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251015.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, October 15, 2025, Vol. 28, No. 206 Headlines A U S T R A L I A ALLC CAPITAL: First Creditors' Meeting Set for Oct. 20 CROWN FOILS: First Creditors' Meeting Set for Oct. 21 GLOBAL CAPITAL: First Creditors' Meeting Set for Oct. 20 LSF VIC: First Creditors' Meeting Set for Oct. 22 REDZED TRUST 2025-3: Fitch Assigns 'BB(EXP)' Rating to Cl. E Notes UNDONE PTY: First Creditors' Meeting Set for Oct. 22 C H I N A COUNTRY GARDEN: Secures US$1.14 Billion Loan-to-Equity Conversion SUNAC CHINA: Says Most Creditors Approve Restructuring Plan [] CHINA: Biggest Builders Hobble Towards End of Restructurings I N D I A ADHITHI INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating AUGUSTAN COIMBATORE: Voluntary Liquidation Process Case Summary CHOICE PRECITECH: CRISIL Keeps D Debt Ratings in Not Cooperating DHIRAJ SHAMRAOJI: CRISIL Keeps B Debt Rating in Not Cooperating DUTTA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ELITE VEHICLES: CRISIL Keeps B Debt Ratings in Not Cooperating EVERSHINE WOOD: CRISIL Keeps D Debt Ratings in Not Cooperating FORTUITY GAMING: Insolvency Resolution Process Case Summary GLOBSYN KNOWLEDGE: CRISIL Keeps D Debt Ratings in Not Cooperating JAI MAAKALI: CRISIL Keeps D Debt Ratings in Not Cooperating JIVYAM PLYBOARD: CRISIL Keeps B+ Debt Ratings in Not Cooperating KALOKHE STONE: CRISIL Keeps C Debt Ratings in Not Cooperating KIMAYA INDUSTRIES: Liquidation Process Case Summary LOKAA HOUSING: Insolvency Resolution Process Case Summary MAAD MINES: CRISIL Keeps D Debt Ratings in Not Cooperating MANAF P.B.: CRISIL Keeps D Debt Ratings in Not Cooperating MAYAR INDIA: CRISIL Keeps B- Debt Rating in Not Cooperating MEDISAFE INDIA: Ind-Ra Affirms BB+ Bank Loan Rating MEGA PROPERTIES: Voluntary Liquidation Process Case Summary MKS OIL: Liquidation Process Case Summary NASIK MERCHANTS: Ind-Ra Affirms BB LT Issuer Rating NETWORK TRADELINK: CRISIL Keeps D Debt Ratings in Not Cooperating PAITTAKULAM MARBLES: CRISIL Keeps B Ratings in Not Cooperating PUDUCHERRY CANCER: CRISIL Keeps D Debt Rating in Not Cooperating RADHIKA INFRA: CRISIL Keeps D Debt Rating in Not Cooperating RAM NATH: CRISIL Keeps D Debt Ratings in Not Cooperating Category RAMAKRISHNA HOUSING: Insolvency Resolution Process Case Summary RELICAB CABLE: Ind-Ra Affirms BB Bank Loan Rating ROBOMATIC PRECON: CRISIL Keeps B+ Debt Ratings in Not Cooperating ROCKSOLID INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating SAKTHI GANESH: CRISIL Keeps D Debt Ratings in Not Cooperating SHREE RAM: Insolvency Resolution Process Case Summary SHYAM SHAKTI: Ind-Ra Moves B+ Rating to NonCooperating SOWBHAGYALAKSHMI RAW: CRISIL Keeps D Ratings in Not Cooperating STANDARD INFRATECH: Ind-Ra Cuts Bank Loan Rating to BB+ SUNRISE ENERGY: CRISIL Keeps B Debt Ratings in Not Cooperating TCP LIMITED: Ind-Ra Moves B+ Loan Rating to NonCooperating TUFFWARE INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating VAISHNAV METAL: CRISIL Keeps D Debt Ratings in Not Cooperating VASOO BUILDERS : Insolvency Resolution Process Case Summary J A P A N MARELLI AUTOMOTIVE: Plan Exclusivity Extended to Feb. 6, 2026 M A L A Y S I A 1MDB: Has No Access to US DOJ Settlement Documents GREENPRO CAPITAL: Completes $130,000 Private Placement KNM GROUP: MAA Urges Shareholders to Back Borsig Unit Sale N E W Z E A L A N D ABS INTERIORS: Grant Reynolds Appointed as Liquidator GCO PHARMACUTICALS: Creditors' Proofs of Debt Due on Oct. 31 HOOKER HOLDINGS: Court to Hear Wind-Up Petition on Nov. 13 JAMMIN AUSTRALIA: Creditors' Proofs of Debt Due on Oct. 31 PHILLIPS HEALTHCARE: Court to Hear Wind-Up Petition on Oct. 28 RAKETE ORCHARDS: Goes Into Voluntary Administration P A K I S T A N PAKISTAN: FM Sees Staff Deal on US$1.2BB IMF Payout This Week P H I L I P P I N E S CIRTEK HOLDINGS: Dividends Remain on Hold; Seeks New Investors S I N G A P O R E AMAZINGTECH PTE: High Court Judge Grants Winding-up Bid INTERIOR TIMES: Court Enters Wind-Up Order IT TECH: Court Enters Wind-Up Order MARKET'S BEST: Court Enters Wind-Up Order SIN HIAP: Court to Hear Wind-Up Petition on Oct. 24 SYNGULARITY PTE: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= ALLC CAPITAL: First Creditors' Meeting Set for Oct. 20 ------------------------------------------------------ A first meeting of the creditors in the proceedings of ALLC Capital Investment Group Pty Ltd will be held on Oct. 20, 2025 at 11:00 a.m. via virtual meeting technology. Jason Tang and Ozem Kassem of KPT Restructuring were appointed as administrators of the company on Oct. 8, 2025. CROWN FOILS: First Creditors' Meeting Set for Oct. 21 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Crown Foils Australia Pty Ltd (trading as Australasia Real Estate Group) will be held on Oct. 21, 2025 at 10:00 a.m. via Microsoft Teams. Amanda Lott of Acris was appointed as administrator of the company on Oct. 9, 2025. GLOBAL CAPITAL: First Creditors' Meeting Set for Oct. 20 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Global Capital Funds Pty Ltd (ATF Romeciti Capital Investment Group Unit Trust) will be held on Oct. 20, 2025 at 10:00 a.m. via virtual meeting technology. Jason Tang and Ozem Kassem of KPT Restructuring were appointed as administrators of the company on Oct. 8, 2025. LSF VIC: First Creditors' Meeting Set for Oct. 22 ------------------------------------------------- A first meeting of the creditors in the proceedings of LSF Vic Pty Ltd will be held on Oct. 22, 2025 at 2:00 p.m. via virtual meeting. Andrew MacNeill of SMB Advisory was appointed as administrator of the company on Oct. 10, 2025. REDZED TRUST 2025-3: Fitch Assigns 'BB(EXP)' Rating to Cl. E Notes ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings to RedZed Trust STC Series 2025-3's mortgage-backed pass-through floating-rate bonds. The issuance consists of notes backed by a pool of first-ranking Australian conforming and non-conforming residential full- and low-documentation mortgage loans as well as small-ticket commercial (STC) loans originated by RedZed Lending Solutions Pty Limited. The notes will be issued by Perpetual Trustee Company Limited in its capacity as trustee of RedZed Trust STC Series 2025-3. This is a separate and distinct series created under a master trust deed. Entity/Debt Rating ----------- ------ RedZed Trust STC Series 2025-3 A AU3FN0102539 LT AAA(EXP)sf Expected Rating B AU3FN0102547 LT AA(EXP)sf Expected Rating C AU3FN0102554 LT A(EXP)sf Expected Rating D AU3FN0102562 LT BBB(EXP)sf Expected Rating E AU3FN0102570 LT BB(EXP)sf Expected Rating F AU3FN0102588 LT B(EXP)sf Expected Rating G1 LT NR(EXP)sf Expected Rating G2 LT NR(EXP)sf Expected Rating Transaction Summary The collateral pool totalled AUD800 million and consisted of 1,089 obligors at the 31 August 2025 cut-off date. KEY RATING DRIVERS Sufficient Credit Enhancement: The class A, B, C, D, E and F notes benefit from credit enhancement of 14.2%, 9.4%, 6.5%, 3.8%, 1.7% and 0.4%, respectively. The transaction is backed by residential loans, which form 80.0% of the pool, and STC loans, which form 20.0%. The combined 'AAAsf' portfolio loss is 13.0% (residential 8. 2% and STC 32.3%), against 13.3% (residential 8.8% and STC 32.7%), for the previous STC transaction, RedZed Trust STC Series 2025-1. The decrease in residential portfolio loss is primarily due to a smaller share of loans with current loan/value ratios (LVR) equal to or greater than 80% in the pool, and under Fitch's methodology, a lower proportion of non-conforming loans. The STC component of the portfolio loss remains broadly in line with the previous deal. STC Borrower Credit Risk: Historical data analysis for the STC portion of the pool was performed to derive a one-year probability of default (PD) assumption of 1.7%, based on the underlying portfolio's annual average historical 90 days past due. This is the same as that in RedZed STC 2025-1. Fitch added the PD assumption to its proprietary Portfolio Credit Model (PCM), which also considers other key variables, such as portfolio amortisation profile, obligor concentration and industry distribution. Empirical data show that not all loans that become 90 days past due will end in foreclosure. Fitch has analysed the cure rate for RedZed's STC portfolio for loans that entered 90 days past due and concluded that around 50% of these loans were cured. In line with the SME Balance Sheet Securitisation Rating Criteria, Fitch has capped the base expected cure rate assumption at 40% and tiered it for higher rating scenarios. The cure rates are then applied to the PD from the PCM. The STC portfolio's 'AAAsf' default probability after applying the cure rate drops to 53.0%. STC Recovery Rate Lower than for Residential: Fitch applied collateral haircuts for the STC portion of the pool that are in line with the SME Balance Sheet Securitisation Rating Criteria. The 'AAAsf' WA recovery rate (WARR) for the STC portion of 39.0% is lower than the 52.7% 'AAAsf' WARR for the residential portion. Exposure to Obligor Concentration: Its PCM modelling, which stresses default probability, correlation and recovery assumptions for large groups of obligors, found that the pool's largest obligor and the top-10 obligors account for 2.4% and 17.3%, respectively, of the STC asset balance. Limited Liquidity Risk: Fitch's payment interruption risk is mitigated by a liquidity facility sized at 1.5% of the invested note balance (excluding class G1 and G2 notes), with a floor of AUD1.2 million. Other structural features include retention amounts that redirect excess available income to repay note principal in reverse sequential order (excluding class G1 and G2 notes) with a limit of AUD500,000, and post-call amortisation amounts that redirect after-tax excess income to repay note principal through the principal priority of payments waterfall. Low Operational and Servicing Risk: RedZed, established in 2006, is an experienced specialist lender for self-employed borrowers. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with the market. Tight Labour Market to Support Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.8% in the year to June 2025, and unemployment was 4.2% in August 2025. Fitch forecasts GDP growth of 1.8% in 2025, rising to 2.1% in 2026, with unemployment at 4.2% in 2025 and 4.1% in 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade could stem from portfolio composition migrating towards STC loans, as the STC loans attract a higher portfolio loss than residential loans. Portfolio migration may occur if residential loans were to have a higher prepayment rate, increasing the concentration of STC loans. Transaction performance may also be affected by changes in market conditions and the economic environment. Downgrade Sensitivities Unanticipated deterioration in the frequency of defaults and recoveries could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Note: A/ B/ C/ D/ E/ F Ratings: AAAsf/ AAsf/ Asf/ BBBsf/ BBsf/ Bsf Increase defaults by 15%: AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf / Bsf Increase defaults by 30%: AA+sf / A+sf / BBB+sf / BB+sf / B+sf / B-sf Reduce recoveries by 15%: AA+sf / A+sf / BBB+sf / BBB-sf / B+sf / less than B-sf Reduce recoveries by 30%: AA+sf / Asf / BBBsf / BB+sf / Bsf / less than B-sf Increase defaults by 15% and reduce recoveries by 15%: AA+sf / Asf / BBB+sf / BB+sf / B+sf / less than B-sf Increase defaults by 30% and reduce recoveries by 30%: A+sf / BBB+sf / BB+sf / BB-sf / less than B-sf / less than B-sf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The class A notes' ratings are at the highest level on Fitch's scale and cannot be upgraded. Note: B / C / D / E / F Ratings: AAsf / Asf / BBBsf / BBsf / Bsf Reduce defaults by 15% and increase recoveries by 15%: AA+sf / AAsf / BBB+sf / BB+sf / BBsf Upgrades of the class D and E notes are constrained to one notch, due to the pro rata amortisation concentration test as per the SME Balance Sheet Securitisation Rating Criteria. CRITERIA VARIATION The transaction features a threshold rate mechanism. This is a common feature in Australian RMBS and is therefore contemplated under the APAC Residential Mortgage Rating Criteria. However, 20% of the pool consisted of STC loans, respectively, which were analysed under the SME Balance Sheet Securitisation Rating Criteria, which do not contemplate the concept of a threshold rate and, instead, WA margin compression is generally modelled. Fitch has applied the threshold rate for both the residential and STC portions of the pool. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available for this transaction. As part of its ongoing monitoring, Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. UNDONE PTY: First Creditors' Meeting Set for Oct. 22 ---------------------------------------------------- A first meeting of the creditors in the proceedings of The Undone Pty Ltd will be held on Oct. 22, 2025 at 11:00 a.m. via virtual meeting technology. Nick Combis of Vincents was appointed as administrator of the company on Oct. 10, 2025. ========= C H I N A ========= COUNTRY GARDEN: Secures US$1.14 Billion Loan-to-Equity Conversion ----------------------------------------------------------------- Reuters reports that Country Garden said on Oct. 13 its controlling shareholder had agreed to convert $1.14 billion in loans to equity as part of its offshore debt restructuring. Concrete Win Limited, an entity controlled by Country Garden's controlling shareholder, has committed to buying new shares to settle $1.14 billion in shareholder loans once the restructuring takes effect, the company said in a filing to the Hong Kong stock exchange, Reuters relays. The shares will be issued at HK$0.60 each, a marginal premium to Oct. 13's closing price of HK$0.59. Country Garden has scheduled creditor meetings for November 5 to vote on its restructuring plan, with separate votes for holders of the 2023 and 2026 convertible bonds on the same day, according to Reuters. A court hearing related to the liquidation petition is set for January 2026. Reuters notes that Country Garden reached a deal in mid-August with a core group of bank creditors holding nearly half of its offshore debt, marking progress in its $14.1 billion restructuring plan. Earlier in the day, the company said it logged contracted sales attributable of CNY2.58 billion ($361.75 million) in September, a 29% decrease from the previous year, Reuters discloses. About Country Garden Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Earlier in August 2025, it reached an agreement with a core group of bank creditors that holds 49% of the company's offshore debt, marking another step in its US$14.1 billion restructuring plan, according to Reuters. SUNAC CHINA: Says Most Creditors Approve Restructuring Plan ----------------------------------------------------------- Reuters reports that Sunac China said on Oct. 14 its offshore debt restructuring plan was approved by a majority of creditors at a court-convened meeting in Hong Kong. Reuters relates that the property developer said 98.5% of voting creditors, representing about 94.5% of the total voting claims, backed the plan, which covers about $7.96 billion in offshore debt. Sunac said it would now seek final approval from the Hong Kong court at a sanction hearing scheduled on November 5, Reuters relays. About Sunac China Sunac China Holdings Limited (SEHK:1918) -- http://www.sunac.com.cn/-- engages in the sales of properties in the People's Republic of China. The Company operates its business through two segments: Property Development and Property Management and Others. The Company's subsidiaries include Sunac Real Estate Investment Holdings Ltd., Qiwei Real Estate Investment Holdings Ltd. and Yingzi Real Estate Investment Holdings Ltd. Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by a liquidity crisis in 2021, roiling global markets, according to Reuters. Creditors of Sunac China Ltd have approved its US$9 billion offshore debt restructuring plan, the company said on Sept. 18, 2023, marking the first approval of such debt overhaul by a major Chinese property developer. Sunac China Holdings Limited sought creditor protection in the United States under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15 proceedings. Sidley Austin is the legal counsel to Sunac China. [] CHINA: Biggest Builders Hobble Towards End of Restructurings --------------------------------------------------------------- Bloomberg News reports that most of China's biggest defaulted developers are reaching a restructuring milestone, as creditors increasingly accept that better terms are unlikely during a real estate crisis that has triggered US$130 billion of defaults. Eight of China's 10 most indebted developers have largely, if not entirely, put the offshore restructuring process behind them, Bloomberg says. One of those, Sunac China Holdings, which has already gained majority support for its restructuring from creditors, who held a vote on Oct. 14, among the last procedural hurdles it has to clear. While policymakers have rolled out a slew of measures aimed at propping up the housing market, sales are still sluggish and Chinese developers continue to face challenges. So far, eight of the country's 30 major builders that have defaulted on US dollar debt have received liquidation orders, including China Evergrande Group and China South City Holdings, according to Bloomberg-compiled data. Many defaulted companies are still working on onshore debt plans also. Bondholders who once banged tables and peppered executives with questions during debt negotiations are now more muted, sources familiar with several Chinese real estate restructuring deals said, Bloomberg relays. "Creditors have come to realise that things won't get better anytime soon, so they are willing to take larger haircuts," Bloomberg quotes Ron Thompson, managing director and head of the Asia restructuring practice at Alvarez & Marsal, as saying. The bonds of most big developers are trading at around 10 cents on the US dollar, indicating that investors are not expecting to recover much from the restructurings. When Sunac's restructuring process began in 2022, creditors baulked at a proposal to swap some debt for equity at a conversion price of HK$20 a share, Bloomberg reported earlier. In February 2023, they held contentious all-day meetings with the chief financial officer Gao Xi, seeking better terms. Months later, more than 75 per cent of offshore creditors had signed on to the deal with a much lower conversion price. Less than two years after completing its initial restructuring, Sunac ran into repayment problems and pursued another one. This time, the deal took about two months to officially wrap up, compared with a little over a year for its first restructuring, Bloomberg notes. Such condensed debt talks are becoming more common across the property sector. In general, some bondholders do not even bother to dial in to calls about small things once the basic restructuring framework is done, according to two restructuring advisers. Yuzhou Group Holdings, for example, spent more than two years negotiating its restructuring, which it sought court approval for last year, recalls Bloomberg. When it later revised some terms, it faced little opposition from bondholders, according to sources familiar with the matter, and the deal was concluded within months. While some creditors are willing to accept more onerous terms, others are choosing to abandon debt talks and seek immediate liquidation, Bloomberg notes. That was the case with state-backed builder China South City, Bloomberg relates. The company missed a couple of deadlines set by a key bondholder group and eventually proposed restructuring terms that were far from the recovery of around 70 cents to 80 cents on the US dollar that bondholders had sought, sources familiar with the matter said. At its last winding up hearing in August, Hong Kong High Court judge Linda Chan asked creditors if one more adjournment would be acceptable to them. But the bondholders' lawyer insisted on immediate liquidation instead, Bloomberg relays. Bloomberg adds that the China real estate era has changed and the last thing international creditors are looking for is dragged out talks, said Jason He, debt capital markets advisory leader at Deloitte China. "Either take the terms or press the liquidation button, both work," he added. ========= I N D I A ========= ADHITHI INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Adhithi Infra Projects Private Limited (DHPL; previously known as Dhenu Hydro Private Limited) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6.97 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Bank 0.53 CRISIL D (Issuer Not Guarantee Cooperating) Working Capital 2 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with DHPL 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 DHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DHPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. DHPL was set up in 2000 by Mr. Yella Reddy and his family members. The company is executing a sub-contract received from IVRCL Ltd, towards construction of canals and reservoirs in the Kadapa region, Andhra Pradesh. AUGUSTAN COIMBATORE: Voluntary Liquidation Process Case Summary --------------------------------------------------------------- Debtor: AUGUSTAN COIMBATORE KNITTING CO PRIVATE LIMITED 3/127A, Manickampalayam, Kunnathurpudur Post, Kovilpalayam, Coimbatore – 641107 Liquidation Commencement Date: September 15, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: VENKATESH NATARAJAN 119, Co Operative Colony, Uppilipalayam Post, Coimbatore -641015 Email: venkatesh@vsandassociates.in Mobile No.: 9244410292 Last date for submission of claims: October 15, 2025 CHOICE PRECITECH: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Choice Precitech India Private Limited (Choice) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.63 CRISIL D (Issuer Not Cooperating) Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 1 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.16 CRISIL D (Issuer Not Cooperating) Standby Line 0.5 CRISIL D (Issuer Not of Credit Cooperating) Working Capital 2 CRISIL D (Issuer Not Demand Loan Cooperating) Crisil Ratings has been consistently following up with Choice 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 Choice, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Choice is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Choice continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 1994 by Mr. B Narayana Murthy and his family, Choice manufactures moulds for industrial plastics, glass bulbs shells, and sheet metal components. The company is based in Hyderabad, Telangana. DHIRAJ SHAMRAOJI: CRISIL Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Dhiraj Shamraoji Junghare (DSJ, part of Dhiraj Junghare Group) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DSJ 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 DSJ, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DSJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DSJ continues to be 'Crisil B/Stable Issuer not cooperating'. About the Group Established in 2010, DSJ group comprises three proprietorship firms; namely DSJ, ADJ and LDJ, all based out of Nagpur. DSJ is promoted by Mr. Dhiraj Junghare and is engaged in the cultivation and trading of oranges. ADJ is promoted by Mr. Akhil Junghare and is engaged in the cultivation and trading of oranges. LDJ is promoted by Mr. Lalita Junghare and is engaged in the cultivation and trading of oranges. DUTTA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dutta Agro Plantations Private Limited (DAPPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 5.25 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 3.55 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 2.50 CRISIL D (ISSUER NOT COOPERATING) Proposed Cash 3 CRISIL D (ISSUER NOT Credit Limit COOPERATING) Proposed Term Loan 0.7 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with DAPPL 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 DAPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DAPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DAPPL continues to be 'Crisil D Issuer not cooperating'. DAPPL, incorporated in October 1988, is engaged in tea manufacturing business. The company was trading in tea leaves till October 2016 through its three owned tea estates in Jalpaiguri (West Bengal), having total tea area of 200 acres. ELITE VEHICLES: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Elite Vehicles Private Limited (EVPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 2.