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251022.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, October 22, 2025, Vol. 28, No. 211 Headlines A U S T R A L I A AGRIFUNDER PTY: First Creditors' Meeting Set for Oct. 24 ANGLE ASSET 2024-2: Moody's Upgrades Rating on Class F Notes to B2 ANGLE ASSET 2025-2: Moody's Assigns B3 Rating to AUD8.80MM F Notes BELVEDERE BUILDING: First Creditors' Meeting Set for Oct. 27 HEALTHSCOPE: Lenders Pressure Landlords for Lower Rents HEALTHSCOPE: NSW to Buy Back Northern Beaches Hospital for AUD190M MWL FINANCIAL: ASIC Bans Financial Adviser for 8 Years PREFAB REINFORCEMENT: First Creditors' Meeting Set for Oct. 27 SAPPHIRE XXXIII 2025-2: S&P Assigns B (sf) Rating to Class F Notes THINK TANK 2025-4: S&P Assigns Prelim B (sf) Rating to Cl. F Notes VITRUVIAN INVESTMENTS: Second Creditors' Meeting Set for Oct. 27 WYNN HEALTHCARE: First Creditors' Meeting Set for Oct. 24 C H I N A FINGERMOTION INC: Reports $1.55 Million Net Loss in Fiscal Q2 ONE STAR: To Abruptly Shut Despite Raising Tens of Millions of USD XINYUAN REAL ESTATE: Issues 12 Million Shares to Juicy Seasons I N D I A ABBELINE IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating ANISA CARPETS: CRISIL Keeps B Debt Rating in Not Cooperating BABA NAGA: CRISIL Keeps D Debt Ratings in Not Cooperating Category BHALKESHWAR SUGARS: Insolvency Resolution Process Case Summary BLU-SMART MOBILITY: NCLT Admits Insolvency Case Against Co. BURGUNDY LIFESTYLE: CRISIL Keeps D Ratings in Not Cooperating CMJ BREWERIES: CRISIL Keeps D Debt Rating in Not Cooperating DEESAN GINNING: CRISIL Keeps C Debt Ratings in Not Cooperating DEVRISHI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating EUROLIFE HEALTHCARE: CRISIL Keeps D Ratings in Not Cooperating GANESH ENTERPRISE: CRISIL Keeps B Debt Rating in Not Cooperating GARIB NAWAZ: CRISIL Keeps D Debt Ratings in Not Cooperating KRISHIKA INFRATECH: CRISIL Keeps B Debt Rating in Not Cooperating LOHCHAB MOTOR: CRISIL Keeps B Debt Ratings in Not Cooperating MEGHA GRANULES: CRISIL Keeps D Debt Ratings in Not Cooperating NEW TECH: CRISIL Keeps D Debt Ratings in Not Cooperating Category OMTEE STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating PERIDOT FINANCIAL: Voluntary Liquidation Process Case Summary S.K. HITECH: CRISIL Keeps D Debt Rating in Not Cooperating S.L.T. PACKERS: CRISIL Keeps B Debt Ratings in Not Cooperating SAMARTH FABLON: Insolvency Resolution Process Case Summary SARAVANA HOSPITAL: CRISIL Keeps B- Ratings in Not Cooperating SHARANAM REAL: CRISIL Keeps B Debt Ratings in Not Cooperating SHIMLA TOLLS: CRISIL Keeps D Debt Ratings in Not Cooperating SHIV SHAKTI: CRISIL Keeps B Debt Rating in Not Cooperating SHIVKRUPA CORPORATION: CRISIL Keeps B+ Ratings in Not Cooperating SITA ISPAT: CRISIL Keeps B+ Debt Rating in Not Cooperating SRINIVASA FERRO: Insolvency Resolution Process Case Summary J A P A N SOFTBANK GROUP: S&P Rates New USD Subordinated Resettable Notes B+ M A L A Y S I A PHARMANIAGA: May Pay Dividends by FY2026 Post-PN17 Exit, MBSB Says M O N G O L I A MONGOLIA: Moody's Upgrades Issuer & Senior Unsecured Ratings to B1 N E W Z E A L A N D BIG SKY: Owe Creditors About NZD1.9 Million, Liquidators Say CONNOLLY CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 12 CT MAGRATH: Creditors' Proofs of Debt Due on Nov. 14 DREAM MAKER: Court to Hear Wind-Up Petition on Nov. 3 HEIVON CONSTRUCTORS: Creditors' Proofs of Debt Due on Nov. 21 LAYBUY GROUP: Creditor Claims at NZD1.78MM, Liquidators Report LAZEEZ HOSPITALITY: Court to Hear Wind-Up Petition on Nov. 7 Q CARD: Fitch Affirms 'Bsf' Rating on Two Tranches TGHP LTD: Goes Into Liquidation Owing More Than NZD1.3 Million S I N G A P O R E ENGINEERING & CONSTRUCTION: Commences Wind-Up Proceedings IMAX SG: Court to Hear Wind-Up Petition on Oct. 24 PIP INTERNATIONAL: Creditors' Proofs of Debt Due on Nov. 10 STUDIO L: Court Enters Wind-Up Order SWISS SECURITAS: Creditors' Proofs of Debt Due on Nov. 10 X X X X X X X X GRIDS STEEL & ALLOYS: Liquidation Process Case Summary - - - - - ================= A U S T R A L I A ================= AGRIFUNDER PTY: First Creditors' Meeting Set for Oct. 24 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Agrifunder Pty Ltd and Agrifunder Finco No.1 Pty Ltd will be held on Oct. 24, 2025 at 10:00 a.m. via virtual meeting technology. Laurence Fitzgerald & Garth O'Connor-Price of William Buck were appointed as administrators of the company on Oct. 14, 2025. ANGLE ASSET 2024-2: Moody's Upgrades Rating on Class F Notes to B2 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on five classes of notes issued by Perpetual Corporate Trust Limited as trustee of Angle Asset Finance - Radian Trust 2024-2. The affected ratings are as follows: Issuer: Angle Asset Finance - Radian Trust 2024-2 Class B Notes, Upgraded to Aa1 (sf); previously on Dec 18, 2024 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to Aa3 (sf); previously on Dec 18, 2024 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A3 (sf); previously on Dec 18, 2024 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Ba1 (sf); previously on Dec 18, 2024 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to B2 (sf); previously on Dec 18, 2024 Definitive Rating Assigned B3 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were a result of the increase in credit enhancement available for the affected notes and performance to date. No action was taken on the remaining rated class in the transaction as credit enhancement remains commensurate with the current rating for the notes. Following the September 2025 payment date, the credit enhancement available for the Class B, Class C, Class D, Class E and Class F Notes has increased to 23.7%, 17.5%, 14.2%, 7.8% and 4.4% respectively, from 17.9%, 13.2%, 10.7%, 5.9% and 3.3% at closing. Principal collections have been distributed on a sequential basis starting from the Class A Notes. Current outstanding notes as a percentage of the total closing balance is 75.5%. As of end-August 2025, 2.0% of the outstanding pool was 30-plus day delinquent, and 0.8% was 90-plus day delinquent. The portfolio has incurred losses of 0.5% (as a percentage of the original pool balance) to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have decreased Moody's mean default assumption to 6% as a percentage of the original pool balance (equivalent to 7.1% as a percentage of the outstanding pool balance) from 6.4% of the original pool balance at closing. Moody's have also decreased the Aaa portfolio credit enhancement (PCE) to 28% from 29% at closing. Moody's analysis has also considered various scenarios involving different mean default rate and PCE to evaluate the resiliency of the note ratings. The transaction is a securitisation of auto and equipment loans and operating leases by A.C.N 603 303 126 Pty Ltd trading as Angle Asset Finance, an Australian non-bank asset finance provider. The obligors in the pool are primarily small-to-medium enterprises domiciled in Australia. The underlying assets backing the receivables include, among others, cars, trucks, other wheeled assets and other equipment. The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. ANGLE ASSET 2025-2: Moody's Assigns B3 Rating to AUD8.80MM F Notes ------------------------------------------------------------------ Moody's Ratings has assigned the following definitive ratings to the ABS notes issued by Perpetual Corporate Trust Limited as trustee of Angle Asset Finance - Radian Trust 2025-2. Issuer: Perpetual Corporate Trust Limited as trustee of Angle Asset Finance - Radian Trust 2025-2 AUD296.00 million Class A Notes, Assigned Aaa (sf) AUD39.20 million Class B Notes, Assigned Aa2 (sf) AUD16.00 million Class C Notes, Assigned A2 (sf) AUD11.20 million Class D Notes, Assigned Baa2 (sf) AUD17.20 million Class E Notes, Assigned Ba2 (sf) AUD8.80 million Class F Notes, Assigned B3 (sf) The AUD5.80 million Class G1 Notes and AUD5.80 million Class G2 Notes (together, the Class G Notes) are not rated by us. Angle Asset Finance - Radian Trust 2025-2 is a securitisation of auto and equipment loans and operating leases originated by A.C.N 603 303 126 Pty Ltd trading as Angle Asset Finance (Angle Asset Finance). The obligors in the pool are mainly small-to-medium-sized enterprises (SME), and also include corporates and government entities. All borrowers are domiciled in Australia. The underlying assets are comprised of, among others, cars (49.0%), trucks (14.2%) and other wheeled assets (21.0%). Angle Asset Finance originated about 98.9% of the receivables in this portfolio, with around 85.9% and 13.0% originated via broker and vendor channels, respectively. Capital Finance Australia Limited (CFAL), a wholly owned subsidiary of Westpac Banking Corporation (Westpac, Aa1/P-1), originated the remaining 1.1% of the receivables in this portfolio through its then vendor finance business. All receivables are serviced by Garrison Lending Operations Pty Limited, a wholly owned subsidiary of Angle Asset Finance. Angle Asset Finance is a non-bank lender providing asset financing to SMEs, corporates and government entities via brokers and vendor relationships. Angle Asset Finance has been in operation since October 2019, and started originating auto and equipment loans to SMEs via brokers in significant volumes from October 2020. As of August 31, 2025, its assets under management totaled around AUD1.84 billion. Angle Asset Finance is privately owned by an affiliate company of Cerberus Capital Management, L.P. as a majority shareholder and Deutsche Bank AG, Sydney Branch. RATINGS RATIONALE The definitive ratings take into account, among other factors, (1) Moody's evaluations of the underlying receivables and their expected performance; (2) evaluation of the capital structure and credit enhancement provided to the rated notes; (3) availability of excess spread over the transaction's life; (4) the liquidity facility in the amount of 1.5% of all notes other than the Class G Notes; (5) the legal structure; (6) experience of Garrison Lending Operations Pty Limited as servicer; and (7) the presence of Perpetual Corporate Trust Limited as the back-up servicer. According to Moody's analysis, the transaction benefits from a relatively high level of excess spread. The portfolio yield of 9.1% - relative to the transaction expenses - results in a relatively high level of excess spread available to cover losses arising from the portfolio. The key weaknesses in the transaction are the limited availability of historical data and higher-than-expected variability in performance to date. Firstly, Angle Asset Finance started its originations via brokers in January 2020, with significant volumes only beginning in October 2020. Its originations via vendors started in August 2021. Secondly, receivables originated between Q3 2022 to Q3 2023 are showing higher early cumulative defaults than prior origination vintages. As such, the performance of the portfolio could be subject to greater variability in the future than the observed performance to date indicates. Moody's have taken this into account in Moody's asset analysis. TRANSACTION STRUCTURE AND POOL CHARACTERISTICS Key transactional features are as follows: -- The notes will be repaid on a sequential basis initially. On and after the payment date occurring twelve months after the deal closing date, all notes, other than the Class G Notes, will receive their pro-rata share of principal, provided step-down conditions are satisfied. These include, among others, no unreimbursed charge-offs and the payment date occurring prior to the call option date. If step-down conditions are no longer met, the repayment of principal will revert to sequential. The call option date will occur on the earlier of the payment date in October 2028 and the invested amount of the notes falling below 10% of the initial invested amount of the notes. -- Westpac Banking Corporation (Aa1/P-1/Aa1(cr)/P-1(cr)) will provide a fixed rate swap in this transaction. The swap will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. As at closing, the total swap notional will correspond to all notes, other than the Class G2 Notes. The total swap notional will follow a schedule based on the amortisation of the assets