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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, October 23, 2025, Vol. 28, No. 212
Headlines
A U S T R A L I A
AAPA VICTORIA: First Creditors' Meeting Set for Oct. 28
CLAIM CENTRAL: First Creditors' Meeting Set for Oct. 29
DISTRICT OUTLET: Faces Sale After Receivers Move In
GREAT WRAP: Enters Administration With AUD39 Million Debt
GROW FIT: Second Creditors' Meeting Set for Oct. 30
METRO FINANCE 2025-2: Moody's Assigns (P)B2 Rating to Cl. F Notes
MULTIPLE SCLEROSIS: Second Creditors' Meeting Set for Oct. 28
OCN PTY: First Creditors' Meeting Set for Oct. 28
PEPPER RESIDENTIAL NO. 36: S&P Affirms B(sf) Rating on Cl. F Notes
RAMS: Westpac, ASIC Ask Court for AUD20MM Fine Over Misconduct
C H I N A
DATASEA INC: Registers 3M Additional Shares Under 2018 Equity Plan
PLANET GREEN: Bin Zhou Holds 27.65% Equity Stake as of October 14
YUEDA DIGITAL: CEO Dan Shao Quits, Baozhen Guo Named Interim CEO
I N D I A
AGRASEN COTTON: CARE Keeps C Debt Rating in Not Cooperating
AMBEY CASTINGS: Insolvency Resolution Process Case Summary
BETUL OIL: CARE Keeps B- Debt Rating in Not Cooperating Category
BYJU'S: NCLT Admits K3 Education to Insolvency Over Unpaid Debt
CLAUSION INDIA: Voluntary Liquidation Process Case Summary
GAURI SHANKAR: CARE Keeps C Debt Rating in Not Cooperating
GUPTA POWER: Insolvency Resolution Process Case Summary
IGLOO FROZEN: CARE Keeps B- Debt Rating in Not Cooperating
INDITRADE BUSINESS: NCLT Admits Insolvency Petition vs. Company
KANCHIPURAM MANGALAM: CARE Cuts Rating on INR20cr LT Loan to B-
KRISHNAMURTHY SPINNING: CARE Keeps B- Rating in Not Cooperating
LAKSHMI VACUUM: CARE Keeps B- Debt Rating in Not Cooperating
LIBAS CONSUMER: CARE Keeps C Debt Rating in Not Cooperating
M S AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
MAHESHWARI TECHNOCAST: CARE Keeps C Debt Rating in Not Cooperating
MITHRA COACHES: CARE Keeps D Debt Rating in Not Cooperating
MY CHOICE: CARE Keeps B- Debt Rating in Not Cooperating Category
NAGABHUSHANAM & CO: CARE Keeps C Debt Ratings in Not Cooperating
NAGRAJ INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
PROFIVE ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
R. P. STEEL: CARE Keeps D Debt Ratings in Not Cooperating Category
RAJA RAJESHWARA: CRISIL Keeps B Debt Rating in Not Cooperating
RAMESHWAR SAHAKARI: CRISIL Keeps D Ratings in Not Cooperating
SAALIM SHOES: Liquidation Process Case Summary
SCIL CAPITAL: CARE Keeps B- Debt Rating in Not Cooperating
SD MILKPRO: CARE Keeps D Debt Rating in Not Cooperating Category
SHRIVALLABH PITTIE: CARE Keeps D Debt Rating in Not Cooperating
STORK FOODS: CARE Lowers Rating on INR50cr LT Loan to B+
SUBHLENE FABRICS: CARE Keeps D Debt Rating in Not Cooperating
TRILOK SECURITY: CARE Keeps D Debt Ratings in Not Cooperating
UTTAM CYLINDERS: Insolvency Resolution Process Case Summary
VIMAL PLATINUM: CARE Lowers Rating on INR7.15cr LT Loan to B-
VIVIMED LABS: CARE Keeps D Debt Ratings in Not Cooperating
I N D O N E S I A
JAPFA COMFEED: S&P Alters Outlook to Stable, Affirms 'B+' ICR
M A L A Y S I A
CAPITAL A: On Track to Exit PN17 Status by Year-End
N E W Z E A L A N D
ABGZ CUISINE: Court to Hear Wind-Up Petition on Oct. 29
ALL IN CUISINE: Creditors' Proofs of Debt Due on Nov. 24
CENTRAL BUSINESS: Goes Into Liquidation; Owes About NZD825,000
CFS HOSPITALITY: Creditors' Proofs of Debt Due on Nov. 10
DONEHUE & CO: Owes More Than NZD4.2MM, Liquidators Report Shows
HAINES MASONRY: Court to Hear Wind-Up Petition on Oct. 28
LIGHTHOUSE NORTH: Creditors' Proofs of Debt Due on Nov. 13
S I N G A P O R E
AMAZINGTECH PTE: Court Enters Wind-Up Order
ATTITUDE PERFORMING: BDO Advisory Appointed as Liquidators
AVATION PLC: S&P Places 'B-' Long-Term ICR on CreditWatch Positive
CASA CAMBORNE: Creditors' Proofs of Debt Due on Nov. 14
EQUATOR CAPITAL: Creditors' Proofs of Debt Due on Nov. 14
STUDIO L: Court Enters Wind-Up Order
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A U S T R A L I A
=================
AAPA VICTORIA: First Creditors' Meeting Set for Oct. 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of AAPA
Victoria Pty Ltd, Australian Aero Propeller Maintenance Pty Ltd,
Australian Airline Pilot Academy Pty Ltd, and Rex Flyer Pty Ltd
will be held on Oct. 28, 2025 at 4:00 p.m. via Microsoft Teams.
Samuel John Freeman, Justin Walsh and Adam Nikitins of Ernst &
Young were appointed as administrators of the company on Oct. 20,
2025.
CLAIM CENTRAL: First Creditors' Meeting Set for Oct. 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Claim
Central NSW Pty Ltd, Claim Central Property Pty Ltd, Claim Central
Queensland Pty Ltd and Claim Central Pty Limited will be held on
Oct. 29, 2025 at 2:00 p.m. via via virtual meeting.
Katherine Elizabeth Barnet and Rajiv Goyal of Olvera Advisors were
appointed as administrators of the company on Oct. 17, 2025.
DISTRICT OUTLET: Faces Sale After Receivers Move In
---------------------------------------------------
Adelaide Now reports that Adelaide's only undercover factory outlet
centre has been seized by receivers just two years after its AUD50
million opening, with the complex now desperately seeking a buyer.
According to Adelaide Now, receivers have seized control of the
AUD50 million District Outlet Centre at Parafield and are looking
to sell off the centre in a desperate bid to repay the property
owner's major lender.
District Outlet Centre is Adelaide's first under cover outlet
shopping centre.
GREAT WRAP: Enters Administration With AUD39 Million Debt
---------------------------------------------------------
Morganne Kopittke at SmartCompany reports that Melbourne-based
material science company Great Wrap has entered into voluntary
administration with reported debts of AUD39 million, almost six
years after the founders officially launched their
direct-to-consumer brand in 2020, which resulted in 30,000 orders
in the first month.
SmartCompany relates that Great Wrap co-founder and CEO Jordy Kay
announced on LinkedIn on Oct. 16 that, given the circumstances, the
Australian startup's story had come to a conclusion and thanked
those who had supported the company's journey.
According to ASIC's published notices, administrators were
appointed almost a month ago on Sept. 17, 2025.
Staff members are believed to have already been let go, and the
Herald Sun reported the startup has over AUD39 million in debts,
SmartCompany relays.
In his LinkedIn post, Mr. Kay confirmed Great Wrap will support the
administrators through the process.
"I will continue to support the administrators as we go through the
voluntary administration process to sell all equipment and
materials, and to do my best to have all creditors repaid in full,"
SmartCompany quotes Mr. Kay as saying.
Husband-wife team Jordy and Julia Kay left their careers in
winemaking and architecture behind in order to put an end to human
reliance on traditional plastic and revolutionise packaging
technology, founding Great Wrap in 2019 and making their first sale
that same year.
In his statement, Kay said Great Wrap set up a well-known brand and
eventually a high-performing product that competed perfectly
against decades of innovation from the petrochemical stretch wrap
industry.
"What also began to happen is that markets shifted away from
compostable packaging for stretch wrap. Retailers and FMCG
companies shifted strategy from replacing fossil-fuel plastics with
compostable alternatives to vertically integrating their own
plastic recycling operations," Mr. Kay's post stated.
"This meant the pipeline slowly subsided and demand weakened. We
pushed on and grew the business to hundreds of enterprise customers
and distributors but that wasn't enough to sustain the overheads of
a plant to support a much larger vision."
Mr. Kay mentioned during this time Great Wrap knew they needed to
move into bigger markets, so they originated opportunities in the
US market.
"Sadly, a combination of being unable to get the Australian plant
to break even meant we ran out of time and capital to pursue the US
expansion," he said.
In 2023, Great Wrap announced the launch of the world's first
compostable pallet wrap and raised AUD24 million in July 2022 for
its vision to completely knock petroleum plastic off the
supermarket shelf, SmartCompany recalls.
As of October 2023, Great Wrap had 25 employees working out of its
Melbourne-based factory and main offices. The startup had a team of
bio-designers, engineers and scientists.
Mr. Kay added both he and Julia believed strongly in the business,
and this wasn't the outcome any of Great Wrap's customers, team and
investors wanted.
"Julia and I went into this eyes wide open and swung for the fences
to build something bold, but ultimately, we did not succeed. I hope
our journey does not prevent others from trying in what can be a
tough space, because if none of us tried, then we would live in a
very dull world," he said.
B Corp-certified Great Wrap manufactures the only Australian-made
compostable stretch wrap for businesses and homes.
GROW FIT: Second Creditors' Meeting Set for Oct. 30
---------------------------------------------------
A second meeting of creditors in the proceedings of Grow Fit Fund
Pty Limited has been set for Oct. 30, 2025, at 10:00 a.m. at the
offices of Bernardi Maretin, at 195 Victoria Square, in Adelaide,
SA.
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. 30, 2025 at 9:00 a.m.
Hugh Sutcliffe Martin of Bernardi Martin was appointed as
administrator of the company on Sept. 25, 2025.
METRO FINANCE 2025-2: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to notes to be
issued by AMAL Trustees Pty Limited in its capacity as trustee of
Metro Finance 2025-2 Trust.
Issuer: AMAL Trustees Pty Limited in its capacity as trustee of
Metro Finance 2025-2 Trust
AUD659.25 million Class A Notes, Assigned (P)Aaa (sf)
AUD33.00 million Class B Notes, Assigned (P)Aa2 (sf)
AUD22.50 million Class C Notes, Assigned (P)A2 (sf)
AUD8.25 million Class D Notes, Assigned (P)Baa2 (sf)
AUD21.00 million Class E Notes, Assigned (P)Ba2 (sf)
AUD1.50 million Class F Notes, Assigned (P)B2 (sf)
The AUD2.25 million Class G1 Notes and AUD2.25 million Class G2
Notes are not rated by us.
