---

       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, October 29, 2025, Vol. 28, No. 216

                           Headlines



A U S T R A L I A

FIRSTMAC MORTGAGE 2025-3: S&P Assigns Prelim 'B' Rating to F Notes
GFG ALLIANCE: Wins Creditors Nod for Ferretti Repayment Plan
JPS AUDIT: First Creditors' Meeting Set for Nov. 6
KPVE PTY: First Creditors' Meeting Set for Nov. 4
LATITUDE AUSTRALIA 2025-2: Moody's Assigns B2 Rating to Cl. F Notes

MORTGAGE HOUSE NO.1: S&P Assigns B (sf) Rating to Class F Notes
NOW TRUST 2025-2: Moody's Assigns (P)B2 Rating to AUD4MM F Notes
REDTRANS PTY: First Creditors' Meeting Set for Nov. 4
ROSS SERVICES: First Creditors' Meeting Set for Nov. 3
SKILLS GPT: First Creditors' Meeting Set for Nov. 5

TOMAGO ALUMINIUM: At Risk of Closure Due to Rising Energy Prices
WISETECH GLOBAL: AFP and ASIC Raid Sydney Office Over Share Sale


C H I N A

YUEDA DIGITAL: Closes $28M Direct Offering With Univest Securities


H O N G   K O N G

FOXGLOVE: Restaurant Closing Doors in December After 10 Years


I N D I A

AKAL PIPE: ICRA Keeps D Debt Ratings in Not Cooperating Category
AKASVA INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating
AVADH COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
BHADOHI CARPETS: ICRA Keeps B+ Debt Rating in Not Cooperating
BYJU'S: Challenges NCLT Court's Order Over Aakash EGM Rights Issue

D. D. INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
DANCO ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
HILLCREST FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
IBD NALANDA: ICRA Keeps D Debt Ratings in Not Cooperating
JAI LAXMI: ICRA Keeps B Debt Rating in Not Cooperating Category

KADVANI FORGE: ICRA Lowers Rating on INR26.30cr LT Loan to C
KVC ENERGIES: CRISIL Moves D Debt Ratings to Not Cooperating
LAKSHMI SATYANARAYANA: ICRA Keeps D Ratings in Not Cooperating
MADHUCON PROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating
MARUTI NOUVEAUKNITS: ICRA Keeps D Debt Ratings in Not Cooperating

MSV LABORATORIES: CRISIL Keeps D Debt Ratings in Not Cooperating
NATIONAL (INDIA): ICRA Keeps D Debt Ratings in Not Cooperating
NUCON PNEUMATICS: ICRA Keeps C+ Debt Rating in Not Cooperating
PARATUS REAL: ICRA Keeps D Debt Rating in Not Cooperating
PIONEER GLOBEX: ICRA Keeps D Debt Ratings in Not Cooperating

PUNJABI UNIVERSITY: ICRA Keeps B+ Debt Rating in Not Cooperating
RADHEYA MACHINING: ICRA Keeps B+ Debt Ratings in Not Cooperating
RIYAN PAPER: ICRA Keeps B+ Debt Ratings in Not Cooperating
S.B. CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
SHOBHAGLOBS ENGINEERS: ICRA Cuts Rating on INR3.40cr LT Loan to C

SHRINATH ROTOPACK: Ind-Ra Cuts Bank Loan Rating to BB+
SIPAI INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
SODE VADIRAJA: ICRA Keeps D Debt Rating in Not Cooperating
UNIVERSAL INDIA: ICRA Keeps B Debt Rating in Not Cooperating


J A P A N

NIDEC CORP: Faces Delisting Risk as TSE Exchange Boosts Scrutiny


M A L A Y S I A

HO HUP: Low Family Ceases to be Substantial Shareholder


N E W   Z E A L A N D

DZ LOGISTICS: Creditors' Proofs of Debt Due on Nov. 17
IDIENS SHEETMETAL: Creditors' Proofs of Debt Due on Nov. 21
NEW BEE: Court to Hear Wind-Up Petition on Nov. 6
SEAL GROUP: Court to Hear Wind-Up Petition on Nov. 13
UBCO HOLDINGS: Creditors' Proofs of Debt Due on Dec. 18



S I N G A P O R E

APEX TRADING: Court Enters Wind-Up Order
CSCT PTE: Court Enters Wind-Up Order
E2 FOOD: Court Enters Wind-Up Order
TANDBERG DATA: Creditors' Proofs of Debt Due on Nov. 17
TJ SEAFOOD: Court Enters Wind-Up Order


                           - - - - -


=================
A U S T R A L I A
=================

FIRSTMAC MORTGAGE 2025-3: S&P Assigns Prelim 'B' Rating to F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine of the
10 classes of prime residential mortgage-backed securities (RMBS)
to be issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series 2025-3.

The preliminary ratings reflect the following factors.

S&P said, "We have assessed that the credit risk of the underlying
collateral portfolio and the credit support provided to each class
of notes are commensurate with the ratings assigned. The credit
support provided to the rated notes is sufficient to cover the
assumed losses at the applicable rating stress. Our assessment of
credit risk takes into account Firstmac Ltd.'s (Firstmac)
underwriting standards and approval processes, which are consistent
with industry-wide practices, the strong servicing quality of
Firstmac, and the support provided by the LMI policies on 11.2% of
the loan portfolio."

The notes can meet timely payment of interest--excluding the
residual interest (if applicable) due on the class B, class C,
class D, class E, and class F notes--and ultimate repayment of
principal under the rating stresses. Key rating factors considered
include the level of subordination provided, the interest-rate
swap, the cross-currency swap, the principal draw function, the
provision of a liquidity reserve funded by note over-issuance, and
the provision of an extraordinary expense reserve. S&P said, "Our
analysis is on the basis that the notes are fully redeemed by their
legal final maturity date, and we do not assume the notes are
called at or beyond the call date."

S&P said, "We have also considered the transaction's counterparty
exposure. National Australia Bank Ltd. will provide a fixed-rate
swap to hedge the mismatch between receipts from any fixed-rate
mortgage loans and the variable-rate RMBS, Natixis S.A. will
provide a cross-currency swap provider to hedge the mismatch
between the Australian-dollar receipts from the underlying assets
and the yen payments on the class A1-Y notes. Westpac Banking Corp.
is the bank account provider. The transaction documents include
downgrade remedy language for the swaps and bank account that is
consistent with our counterparty criteria.

