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

                     A S I A   P A C I F I C

          Monday, October 13, 2025, Vol. 28, No. 204

                           Headlines



A U S T R A L I A

2025-1 HARVEY TRUST: S&P Assigns BB (sf) Rating to Class E Notes
ELEGANT ENDS: First Creditors' Meeting Set for Oct. 16
GC SERVICES: First Creditors' Meeting Set for Oct. 16
GFG ALLIANCE: Tasmanian Smelter Unit Posts AUD80MM Loss in 2024
GRAYS GROUP: First Creditors' Meeting Set for Oct. 15

PLUMBERS DIRECT: First Creditors' Meeting Set for Oct. 16
RANDOLPH INDUSTRIES: RSM Australia Appointed as Liquidators
SHIELD MASTER: ASIC Seeks Compensation from Equity Trustees
SQUARES AND PADDOCKS: First Creditors' Meeting Set for Oct. 15


C H I N A

CBAK ENERGY: Fails to Meet Minimum Bid Price Requirement
HAIKONG SANXIN: To File for Bankruptcy to Cut Losses
JINGBO TECHNOLOGY: Reports $786,328 Net Loss in Fiscal Q2


I N D I A

ACCUTECH PACKAGING: CARE Keeps B- Debt Rating in Not Cooperating
BLUE BLENDS: CARE Keeps D Debt Rating in Not Cooperating Category
D C METALS: CRISIL Keeps D Rating in Not Cooperating Category
DIVEEL COTTON: CRISIL Keeps B Debt Rating in Not Cooperating
DOLPHIN FOOTWEAR: CRISIL Keeps B+ Debt Ratings in Not Cooperating

EDEN CRITICAL: CRISIL Hikes Rating on INR19.5cr Term Loan to B+
ENKAY (INDIA): CRISIL Keeps B Debt Ratings in Not Cooperating
ESSEL LUCKNOW: Ind-Ra Affirms D NonConvertible Debts Rating
GOEL SOLVENTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GRIP NVA 2: Ind-Ra Cuts Bank Loan Rating to BB

JALSA BANQUETS: CRISIL Keeps B- Debt Rating in Not Cooperating
JAMNADAS AND COMPANY: CRISIL Keeps D Rating in Not Cooperating
JBR IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating Category
JYOTI GENERAL: CRISIL Keeps B Debt Ratings in Not Cooperating
K. M. INTERNATIONAL: CRISIL Keeps B Ratings in Not Cooperating

KGS SUGAR: Court OKs Grainotch Industries Acquisition Bid
KHAIRWALA INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
KISAN SHAKTI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
KUMBHI KASARI: CRISIL Keeps B- Debt Rating in Not Cooperating
LAKSHMI SAAI: CRISIL Keeps B+ Debt Ratings in Not Cooperating

LANCY CONSTRUCTIONS: CRISIL Keeps D Rating in Not Cooperating
LEVEL 9: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable
MARUTI NANDAN: CRISIL Keeps B Debt Ratings in Not Cooperating
MITHRA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
NATURAL GOLD: CRISIL Keeps B+ Debt Ratings in Not Cooperating

PERIYASAMY INDUSTRIESS: CRISIL Keeps B Ratings in Not Cooperating
POWER MAX: CRISIL Keeps D Debt Ratings in Not Cooperating
PRIYANJALI ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating
PUNJ LLOYD: NCLT Extends Company's Liquidation by 6 Months
RAJEEV ELECTRONICS: CRISIL Keeps B Debt Rating in Not Cooperating

RAJLAXMI MANUFACTURER: CRISIL Keeps B Ratings in Not Cooperating
S. K. INDUSTRIES: CRISIL Keeps B- Debt Ratings in Not Cooperating
SARAF TRADING: Ind-Ra Cuts Bank Loan Rating to B
SELVEE INDIGENOUS: CRISIL Keeps B+ Ratings in Not Cooperating


J A P A N

[] JAPAN: April-September Business Failures Hit 12-Year High


N E W   Z E A L A N D

BARTELLS EARTHMOVING: Court to Hear Wind-Up Petition on Nov. 7
FORGED FABRICATIONS: Creditors' Proofs of Debt Due on Nov. 5
J&M FOOD: Court to Hear Wind-Up Petition on Nov. 10
NORTH BEACH: Creditors' Proofs of Debt Due on Oct. 30
SMITHS CITY: In Liquidation; Unsec. Creditors Likely to Go Unpaid

TRUSTED ROOFING: Court to Hear Wind-Up Petition on Nov. 10


S I N G A P O R E

BOX BOSS: Court Enters Wind-Up Order
GAMES ANIMATION: Court Enters Wind-Up Order
PINHEADS INTERACTIVE: Court to Hear Wind-Up Petition on Oct. 17
PRICEWATERHOUSECOOPERS IT: Creditors' Proofs of Debt Due on Oct 30
T&H CLEANING: Court Enters Wind-Up Order


                           - - - - -


=================
A U S T R A L I A
=================

2025-1 HARVEY TRUST: S&P Assigns BB (sf) Rating to Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to six of the seven classes
of prime residential mortgage-backed securities (RMBS) issued by
Perpetual Trustee Co. Ltd. as trustee for Series 2025-1 Harvey
Trust. Series 2025-1 Harvey Trust is a securitization of prime
residential mortgage loans originated by Great Southern Bank (GSB;
a business name of Credit Union Australia Ltd.).

The ratings reflect the following factors.

The credit risk of the underlying collateral portfolio at
transaction close, including the fact that this is a closed
portfolio, means that no further loans will be assigned to the
trust after the closing date.

The credit support is sufficient to withstand the stresses S&P
applies. The credit support for the rated notes comprises note
subordination and lenders' mortgage insurance on 20.1% of the
portfolio.

The various mechanisms to support liquidity within the transaction,
including an excess revenue reserve funded by available excess
spread, principal draws, and a liquidity facility equal to 1.0% of
the aggregate invested amount of the notes are sufficient under
S&P's stress assumptions to ensure timely payment of interest.

There is a fixed- to floating-rate interest-rate swap provided by
GSB to hedge the mismatch between receipts from any fixed-rate
mortgage loans and the floating-rate notes. National Australia Bank
Ltd. will act as standby swap provider.

  Ratings Assigned

  Series 2025-1 Harvey Trust

  Class A1, A$736.00 million: AAA (sf)
  Class A2, A$32.00 million: AAA (sf)
  Class B, A$16.00 million: AA (sf)
  Class C, A$8.00 million: A (sf)
  Class D, A$3.44 million: BBB (sf)
  Class E, A$2.32 million: BB (sf)
  Class F, A$2.24 million: NR


ELEGANT ENDS: First Creditors' Meeting Set for Oct. 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of Elegant Ends
Pty Ltd will be held on Oct. 16, 2025 at 11:30 a.m. at the offices
of HoganSprowles, at Level 11 South, 350 Collins Street, in
Melbourne, VIC, and via virtual facilities.

Mark Brereton of HoganSprowles was appointed as administrator of
the company on Oct. 6, 2025.



GC SERVICES: First Creditors' Meeting Set for Oct. 16
-----------------------------------------------------
A first meeting of the creditors in the proceedings of GC Services
(Australia) Pty Ltd will be held on Oct. 16, 2025 at 9:30 a.m. at
the offices of Robson Cotter Insolvency Group, Unit 1, 78 Logan Rd,
in Woolloongabba, QLD.

William Roland Robson of Robson Cotter Insolvency Group was
appointed as administrator of the company on Oct. 3, 2025.



GFG ALLIANCE: Tasmanian Smelter Unit Posts AUD80MM Loss in 2024
---------------------------------------------------------------
Simon Evans at The Australian Financial Review reports that the
Tasmanian manganese smelter owned by British industrialist Sanjeev
Gupta reported a loss of AUD80 million in the past financial year,
and has refused demands by the receivers of another Gupta entity
connected to the Whyalla steelworks to repay a AUD2.8 million
loan.

According to the Financial Review, the Tasmanian government, which
advanced a loan of AUD20 million in August to the smelter group to
fund supplies of manganese ore, has become increasingly alarmed
about the future of the Liberty Bell Bay plant at George Town in
north-west Tasmania. The smelter employs 350 staff.

A shipment of ore was supplied to the plant in October, but Mr.
Gupta's parent company GFG Alliance has not restarted smelting,
citing a downturn in prices for the end product on global markets.

It had already "paused" smelting in mid-May after disruptions to
supply from a South32 mine from cyclone damage last year.

The Financial Review relates that a GFG spokeswoman said on Oct. 10
the company wanted to examine US market conditions more closely
after a drop in ferromanganese prices of 9 per cent in the past
week.

"Given sudden changes in market conditions, it is now prudent for
Liberty Bell Bay to first gain clarity on its supply position in
the US market before commencing a restart of the smelter," a GFG
spokeswoman said.

The Tasmanian smelter was expected to also make a loss in the
December half of 2025-26, but "we expect better conditions" in the
June half, she said, the Financial Review relays.

Tasmanian Industry Minister Felix Ellis said he was very concerned
at the lack of a restart. "GFG need to step up and invest in the
business and provide certainty to its workers," he said.

