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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

          Tuesday, October 28, 2025, Vol. 28, No. 215

                           Headlines



A U S T R A L I A

ALPINE RESORTS: Mt Stirling Ski Patrol Captain Raises Concerns
CYPRUS COMMUNITY: Second Creditors' Meeting Set for Nov. 3
FALCON CAPITAL: Netwealth Seeks Bailout for First Guardian Victims
GEORGE & KATIE: First Creditors' Meeting Set for Oct. 31
GFG ALLIANCE: Gupta Urged to Pay Debts or Sell Tahmoor Mine

LMA ELECTRICAL: First Creditors' Meeting Set for Oct. 31
OPERATIONAL SERVICES: First Creditors' Meeting Set for Nov. 3
PROGRESS 2025-2: S&P Assigns BB (sf) Rating to Class E Notes
R&D AWJ: First Creditors' Meeting Set for Oct. 31


C H I N A

XINJIANG FINANCIAL: Fitch Affirms BB+ Long-Term IDR, Outlook Stable


I N D I A

AERODOME EXPERIENCES: Ind-Ra Affirms BB+ Bank Loan Rating
AJAY FOOD: Ind-Ra Affirms BB+ Bank Loan Rating
ALLIANCE DENIM: Ind-Ra Cuts Bank Loan Rating to B-
APOORVA CONSTRUCTION: Ind-Ra Affirms BB Bank Loan Rating
APY MEDI: Ind-Ra Keeps B- Loan Rating in NonCooperating

ARCHIT ORGANOSYS: Ind-Ra Affirms BB+ Bank Loan Rating
ASL ENTERPRISES: Ind-Ra Assigns BB Bank Loan Rating
BYJU'S: RP's Plea to Stay Aakash Educational Rights Issue Nixed
CHANDNA INFRAPROJECTS: CARE Keeps D Ratings in Not Cooperating
COFFEE DAY: CARE Keeps D Debt Rating in Not Cooperating Category

DHIR GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
GINGER INFRASTRUCTURE: CRISIL Keeps D Rating in Not Cooperating
GITA GINNING: Ind-Ra Affirms BB Bank Loan Rating
GOURAV POULTRIES: CARE Keeps C Debt Rating in Not Cooperating
GUJRAL AND SONS: CRISIL Keeps D Debt Rating in Not Cooperating

HELLA INFRA: Ind-Ra Keeps BB+ Loan Rating in NonCooperating
JET FREIGHT: Ind-Ra Affirms BB+ Bank Loan Rating
JINDAL AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
KAYGAON PAPER: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
KVC ENERGIES: CRISIL Keeps D Debt Ratings in Not Cooperating

LIBAS CONSUMER: CARE Keeps D Debt Rating in Not Cooperating
MAHADEV PROFILES: CRISIL Keeps D Debt Ratings in Not Cooperating
N. C. FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category
PROFIVE ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
PT. DEEN: CRISIL Keeps D Debt Ratings in Not Cooperating

RELIABLE CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating
SAMEERA HOTELS: CRISIL Keeps B- Debt Rating in Not Cooperating
SAMRAT VIJAY: CRISIL Keeps D Debt Rating in Not Cooperating
SARAS HOTELS: CRISIL Keeps D Debt Rating in Not Cooperating
SARAWGI BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating

SCIL CAPITAL: CARE Keeps B- Debt Rating in Not Cooperating
SHANTDEEP METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHRIVALLABH PITTIE: CARE Keeps D Debt Rating in Not Cooperating
SNEHA MARKETING: CRISIL Keeps D Debt Ratings in Not Cooperating
SS INNOVATIONS: CEO, APAC Head to Attend UBS, Stifel Conferences

THANGAMMAN FASHIONS: Ind-Ra Assigns BB+ Bank Loan Rating
TRILOK SECURITY: CARE Keeps D Debt Ratings in Not Cooperating
UMA POLYMERS: Ind-Ra Cuts Bank Loan Rating to BB
VIMAL PLATINUM: CARE Lowers Rating INR7.15cr LT Loan to B-
WARM FORGINGS: CARE Keeps D Debt Ratings in Not Cooperating



M A L A Y S I A

KHEE SAN: Gets Qualified Audit Opinion With Going Concern Doubt
KNM GROUP: To Delist After 22 Years to Complete German Unit Sale


N E W   Z E A L A N D

A1 REPAIRS: Creditors' Proofs of Debt Due on Nov. 20
ELECTRIC WORKS: Creditors' Proofs of Debt Due on Nov. 14
GLOBAL MARKETPLACE: GrabOne Owes NZD16MM , Liquidators' Report Show
OCEAN HORSE: Court to Hear Wind-Up Petition on Nov. 6
SIGNATURE PRESS: Court to Hear Wind-Up Petition on Nov. 7

STEVENSON 2023: Creditors' Proofs of Debt Due on Nov. 17


S I N G A P O R E

ALEXANDRITE LAND: Creditors' Proofs of Debt Due on Nov. 17
ARMADA 98/2: Moody's Ups Rating on Senior Secured Term Loan to Ba3
ASCENDAS VENTURE: Creditors' Proofs of Debt Due on Nov. 17
CL JM HOLDING: Creditors' Proofs of Debt Due on Nov. 7
DRS THOMPSON: Creditors' Proofs of Debt Due on Nov. 17

FORTHMOST MANAGEMENT: Creditors' Proofs of Debt Due on Nov. 17
NOONTALK MEDIA: Defends Biz Strategy After Auditor Flags Losses

                           - - - - -


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A U S T R A L I A
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ALPINE RESORTS: Mt Stirling Ski Patrol Captain Raises Concerns
--------------------------------------------------------------
ABC News reports that the captain of the Mount Stirling ski patrol
is sounding the alarm for public safety if the mountain's ski
patrol is scrapped as a cost-saving measure, as the resort's
managing body works to achieve solvency.

Alpine Resorts Victoria (ARV), the entity that manages Victoria's
six alpine resorts, confirmed to the ABC last week that Mount
Stirling resort had been operating under a financial deficit for
several years.

This prompted a review of the resort's operations, with ARV
flagging changes to snow operations, including to winter ski patrol
services.

According to the ABC, volunteer ski patrol captain Craig Kappes
said he feared for the future of the patrol and public safety on
the affordable and accessible snow field.

"We respect that the ARV hasn't made any final decisions at the
moment, but the options that have been raised really present little
to no future for the ski patrol," the ABC quotes Mr. Kappes as
saying. "With the ski patrol in place, we are trained first
responders in remote settings, and we can maintain the welfare of
those casualties until the ambulance service actually arrives."

The ABC relates that ARV said that it was consulting with staff and
volunteers and would consider their feedback.

Mr. Kappes said without the ski patrol, incidents would be referred
to Police Search and Rescue and then Ambulance Victoria.

"We imagine that this would really blow up response times and may
complicate some of the incidents that may and are likely to occur,"
he said.

Mr. Kappes said 90 schools visited the mountain this winter, as
well as Scouts groups.

"The ski patrol has offered a degree of safety that the schools can
build into their risk management plans," he said.

Craig Jones, who ran Mount Stirling resort from 1986 to 2022, said
the mountain and its ski patrol played a role in public education
of the alpine environment, the ABC relays.

He said the ski patrol's services were needed in the same way as
lifesavers patrolled beaches.

"We need an area served by the government to look after students,
look after the people," he said.

The ABC says the Mount Stirling 2030 Vision details nine objectives
guiding Mount Stirling's operations, including infrastructure and
services that support "efficient, safe and positive visitor
experiences".

Ski patrol was listed as one of the resort's essential services,
alongside power, water and waste management.

Mount Stirling is a 3,000-hectare resort with 68 kilometres of
cross-country trails, located 35km south of Mansfield in North
Eastern Victoria.


CYPRUS COMMUNITY: Second Creditors' Meeting Set for Nov. 3
----------------------------------------------------------
A second meeting of creditors in the proceedings of Cyprus
Community of N.S.W. (Holdings) Limited has been set for Nov. 3,
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. 31, 2025 at 4:00 p.m.

Morgan Kelly and David Kennedy of Ernst & Young were appointed as
administrators of the company on Sept. 26, 2025.


FALCON CAPITAL: Netwealth Seeks Bailout for First Guardian Victims
------------------------------------------------------------------
The Australian Financial Review reports that ASX-listed wealth
management firm Netwealth has written to federal Financial Services
Minister Daniel Mulino seeking compensation for almost 1,100
Netwealth customers who invested AUD101 million into the defective
First Guardian scheme via its wealth platform.

Wealth platforms are used by financial planners to facilitate and
administer investments on behalf of their clients in managed funds
and securities.

The Financial Review relates that Diversa, another platform trustee
that hosted First Guardian, said it was preparing a similar
application for over AUD285 million pumped into the scheme through
its systems. Equity Trustees is also considering a request over its
exposure to First Guardian, estimated at AUD70 million.

Mr. Mulino confirmed he had received the request and that he had
sought advice from the Australian Prudential Regulation Authority,
which has responsibility for oversight of the banking, insurance
and superannuation industries.

"I'll continue to work with Treasury, APRA, and with consumers who
have been directly affected to understand the failures that have
occurred and to find the most appropriate path to resolution," the
Financial Review quotes Mr. Mulino as saying. "As there are a
number of legal proceedings currently under way, it isn't
appropriate for me to pre-empt those processes."

Netwealth said it believed that First Guardian and the fund's
responsible entity, Falcon Capital, had engaged in "fraudulent
conduct", and it had complied with all its legal obligations when
it made the scheme available to members, The Financial Review
relays.

"We are continuing to work co-operatively with all relevant
stakeholders, including the government, the regulators and the
liquidators to pursue the best possible financial outcomes for
Netwealth members," it said.

If Mr. Mulino decides help is warranted, it will come out of an
industry-wide levy and consolidated revenue, and he can place
conditions on the money that would require Netwealth and
potentially other trustees, to repay the government according to
the legislation.

Overall, First Guardian siphoned AUD480 million from 6,000 people
before collapsing early this year amid claims of fraud and
regulatory probes.

The Financial Review relates that liquidators for Falcon Capital
have said the scheme probably faked investment returns and said the
Australian Securities and Investments Commission's concerns about
its conduct were well-founded.

According to the Financial Review, the consumer restitution body,
the Compensation Scheme of Last Resort, has previously warned
consumers that its ability to recoup the money from the adviser
industry would be limited as managed investment schemes such as
First Guardian and Shield fell outside its parameters.

"Given the complexity of events surrounding the First Guardian
collapse, the minister's consideration may take some time,"
Netwealth said about its request for federal government assistance.
"It is premature to provide assurances regarding timing or
outcomes. Any financial assistance granted may only partially
compensate members for losses incurred."

The Financial Review adds that Gilbert + Tobin head of
superannuation Luke Barrett said there was no certainty that the
government would rescue the trustees from paying compensation out
of their own pockets.

"This is a nuanced situation where real people have suffered real
losses and the relevant investigations are ongoing over what went
on. People can understand that, people want to see people made
whole, and people are thinking laterally about how to make that
happen," he said.

Mr. Barrett said there was an "obvious analogue" with the collapse
of Trio Capital in 2009. In that instance, 5,400 consumers lost
AUD176 million after two funds controlled by Trio put investor cash
into hedge funds in the British Virgin Islands that subsequently
collapsed. They were compensated by the government under the same
laws from which Netwealth is now seeking assistance.

However, in First Guardian's case, Mr. Barrett said trustees still
needed to show there was a significant enough shortfall in their
assets that they could not pay benefits to members, and that
government compensation was in the public interest, according to
the Financial Review.

"Since [Trio], the industry has changed. We have seen things like
operational risk reserves be established and funds are far larger
than what they were," he said.

The Financial Review adds that Netwealth said that even without
government help, it had "the resources to honour any resulting
legal or monetary obligations". Netwealth had more than AUD148
million in cash on its balance sheet as of June 30.

ASIC reached an agreement with Macquarie to refund AUD321 million
that its customers lost in the similarly failed Shield Master
Fund.

ASIC has also sued Equity Trustees over the Shield failure and is
seeking compensation orders from the court.

                       About First Guardian

First Guardian is a registered managed investment scheme.

As reported in the Troubled Company Reporter Asia Pacific on April
11, 2025, the Federal Court appointed Ross Blakeley and Paul
Harlond of FTI Consulting as liquidators of Falcon Capital Limited
and ordered the Liquidators to wind up Falcon, the First Guardian
Master Fund and related unregistered subsidiary funds.

The Liquidators were appointed following an application by ASIC.
ASIC took this action as it was concerned about Falcon's management
and operation of First Guardian and the associated risks to
investors.

The Federal Court also ordered that Mr. Paul Allen of PKF Melbourne
be appointed as receiver to the property of David Anderson, a
director of Falcon.

This action follows previous action taken by ASIC in February 2025
to freeze the assets of Falcon, First Guardian and Mr. Anderson to
help protect investor funds while ASIC continues its
investigation.

The related unregistered subsidiary funds are:

     * the First Guardian Global Income Fund
     * the First Guardian Australian Development Fund
     * the First Guardian Absolute Equities Fund
     * the First Guardian Trulet Innovation Fund
     * the First Guardian Global Equity Fund.


GEORGE & KATIE: First Creditors' Meeting Set for Oct. 31
--------------------------------------------------------
A first meeting of the creditors in the proceedings of George &
Katie Pty Ltd (trading as George's Bakehouse) will be held on Oct.
31, 2025 at 3:00 p.m. via Zoom.

Nathan Lee Deppeler and Matthew James Jess of Worrells Solvency &
Forensic Accountants were appointed as administrators of the
company on Oct. 21, 2025.


GFG ALLIANCE: Gupta Urged to Pay Debts or Sell Tahmoor Mine
-----------------------------------------------------------
ABC News reports that the billionaire owner of a NSW coal mine is
being urged to either sell up or pay his debts after workers were
informed they would no longer be paid.

According to the ABC, labour hire firm Rstar told workers at the
Tahmoor Colliery on Oct. 24 it would no longer be able to continue
pay them while the mine remained closed.

Earlier this year, mine operator SIMEC, a subsidiary of Indian-born
British billionaire Sanjeev Gupta's GFG Alliance, paused operations
after it failed to pay its suppliers.

The approximately 250 Rstar contractors make up half of the mine's
workforce.

The ABC relates that Mining and Energy Union (MEU) South Western
District President Bob Timbs said the company had a clear choice -
to pay its bills and get the mine running, or sell it.

"SIMEC need to pay RStar so they can pay their people," the ABC
quotes Mr. Timbs as saying. "Either get the mine running again or
get out of the way."

He added that the workforce had been strung along for months while
the owners refused to make decisions about Tahmoor's future.

"Workers have done their part," Mr. Timbs said.

"They deserve better than silence and excuses from a billionaire
who's lost interest."

The ABC says independent Wollondilly MP Judy Hannan echoed those
concerns, saying the situation was "sad" and the workers had been
let down by a lack of transparency from the mine's owners.

She said the situation was devastating for RStar employees, and
uncertainty remained around the future of the approximately 150
people directly employed by the mine.