Metro Finance 2025-2 Trust is a static cash securitisation of a
portfolio of Australian commercial auto and equipment loans and
leases, and novated leases secured by motor vehicles originated by
Metro Finance Pty Limited (Metro Finance). Metro Finance was
established in 2011 as a commercial auto and equipment lender. It
targets prime borrowers for auto and equipment assets in low
volatility industries. Metro Finance originates its lending through
the commercial auto and equipment broker and aggregator industry
nationally. This is Metro Finance's second auto and equipment asset
backed securitisation for 2025.
RATINGS RATIONALE
The provisional ratings take into account, among other factors, (1)
Moody's evaluations of the underlying receivables and their
expected performance, (2) an evaluation of the capital structure
and credit enhancement provided to the notes, (3) the availability
of excess spread over the life of the transaction, (4) the
liquidity facility in the amount of 2.0% of the rated notes'
balance, subject to a floor of AUD500,000, (5) the legal structure,
(6) the experience of Metro Finance as servicer, and (7) the
presence of AMAL Asset Management Limited (AMAL) as the back-up
servicer.
According to Moody's analysis, the transaction benefits from strong
historical performance data which compares favourably to other
originators of commercial auto and equipment loans and leases. The
key challenge in the transaction is the inclusion of around 52.2%
of receivables extended to prime commercial obligors on a
no-income-verification basis and around 62.5% of receivables
requiring a balloon payment at the end of the receivable term.
Loans with a balloon payment are subject to higher refinancing risk
and, consequently, default risk. Moody's have incorporated an
additional stress into Moody's default assumptions to account for
this.
Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 13.3%. Moody's mean expected
default rate for this transaction is 2.0% and Moody's recovery rate
is 40.0%. The default rate, recovery rate and PCE are parameters
used by us to calibrate Moody's lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in the cash flow model to rate auto
ABS.
Key transactional features are as follows:
-- Principal collections will be at first distributed
sequentially. Once the step down conditions are satisfied, all
notes may participate in proportional principal collections
distribution. The step down conditions include, among others,
subordination to the Class A notes of at least 1.5 times the
initial Class A subordination, no charge offs on any of the notes
and average arrears greater than 90 days not exceeding 4.0% of the
aggregate loan amount. Principal pay-down will revert to sequential
once the aggregate stated amount of the notes is less than 20.0% of
the aggregate invested amount of the notes at closing, or on or
after the payment date in February 2029.
-- A swap provided by National Australia Bank Limited
(Aa1/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch
between the fixed rate assets and the floating rate liabilities.
The notional balance of the swap will follow a schedule based on
the repayment profile of the assets, assuming a certain prepayment
rate.- AMAL is the back-up servicer. If Metro Finance is terminated
as servicer, AMAL will take over the servicing role in accordance
with the standby servicing deed and its back-up servicing plan.
Key pool features are as follows:
-- 52.2% of the receivables were extended to prime commercial
obligors on a no-income verification basis, referred to as
"streamlined". This streamlined product allows obligors who meet
certain stringent requirements to access the loan without providing
financial statements.
-- 62.5% of the receivables are loans with a balloon payment at
the end of the receivable term. The aggregate balloon exposure as a
percentage of current portfolio balance is 21.7%.
-- The weighted average interest rate of the portfolio is 7.5%.
-- The weighted average remaining term of the portfolio is 47.4
months. The weighted average seasoning of the initial portfolio is
7.8 months.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" 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 amortisation or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.
Factors that could lead to a downgrade of the notes is
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.
MULTIPLE SCLEROSIS: Second Creditors' Meeting Set for Oct. 28
-------------------------------------------------------------
A second meeting of creditors in the proceedings of The Multiple
Sclerosis Society of South Australia and Northern Territory Inc has
been set for Oct. 28, 2025, at 11:00 a.m. via Microsoft Teams.
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. 27, 2025 at 12:00 p.m.
Andrew Heard and Anthony Phillips of Heard Phillips Lieberenz were
appointed as administrators of the company on Sept. 22, 2025.
OCN PTY: First Creditors' Meeting Set for Oct. 28
-------------------------------------------------
A first meeting of the creditors in the proceedings of OCN Pty Ltd
will be held on Oct. 28, 2025 at 9:30 a.m. via virtual meeting
only.
Christopher Damien Darin of Worrells was appointed as administrator
of the company on Oct. 17, 2025.
PEPPER RESIDENTIAL NO. 36: S&P Affirms B(sf) Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings raised its ratings on 19 classes of Australian
nonconforming and prime residential mortgage-backed securities
(RMBS) notes sponsored by Pepper HomeLoans Pty Ltd. At the same
time, S&P affirmed its ratings on 26 classes of notes.
The raised ratings reflect an increase in credit support, in the
form of subordination, provided to each class of rated notes and
which, coupled with the transactions' cash flows, is sufficient to
withstand the stresses S&P applies at each note's respective rating
level.
A key consideration of the raised ratings on the class F notes is
the presence of the retention ledger and principal reverse turbo
mechanisms. The retention amount built from excess spread (if any)
is applied as a principal payment to the most subordinated note at
the time. In terms of the principal reverse turbo, once the
pro-rata triggers are met, principal would be passed through to
each class of notes except for the G notes, which will not receive
principal repayments until all other notes have been repaid. Any
principal allocated to the G notes under pro-rata payment will be
allocated to the most subordinated note above the G notes at the
time.
As of Aug 31, 2025, total arrears for Pepper Residential Securities
Trust 29, 31, 33, 35, 36PP, 37 and Pepper Social Trust No. 1 are
above the Standard & Poor's Performance Index (SPIN) for Australian
nonconforming mortgages. There have been minimal or no losses to
all the pools.
Some of S&P's ratings are constrained below model-implied outcomes
due to risk considerations such as sensitivities to the outlook for
arrears, yield, pool concentrations, and the absolute size of
credit support.
Ratings Raised
Pepper Residential Securities Trust No.29
Class C: to AAA (sf) from AA+ (sf)
Class D: to AAA (sf) from AA (sf)
Class E: to AA (sf) from A (sf)
Pepper Residential Securities Trust No.31
Class C: to AAA (sf) from AA+ (sf)
Class D: to AA+ (sf) from A+ (sf)
Class E: to A+ (sf) from BBB+ (sf)
Pepper Residential Securities Trust No.35
Class C: to AA (sf) from A+ (sf)
Class D: to AA- (sf) from A (sf)
Class E: to A (sf) from BBB+ (sf)
Class F: to A- (sf) from BBB- (sf)
Pepper Residential Securities Trust No.37
Class C: to A+ (sf) from A (sf)
Class D: to BBB+ (sf) from BBB (sf)
Class E: to BB+ (sf) from BB (sf)
Class F: to BB- (sf) from B+ (sf)
Pepper Social Trust No.1
Class B: to AAA (sf) from AA+ (sf)
Class C: to AA (sf) from A (sf)
Class D: to A+ (sf) from BBB+ (sf)
Class E: to BBB+ (sf) from BBB- (sf)
Class F: to BBB- (sf) from BB (sf)
Ratings Affirmed
Pepper Residential Securities Trust No.29
Class A1: AAA (sf)
Class A2: AAA (sf)
Class B: AAA (sf)
Pepper Residential Securities Trust No.31
Class A1-a: AAA (sf)
Class A2: AAA (sf)
Class B: AAA (sf)
Pepper Residential Securities Trust No.33
Class A1-a: AAA (sf)
Class A2: AAA (sf)
Class B: AA (sf)
Class C: A+ (sf)
Class D: A- (sf)
Class E: BBB (sf)
Class F: BB+ (sf)
Pepper Residential Securities Trust No.35
Class A1-a: AAA (sf)
Class A2: AAA (sf)
Class B: AA+ (sf)
Pepper Residential Securities Trust No.36 Private Placement
Class A: AAA (sf)
Class B: AA (sf)
Class C: A (sf)
Class D: BBB (sf)
Class E: BB (sf)
Class F: B (sf)
Pepper Residential Securities Trust No.37
Class A: AAA (sf)
Class B: AA (sf)
Pepper Social Trust No.1
Class A1-a: AAA (sf)
Class A2: AAA (sf)
RAMS: Westpac, ASIC Ask Court for AUD20MM Fine Over Misconduct
--------------------------------------------------------------
Max Mason at The Australian Financial Review reports that Westpac
and the corporate regulator have agreed to a AUD20 million penalty
for the systemic failures of the bank's now-closed RAMS Home Loan
network, which was found to have engaged in fraudulent activity.
According to the Financial Review, the bank and the Australian
Securities and Investments Commission told Federal Court Justice
Yaseen Shariff that a level of co-operation from Westpac meant a
substantially lower penalty than the previously reported AUD30
million was appropriate.
ASIC sued mortgage broker RAMS, which is owned by Westpac, in the
Federal Court in June for failing to properly supervise its network
of franchisees, which allowed some to engage in systemic misconduct
over almost four years.
When it launched the case, the regulator said Westpac admitted that
RAMS "conducted business with unlicensed persons, failed to
supervise its representatives properly and failed to have adequate
policies and procedures in place, resulting in widespread
misconduct by its franchisees and their staff," the Financial
Review relays.
The Financial Review says Shariff will consider whether the AUD20
million penalty is appropriate and deliver his judgment on another
date.
Shariff raised concerns about how to approach the penalty now that
Westpac has effectively shut RAMS.
"I have to be satisfied that the penalty is sufficient, not just to
deter your client specifically or your group client, but every
other lender to ensure that the penalty is one where it seems to be
elementary that they ensure that when they're writing loans they're
dealing with people who are licensed," the Financial Review quotes
Shariff as saying.
In 2022, an internal probe by Westpac of about 70 RAMS franchises,
known as Project Guardian, found concerns at more than half of its
franchisees and gave just five a clean bill of health. Westpac
spent AUD46 million on its investigation.
RAMS has compensated customers who suffered losses because of the
misconduct.
Shariff made suppression orders over the identity of over the name
and location of RAMS franchises, the owners of the firms, the
employees who wrote loans and customers.
The court heard an example of misconduct investigated from December
2018 where a RAMS representative, who wrote a loan for a customer,
issued them an invoice for AUD2352 with instructions to pay a
commission directly into their personal bank account.
Separately, Westpac head of risk and treasury audit Samantha Aitken
is suing Westpac, the Financial Review reports.
She claims she was bullied by other senior managers who labelled
her a troublemaker and prevented her from raising her concerns with
regulators in 2022 and 2023 about RAMS, the Financial Review
relates.
The Financial Review adds that Ms. Aitken also claimed that
employees at Westpac subsidiary St George were directly involved in
the misconduct at a RAMS.