A 121-page report by William Buck, administrators of a Gupta entity
called Whyalla Ports Pty Ltd, details the complex web of companies
inside Mr. Gupta's global GFG operations, and the high volume of
related-party transactions where money is funnelled between
businesses, according to the Financial Review.

The Financial Review relates that the report also outlines a AUD294
million loan made by another Gupta entity, Liberty Primary Metals
Australia, to Mr. Gupta's Liberty Steel Korea operations in South
Korea, which has now been deemed unrecoverable "because Liberty
Steel Korea is a mothballed operation with no finances available to
start operations".

Whyalla Ports was the company that operated the port connected to
the adjacent Whyalla steelworks. The steelworks was forced into
administration in February, and Prime Minister Anthony Albanese and
South Australian Premier Peter Malinauskas later announced a AUD2.4
billion bailout, the Financial Review notes.

KordaMentha is handling a sale process for Whyalla steelworks where
non-binding indicative offers are due by October 24, the Financial
Review adds.

                        About GFG Alliance

GFG Alliance is a global group of businesses in industries
including steel, aluminium, and energy.

GFG Alliance has had significant operations in Australia, including
the Whyalla Steelworks in South Australia run by OneSteel
Manufacturing Pty Limited (which is currently in external
administration), Tahmoor Coal in New South Wales, and Liberty Bell
Bay in Tasmania.


GRAYS GROUP: First Creditors' Meeting Set for Oct. 15
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Grays Group
of companies:

          - Grays.com Pty Ltd
          - Grays Co 2 Pty Ltd
          - Grays Co 3 Pty Ltd
          - Grays Co 4 Pty Ltd
          - Car Buyers Australia Pty Ltd
          - Grays eCommerce Group Limited
          - GEG No.1 Pty Ltd
          - Grays (Aust) Holdings Pty Limited
          - Graysonline S.A. Pty Limited
          - Grays Auctioneers Pty Ltd
          - Grays Real Estate Australia Pty Limited
          - GEG Capital Pty Limited
          - GEG International Pty Ltd
          - Grays (NSW) Pty Limited
          - Graysfinance Pty Ltd
          - GLC Fine Wines & Liquor Pty Ltd
          - Grays (VIC) Pty Limited
          - Gray Eisdell Timms (QLD) Pty Ltd
          - Gray Eisdell Timms (WA) Pty Ltd
          - C M Pty Ltd in its own capacity and in its capacity as
            trustee of the GEM trust

will be held on Oct. 15, 2025 at 11:30 a.m. virtual meeting
technology.

Jason Preston and Damien Pasfield of McGrathNicol were appointed as
voluntary administrators of Grays Group of companies on Oct. 3,
2025.


PLUMBERS DIRECT: First Creditors' Meeting Set for Oct. 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Plumbers
Direct (NSW) Pty. Limited will be held on Oct. 16, 2025 at 10:00
a.m. via Videoconference Only.

Roberto Crispino and Richard Albarran were appointed as
administrators of the company on Oct. 3, 2025.



RANDOLPH INDUSTRIES: RSM Australia Appointed as Liquidators
-----------------------------------------------------------
RSM Australia's Mitchell Herrett has been appointed Liquidator of
Sunshine Coast company, Randolph Industries Pty Ltd (formerly
trading as Tiny Home & Co.).

Mr. Herrett said, "We recognise there may be a number of customers
with outstanding home builds who are extremely concerned about the
situation."

Statements lodged with the Australian Securities and Investments
Commission (ASIC) show Randolph Industries Pty Ltd (trading as Tiny
Home & Co)'s major creditors as the Australian Taxation Office
(ATO) and a Sunshine Coast legal practice.

Mr. Herrett encouraged customers or suppliers who believe they may
have a creditor claim to submit a proof of debt asap via email
nick.stump@rsm.com.au.

"This is an extremely difficult set of circumstances and our aim is
to achieve the best possible outcome for people impacted," he
said.


SHIELD MASTER: ASIC Seeks Compensation from Equity Trustees
-----------------------------------------------------------
Lucas Baird at The Australian Financial Review reports that the
Australian Securities and Investments Commission (ASIC) has updated
its claim against Equity Trustees to seek compensation stemming
from the losses incurred by investors due to the failure of the
Shield Master Fund.

The AUD480 million Shield scheme, which was available on the
company's superannuation investment platforms, was frozen in early
2024 amid the regulator's concerns that it had not adequately
disclosed its risks to investors.

According to the Financial Review, the corporate watchdog first
sued Equity Trustees in late August, alleging the ASX-listed
company did not do enough to protect consumers when it approved
four Shield products to appear on platforms it administered.

The updated claim is still subject to court approval, the Financial
Review notes. Equity Trustees was contacted for comment, but has
previously said it would defend itself against ASIC's claims.

Around AUD160 million was invested in Shield through Equity
Trustees systems, and the regulator will seek to reclaim that money
from the company.

It is expected that Equity Trustees will also have a significant
exposure to the First Guardian Master Fund, another failed
investment scheme that was available for investment on its
platforms, the Financial Review states.

Between Shield and First Guardian, nearly AUD1 billion is at risk.

The Financial Review says Shield and First Guardian promised
diversified assets and better investment returns than industry
super funds, but ASIC believes the trustees actually held risky,
illiquid assets. At First Guardian, the liquidators of trustee
Falcon Capital said concerns about its conduct were "well-founded"
and that Falcon may have faked investment returns.

While ASIC is confident victims of the Shield collapse will get
most of their money back, deputy commissioner Sarah Court warned a
Senate hearing overnight that a shortfall in recoverable assets
would make it significantly harder for First Guardian investors to
be made whole.

Macquarie, which also hosted Shield products on its platforms, has
agreed to repay AUD321 million to affected customers after striking
a deal with the regulator, the Financial Review adds.


                            About Shield

Shield Master Fund is a registered managed fund whose responsible
entity is Keystone Asset Management Ltd. It was registered in May
2021.

In February 2024, the Australian Securities & Investments
Commission (ASIC) halted new offers of investments in Shield. ASIC
made interim stop orders on four product disclosure statements for
Shield.

In June 2024, ASIC took action to secure the assets held within
Shield. ASIC sought orders to preserve the assets of the scheme so
that they may be recovered, to the extent available, for the
benefit of investors while the investigation is continuing.

ASIC understands that, since February 2022, funds totalling more
than AUD480 million have been invested in Shield by at least 5,800
consumers, who accessed Shield primarily through superannuation
platforms, the trustees for which were Macquarie Investment
Management Limited and Equity Trustees Superannuation Limited. The
investigation to date suggests that potential investors were called
by lead generators and referred to personal financial advice
providers who advised investors to roll their superannuation assets
into a retail choice superannuation fund available on a choice
platform and then to invest part or all of their superannuation
into Shield.

ASIC is investigating the circumstances surrounding Shield. ASIC is
investigating Keystone Asset Management Ltd and its directors and
officers, the role of the superannuation trustees, certain
financial advisers who recommended investors invest in Shield, the
lead generators, and others.

On Dec. 2, 2024, Jason Tracy and Glen Kanevsky of Deloitte were
appointed as joint and several liquidators of Keystone Asset
Management Ltd..


SQUARES AND PADDOCKS: First Creditors' Meeting Set for Oct. 15
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Squares and
Paddocks Pty Ltd (Formerly known as Du Plessis and Du Plessis
Architects Pty Ltd) will be held on Oct. 15, 2025 at 1:30 p.m. at
HoganSprowles, at Level 1, 44 Pitt Street, in Sydney, NSW and via
virtual facilities.

Michael Hogan of HoganSprowles was appointed as administrator of
the company on Oct. 3, 2025.




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

CBAK ENERGY: Fails to Meet Minimum Bid Price Requirement
--------------------------------------------------------
CBAK Energy Technology, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that it received
Notice from the Listing Qualifications staff of The Nasdaq Stock
Market LLC notifying the Company that it is currently not in
compliance with the minimum bid price requirement set forth under
Nasdaq Listing Rule 5550(a)(2), which requires listed securities to
maintain a minimum bid price of US$1.00 per share. Nasdaq Listing
Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid
price requirement exists if the deficiency continues for a period
of 30 consecutive business days.

Based on the closing bid price of the Company's common stock for
the 30 consecutive business days from August 19 through September
30, 2025, the Company no longer meets the minimum bid price
requirement. The Notice has no immediate effect on the listing of
the Company's common stock, which will continue to trade
uninterrupted on Nasdaq under the ticker "CBAT".

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a
compliance period of 180 calendar days, or until March 30, 2026
(the "Compliance Period"), to regain compliance with Nasdaq's
minimum bid price requirement. If at any time during the Compliance
Period, the closing bid price per share of the Company's common
stock is at least $1.00 for a minimum of 10 consecutive business
days, Nasdaq will provide the Company a written confirmation of
compliance and the matter will be closed.

In the event the Company does not regain compliance with the
minimum bid price requirement by March 30, 2026, the Company may be
eligible for an additional 180 calendar day grace period. If the
Company does not qualify for the second compliance period or fails
to regain compliance during the second 180-day period, then Nasdaq
will notify the Company of its determination to delist the
Company's common stock, at which point the Company will have an
opportunity to appeal the delisting determination to a Hearings
Panel.

