meeting Set for Oct. 16 SKY AND SPACE: First Creditors' Meeting Set for Oct. 14 SNACKING INVESTMENTS: Moody's Rates New AUD1.7BB Term Loan 'B2' SNACKING INVESTMENTS: S&P Affirms 'B' LT ICR, Outlook Stable THERAPY FOCUS: Calls in McGrathNicol as Voluntary Administrators C H I N A TAOPING INC: Inks Share Purchase Deal to Acquire Skyladder Group I N D I A ADHAR PROJECT: Insolvency Resolution Process Case Summary AKS VENTURES: CRISIL Keeps B Debt Ratings in Not Cooperating AMIT CAPACITORS: CRISIL Keeps B Debt Ratings in Not Cooperating AMRIT DWELLERS: CRISIL Keeps B- Debt Rating in Not Cooperating AMRUTHA VARSHINI: CRISIL Keeps D Debt Ratings in Not Cooperating ANMOL STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating AP INC: CRISIL Keeps B Debt Rating in Not Cooperating Category ARHAN INFRA: CRISIL Keeps B+ Debt Rating in Not Cooperating ATHARVA CORRUGATIONS: CRISIL Keeps B Rating in Not Cooperating BENEDETTO KITCHENS: CRISIL Keeps B+ Ratings in Not Cooperating BUENO GIG FINANCE: Voluntary Liquidation Process Case Summary DUNZO DIGITAL: Insolvency Resolution Process Case Summary EPITOME AUTOMOBILES: Ind-Ra Gives BB+ Bank Loan Rating GOETC PRIVATE LIMITED: Insolvency Resolution Process Case Summary GWALIA SWEETS: CARE Lowers Rating on INR15.23cr LT Loan to B JERAI FITNESS: Salman Khan Withdraws Insolvency Plea After Payment K. S. COT: CARE Keeps C/A4 Debt Ratings in Not Cooperating KARAMHANS FOODS: CARE Keeps C Debt Rating in Not Cooperating MAHAVEERJI POLYFAB: CARE Keeps B- Debt Rating in Not Cooperating NJT GRANITES: CRISIL Keeps B Debt Ratings in Not Cooperating PANCHAMRUT PROPERTIES: CARE Keeps B- Rating in Not Cooperating PROSPERITY ASSET 11: Ind-Ra Cuts Bank Loan Rating to BB+ RAVI SHEET: CARE Keeps D Debt Ratings in Not Cooperating Category RIGHILL ELECTRICS: CARE Keeps D Debt Ratings in Not Cooperating RY MIDAS: CARE Keeps D Debt Ratings in Not Cooperating Category S.N.R. DHALL: CRISIL Keeps B Debt Ratings in Not Cooperating SANGHVI BEAUTY: Insolvency Resolution Process Case Summary SIDDHI PAPER: CARE Keeps C Debt Rating in Not Cooperating Category SINNAR TALUKA: CARE Keeps B- Debt Rating in Not Cooperating SPD COLD STORAGE: Insolvency Resolution Process Case Summary STEADFAST SHIPPING: NCLT Approves INR3.4cr Resolution Plan TOKAI ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating U. C. JAIN: CARE Keeps D Debt Rating in Not Cooperating Category I N D O N E S I A BUKIT MAKMUR: Moody's Affirms 'Ba3' CFR, Alters Outlook to Negative M A L A Y S I A 1MDB: Jho Low and Associates Misappropriated Multi-Billion Dollars KNM GROUP: Wins Court Approval for Sale of German Arm to NGK N E W Z E A L A N D BEACHCROFT APARTMENTS: First Creditors' Meeting Set for Oct. 14 GOOD TIME: Court to Hear Wind-Up Petition on Oct. 23 MANN RESTAURANTS: Creditors' Proofs of Debt Due on Oct. 30 NICHOLL REALTY: Court to Hear Wind-Up Petition on Nov. 10 SMITELLI ENGINEERING: Creditors' Proofs of Debt Due on Oct. 29 P A K I S T A N PAKISTAN: Made Significant Progress on Loan Review, IMF Says S I N G A P O R E HATTEN LAND: Judicial Management Order Extended to April 2026 HYPERSCALE PTE: Court to Hear Wind-Up Petition on Oct. 17 JOBSEEKERAPPS PTE: Court to Hear Wind-Up Petition on Oct. 17 SPEAKERBUS PTE: Creditors' Meeting Set for Oct. 22 WAVERLEY HILLS: Placed in Provisional Liquidation ZHONGTAI INTERNATIONAL: Commences Wind-Up Proceedings S R I L A N K A SRI LANKA: IMF Reaches Staff-Level Deal for US$347MM in Financing - - - - - ================= A U S T R A L I A ================= AUSSIE PHARMA: First Creditors' Meeting Set for Oct. 16 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Aussie Pharma Direct Pty Ltd will be held on Oct. 16, 2025 at 3:00 p.m. at the offices of SV Partners, at Level 3, 12 Short Street, in Southport, QLD, and via virtual meeting technology. Matthew John Bookless and Anne Meagher of SV Partners were appointed as administrators of the company on Oct. 3, 2025. BMA TRUCKIN: First Creditors' Meeting Set for Oct. 15 ----------------------------------------------------- A first meeting of the creditors in the proceedings of BMA Truckin Pty Ltd will be held on Oct. 15, 2025 at 10:00 a.m. via Microsoft Teams. Amanda Lott of Acris was appointed as administrator of the company on Sept. 29, 2025. CPG RESEARCH: ASIC Cancels AFS Licence for Ceasing Operations ------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of CPG Research & Advisory Pty Ltd (CPG), effective from Oct. 7, 2025. The AFS licence was cancelled after: * ASIC became aware that CPG had ceased to carry on a financial services business, and * CPG failed to pay industry funding levies which were outstanding for over 12 months. CPG held AFS Licence number 243361 since Jan. 28, 2004, which authorised it to carry on a financial services business to deal in and provide financial product advice in relation to deposit and payment products, debentures, bonds, interests in managed investment schemes (excluding investor directed portfolio services), securities and superannuation to wholesale clients. CPS has the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision. ASIC may suspend or cancel an AFS licence if the licensee ceases to carry on a financial services business under the Corporations Act 2001 (Corporations Act). Further, under the Corporations Act, ASIC may suspend or cancel an AFS licence held by a body if the body: * is liable to pay a levy imposed by the ASIC Supervisory Cost Recovery Levy Act 2017, and * has not paid that amount (consisting of the levy, any late payment penalty and any shortfall penalty) in full at least 12 months after the due date for payment. FOX RESOURCES: Second Creditors' Meeting Set for Oct. 14 -------------------------------------------------------- A second meeting of creditors in the proceedings of Fox Resources Limited has been set for Oct. 14, 2025, at 10:00 a.m. at the offices of BRI Ferrier WA, at Level 4, 673 Murray Street, in West Perth, WA, and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Oct. 13, 2025 at 4:00 p.m. Giovanni Maurizio Carrello and Shaun William Boyle of BRI Ferrier Western Australia were appointed as administrators of the company on Sept. 8, 2025. NEXUS INTELLIGENCE: First Creditors' Meeting Set for Oct. 16 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Nexus Intelligence Pty Ltd (trading as "Nexus Automation Systems", "Nexus Fire Protection", "Nexus Security Services", "Nexus Vision Phone and Data") will be held on Oct. 16, 2025 at 10:30 a.m. via teleconference and video conference only. Aaron Kevin Lucan of Worrells was appointed as administrator of the company on Oct. 3, 2025. SKY AND SPACE: First Creditors' Meeting Set for Oct. 14 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Sky and Space Company Ltd will be held on Oct. 14, 2025 at 11:00 a.m. via video conference. Rachel Burdett and Barry Wight of Cor Cordis were appointed as administrators of the company on Oct. 2, 2025. SNACKING INVESTMENTS: Moody's Rates New AUD1.7BB Term Loan 'B2' --------------------------------------------------------------- Moody's Ratings has assigned a B2 rating to Snacking Investments BidCo Pty Limited's ("Arnott's") proposed AUD1.7 billion equivalent senior secured first lien term loan facilities. Arnott's proposed senior secured first lien term loan facilities include: 1) an Australian denominated senior secured first lien term loan facility totaling AUD610 million maturing in October 2032; 2) a USD denominated senior secured first lien term loan facility totaling USD600 million maturing in October 2032; and 3) a senior secured first lien revolving credit facility totaling AUD205 million maturing in October 2030. Proceeds from these facilities will be used to refinance the company's outstanding senior secured bank credit facilities due November and December 2026, but also to fund transaction expenses and for general corporate purposes. Moody's have also conducted a review of Arnott's ratings, including the B2 corporate family rating (CFR) and senior secured bank credit facilities ratings, through a rating committee. The ratings and the stable outlook remain unchanged. RATINGS RATIONALE The B2 rating assigned to the proposed senior secured first lien term loan facilities reflects Arnott's overall credit profile. Arnott's rating is supported by its stable margins and cash flow generated from its portfolio of well-known and trusted packaged food brands. Arnott's has a leading market position in biscuits in Australia and New Zealand (ANZ) and good overall market position in snacks in Asia Pacific. The rating is constrained by the company's high level of gross debt as a result of KKR's leveraged buy-out of the business, ongoing investment in growth and M&A, as well as weak interest coverage driven by high interest costs. Arnott's credit profile is also constrained by its near term refinancing risk, with the company's revolver and credit facilities maturing in November 2026 and December 2026, respectively. However, the company will eliminate near term refinancing risk upon successful completion of the proposed transaction. Changing consumer preferences towards healthier products may also present a longer-term challenge to Arnott's business, although its product range already includes some healthier options. Arnott's capital spending will remain elevated over the next 2 to 3 years as it seeks to expand production capacity, invest in new product lines, and drive productivity enhancements within its plants. However, Moody's expects this to be funded with internal cash flows. Moody's estimates Arnott's revenues grew by around 7% in fiscal 2025, supported by the recent acquisition of Mother Earth, price increases and promotional activity, which have helped the company to maintain volumes. Arnott's leading market share in several core segments has supported solid operating results despite inflationary pressures and weak consumer sentiment. However, the company's promotional activity has remained elevated to buffer potential lower demand and deal with increasing competition. Moody's estimates EBITDA in fiscal 2025 grew by around 12%, with margins expanding by circa 90 basis points, driven by cost controls and improved performance in Good Food Partners plant, despite cost inflation and high cocoa prices. However, EBITDA growth in fiscal 2026 will likely be slower due to more modest commodity cost hedging and persistently high cocoa prices, alongside ongoing promotional activity. Moody's expects the company to continue prioritizing cost management and productivity improvements, which, together with an improving consumer environment, should support EBITDA margin recovery in fiscal 2027. Moody's expects modest EBITDA growth to continue driving Arnott's leverage – as measured by Moody's adjusted gross debt to EBITDA – down to around 6.0x over the next 12 months (6.2x estimated for fiscal 2025), well within the threshold for the rating of 7.0x. Moody's estimates interest coverage – as measured by Moody's adjusted EBITA to Interest expense – to remain at around 1.4-1.5x in 2026 (1.4x estimated for fiscal 2025), as modest earnings growth will be balanced by higher interest cost from the company's recent term loan add-on. However, longer term interest coverage should improve as interest rates fall and as the company potentially achieves lower margins in its proposed term loan facilities. During fiscal 2025, Arnott's paid an AUD 31 million dividend to its shareholders and executed the debt-funded Mother Earth's acquisition. However, these initiatives were not detrimental to its credit profile. If Arnott's makes additional dividend payments or undertakes acquisitions that weaken liquidity and/or materially increase leverage, or if asset sales occur without corresponding debt repayment to maintain leverage within rating tolerance levels, these actions would be credit negative. OUTLOOK The stable outlook reflects Moody's expectations that the portfolio will retain its strong market position and that management will focus on investing in its core business whilst maintaining credit metrics within the parameters set for the rating. The stable outlook also reflects Moody's expectations that the company will successfully refinance its upcoming debt maturities before they become current. 