RAMS was founded in 1991 by John Kinghorn and was bought by Westpac
during the global financial crisis in 2008. The lender tried to
sell RAMS in early 2024 before shutting the firm down for new
business.
Westpac absorbed a AUD31.8 billion RAMS loan portfolio last August
after the investigation concluded that there was serious misconduct
at several franchises.
It is now looking to offload the former RAMS portfolio and
appointed Bank of America to run the auction, according to The
Australian Financial Review's Street Talk column.
About RAMS
RAMS is a wholly owned subsidiary of Westpac Banking Corporation.
It operated as a standalone business within the Westpac Group,
through a franchise network of independent franchisees and staff
employed by them. RAMS provided credit services for RAMS-branded
home loans (funded by Westpac) targeting first home buyers and
self-employed borrowers. It holds an ACL authorising it to perform
non-credit providing functions, including as a credit assistance
provider.
On August 6, 2024, Westpac announced it would close the RAMS
business including all franchisee offices, and that the AUD31.8
billion of existing RAMS loans would be absorbed into Westpac's
loan book.
RAMS has admitted liability for the contraventions. RAMS has
remediated customers that have suffered detriment arising from the
misconduct.
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C H I N A
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DATASEA INC: Registers 3M Additional Shares Under 2018 Equity Plan
------------------------------------------------------------------
Datasea, Inc. filed a Registration Statement on Form S-8 with the
U.S. Securities and Exchange Commission, for the purpose of
registering an additional 3,000,000 shares of common stock, par
value $0.001 per share reserved for issuance under the Company's
2018 Equity Incentive Plan, as amended. Unless noted otherwise, all
references to the number of shares of Common stock and per share
information in this Registration Statement have been adjusted
retroactively to reflect the 1:15 reverse stock split of the
Company's Common Stock that became effective on January 19, 2024.
The 2018 Plan was adopted on August 22, 2018, by the Board of
Directors and stockholders of the Company, and authorized for
issuance 4,000,000 (pre-split) or 266,667 (post-split) shares of
Common Stock, subject to adjustments in the event of certain
reorganizations, mergers, combinations, recapitalizations, share
splits, share dividends, or other similar events which change the
number or kind of shares outstanding.
The 2018 Plan was amended by the Company's stockholders on each of
April 28, 2022, June 2023, June 7, 2024 and May 7, 2025 increasing
the shares of Common Stock reserved for issuance under the 2018
Plan to 933,333, 1,600,000, 2,600,000 and 7,600,000 shares,
respectively.
As of October 15, 2025, 5,944,150 shares of Common Stock are
available for issuance under the 2018 Plan.
This Registration Statement intends to register the offer and sale
of 3,000,000 shares of Common Stock available for issuance under
the 2018 Plan as a result of the amendments thereto, and relates to
the registration of the same class of securities of the Company as
to which a:
(i) registration statement on Form S-8 dated June 15, 2020,
registering 266,667 shares of Common Stock,
(ii) a registration statement on Form S-8 dated October 26,
2023, registering 333,333 shares of Common Stock and
(iii) a registration statement on Form S-8 dated May 3, 2024,
registering 1,000,000 shares of Common Stock, were filed with the
Securities and Exchange Commission.
This Registration Statement is filed pursuant to Instruction E of
the General Instructions to Form S-8 regarding the registration of
additional securities. Pursuant to Instruction E of Form S-8, the
contents of the Prior Registration Statements, to the extent
relating to the registration of shares of Common Stock under the
2018 Plan and, except as otherwise set forth in this Registration
Statement, are incorporated by reference herein.
This Registration Statement shall become effective upon filing in
accordance with Rule 462 under the Securities Act of 1933, as
amended.
A full-text copy of the Registration Statement is available at
https://tinyurl.com/msk8dfn9
About Datasea
Headquartered in Beijing, People's Republic of China, Datasea Inc.
-- http://www.dataseainc.com-- is a technology company
incorporated in Nevada, USA, on Sept. 26, 2014, with subsidiaries
and operating entities located in Delaware, US, and China. The
company provides acoustic business services (focusing on high-tech
acoustic technologies and applications such as ultrasound,
infrasound, and Schumann resonance), 5G application services (5G AI
multimodal digital business), and other products and services to
various corporate and individual customers.
As of June 30, 2025, the Company had total assets of $6.74 million,
$3.79 million in total liabilities, and $2.94 million in total
stockholders' equity.
Los Angeles, California-based Kreit & Chiu CPA LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated Sept. 26, 2024, attached to the Company's Annual
Report on Form 10-K for the fiscal year ended June 30, 2025, citing
that the Company has suffered recurring losses from operations,
negative working capital, and accumulated deficit, which raise
substantial doubt about its ability to continue as a going concern.
PLANET GREEN: Bin Zhou Holds 27.65% Equity Stake as of October 14
-----------------------------------------------------------------
Bin Zhou disclosed in a Schedule 13D (Amendment No. 7) filed with
the U.S. Securities and Exchange Commission that as of October 14,
2025, he beneficially owns 2,594,200 shares of Planet Green
Holdings Corp.'s common stock, par value $0.001 per share,
representing approximately 27.65% of the 9,382,714 shares
outstanding.
The beneficial ownership includes sole voting and dispositive power
over all 2,594,200 shares. The shares were acquired through a
combination of share exchange agreements, stock purchase
agreements, and equity compensation under the 2025 Equity Incentive
Plan, as part of Bin Zhou's investment strategy and role in the
Company's corporate structure.
Bin Zhou may be reached through:
Bin Zhou
130-30 31st Ave, Suite 512
Flushing, N.Y., 11345
Phone: (718) 799-0380
A full-text copy of Bin Zhou's SEC Report is available at:
https://tinyurl.com/3vnmvesm
About Planet Green
Planet Green Holdings Corp., headquartered in Flushing, New York,
functions as a Nevada-incorporated holding company rather than an
operating entity in mainland China. Its business operations are
conducted through subsidiaries based in the PRC, Hong Kong, and
Canada. The Company engages in diverse sectors, including consumer
goods, chemical products, and online advertising.
In an April 11, 2025 report, auditor YCM CPA Inc. issued a "going
concern" qualification, citing Planet Green's accumulated deficit,
working capital deficit, continued net losses, and negative
operating cash flows. These conditions raise substantial doubt
about the company's ability to continue as a going concern.
As of June 30, 2025, the Company had $28.14 million in total
assets, $18.07 million in total liabilities, and $10.07 million in
total stockholders' equity.
YUEDA DIGITAL: CEO Dan Shao Quits, Baozhen Guo Named Interim CEO
----------------------------------------------------------------
Yueda Digital Holding, previously known as AirNet Technology Inc.,
disclosed in a Form 6-K Report filed with the U.S. Securities and
Exchange Commission that in consideration of the long-term
development of the Company, the Board of Directors of the Company
has approved the resignation of Ms. Dan Shao as the Chief Executive
Officer, and the appointment of Ms. Baozhen Guo as the Interim
Chief Executive Officer, effective October 15, 2025.
About Yueda Digital Holding
Yueda Digital Holding focuses on identifying and evaluating
potential partnerships across financial technology and blockchain
ecosystems and developing our bitcoin and ether treasury framework.
The company was formerly known as AirNet Technology Inc. and
changed its name to Yueda Digital Holding in September 2025. Yueda
Digital Holding was founded in 2005 and is based in Beijing, the
People's Republic of China.
Singapore-based Assentsure PAC, the Company's auditor since 2025,
issued a "going concern" qualification in its report dated May 2,
2025, attached to the Company's Annual Report on Form 10-K for the
year ended December 31, 2024, citing that the Company has a history
of operating losses and negative operating cash flows and has
negative working capital of approximately US$52.6 million as of
December 31, 2024. These conditions raise substantial doubt about
the Company's ability to continue as a going concern. Historically,
the Company has relied principally on both operational sources of
cash and non-operational sources of equity and debt financing to
fund its operations and business development. The Company's ability
to continue as a going concern depends on management's ability to
successfully execute its business plan which includes increasing
the utilization rate of existing staffs and potential financing
from public market or private placement. However, there is no
assurance that the measures can be achieved as planned.
As of Dec. 31, 2024, the Company had $72.17 million in total
assets, $93.26 million in total liabilities, and a total deficit of
$21.09 million.
=========
I N D I A
=========
AGRASEN COTTON: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Agrasen
Cotton Industries (ACI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.00 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 11, 2024, placed the rating(s) of ACI under the
'issuer non-cooperating' category as ACI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ACI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
27, 2025, September 6, 2025, September 16, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Ratlam (Madhya Pradesh) based, ACI was established in 1998 as a
proprietorship Firm by Mr. Manoj Agrawal. ACI is engaged in cotton
ginning and pressing and trading of cotton. ACI operates from its
sole manufacturing facility located in Ratlam.
AMBEY CASTINGS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: AMBEY CASTINGS PRIVATE LIMITED
G-17 SHAYAM COMPLEX GOLA
ROADRAMGARH CNTT.829122 P.S. RAMGARH,
RAMGARH CNTT, Jharkhand
India, 829122
Insolvency Commencement Date: September 24, 2025
Estimated date of closure of
insolvency resolution process: March 28, 2026
Court: National Company Law Tribunal, Kolkata Bench
Insolvency
Professional: Rachna Jhunhunwala
Siddha Weston, 9 Weston Street,
Suite No 134, Kolkata,
West Bengal, 700013
Email: egress.rac@gmail.com
Email: cirp.ambercasting@gmail.com
Last date for
submission of claims: October 13, 2025
BETUL OIL: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Betul Oil
Limited (BOL) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 85.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 3, 2024, placed the rating(s) of BOL under the
'issuer non-cooperating' category as BOL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BOL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
19, 2025, August 29, 2025, September 8, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
In 1995, Daga family took over the business from the original
promoters. The company is engaged in manufacturing of soya de-oiled
cake (DOC), refining of edible oil and specialty ingredients,
hybrid seeds as well as trading in agro commodities. The company is
one of the largest suppliers of soybean meal to the domestic animal
feed industry having direct access to nearly 850 poultry farms. BOL
has three manufacturing facilities viz; located at Betul and Satna,
(Madhya Pradesh) and Solapur (Maharashtra). Besides, BOL also
operates two windmills of 1.25 MW each at Dhule, Maharashtra and
Dewas, Madhya Pradesh.
BYJU'S: NCLT Admits K3 Education to Insolvency Over Unpaid Debt
---------------------------------------------------------------
BW Legal World reports that the National Company Law Tribunal
(NCLT), Bengaluru Bench, has admitted Byju's K3 Education to
insolvency over an unpaid operational debt of INR1.76 crore. The
order came on October 15, 2025, after Kritikal Solutions, an
operational creditor, approached the tribunal alleging default in
payment for services rendered.
BW Legal World relates that the Bench, comprising Judicial Member
Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada,
observed that the default was clear and undisputed. The Tribunal
appointed Pankaj Kumar as the Interim Resolution Professional (IRP)
to take charge of the company's affairs during the Corporate
Insolvency Resolution Process (CIRP).