                   About CBAK Energy Technology

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

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

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


HAIKONG SANXIN: To File for Bankruptcy to Cut Losses
----------------------------------------------------
Reuters reports that solar glass producer Haikong Sanxin New Energy
Materials will apply for bankruptcy to curb mounting losses, in the
latest sign of the financial difficulties facing the solar industry
in China, home to around 80% of global production.

Haikong Sanxin posted a net loss of CNY194.5 ($27.3 million) for
January-June 2025 and CNY659 million in debt, parent company Hainan
Development Holdings Nankai said in a filing on Oct. 9, Reuters
relays.

Haikong also halted production at the end of September because
continued production would have incurred more losses, according to
the filing.

In July, Haikong had shut down a 550 metric ton kiln and five
processing lines but kept two lines open to meet commitments to key
customers, Reuters recalls.

"At the moment there are no signs of improvement in the solar glass
market," the company said, adding that prices had fallen
significantly and it was difficult to reduce production costs.

Following the news, Hainan Development's stock price was down 4.71%
as of 0214 GMT on Oct. 9.

Haikong Sanxin New Energy Materials specializes in the production
and sale of ultra-white solar glass and deep-processed glass.


JINGBO TECHNOLOGY: Reports $786,328 Net Loss in Fiscal Q2
---------------------------------------------------------
Jingbo Technology, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $786,328 for the three months ended August 31, 2025, compared to
a net loss of $4.27 million for the three months ended August 31,
2024.

Net revenue for the three months ended August 31, 2025, was
$381,683, compared to a revenue of $396,242 for the same period in
2024.

For the six months ended August 31, 2025, the Company reported a
net loss of $1.2 million, compared to a net loss of $5.48 million
for the same period in 2024.

Net revenue for the six months ended August 31, 2025, was $843,313,
compared to a revenue of $704,776 for the same period in 2024.

As of August 31, 2025, the Company had $12.44 million in total
assets, $37.11 million in total liabilities, and $24.67 million in
total stockholders' deficit.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/23p8zwmt

                     About Jingbo Technology

Headquartered in Shoujiang Town, Fuyang District, China, Jingbo
Technology, Inc., initially was in the business platform of
providing application software to a global vendor platform to
connect people to businesses and provide a new shopping experience.
The Company's wholly owned subsidiary, Intellegence Parking Group
Limited, is a multinational technology company, with a smart
parking application software and platform business ecosystem as its
main business venture. Intellegence operates facilities at Xiaoshan
Airport Remote Parking Lot, Tianjin Xinhua International
University, Fuyang People's Hospital, Qilu University Hospital,
Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital. It
also currently has eight urban parking projects.

Guangzhou, Guangdong, China-based GGF CPA LTD, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated June 12, 2025, attached to the Company's Annual Report
on Form 10-K for the fiscal year ended February 28, 2025, citing
that the Company had incurred substantial losses during the years
and negative working capital, which raises substantial doubt about
its ability to continue as a going concern.



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

ACCUTECH PACKAGING: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Accutech
Packaging Private Limited (APPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.96       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 19, 2024, placed the rating(s) of APPL under the
'issuer non-cooperating' category as APPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. APPL 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: Stable

Vadodara (Gujarat) based APPL is a private limited company
incorporated in 2000 and promoted by Mr. Jawahar Vora, Mr. Parag
Vora and Mr. Chaitanya Vora who is engaged into manufacturing of
self-adhesive labels. Creative Converting Pvt Ltd (CCPL) was an
associate concern of APPL established in 1998 and was amalgamated
with APPL in 2016.


BLUE BLENDS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Blue Blends
(India) Limited (BBIL) continues to remain in the 'Issuer Not
Cooperating' category.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Non-Convertible         90.00     CARE D; ISSUER NOT
   Redeemable                        COOPERATING; Rating continues

   Preference Share                  to remain under ISSUER
                                     NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 16, 2024, reviewed the rating(s) of BBIL under the
'issuer non-cooperating' category as the company had failed to
provide information for monitoring of the rating as agreed to in
its Rating Agreement. BBIL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated August 2, 2025, August 12, 2025 and
August 22, 2025.

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. Hence, CareEdge Ratings' rating on BBIL's
redeemable preference shares will continue to be denoted as CARE D;
ISSUER NOT COOPERATING.

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

The rating assigned to BBIL factors in non-payment of dividend on
preference shares rated by CareEdge Ratings. The rated instrument
is dividend bearing in nature with dividend rate of 1% p.a. The
company was admitted into corporate insolvency resolution process
by the National Company Law Tribunal (NCLT), Mumbai on December 2,
2021. The committee of creditors (CoC) invited expressions of
interest and evaluated resolution plans from 2022–2024. On
December 6, 2024, NCLT approved a resolution plan which was
acquired by a Gujarat-based businessman. As per the approved
resolution plan, all erstwhile shares of the company, including the
redeemable preference shares, have been cancelled.

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of key rating drivers:

At the time of last rating on September 16, 2024, the following
were the rating strengths and weaknesses (updated for the
information available from stock exchange etc.)

Key weaknesses

* Non-payment of dividend on preference shares: Due to accumulated
losses of past several years, BBIL did not declare any dividend on
equity shares. Preference shares rated by CareEdge Ratings are
non-cumulative, non-convertible and bearing dividend rate of 1%
p.a. The company has not paid dividend on this instrument due to
poor liquidity position.

Liquidity: Poor

The liquidity of the company is poor which is evident by its
inability to pay dividends and continuous losses.

Incorporated in 1981, Blue Blends (India) Limited (BBIL) is engaged
in the manufacturing of denim fabrics. The company is promoted and
managed by the Arya family, led by Mr. Anand Arya, who has over 3.5
decades of experience in the textile industry. BBIL has its
administrative office in Mumbai and a manufacturing plant located
at Ahmedabad. BBIL sells its product through its wide network of
dealers and distributors all over India.


D C METALS: CRISIL Keeps D Rating in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of D C Metals
(DCM) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             30        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with DCM 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 DCM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DCM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DCM continues to be 'Crisil D Issuer not cooperating'.  

Established in 1984, DCM, a partnership concern based in Mumbai,
trades in iron and steel products. It is promoted by the Bhansali
family, led by Mr. Keshrimal Bhansali and his brothers. The family
has been engaged in this line of business for over 70 years.


DIVEEL COTTON: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Diveel Cotton
Industries (DCI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with DCI 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 DCI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DCI continues to be 'Crisil B/Stable Issuer not cooperating'.  

DCI was set up in 2014 as a partnership firm by Mr. Pankaj Agarwal,
Mr. Manoj Agarwal, Mr. Sanjay Agarwal, and Mr. Pappu Agarwal. It
gins and presses raw cotton, and sells lint cotton and cotton
seeds. The manufacturing unit is at Sendhwa in Barwani, Madhya
Pradesh. Operations commenced in November 2014.


DOLPHIN FOOTWEAR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dolphin
Footwear (DF) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    3.5        CRISIL B+/Stable(Issuer Not
   Bank Loan Facility               Cooperating)

Crisil Ratings has been consistently following up with DF 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 DF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of DF
continues to be 'Crisil B+/Stable Issuer not cooperating'.  

DF is engaged in retailing of textiles, apparel, footwear, leather
goods etc. DF has 17 showrooms in Haryana and Punjab. DF is owned &
managed by Mr. Rajesh Kumar Ghai.


EDEN CRITICAL: CRISIL Hikes Rating on INR19.5cr Term Loan to B+
---------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, Crisil Ratings had migrated the
rating of Eden Critical Care Hospital Pvt Ltd (ECCHPL) to 'Crisil D
Issuer Not Cooperating'. However, the management has subsequently
started sharing the requisite information, necessary for carrying
out a comprehensive review of the ratings. Consequently, Crisil
Ratings is migrating the ratings on the bank facilities of ECCHPL
to 'Crisil B+/Stable' from 'Crisil D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Proposed Fund-        11.5     Crisil B+/Stable (Migrated from
   Based Bank Limits              'Crisil D ISSUER NOT
                                  COOPERATING')

   Term Loan             19.5     Crisil B+/Stable (Migrated from
                                  'Crisil D ISSUER NOT
                                  COOPERATING')

The ratings reflect the geographical concentration in revenue and
large working capital requirement of the company. These weaknesses
are partially offset by the extensive industry experience of the
promoters and comfortable financial risk profile.

Analytical Approach

Crisil Ratings has evaluated the business and financial risk
profiles of ECCHPL on a standalone basis.

Key Rating Drivers - Weaknesses

* Geographical concentration in revenue: Operations are localised
when compared with other corporate hospitals. This renders entities
in the segment susceptible to the dynamics of a single market. The
hospital is also vulnerable to competition from the entry of other
big players in its region of operation.

* Working capital intensive operations: Gross current assets (GCAs)
were sizeable at 238-432 days over the three fiscals ended 2025.
GCAs were 432 days as on March 31, 2025. The large working capital
requirements arise from significant receivables. With empaneled
schemes expected to contribute significantly to revenue, working
capital requirement will remain large over the medium term.

