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251021.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 Tuesday, October 21, 2025, Vol. 28, No. 210 Headlines A U S T R A L I A ARGO AVIATION: First Creditors' Meeting Set for Oct. 29 FINWAC PTY: First Creditors' Meeting Set for Oct. 24 GFG ALLIANCE: White Oak Advances with AUD80MM Plan for Smelter Unit INSTINCT ENERGY: Second Creditors' Meeting Set for Oct. 24 REX AIRLINES: US Aviation Company Agrees to Buy Airline TAME ENTERPRISE: First Creditors' Meeting Set for Oct. 27 THIRD SECTOR: First Creditors' Meeting Set for Oct. 28 ZIP MASTER 2025-2: S&P Assigns Prelim BB(sf) Rating to Cl. E Notes C A M B O D I A PRINCE BANK: Faces Mass Withdrawals Over Owner Scam Allegations C H I N A COUNTRY GARDEN: To Hold Overseas Debt Restructuring Vote on Nov. 5 HOPSON DEVELOPMENT: Reports CNY11.26B Sales for 9Mos. Ended Sept. I N D I A ADAMS MARKETING: CRISIL Keeps D Debt Ratings in Not Cooperating ADILABAD MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating ANNUR APA: CRISIL Keeps D Debt Rating in Not Cooperating ARSHAD CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating ASVINI FOUNDATIONS: CRISIL Keeps D Debt Rating in Not Cooperating BAIJNATH SCRAP: CRISIL Keeps B- Debt Rating in Not Cooperating BELLA JEWELRY: CRISIL Keeps D Debt Ratings in Not Cooperating BRITEX COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating DVC PROCESS: CRISIL Reaffirms B+ Rating on INR10cr Cash Credit GOVARDHAN ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating JAIMAL SINGH: CARE Keeps B- Debt Rating in Not Cooperating KAILASH TRADING: ICRA Keeps D Debt Ratings in Not Cooperating KOLHAPUR MUNICIPAL: CRISIL Keeps B CCR in Not Cooperating KUDU FABRICS: CARE Keeps B- Debt Rating in Not Cooperating LOHIA AUTO: CARE Keeps B- Debt Rating in Not Cooperating Category MAA VAISHNO: ICRA Keeps B Debt Ratings in Not Cooperating PARTH CONCAST: ICRA Withdraws B+ Rating on INR10cr LT Loan PEERZADIGUDA MUNICIPAL: ICRA Keeps B+ Ratings in Not Cooperating PRASHANTH EDUCATIONAL: ICRA Keeps B+ Ratings in Not Cooperating PRATIBHA CONSTRUCTIONS: ICRA Keeps D Ratings in Not Cooperating SAISHA ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating SAM INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating SHRINET AND SHANDILYA: CRISIL Hikes Rating on INR2cr Loan to B SOUTHERN ELECTRIC: CARE Keeps B- Debt Rating in Not Cooperating SUNCO ENTERPRISES: CRISIL Reaffirms B+ Rating on INR7cr Loan SWACHHA BEVERAGES: CRISIL Keeps D Debt Ratings in Not Cooperating J A P A N ADORES SUNSHINE: Ikebukuro Game Center to Close After 40 Years N E W Z E A L A N D BEACHAM EUROPEAN: Creditors' Proofs of Debt Due on Nov. 17 CROFTPAK LTD: Liquidators Estimate Debts to Top NZD914,000 JSE INVESTMENT: Creditors' Proofs of Debt Due on Nov. 7 NAPA'A CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 7 PEACOCKS LIMITED: Court to Hear Wind-Up Petition on Nov. 6 STEVES GROOMING: Court to Hear Wind-Up Petition on Nov. 6 P H I L I P P I N E S MICRODOT LENDING: Ordered to Halt Lending Over Unfair Practices S I N G A P O R E FLAIRGROUND LLP: Court Enters Wind-Up Order NEW RAPID: Court Enters Wind-Up Order QUANTUM IMPEX: Court Enters Wind-Up Order UK ENGINEERING: Court to Hear Wind-Up Petition on Oct. 24 URBAN RENEWABLES: Court to Hear Wind-Up Petition on Nov. 7 - - - - - ================= A U S T R A L I A ================= ARGO AVIATION: First Creditors' Meeting Set for Oct. 29 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Argo Aviation Australia Pty Ltd will be held on Oct. 29, 2025 at 11:00 a.m. via virtual meeting technology. Mervyn Jonathan Kitay of Worrells WA was appointed as administrator of the company on Oct. 16, 2025. FINWAC PTY: First Creditors' Meeting Set for Oct. 24 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Finwac Pty Ltd in its own right ATF Finwac Trust will be held on Oct. 24, 2025 at 2:30 p.m. at offices of Cor Cordis Perth, at M Level, 28 The Esplanade, in Perth, WA and via Microsoft Teams. Jeremy Joseph Nipps and Thomas Donald Birch of Cor Cordis were appointed as administrators of the company on Oct. 14, 2025. GFG ALLIANCE: White Oak Advances with AUD80MM Plan for Smelter Unit ------------------------------------------------------------------- The Australian Financial Review reports that White Oak Global Advisors, a San Francisco investment firm that specialises in distressed assets, is moving to seize control of Sanjeev Gupta's manganese smelter in Tasmania with an AUD80 million plan that would avert the plant's imminent collapse and allow it to restart operations. The Financial Review relates that the firm, which has been a major lender to Mr. Gupta's GFG Alliance, has brought in EY and Corrs Chambers Westgarth as it works on the proposal, which would include a request for funding from the federal government. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. INSTINCT ENERGY: Second Creditors' Meeting Set for Oct. 24 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Instinct Energy Limited has been set for Oct. 24, 2025, at 10:00 a.m. at the offices of BRI Ferrier WA, at Level 4, 673 Murray Street, in West Perth, WA, and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Oct. 23, 2025 at 4:00 p.m. Clint Peter Joseph and Giovanni Maurizio Carrello of BRI Ferrier WA were appointed as administrators of the company on Sept. 18, 2025. REX AIRLINES: US Aviation Company Agrees to Buy Airline ------------------------------------------------------- The Sydney Morning Herald reports that a buyer has been found for Regional Express Airlines, which collapsed into administration 15 months ago. Sources with knowledge of the deal who are not authorised to speak publicly said Nasdaq-listed US aviation company Air T had agreed to buy Rex, SMH relays. The terms of the deal could be released as early as this week, the sources said. Any purchase transaction will be subject to a vote of Rex creditors, SMH notes. Rex, which serves Australia's regional markets, was placed in voluntary administration in 2024. E&Y were named as administrators while the Albanese government sought a buyer. According to SMH, Rex had pursued expansion from regional routes into the major cities, which brought it into competition with Qantas and Virgin. In the process, its debts mounted and operational difficulties increased. Rex operates 57 planes, including 22 Saab 340B and 35 Saab 340B Plus aircraft. Part of Rex's difficulties revolved around its ageing fleet, which is, nonetheless, an ideal size for operating in regional airports. Air T operates various aviation businesses in the US, including FedEx flights and charter services. Crucially, Air T has access to parts needed for Rex's decades-old Saab 340 aircraft. The company has capabilities in regional aviation, maintenance and supply chains, which are needed to support Rex's fleet, SMH states. Many of Rex's regional services, while essential for travellers in regional and rural Australia, are not economical for commercial airlines. With Rex considered a connector between Australia's far-flung regional cities in the interior and the more populated cities on the coasts, the Albanese government was reluctant for the airline to be wound up as a company, according to SMH. In 2024, the federal government provided loans of up to AUD80 million to keep Rex's regional routes operating until mid-2025. It also acquired AUD50 million of debt from Rex's largest creditor, PAGAC Regulus Holdings Limited, this year to pave the way for the airline's continued operation, recalls SMH. In June, Transportation Minister Catherine King said that any potential government support for a successful bidder "will be conditional