Byju's K3 Education is a part of the Byju's group and provides
customized learning services for school students as well as
aspirants preparing for JEE, NEET, and UPSC. Kritikal Solutions, a
firm engaged in research and development and artificial
intelligence services, had entered into a Master Services Agreement
with Byju's K3 in August 2020. The agreement was for various
engineering and R&D support services.
According to BW Legal World, the creditor stated that it provided
services regularly from August 2019 and raised invoices on time.
However, between September and November 2022, three invoices
totaling INR1.91 crore remained unpaid, even after several
reminders. After failed recovery attempts, Kritikal issued a
statutory demand notice on July 31, 2024, and later filed a
petition before the NCLT on January 6, 2025.
Kritikal argued that its claim fell within the definition of
operational debt under Section 5(21) of the Insolvency and
Bankruptcy Code (IBC) and that Byju's K3 defaulted without raising
any dispute, BW Legal World relays.
The Tribunal agreed with the creditor's submission and held that
"undisputed claims must not remain unpaid, as doing so would
undermine commercial discipline." It noted that Byju's K3 did not
file any reply or raise any pre-existing dispute, which
strengthened the inference that the debt was genuine and remained
unpaid.
Upon admitting the insolvency petition, the NCLT declared a
moratorium under Section 14 of the IBC, BW Legal World relays. This
prevents any legal proceedings or recovery actions against Byju's
K3 during the insolvency process. The IRP was instructed to
constitute the Committee of Creditors (CoC) and take all necessary
steps to initiate the resolution process in line with IBC
provisions.
BW Legal World adds that Kritikal Solutions was directed to deposit
INR2 lakh with the IRP to cover procedural expenses. The order adds
to the growing financial challenges of Byju's group entities
already facing multiple insolvency petitions across India.
About Byju's
Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.
As reported in the Troubled Company Reporter-Asia Pacific in July
2024, the National Company Law Tribunal (NCLT) on July 16 ordered
insolvency proceedings against the company after a complaint by the
Board of Control for Cricket in India (BCCI) for not paying US$19
million in dues. Pankaj Srivastava was appointed as the interim
resolution professional.
Reuters said Byju's has suffered numerous setbacks in recent years,
including boardroom exits and a tussle with investors who accused
CEO Byju Raveendran of corporate governance lapses, job cuts and a
collapse in its valuation to less than $3 billion. Byju's has
denied any wrongdoing.
The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the BCCI, thus removing Byju's parent Think and
Learn from the insolvency resolution process.
However, in October 2024, the Supreme Court quashed an earlier
NCLAT ruling approving the settlement, according to The Economic
Times.
The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.
BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024. In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.
Alleged creditors of Epic! Creations, also a U.S. unit, sought
involuntary petition under Chapter 11 of the the U.S. Bankruptcy
Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on
June 5, 2024.
CLAUSION INDIA: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Clausion India Private Limited
Regus Business Center SCO 54-55-56
Office No. 316, 3rd Floor,
Sector-17 A, Chandigarh, India-160017
Liquidation Commencement Date: September 30, 2025
Court: National Company Law Tribunal, New Delhi Bench
Liquidator: Jagdish Singh Nain
C/O Avm Professionals LLP,
8/28 3rd floor, W.E.A. Abdul Aziz Road,
Karol Bagh, New Delhi 11005
Email: vlp.clausion@gmail.com
Mobile: 9873088243
Last date for
submission of claims: October 30, 2025
GAURI SHANKAR: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gauri
Shankar Rice Mills (GSRM) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 14, 2024, placed the rating(s) of GSRM under the
'issuer non-cooperating' category as GSRM had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GSRM continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
30, 2025, September 9, 2025 and September 19, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Gauri Shankar Rice Mill (GSRM) was established in September, 2011
as proprietorship concern by Mrs. Anjana Rai. GSRM is engaged in
milling, processing, and trading of both basmati and non-basmati
rice at unit located in Ghazipur, Uttar Pradesh.
GUPTA POWER: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Gupta Power Infrastructure Limited
Registered Office Address:
EN-62, Sector-V, 7th Floor
Salt Lake City, Kolkata
West Bengal, India 700091
Address where books of account are maintained:
Cuttack-Puri Road in front of Budheswari Temple
Bhubaneswar, Orissa, India 751006
Insolvency Commencement Date: September 26, 2025
Estimated date of closure of
insolvency resolution process: March 25, 2026
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Pradeep Kumar Kabra
C/905, Ofira Building V.I.P. Road
Bharthana, Vesu
Surat, Gujarat, 395007
Email: ippradeepkabra@gmail.com
301, 3rd Floor, Reegus Business Center
Above Mercedes Showroom
New City Light Road
Bharthana, Vesu,
Surat, Gujarat, 395007
E-mail: ip.guptapower@gmail.com
Last date for
submission of claims: October 10, 2025
IGLOO FROZEN: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Igloo
Frozen Foods Private Limited (IFFPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 20, 2024, placed the rating(s) of IFFPL under the
'issuer non-ooperating' category as IFFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. IFFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
6, 2025, August 16, 2025, August 26, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Andhra Pradesh based, Igloo Frozen Foods Private Limited (IFFPL)
was established as a private limited in the year 2016 and promoted
by Mr. Chinnamma and family. The Company is engaged in providing
cold storage services for vegetables, fish, prawns, chicken, meat
and canned fruits. The company has started its commercial operation
from October 2016.
INDITRADE BUSINESS: NCLT Admits Insolvency Petition vs. Company
---------------------------------------------------------------
BW Legal World reports that the National Company Law Tribunal
(NCLT) Kochi bench admitted an insolvency petition filed by Kotak
Mahindra Bank against Inditrade Business Consultants. The Tribunal
held that when a financial creditor proves the existence of
financial debt and default with supporting documents, the
Adjudicating Authority must admit the Section 7 petition. This
applies even if disputes exist over pledged collateral when the
contractual agreement places the risk of loss on the pledgor.
According to BW Legal World, Kotak Mahindra Bank sought initiation
of the Corporate Insolvency Resolution Process (CIRP) under Section
7 of the Insolvency and Bankruptcy Code (IBC) for a claimed default
of over INR6.67 crore as of June 2, 2025. The bank provided working
capital and overdraft facilities initially of INR20 crore in 2018,
later enhanced to INR25 crore in September 2023. These facilities
were secured through a Master Facility Agreement dated December 18,
2018, and a Pledge Agreement, among other documents.
The corporate debtor defaulted on repayments, with its account
classified as a Non-Performing Asset on Feb. 18, 2024, BW Legal
World recalls. Despite reminders sent in July 2024 and April 2025,
the outstanding amount remained unpaid. The bank submitted multiple
documents, including the Master Facility Agreement, Sanction
Letters, Demand Promissory Note, Deed of Hypothecation, Guarantee
Deeds, and Pledge Agreement as proof of financial debt and
default.
BW Legal World relates that Inditrade Business Consultants
challenged the petition, arguing that pledged cotton bales valued
at INR8.92 crore were destroyed in a fire on May 14, 2023, while
under the bank's control through a collateral management agency.
The debtor also claimed that the bank suppressed material facts
about pending civil proceedings and that the insurance claim for
the destroyed goods was unsettled.
According to BW Legal World, the Tribunal, consisting of Shri Vinay
Goel, Member (Judicial), and Smt. Madhu Sinha, Member (Technical)
held that the Pledge Agreement clearly placed the risk of loss on
the pledgor. Clauses XII and XIII explicitly stated that the
pledgee would not be liable for involuntary loss or destruction of
pledged goods. The Tribunal also noted that the Bombay High Court,
in a related commercial appeal, clarified that destruction of goods
by fire does not discharge the debtor's repayment obligations.
Further, the Tribunal held that Section 7 only requires determining
the existence of financial debt and default, not adjudicating
ancillary civil or insurance disputes. While the petitioner had not
initially disclosed ongoing civil proceedings and submitted
selective pages of the Pledge Agreement, these omissions did not
affect the maintainability of the petition, as the respondent
provided the relevant facts and documents.
The NCLT admitted the petition, initiated CIRP, and appointed Mr.
Vibin Vincent as Interim Resolution Professional, BW Legal World
discloses. Directions included public announcements, document
handovers within a week, and periodic progress reports. A
moratorium under Section 14 was imposed, preventing legal actions,
asset transfers, and recovery efforts. The Tribunal also directed
the bank to deposit INR2 lakh with the Interim Resolution
Professional to cover public notice and claim invitation expenses.
KANCHIPURAM MANGALAM: CARE Cuts Rating on INR20cr LT Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Kanchipuram Mangalam Silks Private Limited (KMSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
Downgraded from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 10, 2024, placed the rating(s) of KMSPL under the
'issuer non-cooperating' category as KMSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KMSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
27, 2025, August 6, 2025, August 16, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of KMSPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
Kanchipuram Mangalam Silks Private Limited (KMSPL) is engaged in
retailing of silk sarees. The company was incorporated as Private
Limited company on March 9, 2022, earlier it was established as
Limited Liability partnership firm in August 2019 by Mr. Avinash
Guptas Godavarthi- Director having an experience in textile
business for more than a decade. The company currently has one
retail outlet in Vijayawada operational since December 29, 2021, of
approx. area measuring 10,000 sft. The company also customizes
sarees on order basis.
KRISHNAMURTHY SPINNING: CARE Keeps B- Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Krishnamurthy Spinning Mills Private Limited (KSMPL) continues to
remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 15.72 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 20, 2024, placed the rating(s) of KSMPL under the
'issuer non-cooperating' category as KSMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. KSMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
6, 2025, August 16, 2025, August 26, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Krishnamurthy Spinning Mills Private Limited (KSMPL) was
incorporated in June 2006 and was promoted by Mr. Phani Krishna.
KSMPL commenced its operation in October 2007 with setting up of
cotton yarn spinning facility (installed capacity of 12,360
spindles) at its manufacturing facilities located at Thimmapuram,
Guntur (Andhra Pradesh). The company was initially started by Mr.
V. Srinivasa Rao and Mr. V.S. Subba Rao and was taken over by the
present promoter in mid-2012. The entire shareholding of KSMPL is
held by the present promoter and his family members.
LAKSHMI VACUUM: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lakshmi
Vacuum Heat Treaters Private Limited (LVHTPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 5.37 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 11, 2024, placed the rating(s) of LVHTPL under the
'issuer non-cooperating' category as LVHTPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. LVHTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
28, 2025, August 7, 2025, August 17, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Lakshmi Vacuum Heat Treaters Private Limited was incorporated in
the year 2008 and promoted by Mr. L N Prasad and Ms. K S
Varalakshmi. LVHTPL is engaged in providing heat treatment services
to attain different levels of hardness. The company's customers
mainly belong to automobile engineering, textile engineering,
medical engineering, aerospace, and other allied engineering
industries.