Key Rating Drivers - Strengths

* Extensive industry experience of the promoters: ECCHPL is chiefly
promoted by Dr. Sanjay Bansal, a renowned neuro-surgeon with
experience of more than two decades. He, along with other doctors,
set up the Northern Institute of Neuro Sciences in 2006. In 2009,
he left the venture to set up his own Hospital in Sector 18,
Chandigarh, along with his wife, a dental surgeon. Dr Bansal and
his family members are handling various departments in ECCHPL's
hospital. His wife is in-charge of administration and his brother,
Mr Dinesh Bansal, an industrialist, manages other business needs.

* Comfortable financial risk profile: Lower reliance on external
funds yielded a gearing of 1.02 times and low total outside
liabilities to adjusted tangible networth (TOL/ANW) ratio of 1.10
times as on Marh 31, 2025. Debt protection measures have also been
healthy due to leverage and moderate profitability. The interest
coverage and net cash accrual to total debt (NCATD) ratios were
3.49 times and 0.17 time, respectively, for fiscal 2025. Debt
protection measures are expected to remain at similar level over
the medium term.

Liquidity Stretched

Bank limit utilisation averaged a high 96.87% for the 12 months
ended August 2025. Expected annual cash accrual of INR6-9 crore is
sufficient against term debt obligation of INR4.0-4.5 crore over
the medium term. In addition, it will act as cushion to the
liquidity of the company.

Current ratio was healthy at 1.56 times as on March 31, 2025. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet the working capital requirements and
repayment obligations.

Outlook Stable

Crisil Ratings believes ECCHPL will continue to benefit from the
extensive experience of its promoters, and established
relationships with clients.

Rating sensitivity factors

Upward factors:

* Increase in the scale of operations by 20% and sustenance of
operating margin, leading to higher cash accrual
* Sustained financial risk profile

Downward factors:

* Decline in the scale of operations leading to fall in revenue by
20% and profitability margin resulting in net cash accrual lower
than INR4 crore
* Large debt-funded capital expenditure weakens capital structure

Set up in 2011 by Dr. Sanjay Bansal and his family members, ECCHPL
operates a 100-bed multi-specialty hospital in Chandigarh. The
hospital began operations in July 2014.


ENKAY (INDIA): CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Enkay (India)
Rubber Co. Private Limited (EIRCPL) continue to be 'Crisil B/Stable
Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12.5        Crisil B/Stable (Issuer Not
                                     Cooperating)

   Cash Credit           11          Crisil B/Stable (Issuer Not
                                     Cooperating)

   Cash Credit           11          Crisil B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     8.5        Crisil B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with EIRCPL 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 EIRCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
EIRCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of EIRCPL continues to be 'Crisil B/Stable Issuer not
cooperating'.  

Established in 1970, EIRCPL manufactures footwear soles and
rubber-based sports goods such as bladders for soccer balls,
basketballs, volleyballs; cricket bat grips; and hot-water bottles.
The company's office is in Delhi and manufacturing plants are in
Gurgaon (Haryana). The company is promoted by Jain and family.


ESSEL LUCKNOW: Ind-Ra Affirms D NonConvertible Debts Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Essel Lucknow
Raebareli Toll Roads Limited's (ELRTRL) non-convertible debentures
(NCDs) rating as follows:

-- INR2.088 bil. (reduced from INR2.631 bil.) Non-convertible
     debentures (Long-term)* affirmed with IND D rating.

* Details in annexure

Detailed Description of Key Rating Drivers

Interest Paid on Lower Rate: The rating reflects ELRTRL paying
interest on a lower rate than levied by the lenders. This is
consistent with Ind-Ra's Default Recognition and Post-Default
Curing Period Policy.

Liquidity

Stretched: As per management, as of September 19, 2025, the company
has a debt service reserve of INR420 million, cash and fixed
deposits of INR452.3 million and a bank balance of INR29.5 million.
Ind-Ra takes note of receipt of 20th and 21st annuities during the
12 months ended August 2025 without major delays or deductions.

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

About the Company

ELRTRL is a special purpose vehicle formed by Essel Infraprojects
Limited to expand the 70km Lucknow-Raebareli section of National
Highway 24B to four lanes. The project was awarded to the company
by National Highways Authority of India ('IND AAA'/Stable) under a
competitive bidding process on a design, build, finance, operate
and transfer basis. The project commenced provisional commercial
operations on January 16, 2015 and the final commercial operations
on April 14, 2015.

GOEL SOLVENTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Goel Solvents
(GS) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     4         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              2         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with GS 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 GS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of GS
continues to be 'Crisil B+/Stable Issuer not cooperating'.  

Incorporated in 2017 as a partnership firm by Mr. Satpal Goel and
family, GS has recently set up an edible oil extraction plant. The
capacity of the plant is 200 tons per day. The manufacturing
facility is located in Zirakpur (Punjab). The commercial operations
of the firm started in Feb, 2018.


GRIP NVA 2: Ind-Ra Cuts Bank Loan Rating to BB
----------------------------------------------
India Ratings and Research has downgraded Grip NVA Asset 2's (a
rent securitization transaction) pass-through certificates to IND
BB(SO)/Rating Watch with Negative Implications and simultaneously
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 rating is linked to the credit profile of the obligor, Hella
Infra Market Limited (Hella; obligor; debt rated at 'IND BB+/Rating
Watch with Negative Implications (ISSUER NOT COOPERATING)'). While
the originator and the trustee continue to furnish the agency with
timely information with respect to the trust, the obligor has not
made available critical information for the rating exercise
pertaining to obligor's debt, despite continuous requests and
follow-ups by the agency through emails and phone calls. Thus, the
rating of the obligor and PTC 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:

-- INR62.88 mil. Series 1 pass-through certificates issued on
     March 15, 2024 INE0U7T15019 coupon rate 14.22% due on March
     14, 2027 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 last payout date of June 9, 2025. The trust had completed
six quarterly payouts until April 9, 2025, totaling a principal
repayment of INR42.47 million

# Source: NSDL/Trustee

Detailed Rationale of the Rating Action

The transaction has been originated by Connect Residuary Private
Ltd (Connect; originator and servicer), which has entered into a
rental agreement with Hella for the renting of equipment. The
originator had assigned quarterly rentals (excluding goods and
services tax) of INR130.56 million to Grip NVA Asset 2 Trust for a
purchase consideration of INR105.35 million.

Credit Quality of Obligor: The downgrade, maintenance of the rating
under the Rating Watch with Negative Implications and the migration
to the non-cooperating category, follows the same rating action on
the obligor, Hella. The long-term rating of the debt instruments of
Hella has been downgraded to IND BB+/Rating Watch with Negative
Implications and has been migrated to non-cooperating category.

The PTCs are being serviced from the cash flows arising from the
rental payments from the obligor to the originator and the PTCs
rating has been notched down from the credit rating of the obligor,
Hella.  As represented by the obligor, the equipment being rented
are currently being utilized in Hella's autoclaved aerated concrete
block factory in Pune. Hence, a change in the credit quality of the
obligor would directly affect the rating of the PTCs and any
further adverse rating action on the obligor Hella, would have a
direct impact on the rating of the PTCs.

Transaction Payment Structure: The originator has entered into
rental agreements with the obligor for 36 months. The corresponding
rent receivables (including associated rights, benefits and
interests) have been assigned to Grip NVA Asset 2, which has issued
securitized debt instruments, rated herein.

There is an e-Nach mandate in place and quarterly rentals are paid
directly into the collection and processing account maintained by
the trust. This eliminates the commingling risk from the
transaction. All lease payments are to be made by the lessees at
least 19-20 days prior to the investor payout date to ensure timely
investor payment, even in case of any operational delays.

The transaction has an ultimate interest and payment structure.
Hence, the interest and principal payments are expected on a
quarterly basis, but the available credit enhancement (CE) can be
only utilized in case of any shortfall in interest and principal
payments on the legal final maturity date. The transaction also
features a 64-day tail period between the last scheduled payout
date and the final legal maturity.

Post the sale of receivables, completed by executing the deed of
assignment, there will be no further recourse to the originator,
Connect, in relation to the receivables.

Strength of Cash Flows - 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 legal
opinion from transaction 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 Hella, the trust will have the right to sell the
assets or lease out the assets to another obligor to make ensure
the investor is paid by the final maturity.

Provision for Appointment of Back-up Servicer: In the event of
servicer's event of 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
six quarterly rental payments to the trust account on the expected
dates and subsequently PTC holders have received interest and
principal repayments as per schedule.

Availability of CE: The transaction benefits from available
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 be 9.52% of the PTC principal
outstanding (POS). The CE is to be utilized for the payment of any
interest or principal shortfalls on the legal final maturity date.
The CE available is sufficient to cover approximately half of a
quarter's interest and principal repayments. There is also a
personal guarantee from the promoters 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 rating of the PTCs has been
notched down from the rating of the obligor owing to the
operational nature of the rental payments and also because the
equipment forms a small proportion of the overall operations of the
obligor.

Non-Cooperation by the Issuer

Non-Cooperation by the Obligor: The ratings have been migrated to
the non-cooperating category, following the migration of the rating
of the debt of the obligor Hella to non-cooperating category, as
the rating of the PTCs is directly linked to the rating of the debt
of Hella.

This is in accordance with Ind-Ra's policy of 'Guidelines on What
Constitutes Non-cooperation'.  Ind-Ra has been following up with
Hella 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 the 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 Hella, and hence on the credit quality of the
Series1 PTCs, as the agency does not have adequate information to
review the credit rating of obligor Hella. 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 ratings.

