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251020.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 Monday, October 20, 2025, Vol. 28, No. 209 Headlines A U S T R A L I A AR TRADING: First Creditors' Meeting Set for Oct. 23 GRIFFIN COAL: Ramps Up Operations as Taxpayer Bailout Nears End KAOS CO: First Creditors' Meeting Set for Oct. 23 PHOENIX LINING: First Creditors' Meeting Set for Oct. 22 PUBLIC HOSPITALITY: Adgemis Deal to Rescue Part of Group Collapses ROMANCE HOLDINGS: First Creditors' Meeting Set for Oct. 23 SHEFFIELD INSURANCE: Directors Charged Over 5-Yr Reporting Failure THERAPY FOCUS: First Creditors' Meeting Set for Oct. 21 C H I N A FINGERMOTION INC: Acquires DaGe Platform IP for 1.5M Shares WENS FOODSTUFF: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable I N D I A ANVITHA LIFE: CARE Keeps B- Debt Rating in Not Cooperating ASTER INFRAHOME: CARE Keeps D Debt Rating in Not Cooperating CELL COM: CARE Keeps C Debt Rating in Not Cooperating Category GANPATI FOODS: CARE Lowers Rating on INR28cr LT Loan to B GANPATI MEGA: CARE Lowers Rating on INR9cr LT/ST Loan to D GOYAL PETROFILS: CARE Cuts Rating on INR33.45cr LT Loan to B- HARAPRIYA INFRASTRUCTURES: CARE Keeps B- Rating in Not Cooperating HARI FORGING: CRISIL Keeps D Debt Ratings in Not Cooperating IIFL FINANCE: Fitch Affirms B+ LongTerm IDR, Alters Outlook to Pos. KUMARAN AAGRO: CARE Keeps B- Debt Rating in Not Cooperating LOG 9 MATERIALS: Insolvency Resolution Process Case Summary LOG 9 MOBILITY: Insolvency Resolution Process Case Summary MANAPPURAM FINANCE: Fitch Affirms BB- LongTerm IDR, Outlook Stable METAL EXTRUSIONS: CARE Keeps B- Debt Rating in Not Cooperating MISSION ROW TEA: Voluntary Liquidation Process Case Summary MUKARBA CHOWK-PANIPAT: CARE Keeps D Debt Rating in Not Cooperating PRIYA FOOD: Insolvency Resolution Process Case Summary PUSHP PREM: CARE Keeps D Debt Ratings in Not Cooperating Category RADHE COTTON: CARE Keeps D Debt Rating in Not Cooperating Category RATHI STYLE: CARE Keeps B- Debt Rating in Not Cooperating Category RATNA COTTEX: CARE Keeps D Debt Rating in Not Cooperating Category SHAH CONCAST: CARE Keeps B- Debt Rating in Not Cooperating SHARWIN COTTEX: CARE Keeps D Debt Rating in Not Cooperating SIDDAGANGAIAH RURAL: CARE Keeps B- Debt Rating in Not Cooperating SKM BUILDCON: CARE Keeps D Debt Rating in Not Cooperating Category SRIYA FARM: CARE Keeps B- Debt Rating in Not Cooperating Category SUPREME BATTERIES: CARE Keeps D Debt Ratings in Not Cooperating TENNY JOSE: CARE Keeps D Debt Ratings in Not Cooperating Category VINAYAK CARS: CARE Keeps D Debt Rating in Not Cooperating Category VIRTUE MARKETING: CARE Keeps D Debt Ratings in Not Cooperating VISHWAKARMA COLD: CARE Keeps D Debt Rating in Not Cooperating VOHRA SOLVEX: CARE Keeps B- Debt Rating in Not Cooperating WIND WORLD: NCLT Admits IDBI Bank's Insolvency Plea vs. Unit WIND WORLD: Omkara ARC Acquires Firm's Debt with INR1,225-cr Offer M A L A Y S I A KNM GROUP: MYR100MM from DKNM Sale Set to Boost Group's Recovery N E W Z E A L A N D CRUSHING AND MINING: Court to Hear Wind-Up Petition on Nov. 10 GLOBAL MARKETPLACE: GrabOne Goes Into Liquidation NEW ZEALAND DAIRY: PKF Corporate Appointed as Receivers SMITHS CITY: Creditors' Proofs of Debt Due on Oct. 27 YUZHEN TECHNOLOGY: Creditors' Proofs of Debt Due on Nov. 28 ZODIAC CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 29 S I N G A P O R E DAVEX SINGAPORE: Commences Wind-Up Proceedings KEPPEL PEGASUS: Creditors' Proofs of Debt Due on Nov. 10 MYAN MAR: Court to Hear Wind-Up Petition on Oct. 24 NOONTALK MEDIA: Auditor Raises Going Concern Doubts SHINE TECHNOLOGY: Court to Hear Wind-Up Petition on Oct. 24 YANG KEE: Commences Wind-Up Proceedings S O U T H K O R E A CJ CGV: Cinema Chains Close Theaters Amid Box Office Slump V I E T N A M VIETNAM THUONG TIN: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable - - - - - ================= A U S T R A L I A ================= AR TRADING: First Creditors' Meeting Set for Oct. 23 ---------------------------------------------------- A first meeting of the creditors in the proceedings of AR Trading Services Pty Ltd will be held on Oct. 23, 2025 at 1:00 p.m. at the offices of Westburn Advisory, Level 5, 115 Pitt Street, in Sydney, NSW. Shumit Banerjee of Westburn Advisory was appointed as administrator of the company on Oct. 13, 2025. GRIFFIN COAL: Ramps Up Operations as Taxpayer Bailout Nears End --------------------------------------------------------------- ABC News reports that the receiver of Griffin Coal said it is ramping up operations for what could be the West Australian coal miner's last chance to trade its way out of insolvency. According to the ABC, Griffin Coal receiver and manager, Sean Holmes, said the mine had been buoyed by improving prices and new customers. He said it planned to be operating "for some time to come". "It's a more stable, robust operation that's actually delivering more coal to other customers as well as more coal to Bluewaters [power station] than it probably has in a decade," the ABC quotes Mr. Holmes as saying. His optimism belied the fast-approaching end to state government subsidies, which have totalled more than AUD300 million, that have kept the business afloat since 2023, the ABC notes. Meanwhile, Griffin seems no closer to resolving a long-running stoush over the contracted price paid by its biggest customer, Bluewaters Power - a 440-megawatt, coal-fired generator at Collie, 180 kilometres south of Perth, the ABC says. Griffin Coal tumbled into receivership in 2022 with debts amounting to about AUD1.5 billion. Collie's workers have nervously awaited answers on the path forward for the Indian-owned coal miner. Among them is Chad Mitchell, a third-generation coal miner and Griffin employee for the past 34 years. "Christmas is around the corner, and we were told we'd have a really good idea of where we were headed three to four months ago, and, unfortunately, there's just so many questions unanswered," the report quotes Mr. Mitchell as saying. "I'm really hoping there is a future here for 10-15 years." According to the ABC, negotiations between Griffin and its clients, workers and the state government have switched into overdrive as the funding cliff approaches. The supply contracts with Bluewaters Power are at the heart of Griffin's financial troubles, with the miner claiming current prices paid are unviable. "We're working as fast as we can with commercial customers about possible solutions," Mr. Holmes said, note the report. "But [there's] not a lot that can be discussed at the moment." The ABC has contacted Bluewaters Power for comment. Griffin Coal needs more money, and the state government is adamant it will not be handing over any more taxpayer money beyond June next year. "The government's position is that Griffin's future beyond that date is a matter for the relevant commercial parties," a state government spokesperson said. "If the relevant commercial parties can adequately arrange to support the mine's operation before that date, the government will facilitate an appropriate outcome." Mr. Holmes said it was not just the company's future but the state's energy security that hung in the balance, the ABC relays. About Griffin Coal Based in Australia, The Griffin Coal Mining Company Pty Ltd -- https://griffincoal.com.au/ -- is engaged in coal mining and processing. Griffin Coal operates major mines in the Collie area, approximately 220 kilometers south east of Perth. The Company is producing more than three million tons of coal per year. Griffin Coal has operations at Ewington Mine, Muja Mine and Buckingham Mine. Griffin Coal went into receivership in September 2022 owing close to AUD1.5 billion to creditors. KAOS CO: First Creditors' Meeting Set for Oct. 23 ------------------------------------------------- A first meeting of the creditors in the proceedings of Kaos Co. Pty Ltd will be held on Oct. 23, 2025 at 11:00 a.m. via Teams Videoconferencing Facility. Liam Bellamy of Mackay Goodwin was appointed as administrator of the company on Oct. 13, 2025. PHOENIX LINING: First Creditors' Meeting Set for Oct. 22 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Phoenix Lining Services Pty Ltd will be held on Oct. 22, 2025 at 2:00 P.m. via virtual facilities. Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of the company on Oct. 10, 2025. PUBLIC HOSPITALITY: Adgemis Deal to Rescue Part of Group Collapses ------------------------------------------------------------------ Max Mason at The Australian Financial Review reports that a last-ditch attempt from bankrupt dealmaker Jon Adgemis to claw back part of his collapsed pub empire has fallen apart after the businessman missed a deadline to pay AUD6.7 million to buy back five hotels. The Financial Review relates that Mr. Adgemis had been attempting to buy back the pubs which were put under receivership in September. At the time, New York lender Muzinich & Co called in insolvency specialists FTI Consulting as receivers for Oxford House, The Exchange in Darlinghurst, The Norfolk, The Strand Hotel and Camelia Grove Hotel, all in Sydney. BDO was appointed administrator of Public Lifestyle Management, the operating company behind the assets. Under a deal between Mr. Adgemis and BDO, the businessman paid two cash instalments worth around AUD1 million earlier this year, the Financial Review says. The final component was AUD6.7 million in convertible notes, arranged by Archibald Capital. The money had been earmarked by administrators to pay staff who are owed entitlements, including superannuation. According to a report by BDO in December, staff were owed around AUD4.5 million. In June, BDO signalled it was beginning to verify outstanding superannuation payments via the ATO with money it had received up to that point from Mr. Adgemis, the Financial Review relays. Mr. Adgemis launched his own pubs business, Public Hospitality in 2021, building a portfolio of 22 venues before debts led to its collapse. Amid AUD1.8 billion in debts, largely from personal guarantees he gave on loans to build Public, Mr. Adgemis was declared bankrupt, the Financial Review notes. His is the largest personal bankruptcy in Australian history, and is equal, in nominal terms, to Alan Bond's when he went bankrupt in 1992. The AUD6.7 million in convertible notes were to convert to cash on September 30. However, they were secured against five key pubs, one of which Deutsche Bank, one of Adgemis' key lenders, appointed receivers McGrathNicol to on the same day, the Financial Review notes. KordaMentha has been brought in as administrator over the development group, which acts as the operating company for Adgemis' pubs. Deutsche led a major refinancing of Public Hospitality's debt last year. According to the Financial Review, the default notices issued by Deutsche meant the deal conditions had not been met and, with the cash not paid to administrators, automatically terminated the sale of the five pubs, BDO's Duncan Clubb wrote in a letter to creditors on Oct. 14. Mr. Clubb, who has now been appointed liquidator, told creditors he is considering the implications of the deal's termination. "In the interim, we will be proceeding with the liquidation," he wrote. About Public Hospitality Public Hospitality Group is an Australian hospitality company that focused on operating a large portfolio of pubs, hotels, and bars across Sydney and Melbourne As reported in the Troubled Company Reporter-Asia Pacific on Sept. 19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group has taken another hit with receivers and external managers appointed at five of his Sydney hotels, including Oxford House and The Strand Hotel. Insolvency specialist FTI Consulting has stepped in as receivers and managers to operate Public's hip Redfern pub The Norfolk, Oxford House in Paddington and Darlinghurst's The Strand Hotel, as well as Alexandria's Camelia Grove Hotel and The Exchange Hotel, also in Darlinghurst, Good Food said. The pubs will be sold as soon as possible. Duncan Club and Andrew Sallway of BDO were appointed Voluntary Administrators on Sept. 13, 2024, of Public Lifestyle Management Pty Ltd; 146 Henderson Street Pty Ltd and Camelia Grove Operations Pty Ltd. ROMANCE HOLDINGS: First Creditors' Meeting Set for Oct. 23 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Romance Holdings Pty Ltd (trading as Anthony Colin the Jeweller) will be held on Oct. 23, 2025 at 11:00 a.m. via Zoom. Robert Allan Jacobs and Andrew Michael Smith of Auxilium Partners were appointed as administrators of the company on Oct. 13, 2025. SHEFFIELD