"Our ratings also take into account the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Preliminary Ratings Assigned

  Firstmac Mortgage Funding Trust No.4 Series 2025-3

  Class A1-A, A$700.00 million: AAA (sf)
  Class A1-Y, JPY19,456.00 million: AAA (sf)
  Class A2: A$40.00 million: AAA (sf)
  Class AB: A$10.00 million: AAA (sf)
  Class B: A$19.00 million: AA (sf)
  Class C: A$16.60 million: A (sf)
  Class D: A$6.00 million: BBB (sf)
  Class E: A$4.40 million: BB (sf)
  Class F: A$1.20 million: B (sf)
  Class G: A$2.80 million: Not rated


GFG ALLIANCE: Wins Creditors Nod for Ferretti Repayment Plan
------------------------------------------------------------
The Australian reports that GFG Alliance is promising to pay out
close to 150 workers affected by the collapse of its steel
fabrication business Ferretti International after securing creditor
support for a multimillion-dollar repayment plan.

Michael Brereton, Sean Wengel, and Rashnyl Prasad of William Buck
were appointed as administrators of Ferretti International on May
21, 2025.

                         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.


JPS AUDIT: First Creditors' Meeting Set for Nov. 6
--------------------------------------------------
A first meeting of the creditors in the proceedings of JPS Audit
Specialists Pty Ltd will be held on Nov. 6, 2025 at 11:00 a.m. via
virtual meeting only.

Manuel Hanna of Romanis Cant was appointed as administrator of the
company on Oct. 24, 2025.


KPVE PTY: First Creditors' Meeting Set for Nov. 4
-------------------------------------------------
A first meeting of the creditors in the proceedings of KPVE Pty Ltd
will be held on Nov. 4, 2025 at 10:00 a.m. via Microsoft Teams.

Amanda Lott of Acris was appointed as administrator of the company
on Oct. 23, 2025.


LATITUDE AUSTRALIA 2025-2: Moody's Assigns B2 Rating to Cl. F Notes
-------------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
notes issued by Perpetual Corporate Trust Limited as trustee of
Latitude Australia Personal Loans Series 2025-2 Trust.

Issuer: Perpetual Corporate Trust Limited as trustee of Latitude
Australia Personal Loans Series 2025-2 Trust

AUD327.50 million Class A Notes, Assigned Aaa (sf)

AUD57.50 million Class B Notes, Assigned Aa2 (sf)

AUD30.50 million Class C Notes, Assigned A2 (sf)

AUD18.50 million Class D Notes, Assigned Baa2 (sf)

AUD36.00 million Class E Notes, Assigned Ba2 (sf)

AUD5.00 million Class F Notes, Assigned B2 (sf)

The AUD25.00 million Seller Notes are not rated by us.

Latitude Australia Personal Loans Series 2025-2 Trust is a cash
securitisation of secured and unsecured personal loans extended to
obligors located in Australia. The transaction has a substitution
period of 4 months subject to certain substitution termination
events. All receivables were originated and are serviced by
Latitude Personal Finance Pty Limited (Latitude).

Latitude provides sales finance, credit cards, and personal loans
in Australia and New Zealand. Latitude originates loans through
direct and third-party channels. Direct channels include online and
call centre based applications with third-party distribution
through partnership agreements and a network of brokers. The
Latitude Australia Personal Loans Series 2025-2 Trust transaction
represents Latitude's sixth personal loan term ABS transaction and
its second personal loan term ABS for 2025.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

-- Moody's evaluations of the underlying receivables and their
expected performance;

-The evaluation of the capital structure. The transaction features
a sequential/pro rata paydown structure. Initially, the notes will
be repaid on a sequential basis starting with the Class A Notes.
Once pro rata paydown conditions are satisfied, principal will be
distributed pro rata among all classes of Notes. The Seller Notes
will stop receiving principal payments once their balance falls
below 2% of the aggregate initial invested amount of notes at
closing date. Following the call date, the structure will revert to
a sequential repayment profile. Initially, the Class A, Class B,
Class C, Class D, Class E and Class F Notes benefit from 34.50%,
23.00%, 16.90%, 13.20%, 6.00% and 5.00% of note subordination,
respectively;

-- The availability of excess spread over the life of the
transaction:

-- The pool parameters which must be maintained during the
substitution period

-- The aggregate outstanding balance of Receivables with a
variable rate does not exceed 60.0% of the aggregate pool balance;

-- The aggregate outstanding balance of Receivables with a
remaining term exceeding 72 months does not exceed 54.0% of the
aggregate pool balance;

-- The aggregate outstanding balance of Receivables with an
outstanding balance exceeding A$50,000 does not exceed 20.0% of the
aggregate pool balance;

-- The aggregate outstanding balance of Receivables with a GECO
Score of CR3 does not exceed 22.75%;

-- The aggregate outstanding balance of Receivables with a GECO
Score of CR4 does not exceed 6.0%, of the aggregate pool balance;

-- The aggregate outstanding balance of Receivables where the
obligor is not resident in NSW, VIC or QLD does not exceed 30.0% of
the aggregate pool balance; and

-- The weighted average annualised interest rate of the
Receivables exceeds 17.70%.

-- The liquidity facility in the amount of 1.50% of the note
balances, subject to a floor of AUD1.00 million;

-- The trust will enter into an eligible interest rate swap to
mitigate interest rate risk between fixed rates loan receivables
and floating rates rated notes;

-- The experience of Latitude as servicer, and;

-- The back-up servicing arrangements with AMAL Asset Management
Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are default rate of 9.25% for the
initial pool and 9.5% for the loans added during the substitution
period; portfolio credit enhancement (PCE) of 38.0% and a recovery
rate of 10.0%. Moody's assumed default rate and recovery rate are
stressed compared to the extrapolated mean default of around 9.0%
and actual historical levels of recovery rate of around 25%.

Key indicative pool features are as follows:

-- The composition of the pool is such that fixed rate loans
constitute 42.6% while the remaining 57.4% is made up of variable
rate loans;

-- The weighted average interest rate of the portfolio is 17.8%;

-- The weighted average remaining term of the portfolio is 65.7
months; and

-- The weighted average seasoning of the initial portfolio is 11.1
months.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties or insufficient transactional governance
and fraud.

MORTGAGE HOUSE NO.1: S&P Assigns B (sf) Rating to Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Mortgage House Capital Mortgage
Trust No.1 - Mortgage House RMBS Prime Series 2025-1. Mortgage
House RMBS Prime Series 2025-1 is a securitization of residential
mortgages originated by Mortgage House of Australia Pty Ltd.

The ratings reflect the following factors.