"One person would be too many," the ABC quotes Ms. Hannan as
saying.  "We want everyone back at work. It affects the whole
community and the mental health of many families in the area."

According to the ABC, the stand-down comes after months of
uncertainty at the underground mine, which supplies metallurgical
coal to GFG Alliance's Whyalla Steelworks.

Financial difficulties have persisted since the mine was forced to
close nine months ago, leaving contractors and employees in limbo.

Ms. Hannan said that while some workers had already found part-time
roles elsewhere due to the prolonged uncertainty, many were still
waiting for clarity on their employment.

She agreed with the union that the owner needed to restart
operations or sell it to someone who could manage it effectively.

"The community deserves stable jobs, and this mine is a quality
asset that shouldn't be left in limbo," she said.

The union has called for urgent meetings with both SIMEC and the
NSW government to ensure action is taken if the owners continue to
stall.

The ABC adds that Mr. Timbs said the government may need to
intervene to protect local jobs, the community, and taxpayer
interests.

"Tahmoor has reserves of high-demand steelmaking coal waiting to be
mined. It's time for SIMEC to stop wasting everyone's time and do
the right thing," he said.

For now, workers remain stood down without pay, and the future of
the mine hangs in the balance, with both the union and local
representatives pressing for immediate resolution.

In a statement to the ABC, GFG Alliance said it is working to
finalise conditions to meet the next stages of funding that will
facilitate the restart of Tahmoor Colliery.

It said following the receipt of AUD25 million in bridging finance
from a global credit fund earlier this month to sustain operations,
GFG Alliance had started making payments to a number of creditors
including labour and equipment partners, the ABC relays.

It said "unfortunately, due to a delay in the next draw down of
these funds, a scheduled payment to our labour and equipment
partner has been delayed".

It said it expected all matters to be resolved rapidly.

The NSW government have been contacted for comment, the ABC notes.

                         About GFG Alliance

GFG Alliance is a global group of businesses in industries
including steel, aluminium, and energy.

GFG Alliance has had significant operations in Australia, including
the Whyalla Steelworks in South Australia run by OneSteel
Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and
Liberty Bell Bay in Tasmania.

On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams,
Michael Korda and Lara Wiggins were appointed voluntary
administrators of OneSteel Manufacturing.

The appointment was made by the South Australian Government. The
state government took the decision to place OneSteel in
administration, after losing confidence in the financial capability
of GFG Alliance to pay its bills as and when they fall due, and in
GFG's ability to secure funding needed for the ongoing operation of
the steelworks, according to Department for Energy and Mining.


LMA ELECTRICAL: First Creditors' Meeting Set for Oct. 31
--------------------------------------------------------
A first meeting of the creditors in the proceedings of LMA
Electrical Contractors Pty Ltd will be held on Oct. 31, 2025 at
11:00 a.m. via Microsoft Teams.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Aug. 25, 2025.


OPERATIONAL SERVICES: First Creditors' Meeting Set for Nov. 3
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Operational
Services Australia Pty Ltd (formerly known as VPAM Group Services
Pty Ltd) will be held on Nov. 3, 2025 at 11:00 a.m. via
teleconference.

Richard Albarran and Juan Ignacio Otaegui-Campos (Ignatius Campos)
of Hall Chadwick were appointed as administrators of the company on
Oct. 22, 2025.



PROGRESS 2025-2: S&P Assigns BB (sf) Rating to Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Progress 2025-2 Trust. Progress
2025-2 Trust is a securitization of prime residential mortgages
originated by AMP Bank Ltd.

S&P said, "The ratings reflect our view of the credit risk of the
underlying collateral portfolio and the credit support provided to
each class of rated notes are commensurate with the ratings
assigned. Credit support is provided by subordination, lenders'
mortgage insurance (LMI), and excess spread, if any. Our assessment
of credit risk considers AMP Bank's underwriting standards and
approval process, which are consistent with industrywide practices,
the servicing quality of AMP Bank, and the support provided by the
LMI policies on 13.0% of the portfolio.

"We believe the rated notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses." Key
rating factors are the level of subordination provided, the LMI
cover, the mechanism for trapping excess spread into an excess
reserve, the provision of a liquidity reserve, and the provision of
an income reserve--funded by AMP Bank at closing to cover
extraordinary expenses--sized at a level consistent with the
ratings. All rating stresses are made on the basis that the trust
does not call the notes at or beyond the first call-option date,
and that all rated notes must be fully redeemed via the principal
waterfall mechanism under the transaction documents.

S&P said, "Our ratings also consider the counterparty exposure to
Australia and New Zealand Banking Group Ltd. and MUFG Bank Ltd. as
bank account providers. The transaction documents include downgrade
remedies consistent with our counterparty criteria. The legal
structure of the trust is established as a special-purpose entity
and meets our criteria for insolvency remoteness."

  Ratings Assigned

  Progress 2025-2 Trust

  Class A, A$920.00 million: AAA (sf)
  Class AB, A$40.00 million: AAA (sf)
  Class B, A$17.10 million: AA (sf)
  Class C, A$11.50 million: A (sf)
  Class D, A$4.30 million: BBB (sf)
  Class E, A$3.70 million: BB (sf)
  Class F, A$3.40 million: Not rated

R&D AWJ: First Creditors' Meeting Set for Oct. 31
-------------------------------------------------
A first meeting of the creditors in the proceedings of R&D AWJ Pty
Ltd will be held on Oct. 31, 2025 at 11:00 a.m. via
teleconference.

John Maxwell Morgan of BCR Advisory was appointed as administrator
of the company on Oct. 22, 2025.




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C H I N A
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XINJIANG FINANCIAL: Fitch Affirms BB+ Long-Term IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Xinjiang Financial Investment (Group)
Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) at 'BB+'. The Outlook is Stable.

The affirmation reflects Xinjiang Financial's continued role as a
key investment holding company that invests in and manages
financial and industrial assets for the Xinjiang government. The
ratings are derived from its assessment of the government's
responsibility and incentive to provide support to Xinjiang
Financial under its Government-Related Entities (GRE) Rating
Criteria and take into consideration the company's 'b' Standalone
Credit Profile (SCP) as assessed under its Public Policy,
Revenue-Supported Entities Rating Criteria.

KEY RATING DRIVERS

Support Score Assessment

Fitch believes extraordinary support from the Xinjiang government
to Xinjiang Financial would be likely if needed, as reflected in a
support score of 20 out of a maximum 60 under its GRE criteria.
This is based on its assessment of the government's responsibility
and incentive to provide support.

Responsibility to Support

Decision Making and Oversight
Xinjiang Financial is fully government owned; the Xinjiang
State-owned Assets Supervision and Administration Commission held
97.09% as at end-June 2025 and the Xinjiang Finance Bureau owned
the remainder. The government has strong influence over the
entity's key operations, including the appointment of senior
management and approval of M&A, disposals, annual budgets and
funding plans. However, the company retains some flexibility in
making market-oriented investments under a broad mandate and lacks
significant, highly strategic projects.

Precedents of Support

The Xinjiang government provides meaningful support to strengthen
the company's financial capability and facilitate its policy role.
Xinjiang Financial is tasked with policy-intensive
responsibilities, such as managing state-owned financial assets and
promoting local industrial development. The government supports
these efforts via cash and state-owned enterprise asset injections.
Cash injections totalled CNY3.2 billion in 2024 and were used to
invest in regional banks and government-led industry funds.

Incentives to Support

Preservation of Government Policy Role
Xinjiang Financial is mandated to develop local financial resources
and industries and holds shares in local banks and investment funds
on behalf of the government. The government intends that Xinjiang
Financial cultivates these companies, optimises the industry
structure and drives sustained economic growth. The company also
consolidates local financial resources, including Xinjiang's only
regional asset-management company, and is tasked with restructuring
Xinjiang's rural credit unions.

However, its diversified portfolio companies operate in
market-oriented and competitive sectors, such as pharmaceutical,
real estate and local asset management. These sectors lack
significant strategic value to the local government and economy.
Hence, the company's default may have a limited impact on the
provision of key public services and would not lead to a material
loss of fiscal revenue for the government, limiting a higher
assessment.

Contagion Risk

Xinjiang Financial is a high-profile GRE with diversified funding
channels. It is also an active issuer in the onshore and offshore
bond markets. Bonds accounted for around 76% of total debt at the
parent level as at end-2024. Fitch believes a default by Xinjiang
Financial would most likely impair the credibility of the Xinjiang
government and disrupt access to or the cost of financing for the
region's remaining GREs.

Standalone Credit Profile

The 'b' SCP reflects a 'Low Midrange' risk profile and 'b'
financial profile. Fitch positions the SCP at the middle of the 'b'
category, as Xinjiang Financial's leverage metrics are consistent
with 'b' SCP peers. Strong liquidity is an important mitigant
against the high leverage.

Risk Profile:

Its risk profile assessment reflects 'Weaker' revenue risk,
'Midrange' expenditure risk and 'Midrange' liabilities and
liquidity risk.

Revenue Risk:

Its revenue risk assessment is based on 'Weaker' demand
characteristics and 'Midrange' pricing. Xinjiang Financial
primarily generates investment income from its portfolio of
financial and industrial companies. Geographical concentration in
Xinjiang and the moderate quality of the portfolio companies, which
operate in competitive sectors without significant competitive
advantages, weakens demand and weighs on revenue risk.

Expenditure Risk:

Its expenditure risk assessment is based on 'Midrange' operating
and supply cost risks. Xinjiang Financial has an experienced
management team. Its investment plans aim to align with the
government's economic development goals, with a mixed record of
successful exists and a moderate level of impairments.

Liabilities and Liquidity Risk:

Its assessment is based on 'Midrange' debt and liquidity
characteristics. Parent level debt stood at CNY10.3 billion as of
end-2024, with 58% maturing withing one year. The short maturities
are mitigated by the company's bond market access, diversified
funding channels for debt service and good relationships with
national and local banks. Its assessment also reflects that
Xinjiang Financial operates in China's evolving financial market.

Financial Profile

Fitch assesses the financial profile at 'b'. Net adjusted
debt/EBITDA was 44x at end-2024 and Fitch expects it to reach 45x
by end-2029. This takes into consideration stable cash-based
investment income and capex.

Secondary metrics indicate a 'b' debt-service coverage ratio, 'b'
gross interest coverage ratio and 'bb' liquidity coverage ratio.
Fitch uses these additional metrics to identify any material
weaknesses in the company's financial profile that may not be
reflected in the leverage ratio.

Other Rating Factors

Fitch assesses asymmetric risk attributes as 'Neutral', due to
sufficient management and governance, neutral accounting policies,
reporting and transparency and neutral country risk and legal
regime.

Peer Analysis

Xinjiang Financial and Guangxi Financial Investment Group Co., Ltd.
(GXFI, BBB-/Stable) are close provincial-level financial holding
companies. GXFI holds more diversified, strategically important
financial assets, resulting in a higher support score. Xinjiang
Financial's financial assets are more limited and include
competitive industries, leading to a lower support score. Both
entities have 'Low Midrange' risk profiles and 'b' financial
profiles, reflecting weaker asset quality, limited cash flow
generation and leverage ratios of above 20x.

Issuer Profile

Xinjiang Financial is a key investment holding company in Xinjiang.
The company integrates and enhances local financial and industrial
resources to support regional development, investing in strategic
sectors through equity and fund investments.

Key Assumptions

Its rating case is a through-the-cycle scenario that incorporates a
combination of revenue, cost and financial risk stresses. It is
based on 2020-2024 historical figures and its 2025-2029 scenario
assumptions, with stress on management guidance. This includes:

- parent-level cash EBITDA is projected to remain stable at
approximately CNY200 million annually over 2025-2029, underpinned
by dividend income from the investment portfolio, with average
dividends of about CNY250 million a year. Fitch expects steady
operating costs;

- capital expenditure in 2025 to increase significantly, reflecting
planned capital injections into banks. Net capex to decline to
CNY1,000 million-500 million annually during 2026-2029 (2024:
CNY1,673 million), funded through equity injections and new debt,
based on company guidance. New capex to be mainly allocated to
capital increases in subsidiaries to support business growth and
strengthen local banks under the government mandate;

- no disposal of major investments.

Summary of Financial Adjustments

No financial adjustments.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- A lowering of Fitch's credit view of the Xinjiang government's
ability to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations.

- A deterioration in Fitch's perception of the Xinjiang
government's responsibility or incentive to provide support that
lowers the support score assessment to below 20 points.

- A deterioration in the company's SCP to 'b-'.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- An improvement in Fitch's credit view of the Xinjiang
government's ability to provide subsidies, grants or other
legitimate resources allowed under China's policies and
regulations.

- An improvement in Fitch's perception of the Xinjiang government's
responsibility or incentive to provide support that raises the
support score assessment to 30 points or above.

- A multi-notch improvement in the company's SCP, although this
appears unlikely in the short-term.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
Xinjiang Financial
Investment (Group)
Co., Ltd.             LT IDR    BB+  Affirmed   BB+
                      LC LT IDR BB+  Affirmed   BB+



=========
I N D I A
=========

AERODOME EXPERIENCES: Ind-Ra Affirms BB+ Bank Loan Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aerodome
Experiences Private Limited's (AEPL) bank loan facilities as
follows:

-- INR720 mil. Bank loan facilities affirmed with IND BB+/Stable/

     IND A4+ rating.

Detailed Rationale of the Rating Action

The rating reflects the early-stage nature of the project with less
than 6% of the estimated project cost incurred at end-March 2025,
exposing the company to funding risk in case of cost overruns due
to delays in obtaining approvals or project completion. Ind-Ra
factors in the inherent execution risk associated with early-stage
projects; any delay in project construction timelines could result
in delayed project launch and an increased reliance on promoter
infusion. The rating reflects the delays in the past due to
technical challenges faced by the company in securing critical
approval from the Airports Authority of India (AAI) which resulted
in a revision in the date of commencement of commercial operation
(DCCO) to February 2027 from the original DCCO of February 2026.

However, the company has achieved financial closure with the
sanctioned term loan and committed capital from promoters covering
the estimated construction cost of the project. The rating
continues to factor in the financial support available to AEPL from
its parents, Phase 1 Events & Entertainment Pvt Ltd (Phase 1) and
Embassy Property Development Pvt Ltd (Embassy), with INR180.2
million infused at end-March 2025.

Detailed Description of Key Rating Drivers

Nascent Stage of Project, Leading to Elevated Execution Risk:
AEPL's project faces execution risk, given the asset is at the land
stage and is likely to commence construction in 2QFY26 as against
its earlier plan of 2QFY25, due to delayed receipt of key approvals
from AAI. AEPL is developing the project with a total leasable area
of around 0.27 million square feet (msf). The management expects
the project construction to be completed by 4QFY27 (earlier
4QFY26). Any such instances of delays in project construction or
approvals, leading to delays in the operations and leasing of the
project, which can affect its cash flows. Hence, the timely
completion and leasing of area will be a key rating monitorable.

Project Concentration Risk: The company is a one-project special
purpose vehicle (SPV) and hence is heavily dependent on the cash
flows from that project. However, the agency expects the cash flows
from the project to be sufficient to cover the debt obligations.