assuming a certain prepayment rate. Key pool features are as follows: -- The pool has a weighted average seasoning of 8.1 months. -- The proportion of loans with a balloon payment is 31.0%. -- Interest rates in the portfolio range from 4.5% to 25.0%, with a weighted average interest rate of 9.1%. -- Loans underwritten on the basis of 'no financials' verification represent around 88.3% of the pool. MAIN MODEL ASSUMPTIONS Moody's portfolio credit enhancement ("PCE") is 26.5%. Moody's expected default rate for this transaction is 6.0% and expected recovery is 22%, resulting in an expected loss of around 4.7%. The expected loss captures Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. The expected default rate, recovery and PCE are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in Moody's cash flow model. Moody's have estimated an expected default rate and PCE for this deal on the basis of: -- Cumulative default rates observed to date, and in particular receivables originated between Q3 2022 to Q3 2023 are showing higher early cumulative defaults than prior origination vintages. -- Benchmarking with other SME auto and equipment receivable portfolios in the market, in view of the relatively short performance history of receivables originated by Angle Asset Finance. Moody's asset assumptions also reflect qualitative analysis including portfolio characteristics, the limited operational track record of Angle Asset Finance as an originator and servicer and the current economic environment in Australia. Methodology Underlying the Rating Action The principal methodology used in these ratings was Equipment Lease and Loan Securitizations published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement due to sequential amortization or a better-than-expected collateral performance. The Australian economy is the primary driver of performance. Factors that could lead to a downgrade of the notes is a worse-than-expected collateral performance, poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, a lack of transactional governance, or fraud. BELVEDERE BUILDING: First Creditors' Meeting Set for Oct. 27 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Belvedere Building Projects Pty Ltd (trading as Total Fitouts Sydney South East) will be held on Oct. 27, 2025 at 10:00 a.m. at the offices of WLP Restructuring, at Suite 19.02, Level 19, 1 Castlereagh Street, in Sydney, NSW and via video conference facilities. Alan Walker and Nicholas Charlwood of WLP Restructuring were appointed as administrators of the company on Oct. 15, 2025. HEALTHSCOPE: Lenders Pressure Landlords for Lower Rents ------------------------------------------------------- Michael Smith at The Australian Financial Review reports that Healthscope's lenders have asked the receivers of Australia's second-largest hospital operator to stop paying rent to landlords unless they agree to reduce the lease bills across 23 properties. According to the Financial Review, Healthscope's lenders are increasingly frustrated with the group's landlords, which have agreed to defer some payments and provided some rent relief in the past. However, they are refusing to budge on demands to lower rents permanently to make the assets more attractive to buyers. The Financial Review relates that Healthscope's biggest landlord, Toronto-listed Northwest Healthcare Properties Real Estate Investment Trust owns 12 hospitals, while property funds controlled by David Di Pilla's HMC Capital own 11 hospitals. The operator's major lenders include UK credit manager Polus Capital and Dallas-based hedge fund Canyon Partners. Commonwealth Bank and Westpac are also part of the 30-plus strong lending syndicate. People briefed on the discussions between the lenders and McGrathNicol, who spoke on condition of anonymity citing the sensitive nature of those talks, said the syndicate was supportive of being more aggressive with landlords to get a better deal on rents. However, the landlords argue they are working to try and keep all the hospitals in the portfolio open, the Financial Review relays. Lenders were also supportive of a scenario where Healthscope's freehold assets were sold off to a buyer first. It is unclear if the receiver favours that proposal. McGrathNicol did not respond to requests for comment. Healthscope and HMC also declined to comment. Final bids for Healthscope are understood to be due in mid-November, the report adds. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. HEALTHSCOPE: NSW to Buy Back Northern Beaches Hospital for AUD190M ------------------------------------------------------------------ The Guardian Australia reports that the NSW government will spend AUD190 million to buy back the Northern Beaches hospital and integrate it into the public hospital system, ending a decade-long experiment in private ownership of a major Sydney hospital. According to The Guardian, the NSW health minister, Ryan Park, said the in-principle deal "marks the beginning, not the end, of what will be a change in model of the way in which that hospital works". But Mr. Park warned the deal with Healthscope and its receiver was one of the most complex attempted by the NSW government. The Guardian relates that the government said on Oct. 21 that: * The entire 494-bed hospital would return to public ownership. * All clinical and support staff at Northern Beaches hospital would be offered jobs by NSW Health at the facility. * Staff entitlements would be transferred to the NSW health department. The minister said that the government understood that some clinicians and community members would like to see some private services continue, The Guardian relays. He said the in-principle deal to buy the entire operations was a starting point. Doctors and specialists have warned that without a co-located private facility there would be reduced patient choice. Some could choose not to work at the hospital because they wouldn't be able to conduct private practice, they've said. According to The Guardian, Prof Keith Burgess, the president of the medical staff council at the Northern Beaches hospital, said the announcement had left some staff "quite disappointed". "The senior medical staff were hoping for a model that included a major public component with a preserved co-located private hospital," the report quotes Prof. Burgess as saying. Some procedures currently performed would not be allowed once it became a public hospital because of its categorisation as a "level five" facility, he said. "In the private sector, you can do what you like, and so a number of higher level procedures have been carried out, like cardiothoracic surgery . . . that will be proscribed if it's a completely public hospital," Prof. Burgess said. The Guardian adds that Dr Kathryn Austin, the president of the NSW branch of the Australian Medical Association, said more than 20,000 private surgeries performed at Northern Beaches hospital each year would be forced on to long public hospital waiting lists or join waiting lists at out-of-area private hospitals. Mr. Park said the government intended to finalise the agreement with Healthscope by mid-2026, The Guardian relays. About Healthscope Healthscope provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope operates 38 hospitals across Australia. On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland & Katherine Sozou of McGrathNicol Restructuring were appointed as Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope NewCo Pty Ltd. The appointments are limited to these two entities only, which are 'holding companies' within the Healthscope Group corporate structure. Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of KordaMentha were appointed as administrators of Healthscope Newco Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025. According to Sky News Australia, the lenders behind Healthscope have opted to call in receivers to find a buyer for the private hospital operator. Healthscope was purchased by Canadian asset management firm Brookfield in 2019, however, it handed control of the health company to the lenders earlier in May 2025. This syndicate of hedge funds and banks voted on May 26 to put the company into receivership, Sky News Australia said. MWL FINANCIAL: ASIC Bans Financial Adviser for 8 Years ------------------------------------------------------ The Australian Securities & Investments Commission (ASIC) has banned Melbourne-based financial adviser Wade Lance Spooner, of MWL Financial Services Pty Ltd, from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business for eight years. ASIC found that Mr. Spooner gave inappropriate advice to certain clients which was not in their best interests, as he recommended clients invest most of their superannuation into the High Growth class and the Growth class of the Shield Master Fund which were high risk investments. Shield also had a limited trading history. ASIC also found that Mr. Spooner, who was a member of MWL's investment committee, provided statements of advice to certain clients that contained false and misleading statements, implying they would enjoy better returns by investing their superannuation into Shield, including representations that Shield had a higher performing track record against other super funds when Shield had only been in existence for a short period. ASIC has reason to believe that Mr. Spooner is not a fit and proper person and is likely to contravene a financial services law. The banning order took effect from July 25, 2025. Mr. Spooner's banning has been recorded on Banned and Disqualified Register.  Mr. Spooner was authorised by MWL May 24, 2021. On Sept. 30, 2025, ASIC was notified that Daniel Juratowitch and Rachel Burdett of Cor Cordis were appointed as voluntary administrators of MWL on Sept. 29, 2025. On Aug. 25, 2025, ASIC cancelled MWL's Australian Financial Services licence, banned one of MWL's directors and its responsible manager. Mr. Spooner is another former MWL financial adviser who has been banned by ASIC in respect of advice provided in relation to Shield. On the day the banning order took effect on July 25, 2025, Mr. Spooner lodged an application with the Administrative Review Tribunal (ART) seeking a review of ASIC's decision, as well as an application for a stay and confidentiality orders pending the outcome of the ART review. On Sept. 25, 2025, the application for a stay and confidentiality orders was heard by the ART. On Oct. 20, 2025, the ART refused Mr. Spooner's request for stay and confidentiality orders. Mr. Spooner's review application of ASIC's decision remains ongoing with the ART. In February 2024, ASIC halted new offers of investments in Shield. ASIC made interim stop orders on four product disclosure statements for Shield. In June 2024, ASIC took action to secure the assets held within Shield. ASIC sought orders to preserve the assets of the scheme so that they may be recovered, to the extent available, for the benefit of investors while the investigation is continuing. ASIC understands that, since February 2022, funds totalling more than AUD480 million have been invested in Shield by at least 5,800 consumers, who accessed Shield primarily through superannuation platforms, the trustees for which were Macquarie Investment Management Limited and Equity Trustees Superannuation Limited. The investigation to date suggests that potential investors were called by lead generators and referred to personal financial advice providers who advised investors to roll their superannuation assets into a retail choice superannuation fund available on a choice platform and then to invest part or all of their superannuation into Shield. ASIC is investigating the circumstances surrounding Shield. ASIC is investigating Keystone Asset Management Ltd (in liquidation) (the responsible entity for Shield) and its directors and officers, the role of the superannuation trustees, certain financial advisers who recommended investors invest in Shield, the lead generators, and the research house. PREFAB REINFORCEMENT: First Creditors' Meeting Set for Oct. 27 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Prefab Reinforcement Pty Ltd will be held on Oct. 27, 2025 at 11:00 a.m. at the offices of Rodgers Reidy, at Level 11, 385 