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251017.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, October 17, 2025, Vol. 28, No. 208 Headlines A U S T R A L I A ALAMMC GROUP: Federal Court Orders Remaining Group Cos. be Wound Up DAVID WHITE: First Creditors' Meeting Set for Oct. 22 DOB ENTERPRISES: RSM Australia Appointed as Liquidators NOVECO GROUP: First Creditors' Meeting Set for Oct. 22 QCC GROUP: First Creditors' Meeting Set for Oct. 22 SOBAH BEVERAGES: First Creditors' Meeting Set for Oct. 22 STAR ENTERTAINMENT: Gets Final Cash Injection from Bally's TRANSPORT SALES: First Creditors' Meeting Set for Oct. 22 C H I N A MERCURITY FINTECH: Nasdaq OKs Uplisting to Global Market POWERLONG REAL ESTATE: Inks Debt Restructuring Support Deal SHINECO INC: Nasdaq Suspends Trading Following Delisting Decision H O N G K O N G GOLD GARDEN: Closes Branch Amid Ongoing Restaurant Closures I N D I A AGRIMAS CHEMICALS: Liquidation Process Case Summary AL-DUA FOOD: Insolvency Resolution Process Case Summary ALP NON WOVEN: CRISIL Keeps D Debt Ratings in Not Cooperating AMRIT POLYCHEM: NCLAT Junks Ksure's Insolvency Plea ATTIRE DESIGNERS: CRISIL Keeps D Debt Ratings in Not Cooperating BEEHIVE EDUCATIONAL: CRISIL Keeps B- Ratings in Not Cooperating BHAGAVAN VENKAIAH: CRISIL Keeps D Debt Ratings in Not Cooperating BHARGAV FOODS: CRISIL Keeps D Debt Rating in Not Cooperating BHOROSHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating BIDESH PLYWOOD: CRISIL Keeps D Debt Ratings in Not Cooperating BIG FLICKS: Insolvency Resolution Process Case Summary CAPCO WATER: CRISIL Keeps D Debt Ratings in Not Cooperating FILOURA BIG: Insolvency Resolution Process Case Summary GMK LABS: CRISIL Keeps B Debt Rating in Not Cooperating Category GODDESS TEXTILES: Liquidation Process Case Summary GOODONE TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating GRACE MICRON: CRISIL Keeps D Debt Ratings in Not Cooperating HARSHADKUMAR BHAILALBHAI: CRISIL Cuts LT/ST Loan Ratings to D ICON CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating J G AGRO: CRISIL Keeps D Debt Rating in Not Cooperating Category JAIPRAKASH ASSOCIATES: CCI Approves Vedanta's Acquisition Bid KEDIA SOLVENT: Voluntary Liquidation Process Case Summary PALLA SILKS: CRISIL Lowers Rating on INR10cr Cash Credit to D PAVANSUT PAPER: CRISIL Keeps D Keeps D Ratings in Not Cooperating R. KANTILAL: CRISIL Keeps D Debt Ratings in Not Cooperating RAJESHWARI COTSPIN: Insolvency Resolution Process Case Summary RASIKLAL SANKALCHAND: CRISIL Keeps D Ratings in Not Cooperating SAI AMRUT: CRISIL Keeps D Debt Rating in Not Cooperating Category SBA EDUCATION: CRISIL Keeps D Debt Rating in Not Cooperating SHIV SNAX: CRISIL Keeps B Debt Rating in Not Cooperating SIYARAM EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating SMELTERS AND ENERGY: CRISIL Keeps D Ratings in Not Cooperating SSG TECHNO: CRISIL Keeps D Debt Ratings to Not Cooperating U.N. AUTOMOBILES: Insolvency Resolution Process Case Summary UDAIPUR ENTERTAINMENT: ED Restores 354 Flats to Homebuyers WELLDONE EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating YOGESH CYCLE: CRISIL Withdraws B Rating on INR1.48cr LT Loan I N D O N E S I A KERETA CEPAT: Indonesia in Talks With China on Debt Restructuring M O N G O L I A M BANK: Moody's Assigns First Time 'B3' Issuer & Deposit Ratings N E W Z E A L A N D 69 ROBERTA: Creditors' Proofs of Debt Due on Dec. 8 AUCKLAND BALLET: Court to Hear Wind-Up Petition on Oct. 24 BUDGET COMPUTERS: Creditors' Proofs of Debt Due on Nov. 6 DIMENSIONAL ROOFING: Court to Hear Wind-Up Petition on Oct. 21 PEARSON SOFTWARE: Creditors' Proofs of Debt Due on Nov. 7 S I N G A P O R E ENTER ENGINEERING: Court Enters Wind-Up Order HELLA INFRA: Court to Hear Wind-Up Petition on Oct. 24 HYDRUS ENGINEERING: Court to Hear Wind-Up Petition on Oct. 24 ORIGINAL BOAT: Hong Junyang Declares Bankruptcy VIMBOX MOVERS: Court Enters Wind-Up Order VINCERT GLOBAL: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= ALAMMC GROUP: Federal Court Orders Remaining Group Cos. be Wound Up ------------------------------------------------------------------- The Federal Court has ordered the remaining ALAMMC Group companies be wound up following significant concerns identified by the Court‑appointed receivers about investor funds and the viability of the businesses. ASIC was successful in seeking the winding up of 13 corporate defendants on just and equitable grounds after the receivers' reports noted: * Around AUD91.6 million was raised from hundreds of investors across ALAMMC entities, yet significant funds were misused or not applied to the specific projects investors were told they were funding * Investor funds were intermingled and used across multiple entities, with numerous transactions of concern including payments to personal accounts and loans not aligned to specific projects * Construction activity on most projects was minimal or had stopped altogether * Apart from a small amount of rental income, the corporate defendants appeared to have no other sources of cash inflows, did not generate revenue or trading income and almost all expenditure appeared to have been funded from investor funds * The receivers expressed the view that the corporate defendants are insolvent, with limited to no ability to restructure, and * The receivers also identified potential breaches of directors' duties. ASIC Deputy Chair Sarah Court said, 'The decision to wind up these companies has been driven by public interest considerations and the need to protect current and potential investors.' Control of the affected companies now transitions from receivership to liquidation to better protect investors and enable potential recovery actions. The Court has appointed Andrew Fielding and Helen Newman of BDO as official liquidators to carry out the wind‑ups. The liquidators will now: * Continue investigations into investor funds and company assets * Communicate with investors about next steps, and * Pursue any appropriate recovery actions for the benefit of creditors and investors. This outcome builds on ASIC's civil action that preserved assets and appointed receivers over Mr David McWilliams, Ms Laura Fullarton and ALAMMC-related companies in late 2024. ASIC's criminal investigation into the conduct of those involved in the ALAMMC businesses continues. On Sept. 11, 2024, the Federal Court preserved assets of ALAMMC‑related companies and individuals, and restrained Mr McWilliams from leaving Australia. ASIC is investigating the companies and their director Mr McWilliams in relation to the suspected provision of financial services and use of investor funds from Jan. 1, 2021. ASIC opened its investigation after receiving information in relation to Mr McWilliams' gambling activities. The companies subject to the receivership and asset preservation orders are: - ALAMMC Developments Pty Ltd; - ALAMMC Developments 2 Pty Ltd; - ALAMMC Developments 3 Pty Ltd; - ALAMMC Developments 4 Pty Ltd; - ALAMMC Developments 5 Pty Ltd; - ALAMMC Developments 6 Pty Ltd; - ALAMMC Developments 7 Pty Ltd; - SDAMF 2 Pty Ltd; - SDAMF 3 Pty Ltd; - SDAMF 4 Pty Ltd; - Mortgage Mutual Fund Pty Ltd; - Harvey Madison Capital Pty Ltd; and - Coral Coast Mutual Fund Pty Ltd. Any person who is an investor in ALAMMC Developments Pty Ltd, SDAMF 2 Pty Ltd, Harvey Madison Capital Pty Ltd and Coral Coast Mutual Pty Ltd or the other related entities and has concerns can find more information about the investigation and frequently asked questions on the ALAMMC Developments investigation page. On Oct. 22, 2024, the Federal Court appointed receivers to the property of Mr. McWilliams and Ms. Fullarton. On Nov. 1, 2024, the Federal Court appointed receivers to 13 ALAMMC corporate defendants. In August 2025, ASIC filed and the Court accepted a Second Further Amended Originating Process seeking winding‑up orders for the remaining corporate defendants identified above. The Receivers' website provides updates and contact details: * BDO – The ALAMMC Group. * Investors can also email ALAMMC.enquiries@bdo.com.au to request copies of public, redacted receiver reports. ASIC continues to publish case updates on the ALAMMC enforcement activities page. DAVID WHITE: First Creditors' Meeting Set for Oct. 22 ----------------------------------------------------- A first meeting of the creditors in the proceedings of David White Architects Pty. Limited will be held on Oct. 22, 2025 at 11:00 a.m. at the offices of Westburn Advisory, at Level 5, 115 Pitt Street, in Sydney, NSW. Shumit Banerjee of Westburn Advisory was appointed as administrator of the company on Oct. 13, 2025. DOB ENTERPRISES: RSM Australia Appointed as Liquidators ------------------------------------------------------- The NSW-based company, DOB Enterprises Pty Ltd has appointed Tim Gumbleton and Mitchell Herrett of RSM Australia Partners as Liquidators of the company incorporating various businesses including MBC Recruitment, Watchout Traffic Control and Port Macquarie Labour Hire. RSM Australia Director Tim Gumbleton said the company, which operated in the traffic management, recruitment, and health industries had approximately 400 employees across the Port Macquarie, Newcastle and Tamworth regions prior to the Liquidators' appointment on Oct. 7, 2025. "Our preliminary review of the financial statements and records indicate the company did not have sufficient cashflow to continue operating and as such, the decision was made to place the company into liquidation due to insolvency," Mr. Gumbleton said. "Our immediate focus has been to support the company's former employees and its creditors through this process and identify potential alternatives solutions that will maximise the realisable value of the company's assets and provide a positive outcome for as many employees, clients and other stakeholders as possible." Expressions of interests (EOIs) are being sought from