on commitments to provide an ongoing, reasonable level of service to regional and remote communities [and] the need to provide value for money to taxpayers and good governance". "The Albanese government remains committed to maintaining access to aviation services for regional and remote communities that are essential to their health, education and economic outcomes, and we recognise the critical role of the Rex network to local economies," she said. SMH adds that TWU National Secretary Michael Kaine said: "In the event of a sale we need to see assurances from Air T that regional Australia can rely on Rex into the future, that workers are consulted, and their conditions are protected." Rex workers are also among the company's creditors, SMH notes. About Rex Airlines Regional Express Pty. Ltd., trading as Rex Airlines (and as Regional Express Airlines on regional routes), is an Australian airline based in Mascot, New South Wales. It operates scheduled regional and domestic services. It is Australia's largest regional airline outside the Qantas group of companies and serves all 6 states across Australia. It is the primary subsidiary of Regional Express Holdings. On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins of Ernst & Young Australia (EY Australia) were appointed Joint and Several Voluntary Administrators by the Rex Group's respective Boards of Directors. The companies in administration are: * Regional Express Holdings Limited; * Regional Express Pty Limited; * Rex Airlines Pty Ltd; * Rex Investment Holdings Pty Limited; and * Air Partners Pty Ltd. TAME ENTERPRISE: First Creditors' Meeting Set for Oct. 27 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Tame Enterprise Pty Ltd will be held on Oct. 27, 2025 at 11:00 a.m. via teleconference only. Mohammad Najjar of Vanguard Insolvency Australia was appointed as administrator of the company on Oct. 15, 2025. THIRD SECTOR: First Creditors' Meeting Set for Oct. 28 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Third Sector Australia Ltd will be held on Oct. 28, 2025 at 3:00 p.m. via Microsoft Teams. Joanne Emily Dunn, John Richard Park, Benjamin Peter Campbell and Joseph Ronald Hansell of FTI Consulting were appointed as administrators of the company on Oct. 16, 2025. ZIP MASTER 2025-2: S&P Assigns Prelim BB(sf) Rating to Cl. E Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to five classes of notes to be issued by Perpetual Corporate Trust Ltd. as trustee of Zip Master Trust - Series 2025-2. Zip Master Trust - Series 2025-2 is a securitization of a buy now, pay later line of credit receivables to consumers originated by zipMoney Payments Pty Ltd. (Zip). The preliminary ratings reflect the following factors. S&P has assessed the credit risk of the underlying collateral portfolio, including the fact that the portfolio has an initial revolving period, which means further receivables may be assigned to the series after the closing date. The credit support provided to each class of rated notes is commensurate with the ratings assigned. Credit support is provided by subordination and excess spread, if any. The various mechanisms to support liquidity within the series, including a series-specific liquidity facility, mitigate disruption risks to senior fees and ensure timely payment of interest on the rated notes. The transaction documents include downgrade language consistent with S&P's counterparty criteria that requires the replacement of the bank account provider and liquidity facility provider should our rating on the providers fall below the applicable rating. The legal structure of the master trust is established as a special-purpose entity and meets S&P's criteria for insolvency remoteness. Preliminary Ratings Assigned Zip Master Trust - Series 2025-2 Class A: A$202,500,000: AAA (sf) Class B: A$30,000,000: AA (sf) Class C: A$25,500,000: A (sf) Class D: A$21,000,000: BBB (sf) Class E: A$6,000,000: BB (sf) Class G: A$15,000,000: Not rated =============== C A M B O D I A =============== PRINCE BANK: Faces Mass Withdrawals Over Owner Scam Allegations --------------------------------------------------------------- VnExpress reports that Cambodian customers are rushing to withdraw their money from Prince Bank as its owner Chen Zhi faces allegations of running a transnational scam and money laundry network. Large crowds gathered outside Prince Bank's main branch in Phnom Penh early Saturday morning [Oct. 18] to withdraw their savings, while some other branches temporarily halted transactions due to insufficient liquidity, VnExpress relates citing The Chosun Daily. VnExpress says public anger grew when Prince Bank's website and mobile application became inaccessible. The bank urged customers to remain patient, assuring them that its services were operating normally, but it faced numerous public complaints. "The U.S. Treasury's Office of Foreign Assets Control measures will not affect the bank's operational capability. We remain committed to managing all customer relationships with honesty and transparency," the bank said. According to VnExpress, the wave of withdrawals was triggered by sanctions announced on Oct. 14 by the U.S. Department of Justice, the U.S. Department of the Treasury, and the British government, targeting Prince Holding Group (the parent company of Prince Bank) and its founder and chairman Chen Zhi. The U.S. government has charged Chen with fraud and money laundering, seizing over US$15 billion in bitcoin, allegedly laundered by Chen and Prince Holding Group, VnExpress relays. This seizure represents the largest asset forfeiture in the Department of Justice's history. If convicted, Chen faces up to 40 years in prison. VnExpress relates that the U.K. government sanctioned Golden Fortune Resort World, which operates the Prince Compound near Phnom Penh, and added Jinbei Group, linked to Prince Holding Group through its hotels and casinos, and the digital currency platform Byex Exchange to its sanctions list. Both governments alleged that Chen has been running in a transnational criminal network, defrauding victims globally, and exploiting trafficked workers across Southeast Asia, VnExpress notes. In a response to reassure depositors, the National Bank of Cambodia said that it is ensuring customer accounts function normally and remain secure, emphasizing that banks are legally obligated to maintain sufficient liquidity to meet depositors' demands, according to KiriPost, adds VnExpress. Prince Bank PLC started its operations in 2015 as a private microfinance institution. In July 2018, the Bank obtained a commercial banking license. ========= C H I N A ========= COUNTRY GARDEN: To Hold Overseas Debt Restructuring Vote on Nov. 5 ------------------------------------------------------------------ Futubull reports that Country Garden announced on the Hong Kong Exchange that it will convene a scheme meeting on November 5, where creditors will vote on the overseas debt restructuring plan. If approved at the scheme meeting, the plan must then be sanctioned by the court. The hearing for the scheme sanction is scheduled for December 4. Previously, Country Garden issued a profit warning, estimating a net loss of CNY18.5 billion to CNY21.5 billion for the six months ending June 2025, representing a significant decline from the CNY15.1 billion profit recorded in the same period last year, according to Futubull. The primary reasons for the loss are the reduced scale of real estate project settlements, persistently low gross margins, and increased asset impairments due to changing market conditions. Recent earnings announcements have consistently shown no dividend payouts. As of the latest update, Country