INSURANCE: Directors Charged Over 5-Yr Reporting Failure ------------------------------------------------------------------ Phillip Bird of Alexander Heights, WA, and Daniel Holmes of Beechboro, WA, have each been charged with two offences of aiding, abetting, counselling or procuring Sheffield Insurance Pty Ltd failing to lodge financial statements and auditors report with the Australian Securities & Investments Commission (ASIC), following an ASIC investigation. ASIC alleges that, as directors of Sheffield, Mr. Bird and Mr. Holmes were responsible for the failure by Sheffield to lodge its profit and loss statement and balance sheet (Financial Statements) and auditor's report for each financial year from 2019 to 2024. Mr. Bird and Mr. Holmes appeared in Perth Magistrates Court on October 10, 2025 charged under sections 989B(2) and 989B(3) of the Corporations Act. As the holder of an Australian Financial Services (AFS) Licence, Sheffield is required to lodge the Financial Statements with ASIC within 3 months of the end of the relevant financial year. The legal representative appearing for both Mr Bird and Mr Holmes requested the matters be adjourned to Nov. 21, 2025. The matter is being prosecuted by the Director of Public Prosecutions (Cth) after a referral from ASIC. THERAPY FOCUS: First Creditors' Meeting Set for Oct. 21 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Therapy Focus Ltd. will be held on Oct. 21, 2025 at 11:00 a.m. via virtual facilities. Robert Michael Kirman and Robert Brauer of McGrathNicol were appointed as administrators of the company on Oct. 9, 2025. ========= C H I N A ========= FINGERMOTION INC: Acquires DaGe Platform IP for 1.5M Shares ----------------------------------------------------------- FingerMotion, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and its indirect wholly owned subsidiary, Shanghai JiuGe Business Management Co., Ltd., entered into an Asset Purchase Agreement with Shanghai Jihaohe Information Technology Co., Ltd., pursuant to which the Company caused JiuGe Management to acquire all of the intellectual property (including, without limitation, all of the inventions, software in source code or object code, trademarks, copyrights and trade secrets) underpinning Shanghai Jihaohe's DaGe platform, in consideration of the issuance by the Company to Shanghai Jiahaohe of 1,500,000 shares of common stock in the capital of the Company. The Asset Purchase Agreement closed on October 2, 2025, following which the Company issued 1,500,000 fully paid and non-assessable shares of common stock at a deemed issuance price of $1.57 per share to Shanghai Jihaohe pursuant to the closing of the Asset Purchase Agreement. The Company relied upon the exclusion from the registration requirements of the United States Securities Act of 1933, as amended, for offshore transactions provided by Rule 903(b) of Regulation S promulgated under the Securities Act for the issuance of such shares. A copy of the Asset Purchase Agreement is available at https://tinyurl.com/4tsvsr6r About FingerMotion Inc. FingerMotion Inc. is an evolving technology Company with a core competency in mobile payment and recharge platform solutions in China. San Francisco, California-based CT International LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025 citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of May 31, 2025, the Company had $55.71 million in total assets, against $39.51 million in total liabilities, and total shareholders' equity of $16.20 million. WENS FOODSTUFF: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Chinese hog and broiler producer Wens Foodstuff Group Co., Ltd.'s Long-Term Foreign-Currency Issuer Default Rating at 'BB'. The Outlook is Stable. Fitch has also affirmed Wens' senior unsecured and US dollar note ratings at 'BB'. The affirmation reflects Wens' market position as the second-largest hog breeder in China and its strong cost leadership during industry cycles. The company has significantly cut its cost position and achieved a more conservative capital structure than many industry peers over the last business cycle, which should enable it to maintain an average EBITDA net leverage below 3x in a typical hog price cycle of three to four years. Nevertheless, the prolonged oversupply in China's hog industry and high profit volatility constrain Wens' rating at the current level, although Fitch expects government policies to gradually alleviate oversupply, limiting the magnitude and duration of hog price declines in the current downturn. Key Rating Drivers Policy Intervention to Ease Oversupply: Fitch expects the anti-involution measures launched in 2Q25 to drive a gradual recovery of hog prices from 2027. Regulators aim to reduce the national sow herd by 1 million by January 2026. Large breeders must adhere to controlled slaughter weights, ban secondary fattening and submit monthly operational data. Major producers have begun reducing sow herds in 2H25 in response to the government policy. Nevertheless, execution risk remains in policy implementation, although increasing industry consolidation may help to enhance policy effectiveness - the top 10 breeders' market share rose to 26% in 2024 from 5% in 2017. China's hog industry remained oversupplied in 2025, with the national sow herd staying above the government's 39 million target, which was revised down from 41 million in 2024. Wen's average hog price dropped by 31% yoy to CNY13.2/kg in September 2025. Conservative Financial Policy Versus Peers: Fitch expects Wens to maintain a more conservative capital structure than peers, supported by positive mid-cycle FCF. Wens' net debt fell to about CNY11 billion in 2024 and 1H25 from a peak of CNY27 billion in 2021 at the height of the African swine fever outbreak. Negative FCF during price downturns have been well offset by significant positive FCF during price upswings. Wens' fixed-asset and biological-asset expenditures have remained stable. Wens spent CNY3 billion-4 billion per year, in line with management's guidance, mostly on community farm buildup, and slaughtering and processing facilities. Fitch also expects reduction in capacity to lower biological-asset related expenditure in the future. Moderate Mid-Cycle Leverage: Fitch expects Wens' trough-to-peak average EBITDA net leverage will remain below 3x in the medium term, with the current fall in hog prices likely to bottom out in 2027. This leverage level, which is well below the average of the previous cycle in 2022-2024, will be driven by Wens' reduced debt pressure, efficiency gains, and normalised hog price volatility. Fitch projects EBITDA net leverage of about 2x in 2025 (2024: 0.8x), before temporarily rising in 2026 to above 3.5x, its negative rating threshold, under conservative hog price assumptions. Cost Leader: Wens remains one of the cost leaders in the hog-breeding industry. Fitch believes Wens is on track to achieve its full-year average all-in hog production cost of CNY12.5/kg in 2025. Wens demonstrated the ability to control cost during high grain prices in 2022-2023 and continued to improve operational efficiency to reduce costs after 2023. All-in cost fell to CNY12.2-12.4/kg in August 2025, from CNY14/kg in 2024, CNY16/kg in 2023 and CNY17-20/kg in 2022. Stable Broiler Business: Fitch estimates minimal profit contribution from the broiler business in 2025 but expects the segment gross profit to return to CNY2 billion-3 billion a year after that. Wens has been the largest yellow-feather broiler breeder in China. The industry broiler price dropped by 25% in July 2025 to CNY9.9/kg due to weak market demand, but quickly climbed to CNY12.2-13.5/kg in August and September. Market Position Maintained: Fitch believes Wens' business profile is supported by its market position. Its hog volume and poultry scale give it a leading position in China's protein industry. It also has broad domestic coverage, but protein diversification may have fewer benefits during downcycles due to the high share of its hog business. Peer Analysis Wens' credit profile is comparable with that of 'BB' category protein peers. Its business profile is as strong as that of Minerva S.A. (BB/Stable) and BRF S.A. (BB+/Stable) based on its normalised EBITDA generation and broad coverage in domestic pork consumption. Wens' mid-cycle leverage is also comparable, but China's highly volatile hog cycle constrains the company's deleveraging capacity. Wens has a weaker financial profile than investment-grade protein peers such as China-based WH Group Limited (BBB+/Stable) and US-based Pilgrim's Pride Corporation (BBB-/Stable), amid the inherent volatility of China's hog-breeding industry. Wens' mid-cycle EBITDA, market position and protein diversification between swine and poultry are c characteristic of protein producers rated above the 'BB' level, but these are offset by Wens' minimal margin stability during industry cycles. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Hog sales volume of 35 million in 2025, and 37 million each year in 2026-2027 (2024: 30.2 million); - Broiler sales volume growth of 5%-10% in 2025-2027 (2024: 2% yoy); - 12% EBITDA margin in 2025 and 10% mid-cycle EBITDA margin (2024: 16.1%); - Capex intensity of 5%-6% in 2025-2027 (2024: 5.3%) - Dividend payout rate of 30%. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Sustained negative mid-cycle FCF due to weak operating cash flow generation or high capex. - EBITDA net leverage, on a rolling basis and through the cycle, sustained above 3.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: No positive rating action until material structural improvement in the supply-and-demand dynamics of China's hog breeding industry, such that Wens' profit volatility is significantly lower than in the past. Liquidity and Debt Structure The company reported CNY4.3 billion in readily available cash at end-1H25. Fitch-defined available cash was CNY5.9 billion in 1H25, including CNY2.3 billion in wealth-management products of which 70% was classified as cash, as management said the products have principal protection. The available cash is sufficient to cover CNY5.4 billion in short-term debt, all of which are short-term bank loans and can be rolled over. Wens had CNY38 billion in undrawn credit facilities at end-1H25. Wens also has CNY6.2 billion in other financial investments managed mainly by its 100%-owned subsidiary, Wens Investment Limited. The subsidiary's operations are separate from the parent's but management said the cash is available to Wens and the investments can be liquidated to provide a liquidity buffer when needed. Wens' only onshore bond outstanding is a CNY7.7 billion convertible bond due 2027. Its offshore US dollar notes due on 29 October 2025 have an outstanding amount of USD168 million from the initial USD350 million, and its 2030 notes have USD112 million remaining from the initial USD250 million. Wens plans to repay the 2025 notes with available cash. Issuer Profile Wens is the second-largest hog breeder and the largest yellow-feather broiler breeder in China as of end-1H25. The company also operates other poultry, dairy production and animal farming-related businesses. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Wens Foodstuff Group Co., Ltd. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB ========= I N D I A ========= ANVITHA LIFE: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Anvitha Life Care Private Limited (ALCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 24, 2024, placed the rating(s) of ALCPL under the 'issuer non-cooperating' category as ALCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ALCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 10, 2025, August 20, 2025, August 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Andhra Pradesh based Anvitha Life Care Private Limited (ALCPL) was incorporated in the year 2016 as a Private Limited Company and is promoted by Dr. Prakasam Tangirala and Mrs. T. Lalitha Prakasam and other directors. The promoters are assisted by a highly skilled pool of scientists and technologists for business operations. ALCPL is engaged into manufacturing of API – Intermediaries. The current capacity of the plant is 513 kg/day. ALCPL has setup its plant at Plot No.6, Industrial Park Attiva ram Village, Ozili Mandal Naidupeta Nellore AP 524402, and it is also into custom research organisation which deals with Custom synthesis, medicinal chemistry & integrated intermediates for Clinical trial molecules for large pharmaceutical companies and process development of API's. The company has commenced its commercial operations in December 2018. ALCPL's API intermediaries are used in different therapeutic segments mainly Anti – Diabetic, Anti – Cancer, Anti Histamine, Cough Suppressant, Anti Hypotensive, Anti Parkinson, Antiasthmatic, and Remdesivir Injections, De-oxy and De-glucose (Covid) and the company also has R&D centre in its manufacturing plant which is engaged in the development of Novel Processes for Bulk activities including Deuterated Activities. The facility is approved by Drugs Control Administration Andhra Pradesh. ASTER INFRAHOME: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Aster Infrahome Pvt Ltd (AIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non Convertible 50.00 CARE D; ISSUER NOT COOPERATING; Debentures Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated October 18, 2024, continued the rating of AIPL under the 'issuer non-cooperating' category as AIPL had failed to provide information for monitoring of the rating agreed to in its Rating Agreement. AIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls and email dated Sept. 3, 2025, Sept. 13, 2025, Sept. 23, 2025 and Oct. 6, 2025, etc. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating takes into account delays in servicing of debt obligations by the company owing to poor liquidity position. Analytical approach: Standalone Outlook: Not applicable Key weaknesses * Delays in servicing of debt obligations: There have been ongoing delays in servicing of its debt obligations, in both principal and interest due to stressed liquidity position. The interest due for September 30,2024, has been received by the Debenture holders as on October 3, 2024, however principal due has not been received as of October 16, 2024. Liquidity: Poor The liquidity profile of Aster Infrahome Private Limited remains poor as there has been delays in the principal repayments and interest servicing of the company. Aster Infrahome Pvt Ltd (AIPL), a real estate development company, incorporated in May 2011, is a part of the 'Shree Vardhman Group'. The company is currently engaged in developing a residential project 'Green Court' located in Sector90, Gurgaon, having total saleable area of 8.19 lsf. Shree Vardhman group has been engaged in real estate development and is developing several projects through different SPVs (Special Purpose Vehicles). The group has already completed a township at Kurukshetra and group housing project at Sonipat constituting total saleable area of 13.34 lsf. Ongoing projects of the Group includes Shree Vardhman Gardenia, Shree Vardhman Olive, Shree Vardhman Flora (Shree Vardhman Infrahome Pvt Ltd), Shree Vardhman Mantra (Shree Vardhman Buildprop Pvt Ltd), Green Space (Green Space Infraheights Pvt Ltd) etc. The total area being developed in various group entities is 67.09 lsf. CELL COM: CARE Keeps C Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Cell Com Teleservices Private Limited (CCTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 13.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 24, 2024, placed the rating(s) of CCTPL under the 'issuer non-cooperating' category as CCTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CCTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 10, 2025, August 20, 2025 and August 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Delhi Based, Cell Com Teleservices Private Limited (CIN-U64201DL2002PTC117816) was incorporated in 2002. CCTPL was established as a partnership firm with Vikas Sharma and Deepak Kaushik as partners in 2001. Currently the company is being managed by Mr. Vikas Sharma, Mr. Vivek Kaushik as director. CCTPL is engaged in fabrication and erection of galvanized & nongalvanized steel structure, process equipment, telecom structure, VSAT supporting system, foundation bolts, substation structure, solar pv mounting frames, steel electro forged grating, handrails & material handling equipment including hoppers, chutes, conveyance, platforms & screen stations. CCTPL majorly caters to telecom sector companies and companies engaged in turnkey installation and commission for telecom sector companies and transmission companies. GANPATI FOODS: CARE Lowers Rating on INR28cr LT Loan to B --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Ganpati Foods (GF), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 28.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE B+; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 1, 2024, placed the rating(s) of GF under the 'issuer non-cooperating' category as GF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 17, 2025, August 27, 2025 and September 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to bank facilities of GF have been revised on account of non – availability of requisite information. Analytical approach: Standalone Outlook: Stable Ganpati Foods is a partnership firm constituted in 2008. Currently, the firm has three partners - Kewal Krishan, Om Parkash Bansal and Yashu Bansal. The firm is engaged in the processing of paddy to basmati rice and is also engaged in the selling of the byproducts in the process, including bardana, bran, husk, etc. The firm operates at its single manufacturing facility in Patran, Punjab with an installed capacity of 14TPH (tons per hour). The firm caters to the domestic market through a network of distributors and wholesalers located all over India. The firm also sells rice under its own brand names- 'Patiala Gate' 'KK' and 'GF 298'. GANPATI MEGA: CARE Lowers Rating on INR9cr LT/ST Loan to D ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Ganpati Mega Builders (india) Private Limited (GMBPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Long Term/Short 9.00 CARE D/CARE D; ISSUER NOT Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable/CARE A4 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 13, 2025, placed the rating(s) of GMBPL under the 'issuer non-cooperating' category as GMBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GMBPL continues to be non-cooperative despite repeated requests for submission of information through e-mail dated October 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of GMBPL have been revised on account of non-availability of requisite information. The rating revision also considers delays in debt servicing as recognized from lenders feedback. Analytical approach: Standalone Outlook: Not Applicable Ganpati Mega Builders India Private Limited (GMBPL) was incorporated in February, 2007. The company is currently promoted by Mr. Piyush Jain, Mr. Avrar Quraishi, Mr. Parang Jain, Mr. Pawan Kumar Jain and Mohd. Sultan. The company is engaged in construction works which involve construction of building for government hospitals, canal levelling, Mandi construction etc. GMB executes contracts mainly for government departments. The main raw material for the company includes cement, bricks, aggregate etc. which the company procures mainly from local dealers. The company operates mainly in Uttar Pradesh and Madhya Pradesh. GOYAL PETROFILS: CARE Cuts Rating on INR33.45cr LT Loan to B- ------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Goyal Petrofils Yarns Private Limited (GPYPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 33.45 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Short Term Bank 1.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 24, 2024, placed the rating(s) of GPYPL under the 'issuer non-cooperating' category as GPYPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GPYPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 10, 2025, August 20, 2025 and August 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of GPYPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable GPYPL was established as a proprietorship concern, by the name, Goyal Texturizing Mill, in the year 2001, by Mr Vinod Kumar Goyal. In July 2002, the firm was reconstituted as a private limited company. GPYPL is currently being managed by Mr Vinod Kumar Goyal (Chairman & Managing Director) and his father- Mr Inderjit Goyal (Founder). The company is primarily engaged in the manufacturing of yarns and knitted cloth at its manufacturing facility located at Ludhiana, Punjab. The company is also engaged in the trading of yarn and knitted cloth. The company belongs to the 38-year-old Goyal group which is engaged in yarn manufacturing, trading of all kinds of yarns, fibres, knitted clothes and also dyeing of yarn. HARAPRIYA INFRASTRUCTURES: CARE Keeps B- Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Harapriya Infrastructures (HI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 28, 2024, placed the rating(s) of HI under the 'issuer non-cooperating' category as HI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025, August 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bangalore based, Harapriya Infrastructure (HI) is partnership firm established in 1999 by Mr. K.N Surendra Reddy. Later the partnership deed was reconstituted in December, 2012. The firm is engaged in real estate constructions and lease rental agreements. The firm has three partners Mr. K.N Surendra Reddy, Mr. Kartheek S Reddy (Son of Mr. K.N Surendra Reddy), Mrs. Vinutha S Reddy (wife of Mr. K.N Surendra Reddy). The partners of the firm have experience of more than four decades in the construction industry and renting of commercial property. HARI FORGING: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Shri Hari Forging Products (SHFP) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.85 CRISIL D (Issuer Not Cooperating) Bill Discounting 10 CRISIL D (Issuer Not Cooperating) Cash Credit 3.25 CRISIL D (Issuer Not Cooperating) Proposed Long Term 12.46 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.85 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SHFP 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 SHFP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SHFP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SHFP continues to be 'Crisil D/Crisil D Issuer not cooperating'. SHFP, a proprietorship firm set up in 2006, manufactures and fabricates components such as transformer structures, top brackets, and guarding cross arms, which are used in the power distribution sector. The firm, promoted by Mr Shrikant Sharma, is based in Jaipur (Rajasthan). IIFL FINANCE: Fitch Affirms B+ LongTerm IDR, Alters Outlook to Pos. ------------------------------------------------------------------- Fitch Ratings has revised the Outlook on India-based IIFL Finance Limited's (IIFL) Long-Term Issuer Default Rating (IDR) to Positive from Stable, and affirmed the IDR at 'B+'. Fitch has also affirmed the rating on IIFL's senior secured debt at 'B+' with a Recovery Rating of 'RR4'. In addition, the global medium-note programme (GMTN) rating has been affirmed at 'B+'. Key Rating Drivers Standalone Profile to Improve: The Outlook revision reflects its view that IIFL's credit profile could improve over the next two years, particularly its business and risk profiles, asset quality and funding diversity. An improved credit profile could be positive for IIFL's ratings. Loan growth has rebounded following the lifting of regulatory restrictions on IIFL's gold-backed lending business in September 2024, with broadening funding flows supporting new disbursements in gold-backed loans and other products over the past several months. The revision also reflects Fitch's expectation of a gradual decline in legacy problem assets over the next two years along with stabilisation of asset quality risks as management pivots the portfolio towards secured lending categories. Nonetheless, Fitch believes near-term credit costs will remain elevated as management remediates existing problem loans, and rapid loan expansion could stretch risk and control frameworks, and raise operational risks. It will take time to assess the robustness of IIFL's controls as the business scales following the lifting of the regulatory restrictions. Renewed Focus on Secured Loans: Loan assets under management (AUM) rose by 21% yoy in the first quarter of the financial year ending March 2026 (FY26), led by secured loan categories such as gold-backed loans (33% of total AUM at end-1QFY26) and housing loans (38%). Riskier unsecured loan classes such as microfinance (11%), small business loans and personal loans contracted in 1QFY26, mirroring softer industry growth amid asset quality pressure in these unsecured segments. Fitch expects AUM growth to continue apace in the medium term with a focus on secured business lines. A higher secured loan mix could reduce IIFL's exposure to