LIBAS CONSUMER: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Libas
Consumer Products Limited (Formerlly Libas Designs Limited) (LCPL)
continues to remain in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 13.01 CARE C; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 13, 2024, placed the rating(s) of LCPL under the
'issuer non-cooperating' category as LCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. LCPL continues to be noncooperative despite repeated
requests for submission of information through e-mails dated July
30, 2025, August 9, 2025, August 19, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Libas Consumer Products Limited (formerly Libas Designs Limited)
(LCPL) (ISIN: INE908V01012) was established in 2004 as a private
limited company by Mr. Nishant Mahimtura & Mr. Riyaz Ganji. LCPL
got listed on NSE on January 9, 2017 and raised Rs. 13.60 crores.
LCPL is a Mumbai based company engaged in manufacturing customized
designer garments and has its plant situated in Kurla (West),
Mumbai measuring 11,900 sq. feet and employs around 57 workers.
LCPL sells its products under the brand name of LIBAS, LIBAS RIYAZ
GANJI, LIBAS RESHMA GANJI and KNG Riyaz Ganji. The company
specializes in contemporary and ethnic men's and women's wear and
its offering includes made to orders Sherwanis, light range of Indo
Westerns Kurtas, designer wedding suits, fine men's business suits,
formal shirts and trousers.
M S AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M S Agro
Industries (MSAI) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 8.70 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 19, 2024, placed the rating(s) of MSAI under the
'issuer non-cooperating' category as MSAI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MSAI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
5, 2025, August 15, 2025, August 25, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
M S Agro Industries (MSAI) was established in 2016 as a partnership
firm and promoted by Mr. M. Laxminarayana, Mr. M. Narasimha Murthy,
Mr. M. Raghavendra and their family members. MSAI is engaged in
milling and processing of rice with installed capacity of 8 ton per
hour. The rice milling unit of the company is located at Raichur
district of Karnataka. Apart from rice processing, the firm is also
engaged in selling by-products such as broken rice, husk and bran.
The main raw material, paddy, is directly procured from local
farmers located in and around Raichur district and the firm sells
rice and other by
products mainly to customers in Kerala, Tamil Nadu and Karnataka
through intermediaries. MSAI also sells rice to merchant exporters
(M/s Vishnu Kumar Traders). The firm started its operations in the
month of January 2017.
MAHESHWARI TECHNOCAST: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maheshwari
Technocast Limited (MTL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.90 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 2.50 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 6, 2024, placed the rating(s) of MTL under the
'issuer non-cooperating' category as MTL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MTL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
23, 2025, August 2, 2025, August 12, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Maheshwari Technocast Limited (MTL), promoted by Mr Suresh Kumar
Mantri, was originally set up as a partnership firm in 1974 and the
same was converted into limited company with effect from August 14,
1996.MTL is the ancillary unit of Bhilai Steel Plant, a unit of
Steel Authority of India Limited. Since its inception, MTL has been
engaged in manufacturing of rolling mill spare parts. The
manufacturing facility of the company is located at Bhilai,
Chhattisgarh with an aggregate installed capacity of 3000 MTPA of
foundry and 1500 MTPA of fabrications.
MITHRA COACHES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mithra
Coaches Private Limited (MCPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 28.11 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 18, 2024, placed the rating(s) of MCPL under the
'issuer non-cooperating' category as MCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
4, 2025, August 14, 2025, August 24, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Mithra Coaches Private Limited (MCPL) was incorporated in 2008 and
is engaged in manufacturing of structural bodies for buses,
containers, light commercial vehicle, bunk houses, trailers, water
tankers, and oil tankers. The company is promoted by Mr. Maganti
Subrahmanyam (Chairman), Mr. M. Venugopal (Director), Mr. N.
Seshadri Sekhar (Director). Mr. Madhusudhana Sarma, Mr. M.
Chandramouli (Director). The manufacturing facility of the company
is located in Veerapanenigudem village, Andhra Pradesh and has a
capacity of manufacturing 300 buses and 240 containers in a year.
MY CHOICE: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of My Choice
Sarees Private Limited (MCSPL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 25.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 10, 2024, placed the rating(s) of MCSPL under the
'issuer non-cooperating' category as MCSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MCSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
27, 2025, August 6, 2025, August 16, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
My Choice Sarees Private Limited (MCSPL) is a Hyderabad based
company, which was incorporated in 1996 and promoted by Mr. M.
Narendra (Director), Mr. Nitin (Managing Director) and Mr. P.
Gunasekaran and other family members as a Private Limited company.
The company is engaged in whole sale & retail trading of sarees and
dress materials etc., exclusively for ladies. MCSPL have 3 trading
outlets in around Telangana. The company has its customer and
supplier base all over country.
NAGABHUSHANAM & CO: CARE Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Nagabhushanam & Co (NC) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Long Term/ 22.50 CARE C; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 24, 2024, placed the rating(s) of NC under the
'issuer non-cooperating' category as NC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
10, 2025, August 20, 2025, August 30, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Nagabhushanam & Co. (NC) was incorporated as partnership firm in
2001. NC is managed and promoted by Mr. V. Nagabhushanam Rao
(Managing Partner) and V. Visweswara Rao (Executive Partner). The
firm is engaged into civil contracting and infrastructure
development activities. The firm has expertise in marine
structures, bridges across major rivers and flyovers. The firm is
categorised as “Special Class Civil Contractors” with Govt of
AP, Telangana and Karnataka.
NAGRAJ INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nagraj
Industries (NI) continue to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.20 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 1.80 CARE A4; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 30, 2024, placed the rating(s) of NI under the
'issuer non-cooperating' category as NI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
16, 2025, August 26, 2025, September 5, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Karnataka based, Nagraj Industries (NI) was established in 2014, by
Mr. Kiran Kotian and Mrs. Savitha Kiran. The firm initiated its
business operations in February 2016 and is currently engaged in
the manufacturing and retailing of Par boiled drier plants, Rice
mill machineries, Food grain processing machinery, Maize grit
process plants, Roofing sheet profiling and Pre-Engineered Building
(PEB) Structures. The company exports around 50% of the machineries
manufactured to customers located in international markets such as
Bangladesh, Srilanka, Nigeria, and South America. The manufacturing
unit of the firm is located a Moodbidri, Karnataka.
PROFIVE ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Profive
Engineering Private Limited (PEPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.85 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had had, vide its press
release dated September 25, 2024, placed the rating(s) of PEPL
under the 'issuer non-cooperating' category as PEPL had failed to
provide information for monitoring of the rating as agreed to in
its Rating Agreement. PEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated August 11, 2025, August 21, 2025, August 31, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Incorporated in 2010, PEPL is managed by Mr. Manik Dawar, Mr.
Deepak Targe and Ms. Yogita Daware. PEPL is engaged in
manufacturing of precision machine components, CNC machine
components and fabricated machinery components. The manufacturing
unit of the company (owned) is located in Warje, Pune
(Maharashtra).
R. P. STEEL: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of R. P.
Steel Industries (RPSI) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 27, 2024, placed the rating(s) of RPSI under the
'issuer non-cooperating' category as RPSI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RPSI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
13, 2025, August 23, 2025 and September 2, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Incorporated in 1984, R. P. Steel Industries (RPSI), managed by Mr.
Parshotam Aggarwal and his son Mr. Salil Aggarwal, is engaged in
the trading of various kinds of steel products.
RAJA RAJESHWARA: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Sri Raja
Rajeshwara Cotton Industries (SRRC) continues to be 'Crisil
B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (ISSUER NOT
COOPERATING
Crisil Ratings has been consistently following up with SRRC 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 SRRC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SRRC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SRRC continues to be 'Crisil B/Stable Issuer not cooperating'.
SRRC was formed as a partnership firm in March 2011. There are ten
partners, though operations are mainly managed by Mr Gunda Srinivas
and Mr Gourishetty Srinivas. SRRC gins and processes raw cotton,
and has installed 27 jumbo gins with a capacity of 3,60,000 tons
per annum. The registered office and manufacturing unit is located
at Pandilla Village, Husnabad in Telangana.
RAMESHWAR SAHAKARI: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri
Rameshwar Sahakari Sakhar Karkhana Limited (SRSSKL) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 28 CRISIL D (Issuer Not
Cooperating)
Cash Credit 2 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SRSSKL 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 SRSSKL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
SRSSKL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of SRSSKL continues to be 'Crisil D Issuer not
cooperating'.
Established in 2001 by a group of agriculturists in Jalna,
Maharashtra, SRSSKL is promoted by Mr. Raosaheb Patil Danve (member
of Parliament) and manufactures sugar. Mr. Santosh Patil Danve is
its chairman, and operations are managed by Mr. Dharmaraj Shewale
(managing director) with support from other functional personnel.
SAALIM SHOES: Liquidation Process Case Summary
----------------------------------------------
Debtor: SAALIM SHOES PRIVATE LIMITED
No:1-A, Regency Apartment,
No:5, 1st Lane, Nungambakkam High Road,
Nungambakkam, Chennai,
Tamil Nadu, India - 600034
Liquidation Commencement Date: September 26, 2025
Court: National Company Law Tribunal, Chennai Bench-I
Liquidator: Dr. S.R. SHRIRAAM SHEKHER
Flat No. 11, Prayag Apartments,
1st Floor, 15/8, Gandhi Nagar
First Main Road, Adyar, Chennai – 600020
Tamil Nadu
E-Mail: shekhershriraam@gmail.com
E-Mail: saalim.liquidation@gmail.com
Last date for
submission of claims: October 26, 2025
SCIL CAPITAL: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Scil
Capital India Private Limited (SCIPL) continues to remain in the
'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 20.00 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 25, 2024, placed the rating(s) of SCIPL under the
'issuer non-cooperating' category as SCIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SCIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
11, 2025, August 21, 2025, August 31, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
SCIPL Capital India Private Limited (SCIPL) is a part of the KVS
(Khimji Visram & Sons) group and was incorporated in August 1995.
Company is registered as NBFC. As an NBFC, the company primarily
deals in trading of equity shares, debentures and preference shares
along with investments in venture capital, mutual funds and bonds.
In addition, the company also grants Inter-Corporate Deposits
(ICDs). Furthermore, the company is also in the business of trading
and export of cotton bales. SCIPL's cotton trading arm commenced
operations in August 2015.
SD MILKPRO: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SD MilkPro
Private Limited (SMPL) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 1, 2024, placed the rating(s) of SMPL under the
'issuer non-cooperating' category as SMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
17, 2025, August 27, 2025, September 6, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
SMPL is a Pune (Maharashtra) based company incorporated in May 18,
2015. The company is engaged in the business of processing of milk
processing and milk-based products and providing cold storage
facility for raw milk. The commercial operations commenced from
April 2018.
