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251016.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, October 16, 2025, Vol. 28, No. 207 Headlines A U S T R A L I A C.H. SMITH: Second Creditors' Meeting Set for Oct. 21 FORECAST AUSTRALIA: Second Creditors' Meeting Set for Oct. 21 PLANTABL PACKAGING: Second Creditors' Meeting Set for Oct. 21 PUCH CONSTRUCTION: Second Creditors' Meeting Set for Oct. 21 VANILLA BY DESIGN: First Creditors' Meeting Set for Oct. 22 C H I N A CHINA WATER: Moody's Rates Proposed USD Bonds 'Ba1', Outlook Stable H O N G K O N G GAW CAPITAL: Seeks to Refinance US$370M in Shanghai Office Loan I N D I A AHLADA ENGINEERS: Ind-Ra Moves C Loan Rating to NonCooperating AKSHAR GINNING: ICRA Keeps B+ Debt Rating in Not Cooperating ALUMINIUM INDIA: ICRA Keeps D Debt Ratings in Not Cooperating AMOGEN PHARMA: Ind-Ra Moves D Loan Rating to NonCooperating ARCHIT LIFE: Ind-Ra Gives B+ Bank Loan Rating, Outlook Stable AS NUTRA: CARE Keeps D Debt Rating in Not Cooperating Category AVEXA CORPORATION: CARE Keeps D Debt Ratings in Not Cooperating BHAGWATI GEMS: Ind-Ra Moves BB+ Loan Rating to NonCooperating BISCON TILES: ICRA Keeps B+ Debt Ratings in Not Cooperating CHAWLA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating CORONATION INFRASTRUCTURE: Insolvency Resolution Case Summary DHRUVI PROPERTIES: Liquidation Process Case Summary DP JAGTAP: Ind-Ra Keeps B+ Loan Rating in NonCooperating DREAM WEAVER: CARE Keeps D Debt Ratings in Not Cooperating GIG MOTORS: CARE Lowers Rating on INR11.77cr LT Loan to B- GOYAL METALLICS: CARE Keeps D Debt Rating in Not Cooperating GRAND OIL: Voluntary Liquidation Process Case Summary GUPTA AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category GURUKRIPA CONSTRUCTION: Ind-Ra Moves BB- Rating to NonCooperating H.M. INDUSTRIAL: ICRA Keeps D Debt Rating in Not Cooperating JANA CAPITAL: Ind-Ra Affirms BB NonConvertible Debt Rating JANA HOLDINGS: Ind-Ra Affirms BB NonConvertible Debt Rating JAYSHRI GAYATRI: Ind-Ra Moves D Loan Rating to NonCooperating JP SORTEX: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating KINGFISHER AIRLINES: Mallya Drops Bid to Annul UK Bankruptcy Order KRISHNA PRASAD: CARE Keeps C Debt Rating in Not Cooperating LEASEACCELERATOR INDIA: Voluntary Liquidation Process Case Summary MEDIPARK HEALTHCARE: CARE Keeps B- Debt Rating in Not Cooperating PAGRO FROZEN: ICRA Keeps B Debt Ratings in Not Cooperating PANKAJ ISPAT: CARE Keeps B- Debt Rating in Not Cooperating PAUL & COMPANY: CARE Keeps B- Debt Rating in Not Cooperating POPULAR SHOE: ICRA Keeps B+ Debt Rating in Not Cooperating RADIANT ROCKS: CARE Keeps B- Debt Rating in Not Cooperating RISHABH TRIEXIM: CARE Lowers Rating on INR173.05cr ST Loan to D ROHIT FABTEX: ICRA Keeps B+ Debt Rating in Not Cooperating SANDOR MEDICAIDS: ICRA Keeps D Debt Ratings in Not Cooperating SATHYANARAYANA AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating SOLANGE RETAIL: Voluntary Liquidation Process Case Summary SONA PROCESSORS: ICRA Keeps B+ Debt Ratings in Not Cooperating SPS SPINNING: CARE Keeps B- Debt Rating in Not Cooperating SUNGLOW SUITINGS: CARE Lowers INR20.30cr LT Loan to B- VENKATA SAI: ICRA Keeps B+ Debt Rating in Not Cooperating WATERLINE HOTELS: ICRA Keeps B- Debt Rating in Not Cooperating WHIZDOTAI INDIA: Voluntary Liquidation Process Case Summary ZEON SYNTHETICS: Voluntary Liquidation Process Case Summary I N D O N E S I A PANCA MITRA: Agrees to Pay Laid-Off Staff After Bankruptcy Threat N E W Z E A L A N D ARDGOUR ORCHARDS: Orchards Up for Sale Following Liquidation BABASIGA HOMES: Creditors' Proofs of Debt Due on Nov. 14 JK CONCRETE: Collapses Into Liquidation With NZD760K Tax Bill LJ BOURKE BUILDERS: Creditors' Proofs of Debt Due on Nov. 14 MTF MAGNUM 2025: Fitch Assigns 'BBsf' Final Rating to Class E Notes MTF WAREHOUSE NO.1: S&P Affirms BB (sf) Rating on Class E Notes RAKETE ORCHARDS: First Creditors' Meeting Set for Oct. 21 ROMANTIQUE IMAGE: Court to Hear Wind-Up Petition on Oct. 29 SIDART: Auckland Restaurant Closes Doors TALATA LIMITED: Court to Hear Wind-Up Petition on Nov. 14 S I N G A P O R E 365 MOVERS: Court Enters Wind-Up Order BIZALLIANZ HOLDINGS: Court Enters Wind-Up Order DRB TRANSPORT: Court Enters Wind-Up Order E INTERIOR: Court Enters Wind-Up Order ECHO TRAVELS: Court Enters Wind-Up Order S O U T H K O R E A [] SOUTH KOREA: 44% of Construction Firms Face Insolvency Risks T A I W A N GOURMET MASTER: To Overhaul Supply Chain, Close Stores V I E T N A M VIETNAM NATIONAL: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable - - - - - ================= A U S T R A L I A ================= C.H. SMITH: Second Creditors' Meeting Set for Oct. 21 ----------------------------------------------------- A second meeting of creditors in the proceedings of C.H. Smith Group Pty Ltd, trading as C.H. Smith Marine, has been set for Oct. 21, 2025, at 11:30 a.m. via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Oct. 20, 2025 at 4:00 p.m. John Chand and Patrick Loi of Greengate Advisory NSW were appointed as administrators of the company on Sept. 15, 2025. FORECAST AUSTRALIA: Second Creditors' Meeting Set for Oct. 21 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Forecast Australia Pty Ltd has been set for Oct. 21, 2025, at 10:30 a.m. via videoconference facilities only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Oct. 20, 2025 at 5:00 p.m. Roberto Crispino and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Sept. 15, 2025. PLANTABL PACKAGING: Second Creditors' Meeting Set for Oct. 21 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Plantabl Packaging Pty Ltd (trading as Great Wrap) has been set for Oct. 21, 2025, at 10:00 a.m. via online teleconferencing/ video facility only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Oct. 17, 2025 at 4:00 p.m. Shane Justin Cremin and Brent Leigh Morgan of Rodgers Reidy were appointed as administrators of the company on Sept. 17, 2025. PUCH CONSTRUCTION: Second Creditors' Meeting Set for Oct. 21 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Puch Construction & Building Pty Ltd has been set for Oct. 21, 2025, at 10:00 a.m. at Unit 27, 13-15 Baker St, in Banksmeadow, NSW, and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Oct. 20, 2025 at 4:00 p.m. Martin Walsh of Walsh & Associates was appointed as administrator of the company on Sept. 15, 2025. VANILLA BY DESIGN: First Creditors' Meeting Set for Oct. 22 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Vanilla By Design Pty Ltd will be held on Oct. 22, 2025 at 3:30 p.m. at the offices of Worrells Solvency & Forensic Accountants, at Bryant House, Suite 4, Level 3, 26 Duporth Avenue, in Maroochydore, QLD. Paul Eric Nogueira of Worrells Solvency & Forensic Accountants was appointed as administrator of the company on Oct. 10, 2025. ========= C H I N A ========= CHINA WATER: Moody's Rates Proposed USD Bonds 'Ba1', Outlook Stable ------------------------------------------------------------------- Moody's Ratings has assigned a senior unsecured rating of Ba1 to the proposed USD bonds to be issued by China Water Affairs Group Limited (CWA, Ba1 stable). The outlook on CWA is stable. CWA intends to use the net proceeds for refinancing and general corporate purposes. RATINGS RATIONALE Moody's expects that the proposed issuance will not materially increase CWA's debt because of the small issuance size relative to CWA's existing debt base, and the proceeds would be used in refinancing existing indebtedness of CWA. The rating on the bonds is in line with CWA's Ba1 corporate family rating (CFR), reflecting its pari passu ranking with all other unsecured and unsubordinated indebtedness of the company, and its manageable structural subordination risks. Despite its status as a holding company with most of the claims at operating subsidiaries, creditors at CWA benefit from the group's diversified business profile, with cash flow generation across more than 100 operating subsidiaries, which mitigates structural subordination risks. Because each project-level subsidiary focuses on one project or concession, the single-largest subsidiary's contribution to total revenue was in the single digits in percentage terms. China Water Affairs Group Limited's (CWA) Ba1 corporate family rating (CFR) is primarily underpinned by the company's stable business model, cash flow under long-term concessions and geographic diversification. Its credit profile also benefits from favorable long-term industry policies that stimulate investments in the water industry. These credit strengths are counterbalanced by the company's moderate business scale, exposure to volatile water supply installation services, and relatively high financial leverage. Potential delays in passing increased costs to end users weigh on the rating although such risks are mitigated by a gradual improvement in the regulatory regime through tariff reforms. CWA's investment in its 28.46%-owned affiliate Kangda International Environmental Company Limited (Kangda) together with the pro rata consolidation of Kangda's debt and earnings into Moody's credit consideration has weakened CWA's overall credit profile mainly because of Kangda's high leverage and weak liquidity. The stable rating outlook reflects Moody's expectations that, over the next 12-18 months, CWA's business operations and financial profile will remain stable, and there will be no significant debt-funded acquisitions or changes in the current regulatory regime. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's would consider upgrading CWA's rating if there are substantial improvements in the regulatory regime and the tariff adjustment mechanism, and the company's business and financial profiles improve significantly. Financial indicators for an upgrade include funds from operations (FFO)/net debt after pro-rata consolidation of Kangda exceeding 20% on a sustained basis. The rating would be downgraded if there are adverse changes in the regulatory regime; CWA's business and financial profiles weaken substantially because of a deterioration in its asset quality and capital structure; or the company engages in significant debt-funded expansion and non-water-utility-related businesses, or both. Moody's will reassess Kangda's impact on CWA's credit profile if CWA further increases its ownership in Kangda, or provides additional financial support such as guarantees or related-party lending. Financial indicators for a downgrade include FFO/net debt after pro-rata consolidation of Kangda below 10% over a prolonged period. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Regulated Water Utilities published in August 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Established in 2003, China Water Affairs Group Limited (CWA) mainly engages in the provision of city water supply, pipeline direct drinking water and environmental protection services in China. The company's daily capacity of water supply and raw water business was 8.9 million cubic meters as of September 30, 2024, covering 60 cities in China, including Jiangsu, Jiangxi, Chongqing and Guangdong. The total length of CWA's water pipelines is around 151,000 kilometers. ================= H O N G K O N G ================= GAW CAPITAL: Seeks to Refinance US$370M in Shanghai Office Loan --------------------------------------------------------------- Bloomberg News reports that real estate focused private equity firm Gaw Capital Partners is racing to refinance or extend US$370 million in loans tied to properties in Shanghai as maturities loom next month. Bloomberg relates that the Hong Kong asset manager is in talks with existing lenders to extend an around US$260 million-equivalent syndicated loan due on Nov. 12 that was used to back the acquisition of a Shanghai office building in 2018, according to people familiar with the matter. Banks involved in the talks include HSBC Holdings Plc and Hang Seng Bank Ltd. Headquartered in Hong Kong, Gaw Capital Partners is a private equity fund management company that focuses on real estate markets primarily across Asia-Pacific. ========= I N D I A ========= AHLADA ENGINEERS: Ind-Ra Moves C Loan Rating to NonCooperating -------------------------------------------------------------- India Ratings and Research has migrated all the ratings of Ahlada Engineers 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 C (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR370 mil. Bank Loan Facilities migrated to non-cooperating category with IND C (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 Ahlada Engineers 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 Ahlada Engineers 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 AEL was incorporated in 2005 as a private limited company. It was reconstituted as a public limited company in January 2018. The company is listed on the main board of the National Stock Exchange of India Limited. The company manufactures steel doors and windows for the residential and commercial segment, and green chalk boards, dual desks and reverse osmosis plants for government-run schools in Andhra Pradesh. The daily activities of the company are managed by its managing director Chedepudi Suresh Mohan Reddy, along with its key managerial personnel. AKSHAR GINNING: ICRA Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Long-Term rating of Akshar Ginning and Pressing Industries (AGPI) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with AGPI, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2006, Akshar Ginning And Pressing Industries (AGPI) is a partnership firm engaged in ginning and pressing of raw cotton to produce cotton bales and cottonseeds. The firm also crushes cottonseeds to produce cottonseed oil. The manufacturing facility, located at Una, Gujarat, is equipped with 24 ginning machines and one pressing machine, with a production capacity of 240 finished bales per day. The firm also has three expellers with a processing capacity of 15 tonnes of cotton seed per day. AGPI is managed by six partners, namely, Mr. Shambhu B. Zalavadiya, Mr. Himmat B. Zalavadiya, Mr. Chunilal B. Zalavadiya, Mr. Pareshkumar H. Zalavadiya, Mr. Jaydipkumar C. Zalavadiya and Mr. Ashvinkumar V. Barvaliya, who are all family members and relatives. ALUMINIUM INDIA: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Aluminium India (AI) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 40.