asset quality risks, if managed well. High growth as the company shifts its portfolio could raise operational risks, but this may be mitigated by greater regulatory clarity on gold lending requirements and IIFL's tightened lending standards since the Reserve Bank of India's (RBI) supervisory action. Supportive Operating Environment: India's robust medium-term growth potential and large, diversified economy are likely to continue supporting the business prospects and profitability of non-bank financial institutions (NBFIs). Easing domestic interest rates, moderate inflation, improved system liquidity and support for domestic consumption from reduced taxes on goods and services are likely to buffer against global economic uncertainty, particularly as India's NBFIs are mostly domestically focused. Greater Regulatory Clarity: The enhanced gold loan regulatory framework clarifies several compliance requirements, which should reduce regulatory uncertainty for lenders. IIFL has also received new branch licences from the RBI, which indicates past regulatory concerns have been acceptably addressed. That said, credit growth may remain high as the company deploys its new branches, potentially testing its ability to maintain adequate controls. Credit Costs to Peak: Fitch expects credit costs (1QFY26: 3.6% annualised, FY24: 1.9%) to remain higher than IIFL's historical average in FY26, but the rate should ease thereafter as portfolio credit quality improves amid increased secured lending, and tightened loan and risk management. The gross non-performing loan (NPL) ratio of 2.3% in 1QFY26 (FY24: 2.3%, FY23: 1.8%) reflected higher delinquency rates in small business loans and microfinance, in line with broader industry trends, offset by higher write-offs, helping to contain NPLs but pushing up credit costs. Gradual Resolution to Lingering Risks: IIFL's lingering portfolio of non-loan security receipts weighs on its asset quality profile. These are mostly commercial real-estate loans sold to asset reconstruction companies, and a gradual resolution over the next two years - as management expects - could be positive for its asset quality profile. Profitability to Recover: A narrower net interest margin and higher credit costs are constraining near-term profitability, but Fitch expects a recovery in loan volumes, selective expansion in lending yields and a gradual moderation in credit costs over the next one to two years to support profitability. Annualised pretax profit improved to 2.0% of average assets in 1QFY26, after declining sharply to 1.1% in FY25 (FY24: 4.5%), as rising business volumes boosted revenue Steady Leverage: Fitch expects leverage, as measured by debt/tangible equity (1QFY26: 3.9x, FY25: 3.8x, FY24: 4.0x), to increase slightly as the loan book continues to expand. Nonetheless, Fitch does not expect any sharp increases and capitalisation is likely to provide an acceptable buffer against unforeseen losses. Fitch believes management will pace on-balance-sheet growth to broadly match internal capital generation, while pursuing off-balance-sheet funding options to improve capital efficiency. Funding to Remain Supportive: IIFL's wholesale funding profile is sensitive to market confidence, but access has improved in recent months. Funding is more diversified, with foreign bonds and foreign loans, and greater use of off-book funding channels and bank loans. Meanwhile, borrowing rates have eased, indicating improved lender comfort. A positive asset-liability maturity position supports upcoming debt repayments and provides a surplus capacity for new lending. The rising mix of short-tenor gold loans is likely to support receivable inflows to meet near-term debt maturities. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A rating downgrade is less likely in light of the Positive Outlook, but the following developments could result in Fitch revising the Outlook to Stable, or taking negative action if developments are sufficiently severe: - Aggressive growth exceeding internal capital generation that significantly weakens capital buffers; - Significant regulatory or operational events that weaken market confidence in the company, possibly leading to diminished funding access and pressure on liquidity buffers; - Earnings pressure such that the pretax profit/average assets ratio remains below 1.5% for a sustained period; - Significant deterioration in problem loan exposures, including net security receipts. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The operating environment remaining supportive, with steady asset quality, earnings and funding conditions; - Progress in resolving the problem asset portfolio and tightened management of loan delinquencies, such that Fitch expects the problem asset portfolio to remain below 5% of gross loans and other credit exposures; - Pretax profit/average assets to be sustained above 2%; - Estimated liquidity inflows, including discounted loan collections, continuing to exceed upcoming maturities on a three-month and 12-month basis under Fitch's stress scenario, with acceptable liquid asset buffers; - Debt/tangible equity sustained below 4.5x DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The US dollar senior secured GMTN programme and foreign-currency debt are rated at the same level as IIFL's Long-Term Foreign-Currency IDR, in line with Fitch's rating criteria. The debt of Indian NBFIs is usually secured and Fitch believes non-payment of the senior secured debt would best reflect the entity's uncured failure. NBFIs can issue unsecured debt in the offshore market, but such debt is likely to form a small part of total funding and cannot be viewed as their primary financial obligations. The Recovery Rating of 'RR4' on the senior secured debt reflects its expectation of 'Average' recovery prospects in the event of default, in line with its criteria for entities with a Long-Term IDR of 'B+' or below, domiciled in India. The notes are subject to a cross-acceleration clause, where the acceleration of any debt of the issuer or its principal subsidiaries may constitute an event of default. Fitch understands that IIFL's microfinance subsidiary has breached certain loan covenants due to rising sector delinquencies. However, lenders have not taken adverse action on this breach so far, and the issuer and its principal subsidiaries continue to meet all their repayment obligations. A gradual recovery in microfinance delinquencies is likely to help to cure this position. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES Any change in the Long-Term Foreign-Currency IDR would lead to a corresponding change in the MTN programme rating. ADJUSTMENTS The sector risk operating environment score has been assigned above the implied score for the following adjustment reasons: economic performance (positive), size and structure of economy (positive). The business profile score has been assigned below the implied score for the following adjustment reason: business model (negative). The asset quality score has been assigned below the implied score for the following adjustment reason: non-loan exposures (negative). The funding, liquidity and coverage score has been assigned above the implied score for the following adjustment reasons: funding flexibility (positive), cash flow generative business model (positive). ESG Considerations IIFL has an ESG Relevance Score of '4' for Management Strategy, as Fitch believes the company's operations and franchise remain sensitive to management's ability to maintain sound implementation of internal controls and return the business to adequate profitability now that sanctions have been lifted. IIFL has an ESG Relevance Score of '4' for Governance Structure, as the history of regulatory action imply a record of gaps in the oversight structure and management of compliance risks that may pose reputational risks for the company. IIFL's ESG Relevance Score for Customer Welfare - Fair Messaging, Privacy & Data Security, has been revised to '3' from '4', reflecting indications that regulatory concerns around IIFL's gold loan customer-related practices have been acceptably addressed and lending restrictions lifted. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- IIFL Finance Limited LT IDR B+ Affirmed B+ senior secured LT B+ Affirmed RR4 B+ senior secured LT B+ Affirmed B+ KUMARAN AAGRO: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kumaran Aagro Foods (KAF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 23, 2024, placed the rating(s) of KAF under the 'issuer non-cooperating' category as KAF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KAF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 9, 2025, July 19, 2025, July 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Mr. S.N. Dhanushkodi Nadar established a proprietorship concern in the year 1952, which was renamed Kumar Traders in 1969. Later in 1985 it was converted into a partnership concern among his sons and wife. After family partition, in 2009 the concern was renamed as Kumaran Aagro Foods (KAF) and the concern was reconstituted among Mr. S.N.D. Raja Shekaran, Ms. Usha Raja Shekaran and Mr. S.N.D.R. Raj Dhanush with equal profit-sharing ratio. KAF is engaged in processing (dehulling) and Marketing of black gram and pigeon pea. After processing, the lentil is sold for consumption and the skin is sold as cattle feed. The firm purchases pulses from suppliers located in Madhya Pradesh, Uttar Pradesh and Andhra Pradesh and after processing markets to the wholesalers and retailers located in Chennai, Tamil Nadu. LOG 9 MATERIALS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Log 9 Materials Scientific Private Limited #9, Bellary Road, Off Jakkur Main Road, Next to AB Nuvo Ltd, Jakkur Layout, Bangalore, Karnataka, India – 560 092 Insolvency Commencement Date: September 15, 2025 Estimated date of closure of insolvency resolution process: March 14, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: CA Neeraja Kartik 202, Padmasani Apartment, Plot no 58/2 Shivaji Nagar, Nagpur – 440010 Email: neerajakartikip@gmail.com Email: cirp.log9materials@gmail.com Last date for submission of claims: October 7, 2025 LOG 9 MOBILITY: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Log 9 Mobility Private Limited #9, Bellary Road, Off Jakkur Main Road, Next to AB Nuvo Ltd, Jakkur Layout, Bangalore, Karnataka, India – 560 092 Insolvency Commencement Date: September 15, 2025 Estimated date of closure of insolvency resolution process: March 14, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: CA Neeraja Kartik 202, Padmasani Apartment, Plot no 58/2 Shivaji Nagar, Nagpur – 440010 Email: neerajakartikip@gmail.com Email: cirp.log9mobility@gmail.com Last date for submission of claims: October 7, 2025 MANAPPURAM FINANCE: Fitch Affirms BB- LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed India-based Manappuram Finance Limited's (MFIN) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB-'. The Outlook is Stable. Fitch has also affirmed the rating on MFIN's US-dollar medium-term note (MTN) programme and senior secured debt at 'BB-'. Key Rating Drivers Intrinsic Profile Drives Ratings: MFIN's ratings stem from its moderate franchise in gold-backed financing and other loans to India's semi-urban and rural borrowers. Fitch expects recent asset quality pressure to ease, supported by MFIN's resilient gold-loan portfolio, adequate profitability, steady funding and liquidity and moderate leverage. This is counterbalanced by an evolving risk appetite, as evidenced by a shifting business mix and history of regulatory compliance findings. Supportive Operating Environment: India's robust medium-term growth potential and large, diversified economy should continue to support NBFIs' business prospects and profitability. Easing domestic interest rates, moderate inflation, improved system liquidity and support for domestic consumption from reduced taxes on good and services should buffer against global economic uncertainty, particularly as India's non-bank financial institutions (NBFIs) are mostly domestically focused. Renewed Focus on Gold Loans: Fitch expects MFIN's consolidated loan growth to pick up in the near term, driven by secured lending. Gold loans already comprise the bulk of loans, at about 65% in the first quarter of the financial year ending March 2026 (FY26), up from 53% in 1QFYE25, and further segment growth should be supported by a focus on larger ticket loans due to their more resilient customer profiles. Fitch expects housing loan growth to moderate from the 28% CAGR achieved over FY22-1QFY26, and