Exposure to Cyclicality in Real Estate Sector: The real estate
sector in India is cyclical and volatile, resulting in high
fluctuations in cash inflows because of volatility in realization.
Rental collections (key source of revenue) are susceptible to
economic downturns, which constrain occupancy and rental rates.
Ind-Ra believes the extensive experience of the Phase 1 group as an
event management company and Grade A's quality asset may help
reduce the impact of the cyclicality in the real estate sector.

Unique Design and Favorable Project Location: AEPL is building a
concert, experience and entertainment arena at Kempegowda
International Airport, Bengaluru. The concert arena will feature a
fully customizable, non-rigid dome structure and will be suitable
for large concerts, festivals, meetings, incentives, conferences
and exhibitions events (such as seminars, award shows, family days,
among others), expos, sporting and social events. The dome will be
made of polyvinyl chloride which will be used for advertising and
branding of the concert arena. The project is located within the
vicinity of Bengaluru International Airport near Devanahalli
village. The location has also witnessed a strong real estate
demand over FY15-FY25 due to its proximity to the airport and
improving transportation connectivity. There have also been
developments around the airport towards the construction of new
hotels. This will facilitate easy access to the arena to artists
and outstation clients.

Financial Closure Achieved; Favorable Sanction Terms: AEPL has
achieved financial closure for the project with a debt sanction of
INR720 million in April 2024 and a total committed equity of
INR373.8 million. Ind-Ra believes these funds are adequate to meet
the estimated project cost. Since the project is in the nascent
stage, Ind-Ra believes any delay or cost overrun could impact the
project cash flows. However, AEPL has finalized the contracts with
key vendors for the dome structure and civil construction which
covers a majority of the construction cost and helps mitigate the
risk of cost overruns. Additionally, the sanctioned term loan has a
2.5-year principal repayment moratorium post which the repayment
will be in a ballooning structure over 38 quarterly installments,
which will give the company sufficient time to establish its
position in the market and achieve the desired rental and occupancy
levels to service its debt obligations.

Cash Flow Waterfall Ensures Debt Servicing: The revenue from the
concert hall will directly flow through to the project's escrow
account held with the lender. The cashflow waterfall mechanism
mandates the application of the balance in escrow account towards
the debt service. This mechanism ring-fences the cash flows within
the issuer till the debt is paid off. The sanction further
restricts distribution of dividend only after the service of the
debt for that year. The management has confirmed that the project's
cashflows will be utilized in a waterfall mechanism wherein only
payments towards project related costs will be made and the
promoters will not be allowed to withdraw any surplus cash flows
till the completion of the project and the repayment of debt in
full.

Parent Profile; Financial Support: Phase 1 specializes in creating
and marketing large-scale events globally and in India having an
experience of over 24 years in this industry. Phase 1 has hosted
concerts, festivals, government events, television and sports
events, youth events, lifestyle events, branch and product launches
across the country. Embassy was founded in 1993 and developed about
54 msf of real estate projects comprising residential, commercial,
retail, hospitality, educational and industrial warehouse spaces
across National Capital Region, Bengaluru, Chennai, Pune, Mumbai,
Noida and Thiruvananthapuram and Serbia and Malaysia in the
international market.  The promoters had infused INR180.2 million
at end-March 2025 (FY24: INR121.7 million; FY23: INR49.3 million).
The promoters have committed to an additional equity infusion of
INR193.6 million which will be brought in as and when required. The
management has stated that it will provide additional financial
support, if required, in case of project cost overruns.

Liquidity

Stretched: AEPL had cash and cash equivalents of INR7.7 million at
end-March 2025. The financial closure has already been achieved,
including the interest during construction backed by the support
extended by the promoter groups. The interest cost is funded as
part of the project cost, thereby providing comfort during the
construction phase. The company has a debt sanction of INR700
million for the construction of the concert arena for a tenor of
11.5 years with a moratorium of 2.5 years for principal repayments.
The disbursement is likely to start in October 2025. In addition to
this, the company has availed a bank guarantee of INR20 million for
the issuance of approvals related to the project. However,
considering the project is at the land stage and less than 6% of
the estimated project cost has been incurred, the company faces
funding risk in case of any delays in the approvals or project
completion leading to cost overruns.

Rating Sensitivities

Negative: Delays in fund infusion and/or commercialization of the
project due to substantial time or cost overrun could lead to a
negative rating action.

Positive: Timely fund infusion and/or a visibility of
commercialization of the project without substantial time or cost
overrun could lead to a positive rating action.

About the Company

AEPL, a joint venture between Embassy Group and Phase 1 group, is
incorporated for the purpose of constructing, operating and
maintaining a concert, experience and entertainment arena at
Kempegowda International Airport (KIA), Bengaluru. The Concert
Arena is being constructed over a 6.3-acre land in Devanahalli,
Bengaluru. The project is currently at land stage and is expected
to commence construction by 2QFY26.

AJAY FOOD: Ind-Ra Affirms BB+ Bank Loan Rating
----------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ajay food Products
(Katni) Private Limited's (AFPKPL) bank loan facilities' rating as
follows:

-- INR550 mil. Bank loan facilities affirmed with IND BB+/
     Positive/IND A4+ rating.

Detailed Rationale of the Rating Action

The affirmation reflects AFPKPL's  modest EBITDA margins in FY25.
The Positive Outlook reflects Ind-Ra's expectation of an
improvement in the credit metrics and liquidity profile over the
medium term due to a decrease in the long-term debt and the absence
of any major debt-led capex plans.  However, the ratings are
supported by the continued medium scale of operations and
promoter's experience of nearly four decades in the food industry.
Ind-Ra expects the scale of operations to remain at a similar level
in FY26. The figures for FY25 are provisional in nature.

Detailed Description of Key Rating Drivers

EBITDA Margin Remains Modest: AFPKPL's EBITDA margin declined
slightly to a modest 2.83% in FY25 (FY24: 3.01%) because of
volatility in raw material costs. The ROCE was 8.9% in FY25 (FY24:
8.8%). Ind-Ra expects the EBITDA margin to remain at similar levels
in FY26, considering the likely stability in business.

Continued Medium Scale of Operations; Growth in Revenue: AFPKPL's
revenue grew to INR5,380.04 million in FY25  (FY24: INR5,116.55
million), driven by  higher capacity utilization of 77.14%
(76.47%), led by an increased demand for food products such as
pulses, gram flour and flour. During FY25, the food segment
contributed 92% (92%) to the total revenue, the woven sack segment
contributed 5% (5%) and the hotel division contributed 2% (2%). In
4MFY26, AFPKPLL achieved a revenue of INR1,759.98 million (food
segment: INR1,612.13 million; woven sack unit: INR107.2 million;
hotel segment: INR40.65 million), with an EBITDA of INR50.95
million. The management expects to achieve a top-line of INR5,700
million in FY26. Ind-Ra expects the revenue to improve marginally
on a yoy basis in FY26, backed by  sustained demand in the food
segment and  further improvement in the revenue of the hotel
segment.  

Improved Credit Metrics: AFPKPL's credit metrics remained moderate
and witnessed an improvement during FY25, with an interest coverage
ratio (operating EBITDA/gross interest expenses) of 2.92x in FY25
(FY24: 2.70x) and a net leverage ratio (adjusted net debt/operating
EBITDAR) of 3.13x (3.38x). In FY25, despite a fall in the absolute
EBITDA to INR152.23 million (FY24: INR153.96 million), the credit
metrics improved due to a decline in the total debt to INR486.94
million (INR530.16 million).  Ind-Ra expects the credit metrics to
improve in FY26 as well, supported by scheduled debt repayments and
the absence of any debt-led capex.  

Long Operational Track Record; Experienced Management: AFPKPL has a
long operational track record of nearly four decades in the food
industry. Also, the company's promoters  have an experience of
nearly four decades in the food and hotel industry, which has
helped it establish strong relationships with customers as well as
suppliers.

Liquidity

Stretched: The company has  repayment obligations of INR67.10
million and INR51.80 million in FY26 and FY27, respectively. The
average maximum utilization of the fund-based working capital
limits was 70% for the 12 months ended July 2025. Furthermore,
AFPKPL does not have any capital market exposure and relies on
banks and financial institutions to meet its funding requirements.
The cash flow from operations declined to INR77.70 million in FY25
(FY24: INR102.26 million) due to unfavorable working capital
changes of INR13.05 million (INR54.60 million). The free cash flow
also declined to INR29.76 million in FY25 (FY24: INR71.65 million).
The net working capital cycle remained at 23 days in FY25 (FY24: 23
days). The cash and cash equivalents stood at INR10.02 million at
FY25 (FY24: INR9.22 million).

Rating Sensitivities

Negative: Substantial deterioration in the liquidity or the scale
of operations, leading to a weakening of the overall credit
metrics, with adjusted net leverage rising above 3.5x, all on a
sustained basis, could lead to the revision of Outlook back to
Stable.

Positive: An improvement in the liquidity and the scale of
operations, leading to an improvement in the overall credit metrics
with the adjusted net leverage remaining below 3.5x, all on a
sustained basis, could lead to a positive rating action.

About the Company

AFPKPL was founded in 1990 as a sole proprietorship and was
converted into a private limited company in 2000. It has a pulses
mill, besan mill, flour mill with a capacity of 40,000MTPA,
25,500MTPA and 40,500MTPA, respectively. AFPKPL  also manufactures
woven sacks business, with a capacity of 1,680MTPA. Furthermore,
AFPKPL  has a hotel named The Arindum in Katni, having an capacity
of 114 rooms.

ALLIANCE DENIM: Ind-Ra Cuts Bank Loan Rating to B-
--------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Alliance Denim
Private Limited rating to IND B-/Negative (ISSUER NOT COOPERATING).
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating.

The detailed rating action is:

-- INR375 mil. Bank Loan Facilities LT Downgraded; ST Maintained
     in non-cooperating category with 'IND B-/ Negative (ISSUER
     NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)' rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy, Guidelines on
What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative issuers may get downgraded during subsequent
reviews, if the issuer continues to remain non-cooperative. With
passage of time and absence of updated information, the risk of
sustaining the rating at current levels by relying on dated
information increases, which may be reflected through a downgrade
rating action. The Negative Outlook reflects heightened risk of
default.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Alliance Denim Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Alliance Denim Private Limited over emails, apart
from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Alliance Denim Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Alliance Denim Private
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Established in May 2022, ADPL is setting up a denim fabric
manufacturing facility with 48 air jet looms in Ahmedabad, Gujarat.
Promoted by Mahesh Mittal and family, the company is also engaged
in the trading of denim fabric. ADPL expects to start its
manufacturing  operations from December 2023. At present, the
fabric is manufactured through job work from third parties. Post
the commencement of operations at its unit in Ahmedabad, ADPL will
have the capacity to manufacture about 40 lakhs meters of denim
fabric per year.

APOORVA CONSTRUCTION: Ind-Ra Affirms BB Bank Loan Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Apoorva
Construction Co's (ACC) bank loan facilities as follows:

-- INR500 mil. Bank loan facilities affirmed with IND BB/ Stable/

     IND A4+ rating.

Detailed Rationale of the Rating Action

The affirmation reflects ACC's small scale of operations, stretched
liquidity, and moderate credit metrics in FY25. In FY26, Ind-Ra
expects the revenue to increase, supported by orders in hand and
the credit metrics to improve given the absence of any debt-funded
capex. However, the rating is supported by ACC's healthy EBITDA
margins and experienced promoters. The agency expects the margins
to remain range-bound in FY26.

Detailed Description of Key Rating Drivers

Small Scale of Operations, despite Increase in Revenue:  ACC's
scale of operations remained small with its revenue increasing to
INR1,072.23 million in FY25 (FY24: INR776.56 million), supported by
the timely execution of orders. As on July 2025, ACC had an order
book of INR919.48 million, which is scheduled to be executed in
FY26. Ind-Ra expects the revenue to further increase in FY26, led
by the orders in hand. The company's FY25 numbers are provisional
in nature.

Moderate Credit Metrics:  ACC's credit metrics remained moderate
with the gross interest coverage (operating EBITDA/gross interest
expenses) improving to 3.12x in FY25 (FY24: 1.81x) and the net
leverage (total adjusted net debt/operating EBITDAR) reducing to
2.02x (3.23x), due to an increase in EBITDA to INR82.23 million
(INR57.59 million) and a corresponding decrease in interest
expenses. Ind-Ra expects the credit metrics to further improve over
FY26, due to the absence of any debt-funded capex plans.

Healthy EBITDA Margins: ACC EBITDA margins stood healthy and
increased to 7.67% in FY25 (FY23: 7.42%), supported by a decrease
in overall expenses. The return on capital employed increased to
18.1% in FY25 (FY24:12.5%). Ind-Ra expects the EBITDA margins to
remain range bound in the medium term, due to similar nature of
work orders.

Experienced Promoters: The ratings are also supported by the
promoters' experience of 13 years in the civil construction
business, leading to established relationships with suppliers and
customers.

Liquidity

Stretched: ACC does not have any capital market exposure and relies
on banks and financial institutions for funding. ACC's average
maximum utilization of the fund-based working capital limits was
around 73.27% and that of the non-fund based working capital limits
was 76.19% over the 12 months ended July 2025. In FY25, the cash
flow from operations dropped to INR9.08 million (FY24:  INR133.93
million), mainly on account of increased working capital
requirements, while the free cash flow turned negative INR1.75
million (INR119.10 million). The cash and cash equivalents stood at
INR25.98 million in FY25 (FY24: INR131.69 million). The networking
cycle of the company stood negative 50 days in FY25 (FY24: negative
12 days), primarily on account of an increase in creditors days to
81 days (72 days). Its inventory days reduced to 29 days in FY25
(FY24: 47 days). ACC has debt obligations of INR10 million each in
FY26 and FY27.

Rating Sensitivities

Negative: The inability of the company to create and sustain a
sizeable order book along with delays in the execution of orders
and deterioration in the credit metrics, with the interest coverage
falling below 2x, on a sustained basis, and weakening of the
liquidity position will be negative for the rating.

Positive: An increase in the scale of operations along with revenue
visibility stemming from an enhanced order book while maintaining
the liquidity position and the credit metrics will be positive for
the rating.

About the Company

Incorporated in 2010, Karnataka-based ACC is a partnership firm
engaged in the construction of buildings for various government
departments such as the Karnataka Residential Educational
Institution Society, Karnataka State Police Housing, Karnataka
State Road Transport Corporation, Karnataka Public Works Department
and Infrastructure Development Corporation Ltd. B Palakshiah and S
G Shashikala are the promoters of the firm.

APY MEDI: Ind-Ra Keeps B- Loan Rating in NonCooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Apy Medi
Services Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND B-/ Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR280 mil. Bank Loan Facilities maintained in non-cooperating

     category with IND B-/Negative (ISSUER NOT COOPERATING)/IND A4

     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation. The Negative Outlook reflects heightened risk of
default.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Apy Medi Services Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Apy Medi Services Private Limited over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Apy Medi Services Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Apy Medi Services Private
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

AMSPL was incorporated under the provisions of the Companies Act,
1956, with the Registrar of Companies, Delhi, on May 3, 2013. The
company plans to set up multi super specialty hospitals in tier II
cities in India in two phases. Under phase I, the company is
setting up a hospital in Greater Noida, which would commence
operations with 173 beds out of the total planned capacity of 300
beds.