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term/ 2.00 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Limits Cooperating' Category As part of its process and in accordance with its rating agreement with AI, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Aluminium India (AI), set up in 1965 as a proprietorship firm by Mr. Chiranji Vyas, to primarily trade aluminium in Hyderabad (Telangana). The firm was reconstituted as a partnership firm in 1975, with Mr. Chiranji Vyas, Mr. Niranjan Vyas, Mr. Suresh Vyas and Mr. Baiju Vyas as its partners. In the year 1995, AI diversified into trading of copper as well. The firm majorly procures the material from Hindalco Industries Limited (HIL). The day to day operations of the firm are looked after by Mr. Suresh Vyas. AMOGEN PHARMA: Ind-Ra Moves D Loan Rating to NonCooperating ----------------------------------------------------------- India Ratings and Research has migrated all the ratings of Amogen Pharma Private 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 D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR750 mil. Bank Loan Facilities migrated to non-cooperating category with IND D (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. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Amogen Pharma Private 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 Amogen Pharma Private 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 in July 2020, Hyderabad-based APPL is setting up a manufacturing unit of bio-pharma products at Karkapatla, Telangana, with an installed capacity of 228kg per annum. The company is promoted by Poosapati Venkata Surya Narasimha Raju and his son Akhilesh Raju Poosapati and technical director Thakasi Devi Kalyan Kumar. ARCHIT LIFE: Ind-Ra Gives B+ Bank Loan Rating, Outlook Stable ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Archit Life Science Limited's (ALSL) bank loan facilities as follows: -- INR500 mil. Bank loan facilities assigned with IND B+/Stable/ IND A4 rating. Detailed Rationale of the Rating Action The ratings reflect ALSL's nascent stage of operations, with the company having commenced commercial operations only in FY26, weak credit metrics, susceptibility to raw material price volatility and poor liquidity profile. The company had carried out a pilot project for the production of butyl acetate over FY24-FY25 and had incurred losses in the same. Ind-Ra expects the losses to continue over FY26 and believes ALSL would turn profitable from FY27. The ratings, however, are supported by the promoters' experience of three decades in the chemical manufacturing industry. Detailed Description of Key Rating Drivers Poor liquidity: Since the unit has just commenced operations, stability in its capacity utilization and growth in its scale of operations are yet to be seen. This, along with the high interest on the loans incurred for the project, is likely to pressurize the liquidity over the short term. ALSL has been sanctioned cash credit of INR250 million to support its working capital requirements. The company has scheduled debt repayment obligations of INR18.8 million in FY26 and INR21 million in FY27, which will be met via unsecured loans from promoters. ALSL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Ind-Ra expects ALSL to require additional funding to meet working capital requirements in case it does not have sufficient drawing power in the initial years to utilize the fund-based limits to their fullest extent. However, lack of visibility on sources of additional funding coupled with the poor liquidity position of its group company - Archit Organosys Limited - would exert further pressure on ALSL's liquidity profile and will remain a key monitorable. Nascent Stages of Operations; Revenue To Grow Over Medium Term: The ratings reflect the nascent stage of operations of ALSL's manufacturing unit at Naroda, Gujarat. The unit has an installed production capacity of 36,500 metric tons per annum. The construction of the unit was completed in July 2025 and the operations started in August 2025. ALSL booked revenue of INR50.90 million during August 15 - September 15, 2025. Ind-Ra expects the revenue to increase in FY27 as it will be the first full year of operations for the company. Furthermore, Ind-Ra expects the revenue to grow steadily over the medium term. The timely stabilization of the unit will remain a key monitorable to ensure successful ramp-up of operations, aiding revenue scale -up and healthy profitability for the business. Limited Bargaining Power; Susceptibility to Raw Material Price Volatility: ALSL is exposed to fluctuations in the raw materials (acetic acid and ethanol), as the price of acetic acid is linked to crude oil prices. Similarly, the price of local ethanol, which is derived from sugarcane molasses, tends to be volatile. Ethyl acetate is a commodity product, and thus, is vulnerable to volatility in raw material prices, which are governed by global supply-demand dynamics. Furthermore, ALSL has limited bargaining power, with one supplier controlling majority production of India's requirement of acetic acid. Credit Metrics to be Weak in FY26 due to Nascent Stage of Operations: The interest coverage and the net leverage are likely to be weak in FY26 as it would be the first year of operations, and also because of high interest rates of 11.40% on term loans and 10.90% on fund-based working capital limits. Experienced Promoters: The ratings are supported by the promoters' experience of more than a decade in the chemicals manufacturing industry, leading to established relationships with its customers as well as suppliers. Project Completed Within Stipulated Cost: The project entailed a total investment of INR484.53 million, of which INR144.6 million was funded through bank debt (30%), INR122.91 million via equity capital (25%), and the remaining INR217.02 million through unsecured loans (44.7%). There was no cost overrun, and the project was completed within stipulated timelines. Rating Sensitivities Positive: Achievement of sustainable operating performance and stable operating profitability, with an improvement in the liquidity and credit metrics, with interest coverage above 1.5x, on a sustained basis, will be positive for the ratings. Negative: Any delay in achievement of stable operating performance, resulting in lower-than-Ind-Ra expected scale of operations, or deterioration in the liquidity or credit metrics, could be negative for the ratings. About the Company Incorporated in 2022, ALSL is engaged in the manufacturing and trading of chemicals such as ethyl acetate, which is an organic solvent. The company has an installed capacity of 36,500MTPA in Naroda, Gujarat. The promoters are Kandarp Amin, Archit Amin and Suchit Amin. AS NUTRA: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of AS Nutra Tech Private Limited (ANTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 19, 2024, placed the rating(s) of ANTPL under the 'issuer non-cooperating' category as ANTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ANTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 5, 2025, August 15, 2025, August 25, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable ANTPL, incorporated in February 2010, is promoted by Shrishrimal family of Raipur. The company has a soya nuggets manufacturing unit which is non-operational since the past three years and the company has been trading soya DOC since then. The company has set up a refinery plant (9000 MTPA) and sol vent extraction plant for manufacturing refined soya oil (27000 MTPA) and refined rice bran oil (18000 MTPA) in April 2015 (within the scheduled time). The estimated project cost for the facilities has been INR17.67 crore funded through debt of INR10 crore and promoter's contribution of INR7.67 crore. ANTPL is headed by Mr. Amit Shrishrimal who is looking after the financial, administrative and marketing activities of the company since its incorporation. He is also director of group company Progressive Exim Ltd which is having solvent extraction plant of capacity 60,000 TPA and refinery plant at Raipur. AVEXA CORPORATION: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Avexa Corporation Private Limited (ACPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain Under ISSUER NOT COOPERATING category Long Term/ 120.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 30, 2024, placed the rating(s) of ACPL under the 'issuer non-cooperating' category as ACPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 16, 2025, July 26, 2025, August 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Avexa Corporation Private Limited (ACPL, erstwhile Siva Swathi Constructions Private Limited) was started in 1998 as partnership concern. Later in 2005, the firm was converted into a private limited company. The company's name was changed to the current nomenclature in June 2017. ACPL gradually expanded its scope of activities to irrigation works which includes construction of barrages on rivers, building up of canals, water and sewage treatment plants, coal and manganese ore mining, roads, and construction of Road over Bridges (ROB) etc. ACPL executes projects as a principal contractor as well as a subcontractor and in joint venture. ACPL has prequalification criteria to bid work orders of INR200 crore in railways, INR100 crore in roads and INR300 crore through Joint Ventures. BHAGWATI GEMS: Ind-Ra Moves BB+ Loan Rating to NonCooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised the Outlook on Bhagwati Gems' (BG) bank loan facilities to Negative from Stable and migrated the rating to the non-cooperating category. The rating has been simultaneously withdrawn on the issuer's request. The detailed rating action is: -- INR500 mil. Bank loan facilities Outlook revised to Negative; migrated to non-cooperating category and withdrawn. #Migrated to 'IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The rating has been migrated in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a withdrawal request from the issuer and no-objection certificate from the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with BG while reviewing the ratings. Ind-Ra had consistently followed up with BG over emails since May 29, 2025, apart from phone calls. The issuer has submitted the no default statement until June 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of BG, 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 these ratings. About the Company BG, a partnership firm, is engaged in the cutting and polishing of rough diamonds at its unit in Surat. In addition, it is engaged in the trading of rough diamonds. Its partners are Bharat Kathiriya, Bhimjibhai Kathiriya and Manishaben Kathiriya. BISCON TILES: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term ratings of Biscon Tiles LLP (GCL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 4.87 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with GCL, ICRA has been trying to seek information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in February 2018, Biscon Tiles LLP (GCL) manufactures glazed wall tiles at Bela, Morbi (Gujarat). The manufacturing unit of BTL has an annual installed production capacity of 36,000 MT i.e. ~15,000 Boxes/ per day. The firm commenced its commercial operations from February 2019, with manufacturing of glazed wall tiles in size of 300mm x 250mm and 300m x 300mm having thickness within range of ~1mm-5mm. CHAWLA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Chawla International (CI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.25 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 24, 2024, placed the rating(s) of CI under the 'issuer non-cooperating' category as CI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 10, 2025, August 20, 2025, August 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Chawla International (CI) was established in 1994 as a partnership firm by Mr. J. S Chawla along with his family members. The firm is in the business of trading and exports of coal and agro based commodities like maize, wheat, rice etc. The firm generated around 60% of total turnover from coal trading and remaining from agro based commodities trading. The firm derived around 91% of total sales during FY18, provisional from exports to Bangladesh and Bhutan and balance from domestic market. CORONATION INFRASTRUCTURE: Insolvency Resolution Case Summary ------------------------------------------------------------- Debtor: Coronation Infrastructure Private Limited JSBA house, 1250 Ground Floor, Dr. Mukherjee Nagar, G.T.B. Nagar, North West Delhi, Delhi, India-110006 Insolvency Commencement Date: September 17, 2025 Estimated date of closure of insolvency resolution process: March 16, 2026 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Mr. Manish Agarwal 307, Prakash Deep building, Tolstoy Marg, Connaught Place, New Delhi- 110001 Email: vrregisteredvaluer@gmail.com Email: cirp.coronationinfra@gmail.com Last date for submission of claims: October 3, 2025 DHRUVI PROPERTIES: Liquidation Process Case Summary --------------------------------------------------- Debtor: Dhruvi Properties Private Limited Paras Center A, Office No. 127, 1st Floor, TATA Road No.2, Opera House, Mumbai-400004 (Maharashtra) Liquidation Commencement Date: September 9, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Amit Vijay Karia 405, Hind Rajasthan Building, Dadasaheb Phalke Road, Gautam Nagar, Dadar East Mumbai- 400014 Maharashtra Email: ipamitkaria@gmail.com Email: liquidation.dhruvi@gmail.com Last date for submission of claims: October 23, 2025 DP JAGTAP: Ind-Ra Keeps B+ Loan Rating in NonCooperating -------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained D.P. Jagtap and Company's (DPJC) bank loan facilities' rating in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR125 mil. Bank loan facilities* maintained in non- cooperating category and withdrawn. * Maintained at 'IND B+/Negative (ISSUER NOT COOPERATING)'/'IND A4 (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The rating has been maintained in the non-cooperating category before being withdrawn because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the ratings, as the agency has received a request for withdrawal of ratings from the issuer and no-objection certificate issued by the bankers. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with DPJC while reviewing the rating. Ind-Ra had consistently followed up with DPJC over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of DPJC, as the agency does not have adequate information to review the ratings. 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. About the Company Established in 1988 and converted to a partnership firm in FY15, DPJC is a government contractor for making roads. DREAM WEAVER: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Dream Weaver Private Limited (DWPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 9.