Bourke Street, in Melbourne, Vic and via electronic conferencing. Brent Leigh Morgan and Shane Justin Cremin of Rodgers Reidy were appointed as administrators of the company on Oct. 15, 2025. SAPPHIRE XXXIII 2025-2: S&P Assigns B (sf) Rating to Class F Notes ------------------------------------------------------------------ S&P Global Ratings assigned its ratings to eight classes of nonconforming and prime residential mortgage-backed securities (RMBS) issued by Permanent Custodians Ltd. as trustee of Sapphire XXXIII Series 2025-2 Trust. Sapphire XXXIII Series 2025-2 Trust is a securitization of nonconforming and prime residential mortgages originated by Bluestone Mortgages Pty Ltd. (Bluestone). The ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. S&P's assessment of credit risk considers Bluestone's underwriting standards and approval process as well as its servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, the yield reserve, retention amount built from excess spread, and the provision of an extraordinary expense reserve. S&P said, "Our analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and we assume the notes are not called at or beyond the call-option date." S&P said, "Our ratings also consider the counterparty exposure to National Australia Bank Ltd. as liquidity facility provider and Commonwealth Bank of Australia as bank account provider. The transaction documents for the facilities include downgrade language consistent with our counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Ratings Assigned Sapphire XXXIII Series 2025-2 Trust Class A1S, A$437.50 million: AAA (sf) Class A1L, A$562.50 million: AAA (sf) Class A2, A$112.50 million: AAA (sf) Class B, A$48.75 million: AA (sf) Class C, A$47.50 million: A (sf) Class D, A$18.75 million: BBB (sf) Class E, A$11.25 million: BB (sf) Class F, A$6.25 million: B (sf) Class G1, A$2.50 million: Not rated Class G2, A$2.50 million: Not rated THINK TANK 2025-4: S&P Assigns Prelim B (sf) Rating to Cl. F Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to eight of the nine classes of residential mortgage-backed, floating-rate pass-through notes to be issued by BNY Trust Co. of Australia Ltd. as trustee of Think Tank Residential Series 2025-4 Trust. Think Tank Residential Series 2025-4 Trust is a securitization of loans to residential borrowers, secured by first-registered mortgages over Australian residential properties originated by Think Tank Group Pty Ltd. (Think Tank). The preliminary ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination for each class of rate notes provide credit support. S&P's assessment of credit risk considers Think Tank's underwriting standards and approval process as well as its servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, the yield reserve, and the provision of an extraordinary expense reserve. S&P said, "Our analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and we assume the notes are not called at or beyond the call-option date." S&P said, "Our ratings also consider the counterparty exposure to Commonwealth Bank of Australia as bank account provider and National Australia Bank Ltd. as liquidity facility provider. The transaction documents for the facilities include downgrade language consistent with our counterparty criteria." Preliminary Ratings Assigned Think Tank Residential Series 2025-4 Trust Class A1-S, A$225.000 million: AAA (sf) Class A1-L, A$390.000 million: AAA (sf) Class A2, A$74.250 million: AAA (sf) Class B, A$22.875 million: AA (sf) Class C, A$18.375 million: A (sf) Class D, A$9.000 million: BBB (sf) Class E, A$6.000 million: BB (sf) Class F, A$1.875 million: B (sf) Class G, A$2.625 million: Not rated VITRUVIAN INVESTMENTS: Second Creditors' Meeting Set for Oct. 27 ---------------------------------------------------------------- A second meeting of creditors in the proceedings of Vitruvian Investments Pty Ltd has been set for Oct. 27, 2025, at 3:00 p.m. at the offices of Merchants Advisory, at Level 15, 175 Pitt Street, in Sydney, NSW and via virtual meeting technology. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Oct. 24, 2025 at 4:00 p.m. Louisa Sijabat of Merchants Advisory was appointed as administrator of the company on Sept. 22, 2025. WYNN HEALTHCARE: First Creditors' Meeting Set for Oct. 24 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Wynn Healthcare Pty Ltd (trading as "Good Price Pharmacy Warehouse Toongabbie") will be held on Oct. 24, 2025 at 11:00 a.m. at the offices of Worrells, at Suite 5B, 55 Kembla Street, in Wollongong, NSW and via virtual meeting technology. Stephen John Hundy and Daniel Ivan Cvitanovic of Worrells were appointed as administrators of the company on Oct. 14, 2025. ========= C H I N A ========= FINGERMOTION INC: Reports $1.55 Million Net Loss in Fiscal Q2 ------------------------------------------------------------- FingerMotion Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss for the three months ended August 31, 2025, of $1.55 million, compared to a net loss of $1.69 million in the same period of 2024. Net loss for the six months ended August 31, 2025, was $3.57 million, compared to a net loss of $3.35 million in the same period of 2024. Revenue for the three months ended August 31, 2025, was $8.65 million, compared to a revenue of $8.46 million for the same period in 2024. Revenue for the six months ended August 31, 2025, was $17.11 million, compared to a revenue of $16.83 million for the same period in 2024. As of August 31, 2025, the Company had $51.9 million in total assets, $36.82 million in total liabilities, and a total stockholders' equity of $15.08 million. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/nhk2h8ha 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. ONE STAR: To Abruptly Shut Despite Raising Tens of Millions of USD ------------------------------------------------------------------ Yicai Global reports that One Star Robotics, a Chinese firm set up less than six months ago by the son of auto giant Geely Holding Group's Chairman Eric Li, will be disbanded despite securing hundreds of millions of Chinese yuan, equivalent to tens of millions of US dollars, in funding. One Star Robotics is in the process of dissolving, an insider recently told Yicai. "Any personnel related to Geely have essentially withdrawn." One Star Robotics has not yet commented on the matter. According to market speculations, the reasons behind the potential dissolution of One Star Robotics may include internal disagreements within the founding team and overlapping business directions with Geely's unit Afari Technology, which filed to go public in Hong Kong on Oct. 16, Yicai relays. Yicai says the content on One Star Robotics' WeChat account has been deleted. In addition, the profile of co-founder and Chief Technology Officer Ding Yan on Xiaohongshu, known outside China as Rednote, has him working at the company only up to this month. According to Yicai, National Business Daily visited One Star Robotics' office in Hangzhou and reported that items stacked at the entrance remain unopened, while names and logos associated with the firm have been removed, with only a few workers still present. One Star Robotics bagged several hundred million yuan in a seed funding round last month, with investors including Baidu Venture and Cowin Capital. In addition, it secured investments from Geely-backed CaoCao Mobility and Zhejiang Geener Microelectronics in August. "One Star Robotics isn't laying off employees," Mirror Image Studio reported, citing Fang Yu, who worked in the firm's technology department, Yicai relays. "It's going to be deregistered at the beginning of next month, with many orders still coming in during last month, while investors who took part in a funding round in August all wanted to increase their investment." One Star Robotics was established by Li Xingxing in May, with him owning almost 66 percent of the firm. Legal Representative Pan Yunbin previously served as the president of Geely's satellite division, while its research and development team includes professors from Fudan University and Tsinghua University, as well as members from the internationally renowned FastUMI data collection team. Yicai adds that One Star Robotics' rapid rise and fall reflect the challenges facing the embodied intelligence sector, several industry insiders noted. Although a report published by the Guangdong Association of Artificial Intelligence Industry predicts that China's embodied intelligence market will exceed CNY1.25 trillion (USD175.6 billion) by 2027, the industry still faces challenges with high investments, heavy R&D demands, low returns, and others, they pointed out. Achieving mass production and scaling of robots, as well as advancing the commercialization process, has become a critical issue that all companies in the embodied intelligence sector must confront, according to the insiders, relays Yicai. XINYUAN REAL ESTATE: Issues 12 Million Shares to Juicy Seasons -------------------------------------------------------------- Xinyuan Real Estate Co., Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission on October 14, 2025, that the Company entered into a Subscription Agreement with Juicy Seasons Limited on September 3, 2025, pursuant to which Juicy Seasons purchases from the Company and the Company issues to Juicy Seasons an aggregate of 12,028,260 common shares of the Company, par value $0.0001 per share, at a purchase price of $0.0934 per Common Share. The Common Shares have not been registered under the Securities Act of 1933, as amended, or the securities laws of any state, and were offered and issued in reliance on exemptions from registration under the Securities Act, afforded by provisions of Section 4(a)(2) and Regulation S promulgated under the Securities Act. About Xinyuan Real Estate Co. Ltd. Xinyuan Real Estate Co. Ltd., headquartered in Beijing, is a residential real estate developer primarily focused on China's tier-one and tier-two cities. Founded in 1997, the Company targets middle-income homebuyers with large-scale, high-quality housing projects and has extended its operations to the U.S., U.K., and Malaysia. Xinyuan also offers property management and ancillary services, and its shares trade on the New York Stock Exchange under the ticker symbol XIN. Creditors of Xinyuan Real Estate Co. Ltd. sought involuntary petition under Chapter 11 of the U.S. Bankruptcy (Bankr. S.D.N.Y. Case No. 25-10745) on April 14, 2025. The Debtor is represented by Paul R. DeFilippo, Esq., at Wollmuth Maher & Deutsch, LLP. ========= I N D I A ========= ABBELINE IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Abbeline Impex Private Limited (AIPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Buyer Credit Limit 7.