S&P said, "We have assessed the credit risk of the underlying
collateral portfolio, and we believe the credit support provided to
each class of notes is commensurate with the ratings assigned.
Credit support for the rated notes comprises note subordination,
lenders' mortgage insurance on 1% of the loans in the portfolio,
and excess spread.

"We have taken into account the servicing, underwriting standards,
and centralized approval process of the seller, Mortgage House of
Australia.

"The various mechanisms to support liquidity within the
transaction, including a liquidity facility equal to 1.5% of the
outstanding balance of the notes and principal draws, are
sufficient under our stress assumptions."

The transaction benefits from a fixed- to floating-rate
interest-rate swap provided by National Australia Bank Ltd. to
hedge the mismatch between receipts from any fixed-rate mortgage
loans and the variable-rate RMBS.

S&P has also factored into its ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
its criteria for insolvency remoteness.

  Ratings Assigned

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Prime Series 2025-1

  Class A1-S, A$324.00 million: AAA (sf)
  Class A1-L, A$576.00 million: AAA (sf)
  Class A2, A$46.50 million: AAA (sf)
  Class B, A$19.00 million: AA (sf)
  Class C, A$18.50 million: A (sf)
  Class D, A$6.00 million: BBB (sf)
  Class E, A$5.00 million: BB (sf)
  Class F, A$1.50 million: B (sf)
  Class G1, A$1.40 million: Not rated
  Class G2, A$2.10 million: Not rated


NOW TRUST 2025-2: Moody's Assigns (P)B2 Rating to AUD4MM F Notes
----------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to the notes to be
issued by Perpetual Corporate Trust Limited in its capacity as
trustee of the NOW Trust 2025-2.

Issuer: Perpetual Corporate Trust Limited in its capacity as
trustee of the NOW Trust 2025-2

AUD407.50 million Class A Notes, Assigned (P)Aaa (sf)

AUD9.20 million Class A-X Notes, Assigned (P)Aaa (sf)

AUD28.50 million Class B Notes, Assigned (P)Aa2 (sf)

AUD22.00 million Class C Notes, Assigned (P)A2 (sf)

AUD8.50 million Class D Notes, Assigned (P)Baa2 (sf)

AUD23.50 million Class E Notes, Assigned (P)Ba2 (sf)

AUD4.00 million Class F Notes, Assigned (P)B2 (sf)

The AUD6.00 million Class G Notes are not rated by us.

The transaction is a cash securitisation of unsecured personal
loans, secured personal loans and consumer automotive loans
extended to obligors located in Australia. It is a static
structure. All receivables were originated by Now Finance Group Pty
Ltd (NFG).

NFG is a private non-bank lender in the Australian consumer loan
market. NFG began originating unsecured personal loans in 2013,
secured personal loans in 2016 and consumer auto finance loans in
2022.

RATINGS RATIONALE

The ratings take into account, among other factors:

-- The limited amount of historical data. NFG began originating
personal loans in 2013, with significant origination growth
beginning in 2017, and started originating automotive loans from
2022. The collateral performance data used in Moody's analysis
reflects NFG's short origination history, particularly for the
automotive loans, and does not cover a full economic cycle. Moody's
have incorporated additional stress into its default assumptions to
account for the limited data.

-- The evaluation of the capital structure. The transaction
features a sequential/pro rata principal paydown structure.
Initially, the notes will be repaid on a sequential basis starting
with the Class A notes. Once pro rata paydown conditions are
satisfied, principal will be distributed pro rata among Class A
through to Class F Notes. Following the call date, or if the pro
rata conditions are otherwise not satisfied, the principal
collections distribution will revert to sequential. Initially, the
Class A, Class B, Class C, Class D, Class E and Class F Notes
benefit from 18.5%, 12.8%, 8.4%, 6.7%, 2.0% and 1.2% of note
subordination, respectively.

-- The Class A-X Notes are repaid according to a scheduled
amortisation profile. These notes are not collateralised and are
repaid through the interest waterfall only. The notes are sensitive
to very high prepayment rates, which could see the underlying asset
portfolio repay in full before the notes have fully amortised in
December 2028. If the deal is called by the sponsor before
repayment of the Class A-X Notes under the amortisation schedule in
December 2028, the Class A-X Notes will be made whole and repaid in
full. The notes also benefit from access to principal draw.

-- The availability of excess spread over the life of the
transaction. Repayment of the Class A-X Notes in a senior position
the interest waterfall reduces the availability of excess spread
for the other notes.

-- The liquidity facility in the amount of 1.50% of the aggregate
invested amount of all note balances, subject to a floor of AUD0.80
million.

-- The interest rate swap provided by National Australia Bank
Limited ("NAB", Aa2/P-1/Aa1(cr)/P-1(cr)).

-- The experience of NFG as servicer, and the back-up servicing
arrangements with AMAL Asset Management Limited.

MAIN MODEL ASSUMPTIONS

Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 24.0%. Moody's mean default rate
for this transaction is 5.5% and the assumed recovery rate is
16.00%. Expected defaults, recoveries and PCE are parameters used
by us to calibrate its lognormal portfolio loss distribution curve
and to associate a probability with each potential future loss
scenario in Moody's cash flow model to rate consumer ABS.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 4.4%. The
stress Moody's have applied in determining its mean default rate
reflects the limited historical data available for NFG's portfolio.
It also reflects the current macroeconomic trends, and other
similar transactions used as a benchmark.

The PCE of 24.00% is based on Moody's assessments of the pool
taking into account (i) historical data variability; (ii) quantity,
quality and relevance of historical performance data; and (iii)
originator quality and servicer quality.

Key pool features are as follows:

-- Consumer automotive loans constitute 60.0% of the pool,
unsecured personal loans constitute 34.0% of the pool while the
remaining 6.0% is made up of secured personal loans

-- The weighted average interest rate of the portfolio is 13.3%;

-- The weighted average remaining term of the portfolio is 68.3
months; and

-- The weighted average seasoning of the initial portfolio is 9.2
months.

Methodology Underlying the Rating Action

The methodologies used in these ratings were "Moody's Approach to
Rating Consumer Loan-Backed ABS" published in July 2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

Factor that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.

REDTRANS PTY: First Creditors' Meeting Set for Nov. 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Redtrans Pty
Ltd will be held on Nov. 4, 2025 at 10:00 a.m. at the offices of
Morton & Lee Insolvency, at Level 10, 388 Queen Street, in
Brisbane, Qld and via virtual meeting technology.

Gavin Charles Morton of Morton + Lee Insolvency was appointed as
administrator of the company on Oct. 23, 2025.