ARCHIT ORGANOSYS: Ind-Ra Affirms BB+ Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Archit Organosys Limited's (AOL) bank loan facilities to Negative
from Stable while affirming the rating on them at 'IND BB+' as
follows:

-- INR342.02 mil. (reduced from INR383.49 mil.) Bank loan
     facilities affirmed; Outlook revised to Negative with IND
     BB+/Negative/IND A4+ rating.

Detailed Rationale of the Rating Action

The Outlook revision to Negative reflects AOL's poor liquidity
position on account of providing tangible support to a group
company, which is likely to continue in the near term.

The affirmation reflects the company's continued small scale of
operations, volatility in raw material prices and weak EBITDA
margins. The ratings also reflect the likelihood of the company's
liquidity remaining poor in the near term. The ratings are
supported by AOL's comfortable credit metrics, which is likely to
continue in the near term, and significant experience of its
promoters.

Detailed Description of Key Rating Drivers

Poor Liquidity; Loans and Advances to Group Entity: The average
maximum utilization of the fund-based limits was 99.48% for the 12
months ended August 2025. AOL has given an inter-corporate deposit
of INR212.5 million to Archit Life Science Limited (ALSL). This is
a new group company which commenced operations from 15 August 2025.
Ind-Ra expects further ongoing tangible support to the group entity
to result in continued poor liquidity for AOL in the near term. As
per management, the loans are provided to manage working capital
requirements. Any further debt extended will remain a key
monitorable. The cash flow from operations improved to INR188.38
million in FY25 (FY24: INR87.39 million), owing to favorable
changes in other current assets. The free cash flow also improved
to INR183.39 million in FY25 (FY24: INR61.43 million) on account of
minimal capex undertaken. AOL's cash and cash equivalents stood at
INR4.03 million at FYE25 (FYE24: INR42.2 million). The net working
capital cycle improved to 15 days in FY25 (FY24: 41 days), because
of an increase in the creditor period to 72 days (46 days) and
debtor period to 67 days (72 days). The company has repayment
obligations of INR34.38 million in FY26 and INR30.2 million in
FY27.

Modest EBITDA Margins: The rating factors in AOL's modest EBITDA
margins of 10.32% in FY25 (FY24: 5.96%) with a return on capital
employed of 7.5% (1.2%). In FY25, the EBITDA margins improved due
to a decline in prices of key raw material (acetic acid). In the
medium term, Ind-Ra and management expect the EBITDA margins to
remain at similar levels due to the nature of operations.

Raw Material Price Volatility: Raw materials are a major component
of the cost structure, accounting for around 64.12% of the overall
revenue in FY25 (FY24: 69.13%). The operating margins are exposed
to price fluctuations in raw materials; acetic acid is derived from
crude oil and ethyl alcohol is derived from sugarcane molasses. As
a commodity, the end-product ethyl acetate is also susceptible to
price volatility driven by global supply-demand dynamics. However,
the company's exports provide a natural hedge.

Improvement in Revenue in FY25; Likely to Sustain in Near Term: The
ratings reflect AOL's medium scale of operations, as indicated by
revenue of INR1,255 million in FY25 (FY24: INR1,131.91 million) and
EBITDA of INR129.67 million in (INR67.46 million). In FY25, the
revenue improved owing to an increase in the sales volumes across
trichloro acetyl chloride, mono chloroacetate, sodium mono choro
acetate, and chloroacetyl chloride. The sale of mono chloroacetate
contributed 28.43% to the revenue, sodium mono choro acetate
24.44%, chloroacetyl chloride 32.37% and trichloro acetyl chloride
14.77%. In 1QFY26, AOL booked revenue of INR331.956 million. Ind-Ra
expects the revenue to improve significantly in the medium term on
account of a stable demand for its end-products.

Comfortable Credit Metrics: The interest coverage (operating
EBITDA/gross interest expenses) improved to 5.03x in FY25 (FY24:
2.62x) and net leverage (total adjusted net debt/operating EBITDAR)
to 2.10x (3.18x), due to the increase in the EBITDA coupled with no
additional term debt availed. Ind-Ra expects the credit metrics to
improve in the medium term due to the absence of planned debt-led
capex and scheduled debt repayment obligations.

Renowned Clientele and Experienced Promoters: AOL's promoters have
over three decades of experience in the chemical manufacturing
industry, which has enabled the company to establish strong
relationships with customers and suppliers. The company has a
renowned clientele profile which includes Bhimani Chemicals Private
Limited, UPL Limited, R3 Crop Care Pvt Ltd, and an equally strong
supplier profile includes Bodal Chemicals Limited ('IND
BBB+'/Stable), IOL Chemicals and Pharmaceuticals Limited, and
Haresh Petrochem Pvt Ltd.

Rating Sensitivities

Negative: Any further stress in the liquidity position and/or a
substantial decline in the scale of operations, resulting in the
net leverage exceeding 3.0x, on a sustained basis, could lead to a
negative rating action.

Positive: A substantial improvement in the liquidity position while
maintaining the scale of operations and credit metrics, leading to
the net leverage remaining below 3.0x, on a sustained basis, would
lead to a revision in the Outlook back to Stable.

About the Company

Incorporated in 1989, AOL, erstwhile Shri Chlochem Ltd, is a
BSE-listed company situated in Ahmedabad, Gujarat. The company
manufactures and trades organic chemicals, pigments, adhesives and
sealants and specialty derivatives such as monochloroacetic acid,
sodium chloroacetate that are used in the synthesis of various
agricultural chemicals, cosmetic surfactants, oil drilling
chemicals, and plastic additives, among others. The company has a
combined installed capacity of 13,500MTPA.

ASL ENTERPRISES: Ind-Ra Assigns BB Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has rated ASL Enterprises
Limited (ASL) bank loan facilities as follows:

-- INR1.0 bil. Bank loan facilities assigned with IND BB/Stable/
     IND A4+ rating.

Analytical Approach

Ind-Ra has assessed ASL on a standalone basis to arrive at the
ratings, given there are no operations in its subsidiaries - ASL
West Enclave Private Limited (57% owned by ASL) and ASLE Rolling
Mills Private Limited (100% owned by ASL). Also, ASLE will be
likely sold-off during FY26. However, the agency factors into the
ratings the debt against corporate guarantees extended to ASLE and
another promoter entity - BG Calcination (ASL's promoter maintains
10% stake). Moreover, all entities maintain separate treasuries
with no operational integration.

Detailed Rationale of the Rating Action

The ratings factor in the modest credit metrics of ASL, the
competitive landscape and the cyclical nature of automobile
industry. However, the ratings are supported by the company's
growing scale of operations, experienced management and association
with Tata Motors Ltd.

Detailed Description of Key Rating Drivers

Modest Credit Metrics: The gross interest coverage (operating
EBITDA/gross interest expenses) reduced to 1.68x in FY25 (FY24:
1.79x) due to lower absolute operating profitability of INR141.83
million (INR155.11 million). Moreover, the net leverage (total net
debt/operating EBITDA) increased to 7.30x in FY25 (FY24: 5.95x) due
to increased working capital borrowings as well as a term debt
infusion to repay ASLE's debt. Adjusting for debt against corporate
guarantees given to ASLE and BG Calcination, the net leverage
(adjusted total net debt/ operating EBITDA) deteriorated to 11.75x
in FY25 (FY24: 10.03x). Ind-Ra expects the credit metrics to
improve slightly over the medium-term, due to the absence of any
major debt-funded capex and expanding business operations. FY25
financials are provisional in nature.

Competitive and Cyclical Automotive and Iron and Steel Trading
Industries: ASL primarily caters to the steel and automotive
segment, which are characterized by intense competition due to low
entry barriers and where the demand is largely linked to economic
growth, macroeconomic fundamentals, and industrial production. As a
result, the profitability remains thin due to low value addition in
the product. The company faces competition from the organized and
unorganized secondary passenger vehicles markets as well as leading
and established players in the market.

Modest Operating Profitability: ASL's operating profitability was
modest in the range of 3%-3.5% (FY25: 3.23%. FY24: 3.15%, FY22:
3.32%) with ROCE of 6.2% (8.5%, 11.1%). This is because of the
dealership/ trading nature of business with low bargaining power,
low value addition and high competition the market. Ind-Ra expects
the margins to trail at a broadly similar level with no major
variance due to similar business operations.

Medium and Growing Scale of Operations: The company's revenue
moderated to INR4,392 million in FY25 (FY24: INR4,929 million,
FY23: INR4,577 million), reflecting the overall weak sentiment in
the dealership segment and highly competitive industry landscape.
Iron and steel trading dominates the revenue stream, constituting
around 55% of the total revenue, followed by Tata Motors's
dealership (35%) and manufacturing division (8%-10%). The remaining
revenue is generated from service operations. The company has
established a strong market position in Jamshedpur as the sole
authorized dealer for the full range of Tata Motors's passenger
cars. ASL recorded a revenue of around INR1,430 million in 5MFY26.
Ind-Ra expects the revenue to improve over the near to medium term,
in line with the favorable GST reforms in the car segment.

Longstanding Association with Reputed Brand and Experienced
Management: The company benefits from its director's extensive
experience of over 30 years in the industry and its longstanding
association with reputed brands in the Indian market: Tata Motors
for car dealership and Steel Authority of India Ltd ('IND
AA'/Stable) for structures trading. The company has around six
outlets: three 3S (sale, service and spare parts outlets) and three
2S (sale and services outlets). ASL maintains two Tata Motors's
dealerships. Moreover, it is the only authorized Tata Motors's
dealer for passenger cars in Jamshedpur.

Liquidity

Stretched: ASL's average maximum and month-end working capital
utilization was around 90% and 83%, respectively, for the 12 months
period ended July 2025. The working capital use was at similar
levels in August and September 2025. The cash flow from operations
is likely to have stood negative INR120 million-150 million in FY25
(FY24: INR64 million) amid the muted operational performance and
unfavorable working capital changes. The firm has debt repayment
obligations of INR97 million for FY26, INR64.4 million in FY27 and
INR48.8 million for FY28, which are likely to be met through
internal accruals. The company has recently infused a term debt
worth INR200 million and unsecured loans worth INR100 million to
pay off the outstanding obligations of ASLE amid its planned sale
(no active operations). The company does not have any capital
market exposure and relies only on banks and financial institutions
to meet its funding requirements. A promoter infusion is likely in
case of any shortfall of funds. As on 31 March 2025, the company's
cash and cash equivalents stood at around INR8.95 million (FY24:
INR7.57 million) and maintained investment in liquid funds worth
INR17.3 million (INR4.1 million).

Rating Sensitivities

Negative: Substantial deterioration in the scale of operations or
operating profitability or net interest coverage falling below 1.5x
with a further stress on liquidity position on a sustained basis
could lead to a negative rating action.

Positive: A substantial improvement in the operating profitability
while maintaining the scale, and net interest coverage exceeding
2.0x and improving liquidity position on a sustained basis could
lead to a positive rating action.

About the Company

Founded in 1989, promoted by Dilip Kumar Goyal; ASL is engaged in
the trading of iron and steel components, operating a steel service
center that provides cut-to-size facilities, and maintaining a Tata
Motors' passengers car dealership in Jamshedpur. The company is
also engaged in manufacturing truck trailers.

BYJU'S: RP's Plea to Stay Aakash Educational Rights Issue Nixed
---------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT), Bengaluru, has rejected a plea made by Resolution
Professional of Think & Learn Pvt. Ltd. (TLPL), doing business as
Byju's, against Aakash Educational Services Ltd. (AESL)'s rights
issue, in a second oppression and mismanagement petition.

Shailendra Ajmera, a partner at Ernst & Young LLP (EY), is
presently acting as the Resolution Professional for TLPL in the
pending insolvency proceedings before the NCLT. He sought to
restrain AESL from proceeding with its Board-approved rights issue
and convening its Extraordinary General Meeting (EGM) scheduled for
October 29, 2025, ET relates.

According to ET, the bench of judicial member Sunil Kumar Aggarwal
and technical member Radhakrishna Sreepada, declined the plea,
holding that AESL's decision to raise capital through a rights
issue was legitimate, equitable, and within the company's
authority.

The Tribunal noted that AESL's Board was entitled to make business
decisions to ensure financial stability and that the RP's inability
to participate in the issue did not amount to oppression or unfair
prejudice, ET relays.

The tribunal said, "The objections raised on behalf of other
Respondents to the presence of COC is that the oppression and
mis-management petition is essentially between the shareholders of
Company and no stranger can be allowed to participate."

The order further recorded the submission that banks had become
unwilling to extend further credit facilities to AESL due to
disputes among shareholders and the company's precarious financial
health, which validates AESL's need to infuse capital through a
rights issue.

The NCLT made it clear that the RP could seek access to financial
documents as part of due process but that such access could not be
a ground to restrain legitimate corporate actions.

The Tribunal criticiced the filing of multiple petitions on
overlapping issues.

ET adds that the matter has been listed for further hearing on
November 12, with directions to all respondents to file their
replies within two weeks of receiving notice and two weeks
thereafter to the Petitioner to file rejoinder, if any.

                           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.

CHANDNA INFRAPROJECTS: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Chandna
Infraprojects India Private Limited (CIIPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 3, 2024, placed the rating(s) of CIIPL under the
'issuer non-cooperating' category as CIIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. CIIPL 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: Not Applicable

Jaipur (Rajasthan) based CIIPL, incorporated in 2010, is a part of
Chandna Group which is engaged primarily in the mining of marbles
and granites as well as cutting and processing of marbles since
2000.

COFFEE DAY: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Coffee Day
Global Limited (CDGL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      197.41      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release
dated August 2, 2024, continued to place the rating(s) of CDGL
under the 'issuer non-cooperating' category as CDGL had failed to
provide information for monitoring of the ratings. CDGL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 18, 2025, June 28, 2025 and
July 8, 2025. However, company has provided Assignment agreement
entered into between one of the lenders and Asset reconstruction
company indicating repayment of rated debt partially and
accordingly the rated amount is reduced.

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:

Consolidated performance of CDGL along with its subsidiaries are
analysed due to strong linkages between the entities.

Outlook: Not applicable

Detailed description of key rating drivers:

At the time of last rating on August 2, 2024, the following were
the rating weaknesses (updated for the information available
from stock exchange filings by Coffee Day Enterprises Limited
(CDEL); holding company of CDGL):

Key weaknesses

* Ongoing delays in debt servicing: As per FY25 annual report,
company has received in-principal approval from all the lenders for
debt resolution process under the Prudential Framework for
Resolution of Stressed Assets issued by RBI on June 7, 2019 for
loan/borrowings. However, CareEdge Ratings does not have details of
the same and could not assess the credit profile of CDGL to ensure
its timely debt servicing.