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 26, 2024, placed the rating(s) of DWPL under the 'issuer non-cooperating' category as DWPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DWPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 12, 2025, August 22, 2025, September 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in 2006, DWPL is engaged in the manufacturing and export of leather and leather products. The company deals in small leather goods like wallets, belts, purses, key rings etc along with ladies bag, handbags, laptop bags, brief cases, etc. The company does contract manufacturing for brands like Samsonite, Pepe Jeans, etc which eventually sells the products under their brand name. The company had a manufacturing facility in Kolkata with an installed capacity of 3,50,000 pcs per annum which has now been increased to 5,04,000 pcs per annum from January 2023, post shifting of the facility to Bantala (West Bengal). The company fully exports its products to the European countries like Italy, Spain, UK etc through Air (80%) and Sea (20%). The dayto-day affairs of the company are looked after by Rakesh Kumar Choubey, Director, along with other director and a team of experienced personnel. GIG MOTORS: CARE Lowers Rating on INR11.77cr LT Loan to B- ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of GIG Motors (GM), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.77 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 25, 2024, placed the rating(s) of GM under the 'issuer non-cooperating' category as GM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 11, 2025, August 21, 2025, August 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of GM have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable GIG Motors was established in year 2017 with an objective to enter four-wheeler dealership business. The entity is authorized dealer of Maruti Suzuki India Limited (four-wheeler division) with its showroom located at Sairang Road, Edenthar, Aizawl - 796007, Mizoram. The entity started its operation from August 2017 with Maruti Suzuki (Arena Division). Later the entity has entered dealership of Maruti Suzuki (Nexa Division) from April 2019. Currently, the firm is operating with two showrooms in Aizawl region. The day-to-day activities are looked after by the proprietor who is having overall experience of around four years in the automobile industry along with a team of experienced professionals. GOYAL METALLICS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Goyal Metallics Private Limited (GMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 24, 2024, placed the rating(s) of GMPL under the 'issuer non-cooperating' category as GMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 10, 2025, August 20, 2025, August 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in March 2010, GMPL is engaged in trading of iron and steel products. It commenced its trading operations from August 2017 and prior to that it was a dormant company. It is promoted by the Agarwal family of Raipur. The other major company of the group, Goyal Energy & Steel Private Ltd. (GESPL) is engaged in manufacturing of billets and structural steel and also has a forging unit. GRAND OIL: Voluntary Liquidation Process Case Summary ----------------------------------------------------- Debtor: Grand Oil Pvt Limited 1 509 A P O Mudurvia Vattamkulam Via Vattamkulam, Malappuram, Kerala, India, 679578 Liquidation Commencement Date: September 14, 2025 Court: National Company Law Tribunal, Kochi Bench Liquidator: CA CS Benny Mathew M/s Benny & Co., Chartered Accountants, Kochery Chambers, Building No. 68/524 A-3, Near Ayakar Bhavan, Old Railway Station Road, Ernakulam - 682018 Mobile no: +91 88488 14691 Email: benny62tvm@yahoo.co.n Last date for submission of claims: October 15, 2025 GUPTA AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gupta Agro Products (GAP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 30, 2024, placed the rating(s) of GAP under the 'issuer non-cooperating' category as GAP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GAP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 16, 2025, August 26, 2025, September 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Gupta Agro Products (GAP) was established in 2013 as a partnership firm. The firm is being currently managed by Mr. Puneet Gupta and Ms. Tanvi Gupta as its partners. GAP has setup Integrated cold chain with Individual Quick Freezing (IQF) and with installed capacity of 4 MT/hr of Multi Vegetable Processing Line, 4 MT/hr of Individual Quick Freezing and 3,000 MT per annum of Frozen Cold Storage Facility. The aim of GAP is to establish direct linkages from farm to processing and to consumer market, through network of collection centres and supported by backward linkages with farmers. GURUKRIPA CONSTRUCTION: Ind-Ra Moves BB- Rating to NonCooperating ----------------------------------------------------------------- India Ratings and Research has migrated all the ratings of GURUKRIPA CONSTRUCTION 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 BB-/Negative (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR20 mil. Fund-based working capital limits Outlook revised to Negative; rating migrated to non-cooperating category with IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR65 mil. Non-fund-based working capital limits Outlook revised to Negative; rating migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; -- INR70 mil. Proposed fund-based working capital limits Outlook revised to Negative; rating migrated to non-cooperating category with IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR175 mil. Proposed non-fund-based working capital limits Outlook revised to Negative; rating migrated to non- cooperating category with 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 GURUKRIPA CONSTRUCTION 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 GURUKRIPA CONSTRUCTION'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 Registered in 2017, Jharkhand-based GC executes civil and power transmission related contracts. Mr. Amit Kumar, Mr. Ankit Ranjan and Mrs. Renu Devi are the partners. H.M. INDUSTRIAL: ICRA Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ ICRA has kept the Non-Convertible Debenture of H.M. Industrial Private Limited in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 15.00 [ICRA]D; ISSUER NOT Debentures (NCD) COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with H.M. Industrial Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. In 1991, H.M. Industries was established as partnership firm by Mr. Paresh Patel, Mr. Dinesh Patel and Mr. Viresh Patel. In the year 2000, Mr. Viresh Patel left from partnership and subsequently in2012, Mr. Hardeep Patel and Mr. Jigar Patel, sons of Mr. Paresh Patel joined the company. In the current fiscal, from mid-June 2016, the constitution of the entity has changed from Partnership firm to Private Limited Company. Initially, the company was engaged in crushing of castor seed only. Later in the year 2002, the company foray in cotton seed crushing. Again in 2006, it added new business line of cotton ginning. For producing better quality of castor oil which can be used in pharmaceutical industries, the company has installed BSS plant for refining castor oil in FY 2013. The company has also installed solvent extraction plant with processing capacity of 500 MTPD of castor seeds to produce De–Oiled Cake and castor oil. Initially the operation of solvent extraction plant was expected to commence from November 2013 however due to delay in getting license of Hexgine, the extraction plant has commenced operation from March 2014. Currently company has installed 48 cotton ginning machines with an installed capacity of producing 400 cotton bales per day, 9 expellers for crushing 45000 MT of Cotton seeds and 9 expellers for crushing 180000 MT. JANA CAPITAL: Ind-Ra Affirms BB NonConvertible Debt Rating ---------------------------------------------------------- India Ratings and Research has affirmed Jana Capital Limited's (JCL) non-convertible debentures (NCDs) as follows: -- INR14.680 bil. (reduced from 15.450 bil.) Non-convertible debentures* affirmed with IND BB/Stable rating. *Details in Annexure Analytical Approach To arrive at the rating, Ind-Ra continues to take a full consolidated view of JCL and its wholly owned subsidiary Jana Holdings Limited (debt rated at 'IND BB'/Stable) as both the entities have a cross-default clause with each other's indebtedness. The rating is also driven by the credit profile of Jana Small Finance Bank (JSFB; 21.88% stake held by JHL), using Ind-Ra's Rating FI Subsidiaries and Holding Companies criteria. A variation from the rating criteria has been made in the case of JCL, given Ind-Ra's assessment that the company has poor liquidity and a high refinancing risk and the rated NCDs are held by TPG Asia VI India Markets Pte. Ltd and are senior to JCL's other debt issuances. Detailed Rationale of the Rating Action The rating continues to reflect JCL's and JHL's weak financial risk profile as well as capitalization, poor liquidity and high refinancing risks, given their limited financial flexibility. However, the rating is supported by JSFB's credit profile, its ability to manage asset quality metrics better than peers amid challenging environment, adequate profitability and adequate capitalization after its public issue. The rated NCDs are held by TPG Asia VI India Markets Pte. Ltd and are senior to JCL's other debt issuances. The common independent director serving on the boards of Ind-Ra and JHL/JCL did not participate in the rating process or in the meeting of its board of directors or in the meeting of the rating committee, when the securities of such rated client were being discussed. Adequate capitalization and credit profile of operating subsidiary Detailed Description of Key Rating Drivers High Refinancing and Valuation Risks for Holding Company: The issued NCDs continue to face refinancing risks. The NCDs need to be repaid to the extent of the principal and at the rate of return promised to the investors. JHL and JCL have upcoming repayments in the near term, with repayments of INR32.9 billion to be paid in June 2026. Although the company was able to service its debt repayments in the past through NCD issuances, it faces refinancing risk, given the limited financial flexibility of the holding companies as they do not have any operations of their own and the repayment of NCDs is contingent upon the bank's standalone performance. Weak Standalone Financial Profile of JCL: At end-1QFY26, JCL's earnings profile remained weak with a net loss of INR5.4 million (FY25: INR13,987 million, FY24: loss of INR10,570 million; FY23: loss of INR3,570 million). Moreover, JCL's adjusted net worth was 0.55% of its aggregate risk weighted assets as on 30 June 2025, which is less than the limit of minimum 30%, as per the regulatory requirements for a non-banking financial institute-core investment company. Its outside liabilities to its adjusted net worth stood at 181.07x as on 30 June 2025, which exceeds the prescribed limit of 2.5x as per regulatory requirements. The FY25 auditor report indicated concerns related to the going concern principle for JCL considering the breaches of the regulatory financial parameters. In FY25, based on the debenture trustee's communication and in accordance with Ind AS 109 - Financial Instruments, JCL's non-convertible debentures were de-recognized and re-recognized considering extinguishment accounting, resulting in a substantial modification, with the difference taken to the profit and loss account as an exceptional item. However, the company has not made any changes to the contractual terms. The total gain recognized from this extinguishment till date amounts to INR22,411 million and a reversal of an amount of INR215 million during 1QFY26. Had this accounting treatment not been carried out, the company would have reported a negative net worth of INR22,386 million during the quarter. Furthermore, JHL and JCL are getting merged and the National Company Law Tribunal (NCLT) has accepted the merger application, allotting a case number and requesting physical copies, which were submitted. The next step is a scheduled hearing with the NCLT being expected in 3QFY26. Furthermore, the debt raised by the holding companies is in the form of zero-coupon bonds, which is leading to lumpy pay-outs on maturity. Adequate Capitalization and Credit Profile of Operating Subsidiary: JHL and JCL were created to meet the Reserve Bank of India requirements for promoters of small finance banks to hold prescribed minimum stake, the holding companies raised debt in the form of NCDs and infused equity in the bank to maintain the stake and have no operations of their own JSFB's capital adequacy ratio (CAR) stood at 20.5% at end-June 2025, compared to 20.68% at end-March 2025 (end-March 2024: 20.31%). The improvement in CAR is driven by the steady internal accruals generated by the company as well as the total capital infusion of INR11.37 billion in FY24, which included INR5.62 billion during 1QFY24 (INR4.5 billion through a rights issue and INR1.12 billion through the issuance of compulsorily convertible preference shares (CCPS), a pre-initial public offering placement of INR1.13 billion and INR4.62 billion raised through its initial public offering in FY24. The bank's net-worth improved to INR42.31 billion in 1QFY26 and INR41.18 billion in FY25 (FY24: INR35.77 billion; FY23: INR17.97 billion). Over the medium term, Ind-Ra expects the bank's capitalization to remain adequate, supported by stable accretions to net worth. At 1QFY26, JSFB's assets under management (AUM) was INR299.30 billion (FY25: INR295.5 billion; FY24: INR247.5 billion; FY23: INR198.1 billion). The AUM grew 19.4% yoy during FY25, driven by 39.9% yoy growth in the secured asset segments. During 1QFY26, the overall asset growth was modest at 1.3% qoq, supported by 3.0% qoq growth in the secured asset segments, offset by the fall of 2.5% qoq in the unsecured asset segment. JSFB is strategically shifting to a secured loan portfolio; the share of secured loans in its portfolio increased to 71% at 1QFY26 (FYE25: 70%; FYE24: 60%; FYE23: 56%). JSFB's gross non-performing assets (NPA) and net NPA improved to 2.0% and 0.5%, respectively, in FY24 (FY23: 3.6% and 2.4%; FY22: 4.98% and 3.43%). However, the asset quality witnessed some