Garden Holdings Co., Ltd. has 20 outstanding offshore bonds denominated in Chinese currency, including USD9.641 billion and HKD3.9 billion. All USD-denominated bonds are currently in default, Futubull notes. About Country Garden Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Earlier in August 2025, it reached an agreement with a core group of bank creditors that holds 49% of the company's offshore debt, marking another step in its US$14.1 billion restructuring plan, according to Reuters. HOPSON DEVELOPMENT: Reports CNY11.26B Sales for 9Mos. Ended Sept. ----------------------------------------------------------------- TipRanks reports that Hopson Development Holdings Limited reported gross contracted sales of approximately CNY11,264 million for the nine months ending September 2025, with property and decoration sales contributing significantly. TipRanks relates that the company recorded a total property contracted sales area of 428,315 square meters, with an average selling price of CNY23,510 per square meter. These figures indicate a robust performance in the property sector, although they are unaudited and subject to change in future reports. About Hopson Development Hopson Development Holdings Ltd (HKEX:0754) is an investment holding company principally engaged in property development and infrastructure business. As reported in the Troubled Company Reporter-Asia Pacific in early April 2025, S&P Global Ratings lowered to 'CCC' from 'B' its long-term issuer credit rating on Hopson Development Holdings Ltd. S&P subsequently withdrew its issuer rating on Hopson at the company's request. Prior to withdrawal, the negative outlook reflected S&P's view that Hopson could default or engage in distressed restructuring over the next 12 months without an unforeseen positive development. The TCR-AP reported in early April 2025, Fitch Ratings has downgraded Hopson Development Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating to 'CCC-' from 'B', and the company's senior unsecured rating to 'CCC-' from 'B', with a Recovery Rating of 'RR4'. ========= I N D I A ========= ADAMS MARKETING: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Adams Marketing Private Limited (AMPL) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.5 CRISIL D (Issuer Not Cooperating) Cash Credit 21.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AMPL 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 AMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of AMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. AMPL was incorporated in April 2007. It was formed through the merger of three proprietorship firms (Adams Motors, Adams Electronics, and Adams Paribar). The company, based in Howrah (West Bengal), is an authorised dealer of various brands of consumer durables. ADILABAD MUNICIPALITY: ICRA Keeps B+ Rating in Not Cooperating -------------------------------------------------------------- ICRA has kept the long-term rating of Adilabad Municipality (AM) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer Rating - [ICRA]B+ (Stable); ISSUER NOT COOPERATING; Rating Continues to remain under the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with AM, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is base don't he best available information. Adilabad Municipality (AM) provides civic services to the Adilabad town, located in the Adilabad district in Telangana. It is governed by the provisions of the Telangana Municipalities Act 2019. The AM covers an area of 50.69 square kilometre (sq. km.) and the projected population is 1,80,390 for 2021 (1,55,968 as per Census 2011). The major functions of the AM involve water supply, sewerage, solid waste management, repair and maintenance of roads and street lighting in its area. An elected body, headed by a Chairperson, administers the municipality. The Commissioner acts as the executive head and oversees the day-to-day functioning of the ULB. ANNUR APA: CRISIL Keeps D Debt Rating in Not Cooperating -------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Annur A P A Spinners Private Limited (ASPL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 8.6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with ASPL 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 ASPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ASPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ASPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2014, ASPL is engaged in the manufacturing of cotton yarn. The manufacturing unit is located in Tamil Nadu. The company is promoted by Mr. A P Annamalai, and his wife Mrs. A Kokila. ARSHAD CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Arshad Cashew Industry (ACI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.95 CRISIL D (Issuer Not Cooperating) Proposed Long Term 5.55 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with ACI 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 ACI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ACI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ACI continues to be 'Crisil D Issuer not cooperating'. ACI is a partnership firm of Mr Ruknuddin Mohammad Ibrahim and his wife Ms Nadima Misbah. It was started as a proprietorship concern in December 2011 and was reconstituted as a partnership firm in October 2015. The firm processes and sells cashew kernels. ASVINI FOUNDATIONS: CRISIL Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings the rating on bank facilities of Asvini Foundations Private Limited (Asvini) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 15 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Asvini 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 Asvini, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Asvini is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Asvini continues to be 'Crisil D Issuer not cooperating'. Set up as a private limited company in 2006, Asvini is involved in the construction and sale of residential apartments in Tamil Nadu. The firm is promoted by Mr. Sivagurunathan along with his friends and family. BAIJNATH SCRAP: CRISIL Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Baijnath Scrap Centre (BSC) continues to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 6 CRISIL B-/Stable (ISSUER NOT Overdraft facility COOPERATING) Crisil Ratings has been consistently following up with BSC 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 BSC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BSC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BSC continues to be 'Crisil B-/Stable Issuer not cooperating'. BSC was set up as a sole proprietorship firm, by the promoter, Mr Baijnath Aggarwal, in 1984. Operations are managed by his son, Mr Kartikey Aggarwal. The Agra-based firm trades in iron casting and scrap, and caters to local customers. BELLA JEWELRY: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Bella Jewelry Private Limited (BJPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 7.5 CRISIL D (Issuer Not Discounting Cooperating) Proposed Short 2.49 CRISIL D (Issuer Not Term Bank Cooperating) Loan Facility Crisil Ratings has been consistently following up with BJPL 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 BJPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BJPL continues to be 'Crisil D Issuer not cooperating'. Set up in 2004 as a partnership firm between Mr. Dauji Johari, Mr. Sharad Johari, and Ms. Prabha Johari, the firm was reconstituted as a private limited company with the current name in 2007. The company manufactures and exports diamondstudded gold jewellery. Its manufacturing unit is in Santacruz Electronics Export Processing