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with EVPL 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 EVPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EVPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2011, EVPL is an authorised dealer of passenger vehicles and spare parts of Ford. The company, promoted and managed by Mr. Gurjit Singh, operates a showroom-cum-workshop in Bengaluru (Karnataka). EVERSHINE WOOD: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Evershine Wood Packaging Private Limited (EWPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 33.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 27.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with EWPPL 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 EWPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EWPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of EWPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. EWPPL was incorporated in 2005, promoted by the Chennai-based Patel family. Overall operations are managed by Mr Dharamshi Patel. The company manufactures wood packaging products, including packing crates, boxes, pallets, planks, and finger-jointed boards made from soft pine wood. These are used to package various consumer and industrial products in different industries. The manufacturing facility is in Sriperumbudur, Tamil Nadu. The registered office is in Chennai. FORTUITY GAMING: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Fortuity Gaming Solutions Private Limited NO. 4/4, Ground Floor, New Rathala Government Colony, Belghoria, Parganas North, Kolkata, West Bengal, India, 700056 Insolvency Commencement Date: September 9, 2025 Estimated date of closure of insolvency resolution process: March 8, 2026 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Surendra Nemchand Shah 23, Amramanjari Bunglows, South Bopal, Behind Sun City, Opp. Punjab National Bank, Besides Celebration City Centre, Basant Bahar Road, Ahmadabad, Gujarat,380058 Email ID: snshahip2160@gmail.com Sapan House, Chimanlal Girdharlal Rd, Opposite Municipal Market, Naranpura, Ahmedabad, Gujarat 380009 Email ID: cirpfortuity@gmail.com Last date for submission of claims: September 23, 2025 GLOBSYN KNOWLEDGE: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Globsyn Knowledge Foundation (GKF) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1 CRISIL D (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 3.55 CRISIL D (Issuer Not Cooperating) Term Loan 12.7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GKF 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 GKF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GKF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GKF continues to be 'Crisil D Issuer not cooperating'. GKF was founded in December 2004 in Kolkata by Mr. Bikram Dasgupta. The trust is managed by parent Globsyn Technologies Ltd (incorporated in 1997; engaged in the software and education industries). GKF offers Post Graduate Diploma in Management (PGDM) and Bachelor of Business Administration (BBA) courses through its institute, Globsyn Business School, in Bishnupur (West Bengal). JAI MAAKALI: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jai Maakali Poultry Farms (JM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JM 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 JM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JM continues to be 'Crisil D Issuer not cooperating'. JM Farms, established in 1993 and based in Andhra Pradesh, is promoted by Mr. Kumar Pappu Singh and his family. JM Farms produces commercial eggs and sells its entire output to JMP. JMP trades in commercial eggs. JIVYAM PLYBOARD: CRISIL Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jivyam Plyboard Co. (JPC) 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 0.99 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 0.98 CRISIL B+/Stable (ISSUER NOT COOPERATING) Term Loan 3.03 CRISIL B+/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with JPC 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 JPC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JPC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JPC continues to be 'Crisil B+/Stable Issuer not cooperating'. JPC was established in 2018 as a partnership firm by Ms Darshnaben Parsottambhai Patel, Mr Sureshbhai Virjibhai Patel and Mr Vasantkumar Tejabhai Patel. The firm manufactures plywood, block boards, film face ply, flexi ply, flexi doors and adhesives such as UF resin, PF resin and MF resin. Facility in Navsari, Gujarat, has installed capacity of 1,000 piece per day. KALOKHE STONE: CRISIL Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kalokhe Stone Crusher (KSC) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.9 CRISIL C (Issuer Not Cooperating) Cash Credit 0.5 CRISIL C (Issuer Not Cooperating) Term Loan 4.78 CRISIL C (Issuer Not Cooperating) Term Loan 2.42 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KSC 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 KSC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KSC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KSC continues to be 'Crisil C Issuer not cooperating'. KSC, established in 2010, commenced operations in July 2012. It undertakes stone-crushing sub-contracting activities for companies that implement civil construction projects, mainly road and real estate projects. The firm is owned by the Kalokhe family; its operations are mainly handled by Mr. Sachin Kalokhe and Mr. Sandeep Kalokhe. KIMAYA INDUSTRIES: Liquidation Process Case Summary --------------------------------------------------- Debtor: M/s. KIMAYA INDUSTRIES PRIVATE LIMITED C-22/7, Road No 15, Hojiwala Industrial Estate, Sachin-Palsana Road, Sachin, Surat-363421, Gujarat Liquidation Commencement Date: September 17, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Mr. Gautam Deswal A-401, India Textile Market, Ring Road,Opp, Rathi Palace, Surat, Gujarat, 395002 Email: deswal01@hotmail.com Email: liq.kimaya@gmail.com Last date for submission of claims: October 17, 2025 LOKAA HOUSING: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: LOKAA HOUSING PRIVATE LIMITED Plot No. 5/Flat No. 101, 1st Floor, No. 14 Kannappa Nagar Extension, Thiruvanmiyur, Chennai, Tamil Nadu - 600041 Insolvency Commencement Date: September 18, 2025 Estimated date of closure of insolvency resolution process: March 17, 2026 (180 Days) Court: National Company Law Tribunal, Chennai Bench-II Insolvency Professional: Dr. S.R. SHRIRAAM SHEKHER Flat No. 11, Prayag Apartments, 1st Floor, 8/15, Gandhi Nagar First Main Road Adyar, Chennai - 600020 Email Id: shekhershriraam@gmail.com Email Id: lokaahousing.cirp@gmail.com Last date for submission of claims: October 2, 2025 MAAD MINES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Maad Mines And Minerals Private Limited (SDDPL; previously known as Skopos Dredging And De-Silting Private Limited) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil D (Issuer Not Cooperating) Term Loan 15 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SDDPL 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 SDDPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SDDPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SDDPL continues to be 'Crisil D Issuer not cooperating'. Based in Mumbai (Maharashtra), SDDPL is involved in manufacturing and distribution of sand, aggregate and fly ash bricks used in the construction sector. The company operates a plant with a capacity of about 60,000 tonnes per month (tpm), which is currently being utilised at about 400 tpm. SDDPL has also setup and fly ash brick plant which commenced its operations in April 2015. MANAF P.B.: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Manaf P.B. (MPB) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.5 CRISIL D (Issuer Not Cooperating) Cash Credit 5.9 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.6 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MPB 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 MPB, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPB is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MPB continues to be 'Crisil D/Crisil D Issuer not cooperating'. MPB was set up as a proprietorship firm at Aluva (Kerala) in 2004. The firm undertakes civil contracts for the PWD of Kerala. Daily operations are managed by the proprietor, Mr PB Manaf. MAYAR INDIA: CRISIL Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Mayar India Limited (MIL) continues to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 5 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MIL 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 MIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MIL continues to be 'Crisil B-/Stable Issuer not cooperating'. MIL is the holding company of the Mayar group, which was formed in 1948 by the late Mr Amar Nath Sud by establishing a trading firm in Delhi. His son, Mr Ajit Kumar Sud, joined the business and expanded operations to publications, timber, commodities, hospitality, infrastructure development, and personal care products across India, Myanmar, Malaysia, Hong Kong, Ecuador, and Ukraine. Currently, the business is managed by Mr Sud, his two sons and a team of professionals. MEDISAFE INDIA: Ind-Ra Affirms BB+ Bank Loan Rating --------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Raaj Medisafe India Limited's (RMIL) bank loan facilities as follows: -- INR540 mil. Bank loan facilities affirmed with IND BB+/Stable/ IND A4+ rating. Detailed Rationale of the Rating Action The ratings reflect RMIL's continued small scale of operations, continued average credit metrics, decline in the EBITDA margins, and stretched liquidity. The ratings also factor in Ind-Ra's expectation of deterioration in the credit metrics in the medium term due to the capex planned by the company. Ind-Ra expects the revenue to improve in the medium term due to opening of a new manufacturing unit and expansion of the current units. Furthermore, Ind-Ra expects the EBITDA margins to remain at similar levels in the medium term due to the nature of business and the management's expansion plans. The ratings, however, are supported by the promoters' experience of nearly three decades in the healthcare industry. Detailed Description of Key Rating Drivers Revenue Sees Improvement but Scale of Operations Remains Small: RMIL's scale of operations remains small. However, the revenue increased to INR624.2 million in FY25 (FY24: INR432.5 million), backed by the addition of a new manufacturing unit and resultant increase in sales. The EBITDA rose to INR86.3 million in FY25 (FY24: INR66.3 million). During 3MFY26, RMIL booked a revenue of INR158.3 million. Ind-Ra expects the revenue to improve in the