ROSS SERVICES: First Creditors' Meeting Set for Nov. 3
------------------------------------------------------
A first meeting of the creditors in the proceedings of Ross
Services Pty Ltd (trading as RS Pipe & Civil) will be held on  Nov.
3, 2025 at 1:00 p.m. via teleconference facilities.

Andrew Quinn and Liam Bellamy of Mackay Goodwin were appointed as
administrators of the company on Oct. 22, 2025.


SKILLS GPT: First Creditors' Meeting Set for Nov. 5
---------------------------------------------------
A first meeting of the creditors in the proceedings of Skills GPT
Pty Ltd will be held on Nov. 5, 2025 at 2:00 p.m. via Zoom.

Justin Howlett of SMB Advisory was appointed as administrator of
the company on Oct. 24, 2025.


TOMAGO ALUMINIUM: At Risk of Closure Due to Rising Energy Prices
----------------------------------------------------------------
ABC News reports that Australia's largest aluminium smelter is
consulting with employees about the future of its operations as it
struggles with rising energy costs.

In a statement released on Oct. 28 Tomago Aluminium said it was yet
to identify a pathway that supported commercially viable operations
beyond the expiration of its energy contract in 2028.

The smelter, located north of Newcastle, employs more than 1,000
people and produces almost 40 per cent of Australia's annual
aluminium output.

According to the ABC, the company said finding competitively priced
energy remained a "central challenge".

Tomago Aluminium is the country's largest single user of
electricity and its energy costs account for more than 40 per cent
of its operating costs.

The ABC relates that the company said the increased cost of
coal-fired and renewable energy options from 2029 would render the
smelter "unviable".

For months the company's majority owner, Rio Tinto, has been in
discussions with state and federal governments about interventions
to avoid closure, the ABC notes.

The company said it had also engaged in a "market-sounding" process
since 2022.

But Tomago Aluminium chief executive Jérôme Dozol said none of
the options presented would be enough to keep the smelter running,
the ABC relates.

"Unfortunately, all market proposals received so far show future
energy prices are not commercially viable and there is significant
uncertainty about when renewable projects will be available at the
scale we need," the ABC quotes Mr. Dozol as saying.

Mr. Dozol said no final decision has been made about the smelter's
future at this stage.

"Consultation does not mean we have made a decision," he said.

According to the ABC, chief financial officer Andrew Newman said
the company remained open to discussions with energy providers, as
well as the state and federal governments in order to secure the
smelter's future.

"We're very open to any options that may be on the table and that
would be in conjunction with the NSW government and the federal
government whom to date we've worked very collaboratively with,"
Mr. Newman said.

The ABC adds that Federal Minister for Industry and Innovation Tim
Ayres said the government would continue working with Tomago to
find a way forward.

"I am determined to exhaust every opportunity to secure the future
of that site for the Hunter Valley, for the New South Wales
economy, for Australian aluminium production more broadly, and for
Australia's economy," he said.

"You think about those workers who work hard every day, whose shift
starts at 6am, who work through the night, through the day … some
of them have been working there since the 1980s, this will be very
challenging news for them."

Australian Manufacturing Workers' Union NSW secretary Brad Pidgeon
said the latest announcement was another blow for the manufacturing
sector, the ABC reports.

"It's very disappointing for the workers and community by and
large, but I think it really validates the sad news that's going to
occur moving into the future," he said.

The ABC relates that the union has been in discussions with Tomago
for the last 12 months about the smelter's future but Mr. Pidgeon
said no definite decision had been communicated to workers.

"Today's announcement confirms that, unfortunately, the business is
highly unlikely to operate post 2028," he said.

Mr. Pidgeon said he would like to see the government and Tomago
come to the table and offer support for workers in the face of
uncertainty.

"The pressure of uncertainty really plays on the minds of workers,"
he said.

"We want to see some sort of project fast-tracked to ensure that
there are some jobs for workers in the Hunter, but more importantly
making sure we have our communities looked after in the process as
well."

The ABC adds that Mr. Dozol said the company was committed to
supporting its workers.

"This is a difficult point to reach," he said.

"Our focus remains on operating safely and giving our people
certainty as soon as possible."

A consultation process with the smelter's employees will run for
the next four weeks, the ABC relays.


WISETECH GLOBAL: AFP and ASIC Raid Sydney Office Over Share Sale
----------------------------------------------------------------
ABC News reports that the Australian Federal Police (AFP) and the
Australian Securities and Investments Commission (ASIC) have raided
a WiseTech office in Sydney.

In a release to the ASX, the company said ASIC and the AFP executed
a search warrant requiring the production of documents regarding
alleged trading in WiseTech shares by co-founder Richard White and
three WiseTech employees during the period from late 2024 to early
2025, the ABC relays.

"So far as it is aware, no charges have been laid against any
person and there are no allegations against the company itself,"
WiseTech said in the ASX statement.

The corporate regulator confirmed the search was carried out as
part of an ongoing investigation.

"ASIC is unable to provide further comment at this time," a
spokesperson told ABC News.

According to the ABC, Mr. White has served as executive chair of
WiseTech since February, when he returned to the leadership team of
the company he co-founded after standing down as chief executive in
late 2024 when he hit the headlines. Mr. White has been embroiled
in controversy since October 2024 following multiple media reports
of allegations about his personal life, including payments to a
past sexual partner.

In February ASIC initiated "preliminary inquiries" into the
logistics software-maker following a mass exodus of board directors
and the surprise return of Mr. White as chair, the ABC recalls.

According to records lodged with the Australian Securities
Exchange, Mr. White sold more than 2.15 million shares between
December 31 last year and February 28 this year.

The ABC notes that the share sales would have netted Mr. White
somewhere in the vicinity of AUD200 million, given the stock traded
between AUD121 a share and AUD89.50 after a sharp slump on February
19.

While Mr. White had relinquished his role as a director in October
and sold more than 3.65 million shares in the final few months of
2024, it is share sales in the first two months of this year that
have attracted attention, notes the report.

That is because the transactions occurred during what is known as a
"blackout period". During these times, directors generally are not
allowed to trade given they have access to financial results that
have yet to be released, the ABC states.

According to the ABC, Mr. White had relinquished his role as a
director but he remained employed by the company as a consultant
and was the company's biggest shareholder with a 36.6 per cent
stake. Directors and substantial shareholders – those holding
more than 5 per cent of a company - are required to keep the market
informed of any changes in their holding.