SHRIVALLABH PITTIE: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shrivallabh
Pittie Industries Limited (SPIL) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 331.79 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 26, 2024, placed the rating(s) of SPIL under the
'issuer non-cooperating' category as SPIL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SPIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
12, 2025, August 22, 2025, September 1, 2025 among
others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Shrivallabh Pittie Industries Ltd (SPIL) is a Special Purpose
Vehicle (SPV) formed by Shrivallabh Pittie Group for setting up a
100,000-spindle yarn manufacturing unit at Jhalawar, Rajasthan. The
project got commissioned on July 22, 2016. The Group is presently
spearheaded by Mr Chirag Pittie. Shrivallabh Pittie Group has a
presence in the industry with manufacturing capacity of 101,000
spindles in sister concern Platinum Textiles Ltd is engaged in the
business of manufacturing of cotton, polyester and polyester &
cotton blended yarn. Besides, PTL also uses another 112,000
spindles on job-work/lease basis mainly in the state of
Tamil Nadu.
STORK FOODS: CARE Lowers Rating on INR50cr LT Loan to B+
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Stork Foods Private Limited (SFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 50.00 CARE B+; Stable; ISSUER NOT
Facilities COOPERATING; Downgraded from
CARE BB-; Stable and moved to
ISSUER NOT COOPERATING category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) has been seeking
information from SFPL to monitor the ratings vide e-mail
communications dated September 16, 2025, September 23, 2025,
September 29, 2025, among others and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE Ratings has reviewed
the rating on the basis of the best available information which
however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive
at a fair rating. The rating on SFPL's bank facilities will now be
denoted as CARE B+; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The ratings have been revised on account of non-availability of
requisite information due to non-cooperation by SFPL with
CareEdge's efforts to undertake a review of the outstanding ratings
as CARE views information availability risk as key factor in its
assessment of credit risk profile.
The rating assigned to the bank facilities of Stork Foods Private
Limited (SFPL) is constrained by the nascent stage of project
implementation, inherent risk associated with poultry industry
coupled with high competition, susceptibility of margins to
fluctuation in the prices of raw material. The rating, however,
derives strength from the experience of the promoters in the
poultry industry
Analytical approach: Standalone
Outlook: Stable
Key weaknesses
* Nascent stage of project implementation: The company is setting
up a green field project to process 2500 birds per hour at Maradi,
Kerala along with two distribution centres at Kottayam and
Pathanamthitta with 2 storage facilities with aggregate capacity of
1600 MT. The total cost of the project is INR65.84 crore of which
INR35 crores of term loan (equivalent to 53.16%) and the promotors'
equity of INR20.84 crores. SFPL is also expecting a grant-in-aid of
INR10 crores from the Ministry of Food Processing Industries
(MoFPI). As on June 30, 2024, the company had incurred around
INR10.03 crores through unsecured loans. The financial closure had
been achieved. Given the nascent stage of implementation, the
timely completion of the project without cost overruns remains as a
key monitorable.
* Inherent risk associated with poultry industry coupled with high
competition: The poultry industry is driven by regional demand and
supply on account of the transportation constraints and perishable
nature of the products. The poultry industry is also vulnerable to
outbreaks of diseases like bird flu, extreme weather conditions and
contamination by pathogens which leads to plummet in the prices of
the products. The poultry industry is highly fragmented and
competitive marked by the presence of numerous players in India.
Given the fact that the entry barriers to the industry are low, the
players in the industry do not have any pricing power and are
exposed to competition induced pressures on profitability.
* Susceptibility of margins to fluctuation in the prices of raw
material: The major raw materials required in poultry business are
the poultry feeds which consists of soya bean and maize. SFPL's
profitability is vulnerable to the volatility associated with feed
prices. Maize is relatively grown in smaller quantity in India and
being a rain-fed crop, any failure in monsoon can materially impact
the harvest. The poultry industry is estimated to consume nearly
50% of the domestic maize production. In case of soya bean,
although there is adequate availability, its prices remain volatile
in relation to movement in global prices and production. As the
poultry industry is virtually a buyers' market, producers may not
be able to pass on any sharp increase in raw material prices that
will ultimately impact the price of the processed
meat.
Key strengths
* Experience of the promoters is poultry industry: Mr.
Puthuparambil Joseph Chacko, the promoter was engaged in
agriculture and poultry meat trading business for more than two
decades. He is a B.Sc. in Agriculture, who also worked as a
merchant exporter. The promoters have strong relationship
with poultry farms and other suppliers in the business. Mr. Joseph
Chacko has a degree in law and administration and takes care of the
day-to-day operations of the project.
* Tie-up with the poultry farms and restaurants: The business model
of SFPL includes providing day old chicks to the lease farms and
necessary feed and finally buy the birds after 6-8 weeks once they
are ready to rear. Backward integration with the farmers is
expected to ensure consistent supply of raw material for the
processing unit. SFPL has signed MoU with the local poultry farms
for the supply of over 1000 birds per day and hotels and
restaurants around Kochi, Kerala for the supply of meat. SFPL is
also planning to export to UAE.
Liquidity: Stretched
The liquidity of the company is stretched as the company is in
nascent stage of project implementation with significant dependence
on debt for funding. Any delays in the completion of the project or
stabilization of operations results in inadequate cash accruals for
debt servicing.
Stork Foods Private Limited (SFPL) is incorporated on November 18,
2021 to engage in the business of meat processing and distributing.
The company is setting up a modern, integrated poultry meat
processing facility with an installed capacity of 2500 birds per
hour at Maradi, Kerala along with two distribution centres in
Patthanmitta and Kottayam, Kerala. SFPL is promoted by
Puthuparambil Joseph Chacko along with his family members Shiny
Chacko and Joseph Chacko. The expected date of commencement of
operations was July 2025.
SUBHLENE FABRICS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Subhlene
Fabrics (SF) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 26, 2024, placed the rating(s) of SF under the
'issuer non-cooperating' category as SF had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SF continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
12, 2025, August 22, 2025, September 1, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Established in 2001 by proprietor Mr. Mahesh Gupta, Subhlene
Fabrics (SF) is engaged into manufacturing of polyester viscose
(PV) fabric at its plant in Silvassa, Gujarat. The entity also does
trading of polyester viscose (PV).
TRILOK SECURITY: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Trilok
Security Systems India Private Limited (TSSIPL) continue to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.71 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 1.25 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 20, 2024, placed the rating(s) of TSSIPL under the
'issuer non-cooperating' category as TSSIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. TSSIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
6, 2025, August 16, 2025, August 26, 2025
among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Trilok Security Systems India Private Limited (TSSIPL) was
incorporated in December 2005. TSSIPL is primarily engaged in
providing advertising services by providing biometric access cards
used in Queue Management system at various pilgrim centers. The
company generates its revenues through selling the space of access
cards for advertisements. TSSIPL is having its registered office at
Tirupathi, Andhra Pradesh. TSSIPL is providing its queue management
services on Built-Own-Operate (BOO) basis at pilgrim destinations
like Tirumala Tirupati Devastanam, TTD (Tirupati, Andhra Pradesh),
Shri Sirdi Sai Sansthan, SSS (Shirdi,
Maharashtra), Shri Mata Vaishno Devi Shrine, SMV (Katra, Jammu &
Kashmir), Chardham, Hemakund Saheb, Ajmer Sharif Dargah (Ajmer,
Rajasthan) and Baba Bydhyanath (Deoghar, Jharkhand).
UTTAM CYLINDERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Uttam Cylinders Private Limited
G-15, Ground Floor, G.K. House,
187-A, Sant Nagar, East of Kailash,
New Delhi-110065
Address where books of account are maintained:
Plot No. - 41, Sector-6,
Faridabad, Haryana- 121006
Insolvency Commencement Date: September 11, 2025
Estimated date of closure of
insolvency resolution process: March 10, 2026
Court: National Company Law Tribunal, New Delhi Bench
Insolvency
Professional: Mr. Rajesh Ramnani
D-44, Second Floor, Naraina Vihar
New Delhi 110028
Email: rajeshramnani2407@gmail.com
83, National Media Centre,
Near Ambience Mall,
Sector 24, Gurugram 122002
Email: cirp.utamcylinders@gmail.com
Last date for
submission of claims: October 8, 2025
VIMAL PLATINUM: CARE Lowers Rating on INR7.15cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vimal Platinum Private Limited (VPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.15 CARE B-; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category and
downgraded from CARE B; Stable
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 11, 2024, placed the rating(s) of VPPL under the
'issuer non-cooperating' category as VPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
27, 2025, September 6, 2025, September 16, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings assigned to the bank facilities of VPPL have been
revised on account of non-availability of requisite information.
Analytical approach: Standalone
Outlook: Stable
VPPL was incorporated in March 09, 2007 by Mr. Prakash Laddha,
Mr.Rakesh Laddha and Mr. Naveen Chordia . VPPL is engaged in the
business of manufacturing of synthetics grey fabrics (includes
artificial or synthetic filament and non-filament fibers). The
company also manufactures grey fabric on job work basis. Further,
the company sells grey and finished fabric in the market where it
gets finished work done on grey fabrics from other processor on job
work fabrics. The plant of the company is located at Bhilwara.
VIVIMED LABS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vivimed
Labs Limited (VLL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 266.93 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 109.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE had, vide its press release dated July 23,2024, placed the
rating(s) of VLL under the 'issuer noncooperating' category as VLL
had failed to provide information for monitoring of the rating. VLL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated June 8,2025 to October 10,2025.
In line with the extant SEBI guidelines, CARE has reviewed the
rating based on the best available information which however, in
CARE Rating's opinion is not sufficient to arrive at a fair
rating.
Users of this rating (including investors, lenders, and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The reaffirmation in the ratings assigned to the bank facilities of
Vivimed Labs Limited (VLL) is primarily due to continued delays in
the company's ability to meet debt obligations due to cash flow
mismatches and deterioration in the liquidity profile.
Analytical approach: Consolidated; CARE has considered the
consolidated financials and business profile of VLL and its
subsidiaries.
Outlook: Not applicable
Detailed description of key rating drivers
At the time of last rating on July 23, 2024 the following were the
rating strengths and weaknesses
Key weaknesses
* Cash flow mismatches and stretched liquidity resulting in ongoing
delays in debt servicing: The liquidity profile of VLL deteriorated
on account of cash flow mismatches. The same has resulted in delays
with respect to debt servicing of the company.
* Decline in financial performance: The financial profile of the
company continued to deteriorate in FY25 with continued losses. The
TOI of company declined from Rs. 136.79 crore in FY24 to Rs. 103.64
crore in FY25.
Key strengths
* Experienced & qualified promoters and management team: The
promoters of VLL have over two decades of experience in the
pharmaceutical and chemical business. Mr. Santosh Varalwar
(Managing Director), a management graduate, is primarily
responsible for developing new markets for the company's products.
VLL's board is ably supported by a team of professionals in the
areas of finance, marketing, quality control, R&D, material and
production.