for microfinance and vehicle lending growth to slow amid asset quality pressure in these segments. Leadership Succession: The introduction of new leadership and a successful transition from founder-controlled decision-making to a broader management team should reduce key person risk, if well executed, and address governance-related risk. The plan for Bain Capital to acquire at least 18% of MFIN, with board representation, could also be positive in this regard. Nevertheless, the success of the leadership transition may take time to assess. Addressing Operational Risk: Operational risk arises in gold-backed lending due to the segment's decentralised branch-led disbursements and customer-related processes. Yet, Fitch anticipates that management's efforts to strengthen processes, systems and infrastructure could reduce such risks over time. Recent comprehensive rules on gold loans also provide greater clarity on the regulator's expectations. Easing Asset Quality Pressure: Fitch expects a near-term decline in new impaired loan generation amid an improvement in microfinance borrowers' repayment capability and propensity after the regulatory embargo was lifted on MFIN's microfinance subsidiary, Asirvad Micro Finance Limited. This is already evident in MFIN's consolidated stage 3 loans ratio, which fell to 3.2% in 1QFY26, from 3.8% in FY25, reflecting receding pressure in microfinance loans and a slight pickup in loan growth. It is also in line with signs of asset quality stabilisation in the broader microfinance industry and should drive MFIN's consolidated stage 3 ratio below 3% over the next two years. Its assessment of MFIN's asset quality could also benefit from a sustained increase in the proportion of collateralised loans over the medium term. Profitability to Recover: Fitch expects earnings to improve in the near term, as credit cost likely peaked in 1QFY26. Fitch anticipates that credit costs will decline over the remainder of FY26. This, along with increased business volume, should drive pre-tax profit/average assets to rise substantially from 0.8% (annualised) in 1QFY26 by its estimates, with the metric likely to hover at about 6.0% as credit costs normalise fully by FY27. There could be further profitability upside if the lender's efforts to boost operational efficiency prove effective. Moderate Leverage: Fitch expects debt/tangible equity to remain broadly stable over the next two years (FYE25: 3.0x), commensurate with the rating. Internal capital generation should support loan growth, while additional equity of around INR43.9 billion from Bain Capital's investment could reduce debt/tangible equity further - if and when completed - creating additional headroom for loan growth. Steady Funding: MFIN is wholesale funded, like most Indian NBFIs, and has adequate access to funds from various channels, including local and offshore bonds and commercial paper. Domestic bank loans comprised 72% of total funding in 1QFY26, down from 79% in FY24, with the decline driven by increased overseas funding. The asset-liability profile is positively matched, supported by short asset tenors. A shift towards gold loans should lift the share of shorter-tenor loans, benefiting the structural liquidity position. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The rating may be downgraded in the event of sustained aggressive growth without a corresponding strengthening in underwriting standards, risk controls or balance-sheet buffers. This may be indicated by a rapid shift in the business mix towards riskier segments, such as non-gold loans, or a rise in debt/tangible equity beyond 4.5x - although these scenarios are not its base case. Significant losses from compliance, operational or reputational issues could also be negative for the ratings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A successful leadership transition that strengthens the business profile and improved compliance and risk management may be positive for the ratings. This is provided that the company's growth appetite remains adequately balanced and asset quality and profitability metrics stay steady. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The ratings on MFIN's MTN programme and foreign-currency senior secured debt are at the same level as its Long-Term Foreign-Currency IDR. Indian NBFIs' borrowings are typically secured and Fitch believes non-payment of senior secured debt would best reflect the uncured failure of the entity. NBFIs can issue unsecured debt in the overseas market, but such debt is likely to constitute a small portion of funding and thus cannot be viewed as their primary financial obligation. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The ratings on MFIN's US-dollar MTN programme and senior secured debt are sensitive to changes in its Long-Term Foreign-Currency IDR. Any action on the Long-Term Foreign-Currency IDR will drive similar action on the MTN programme and senior secured debt ratings. ADJUSTMENTS The 'bb+' sector risk operating environment score is above the 'b' implied score for the following reasons: size and structure of economy (positive) and economic performance (positive). The 'bb-' funding, liquidity and coverage score is above the 'ccc' implied score for the following reasons: funding flexibility (positive), cash flow generative business model (positive). ESG Considerations MFIN has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy and Data Security, due to a history of customer-related business practices that did not fully comply with regulatory norms. The score reflects its assessment that customer-related practices appear weaker than at rated peers, raising regulatory and reputational risk for MFIN. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. MFIN has an ESG Relevance Score of '4' for Governance Structure, due to its history of customer-related business practices that did not fully comply with regulatory norms. This implies that the company has gaps in its governance structure. The score reflects its assessment that governance practices appear weaker than at rated peers, raising regulatory and reputational risk for MFIN. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Manappuram Finance Limited LT IDR BB- Affirmed BB- LC LT IDR BB- Affirmed BB- senior secured LT BB- Affirmed BB- METAL EXTRUSIONS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Metal Extrusions (ME) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 22, 2024, placed the rating(s) of ME under the 'issuer non-cooperating' category as ME had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ME continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 8, 2025, July 18, 2025, July 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Metal Extrusions was established as proprietorship firm in the year 2010, promoted by Mr. Hitesh P. Jain. Subsequently, the constitution of the firm changed to partnership on July 16, 2016. At present, the operations of the firm are managed by Mr. Hitesh P. Jain and Ravi Kumar Jain. Currently, the firm is engaged in wholesale and retail trading of ferrous and nonferrous metals like Aluminium extrusions, Aluminum Rolling sheets & Plates Copper, Brass, Sheet Metals,etc. The firm has its customer base all over country and major customers are Marine Electricals (India) Pvt Ltd and Arrow Engineers. The firm purchases 65% - 70% of raw materials from Hindalco Industries Limited and Jindal Aluminium Limited. MISSION ROW TEA: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Mission Row Tea Broker Pvt Ltd. 2/1 Old Court House Corner, Kolkata-700001, West Bengal India Liquidation Commencement Date: September 26, 2025 Court: National Company Law Tribunal, Kolkata Bench Liquidator: CA Sangeeta Poddar FD71, Sector III, Salt Lake City Near Paur Bhawan, Kolkata- 700106 Email: casangeetapoddar@gmail.com Mobile No: 9339521250 Last date for submission of claims: October 27, 2025 MUKARBA CHOWK-PANIPAT: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Mukarba ChowK-Panipat Toll Roads Limited (MCTRL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1,375.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 4, 2024, placed the rating(s) of MCTRL under the 'issuer non-cooperating' category as MCTRL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MCTRL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 21, 2025, July 31, 2025, August 10, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable MCTRL is a special purpose vehicle (SPV) incorporated in August 2015 and a wholly owned by Essel Infraprojects Limited (EIL). EIL had been awarded the project for carrying out eight laning from existing 6/8 lane of Mukarba Chowk to Panipat section of NH 1 in the state of Haryana under National Highways Development Project (NHDP) phase IV by National Highways Authority of India under design, build, finance, operate and transfer (DBFOT) – toll basis covering a length of approximately 70 kilometres (km). Due to the inability of EIL to deliver the project within the stipulated timeline, Welspun Infrafacility Limited acquired the project vide 'harmonious substitution' in 2020 which was recommended by the project lenders and subsequently approved by National Highways Authority of India (NHAI) post termination of work given to EIL. PRIYA FOOD: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: PRIYA FOOD PRODUCTS LTD. BF-45, Salt Lake City Sector-1, 1st Floor, Kolkata, West Bengal-700064 Insolvency Commencement Date: September 18, 2025 Estimated date of closure of insolvency resolution process: March 17, 2026 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: MAHESH CHAND GUPTА FE-202, Salt Lake City, Sector-III, 1st Floor, Kolkata, West Bengal, 700106 Email Id: mcgupta90@gmail.com Email Id: cirp.priyafoods@gmail.com Last date for submission of claims: October 2, 2025 PUSHP PREM: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Pushp Prem Constructions (PPC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 6.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 1.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 1, 2024, placed the rating(s) of PPC under the 'issuer non-cooperating' category as PPC had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. PPC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 17, 2025, August 27, 2025 and September 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Agra, Uttar Pradesh based Pushp Prem Constructions (PPC) was established in the year 2012 as a proprietorship firm and started its commercial operations from 2013. The firm is currently managed by Mr. Prem Prakash Gupta. The firm is "Class A" contractor and is engaged in construction works such as construction of R.C.C. overhead water tanks, pump house, rising main & drainage system, etc. RADHE COTTON: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Radhe Cotton Company (RCC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.58 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 4, 2024, placed the rating(s) of RCC under the 'issuer non-cooperating' category as RCC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RCC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 21, 2025, July 31, 2025, August 10, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Gokhalana, Jasdan (Rajkot)-based RCC was incorporated as a partnership firm in 2012 by six partners. The partners of RCC include mainly Mr Rameshbhai Khakhriya, Manubhai Khakhriya and Dhirajbhai Jivabhai Khakhriya. The firm is engaged into the activity of cotton ginning, bailing and cleaning of cotton. The products of RCC include cotton seeds, cottonseeds oil cake and cotton wash oil. RATHI STYLE: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Rathi Style and Textile Private Limited (RSTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 24, 2024, placed the rating(s) of RSTPL under the 'issuer non-cooperating' category as RSTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RSTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 10, 2025, August 20, 2025, August 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Rathi Style And Textile Private Limited (RSTPL) was incorporated in the year 2012 as a private limited company. The actual operations of the company have started since FY15. RSTPL is engaged in trading of readymade garments for women namely kurtis, leggings, and western top and others. RATNA COTTEX: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Ratna Cottex (RC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 3, 2024, placed the rating(s) of RC under the 'issuer non-cooperating' category as