medium term, led by the commencement of operations of a new manufacturing unit and expansion of old units. Continued Average Credit Metrics: RMIL's credit metrics remained average and deteriorated slightly in FY25 due to an increase in the total debt and gross interest expenses. The interest coverage (operating EBITDA/gross interest expenses) was 4.06x in FY25 (FY24: 4.23x) and the net leverage (total adjusted net debt/operating EBITDAR) was 3.99x (3.90x). RMIL has planned a capex of INR250 million in FY26, which will be funded through term loans (75%) and the promoters (25%). Ind-Ra expects the credit metrics to deteriorate in the medium term due to the planned capex. Deterioration in EBITDA Margins: RMIL's EBITDA margin deteriorated to an average 13.83% in FY25 (FY24: 15.33%), with a return on capital employed of 14.6% (19.4%). In FY25, the EBITDA margin declined due to an increase in purchases. Ind-Ra expects the EBITDA margin to remain at similar levels in the medium term due to the nature of the business and the management's plans for expansion. Experienced Promoters: The ratings are supported by the promoters’ experience of nearly three decades in the healthcare industry, which has helped the company establish strong relationships with customers as well as suppliers. Liquidity Poor: RMIL's average maximum utilization of the fund-based limits was 94.1% during the 12 months ended July 2025, with one instance of overutilization up to one day. The cash flow from operations turned negative INR20.22million in FY25 (FY24: INR27.70 million) due to unfavorable changes in the working capital. Furthermore, the free cash flow remained negative INR167.32 million (FY24: negative INR88.69 million) due to capex. RMIL has debt repayment obligations of INR42.4 million and INR48.8 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR0.52 million at FYE25 (FYE24: INR0.32 million). The net working capital cycle improved to 136 days in FY25 (FY24: 165 days), mainly on account of a decrease in the inventory days to 68 days (106 days). Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in the overall credit metrics and liquidity profile, on a sustained basis, could lead to a negative rating action. Positive: A significant increase in the scale of operations, along with an improvement in the overall credit metrics, with the net leverage falling below 3.5x, and an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company Incorporated in 1985 and based out of Ujjain, Madhya Pradesh, RMIL is listed on the Bombay Stock Exchange and manufactures high-density polyethylene bottles, polypropylene closures and liners for pharmaceutical applications, and hygiene products such as sanitary napkins and diapers. It has three units in Madhya Pradesh, two in Pithampur and another in Ujjain. MEGA PROPERTIES: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Mega Properties Private Ltd C-4/142, Safdarjung Development Area, Hauz Khas, New Delhi-110016 Liquidation Commencement Date: September 15, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Monika Agarwal 205 Chopra Complex, 8, Preet Vihar Community Centre New Delhi-1100092 Contact No: +91 987 392 4087 Email: liquidator.mega@gmail.com Email: cacsmonika.agarwal@gmail.com Last date for submission of claims: October 15, 2025 MKS OIL: Liquidation Process Case Summary ----------------------------------------- Debtor: M K S OIL PRIVATE LIMITED House No 323 and 324, First Floor, Block B-4 Sector-8, Rohini, New Delhi-110085, India Liquidation Commencement Date: September 15, 2025 Court: National Company Law Tribunal, New Delhi Bench-V Liquidator: CA. Pawan Kumar Garg 25-A, Pocket-J, Sheikh Sarai-2, New Delhi-110017 Email: ca.pawangarg@gmail.com Email: mksoil.cirp@gmail.com Last date for submission of claims: October 15, 2025 NASIK MERCHANTS: Ind-Ra Affirms BB LT Issuer Rating --------------------------------------------------- India Ratings and Research has affirmed The Nasik Merchants Co-operative Bank Ltd (NAMCO) Long-Term Issuer Rating as follows: -- Long Term Issuer Rating affirmed with IND BB/Stable rating. Detailed Rationale of the Rating Action The rating affirmation reflects NAMCO's continued geographic concentration, limited structural ability to bring in additional equity capital and liquidity if required, moderate asset quality and evolving governance and risk structures compared to mainstream commercial banks. The rating, however, is supported by the vintage of the bank, its adequate liquidity, adequate capitalization and improving scale of deposits. Detailed Description of Key Rating Drivers Geographic Concentration: NAMCO has 80 branches, and a majority of them are located in Nashik, carrying 96% of the bank's deposits and 90% of the bank's advances. Considering that NAMCO is a cooperative bank, Ind-Ra understands the limitations of the bank's scope of operations and concentration; however, these kind of operations with regional concentration present a risk. Outside of Maharashtra, NAMCO has a token presence in Gujarat and Telangana through 18 additional branches. Structural Constraints on Capital Raising: Raising additional capital is challenging for the bank, given that it is a co-operative bank and raises capital from members. Cooperative banks are structured as member-owned entities rather than traditional shareholder-driven institutions. Their governance model, based on the principle of one-member-one-vote, limits the scope for external equity participation. This foundational structure poses challenges in issuing equity or hybrid instruments that would otherwise attract strategic or financial investors. Given that the corporate governance and risk structures are evolving, the asset quality of the bank could deteriorate under stress scenarios. NAMCO's return on assets was about 1.5% in FY25 (FY24: 1.7%) and return on equity was 8.5% (9.3%), as per Ind-Ra's calculation. Improving, but still Moderate Asset Quality: NAMCO's asset quality has shown a gradual improvement, with the gross non-performing assets (GNPA) declining to 4.4% in FY25 (FY24: 5.9%; FY23: 6.2%). In 1QFY26, the GNPA stood at 6%. At end-September 2019, the GNPAs had reached a peak of 30%. The bank was then under a Reserve Bank of India-appointed administrator and it had written off most of its bad debts by utilizing its reserves; it continues to make recovery efforts on the assets that had slipped during that period. The bank's asset quality is a monitorable as it had a majority exposure to the real estate sector (seven funded projects) at end-March 2025. However, according to the management, the bank is planning to reduce this exposure in the near-to-medium term through diversification into other segments Moreover, the bank has initiated internal projects to implement a scorecard-based assessment for some products. Evolving Governance and Risk Structures: NAMCO's board consists of 23 members who are elected by the members of the co-operative. Generally, co-operative banks operate with thin structures, wherein the board has a sub-committee that plays a significant role in loan sanctions. These banks generally are dominant in particular regions, and therefore, their systems could become vulnerable to unwarranted influences in the absence of strong governance structures and processes with minimal scope for deviations. The Reserve Bank of India cancels the licenses of several co-operative banks almost every year, including urban co-operative banks, unless the above requirement is met. NAMCO has taken measures to strengthen these factors over the medium-to-long term. The bank is also setting up risk-based pricing mechanisms for some products to start with, and is attempting to establish sectoral and single borrower limits. The bank has also reduced its group borrowings; as of FY25, it had exposure to only one group, and its other corporate exposures were to individual companies, as per the bank's disclosures. The bank has received qualified opinion by the auditor for FY24-FY25 on excess provisions for bad and doubtful debt reserve and non-compliance with accounting for taxes on income. As guided by the management, the same has been addressed by the bank during the current financial year. Long Operating History: NAMCO is a mercantile multi-state co-operative bank with an operational history of over 65 years. It offers basic products on the loan side for business (mostly secured) and gold loans. It operates through 80 branches, of which 62 are in Nashik district, 16 are outside Nashik but within Maharashtra, and two are in other states. The advances book increased to INR13,220 million in FY25 (FY24: INR10,396 million, FY23 : INR7,434 million). Adequate Capitalization; Granular Deposit Profile: The bank's common equity tier 1 ratio was 26.40% at FYE25 (FYE24: 27.39%, FYE23: 30%). NAMCO's deposit profile is also reasonable, with current and savings account deposits of about 34%, comprising mostly granular deposits. All these factors put together indicate that the asset liability mismatch gap is manageable, and so will be its liquidity requirements. Liquidity Adequate: The bank's loan to deposit ratio stood at 54% in FY25 (FY24: 47.59%, FY23: 50.76%), and it had a statutory liquidity ratio of 42.25 % against the minimum requirement of 18%. The bank did not have any negative cumulative mismatch at end-June 2025. Rating Sensitivities Negative: A material decline in the capital levels, and deterioration in the liquidity position or asset quality hereon could lead to a negative rating action. Positive: A substantial ramp-up of the franchise, along with a material improvement in the deposit profile, concentration metrics, asset quality metrics, and governance and risk structures, and sustained profitability could lead to a positive rating action. About the Company NAMCO is an urban mercantile co-operative bank with an operational history of 65 years and a total of 83 branches. At end-March 2025, the bank had a deposit base of INR24,39 billion and advances of INR13.22 billion. NETWORK TRADELINK: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings the ratings on bank facilities of Network Tradelink Private Limited (NTPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL D (Issuer Not Cooperating) Letter of Credit 3 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NTPL 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 NTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of NTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. NTPL, incorporated in 2009 and promoted by Kolkata-based Jhawar family, trades in, and processes, grey fabric. It procures grey fabric from across India, and outsources its processing, including bleaching and dyeing, to jobworkers in different parts of the country. PAITTAKULAM MARBLES: CRISIL Keeps B Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Paittakulam Marbles (PM) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.5 Crisil B/Stable (Issuer Not Cooperating) Long Term Loan 0.