* Long-track record of operations with a unique diversified product
portfolio backed by marquee clientele: VLL, established in 1988, is
a global player engaged in manufacturing of speciality chemicals
and pharmaceutical products. The company has 12 manufacturing
facilities and 6 R&D facilities spread across the globe.
Liquidity: Not available
Assumptions/Covenants: Not applicable
Vivimed Labs Limited (VLL) incorporated in 1988 is a
Hyderabad-based listed company engaged in manufacturing of
pharmaceuticals (APIs and formulations for various therapeutic
segments), personal care and colour chemistry industrial products.
VLL has manufacturing facilities in India and Overseas (under
subsidiaries). Within the FDF business, it provides contract
manufacturing services to some of its marquee clients in the
pharmaceuticals space, namely Novartis International AG, Glenmark
Pharmaceuticals, Lupin, GlaxoSmithKline Pharmaceuticals Ltd. (GSK
Pharmaceuticals), Dr. Reddy's Laboratories, Cipla, Abbott
Laboratories, Merck Serono, Wockhardt, and so on. VLL has 12
manufacturing facilities, 6 R&D centres and global support offices
in India, China, Europe and the US which adhere to the highest
levels of compliance and manufacture high-quality products.
=================
I N D O N E S I A
=================
JAPFA COMFEED: S&P Alters Outlook to Stable, Affirms 'B+' ICR
-------------------------------------------------------------
S&P Global Ratings revised the rating outlook on Japfa Comfeed
Indonesia Tbk. PT to stable from negative. At the same time, S&P
affirmed its 'B+' long-term issuer and issue credit ratings on the
company.
The stable outlook reflects S&P's view that Japfa Comfeed and its
parent will maintain disciplined capital expenditure (capex) and
dividend policies over the next 12 months. S&P also believes the
companies will control debt levels and preserve sufficient
liquidity amid volatile industry conditions.
Japfa Comfeed has secured new committed long-term bank facilities
that will sufficiently address the company's upcoming maturities
and lengthen its debt maturity profile. As a result, refinancing
risk has reduced.
S&P expects the privatization of Japfa Comfeed's parent, Japfa Pte.
Ltd., to have a limited effect on the subsidiary's credit profile.
Japfa Comfeed's refinancing risk has substantially reduced with new
long-term bank lines. The company secured three new committed
multi-year bank facilities totaling Indonesian rupiah (IDR) 7
trillion in the second quarter of 2025. The amount is more than
sufficient to cover its outstanding US$350 million (IDR5.7
trillion) notes maturing in March 2026.
This maturity is the largest in the company's capital structure,
representing almost half of its outstanding debt as of June 30,
2025.
The new loans have availability periods of one to two years. This
provides Japfa Comfeed with the flexibility to draw down the lines
closer to the notes' maturity. In doing so, the company will avoid
incurring incremental interest burden. S&P believes investor
sentiment toward Japfa Comfeed remains solid, as reflected in the
company's bond prices trading at close to par.
Capital structure should strengthen with new loans. S&P estimates
Japfa Comfeed's weighted-average maturity (WAM) profile would
extend to nearly three years upon utilization of the new
facilities. This compares with less than two years as of June 30,
2025, mainly due to the March 2026 bond maturity.
A longer WAM profile would reduce near-term refinancing and
liquidity pressure, and provide greater flexibility in managing
debt repayments, in S&P's view.
The privatization of Japfa Pte. Ltd. (Japfa) will have a limited
effect on the subsidiary's operations. The parent has financial
headroom to absorb the debt-funded buyout, though its financial
buffer has narrowed. S&P estimates Japfa's funds from operations
(FFO) cash interest coverage ratio will moderate to 4.0x-4.2x in
2025-2026, compared with its earlier forecast of 4.2x-4.5x, but
well above its downgrade trigger of 3.0x.
Japfa intends to maintain Japfa Comfeed's existing business and
financial strategy, limiting disruptions to routine operations.
S&P said, "In our view, a dividend payout from Japfa Comfeed to the
parent could be stickier than before. This is in view of the higher
debt and amortization at the parent level following its
privatization. Japfa Comfeed contributes 80%-90% of the group's
EBITDA. As a result, we believe dividends from the subsidiary will
form a key source of debt repayment for Japfa."
Japfa Comfeed's financial performance should moderate to mid-cycle
levels over the next 12-24 months. The company's EBITDA margin is
likely to ease to 9.0%-9.5% over the period, from 11.5% in 2024.
The strong margins in 2024--driven by favorable poultry prices and
lower input costs--are unlikely to persist given the constant
rebalancing between supply and demand.
S&P projects Japfa Comfeed's FFO cash interest coverage will
moderate to 4.7x-5.1x in 2025 and 2026, from 6.5x in 2024, driven
by the margin normalization.
Favorable industry development should support heathier supply and
demand dynamics during the next two to three years. A lower quota
for grandparent stock imports in 2024 should help alleviate
oversupply from 2026 onward. In addition, the Indonesian
government's free meals program, if effectively implemented, could
support poultry demand.
Japfa Comfeed's liquidity remains tight. S&P estimates the ratio of
liquidity sources to uses will remain at about 1.0x over the next
12 months, even after the refinancing of the March 2026 bond.
Liquidity is constrained by reliance on short-term working capital
loans, seasonal swings in working capital, scheduled amortization,
and dividend payouts.
Maintaining the liquidity ratio at about 1.0x beyond 2026 will
hinge on the extension of IDR2.5 trillion of revolver facilities
expiring in 2026. A failure to secure an extension, and the absence
of alternative liquidity sources could intensify liquidity
pressure.
That said, S&P does not foresee imminent liquidity pressure. Japfa
Comfeed has established domestic banking relationships, with major
outstanding and undrawn facilities spread over more than five
banks. The company has consistently rolled over working capital
loans up to its needs, even during tough industry conditions. It
also has a track record of securing multi-year committed
facilities.
Direct impact from tariffs has been limited so far, but
uncertainties remain. Impact on the topline is minimal given Japfa
Comfeed's revenues are almost entirely domestic. However, impact on
input cost depends on implementation of the trade deal between
Indonesia and the U.S.
Indonesia is likely to open up imports of soybean meal and wheat
from the U.S., because these commodities are already sourced from
global markets. Their procurement costs will continue to be
influenced by global supply and demand dynamics. In contrast, corn
imports from the U.S. are less likely, given Indonesia's ongoing
push for self-sufficiency in domestic corn production. As such, the
procurement cost of corn will likely remain driven by domestic
supply conditions.
S&P said, "The stable outlook reflects our expectation that Japfa
Comfeed and its parent will maintain disciplined capex and
dividends policies, and control debt levels amid volatile industry
conditions. We also expect the companies to preserve a sufficient
liquidity cushion, with an FFO cash interest coverage ratio of
4.7x-5.1x in 2025-2026.
"The stable outlook also reflects our view that Japfa Comfeed's
credit quality will move in tandem with that of its parent, because
we consider Japfa Comfeed to be a core subsidiary of the group."
S&P may lower the rating on Japfa Comfeed if the consolidated
group's credit quality deteriorates, which could happen if:
-- Japfa's EBITDA margin contracts or its capex and working
capital needs exceed our expectation such that FFO cash interest
coverage falls materially below 3.0x.
-- Japfa's liquidity weakens due to larger working capital
outflows than we expect, or the company faces difficulty in rolling
over working capital facilities. This could also happen if Japfa
increases use of short-term debt to fund working capital, while
failing to maintain sufficient cash or multi-year committed credit
facilities.
S&P may raise the rating on Japfa Comfeed if the consolidated
group's credit quality improves, such that Japfa's FFO-to debt
ratio approaches 30%. This could happen if the group's earnings
rise amid more favorable industry conditions, or if it adopts more
conservative leverage tolerance. The upgrade would also be
contingent on Japfa maintaining a sufficient liquidity position.
Although it would not change the rating on Japfa Comfeed, S&P may
revise upward its assessment of the company's stand-alone credit
profile if it demonstrates a sustained improvement in its
FFO-to-debt ratio toward 30% and maintains a sufficient liquidity
position.
===============
M A L A Y S I A
===============
CAPITAL A: On Track to Exit PN17 Status by Year-End
---------------------------------------------------
The Star reports that Capital A Bhd continues to work towards
getting itself out of Practice Note 17 (PN17) status but MBSB
Research has downgraded the stock to a "neutral" from "buy."
It believes the stock is fairly valued but kept its target price
unchanged at 95 sen a share based on eight-times next year's
earnings per share, The Star relays. It made no changes to its
earnings estimates.
According to The Star, Capital A and AirAsia X Bhd (AAX) have
waived the Thai Securities and Exchange Commission condition that
would have required an exemption from conducting a mandatory tender
offer for Asia Aviation PCL, the Thai-listed parent of Thai
AirAsia.
This removes the final regulatory hurdle and materially de-risks
the completion of its aviation unit disposal, the research house
said.
The Star says Capital A and AAX entered into a third supplemental
agreement to the AirAsia Aviation Group Ltd (AAAGL) share sale and
purchase agreement (SSPA) to transfer AAAGL, the holding company
for AirAsia's short-haul airlines, into AirAsia Group Sdn Bhd
(AAG).
AAG is the new holding entity that will assume AAX's listing status
and consolidate all AirAsia-branded airlines under one listed
aviation group.
The Star notes that the amendment waives the earlier requirement to
obtain a Thai exemption from conducting a mandatory tender offer
for the remaining shares in AAV after the AAAGL acquisition.
The tender offer will instead be undertaken jointly with a
designated Thai partner who will fully fund and assume all
acceptances under the offer.
As a result, AAX's effective 40.71% stake in AAV (held via AAAGL)
will remain unchanged after the tender.
AAV will continue to be listed on the Stock Exchange of Thailand
and the change in tender mechanics will not affect the operating
licence or day-to-day operations of TAA, The Star relays.
The Star relates that MBSB Research said, with the Thai regulatory
condition now resolved, the parties expect to declare all
conditions precedent fulfilled, making the AAAGL SSPA unconditional
by the end of October, which is the deadline for the airline unit
disposal following the sixth extension.
Completion of the transaction is expected by December, the research
house, as cited by The Star, added.
The Star adds that the remaining steps include a RM1bil private
placement, capital reduction and distribution, as well as the
allotment and listing of new AAG shares.
Capital A will then proceed to file for lifting the PN17 status by
year-end and is also seeking to be exempted from the requirement to
record two profitable quarters, having already met the condition.
About Capital A
Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.
Capital A, headquartered in Malaysia, operates from hubs in
Malaysia, Thailand, Indonesia, Philippines and India. The airline's
Malaysia and Thailand operations are undertaken via AirAsia Bhd and
Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.
Capital A triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.
Capital A also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.
Following relief measures introduced by Bursa and the Securities
Commission Malaysia, Capital A was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said. The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022. Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.