Zone, Mumbai. BRITEX COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Britex Cotton International Limited (BCIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (Issuer Not Cooperating) Letter of Credit 2 CRISIL D (Issuer Not Cooperating) Letter of Credit 30 CRISIL D (Issuer Not Cooperating) Letter of Credit 43 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BCIL 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 BCIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BCIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of BCIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. BCIL was incorporated in 1996, promoted by Mr. Bhadresh Mehta, a first-generation entrepreneur from Mumbai. The company trades in yarn, fabrics, and cotton, and operates mainly in the Indian market. DVC PROCESS: CRISIL Reaffirms B+ Rating on INR10cr Cash Credit -------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facilities of DVC Process Tech (India) Ltd (DPTIL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 1.83 Crisil B+/Stable (Reaffirmed) Term Loan 8.17 Crisil B+/Stable (Reaffirmed) Term Loan 2.56 Crisil B+/Stable (Reaffirmed) The rating continues to reflect volatility in the operating margin owing to fluctuations in input cost and trading of edible oils and leveraged financial risk profile of the company. These weaknesses are partially offset by the extensive experience of the promoter in the edible oil industry. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of DPTIL. Key Rating Drivers - Weaknesses * Volatile operating margin owing to fluctuations in input cost and trading of edible oils: The margin has fluctuated between 0.62% and 7.4% during the past three fiscals and stood at 0.62% in fiscal 2025. This is because of variations in raw material prices along with the company engaging in lower-margin-yielding trading of edible oils. Although the scale of the company improved substantially, decline in the operating margin led to lower-than-expected net cash accrual. * Leveraged financial risk profile: The financial risk profile should remain constrained by high debt levels and low cash accrual. Gearing stood high at 18.81 times and total outside liabilities to adjusted networth ratio at 31.42 times as on March 31, 2025. Debt protection metrics may continue to be average. Interest coverage ratio is estimated at 2.27 times and net cash accrual to total debt ratio at 0.07 time for fiscal 2025. Key Rating Drivers - Strengths * Extensive experience of the promoter: The promoter has more than two decades of experience in the edible oil industry. His strong understanding of the market dynamics and healthy relationships with suppliers and customers should continue to support the business. Liquidity Stretched Bank limit utilisation was 91% for the 12 months through May 2025. Cash accrual is expected at INR2.4-3.5 crore per annum, against yearly debt obligation of INR2.0-2.1 crore over the medium term. Current ratio stood at 1.1 times on March 31, 2025. The promoter is likely to continue extending need-based unsecured loans to aid operations. Outlook Stable DPTIL will continue to benefit from the extensive experience of its promoter and his established relationship with clients. Rating sensitivity factors Upward factors * Sustained improvement in margin and scale, leading to cash accrual more than INR3 crore. * Improvement in financial and liquidity risk profiles Downward factors * Decline in scale of operations and profitability margin, resulting in net cash accrual lower than INR2 crore. * Increase in working capital requirement, thereby weakening liquidity and financial risk profiles. Incorporated in 2016, DPTIL is engaged in the refining of sunflower and soyabean oils. Its facility in Pune, Maharashtra, has installed capacity of 50 tonne per day. Mr Dnyanoba Venkatrao Chame owns and manages the business. GOVARDHAN ISPAT: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has kept the Long-Term ratings of Govardhan Ispat (India) Pvt Ltd (GIPL) in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 8.46 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 11.79 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with GIPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Incorporated in 2013, Govardhan Ispat (India) Pvt. Ltd. (GIPL) is engaged in the business of manufacturing mild steel (MS) structural items, namely channels, angles, rounds, flats and squares. GIPL commenced its operations from February 14, 2015, with installed capacity of 24,000 MTPA and expanded its capacity in end June 2015 by 36,000 MTPA. The manufacturing facility of the company is located at Didarganj, Patna. Currently, the annual production capacity of the rolling mill stands at 60,000 MTPA. JAIMAL SINGH: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jaimal Singh Satnam Singh (JSSS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.75 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 26, 2024, placed the rating(s) of JSSS under the 'issuer non-cooperating’ category as JSSS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JSSS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 12, 2025, August 22, 2025 and September 01, 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 Jaimal Singh Satnam Singh (JSSS) was incorporated in 1995 and is being managed by Mr. Ajinder Pal Singh (proprietor). The firm is engaged in the manufacturing & selling of ladies dress material under its own brand name 'R.Tex’. KAILASH TRADING: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Kailash Trading Corporation (KTC) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 4.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long-term 0.27 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Term Loan 'Issuer Not Cooperating' Category Long-term/ 4.50 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category Short-term 0.13 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 6.10 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with KTC, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 2001, Kailash Trading Corporation (KTC) is primarily engaged in trading of engineering polymers which includes polyacetal, polycarbonate and hostaform of different grades and these products find application in automobiles, electronic devices, consumer appliances, ATM machines, printers etc. KTC sources its products in bulk majorly from the international markets including USA, Germany and China and sells the products in the South Indian market to various customers. Apart from engineering polymers, KTC also undertakes consignment sale of commodity polymers for its principal – LG Polymers India Private Limited, Vishakapatanam and sells to various customers. KTC forms part of the KTC Group which was promoted by Shri. K. Lakshmi Narayana. After his demise his son Mr. K Chandrasekhar is heading the group and KTC is managed by Mr. Amarnath who has a Chemical Engineering qualification from Anna University, Master of Science from Central Institute of Plastic Engineering and Technology, Guindy and MBA from Anna Malai University and he has 15 years of rich experience in the plastic engineering industry. KOLHAPUR MUNICIPAL: CRISIL Keeps B CCR in Not Cooperating --------------------------------------------------------- Crisil Ratings said the rating on Corporate Credit Rating of Kolhapur Municipal Corporation (KMC) continues to be 'Crisil B/Stable Issuer not cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Corporate Credit - CRISIL B/Stable (ISSUER NOT Rating COOPERATING) Crisil Ratings has been consistently following up with KMC for obtaining information through letter and email dated September 25, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of KMC, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on KMC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on Corporate Credit Rating of KMC continues to be 'Crisil B/Stable Issuer not cooperating' Established in 1854 and reconstituted as a corporation in 1972, KMC is governed by the Maharashtra Municipal Corporation Act, 1949, as amended by the Government of Maharashtra. The corporation has jurisdiction over 67 square kilometer and provides a range of civic services to around 5,49,283 people (as per 2011 census). Under the MMC Act, KMC's obligatory duties include water supply, sewerage treatment and disposal, construction of roads and bridges, primary education, hospitals, and development & maintenance of primary infrastructure in Kolhapur city (Maharashtra). It also provides certain discretionary services, including transportation and slum improvement. KUDU FABRICS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kudu Fabrics (KF) 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 September 26, 2024, placed the rating(s) of KF under the 'issuer non-cooperating’ category as KF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 12, 2025, August 22, 2025 and September 01, 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 Kudu Fabrics (KF) is a partnership firm established in the year 1998. The firm is engaged in the manufacturing of fabric and readymade garments for men and women at its manufacturing facility located at Ludhiana, Punjab. Besides KF, the partners are also involved in another group concern namely Kudu Industries Limited engaged in the manufacturing of knitted fabric since 1990. LOHIA AUTO: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Lohia Auto Industries (LAI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 26, 2024, placed the rating(s) of LAI under the 'issuer non-cooperating’ category as LAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 12, 2025 August 22, 2025 and September 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings’ opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Lohia Auto Industries (LAI) is a partnership firm set up in 2008 by Lohia and Gupta brothers. LAI is known for the launch of two models of electric vehicles- OMA STAR & FAME in 2008 in the automobile industry, manufacturing unit being at Kashipur, Uttarakhand. Later, the firm has also forayed into 3W segment with its brand of electric and diesel three wheelers. Their range of three-wheeler consists of electric three-wheeler - HUMRAHI, NARAIN and diesel three-wheeler-HUMSAFAR. At present, Ayush Lohia is the CEO of LAI, having total experience of more than 15 years in business domain. MAA VAISHNO: ICRA Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Maa Vaishno Edibles Private Limited (MVEPL) in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.00 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 1.95 [ICRA]B (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term/ 1.27 [ICRA]B (Stable)/[ICRA]A4; Short Term- ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under issuer not cooperating category As part of its process and in accordance with its rating agreement with MVEPL, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. MVEPL is engaged in the business of milling and sorting of non-Basmati Rice. The company was incorporated in FY2013. The installed capacity of the unit is 8 tons/hour which is located at Bhagaura District Gorakhpur (U.P.). The Company mainly exports to Nepal. The company sells under its brand 'Siddhibhog. PARTH CONCAST: ICRA Withdraws B+ Rating on INR10cr LT Loan ---------------------------------------------------------- ICRA has withdrawn the ratings assigned to the bank facilities of Parth Concast Limited (PCL), at the request of the company and based on the No dues Certificate received from its lender. The Key Rating Drivers and their Description, Liquidity Position, Rating Sensitivities, Key financial indicators have not been captured as the rated instruments are being withdrawn. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 10.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Withdrawn Cash Credit PCL manufactures MS billets from sponge iron and ferrous scrap. These billets are used in forming re-rolled products like TMT bars, wire rods etc. The company has been promoted by the Group because the other Group company, RPSL, which produces re-rolled products like wire rods and HB wires, did not have billet manufacturing capacity before June 2017. RPSL was not manufacturing billets because of an increase in power requirement, which attracted higher tariffs. If the power requirement goes beyond 12MW captive power in RSPL, it pays a higher surcharge on power tariffs and for power requirements in excess of 20 MW, the power tariff is revised upward. Thus, RSPL had to procure billets from the manufacturing unit of SAIL earlier, which is located nearby. Currently, PCL and RPSL have billet manufacturing capacity of 90,000 MTPA each. PEERZADIGUDA MUNICIPAL: ICRA Keeps B+ Ratings in Not Cooperating ---------------------------------------------------------------- ICRA has kept the long-term rating of Peerzadiguda Municipal Corporation (PMC) in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Issuer Rating - [ICRA]B+ (Stable); ISSUER NOT COOPERATING; Rating Continues to remain under the 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with PMC, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is base don't he best available information. PMC was established as a corporation in 2016 by merging three gram panchayaths i.e., Peerzadiguda, Medipally and Parvathapur of Medchal-Malkajgiri district of Telangana. The ULB provides urban infrastructure services and is governed by the Telangana Municipalities Act 2019. The PMC covers an area of 14.6 sq. km. and serves a population of 1,20,000 (projected as per 2021). Its main functions include solid waste management and construction, repair and maintenance of roads and streetlights. The ULB has 26 municipal wards and is governed by an elected body (Council) headed by a Mayor, while the Commissioner acts as the chief executive, overseeing its everyday functioning. PRASHANTH EDUCATIONAL: ICRA Keeps B+ Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the long-term rating of Prashanth Educational Society in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.40 [ICRA]B+ (Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Long Term- 4.60 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Prashanth Educational Society, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is base don't he best available information. Registered in 2007, Prashanth Educational Society has three English medium Schools, an international School, and a business school under its auspice. The institutions are in Tirupati in Andhra Pradesh. The society is promoted by Mr. V. Chandra Sekhar Reddy who has more than three decades of experience in the education sector. PRATIBHA CONSTRUCTIONS: ICRA Keeps D Ratings in Not Cooperating --------------------------------------------------------------- ICRA has kept the Long-Term and Short-Term ratings of Pratibha Constructions Engineers and Contractors (India) Pvt. Ltd. in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 24.77 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 25.