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PM 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 PM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PM continues to be 'Crisil B/Stable Issuer not cooperating'. Set-up in 1998, Koothattukulam (Kerala)-based PM is engaged in the trading of tiles, granites and sanitary ware. The firm is promoted by Mr Saxon Jacob. PUDUCHERRY CANCER: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Puducherry Cancer Trust (PCT) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PCT 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 PCT, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PCT is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PCT continues to be 'Crisil D Issuer not cooperating'. Established in April 2011, PCT is promoted by Dr M A S Subramaniam along with other trustees. The trust has set up a 30-bed cancer speciality hospital in Puducherry. RADHIKA INFRA: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Radhika Infra Estate Private Limited (RIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 13.54 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RIPL 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 RIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RIPL continues to be 'Crisil D Issuer not cooperating'. RIPL was incorporated in 2009 by Mr. Manoj Kumar Jain, Mr. Arvind Agarwal, and Mr. Prashant Kumar Saxena. It is currently undertaking a real estate project, Maple Tree, at the airport bypass road, near RGPV University, Bhopal. RAM NATH: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ram Nath Memorial Trust Society (RNMTS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Funded Interest 3.55 CRISIL D (Issuer Not Term Loan Cooperating) Term Loan 16.30 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RNMTS 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 RNMTS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RNMTS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RNMTS continues to be 'Crisil D Issuer not cooperating'. RNMTS, established in 1998 and managed by the Singhal family operates an institute in Meerut, Uttar Pradesh, and offering Bachelor of Education, Master of Education, and Bachelor of Physical Education courses. RAMAKRISHNA HOUSING: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: Ramakrishna Housing Private Limited 54-15-20, SRINAGAR COLONY RING ROAD, VIJAYAWADA, Andhra Pradesh, India, 520008 Insolvency Commencement Date: September 16, 2025 Estimated date of closure of insolvency resolution process: March 15, 2026 Court: National Company Law Tribunal, Amaravati Bench Insolvency Professional: Mr. S Prabhakar 105, Sunridge Signature Apartments, Nallagandla, Near Manjeera Dimonds, Hyderabad, Telangana, 500046 Email: sprabhakarip@gmail.com Stellar Insolvency Professionals LLP Ground Floor, Rajapushpa Summit, ISB Road, Financial District, Gachi Bowli, Nanakramguda, Hyderabad, Telangana 500008 Email: sipl.rhpl@gmail.com Classes of Creditors: Flat Buyers Representative of creditors in a class: Mr. Ravuru Hari Prasad E-mail: hariprasadr17@gmail.com Mr. Kaspa Venu Gopal E-mail: kaspavenugopal@gmail.com Ms. Sandhya Tadla E-mail: sandhyatadla@gmail.com Last date for submission of claims: September 30, 2025 RELICAB CABLE: Ind-Ra Affirms BB Bank Loan Rating ------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Relicab Cable Manufacturing Ltd.'s (RCML) bank loan facilities as follows: -- INR130 mil. Bank loan facilities affirmed with IND BB/Stable/ IND A4+ rating. Detailed Rationale of the Rating Action The rating factors in the company's continued small scale of operations in FY25. Ind-Ra expects the scale of operations to improve but remain small in the medium term. The rating is supported by RCML's continued average credit metrics and healthy EBITDA margins in FY25. The agency expects the credit metrics to marginally improve but remain average and the EBITDA margins to remain at a similar level in the medium term. The rating is also supported by the promoters over three decades of experience in the wires and cables industry. Detailed Description of Key Rating Drivers Continued Small Scale of Operations: As per the provisional numbers of FY25, RCML's scale of operations remained small and marginally improved to INR398.33 million in FY25 (FY24: INR378.29 million), driven by increased orders from existing customers, expansion of its customer base following the addition of new customers and the introduction of new products namely electric vehicle (EV) charging cables. The company's EBITDA improved to INR50.07 million in FY25 (FY24: INR43.91 million). Its domestic sales accounted for 86.19% of the total revenue in FY25 (FY24: 69.50%; FY23: 76.38%), while the rest was exports. In 1QFY26, RCML clocked revenue of INR155 million. In the medium term, Ind-Ra expects the scale of operations to improve, supported by a likely increase in demand from existing customers, the addition of new customers and the introduction of new products. Average Credit Metrics: The gross interest coverage (operating EBITDA/gross interest expenses) improved to 2.09x in FY25 (FY24: 1.59x) and the net leverage (adjusted net debt/operating EBITDAR) reduced to 1.94x (2.48x), due to the increase in its EBITDA. In the medium term, Ind-Ra expects the credit metrics to further improve, due to the absence of any major capex plan and scheduled term loan repayments. Healthy EBITDA Margins: RCML's EBITDA margins improved to 12.57% in FY25 (FY24: 11.61%), supported by a decline in raw material prices of PVC compounds and better absorption of fixed costs. The return on capital employed increased to 20.3% in FY25 (FY24: 18.9%). In the medium term, Ind-Ra expects the margins to remain at similar level due to similar nature of operations. Long Operational Track Record; Experienced Promoters: The rating is also supported by the promoters' nearly three decades of experience in the industry, leading to established relationships with customers and suppliers. Liquidity Poor: RCML's average maximum utilization of the fund-based and non-fund-based limits was 100.58% and 94.61%, respectively, for the 12 months ended July 2025. There were eight instances of over-utilization in its fund-based limits with maximum of up to five days. The net working capital cycle elongated to 191 days in FY25 (FY24: 166 days) due to an increase in the inventory holding period to 235 days (185 days), despite a reduction in the debtor collection period to 54 days (97 days). The increase in its inventory holding period was due to the addition of new customer and products. RCML is required to keep additional types of products in stock and is keeping copper products in large stock due to continuous increase in copper prices. The cash flow from operations improved to INR31.10 million in FY25 (FY24: INR9.94 million) due to favorable changes in the working capital. Consequently, the free cash flow also improved to INR27.85 million in FY25 (FY24: INR2.75 million). At FYE25, RCML had a cash balance of INR1.43 million (FYE24: INR16.14 million), against the total debt of INR539.88 million (INR53.71 million). The company has debt repayment obligations of around INR1.4 million and INR0.9 million for FY26 and FY27, respectively. Furthermore, the company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A substantial decrease in the scale of operations, leading to deterioration in the overall credit metrics with the interest coverage reducing below 2x or further deterioration in the liquidity profile, all on a sustained basis, could lead to a negative rating action. Positive: An improvement in the liquidity and/or an improvement in the scale of operations, along with an improvement in the credit metrics with the interest coverage exceeding 2.5x, all on a sustained basis, could lead to a positive rating action. About the Company RCML was established as partnership firm by Suhir Shah and Parag Shah in 1992. It was converted into a private limited company in 2002, and then into a public limited company under the current name in 2016. The company manufactures products such as electric cables, PVC insulated cables, telecommunication cables, screen cables, wire harnesses, and tailor-made cables among others. Its manufacturing facility is located in Daman. Suhir Shah is managing the business and its operations. ROBOMATIC PRECON: CRISIL Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Robomatic Precon Private Limited (RPPL) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 11 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RPPL 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 RPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RPPL continues to be 'Crisil B+/Stable Issuer not cooperating'. Established in August 2016 in Hyderabad, RPPL is promoted by Mr. Vijay K Kosaraju and Mr. Anand Kumar Yerra. The company has set up a facility to manufacture Concrete Hollow Core Wall Panels. Commercial operations have commenced recently. ROCKSOLID INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rocksolid Infra Private Limited (Ciscons; Previously known as Ciscons Projects Private Limited) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 Crisil D (Issuer Not Cooperating) Overdraft Facility 2.75 Crisil D (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 13.25 Crisil D (Issuer Not Cooperating) Term Loan 1 Crisil D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Ciscons 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 Ciscons, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Ciscons is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Ciscons continues to be 'Crisil D/Crisil D Issuer not cooperating'. Ciscons was set up in 2008 by Mr. N Rama Krishna and his family members. The company undertakes civil construction, and mainly caters to power generation companies. It is based in Hyderabad (Telangana). SAKTHI GANESH: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sakthi Ganesh Textiles Private Limited (SGTPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Letter of Credit 4.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 4.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 7.01 CRISIL D (Issuer Not Cooperating) Standby Line of Credit 2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SGTPL 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 SGTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SGTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Firm is into manufacture of dyed cotton fabrics. Set up in 1996 by Mr. K Hari Kumar and his family members, SGTPL manufactures cotton fabric at its facility in Erode (Tamil Nadu). SHREE RAM: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Shree Ram Electrocast (Jharkhand) Private Limited Registered Office: Diamond Prestige, Level 1, Suite 113, Taltala, 41 AJC Bose Road, Kolkata -700 017 Factory: 9936+FW7, Namkum Industrial Area, Samlong, Ranchi, Jharkhand 834010 Insolvency Commencement Date: September 16, 2025 Estimated date of closure of insolvency resolution process: March 15, 2026 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Soumitra Lahiri Flat 14D & E, Tower-32, Genexx Valley, Joka, Diamond Harbour Road, Kolkata – 700104 Email: slahiri0207@gmail.com Email: ibc.shreeramelectrocast@gmail.com Last date for submission of claims: October 7, 2025 SHYAM SHAKTI: Ind-Ra Moves B+ Rating to NonCooperating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has revised the Outlook on Shri Shyam Shakti Rice Mill's (SSSRM) bank loan facilities to Negative from Stable and has simultaneously migrated it to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these rating. The rating will now appear as 'IND B+/Negative (ISSUER NOT COOPERATING)'/'IND A4 (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR430 mil. Bank loan facilities Outlook revised to Negative and migrated to non-cooperating category with IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on best available information Detailed Rationale of the Rating Action The Outlook revision to Negative reflects the likelihood of downgrade of rating on continued non-cooperation. The migration of SSSRM's rating to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with SSSRM while reviewing the rating. Ind-Ra had consistently followed up with SSRM over emails until September 26, 2025, apart from phone calls. The issuer has submitted no default statement until August 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of SSSRM, as the agency does not have adequate information to review the rating. 