The ABC relates that Mr. White's notification of his share sales
during this period were lodged 2 days after he regained his role as
executive chairman. Mr. White's selldown of his WiseTech stake has
resumed in recent months.
He has sold more than four million shares in the company in nine
separate transactions since September 4.

The ABC reported in March that a review found Mr White misled the
firm's board about the nature of several relationships. A
"sub-committee" of the board - the three directors besides Mr White
- said it "has indicated to Mr White . . . that such conduct is not
acceptable and must not be repeated".

A review was subsequently undertaken into the company's code of
conduct. At the time, the billionaire said he had accepted the
findings and understood "the seriousness of his actions".

WiseTech told investors it "intends to fully cooperate with any
investigation," the ABC relays.

Based in Alexandria, Australia, WiseTech Global Limited (ASX:WTC)
-- https://www.wisetechglobal.com/ -- engages in the development
and provision of software solutions to the logistics execution
industry in the Americas, the Asia Pacific, Europe, the Middle
East, and Africa. It develops, sells, and implements software
solutions that enable and empower logistics service providers to
facilitate the movement and storage of goods and information.




=========
C H I N A
=========

YUEDA DIGITAL: Closes $28M Direct Offering With Univest Securities
------------------------------------------------------------------
Yueda Digital Holding disclosed in a Form 6-K Report filed with the
U.S. Securities and Exchange Commission that the Company entered
into a Securities Purchase Agreement with certain institutional
investors named thereto, pursuant to which the Company agreed to
issue and sell, in a registered direct offering:

     (i) 28,000,000 Class A ordinary share, par value $0.04 per
share included in 28,000,000 units, each consisting of one Class A
Ordinary Share, and one warrant, each exercisable to purchase Class
A Ordinary Share, and
    (ii) up to 364,000,000 Class A Ordinary Shares issuable upon
exercise of the Warrants to purchase Class A Ordinary Shares at a
zero exercise price, at a purchase price of $1.00 per Unit.

The Offering closed on October 16, 2025. The Company received
approximately $28 million in gross proceeds from the Offering,
before deducting placement agent fees and estimated offering
expenses. The Company intends to use the net proceeds from the
Offering for working capital and general corporate purposes.

Each of the Warrants has an initial exercise price of $1.00 per
Class A Ordinary Share and is exercisable beginning on the date of
the issuance date and ending on the one year of the issuance date.
The Warrants include provisions for alternative cashless exercise,
pursuant to which holders of Warrants may effect a "zero exercise
price option," under which up to 364,000,000 Warrant Shares may be
issuable in aggregate under all Warrants. Subject to limited
exceptions, a holder of Warrants will not have the right to
exercise any portion of its Warrants if the holder, together with
its affiliates, would beneficially own in excess of 4.99% (or, at
the election of the holder, such limit may be increased to up to
9.99%) of the number of Class A Ordinary Shares outstanding
immediately after giving effect to such exercise.

As of October 21, 2025, the Purchasers have exercised the Warrants
to purchase an aggregate of 236,392,000 Class A Ordinary Shares,
and the Company has issued to the Purchasers 236,392,000 Class A
Ordinary Shares in accordance with the terms of the Warrants.

The Purchase Agreement contains customary representations,
warranties and agreements by the Company, customary conditions to
closing, indemnification obligations of the Company, other
obligations of the parties, and termination provisions.

In addition, the Company agreed that for a period of forty-five
(45) calendar days from the closing date of the Offering, it will
not:

     (i) issue, enter into any agreement to issue or announce the
issuance or proposed issuance of any Class A Ordinary Shares or
equivalent securities; or
    (ii) file any registration statement or amendment or supplement
thereto (other than the Prospectus Supplement, or on Form S-8 or in
connection with any employee benefit plan).

In addition, the Company agreed that it will not conduct any sales
of Class A Ordinary Shares or equivalent securities involving a
variable rate transaction (as defined in the Purchase Agreement)
for a period of forty-five (45) calendar days from the closing date
of the Offering, subject to certain exceptions as described in the
Purchase Agreement.

The Shares, the Warrants and the Warrant Shares were offered by the
Company pursuant to an automatic registration statement on Form
F-3ASR (File No. 333-290419), filed with the Securities and
Exchange Commission on September 19, 2025 and automatically became
effective upon filing, the base prospectus filed as part of the
Registration Statement, and the prospectus supplement dated October
15, 2025.

On October 15, 2025, the Company entered into a Placement Agency
Agreement with Univest Securities, LLC, pursuant to which the
Company engaged Univest as the exclusive placement agent in
connection with the Offering. The Placement Agent agreed to use its
reasonable best efforts to arrange for the sale of the Shares and
the Warrants.

In addition, under the Placement Agency Agreement the Company
agreed to pay the Placement Agent a placement agent fee in cash
equal to seven percent (7%) of the aggregate gross proceeds raised
from the sale. The Company also agreed to reimburse the Placement
Agent at closing for legal and other expenses incurred by them in
connection with the Offering in an amount not to exceed $150,000.

The Placement Agency Agreement contains customary representations,
warranties and agreements by the Company, customary conditions to
closing, indemnification obligations of the Company and the
Placement Agent, including for liabilities under the Securities Act
of 1933, as amended, other obligations of the parties and
termination provisions.

The foregoing summaries of the Placement Agency Agreement, the
Purchase Agreement and the Warrants do not purport to be complete
and are subject to, and qualified in their entirety by, such
documents are available as Exhibits to the Form 6-K:
https://tinyurl.com/3sh24vyu

A copy of the press release related to the Offering entitled "Yueda
Digital Holding Announces Pricing of $28 Million Registered Direct
Offering" is available at https://tinyurl.com/2mpasuda

Copy of the opinion of Conyers Dill & Pearman LLP relating to the
legality of the issuance and sale of the securities is available at
https://tinyurl.com/mvr64nx

This report is incorporated by reference into each of:

     (i) the registration statements on Form F-3 (File No.
333-286235 and File No. 333-290419), and
    (ii) the registration statement on Form S-8 (File No.
333-290453), filed with the Commission, to be a part thereof from
the date on which this report is submitted, to the extent not
superseded by documents or reports subsequently filed or
furnished.

This report shall not constitute an offer to sell any securities or
a solicitation of an offer to buy any securities, nor shall there
be any sale of any securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.

                      About Yueda Digital Holding

Yueda Digital Holding focuses on identifying and evaluating
potential partnerships across financial technology and blockchain
ecosystems and developing our bitcoin and ether treasury framework.
The company was formerly known as AirNet Technology Inc. and
changed its name to Yueda Digital Holding in September 2025. Yueda
Digital Holding was founded in 2005 and is based in Beijing, the
People's Republic of China.