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 is unlikely over the next 12-18 months, given the company's current high leverage and refinancing risk. However, longer term, Moody's could upgrade the ratings if (1) Arnott's successfully refinance its near term maturities; and (2) its Moody's adjusted debt/EBITDA decreases to around 5.0x and its Moody's adjusted EBITA/interest is above 2.0x, both on a sustained basis. Moody's could downgrade the ratings if (1) the company is unable to demonstrate ongoing progress toward refinancing its senior secured bank credit facilities comfortably ahead of going current; or (2) its financial sponsor engages in aggressive debt-funded acquisitions or capital distributions; and/or (3) Moody's adjusted debt/EBITDA is above 7.0x and/or Moody's adjusted EBITA/Interest is below 1.3x, both on a sustained basis. LIQUIDITY Arnott's revolver and credit facilities mature in November 2026 and December 2026, respectively, which present refinancing risk. However, the company will eliminate near term refinancing risk if the proposed transaction is successful. Arnott's liquidity is sufficient to cover cash requirements over the next 12 months. As of the end of April 2025, Arnott's had around AUD257 million of available liquidity comprised of AUD217 million in cash and cash equivalents and AUD40 million of undrawn facilities. Moody's estimates Arnott's total available liquidity was similar at the end of July 2025 and the company has repaid its drawn facilities. Moody's expects Arnott's to generate around AUD145 million in operating cash flow over the next 12 months. This, along with available liquidity, should be sufficient to cover expected capital expenditures and other cash uses. Moody's expects Arnott's to generate positive free cash flow over the next 12 to 18 months. Moody's have not assumed any dividends or acquisitions over the next 12 months. Arnott's current revolver has a springing first lien net leverage covenant that would require the company to maintain first lien net leverage below 7.7x, tested quarterly, if 35% or more of the revolver is drawn. Arnott's proposed revolver includes a more favorable quarterly-tested covenant requiring first lien net leverage to be below 8.3x if 45% or more of the revolver is drawn. Moody's expects that Arnott's will maintain ample cushion under this covenant for the next 12-18 months. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS Arnott's CIS-4 indicates that the ratings would be lower than it would have been if ESG risk exposure did not exist. ESG attributes have some negative impact on the current rating due to high exposure to governance risks. This reflects the company's private equity ownership, which can result in prioritization of shareholder interests over creditor interests, such as more aggressive growth plans and strategies, including a tolerance for higher debt and leverage. RATING METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. 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 The Arnott's group was acquired by KKR from Campbell Soup Company as part of a leveraged buyout in 2019. Arnott's operates three business units: 1) ANZ Snacking encompassing Arnott's Biscuits, which owns well-known brands such as Tim Tams, Shapes and Jatz as well as the nutritious snacking businesses including Good Food Partners and Mother Earth. Good Food Partners was formed in FY21 following the acquisition of 75% of Diver Foods and selected manufacturing assets of Freedom Foods and the Mother Earth brand was acquired in January 2025. 2) International Snacking including the Indonesian business (with brands such as Goodtime and Nyam Nyam) and international distribution of Arnott's Biscuits and other snacking products including Tim Tam to US and UK. 3) The Meals business including the ANZ Meals and Asia Meals businesses with significant sales in Malaysia, Singapore, HK, Taiwan and Japan. The Meals business includes Campbell branded soup, stock and juice as well as ready-made meals, pasta and sauces including Prego and Kimball brands in Malaysia. Arnott's has five manufacturing facilities in Australia, one in Indonesia, one in Malaysia and one in New Zealand. SNACKING INVESTMENTS: S&P Affirms 'B' LT ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings affirmed its 'B' long-term issuer credit rating on Snacking Investments HoldCo Pty Ltd. (Arnott) and 'B' long-term issue ratings on the group's existing senior secured first-lien term loans (recovery rating: '3'). At the same time, S&P assigned its 'B' long-term issue rating to the group's proposed U.S. dollar-denominated senior secured first-lien term loan. The recovery rating on the proposed notes is '3', reflecting its expectation of meaningful recovery prospects (50%-70%; rounded estimate: 55%) in the event of payment default. The stable rating outlook reflects S&P's expectation of continued growth in earnings and positive free operating cash, helping Arnott's maintain a debt-to-EBITDA ratio below 7.5x. Arnott's plan to issue new debt will extend the group's weighted average debt maturity profile to about seven years. This will remove near-term refinancing risks. Arnott's intends to issue senior secured first lien term loan B facilities comprising seven-year US$600 million (A$923 million) and A$610 million tranches. Arnott's will also replace its existing A$150 million revolving credit facility (RCF) with a five-year A$205 million RCF. Proceeds of the new issuance will be used to fully repay existing facilities and cover transaction costs. As of Aug. 3, 2025, the group's debt comprised US$378 million (A$582 million) and A$864 million in first-lien term loans, an A$86 million delayed draw term loan, and an RCF with no drawn balance. S&P said, "We expect Arnott's ongoing financing obligations, inclusive of interest and scheduled debt amortizations, will remain largely consistent with our fiscal 2025 forecasts when the transaction closes (expected in early November 2025). Our rating affirmation also assumes the proposed transaction will be completed successfully. "We expect Arnott's sound operational performance, positive free cash flow, and a reasonable standing in credit markets to support the proposed issuance. Our base case incorporates modest growth in Arnott's earnings over the next few years." This will be largely driven by: -- Further improvements in efficiency; -- Increased sales volume and prices in Australia, emerging Asian markets, and new and existing export markets; and -- Successful integration of recently acquired brands. However, higher input costs for ingredients will partially temper earnings growth, as Arnott's renews its hedging arrangements at relatively higher prices. As a result, in S&P's base case it forecasts revenue growth of about 4% to 6% with EBITDA margins expected to weaken to around 19.5% to 20% in fiscals 2026 (ending July 31, 2026) and 2027. Arnott's will continue to generate positive free operating cash flow (FOCF) through fiscal 2027. This is amid high interest and capital expenditure (capex) outflows. S&P projects annual capex of A$70 million-A$90 million in fiscal 2026, increasing to A$100 million-A$120 million in fiscal 2027. This is as the group improves efficiency and expands manufacturing capacity. Modest earnings growth, positive FOCF, and a largely stable debt structure will help Arnott's maintain a buffer in the rating over the next two to three years. Unless the company takes actions that benefit shareholders or debt-funded acquisitions, S&P expects its ratio of S&P Global Ratings-adjusted debt to EBITDA to be below 6.0x by fiscal 2027. S&P also expect Arnott's to continue to manage its highly leveraged capital structure within acceptable rating thresholds. This may include selling assets and using the proceeds to reduce debt in line with an associated loss in earnings. Arnott's financial-sponsor ownership continues to constrain the ratings. The fact that Kohlberg Kravis Roberts & Co. L.P. (KKR) owns Arnott's remains a key credit consideration. In S&P's view, companies with financial-sponsor ownership maintain aggressive or highly leveraged capital structures. They also tend to pursue aggressive growth investments aimed at maximizing shareholder returns. S&P said, "The stable outlook on Arnott's reflects our view that the company will continue to increase its earnings, with support from its longstanding market position and defendable core brands. It also reflects our expectation that Arnott's will continue to generate positive FOCF while investing in growth and maintenance capex. This will help Arnott's maintain a debt-to-EBITDA ratio below 7.5x, in line with our expectation for the rating." S&P could lower the rating if: -- S&P's S&P Global Ratings-adjusted debt-to-EBITDA ratio stays above 7.5x; -- The company has consistently negative FOCF; or -- Its liquidity position deteriorates materially. This could occur if: -- Operating margins and earnings decline because of competition from private labels, failure to execute growth strategies, or ineffective cost control; -- Capacity use deteriorates; -- Capex is higher than S&P expects; -- Arnott's makes material debt-funded acquisitions; or -- The company undertakes shareholder-friendly capital initiatives. S&P considers an upgrade to be unlikely, given Arnott's financial-sponsor ownership and focus on financial returns. An upgrade would most likely require: -- Substantial improvement in scale and diversity of the group's operations; -- Stable or growing market share in its core and emerging Asian markets; and -- Improving operating margins. These factors would strengthen the company's business risk profile. THERAPY FOCUS: Calls in McGrathNicol as Voluntary Administrators ---------------------------------------------------------------- Rob Kirman and Rob Brauer of McGrathNicol were appointed as voluntary administrators of Therapy Focus Ltd on Oct. 9, 2025. In a circular to customers, Mr. Kirman said the administrators have assumed control of the business and assets of the company. "As administrators, we intend to continue trading Therapy Focus on a 'business as usual' basis while we undertake an urgent assessment to determine the best course of action, including progressing a sale of the business as a going concern and/or recapitalization," Mr. Kirman said. "The Administrators will provide further updates to customers during the course of their appointment and you should continue to maintain contact with your regular point of contact," he added. Therapy Focus Ltd provides disability therapy service in Western Australia. ========= C H I N A ========= TAOPING INC: Inks Share Purchase Deal to Acquire Skyladder Group ---------------------------------------------------------------- Taoping Inc. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that the Company through its wholly owned British Virgin Islands subsidiary, Taoping Holdings Limited, entered into a Share Purchase Agreement with Skyladder Holding Limited, pursuant to which Taoping Holdings agreed to acquire 100% of the equity interests of Skyladder Group Limited, a Hong Kong company and a wholly owned subsidiary of the Transferor. Pursuant to the SPA, the total consideration for the acquisition of the Target is RMB 152 million (approximately US$21.36 million), payable in 7,882,921 ordinary shares of the Company, with no par value per share, which will be issued in a single batch within 10 business days after all closing conditions have been satisfied or waived and the equity transfer of the Target has been completed in Hong Kong. The SPA contains customary representations, warranties, covenants, and indemnification obligations of the contracting parties. If this Transaction is completed, the parties agree that the period from September 15, 2025, to December 31, 2025 will be used by Taoping Holdings to assess the net profit or loss of the Target. Any profit generated during the Closing Evaluation Period shall belong to Taoping Holdings, and any loss shall be borne by the Transferor. From September 30, 2025, until the Closing, profits within the consolidated scope and normal operating losses (such as salaries, office, travel, and other regular expenses) will be for the account of the Transferor. The closing of the Transaction is subject to the conditions set forth in the aforementioned representations, warranties, and covenants and the parties have agreed to use their best efforts to close the Transaction by October 31, 2025, and in any event by December 31, 2025. From Closing, all rights and obligations related to the Target will be borne by Taoping Holdings. Within two months after Closing, the Target's directors and senior management will be replaced by individuals designated by the parties, with the Transferor providing necessary assistance. The Target will establish a three-member board, with two directors appointed by the Transferor and one by Taoping Holdings; the chair will be elected by the board. The Target will adopt a flat management structure, and the board will appoint and remove the general manager, who will be nominated by the Transferor. The Ordinary Shares to be issued will initially be subject to transfer restrictions, which may be lifted in tranches upon achievement of audited revenue and net profit (after tax) targets for the Target for the period from October 1, 2025 to December 31, 2025 and each year from 2026 through 2029 including achieving: * revenue of RMB 20.41 million and net profit of RMB 1.1 million from October 1, 2025 to December 31, 2025, * revenue of RMB 74.14 million and net profit of RMB 3.80 million in 2026; * revenue of RMB 101.98 million and net profit of RMB 7.74 million in 2027; * revenue of RMB 135.06 million and net profit of RMB 14.90 million in 2028; * and revenue of RMB 180.66 million and net profit of RMB 22.14 million in 2029. For