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. Therefore, investors and other users are advised to take appropriate caution while using the rating. About the Company SSSRM was established as a proprietorship firm in 2006 by Shravan Agrawal. It is engaged in the processing of paddy at Pikari village, Bemetara, Chhattisgarh. SOWBHAGYALAKSHMI RAW: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sowbhagyalakshmi Raw and Boiled Rice Mill (SRBRM) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 23 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SRBRM 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 SRBRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRBRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRBRM continues to be 'Crisil D Issuer not cooperating'. The Sowbhagya group's first firm, SRBRM, was set up in 1988 by Mr V Gopal Naidu and his family. In 1997, SLPB was set up and in 2000, SBV. All these entities mill and process paddy into rice; they also generate by-products such as broken rice, bran, and husk. Their rice mills are in Nellore, Andhra Pradesh. STANDARD INFRATECH: Ind-Ra Cuts Bank Loan Rating to BB+ ------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Standard Infratech India Private Limited's (SIIPL) bank facilities' ratings to 'IND BB+/Negative (ISSUER NOT COOPERATING)' from 'IND BBB-/ Negative (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through emails and phone calls. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating action is: -- INR1,630.55 bil. Bank loan facilities downgraded with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. NOTE: ISSUER NOT COOPERATING: Issuer did not co-operate; based on best available information Detailed Rationale of the Rating Action The downgrade and the Negative Outlook are in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. As per the guidelines, if an issuer has an investment grade rating outstanding while being noncooperative for more than six months with Ind-Ra, then Ind-Ra will necessarily downgrade such rating to the non-investment grade, while maintaining the Issuer Not Cooperating status. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with SIIPL while reviewing the ratings. Ind-Ra had consistently followed up with SIIPL over emails starting December 30, 2024, apart from phone calls. The issuer has submitted the no default statement until December 2024. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of SIIPL, as the agency does not have adequate information to review the rating. Hence, the current outstanding rating might not reflect the company's credit strength. 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. Therefore, investors and other users are advised to take appropriate caution while using these ratings. SIIPL has been non-cooperative with the agency since December 31, 2024. About the Company SIIPL is an engineering, procurement and construction contractor engaged in executing government projects. The company operates in Andhra Pradesh, Karnataka, Telangana, Rajasthan and Madhya Pradesh and is recognized as a special class contractor and Class I contractor. SUNRISE ENERGY: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sunrise Energy (SE) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 0.5 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Secured Overdraft 0.5 Crisil B/Stable (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with SE 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 SE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SE continues to be 'Crisil B/Stable Issuer not cooperating'. SE was formed as a proprietorship firm in 2014, by Mr Anand Sagar Tiwari. The firm is engaged in assembling and installation of solar street lights for the Bihar government. It has a manufacturing facility at Uttar Pradesh with an installed capacity of 50 MW. TCP LIMITED: Ind-Ra Moves B+ Loan Rating to NonCooperating ---------------------------------------------------------- India Ratings and Research has migrated all the ratings of TCP LIMITED to the non-cooperating category as per Ind Ra's policy on Issuer Non-Cooperation, following non-submission of No Default Statement continuously for 3 months despite continuous requests and follow-ups by the agency and also IND-Ra's inability to validate timely debt servicing through other sources it considers reliable. No Default Statement in the format prescribed by SEBI is required to be shared by the issuer every month as a confirmation that all financial obligations are being serviced on time. Investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR402.7 mil. Bank Loan Facilities Outlook revised to Negative; rating migrated to non-cooperating category with IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. Detailed Rationale of the Rating Action The migration of rating to the non-cooperating category is in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. The Negative Outlook reflects the likelihood of a downgrade of the entity's ratings on continued non-cooperation. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of TCP LIMITED on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect TCP LIMITED's credit strength. If an issuer does not provide timely No Default Statement, it indicates weak governance, particularly in 'Timely debt servicing'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company Incorporated on June 8, 1971, TCPL manufactures sodium hydrosulphite, liquid sulphur dioxide, sodium formate, sodium sulphite and sodium thiosulphate. The company had been generating power through a thermal power plant (63MW) and windmill (16.6MW), but the power division has not been operational post FYE22. TUFFWARE INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tuffware Industries (TI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.05 CRISIL D (Issuer Not Cooperating) Bill Discounting 6.44 CRISIL D (Issuer Not Cooperating) Bill Discounting 1.56 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 0.26 CRISIL D (Issuer Not Cooperating) Packing Credit 4.75 CRISIL D (Issuer Not Cooperating) Proposed Short Term Bank Loan Facility 0.54 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with TI 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 TI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TI continues to be 'Crisil D Issuer not cooperating'. TI was established in 1994 by the Mumbai-based Ganger family. The firm manufactures and exports stainless steel utensils and non-stick cookware. It sells its products primarily to Latin American and African countries through agents and traders based in these countries. TI has its manufacturing unit at Vasai, Maharashtra. VAISHNAV METAL: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Vaishnav Metal and Power Private Limited (SVMPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 31.27 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 13.73 CRISIL D (Issuer Not Cooperating) Term Loan 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SVMPPL 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 SVMPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVMPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SVMPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SVMPPL, incorporated in 2005 by the Agarwal family, is engaged in galvanisation and fabrication. Its manufacturing facilitates are in Wada (Maharashtra) and registered office is in Mumbai. VASOO BUILDERS : Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Vasoo Builders Private Limited Hamdh Court, No. 13, 1st Floor, Mother Theresa Road, Austin Town, 1st Stage, Bangalore, Karnataka - 560047 Insolvency Commencement Date: September 18, 2025 Estimated date of closure of insolvency resolution process: March 16, 2026 Court: National Company Law Tribunal, Bengaluru Bench Insolvency Professional: B Akhila Flat no: B001, Opus Apartment no. 20, Second Cross, Vivekananda Nagar, Jai Bharath Nagar, Maruthi Sevanagar, Opposite to Sunshine Kids Play School, Bangalore, Karnataka – 560033 Email: ip.akhilabolla@gmail.com Email: cirp.vb@gmail.com Last date for submission of claims: October 6, 2025 ========= J A P A N ========= MARELLI AUTOMOTIVE: Plan Exclusivity Extended to Feb. 6, 2026 ------------------------------------------------------------- Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware extended Marelli Automotive Lighting USA LLC and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 6, 2026 and April 7, 2026, respectively. As shared by the Troubled Company Reporter, the Debtors explain that their capital structure, which as of the Petition Date consisted of approximately $4.9 billion in funded debt obligations, is large and complex. As such, administering these chapter 11 cases requires significant input from the Debtors' management team and advisors on a wide range of complicated matters necessary to bring structure and consensus to a large and complex process. Accordingly, the complexity of these chapter 11 cases weighs in favor of extending the Exclusivity Periods. The Debtors claim that they have made significant progress in negotiating with their stakeholders and administering these chapter 11 cases, which warrants an extension of the Exclusivity Period. The Debtors commenced these chapter 11 cases with limited liquidity and have moved expeditiously through these chapter 11 cases and advanced discussions among the Debtors' key stakeholders regarding global consensus in these chapter 11 cases. The Debtors' substantial progress administering these chapter 11 cases weighs in favor of an extension of the Exclusivity Periods. Co-Counsel for the Debtors: Laura Davis Jones, Esq. Timothy P. Cairns, Esq. Edward A. Corma, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, Delaware 19899 (Courier 19801) Tel: (302) 652-4100 Fax: (302) 652-4400 Email: ljones@pszjlaw.com tcairns@pszjlaw.com ecorma@pszjlaw.com Co-Counsel for the Debtors: Joshua A. Sussberg, P.C. Nicholas M. Adzima, Esq. Evan Swager, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: joshua.sussberg@kirkland.com nicholas.adzima@kirkland.com evan.swager@kirkland.com - and - Ross M. Kwasteniet, P.C. Spencer A. Winters, P.C. 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: ross.kwasteniet@kirkland.com spencer.winters@kirkland.com About Marelli Automotive Lighting USA Marelli Automotive Lighting USA, LLC is a global automotive parts supplier based in Saitama, Japan. The company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11. 