interested parties in respect of the acquisition of the business assets either in whole or in part with the EOIs to be returned to Mr Gumbleton and Mr Herrett as Liquidators by close of business on Oct. 13, 2025. "As part of our process, we have met with the company's former employees to advise them of our appointment and the schemes and resources available to them including the Federal Government's Fair Entitlements Guarantee (FEG) – a federally funded safety net that enables eligible employees of an employer in liquidation to lodge a claim for assistance for certain categories of unpaid entitlements." Mr. Gumbleton and Mr. Herrett as Liquidators have already contacted the known creditors and various stakeholders to advise them of their appointment, discuss the current position and work through the available options. The Liquidators will provide an initial report to creditors over the coming weeks with a detailed, statutory report provided to creditors once the sale process and preliminary investigations are complete. NOVECO GROUP: First Creditors' Meeting Set for Oct. 22 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Noveco Group Pty Ltd, Noveco Manufacturing Pty Ltd, and Noveco Surfaces Pty Ltd will be held on Oct. 22, 2025 at 11:00 a.m. at the offices of HoganSprowles Pty Ltd, at Level 1, 44 Pitt Street, in Sydney, NSW and via virtual facilities. Christian Sprowles and Michael Hogan of HoganSprowles were appointed as administrators of the company on Oct. 10, 2025. QCC GROUP: First Creditors' Meeting Set for Oct. 22 --------------------------------------------------- A first meeting of the creditors in the proceedings of QCC Group Pty Ltd will be held on Oct. 22, 2025 at 10:30 a.m. via teleconference ("Microsoft Teams") only. Marcus Watters of Hall Chadwick was appointed as administrator of the company on Oct. 10, 2025. SOBAH BEVERAGES: First Creditors' Meeting Set for Oct. 22 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Sobah Beverages Pty Ltd will be held on Oct. 22, 2025 at 10:30 a.m. at the offices of Worrells, at Level 1, 160 Brisbane Street, in Ipswich, QLD and via Microsoft Teams Video Conferencing. Adam Francis Ward of Worrells was appointed as administrator of the company on Sept. 17, 2025. STAR ENTERTAINMENT: Gets Final Cash Injection from Bally's ---------------------------------------------------------- Zoe Samios at The Australian Financial Review reports that Star Entertainment has received its final payment from major shareholder-in-waiting Bally's Corporation, granting the struggling casino operator millions of dollars as it waits on a hefty fine for historical misconduct. The Financial Review relates that ASX-listed Star received AUD67 million in cash from Bally's late last week, the final tranche of a complex transaction that involved subordinated debt and convertible notes. Bally's and the billionaire Mathieson family, who plan to take ownership of Star, have now paid the AUD300 million they initially committed to Star in April. Both parties are still waiting for final probity approvals from regulators that will allow them to take control. According to the Financial Review, Bally's chairman Soo Kim confirmed the payment and said he was looking forward to completing the transaction. The extra cash injection will provide further relief for Star, which had AUD207.1 million in net debt as of June 30 and available cash of AUD163.5 million as of September 26 according to its latest financial accounts, notes the report. Star's net liabilities sit at AUD426.3 million, more than its total assets worth AUD341.4 million, the Financial Review notes. Its financial situation is complicated by a looming fine from the Australian Transaction Reports and Analysis Centre for repeated historical breaches of anti-money laundering and counter-terrorism laws. Bally's runs 19 casinos in the United States and a string of other entertainment assets. The American gaming giant announced plans to take control of Star, which operates casinos in Sydney, Brisbane and the Gold Coast, in April under a AUD300 million deal that involves the Mathieson family, the Financial Review recalls. The latter made their money through the ownership and operation of pubs and pokies. The American casino operator has already flagged its intention to overhaul management as part of a turnaround plan for Star and Bally's chairman Kim is expected to join its board once he receives probity approval, the Financial Review states. Bruce Mathieson jnr, the son of Bruce Mathieson who is running his investment vehicle, formally joined Star's board last week, the report notes. Kim has previously said he is restricted in his capacity to meet with management and help shape Star's long-term strategy until he receives probity. Bally's requires separate probity checks from NSW and Queensland regulators. Once probity is received, Bally's will emerge with 37.8 per cent of Star via hundreds of millions of dollars in convertible shares. The Mathieson family will emerge with 23.2 per cent if it converts its notes. The Financial Review adds that Star is separately in talks to replace its debt with a new lender syndicate that could also involve the Mathieson family. The casino group was granted another six months of relief from debt covenants in return for a fee, giving it until February to find a way to reduce debt. It now seeks to replace a AUD430 million loan with a bigger and cheaper debt package, which would give it more funds to pile into its ailing business. About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. The casino operator posted a statutory net loss after tax of AUD471.5 million for the year ended June 30, 2025. As reported in the the Troubled Company Reporter-Asia Pacific on Jan. 21, 2025, Star Entertainment has warned that it faces "material uncertainty" over its ability to stay afloat unless it finds a solution to its worsening financial woes. In a quarterly update to investors on Jan. 20, ASX-listed Star said its revenue had fallen 15 per cent in the December quarter, citing ongoing weakness in its operating performance. It pointed to a "challenging" consumer environment, the impact of carded play in NSW, and expenses caused by a series of regulatory and compliance problems. TRANSPORT SALES: First Creditors' Meeting Set for Oct. 22 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Transport Sales & Hire Pty Ltd will be held on Oct. 22, 2025 at 9:30 a.m. at the offices of Rodgers Reidy, at Cnr Bathurst & Argyle Street, in Hobart, TAS and via virtual meeting technology. Shelley-Maree Brooks of Rodgers Reidy was appointed as administrator of the company on Oct. 14, 2025. ========= C H I N A ========= MERCURITY FINTECH: Nasdaq OKs Uplisting to Global Market -------------------------------------------------------- Mercurity Fintech Holding Inc. announced that it has received approval from Nasdaq to transfer its listing from the Nasdaq Capital Market to the Nasdaq Global Market - a move that reflects the Company's continued development and its compliance with the Nasdaq Global Market's higher financial and corporate governance standards, including higher thresholds for market capitalization and public float. The transition to this higher Nasdaq market tier may enhance the Company's visibility among institutional investors, improve liquidity, and broaden market recognition. "We're thrilled to take this next step in our story," said Shi Qiu, Chief Executive Officer of Mercurity Fintech. "Moving to the Nasdaq Global Market reflects our continued progress and adherence to Nasdaq's financial and governance standards. It also positions us alongside other companies that have met these elevated requirements. We look forward to leveraging this enhanced platform to drive continued growth and create value for our shareholders. We're grateful for the support that has brought us here and excited about what's ahead." Uplisting to the Nasdaq Global Market tier can bring several advantages. Companies at this level may experience increased trading volumes and greater access to institutional investors. Meeting the Global Market's higher financial and corporate governance standards also signals to the market that a company has achieved financial and operational growth. This latest milestone adds to what has been a notable year for Mercurity Fintech. Earlier this year, the Company was added to the Russell 2000 Index. It also joined the S&P Global Broad Market Index. These recent inclusions that have already begun to expand the Company's investor base. In addition, MFH has continued to execute its Digital Asset Treasury Strategy (DATS) through its wholly owned subsidiary Chaince Securities LLC, which provides advisory services in digital asset treasury management and tokenization. These initiatives further support MFH's position at the intersection of blockchain innovation and regulated capital markets. The uplisting to the Nasdaq Global Market was effective with the open of business on October 9, 2025. The Company's shares will continue to trade under the ticker symbol "MFH". About Mercurity Fintech Holding Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries engaged in distributed computing and financial brokerage. Beyond its core fintech operations, the Company contributes to the advancement of AI hardware technology by delivering secure and innovative solutions in intelligent manufacturing and advanced liquid cooling systems. Its focus on compliance, innovation, and operational efficiency supports its position as a trusted player in both the evolving digital finance space and the AI technology sector. For more information, please visit the Company's website at https://mercurityfintech.com. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million in total assets, $11.60 million in total liabilities, and $24.09 million in total shareholders' equity. POWERLONG REAL ESTATE: Inks Debt Restructuring Support Deal ----------------------------------------------------------- TipRanks reports that Powerlong Real Estate Holdings Ltd. has entered into a Restructuring Support Agreement (RSA) with holders of approximately 31% of its Scheme Debt, aiming to implement a holistic solution that includes various options for creditors, such as cash, shares, and bonds. The company is seeking broader support from all debt holders to ensure the successful implementation of the restructuring plan, which is crucial for stabilizing its financial position and complying with regulatory requirements, TipRanks relates. Powerlong Real Estate Holdings Ltd. operates real estate businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other services. Powerlong Real Estate Holdings also operates hotel operation, tourism development, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific in early July 2022, Moody's Investors Service has downgraded Powerlong Real Estate Holdings Limited's corporate family rating to Caa2 from Caa1 and senior unsecured rating to Caa3 from Caa2. The outlook remains negative. On June 29, 2022, S&P Global Ratings lowered its long-term issuer credit rating on Powerlong Real Estate Holdings Ltd. to 'CCC+' from 'B'. S&P also lowered the long-term issue rating on the developer's senior unsecured notes to 'CCC' from 'B-'. At the same time, S&P placed the ratings on CreditWatch with negative implications. S&P subsequently withdrew its issuer credit rating and issue rating on Powerlong at the company's request. In December 2023, Powerlong Real Estate Holdings said it missed a coupon payment on an offshore bond and hiring restructuring advisors, according Mingtiandi. Having failed to pay US$15.9 million in interest on a set of dollar bonds by the Oct. 30, 2023, due date, the developer said that it had failed to honour that obligation within the 30-day grace period, triggering a default and setting the stage for a debt restructuring. SHINECO INC: Nasdaq Suspends Trading Following Delisting Decision ----------------------------------------------------------------- As previously reported, on June 16, 2025, Shineco Inc. received a staff determination letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that it was not in compliance with the minimum bid price requirement as set forth under Nasdaq Listing Rule 5550(a)(2) ("Bid Price Rule") for continued listing on Nasdaq. The Letter stated that, unless the Company timely requested a hearing before a Nasdaq Hearings Panel, trading of the Company's securities would be suspended at the opening of business on June 25, 2025. The Company submitted a timely request for a hearing on June 23, 2025. The Panel conducted the hearing on July 24, 2025, during which the Company presented its case regarding its non-compliance with the Bid Price Rule. On July 25, 2025, the Company received a letter from the Panel denying its request for continued listing. Nasdaq subsequently notified the Company that trading in its common stock would be suspended effective July 29, 2025. On July 28, 2025, the Company received notice that the Nasdaq Listing and Hearing Review Council, pursuant to its authority under Nasdaq Listing Rule 5820(b), had called the matter for review and granted a stay of the Panel Decision pending the outcome of that review, thereby staying the suspension of trading and delisting of the Company's common stock pending further review by the Listing Council. Following its review, the Listing Council issued its decision on October 1, 2025, affirming the Panel's decision to delist the Company's securities. On October 3, 2025, Nasdaq informed the Company that the stay had been lifted and that trading in the Company's common stock would be suspended effective at the open of trading on Tuesday, October 7, 2025. The Company has indicated its intent to appeal the Listing Council's decision to the Securities and Exchange Commission pursuant to Sections 19(d) and 19(f) of the Securities Exchange Act of 1934, as amended. In the interim, on October 6, 2025, the Company filed an emergency petition with the United States Court of Appeals for the D.C. Circuit, seeking to enjoin Nasdaq from implementing the trading suspension pending resolution of the SEC appeal. The Company sought interim judicial relief due to the ongoing U.S. federal government shutdown, which has effectively halted the SEC's ability to process or act upon filings in administrative proceedings. The Company's petition was denied, and Nasdaq's suspension of trading in the Company's common stock took effect on October 7, 2025. Legal Proceedings: On July 28, 2025, the Company, along with two of its shareholders, initiated legal proceedings against Nasdaq in the United States District Court for the Southern District of New York (Civil Action No. 1:25-cv-6159). The Lawsuit sought an expedited Temporary Restraining Order to enjoin Nasdaq from suspending trading and delisting the Company's common stock, citing prospective irreparable harm and other grounds. Shortly after the filing, the Company received the Listing Council Letter granting a stay of the Panel Decision. Consequently, the Plaintiffs withdrew their motion for the TRO. Following the Listing Council Decision on October 1, 2025, the Company filed a renewed Emergency Motion for a Temporary Restraining Order and Preliminary Injunction, along with an Amended Complaint, on October 3, 2025. On October 4, 2025, the District Court denied the Renewed TRO without prejudice and dismissed the Lawsuit for lack of jurisdiction. On October 6, 2025, the Company filed an emergency petition with the United States Court of Appeals for the D.C. Circuit, seeking an order to prohibit Nasdaq from suspending trading of Shineco's common stock pending the Company's appeal of the Listing Council Decision to the SEC. The petition was denied, and Nasdaq's suspension of trading in the Company's common stock took effect on October 7, 2025. The Company continues to evaluate all available options in response to the delisting determination and related developments. While the Company has taken certain legal and regulatory actions to challenge the delisting, it reserves the right to pursue any additional remedies, strategies, or corporate actions it deems appropriate in the future. No assurance can be given regarding the outcome of any pending or future proceedings, or the Company's ability to resume trading on a national securities exchange or any other trading platform. About Shineco Inc. Headquartered in Beijing, People's Republic of China, Shineco, Inc. aims to 'care for a healthy life and improve the quality of life' by providing health and medical products and services to society. Shineco, operating through subsidiaries, has researched and developed 33 vitro diagnostic reagents and related medical devices to date, and the Company also produces and sells healthy and nutritious foods. Singapore-based AssentSure PAC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Sept. 30, 2024, citing that the Company had net losses of approximately US$$24.3 million and US$14.0 million, and cash outflow of US$3.9 million and US$5.4 million from operating activities for the years ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and 2023, the Company had accumulated deficit of US$54.3 million and US$31.7 million, respectively, and as of June 30, 2024 and 2023, the Company had negative working capital of US$6.7 million and US28.9 million, respectively. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ================= H O N G K O N G ================= GOLD GARDEN: Closes Branch Amid Ongoing Restaurant Closures ----------------------------------------------------------- The Standard reports that the iconic Gold Garden Cafe in Cheung Sha Wan announced on social media that its branch will close mid-October due to its lease expiry, becoming one of the restaurants affected by the ongoing wave of closure in Hong Kong's catering scene. The Gold Garden Cafe, which has been in business for over 25 years, posted on its Facebook on Oct. 10 that its branch at 316 Castle Peak Road was to cease operations at 5:00 p.m. last October 15 due to lease expiry. Meanwhile, its main branch at 314 on the same road will continue to operate. Originally opened at 314 Castle Peak Road, the Gold Garden Cafe started as a traditional ice house, serving local delicacies such as macaroni soup, set meals and fried spaghetti, along with a bakery offering egg tarts and bread. Over the years, the business flourished, expanding to two shops with the new location at 316 Castle Peak Road focusing on small plates and rice dishes. The restaurant's signature flaky egg tarts are famous for their over 100 layers of pastry, offering a crisp and flaky exterior paired with a smooth and fluffy filling - a favorite among locals and tourists. Other popular dishes include satay beef noodles and stir-fried black pepper spaghetti. According to The Standard, the closure of its branch has left the owner, surnamed Ng, feeling he had no choice. Though not the original founder, he took over the restaurant from the previous owner over a decade ago, aiming to maintain food quality by keeping the original kitchen staff. He explained that despite the challenging economy, the new location, which has been open for four and a half years, has not turned a profit and its performance has not met expectations, even falling short of the main shop's success, The Standard relates. With worsening market conditions and staff changes, operations became more difficult. "Last month, the chiefs informed me they wanted to leave and open their own place. It's tough to find a new replacement quickly, so it seemed best to close the new branch," The Standard quotes Ng as saying. Expressing his disappointments, Ng noted that there was no initial plan to close the branch. However, with the sudden departure of staff, he felt it was