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with AIPL 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 AIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on AIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of AIPL continues to be 'Crisil D Issuer not cooperating'. AIPL, incorporated in November 2009, is promoted by Mr. Manish Gupta and his wife Mrs. Poorvi Gupta. It import heavy metal and copper scrap in which it trades in the domestic market. Mr. Gupta and his father-in-law, Mr. Anil Garg, manage business operations. The registered office of the company is in Mumbai. ANISA CARPETS: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of Anisa Carpets Limited (ACL) continues to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 10 CRISIL B/Stable (Issuer Not Credit Cooperating) Crisil Ratings has been consistently following up with ACL 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 ACL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ACL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ACL continues to be 'Crisil B/Stable Issuer not cooperating'. ACL was incorporated in 1984 as a private limited company by Mr Najam Ansari & family. Later in 1994, the company was converted into a closely held public limited company. It manufactures and exports handmade rugs and carpets. The production facility is situated in Kanpur, Uttar Pradesh, with a capacity of around 35000 square meter of carpets per month. BABA NAGA: CRISIL Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Shree Baba Naga Food Stuff Limited (SBN) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Cash Credit 60 CRISIL D (Issuer Not Cooperating) Cash Credit 20 CRISIL D (Issuer Not Cooperating) Cash Credit 18 CRISIL D (Issuer Not Cooperating) Cash Credit 17 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SBN 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 SBN, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBN is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBN continues to be 'Crisil D Issuer not cooperating'. BN and BNG are promoted by Mr. Varun Chadha, Mr. Ankush Chadha, and Mr. Deepak Chadha. The companies' mill and process basmati rice for sale in the export and domestic markets. SBN was incorporated in 2007, while BNG was incorporated in 2014 to take over the assets and liabilities of partnership firm, BN Exports. BHALKESHWAR SUGARS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: M/s Bhalkeshwar Sugars Limited Bhalki, Taluka Bhalki, District Bidar Karnataka, India Insolvency Commencement Date: September 25, 2025 Estimated date of closure of insolvency resolution process: March 24, 2026 Court: National Company Law Tribunal, Bengaluru Bench Insolvency Professional: Ritesh R. Mahajan Devgiri, B 203, 2nd Floor, Ganeshmala, Singhad Road, Pune-411 030, Maharahstra Email: riteshmahanjancs@gmail.com Email: bslcirp@gmail.com Last date for submission of claims: October 9, 2025 BLU-SMART MOBILITY: NCLT Admits Insolvency Case Against Co. ----------------------------------------------------------- The Economic Times reports that the National Company Law Tribunal (NCLT) has admitted an insolvency case against Blu-Smart Mobility Tech. ET relates that the Ahmedabad bench of NCLT has admitted the insolvency plea filed by Lepton Software Export and Research against Blu-Smart Mobility over an unpaid amount of INR5.84 crore, and appointed Pawan Kumar Goyal as the interim resolution professional, suspending the board of the company. A two-member bench said there is an operational debt, which has been defaulted by Blu-Smart Mobility, and its operational creditor is entitled to recover it. Moreover, the NCLT also placed Blu-Smart Mobility Tech under the protection of a moratorium as per the provisions of the Insolvency & Bankruptcy Code (IBC) and directed the IRP to take full charge of Blu-Smart Mobility's assets and documents, ET relays. According to ET, the NCLT order came over a petition filed by Lepton Software, which sells Google Maps Platform services under the licence granted by Google Asia Pacific Pte. It was providing its services for Blu-Smart Mobility Tech's ride-sharing services through an agreement. It had been agreed for the period from October 1, 2022, to September 2023. ET relates that the agreement was renewed for a year till September 30, 2024, and Lepton claimed that services continued on an ad-hoc basis, which was even acknowledged by Blu-Smart Mobility through email communications. The operation creditor submitted that the services provided were governed by Google's Terms of Service, and invoices pertaining to the entire financial year FY25 remained unpaid. However, Blu-Smart Mobility in its reply denied any operational debt and contended that the said petition was misconceived and an abuse of process. It contended that the renewal expired on September 30, 2024 and has raised a bill after that without an acceptance/completion certificate. According to Blu-Smart Mobility Tech, post-expiry invoices are not operational debt. NCLT, however, said Blu-Smart Mobility does not dispute the pre-expiry invoices (up to September 2024) and has acknowledged partial liability, ET relays. "However, even assuming that only pre-expiry dues are considered, the admitted outstanding of INR30,34,764.50 is supplemented by the post-expiry claims," the NCLT said. Blu-Smart Mobility provides all-electric ride-hailing services and building a network of EV charging infrastructure in India. BURGUNDY LIFESTYLE: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Burgundy Lifestyle Private Limited (Burgundy) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.20 CRISIL D (Issuer Not Cooperating) Letter of Credit 6.25 CRISIL D (Issuer Not Cooperating) Packing Credit 3.45 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Burgundy 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 Burgundy, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Burgundy is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Burgundy continues to be 'Crisil D/Crisil D Issuer not cooperating'. Burgundy's production facilities were initially set up by Prime Textiles Ltd in Tiruppur (Tamil Nadu). In 2008, the entire production facility was acquired by the Kolkata-based Jhawar group. Burgundy manufactures high-end T-shirts and innerwear under various brands, including Burgundy. CMJ BREWERIES: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating on bank facilities of CMJ Breweries Private Limited (CMCHS) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating 230.1 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with CMJ 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 CMJ, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on CMJ is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of CMJ continues to be 'Crisil D Issuer not cooperating'. CMJ, incorporated in November 2007, is promoted by the Meghalaya-based Jain family, which is engaged in businesses such as structural steel, cement, household implements, stone products, and food processing. The company began setting up a greenfield brewery in 2009, which commenced operations in November 2011 with installed capacity of 100,000 HL per annum (hlpa). It expanded capacity to 200,000 hlpa by April 2013, and to 300,000 hlpa by December 2014. It completed its canning line in December 2014 at New Industrial Area in Byrnihat, Meghalaya. It has also set up a 100-kilolitres-per-day grain-based distillery for extra-neutral alcohol, a 200,000-cases-per-month bottling unit for Indian-made foreign liquor, a 4.2-megawatt captive power plant, a 6000-litre-per-day malt spirit manufacturing unit, and a carbon dioxide recovery plant. The distillery commenced operations in October 2014. DEESAN GINNING: CRISIL Keeps C Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Deesan Ginning and Pressing Private Limited (DGPPL) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL C (Issuer Not Cooperating) Term Loan 1.8 CRISIL C (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DGPPL 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 DGPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DGPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DGPPL continues to be 'Crisil C Issuer not cooperating'. DGPPL was incorporated in 1995 by Mr. Bhupesh Rasiklal Patel, Mr. Chintan Amarish Patel, and Mr. Tapan Mukesh Patel. The company processes raw cotton into lint at its manufacturing facility at Dhule, Maharashtra. DEVRISHI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Devrishi Foods Private Limited (DFPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Foreign Discounting 1.4 CRISIL D (Issuer Not Bill Purchase Cooperating) Packing Credit 3.4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DFPL 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 DFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DFPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2005 and promoted by Mr. Vipin Jain, Mr. Nikhil Jain, and Mr. Rajiv Jain, DFPL trades in rice, wheat flour, besan, and various grams such as moong dal, urad dal, rajma, chick peas, and chana dal. EUROLIFE HEALTHCARE: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Eurolife Healthcare Private Limited (EHPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 5 CRISIL D (Issuer Not Cooperating) Cash Credit 8.5 CRISIL D (Issuer Not Cooperating) External Commercial 16.6 CRISIL D (Issuer Not Borrowings Cooperating) External Commercial 15 CRISIL D (Issuer Not Borrowings Cooperating) Letter of Credit 1.5 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.5 CRISIL D (Issuer Not Cooperating) Packing Credit 3.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.4 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with EHPL 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 EHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of EHPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. EHPL, incorporated in 1987 by Mr S S Toshniwal and Mr Mahendra Singhi, manufactures pharmaceutical formulations. The company started operations in 2001 and has its manufacturing facilities at Roorkee in Uttarakhand and at Waluj in Maharashtra. GANESH ENTERPRISE: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shree Ganesh Enterprise - Surat (SGE) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 6.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SGE 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 SGE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGE continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2016, SGE undertakes real estate development in Utran and Surat (both in Gujarat). The promoters are Mr Arnav Savaliya, Mr Vipul Kumar Kukadiya, and Mr Nileshbhai Vaghasiya. The firm is currently constructing one residential project (Liviano). GARIB NAWAZ: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Garib Nawaz Polymers Private Limited (GNPPL; part of the GN group) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.50 CRISIL D (Issuer Not Cooperating) Funded Interest 1.14 CRISIL D (Issuer Not Term Loan Cooperating) Proposed Long Term 1.24 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2.42 CRISIL D (Issuer Not Cooperating) Working Capital Term Loan 2.70 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GNPPL 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 GNPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GNPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GNPPL continues to be 'Crisil D Issuer not cooperating'. GNPPL, set up in 2007 by Mr. Sunil Bansal, manufactures polyethylene terephthalate bottles for consumers in the pharmaceuticals industry. It commenced commercial operations in 2008. In 2009, Mr. Bansal set up proprietorship concern GNP, which is in the same line of business and commenced commercial operations in 2011. Both entities' manufacturing facilities are in Baddi. KRISHIKA INFRATECH: CRISIL Keeps B Debt Rating in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Krishika Infratech Private Limited (KIPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 6 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KIPL 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 KIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KIPL continues to be 'Crisil B/Stable Issuer not cooperating'. KIPL was incorporated in 2016 by Mr Santosh Yadav and Ms Amrita Yadav. The company is currently setting up a hotel in Lucknow, Uttar Pradesh. LOHCHAB MOTOR: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Lohchab Motor Company Private Limited (LMCPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B/Stable (Issuer Not Cooperating) Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating) Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating) Rupee Term Loan 0.8 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LMCPL 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 LMCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LMCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LMCPL continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2009 by Mr Jitesh Lohchab, LMCPL began operations in fiscal 2011 as an authorised dealer for M&M vehicles. The company has showrooms in Rohtak, Jhajjar, and Bahadurgarh in Haryana. It also has dealership of HMSI motorcycles and scooters, with showrooms in Rohtak, Sampla, and Lakhan Majra in Haryana. MEGHA GRANULES: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Megha Granules Private Limited (MGPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - CRISIL D (ISSUER NOT COOPERATING) Short Term Rating - CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with MGPL 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 MGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MGPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in May 2005, MGPL is promoted by Mr Trilok Agarwal and his son. The company has been manufacturing block-bottom valve bags since December 2012. Currently, it has an installed capacity of 10,000 tonne per annum at its facility in Guwahati, Assam. The promoters have various other companies engaged in the manufacturing of bulk packaging materials and ferroalloys. They have been in this line of business for the past two decades. NEW TECH: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of New - Tech Steel and Alloys Private Limited (New Tech) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 25 CRISIL D (Issuer Not Cooperating) Inland/Import 5 CRISIL D (Issuer Not Letter of Credit Cooperating) Proposed Long Term 0.08 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 10.42 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with New Tech 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 New Tech, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on New Tech is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of New Tech continues to be 'Crisil D/Crisil D Issuer not cooperating'. New Tech, incorporated on June 6, 2003, in Assam, is promoted by Mr. Suresh Sharma. The company manufactures thermomechanically treated bars, mild steel (MS) rolls, and MS ingots. OMTEE STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shri Omtee Steel Private Limited (SOSPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Issuer Not Cooperating) Proposed Term Loan 2.11 CRISIL D (Issuer Not Cooperating) Term Loan 10.39 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SOSPL 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 SOSPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SOSPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SOSPL continues to be 'Crisil D Issuer not cooperating'. SOSPL, incorporated in 2009 and promoted by the Jain family, manufactures thermo-mechanically treated (TMT) bars. The company has recently backward integrated into manufacturing billets from sponge iron. Operations are managed by Mr. Deepak Jain and his brother, Mr. Anil Jain. PERIDOT FINANCIAL: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Peridot Financial Services (India) Private Limited Unit No. 1111, 11th Floor, East Wing, Raheja Towers No. 26/27, M.G. Road, Bangalore 560001, Karnataka, India Liquidation Commencement Date: September 26, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: C. Dwarakanath No. 31, 3rd Floor, Rear Block Opp. Karanji Anjaneya Temple West Anjaneya Temple Street Basavanagudi, Bengaluru Email: dwarakanath.c@gmail.com Tel: 080-41203012 Last date for submission of claims: October 25, 2025 S.K. HITECH: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of S.K. Hitech Industries (SKHI) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Term Loan 7.98 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SKHI 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 SKHI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKHI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKHI continues to be 'Crisil D Issuer not cooperating'. Established in 2015, Davanagere (Karnataka) based SKHI is set to processes paddy to produce rice, broken rice, bran and husk. The firm has an installed processing capacity of 14 tonne per hour of paddy. The commercial operations are expected to start from end of September 2016. Managing partner, Mrs. Syyed Rehana and her family manage operations. S.L.T. PACKERS: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of S.L.T. Packers (STLP) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.25 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 0.21 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.1 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 3.44 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with STLP 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 STLP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on STLP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of STLP continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2000, STLP is a proprietorship firm based out of Bikaner, Rajasthan; engaged in the manufacturing and trading of all type packaging solutionssuch as high density polyethylene (HDPE) bags, fertilizer bags, cement bags and laminated bags and packaging material. The firm is promoted by Mr Nand Kishore Jajra, who has over two decades of experience in the industry. SAMARTH FABLON: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: SAMARTH FABLON PRIVATE LIMITED Diamond Prestige, Level 1, Suite 113, Taltala 41A, Acharya Jagadish Chandra Bose Road, Kolkata, West Bengal, India - 700017 Insolvency Commencement Date: September 10, 2025 Estimated date of closure of insolvency resolution process: March 9, 2026 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: CA. Swarup Ghosh Maya Kunja, 53C/4 DR Suresh Chandra Banerjee Road, Beliaghata, Kolkata, West Bengal, 700010 Email: swarupghosh1@yahoo.co.in 1716, Rajdanga Main Road, Block-EF4, Opposite Acropolis Mall, Kasba, Kolkata - 700107, West Bengal Email: samfabcirp@gmail.com Last date for submission of claims: September 24, 2025 SARAVANA HOSPITAL: CRISIL Keeps B- Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Saravana Hospital Private Limited (SHPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.6 Crisil B-/Stable (Issuer Not Cooperating) Term Loan 1.56 Crisil B-/Stable (Issuer Not Cooperating) Term Loan 0.86 Crisil B-/Stable (Issuer Not Cooperating) Term Loan 1.3 Crisil B-/Stable (Issuer Not Cooperating) Term Loan 1.36 Crisil B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SHPL 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 SHPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SHPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SHPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 2008, SHPL operates a 65-bed hospital in Salem (Tamil Nadu). It is owned and managed by Dr. R. Ravichandran, Dr S. Ashok and Dr. K. Murugesan. SHARANAM REAL: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Sharanam Real Estate Private Limited (SSREPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft 2 CRISIL B/Stable (Issuer Not Facility Cooperating) Proposed 2 CRISIL B/Stable (Issuer Not Overdraft Cooperating) Facility Term Loan 12.5 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 8.5 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SSREPL 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 SSREPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSREPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSREPL continues to be 'Crisil B/Stable Issuer not cooperating'. SSREPL, established in 2004 by Mr Laxman Das Goel and Mr Ravi Goel, operates a luxury 5-star hotel, Crystal Sarovar Premiere, in Agra, Uttar Pradesh. The company has entered into a long-term agreement with SHRPL, under which, the latter will operate, manage, and maintain the hotel. SHIMLA TOLLS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Shimla Tolls & Projects Private Limited (STPPL) continue to be 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.5 CRISIL D (ISSUER NOT COOPERATING) Term Loan 32 CRISIL D (ISSUER NOT COOPERATING) Working Capital 0.5 CRISIL D (Issuer Not Term Loan COOPERATING) Working Capital 4.65 CRISIL D (Issuer Not Term Loan COOPERATING) Crisil Ratings has been consistently following up with STPPL 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 STPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on STPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of STPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. STPPL was incorporated in 2010 to undertake a multi-level parking and commercial project near the Lift area of Shimla. The company, promoted by Mr. Parmod Sood, Mr. Kanwaljeet Singh, and ANS Constructions Ltd, is implementing the project on a design, build, operate, and transfer basis. The project is still under construction and is yet to turn operational. SHIV SHAKTI: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the rating on bank facility of Shiv Shakti Re-Rolling Mills Private Limited (SRMPL) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SRMPL 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 SRMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SRMPL continues to be 'Crisil B/Stable Issuer not cooperating'. Headquartered in Mumbai, SRMPL manufactures TMT bars. It was incorporated by Mr. Vijay Mittal and family in 1998. The manufacturing facilities are in Jalna (Maharashtra); it procures majority of its raw materials from another company promoted by the Mittal family, Matsyodari Steel and Alloys Pvt Ltd. SHIVKRUPA CORPORATION: CRISIL Keeps B+ Ratings in Not Cooperating ----------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Shivkrupa Corporation (SC) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 3.39 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 0.61 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Warehouse Receipts 5 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SC 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 SC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SC continues to be 'Crisil B+/Stable Issuer not cooperating'. SC, based in Dhanera, Gujarat, is a proprietorship firm. The firm trades in mustard and castor seeds. SITA ISPAT: CRISIL Keeps B+ Debt Rating in Not Cooperating ---------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Shree Sita Ispat and Power Private Limited (SSIP) continue to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL B+/Stable (Issuer Not Cooperating) Proposed Long Term 0.5 CRISIL B+/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SSIP 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 SSIP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SSIP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SSIP continues to be 'Crisil B+/Stable Issuer not cooperating'. Shree Sita was incorporated in 2004, promoted by Mr. Manoj Agarwal along with his relative, Mr. Kailash Agarwal. SRINIVASA FERRO: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Srinivasa Ferro Alloys Limited D. No. 50-113-6/2/1, MIG-225, TPT Colony, Seethammadhara NE Layout, Visakha Patnam, Andhra Pradesh, India, 530013 Insolvency Commencement Date: September 25, 2025 Estimated date of closure of insolvency resolution process: March 24, 2026 Court: National Company Law Tribunal, Amaravati Bench Insolvency Professional: Srinivas Gudla Rao 6-20-20/3, Flat No. 201, Aqua Towers East Point Colony, Back Gate Chaitanya College Visakhapatnam, Andhra Pradesh-530017 Email: gudlasrinivasrao@gmail.com Email: srinivasferrocirp@gmail.com Last date for submission of claims: October 9, 2025 ========= J A P A N ========= SOFTBANK GROUP: S&P Rates New USD Subordinated Resettable Notes B+ ------------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issue rating to SoftBank Group Corp.'s (BB+/Stable/--) proposed U.S. dollar-denominated and euro-denominated subordinated resettable notes. The issuance is intended for general corporate purposes including investments for AI and repayment of borrowings. S&P said, "We will classify the proposed securities as having intermediate equity content until 2031 for the NC5.5 note, until 2032 for the NC7 note, and until 2035 for the NC10 note. We will regard 50% of the total amount as equity and the remaining 50% as debt. "We arrive at our 'B+' issue rating on the proposed notes three notches below our 'BB+' long-term issuer credit rating on SoftBank Group. The three-notch differential reflects our notching methodology, whereby we deduct two notches for subordination of the securities, and an additional notch down for the issuer's option to defer interest payment. "The proposed notes have a limited impact on our issuer credit rating and outlook for SoftBank Group. We view the issuance of proposed notes as a part of a disciplined financial management, maintaining control over key financial metrics while the company accelerates investments in AI. While the company's robotics acquisition announced on Oct. 8 is projected to increase its loan-to-value (LTV) ratio by about 1%, we believe the hybrid bond issuance will partially mitigate