CDGL was originally incorporated as Amalgamated Bean Coffee Trading
Company Limited on December 6, 1993 as a private limited company,
and was subsequently converted to a public limited company on
February 3, 1997. CDGL is an integrated coffee retailer, having
presence across the entire business activities from coffee
procuring till retailing. CDGL has five business divisions, viz.,
Café Division (Café Coffee Day), Xpress Division, Vending
Division, Package Division, and Production, Procurement and Exports
(PPE) Division.

DHIR GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhir Global
Industria Private Limited (DGIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8.5        CRISIL D (Issuer Not       
                                     Cooperating)

   Foreign Bill           6          CRISIL D (Issuer Not
   Purchase                          Cooperating)

   Letter of Credit       9          CRISIL D (Issuer Not       
                                     Cooperating)

   Long Term Loan         0.6        CRISIL D (Issuer Not       
                                     Cooperating)

   Packing Credit         9          CRISIL D (Issuer Not       
                                     Cooperating)

   Proposed Long Term     1.9        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with DGIPL 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 DGIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DGIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DGIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


Gurgaon (Haryana)-based DGIPL was promoted by Mr. M K Dhir and his
family in 1999. It manufactures readymade garments sold in domestic
and export markets. Its manufacturing facility is in Gurgaon.


GINGER INFRASTRUCTURE: CRISIL Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ginger
Infrastructure Private Limited (GIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         30         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with GIPL 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 GIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GIPL continues to be 'Crisil D Issuer not cooperating'.  

GIPL, incorporated in 2014, has constructed a commercial complex
and a hotel-cum-banquet hall at Nagpur. Operations are managed by
Mr Mohd. Arshad Sheikh.


GITA GINNING: Ind-Ra Affirms BB Bank Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Gita Ginning
and Oil Industries' (SGGOI) bank loan facilities as follows:

-- INR500 mil. Bank loan facilities affirmed with IND BB/Stable/
     IND A4+ rating.

Detailed Rationale of the Rating Action

The affirmation reflects SGGOI's continued medium scale of
operations, modest EBITDA margins and credit metrics, and stretched
liquidity in FY25. However, Ind-Ra expects the revenue to improve
and the margins and credit metrics to remain at similar levels in
the medium term.

The rating, however, remains supported by the promoter's more than
five decades of experience in the agro-processing and trading
industry, leading to established relationships with customers as
well as suppliers.

Detailed Description of Key Rating Drivers

Continued Medium Scale of Operations: SGGOI's revenue increased to
INR3,410.86 million in FY25 (FY24: INR2,949.98 million) and EBITDA
to INR46.43 million (INR47.24 million). The revenue increased in
FY25 mainly because of increased production of cotton seed oil
worth INR2,245 million (FY24: INR1,863.28 million). In 5MFY25,
SGGOI booked revenue of INR1,181 million. Ind-Ra expects the
revenue to marginally improve in the medium term, subject to
improved production of cotton and groundnut oil in Gujarat.

EBITDA Margins Remain Modest: The EBITDA margins were modest at
1.36% in FY25 (FY24: 1.60%) with a return on capital employed of
7.7% (7.8%). The EBITDA margins declined due to an increase in raw
material prices, which the company will be unable to pass on to the
customers. Ind-Ra expects the margins to remain at similar levels
in the medium term on the back of price volatility.

Continued Modest Credit Metrics: The net financial leverage
(adjusted net debt/operating EBITDAR) deteriorated to 6.87x in FY25
(FY24: 6.26x) while the interest coverage (operating EBITDA/gross
interest expense) to improve in 1.64x (1.61x). In FY25, the net
financial leverage deteriorated due to an increase in the debt to
INR326.07 million (FY24: INR298.32 million), primarily due to
increased working capital requirements. However, the interest
coverage improved due to a reduction in the bank charges paid
during the year.  Ind-Ra expects the credit metrics to remain at
similar levels in the medium term due to scheduled loan repayment
of loans and no major debt-led capex.

Promoter's Experience: SGGOI's promoter has five decades of
experience in the agro-processing and trading industry, which has
helped it establish strong relationships with customers as well as
suppliers.

Liquidity

Stretched: The cash flow from operations turned negative to
INR10.23 million in FY25 (FY24: INR41.28 million) as a result of
increased working capital requirement on account of delays in
receipt of payments from customers coupled with advance payments to
suppliers. Consequently, the free cash flow turned negative to
INR11.91 million (FY24: INR34.53 million). The cash and cash
equivalents stood at INR7.06 million at FY25 (FY24: INR2.65
million). Furthermore, SGGOL does not have capital market exposure
and relies on a single bank to meet its funding requirements. The
company's average monthly use of the fund-based working capital
limits was 78.76% during the 12 months ended September 2025. The
net working capital cycle reduced marginally to 35 days in FY25
(FY24: 37 days) because of a decrease in the inventory holding
period to 24 days (30 days). SGGOI does not have any debt repayment
obligations in FY25.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the interest
coverage reducing below 1.25x, and/or deterioration in the
liquidity profile could lead to a negative rating action.

Positive: A substantial increase in the scale of operations, along
with an improvement in the overall credit metrics and maintaining
of liquidity, all on a sustained basis, could lead to a positive
rating action.

About the Company

Registered in 1976, SGGOI is engaged in cotton ginning-pressing,
refining of all types of edible oils and oil milling. Based out of
Morvi, Gujarat, the company is promoted by Naginkumar Bhojani.

GOURAV POULTRIES: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gourav
Poultries India Private Limited (GPIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.29       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 11, 2024, placed the rating(s) of GPIPL under the
'issuer non-cooperating' category as GPIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GPIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
27, 2025, September 6, 2025 and 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: Stable

Gourav Poultries India Private Limited (GPIPL) was incorporated in
December, 2010 by Mr Jai Bhagwan and Mr. Vinod Kumar. The company
is currently being managed by Mr Jai Bhagwan and Mrs Kiran. GPIPL
is engaged in poultry farming business at its poultry farm located
in Jind, Haryana.

GUJRAL AND SONS: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Gujral and
Sons (G&S) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.5        CRISIL D (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with G&S 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 G&S, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on G&S
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
G&S continues to be 'Crisil D Issuer not cooperating'.  

Set up in 1971 by Mr. Vinod Gujral, as a partnership firm, G&S
retails garments from its showroom in Karol Bagh, Delhi. The firm
sells casual wear (T-shirts and shirts), formal wear, wedding
suits, Jodhpuri kurtas, and other designer wear. It also sells
unstitched fabric for menswear.


HELLA INFRA: Ind-Ra Keeps BB+ Loan Rating in NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Hella Infra
Market Limited's (Hella) non-convertible debentures (NCD) rating in
the non-cooperating category while withdrawing the ratings on its
bank facilities. The issuer had not made available critical
information for the rating exercise, despite continuous requests
and follow-ups by the agency through emails and phone calls. Thus,
the rating is based on the best available information.

The detailed rating actions are:

-- INR722.22 mil. Bank loan facilities* maintained in the non-
     cooperating category and withdrawn; and

-- INR10.915 bil. (reduced from INR14.865 bil.) Non-convertible
     debentures# maintained in the non-cooperating category with
     IND BB+/Rating Watch with Negative Implications(ISSUER NOT
     COOPERATING) rating.

*Maintained in 'IND BB+'/Rating Watch with Negative Implications
(ISSUER NOT COOPERATING)/ 'IND A4+/Rating Watch with Negative
Implications (ISSUER NOT COOPERATING) before being withdrawn

#details are in Annexure

Detailed Rationale of the Rating Action

The NCD ratings have been maintained in the non-cooperating
category as the issuer has not shared adequate and timely
information for the monitoring and review of the rating. This is in
accordance with Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.

The Rating Watch with Negative Implications reflects the risks to
Hella's credit profile if its liquidity position remains stretched
and relevant information remains unavailable. The lack of a
significant improvement in the liquidity profile could be negative
for the ratings.

Ind-Ra has withdrawn the rating on bank loan facilities on the
issuer's request and after the receipt of a no-objection
certificate from lenders. This action is in accordance with
Ind-Ra's Policy on Withdrawal of Ratings. The agency will no longer
maintain its rating coverage for the bank facilities.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of Hella, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. Hella has been
non-cooperative with the agency since September 22, 2025.

Rating Sensitivities

The Rating Watch with Negative Implications indicates that the
ratings may be downgraded or affirmed upon resolution. Ind-Ra will
resolve the Rating Watch basis the developments in the liquidity
profile and/or further availability of relevant information. The
agency will continue to monitor the developments and the liquidity
position, and a continued stretched liquidity will be negative for
the ratings.

About the Company

Incorporated in 2016, Hella supplies construction materials
including RMC, aggregate, fly-ash, paints, construction chemicals,
steel and cement. The company's business model includes cloud
manufacturing, catering to business-to-business clients, and direct
retailing of its own contract manufactured products and other
branded products. It also has distributors for various branded
manufacturers and manages the supply chain.

JET FREIGHT: Ind-Ra Affirms BB+ Bank Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jet Freight
Logistics Limited's (JFLL) bank loan facilities at 'IND BB+'. The
Outlook is Stable.

The detailed rating action is:

-- INR450 mil. Bank loan facilities affirmed with IND BB+/Stable/

     IND A4+ rating.

Detailed Rationale of the Rating Action

The affirmation reflects JFLL's continued average credit metrics,
modest EBITDA margins and medium scale of operations in FY25, in
line with Ind-Ra's expectations. However, Ind-Ra expects the
revenue, EBITDA margins and credit metrics to improve in the medium
term on account of an improvement in revenue driven by the ocean
freight business.

The ratings, however, remain supported by the company's established
presence in the logistics industry and experienced promoters.

Detailed Description of Key Rating Drivers

Scale of Operations Remain Medium: JFLL's revenue grew to INR4,366
million in FY25 (FY24: INR3,877 million), primarily due to
increased delivery of freight orders in both air and ocean freight
segments, along with an increase in freight prices. In FY25, the
air freight segment contributed INR3,943.38 million to the total
revenue (FY24: INR3,596.16 million) while ocean freight segment
accounted for the remaining. In FY26, Ind-Ra expects the revenue to
improve further, majorly driven by ocean freight segment where JFLL
is planning to expand by increasing its revenue from established
customers while acquiring new customers.

Continued Modest EBITDA Margins: The EBITDA margins improved but
remained modest at 3.25% in FY25 (FY24: 1.79%) with an EBITDA of
INR141.83 million (INR69.33 million). The improvement was owing to
a decrease in fixed costs owing to the closure of a project in
FY24, which was related to creation of an online platform where
customers could book cargo planes as per their requirements. The
return on capital employed improved to 9.7% in FY25 (FY24: 3.9%).
In the medium term, Ind-Ra expects the EBITDA margins to improve
further as the company plans to expand its high-margin ocean
freight business.

Continued Average Credit Metrics: In FY25, the gross interest
coverage (operating EBITDAR/gross interest expense) improved to
2.05x (FY24: 1.17x) and net leverage (adjusted net debt/operating
EBITDAR) to 4.5x (FY24: 8.0x) owing to the significant improvement
in EBITDA, despite an increase in debt and finance costs, However,
Ind-Ra expects the credit metrics to improve in the medium term as
the company is planning to raise INR390 million of funds through
issuance of warrants, of which INR195 million would be utilized for
working capital requirements resulting in lower utilization of
fund-based limits, thereby leading to lower finance costs and
overall debt.

Long Operational Track Record; Experienced Promoters: JFLL has an
operational track record of more than three decades in the
logistics industry and has been among the former players in the
perishable cargo segment of freight forwarding services. Also, the
company's promoters have 35 years of experience in the logistic
industry, leading to benefits from the early identification of
opportunities in the market.

Liquidity

Stretched: The average of peak utilization of the fund-based
working capital limits was over 90.12% over the 12 months ended
July 2025. Ind-Ra expects the utilization to have been on similar
levels since then. The cash flow from operations turned negative to
INR80 million in FY25 (FY24: INR127.60 million) owing to an
increase in working capital requirements. Consequently, the free
cash flow turned negative to INR94.3 million in FY25 (FY24: INR116
million). The net working capital cycle elongated to 43 days in
FY25 (FY24: 22 days), due to a decrease in the creditor period to
22 days (43 days). Moreover, around 25% of JFLL's receivables
remain unrealized with dues ranging between six months and three
years. The company had cash and cash equivalents of INR5.6 million
at FYE25 (FYE24: INR3.5 million). However, the agency expects the
receivable period to reduce over the medium term with the planned
increase in the revenue from the ocean freight segment, where the
vendors are allowed a shorter credit period than air freight
vendors.

The company's long-term debt facilities (FY25: INR136 million) are
used for working capital purposes as the business model does not
have any major capex requirement. Out of INR390 million of share
warrants that company is planning to issue, INR195 million will be
utilized for working capital requirements and INR97.5 million will
be kept in security deposits to avail further fund-based
facilities. This would provide some cushion to the liquidity.

Rating Sensitivities

Negative: The inability to improve the scale of operations or the
EBITDA margins or deterioration in the liquidity profile or the
interest coverage staying below 1.5x, all on a sustained basis,
would be negative for the ratings.

Positive: Diversification in the business profile and substantial
growth in the scale of operations, with an improvement in the
profitability, leading to an improvement in the credit metrics with
the interest coverage increasing above 2.5x, on a sustained basis,
along with an improving liquidity position will be positive for the
ratings.

About the Company

Established in 1986, JFLL was incorporated as a private limited
company in 2006 and was converted into a public limited company in
2016. The company achieved the main board listing status on the
National Stock Exchange of India Ltd and BSE Ltd in December 2021.
It provides logistics services such as freight forwarding services,
along with custom clearance service majorly for perishable cargo
through air, ocean and land transport.

JINDAL AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jindal
Agro Mills Private Limited (JAMPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     37.00       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 October 11, 2024, placed the rating(s) of JAMPL under the
'issuer non-cooperating' category as JAMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JAMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
27, 2025, September 6, 2025 and 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

Incorporated in 1989, Jindal Agro Mills Private Limited (JAMPL) is
engaged in the trading and manufacturing & selling of nonferrous
metals at its single operating facility in Ludhiana, Punjab.


KAYGAON PAPER: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kaygaon Paper
Mills Private Limited's (KPMPL) bank loan facilities as follows:

-- INR419.20 mil. Bank loan facilities affirmed with IND BB+/
     Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The affirmation reflects KPMPL's continued small scale of
operations, modest EBITDA margins and average credit metrics in
FY25. Ind-Ra expects the revenue to improve marginally in FY26,
with the EBITDA margin remaining stable due to potential fuel cost
benefits from the co-generation plant. The agency also expects the
credit metrics to improve in FY26, driven by increased operations
and reduced debt levels.

The ratings are supported by the company's over 35 years of
operational track record and promoters' experience of nearly four
decades in the paper industry.