RC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 20, 2025, July 30, 2025, August 9, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Morbi based Ratna Cottex (RC) was established in May, 2015 as a partnership firm owned and managed by Mr. Harshad Jasmatbhai Ghodasara, Mr. Danjuma Jasmatbhai Ghodasara and Mr. Jasmatbhai Valjibhai Ghodasara. The firm is currently engaged in cotton ginning and pressing for BT variety of cotton with short and medium staple fibre, having sole manufacturing facility located in Morbi, with an annual installed capacity of 5,488.56 Metric Tons of cotton bales and 10977.12 Metric Tons of cotton seeds as on March 31, 2017. RC commenced its operations from December, 2015 with 24 ginning machines. SHAH CONCAST: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shah Concast Private Limited (SCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.20 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.50 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 24, 2024, placed the rating(s) of SCPL under the 'issuer non-cooperating' category as SCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 10, 2025, August 20, 2025, August 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Muzaffarnagar (Uttar Pradesh) based Shah Concast Private Limited (SCPL) was incorporated in 2008 as a private limited company. But it commenced its commercial operations from July, 2010. The company is promoted by Mr. Noor Saleem Rana and Mr. Shah Mohammad Rana. The day-to-day operations of the company are looked after by two professional directors namely Mr Abdul Ghaffar Tyagi and Mr Mohammad Albab. SCPL is currently engaged in trading of Mild Steel (M.S) Ingot, sponge iron and steel structures. SHARWIN COTTEX: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sharwin Cottex (SC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 4, 2024, placed the rating(s) of SC under the 'issuer non-cooperating' category as SC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 21, 2025, July 31, 2025, August 10, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ahmedabad (Gujarat)-based, SC was formed in February, 2016 by Mr. Sukhdev Prajapati, Mrs. Manisha Purohit and Mr. Soham Purohit. The firm had been setting up a greenfield plant for cotton ginning and pressing near Mehsana district in the area of 19425 square meters, with 36 double roller jumbo gin machines of 54” size for ginning and 5 cotton stripper machines for pressing. Total installed capacity for ginning was proposed to be 45619.20 MTPA for raw cotton. For oil extraction process, 12 extruders of 33*6” were expected to be installed with a capacity will be of 24192 MTPA of cotton seeds. SIDDAGANGAIAH RURAL: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Siddagangaiah Rural Godown (SRG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 7.00 CARE B-; Stable Issuer not Facilities cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 28, 2024, placed the rating(s) of SRG under the 'issuer non-cooperating' category as SRG had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRG continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025, August 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Karnataka based, Siddagangaiah Rural Godown (SRG) was established as a proprietorship firm in the year 2015 and promoted by Mr. S Siddagangaiah. The firm is engaged in providing warehouses on lease rental basis. The rural Godown measuring 81600 sq. ft. are used for storage of various consumer goods such as tyres, salts, FMCG's, foot wears etc. The property is built on a total land area of 1.42 acres and comprises of 3 Godown, with aggregate storage capacity of around 33390 MT. Commercial operations for Godown were started in September 2015. Some of the regular customers of the firm are Ceat Tyres Private Limited, U4IC International Private Limited, ITC Limited and Tata Chemicals Limited, from whom the firm earns revenue by sale of sites, for the storage of various goods. SKM BUILDCON: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of SKM Buildcon (SB) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 6, 2024, placed the rating(s) of SB under the 'issuer non-cooperating' category as SB had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SB continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 23, 2025, August 2, 2025, August 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable M/s SKM Buildcon (SB) was established in 2008 as a partnership concern. SB participates in the tender process of various public works department contracts, government contracts and related ancillary works. SB has reputed client base primarily dealing with public works department, government departments and clients like Tarwani group and Fortune Recourse Private Limited (Swarnbhumi). The day to day affairs of the firm are looked after by Mr Suresh Kumar Mirghani with adequate support from the other partner and a team of experienced personnel. SRIYA FARM: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sriya Farm (SF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 27, 2024, placed the rating(s) of SF under the 'issuer non-cooperating' category as SF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SF continues to be non-cooperative despite repeated requests for submission of information through emails dated July 13, 2025, July 23, 2025, August 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bangalore based M/s Sriya Farm (SF), established in 2003 as a Proprietorship Firm by Dr. M.L. Suresh Babu, and is engaged in poultry integration business, where a contract is given to the framers for production of broiler chicken. SF produces small chicks and keeps them in their hatchery for 21 days after which it is sent to the farmers for further hatching process in their respective local areas. The firm has a capacity of 200 lakhs per annum hatchery eggs production of their own and 130 lakhs broiler birds per annum under contract with local farmers. The firm purchases poultry feeds from its associate concern Sriya Farm and Feed Private Limited which manufacture poultry feed and sole supplier for SF. The firm sells broiler chicken majorly in Karnataka and Andhra Pradesh. SUPREME BATTERIES: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Supreme Batteries Private Limited (SBPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 33.55 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 28, 2024, placed the rating(s) of SBPL under the 'issuer non-cooperating' category as SBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025, August 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Supreme Batteries Private Limited (SBPL) was initially established as a partnership firm in 1982 and was incorporated as a private limited company in the year 2001 and is promoted by Mr. Vimal Kumar Agarwal, Mr. Anuj Agarwal and Mr. Ajay Goyal. However, commercial production commenced from the month of September 2009. TENNY JOSE: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Tenny Jose Limited (TJL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 32.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 27.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 28, 2024, placed the rating(s) of TJL under the 'issuer non-cooperating' category as TJL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TJL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 14, 2025, July 24, 2025, August 3, 2025 among others. In line with the extant SEBI guidelines CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Tenny Jose Limited (TJL) was incorporated on October 11, 2011. TJL, located at Thrissur, Kerala is engaged in trading and distributorship of steel, paper and paper products through its warehouses in Aluva and Vizag (Kerala), and Chennai (Tamil Nadu). VINAYAK CARS: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vinayak Cars Private Limited (VCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 27, 2024, placed the rating(s) of VCPL under the 'issuer non-cooperating' category as VCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 13, 2025, July 23, 2025, August 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Vinayak cars Private Limited (VCPL) was incorporated in 2007 and is headed by Mr. Suresh Kumar Bafna. The company is engaged in the business of auto-dealership for Skoda and bike dealership of Yamaha and Benelli. The company has 4 showrooms (2 showrooms for Skoda and one each for Yamaha & Benelli) and 2 workshops for Skoda cars, all located in Bengaluru. VIRTUE MARKETING: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Virtue Marketing Private Limited (VMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 20.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 27, 2024, placed the rating(s) of VMPL under the 'issuer non-cooperating' category as VMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 13, 2025, July 23, 2025, August 2, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2013, Virtue Marketing Private Limited (VMPL) is promoted by Mr. Ramesh Jain and Mr. Hitesh Jain. VMPL is currently engaged in the trading of Aluminium Plates, Aluminium Coils, Aluminium Foils, Aluminium Wires, Aluminium Ingots, Aluminium Conductors, Aluminium Extrusions, steel products and scraps. The product range finds application in transport, machinery, defense, healthcare, automobile, engineering etc. The other company of the promoters, R.E Cables & Conductors Private Limited is into designing, manufacturing and marketing all types of aluminum products and scraps. These cables and conductors find its use in power generating and distributing companies. The company markets the cables and conductors under 'RECC' brand. VISHWAKARMA COLD: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Vishwakarma Cold Storage (SVCS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 3, 2024, placed the rating(s) of SVCS under the 'issuer non-cooperating' category as SVCS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVCS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 20, 2025, July 30, 2025, August 9, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SVCS was established in 1998 by Mr. Chamanlal Gajjar, Veljibhai Suthar, Mr. Thannaji Suthar and Mr.Chunilal Chaudhary. However, Mr. Veljibhai Suthar retired from SVCS from October 2016. SVCS was set up to provide cold storage facilities at Deesa (Gujarat). The main objective of setting up SVCS is to preserve potatoes for longer duration. The plant will be located at Deesa (Gujarat) which is one of the major Potatoes growing area region in Gujarat. VOHRA SOLVEX: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vohra Solvex Private Limited (VSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 11.00 CARE B-; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 20, 2024, placed the rating(s) of VSPL under the 'issuer non-cooperating' category as VSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 6, 2025, August 16, 2025 and August 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Vohra Solvex Private Limited (VSPL), based in Faridkot, Punjab was incorporated in September, 2003 as a private limited company with Mr. Rohit Vohra, Mrs. Rubica Vohra, Mr. Pankaj Vohra, Mrs. Sejal Vohra and Mrs. Niti Vohra as its directors. VSPL is engaged in extraction of rice bran oil at its manufacturing facility located in Uttar Pradesh The product line of company consists of rice bran oil. The residual product of the process is de-oiled rice bran cake. WIND WORLD: NCLT Admits IDBI Bank's Insolvency Plea vs. Unit ------------------------------------------------------------ The Economic Times reports that the Mumbai bench of the National Company Law Tribunal (NCLT) has ordered the initiation of the corporate insolvency resolution process (CIRP) against Wind World (India) Infrastructure following an application filed by IDBI Bank. The tribunal also appointed Megha Agrawal as the interim resolution professional (IRP) for the company. Wind World (India) Infrastructure designs, manufactures, and installs wind energy solutions, including wind turbine generators (WTGs) and infrastructure like access roads and substations. The company is a subsidiary of Wind World India Limited. Wind World India Limited, which was formerly known as Enercon India, operates 650 MW of renewable energy projects and manages the operations and maintenance for 4,500 MW of installed capacity across Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Rajasthan, Tamil Nadu, and Madhya Pradesh. WIND WORLD: Omkara ARC Acquires Firm's Debt with INR1,225-cr Offer ------------------------------------------------------------------ Business Standard reports that Omkara Asset Reconstruction Company said it has bagged INR3,763 crore debt of the bankrupt Wind World India with a INR1,225-crore bid. Business Standard relates that the Areion Group ARC said it has acquired the debt from the National Asset Reconstruction Company Ltd (NARCL), the state-run bad bank, under the Swiss challenge method, as per a statement. The win will make the ARC as the lead decision maker in Wind World India's ongoing Corporate Insolvency Resolution Process (CIRP) as it has secured an 80 per cent voting share in the Committee of Creditors (CoC) with the INR1,225-crore investment, the report says. The INR3,763-crore debt was originally assigned to NARCL by a consortium of leading lenders nearly 18 months ago. As the National Company Law Tribunal (NCLT) has permitted the withdrawal of the existing resolution plan, the path has now been cleared for inviting fresh expressions of interest from potential resolution applicants, the ARC statement added. "Wind World India represents a critical piece of the country's renewable energy infrastructure, and we are proud to take the lead in unlocking its full potential," the group's Co-Founder and Managing Director Manish Lalwani said. Wind World India Limited, which was formerly known as Enercon India, operates 650 MW of renewable energy projects and manages the operations and maintenance for 4,500 MW of installed capacity across Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Rajasthan, Tamil Nadu, and Madhya Pradesh. =============== M A L A Y S I A =============== KNM GROUP: MYR100MM from DKNM Sale Set to Boost Group's Recovery ---------------------------------------------------------------- Free Malaysia Today reports that KNM Group Bhd is optimistic the sale of its foreign assets will enable it to pare down its huge debt and provide it with MYR100 million to revive its domestic business. Key to its debt restructuring plan to exit its Practice Note 17 (PN17) status is getting the approvals to sell its German subsidiary, Deutsche KNM GmbH (DKNM), to Japan's NGK Insulators Ltd for EUR270 million (MYR1.33 billion), according to FMT. The oil and gas services provider secured High Court approval earlier this month to sell DKNM, FMT recalls. It is also seeking Bursa Malaysia's nod to proceed with the disposal, but this is by no means a done deal. FMT says KNM suffered a major setback when Bursa Malaysia rejected on Oct 3 its regularisation plan to exit its PN17 status, which was submitted in August. Bursa stated the company was not able to prove it can grow and sustain its business, and that its plan does not fully fix the issues that caused its financial problems. It said KNM's proposal to sell DKNM would leave it mainly with operations in Malaysia that have been lossmaking since 2024, FMT relates. The group was classified as a PN17 company in October 2022 after its auditors raised material uncertainties over its ability to continue as a going concern. Following Bursa's rejection, trading of KNM shares was suspended on Oct. 13. The stock was also slated to be delisted by Nov. 5 but KNM staved this off by appealing the decision on Oct. 7, FMT notes. As part of its appeal, KNM submitted a proposal seeking Bursa's approval to proceed with the DKNM disposal. The company highlighted the urgency of completing the transaction by Oct. 30, 2025, as its success would immediately reduce the group's MYR1.3 billion debt and provide MYR100 million in fresh funds to revitalise its operations. About KNM Group KNM Group Berhad (KLSE:KNM) -- https://www.knm-group.com/ -- is engaged in the investment holding and the provision of management services. It operates through three geographical segments: Asia and Oceania, Europe and America. The Asia and Oceania segment includes Malaysia, Thailand, Indonesia, Myanmar, Australia and Mauritius. The Europe segment includes Germany, Italy, United Arab Emirates, United Kingdom, British Virgin Islands, Netherlands, Saudi Arabia, and Isle of Man. The America segment includes the United States of America and Canada. Its subsidiary KNM Process Systems Sdn. Bhd. is engaged in the design, manufacture, assembly and commissioning of process equipment, pressure vessels, heat exchangers, skid mounted assemblies, process pipe systems, storage tanks, specialized structural assemblies and module assemblies for the oil, gas and petrochemical industries. Its other subsidiaries include KNM International Sdn. Bhd., KNM Capital Sdn. Bhd. and KNM Renewable Energy Sdn. Bhd. On Oct. 31, 2022, KNM Group Bhd said it had become an affected listed issuer under the Practice Note 17 (PN17) on the basis that Paragraph 2.1(e) of the note was triggered in its audited consolidated financial statements for the period ended June 30, 2022, which were published on Oct. 31, 2022. The company said its auditor had highlighted a material uncertainty over its ability to continue as a going concern. ===================== N E W Z E A L A N D ===================== CRUSHING AND MINING: Court to Hear Wind-Up Petition on Nov. 10 -------------------------------------------------------------- A petition to wind up the operations of Crushing and Mining Supplies (NZ) Limited will be heard before the High Court at Tauranga on Nov. 10, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 26, 2025. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton GLOBAL MARKETPLACE: GrabOne Goes Into Liquidation ------------------------------------------------- Radio New Zealand reports that Daniel Stoneman and Neale Jackson of Calibre Partners said on Oct. 16 they had been appointed liquidators of Global Marketplace New Zealand, which operates GrabOne in New Zealand. "Due to funding constraints, the business has ceased trading and the liquidators are immediately commencing a sales process for the company's business and assets. As a result, the company will not be promoting any existing or future deals whilst in liquidation," they said in a notice on the website, RNZ relays. "For consumers who hold unredeemed vouchers, the company is unable to provide refunds. Consumers will need to take steps themselves - including contacting individual merchants - to assess how unredeemed vouchers will be treated. "For the avoidance of doubt, the liquidators do not adopt any agreement you had with the company personally or otherwise, and the agreement remains between you and the company." RNZ relates that a spokesperson for Consumer said it encouraged people with unredeemed GrabOne vouchers to contact the retailer their voucher was with as soon as possible, to see if it would be honoured. "Alternatively, if they paid for the voucher by debit or credit they should contact their bank as soon as possible to ask for a chargeback. "If neither of these steps work, consumers can register their claims with the liquidator." According to RNZ, retailer PhotobookShop said it had been partnering with GrabOne for over a decade and had already been contacted by hundreds of customers who had vouchers. The company said it would continue honoring valid vouchers because it was the "right thing to do, especially as many of these vouchers were bought as Christmas gifts," RNZ relays. Marketing expert Bodo Lang, of Massey University, said GrabOne's problem was that it failed to provide value to its target market, according to RNZ. "In other words, its vouchers, which were once upon a time exciting, had lost their appeal. "A closely related second reason for GrabOne's liquidation is that it suffered from declining top of mind brand awareness. While GrabOne was on everybody's mind and in every dinner conversation some years ago, a lack of brand investment meant that the brand was slowly buried amongst advertising by other brands." GrabOne was launched in 2010 and offered discounts on goods and services for local businesses. It was sold to Global Marketplace New Zealand by former owner NZME in 2021, for NZD17.5 million. Global Marketplace New Zealand Limited operates as an investment company. NEW ZEALAND DAIRY: PKF Corporate Appointed as Receivers ------------------------------------------------------- Christopher Carey McCullagh and Stephen Mark Lawrence of PKF Corporate Recovery on Oct. 9, 2025, were appointed as receivers and managers of New Zealand Dairy Brands Limited and Wimpex Link Limited. The receivers and managers may be reached at: Christopher Carey McCullagh Stephen Mark Lawrence PKF Corporate Recovery PO Box 3678 Auckland 1140 SMITHS CITY: Creditors' Proofs of Debt Due on Oct. 27 ----------------------------------------------------- Creditors of Smiths City (2020) Limited are required to file their proofs of debt by Oct. 27, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 1, 2025. The company's liquidators are: Colin Gower Diana Matchett BDO Christchurch Awly Building, Level 4 287–293 Durham Street Christchurch 8013 YUZHEN TECHNOLOGY: Creditors' Proofs of Debt Due on Nov. 28 ----------------------------------------------------------- Creditors of Yuzhen Technology and Furniture Limited (formerly Stone Appliance Limited), Integrity Community Media Limited (formerly Northsouth Multi Media Limited), Aqua Wash Northland Limited, Fellow Sharer Limited and DLM Limited (formerly Springstar Investment Limited) (trading as Senger Construction Group) are required to file their proofs of debt by Nov. 28, 2025, to be included in the company's dividend distribution. Yuzhen Technology and Furniture and Integrity Community Media commenced wind-up proceedings on Sept. 19, 2025. Aqua Wash Northland and Fellow Sharer commenced wind-up proceedings on Sept. 26, 2025. DLM Limited commenced wind-up proceedings on Oct. 6, 2025. The company's liquidators are: Benjamin Francis Garry Whimp Blacklock Rose Limited PO Box 6709 Victoria Street West Auckland 1142 ZODIAC CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 29 -------------------------------------------------------------- A petition to wind up the operations of Zodiac Construction Company Limited will be heard before the High Court at Auckland on Oct. 29, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 14, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ================= S I N G A P O R E ================= DAVEX SINGAPORE: Commences Wind-Up Proceedings ---------------------------------------------- Members of Davex Singapore Pte Ltd on Oct. 1, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Joshua James Taylor Srikanthan Natarajan Alvarez & Marsal (SE Asia) 10 Collyer Quay #17-01, Ocean Financial Centre Singapore 049315 KEPPEL PEGASUS: Creditors' Proofs of Debt Due on Nov. 10 -------------------------------------------------------- Creditors of Keppel Pegasus Pte. Ltd. are required to file their proofs of debt by Nov. 10, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 2, 2025. The company's liquidators are: 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 MYAN MAR: Court to Hear Wind-Up Petition on Oct. 24 --------------------------------------------------- A petition to wind up the operations of Myan Mar Logistics Pte. Limited (formerly known as TI2 Logistics Pte. Limited) will be heard before the High Court of Singapore on Oct. 24, 2025, at 10:00 a.m. The Hongkong And Shanghai Banking Corporation Limited filed the petition against the company on Sept. 30, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 NOONTALK MEDIA: Auditor Raises Going Concern Doubts --------------------------------------------------- The Business Times reports that the independent auditor for Catalist-listed NoonTalk Media has raised doubts about the group's ability to continue as a going concern, citing net liabilities and substantial losses for the financial year ended June 30. In an announcement on the Singapore Exchange (SGX) on Oct. 16, the company said its auditor, Foo Kon Tan, reported that the group's financial conditions indicated the existence of a material uncertainty, BT relates. According to BT, the auditor pointed to several worrying figures as at June 30. The group, which includes wholly owned subsidiary NTM Masterpiece, recorded net liabilities of SGD396,881. The company itself had net liabilities of SGD269,351. The group also incurred a net loss of nearly SGD1.8 million and net operating cash outflow of SGD900,668 for the financial year, BT discloses. "These conditions indicate the existence of a material uncertainty that may cast significant doubt about the group's ability to continue as a going concern," the auditor's note read. BT relates that the media entertainment