that impact. As a result, we expect the LTV ratio (as we calculate it) will remain 30%-33%, which is within the tolerance of the rating. The ratio was about 31% as of the end of June 2025. We also expect the company's hybrid capital to account for less than 15% of its capitalization, and its capital structure is not overly complex. "The characteristics of the subordinated bonds--the borrower's option to defer interest payments, a sufficiently long residual time, and subordination in liquidation or bankruptcy proceedings--meet our standards for deeming it to have intermediate equity content." These hybrid securities will be due in 35.5 years for the NC5.5 note, 37 years for the NC7 note, and 40 years for the NC10 note. S&P said, "However, we believe SoftBank Group has a strong incentive to prepay the notes on the date of the second interest step-up. This is because we consider the cumulative 30-basis points (bps) increase a material step-up under our criteria." Interest to be paid on the notes rises 25 bps in year 5.5 (2031) for NC5.5, in year 7 (2032) for NC7, and in year 10 (2035) for NC10. It then rises a further 5 bps in year 20.5 (2046) for NC5.5, in year 22 (2047) for NC7 and in year 25 (2050) for NC10. Finally, it rises a further 70 bps in year 25.5 (2051) for NC5.5, in year 27 (2052) for NC7, and in year 30 (2055) for NC10. The subordinated notes will be redeemable three months before the first call at the discretion of SoftBank Group (in 5.25 years for NC5.5, in 6.75 years for NC7, and in 9.75 years for NC10). The issuer may elect to extend the second step-up date to year 25.5 (2051) for NC5.5, to year 27 (2052) for NC7, and to year 30 (2055) for NC10 if the long-term issuer credit rating on the company is at any time raised to 'BBB-' or higher. Once that step-up date is extended, the date cannot revert to 2046, 2047, and 2050, respectively. S&P said, "We consider the dates of the second step-ups the effective maturity dates because SoftBank Group has not included statements on replacement that meet our criteria. We will reclassify the notes as having no equity content when the period remaining to effective maturity shortens to less than 15 years as long as our long-term issuer credit rating on SoftBank Group is in the 'BB' category, or when the period remaining to extended maturity shortens to less than 20 years if the long-term issuer credit rating on SoftBank Group is raised to 'BBB-' or higher. "We believe SoftBank Group has positioned the proposed subordinated notes as a form of loss-absorbing capital over the long term. We assume SoftBank Group will maintain the subordinated notes or refinance them with securities with equivalent or higher equity content, except in the case where an improvement in the issuer's creditworthiness and a lack of replacement will not cause us to lower the long-term issuer credit rating on SoftBank Group or revise downward the rating outlook. We base this assumption on the following points: "Our view that SoftBank Group has a record of controlling its financial standing under stress despite maintaining a very aggressive growth strategy. And in addition, our belief that the issuer has a strong incentive to maintain its diverse funding base, including through issuance of hybrid securities. SoftBank Group's stated intent to use the proposed subordinated notes to refinance existing ones, and to refinance the proposed notes with hybrid securities with equivalent or higher equity content when it calls them. The company has a record of refinancing existing hybrid securities." =============== M A L A Y S I A =============== PHARMANIAGA: May Pay Dividends by FY2026 Post-PN17 Exit, MBSB Says ------------------------------------------------------------------ The Edge Malaysia reports that Pharmaniaga Bhd could pay out up to 70% of its profit as dividends in its financial year ending Dec. 31, 2026 (FY2026) after successfully exiting Practice Note 17 (PN17) status, according to MBSB Research. The Edge relates that the research house, in a note on Oct. 17, said the pharmaceutical group has been optimistic about its turnaround in the first half of FY2025 (1HFY2025), supported by strong performance in its logistics and distribution segment, with stock-keeping unit volumes already surpassing the prior year. "The group has the potential to pay dividends by FY2026, at approximately 50%-70% of its Patami (profit after tax and minority interests)," it noted. MBSB added that Pharmaniaga expects 3QFY2025 results to improve due to higher government concessions, while 4QFY2025 may be weaker because of lower demand and reduced public sector purchases, The Edge relays. Nevertheless, Pharmaniaga is gearing up to commercialise its insulin products in the second half of 2026, following validation of all manufacturing processes and machinery at its biopharmaceutical plant. Regulatory approval is still pending, but orders have already been placed, with human insulin securing MYR3 million in tenders from teaching hospitals, MBSB, as cited by The Edge, said. Vaccine production, including the PV13 vaccine, is expected to begin in 2027, while the hexavalent 6-in-1 vaccine is planned for 2028-2029, it noted. The Edge says the influenza vaccine, launched in March 2025, had generated MYR1.5 million in sales by June and is expected to see further growth during the peak flu season in July-September. Five new generic drugs introduced this year have earned MYR750,000 as of June, with full-year contributions expected to reach MYR3 million. Two new wound care products are expected to be launched in 3QFY2025, MBSB said. The Edge adds that MBSB maintained its 'buy' call for Pharmaniaga with a target price of 32 sen, citing strong government concession agreements, upcoming biopharmaceutical products, and potential growth from digitalisation, automation and warehouse optimisation. The research house, however, remains cautious on the group's Indonesian business and human insulin concession. About Pharmaniaga Pharmaniaga Berhad is an investment holding company. The Company is principally engaged in the research and development, manufacturing of generic drugs and medical devices, logistics and distribution, sales, and marketing, as well as community pharmacy. It was reported in February 2023 that Pharmaniaga had been classified as an affected listed issuer under PN17. The pharmaceutical company said it had triggered the PN17 criteria pursuant to its audited consolidated financial statements for the period ended Dec. 31, 2022. =============== M O N G O L I A =============== MONGOLIA: Moody's Upgrades Issuer & Senior Unsecured Ratings to B1 ------------------------------------------------------------------ Moody's Ratings has upgraded the Government of Mongolia's long-term issuer and senior unsecured ratings to B1 from B2. The short-term issuer ratings are affirmed at Not Prime. The outlook remains stable. The upgrade of Mongolia's ratings to B1 reflects Moody's expectations of more stable economic growth, underpinned by ongoing steps to diversify the commodity mix and improvements in policy effectiveness, particularly related to liability management and other fiscal reforms. While both fiscal and growth metrics remain closely tied to commodity prices, Mongolia's economic performance over the course of the year indicates reduced susceptibility to these price cycles compared to previous episodes when prices have declined by a similar or lesser extent. The upgrade also reflects continued traction on reforms in governance and institutional effectiveness, which Moody's expects to further reinforce stable growth. The stable outlook incorporates both upward risks, arising from a lower increase in the debt burden than Moody's currently project if expenditures are pared beyond Moody's baseline; or from more robust growth due to a stronger environment for commodities. While key tax reforms will inform the fiscal and debt trajectory, Moody's expects that the range of outcomes should still leave key metrics in line with the B1 median. The stable outlook also incorporates the view that external liquidity risks will remain elevated but manageable. While financing pressures may spike at various junctures given Mongolia's sizeable market debt payment obligations in 2027-2028, Moody's expects that the government will maintain market access at costs that are not prohibitive, containing liquidity risks to levels consistent with a B1 rating. Concurrently, Moody's also raised Mongolia's local-currency country ceilings to Ba2 from Ba3 previously. The two-notch gap to the sovereign rating reflects a large government footprint in the economy, high commodity reliance in overall revenues, and still-high external imbalances. The foreign-currency country ceiling is raised to B1 from B2 previously, representing a two-notch gap to the local currency ceiling, to take into consideration the assessment of weak policy effectiveness and high external debt. A List of Affected Credit Ratings is available at https://urlcurt.com/u?l=pJEjBo RATINGS RATIONALE RATIONALE FOR THE UPGRADE TO B1 MORE DIVERSIFIED COMMODITY COMPOSITION AND STRONGER CONSUMER DEMAND REDUCE SUSCEPTIBILITY TO COAL PRICES Following healthy economic growth of 5.1% in 2024 despite weak agricultural performance, Moody's expects real GDP will edge higher to 5.5% this year, and hover around similar rates in 2026. While growth is largely in line with Moody's baseline expectations, performance has been stable despite a persistent decline in coal prices, which fell by 27% in 2025 YTD on top of a 30% decline over 2024. Coal exports comprise more than half of Mongolia's overall exports. While Mongolia's predominantly metallurgical coal exports are less susceptible to carbon transition risks than thermal coal, demand will closely mirror the property sector downturn in China as well as steel capacity controls and inventory build-up in Chinese smelters. In the medium to long-run coal demand will likely decline on the back of steel decarbonization, and scrap recycling. Improving copper exports have significantly mitigated the decline in coal exports. The demand trajectory for copper remains structurally strong, driven by its use in electrification and digital infrastructure. With output from the Oyu Tolgoi mine continuing to increase as it approaches peak production in 2028, Mongolian copper is well-positioned to meet global demand, particularly given that in contrast, currently operating global copper mines are mature and face declining ore grades. Alongside traditional commodities, Mongolia is also increasingly advancing exploration of other minerals, including gold and rare earths. According to the Ministry of Mining and Heavy Industry, 3.1 million tons of rare earth ore reserves ('proven' reserves) have been identified in Mongolia, most of which are untapped. This is not large relative to global reserves, but signals significant potential for diversification and aligns with other government's efforts to expand their sources of rare earths, given their broad application across crucial industries. Furthermore, infrastructure projects and diplomatic efforts will enhance export competitiveness and connectivity. The government is also focusing on value-added sectors like agriculture, renewable energy, and technology to further diversify its economy. Mongolia's economy will remain export-driven, but Moody's also expects consumption to play a growing role. Higher real wages have supported disposable income growth, further supplemented by pension income. Mongolia's favorable demographics, characterized by a growing working age population and increasing urbanization rate will be a supportive factor going forward, provided that skills are matched with viable job opportunities. Moody's expects that over time, these factors will help reduce the volatility of economic growth. IMPROVED POLICY EFFECTIVENESS WILL SUPPORT FURTHER GROWTH STABILITY Over time, reforms across a range of policy areas point to sustainable improvements in policy effectiveness. Since the pandemic, consistent liability management efforts have mitigated liquidity risk around maturing external debt and lowered the debt burden. Moody's expects these efforts to continue. Coupled with ongoing measures to reduce