Detailed Description of Key Rating Drivers

Continued Small Scale of Operations: The ratings reflect KPMPL's
continued small scale of operations, as indicated by revenue of
INR1,761 million in FY25 (FY24: INR1,175 million) and EBITDA of
INR86.24 million (INR62.38 million). In FY25, the revenue grew on
account of increased production led by a higher demand and improved
realization of INR31,770 per metric ton (MT; FY24: INR27,460 per
MT). Till 5MFY26, KPMPL booked revenue of INR705 million, including
INR88 million from exports. The company had a total installed
capacity of 72,000 units with capacity utilization of 76.45% in
FY25 (FY24: 60.79%). In FY26, Ind-Ra expects the revenue to improve
marginally due to a continued higher demand and realization.

Modest EBITDA Margin; Likely to Sustain in FY26: The EBITDA margin
was 4.89% in FY25 (FY24: 5.31%) with a return on capital employed
of 3.4% (1.0%). In FY25, the EBITDA margin declined marginally due
to a higher cost of goods sold as a percentage of revenue of 66.94%
(FY24: 63.09%) owing to raw material price fluctuations and
increased selling expenses of 4.68% (3.25%) because of the higher
scale. This was partially offset by a decrease in power and fuel
expenses as a percentage of revenue to 16.37% in FY25 (FY24:
19.27%), following the commencement of a co-generation plant in
October 2024 and better absorption of fixed cost such as personnel
and administrative expenses. In FY26, Ind-Ra expects the EBITDA
margin to remain at a similar level due to the similar nature of
expenses.

Average Credit Metrics: The interest coverage (operating
EBITDA/gross interest expenses) was stable at 2.72x in FY25 (FY24:
2.72x), despite capitalization of interest on the ongoing capex in
1H, due to a proportionate increase in both operating EBITDA and
interest expense. KPMPL's total debt increased to INR382.98 million
in FY25 (FY24: INR357.70 million), mainly to fund capex
requirements. Despite this, the net leverage (adjusted net
debt/operating EBITDAR) improved to 4.43x in FY25 (FY24: 5.72x),
due to the increase in EBITDA. In FY26, Ind-Ra expects the credit
metrics to improve further due to an increase in the EBITDA along
with a decline in the total debt on the back of scheduled repayment
of term loans.

Long Operational Track Record; Established Dealership Network;:
KMPL has an operational track record of almost four decades in the
paper industry, which has enabled the company to establish strong
relationships with customers as well as suppliers. The company also
has a wide dealership network in the industry which aids in fast
order execution.

Liquidity

Stretched: KPMPL's average maximum utilization of the fund-based
limits was 92.81% and non-fund-based limits was 64% during the 12
months ended July 2025. Ind-Ra expects the working capital use to
have been at a similar level since then. The cash flow from
operations declined to INR28.96 million in FY25 (FY24: INR82.29
million) due to an increase in cash interest payments. Further, the
free cash flow stood at negative INR31.80  million (FY24: negative
INR90.86 million) on account of cost incurred due to capex. The
average net working capital cycle stood at 44 days in FY25 (FY24:
66 days) and improved mainly on account of reduced inventory
holding period. The company provides 30 days credit period to its
customers and receives 25-30 days credit period from its suppliers.
The inventory holding period varies from 15-20 days (with raw
material holding of 7-10 days, work-in-progress of 5-7 days and
finished good stocking of 3-5 days). KPMPL has debt repayment
obligations of INR53.2 million and INR35.9 million in FY26 and
FY27, respectively. The cash and cash equivalents stood at INR0.69
million at FYE25 (FYE24: INR0.86 million). Further, KPMPL does not
have any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

Rating Sensitivities

Negative: A significant decline in the revenue or EBITDA margins,
resulting in deterioration in the credit metrics and the liquidity
position, on a sustained basis, will be negative for the ratings.

Positive: A significant increase in the scale of operations and
profitability, resulting in comfortable credit metrics with the net
leverage reducing below 3.0x and an improvement in the liquidity,
all on a sustained basis, will be positive for the ratings.

About the Company

Set up in 1989 as a private limited company by Omprakash Rathi,
KPMPL commenced commercial production in 1992. Its main business is
manufacturing kraft paper. The company's products are utilized in
the packaging industry, especially for making corrugated boxes,
which are used extensively for the shipment of goods in the
e-commerce industry. It has two production lines with deckle size
of 244cm and 335cm to cover the requirements of all types of
corrugation paper. The company manufactures kraft paper of various
grades viz. 16BF, 18BF, 20BF, 22BF and 24BF, and sell its products
through a well-established dealer network. The company also exports
to Singapore, China, the US and the Middle Eastern countries. The
company has an installed capacity of 72,000MT.

KVC ENERGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KVC Energies
Private Limited (KVCE) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term      29.65       CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Term Loan                0.35       CRISIL D (Issuer Not
                                       Cooperating)

Crisil Ratings has been consistently following up with KVCE for
obtaining information through letter and email dated September 11,
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 KVCE, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KVCE
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the rating on
bank facilities of KVCE to 'Crisil D Issuer not cooperating'.  

                          About the Group

KVCE, incorporated in April 2023, is promoted by Mr K V Chalapathi
Rao. KVCE is engaged in the design, erection, operation and
maintenance and marketing of LPG products through LPG installations
(bulk and packed), ALPG (auto LPG dispensing) stations and petrol
bunks.

VCCS is a sole proprietor firm set up in March 2023 for the
distribution of industrial and commercial packed LPG of 17
kilogramme (kg), 21 kg, 33 kg and 425 kg across Telangana for
commercial and industrial use through an exclusive Platinum
Distributor Agreement from M/s Aegis Gas (LPG) PVT Ltd.


LIBAS CONSUMER: CARE Keeps D 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 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 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.


MAHADEV PROFILES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahadev
Profiles Private Limited (MPPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.5         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        5.4         CRISIL D (Issuer Not
                                     Cooperating)
   Proposed Long Term
   Bank Loan Facility    1.1         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with MPPL 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 MPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MPPL continues to be 'Crisil D Issuer not cooperating'.  

MPPL was set up in 2007 by Mr. G Mahadev Naidu and his family
members. The company designs and manufactures pre-cast and
pre-stressed concrete elements, such as blocks, beams, roofs, and
columns. It is based in Hyderabad, Telangana.


N. C. FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of N. C. Foods
(NCF) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.51       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 14, 2024, placed the rating(s) of NCF under the
'issuer non-cooperating' category as NCF had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NCF 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

N. C. Foods (NCF) was established as a proprietorship firm in 2003
by Mr Ghanshyam Das Mittal. The firm is engaged in processing of
basmati and non-basmati rice. The processing unit of the firm is
located in Rudrapur, Uttarakhand.


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).


PT. DEEN: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pt. Deen
Dayal Upadhyay Sikshan Trust (DDUST) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Loan          7.5        CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility      2          CRISIL D (Issuer Not
                                      Cooperating)

Crisil Ratings has been consistently following up with DDUST 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 DDUST, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on DDUST
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
DDUST continues to be 'Crisil D Issuer not cooperating'.  

DDUST was formed as a non-charitable trust at Jhansi in 2007. The
trust operates five colleges in a single campus, offering
undergraduate and postgraduate courses in different streams. The
courses offering technical education are affiliated to UP Technical
University, while other courses are affiliated to Bundelkhand
University. The trust is managed by Mr Surendra Kumar Rai, who has
around two decades of experience in the education sector.


RELIABLE CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Reliable
Cashew Company Private Limited (RCCPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       15         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            10         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            12         CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing          5         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Export Packing         10         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Export Packing          5         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Proposed Long Term      8         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Warehouse Financing    15         CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital
   Demand Loan            20         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with RCCPL 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 RCCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RCCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RCCPL continues to be 'Crisil D Issuer not cooperating'.  

Set up in 1996, RCCPL processes raw cashew nuts and cashew kernels.
The company caters to both the domestic and overseas markets.


SAMEERA HOTELS: CRISIL Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sameera Hotels
(Chennai) Private Limited (SHPL) continues to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         26        CRISIL B-/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with SHPL for
obtaining information through letter and email dated September 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SHPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SHPL continues to be 'Crisil B-/Stable Issuer not cooperating'.  

Incorporated in 2011, Chennai-based, SHPL owns two hotels in
Chennai and Vellore. The company has a consolidated 110 rooms with
various facilities like cafe, restaurant, bar, spa etc. The
operations of the company are managed by the promoters, Mr
Murugesan and his family.


SAMRAT VIJAY: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Samrat Vijay
Construction Private Limited (SVCPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      0.15       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Working Capital        19.85       CRISIL D (Issuer Not
   Demand Loan                        Cooperating)

Crisil Ratings has been consistently following up with SVCPL 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 SVCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SVCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SVCPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 2008 in Chapra, Bihar, and promoted by Mr Arjun
Singh and his wife, Ms Babita Kumari, SVCPL is setting up a mall in
Muzaffarpur, Bihar.


SARAS HOTELS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings the rating on bank facilities of Saras Hotels
Private Limited (SHPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               15        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SHPL for
obtaining information through letter and email dated September 5,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SHPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SHPL continues to be 'Crisil D Issuer not cooperating'.  

SHPL, established in 2014, and promoted by Mr.Selvaraj R, is based
in Chennai. It runs the 57-room deluxe Days Hotel in Chennai.


SARAWGI BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sarawgi
Builders and Promoters Private Limited (SBPPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             30          CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SBPPL 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 SBPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SBPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SBPPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 1995, SBPPL is promoted by the Ranchi-based Mr.
Gyan Prakash Sarawgi and his family members. The directors, Mr Gyan
Prakash Sarawgi and Mr Ayush Sarawgi, manage the operations. The
company develops residential and commercial projects in and around
Ranchi.


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.


SHANTDEEP METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shantdeep
Metals Private Limited (SMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             2         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              10         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SMPL 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 SMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SMPL continues to be 'Crisil D Issuer not cooperating'.  

SMPL, incorporated in 2009, is promoted by Mr Pradeep Chaudhary, Ms
Sanjot Chaudhary, and Mr Prashant Rahane. The company provides heat
treatment services for automotive components on a job-work basis.
In 2013, it started manufacturing gears for two-wheelers at its
facility in Aurangabad, Maharashtra.


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.


SNEHA MARKETING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sneha
Marketing (SM) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.95        CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Letter        6           CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Proposed Long Term    0.05        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with SM 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 SM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SM
continues to be 'Crisil D Issuer not cooperating'.  

SM, established in 2000, trades in polystyrene granules and other
polymers. It is an authorised distributor of highimpact polystyrene
(HIPS) and general-purpose polystyrene (GPPS) products of LG
Polymers India Pvt Ltd (LGPI) in Silvassa and Maharashtra.


SS INNOVATIONS: CEO, APAC Head to Attend UBS, Stifel Conferences
----------------------------------------------------------------
SS Innovations International, Inc. announced that Dr. Sudhir
Srivastava, Chairman of the Board and Chief Executive Officer, and
Dr. Vishwa Srivastava, Chief Executive Officer - Asia Pacific, are
scheduled to participate in the following upcoming investor
conferences:

1. UBS Global Healthcare Conference

     Palm Beach Gardens, Fla.
     Tuesday, November 11, 2025

Management will be available for one-on-one and small group
meetings throughout the day.

2. Stifel 2025 Healthcare Conference

     New York, N.Y.
     Wednesday, November 12, 2025
     Group presentation: 4:40 p.m. Eastern Time

Management will be available for one-on-one and small group
meetings throughout the day.

A live webcast and replay of the Stifel group presentation will be
accessible on the Company's website at
https://ssinnovations.com/investor-overview/.

                About SS Innovations International

SS Innovations International, Inc. (OTC: SSII) is a developer of
innovative surgical robotic technologies headquartered in Gurugram,
Haryana, India. The company's vision is to make robotic surgery
benefits more affordable and accessible globally. SSII's product
range includes its proprietary "SSi Mantra" surgical robotic system
and "SSi Mudra," a broad array of surgical instruments for various
procedures, including robotic cardiac surgery. The company plans to
expand its presence with technologically advanced, user-friendly,
and cost-effective surgical robotic solutions.

Gurugram, India-based BDO India, LLP, the Company's auditor since
2024, issued a "going concern" qualification in its report dated
April 15, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
has suffered recurring losses from operations and has negative cash
flows from operating activities during the year ended December 31,
2024. The Company is dependent on further funding to meet its
obligations to sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

As of June 30, 2025, the Company had $69,977,771 in total assets,
$27,954,902 in total liabilities, and a total stockholders' equity
of $42,022,869.

THANGAMMAN FASHIONS: Ind-Ra Assigns BB+ Bank Loan Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Thangamman Fashions
Private Limited's (TFPL) bank loan facilities as follows:

-- INR370 mil. Bank loan facilities assigned with IND BB+/Stable  

     /IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings are constrained by TFPL's stretched liquidity and
medium scale of operations in FY25 (provisional numbers), and
Ind-Ra's expectation that the liquidity would remain stretched in
FY26. Ind-Ra expects the revenue to improve on a yoy basis in FY26.
The ratings are supported by healthy EBITDA margins, comfortable
credit metrics and promoter experience. The EBITDA margins and
credit metrics are likely to remain at similar levels in FY26,
backed by similar nature of operations.

Medium Scale of Operations: TFPL's revenue rose to INR1,448 million
in FY25 (FY24: INR1,192 million), led by an increase in orders from
established customers and the acquiring of new domestic and
international customers, primarily from Israel, Mexico and
Malaysia. Domestic sales accounted for 85% (INR1,233 million) of
the total revenue in FY25 (FY24: INR1,077 million). Exports
constituted the balance 15% (INR215 million) of the revenue in FY25
(FY24: INR115 million). In FY25, the top five customers accounted
for 63% of the total revenue (FY24: 87%); furthermore, 41% of the
revenue was from one single client (FY24: 64%). However, the
customer concentration risk has reduced as company has expanded its
customer base. In FY25, the EBITDA increased to INR144 million
(FY24: INR45 million), supported by the growth in revenue.  TFPL
has installed a 4MW solar plant, which became operational in FY24,
and FY25 was the first full year of operations. The revenue from
this segment rose to INR38 million in FY25 (FY24: INR7 million),
and is likely to be at similar levels in the medium term, as the
company does not have any immediate plans to increase the solar
power production capacity.  The company's exports are likely to
increase significantly on a yoy basis in FY26, supported by growth
in demand, and an increase in capacity to meet the same, for which
the necessary capex has already been incurred. Between 1 April-16
September 2015, TFPL generated a revenue of INR750 million, out of
which exports contributed around INR230 million i.e. 38%. Notably,
the revenue generated through exports during this period was higher
than the revenue from exports over the whole of FY25. Based on
this, Ind-Ra expects an improvement in the scale of operations in
FY26, driven by the growth in exports.

Healthy EBITDA Margins:  TFPL's EBITDA margin rose to a healthy
9.97% in FY25 (FY24: 3.8%), primarily because of an increase in the
revenue share of solar energy, which is a very high-margin segment.
The ROCE stood at 23.7% in FY25 (FY24: 8%). In FY26, Ind-Ra expects
the EBITDA margin to remain at similar levels owing to similar
nature of business.