better to focus on the main store. The Standard adds that Ng said that regular customers understand the reasons behind the branch's closure. Although dishes served at the branch will be temporarily unavailable, Ng is committed to finding a larger space to accommodate more diners in the future. ========= I N D I A ========= AGRIMAS CHEMICALS: Liquidation Process Case Summary --------------------------------------------------- Debtor: Agrimas Chemicals Limited Registered Office: H2 MIDC Ind Estate, Taloja Dist, Raigadh-410208, Maharashtra Corporate Office: 602, 6th Floor ILD Trade Centre Sector-47 Gurugram-122018, Haryana Liquidation Commencement Date: September 25, 2025 Court: National Company Law Tribunal, Mumbai Bench-V Liquidator: Sanjay Kumar Gupta Flat No. 503, Block 9 Fifth Floor, Opel Orris Misrod Huzur Near Rukmani College, Bhopal Madhya Pradesh, 462026 Email: sn93.ip@gmail.com Email: Liq.AgrimasChemicals@gmail.com Last date for submission of claims: October 26, 2025 AL-DUA FOOD: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: AL-DUA FOOD PROCESSING PRIVATE LIMITED Regd. Office: 114 Baber Road, North Delhi, New Delhi, India, 110001 Corporate office: 5/50, B-5, Beema Nagar, Alampur, Near Sai Mandir, Sarsol, G.T. Road, Aligarh-202001, Uttar Pradesh, India Insolvency Commencement Date: September 24, 2025 Estimated date of closure of insolvency resolution process: March 23, 2026 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: PAWAN KUMAR GOYAL 304. D.R. Chamber, 12/56, D.B Gupta Road, Karol Bagh, New Delhi-110005 Email: ca.pawangoyal@gmail.com Email: aldua.cirp@gmail.com Last date for submission of claims: October 8, 2025 ALP NON WOVEN: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of ALP Non Woven Private Limited (ANWPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.4 CRISIL D (Issuer Not Cooperating) Cash Credit 8.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.15 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ANWPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ANWPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ANWPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ANWPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. ANWPL, incorporated in 2012, is promoted by the Modasa (Gujarat)-based Mr. Hareshbhai D Patel and Mr. Mahendrabhai D Patel. The company manufactures technical textile fabric from polypropylene. The plant is located in Modasa and has a total installed capacity of 2400 tonnes per annum. AMRIT POLYCHEM: NCLAT Junks Ksure's Insolvency Plea --------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has dismissed an insolvency appeal against Amrit Polychem filed by Korea Trade Insurance Corporation. ET relates that the appellate tribunal has upheld the order passed by the Mumbai Bench of the National Company Law Tribunal (NCLT), observing a preexisting dispute between the parties. According to ET, the NCLAT said Korea Trade Insurance Corporation (Ksure) was well aware of the fact that there was a preexisting dispute before stepping into the shoes of the JT Corporation (JTC). Amrit Polychem Pvt. Ltd. is involved in the manufacture of polyol and trading in chemicals used for the manufacturing of polyurethane, plastics, paints, inks and coatings. The company has its head office in Mumbai, factory in Palghar and three sales depots in Ahmedabad, Daman and Haryana. ATTIRE DESIGNERS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Attire Designers Private Limited (ADPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 19 CRISIL D (Issuer Not Purchase Cooperating) Packing Credit 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ADPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ADPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ADPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ADPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. The RBD group started trading in 1993. All the entities in the group were trading in readymade garments (more than 80 percent of revenue), hosiery, handicrafts, fabrics, leather goods, and miscellaneous products. They have common customers and suppliers, and also the same banker, Punjab National Bank, and auditors. BEEHIVE EDUCATIONAL: CRISIL Keeps B- Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Beehive Educational Society (BES) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B-/Stable (Issuer Not Cooperating) Proposed Long Term 3 CRISIL B-/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 6.5 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BES for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BES, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BES continues to be 'Crisil B-/Stable Issuer not cooperating'. BES, set up in April 2002, offers education in the fields of engineering, management, science, commerce, and physiotherapy. It currently runs three institutes: Beehive College of Advance Studies, Beehive College of Management & Technology, and Beehive College of Engineering & Technology. All three institutes are located on a single campus in Dehradun. BHAGAVAN VENKAIAH: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sri Bhagavan Venkaiah Swamy Rice Mill (SBV; part of the Sowbhagya group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Term Loan 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SBV for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SBV, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBV is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBV continues to be 'Crisil D Issuer not cooperating'. About the Group The Sowbhagya group's first firm, SRB, was set up in 1988 by Mr V Gopal Naidu and his family. In 1997, SLPB was set up and in 2000, SBV. All these entities mill and process paddy into rice; they also generate by-products such as broken rice, bran, and husk. Their rice mills are in Nellore, Andhra Pradesh. BHARGAV FOODS: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Bhargav Foods (BGF) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BGF for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BGF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BGF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BGF continues to be 'Crisil D Issuer not cooperating'. BGF is a proprietorship firm set up in April, 2017. The firm is based out of Delhi and is promoted and managed by Mr. Nitin Gaur. The firm has a manufacturing plant in Mayapuri with a processing capacity of 5 tons per hour for wheat processing. Currently the firm is operating for 16 hours daily. The company sells the wheat under its brand 'Pavitra Aahar'. The operations of the company started in April, 2017. BHOROSHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bhorosha Rice Mill Private Limited (BRMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.16 CRISIL D (Issuer Not Cooperating) Cash Credit 9.5 CRISIL D (Issuer Not Cooperating) Term Loan 2.54 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BRMPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BRMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BRMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1998, BRMPL mills non-basmati parboiled rice at its facility in Burdwan (West Bengal). Its daily operations are managed by its promoter'director Mr. Nazmul Haque. BIDESH PLYWOOD: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bidesh Plywood Factory Private Limited (BPFL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Letter of Credit 18 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.7 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Standby Letter 1.8 CRISIL D (Issuer Not of Credit Cooperating) Crisil Ratings has been consistently following up with BPFL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of BPFL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BPFL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BPFL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1992, BPFL is promoted by Mr Roshan Lal Agarwal. The company has a unit near Dhupguri in Siliguri (West Bengal) and manufactures plywood, block board, and veneers. BIG FLICKS: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Big Flicks Private Limited 502, Plot No. 91/94, Prabhat Colony, Santacruz (East), Mumbai, Maharashtra - 400055 Insolvency Commencement Date: September 25, 2025 Estimated date of closure of insolvency resolution process: March 24, 2026 Court: National Company Law Tribunal, Mumbai Bench-VI Insolvency Professional: Mr. Ritesh Prakash Adatiya NPV Insolvency Professionals Private Limited (formerly known as Mantrah Insolvency Professionals Private Limited) H-35, 1st Floor Jangpura Extension, Jungpura, South Delhi, New Delhi - 110014 Email id: ipe@npvca.in 10th Floor, 1003, Zion Z1, Near Avalon Hotel, Sindhu Bhavan Road, Thaltej, Ahmedabad - 380054 Email id: cirp.bigflicks@npvinsolvency.in Last date for submission of claims: October 14, 2025 CAPCO WATER: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Capco Water Solutions Private Limited (CWSPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with CWSPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of CWSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CWSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of CWSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1995, CWSPL is owned and managed by Mr. M B Kocha and family. It is based in Mumbai and engaged in the designing, manufacturing and installation of water disinfection systems and products such as chlorine gas feed and instrumentation, electro chlorination and chlorine dioxide generators. FILOURA BIG: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Filoura Big Broadcasting Private Limited 502, Plot No. 91/94, Prabhat Colony, Santacruz (East), Mumbai, Maharashtra - 400055 Insolvency Commencement Date: September 23, 2025 Estimated date of closure of insolvency resolution process: March 22, 2026 (180 Days) Court: National Company Law Tribunal, Mumbai Bench-VI Insolvency Professional: Janak Jagjivan Shah H-35, 1st Floor Jangpura Extension, Jungpura, South Delhi, New Delhi - 110014 Email id: ipe@npvca.in 10th Floor, 1003, Zion Z1, Near Avalon Hotel, Sindhu Bhavan Road, Thaltej, Ahmedabad – 380054 Email id: cirp.filoura@npvinsolvency.in Last date for submission of claims: October 9, 2025 GMK LABS: CRISIL Keeps B Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of GMK Labs Private Limited (GLPL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GLPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GLPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GLPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GLPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2006, GLPL manufactures specialty chemicals such as piroctone olamine. The manufacturing facility is located in Vijayawada, Andhra Pradesh. The company is promoted by Mr G Murali Krishna. GODDESS TEXTILES: Liquidation Process Case Summary -------------------------------------------------- Debtor: GODDESS TEXTILES PRIVATE LIMITED NO.1/192, APPANAICKANPATTI PUDUR ROAD KALANGAL POST, SULUR, Coimbatore, COIMBATORE, Tamil Nadu, India, 641402 Liquidation Commencement Date: September 18, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: E.SANTHANALAKSHMI E.SANTHANALAKSHMI INSOLVENCY PROFESSIONAL Mob: 9941465504 Email: CIRP.GODDESSTEXTILES@GMAIL.COM Last date for submission of claims: October 24, 2025 GOODONE TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Goodone Traders Private Limited (GTPL, part of the RBD group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 19 CRISIL D (Issuer Not Purchase Cooperating) Packing Credit 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GTPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GTPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. About the Group The RBD group started trading in 1993. All the entities in the group were trading in readymade garments (more than 80 percent of revenue), hosiery, handicrafts, fabrics, leather goods, and miscellaneous products. They have common customers and suppliers, and also the same banker, Punjab National Bank, and auditors. GRACE MICRON: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Grace Micron LLP (GML) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.75 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Long Term Loan 6.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GML for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GML, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GML is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of GML continues to be 'Crisil D/Crisil D Issuer not cooperating'. GML, established in 2016 at Morbi, is a Greenfield project for manufacturing and purifying of soda and potash feldspar mainly used in the ceramic industry. The firm commenced operations in October 2017. HARSHADKUMAR BHAILALBHAI: CRISIL Cuts LT/ST Loan Ratings to D ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Harshadkumar Bhailalbhai and Co. (HBC), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B+/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with HBC for obtaining information through letters and emails dated April 4, 2025 and October 10, 2025 apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'Issuer not cooperating'. These ratings lack a forward-looking component as they are arrived at without any management interaction and are based on best available or limited or dated information on the firm. Detailed rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of HBC, which restricts Crisil Ratings ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that the rating action on HBC is consistent with 'Assessing Information Adequacy Risk'. Based on the publicly available information, Crisil Ratings has downgraded the ratings of HBC to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B+/Stable/Crisil A4 Issuer not cooperating' due to delays in debt servicing. HBC was established in 1977 as a proprietorship firm and reconstituted as a partnership firm in 2013. Located in Ahmedabad, Gujarat, and set up by Kashyap H Amin, Shardha Amin and Rudra Amin, the firm constructs buildings, roads and bridges; and undertakes canal and irrigation works. ICON CABLES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Icon Cables Limited (ICL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.9 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Letter of Credit 0.4 CRISIL D (Issuer Not Cooperating) Proposed Fund- 1.21 CRISIL D (Issuer Not Based Bank Limits Cooperating) SME Credit 0.25 CRISIL D (Issuer Not Cooperating) Term Loan 0.24 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ICL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of ICL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ICL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of ICL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established in 1986, ICL manufactures various types of control and instrumentation cables. It was taken over by Mr. N K Rathi in 2004 and since then has been managed by him and is based out of Delhi. Its plant based in Neemrana, Rajasthan. J G AGRO: CRISIL Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of J G Agro Industries (JGAI) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JGAI for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JGAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JGAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JGAI continues to be 'Crisil D Issuer not cooperating'. JGAI was established in 2008 as a partnership firm by the Jindal family in Patiala (Punjab). The firm was reconstituted as a proprietorship concern with Mr. Tejinder Mohan Jindal as proprietor in 2012-13. JGAI is mainly engaged in shelling of basmati and non-basmati rice. JAIPRAKASH ASSOCIATES: CCI Approves Vedanta's Acquisition Bid ------------------------------------------------------------- LiveMint.com reports that the Competition Commission of India (CCI) has approved Vedanta Limited's acquisition of Jaiprakash Associates Limited following a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. "The Proposed Combination envisages acquisition of Jaiprakash Associates Limited (JAL) by Vedanta Limited (Acquirer) pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC)," the Commission said in a release on Tuesday, October 14. Vedanta Group secured the winning bid to acquire JAL with an offer of INR17,000 crore, beating the Adani Group, news agency PTI reported on September 5, citing people aware of the development, LiveMint.com relays. The bid amount translates to JAL's net present value of INR12,505 crore, the report said. According to LiveMint.com, the bids from Vedanta and Adani Groups came as lenders of JAL carried out a challenge process for the company's sale under the IBC, with multiple bidders participating. The Committee of Creditors (CoC) held a meeting on September 5 to oversee this challenge process. Ultimately, only the Adani and Vedanta Group submitted firm bids; Vedanta's final bid of INR17,000 crore, corresponding to an NPV (net present value) of INR12,505 crore, was successful, surpassing Adani Group, the report, as cited by LiveMint.com, said. Financial creditors have claimed INR57,185 crore as unpaid dues from JAL. The National Asset Reconstruction Company Ltd (NARCL) leads the list of claimants after acquiring stressed JAL loans from a consortium of lenders led by the State Bank of India. Up to 25 companies expressed interest in acquiring JAL till April this year, LiveMint.com notes. However, by June, JAL announced it had received five bids accompanied by earnest money as part of the insolvency process for the company's acquisition. Adani Enterprises, Dalmia Bharat Cement, Vedanta Group, Jindal Power and PNC Infratech had submitted bids to acquire JAL. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. KEDIA SOLVENT: Voluntary Liquidation Process Case Summary --------------------------------------------------------- Debtor: Kedia Solvent Oil Industries Private Limited 19-2-226/A Mirayalam Tank Road, Bahadurpura Hyderabad, Andhra Pradesh, Telangana, India, 500064 Liquidation Commencement Date: September 22, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Kondisetty Kumar Dushyantha No.337, Ashoka Pillar, 5th Floor, 3rd Cross, Jayanagar, I Block, Bangalore-560011 E-mail: kediasolvent.vliquidation@gmail.com Tel. No.: 080 26560400 Last date for submission of claims: October 21, 2025 PALLA SILKS: CRISIL Lowers Rating on INR10cr Cash Credit to D ------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Palla Silks Private Limited (PSPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Open Cash Credit 10 Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with Palla Silks Private Limited (PSPL) and has sought information via letters and emails dated March 12, 2025, October 10, 2025 and April 4, 2025 among others, apart from telephonic communication. However, the issue remains non-cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'issuer not cooperating', as the rating has been arrived at without any management interaction and is based on the best available, limited or dated information on the company. Such non-co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'issuer not cooperating' suffix lack a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PSPL, which restricts the ability to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes the rating action on PSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, rating on bank facilities of PSPL have been downgraded to 'Crisil D Issuer Not Cooperating' from 'Crisil B/Stable Issuer Not Cooperating', owing to delay in debt servicing. Established in August, 2014 as a private limited company, PSPL was engaged in the wholesale trading of silk sarees. Based in Hindupur district (Andhra