Singapore-based Assentsure PAC, the Company's auditor since 2025,
issued a "going concern" qualification in its report dated May 2,
2025, attached to the Company's Annual Report on Form 10-K for the
year ended December 31, 2024, citing that the Company has a history
of operating losses and negative operating cash flows and has
negative working capital of approximately US$52.6 million as of
December 31, 2024. These conditions raise substantial doubt about
the Company's ability to continue as a going concern. Historically,
the Company has relied principally on both operational sources of
cash and non-operational sources of equity and debt financing to
fund its operations and business development. The Company's ability
to continue as a going concern depends on management's ability to
successfully execute its business plan which includes increasing
the utilization rate of existing staffs and potential financing
from public market or private placement. However, there is no
assurance that the measures can be achieved as planned.

As of Dec. 31, 2024, the Company had $72.17 million in total
assets, $93.26 million in total liabilities, and a total deficit of
$21.09 million.



=================
H O N G   K O N G
=================

FOXGLOVE: Restaurant Closing Doors in December After 10 Years
-------------------------------------------------------------
Time Out Hong Kong reports that on October 26, beloved speakeasy,
restaurant, and live music venue Foxglove announced its closure
through a heartfelt Instagram post, posted through the words of its
fictional founder, Frank Minza. The news came as a shock to both
the bar's regulars and Hong Kong's live music scene.

Over its decade of operation, Foxglove has undoubtedly become a
staple in the city's nightlife and entertainment industry, the
report says. Its 1950s-inspired interiors offered an extravagant
recluse for creatives, gourmands, and everyone in between. The
speakeasy-style restobar was known for its innovative cocktails,
live music performances, and a menu of delectable dim sum. It
certainly also helped that Foxglove's iconic entrance masquerades
as a fancy Kingsman-like umbrella store, and customers have to pull
the correct one to access the restaurant proper. As one of the few
Hong Kong venues offering a platform for local and international
talents, Foxglove's presence will be dearly missed once its doors
shut permanently.

According to Time Out Hong Kong, from now until the end of
December, regulars and fans of Foxglove can expect its usual
offerings plus seasonal specials as Halloween and Christmas roll
around. Highlights of upcoming performances include sets by On
Point, Chris Palanco, The Carpio Brothers, and The Bloodest
Saxophone.

Meanwhile, visitors can continue to enjoy Foxglove's 10th
anniversary dining offer. At $280 for lunch and $380 for dinner,
you can enjoy a premium cut of US Angus ribeye or Wagyu Bavette
with unlimited fries.

Foxglove is located at 2/F, Printing House, 6 Duddell Street,
Central and will remain in operation until December 31, 2025, the
report notes.




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

AKAL PIPE: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Akal Pipe Industries (API) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         6.90      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-         2.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with API, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

API was established in March 2012 as a partnership firm of Mr.
Harbant Singh, Mr. Gurnam Singh, Mr. Harpreet Singh, Mr. Yadvinder
Singh and Mr. Nazam Singh sharing profits and losses in the ratio
of 51%, 14%, 13%, 13% and 9%, respectively. The entity is engaged
in the manufacturing of RCC (Reinforced cement concrete) pipes and
manholes.


AKASVA INFRASTRUCTURE: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Akasva Infrastructure Pvt Ltd (AIPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         37.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term-        50.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with AIPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in January 2007, AIPL is promoted by Mr. Viren Jain,
who is a first-generation entrepreneur. The company undertakes
civil construction for industrial spaces, housing, hydropower and
thermal power projects. The completed projects consist of building
and other industrial construction. The future work orders exhibit
projects from diverse sectors, including civil construction for
power projects and railways.


AVADH COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term of Avadh Cotton Industries - Jamnagar
(ACI) in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          1.43       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          4.50       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with ACI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Avadh Cotton Industries - Jamnagar (ACI) was established as
partnership firm in January 2014. It engaged in the business of
ginning and pressing of raw cotton. Three partner namely Mr.
Shaileshbhai Chikani, Mr. Rashikbhai Vaishnav and Mr. Rohitbhai
Sitapara. In FY 2016, Mr. Vallabhabhai Jivani has resigned from the
partnership firm as partner.


BHADOHI CARPETS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Bhadohi Carpets in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         11.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Bhadohi Carpets, ICRA has been trying to seek information from
the entity so as to monitor its performance, but despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Balaji Overseas was established in 1989 as a proprietorship firm
with Mr. Kailash Chander as the proprietor. Balaji Overseas is
engaged in the processing and trading of rice in the domestic
market as well as exporting to countries like Saudi Arabia, Dubai,
Kuwait and USA. The firm sells its product under the brand name
'Sargam'. The firm's manufacturing unit is located in Pehowa,
Haryana.


BYJU'S: Challenges NCLT Court's Order Over Aakash EGM Rights Issue
------------------------------------------------------------------
Business Standard reports that Think & Learn, which owns edtech
brand Byju's, on Oct. 27 moved the National Company Law Appellate
Tribunal (NCLAT) against the NCLT order, which last week declined
its plea to restrain Aakash Educational Services from convening its
EGM for the rights issue.

On October 17, 2025, the Bengaluru-based bench of the National
Company Law Tribunal (NCLT) declined to grant any interim relief on
the second plea filed by the insolvency-bound edtech firm Byju's to
stay the extraordinary general meeting (EGM) scheduled for October
29, 2025, Business Standard recalls.

Meanwhile, a two-member bench of the National Company Law Appellate
Tribunal (NCLAT) at Chennai, comprising Justice N Seshasayee and
Jatindranath Swain, on Oct. 27 reserved its order on an application
filed by the GLAS Trust Company LLC, the US-based lender of the
debt-ridden firm Byju's, regarding the EGM, according to Business
Standard.

Business Standard relates that GLAS Trust, which owns over 90 per
cent of the voting rights in the Committee of Creditors of Byju's,
had earlier filed an application before the appellate tribunal
against the previous NCLT order, where the NCLAT had declined to
pass a stay order.

During the proceedings, Senior Advocate CA Sundaram, appearing for
petitioners, sought a stay to protect the interest of Think & Learn
Pvt Ltd (TLPL), which owns around 25 per cent of the stake in
Aakash Educational Services Ltd (AESL), and said that after the
right issue, the stake of the insolvency-bound edtech firm will be
diluted.

According to Business Standard, senior advocate Gopal Subaramanium,
appearing for respondents, said the meeting on October 29 is only
for the resolution of the shareholders of AESL, after which a
letter of offer has to be sent out to all shareholders to
subscribe.