Liquidity

Adequate: The PTC payment is supported by rental amount paid by
Hella as the obligor, and the payout schedule is aligned to the
pay-in from the rental payments. The transaction is also supported
by a 9.52% (of PTC POS) external CE in the form of a fixed deposit.
Given the ultimate 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 on the Series 1 PTCs basis the
developments in the rating of the obligor Hella and resolution of
the rating watch with Negative implications on the rating of
Hella.

Any Other Information

Key terms of servicer contracts: The key terms of servicer as per
transaction documents

-- In consideration of servicer fees, the servicer shall
administer and manage the rental collections and devote reasonable
time and exercise skill, care and diligence in the administration
and enforcement of the rights, powers, privileges and securities in
respect of the cash flows assigned to the trust

-- The servicer shall hold all documents and instruments on behalf
of the trust and shall handover such documents to trustee upon
demand

-- The servicer shall exercise all rights available to the trust/
trustee/ assignor and take all such steps as may be necessary to
recover all receivables from the renter.  The servicer shall take
required legal proceedings on behalf of the trust, against the
obligors as may be necessary to recover the receivables and enforce
the underlying security as specified under the transaction
documents

-- The servicer shall be responsible for monitoring the collection
of the rental amounts under the underlying documents and shall keep
proper records for the receivables and make the records available
to the trust at any time

-- The servicer shall take all steps as may be necessary in its
judgement to protect the interest of the trust and to monitor the
rental agreement particularly with regard to the events pertaining
to default in payments by renter and enforce any or all the duties
and obligations of the renter under the rental agreement

-- In the event of servicer's event of default or other events as
defined in the documents, and upon failure to remedy the same,  the
trustee, shall be entitled to terminate the services of the
servicer and  all the, functions, duties and obligations of the
servicer, would be transferred to the trustee/ trust or to a
successor servicer appointed by the trustee, on behalf of the
trust.

-- Upon termination, the servicer will deliver to the trust the
underlying rental agreement, and securities including but not
limited to post-dated cheques, demand drafts, demand promissory
notes, indemnities, guarantees, if any, received from the renter
such as post-dated cheques, guarantees, indemnities, insurance,
correspondence and records relating to the receivables which are in
the possession, custody or control of the servicer.

About the Trust

Grip NVA Asset 2 is a special purpose entity and has been set out
primarily to acquire, set apart, hold and administer the assigned
rental cash flows in trust for the benefit of the beneficiaries to
whom securitization instruments have been issued by the trust. The
Securitization Instruments have been issued by the trust acting
through the Trustee in accordance with the terms and conditions set
out in the transaction documents. The underlying loan receivables,
including security interest in any underlying assets, have been
assigned to the trust for the benefit of securitization instruments
investors.

About the Originator

Track Record, Quality and Experience of Service 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.

JALSA BANQUETS: CRISIL Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jalsa Banquets
Private Limited (JBPL) continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              5.75      CRISIL B-/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with JBPL 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 JBPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JBPL continues to be 'Crisil B-/Stable Issuer not cooperating'.  

Incorporated in 2009, JBPL is promoted by the Indore (Madhya
Pradesh)-based Kakkar and Juneja families. The company owns and
operates marriage lawns, banquet hall and rooms near Indore, and
organises social and corporate events, targeting the luxury
segment.


JAMNADAS AND COMPANY: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jamnadas and
Company (JNC) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            14         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with JNC 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 JNC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JNC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JNC continues to be 'Crisil D Issuer not cooperating'.  

Set up in 1969 in Nagpur as a partnership firm by Mr Jamnadas
Udeshi and his family, JNC trades in structural steel products such
as mild steel angles, beams, channels, flat, and round and square
bars.


JBR IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of JBR Impex
India Private Limited (JBR) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            20         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with JBR 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 JBR, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JBR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JBR continues to be 'Crisil D Issuer not cooperating'.  

JBR, incorporated in April 2017, is based in Delhi and promoted and
managed by Mr Nitin Gaur. The company has set up a dal processing
unit in Mayapuri, Delhi, with a capacity of 14,400 tonne per annum.
Currently, it trades in dal.


JYOTI GENERAL: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jyoti General
Industries (JGI) continues to be 'Crisil B/Stable Issuer not
cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             15        Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with JGI 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 JGI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JGI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JGI continues to be 'Crisil B/Stable Issuer not cooperating'.  

Established in 1981 in Bundi Rajasthan, JGI is a partnership firm
of Mr Than Mal Totla, Mr Shiv Kumar Totla, Mr Ashok Kumar Totla and
Mr Vinod Kumar Totla. The firm processes parboiled rice.


K. M. INTERNATIONAL: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K. M.
International (KMI; a part of the K. M. International group)
continue to be 'Crisil B/Stable Issuer not cooperating'.  

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit              5        Crisil B/Stable (Issuer Not
                                     Cooperating)

   Term Loan                7        Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with KMI 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 KMI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KMI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KMI continues to be 'Crisil B/Stable Issuer not cooperating'.  

KMI and BBI were set up in 2000 and 2009, respectively, as
partnerships between Mr Brij Bhushan Mittal and his two sons, Mr
Devender Kumar and Mr Parveen Mittal. The firms undertake milling,
processing and packaging of basmati and non-basmati rice; with BBI
having installed capacity of 14 MT/Hr and KMI having installed
capital of 10 MT/Hr.


KGS SUGAR: Court OKs Grainotch Industries Acquisition Bid
---------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has approved KGS Sugar & Infra Corporation's acquisition by
edible oil and spirit maker Grainotch Industries Ltd.

ET relates that Grainotch Industries, the successful bidder, has
proposed a comprehensive revival package of INR242 crore, including
fresh working capital and refurbishment funds.

Before the tribunal approved the acquisition, KGS Sugar's secured
creditors had approved the plan almost unanimously, with 99.86%
voting in favour of Grainotch Industries, the maker of 'Black Buck'
and 'Classic Man' brand whisky, ET says.

"The successful resolution applicant, for effective implementation
of the resolution plan, shall obtain all necessary approvals, under
any law for the time being in force, within such period as may be
prescribed," said the division bench of judicial member Sushil
Mahadeorao Kochey and Prabhat Kumar, a technical member, in its
50-page order, notes the report.

"It is clarified that the authorities shall not withhold the
approval/consent/extension for the reason of insolvency of the
corporate applicant or extinguishment of their dues up to approval
of the resolution plan in terms of the approved plan," said the
order.

According to ET, Grainotch Industries' revival plan includes a
one-time settlement of INR162 crore for all financial and
operational creditors. It also proposes to infuse INR80 crore for
the restart and modernisation of the sugar plant in phases over a
one-year period.

KGS Sugar's secured financial creditors include Canara Bank (INR331
crore), Central Bank of India (INR90 crore) and Indian Overseas
Bank (INR79 crore), among others.

Before the tribunal's approval of the resolution plan, counsel
Pulkit Sharma and Dhrupad Vaghani of Anchorstone Legal, appearing
for the successful resolution applicant, informed the tribunal that
they propose to make payment of CIRP costs, payment to secured and
related party financial creditors, and operational dues such as
workmen, employees and government, farmers and others within 29
days from the effective date of the approval, ET relays.

ET adds that Ashish Pyasi, managing partner of the law firm Aendri
Legal, said the case highlights growing interest in distressed
assets or companies from the manufacturing or power sector, and it
reflects the evolving maturity of India's insolvency ecosystem.

"Strategic investors often find the acquisition of brownfield
assets through the insolvency process to be a lucrative
opportunity," ET quotes Pyasi as saying. "These companies have good
assets; however, due to insolvency issues, they are not able to
sustain the day-to-day operations, and if insolvency is resolved,
then they can get back on their feet in the market."

                           About KGS Sugar

Nashik-based KGS Sugar Infra Corporation is involved in the
manufacturing of sugar and its allied products. The company had set
up a sugar plant with capacity of 4500 tonnes crush per day (TCD)
which is forward integrated with a co-generation unit of 14 MW. The
company is also installing a sugar refining unit of 400 tonnes per
day (TPD). The manufacturing facility of the company is located at
Niphad in Nashik district of Maharashtra.

The company was admitted under the corporate insolvency resolution
process (CIRP) in October 2019 on an application filed by Canara
Bank after it defaulted on its dues.

KGS Sugar has admitted liabilities of INR556 crore.


KHAIRWALA INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khairwala
International Limited (KIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           22.5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             16.5        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with KIL 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 KIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KIL continues to be 'Crisil D Issuer not cooperating'.  

KIL, is an Uttar Pradesh based company, established in 1993. The
company started operations in 2015 and was taken over by Mr. Pankaj
Jain, Mr.Mahavir Prasad Jain and Ms. Kailash Jain in October 2016.
The company is engaged in manufacturing and supplying of Indian
rice, both basmati and non- basmati rice to the local customer
base.


KISAN SHAKTI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kisan Shakti
Krushi Udyog Private Limited (KSK) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Warehouse Receipts      12.5      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Warehouse Receipts       9        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with KSK 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 KSK, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KSK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KSK continues to be 'Crisil B+/Stable Issuer not cooperating'.  