2025. In its petition, Marelli reported between $1 billion and $10 billion in assets and liabilities. Judge Brendan Linehan Shannon handles the cases. The Debtors are represented by Kirkland & Ellis LLP, Kirkland & Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP. Alvarez & Marsal North America, LLC is the Debtors' restructuring advisor. PJT Partners Inc. is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' notice and claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Paul Hastings, LLP and Morris James, LLP as legal counsel and FTI Consulting, Inc. as its financial advisor. =============== M A L A Y S I A =============== 1MDB: Has No Access to US DOJ Settlement Documents -------------------------------------------------- The Edge Malaysia reports that 1Malaysia Development Berhad (1MDB) claimed that the global settlement agreements between the US Department of Justice (DOJ) and fugitive Low Taek Jho (Jho Low) are protected under the Official Secrets Act (OSA) and that the company has no access to the documents. According to The Edge, 1MDB's legal counsel Datuk Lim Chee Wee asserted this on Oct. 13 during the hearing of 1MDB's US$6.59 billion civil suit against former 1MDB president and chief executive officer Arul Kanda Kandasamy. The Edge relates that Arul Kanda has filed a discovery application in the High Court within the context of that suit, seeking the 2019 and 2024 DOJ-Jho Low settlement deals, along with records of money recovered by the Malaysian government, which he claims are important for his defence. Arul Kanda argued that 1MDB should have disclosed the settlement agreements, noting they were made without any admission of guilt. He said 1MDB relied on the DOJ's forfeiture actions to claim money was misused but failed to reveal that those cases were settled. Lim, however, said the documents Arul Kanda is seeking are related to matters of international relations and have been expressly designated by the government as protected under the OSA, The Edge relays. During submissions involving the application on Monday before judge Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan, Lim said 1MDB is not in a position to disclose the documents. "The chairman of 1MDB and secretary general of the Ministry of Finance Malaysia have confirmed in affidavits that it's not in their (1MDB's) possession," The Edge quotes Lim as saying. The Edge relates that Lim further said the documents are not in 1MDB's possession because the company was not a party to the settlements, as the agreements were made on a government-to-government basis. While linked to the government, 1MDB is a "separate legal entity", Lim said, adding Arul Kanda's lawyers as trying to turn "the law on its head" by demanding they produce the documents. Arul Kanda's lawyer, Sanjay Mohan, disagreed with Lim's assertion that the documents are under the OSA and that 1MDB is not privy to them, The Edge says. "All we are saying is that you (1MDB) have received more and more money, account for it. They don't want to account for it. Now they say it falls under the ambit of OSA." Sanjay argued that the Ministry of Finance and associated agencies would have been informed of, and would be privy to, the settlement frameworks with the US DOJ or other entities, given that the alleged loss is that of 1MDB, The Edge relates. Sanjay also contended that 1MDB, as the plaintiff in this suit, is "suppressing relevant information and documents in its possession" because it fears disclosure would lead to the dismissal of its case against Arul Kanda, The Edge relays. Sanjay further pointed out that the documents allegedly under the OSA are public knowledge, having been referenced in the news via various government-linked official press statements. "This information is in the public domain. If it is under OSA, how come it's coming out in the news?" he asked. The Edge adds that Lim also argued that the settlement agreements Arul Kanda is seeking are immaterial because the misappropriation and fraudulent diversion of funds happened at a time when Irwan and Arul were in 1MDB. "If anything, it further reinforces 1MDB's position that Arul and Irwan ought to have undertaken investigative and recovery measures at the time," The Edge quotes Lim as saying. He also claimed that the discovery application was just a "fishing expedition". "They (Arul and Irwan) have failed to identify with any degree of precision a specific document within the plaintiff's (1MDB's) possession, custody or power," Lim said. Sanjay rebutted this, asserting that their application was not a fishing expedition. "We're saying that this information is in your possession and you're obliged to provide it. You cannot hide behind it and say you can't disclose it. Why the reluctance to show the proof?" Irwan's lawyer, Lavinia Kumaraendran, clarified that the parties are not seeking a breakdown of funds, but rather, the total figure of the settlement, The Edge relays. Following Oct. 13's submissions, Raja Ahmad set Nov. 4 to deliver his decision on the matter, The Edge notes. About 1MDB Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent Malaysian strategic development company, wholly owned by the Malaysian Minister of Finance. 1MDB was established in 2009 to foster long-term economic development for the country by forging global partnerships, particularly in energy, real estate, tourism, and agribusiness. The Company was founded shortly after Dato Sri Najib Razak became Prime Minister of Malaysia in July 2009. Najib said the establishment of 1MDB into a federal entity was to benefit a majority of Malaysians. 1MDB is said to have raised billions of dollars in bonds, for investment projects and joint ventures, between 2009 and 2013. Among those projects are the Tun Razak Exchange, Tun Razak Exchange's sister project Bandar Malaysia, and the acquisition of three independent power producers. The Company came into heavy scrutiny in 2015 for suspicious money transactions and evidence pointing to money laundering, fraud and theft. The corruption scandal in 1MDB has implicated high-level officials, including Prime Minister Najib Razak, as wells as banks and financial institutions around the world. In 2016, the U.S. Department of Justice filed a lawsuit, alleging that at least US$3.5 billion has been stolen from 1MDB. In September 2020, the alleged amount stolen had been raised to US$4.5 billion and a Malaysian government report listed 1MDB's outstanding debts to be US$7.8 billion. In July 2020, the High Court convicted former Prime Najib Razak on all seven counts of abuse of power, money laundering and criminal breach of trust and was sentenced to 12 years imprisonment and fined MYR210 million. Malaysia has been filing lawsuits over the years in an effort to recover the missing billions of dollars. Among others, in May 2021, Malaysia filed 22 civil suits against entities and people involved in the corruption scandal, including units of Deutsche Bank and JP Morgan. Malaysia said in September 2020 it has so far recovered about US$3.24 billion in assets linked to the 1MDB matter. This amount includes about US$600 million cash and assets returned by U.S. authorities; about US$2.5 billion paid by Goldman Sachs as settlement; as well as $780 million in settlement amounts from Malaysian banking group AmBank and audit firm Deloitte. GREENPRO CAPITAL: Completes $130,000 Private Placement ------------------------------------------------------ Greenpro Capital Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into Subscription Agreements with individual investors identified in the Subscription Agreements, providing for the private placement of an aggregate of 100,000 shares of the Company's common stock, par value $0.0001, at a per share purchase price of $1.30. The Offering closed on October 1, 2025. The issuance of shares of Common Stock pursuant to the Subscription Agreements was made in reliance upon the exemptions from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D promulgated under the Securities Act. The Company believes the exemptions provided by Section 4(a)(2) and Regulation D of the Securities Act were available because the offering did not involve a public offering and each of the Purchasers in the Offering represented that he or she is an "accredited investor" within the meaning of Rule 501(a) of Regulation D. No underwriters were involved in the offer and sale of the Common Stock in the Offering. The Company plans to use the proceeds of the Offering for operating capital. A full-text copy of the Subscription Agreement is available at https://tinyurl.com/jhvn7wb9 About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. Kuala Lumpur, Malaysia-based JP Centurion & Partners, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 9, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that for the years ended December 31, 2024, the Company incurred a negative cash flow from operating activities of $1,360,454 and as of December 31, 2024, the Company incurred an accumulated deficit of $37,264,379. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $6,473,923 in total assets, $1,279,635 in total liabilities, and a total stockholders' equity of $5,194,288. As of June 30, 2025, the Company had $6,555,277 in total assets, $1,739,350 in total liabilities, and a total stockholders' equity of $4,815,927. KNM GROUP: MAA Urges Shareholders to Back Borsig Unit Sale ---------------------------------------------------------- The Malaysian Reserve reports that MAA Group Bhd has urged shareholders of its 19.37%-owned KNM Group Bhd to support the proposed sale of Deutsche KNM GmbH (DKNM), the German holding company for Borsig GmbH, warning that failure to do so could jeopardise KNM's restructuring plan. In a statement, MAA said failure to meet the sale's conditions by Oct. 30 would cause KNM to lose its MYR100 million working capital surplus previously negotiated with scheme creditors, potentially leading creditors to appoint a liquidator to complete the disposal of DKNM and other assets, The Malaysian Reserve relates. Cash-strapped and classified under PN17, KNM is seeking to sell DKNM to Japan's NGK Insulators Ltd for €270 million (RM1.34 billion) to pare down debts as part of its regularisation plan, The Malaysian Reserve notes. The Malaysian Reserve relates that MAA stressed that completing the sale would allow KNM to settle about MYR1 billion in group debts and revitalise its Malaysian operations. It warned that missing the deadline would also mean losing proceeds from other asset disposals. KNM's shares have been suspended since Oct. 13, after Bursa Malaysia rejected its regularisation plan, saying the group had not proven its business sustainability. About KNM Group KNM Group Berhad (KLSE:KNM) -- https://www.knm-group.com/ -- is engaged in the investment holding and the provision of management services. It operates through three geographical segments: Asia and Oceania, Europe and America. The Asia and Oceania segment includes Malaysia, Thailand, Indonesia, Myanmar, Australia and Mauritius. The Europe segment includes Germany, Italy, United Arab Emirates, United Kingdom, British Virgin Islands, Netherlands, Saudi Arabia, and Isle of Man. The America segment includes the United States of America and Canada. Its subsidiary KNM Process Systems Sdn. Bhd. is engaged in the design, manufacture, assembly and commissioning of process equipment, pressure vessels, heat exchangers, skid mounted assemblies, process pipe systems, storage tanks, specialized structural assemblies and module assemblies for the oil, gas and petrochemical industries. Its other subsidiaries include KNM International Sdn. Bhd., KNM Capital Sdn. Bhd. and KNM Renewable Energy Sdn. Bhd. On Oct. 31, 2022, KNM Group Bhd said it had become an affected listed issuer under the Practice Note 17 (PN17) on the basis that Paragraph 2.1(e) of the note was triggered in its audited consolidated financial statements for the period ended June 30, 2022, which were published on Oct. 31, 2022. The company said its auditor had highlighted a material uncertainty over its ability to continue as a going concern. ===================== N E W Z E A L A N D ===================== ABS INTERIORS: Grant Reynolds Appointed as Liquidator ----------------------------------------------------- Grant Bruce Reynolds of Grant Reynolds on Oct. 3, 2025, was appointed as liquidator of ABS Interiors NZ Limited. The liquidator may be reached at: Grant Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 GCO PHARMACUTICALS: Creditors' Proofs of Debt Due on Oct. 31 ------------------------------------------------------------ Creditors of GCO Pharmacuticals Limited are required to file their proofs of debt by Oct. 31, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 26, 2025. The company's liquidator is: Simon Dalton Gerry Rea Partners PO Box 3015 Auckland HOOKER HOLDINGS: Court to Hear Wind-Up Petition on Nov. 13 ---------------------------------------------------------- A petition to wind up the operations of Hooker Holdings Management Limited and Hooker Property Holdings LP will be heard before the High Court at Christchurch on Nov. 13, 2025, at 10:00 a.m. Pounamu Strategic Holdings LP filed the petition against the companies on Sept. 15, 2025. The Petitioner's solicitor is: Thomas