moderation during FY25, given the stress in the unsecured microfinance and secured micro-LAP segment as well as a marginal increase in delinquencies in the affordable housing segment The overall gross NPA and net NPA has subsequently increased to 2.5% and 0.9% in FY25 and stood at 2.8% and 0.9% in 1QFY26. The bank earned a profit after tax (PAT) of INR1.02 billion in 1QFY26, translating into a return on assets (RoA) of 1.05%, while the PAT for FY25 stood at INR5.01 billion, with a RoA of 1.41% (PAT of INR6.7 billion and RoA of 2.3%, respectively, in FY24). The net interest margin (NIM), as a percentage of average total assets, declined to 6.8% in 1QFY26 and 7.2% in FY25, from 7.8% in FY24. This moderation reflects the bank's strategic shift towards increasing the share of low yielding secured asset segments, along with interest income reversals due to loan portfolio write-offs undertaken by the bank in FY25 and 1QFY26. Liquidity JCL - Poor: JCL does not have cash flows to service its debt obligations and will have to depend on the monetization of its stake in JSFB or the secondary sale of shares, refinancing, among other options, before the maturity date of the respective instruments. The agency expects no dividend income from JSFB over the medium term. JHL and JCL are also getting merged, for which, INC-22 has been filed, and relevant approval from the Registrar of Companies has been passed. Furthermore, the debt raised by both the holding companies are in the form of zero-coupon bonds, which is leading to lumpy pay-outs on maturity. Rating Sensitivities Negative: Future developments that could lead to a negative rating action include: - failure to refinance its debt in a timely manner - a downgrade of JSFB's rating, owing to a weakening credit profile among other factors - a significant decline in ownership of JCL in JHL and JHL's ownership in JSFB Positive: An upgrade of JSFB's rating could lead to a positive rating action for JHL's and JCL's rating. About the Company JCL was incorporated on March 26, 2015 to carry on the business of an investment company and to invest, buy, sell or deal in any share, stock, and debenture. The company received a certificate of registration dated 24 March 2017 from the Reserve Bank of India as a non-banking financial institution – non-deposit taking – systematically important core investment company under section 45IA of the Reserve Bank of India Act, 1934. JANA HOLDINGS: Ind-Ra Affirms BB NonConvertible Debt Rating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Jana Holdings Limited's (JHL) non-convertible debentures (NCDs) as follows: -- INR3.625 bil. (reduced from INR3.775 bil.) Non-convertible debentures* affirmed with IND BB/Stable rating. *Details in annexure Analytical Approach To arrive at the rating, Ind-Ra continues to take a full consolidated view of JHL and its 100% parent Jana Capital Limited (JCL; debt rated at 'IND BB'/Stable) as both the entities have a cross-default clause with each other's indebtedness. The rating is also driven by the credit profile of Jana Small Finance Bank (JSFB; 21.88% stake held by JHL), using Ind-Ra's Rating FI Subsidiaries and Holding Companies criteria. A variation from the rating criteria has been made in the case of JHL, given Ind-Ra's assessment that the company has poor liquidity and high refinancing risk. Additionally, the rated NCDs of JCL (JHL's parent company) and JHL have a cross-default clause. The NCDs of JHL are held by TPG Asia VI India Markets Pte. Ltd. Detailed Rationale of the Rating Action The ratings continue to reflect JCL and JHL's weak financial risk profile as well as capitalization, poor liquidity and high refinancing risks, given their limited financial flexibility. However, the ratings are supported by the JSFB's credit profile, its ability to manage asset quality metrics better than peers amid challenging environment, adequate profitability and adequate capitalization after its public issue. The common independent director serving on the boards of Ind-Ra and JHL/JCL did not participate in the rating process or in the meeting of its board of directors or in the meeting of the rating committee, when the securities of such rated client were being discussed. Detailed Description of Key Rating Drivers High Refinancing and Valuation Risks for Holding Company: The issued NCDs continue to face refinancing risks. The NCDs need to be repaid to the extent of the principal and at the rate of return promised to the investors. JHL and JCL have upcoming repayments in the near term, with repayments of INR32.9 billion to be paid in June 2026. Although the company was able to service its debt repayments in the past through NCD issuances, it faces refinancing risk, given the limited financial flexibility of the holding companies as they do not have any operations of their own and the repayment of NCDs is contingent upon the bank's standalone performance. Weak Standalone Financial Profile – JHL's earnings profile remains weak, with a net loss of INR1,860 million in FY25 (FY24: net loss of INR4,604 million); however, the company earned a net profit of INR1,991 million in June 2025 on account of an appreciation in the share price of JSFB. Moreover, JHL's net owned funds as on 30 June 2025 was negative INR6,850 million, below the regulatory minimum of INR20 million. Furthermore, for the quarter ended 30 June 2025, JHL saw a leverage ratio of 1.64x, which exceeds the regulatory threshold of 1.25x as per the regulatory requirements for a non-operating financial holding company. The auditor's report on JHL for FY25 mentions the material uncertainty related to a going concern, considering the losses and the breaches in the regulatory financial parameters as stated above. In FY25, based on the debenture trustee's communication and in accordance with Ind AS 109 - Financial Instruments, JCL's NCDs were derecognized and re-recognized considering extinguishment accounting, resulting in a substantial modification, with the difference taken to the profit and loss account as an exceptional item. However, the company has not made any changes to the contractual terms. The total gain recognized from this extinguishment till date amounts to INR22,411 million and a reversal of an amount of INR215 million during 1QFY26. Had this accounting treatment not been carried out, the company would have reported a negative net worth of INR22,386 million. Further JHL and JCL are also getting merged and the NCLT accepted the merger application, allotting a case number and requesting physical copies, which were submitted. The next step is a scheduled hearing with the National Company Law Tribunal being expected in Q3FY26. Furthermore, the debt raised by the holding companies are in the form of zero-coupon bonds, which is leading to lumpy pay-outs on maturity. Adequate Capitalization and Credit Profile of Operating Subsidiary: JHL and JCL were created to meet the Reserve Bank of India requirements for promoters of small finance banks to hold prescribed minimum stake, the holding companies raised debt in the form of NCDs and infused equity in the bank to maintain the stake and have no operations of their own JSFB's capital adequacy ratio (CAR) stood at 20.5% at end-June 2025, compared to 20.68% at end-March 2025 (end-March 2024: 20.31%). The improvement in CAR is driven by the steady internal accruals generated by the company as well as the total capital infusion of INR11.37 billion in FY24, which included INR5.62 billion during 1QFY24 (INR4.5 billion through a rights issue and INR1.12 billion through the issuance of compulsorily convertible preference shares (CCPS), a pre-initial public offering placement of INR1.13 billion and INR4.62 billion raised through its initial public offering in FY24. The bank's net-worth improved to INR42.31 billion in 1QFY26 and INR41.18 billion in FY25 (FY24: INR35.77 billion; FY23: INR17.97 billion). Over the medium term, Ind-Ra expects the bank's capitalization to remain adequate, supported by stable accretions to net worth. At 1QFY26, JSFB's assets under management (AUM) was INR299.30 billion (FY25: INR295.5 billion; FY24: INR247.5 billion; FY23: INR198.1 billion). The AUM grew 19.4% yoy during FY25, driven by 39.9% yoy growth in the secured asset segments. During 1QFY26, the overall asset growth was modest at 1.3% qoq, supported by 3.0% qoq growth in the secured asset segments, offset by the fall of 2.5% qoq in the unsecured asset segment. JSFB is strategically shifting to a secured loan portfolio; the share of secured loans in its portfolio increased to 71% at 1QFY26 (FYE25: 70%; FYE24: 60%; FYE23: 56%). JSFB's gross non-performing assets (NPA) and net NPA improved to 2.0% and 0.5%, respectively, in FY24 (FY23: 3.6% and 2.4%; FY22: 4.98% and 3.43%). However, the asset quality witnessed some moderation during FY25, given the stress in the unsecured microfinance and secured micro-LAP segment as well as a marginal increase in delinquencies in the affordable housing segment The overall gross NPA and net NPA has subsequently increased to 2.5% and 0.9% in FY25 and stood at 2.8% and 0.9% in 1QFY26. The bank earned a profit after tax (PAT) of INR1.02 billion in 1QFY26, translating into a return on assets (RoA) of 1.05%, while the PAT for FY25 stood at INR5.01 billion, with a RoA of 1.41% (PAT of INR6.7 billion and RoA of 2.3%, respectively, in FY24). The net interest margin (NIM), as a percentage of average total assets, declined to 6.8% in 1QFY26 and 7.2% in FY25, from 7.8% in FY24. This moderation reflects the bank's strategic shift towards increasing the share of low yielding secured asset segments, along with interest income reversals due to loan portfolio write-offs undertaken by the bank in FY25 and 1QFY26. Liquidity JHL - Poor: JHL does not have cash flows to service its debt obligations and will have to depend on the monetization of its stake in JSFB or the secondary sale of shares, refinance among other options, before the maturity date of the respective instruments. The agency expects no dividend income from JSFB over the medium term. JHL holds a 21.88% stake in JSFB. Rating Sensitivities Negative: Future developments that could lead to a negative rating action include: - failure to refinance its debt in a timely manner - a downgrade of JSFB's rating, owing to a weakening credit profile among other factors - a significant decline in ownership of JHL in JSFB Positive: An upgrade of JSFB's rating could lead to a positive rating action for JHL's and JCL's rating. About the Company JHL is registered as a non-operating financial holding company according to the regulatory guidelines, and is promoted by JCL, to hold the promoter stake in JSFB. JAYSHRI GAYATRI: Ind-Ra Moves D Loan Rating to NonCooperating ------------------------------------------------------------- India Ratings and Research has migrated all the ratings of JAYSHRI GAYATRI FOOD PRODUCTS PRIVATE 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 D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR1.60 bil. Bank loan facilities migrated to non-cooperating Category with IND D (ISSUER NOT COOPERATING) rating; and -- Issuer rating migrated to non-cooperating category with IND D (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. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of JAYSHRI GAYATRI FOOD PRODUCTS PRIVATE 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 JAYSHRI GAYATRI FOOD PRODUCTS PRIVATE 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 Established in 2013, JGFPPL is a dairy product manufacturer based out of Madhya Pradesh, India. The entity caters to the B2B, B2C and export markets. The manufacturing facility is located in Sehore, Madhya Pradesh, which manufactures various value-added dairy products such as cottage cheese, butter, clarified butter, cheese, and skimmed milk powder. JP SORTEX: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Jp Sortex Private Limited (JPSPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4;ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 37 .00 [ICRA]B+(Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Fund Based Rating Continues to remain Cash Credit under issuer not cooperating Category Long Term/ 3.00 [ICRA]B+ (Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with JPSPL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. JP Sortex Private Limited (JPSPL) is a private Limited company established in 2001. The company is primarily engaged in milling of basmati rice. JPSPL's milling unit is based out of Firozpur, Punjab, in close proximity to the local grain market. CEFPL, established in 2009 by Mr. Raman Garg, commenced operations in February 2014; 2014-15 (refers to financial year, April 1 to March 31) was the company's first full year of operations. The company mills and sorts basmati as well non-basmati rice which it sells in the domestic and export markets. It is based in Firozpur (Punjab). JP Sortex group sells rice under its five registered brands in the domestic market – Rice-o-Punjab, Rice-o-India, 5 horses, 65 and JPA. The company derives around 75% of its sales from export markets like Dubai, Iran etc. KINGFISHER AIRLINES: Mallya Drops Bid to Annul UK Bankruptcy Order ------------------------------------------------------------------ The Economic Times reports that Vijay Mallya, wanted in India to face trial on fraud and money laundering charges, has discontinued an application to annul a UK bankruptcy order ahead of a planned hearing in London on Oct. 13. It means the "Trustee in Bankruptcy" can continue to pursue assets to help a consortium of banks led by the State Bank of India (SBI) realise the repayment of an estimated judgment debt of around GBP1.05 billion owed by the 69-year-old's now-defunct Kingfisher Airlines, ET relates. A High Court hearing to set the directions for the annulment application to be heard was vacated after Mallya's legal team filed a notice of discontinuance last week, according to ET. "Vijay Mallya's Trustee in Bankruptcy will be able to continue with their work in investigating and realising assets falling within his bankruptcy estate without any hindrance that this application might have caused them," UK law firm TLT LLP, representing the banks, said in a statement. It follows High Court Judge Anthony Mann's ruling in favour of the banks back in April to uphold the bankruptcy order dating back over four years, ET notes. "The bottom line in relation to this is that the bankruptcy order stands," Justice Mann had concluded. Mallya, meanwhile, was pursuing a separate annulment application through his lawyers Zaiwalla & Co. against