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under 'Issuer Not Cooperating' Category Long-term/ 65.23 [ICRA]D/[ICRA]D; ISSUER NOT Short Term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Pratibha, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Pratibha Constructions Engineers & Contractors (India) Pvt. Ltd. (Pratibha) is in the construction business since last 30 years. It started as a partnership firm in 1984 and with the increasing scale of operation it was subsequently converted to a Private Limited Company in 2002. Pratibha started with construction of industrial buildings for sugar factories and spinning mills. In 2001 Pratibha received its first road project where it worked as a sub-contractor for IVRCL Infrastructure and Projects Ltd. SAISHA ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings the ratings on bank facilities of Saisha Enterprises Private Limited (SEPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 6.08 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 6.42 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SEPL 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 SEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SEPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2010, SEPL derives parking income from its parking space located in Shirdi (Maharashtra). The company has constructed its commercial complex including 13 shops, 40-room hotel and a restaurant having total rental area of 1.5 lakh square feet. SEPL is promoted by Mr. Navnath Gondkar and has its registered office in Ahmednagar (Maharashtra). SAM INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings the ratings on bank facilities of Sam Industrial Enterprises Limited (SIEL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SIEL 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 SIEL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SIEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SIEL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1992 in Delhi, SIEL began operations in 2000. It designs, prints, and binds books, brochures, and other reading materials. The company is promoted and managed by Mr Amit Kaka. The company does work for private publishers and jobwork for NCERT. SHRINET AND SHANDILYA: CRISIL Hikes Rating on INR2cr Loan to B -------------------------------------------------------------- Crisil Ratings has upgraded its rating on the long-term bank facilities of Shrinet and Shandilya Construction Pvt Ltd (SSCPL) to 'Crisil B/Stable' from 'Crisil B-/Stable, while reaffirming the short term rating at 'Crisil A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 25 Crisil A4 (Reaffirmed) Cash Credit 2 Crisil B/Stable (Upgraded from 'Crisil B-/Stable') The upgrade reflects a sustained improvement in the business risk profile of the company, supported by steady growth in revenue and operating profitability. Revenue recorded a compounded annual growth rate (CAGR) of 22% over the three fiscals through 2025 and is projected to show a further on year growth of more than 100% during fiscal 2026. Resultantly, the company is expected to book a revenue of INR18-20 crores in the current fiscal, and the same remains higher than Crisil's previous anticipation of INR6 crores for the said fiscal. Revenue growth will be aided by solar project orders worth INR20 crore (as of September 2025). Further, operating profitability improved to 21.36% in fiscal 2025 and is projected to sustain to over 18-20% over the medium term, driven by economies of scale. Sustained improvement in the scale of operations while sustaining healthy margins would remain monitorable. The ratings also factor in a moderate financial risk profile, supported by expected net worth of INR22- 23 crore and low gearing of below 1 time as on March 31, 2026. Debt protections metrics are expected to remain comfortable, amidst steady operating profitability and moderate reliance on external debt. Liquidity remains stretched with high bank limit utilization, on account of working capital-intensive operations. The rating continues to reflect SSCPL's large working capital-intensive operations. This weakness is partially offset by its extensive industry experience of the promoters and moderate financial risk profile. Analytical Approach: Unsecured loans of INR7.14 crores have been treated as NDNE, as these are expected to remain in the business over the medium term. Key Rating Drivers - Weaknesses * Working capital intensive operations: The operations of the company are working capital intensive, as can be seen by GCA days of 910 days as of Mar 31, 2025, driven by high debtor days of 614 days, owing to slow realization from state governments and high retention money, with inventory of 57 days. Because of working capital-intensive operations and low bank lines available with the firm, the utilization of the same remains high, exceeding to over 100% in some of the months, due to interest charges levied by the bank, though it gets regularized timely. Efficient management of working capital amidst timely enhancement of limits remains imperative and a key rating sensitivity factor. Key Rating Drivers - Strengths * Extensive industry experience of the promoters: The promoters have an experience of around three decades in solar products industry. This has given them an understanding of the dynamics of the market and enabled them to establish healthy relationships with suppliers and customers. With this, the company booked a revenue of INR9 crores in fiscal 2025, showcasing a compounded annual growth rate (CAGR) of 22% over the three fiscals through 2025 and is projected to show a further on year growth of more than 100% during fiscal 2026. Resultantly, the company is expected to book a revenue of INR18-20 crores in the current fiscal, and the same remains higher than Crisil's previous anticipation of INR6 crores for the said fiscal. Revenue growth will be aided by solar project orders worth INR20 crore (as of September 2025). Further, operating profitability improved to 21.36% in fiscal 2025 and is projected to sustain to over 18-20% over the medium term, driven by economies of scale. * Moderate financial risk profile: Net worth of the company is likely to improve to an estimated INR22- 23 crores as of Mar 31, 2026 (INR20.86 crore as of Mar 31, 2025), backed by expected accretion to reserve, thereby aiding the capital structure. This, with no sizeable debt funded capital expenditure will keep the gearing ratio to an estimated 0.10-0.12 time as of Mar 31, 2026. Further, stable operating profitability shall keep the debt protection indicators comfortable too, with interest coverage and net cash accrual to debt ratios estimated at around 2.60-2.80 times and 0.90-1.00 time, respectively, during fiscal 2026. Liquidity Poor The bank limit utilization of the firm remains high with utilization exceeding to over 100% in some of the months, due to interest charges levied by the bank, though it gets regularized timely. Cash accruals are expected to be over INR2.5-3.0 crores, which is sufficient against term debt obligation of INR0.2- 0.5 crores over the medium term. The current ratio is healthy at 1.92 times on March 31, 2025.The promoters are likely to extend support unsecured loans to meet its working capital requirements. Low gearing and moderate net worth support its financial flexibility and provides the financial cushion available in case of any adverse conditions or downturn in the business. Outlook Stable Crisil Ratings believe SSCPL will continue to benefit from the extensive experience of its promoter, and established relationships with clients. Rating sensitivity factors Upward factors * Sustained improvement in margins and revenue above INR25 crores, leading to higher cash accruals. * Improvement in working capital cycle, with low reliance on bank lines. Downward factors * Decline in scale of operations leading to fall in revenue below INR4 cr, hence leading to net cash