incidences of corruption such as the National Anti-Corruption Strategy that introduces new rules of disclosure on financial statements to all political parties, these measures point to gradual improvements in institutions that will further mitigate exposure to price cycles. Recent amendments to the Development Bank of Mongolia Law, if passed, will improve the bank's transparency and accountability. DEBT RATIO LIKELY TO DRIFT UPWARD BUT REMAIN CONSISTENT WITH B1 PEERS The debt ratio has materially reduced since 2017, from a peak of over 90% of GDP in 2016 to an estimated 42.6% of GDP this year. However, following a period of low fiscal deficits, deficits will likely widen this year, as revenue growth slows on account of lower coal prices. The government undertook significant spending cuts including trimming non-priority infrastructure projects, and reducing the civil service budget in order to meet its originally announced goal of a 'zero-deficit' structural balance for the year. However, Moody's expects the deficit will come closer to 3% of GDP and will continue to widen in the coming years, averaging around 4.5-6% of GDP between 2026-28. This incorporates tax cuts under the government's proposed tax reforms, which will lower revenues. Although plans to reduce expenditure underpin the government's expectation of a continued moderation in the debt burden, Moody's estimates that spending commitments are unlikely to decline materially. As a result, Moody's expects the debt burden to increase to 48% of GDP by 2028, although this remains consistent with the median for B1-B2 rated peers of 48%. RATIONALE FOR THE STABLE OUTLOOK The stable outlook reflects that external liquidity risks, while elevated, will remain manageable. Export growth has contracted on a year-on-year basis for much of 2025. Although import growth also eased due to tighter policy and regulatory restrictions as well as high base effects, the current account widened. Moody's expects that for the full year, the current account deficit will remain wide, at around 9% of GDP in 2025 and edge higher to over 10% in 2026, from a 10% deficit in 2024. However, deficits have been more than offset by financial flows, a portion of which are non-debt creating FDI inflows. This has resulted in a gradual increase in FX reserves and contained overall external vulnerability risks, albeit at fairly elevated levels. The stable outlook also reflects some fluctuation in the debt burden that may arise from a cutback in expenditures beyond Moody's baseline; or from more robust growth due to a stronger environment for commodities. While key tax reforms will inform the fiscal and debt trajectory to a significant extent, Moody's expects that the range of outcomes should still leave key metrics in line with the B1 median. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Mongolia's ESG credit impact score is CIS-4, driven by high exposure to environmental and governance risks. The sovereign also has moderate exposure to social risks. The CIS-4 score indicates that the rating is lower than it would have been if ESG risk exposures were not present. Mongolia's exposure to environmental risks (E-4 issuer profile score) reflects an economy that is highly dependent on the production and export of hydrocarbons, particularly coal, which leaves the sovereign susceptible to carbon transition risk. The nature of the coal-based economy coupled with continued urbanization has also resulted in waste and pollution levels, particularly air pollution. Mongolia is also vulnerable to water scarcity driven by mineral extraction, overgrazing, deforestation and desertification. These risks are driven by mining and urbanization, and have threatened the livestock sector. Exposure to social risks at S-3 reflects uneven distribution of incomes, balanced by a young population coupled with a strong social safety net that has enhanced the provision of health and education benefits. However, access to basic services, including drinking water and sanitation, is very weak. Mongolia's exposure to governance risks is G-4, reflecting still weak executive institutions and policy effectiveness, despite recent progress on structural reforms. Low fiscal prudence and a tendency to procyclical policies curb the sovereign's financial capacity to respond to environmental and social risks particularly during economic downturns. GDP per capita (PPP basis, US$): 18,990 (2024) (also known as Per Capita Income) Real GDP growth (% change): 5.1% (2024) (also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 8.4% (2024) Gen. Gov. Financial Balance/GDP: -0.4% (2024) (also known as Fiscal Balance) Current Account Balance/GDP: -10.5% (2024) (also known as External Balance) External debt/GDP: 157.4% (2024) Economic resiliency: ba3 Default history: No default events (on bonds or loans) have been recorded since 1983. On October 14, 2025, a rating committee was called to discuss the rating of the Mongolia, Government of. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have materially increased. The issuer's institutions and governance strength, have materially increased. The issuer's fiscal or financial strength, including its debt profile, has materially increased. The issuer's susceptibility to event risks has not materially changed. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE The rating would likely be upgraded upon evidence of a sustained build-up in the foreign exchange liquidity buffer supported by non-debt creating inflows, that alleviate external liquidity risks from sizeable debt obligations. A consistently falling debt burden accompanied by steady improvements in debt affordability that balance the effects of planned tax reforms would also alleviate fiscal constraints and drive upward rating momentum. These indications would likely relate to improvements in the management of domestic public finances, containing the government's funding requirements and the economy's external financing needs. Further upward pressures may also arise if the government's plans to increase domestic debt issuance as a more prominent source of financing materialize in a sustained manner, and reduce exposure to foreign currency fluctuation, driving improvements in the debt profile. FACTORS THAT COULD LEAD TO A DOWNGRADE A rating downgrade could be triggered by widening gross borrowing requirements, and/or rising government liquidity risks that point to difficulties in meeting these borrowing needs. Persistent external financing gaps that threaten macroeconomic stability would also exert downward rating pressures. A sustained shock to growth would also be a trigger for downward rating action. The principal methodology used in these ratings was Sovereigns published in November 2022. The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable. Mongolia's "ba1' economic strength is set below the initial score of "baa3" to reflect its o reflect the highly concentrated nature of the economy, veered almost entirely toward the commodity sector, and its significant exposure to China as a key export market but one which is seeing a gradual decline in demand for some key commodities. These features are also reflected in weak labor flexibility and productivity and leave the economy susceptible to commodity cycles. Mongolia's "baa3" fiscal strength is set below the initial score of "a3" to reflect continued susceptibility of fiscal outcomes to commodity prices and external developments, a high share of foreign currency debt, and a relatively sizeable share of concessional financing that overstates debt affordability. This leads to a final scorecard-indicated outcome range of Ba3-B2, compared to an initial scorecard-indicated outcome of "Ba1-Ba3". The assigned rating is within the final scorecard-indicated outcome. ===================== N E W Z E A L A N D ===================== BIG SKY: Owe Creditors About NZD1.9 Million, Liquidators Say ------------------------------------------------------------ Otago Daily Times reports that Christchurch company Big Sky Food Ltd was estimated by KPMG liquidators to owe creditors about NZD1.9 million. According to ODT, the liquidators are waiting for an update from the Ministry of Business Innovation and Employment on a potential claim from improvement notices issued to the company by a labour inspector followed by legal proceedings. Total assets have a book value of about NZD652,000, with the estimated NZD1.91 million in total liabilities including about NZD119,000 from preferential creditors and NZD1.79 million from unsecured creditors, ODT discloses. ODT relates that liquidators Kristal Pihama and Luke Norman said in their first report on September 11 it was too early to tell how much could be repaid to 11 secured or preferential creditors and 10 known unsecured creditors. Big Sky Food operated as a food and dessert retailer, trading as Phat Philip, initially selling sundaes, bubble tea, hot dogs, milkshakes and ice creams and is believed to have later entered franchise agreements. The shareholders are Wei Shen and Edward Millar. Big Sky Food was placed in liquidation by the High Court in Christchurch on August 7 after an application by IRD seeking unpaid tax and unpaid business loan, ODT notes. CONNOLLY CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 12 --------------------------------------------------------------- Creditors of Connolly Construction Limited are required to file their proofs of debt by Nov. 12, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 13, 2025. The company's liquidator is: Hamish Pryde CS Insolvency C/- Coombe Smith (PN) Limited 168 Broadway Avenue PO Box 788 Palmerston North CT MAGRATH: Creditors' Proofs of Debt Due on Nov. 14 ---------------------------------------------------- Creditors of CT Magrath Construction Limited are required to file their proofs of debt by Nov. 14, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 7, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 DREAM MAKER: Court to Hear Wind-Up Petition on Nov. 3 ----------------------------------------------------- A petition to wind up the operations of Dream Maker Limited will be heard before the High Court at Hamilton on Nov. 3, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 2, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton HEIVON CONSTRUCTORS: Creditors' Proofs of Debt Due on Nov. 21 ------------------------------------------------------------- Creditors of Heivon Constructors Limited are required to file their proofs of debt by Nov. 21, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 10, 2025. The company's liquidator is: Larissa Helen Logan 17B Farnham Street Parnell Auckland 1052 LAYBUY GROUP: Creditor Claims at NZD1.78MM, Liquidators Report -------------------------------------------------------------- The Post reports that buy now, pay later firm Laybuy and its associated companies are in liquidation owing creditors almost NZD2 million, about a year after Swedish payments giant Klarna pulled it out of receivership. It comes after company directors put Laybuy Holdings and its subsidiaries, Laybuy Group Holdings and Laybuy SPV, into receivership last year because of outstanding loans to Kiwibank totalling NZD8.5 million. According to The Post, the group was dealing with liquidity issues and directors couldn't find a buyer for the business and its assets before it went into receivership. In New Zealand, Deloitte receivers David Webb and Rob Campbell were appointed last June to sell or continue trading the insolvent business. The company was incorporated in 2016 and had around 500,000 users across New Zealand, Australia and the UK. It was founded by New Zealand-based Gary Rohloff who was a director and shareholder at the time of receivership and liquidation. Between December 2023 and February 2024, the group was also hit by fraud and cyber attacks mostly in its UK operations which worsened cashflow across the group. Laybuy stopped running new transactions last June and had stopped trading before entering receivership, The Post notes. The Post recalls that Messrs. Webb and Campbell sold the company's 500,000-strong customer base and operations to Swedish buy now, pay later giant Klarna last August. Klarna retained Mr. Rohloff