the 2021 bankruptcy order on the basis that the banks' debt had already been recovered in India, ET says. It is believed to have been discontinued as an Indian writ petition, compelling banks to provide information as to the recoveries made by them, has not progressed. Proceedings in India are seen highly material to the adjudication of any annulment application before the English courts and indications are a fresh bankruptcy annulment application could be made at a later date. ET relates that the case dates back to 2017, when the banks registered the Indian Debt Recovery Tribunal's (DRT) judgment in the English courts, which pertained to a personal guarantee Mallya had provided in relation to loans made to Kingfisher Airlines. The banks then served Mallya with a bankruptcy petition in September 2018, which he opposed on multiple grounds. The hearings in the case of SBI and Others date back to May 2018, when the banks were granted a worldwide freezing order based on the DRT judgment, ET says. Since then, there have been a series of hearings in this case, which led to a bankruptcy order against Mallya on July 26, 2021. Separately, in relation to India's extradition request, Mallya remains on bail in the UK while a "confidential" legal matter believed to be related to an asylum application is resolved, ET adds. About Kingfisher Airlines Headquartered in Mumbai, India, Kingfisher Airlines, formerly known as Deccan Aviation Ltd., served about 35 domestic destinations with a fleet of more than 40 aircraft, including Airbus jets and ATR 72 turboprops. As reported in the Troubled Company Reporter-Asia Pacific, Bloomberg News said Kingfisher Airlines has grounded planes since October 2012. The airline lost its operating license in January 2013 after failing to convince authorities it has enough funds to restart flights. As reported in the TCR-AP, the Times of India said the Karnataka high court has ordered the winding up of the now-defunct Kingfisher Airlines (KFA). Justice Vineet Kothari gave this direction on Nov. 18, 2016, while allowing a petition filed in 2012 by Aerotron, a UK-based company, for recovery of a little over US$6 million due to it for supply of rotable aircraft components to KFA. KRISHNA PRASAD: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Krishna Prasad Industries (KPI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 28, 2024, placed the rating(s) of KPI under the 'issuer non-cooperating' category as KPI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KPI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025, August 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Raichur based (Karnataka) Krishna Prasad Industries is a Partnership firm established in June 2011 by Mr. Venkateshwar Prasad and Mr. Gallya. Later in 2015, Mr. Gallaya retired from partnership firm and Ms. Shruti (D/o Mr. Venkateshwara) has joined as an active partner. In the November, 2018 the partnership deed reconstituted and six new partners Mr. V. Ramakrishna, Mr. V. Srinivas, Mr. N. Srinivas Rao, Mr. N. Surya Teja, Mr. B. Mahesh Kumar and Mr. B. Venkat Rajeev has joined the firm and took over the entire business for purchase consideration of INR2.00 crore from Mr. Vennkateshwar prsasad. KPI is engaged in Engaged in Rice Milling and Paraboiling . The firm majorly deals in rice, steamed rice, boiled rice, rice broken, rice bran, etc. The firm purchase its raw material i.e. paddy from local farmers, process the paddy in their plant and sells the final product in the state of Karnataka, Tamil Nadu, Maharashtra, Gujarat, etc. KPI has an installed capacity of 6 tons per day. LEASEACCELERATOR INDIA: Voluntary Liquidation Process Case Summary ------------------------------------------------------------------ Debtor: LeaseAccelerator India Private Limited WeWork Enam Sambhav C-20, G block Bandra- Kurla Complex, Bandra (East) Mumbai-400051 Maharashtra, India Liquidation Commencement Date: September 17, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Ajay Rajendra Abad Sr No. 6/10/14, 7th floor Office No c-704 Vantage C. Opp. Bavdhan Police Station Badvhan Khud, Pune-411021 Email: ipajayabad@outlook.com Last date for submission of claims: October 17, 2025 MEDIPARK HEALTHCARE: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Medipark Healthcare Private Limited (MHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.80 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 26, 2024, placed the rating(s) of MHPL) under the 'issuer non-cooperating' category as MHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 12, 2025, August 22, 2025, September 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Medipark Healthcare Private Limited (MHPL) was incorporated in December 2015 by Mr. Avinash Kumar Singh, Dr. Anil Kumar, Dr. Shashat Kumar and Dr. AnnuBabu as a multi-specialty hospital in Patna, Bihar. However, the hospital has started its commercial operation from November 2017. Currently, the hospital is running with 100 beds which consists of 12 Intensive Coronary Care Unit (ICCU) beds, 13 deluxe beds, 11 dialysis beds, 6 emergency beds, 26 Intensive Care Unit (ICU), 7 labour beds, 11 High Dependency Unit(HDU) and 14 general beds. The hospital is equipped with state-of-the-art technology and well qualified & experienced doctors, surgeons and support staffs. The hospital has radiology, urology, CT Scan, dental care unit, Neurology, Nephrology, Cardiology and dermatologist unit. PAGRO FROZEN: ICRA Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-Term and Short-term ratings of Pagro Frozen Foods Private Limited (PFFL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING/[ICRA]A4;ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term- 0.75 [ICRA]A4 ISSUER NOT Non Fund Based COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category Long Term- 7.26 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 15.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term 7.74 [ICRA]B (Stable); ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with PFFL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Pagro Frozen Foods Private Limited (PFFL) was incorporated in 2007 for setting up an integrated vegetables processing plant in Punjab. The proposed project, at full capacity, involves contract growing of vegetables across 10,000 acres of land and processing around 15,000 MT of vegetables to annually produce 12,000 MT of frozen vegetables and 3000 MT of French fries. The commercial operations of the company started in March 2012. In 2013- 14, PFFL processed 8159 metric tons of vegetables including peas. These processed food products are supplied by the company to clients in domestic and export markets. PFFL is promoted by Mr. N.S. Brar and Mr. Pawaninder Singh Dhillon, who have over two decades of experience in food processing and contract farming. The promoters are also managing a company in same business namely Pagro Foods Limited (PFL) for the past eight years. They are joined by Mr. Satpal Khattar, who is investing in the new company through his investment arm, Khattar Holdings Pte Limited. PANKAJ ISPAT: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pankaj Ispat Limited (PIL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 26, 2024, placed the rating(s) of PIL under the 'issuer non-cooperating' category as PIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 12, 2025, August 22, 2025, September 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable PIL was originally set up in 2006 as a Private Limited company (Pankaj Ispat Private Limited) which was reconstituted as a public limited company on October 05, 2011. PIL commenced its production in 2007-08. The manufacturing facility of the company is located in Gogaon Industrial Area, Raipur. PAUL & COMPANY: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Paul & Company (PC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.34 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 25, 2024, placed the rating(s) of PC under the 'issuer non-cooperating' category as PC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 11, 2025, August 21, 2025, August 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Paul & Company (PC) was established in 1978 by Mr. Narayan Paul, Ms. Atrayee Paul and Mrs. Mina Paul. Since its establishment the firm is engaged in the business of manufacturing of auto parts at East Singhbhum, Jharkhand. POPULAR SHOE: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-term rating of Popular Shoe Mart (1) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Popular Shoe Mart (1), ICRA has been trying to seek information from the entity so as to monitor its performance, but Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Popular Shoe Mart – 1 (PSM) was established in the year 1962 as a partnership firm by Mr.Chukkapalli Pitchaiah. It is engaged in retailing of footwear through 119 stores with total retail space of 1.1 lakh sq. ft. spread across the states of Andhra Pradesh, Telangana and Karnataka. The firm is currently being managed by two of the founder's sons – Mr. Ch. Arun Kumar and Mr. Ch. Vijaya Kumar. RADIANT ROCKS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Radiant Rocks Private Limited (RRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.15 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 26, 2024, placed the rating(s) of RRPL under the 'issuer non-cooperating' category as RRPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 12, 2025, August 22, 2025, September 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Udaipur (Rajasthan) based Radiant Rocks Private Limited (erstwhile Jaibalajee Marmograini Private Limited) was incorporated in September, 2017 by Mr. Sudhir Sharan and Mr. Hardev Sahu. JMPL was incorporated with an aim to set up a processing unit for processing of marbles and granites blocks. RISHABH TRIEXIM: CARE Lowers Rating on INR173.05cr ST Loan to D --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Rishabh Triexim LLP (RTL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 46.95 CARE D Downgraded from Bank Facilities CARE BB-; Stable Short Term 173.05 CARE D Downgraded from Bank Facilities CARE A4 Rationale and key rating drivers The revision in ratings assigned to the bank facilities of RTL takes into account the delay in debt servicing as ascertained as part of CARE's due diligence exercise. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Satisfactory track record of timely repayment and servicing of debt obligation for a continuous period of 90 days. Analytical approach: Standalone Detailed description of key rating drivers: Key weaknesses * Delay in debt servicing: As per the lender feedback, obtained during the due diligence exercise conducted by CARE Ratings Ltd, there have been overdrawals and delays in interest payments pertaining to the working capital limits. * Leveraged capital structure and weak debt coverage indicators: The capital structure of the company stands leveraged with Total debt of INR390.63 crore as of March 31, 2024 (PY: INR306.15 crores) which also includes USL from related parties worth INR121.79 crore (PY: INR119.48 crore). The firm pays interest for the related party loan, though there are no fixed repayment terms for these loans. The net worth position remains low due to consecutive losses over the past two years. Capital structure of the firm is leveraged marked by overall gearing of 131.61x as of March 31, 2024 (PY: 16.25x). * Susceptibility of profitability to fluctuations in raw material prices and foreign exchange rates: Prices of polyethylene allied products are highly volatile and influenced by global pricing trends and regional demand-supply dynamics. RTL is significantly exposed to foreign exchange risk due to its reliance on imported raw materials, sourcing 98% of its overall procurement from countries like China, Taiwan, Middle East etc. with minimal export activity. To ensure timely delivery to its customers, RTL has to maintain a minimum inventory level, leaving its profitability vulnerable to raw material price swings. In FY23, the company incurred operating losses due to a steep drop in PVC prices in Q1FY23, which surged during the pandemic. RTL has reported a net loss and negative GCA over the past two years. * Highly competitive nature of PVC resin and allied chemicals trading industry: The PVC resin trading industry is characterized by low entry barriers due to minimal capital required and commoditized nature of the products which has resulted in proliferation of large number of small and large traders spread across the country. The highly fragmented nature of the industry has resulted in intense competition within the industry resulting in very thin profit margins. Key strengths * Established relationship with supplier and customer: RTL has been in operation for nearly a decade. Since its inception RTL has been maintaining cordial relationships with various suppliers and has a diversified supplier base. The firm procures from domestic as well as overseas suppliers depending upon the availability of the material. In FY24 the company imported 98% of the overall procurement (PY: 99%). Its customer base includes both end users and traders and it is diversified with top 10 customers accounting 21% of the overall sales in FY24 (PY: 31%). * Pan- India presence and product diversity: RTL has branches in Chennai, Mumbai and Gujarat it supplies pan India. The firm maintains a warehouse rented from third parties near red hills, Chennai which has a capacity of 1,500 tons and also uses around 18 transport warehouses in TN, Maharashtra and Gujarat on a need basis. The presence in multiple states gives the firm leeway to move stock in case of any demand slowdown in any of the regions. The product portfolio of the company includes PVC, HDPE, PET, LDPE and PP. Liquidity: Poor The liquidity is poor marked by overdrawals and delay in interest payments pertaining to working capital limits. Rishabh Triexim LLP was incorporated on August 21, 2015, is into trading of PVC resins, High- and Low-density polyethylene (HDPE and LDPE), Polyethylene Terephthalate (PET), Polypropylene (PP) etc. Mr. Swaroop Bagrecha, promoter of the firm, was already in the business of import and export consultancy for various other products and industries for nearly 15 years prior to incorporating RTL. The head office of RTL is in Sowcarpet, Chennai and it has branch offices in Mumbai and Gujarat. The entity has a rented warehouse in Redhills, Tamil Nadu which has a storage capacity of 1,500 Tons; it also uses temporary warehouse from third parties on