each period, if the Target meets the specified performance targets, a tranche of shares will be unlocked within 20 business days after the Company files its annual report on Form 20-F with the US Securities and Exchange Commission for the relevant year. If a period's net profit target is not met, the Company may defer unlocking for that period to the next period. If cumulative audited net profit for the next period plus the prior period meets the sum of the two periods' targets, both the deferred and current tranches will be unlocked. If any targets remain unmet by the end of the overall performance commitment period, the Company may cancel and retire the corresponding Ordinary Shares. If all targets are ultimately met, any deferred and current tranches will be unlocked together. Prior to the entry into the SPA, there were no material relationships between the Company or any of the Company's affiliates, including any director or officer of the Company, or any associate of any director or officer of the Company, Taoping Holdings, on the one hand, and the Target and the Transferor, on the other. The Ordinary Shares will be issued as "restricted securities" pursuant to and in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended and Regulation S promulgated under the Securities Act for offers and sales made outside the United States. About Taoping Taoping Inc. (f/k/a China Information Technology, Inc.), together with its subsidiaries, is a provider of cloud-app technologies for Smart City IoT platforms, digital advertising delivery, and other internet-based information distribution systems in China. Its Internet ecosystem enables all participants of the new media community to efficiently promote branding, disseminate information, and exchange resources. In addition, the Company provides a broad portfolio of software and hardware with fully integrated solutions, including Information Technology infrastructure, Internet-enabled display technologies, and IoT platforms to customers in government, education, residential community management, media, transportation, and other private sectors. London, United Kingdom-based PKF Littlejohn LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the competitive market in China, potential financial consequence from the tariffs war and the uncertainty about the availability of future financing raise substantial doubt about the Company's ability to continue as a going concern. Due to the unfavorable macro-economic environment and the slowdown of the out-of-home advertising market in China, the Company incurred net loss of approximately $7.1 million in 2022, $0.7 million in 2023 and $1.8 million in 2024. However, the Company will aggressively develop domestic and international markets to develop new customers and new product offerings through potential acquisitions and strategic collaborations with its business partners. There can be no assurance that the Company will be successful in achieving the goals set forth in its new business strategy and business model. As of December 31,  2024, the Company had $35.13 million in total assets, $19.26 million in total liabilities, and a total equity of $15.87 million. ========= I N D I A ========= ADHAR PROJECT: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Adhar Project Management & Consultancy Private Limited Registered Address: Shop 16, Floor-1, Plot-8, Khatau Building, Alkesh Dinesh Modi Road, Bombay Stock Exchange, Fort, Stock Exchange, Mumbai, Mumbai, Maharashtra, India, 400001 Insolvency Commencement Date: September 17, 2025 Court: National Company Law Tribunal, Mumbai Bench III Estimated date of closure of insolvency resolution process: March 16, 2026 Insolvency professional: Janak Jagjivan Shah Interim Resolution Professional: Janak Jagjivan Shah NPV Insolvency Professionals Private Limited (Formerly known as Mantrah Insolvency Professionals Private Limited) H-35, 1st Floor Jangpura Extension, Jungpura, South Delhi, New Delhi – 110014 Email id: ipe@npvca.in -- and -- 10th Floor, 1003, Zion Z1, Near Avalon Hotel, Sindhu Bhavan Road, Thaltej, Ahmedabad – 380054 Email id: cirp.adharproject@npvinsolvency.in Last date for submission of claims: October 9, 2025 AKS VENTURES: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of AKS Ventures Private Limited (AKS) continues to be ‘Crisil B/Stable/Crisil A4 Issuer not cooperating’. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5.9 Crisil A4 (Issuer Not Cooperating) Cash Credit 0.75 Crisil B/Stable (Issuer Not Cooperating) Proposed Bank 7.1 Crisil B/Stable (Issuer Not Guarantee Cooperating) Proposed Cash 1.25 Crisil B/Stable (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with AKS 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 AKS, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AKS is consistent with ‘Assessing Information Adequacy Risk’. Based on the last available information, the ratings on bank facilities of AKS continues to be ‘Crisil B/Stable/Crisil A4 Issuer not cooperating’. Incorporated in 2006, AKS is engaged in construction of roads, bridges, and certain irrigation projects. The company also constructs extra high voltage (EHV), high- and low-tension power transmission lines and substations. AKS is also engaged in design, engineering, construction, erection, project management, supervision and consultancy services for the power irrigation, survey, soil investigation and mapping and industrial engineering sectors. AMIT CAPACITORS: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL said the ratings on bank facilities of Amit Capacitors Limited (ACL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 1.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Cash Credit 10.0 CRISIL B/Stable (ISSUER NOT COOPERATING) Letter of Credit 6.0 CRISIL A4 (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with ACL 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 ACL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ACL is consistent with ‘Assessing Information Adequacy Risk’. Based on the last available information, the ratings on bank facilities of ACL continues to be ‘Crisil B/Stable/Crisil A4 Issuer not cooperating’. ACL was incorporated in 1982, promoted by Mr. Ashok Kumar Tibrewala. The company manufactures electric capacitors that are used in the electronics, electrical, and agricultural industries. It sells products under the Concap and Amcap brands. Manufacturing facilities are in Hyderabad and Goa. AMRIT DWELLERS: CRISIL Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Amrit Dwellers Private Limited (ADPL) continue to be ‘Crisil B-/Stable/Crisil A4 Issuer not cooperating’. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 Crisil A4 (Issuer Not Cooperating) Cash Credit 2 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ADPL 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 ADPL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ADPL is consistent with ‘Assessing Information Adequacy Risk’. Based on the last available information, the ratings on bank facilities of ADPL continues to be ‘Crisil B-/Stable/Crisil A4 Issuer not cooperating’. Established in 2008 and based in Dehradun (Uttarakhand), ADPL undertakes construction of roads and bridges for government departments. It is promoted by Mr. Sanjay Sehgal and family. The promoters were earlier engaged in the same line of business for over two decades through a partnership firm, Amrit Dwellers, which was shut down in 2008. AMRUTHA VARSHINI: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Amrutha Varshini Dairy Farms Private Limited (AVDF) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 4.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AVDF 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 AVDF, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AVDF is consistent with ‘Assessing Information Adequacy Risk’. Based on the last available information, the rating on bank facilities of AVDF continues to be ‘Crisil D Issuer not cooperating’. AVDF was set up in 2001 by Mr. A V S N Rao and his family members; it is a part of the Agri Gold group. The company, based in Hyderabad, processes and sells milk and milk products. ANMOL STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings the ratings on bank facilities of Anmol Steel Processors Private Limited (ASPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Channel Financing 10 CRISIL D (Issuer Not Cooperating) Channel Financing 40 CRISIL D (Issuer Not Cooperating) Letter of Credit 75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ASPPL 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 ASPPL, which restricts Crisil Ratings’ ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASPPL is consistent with ‘Assessing Information Adequacy Risk’. Based on the last available information, the ratings on bank facilities of ASPPL continues to be ‘Crisil D/Crisil D Issuer not cooperating’. ASPPL, incorporated in 1994, is promoted and managed by Mr Dinesh Shah and his sons, Mr Amar Shah and Mr Paras Shah. The company processes and trades in hot- and cold-rolled coils, galvanised coils, and other steel products. It is an authorised distributor for JSW Steel Ltd, which accounts for 40% of total purchases. Its processing facility is at Navi Mumbai, Maharashtra. AP INC: CRISIL Keeps B Debt Rating in Not Cooperating Category -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of AP Inc Lic (APIL) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 26 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with APIL 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 APIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on APIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of APIL continues to be 'Crisil B/Stable Issuer not cooperating'. APIL was established as a partnership firm by Mr. Ashok Saxena and Met Brass Plasssim India Limited (a unit of the MMG group) in September 2006. The firm operates a 4 star hotel under the name 'Fortune Landmark' in Ahmedabad. ARHAN INFRA: CRISIL Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Arhan Infra continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 20 Crisil B+/Stable (Issuer Not Based Bank Limits Cooperating) Crisil Ratings has been consistently following up with Arhan Infra 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 Arhan Infra, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Arhan Infra is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Arhan Infra continues to be 'Crisil B+/Stable Issuer not cooperating'. Incorporated in September 2015, Arhan Infra is engaged primarily in residential real estate development in Hyderabad. The partners of the firm are Mr. Devendar Reddy, Mr. Sudhakar and Mr. Ashok Reddy. Currently it is developing two residential projects in Hyderabad, namely, Mount Kailash and Bloomfields. ATHARVA CORRUGATIONS: CRISIL Keeps B Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Atharva Corrugations Private Limited (ACPL) continues to be 'Crisil B/Stable/Crisil A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 Crisil B/Stable (Issuer Not Cooperating) Letter of Credit 3 Crisil A4 (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 ratings on bank facilities of ACPL continues to be 'Crisil B/Stable/Crisil A4 Issuer not cooperating'. ACPL, incorporated in 2014, manufactures corrugated sheets and boxses and also has flexo printing unit at its factory in Ranjangaon, near Pune. Mr Mansing Pachundkar and Mr. Sanjaykumar Mache are the promoters and manage the daily operations. BENEDETTO KITCHENS: CRISIL Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Benedetto Kitchens Private Limited (BKPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long 2.75 CRISIL B+/Stable (Issuer Not Term Bank Cooperating) Loan Facility Term Loan 2.75 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BKPL 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 BKPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BKPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BKPL continues to be 'Crisil B+/Stable Issuer not cooperating'. BKPL, reconstituted as a private limited company in Septemebr 2009, is promoted by Mr Ambadas Kamurthi and his wife Geetalaxmi Kamurthi. Before 2009, it operated as a proprietorship firm named 'Ambadas Kitchens' and traded in steel furniture to government organisations and later on started trading in modular kitchens. Post 2009, the company set up a facility for manufacturing customised modular kitchens. BUENO GIG FINANCE: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Bueno Gig Finance Private Limited Plot No 745, 2nd Floor, Udyog Vihar - V, Gurgaon, Gurugram, Haryana, India - 122016 Liquidation Commencement Date: September 9, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Vinit Gajendra Gangwal Office No.503, Varun Capital, CTS No.364+365/13, Off. J. M. Road, Bharat Petroleum Lane, Next to Citiotel, Shivajinagar, Pune, Maharashtra – 411005 Email Id: ip.buenogig@sankalp-ipe.com Telephone: 9850823110 Last date for submission of claims: October 9, 2025 DUNZO