KSK, set up in 1999 and is promoted by Mr Santosh R Chidrawar,
manufactures NPK mixture fertilizers at its facility in Yavatmal,
Maharashtra.


KUMBHI KASARI: CRISIL Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kumbhi Kasari
Sahakari Sakhar Karkhana Limited (KKSSKL) continues to be 'Crisil
B-/Stable Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan             76.5        Crisil B-/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with KKSSKL 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 KKSSKL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
KKSSKL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of KKSSKL continues to be 'Crisil B-/Stable Issuer not
cooperating'.  

KKSSKL was established as a co-operative society in 1960. KKSSKL
manufactures sugar and has its plant at Kolhapur, Maharashtra with
installed capacity of 5000 tonnes crushing per day (TCD).  Also,
sugar mill has a 17.5 MW captive power generation capacity, and is
setting up 30 KLPD Molasses based ethanol plant (or distillery).

KKSSKL's day-to-day operations are managed by Shri. Chandradeep
Shashikant Narake, Shri.Shamarao Bapu Godhade and Shri.Vishwanath
Annasaheb Shinde.


LAKSHMI SAAI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Lakshmi Saai Agri
Cold Storage Private Limited (LSA) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         11         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Working        1         CRISIL B+/Stable (Issuer Not
   Capital Facility                  Cooperating)

Crisil Ratings has been consistently following up with LSA 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 LSA, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on LSA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
LSA continues to be 'Crisil B+/Stable Issuer not cooperating'.  

LSA was incorporated in 2010, but commenced operations in 2014.
Based in Chennai. It operates a cold storage facility. It is
managed by director Mr C Suresh Kumar.


LANCY CONSTRUCTIONS: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lancy
Constructions (LC) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     13         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with LC 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 LC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on LC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of LC
continues to be 'Crisil D Issuer not cooperating'.  

Set up in 1973 in Mangalore as a proprietorship firm by Mr. Lancy
Mascarenhas, LC manufactures RMC for the construction industry and
also undertakes civil construction projects.


LEVEL 9: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Level 9 Biz Private
Limited's (Level 9) bank loan facilities as follows:

-- INR400 mil. Bank loan facilities assigned with IND BB/Stable/
     IND A4+ rating.

Detailed Rationale of the Rating Action

The rating reflects Level 9's small scale of operations, modest
EBITDA margins and credit metrics as well as stretched liquidity in
FY25. In the near- to medium term, Ind-Ra expects the company's
revenue to grow, supported by the orders in hand. The agency also
anticipates the EBITDA margins to remain stable while the credit
metrics to remain at similar level on account of the absence of any
major capex plans.

However, the rating is supported by the promoters' more than two
decades of experience in the engineering procurement and
construction (EPC) industry.

Detailed Description of Key Rating Drivers

Small Scale of Operations:  As per the provisional numbers of FY25,
Level 9's scale of operations remained small with its revenue
marginally reducing to INR413.92 million (FY24: INR422.57 million).
In FY25, the EBITDA also reduced to INR18.35 million (FY24:
INR27.43 million), due to lower margin of the orders executed.
Level 9 is an EPC contractor that executes projects, mainly civil
work for the government, and bids for tenders from Central Public
Works Department and state Public Works Department. As of 5MFY26,
Level 9 registered revenue of INR229 million. the company had an
outstanding order book of INR470 million as of August 2025 which
are scheduled to be executed by March 2026. In FY26, Ind-Ra expects
the revenue to improve, supported by the orders in hand.

Modest EBITDA Margins:  Level 9's EBITDA margins remained modest
and reduced to 4.43% in FY25 (FY24: 6.49%), due to a low-margin
tender order executed during the year. The return on capital
employed reduced to 5.1% in FY25 (FY24: 9.7%). Ind-Ra expects the
EBITDA margins to remain range-bound at 5%-6% over FY26-FY27, due
to the similar nature of orders in hand.

Modest Credit Metrics:  Level 9's credit metrics remained modest
with the gross interest coverage (operating EBITDA/gross interest
expenses) rising to 3.27x in FY25 (FY24: 2.59x) and the net
leverage (adjusted net debt/operating EBITDAR) increasing to 9.47x
(6.61x), due to the decrease in its EBITDA. Ind-Ra expects the
credit metrics to remain at similar levels in FY26, due to the
absence of any debt-funded capex.

Stretched liquidity: Please refer to the liquidity section below.

Experienced Promoters: The rating is, however, supported by the
promoters' nearly 10 years of experience in the EPC industry,
leading to established relationships with customers as well as
suppliers.

Liquidity

Stretched: The company's elongated networking cycle reduced to 156
days in FY25 (FY24: 289 days), mainly on account of a decrease in
the inventory days to 272 days (381 days). Level 9 does not have
any capital market exposure and relies of financial institution for
funding requirements. In FY25, the cash flow from operations turned
positive at INR8.47 million (FY24:  negative INR31.37 million),
mainly supported by an increase in the working capital
requirements. Moreover, the free cash flow also turned positive at
INR8.46 million in FY25 (FY24: negative INR33.13 million). The
average maximum utilization of its fund-based working capital
limits was around 97.83% and that of the non-fund-based working
capital was around 43.71% over the 12 months ended August 2025. The
cash and cash equivalents were INR15.26 million at FYE25 (FYE24:
INR13.33 million). Level 9 has debt obligations of INR7 million and
INR8.3 million in FY26 and FY27, respectively.

Rating Sensitivities

Negative: A decline in the scale of operations with the revenue
visibility below 1x, leading to deterioration in the overall credit
metrics and further pressure on the liquidity position, could lead
to a negative rating action.

Positive: An increase in the scale of operations with the revenue
visibility of 2x, and an improvement in the credit metrics along
with an improvement in the liquidity profile, all on a sustained
basis, could lead to a positive rating action.

About the Company

Mohali-based Level 9 was incorporated in 2014, as an EPC
contractor. Yashbir Singh is the founder and director of the
company.

MARUTI NANDAN: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maruti Nandan
Oils Private Limited (MOPL) continue to be 'Crisil B/Stable Issuer
not cooperating'.  

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           7.5       Crisil B/Stable (Issuer Not
                                   Cooperating)

   Proposed Long Term    2.4       Crisil B/Stable (Issuer Not
   Bank Loan Facility              Cooperating)

   Warehouse Financing  10.1       Crisil B/Stable (Issuer Not
                                   Cooperating)

Crisil Ratings has been consistently following up with MOPL 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 MOPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MOPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MOPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

MOPL, incorporated in 2008, is a Mansa (Punjab)-based company that
is engaged in trading of rice bran oil and de-oiled cakes and
mustard oil and de-oiled cakes.


MITHRA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mithra Cotton
Enterprises (MCE) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.9         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash         5.1         CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

Crisil Ratings has been consistently following up with MCE 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 MCE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MCE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MCE continues to be 'Crisil D Issuer not cooperating'.  

Established in 2008, Guntur-based MCE gins and presses raw cotton
and sells cotton lint and seeds. Ms Kondaveeti Siva Kumari is the
promoter.


NATURAL GOLD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Natural Gold
Pulse & Flour Mill (NGPM) continue to be 'Crisil B+/Stable Issuer
not cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      .02      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

Crisil Ratings has been consistently following up with NGPM 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 NGPM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NGPM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
NGPM continues to be 'Crisil B+/Stable Issuer not cooperating'.  

NGPM was set up in 1998, promoted by Mr Lokesh Gadia, Mr Shrenik
Gadia, Mr Sanjaykumar Jain, Mr Rajnikant Lodha, Mr Ali Hussain, Mr
Mustansir Bohra, Ms Munira Nakedar, Mr Mohmaddi Nakedar, and Mr
Hozajfa Chikliyawala. The firm processes and trades in various
agro-based products such as wheat (maida, suji, rava, and atta) and
chickpeas (chana; besan, churi, and chhikla). It also undertakes
cotton ginning and pressing. It sells its products under the brand
Natural Gold. The firm has a flour and pulse mill, and ginning and
pressing facilities at Jhabua, Madhya Pradesh.


PERIYASAMY INDUSTRIESS: CRISIL Keeps B Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Periyasamy
Industriess (PI) continue to be 'Crisil B/Stable Issuer not
cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         8         Crisil B/Stable (Issuer Not
                                    Cooperating)

   Proposed Working       2         Crisil B/Stable (Issuer Not
   Capital Facility                 Cooperating)

   Secured Overdraft      5         Crisil B/Stable (Issuer Not
   Facility                         Cooperating)

Crisil Ratings has been consistently following up with PI 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 PI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of PI
continues to be 'Crisil B/Stable Issuer not cooperating'.  

Incorporated in 2017 by Mr. Periyasamy, PI is engaged in the job
work and machining work for the heavy machineries. The firm is
based out of Coimbatore, Tamil Nadu.


POWER MAX: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Power Max
India Private Limited (Power Max) continue to be 'Crisil D/Crisil D
Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        23.15       Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit           20          Crisil D (Issuer Not
                                     Cooperating)

   Letter of Credit       5          Crisil D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with Power Max
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 Power Max, which restricts
Crisil Ratings' ability to take a forward looking view on the
entity's credit quality. Crisil Ratings believes that rating action
on Power Max is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Power Max continues to be 'Crisil D/Crisil D Issuer
not cooperating'.  