need basis. ROHIT FABTEX: ICRA Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- ICRA has kept the Long-term rating of Rohit Fabtex (RF) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 9.70 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with RF, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Rohit Fabtex (RF) is engaged in business of fabric processing with its processing unit based out of Balotra (Rajasthan), which is hub for processing of poplin fabric due to favorable weather conditions. The firm has installed capacity of processing around 40,000 meter of fabric per day to produce poplin fabric. The operations of the company started in 2010. The product of the firm i.e. dyed poplin, is being marketed in Textile World with the name of 'Rohit'. SANDOR MEDICAIDS: ICRA Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Non-Convertible Debentures of Sandor Medicaids Private Limited (SMPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 20.00 [ICRA]D; ISSUER NOT COOPERATING; Debentures (NCD) Rating Continues to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with SMPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Sandor Medicaids Private Limited (SMPL) is in the medical distribution business of high technology products such as specialized biotech drugs for cancer and transplantation as well as devices and equipment's used in various therapeutic areas for the last 20 years. SMPL was incorporated by Mr. Rajeev Sindhi and Mr. KVM Reddy in 1995. SMPL started with the distribution of I-Stat Portable Clinical Analyser for Abbott and since then has been involved in the distribution of niche, state of the art technology products in various therapeutic fields. The focus has been on critical care, transplantation, nephrology and oncology. The company is an exclusive distributor of medical devices and drugs manufactured by reputed health care companies including Genzyme Corporation, Abbott Point of Care, ITC Med, Minntech Corporation, Dr. Franz Chemie etc. SATHYANARAYANA AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating ----------------------------------------------------------------- ICRA has kept the Long-term rating of Sathyanarayana Agro Industries (SAI) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING ". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 9.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SAI, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2014 by Mr. R. Narayana and family, SAI is a partnership firm, involved in the milling of paddy and produces raw and boiled rice. The firm's major products include boiled rice, raw rice, bran, broken rice and husk. It commenced operations in April 2014 in the Raichur district of Karnataka with a capacity to process 8 MT of paddy per hour. However, the promoters have been involved in a similar business for more than two decades. SOLANGE RETAIL: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Solange Retail Private Limited Registered office: 204, Ground F/F Okhla Indl Estate PH-III New Delhi South Delhi 110020 IN Principal Office: E-145, First Floor, Okhla INDL Estate PH-III New Delhi, South Delhi-110020 IN Liquidation Commencement Date: September 17, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Sanjay Agrawal Plot No. 39 Pocket-1 Jasola New Delhi-110025 Email: ska9001@gmail.com Email: ipsolangeretail@gmail.com Mobile No: 9810376790 Last date for submission of claims: October 17, 2025 SONA PROCESSORS: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-term rating of Sona Processors (India) Limited (SPIL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 19.47 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with SPIL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 1994, Sona Processors (India) Limited (SPIL) primarily undertakes processing of fabrics on job work basis. SPIL's processing plant is located in Bhilwara, Rajasthan, and has an installed processing capacity for about 40 million meters fabric per annum (4 stenters; textile fabric finishing machine used for drying, shrinking, chemical finishing and adjusting fabric width). In addition to the fabric processing business, the company has also invested in a 1.6 MW wind turbine generator. SPS SPINNING: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of SPS Spinning Mills (SSM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.63 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 2, 2024, placed the rating(s) of SSM under the 'issuer non-cooperating' category as SSM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 19, 2025, July 29, 2025, August 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable SPS Spinning Mills (SSM) was established in 2003 as a Partnership firm by Mr. T. Senniappan, Mr. P. Palanisamy & Mrs. P. Rajamani. The firm is engaged in spinning of cotton yarn (60's count) with an installed capacity of 4500 kg/day as on September, 2020. Currently the firm has 28000 spindles and utilizing around 75% (due to COVID-19 disruptions) of total installed capacity. The firm has its registered office and two manufacturing facilities located at Coimbatore, Tamil Nadu. The firm's revenue is realized from sale of three types of end products namely cone yarn (75%), hank yarn (17%) and process waste (8%). Cone yarn is used by power loom weavers, hank yarn is used by handloom weavers and wastes which are sold are further re-processed to cotton. The end products are supplied to weavers who are located in and around Tamil Nadu, Maharashtra, Kerala, Andhra Pradesh and Odissa. The firm purchases 20% of wind energy for captive consumption from Senthilvel Wind Farms and rest from Tamilnadu Electricity Board. SSM procures its main raw material, Cotton, from the suppliers located in Tamil Nadu, Andhra Pradesh & Maharashtra. SUNGLOW SUITINGS: CARE Lowers INR20.30cr LT Loan to B- ------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Sunglow Suitings Private Limited (SSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.30 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 26, 2024, placed the rating(s) of SSPL under the 'issuer non-cooperating' category as SSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 12, 2025, August 22, 2025, September 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SSPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Bhilwara (Rajasthan) based Sunglow Suitings Private Limited (SSPL) is promoted by Mr. Mahesh Kumar Hurkat and Mr Meghraj Baheti in 2005. SSPL is mainly engaged in the manufacturing of synthetic fabric and synthetic yarn for own sales as well as on job work. The manufacturing facility of SSPL is situated at Bhilwara. VENKATA SAI: ICRA Keeps B+ Debt Rating in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-term rating of Venkata Sai Agro Industries (VSAI) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with VSAI, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2007, VSAI is a partnership firm involved in the milling of paddy and produces rice. The firm has a milling unit at Maanvi, Karnataka with an installed capacity of 8 metric tonnes per hour (MTPH) of milling. Its major products include boiled rice, raw rice, bran, broken rice and husk. The factory runs in two shifts daily. VSAI procures paddy from local farmers and has a diversified customer base across Andhra Pradesh, Telangana, Maharashtra and Karnataka. WATERLINE HOTELS: ICRA Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-term rating of Waterline Hotels Private Limited (WHPL) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B-(Stable); ISSUER NOT COOPERATING ". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 27.00 [ICRA]B- (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with WHPL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated on March 28, 2008, Waterline Hotels Private Limited (WHPL) owns a 122-room 5 star hotel under the name Holiday Inn & Suits. The hotel located at Whitefiled, an IT hub in Bangalore, has been operational since August, 2011. Besides, Holiday Inn & Suits, the company has also developed a residential project "Miraya Rose" located in Whitefield, Bangalore. The project was completed in December 2017. The total project cost was around INR156 crore which was funded through a debt of INR62.0 crore and a promoter contribution of INR6.0 crore while the rest was funded through customer advances. According to the management, WHPL remains the flagship company of the Group for hospitality projects and going forward all the new hospitality projects of the Group would also be undertaken in WHPL. WHIZDOTAI INDIA: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Whizdotail India Private Limited Suzion One Earth Campus, Aqua Lounge 1st Floor, Left Wing Hadapsar Pune, Maharashtra India, 411028 Liquidation Commencement Date: September 18, 2025 Court: National Company Law Tribunal Bengaluru Bench Liquidator: Pramod Srihari #3rd Floor, Taj Towers, 23rd Cross Banashankari 2nd Stage, Bengaluru-560070 Telephone: 080-41607277 Email: pramod@capad.in Last date for submission of claims: October 17, 2025 ZEON SYNTHETICS: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: ZEON SYNTHETICS LIMITED 15B HEMANTA BASU SARANI, KOLKATA - 700001, West Bengal Liquidation Commencement Date: September 12, 2025 Court: National Company Law Tribunal, Kolkata Bench Liquidator: HANSRAJ JARIA 36, Abinash Sashmal Lane Beleghata, Phoolbagan Near Pawanputra Hotel Kolkata-700010, West Bengal Email: zeonsynvolliq@gmail.com Mobile: 9831648654 / 9836400884 Last date for submission of claims: October 12, 2025 ================= I N D O N E S I A ================= PANCA MITRA: Agrees to Pay Laid-Off Staff After Bankruptcy Threat ----------------------------------------------------------------- Undercurrent News, citing Antara, reports that Indonesian shrimp packer Panca Mitra Multi Perdana (PMMP) has agreed to pay outstanding wages and severance to hundreds of laid-off staff after the local government said that it would declare the business bankrupt. PMMP was under scrutiny in September after more than 200 former employees reported not receiving wages, severance pay and other entitlements following layoffs, Undercurrent News relates. Headquartered in Surabaya, Indonesia, PT Panca Mitra Multiperdana Tbk produces, processes, and sells frozen shrimps. The company offers block frozen, IQF, raw, cooked, breaded, Nobashi, sushi ebi, marinated, and skewered, and vannamei shrimps, as well as cooked-in-shell peeled, cooked-in-shell easy peel, and cooked shrimp ring. It supplies shrimps under EBINOYA brand name to restaurants, hotels, and food service firms in Indonesia; and Leader brand name in the United States and Japan. PT Panca Mitra Multiperdana Tbk is a subsidiary of PT Tiga Makin Jaya. ===================== N E W Z E A L A N D ===================== ARDGOUR ORCHARDS: Orchards Up for Sale Following Liquidation ------------------------------------------------------------ Steve Hepburn at Otago Daily Times reports that the orchards at the centre of a liquidation of a fledging Central Otago fruit company are up for sale. Ardgour Orchards, Valley Orchards GP Ltd and Ardgour Valley Orchards LP went into liquidation in early August, although details were scant on why, ODT relates. The orchards had been situated on part of Ardgour Station, near Tarras. According to ODT, the sale consisted of a 48ha property with 11.94ha of cherry trees, which were fully bird-netted, and 22.83ha of apricots. The sale also included an irrigation system, three frost-fighting machines and a large eight-bay 480sqm packing shed. Liquidators Diana Matchett and Colin Gower, of BDO in Christchurch, had been appointed liquidators, ODT discloses. According to ODT, the trees for the orchard were planted in 2020 and last summer the apricot trees produced about half of the new summer apricot varieties in the country. The orchard had 15,000 apricot trees and 15,200 cherry trees. Their website, which appeared to no longer be available, had previously said upwards of 200 people worked at the orchard in peak times. It was unclear if the orchard was presently operational, ODT notes. The liquidation decision was made by the special resolution of the shareholders on August 10, ODT says. ODT notes that Ardgour Station was sold to Santana Minerals for gold mine operations on the Rise and Shine claim. However, the 38ha where the trees were situated was not part of that sale. Bruce and Linda Jolly sold the land, which had been in the family for 70 years, for NZD25 million to the mining company. The orchard was started by the Jollys along with Ross and Sharon Kirk. It was owned by a group of 15 shareholders and run by a management team, according to their website. The Jollys and a company linked to the Kirks have more than 75% of the shares in Ardgour Valley Orchards GP. BDO did not reply to a request for a first report on the liquidation, ODT says. BABASIGA HOMES: Creditors' Proofs of Debt Due on Nov. 14 -------------------------------------------------------- Creditors of Babasiga Homes Limited and RN Properties Limited are required to file their proofs of debt by Nov. 14, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 2, 2025. The company's liquidators are: Stephen White Craig Sanson PwC, PwC Auckland Private Bag 92162 Victoria Street West Auckland 1142 JK CONCRETE: Collapses Into Liquidation With NZD760K Tax Bill ------------------------------------------------------------- Paora Manuel at Waikato Times reports that a Hamilton concrete company with a NZD760,000 tax bill despite having just over NZD10,000 in its coffers, has gone into liquidation. According to Waikato Times, JK Concrete Services Ltd, a Forest Lake-based company which specialised in footpath construction was wound up on September 9 by the High Court in Hamilton, after a request by Inland Revenue. The company stopped trading that same day. It's the latest in a string Waikato-based construction businesses that have gone under, in recent months, including GZ Construction and Wray Concrete, notes the report. Recent figures by BWA Insolvent said the sector is continuing to feel the brunt of economic challenges, with 187 construction companies nationally going bust in the June quarter, Waikato Times relays. The Ministry of Business, Innovation and Employment's (MBIE) insolvency and Trustee Service were appointed to oversee the liquidation process. JK Concrete's "failure to account for taxation" was the main reason for its collapse, according to an initial liquidators report. Waikato Times relates that liquidators said they'll investigate company records to find out what JK Concrete