DIGITAL: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Dunzo Digital Private Limited Registered Address: 4th Floor, Incubex INRM, 558, 9th A Main Rd, Indira Nagar 1st Stage, Indiranagar, Bangalore North, Karnataka - 560038, India Insolvency Commencement Date: August 6, 2025 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: February 2, 2026 Insolvency professional: Srinivas Vaidyanath Subramaniam Interim Resolution Professional: Srinivas Vaidyanath Subramaniam Villa 14, Chaithanya Ananya, Whitefield Kadugodi Road, Belthur, Whitefield, Near Raheja Sai Gardens, Bangalore, Karnataka - 560067 Email ID.: srinivas@vriyer.com -- and -- Nakshatra – 402, Building No. 4, Ground Floor, Solitaire Corporate Park, Guru Hargovindji Rd, Chakala, Andheri East, Mumbai, Maharashtra 400093 Email ID.: cirpdunzodigital@gmail.com Last date for submission of claims: September 26, 2025 EPITOME AUTOMOBILES: Ind-Ra Gives BB+ Bank Loan Rating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has rated Epitome Automobiles Private Limited's (EAPL) bank loan facilities as follows: -- INR1.0 bil. Bank loan facilities assigned with IND BB+/Stable/ IND A4 rating. Detailed Rationale of the Rating Action The rating reflects EAPL's small scale of operations, average EBITDA margins and credit metrics as well as stretched liquidity. In FY26, Ind-Ra expects an improvement in the scale of operations, supported by the introduction of a new Kia car model and the acquisition of two new showrooms in 4QFY26. Furthermore, Ind-Ra expects a slight improvement in the EBITDA margins in FY26, driven by better absorption of fixed costs, along with a marginal improvement in the credit metrics, led by an increase in its EBITDA and schedule debt repayments. Detailed Description of Key Rating Drivers Small Scale of Operations: As per the provisional numbers for FY25, EAPL's revenue declined to INR3,608.29 million (FY24: INR5,053.81 million; FY23: INR4,370.67 million), due to increased competition following the opening of a new Kia dealership in the same region, which impacted the volume of cars sold. Additionally, there were no new model launches from the original equipment manufacturer (OEM), further affecting performance. EAPL had four major revenue segments with sales of motor cars contributing 85.50% to the total revenue in FY25 (FY24: 91.43%; FY23: 92.23%), followed by spare parts and accessories (7.66%; 2.27%; 3.62%), service income (4.68%; 4.57%; 2.23%;) and others (income from insurance commission & finance incentive; 2.17% 1.72%; 1.92%). EAPL's operations are geographically concentrated solely in Bengaluru. In FY26, Ind-Ra expects the scale of operations to improve, supported by : (i) the introduction of new models namely New Gen Kia Seltos (flagship model), Kia Sorento (7-seater SUV in Hybrid model), Kia EV3 and Kia Syros EV in 4QFY26; (ii) opening of two new showrooms at Devanahalli and Nelamangala location in Bangaluru, leading to an increase in the revenue from sales of motor cars and service income . Average EBITDA Margins: In FY25, EAPL's EBITDA margins declined to 3.95% (FY24: 4.02%; FY23: 4.74%), due to the drop in the revenue and an increase in employee benefit expenses and rental expenses following the opening of two new units in 4QFY24; and an increase in selling expenses due to increased advertisements amid increased competition. Its return on capital employed stood at 9.9% in FY25 (FY24: 19.9%; FY23: 39.5%), due to the decline in the EBITDA. In FY25, Ind-Ra expects a slight improvement in the EBITDA margins, supported by better absorption of fixed costs, due to improved operating leverage. Average Credit Metrics: In FY25, EAPL's gross interest coverage (operating EBITDA/gross interest expense) deteriorated to 2.29x (FY24: 3.85x; FY23: 15.80x) and the net leverage (adjusted net debt/operating EBITDA) increased to 4.75x (3.33x; 1.70x), due to the decline in the EBITDA and an increase in debt and interest obligations. In FY25, EAPL incurred total capex of INR155.20 million; of which INR25 million was debt funded, whereas the rest was funded through internal accruals and unsecured loans from promoters. The capex incurred was related to the opening of new showrooms in Avalahalli and Varthur. In FY25, Ind-Ra expects a marginal improvement in the credit metrics, supported by the schedule debt repayment and the likely increase in the EBITDA. Short Working Capital Cycle: EAPL's working capital cycle increased to 44 days in FY25 (FY24: 30 days; FY23: 23 days) mainly due to an increase in the debtor days to 11 days (2 days; 3 days) following an increase in the business-to-business sales to leasing companies which contribute 30%-40% to its revenue. Its inventory days increased to 35 days in FY25 (FY24: 29 days; FY23: 31 days) and the payable days stood at 2 days (1 days; 11 days). Ind-Ra expects the working capital cycle to remain at similar levels in FY26. Established Market Position; Association with Kia: EAPL has five showrooms in the Bangaluru region with each having a workshop nearby to the stores with sales, service, and spare parts (3S) and sales and service (2S) facilities. EAPL is authorized dealer of Kia cars in Bengaluru. Liquidity Stretched: EAPL's average month-end utilization of its fund-based limits was around 85.73% of the sanctioned limits over the 12 months ended May 2025. EAPL had debt repayment obligations of INR23.51 million and INR20.60 million, respectively, for FY26 and FY27. The company's current ratio stood at below 1x for FY25 (FY24: 1.2x; FY23: 1.1v). In FY25, EAPL's working capital cycle increased, with the increase in its inventory days. In FY25, the cash flow from operations turned negative INR299.90 million (FY24: INR122.71 million; FY23: negative INR74.32 million), due to the decline in the scale of operations, with the free cash flow of negative INR455.10 million (INR71.45 million; negative INR161.71 million). At FYE25, the cash and cash equivalent stood at INR131.40 million (FYE24: INR426.76 million; FYE23: INR45.42 million). Furthermore, the company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the scale of operations or profitability, leading to deterioration in the overall credit metrics with the net leverage above 4x along with further pressure on the liquidity position, all on a sustained basis, could lead to a negative rating action. Positive: A significant increase in the scale of operations, leading to an improvement in the credit metrics with the net leverage reducing below 3x along with an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company EAPL is the authorized dealer for sales, service and spares for Kia India. EAPL was incorporated in 2019 with two directors, Kishore Reddy (70%) and Usha Kishore (30%). The company has a presence in Bengaluru. GOETC PRIVATE LIMITED: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: GOETC PRIVATE LIMITED Registered Address: Plot No.30 & 31, Amrita Saí 1st Main Road, Ankappa Reddy Layout, Kaggadasapura, B'lore, Karnataka, India, 560093 Insolvency Commencement Date: September 15, 2025 Court: National Company Law Tribunal, Bengaluru Bench Estimated date of closure of insolvency resolution process: March 14, 2026 Insolvency professional: Ramakrishna Kamat Interim Resolution Professional: Ramakrishna Kamat 121/1, 5th Main, Chamarajpet, Above Yes Electronics, Bangalore, Karnataka, 560018 Email: kamatca2002@yahoo.com Email: cirp.goetc@gmail.com Last date for submission of claims: October 2, 2025 GWALIA SWEETS: CARE Lowers Rating on INR15.23cr LT Loan to B ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Gwalia Sweets Private Limited (GSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.23 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 24, 2024, placed the rating(s) of GSPL under the 'issuer non-cooperating' category as GSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 10, 2025, August 20, 2025, August 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of GSPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Ahmedabad (Gujarat) based GSPL was established in April 1994 as a private limited company by three promoters namely Mr. Nandkishore Sharma, Mr. Deepak Sharma and Jay Sharma for manufacturing of sweets, namkeens, confectionery etc. GSPL has set up a plant for processing plant GIDC Naroda. Commercial operations commenced from September 2017 for groundnut processing and for Flour from April 2018. GSPL has 25 small and large outlets in different states along with 8-10 kiosks. JERAI FITNESS: Salman Khan Withdraws Insolvency Plea After Payment ------------------------------------------------------------------ LiveMint.com reports that Bollywood superstar Salman Khan withdrew his insolvency plea against Jerai Fitness Pvt Ltd after reaching a settlement in a INR7.24 crore payment dispute. The dispute is linked to Khan's fitness equipment brand Being Strong. Appearing before the National Company Law Appellate Tribunal (NCLAT), Khan's counsel informed the bench led by Justice Ashok Bhushan on Oct. 8 that the parties had resolved the matter and decided to withdraw the petition, LiveMint.com relates. Khan, who owns the trademark "BEING STRONG" and has the exclusive right to grant a licence and the right to use the same, had entered into a trade licence agreement in October 2018, LiveMint.com notes citing news agency PTI. Jerai Fitness was granted a licence for the usage of the trademark "BEING STRONG" on the products manufactured by it. Later, due to interruptions in business and the onset of the COVID-19 pandemic, at the request of the Corporate Debtor, the Bollywood actor agreed to revise the royalty payable to him from the period of commencement of the first agreement till March 31, 2023. However, according to Salman Khan, after the Corporate Debtor failed to make the payments, he sent a demand notice on September 14, 2024, demanding payment of INR7.24 crore along with interest at 24 per cent per annum and later moved the National Company Law Tribunal (NCLT) claiming default, according to LiveMint.com. While Jerai Fitness contended that there was a pre-existing dispute between the parties and that it invested a significant amount of money towards making necessary components to launch a category of products known as the "X-tend" series and "Proton series". In May this year, the Mumbai bench of NCLT had dismissed Salman Khan's insolvency plea against Jerai Fitness, LiveMint.com recalls. LiveMint.com relates that NCLT had observed that Jerai Fitness has the right to "manufacture, market, distribute, sell" the products under the trademark "BEING STRONG" and to create promotional material using the trademark. However, as per the clauses, there had to be prior intimation of all major and substantial decisions regarding the manufacture, promotion, marketing, and distribution of the products to the petitioner, and such decisions were to be taken by Alvira Agnihotri or her authorised person on behalf of the petitioner. NCLT observed that Jerai Fitness was restricted from distributing any products under the trademark which were not specifically pre-approved. The tribunal then said the claim was disputed in nature and was "in domain of recovery proceedings". Jerai Fitness is an Indian-based manufacturer and supplier of premium fitness equipment. K. S. COT: CARE Keeps C/A4 Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of K. S. Cot Fiber Private Limited (KSCFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 7.00 CARE C; Stable/CARE A4; Short Term ISSUER NOT COOPERATING; Bank Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 20, 2024, placed the rating(s) of KSCFPL under the 'issuer non-cooperating' category as KSCFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KSCFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 6, 2025, August 16, 2025, August 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable K. S. Cot Fiber Private Limited (KSCFPL) was incorporated in June 2008 by Mr. Kailashchandra Agrawal and Mr. Hemant Kumar Agrawal as a private limited company. KSCFPL is engaged into the business of cotton ginning and pr essing. KSCFPL deals in 'Shankar 6' type of cotton which is being sourced through local farmers from Madhya Pradesh and Maharashtra. KSCFPL operates from its sole manufacturing plant located at Sendhwa (Madhya Pradesh) which has an installed capacity of 18 ,900 Metric Tonnes Per Annum (MTPA) as on March 31, 2018. KARAMHANS FOODS: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Karamhans Foods Private Limited (KFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 26, 2024, placed the rating(s) of KFPL under the 'issuer non-cooperating' category as KFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 12, 2025, August 22, 2025 and September 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Karamhans Foods Private Limited (KFPL), based in Samba (Jammu & Kashmir), was incorporated in May 1995 as a private limited company. However, the operations started in September 2002. The company is currently being managed by Mr. Surinder Nath Jain, Mrs. Susheela Jain, Mr. Sandeep Jain and Mr. Sujiv Jain. KFPL is engaged in processing of dry fruits at its facility located in Samba, Jammu & Kashmir. The company majorly deals in walnuts, almonds, raisins and dry morels. MAHAVEERJI POLYFAB: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Mahaveerji Polyfab Private Limited (SMPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.02 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 26, 2024, placed the rating(s) of SMPPL under the 'issuer non-cooperating' category as SMPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 12, 2025, August 22, 2025 and September 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Kanpur (Uttar Pradesh)-based Shree Mahaveerji Polyfab Private Limited (SMPPL) was established in 2012 by Mr Mohit Jain, Mr Krishna Murari Jain, Mr Arpit Agarwal, Mr Bhart Tibrewal, Mr Prateek Bhartiya, Mrs Chandni Tibrewaland SMPPL commenced its operations from FY14. SMPPL is engaged in business of manufacturing of PP fabrics as well as PP fabric bag. NJT GRANITES: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of NJT Granites (NJT) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 6.