Pradesh), the company was promoted and managed by Late Mr. Palla Ashok Kumar. PAVANSUT PAPER: CRISIL Keeps D Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pavansut Paper Mill Private Limited (PPMPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.7 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 9 CRISIL D (ISSUER NOT COOPERATING) Proposed Fund- 1.64 CRISIL D (ISSUER NOT Based Bank Limits COOPERATING) Term Loan 1.42 CRISIL D (ISSUER NOT COOPERATING) Working Capital 2.08 CRISIL D (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with PPMPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PPMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PPMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PPMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2015, PPMPL manufactures kraft paper. Its manufacturing facility is in Morbi, Gujarat. The company is promoted by Mr Shailesh Patel and Mr Ravi Patel and their family members. R. KANTILAL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R. Kantilal and Company (RKC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Post Shipment 16.80 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 34.24 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 54.25 CRISIL D (Issuer Not Credit Cooperating) Post Shipment 6.65 CRISIL D (Issuer Not Credit Cooperating) Pre Shipment 14.76 CRISIL D (Issuer Not Facility Cooperating) Pre Shipment 15.19 CRISIL D (Issuer Not Facility Cooperating) Pre Shipment 7.2 CRISIL D (Issuer Not Facility Cooperating) Pre Shipment 2.85 CRISIL D (Issuer Not Facility Cooperating) Pre Shipment 8.06 CRISIL D (Issuer Not Facility Cooperating) Proposed Long Term 20.00 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with RKC for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RKC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RKC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RKC continues to be 'Crisil D/Crisil D Issuer not cooperating'. RKC, a partnership firm set up in 1965, manufactures cut and polished diamonds at its manufacturing facilities in Mumbai and Surat (Gujarat). Mr Pratik Kothari, Mr Parag Kothari, and Mr Ankit Kothari are partners in the firm. RAJESHWARI COTSPIN: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Rajeshwari Cotspin Limited A-5, Shilpgram Siddhi Bungalow, Opp. Rajbhavan Bungalow, Near Suryam Flora, Nikol, Ahmedabad, Ahmedabad, Gujarat India, 382350 Survey No. 309, At- Dharisana Village, Dahegam- Rakhiyal Road, Ta. Dahegam, Dist. Gandhinagar- 382315 Insolvency Commencement Date: September 17, 2025 Estimated date of closure of insolvency resolution process: March 16, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: CA Malav Jitendra Ajmera A/8, 6th Floor, Safal Profitaire, Corporate Road, Prahladnagar, Ahmedabad, Gujarat-380015 Email Id: malav.ajmera@maassociates.co.in Email Id: cirp.rajeshwaricotspin@gmail.com Last date for submission of claims: October 6, 2025 RASIKLAL SANKALCHAND: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Rasiklal Sankalchand Jewellers Private Limited (RSJPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 22 CRISIL D (Issuer Not Cooperating) Cash Credit 9 CRISIL D (Issuer Not Cooperating) Cash Credit 9 CRISIL D (Issuer Not Cooperating) Term Loan 3 CRISIL D (Issuer Not Cooperating) Term Loan 2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RSJPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RSJPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RSJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RSJPL continues to be 'Crisil D Issuer not cooperating'. RSJPL was originally formed in 1972 as a proprietorship firm, Rasiklal Sankalchand Jewellers. In 2000, this firm was reconstituted as a private limited company with the current name. The company retails diamond-studded and gold jewellery through its showroom in Ghatkopar (Mumbai). SAI AMRUT: CRISIL Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Sai Amrut Murali Enterprises Private Limited (SMEL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Rupee Term Loan 5.62 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SMEL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SMEL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMEL continues to be 'Crisil D Issuer not cooperating'. SMEL, incorporated in 2008, manages a three-star hotel, The Temple View, in Shirdi, Maharashtra, as well as a restaurant and pay-and-park business in Shirdi. The company is managed by the Gondakar family who have been in the hospitality industry for 30 years. SBA EDUCATION: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of SBA Education Society (SBAES) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 10.1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SBAES for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SBAES, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBAES is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBAES continues to be 'Crisil D Issuer not cooperating'. Set up in May 2007, SBAES offers educational courses in engineering and management. The trust owns two colleges ' Kruti Institute of Technology and Engineering (KITE) and Kruti School of Business and Management (KSBM) - in Raipur (Chhattisgarh). KITE, started in 2008, offers graduate and post-graduate courses in engineering. The institute is approved by the All India Council for Technical Education and is affiliated to the Chhattisgarh Swami Vivekananda Technical University, Bhilai (Chhattisgarh). KSBM, started in 2012, offers graduate and post-graduate courses in management and is affiliated to the Pandit Ravishankar Shukla University, Raipur. SHIV SNAX: CRISIL Keeps B Debt Rating in Not Cooperating -------------------------------------------------------- CRISIL said the ratings on bank facilities of Shiv Snax Private Limited (SSPL) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 5.0 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 2.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SSPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSPL continues to be 'Crisil B/Stable Issuer not cooperating'. SSPL was incorporated in 2008, promoted by the Madan family and their related Jeewani family. The company manufactures biscuits on a job-work basis for Parle Products Pvt Ltd (Parle); it commenced commercial operations in November 2010 at its manufacturing facility in Raipur, Chhattisgarh. The promoters have around 35 years' experience in biscuit manufacturing through one of their group companies under which they manufactured their own brand of biscuits. They shut down operations of this company in 2008 to start manufacturing biscuits for Parle. SIYARAM EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Siyaram Exports India Private Limited (SEIPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Foreign Exchange 0.02 CRISIL D (Issuer Not Forward Cooperating) Working Capital 1.25 CRISIL D (Issuer Not Demand Loan Cooperating) Working Capital 0.54 CRISIL D (Issuer Not Demand Loan Cooperating) Crisil Ratings has been consistently following up with SEIPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SEIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SEIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SEIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SEIPL, incorporated in 1986, manufactures and exports bed linen, table linen, mattress, cushion cover, and pillow cover. It is located in Durgapura (Jaipur). The daily operations of the company are managed by Mr.Satish Chandra Katta. SMELTERS AND ENERGY: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Siri Smelters and Energy Private Limited (SSEPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.45 Crisil D (Issuer Not Cooperating) Term Loan 8.55 Crisil D (Issuer Not Cooperating)* Crisil Ratings has been consistently following up with SSEPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSEPL continues to be 'Crisil D Issuer not cooperating'. SSEPL was incorporated in 2011 and its day-to-day activities are managed by its managing director, Mr. Mohan Sajja. The company manufactured ferro alloys, and has temporarily closed down its manufacturing activities at its plant in Bobbili (Andhra Pradesh). SSG TECHNO: CRISIL Keeps D Debt Ratings to Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of SSG Techno Services Private Limited (SSGTSPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.6 CRISIL D (Issuer Not Cooperating) Cash Credit 5.0 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSGTSPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SSGTSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSGTSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SSGTSPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SSGTSPL was established in 2002 as a proprietorship firm (SSG Enterprise) by Mr Subrata Sengupta and was reconstituted as a private limited company with the current name in 2010. The company constructs railway bridges, road over bridges, reinforced concrete bridges, and screw pile bridges in West Bengal, Bihar and Jharkhand. U.N. AUTOMOBILES: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: U.N. Automobiles Private Limited UN WORKSHOP, GOVARDHAN VILAS N.H.8, VALICHA, Udaipur, UDAIPUR, Rajasthan, India, 313001 Insolvency Commencement Date: September 26, 2025 Estimated date of closure of insolvency resolution process: March 25, 2026 Court: National Company Law Tribunal, Mumbai Bench-VI Insolvency Professional: Mr. Arvind Kaushik P-4 Tilak Marg C-Scheme Jaipur 302005 Email id: ca73588@gmail.com Email id: cirpunauto1@gmail.com Last date for submission of claims: October 11, 2025 UDAIPUR ENTERTAINMENT: ED Restores 354 Flats to Homebuyers ---------------------------------------------------------- ThePrint reports that the Enforcement Directorate (ED) has restored more than 350 immovable properties, including flats, commercial units, and plots, worth INR175 