owns and owes as well as looking at if there are more assets to sell, money owed by shareholders to collect, or recover any suspicious transactions. So far, liquidators have recovered NZD10,615 in cash. Several secured creditors have been identified, including Motor Trade Finance, Rich Heapy Ltd and New Zealand Guardian Trust, which hold claims on vehicles. Liquidators note that the IRD are the only known unsecured and preferential creditor listed in their report. The taxman is claiming a NZD760,030 bill, with an unsecured claim of NZD525,254 and a NZD234,776 preferential claim. Waikato Times went to the company's Forest Lake address, only to be told neither of their directors, Teuteu Ekualeti and Ane Makoni were home. A full investigation is expected to be done by February 2026, with a final report due the following month, Waikato Times notes. LJ BOURKE BUILDERS: Creditors' Proofs of Debt Due on Nov. 14 ------------------------------------------------------------ Creditors of LJ Bourke Builders Limited are required to file their proofs of debt by Nov. 14, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 6, 2025. The company's liquidator is: Digby John Noyce RES Corporate Services Limited PO Box 301890 Albany Auckland 0752 MTF MAGNUM 2025: Fitch Assigns 'BBsf' Final Rating to Class E Notes ------------------------------------------------------------------- Fitch Ratings has assigned final ratings to MTF Magnum Trust 2025's pass-through floating-rate notes. The notes are backed by a pool of first-ranking New Zealand automotive loan receivables originated by Motor Trade Finance Limited (MTF). The notes were issued by The New Zealand Guardian Trust Company Limited as trustee for MTF Magnum Trust 2025. Entity/Debt Rating Prior ----------- ------ ----- MTF Magnum Trust 2025 A NZMTFM1001R3 LT AAAsf New Rating AAA(EXP)sf B NZMTFM1002R1 LT AAsf New Rating AA(EXP)sf C NZMTFM1003R9 LT Asf New Rating A(EXP)sf D NZMTFM1004R7 LT BBBsf New Rating BBB(EXP)sf E NZMTFM1005R4 LT BBsf New Rating BB(EXP)sf Seller Note LT NRsf New Rating NR(EXP)sf Transaction Summary The total collateral pool at the 5 October 2025 cut-off date was NZD300 million and consisted of 19,258 receivables with weighted-average (WA) seasoning of 8.0 months, WA remaining maturity of 37.9 months and an average contract balance of NZD15,578. KEY RATING DRIVERS Stress Commensurate with Ratings: Fitch derived borrower risk-tier-specific default base-case expectations using historical loss data since 2006. Its default assumptions (and AAAsf default multiples) are: Low risk: 1.0% (7.25x) Medium risk: 2.8% (5.50x) High risk: 8.0% (4.00x) The WA base-case default assumption was 2.8% and the WA 'AAAsf' default multiple was 5.3x. The recovery base case is 55.0%, with a 'AAAsf' recovery haircut of 45.0%, across all sub-pools. Fitch stressed the asset pool to the transaction's portfolio parameters, which apply during the initial 18-month revolving period. Portfolio performance is supported by New Zealand's economic recovery, despite GDP falling by 1.1% in the year to June 2025 and a softening labour market, with unemployment at 5.2% as of June 2025. Fitch forecasts GDP growth of 1.2% in 2025 and 2.5% in 2026, with unemployment at 5.1% and 4.9%, respectively. This reflects its expectation that monetary easing will support economic activity. Structural Risk Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the swap provider, liquidity facility provider or transaction account bank fall below a certain level. Fitch's cash flow analysis incorporates the transaction's structural features, where relevant to the ratings, and tests each note's robustness by stressing default and recovery rates, prepayments, interest-rate movements and default timing. Low Operational and Servicing Risk: All receivables are originated by MTF, a large New Zealand motor-vehicle financier established in 1970. Fitch undertook an operational review and found that the operations of the originator and servicer were consistent with market standards for auto and equipment lenders in New Zealand. Servicer disruption risk is mitigated by standby servicing arrangements, with Verofi Limited the nominated standby servicer No Residual Value Risk: There is no residual value exposure in this transaction and only a small exposure to balloon-payment loans. Rated Above Sovereign: Structured finance notes can be rated up to six notches above New Zealand's Long-Term Local-Currency Issuer Default Rating of 'AA+', supporting the 'AAAsf' rating on the class A notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in 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 the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Downgrade Sensitivities Notes: Class A / B / C / D / E Rating: AAAsf / AAsf / Asf / BBBsf / BBsf 10% defaults increase: AA+sf / AA-sf / A-sf / BBB-sf / BBsf 25% defaults increase: AAsf / A+sf / BBB+sf / BB+sf / BB-sf 50% defaults increase: AA-sf / Asf / BBBsf / BB+sf / Bsf 10% recoveries decrease: AA+sf / AA-sf / A-sf / BBB-sf / less than Bsf 25% recoveries decrease: AA+sf / A+sf / BBB+sf / BBB-sf / less than Bsf 50% recoveries decrease: AA+sf / Asf / BBBsf / BBsf / less than Bsf 10% defaults increase/10% recoveries decrease: AA+sf / A+sf / BBB+sf / BBB-sf / less than Bsf 25% defaults increase/25% recoveries decrease: AA-sf / Asf / BBBsf / BBsf / less than Bsf 50% defaults increase/50% recoveries decrease: Asf / BBBsf / BBsf / Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than its 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 are at the highest level on Fitch's scale and cannot be upgraded. Notes: Class B / C / D / E Rating: AAsf / Asf / BBBsf / BBsf 10% defaults decrease/10% recoveries increase: AA+sf / A+sf / BBB+sf / BB+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of MTF'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. Date of Relevant Committee 26 September 2025 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. MTF WAREHOUSE NO.1: S&P Affirms BB (sf) Rating on Class E Notes --------------------------------------------------------------- S&P Global Ratings affirmed its ratings on five classes of notes issued by The New Zealand Guardian Trust Co. Ltd. as trustee of MTF Warehouse Trust No.1. The notes are backed by consumer credit and finance lease contracts originated by New Zealand-based Motor Trade Finance Ltd. The rating affirmations follow the execution of an amending deed that shifts the revolving period expiry date to 15 March 2027. As a result, the maturity date of the notes is also extended to 15 March 2033. S&P's rating affirmations reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided for the rated notes in the form of subordination and excess spread are commensurate with that credit risk. Documented eligibility criteria, portfolio parameters, and amortization triggers govern the composition of the collateral pool. All contract payments, including the residual or balloon payments, are an obligation of the borrower. As a result, the trust is not exposed to any market-value risk associated with the sale of the motor vehicles (on performing receivables), which is a risk that could be associated with other products, such as operating leases. S&P said, "Our ratings consider the issuer's capacity to pay interest to the rated note holders in full on each interest payment date and to repay principal in full no later than the final maturity date under rating stresses commensurate with the ratings assigned to the notes. Timely payment of senior expenses and rated notes interest is supported by the use of principal collections and a liquidity facility. Before an amortization event, the liquidity facility is sized at 1.0% of the aggregate commitment of class A, class B, class C, class D, and class E notes, subject to a floor of NZ$100,000. Following an amortization event, the liquidity facility is sized at 1.0% of the invested amount of the class A, class B, class C, class D, class E, and subordinated note, subject to a floor of NZ$100,000. "We have assessed the legal structure of the issuer, which is established as a special-purpose entity and meets our criteria for insolvency remoteness. "Our ratings take into account the counterparty support provided by Bank of New Zealand as bank account provider, Westpac New Zealand Ltd. as liquidity facility provider, as well as Commonwealth Bank of Australia and Westpac Banking Corp. as interest-rate swap providers. Fixed- to floating-rate interest-rate swaps are provided to hedge the mismatch between the fixed-rate payments on the receivables and the floating-rate interest payable on the notes. The transaction documents for the swap and bank accounts include downgrade language consistent with our counterparty criteria, which requires the replacement of the counterparty or other remedy should our rating fall below the applicable rating." Ratings Affirmed MTF Warehouse Trust No.1 Class A, up to NZ$520.0 million: AAA (sf) Class B, up to NZ$20.14 million: AA (sf) Class C, up to NZ$19.54 million: A (sf) Class D, up to NZ$13.62 million: BBB (sf) Class E, up to NZ$10.07 million: BB (sf) RAKETE ORCHARDS: First Creditors' Meeting Set for Oct. 21 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Rakete Orchards Limited Partnership and Rakete Orchards GP Limited will be held on Oct. 21, 2025 at 1:30 p.m. at the offices of BDO Auckland, Level 4, BDO Centre, 4 Graham Street, in Auckland. George Bannerman and Rees Logan of BDO were also appointed as administrators of the company on Oct. 10, 2025. ROMANTIQUE IMAGE: Court to Hear Wind-Up Petition on Oct. 29 ----------------------------------------------------------- A petition to wind up the operations of Romantique Image Limited will be heard before the High Court at Auckland on Oct. 29, 2025, at 10:00 a.m. CP Asset Investments Limited filed the petition against the company on Aug. 13, 2025. The Petitioner's solicitor is: Graeme Skeates Skeates Law Unit 1, 19 Edwin Street Mt Eden Auckland SIDART: Auckland Restaurant Closes Doors ---------------------------------------- Radio New Zealand reports that Ponsonby Road stalwart, Sidart, has closed for good, leaving its owner and chef Lesley Chandra feeling like a failure, but nevertheless he will notch it up as a learning experience. "After careful consideration, we have made the difficult decision to close Sidart effective immediately," Mr. Chandra wrote on Facebook, RNZ says. "This decision was not made lightly, and we are deeply grateful for the support, memories, and experiences we've shared with each of you over the years." Mr. Chandra told RNZ on Tuesday evening [Oct. 13] that he made the call a fortnight ago and the restaurant's last service was on Saturday night. "It was financial reasons, it wasn't doing so well," he said. The lease on the site was up and the restaurant was now in liquidation. The fine dining restaurant was opened by Auckland hospitality icons, Sid and Chand Sahrawat in 2009. In 2019 the restaurant was named Cuisine Good Food Awards' Restaurant of the Year. In 2021 executive chef Lesley Chandra bought Sidart from the Sahrawats. TALATA LIMITED: Court to Hear Wind-Up Petition on Nov. 14 --------------------------------------------------------- A petition to wind up the operations of Talata Limited will be heard before the High Court at Auckland on Nov. 14, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 29, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= 365 MOVERS: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on Sept. 26, 2025, to wind up the operations of 365 Movers & Services 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 BIZALLIANZ HOLDINGS: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Singapore entered an order on Sept. 26, 2025, to wind up the operations of Bizallianz Holdings 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 DRB TRANSPORT: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Sept. 26, 2025, to wind up the operations of DRB Transport & Logistics 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 E INTERIOR: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on Sept. 19, 2025, to wind up the operations of E Interior Studio 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 ECHO TRAVELS: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on Sept. 26, 2025, to wind up the operations of Echo Travels & Tours 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 ===================== S O U T H K O R E A ===================== [] SOUTH KOREA: 44% of Construction Firms Face Insolvency Risks --------------------------------------------------------------- The Chosun Daily reports that nearly four out of 10 South Korean construction companies were found to be potential insolvent firms last year, unable to cover their interest expenses with operating profits. As the construction industry downturn has prolonged, a significant number of construction companies have found themselves in a state of insolvency where even paying interest with operating profits has become difficult, making normal business operations challenging. Chosun Daily, citing a report by the Korea Construction Policy and Research Institute on Oct. 14, relates that 44.2% of domestic construction companies that underwent external audits last year were found to have an interest coverage ratio below 1. An interest coverage ratio below 1 means that the amount of money paid toward interest exceeds the earnings generated. This indicates a potential insolvency status where normal debt repayment is difficult. Chosun Daily says the number of externally audited construction companies with an interest coverage ratio below 1 has been steadily increasing over the past five years. The proportion of such companies rose from 33.1% in 2020 to 41.3% in 2022 and 43.7% in 2023. The declining interest coverage ratio is attributed to surging interest expenses, Chosun Daily notes. Last year, the interest expenses of externally audited construction companies amounted to KRW4.14 trillion, an 18.4% increase (KRW640 billion) from the previous year's KRW3.5 trillion. Consequently, the construction industry's net profits have been on a steady decline since 2022. According to the report, 27.9% of externally audited construction companies reported net losses last year, Chosun Daily relays. This deterioration in profitability is attributed to prolonged real estate market stagnation, which has led to rising construction material costs and increasing unsold inventory, among other adverse factors, according to Chosun Daily. The Korea Construction Policy and Research Institute noted, "The increase in insolvent