Comfortable Credit Metrics: The ratings also reflect TFPL's
comfortable credit metrics, with an interest coverage (operating
EBITDA/gross interest expenses) of 4.97x in FY25 (FY24: 2.46x) and
net leverage (total adjusted net debt/operating EBITDAR) of 3.08x
(10.62x). The credit metrics improved in FY25 due to the rise in
EBITDA. As of September 16, 2025, TFPL had already incurred the
entire capex of INR80 million that was planned for FY26, funded
entirely through unsecured loans, to increase the production
capacity from five million units per year to 5.5 million units per
year. Despite the capex, Ind-Ra expects the credit metrics to
remain comfortable in FY26, owing to growth in the scale of
operations and capex being funded through unsecured loans, which
are interest-free.

Promoter Experience:  The ratings are supported by the promoters'
experience of nearly four decades in the textile industry, which
has helped the company establish strong relationships with
customers as well as suppliers.

Liquidity

Stretched: TFPL's average maximum utilization of the fund-based
limits was 91.25% during the 12 months ended July 2025. The company
has debt repayment obligations of INR 38.52million and INR 36.42
million in FY26 and FY27, respectively. The average net working
capital cycle improved to 41 days in FY25 (FY24: 53 days), mainly
on account of a decrease in inventory days to 46 days (65 days).
The company provides a credit period of 30-90 days to its customers
and receives a credit period of around 60 days from its suppliers.
The inventory holding period ranges between 45-60 days. The cash
flow from operations turned positive at INR 51 million in FY25
(FY24: negative INR31 million) due to an increase in the EBITDA.
Furthermore, the free cash flow turned positive at INR23 million
(FY24: negative INR218 million) due to an increase in EBITDA along
with lower capex (INR28.93 million) compared to FY24 (INR218
million). The cash and cash equivalents stood at INR23 million at
FYE25 (FYE24: INR 6 million).  TFPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements.

Rating Sensitivities

Positive: An improvement in the liquidity profile along with a
significant increase in the scale of operations while maintaining
the overall credit metrics, with the net leverage remaining below
3.5x despite capex, all on a sustained basis, could lead to a
positive rating action.

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or further pressure
on the liquidity position, could lead to a negative rating action.

About the Company

TFPL manufactures knitted garments in Tirupur, Tamil Nadu. TFPL has
three manufacturing units that have a total of 800 machines, with a
combined manufacturing capacity of 5.5 million units of garments
per year.

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).

UMA POLYMERS: Ind-Ra Cuts Bank Loan Rating to BB
------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Uma Polymers
Ltd.'s (UPL) long-term bank loan rating to 'IND BB' with a Negative
Outlook from 'IND BB+' while affirming the short-term bank loan
rating at 'IND A4+'.

The detailed rating action is:

-- INR1,702.80 bil. (reduced from INR1.720 bil.) Bank loan
     facilities Long-term rating downgraded; short-term rating
     affirmed with IND BB/Negative/IND A4+ rating.

Detailed Rationale of the Rating Action

The downgrade reflects a decline in the consolidated operating
margins, leading to a substantial decline in the credit metrics in
FY25, causing a stretch in the overall liquidity position.

The Negative Outlook reflects Ind-Ra's expectation of continued
modest EBITDA margins as well as credit metrics in FY26, leading to
a further stress on the liquidity profile, with a debt service
coverage ratio for FY26 being less than 1x.

Detailed Description of Key Rating Drivers

Modest Operating Profitability: The consolidated absolute EBITDA
declined to INR209.10 million in FY25 (FY24: INR312.35 million),
led by an increase in the cost of goods sold to 81.97% (79.65%).
The operating profitability declined to 2.81% in FY25 (FY24:
4.57%), led by supply-chain disruptions in the industry, which
elevate the input prices. The return on capital employed was 2.90%
in FY25 (FY24: 7.9%) and is likely to remain at a similar level in
the near term. During 5MFY26, UPL recorded an EBITDA of INR85.8
million with a margin of 2.70%. Ind-Ra expects the margins to
improve slightly over the near-to-medium term, led by a
stabilization in the raw material prices; however, they will remain
modest. UPL revises prices for its major customers monthly as
against quarterly to safeguard against volatility in the prices of
raw material, avoiding further margin compression.

Modest Credit Metrics; Likely to Sustain in Near Term: On a
consolidated basis, the gross interest coverage (operating
EBITDA/gross interest expenses) deteriorated to 1.16x in FY25
(FY24: 1.76x) and the net leverage (net debt/operating EBITDA) to
7.08x (4.76x), due to a decline in the EBITDA to INR209.1 million
(INR312.35 million). Ind-Ra expects the overall credit metrics to
remain modest in FY26, owing to modest EBITDA margins and a similar
scale of operations.

Income Tax Raid: There was an income tax raid at UPL's premises in
December 2023, with some findings at the director/company level.
Amid a lack of official statement/information from the Income Tax
Department, Ind-Ra awaits the results of the raid and will closely
monitor the situation and its impact on the operational/financial
performance of the company. So far, UPL has not received any show
cause notice or demand notice from the Income Tax Department.

Established Market Position and Strong Customer Base: UPL has
reputed clients including PepsiCo, the Pratap Group, the Bikaji
Group and the ITC group. The top five customers contributed 59.74%
to its FY25 revenue (FY24: 60.78%). Although the company faces some
level of customer concentration, its strong and longstanding
relationships with the customers helps mitigate the risk and ensure
repeat orders. Also, with few of the major customers, UPL gets
assurance of full-year supplies, providing revenue visibility. UPL
has a strong presence in the flexible packaging industry with an
operational track record of over three decades, leading to
established relationships with its customers and suppliers. During
FY24, UPL expanded its manufacturing capacity to 44,244 metric tons
per annum (MTPA; FY23: 39,480MTPA) and started supplying products
in roll as well as pouch forms, mainly to companies in the
fast-moving consumer goods industry. The company has also diversify
its operations in the southern and western regions of the country
through OPFP, which commenced operations in October 2022 with an
installed capacity of 3,000MTPA.

Moderate Net Working Capital Cycle: The net cash conversion cycle
shortened to 59 days in FY25 (FY24: 71 days), on account of an
increase in the creditor days to 66 (55), along with a reduction in
the  inventory days to 70 (75). Due to a longer lead time for
imported raw material, the same has to be stocked up for consistent
supplies as compared to the raw material available in the domestic
market, leading to an elongated average inventory holding period.
UPL's average production cycle has remained at 30-40 days over the
past two years. Ind-Ra expects the working capital cycle to be at
55-70 days in the medium term on account of the similar nature of
operations.

Medium Scale of Operations:  The consolidated revenue improved to
INR7,436.54 million in FY25 (FY24: INR6,827.46 million) on account
of an increase in the sales quantity to  35,355MT (FY24: 34,541MT)
and an improvement in the realization per ton during the same
period to INR2,05,030/MT from INR1,94,905/MT. Although the
realization per ton increased during FY25, the same was not
sufficient to offset the rise in the input cost, leading to a
decline in the margins during the year. The capacity utilization
stood at 80.92% in FY25 (FY24: 78.9%) but is likely to improve over
the near term, led by an increase in the sales volume.

During 5MFY26, UPL earned a revenue of INR3,179 million with a
realization of INR2,02816/MT and sales quantity of 12,244MT.
Ind-Ra expects a marginal improvement in the revenue in FY26 owing
to an improvement in the capacity utilization as well as sales
volume along with stable realization per ton. Additionally, the
consolidated revenue is likely to be supported by a rise in the
orders from OPFP. UPL has expanded its presence in the export
markets, which is likely to boost its revenue over the medium term.
However, the company's scale of operations would remain medium over
this period due to intense competition.

Liquidity

Stretched: UPL's average monthly maximum utilization of the
fund-based limits was about 98.40% over the 12 months ended July
2025. At FYE25, the company maintained unencumbered cash and cash
equivalents of INR31.50 million (FYE24: INR57.00 million). During
FY25, UPL's cash flow from operations is likely to have turned
positive at INR76.58 million (FY24: negative INR1088.82 million),
led by the lower capex of INR52.69 million during the year
(INR1,577.15 million) in FY24. The free cash too is thereby likely
to have turned positive to INR23.89 million in FY25 (FY24: negative
INR2,665.97 million).  The company had investments worth INR53.5
million in mutual funds at FYE25 in the form of current
investments, apart from that the lien marked fixed deposit of
INR25.40 million. The company has repayment obligations of INR146.6
million and INR91.3 million in FY26 and FY27, respectively, which
are likely to be met through internal accruals. Also, the entities
liquidity position is being supported by an infusion of unsecured
loans from the promoters.

Rating Sensitivities

Negative:  Substantial deterioration in the scale of operations,
profitability or the liquidity position, leading to the interest
coverage sustaining below 1.50x, all on a sustained basis, will be
negative for the ratings.

Positive: The maintenance of the scale of operations, an
improvement in the profitability, along with an improvement in the
liquidity position, with the interest coverage exceeding 1.50x, all
on a sustained basis, will be positive for the ratings.

About the Company

UPL is a closely held public company founded by Shripal Lodha in
1987. The company manufactures various packing materials, primarily
flexible laminates especially for the fast-moving consumer goods
and pharmaceutical sectors. The promoter has more than 30 years of
experience in the industry. The company is owned by the promoter
and his family members.

VIMAL PLATINUM: CARE Lowers Rating 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 9, 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.

WARM FORGINGS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Warm
Forgings Private Limited (WFPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      4.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 1, 2024, placed the rating(s) of WFPL under the
'issuer non-cooperating' category as WFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. WFPL 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

Alwar (Rajasthan) based CNC Automotive Private Limited was
incorporated in 1999 by Mr. Amit Rajput along with other family
members. Subsequently in 2003, the promoters changed the name to
Warm Forgings Private Limited (WFPL). The company is mainly engaged
in the business of manufacturing of auto components mainly
different types of gears.




===============
M A L A Y S I A
===============

KHEE SAN: Gets Qualified Audit Opinion With Going Concern Doubt
---------------------------------------------------------------
The Malaysian Reserve reports that Khee San Bhd (KSB) has received
a qualified audit opinion with material uncertainty related to
going concern for its financial year ended June 30, 2025, as
disclosed by its external auditors, Kreston John & Gan.

The Malaysian Reserve relates that the auditors highlighted that
the group and company recorded accumulated losses of MYR202.25
million and MYR122.11 million, respectively, with current
liabilities exceeding current assets.

These conditions raise significant doubt about the appropriateness
of using the going concern assumption in preparing the financial
statements, The Malaysian Reserve relays.

Khee San, an affected listed issuer under Practice Note 17 of Bursa
Malaysia, had submitted a regularisation plan, which was approved
on August 19, 2024.

Bursa Securities has granted an extension until Feb. 18, 2026 for
implementation, the report notes.

According to The Malaysian Reserve, the company and group believe
the plan, along with ongoing financial support from substantial
shareholders, will allow them to generate sufficient cash flows and
continue operations.

The auditors, however, noted that due to delays in implementing the
plan, they cannot confirm the validity of the going concern
assumption, and the outcome remains uncertain.

The Malaysian Reserve says the company expects to address the going
concern issues within the next financial year, barring unforeseen
circumstances.

Key audit matters highlighted included revenue recognition and
valuation of property, plant, and equipment, with audit procedures
focusing on ensuring accurate reporting and appropriate impairment
assessments.

                           About Khee San

Khee San Berhad is a Malaysia-based investment holding company. The
Company, through its subsidiaries, manufactures sweets and
confectionery products.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
24, 2021, Khee San Bhd was classified a Practice Note 17 (PN17)
company after its wholly-owned subsidiary was placed under judicial
management.

In a bourse filing on Nov. 19, Khee San said Maybank Islamic Bhd,
via its solicitor Messrs Shook Lin & Bok, had filed an application
to place its unit Khee San Food Industries Sdn Bhd under the
court-supervised restructuring, theedgemarkets.com said.

KNM GROUP: To Delist After 22 Years to Complete German Unit Sale
----------------------------------------------------------------
The Edge Malaysia reports that under regulatory scrutiny,
debt-laden KNM Group Bhd plans to delist from Bursa Malaysia to
proceed with the EUR270 million (MYR1.34 billion) sale of Deutsche
KNM GmbH (DKNM), which it says is vital to stabilising its
finances.

In a filing on Oct. 27, KNM's board said it had withdrawn its
appeal against Bursa's rejection of its Practice Note 17 (PN17)
regularisation plan, calling the move necessary for the interests
of shareholders, creditors and employees, The Edge relays.

On Oct. 3, Bursa rejected KNM's PN17 plan, saying it failed to
prove long-term business sustainability. KNM's shares have been
suspended since Oct. 13.

The Edge says the decision will see KNM delisted on Nov. 5, 2025,
ending its 22-year listing.

KNM described the delisting as a strategic move to accelerate its
turnaround and complete the disposal of DKNM to Japan's NGK
Insulators Ltd for EUR270 million, which it said was the "highest
and most credible offer received".

"KNM has endured some of its toughest years and is now on the verge
of transformation. If delisting is what it takes to complete the
NGK sale, eliminate debt, and restore growth - it is a necessary
step forward," The Edge quotes KNM group chief executive officer
Ravindrasingham Balasingham as saying in a separate statement.

The group noted that the current trading price of its shares
already reflects "minimal value", making the impact of delisting
largely symbolic, and that remaining listed under PN17 does not
support any fundraising actions while harming its image with
clients and investors.

KNM added that delisting allows it "to move faster, execute
projects more effectively, and focus on restoring profitability
without any delays".

According to The Edge, KNM's decision came after Bursa warned major
shareholder MAA Group Bhd on Oct. 23 that holding a shareholder
vote on the sale would breach listing rules. MAA had planned an EGM
on Oct. 30, after KNM rejected MAA's request to call for one,
saying it could not be done in compliance with Bursa's rules.

MAA, which owns 19.37% of KNM, said the sale to Japan's NGK
Insulators Ltd must be completed by Oct. 30 to avoid liquidation.

As it proceeds towards delisting, KNM said it will go ahead with
the EGM on Oct. 30 to seek shareholder approval for the disposal.
The transaction is expected to strengthen KNM's balance sheet by
reducing MYR1.3 billion in debt and securing MYR100 million in cash
to revitalise operations and support its turnaround.

"KNM currently has nearly 33,000 shareholders and around 450
creditors, both of whom stand to benefit from the completion of the
DKNM disposal. The upcoming EGM on Oct 30, 2025 is therefore a
crucial milestone in ensuring KNM's recovery and financial
sustainability," it said in the statement.

The Edge relates that KNM, in its filing with the bourse, said
completing the sale of DKNM, which owns its key asset Borsig GmbH,
is critical to settling debts and reducing gearing. Creditors have
allowed KNM to keep MYR100 million from the sale proceeds as
working capital for its Malaysian operations.

The company stressed that delisting does not mean closure, as KNM
will continue operating as an unlisted public company, with all
shareholder rights protected under the Companies Act 2016.

According to The Edge, KNM said it will focus on a financial and
operational turnaround using the retained funds and may consider
re-listing once its finances improve.

"The board is fully committed to the turnaround of KNM Group and
believes this decisive action, while difficult, is the only
responsible path to protect the company and create future value for
its stakeholders," the company said.