crore to homebuyers in Rajasthan's Udaipur, earning the Supreme Court's praise for its efforts. ThePrint relates that the restitution follows the resolution of Udaipur Entertainment World Private Limited (UEWPL), a firm embroiled in a multi-crore bank fraud case, through insolvency proceedings. A total of 213 homebuyers would benefit from the ED's move, which clears the path for completion of the long-stalled Project Royal Rajvilas. Udaipur Entertainment World Private Limited was resolved by the National Company Law Tribunal in 2022, in favour of resolution applicants, which included the homebuyers and the lenders. In a statement on Oct. 14, an agency spokesman said the restitution, which consists of unsold inventory of 354 flats, 17 commercial units and two plots at Project Royal Rajvilas (RRV), would benefit a total of 213 homebuyers, ThePrint relays. The development comes after the agency and the firm reached an amicable settlement, ThePrint notes. The agency said this move would clear the way for the project's completion and they could be handed over to the buyers, who have now waited for more than a decade. According to ThePrint, the federal probe agency launched a money laundering probe based on three cases and a chargesheet filed by the Central Bureau of Investigation. Udaipur-based chartered accountant Bharat Bomb, and nine others, including bank officials, were under the lens for allegedly causing a loss to the tune of INR1,267.79 crore to a consortium of banks led by Syndicate Bank. The restitution order was passed under the provisions of Section 8 (8) of the Prevention of Money Laundering Act, 2002, which sets the terms for restitution of properties to the rightful owners. According to the agency, the accused persons operated a racket from 2011 to 2016, their modus operandi being discounting forged cheques and inland bills, as well as drawing loans against forged insurance policies, ThePrint relays. As part of the probe, the agency attached properties worth approximately INR535 crore, including the inventories restituted under the settlement. Taking note of the amicable settlement between the parties in the interest of the homebuyers, the Supreme Court last week lauded the ED for its restitution efforts, ThePrint reports. "Lastly, we place on record our appreciation for the efforts made by the learned counsel for the parties and the DoE in restoring the attached properties to secure the interests of genuine and innocent homebuyers," a bench of Justices Sanjay Kumar and Alok Aradhe observed in their judgment. Udaipur Entertainment World Private Limited commenced insolvency proceedings on April 16, 2021. WELLDONE EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Welldone Exim Private Limited (WEPL; part of the RBD group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 15 CRISIL D (Issuer Not Purchase Cooperating) Foreign Bill 25 CRISIL D (Issuer Not Purchase Cooperating) Packing Credit 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with WEPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of WEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on WEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of WEPL continues to be 'Crisil D Issuer not cooperating'. The RBD group started trading in 1993. All the entities in the group were trading in readymade garments (more than 80 percent of revenue), hosiery, handicrafts, fabrics, leather goods, and miscellaneous products. They have common customers and suppliers, and also the same banker, Punjab National Bank, and auditors. YOGESH CYCLE: CRISIL Withdraws B Rating on INR1.48cr LT Loan ------------------------------------------------------------ CRISIL Ratings has withdrawn the ratings on certain bank facilities of Yogesh Cycle Industries (Regd) (YCI), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Exchange 0.22 Crisil A4/Issuer Not Forward Cooperating (Withdrawn) Packing Credit 2.6 Crisil A4/Issuer Not Cooperating (Withdrawn) Post Shipment 1.4 Crisil A4/Issuer Not Credit Cooperating (Withdrawn) Proposed Long Term 1.48 Crisil B/Stable/Issuer Not Bank Loan Facility Cooperating (Withdrawn) Crisil Ratings has been consistently following up with YCI for obtaining information through letter and email dated August 6, 2025, among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of YCI. This restricts Crisil Ratings' ability to take a forward-looking view on the credit quality of the entity. Crisil Ratings believes that rating action on YCI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of YCI continues to be 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating'. Crisil Ratings has withdrawn its ratings on the bank facilities of YCI on the request of the company and after receiving no objection certificate from the bank. The rating action is in line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Established by Munjal Family, YCI is engaged in manufacturing and exports of bicycle parts and spares to various countries. The firm has two manufacturing units located in Ludhiana, Punjab. ================= I N D O N E S I A ================= KERETA CEPAT: Indonesia in Talks With China on Debt Restructuring ----------------------------------------------------------------- Reuters reports that Indonesia's Investment Minister Rosan Roeslani on Oct. 8 said the government has entered into discussions with China about restructuring the debt of Indonesia's high-speed train company, PT Kereta Cepat Indonesia China (KCIC). Reuters says construction of the $7.3 billion China-backed high-speed railway began in 2016, and it was meant to start operating in 2019. But the project to connect the capital Jakarta and Bandung in West Java faced problems, including land procurement issues, pandemic-related delays and ballooning costs, which pushed out its launch to 2023. Rosan declined to disclose details of the proposed restructuring being negotiated with the Chinese government, Reuters relays. "We want a comprehensive reform, so that after we restructure there will be no more things like the possibility of default and so on in the future," Reuters quotes Rosan as saying. The Jakarta-Bandung high-speed line, known locally as WHOOSH, is the first high-speed railway (HSR) in Indonesia, and Southeast Asia. It connects two major cities in the western region of Java Island: Jakarta and Bandung. It is currently operated by the Indonesia China High-Speed Railways Limited company, known locally as PT Kereta Cepat Indonesia China (KCIC). =============== M O N G O L I A =============== M BANK: Moody's Assigns First Time 'B3' Issuer & Deposit Ratings ---------------------------------------------------------------- Moody's Ratings has assigned first-time B3 foreign currency and local currency long-term issuer ratings and bank deposit ratings, as well as Not Prime (NP) foreign currency and local currency short-term issuer ratings and bank deposit ratings to M Bank Closed JSC. At the same time, Moody's have assigned the bank's first-time B2/NP foreign currency and local currency long-term/short-term Counterparty Risk Ratings (CRR), B2(cr)/NP(cr) long-term/short-term Counterparty Risk (CR) Assessments, and b3 Baseline Credit Assessment (BCA) and Adjusted BCA. The outlooks, where applicable, are stable. RATINGS RATIONALE M Bank's B3 long-term ratings reflect both the unseasoned loan risks stemming from its rapid loan growth since establishment in 2022, and also the consistent capital support from its parent to support its growth. As a digital-only bank, M Bank is well positioned to capitalize on Mongolia's large, young and tech-savvy demographic. This is further reinforced by the bank's ongoing collaboration with its market-leading related companies and sister companies under its ultimate parent, MCS Mongolia LLC, across diverse sectors, including mobile telecommunications, e-commerce, ride-hailing, and wholesale, enhancing its customer reach. M Bank plans to expand its retail and merchant banking businesses by leveraging the strong customer bases of its related group companies to achieve economies of scale, with the aim of reaching profitability in a short period of time. However, such strong loan growth could raise the bank's unseasoned loan risks and exert pressure on profitability, driven by higher operating expenses and elevated credit costs compared to previous years. Moody's also expects the bank's currently strong liquidity to reduce as a result of its sustained strong loan growth. Nevertheless, Moody's expects the bank's capitalization to be supported by ongoing capital injections from its immediate parent, MCS Holding LLC, during 2026-27. The bank has benefitted from consistent capital support from the parent to fund its loan growth since its establishment. M Bank's B3 ratings are at the same level as the bank's b3 BCA. Moody's have not incorporated extraordinary affiliate support for M Bank, over and above planned growth-related capital injections, and therefore, the bank's Adjusted BCA is in line with its b3 BCA. Moody's have not incorporated government support for M Bank. Moody's level of government support assumption is low, given M Bank's low systemic importance to the banking sector, with a market share of 2.4% in terms of total assets as of December 31, 2024. Moody's expects M Bank's asset performance to weaken over the next 12-18 months, as unseasoned risks associated with its strong loan growth begin to materialize. The bank's nonperforming loan (NPL) ratio rose to 6.6% as of June 30, 2025, up from 2.7% at year-end 2024. This deterioration in asset quality was primarily driven by rising delinquencies in its retail loan portfolio, which largely consists of unsecured digital lending. Moody's expects M Bank's capitalization to remain steady over the next 12-18 months, supported by planned capital injections from its immediate parent, to support the bank's strong balance sheet growth. The bank has