accrual lower than expected net cash accruals. * Witnesses a substantial increase in its working capital requirements thus weakening its liquidity & financial profile. It is engaged in civil construction works, such as construction of Solar Products & Equipment, Solar Panels. SSCPL is owned & managed by Mr. Sanjay Pratap Singh SOUTHERN ELECTRIC: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Southern Electric Company (SEC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.60 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 16, 2024, placed the rating(s) of SEC under the 'issuer non-cooperating' category as SEC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SEC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 2, 2025, August 12, 2025, August 22, 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, Southern Electric Company (SEC) is a certified CLASS I Electrical Contractors established in the year 2005 as partnership firm and promoted by Mr. Madiwalayya G. Math (Managing partner) and his wife Mrs. Neelamma Math (Partner). SEC’s head office is located in Bangalore; whereas it has its branches spread all over India in the states of Tamil Nadu, Guj arat, Assam, Maharashtra and Haryana. SEC is engaged in electrical works such as supply, erection, and installation of sub-station transmission network and distribution substations on turnkey basis with single and double circuit lines. SUNCO ENTERPRISES: CRISIL Reaffirms B+ Rating on INR7cr Loan ------------------------------------------------------------ Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facilities of Sunco Enterprises (SE). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Fund-Based 4 Crisil B+/Stable (Reaffirmed) Facilities Fund-Based 1 Crisil B+/Stable (Reaffirmed) Facilities Fund-Based 7 Crisil B+/Stable (Reaffirmed) Facilities The rating continues to reflect large working capital requirement and modest scale of operations. These weaknesses are partially offset by the extensive experience of the promoters in the trading of automobile spare parts and comfortable debt protection metrics of SE. Analytical approach Crisil Ratings has evaluated standalone business and financial risk profiles of SE. Key rating drivers - Weaknesses * Large working capital requirement: Gross current assets were 258 days as on March 31, 2025, driven by debtors at 219 days. High debtor days were on account of stretch in receivables from 2-3 customers also debtors have been high as export to Tanzania and Nigeria have higher turnaround time than other export destinations. The large working capital requirement exerts additional pressure on liquidity. Ability of the firm to manage its working capital cycle efficiently will be a key monitorable factor. * Modest scale of operations: Despite increasing to INR39.53 crore in fiscal 2025 from 22.44 Cr in fiscal 2024, revenue remains concentrated and susceptible to market fluctuations and export demand of TVS two wheelers. Key rating drivers - Strengths * Extensive experience of the promoters: The promoters' extensive experience in the auto components industry has enabled the firm to expand its operations and maintain strong relationships with customers and suppliers. Ability of the firm to secure new dealerships and workshops has also contributed to its revenue growth. * Moderate debt protection metrics: Debt protection metrics remain moderate, with interest coverage ratio of 1.82 times for fiscal 2025, driven by healthy revenue growth and stable profitability. As the scale of operations rose, exposure to external debt has increased in proportion leading to stable debt protection metrics with interest coverage of over 1.4 times during the past three years. Liquidity Poor Liquidity profile is poor, with high bank limit utilization of about 93% for the 14 months through August 2025. Net cash accrual is modest at INR0.08 crore, and its liquidity remains sensitive to receivables. Current ratio was 1.15 times as on March 31, 2025. Outlook Stable SE will continue to benefit from the extensive experience of its promoters and their established relationship with clients Rating sensitivity factors Upward factors * Increase in revenue while maintaining operating margin, resulting in net cash accrual of above INR0.50 crore * Improvement in the working capital cycle, leading to lower stretch on liquidity Downward factors * Stretch in working capital cycle, resulting in gross current assets beyond 320 days * Larger-than-expected debt-funded capital expenditure or acquisition, or more-than-expected dividend payouts SE is a Mumbai-based firm involved in trading of automobile spare parts for two wheelers, three wheelers and four wheelers. SWACHHA BEVERAGES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Swachha Beverages Private Limited (SBPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.2 CRISIL D (Issuer Not Cooperating) Cash Credit 2 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.7 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SBPL 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 SBPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SBPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SBPL was incorporated in Kolkata in January 2011. The company processes and sells packaged drinking water, marketed in collaboration with Eureka Forbes Limited under the Aqua Sure brand. ========= J A P A N ========= ADORES SUNSHINE: Ikebukuro Game Center to Close After 40 Years -------------------------------------------------------------- SoraNews24 reports that Japan's iconic video game arcade culture continues to decline, with another major closure on the horizon. Adores Sunshine, a large three-floor arcade in Tokyo's Ikebukuro district, will permanently close in January next year, ending its 40-year run, according to SoraNews24. Once a bustling part of the area's youth-centered entertainment scene since the 1980s, the arcade's shutdown is attributed vaguely to "various circumstances," likely pointing the arcade is no longer profitable enough to justify continuing operating, SoraNews24 notes. "Our entire staff is filled with appreciation for all of our customers who visited our arcade and spent happy times here over these many years," Adores Sunshine said in the statement. "We look forward to the day when we will be able to see you again!" Although the company thanked patrons and hinted at hopes to reconnect in the future, no plans for relocation have been announced. The closure marks another significant loss in Japan's dwindling arcade scene, though other branches like Adores Shibuya and Adores Wako will remain open. Adores Sunshine's last day is slated for January 18, SoraNews24 notes. ===================== N E W Z E A L A N D ===================== BEACHAM EUROPEAN: Creditors' Proofs of Debt Due on Nov. 17 ---------------------------------------------------------- Creditors of Beacham European Limited, Beacham Parts And Service Limited and Alexander Gregory Beacham are required to file their proofs of debt by Nov. 17, 2025, to be included in the company's dividend distribution. Adam Botterill and Damien Grant of Waterstone were appointed joint and several receivers of the companies on Oct. 10, 2025. CROFTPAK LTD: Liquidators Estimate Debts to Top NZD914,000 ---------------------------------------------------------- Otago Daily Times reports that liquidators are counting up the debts of Croftpak Ltd as estimates climb to more than NZD914,000. Unsecured creditors are unlikely to be repaid as the company is short on funds to cover debts to 39 creditors, ODT says. Rodgers Reidy insolvency practitioners Lynda Smart and Derek Ah Sam were appointed liquidators