Power Max undertakes erection, commissioning, testing, and
maintenance of structural works and electrical equipment, and civil
and mechanical construction.


PRIYANJALI ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Priyanjali
Enterprises (PE) continues to be 'Crisil B/Stable Issuer not
cooperating'.  

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         13       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

Crisil Ratings has been consistently following up with PE 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 PE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of PE
continues to be 'Crisil B/Stable Issuer not cooperating'.  

PE, established in 2015, deals in agricultural produce, mainly
betle nuts, pepper, bananas, and tender coconut. The partners, Mr
Bheemanna T. Naik and his family members, own three bars and
restaurants at Sirsi in Uttar Kannada, Karnataka. The firm is in
the process of setting-up a three-star hotel in the region.
Commercial operations are likely to start by January 2019.


PUNJ LLOYD: NCLT Extends Company's Liquidation by 6 Months
----------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has extended the deadline to complete the liquidation
process of engineering and construction firm Punj Lloyd by six
months to March 12, 2026.

According to ET, the NCLT has granted an extension after
considering that debt-ridden Punj Lloyd is currently executing
several projects, some of which are critical and vital for the
nation's growth.

Moreover, the sale of Punj Lloyd as a whole 'as a going concern'
would result in value maximisation, NCLT observed.

ET says the liquidator of Punj Lloyd had moved an application
before the NCLT, seeking extension of the deadline as it is
currently executing various projects, which are critical for the
nation's growth and safety, like projects with NPCIL and NHAI.

For the successful completion of these projects, it is critical
that the going concern status of the corporate debtor is not
affected, he submitted.

Agreeing to it, the NCLT said: "Considering the averments made in
the application and the submissions made by the Counsel, we allow
the extension of time of six months -- till March 12, 2026, for
completing the liquidation process," ET relays.

"Liquidator is directed to complete the liquidation process within
the extended time," said the order passed on September 23, 2025.

Meanwhile, in a regulatory filing, Punl Lloyd informed BSE that its
'Stakeholders Consultation Committee' is scheduled to be held
today, October 13, 2025, "to discuss the way forward in the
liquidation sale process of the company (including the sale of the
company on a going concern basis)," ET reports.

In its plea, the liquidator submitted that Punj Lloyd has vast
experience successfully engineering and implementing large turnkey
projects in India and overseas across different sectors like road,
nuclear power projects, thermal power projects, gas pipelines,
manufacturing process plants and other heavy civil engineering
projects.

"The new buyer undergoing a concern sale would be able to take
benefits of the highly skilled and specialised workforce of the
corporate debtor, along with its vast engineering experience across
different sectors," the application, as cited by ET, said.

Moreover, it is currently providing direct employment to
approximately 304 people and indirect employment to around 1,000
people.

"Under the going concern sale, the prospective buyer would be able
to absorb the majority of the direct employees of the corporate
debtor (Punj Lloyd) and hence, the livelihood of all these people
would be protected," it said.

                         About Punj Lloyd

Punj Lloyd Ltd (PLL), promoted by Mr. Atul Punj in 1988, was an
engineering & construction company in India, providing integrated
design, engineering, procurement, construction (EPC) and project
management services for oil & gas, process industry and
infrastructure sector projects. PLL has various subsidiaries
operating in multiple geographies and engaged in EPC in the field
of oil and gas and infrastructure sector.

In March 2019, the Principal Bench of the National Company Law
Tribunal (NCLT) had admitted an insolvency plea against the company
filed by ICICI Bank.

In June 2022, the dedicated bankruptcy court admitted Punj Lloyd
for liquidation after its lenders rejected the revival plan
submitted by a consortium of Prudent ARC and Payard Investments.


RAJEEV ELECTRONICS: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajeev
Electronics Private Limited (REPL) continues to be 'Crisil B/Stable
Issuer not cooperating'.  

                    Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Cash Credit        14         CRISIL B/Stable (ISSUER NOT
                                 COOPERATING)

Crisil Ratings has been consistently following up with REPL 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 REPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on REPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
REPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

Incorporated in 1995, REPL is an authorised distributor in Sikkim
for various brands such as Whirlpool, Panasonic, Onida, Hitachi and
LG. In addition, the company has three retail showrooms in Gangtok
from where in retails goods of various brands. The company is
promoted by Sikkim-based Mishra family, who are into distribution
business for over two decades.


RAJLAXMI MANUFACTURER: CRISIL Keeps B Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rajlaxmi
Manufacturer Private Limited (RMPL) continue to be 'Crisil B/Stable
Issuer not cooperating'.  

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Cash          2         CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

   Proposed Long Term     3         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

Crisil Ratings has been consistently following up with RMPL 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 RMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RMPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

RMPL was incorporated in 2019. It is involved in manufacture and
sale of home and office furniture. The production facility is at
Mangalwedha, Solapur, Maharashtra. Operations are managed by the
promoters, Mr Kiran Sangolkar and Mr Vikas Sangolkar.


S. K. INDUSTRIES: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S. K.
Industries - Faridkot (SKI) continue to be 'Crisil B/Stable Issuer
not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          Crisil B-/Stable (Issuer Not
                                     Cooperating)

   Cash Term Loan         0.92       Crisil B-/Stable (Issuer Not
                                     Cooperating)

   Proposed Term Loan     0.08       Crisil B-/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SKI 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 SKI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SKI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SKI continues to be 'Crisil B/Stable Issuer not cooperating'.  

Set up by brothers Mr Rajiv Kumar, Mr Rakesh Kumar, Mr Sanjiv
Kumar, and Mr Naresh Kumar in 1997, SKI mills rice. The firm's
manufacturing facility is in Faridkot, Punjab.


SARAF TRADING: Ind-Ra Cuts Bank Loan Rating to B
------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Saraf Trading
Corporation Private Limited's (STCPL) bank loans facilities'
long-term rating to 'IND B' with a Stable Outlook from 'IND B+'
while affirming the short-term rating at 'IND A4' as follows:

-- INR182.20 mil. Bank loan facilities affirmed with IND B/Stable
  
     /IND A4 Long-term rating downgraded; Short-term rating.

Detailed Rationale of the Rating Action

The ratings reflect deterioration in STCPL's EBITDA margins and
modest credit metrics in FY25, along with continued small scale of
operations and poor liquidity. However, Ind-Ra expects the EBITDA
margins and credit metrics to improve in the medium term. The
ratings are supported by the promoters' experience of around three
decades in the tea industry.

Detailed Description of Key Rating Drivers

Decline in EBITDA Margins in FY25: The EBITDA margins declined to
1.60% in FY25 (FY24: 10.72%) due to a one-time increase in
operating costs such as cost of goods sold, business promotion
expenses, and personnel expenses, which is likely to normalize in
FY26. The EBITDA margins were modest with a return on capital
employed of negative 1.3% in FY25 (FY24: 14.5%).  Ind-Ra expects
the EBITDA margins to improve in the medium term with the
normalization of operating costs. FY25 financials are provisional.

Deterioration in Credit Metrics in FY25: The interest coverage
(operating EBITDA/gross interest expenses) deteriorated to 0.38x in
FY25 (FY24: 2.89x) and  net leverage (total adjusted net
debt/operating EBITDAR) to 33.71x (4.76x), largely due to a decline
in the EBITDA, along with a marginal increase in the working
capital debt and interest cost. However, Ind-Ra expects the credit
metrics to improve, but remain modest, in the medium term with a
likely improvement in the EBITDA.

Continued Small Scale of Operations: The revenue was INR463.01
million in FY25 (FY24: INR458.28 million) and EBITDA was INR7.39
million (INR49.13 million). In FY25, the revenue improved
marginally due to higher sales. STCPL derives more than 70% of its
revenue from Australia, the Netherlands, and Sweden. The company
derived about 90% of the revenue from private label packaging in
FY25 and the remaining from its own brand, Suntips, which is
majorly sold in the domestic market. Till 5MFY26, STCPL booked
revenue of INR224.13 million. Management expects the revenue to
improve in FY26 due to a likely increase in orders.

Poor Liquidity: Refer to the liquidity section below.

Experienced Promoters:  STCPL's promoters have three decades of
experience in the tea industry, which has helped in establishing
and maintaining relationships with its customers and suppliers.

Liquidity

Poor: STCPL's average maximum utilization of the fund-based limits
was 94.96% during the 12 months ended August 2025. The company's
debt service coverage ratio is likely to remain weak in FY26. The
cash flow from operations turned negative to INR10.38 million in
FY25 (FY24: INR20.08 million), due to the decline in EBITDA.
Consequently, the free cash flow deteriorated further to negative
INR19.8 million (FY24: negative INR14.06 million). The net working
capital cycle reduced to 275 days in FY25 (FY24: 305 days), mainly
on account of a decline in the inventory holding period to 279 days
(304 days). The company provides 30-90 days of credit period to its
customers and receives 30-90 days of credit period from its
suppliers. STCPL has debt repayment obligations of INR10.3 million
and INR8.0 million in FY26 and FY27, respectively. The cash and
cash equivalents stood at INR1.63 million at FYE25 (FYE24: INR3.10
million). Furthermore, STCPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

Rating Sensitivities

Negative: A substantial decline in the revenue and EBITDA margins,
leading to deterioration in the overall credit metrics and
weakening of the liquidity position, will lead to a negative rating
action.