no plans to upstream dividends to the parent. The bank's Moody's-calculated capital ratio, measured as tangible common equity (TCE) to risk weighted assets (RWA), declined to 11.4% as of December 31, 2024 from 59.6% as of December 31, 2022, reflecting a seven-fold increase in total assets during the same period. Moody's expects M Bank's profitability, measured as net income to tangible assets, to remain under pressure over the next 12-18 months. Elevated credit costs stemming from weakening asset quality along with higher operating expenses related to investments in personnel and digital infrastructure may continue to weigh on its path to profitability. During 2023-24, the bank reported net losses due to these pressures. That said, with the bank's expansion of its customer base through collaboration with its related group companies, M bank is likely to reach economies of scale relatively quickly. Moody's expects M Bank's funding, measured as market funds to tangible banking assets, to remain stable over the next 12-18 months. The bank plans to match its loan growth through increased deposit-taking rather than reliance on market funding. That said, the bank's deposit quality remains potentially weaker than that of its peers, given its digital-only model. Moody's expects M Bank's liquidity, measured as liquid banking assets to tangible banking assets, to weaken over the next 12-18 months. This is primarily due to the bank's strong loan growth that will reduce the proportion of liquid banking assets on its balance sheet. The bank's liquidity ratio declined to 48.4% as of December 31, 2024 from 74.4% as of December 31, 2023. Its liquid banking assets mainly consist of balances due from banks and the Bank of Mongolia's treasury bills, which are eligible collateral in repurchase agreements with the central bank when needed. Mongolia does not have an operational bank resolution regime. Moody's therefore apply a basic Loss Given Failure (LGF) approach in rating Mongolian banks. M Bank's long-term CRR of B2 and long-term CR Assessment of B2(cr) incorporate the bank's b3 Adjusted BCA and Moody's basic LGF analysis, which positions the preliminary CRRs and CR Assessment one notch above the bank's Adjusted BCA. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS The ratings incorporate the following ESG considerations, as per Moody's General Principles for Assessing Environmental, Social and Governance Risks methodology. M Bank's Credit Impact Score (CIS) of CIS-3 indicates limited impact of ESG considerations on the ratings to date, with potential for greater impact over time. The bank's environmental issuer profile score (IPS) is E-4, reflecting high environmental risks because of its concentrated operations in Mongolia, where the economy is highly dependent on the mining industry. Its social IPS is S-3, considering the bank's collection and handling of customer data, which exposes it to privacy breaches and cyber risks. Its governance IPS is G-3, indicating a moderate governance risk. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE Moody's could upgrade M Bank's ratings if the bank's credit profile improves such that its BCA is upgraded. The bank's BCA could be upgraded if the bank's (1) asset quality improves with reduced unseasoned risks by normalizing its loan growth and target borrowers of better credit profile; (2) profitability improves through enhancing its operational efficiency meaningfully; (3) capitalization strengthens through capital injections from the parent and a normalization of loan growth; and (4) funding profile improves with enhanced deposit quality, potentially via increasing proportion of time deposits as percentage of gross deposits, or increased market funding of longer-term maturity. FACTORS THAT COULD LEAD TO A DOWNGRADE Moody's could downgrade M Bank's ratings if the bank's BCA is downgraded. The bank's BCA could be downgraded if the bank's (1) asset quality deteriorates significantly from its unseasoned loan portfolio; (2) capitalization weakens due to strong balance sheet growth without timely capital injections from the parent; (3) liquidity ratio falls below 30% due to rapid loan growth; or (4) profitability deteriorates with greater net losses incurred, on a sustained basis. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2024. 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. M Bank Closed JSC is headquartered in Ulaanbaatar, Mongolia. The bank reported total assets of MNT1.7 trillion (USD494 million) as of December 31, 2024. ===================== N E W Z E A L A N D ===================== 69 ROBERTA: Creditors' Proofs of Debt Due on Dec. 8 --------------------------------------------------- Creditors of 69 Roberta Avenue Limited are required to file their proofs of debt by Dec. 8, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 8, 2025. The company's liquidators are: Christopher Carey McCullagh Stephen Mark Lawrence PKF Corporate Recovery PO Box 3678 Auckland 1140 AUCKLAND BALLET: Court to Hear Wind-Up Petition on Oct. 24 ---------------------------------------------------------- A petition to wind up the operations of Auckland Ballet Academy Limited will be heard before the High Court at Auckland on Oct. 24, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 7, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 BUDGET COMPUTERS: Creditors' Proofs of Debt Due on Nov. 6 --------------------------------------------------------- Creditors of Budget Computers New Zealand Limited are required to file their proofs of debt by Nov. 6, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 8, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 DIMENSIONAL ROOFING: Court to Hear Wind-Up Petition on Oct. 21 -------------------------------------------------------------- A petition to wind up the operations of Dimensional Roofing Limited will be heard before the High Court at Rotorua on Oct. 21, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 8, 2025. The Petitioner's solicitor is: Charles David Walmsley Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton PEARSON SOFTWARE: Creditors' Proofs of Debt Due on Nov. 7 --------------------------------------------------------- Creditors of Pearson Software Limited are required to file their proofs of debt by Nov. 7, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 7, 2025. The company's liquidators are: Rachel Mason-Thomas Jeffrey Philip Meltzer Meltzer Mason, Chartered Accountants PO Box 6302 Victoria Street West Auckland 1141 ================= S I N G A P O R E ================= ENTER ENGINEERING: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on Sept. 26, 2025, to wind up the operations of Enter Engineering Pte. Ltd. The company's liquidators are: Ong Shyue Wen Saw Meng Tee care EA Consulting Pte. Ltd. 1 North Bridge Road #23-05 High Street Centre Singapore 179094 HELLA INFRA: Court to Hear Wind-Up Petition on Oct. 24 ------------------------------------------------------ A petition to wind up the operations of Hella Infra Market Singapore Pte. Ltd. will be heard before the High Court of Singapore on Oct. 24, 2025, at 10:00 a.m. Stenn Assets UK Limited filed the petition against the company on Sept. 29, 2025. The Petitioner's solicitors are: Rajah & Tann Singapore LLP 9 Straits View #06-07 Marina One West Tower Singapore 018937 HYDRUS ENGINEERING: Court to Hear Wind-Up Petition on Oct. 24 ------------------------------------------------------------- A petition to wind up the operations of Hydrus Engineering (S) Pte. Ltd. will be heard before the High Court of Singapore on Oct. 24, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Oct. 1, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ORIGINAL BOAT: Hong Junyang Declares Bankruptcy ----------------------------------------------- ChannelNews Asia reports that a publicly available government gazette, published in September this year, revealed that singer Hong Junyang has declared bankruptcy. CNA relates that Hong later confirmed his situation in an interview with Singapore news outlet AsiaOne, revealing that he incurred debts from his restaurant chain, The Original Boat Noodle. The Thai food joint, which has since ceased operations, had outlets across Singapore - including Bugis Junction, VivoCity and Changi City Point. According to CNA, Hong said the chain began facing difficulties at the start of the COVID-19 pandemic. In addition to The Original Boat Noodle, Hong had also operated several F&B concepts, including the Korean food stall Oppa Kitchen, Indian food restaurant Bananabro and cafe Caf – all of which have since shuttered. The 44-year-old, who burst onto the scene as a contestant on the singing competition Project SuperStar, said that his priority now is to keep working to make a living while creating music he's passionate about, CNA relays. He recently served as a backing vocalist on JJ Lin's highly successful JJ20 world tour, which saw him performing in places like Beijing and London. "I have family and close friends who stood by me and offered help to me," said Hong to AsiaOne, notes the report. "They are always there for me. But I feel that it's only responsible that I face this myself and face the music because this is the right thing to do." VIMBOX MOVERS: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Sept. 26, 2025, to wind up the operations of Vimbox Movers 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 VINCERT GLOBAL: Court Enters Wind-Up Order ------------------------------------------ The High Court of Singapore entered an order on Sept. 26, 2025, to wind up the operations of Vincert Global Forwarders Pte. Ltd. The company's liquidators are: Ong Shyue Wen Saw Meng Tee care EA Consulting Pte. Ltd. 1 North Bridge Road #23-05 High Street Centre Singapore 179094 ********* 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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