to manage the business under the new ownership. Receivers had recovered about NZD7.6 million in customer payments through Laybuy's platform and a further NZD874,000 from asset sales. That included about NZD205,000 from the sale of fixed assets and the operating platform to Klarna. But Messrs. Webb and Campbell placed the group into liquidation last month by order of the High Court at Auckland. Grant Thornton liquidators Stephen Keen and Russell Moore were appointed to wind the business down, The Post notes. According to The Post, Messrs. Keen and Moore released their first liquidator's report on the group on Oct. 17. Apart from events already detailed by Webb and Campbell, the liquidators did not confirm what events led to the liquidation and have not responded to requests for comment. Liquidators do not mention the involvement of Klarna in their first report Messrs. Keen and Moore found two secured creditor claims that were about NZD375,000, including NZD352,000 still owed to Kiwibank out of an original NZD8.5 million loan being claimed at the time of receivership, The Post discloses. Total creditor claims still outstanding were at NZD1.78 million, narrowed down from about NZD15 million at the time of the receivership. The Post says the report listed 36 preferential employee claims worth about NZD336,000 in unpaid wages and holiday pay, while a NZD70,000 Inland Revenue debt was paid in full during receivership. But unsecured creditors are owed about NZD1.45 million, with another NZD332,000 owed to employees in unpaid wages and entitlements. The Post adds that liquidators said 50 unsecured creditors had been identified so far and it was uncertain whether any funds would be available to repay them. No distributions were expected from the Australian subsidiary, but the UK administrators had signalled a possible payout to unsecured creditors in the UK, The Post relays. An insurance claim lodged over the cyber incident yielded NZD740,000. Laybuy's New Zealand business retained NZD378,000 after costs and sharing proceeds with its UK administrators, The Post adds. About Laybuy Based in Auckland, New Zealand, Laybuy Group Holdings Limited provided consumer financing services in New Zealand, Australia, and the United Kingdom. It offered a line of credit products to customers in buy now, pay later model through an integrated payment platform. Gary Rohloff founded Laybuy in 2016. On June 17, 2024, Laybuy Group Holdings Ltd, Laybuy Holdings Ltd and Laybuy Australia were placed in receivership. Deloitte Australia has been named as receivers for the companies. In September 2025, the High Court at Auckland entered an order to place the group into liquidation and appointed Stephen Keen and Russell Moore of Grant Thornton as liquidators. LAZEEZ HOSPITALITY: Court to Hear Wind-Up Petition on Nov. 7 ------------------------------------------------------------ A petition to wind up the operations of Lazeez Hospitality Limited will be heard before the High Court at Auckland on Nov. 7, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 17, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 Q CARD: Fitch Affirms 'Bsf' Rating on Two Tranches -------------------------------------------------- Fitch Ratings has affirmed the ratings on notes issued by The New Zealand Guardian Trust Company Limited in its capacity as trustee of Q Card Trust. The transaction, a securitisation of New Zealand credit card receivables, is an asset-backed note programme featuring a multiclass structure that purchases eligible receivables from related entities of Humm Group Limited (hummgroup) on a revolving basis. Entity/Debt Rating Prior ----------- ------ ----- Q Card Trust VFN NZFPFDVFNWR5 LT AAAsf Affirmed AAAsf A-2024-2 NZFPFD1062R6 LT AAAsf Affirmed AAAsf A-2025-1 NZFPFD1066R7 LT AAAsf Affirmed AAAsf A-2025-2 NZFPFD1069R1 LT AAAsf Affirmed AAAsf A-2025-3 NZFPFD1070R9 LT AAAsf Affirmed AAAsf B-2025-1 NZFPFD1067R5 LT AAsf Affirmed AAsf B-2025-2 NZFPFD1071R7 LT AAsf Affirmed AAsf C-2025-1 NZFPFD1068R3 LT Asf Affirmed Asf C-2025-2 NZFPFD1072R5 LT Asf Affirmed Asf D-2024-2 NZFPFD1063R4 LT BBBsf Affirmed BBBsf E-2024-2 NZFPFD1064R2 LT BBsf Affirmed BBsf E-2025-1 NZFPFD1073R3 LT BBsf Affirmed BBsf F-2024-2 NZFPFD1065R9 LT Bsf Affirmed Bsf F-2025-1 NZFPFD1074R1 LT Bsf Affirmed Bsf KEY RATING DRIVERS Stable Steady-State Performance: Performance has been steady over the past 12 months, with average 12-month gross charge-offs of 4.6% as of end-August 2025, against 4.4% at end-August 2024. The monthly payment rate (MPR), a measure of how quickly consumers are paying off credit-card debt, increased to 12.4%, from 11.9%, while the yield has fallen to a 12-month average of 20.0%, from 21.5%. Portfolio performance is supported by New Zealand's recovering economy, despite GDP falling by 1.1% in the year to end-June 2025 and a softening labour market, with unemployment at 5.2% as of June 2025. Fitch forecasts GDP growth of 0.4% in 2025 and 2.6% in 2026, with unemployment at 5.1% and 4.9%, respectively. This reflects its expectation that monetary easing will support economic activity. The steady states and rating stresses are shown below. Steady state assumptions: Gross charge-offs: 4.5% Recovery rate: 15.0% MPR: 9.5% Portfolio yield: 15.0% Purchase rate: 100% Rating stresses: Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.75x / 1.25x Recoveries (% haircut): 60% / 48% / 36% / 27% / 18% / 12% MPR (% haircut): 40% / 35% / 30% / 25% / 15% / 7.5% Portfolio yield (% haircut): 35% / 30% / 25% / 20% / 15% / 10% Purchase rate (% haircut): 90% / 85% / 75% / 65% / 55% / 45% Originator and Servicer Risk Mitigated: Fitch reviewed hummgroup's originating and servicing capabilities and found that the operations were comparable with those of other credit card providers in Australia and New Zealand. Rated Above Sovereign: Structured finance notes can be rated up to six notches above New Zealand's Long-Term Local-Currency Issuer Default Rating of 'AA+', supporting the 'AAAsf' rating on the class A notes. The key rating drivers listed in the applicable sector criteria, but not mentioned above, are not material to this rating action. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the credit enhancement available to the notes. Unanticipated increases in charge-offs or reductions in purchase rates or yield could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's steady-state assumptions. Downgrade Sensitivity Fitch evaluated the sensitivity of the ratings to decreased yields, increased charge-offs and decreased MPRs over the life of the transaction. The model indicates that note ratings are sensitive to an increase in defaults and a reduction in MPRs, with less sensitivity to lower yields. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An improvement in long-term asset performance, such as decreased charge-offs, increased MPR or increased portfolio yield, driven by a sustainable positive change in underlying asset quality, would contribute to a positive revision of Fitch's asset assumptions. This could positively affect the note ratings. Increased credit enhancement ratios that are able to fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal, would also be positive for the ratings. Upgrade Sensitivity Some of the outstanding subordinate tranches may be able to support higher ratings based on the output of Fitch's proprietary cash flow model. Enhancement levels are set to maintain a constant rating level per class of issued notes and may provide more than the minimum enhancement necessary to retain issuance flexibility, since the credit card programme is set up as a continuous funding programme and requires that any new issuance or note reductions do not affect the rating of existing tranches. Therefore, Fitch may decide not to assign or maintain ratings above the current outstanding ratings in anticipation of future issuance or reductions. Please see the following publications for detailed sensitivities: For the VFN, B-2025-2, C-2025-2, E-2025-1, F-2025-1 and all A notes see Fitch Assigns Final Ratings to Q Card Trust's New Class A, B, C, E and F Notes; Outlook Stable, published on 14 August 2025. For all other notes see Fitch Assigns Ratings to Q Card Trust's New Class A, B and C Notes; Outlook Stable, published on 14 April 2025. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information as part of its ongoing monitoring. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. 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. TGHP LTD: Goes Into Liquidation Owing More Than NZD1.3 Million -------------------------------------------------------------- Otago Daily Times reports that Christchurch company TGHP Ltd, which ran the pub and restaurant The Good Home Pegasus in Pegasus, has folded owing more than NZD1.3 million. Founded in 2015, the company was placed in liquidation on September 24, with Grant Reynolds from Reynolds and Associates appointed liquidator by shareholders Andrew Laloli, Jessica Laloli and HSW Trustees Ltd. According to ODT, Mr. Laloli told the liquidator the company had become insolvent because of the impact of Covid-19 when the business had no or reduced income, economic conditions faced by the hospitality industry and historical tax debt. ODT relates that the company attempted to sell its business, but before the sale could be completed, Lion NZ appointed receivers to manage a receivership sales process. Lion NZ is owed NZD373,000, while IRD is owed about NZD932,000, ODT discloses. The claims of employees and unsecured creditors have yet to be assessed. ================= S I N G A P O R E ================= ENGINEERING & CONSTRUCTION: Commences Wind-Up Proceedings --------------------------------------------------------- Members of PT Engineering & Construction Services Pte. Ltd. on Oct. 3, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Luke Anthony Furler Tan Kim Han c/o Quantama Singapore 137 Amoy Street #02-03 Far East Square Singapore 049965 IMAX SG: Court to Hear Wind-Up Petition on Oct. 24 -------------------------------------------------- A petition to wind up the operations of Imax SG Pte. Ltd. will be heard before the High Court of Singapore on Oct. 24, 2025, at 10:00 a.m. Eng Lee Logistics Pte Ltd filed the petition against the company on Oct. 3, 2025. The Petitioner's solicitors are: Foo & Quek LLC 30 Cecil Street #11-04, Prudential Tower Singapore 049712 PIP INTERNATIONAL: Creditors' Proofs of Debt Due on Nov. 10 ----------------------------------------------------------- Creditors of PIP International Holding Pte Ltd and PIP Services Singapore 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. 3, 2025. The company's liquidators are: Marie Lee Khor Boon Hong C/o Baker Tilly 600 North Bridge Road #05-01 Parkview Square Singapore 188778 STUDIO L: Court Enters Wind-Up Order ------------------------------------ The High Court of Singapore entered an order on Oct. 3, 2025, to wind up the operations of Studio L Pte. Ltd. Hocksons Pte. Ltd filed the petition against the company. The company's liquidators are: Yee Kit Hong Seah Chee Wei c/o Kit Yee & Co 10 Eunos Road 8 #13-06 Singapore 408600 SWISS SECURITAS: Creditors' Proofs of Debt Due on Nov. 10 --------------------------------------------------------- Creditors of Swiss Securitas Investments Pte Ltd and Swiss Securitas Asia 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. 3, 2025. The company's liquidators are: Marie Lee Khor Boon Hong C/o Baker Tilly 600 North Bridge Road #05-01 Parkview Square Singapore 188778 =============== X X X X X X X X =============== GRIDS STEEL & ALLOYS: Liquidation Process Case Summary ------------------------------------------------------ Debtor: Grid Steel & Alloys Ltd Flat No.: 3, 3rd Floor, Mayuree Plaza, Near Old Bus Stand, Berhampur, Odisha-760001 Liquidation Commencement Date: September 26, 2025 Court: National Company Law Tribunal, Cuttack Bench Liquidator: Suresh Chandra Pattanayak GKV-38, Gati Krushna Villa, Tankapani Road, Bhubaneswar, Dist. Khorda, Odisha 751018 Email: suresh_pattanayak@yahoo.co.in Email: cirp.gridsteel@gmail.com Last date for submission of claims: October 25, 2025 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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