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NJT 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 NJT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NJT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NJT continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in December 2014 as a partnership firm, by Mr. Alex Thomas along with his wife, NJT quarries and sells granite. The firm, based in Kasargode, Kerala. PANCHAMRUT PROPERTIES: CARE Keeps B- Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Panchamrut Properties Private Limited (PPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.21 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 18, 2024, placed the rating(s) of PPPL under the 'issuer non-cooperating' category as PPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 4, 2025, August 14, 2025, August 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in 2002, Gujarat based PPPL is promoted by Mr. Patel and his family members. The company is into the activities of constructing building and renting it on lease basis. The company is, at present having two directors na mely Mrs. Parulben Patel and Mr. Dhruv Patel. The company has given land and building comprising of a school/office building and hostel on lease to Satkarya Education Trust, Boriavi, Anand who Is running Takshshila Vidyalaya, Nalanda Higher Secondary School, Kid's Land with dining hall, admin office and hostel building. PROSPERITY ASSET 11: Ind-Ra Cuts Bank Loan Rating to BB+ -------------------------------------------------------- India Ratings and Research has downgraded Prosperity Asset 11 Trust's (a rent securitization transaction) pass through certificates' (PTCs) to 'IND BB+'(SO)/Rating Watch with Negative Implications' and migrated the rating to the Non-Cooperating Category. The rating will now appear as 'IND BB+(SO)'/Rating Watch with Negative Implications '(ISSUER NOT COOPERATING)' on the agency's website. The PTCs are to be serviced from the cash flows arising from the rental payments from the obligor to the originator. The rental cash flows are guaranteed by RDC Concrete (India) Limited (RDC; guarantor; debt rated at 'IND BB+'/Rating Watch with Negative Implications (ISSUER NOT COOPERATING)), and the rating is linked to the credit profile of the guarantor. While the originator and the trustee continue to furnish the agency with timely information with respect to the trust, the guarantor has not made available critical information for the rating exercise pertaining to guarantor's debt, despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating of the guarantor and PTCs is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating action on the PTCs are: -- INR72.95 mil. Series 1 pass through certificates issued on November 29, 2024 INE1CTC15010 coupon rate 13.3% due on January 14, 2028 with IND BB+(SO)/Rating Watch with Negative Implications (ISSUER NOT COOPERATING) rating. Downgraded; maintained on Rating Watch and migrated to non-cooperating category Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on best available information *per annum payable quarterly **as of payout date of August 4, 2025. The trust had completed three quarterly payouts until August 2025, totaling a principal repayment of INR11.05 million. # Source: NSDL/Trustee Detailed Rationale of the Rating Action The originator has entered into rental agreements with the obligor for a period of 36 months. The originator has assigned quarterly rentals (excluding goods and services tax (GST), and the net of tax deducted at source (TDS)) of INR104.31 million to the Prosperity Asset 11 Trust for a purchase consideration of INR84.0 million, which has issued securitized debt instruments against the rentals, rated herein. Credit Quality of Guarantor: The rating downgrade, maintenance of the rating under the Rating Watch with Negative Implications and the migration to non-cooperating category, follows the same rating action on the guarantor RDC. The long-term rating of the debt instruments of RDC has been downgraded to IND BB+/Rating Watch with Negative Implications and the rating has been migrated to the non-cooperating category. As represented by the obligor, the equipment being rented will be utilized in Ultrafine's Surat factory for producing minerals and admixtures with brand name as Ultrafine. The cash flows from the obligor, Ultrafine, are backed by an unconditional and irrevocable guarantee from RDC to cover all payments owed by the obligor under the rental agreement until all rental dues are cleared. Strength of Cashflows - Unconditional, Irrevocable and Absolute Guarantee from RDC: The guarantee documents lay down the timeline for invocation of guarantee as well as the timeline for payment of the guaranteed amounts. In case of a non-payment of quarterly rental by the obligor, the trustee is to issue a demand within two business days of such a default. Once the guarantee is invoked, the guarantor has to make good the shortfalls, along with overdue interest within 10 business days of such invocation. The timeline for payment of guarantee ensures that any shortfall of payment of dues by the obligor is to be cured by the guarantee amount payable by RDC, prior to the payment of the PTC payout dates. Hence, the PTC rating has been equated to the credit rating of the guarantor. Therefore, a change in the credit quality of the guarantor would directly affect the rating of the PTCs and any further adverse rating action on the guarantor RDC, would have a direct impact on the rating of the PTCs. Transaction Payment Structure: The transaction has a timely interest and an ultimate principal payment structure. Hence, only the interest payment is promised on a quarterly basis and the principal payment is promised only on the final legal maturity date. There is an e-Nach mandate in place and quarterly rentals are paid directly by the lessee into the collection and processing account maintained by the trust. This eliminates any commingling risk from the originator of the transaction. All lease payments are to be made by the lessee 19-20 days prior to the investor payout date to ensure timely investor payment even in case of any operational delays and provide sufficient time for invocation of guarantee. The transaction structure includes a corporate guarantee from the guarantor, where the timeline for invocation of guarantee ensures that the PTC obligations are met in a timely manner. The transaction also features a 71-day tail period between the last scheduled payout date and the final legal maturity. Post executing the deed of assignment, there will be no further recourse to the originator, Connect, in relation to the receivables. Unconditional, Irrevocable and Absolute Obligation on Obligor: As per the master rental agreement between the originator and obligor, the obligation of the obligor to make payments pursuant to the rental agreement is unconditional, irrevocable and absolute, and shall not be subject to any risk associated with the underlying asset/equipment. Hypothecation of Assets: The transaction is also supported by the rented equipment (assets) being hypothecated to the trust. Ind-Ra has received the deed of hypothecation. As per the deed, the trust will have an exclusive charge on the hypothecated assets. Hence, the assets are bankruptcy remote from the originator. As per the legal opinion of the transaction's legal counsel, in case of an insolvency of the originator, the trust will be able to realize the outstanding dues as a secured creditor. Additionally, as per the documents, in case of stoppage of rental payments from the obligor, the trust will have the right to sell the assets or lease out the assets to another obligor to ensure the investor is paid by the final maturity. Provision for Appointment of Back-up Servicer: In the event of servicer's default or other events as defined in the documents, the trustee, on behalf of majority investors, shall be entitled to terminate the services of the servicer and appoint an alternate servicer in the manner as specified under transaction documents. Repayment Track Record in Transaction: The obligor has completed three quarterly rental payments to the trust account on the expected dates and subsequently PTC holders have received interest and principal repayments as promised. Availability of External Credit Enhancement (CE): The transaction benefits from an external CE, in the form of a fixed deposit with IDBI Bank Limited (debt rated at 'IND AA'/Stable/'IND A1+') in the name of the trust. The CE has been built up to 6.47% of the outstanding PTC principal outstanding (POS). The CE is to be utilized for the payment of any interest on quarterly payouts and for principal shortfalls on the legal final maturity date. The CE available is sufficient to cover interest payments due for at least one quarter. The transaction also benefits from a personal guarantee from the promoter of the obligor. However, it should be noted that the rating for the PTCs is not affected by availability of the CE. Nature of Cash Flows from Obligor: The rental payments from the obligor to the originator are operational obligations and not financial obligations for the obligor. However, the availability of the corporate guarantee from RDC ensures that any unpaid obligations are deemed as financial obligations for the guarantor. Non-Cooperation by the Issuer The rating has been migrated to the non-cooperating category, following the migration of the rating of the debt of the guarantor Hella to non-cooperating category, as the rating of the PTCs is directly linked to the rating of the debt of RDC. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra has been following up with RDC and other group companies for the required information to monitor the ratings over various emails and phone calls since June 2025, but has not received critical information including: -- Operational and financial performance for 1QFY26 -- Current liquidity position including working capital position, cash flow generation for 1QFY26 -- Updates on capex spends/plans and its funding -- Consolidated net debt status and updated repayment schedule FY27 onwards -- Updates on its Singapore subsidiary However, Ind-Ra has received information with respect to the transaction from the originator as well as trustee, including regular payout reports for the PTCs. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of RDC, and hence on the credit quality of the obligor as well as the Series 1 PTCs, as the agency does not have adequate information to review the credit rating of guarantor RDC. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Hence, investors and other users are advised to take appropriate caution while using the PTC rating. Liquidity Adequate: The PTC payment is supported by the rental amount paid by Ultrafine as obligor and the payout schedule is aligned to the pay-in from the rental payments. The transaction is also supported by a 6.47% external CE in the form of a fixed deposit. Furthermore, the unconditional guarantee provided by the guarantor, RDC, ensures that all rental obligations are fully covered. Given the timely interest as well as ultimate principal payment structure, the liquidity in the transaction is adequate for the payment obligation of the PTCs. Rating Sensitivities The Rating Watch with Negative Implications indicates that the ratings may be downgraded or affirmed upon resolution. Ind-Ra will resolve the Rating Watch basis the developments in the rating of the guarantor, RDC, and resolution of the Rating Watch with Negative implications on the rating of RDC. A downgrade in the rating of RDC could lead to a downgrade in the rating of the PTCs. About the Originator Track Record, Quality and Experience of Originator and Servicer: Incorporated in 2011, Connect's primary business entails asset renting. As an asset lifecycle management company, it engages with corporates to cater to their asset-based needs for expansion and also offers integrated asset tracking solutions to clients for managing rented assets across organization. RAVI SHEET: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ravi Sheet Processors Private Limited (RSPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 9.75 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 20, 2024, placed the rating(s) of RSPPL under the 'issuer non-cooperating' category as RSPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RSPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 6, 2025, August 16, 2025, August 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Ahmedabad (Gujarat) based RSPPL was incorporated in 1998 as a private limited company. It was promoted by Mr. Narendrabhai Patel and Ms. Jyotsnaben Patel. Mr. Tushar Patel and Mr. Saurabh Patel became directors of RSPPL in 2004. RSSPL is managed by Mr. Tushar Patel, Mr. Saurabh Patel and their father Mr. Narendrabhai Patel. It is engaged in the business of processing of MS (Mild Steel) Sheets which is used in engineering and capital goods industry. It procures Mild Steel (MS) Coils manufactured by steel companies directly as well as from vendors. It sells MS Sheets to the wholesalers who then sell it to the end users. M.S. Sheets are used in various industries such as construction, engineering, etc. for structural, mechanical and general engineering purpose. RIGHILL ELECTRICS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Righill Electrics Private Limited (REPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 19, 2024, placed the rating(s) of REPL under the 'issuer non-cooperating' category as REPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. REPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 5, 2025, August 15, 2025, August 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable REPL was incorporated in 1993 as a private limited company by Mr. Ashutosh Shukla and Mr. Vinod Sapre. The company designs and manufactures control systems and assemblies for various applications including oil field equipment. It also manufactures parts and assemblies like Electronic Control Modules; printed circuit boards (PCBs), plugs and sockets connectors etc. It specializes in designing and manufacturing of controls and electric parts for oil rigs. The major revenue is derived from the sale of rig equipment, and thus the revenues largely depend on the rigging activity and in turn the crude oil prices. It also provides services pertaining to repairs and maintenance and provides annual maintenance contracts (AMC) for its customers. REPL has installed rigs in India as well as outside India for various large players such as ONGC, OIL India, BHEL, National drilling Company, ESSAR, John energy Limited etc. The company has an employee base of 54 engineers who provide on-site services to its customers. The manufacturing facility of the company is located in Bhopal, Madhya Pradesh. RY MIDAS: CARE Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ry Midas Alluminiums Private Limited (RMAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 29.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 19, 2024, placed the rating(s) of RMAPL under the 'issuer non-cooperating' category as RMAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RMAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 5, 2025, August 15, 2025, August 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in , CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in October 2006, RY Midas Alluminiums Pvt. Ltd. (RMAPL) is promoted by Mr. Jagdishchandra Shah. RMAPL is primarily engaged in the trading of metal scrap and manufacturing of aluminum ingots. At its manufacturing plant, various scrap of aluminum, copper, iron etc. is segregated and aluminum ingot is manufactured which finds application as de-oxidation agent during alloy steel manufacturing. RMAPL's manufacturing facility is located at Ahmedabad with an aggregate capacity of melting 4,500 MTPA of metal scrap as on March 31, 2017. S.N.R. DHALL: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of S.N.R. Dhall Mill (SDM; Part of SNR Group) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 3.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SDM 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 SDM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SDM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SDM continues to be 'Crisil B/Stable Issuer not cooperating'. About the Group SNR is a partnership firm engaged in the processing of Lentils (Dal), mainly Urad Dal, Moong Dal and Tur Dal. It was incorporated in 1976 and is based out of Chennai. SDM, set up in 1980, is a partnership firm engaged in processing of Lentils (Dal), mainly Urad Dal, Moong Dal and Tur Dal. It is based out of Chennai. SANGHVI BEAUTY: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Sanghvi Beauty & Technologies Private Limited Registered Address: Sanghvi House, No. 105/2, Shivaji Nagar Pune - 411005 Maharashtra Insolvency Commencement Date: September 12, 2025 Court: National Company Law Tribunal, Mumbai Bench VI Estimated date of closure of insolvency resolution process: March 11, 2026 Insolvency professional: Ravindra Beleyur Interim Resolution Professional: Ravindra Beleyur Beleyur Resolutions Private Limited 'Shreevathsa', 428, 19th B Cross, 3d Block, Jayanagar, Bengaluru - 560 011 Tel: +91 80 26540193 Emall: ip@beleyur.com Email: cirp-sanghvibtpl@beleyur.in Last date for submission of claims: October 6, 2025 SIDDHI PAPER: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Siddhi Paper Mill Private Limited (SPMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 23, 2024, placed the rating(s) of SPMPL under the 'issuer non-cooperating' category as SPMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 9, 2025, August 19, 2025, August 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Siddhi Paper Mills Private Limited (SPMPL) is a Nashik (Maharashtra) based, Private Limited Company and was incorporated in the October 2019. However, the operations of the company commenced in September 2020. SPMPL is engaged in the business of manufacturing of Kraft Paper (recycling unit). The facility is located at Malegaon, Nashik, Maharashtra. SPMPL procures raw material i.e., waste boxes and corrugations boxes from local dealers in Maharashtra. The company sells the finished products majorly to the dealers based in Maharashtra. SINNAR TALUKA: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sinnar Taluka Vibhagiya Sahakari Dudh Utpadak and Prakriya Sangh Limited (STVSDUPSL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.16 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 23, 2024, placed the rating(s) of STVSDUPSL under the 'issuer non-cooperating' category as STVSDUPSL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. STVSDUPSL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 9, 2025, August 19, 2025, August 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable STVSDUPSL is a co-operative society established on May 16, 2008. It is engaged in the business of processing of milk at its facilities located at Nasik, Maharashtra. SPD COLD STORAGE: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: SPD Cold Storage LLP Registered Address: New PI No. 305, Gate No. 2, E Ward, Gadi Adda Shahu Market Yard, Kolhapur, Kolhapur, Maharashtra, India, 416005 Insolvency Commencement Date: September 9, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: March 8, 2026 Insolvency professional: Prashant Jain Interim Resolution Professional: Prashant Jain A501, Shanti Heights, Plot No. 2,3,9B/10, Sector 11, Koparkharine, Thane, Navi Mumbai - 400709 Website: www.ssarvi.com Email: ipprashantjain@gmail.com Email: spdcoldstorage.cirp@gmail.com Last date for submission of claims: September 23, 2025 STEADFAST SHIPPING: NCLT Approves INR3.4cr Resolution Plan ---------------------------------------------------------- Taxscan.in reports that the National Company Law Tribunal, Mumbai Bench-I (NCLT) recently approved a resolution plan worth INR3.4 crore submitted by M/s Priyam Projects (I) Pvt. Ltd. for the corporate debtor M/s Steadfast Shipping Pvt. Ltd. - a ship leasing company. Taxscan.in relates that the Tribunal approved the resolution plan after noting that the plan had secured 100 percent assent from the Committee of Creditors (CoC). However, the Tribunal maintained that any reliefs or waivers sought in the plan would remain subject to statutory scrutiny by the authorities. TOKAI ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Tokai Engineering Private Limited (TEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 26, 2024, placed the rating(s) of TEPL under the 'issuer non-cooperating' category as TEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 12, 2025, August 22, 2025 and September 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Gurgaon (Haryana) based TEPL was incorporated on July 9, 2006. The company is currently being managed by Mr. Rajesh Khanna and Mrs. Shilu Khanna. TEPL is engaged in manufacturing of jigs and fixtures, testing machines, and special purpose machines. It mainly caters to automobile companies. Its manufacturing facility is located in Manesar, Gurgaon (Haryana). The major raw materials of the company are MS Steel, cylinders, pneumatic items like compressor etc which it procures from domestic manufacturers and wholesalers. U. C. JAIN: CARE Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of U. C. Jain Foundation Trust (UCJFT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 25, 2024, placed the rating(s) of UCJFT under the 'issuer non-cooperating' category as UCJFT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UCJFT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 11, 2025, August 21, 2025 and August 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable U.C. Jain Foundation Trust (UCJFT) is an educational trust and was formed in July, 2012 by Mr. U.C. Jain (aged 63 years) and his sons; Mr. Rishab Jain (aged 32 years) and Mr. Nikhil Jain (37 years) with the objective to provide education services. For imparting education, the trust started school under the name of Wisdom Global School in June, 2012 affiliated from Central Board of Secondary Education (CBSE). ================= I N D O N E S I A ================= BUKIT MAKMUR: Moody's Affirms 'Ba3' CFR, Alters Outlook to Negative ------------------------------------------------------------------- Moody's Ratings has affirmed Bukit Makmur Mandiri Utama (P.T.)'s (BUMA) Ba3 corporate family rating and the B1 rating on its senior secured notes due 2026. The outlook has been revised to negative from stable. "The change in outlook to negative is based on Moody's expectations that BUMA's credit metrics will remain weak over the next 12-18 months following operational disruptions amid challenging weather during the first half of 2025," says Anthony Prayugo, a Moody's Ratings Analyst. "While the company has taken steps to cut costs and boost production, it has reduced headroom to absorb further operational or industry headwinds," adds Prayugo, also Moody's Ratings lead analyst for BUMA. RATINGS RATIONALE BUMA's performance in the first half of 2025 (1H 2025) was significantly impacted by heavy rainfalls, safety incidents involving third parties, and projects ramp-downs. These disruptions caused overburden removal and coal production volumes to decline by around 23% and 10% year-over-year respectively for 1H 2025. At the same time, the company's earnings were impacted by temporary higher costs associated with winding down expiring contracts, and ramping up operations at new contracts. BUMA's reported EBITDA fell to $64 million in 1H 2025 compared with $160 million in 1H 2024. A bulk of the decline occurred in Q1 2025 when EBITDA was only about $14 million. Moody's expects operational performance and earnings to improve in 2H 2025, supported by cost-saving initiatives and new contract ramp-ups, but these improvements are unlikely to fully offset the weak earnings in the first half of the year. Furthermore, BUMA's US anthracite mining subsidiary, Atlantic Carbon Group, Inc. (ACG), has yet to contribute material earnings to the group since its acquisition in 2024. Consequently, BUMA's adjusted debt/EBITDA will increase to 5.4x in December 2025 before declining to around 3.6x in 2026 and 3.1x in 2027. Moody's expects BUMA will likely breach one of its existing financial maintenance covenants on its bank loans – net debt/EBITDA not exceeding 3.75x – in 3Q and 4Q 2025. However, the company has already obtained waivers from banks until at least December 2025, and is unlikely to require further waivers beyond this period. Despite challenging operating conditions, BUMA will maintain adequate liquidity over the next 12-18 months. The company's internal cash sources and committed credit lines will be sufficient to meet its cash needs over the next 12-18 months, which includes a $212 million US dollar senior secured note maturing in February 2026. BUMA had around $440 million undrawn committed credit facilities under its $1 billion syndicated loan as of the end of June 2025 that could be utilized towards repaying its US dollar notes. The company also announced its third conventional IDR bond issuance, targeting up to IDR1.4 trillion ($85 million) in principal, of which around IDR540 billion ($33 million) has been subscribed to date. Moody's expects the proceeds to be received in October. BUMA's US dollar notes are rated one notch below the CFR because the noteholders have to contend with secured bank debt, which has a priority claim and ranks ahead of the notes. The US dollar notes, along with BUMA's unsecured IDR bonds made up around 40% of BUMA's total debt (excluding leases) as of June 30, 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of BUMA's ratings is unlikely over the next 12-18 months, given the negative outlook. However, Moody's could revise the outlook to stable if BUMA (1) materially improves its overburden removal volumes and earnings in the next few quarters, (2) addresses its US dollar notes maturing in February 2026 while maintaining adequate liquidity, (3) successfully ramps up operations at ACG, and (4) does not pursue more aggressive financial policies regarding growth and shareholder returns. Specific indicators Moody's would consider to stabilize the outlook include adjusted debt/EBITDA below 3.5x and adjusted EBITDA/Interest above 4.0x, both on a sustained basis. Moody's could downgrade the ratings if (1) BUMA's credit metrics weaken further; (2) its liquidity deteriorates, or (3) its underlying financial policies change materially. Credit metrics indicative of a downgrade include adjusted debt/EBITDA staying above 3.5x or EBITDA/interest expense staying below 4.0x, both on a sustained basis. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The Ba3 rating is two notches above the scorecard-indicated outcome of B2. The difference reflects BUMA's status as Indonesia's second-largest coal mining contractor with a long operating track record, its additional coal mine contracting operations in Australia, its history of maintaining conservative financial policies, and Moody's expectations of a recovery in its operational performance in the second half of 2025. COMPANY PROFILE Established in 1998, Bukit Makmur Mandiri Utama (P.T.) (BUMA) is a mining services contractor in Indonesia and Australia that provides open-cut mining services to thermal and metallurgical coal producers. BUMA is 100% owned (less one share) by PT BUMA Internasional Grup Tbk, an investment holding company listed on the Indonesian Stock Exchange. =============== M A L A Y S I A =============== 1MDB: Jho Low and Associates Misappropriated Multi-Billion Dollars ------------------------------------------------------------------ Hafiz Yatim at theedgemalaysia.com reports that a foreign investigator told the High Court that between 2009 and 2014, fugitive Jho Low and his associate Eric Tan Kim Loong misappropriated US$1.968 billion and US$3.252 billion, respectively, from 1Malaysia Development Bhd (1MDB) and its four units. Kroll Advisory Ltd director of investigations Richard Templeman told the court that Jho Low's father, Tan Sri Larry Low Hock Peng, received US$456.25 million, while his sister, Low May Lin, received US$909,319 of 1MDB funds, theedgemalaysia.com relates. According to theedgemalaysia.com, Mr. Templeman is the fourth witness in 1MDB and its four units' US$3.78 billion suit against Jho Low, his family - Hock Peng, May Lin, Jho Low's brother Low Taek Szen and Jho Low's mother Goh Gaik Ewe - and associate, Tan. The claim against the six, whose whereabouts are all unknown, are for fraudulent concealment, fraudulent misappropriation of funds and unjust enrichment, among others. 1MDB and its subsidiaries obtained a judgement in default (JID) in 2022 against Jho Low, his father Hock Peng and his brother Taek Szen, followed by one against his mother, Goh, last year, theedgemalaysia.com recalls. A JID means the court ruled in 1MDB's favour because the defendants did not respond to the claims. theedgemalaysia.com says the court session on Oct. 6 is specifically against Tan and May Lin, with testimony from deputy registrar Nurul Ain Hamzah, former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi and Kroll Advisory's Angela Barkhouse. Ms. Barkhouse plays a crucial part in the liquidation of several firms associated with Jho Low and Tan, as well as other companies related to the 1MDB scandal. Mr. Templeman used documents from these offshore companies to gain an insight into the money trail. theedgemalaysia.com relates that Mr. Templeman told the court that money was siphoned from 1MDB through four phases between 2009 and 2014: - Good Star: Linked to 1MDB's deal with PetroSaudi International. - Fake Aabar: Involved US$3.5 billion in bonds raised after buying two power plants. - Tanore: US$3 billion raised by Goldman Sachs in March 2013 for the Tun Razak Exchange project. - Options buyback: Related to options given to Aabar PJS to buy 49% of two 1MDB energy firms. Mr. Templeman, 47, a United Kingdom-based financial investigator, said that of the US$1.968 billion obtained by Jho Low or his real name Low Taek Jho, he received US$1.121 billion during the Good Star phase, US$266.5 million during the Aabar phase, another US$420.8 million in the Tanore phase and finally US$160.5 million in the options buyback phase. Of Tan's US$3.252 billion, Mr. Templeman said he received US$ 134.49 million during the Good Star phase, US$1.215 billion from the fake Aabar phase, US$1.4 billion from the Tanore phase and finally US$502.933 million in the final options buyback phase, theedgemalaysia.com relays. For Hock Peng's US$456.25 million, Mr. Templeman said Jho Low's father received US$54.75 million from Good Star, US$153 million in the fake Aabar stage and US$248.5 million in the Tanore stage. May Lin received US$809,319 in the Good Star and another US$100,000 in the Tanore stage, theedgemalaysia.com discloses. theedgemalaysia.com adds Mr. Templeman said the funds were mostly moved through fake companies to make them look like real transactions. Some were sent multiple times through fake Aabar companies in the British Virgin Islands and Seychelles, while the real Aabar PJS Ltd is based in Abu Dhabi. The witness also revealed that US$681 million from the Tanore phase went into Datuk Seri Najib Razak's accounts, according to theedgemalaysia.com. This is a key issue in the former prime minister's 1MDB criminal trial. Besides Siva Kumar, 1MDB and its four subsidiaries were represented by co-counsel Lee Shih and Muhammad Suhaib Ibrahim, while Tan and May Lin were not represented. Following the conclusion of Oct. 6's testimony, 1MDB closed its case and Mahazan fixed Nov. 12 for oral submissions, adds theedgemalaysia.com. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as $780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. KNM GROUP: Wins Court Approval for Sale of German Arm to NGK ------------------------------------------------------------ The Malaysian Reserve reports KNM Group Bhd has secured High Court approval to proceed with the proposed disposal of its entire stake in Deutsche KNM GmbH (DKNM) to Japan's NGK Insulators Ltd for EUR270 million (MYR1.38 billion), marking a key milestone in its ongoing debt restructuring plan. According to the Malaysian Reserve, the Kuala Lumpur High Court granted the approval under Section 368(4) of the Companies Act 2016 on Oct. 8, allowing KNM to dispose of its 100% equity interest in DKNM - its German-based subsidiary - as part of a broader scheme of arrangement with creditors. The court also fixed Oct. 14 for a hearing under Section 472(1) of the Act, the group said in a bourse filing. In a separate filing, KNM said it will hold an EGM on Oct. 30 for shareholders to vote on the sale as requested by major shareholder MAA Group Bhd, which owns a 19.375% stake, according to the Malaysian Reserve. The Malaysian Reserve relates that the ruling came just a day after KNM's largest shareholder, MAA Group, requested the EGM for shareholders to decide on the DKNM sale, despite Bursa Malaysia's rejection of KNM's PN17 regularisation plan which includes the disposal. In yet another filing, KNM said it has appealed Bursa Malaysia's rejection of its Practice Note 17 (PN17) regularisation plan on Oct. 7, the Malaysian Reserve reports. As a result, the possible delisting of its securities on Nov. 5 has been put on hold until Bursa makes a decision on the appeal. The Malaysian Reserve says Bursa Malaysia had earlier rejected KNM's PN17 exit plan, citing the company's inability to demonstrate sustainable earnings and an effective turnaround strategy. The exchange noted that KNM's Malaysian operations - which would remain post-disposal - have been loss-making since 2024 and are projected to generate only RM4.21 million in revenue this year, or just 1.5% of its restructured capital base, the Malaysian Reserve relays. Following Bursa's decision, KNM's shares were originally set to be suspended on Oct. 13, with possible delisting on Nov. 5 unless an appeal was filed. The Malaysian Reserve says the proposed DKNM disposal, seen as the centrepiece of KNM's restructuring plan, aims to pare down debt and stabilise the group's finances. However, it would also see KNM part with its most valuable asset, leaving behind its weaker Malaysian operations. About KNM Group KNM Group Berhad (KLSE:KNM) -- https://www.knm-group.com/ -- is engaged in the investment holding and the provision of management services. It operates through three geographical segments: Asia and Oceania, Europe and America. The Asia and Oceania segment includes Malaysia, Thailand, Indonesia, Myanmar, Australia and Mauritius. The Europe segment includes Germany, Italy, United Arab Emirates, United Kingdom, British Virgin Islands, Netherlands, Saudi Arabia, and Isle of Man. The America segment includes the United States of America and Canada. Its subsidiary KNM Process Systems Sdn. Bhd. is engaged in the design, manufacture, assembly and commissioning of process equipment, pressure vessels, heat exchangers, skid mounted assemblies, process pipe systems, storage tanks, specialized structural assemblies and module assemblies for the oil, gas and petrochemical industries. Its other subsidiaries include KNM International Sdn. Bhd., KNM Capital Sdn. Bhd. and KNM Renewable Energy Sdn. Bhd. On Oct. 31, 2022, KNM Group Bhd said it had become an affected listed issuer under the Practice Note 17 (PN17) on the basis that Paragraph 2.1(e) of the note was triggered in its audited consolidated financial statements for the period ended June 30, 2022, which were published on Oct. 31, 2022. The company said its auditor had highlighted a material uncertainty over its ability to continue as a going concern. ===================== N E W Z E A L A N D ===================== BEACHCROFT APARTMENTS: First Creditors' Meeting Set for Oct. 14 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of Beachcroft Apartments LP and CMT Number 1 GP Limited will be held on Oct. 14, 2025 at 10:30 a.m. at the offices of BDO Auckland, at Level 4, BDO Centre, 4 Graham Street, in Auckland and via Microsoft Teams. Rees Logan and and George Bannerman of BDO Auckland were appointed as administrators of the company on Oct. 2, 2025. GOOD TIME: Court to Hear Wind-Up Petition on Oct. 23 ---------------------------------------------------- A petition to wind up the operations of Good Time Development Limited will be heard before the High Court at Auckland on Oct. 23, 2025, at 10:00 a.m. Auckland Council filed the petition against the company on June 25, 2025. The Petitioner's solicitor is: Kirstin Margaret Wakelin 135 Albert Street Auckland MANN RESTAURANTS: Creditors' Proofs of Debt Due on Oct. 30 ---------------------------------------------------------- Creditors of Mann Restaurants Limited are required to file their proofs of debt by Oct. 30, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 25, 2025. The company's liquidator is: Kevin Davies Principle Insolvency LP PO Box 1566 Hamilton 3240 NICHOLL REALTY: Court to Hear Wind-Up Petition on Nov. 10 --------------------------------------------------------- A petition to wind up the operations of Nicholl Realty Limited will be heard before the High Court at Tauranga on Nov. 10, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 28, 2025. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton SMITELLI ENGINEERING: Creditors' Proofs of Debt Due on Oct. 29 -------------------------------------------------------------- Creditors of Smitelli Engineering and Mechanical 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. 30, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 =============== P A K I S T A N =============== PAKISTAN: Made Significant Progress on Loan Review, IMF Says ------------------------------------------------------------ An International Monetary Fund (IMF) team, led by Iva Petrova, visited Karachi and Islamabad from September 24 to October 8, 2025, to hold discussions on the second review under the Extended Fund Facility (EFF) and the first review under the Resilience and Sustainability Facility (RSF). At the conclusion of the discussions, Ms. Petrova issued the following statement: "The IMF mission and the Pakistani authorities made significant progress toward reaching a Staff Level Agreement (SLA) on the second review under the 37-month Extended Arrangement under the Extended Fund Facility (EFF) and on the first review of 28-month Arrangement under the Resilience and Sustainability Facility (RSF). "Program implementation remains strong, and broadly aligned with the authorities' commitments. Significant progress was made in the discussions in several areas, including sustaining fiscal consolidation to strengthen the public finances while providing needed flood recovery support; ensuring inflation remains durably within the SBP's target range by maintaining an appropriately tight and data-dependent monetary policy; restoring the viability of the energy sector by implementing regular tariff adjustments and cost-reducing reforms; and advancing structural reforms to reduce the footprint of the state, strengthen governance and transparency, foster a more competitive business environment, and liberalize commodity markets. Productive discussions were also held on the authorities' reform agenda to strengthen climate resilience, including the completion of reform measures under the RSF. "The IMF team and the authorities will continue policy discussions with a view to settling any outstanding issues. "The IMF team wants to express its sympathy to those affected by the recent floods, and is grateful to the Pakistani authorities, private sector, and development partners for many fruitful discussions and their hospitality throughout this mission." About Pakistan Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 21, 2025, Moody's Ratings has upgraded the Government of Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa1 from Caa2. Moody's have also upgraded the rating for the senior unsecured MTN programme to (P)Caa1 from (P)Caa2. Concurrently, Moody's changed the outlook for the Government of Pakistan to stable from positive. The TCR-AP reported in April 21, 2025, Fitch Ratings has upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The Outlook is Stable. ================= S I N G A P O R E ================= HATTEN LAND: Judicial Management Order Extended to April 2026 ------------------------------------------------------------- TipRanks reports that Hatten Land Limited, under judicial management, has received an extension for its judicial management order from the High Court of Singapore. The order, initially set to expire on October 9, 2025, has been extended by 180 days to April 7, 2026. This extension provides the company with additional time to manage its affairs under judicial supervision. TipRanks says shareholders and investors are advised to stay informed about the company's announcements and consult professionals regarding their shares, as trading has been suspended since August 2024. Hatten Land Limited (SGX:PH0)-- https://hattenland.com.sg/ -- operates as a property developer. The Company develops malls, hotels, and residential properties. Hatten Land serves customers in Singapore and Malaysia. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 18, 2024, Hatten Land has received approval from the Singapore High Court for the appointment of Deloitte & Touche's Tan Wei Cheong and Lim Loo Khoon as joint judicial Managers. As joint judicial managers, Tan and Lim are expected to manage the group's affairs, business and property, The Edge Singapore said. HYPERSCALE PTE: Court to Hear Wind-Up Petition on Oct. 17 --------------------------------------------------------- A petition to wind up the operations of Hyperscale Pte. Ltd. will be heard before the High Court of Singapore on Oct. 17, 2025, at 10:00 a.m. Luther Corporate Services Pte. Ltd. filed the petition against the company on Sept. 19, 2025. The Petitioner's solicitors are: I.N.C. Law LLC 4 Battery Road #26-01, Bank of China Building Singapore 049908 JOBSEEKERAPPS PTE: Court to Hear Wind-Up Petition on Oct. 17 ------------------------------------------------------------ A petition to wind up the operations of Jobseekerapps Pte. Ltd. (formerly known as Karirpad Holdings Pte. Ltd.) will be heard before the High Court of Singapore on Oct. 17, 2025, at 10:00 a.m. Luther LLP filed the petition against the company on Sept. 19, 2025. The Petitioner's solicitors are: I.N.C. Law LLC 4 Battery Road #26-01, Bank of China Building Singapore 049908 SPEAKERBUS PTE: Creditors' Meeting Set for Oct. 22 -------------------------------------------------- Speakerbus Pte. Ltd. will hold a meeting for its creditors on Oct. 22, 2025, at 3:00 p.m., via video conference. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to appoint liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Mr. Bernard Juay was appointed as provisional liquidator of the Company on Sept. 23, 2025. WAVERLEY HILLS: Placed in Provisional Liquidation ------------------------------------------------- Mr. Chan Yee Hong of CLA Global TS Risk Advisory on Sept. 22, 2024, was appointed as provisional liquidator of Waverley Hills Pte. Ltd. The provisional liquidator may be reached at: Mr. Chan Yee Hong CLA Global TS Risk Advisory c/o 80 Robinson Road #25-00 Singapore 068898 ZHONGTAI INTERNATIONAL: Commences Wind-Up Proceedings ----------------------------------------------------- Members of Zhongtai International Securities (Singapore) Pte. Ltd. on Sept. 29, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Mdm Goh Hwee Cheng 10 Jalan Besar #15-06 Sim Lim Tower Singapore 208787 ================= S R I L A N K A ================= SRI LANKA: IMF Reaches Staff-Level Deal for US$347MM in Financing ----------------------------------------------------------------- An International Monetary Fund (IMF) mission team led by Mr. Evan Papageorgiou visited Sri Lanka from September 24 to October 9, 2025, to discuss recent macroeconomic developments and progress in implementing economic and financial policies under the Extended Fund Facility (EFF) arrangement. At the end of the mission, Mr. Papageorgiou issued the following statement: "IMF staff and the Sri Lankan authorities have reached staff-level agreement on the Fifth Review under the 4-year Extended Fund Facility (EFF) arrangement. The arrangement was approved by the IMF Executive Board for a total amount of SDR 2.3 billion (about US$3 billion) on March 20, 2023. "The staff-level agreement is subject to IMF Executive Board approval, contingent on: (i) Parliamentary approval of the 2026 Appropriation Bill in line with program parameters and (ii) the completion of the financing assurances review, to confirm multilateral partners' financing contributions and assess adequate progress with debt restructuring. "Upon completion of the Executive Board review, Sri Lanka would have access to SDR 254 million (about US$347 million), bringing the total IMF financial support disbursed under the arrangement to SDR 1,524 million (about US$2.04 billion). "Sri Lanka's ambitious reform agenda continues to deliver commendable outcomes. The economy grew by 4.8 percent y/y in 2025H1 and we expect growth to remain solid in 2025. Inflation has returned to positive territory and in September prices rose by 1.5 percent y/y. Gross official reserves reached US$6.1 billion at end-September 2025. Fiscal performance in 2025H1 has been strong, primarily supported by taxes on motor vehicle imports. Debt restructuring is nearing completion. "Program performance is strong, underpinned by good fiscal revenue outcomes and improvements in external resilience. The reform momentum should be sustained to safeguard macroeconomic stability and enhance Sri Lanka's resilience to shocks. This is particularly important given heightened downside risks to the economy from persistent trade policy uncertainty and geopolitical tensions. "The 2026 Budget should be in line with program parameters to continue building fiscal space on the back of strong revenue measures and prudent spending execution. This requires sustained efforts to improve tax compliance, broaden the tax base, and tackle revenue leakages by strengthening the tax exemption frameworks. Enhancing public financial management, avoiding the reemergence of expenditure arrears, and promoting high-quality and efficient public expenditure, including by addressing capital spending under-execution, will contribute to safeguarding fiscal discipline and transparency. "At the same time, it is instrumental to maintain cost-recovery energy pricing, strengthen the governance of state-owned enterprises (SOEs), and resolve their legacy debts to ensure financial viability and minimize fiscal risks. Upcoming bills on public-private partnerships, SOEs, public procurement, and public asset management should be consistent with the Public Financial Management Act and best practices. "Protecting the poor and vulnerable should remain a priority. There is scope to strengthen the design of the welfare benefit payment scheme to improve the targeting, adequacy, and coverage of social spending. "Accelerating the finalization of bilateral debt agreements with the remaining official and commercial creditors is key to restoring debt sustainability and improving investor confidence. A swift operationalization of the Public Debt Management Office will be a key step towards prudent debt management practices. "It is important for monetary policy to remain data-driven and to ensure price stability. Central bank independence should continue to be safeguarded, including by continuing to refrain from monetary financing of the budget. Efforts should continue to rebuild external buffers through reserve accumulation to adequate levels, while allowing for exchange rate flexibility. Resolving non-performing loans, strengthening governance and oversight of state-owned banks, and improving the insolvency and resolution frameworks are important to foster credit growth and safeguard financial sector stability. "It is crucial to speed up the implementation of governance reforms outlined in the government's action plan. Advancing procurement reforms, strengthening the AML/CFT framework, prioritizing anti-corruption measures in revenue administration, including digitalization, and implementation of electronic asset declarations will contribute to reducing corruption vulnerabilities. Recruitment at the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) should be accelerated and CIABOC's independence safeguarded in line with the Anti-Corruption Act. Structural reforms will be key to lifting Sri Lanka's potential growth. "The IMF team held meetings with His Excellency President and Finance Minister Anura Kumara Dissanayake, Honorable Prime Minister Dr. Harini Amarasuriya, Honorable Labor Minister and Deputy Minister of Economic Development Prof. Anil Jayantha Fernando, Honorable Minister of Industry Mr. Sunil Handunnetti, Central Bank of Sri Lanka Governor Dr. P. Nandalal Weerasinghe, Secretary to the Treasury Dr. Harshana Suriyapperuma, Senior Economic Advisor to the President Mr. Duminda Hulangamuwa, Chief Advisor to the President on Digital Economy Dr. Hans Wijayasuriya, Governor of Central Province Prof. Sarath Abayakon, and other senior government and CBSL officials. The IMF team also met with parliamentarians, representatives from the private sector, civil society organizations, and development partners. "We would like to thank the authorities for the excellent collaboration during the mission, including while visiting the Central and Uva provinces. We reaffirm our commitment to support Sri Lanka achieve strong, sustainable growth." About Sri Lanka Sri Lanka, formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an island country in South Asia. Sri Jayawardenepura Kotte is its legislative capital, and Colombo is its largest city and financial centre. The island nation defaulted on its foreign debt for the first time in its history in April 2022 as the worst financial crisis since independence from Britain in 1948 crushed its economy. S&P Global Ratings, on Sept. 19, 2025, raised its long- and short-term foreign currency sovereign credit ratings on Sri Lanka to 'CCC+/C' from 'SD/SD'. S&P also affirmed its 'CCC+/C' long- and short-term local currency ratings. The outlook on both the long-term foreign and local currency ratings is stable. The transfer and convertibility assessment remains 'CCC+'. Fitch Ratings upgraded Sri Lanka's Long-Term Foreign-Currency IDR to 'CCC+', from 'RD' (Restricted Default) on Dec. 20, 2024. Fitch also upgraded the Long-Term Local-Currency IDR to 'CCC+', from 'CCC-', to align with the Long-Term Foreign-Currency IDR. Moody's also upgraded Sri Lanka's long-term foreign currency issuer rating to Caa1 from Ca on Dec. 23, 2024. The outlook is stable. ********* 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 ***