company - co-founded by well-known former DJ Dasmond Koh - said in its annual report released through SGX on the same day that the net loss of SGD1.8 million was an improvement from the SGD3.8 million loss in the previous year. The report attributes this to "effective operational strategies". With measures to "tighten control over expenses and to better manage the group's and the company's working capital, the directors believe that the group and the company are able to adequately manage their cash flows and continue to operate as a going concern" for at least 12 months, BT relays. The company last year announced measures to ensure working capital until mid-2025, including a SGD2 million interest-free loan from executive director and chief executive Koh, to be repaid in full on or after July 1, 2026. BT adds that NoonTalk said SGD550,000 of the loan was disbursed during the year and an additional SGD800,000 was provided after the financial year-end. According to the annual report, the management has also prepared a cash flow forecast for the year ending June 30, 2026. NoonTalk Media Limited is a Singapore-based home-grown media entertainment company that specialises in artiste and talent management, multimedia production. SHINE TECHNOLOGY: Court to Hear Wind-Up Petition on Oct. 24 ----------------------------------------------------------- A petition to wind up the operations of Shine Technology Pte. Ltd. will be heard before the High Court of Singapore on Oct. 24, 2025, at 10:00 a.m. Chee Chern Chun filed the petition against the company on Sept. 30, 2025. The Petitioner's solicitors are: Whitefield Law Corporation 668, Chander Road, #02-10 Singapore 210668 YANG KEE: Commences Wind-Up Proceedings --------------------------------------- Members of Yang Kee Logistics Pte. Ltd. on Sept. 29 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Karnjote Singh S/O Jarmal Singh Kroll Pte Limited 10 Collyer Quay #05-04/05 Ocean Financial Centre Singapore 049315 ===================== S O U T H K O R E A ===================== CJ CGV: Cinema Chains Close Theaters Amid Box Office Slump ---------------------------------------------------------- Yonhap News Agency reports that CJ CGV, South Korea's largest multiplex cinema chain, has recently announced the closure of a landmark cinema in downtown Seoul's Myeongdong district amid dwindling audience numbers, in a telling sign of the challenges gripping the local film industry. CGV said earlier this month that its Myeongdong Station Cine Library will stop operations after Oct. 29, Yonhap relates. Yonhap notes that the closure is symbolic as the venue is the country's first cinema that integrates an art-house theater and a movie library, offering a unique space where visitors can both watch films and explore books about cinema. According to Yonhap, the company cited "structural challenges in urban commercial areas following the COVID-19 pandemic and operational inefficiency" as the primary reasons for the shutdown. CGV has already closed 12 theaters nationwide so far this year, triple the number from last year, to improve profit margins by focusing on high-end cinematic experiences and enhanced service quality, Yonhap notes. Another movie chain Megabox has also recently announced the closure of its Seongsu branch, says Yonhap. The shutdowns reflect a severe industry-wide slump. Yonhap, citing a recent report from the Korean Film Council (KOFIC), discloses that box office revenue for the first six months of the year was KRW407.9 billion ($286 million), a decrease of 33.2 percent from a year ago. Yonhap relates that OFIC attributed the sharp decline to a combination of factors: the wide use of streaming platforms, rising ticket prices and the weak performance of recent blockbuster movies. It also noted that local audiences have been slow to return to theaters since the pandemic. In response to this crisis, cinema chains are trying to seek breakthroughs by repurposing their spaces, Yonhap states. Lotte Cinema, for example, has begun renovating some of its outlets into interactive exhibition halls and live performance stages, hoping to attract visitors with new forms of entertainment. CJ CGV Co., Ltd. engages in the operation of theaters in South Korea. The company operates The Private Cinema, a private theater; Suite Cinema, a hotel-type theater; Tempur Cinema, a reclining bed theater; Gold Class, a sofa theater; Cine de Chef, a movie theater with a chef; 4DX, a five-sense experience theater; ScreenX, a three-sided extended screen theater; IMAX, a theater that presents image; Cine & Foret, a healing theater with a nature concept; Cine & Living Room, a social theater; and SoundX, a 3D surrounded sound theater. It is also involved in advertising business, special technology, content platforms, and IT services. ============= V I E T N A M ============= VIETNAM THUONG TIN: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has assigned Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank) a first-time Long-Term Issuer Default Rating (IDR) of 'B+'. The Outlook is Stable. The agency has also assigned a Viability Rating (VR) of 'b' and a Government Support Rating of 'b+'. Key Rating Drivers State Support Drives IDR: VietBank's Long-Term IDR is driven by its GSR. This is based on its view of the state's strong propensity to support the banking system in light of the sector's high importance to the economy. Nevertheless, Fitch believes Vietnam's large banking system relative to the economy and VietBank's moderate systemic importance, as indicated by its deposit market share of less than 1%, may render such support less likely than for larger banks in the system in times of stress. Modest Market Presence: VietBank's VR takes into consideration its modest market presence that limits its pricing power and leads to a higher reliance on price-sensitive deposits for funding, thereby contributing to profitability that is below that of peers. This is balanced against a loan portfolio with a high proportion of secured lending that has kept impairment losses relatively manageable over economic cycles. The VR also reflects the bank's thin capital buffers, though Fitch expects this to improve on the back of VietBank's capital raising plans. Favourable Economic Backdrop: Fitch believes Vietnam's medium-term economic prospects remain promising and set a favourable backdrop for the banking system. The country's GDP expanded by 7.9% in 9M25, following 7.1% growth in 2024. Fitch believes some of the outperformance is driven by the frontloading of manufacturing and merchandise exports amid global trade tensions, with such activity likely to moderate over the coming months. Nevertheless, the reduction of announced US tariff rates on Vietnamese exports to 20%, from an initial 46%, has eased the risk of a sharper trade contraction. Small Bank in Vietnam: VietBank's modest market position constrains its pricing power, contributing to its lower-than-average net interest margin over the years. Its competitive positioning is also affected by a high operating cost structure, though Fitch expects this to improve over time as the bank benefits from sustained IT investments and optimises its balance sheet. Collateral Mitigates Asset Quality Risk: Its 'b'/stable asset quality and risk profile scores reflect the bank's rapid loan growth targets and focus on smaller business borrowers and higher-risk retail clients relative to large, local Fitch-rated peers. Its non-performing loan ratio lags that of rated local peers, but improved to 2.5% as at June 2025, bringing it in line with that of some smaller banks. Impairment risk should stay manageable, backed by a steady operating environment and a highly collateralised loan portfolio with moderate loan-to-value ratios. Profitability Reflects Low Margin, High Cost Structure: VietBank's risk-adjusted return is low compared with that of Fitch-rated local banks, due to a narrower net interest margin and less efficient operating cost structure. Its limited fee income contribution and modest market position also increase the bank's vulnerability to changes in funding and interest rate movements. Notwithstanding this, Fitch expects profitability to remain steady over the next 12 months on broadly stable margins and credit costs. Thinly Capitalisation to Improve: Fitch expects VietBank's capital ratios to improve following a planned rights issuance, though the new capital is likely to be largely consumed by rapid loan growth over the next few years. VietBank's core capitalisation is thinner than that of local rated peers, with a Fitch Core Capital ratio of 6.6% and a tangible common equity/tangible asset ratio of 5.0% as at June 2025. Internal capital generation has generally lagged loan growth, limiting capital accruals in recent years. Reliance on Price-Sensitive Funding: The majority of VietBank's deposits are in the form of price-sensitive time deposits - a trait shared by many small domestic banks. This renders VietBank more vulnerable to changes in local funding conditions relative to larger peers. Nevertheless, Fitch expects system liquidity to remain conducive in the near term. In addition, the bank's loans/deposits ratio of 85% as at June 2025 reflects a liquid balance sheet. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade IDR and GSR A downgrade in Vietnam's sovereign rating (BB+/Stable) or a revision of its Outlook on the sovereign rating to Negative is likely to result in similar action on VietBank's Long-Term IDR and GSR. VR Fitch may downgrades the VR should VietBank's Fitch Core Capital ratio decline closer to 5% without a credible plan to rebuild buffers. The VR could also be downgraded if Fitch sees a sudden and material weakening in its liquidity position. Structurally weaker profitability, such as if the operating profit/risk-weighted assets ratio drops below 0.50% over a prolonged period (2024: 1.0%), may also pressure the VR. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade IDR and GSR The Long-Term IDR and GSR may be upgraded if the sovereign rating is upgraded or if VietBank's systemic importance rises, as reflected in a deposit market share of 3% or higher. However, such a large increase in market share is unlikely to occur in the near term. VR Fitch may upgrade the VR if the Fitch Core Capital ratio rises to and stays above 8% for a prolonged period and/or if the non-performing loan ratio improves closer to 2.2%, accompanied by a gradual reduction in single borrower concentration. The VR could also be upgraded upon a much enhanced business profile coupled with an improved risk-adjusted return, such as if the operating profit/risk-weighted assets ratio were to rise to and stay above 1.25% over a prolonged period. This assumes that the risk profile does not materially change. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The Short-Term IDR is mapped from the Long-Term IDR in accordance with its Bank Rating Criteria. The Long-Term IDR (xgs) of 'B(xgs)' is aligned with the VR, as the rating excludes the assumption of government support. The Short-Term IDR (xgs) is assigned in accordance with the Long-Term IDR (xgs) and the short-term mapping outlined in its criteria. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES The Long-Term IDRs (xgs) will mirror any rating changes in the VR. The Short-Term IDRs (xgs) could be downgraded if the VR is downgraded below 'b-' or upgraded if the VR is upgraded above 'BB+'. However, both scenarios are remote in the near term. VR ADJUSTMENTS The operating environment score has been assigned above the implied score due to the following adjustment reason: economic performance (positive). The asset quality score has been assigned below the implied score due to the following adjustment reason: underwriting standards and growth (negative). The funding and liquidity score has been assigned below the implied score due to the following adjustment reason: deposit structure (negative). Date of Relevant Committee 19-Sep-2025 Public Ratings with Credit Linkage to other ratings The Long-Term IDR is driven by its expectation of state support and is therefore linked to Vietnam's sovereign rating. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Vietnam Thuong Tin Commercial Joint Stock Bank LT IDR B+ New Rating ST IDR B New Rating LC LT IDR B+ New Rating LC ST IDR B New Rating Viability b New Rating Government Support b+ New Rating LT IDR (xgs) B(xgs) New Rating ST IDR (xgs) B(xgs) New Rating LC LT IDR (xgs) B(xgs) New Rating LC ST IDR (xgs) B(xgs) New Rating ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***