                          About KNM Group

KNM Group Berhad (KLSE:KNM) -- https://www.knm-group.com/ -- is
engaged in the investment holding and the provision of management
services. It operates through three geographical segments: Asia and
Oceania, Europe and America.  The Asia and Oceania segment includes
Malaysia, Thailand, Indonesia, Myanmar, Australia and Mauritius.
The Europe segment includes Germany, Italy, United Arab Emirates,
United Kingdom, British Virgin Islands, Netherlands, Saudi Arabia,
and Isle of Man.  The America segment includes the United States of
America and Canada.  Its subsidiary KNM Process Systems Sdn. Bhd.
is engaged in the design, manufacture, assembly and commissioning
of process equipment, pressure vessels, heat exchangers, skid
mounted assemblies, process pipe systems, storage tanks,
specialized structural assemblies and module assemblies for the
oil, gas and petrochemical industries. Its other subsidiaries
include KNM International Sdn. Bhd., KNM Capital Sdn. Bhd. and KNM
Renewable Energy Sdn. Bhd.

On Oct. 31, 2022, KNM Group Bhd said it had become an affected
listed issuer under the Practice Note 17 (PN17) on the basis that
Paragraph 2.1(e) of the note was triggered in its audited
consolidated financial statements for the period ended June 30,
2022, which were published on Oct. 31, 2022.  The company said its
auditor had highlighted a material uncertainty over its ability to
continue as a going concern.




=====================
N E W   Z E A L A N D
=====================

A1 REPAIRS: Creditors' Proofs of Debt Due on Nov. 20
----------------------------------------------------
Creditors of A1 Repairs Limited, Swayslands Contractors Limited and
Allen James Distribution Limited are required to file their proofs
of debt by Nov. 20, 2025, to be included in the company's dividend
distribution.

A1 Repairs commenced wind-up proceedings on Octt. 13, 2025.

Swayslands Contractors and Allen James Distribution commenced
wind-up proceedings on Oct. 15, 2025.

The company's liquidator is:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana, Porirua 5247


ELECTRIC WORKS: Creditors' Proofs of Debt Due on Nov. 14
--------------------------------------------------------
Creditors of Electric Works Limited are required to file their
proofs of debt by Nov. 14, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 14, 2025.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


GLOBAL MARKETPLACE: GrabOne Owes NZD16MM , Liquidators' Report Show
-------------------------------------------------------------------
Stuff.co.nz reports that GrabOne owes more than NZD16 million to
creditors, the first liquidators' report into the online
marketplace's collapse has revealed.

The business went into liquidation on Oct. 16, citing "funding
constraints", and ceased trading immediately.

According to Stuff, Calibre Partners liquidators have released
their first report into Global Marketplace New Zealand Ltd, the
company behind GrabOne, with NZD16.5 million owed.

A related part creditor takes up the majority of money owed, with a
NZD9.3 million claim.

Unsecured creditors are claiming around NZD3.9 million - these
include businesses that have said they will honour outstanding
GrabOne vouchers, Stuff discloses.

Fifteen employees who had their contracts terminated have a claim
for NZD365,000, while Inland Revenue is claiming NZD153,000,
alongside future tax liabilities of NZD2.9 million.

At the time of the liquidation, the company had NZD800,000 in
assets, of which NZD380k were from unredeemed credit and gift
cards.

In their report, the liquidators Messrs. Jackson and Stoneman
offered a warning to customers, saying they were unlikely to be
paid back refunds owed, Stuff relays.

They said refunds would not be issued during the liquidation, but
encouraged customers to file a creditor claim.

Customers with an existing product order or outstanding voucher
were being advised to contact the business directly to see if
vouchers would be honoured, or orders sent.

Meanwhile, retailers and businesses are being left to make their
own decisions around honouring outstanding GrabOne vouchers, Stuff
reports.

They will not be reimbursed if they so choose to do so, however.

Businesses Stuff has spoken to have said they will honour vouchers,
but that the closure of GrabOne will have an impact on them.

According to Stuff, Parakai Springs General Manager Dion Tilson
said there was potentially around NZD40,000 of redeemed and
unredeemed vouchers that his company has not received payment for.

Mr. Tilson told Stuff he was "very frustrated" by what happened
after having had a good relationship with GrabOne for over ten
years.

"I'm sure we were one of the bigger merchant providers, and we had
no indication, or there was no comms to us leading up to this in
regards to this sort of action happening."

Mr. Tilson said their focus will now turn to honouring the vouchers
their customers have with them, a number he says could be
thousands.

"We want to ensure that we honour every customer that has purchased
a voucher via the GrabOne site. We want to make sure that they've
got their experience. So we've got to work through all of those."

"We recognise we won't be paid for that. It's a very difficult
situation they've put us in, and certainly in the economic times
we're in, it's not nice leading up to our summer trading," he
said.

Stuff adds tha the liquidators said they will now focus on selling
the business and its assets, and attempt to recover any outstanding
assets.

                           About GrabOne

GrabOne was launched in 2010 and offered discounts on goods and
services for local businesses.

It was sold to Global Marketplace New Zealand by former owner NZME
in 2021, for NZD17.5 million.

Global Marketplace operates as an investment Company, which
operated GrabOne in New Zealand.


OCEAN HORSE: Court to Hear Wind-Up Petition on Nov. 6
-----------------------------------------------------
A petition to wind up the operations of Ocean Horse Limited will be
heard before the High Court at Auckland on Nov. 6, 2025, at 10:00
a.m.

Auckland Council filed the petition against the company on Aug. 20,
2025.

The Petitioner's solicitor is:

          Kirstin Margaret Wakelin
          135 Albert Street
          Auckland


SIGNATURE PRESS: Court to Hear Wind-Up Petition on Nov. 7
---------------------------------------------------------
A petition to wind up the operations of Signature Press Limited
will be heard before the High Court at Auckland on Nov. 7, 2025, at
10:45 a.m.

Spicers (NZ) Limited filed the petition against the company on Aug.
20, 2025.

The Petitioner's solicitor is:

          Joshua Garnett
          Kemps Weir Lawyers
          Ground Floor, Building 1 Central Park
          660-670 Great South Road
          Greenlane
          Auckland 1051


STEVENSON 2023: Creditors' Proofs of Debt Due on Nov. 17
--------------------------------------------------------
Creditors of Stevenson 2023 Limited and Stevenson Design 2023
Limited are required to file their proofs of debt by Nov. 17, 2025,
to be included in the company's dividend distribution.

The companies commenced wind-up proceedings on Oct. 14, 2025.

The company's liquidators are:

          Rachel Mason-Thomas
          Jeffrey Philip Meltzer
          Meltzer Mason, Chartered Accountants
          PO Box 6302
          Victoria Street West
          Auckland 1141




=================
S I N G A P O R E
=================

ALEXANDRITE LAND: Creditors' Proofs of Debt Due on Nov. 17
----------------------------------------------------------
Creditors of Alexandrite Land Pte. Ltd. are required to file their
proofs of debt by Nov. 17, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 8, 2025.

The company's liquidators are:

          Gary Loh Weng Fatt
          Seah Roh Lin
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


ARMADA 98/2: Moody's Ups Rating on Senior Secured Term Loan to Ba3
------------------------------------------------------------------
Moody's Ratings has upgraded the rating on Armada 98/2 Pte. Ltd.'s
(Armada 98/2) senior secured term loan to Ba3 from B1. The outlook
is stable.

"The upgrade reflects Moody's expectations that the solid operating
track record and full availability-based payments since full
acceptance of Armada Sterling V FPSO, which is owned by Armada
98/2, will support stable cash flows for Armada 98/2 over the term
of the loan," says Erman Zhang, AVP-Analyst at Moody's Ratings.

RATINGS RATIONALE

Armada 98/2's credit quality is supported by predictable cash flows
underpinned by an availability-based charter hire, as well as the
strong market position and the asset's strategic importance to the
KG-DWN-98/2 oil field. The Armada Sterling V FPSO has delivered
solid operating performance since final acceptance by Oil and
Natural Gas Corporation Ltd. (ONGC, Baa3 stable) in July 2024,
achieving 100% uptime and resulting in full charter hire payments,
which indicates a higher likelihood of stable operations over the
long term and increased cash flow predictability.

The rating continues to be constrained by high financial leverage,
structural features that expose the project to risks at the
shareholder and operator levels, exposure to interest rate risk,
and debt and maintenance reserves that are lower than those
typically seen in comparable projects.

Moody's expects the average debt service coverage ratio (DSCR) for
the remaining life of the loan to be in the range of 1.15x–1.30x,
calculated based on time charter hire received from ONGC and
including operating expenses of Shapoorji Pallonji Bumi Armada
Godavari Pvt. Ltd (SPBAG). The DSCR for fiscal 2025 is 1.08x,
which, while below the projected range, is in line with
expectations given that full charter hire revenue from ONGC only
began contributing from July 2024.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

The stable outlook reflects Moody's expectations that Armada 98/2
will operate per the contracted availability level and parameters,
leading to average DSCRs in the 1.15-1.3x range, and that the
economics of the oil field will remain attractive to ONGC. The
cross-default risk associated with the sponsors, Shapoorji Pallonji
Energy Pvt Ltd (SPEPL) and Bumi Armada Offshore Holdings Ltd
(BAOHL), currently remains limited, as both sponsors have no
external borrowings on a standalone basis.

An upgrade could occur if Armada 98/2 finalizes interest rate
hedging arrangements or achieves a higher average DSCR above 1.2x.

The rating could be downgraded if projected financial metrics fall
below Moody's base case, including the average DSCR remaining
consistently below 1.1x during the amortization period due to
weaker operational performance, higher-than-expected interest
expense due to exposure to floating interest rates, or increased
operating costs that cannot be passed through to the offtaker.

The principal methodology used in this rating was Generic Project
Finance published in October 2024.

The one-notch difference between the scorecard-indicated outcome
and the final rating reflects the additional credit risks due to
the presence of cross-default provisions between Armada 98/2 and
its two sponsors.

Armada 98/2 Pte. Ltd. is a special purpose entity established in
Singapore that owns the Armada Sterling V floating production
storage and offloading (FPSO) unit, which has a production capacity
of 51,000 barrels of oil equivalent per day and a storage capacity
of 700,000 barrels. The vessel is tailored to the KG-DWN-98/2 oil
field in the Krishana-Godavari basin, located 22 kilometers off
India's east coast. The FPSO is chartered to ONGC (Baa3 stable),
the field operator. Shapoorji Pallonji Bumi Armada Godavari Pvt.
Ltd. (SPBAG), an affiliate of Armada 98/2, acts as the intermediary
charterer and operator. Armada 98/2 is 70% owned by SPEPL and 30%
by BAOHL, a wholly owned subsidiary of Bumi Armada Berhad (BAB), a
Malaysian listed company. The shareholding structure for SPBAG
comprises a majority stake held by SPEPL (70% minus one share),
with the remainder held by BAB (30%) and JG Investments Limited
(one share).

ASCENDAS VENTURE: Creditors' Proofs of Debt Due on Nov. 17
----------------------------------------------------------
Creditors of Ascendas Venture Pte. Ltd., Ascendas (Kaki Bukit) Pte
Ltd. and Ascendas (KB View) Pte. Ltd. are required to file their
proofs of debt by Nov. 17, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 8, 2025.

The company's liquidators are:

          Gary Loh Weng Fatt
          Seah Roh Lin
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


CL JM HOLDING: Creditors' Proofs of Debt Due on Nov. 7
------------------------------------------------------
Creditors of CL JM Holding Pte. Ltd. and CL JM Pte. Ltd. are
required to file their proofs of debt by Nov. 7, 2025, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 8, 2025.

The company's liquidators are:

          Gary Loh Weng Fatt
          Seah Roh Lin
          Dev Kumar Harish Nandwani
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


DRS THOMPSON: Creditors' Proofs of Debt Due on Nov. 17
------------------------------------------------------
Creditors of DRS Thompson & Thomson (Radlink Medicare) Pte. Ltd.
are required to file their proofs of debt by Nov. 17, 2025, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 15, 2025.

The company's liquidator is:

          Tan Lye Heng Paul
          c/o CACS Corporate Advisory  
          36 Robinson Road
          #11-01 City House
          Singapore 068877


FORTHMOST MANAGEMENT: Creditors' Proofs of Debt Due on Nov. 17
--------------------------------------------------------------
Creditors of Forthmost Management Pte. Ltd. and Forthmost Assets
Pte. Ltd. are required to file their proofs of debt by Nov. 17,
2025, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 15, 2025.

The company's liquidator is:

          Tan Lye Heng Paul
          c/o CACS Corporate Advisory  
          36 Robinson Road
          #11-01 City House
          Singapore 068877


NOONTALK MEDIA: Defends Biz Strategy After Auditor Flags Losses
---------------------------------------------------------------
ChannelNews Asia reports that NoonTalk Media on Oct. 27 defended
its business strategy after an independent auditor flagged concerns
about its financial performance and ability to sustain operations.

According to CNA, NoonTalk Media, led by former DJ Dasmond Koh,
incurred a net loss of SGD1.8 million (US$1.39 million) and net
operating cash outflows of SGD0.9 million for its 2025 financial
year, which ended on June 30.

This is the third consecutive year that NoonTalk Media has failed
to make a profit since listing in 2022.

Its accumulated losses had reached SGD9.16 million as of June 30.

According to the auditor's report on Oct. 16, the financial numbers
"indicate the existence of a material uncertainty that may cast
significant doubt about the group's ability to continue as a going
concern," CNA relays.

This prompted the Securities Investors Association (Singapore), or
SIAS, to raise questions about NoonTalk Media's plans to achieve
profitability, its cost structure, as well as how the board
exercises its oversight duties.

Addressing the questions from SIAS, NoonTalk Media pointed to
projects such as the Golden Singa Awards, an international event in
December that recognises outstanding achievements for
Chinese-language films, CNA relates.

"The Golden Singa Awards will be an international yearly event that
will ensure a steady cash flow for the Group as it develops," it
said in a statement on the Singapore Exchange.

It added that the event is expected to contribute to the company's
financial performance over the medium term rather than immediate
profit.

CNA says NoonTalk Media also highlighted micro-drama and other
collaborative projects as part of its growth strategy.

Micro-drama episodes last around one to two minutes each, and are
designed specifically for mobile viewing. It is a form of content
that has taken the Chinese market by storm in recent years.

"While the micro-drama ecosystem is more developed in regional
markets such as China, with billion-dollar revenues projected for
2025, Singapore's micro-drama industry remains in its early stages
but is showing promising growth since early 2025," said the
company, notes the report. "NoonTalk Media's extensive artiste
network and comprehensive in-house production capabilities
distinguish itself from smaller independent studios, enabling more
cost-effective and scalable development."

Founded by Mr Koh in 2011, NoonTalk Media specialises in artiste
and talent management, multimedia production and events.

The company said it has developed a slate of micro-drama
productions in collaboration with strategic partners, with launches
planned within the current financial year.

NoonTalk Media Limited is a Singapore-based home-grown media
entertainment company that specialises in artiste and talent
management, multimedia production.



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