It was also submitted that AESL desperately needs funds, as it has
3.5 lakh students and 10,000 employees and has to meet those
expenses. Moreover, AESL is not a part of insolvency proceedings
going against Byju's, which has only a shareholding in this.

Senior advocate Abhinav Vashisht was representing the Resolution
Professional of TLPL, Business Standard discloses.

Business Standard says Byju's had requested the proposed EGM to
keep it on hold as the rights issue will reduce its shareholding in
Aaskash from 25 per cent to less than 5 per cent.

In its petition, Byju's has submitted that EGM is in gross
violation of the Articles of Association. It is against the order
passed by NCLT on Nov. 19, 2024, as it ignores the
participating/veto rights of Think & Learn.

                           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.


D. D. INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of D. D.
Industries Limited (DDIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           30          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             20          CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 1957, DDIL is a closely held public limited company
and has been an authorised dealer for Maruti Suzuki India Ltd since
1995. The company operates 12 showrooms, 9 workshops, 6 body shops
and 3 True Value showrooms in Uttarakhand, Haryana and Delhi NCR.
The company is promoted by Mr Rajeev Gambhir and his family
members.



DANCO ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Danco
Enterprises India Private Limited (DEIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         3          CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit            3.5        CRISIL D (Issuer Not       
                                     Cooperating)

   Corporate Loan         0.72       CRISIL D (Issuer Not       
                                     Cooperating)

   Letter of Credit       1.5        CRISIL D (Issuer Not       
                                     Cooperating)

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


DEIPL was incorporated in 2012 to takeover the business of Danco
Enterprises, which was setup in 1975. The company is engaged in
undertaking turnkey project for electrical work. The company is
based out of Mumbai and is promoted by Mr. Kuulin Danani and Mr.
Niraj Danani.


HILLCREST FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hillcrest
Foods (HF) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             15        CRISIL D (Issuer Not
                                     Cooperating)

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

Set up as a partnership firm in 2005 by the Diwan family, HF
processes and packages frozen peas, fruit pulp and vegetables. It
also trades in fruits, primarily apple. HF's 2500 tonne per annum
processing plant and cold storage is in Nalagarh, Himachal
Pradesh.


IBD NALANDA: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of IBD Nalanda Infrastructure
Pvt. Ltd. (IBDN) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term-         8.52      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term         24.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with IBDN, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

IBDN was incorporated in 2009 and is the flagship company of the
IBD Group of Central India. IBDN is headed by Mr. Ajay Bhadauria
who holds 6.51% stake. Currently, the company is executing 2
projects in Jabalpur, Madhya Pradesh which are in various stages of
execution. 'Royal City' is the affordable housing project of the
company and 'Gold Villa" is the high end residential apartment
project. The total saleable area for all the projects is 6.27 lakhs
square feet, with 523 units in total. The total project cost is
estimated at INR79.51 crore and is expected to be funded by
customer advances and promoter's contribution, in different
proportion.


JAI LAXMI: ICRA Keeps B Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Jai Laxmi Cement Co. (P)
Limited (JLCPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with JLCPL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

JLCPL was incorporated in September 1987 and manufactures Portland
Pozzolana Cement (PPC) cement. The company has a manufacturing
plant in Ram Nagar, Chandauli (Varanasi), which is ISO 9001:2008
certified. It is also involved in the trading of clinker and fly
ash. The daily installed capacity of the company is 350 MT, which
translates into an annual capacity of 120000 MT per annum. The
company is fully owned by the promoters and their family members.
It sells its product through the dealer network and mainly in the
states of Uttar Pradesh and Bihar. The raw material, which is
clinker, fly ash and gypsum, is procured from Madhya Pradesh, Uttar
Pradesh and Rajasthan.


KADVANI FORGE: ICRA Lowers Rating on INR26.30cr LT Loan to C
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Kadvani
Forge Limited (KFL), as:

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         1.48      [ICRA]C; ISSUER NOT COOPERATING;
   Fund based                   Rating Downgraded from
   Term Loan                    [ICRA]B(Stable); ISSUER NOT
                                COOPERATING and continues to
                                remain under the 'Issuer Not
                                Cooperating' category

   Long-term-        26.30      [ICRA]C; ISSUER NOT COOPERATING;
   Fund based                   Rating Downgraded from
   Cash Credit                  [ICRA]B(Stable); ISSUER NOT
                                COOPERATING and continues to
                                remain under the 'Issuer Not
                                Cooperating' category

   Short Term-        5.00      [ICRA]A4 ISSUER NOT COOPERATING;
   Fund Based                   and continues to remain under
   Cash Credit                  'Issuer Not Cooperating' category

   Short Term-        3.50      [ICRA]A4 ISSUER NOT COOPERATING;
   Non Fund Based               and continues to remain under
                                'Issuer Not Cooperating' category

Rationale

The rating is downgrade because of lack of adequate information
regarding KFL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Kadvani Forge Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 1995, Kadvani Forge Limited (KFL) is involved in
manufacturing of closed die steel forged products in carbon,alloy
and stainless steel, as per the customer specifications.KFL was
initially promoted by Kadvani family and was taken over by Mr.
Vitthal Dhaduk in February 2009. The company supplies its products
in forged, heat treated, partially or fully machined condition as
per the requirement of the customers. The company's manufacturing
facility is located at GIDC Lodhika in Rajkot, Gujarat and has an
installed capacity of 30,000 MTPA. The marketing and sales office
of the company is located at Rajkot. The company also has its
marketing teams operating from Bangalore and Chennai.


KVC ENERGIES: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
Crisil Ratings has migrated the rating on bank facilities of KVC
Energies Private Limited (KVCE) to 'Crisil D Issuer not
cooperating'.  

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

   Term Loan                0.35       CRISIL D (Issuer Not
                                       Cooperating; Rating
                                       Migrated)

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.



LAKSHMI SATYANARAYANA: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Sri Lakshmi Satyanarayana
Raw & Boiled Rice Mill (SLSRBRM) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term         25.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long Term-         5.00       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with SLSRBRM, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Sri Lakshmi Satyanarayana Raw & Boiled Rice Mill (SLSRBRM) was
established in the year 1985 by Mr. N. Surya Narayana Reddy and is
engaged in the milling of paddy and produces raw and boiled rice.
The firm has a milling unit in Penuguduru village of East Godavari
district of Andhra Pradesh with an installed capacity of 350MTPD.
The firm sells rice, broken rice and bran. Boiled rice is sold in
the open markets of Kerala and exported through agents. In the
domestic market, the firm sells its products under the brand name
"Coconut Tree".