construction companies is expected to lead to a chain reaction of harm to subcontractors and construction workers," and emphasized, "It is necessary to strengthen monitoring of delayed construction payments and wage arrears and prepare countermeasures to prevent this." =========== T A I W A N =========== GOURMET MASTER: To Overhaul Supply Chain, Close Stores ------------------------------------------------------ Taipei Times reports that Gourmet Master Co, operator of the 85 C cafe chain in Taiwan and overseas, is undertaking its largest restructuring in five years, announcing plans to close more than 40 unprofitable stores and overhaul its supply chain in China. Taipei Times relates that the move, approved by the firm's board on Oct. 9, underscores the growing challenges it faces in the world's second-largest consumer market, where competition in the food and beverage sector has intensified amid weak consumer spending. According to Taipei Times, the company said the optimization aims to improve operating efficiency, concentrate resources in high-performing regions, and strengthen long-term profitability and shareholder returns. As of the end of June, 85°C operated 441 outlets in China, down 21 from the start of the year. The number of closures planned for this year is to exceed 40 - more than 10 percent of the total - with a faster pace expected in the second half. The planned shutdowns would mainly target underperforming regions, Taipei Times notes. Jiangsu Province hosts the largest number of 85°C stores at 134, followed by Shanghai with 119 and Fujian with 109. The brand's presence in Anhui, Beijing, Tianjin, Shandong, Sichuan and Chongqing remains limited to single digits, making northern and southwestern China the most likely areas for withdrawal, according to Taipei Times. Beyond store consolidation, Gourmet Master said it would also restructure its supply chain and production footprint. Its China operations currently follow a "one major, three minor" model, with a central factory in Kunshan, Jiangsu Province, supported by satellite plants in Fujian, Guangdong and Hangzhou, Zhejiang Province. Warehouse and logistics capacity would be adjusted in tandem with the store optimization to enhance cost controls and operational efficiency, it said in a stock market filing, Taipei Times relays. According to Taipei Times, the China business has become a drag on Gourmet Master's overall performance. The firm posted a loss of about NT$200 million (US$6.55 million) from its China operations in the first half of this year, following a nearly NT$400 million loss last year. The segment last turned a profit in 2021, but slipped into losses in the second half of 2023 as market conditions deteriorated. Without structural changes, annual losses could surpass NT$400 million this year, the company said. Taipei Times adds that the firm said it would disclose further details about its China restructuring - including the progress of store closures, supply chain adjustments and its strategic plans - in its third-quarter earnings announcement early next month, followed by an investor briefing later in the month. Gourmet Master operates more than 1,000 outlets globally, with Taiwan and the US serving as its key profit centers. The group has expanded its footprint in North America and Southeast Asia to diversify revenue sources. ============= V I E T N A M ============= VIETNAM NATIONAL: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Vietnam National Industry - Energy Group (PVN, previously known as Vietnam Oil and Gas) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook. Fitch has also affirmed PVN's senior unsecured rating at 'BB+'. PVN's IDR reflects its Standalone Credit Profile (SCP) of 'bb+', which is the same as Vietnam's sovereign rating (BB+/Stable). PVN's ratings will remain equalised with those of the sovereign under Fitch Ratings' Government-Related Entities Rating Criteria even if the SCP weakens, provided its assessment of PVN's strong likelihood of receiving state support under the criteria remains unchanged. PVN is wholly owned by the state, which exerts significant influence over its operating and financial policies. PVN's 'bb+' SCP reflects its conservative financial profile and market position as Vietnam's largest upstream oil and gas producer, with strong vertical integration across midstream and downstream segments in the energy value chain. PVN's stable gas distribution operations and power generation earnings help offset its high-cost upstream operations and the lower complexity of its refinery. Key Rating Drivers 'Very Strong' State Involvement: PVN's strategic objectives are set and approved by government, and management is appointed by the state. The chairperson is nominated directly by Vietnam's prime minister. The precedents of state support are 'Strong', as PVN is granted exclusive rights to Vietnam's oil and gas reserves by regulation. PVN is now directly held under Ministry of Finance (MoF), following the dissolution of State Capital Management Committee (CMSC) in early 2025. Fitch views the streamlining of reporting would help support the roll out of PVN's ongoing strategic projects, including its terms of funding arrangements. 'Very Strong' State Incentive to Support: PVN, with its role in preserving Vietnam's energy security, is the only Vietnamese company with access to the country's oil and gas reserves, and supplies one-third of the country's refined-product consumption, in addition to being the sole midstream gas supplier and owner of the gas pipeline network. PVN's fertiliser production also accounts for 80% of the domestic market, a strategic segment in light of Vietnam's reliance on agriculture. Fitch evaluates contagion risk as 'Very Strong', as PVN is a prominent borrower in Vietnam, which means a default could substantially affect the availability and cost of domestic and foreign financing options for the state and other government-related entities (GREs). Matured Upstream Operations: PVN's upstream operations and higher-cost structure relative to regional peers weigh down its SCP. Fitch expects lower upstream EBITDA as production stays flat, and on lower oil prices until PVN's upcoming Block B integrated gas and power project (Block B project) commence production, with incremental gas production reaching 80 billion-100 billion cubic feet (bcf) in the first year of commencement. Upstream gas sales in Vietnam are typically based on long-term contracts with volume commitments and floor pricing. Steady Demand for Refined Products: PVN's refinery has a strong market position, accounting for 43% of installed refinery capacity domestically and supplying nearly 35% of domestic fuel demand in 2024 in an energy-deficit market. Fitch expects the refinery's utilisation to stay high at around 100% over the next three to four years, except during scheduled maintenance periods. The refinery is constrained by its low complexity, but is undergoing an upgrade to improve its feedstock flexibility. Gas, Power Operations Enhance Stability: PVN's gas distribution has high earnings visibility due to long-term tariff-based contracts for gas transportation and sales contracts with a minimum selling price set at the 'wellhead', or buying, price. The power segment is supported by long-term power purchase agreements. Both operations have substantial exposure to the state power company, Vietnam Electricity (EVN, BB+/Stable). Fitch expects both gas distribution and power generation will collectively contribute 45%-50% of group EBITDA in the next four years. Project Execution Risk: PVN is planning to invest approximately USD14 billion in capex from 2025 to 2028, targeting several major projects including the Block B upstream project; a refinery upgrade; and the construction of power assets and liquefied natural gas (LNG) terminals. Fitch believes any significant delays or cost overruns in these projects could postpone cash flow contributions and exacerbate Vietnam's gas deficit. Net Leverage to Rise: Fitch expects PVN's free cash flow (FCF) to turn negative, while its net cash buffer retraces as it enters a high capex-intensive phase over the next three to four years to support its integrated Block B project and the Binh Son refinery expansion and upgrade, which has targeted completion by late-2027. Fitch sees EBITDA net leverage (excluding PVCombank) to stay net cash for the next two years before rising potentially to 1.3x by end-2028, a level where PVN still maintains sufficient SCP headroom. Excluding PVCombank in Credit Ratios: Fitch excludes PVCombank in calculating PVN's credit metrics due to the impending restructuring of the bank, which will result in PVN deconsolidating the bank from its financials. PVCombank accounted for about 64% of PVN's consolidated debt at end-2024, and its EBITDA contribution to PVN is small. Fitch does not anticipate major financial support from PVN to PVCombank during the restructuring. Peer Analysis PVN's 'bb+' SCP is a notch lower than that of Indonesia's PT Pertamina (Persero) (BBB/Stable, SCP: bbb-). Pertamina has much larger integrated oil and gas operations, and its upstream business is in a better cost position. This is offset partially by PVN's greater earnings diversification from its stable gas distribution and power business, higher refinery utilisation, and stronger balance sheet. PVN's GRE scoring assessment is comparable with EVN and Pertamina. PVN's 'Very Strong' assessment of the government's decision-making and oversight factor is the same for EVN and Pertamina, as their strategies, operations and investments are subjected to a very high degree of government control and influence. Precedents of state support are 'Strong' for both PVN and EVN, compared with 'Very Strong' for Pertamina. EVN is supported by state guarantees and subsidies while PVN is granted the exclusive rights to Vietnam's oil and gas reserves. Pertamina is assessed as 'Very Strong', as the Indonesian government supports Pertamina through various mechanisms, including regular subsidy reimbursements for the state's public-service obligation mandate. The contagion risk of a default is 'Very Strong' for PVN, EVN and Pertamina. They are key borrowers in their countries, which means a default would significantly affect the costs and availability of funding for their governments and GREs. Fitch deems the preservation of government policy role as 'Very Strong' for PVN as any disruptions to PVN's operations would have a profound impact on the entire energy value chain in Vietnam. The 'Strong' assessment for EVN reflects the presence of other state-owned entities (SOEs) capable of stepping in to produce power if EVN is in financial distress, and the procurement of feedstock for power generation, which is mostly from other SOEs. Pertamina's scoring of preservation of government policy role is the same as for PVN for similar reasons. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Crude prices in line with Fitch's Brent price deck assumptions: USD70/barrel (bbl) in 2025, USD65/bbl in 2026- 2027 and USD60/barrel in 2028; - Upstream oil and gas production averaging at 70kboepd between 2025-2027, and reaching 80kboepd with commencement of the Block B project; - Refining volume for Binh Son refinery stable at around 6.6 million tonnes in 2025-2027 (2024: 6.6 million tonnes). Gross refining margins of about USD1.8 per bbl in 2025, and recovering gradually to around USD3.3/barrel by 2028; - Dry gas sales prices in line with contracts, which are typically higher than the market-driven price and wellhead price; - PVN's subsidiary PetroVietnam Power Corporation Joint Stock Company's (BB+/Stable) power sales volume to improve to 17.6 million kWh in 2025 (2024: 15.9 million kWh), and rise gradually to around 24 million kWh by 2028; - Capex of around VND50 trillion in 2025, and averaging VND100 trillion per annum between 2026-2028 (2024: VND42 trillion). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Negative rating action on the sovereign. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Positive action on the sovereign, provided the likelihood of sovereign support remains intact. Sensitivities for Vietnam Sovereign (June 2025): Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - External Finances: A sharp reduction in FX reserves associated with pressure on the exchange rate, contributing to a weaker net external creditor position. - Public Finances: Expectation of significantly higher fiscal deficits, crystallisation of contingent liabilities on the sovereign's balance sheet, or reduced confidence in medium-term growth prospects, which would lead to a significant rise in government debt/GDP. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Macroeconomic Policy and Performance: Sustained high growth, without the creation of economic vulnerabilities, that reduces the GDP per capita gap with rating peers, and strengthening of the economic policy framework and improving transparency of policy decisions and data. - Public Finances: Significant reduction in fiscal risks, particularly those associated with contingent liabilities, stemming from the large state-owned enterprise (SOE) sector and the broader high leverage of the economy. Liquidity and Debt Structure PVN, excluding PVCombank, is in a net cash position. Entering into a capex-intensive phase for the next few years means that Fitch expects PVN to draw on its liquidity to support its investments. PVN is well positioned to raise funds to support its investment plans in the domestic market, being one of Vietnam's most important state-owned enterprises, as seen in its recent USD1 billion financing with Vietnamese state bank. Issuer Profile Vietnam National Industry - Energy Group (previously known as Vietnam Oil and Gas, PVN) is Vietnam's national oil company. It is fully owned by the state and operates across the entire oil and gas value chain through its subsidiaries, including upstream oil and gas production, midstream gas distribution, refining and retail, with further diversification into fertilisers and power generation. Public Ratings with Credit Linkage to other ratings The ratings of PVN are linked directly to the credit quality of its parent, the sovereign. A change in Fitch's assessment of the credit quality of the parent would result in a change in the rating on PVN. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Vietnam National Industry - Energy Group LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ ********* 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. 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