As reported in the Troubled Company Reporter-Asia Pacific in
mid-October 2024, shareholders have backed plans for budget carrier
AirAsia to be bought by its long-haul associate, AirAsia X paving
the way for the Malaysian-based airlines to finalise their
consolidation by the end of the year.
AirAsia X shareholders approved the proposed acquisition of Capital
A's equity interest in AirAsia units for MYR6.8 billion (US$1.6
billion) on Oct. 16, 2024, after Capital A shareholders gave the
nod on Oct. 14 to the deal, company statements said, according to
Reuters.
Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of
AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia
units in Thailand, Indonesia, Philippines, and Cambodia, will pave
the way for Capital A's restructuring and exit from PN17 status.
=====================
N E W Z E A L A N D
=====================
ABGZ CUISINE: Court to Hear Wind-Up Petition on Oct. 29
-------------------------------------------------------
A petition to wind up the operations of ABGZ Cuisine Limited will
be heard before the High Court at Auckland on Oct. 29, 2025, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 14, 2025.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
ALL IN CUISINE: Creditors' Proofs of Debt Due on Nov. 24
--------------------------------------------------------
Creditors of All In Cuisine Limited (traded as Sidart Restaurant)
are required to file their proofs of debt by Nov. 24, 2025, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 13, 2025.
The company's liquidators are:
Jared Waiata Booth
Tony Leonard Maginness
Baker Tilly Staples Rodway Auckland Limited
PO Box 3899
Auckland 1140
CENTRAL BUSINESS: Goes Into Liquidation; Owes About NZD825,000
--------------------------------------------------------------
Otago Daily Times reports that Central Business Admin Ltd has gone
under owing creditors about NZD825,000.
Central Business Admin Ltd, formerly 2BC Holdings Ltd, operated an
outsourced call centre in the city until ceasing trading in July
and was then placed in liquidation by shareholders Jemma Walker and
Grant Walker on October 14, ODT discloses.
The company was formed in 2018 with Mr. Walker acting as the
director.
According to ODT, Insolvency Matters liquidator Brenton Hunt said
in his first report IRD was owed tax estimated at NZD75,000, while
10 unsecured creditors were due about NZD750.000.
He said the revenue loss from a main customer going into
liquidation had put a large strain on the company's working
cashflow.
"[The] director terminated staff and sold plant and equipment.
Secured creditors and staff holiday pay were paid from the sale."
However, the sale of plant and equipment was not enough to pay all
creditors, ODT relays.
The company's bank account was closed before the liquidation and
all invoices for work completed had been received.
ODT relates that Mr. Hunt said it remained unknown whether enough
assets would be realised to repay creditors, but at this stage this
looked unlikely.
Christchurch-based Central Business Admin Ltd handles customer
support and communications.
CFS HOSPITALITY: Creditors' Proofs of Debt Due on Nov. 10
---------------------------------------------------------
Creditors of CFS Hospitality 1 Limited 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. 10, 2025.
The company's liquidators are:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
DONEHUE & CO: Owes More Than NZD4.2MM, Liquidators Report Shows
---------------------------------------------------------------
Otago Daily Times reports that Donehue & Co Farming NZ Ltd, a
company running a failed livestock export business on the West
Coast, owes more than NZD4.2 million to creditors.
The company was put into liquidation by the High Court at Timaru on
August 21, ODT notes.
PricewaterhouseCoopers insolvency practitioners Wendy Somerville
and Malcolm Hollis were appointed liquidators and released their
first report on October 6.
According to ODT, Donehue & Co Farming NZ Ltd was found to have
bank funds of NZD280,000 and a book value of NZD1.92 million in
inventory, but the director has advised there is no inventory
left.
The total shortfall of NZD3.95 million is after creditor claims of
NZD4.22 million and an expected surplus of NZD274,000 after the
claims of preferential creditors are settled, ODT discloses.
The company was a joint venture to graze and export livestock by
Donehue Farms Ltd (DFL) and Accel Consulting Pty Ltd under
directors Matthew Donehue and Wei Wu.
ODT relates that liquidators reported the company was structured
with DFL providing the land, livestock management and machinery,
and Accel funding the stock and freighting.
They had been advised the insolvency followed a breakdown in the
shareholding relationship over stock and operating costs.
Singapore-based Allrita Supply Chain Management PTE Ltd pushed for
the company go into liquidation over loan payments, and is among
six known creditors, including both shareholders, ODT adds.
HAINES MASONRY: Court to Hear Wind-Up Petition on Oct. 28
---------------------------------------------------------
A petition to wind up the operations of Haines Masonry Limited will
be heard before the High Court at Whangarei on Oct. 28, 2025, at
10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on Aug. 1, 2025.
The Petitioner's solicitor is:
Cloete Van Der Merwe
Inland Revenue, Legal Services
5 Osterley Way
Manukau City
Auckland 2104
LIGHTHOUSE NORTH: Creditors' Proofs of Debt Due on Nov. 13
----------------------------------------------------------
Creditors of Lighthouse North Shore Limited are required to file
their proofs of debt by Nov. 13, 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:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
=================
S I N G A P O R E
=================
AMAZINGTECH PTE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Sept. 30, 2025, to
wind up the operations of Amazingtech Pte. Ltd.
The company's liquidators are:
Cameron Lindsay Duncan
David Dong-Won Kim
Joshua Joseph Jeyaraj
c/o KordaMentha
50 Raffles Place
#25-01, Singapore Land Tower
Singapore 048623
ATTITUDE PERFORMING: BDO Advisory Appointed as Liquidators
----------------------------------------------------------
Mr. Leow Quek Shiong, Mr. Gary Loh Weng Fatt and Ms. Seah Roh Lin,
of BDO Advisory on Oct. 1, 2025, were appointed as liquidators of
Attitude Performing Arts Studio Pte Ltd.
The liquidators may be reached at:
Gary Loh Weng Fatt
Leow Quek Shiong
Seah Roh Lin
c/o BDO Advisory
No. 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
AVATION PLC: S&P Places 'B-' Long-Term ICR on CreditWatch Positive
------------------------------------------------------------------
S&P Global Ratings placed its 'B-' long-term issuer credit rating
on Avation PLC on CreditWatch with positive implications.
Also, S&P assigned its preliminary 'B' issue rating to senior
unsecured notes that subsidiary Avation Group (S) Pte. Ltd.
proposes to issue and Avation will guarantee. The issue rating on
existing 2026 notes remains 'CCC+'. S&P expects to withdraw the
'CCC+' rating once the existing notes are refinanced.
S&P aims to resolve the CreditWatch once Avation completes
refinancing of the 2026 notes.
S&P said, "We placed our rating on Avation on CreditWatch with
positive implications to reflect a likely material improvement in
the company's liquidity and lower refinancing risks. This follows
the company's announcement that it intends to raise at least US$300
million through unsecured notes. Proceeds of the notes will be used
to refinance US$298 million in outstanding notes due in October
2026.
"The CreditWatch status also reflects our view of Avation's
improving earnings due to higher fleet utilization and lease rates
amid favorable industry conditions. We believe the company's fleet
size has bottomed out and will grow over the next two years. These
factors are likely to increase its credit strength."
Avation's maturities will be more manageable over the next two
years if the October 2026 notes are successfully refinanced. The
US$298 million in notes due October 2026 make up close to half of
the company's debt capital structure, creating a large maturity
wall.
S&P said, "Assuming successful refinancing with the proposed
issuance, we estimate Avation's annual debt maturities will
comprise a much lower 10%-20% of its total debt through fiscal 2028
(ending June 30, 2028).
"In our view, the looming bond maturity is Avation's key credit
risk. Until it is resolved, it is also an impediment to a higher
issuer credit rating.
"We believe Avation will continue to benefit from favorable
conditions for aircraft leasing. Persistent supply chain
constraints on aircraft manufacturers amid continued high demand
for air travel will support valuations and lease rates for
aircraft. This will increase the company's earnings.
"Rising earnings and lower interest expense will strengthen
Avation's credit ratios. In our base case, we forecast the company
will have a ratio of funds from operations to debt of 7%-8% in
fiscals 2026-2028, up from 6.3% in fiscal 2024. Similarly, we
expect EBIT interest coverage to rise to 1.2x-1.3x, from 0.8x in
fiscal 2024.
"In our base case, we project the company's EBITDA will improve to
US$90 million-US$100 million annually in fiscals 2026-2028, from
US$85 million in fiscal 2024. This is despite our expectations that
maintenance reserve revenue will normalize to US$7 million-US$8
million annually over the same period. Avation's S&P Global Ratings
adjusted EBITDA of US$105 million in fiscal 2025 was its highest in
the past five years, due to a four-fold increase in maintenance
reserve revenue to US$22 million.
"We expect Avation to gradually grow its fleet over the next few
years. We anticipate the fleet will expand to more than 40 aircraft
by the end of fiscal 2028. Our view considers 10 turboprops
scheduled for delivery between the fourth quarter of 2025 and the
second quarter of 2028.
"The company cut its fleet during the pandemic, from a peak of
close to 50 aircraft, to improve liquidity. We believe Avation has
reached an inflection point in its fleet size, with 33 aircraft as
of June 30, 2025."
Avation will remain modest in size, with a higher concentration of
lessees with weaker credit quality compared with those of peers.
For instance, the company's net book value tied to its largest
lessee, Vietjet Aviation JSC, was about 28% as of March 31, 2025,
and the amount tied to its second-largest lessee, Air Baltic Corp.
(B/Negative/--), was about 21%. S&P Global Ratings downgraded Air
Baltic in June 2025 on tightening liquidity.
Avation's lessee concentration leads to a risk that problems with
these airline customers could significantly affect earnings and
remain a key monitoring point.
S&P aims to resolve the CreditWatch once Avation refinances the
existing notes. The refinancing, together with improving earnings,
would likely result in one notch of uplift in the issuer credit
rating to 'B'.
Failure to complete the proposed funding transaction could signal
rising liquidity and refinancing risks. In that scenario, we could
revise the rating downward if the company is unable to arrange
alternative financing sources in a timely manner.
CASA CAMBORNE: Creditors' Proofs of Debt Due on Nov. 14
-------------------------------------------------------
Creditors of Casa Camborne Pte. Ltd. are required to file their
proofs of debt by Nov. 14, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 6, 2025.
The company's liquidators are:
Don M Ho
David Ho Chjuen Meng
Avery Corporate Advisory
9 Raffles Place
#08-04 Republic Plaza
Singapore 048619
EQUATOR CAPITAL: Creditors' Proofs of Debt Due on Nov. 14
---------------------------------------------------------
Creditors of Equator Capital Management Pte. Ltd. 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. 1, 2025.
The company's liquidators are:
Gary Loh Weng Fatt
Leow Quek Shiong
Seah Roh Lin
c/o BDO Advisory Pte Ltd
No. 600 North Bridge Road
#23-01 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
*********
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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.
Copyright 2025. All rights reserved. ISSN: 1520-9482.
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