Positive: An improvement in the liquidity position, along with a
significant rise in the revenue and EBITDA margins, leading to the
gross interest coverage increasing above 1.4x, all on a sustained
basis, will lead to a positive rating action.

About the Company

STCPL was founded by V.G. Saraf in 1948 and incorporated in 1994.
It is engaged in the processing, blending and exporting of packaged
tea. The company's unit is located in Thoothukudi, Tamil Nadu.

SELVEE INDIGENOUS: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Selvee
Indigenous Food Factory India Private Limited (SIFFIPL) continue to
be 'Crisil B+/Stable Issuer not cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           20         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         6.3       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Cash
   Credit Limit           3.7       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with SIFFIPL 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 SIFFIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
SIFFIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of SIFFIPL continues to be 'Crisil B+/Stable Issuer not
cooperating'.  

Incorporated in 2013 as a private limited company, the company runs
a rice mill in Kallur, Tamil Nadu with a manufacturing capacity of
8 tons per hour. It is promoted by Kasinathan Manickavasagan and
his relatives.




=========
J A P A N
=========

[] JAPAN: April-September Business Failures Hit 12-Year High
------------------------------------------------------------
The Japan Times reports that the number of corporate bankruptcies
involving liabilities of JPY10 million or more in Japan in the
April-September period has hit the highest level in 12 years,
partly due to labor shortages, Tokyo Shoko Research said on Oct. 8.


In the first half of fiscal 2025, which began in April, business
failures rose 1.5% from a year earlier to 5,172, up for the fourth
consecutive year, The Japan Times discloses. The figure was close
to the 5,505 recorded in the same period of fiscal 2013.

Meanwhile, total liabilities plummeted 49.6% to JPY692,772 million,
following a large-scale bankruptcy in the first half of fiscal
2024.

Of the total cases, 202, up 33.7%, were blamed on manpower
shortages caused by soaring labor costs and other factors, marking
the highest level for the fiscal first half since fiscal 2013, when
comparable data became available.

"Many companies went bust after they saw an exodus of employees due
to being unable to raise wages or offer more attractive conditions
than other companies," an official from Tokyo Shoko Research said.

The number of bankruptcies reflecting soaring prices also
increased, by 3.9%, to 369, The Japan Times relays.

By industry, the number of business failures in the services
sector, including restaurant and hotel operators, climbed 4.0% to
1,762.

The Japan Times adds that the construction industry saw a 7.4% rise
to 1,036, with higher materials prices significantly impacting cash
flows.

In September alone, the number of corporate bankruptcies rose 8.1%
from a year earlier to 873, while total liabilities fell 15.2% to
JPY112,470 million, The Japan Times reports.




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

BARTELLS EARTHMOVING: Court to Hear Wind-Up Petition on Nov. 7
--------------------------------------------------------------
Creditors of Bartells Earthmoving Limited, Middle Earth Civil
Limited and NZ Earthworks & Civil Limited, are required to file
their proofs of debt by Nov. 7, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 28, 2025.

The company's liquidator is:

          Bryan Edward Williams
          c/o BWA Insolvency Limited
          PO Box 609
          Kumeu 0841


FORGED FABRICATIONS: Creditors' Proofs of Debt Due on Nov. 5
------------------------------------------------------------
Creditors of Forged Fabrications Limited are required to file their
proofs of debt by Nov. 5, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 29, 2025.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


J&M FOOD: Court to Hear Wind-Up Petition on Nov. 10
---------------------------------------------------
A petition to wind up the operations of J&M Food Services 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


NORTH BEACH: Creditors' Proofs of Debt Due on Oct. 30
-----------------------------------------------------
Creditors of North Beach Contracting 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. 30, 2025.

The company's liquidator is:

          Victoria Toon
          Corporate Restructuring Limited
          PO Box 10100
          Dominion Road 1446
          Auckland


SMITHS CITY: In Liquidation; Unsec. Creditors Likely to Go Unpaid
-----------------------------------------------------------------
Tim Cronshaw at Otago Daily Times reports that the collapse of
large retailer Smiths City has liquidators expecting many creditors
will go unpaid after adding up more than NZD26.8 million in
liabilities.

About 240 companies are owed money and unsecured creditors are also
likely to be out of pocket after liquidators Colin Gower and Diana
Matchett from BDO Christchurch combed through the company's assets
and debts in their first report, ODT relates.

"Unfortunately, we do not anticipate that there will be any funds
available for a distribution to unsecured creditors," they said,
notes the report.

Founded in 1918, the Christchurch institution operated nine stores,
mainly in the South Island, with a focus on furniture, electronics
and appliances. About 130 staff were employed before the company
wound down operations and closed its doors.

At a creditors' meeting on Oct. 1 the company, owned by Smiths City
Holdings (2020) Ltd under sole director Colin Neal, was placed in
liquidation, according to ODT. This followed it going into
voluntary administration on September 2 after restructuring and
failed attempts were made to sell the business amid declining
trading conditions.

Total assets were estimated in the report at more than NZD8.7
million, and included bank cash from sales of stock during the
voluntary administration, inventory, trade debtors, fixed assets
and intellectual property, ODT discloses.
Included in the total liabilities of NZD26.8 million, were debts of
more than NZD10.7 million to trade creditors and nearly NZD4.8m to
other unsecured creditors. Secured creditors and the preferential
creditors, the IRD and ASB, were owed a total of about NZD11.3
million.

ODT adds that the liquidators noted Inland Revenue had claimed
outstanding preferential entitlements of NZD1.02 million. Employees
were paid preferential entitlements in full during the
administration period with ASB Bank making funds available for
wages valued at NZD211,000.

"Based on asset realisations achieved during the administration
process, and subject to final administration costs and expenses,
there will be funds available in the liquidation for a further
distribution to preferential creditors. The liquidators reserve the
right with respect to the timing and level of any distribution to
preferential creditors."

Polar Capital LP is the sole shareholder of Smiths City Holdings
(2020) Ltd and bought the company in 2020.

After Smiths City was relaunched with a major rebrand, positive
trading results were achieved in the 2022 financial year, following
Covid-19 lockdowns.

According to ODT, the liquidators pointed out sales dropped last
year during a challenging economic environment and reduction in
consumer spending. Rising costs also had a significant impact. They
said the reduction in both sales and margin, combined with a high
fixed-cost structure, made the company unprofitable.

"Steps were taken to restructure the company in FY24 to reduce
costs and drive margin and profitability. This included the
rationalisation of stores and a reduction in staff across the
company as management took steps to vacate unprofitable stores
where possible. Given the nature of the continued costs associated
with closed stores for a period of time post-closure, the attempts
to reduce costs were unable to be completed within the timeframe or
at the level to turn around the company and become viable in the
current economic environment."

Attempts to sell the business were unsuccessful and trading
conditions worsened this year, ODT relays.

Increased pressure from creditors, reduced stock on hand and lack
of available funds to support trading led to the company appointing
administrators.

Administrators controlled operations and continued to trade eight
of the nine stores for two weeks to sell remaining stock before
holding the October 1 meeting when creditors put the company in
liquidation, ODT notes.

Smiths City Group Limited -- https://www.smithscity.co.nz/ -- is a
retail chain selling furniture and home appliances. Smiths City was
founded in Christchurch in 1918 and was floated on the stock
exchange in 1972.   

Colin Gower and Diana Matchett of BDO Christchurch were appointed
as voluntary administrators of Smiths City (2020) Limited on  Sept.
2, 2025.


TRUSTED ROOFING: Court to Hear Wind-Up Petition on Nov. 10
----------------------------------------------------------
A petition to wind up the operations of Trusted Roofing And
Cladding 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. 15, 2025.

The Petitioner's solicitor is:

            Timothy Saunders
       Inland Revenue, Legal Services
       21 Home Straight
       PO Box 432
       Hamilton




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

BOX BOSS: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Sept. 19, 2025, to
wind up the operations of Box Boss WM Pte. Ltd. and Box Boss Pte.
Ltd.

Maybank Singapore Limited filed the petition against the
companies.

The companies' liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


GAMES ANIMATION: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Sept. 19, 2025, to
wind up the operations of Games Animation Collectibles Pte. Ltd.

Maybank Singapore Limited filed the petition against the
companies.

The companies' liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


PINHEADS INTERACTIVE: Court to Hear Wind-Up Petition on Oct. 17
---------------------------------------------------------------
A petition to wind up the operations of Pinheads Interactive Pte.
Ltd. will be heard before the High Court of Singapore on Oct. 17,
2025, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 24, 2025.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542  


PRICEWATERHOUSECOOPERS IT: Creditors' Proofs of Debt Due on Oct 30
------------------------------------------------------------------
Creditors of Pricewaterhousecoopers IT Services (Singapore) Pte.
Ltd. 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. 30, 2025.

The company's liquidators are:

          Sam Kok Weng
          Lie Kok Keong
          c/o 7 Straits View
          Marina One East Tower, Level 12
          Singapore 018936


T&H CLEANING: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Sept. 19, 2025, to
wind up the operations of T&H Cleaning Pte. Ltd.

Maybank Singapore Limited filed the petition against the
companies.

The companies' liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2025.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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