of the company by shareholder Gregory Croft on October 1 and have put out a first report, according to ODT. The company, formed in 2003, has ceased trading, with the liquidators taking possession of assets to be sold. ODT relates that Mr. Croft, who is the sole director, told them the company struggled because of historic costs from Covid-19 and was unable to recover afterwards. "All employee contracts were terminated upon the appointment of the liquidators," they said in the report. "The liquidators have not yet determined the extent of preferential employee debt that remains outstanding for wage and holiday pay." So far nine secured creditors have been identified with interests in vehicles, goods or personal property. A likely "substantial" claim from the Inland Revenue (IRD) has yet to be received for outstanding payroll taxes, ODT relays. The liquidators expect there will be no funds available for unsecured creditors, but recovery actions from insolvent transactions and other parties may bring in more funds. ODT says claims are expected to come from customers paying for goods without receiving them and further claims are likely to be received by trade creditors. So far NZD634,000-plus has been received in claims from secured creditors, including NZD525,107 from Alternate Finance Ltd. Yet to be confirmed are another five companies holding a legal claim on Croftpak property to secure a debt. Trade and other creditor claims are estimated so far at more than NZD289,000, while liquidators will continue to investigate claims by employees and IRD, ODT relays. Croftpak's accounting system indicates about NZD16,500 is outstanding from debtors and it remains unknown how much of the NZD170,000 in book value for assets and inventory can be recovered, adds ODT. Croftpak Ltd was a Christchurch-based glass and plastic jar supplier. JSE INVESTMENT: Creditors' Proofs of Debt Due on Nov. 7 ------------------------------------------------------- Creditors of JSE Investment Holding Limited and First Development Limited are required to file their proofs of debt by Nov. 7, 2025, to be included in the company's dividend distribution. Steven Khov and Kieran Jones of Khov Jones were appointed joint and several liquidators of the above-named companies by the High Court at Auckland on Oct. 9, 2025. NAPA'A CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 7 ------------------------------------------------------------ Creditors of Napa'a Construction Limited are required to file their proofs of debt by Nov. 7, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 5, 2025. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 PEACOCKS LIMITED: Court to Hear Wind-Up Petition on Nov. 6 ---------------------------------------------------------- A petition to wind up the operations of Peacocks Limited will be heard before the High Court at Auckland on Nov. 6, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 8, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 STEVES GROOMING: Court to Hear Wind-Up Petition on Nov. 6 --------------------------------------------------------- A petition to wind up the operations of Steves Grooming Limited will be heard before the High Court at Auckland on Nov. 6, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 27, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 ===================== P H I L I P P I N E S ===================== MICRODOT LENDING: Ordered to Halt Lending Over Unfair Practices --------------------------------------------------------------- Manila Standard reports that the Securities and Exchange Commission (SEC) said it ordered Microdot Lending Corp. to immediately halt its operations for allegedly engaging in unfair debt collection practices and failing to disclose some of its online lending platforms. Manila Standard relates that the order, dated Sept. 23, directs Microdot and its affiliated platforms, including their owners, operators, agents and representatives, to immediately stop promoting and facilitating any lending activity or transaction. According to Manila Standard, the SEC said it found that Microdot failed to disclose the operations of Credit Peso Pro and MF Cash, violating Section three of SEC Memorandum Circular No. 19, Series of 2019, which requires lending companies to report all their existing online lending platforms to the commission. The order covers nine online lending platforms: MF Cash, Credit Cash, Credit Peso, Pesoloan Mart, Cash Baka, Cash Mabilis, Go Peso, Instant Loan and Timely Loan. The SEC said it received multiple complaints since 2024 alleging Microdot's involvement in unfair debt collection practices, which violate the implementing rules and regulations of Republic Act No. 11765, or the Financial Products and Services Consumer Protection Act (FCPA), Manila Standard relays. Manila Standard adds that the company was also cited for violating Rule 8(c) of the implementing rules of Republic Act No. 9474, or the Lending Company Regulation Act, due to its continued noncompliance with SEC directives such as show-cause letters, assessment notices and audit findings. "[Microdot's] operation of the undisclosed OLPs, blatant disregard of the SEC's regulatory authority over it, and practice of unfair debt collection, may unjustly cause grave or irreparable injury or prejudice to the borrowing public, thereby imperiling their rights as enshrined in the FCPA," the order read. "Additionally, its employment of unfair debt collection practices, shown and established by substantial evidence, is a violation of the SEC-FCPA-IRR and should be immediately halted to safeguard the rights of its borrowers," it said. ================= S I N G A P O R E ================= FLAIRGROUND LLP: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on Oct. 3, 2025, to wind up the operations of Flairground LLP. United Overseas Bank Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt and Dev Kumar Harish Nandwani BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 NEW RAPID: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Oct. 3, 2025, to wind up the operations of New Rapid Evermore (1988) Pte. Ltd. DBS Bank Ltd filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt and Dev Kumar Harish Nandwani BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 QUANTUM IMPEX: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Sept. 26, 2025, to wind up the operations of Quantum Impex Pte. Ltd. KAMS Singapore Pte Ltd filed the petition against the company. The company's liquidator is: Hubert Jen Wei Chang AP Transaction Services Pte Ltd 138 Cecil Street #10-01 Cecil Court Singapore 069583 UK ENGINEERING: Court to Hear Wind-Up Petition on Oct. 24 --------------------------------------------------------- A petition to wind up the operations of UK Engineering & Construction Pte. Ltd. will be heard before the High Court of Singapore on Oct. 24, 2025, at 10:00 a.m. The Comptroller of Goods and Services Tax filed the petition against the company on Oct. 3, 2025. The Petitioner's solicitors are: Infinitus Law Corporation 77 Robinson Road #16-00, Robinson 77 Singapore 068896 URBAN RENEWABLES: Court to Hear Wind-Up Petition on Nov. 7 ---------------------------------------------------------- A petition to wind up the operations of Urban Renewables (Singapore) Pte. Ltd. will be heard before the High Court of Singapore on Nov. 7, 2025, at 10:00 a.m. Tan Kim Han filed the petition against the company on Oct. 6, 2025. The Petitioner's solicitors are: TLC Law Advocates LLC 26A Keong Saik Road #04-166, The Central Singapore 059819 ********* 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. 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