David Bloy C/- Evolution Lawyers Suite 2A 109 Dominion Road Auckland JAMMIN AUSTRALIA: Creditors' Proofs of Debt Due on Oct. 31 ---------------------------------------------------------- Creditors of Jammin Australia Festivals Limited are required to file their proofs of debt by Oct. 31, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 3, 2025. The company's liquidator is: Fabian Kane Micheletto SV Partners Level 17, 200 Queen Street Melbourne, Victoria 3000 Australia PHILLIPS HEALTHCARE: Court to Hear Wind-Up Petition on Oct. 28 -------------------------------------------------------------- A petition to wind up the operations of Phillips Healthcare Limited will be heard before the High Court at Whangarei on Oct. 28, 2025, at 10:00 a.m. Ngapuhi Investment Fund Limited filed the petition against the company on July 2, 2025. The Petitioner's solicitor is: Ivan Milan Vodanovich Vodanovich Law 4A Shamrock Drive Kumeu, Auckland RAKETE ORCHARDS: Goes Into Voluntary Administration --------------------------------------------------- Jamie Gray at NZ Herald reports that MyFarm Investments' partnership Rakete Orchards, which grows trademarked Rockit apples, has gone into voluntary administration. A filing with the Companies Office said George Bannerman and Rees Logan from accounting firm BDO Auckland were appointed administrators on Oct. 13 by the company's board, NZ Herald relates. Poor Rockit apple returns and a lack of shareholder interest have been blamed for the company being placed into voluntary administration, according to National Business Review. =============== P A K I S T A N =============== PAKISTAN: FM Sees Staff Deal on US$1.2BB IMF Payout This Week ------------------------------------------------------------- Reuters reports that Pakistan is poised to sign a preliminary deal on a review of its loan programme with the International Monetary Fund this week, the country's finance minister said, a key step required to pave the way for another $1.24 billion payout from the lender. An IMF mission left Pakistan last week without signing a so-called staff level agreement on the second review of the Washington-based lender's $7 billion Extended Fund Facility and the first one on its $1.4 billion Resilience and Sustainability Facility agreed in 2024 to shore up the economy after a severe financial crisis, Reuters relates. "The mission was on the ground for a couple of weeks, we had very constructive dialogue with them around the quantitative benchmarks, the structural benchmarks, and we've been having some follow-up discussions," Muhammad Aurangzeb told Reuters during an interview on the sidelines of the IMF World Bank annual meeting. "During the course of this week, we're hoping that we can get the SLA done." Countries under IMF lending programmes need to pass regular reviews, which - once signed off by the Fund's executive board, trigger a payment of the next tranche of IMF funding, according to Reuters. The IMF programme agreed in September 2024 helped shore up then-cash-strapped Pakistan's $370 billion economy that was engulfed in an economic crisis with inflation spiralling to record highs, a rapidly depreciating currency and a bulging external deficit. According to Reuters, Aurangzeb expected the government would launch a green Panda bond - the first one denominated in Chinese yuan for Pakistan - before year-end and return to international markets next year with a bond sale of at least $1 billion, though details were still to be decided. "Euro, dollar, Sukuk, Islam Sukuk - we're keeping our options open," he said. Meanwhile the privatisation push - part of a long-delayed sale of state assets under an economic reform and fiscal stabilisation agenda - was expected to gain traction in the fiscal year to end-June after disappointing results last year, Reuters says. "This is something which is very important as part of our economic roadmap," he said. Reuters adds that Pakistan was also making progress on the sale of three power distribution companies and national carrier Pakistan International Airlines (PIA). "We are quite hopeful," Aurangzeb said, citing prospects for qualified bidders for PIA after lucrative routes to Europe and Britain were opened, which made it "a very good proposition for the investors." Reuters notes that the transaction would mark the country’s first major privatization in about two decades. A previous attempt collapsed last year after a single lowball offer was received, but the government has since drawn interest from five domestic business groups including Airblue, Lucky Cement, investment firm Arif Habib and military-backed Fauji Fertilizer. About Pakistan Pakistan is a country located in South Asia. It has a coastline along the Arabia Sea and the Gulf of Oman and is bordered by Afghanistan, China, India, and Iran. Pakistan's capital is Islamabad. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 21, 2025, Moody's Ratings has upgraded the Government of Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa1 from Caa2. Moody's have also upgraded the rating for the senior unsecured MTN programme to (P)Caa1 from (P)Caa2. Concurrently, Moody's changed the outlook for the Government of Pakistan to stable from positive. The TCR-AP reported in April 21, 2025, Fitch Ratings has upgraded Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The Outlook is Stable. ===================== P H I L I P P I N E S ===================== CIRTEK HOLDINGS: Dividends Remain on Hold; Seeks New Investors -------------------------------------------------------------- Bilyonaryo.com reports that Cirtek Holdings Philippines Corporation, led by Jerry Liu, is actively seeking new investors as it faces challenges in paying dividends on its Preferred B-2 Subseries A, B, C, and D shares. In a stock exchange filing, Cirtek said its board of directors approved the suspension of dividend payments until further notice as part of a strategy to manage liquidity and preserve resources to ensure the long-term sustainability of its operations, Bilyonaryo.com relays. This follows prior announcements in March 2025 regarding similar measures to strengthen the company's financial position. According to Bilyonaryo.com, Cirtek cited ongoing difficulties due to a global slowdown in market demand, particularly in the first half of 2025, which were further compounded by tariff-related concerns. Several customers have delayed purchases and reduced orders across key business segments, affecting the company's cash flow. As a result, the company currently has no unappropriated retained earnings available to redeem or pay dividends on the preferred shares. Bilyonaryo.com relates that Cirtek said it will review unrestricted retained earnings for possible distribution once its audited financial statements for 2025 are released. Bilyonaryo.com says the company emphasized that the preferred dividends are cumulative and reaffirmed its commitment to fulfilling all obligations to shareholders once sufficient funds become available. This includes payment of all arrears accumulated during the suspension period. To address its liquidity constraints, Cirtek is actively seeking potential new investors whose entry is expected to generate future revenue and enhance financial stability. The company is also implementing internal measures to optimize cash flow, improve operations, and explore strategic partnerships and funding options to support long-term sustainability. Cirtek noted that it cannot provide a definitive timeline for dividend payments or redemption at this stage but said it is taking deliberate steps to recover from the temporary setback, Bilyonaryo.com adds. Cirtek Holdings Philippines Corporation (PSE:TECH) -- https://www.cirtekholdings.com/ -- through its subsidiaries, is engaged in the manufacture and sales of semiconductor packages. ================= S I N G A P O R E ================= AMAZINGTECH PTE: High Court Judge Grants Winding-up Bid ------------------------------------------------------- ChannelNews Asia reports that the High Court has granted the winding-up application of AmazingTech, the operator of defunct cryptocurrency trading platform Tokenize Xchange, after its interim judicial managers found that liquidation was the only practical way forward. Tokenize Xchange, a Singapore-based trading platform, made the news earlier this year after its sudden closure left users of the platform unable to withdraw their investments, CNA notes. In mid-July, Tokenize Xchange announced it would cease its Singapore operations after failing to secure a digital payment token licence from the Monetary Authority of Singapore (MAS). It had been operating under a temporary exemption before that. More bad news emerged on Aug. 1 when the Singapore Police Force and the MAS said that AmazingTech and its related entities were under probe for potential offences, including fraudulent trading, according to CNA. Hong Qi Yu, a director of AmazingTech and the founder and CEO of Tokenize Xchange, was charged on July 31 with fraudulent trading. His case is pending before the courts and will next be mentioned on Nov. 13. On Aug. 15, 2025, a group of seven investors succeeded in getting the High Court to have AmazingTech placed under interim judicial management, CNA notes. Corporate advisory and restructuring firm KordaMentha's Mr. Cameron Duncan, Mr. David Kim and Mr. Joshua Jeyaraj were appointed as interim judicial managers. They were directed to assess the prospects of the company and to submit a report detailing its findings. Judicial management is a method of debt restructuring where an independent judicial manager is appointed to manage the affairs, business and property of a distressed company, according to SingaporeLegalAdvice.com. In its findings, the interim judicial managers proposed that AmazingTech be wound up, CNA says. They noted that the company was "heavily insolvent" with about SGD267 million (US$207 million) in liabilities, almost all of it owed to customers of the platform. CNA relates that the interim judicial managers found that AmazingTech would be unable to pay its debts and was no longer viable and proposed transitioning it into liquidation as the "most appropriate avenue to maximise recovery for the creditors", they stated in a press release issued then. Justice Philip Jeyaretnam granted the winding-up application, CNA adds. INTERIOR TIMES: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on Sept. 19, 2025, to wind up the operations of Interior Times Design Pte. Ltd. (f.k.a Bryan Interior Pte. Ltd.). Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 IT TECH: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on Sept. 26, 2025, to wind up the operations of IT Tech and Design Solutions Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 MARKET'S BEST: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Sept. 19, 2025, to wind up the operations of Market's Best Pte. Ltd. Ban Choon Marketing Pte Ltd filed the petition against the company. The company's liquidators are: Lau Chin Huat Yeo Boon Keong c/o Technic Inter-Asia 50 Havelock Road, #02-767 Singapore 160050 SIN HIAP: Court to Hear Wind-Up Petition on Oct. 24 --------------------------------------------------- A petition to wind up the operations of Sin Hiap Mui Pte. Ltd. will be heard before the High Court of Singapore on Oct. 24, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Sept. 30, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 SYNGULARITY PTE: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on Sept. 26, 2025, to wind up the operations of Syngularity Pte. Ltd. Gin Chia Co Pte Ltd filed the petition against the company. The company's liquidator is: Mr. Farooq Ahmad Mann c/o Mann & Associates PAC 3 Shenton Way #03-06 Shenton House Singapore 068805 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***