MADHUCON PROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Madhucon
Projects Limited (MPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term        80.20      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term         648.00     [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term         52.05      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term        425.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-       194.75      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with MPL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Originally incorporated in 1990 as Madhu Continental Constructions
Private Limited and subsequently converted into a listed public
limited company in March 1995, Madhucon Projects Limited (MPL) is
primarily engaged in the road construction and irrigation projects
business. MPL was promoted by Mr. N Seethaiah and Mr. N Krishnaiah.
It is currently engaged predominantly in construction of roads and
irrigation projects.


MARUTI NOUVEAUKNITS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Maruti
Nouveauknits Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         3.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term-         4.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term         0.35       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long Term/         3.37       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term-                   COOPERATING; Rating Continues to
   Unallocated                   remain under issuer not
                                 Cooperating category

As part of its process and in accordance with its rating agreement
with Maruti Nouveauknits Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Gujarat Hiflow Yarn Limited ('GHYL') was incorporated in 1993 by
the Aggarwal group and was engaged in texturing of yarn. On May
2009 the company was acquired by Mr. Anil Chaudhary and Mr. Keshari
Chand Chhajer. The entire business was revamped and GHYL started
manufacturing metallic films, hot stamping foil and sequin foil.
The name of the company was changed to Maruti Holostic Limited and
subsequently to Maruti Holostic Private Limited in April 2015 to
align its name with the line of business. The company started
manufacturing holographic items from February 2016; the products
manufactured included holographic labels, films, and stickers. The
company was also involved in trading of solar panels and finished
fabrics from FY2016. The finished fabrics comprised sarees and
dress materials which were procured from Surat and sold in
different parts of India.


MSV LABORATORIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MSV
Laboratories Private Limited (MSV) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.2         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           1.52        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        5.89        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        3.64        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    4.75        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

MSV, which was set up in 1991, manufactures organic fertilisers,
bio-fertilisers and bio-pesticides. The company has two warehouses,
leased to the government of West Bengal. It also oversees the
maintenance of 21 warehouses in the state. A gamma radiation plant
is being set up currently, to deploy the in-house technology for
sterilisation of food items. Daily operations are managed by Mr
Ashok Maity, based in Purba Medinipur, West Bengal.


NATIONAL (INDIA): ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of National
(India) Contractors & Engineers (NICE) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         7.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/         3.15      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Long-term/        14.35      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Non Fund Based/              remain under 'Issuer Not
   Others                       Cooperating' Category

As part of its process and in accordance with its rating agreement
with NICE, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

NICE was set up in 1962 by Mr. Usmangani Khatri and is at present
managed by three partners, Mr. Faruk Khatri, Mr. Zuber Khatri and
Mr. Rizwan Khatri. The firm is involved in the construction of
buildings, factories, townships and universities, as well as in the
trading metals and primarily steel. The firm is based out of Mumbai
and executes construction projects primarily in Maharashtra and
Rajasthan.

In FY2020, NICE reported a net profit of INR0.52 crore on an OI of
INR27.37 crore compared to a net profit of INR0.75 crore on an OI
of INR40.82 crore in the previous year.


NUCON PNEUMATICS: ICRA Keeps C+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Nucon
Pneumatics Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]C+; ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term-        7.23       [ICRA]C+; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-        8.03       [ICRA]C+; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term/        4.77       [ICRA]C+/[ICRA]A4; ISSUER NOT
   Short-term-                  COOPERATING; Rating moved to
   Unallocated                  Issuer Not Cooperating category   

   Limits            

   Short Term-       5.97       [ICRA]A4 ISSUER NOT
   Non Fund Based               COOPERATING; Rating continues
   Others                       to remain under 'Issuer Not
                                Cooperating' category

As part of its process and in accordance with its rating agreement
with Nucon Pneumatics Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Nucon Pneumatics Private Limited was incorporated in the year 1972
as a manufacturer of pneumatic solutions and compressed air
treatment solutions, which was a part of Nucon Industries Private
Limited. The company diversified into manufacturing of Aerospace
applications (Missile Guidance systems) in the year 2010 and later
in the year 2012 both the division was demerged into two different
entities. The company is managed by Mr. Hemant Jalan and his
family. The company is currently engaged in manufacturing of
pneumatic solutions and the plant is located in Patancheru
Hyderabad.


PARATUS REAL: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of Paratus Real Estates Pvt.
Ltd. (PREPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        18.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with PREPL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

PREPL is a private limited company incorporated on May 4, 2013. It
is a Special Purpose Vehicle (SPV) for constructing and developing
'Mega County', a Residential Project in Dehradun, Uttarakhand. The
Earthcon group through its flagship company, Earthcon Constructions
Private Limited, has 50.74% stake in the SPV. The balance stake of
49.26% is held by I.S.P. Constructions Private Limited.


PIONEER GLOBEX: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings of Pioneer Globex Private
Limited (PGPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        15.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with PGPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Pioneer Globex Pvt. Ltd. (PGPL) was initially established as a
partnership firm in the year 2008 with the name Pioneer Exports.
Later on, the firm's name was changed to Pioneer Globex in June
2013. In November 2013, the firm was converted into private limited
company with the company name as Pioneer Globex Pvt. Ltd. It is a
group firm of Sheth Ship Breaking Corporation (SSBC); a partnership
firm involved in ship breaking activities. Both the firms are being
managed by same promoters Mr. Narendra N. Shah, Mr. Hardik N. Shah,
Mr. Pravin G. Shah and Mr. Vijaybhai S. Sanghavi having experience
of more than 20 years in the business of ship breaking.


PUNJABI UNIVERSITY: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Punjabi University, Patiala
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-        120.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with Punjabi University, Patiala, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Punjab Assembly established Punjabi University, Patiala under the
Punjab Act No. 35 of 1961. Dr. S. Radhakrishnan, the then President
of India laid foundation of Punjabi University on June 24, 1962.
Established in the erstwhile princely state of Patiala with the
main objective of furthering the cause of Punjabi language, art and
literature, Punjabi University has since evolved into the largest
University in the state. Its vision was to establish and
incorporate a University for the advancement of Punjabi studies and
development of Punjabi language as a medium of instruction or
otherwise for providing instruction in humanistic and scientific
subjects and generally for the promotion of education and research.
The University started working from its present 316 acres campus
since 1965.


RADHEYA MACHINING: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Radheya Machining Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         11.13       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category            
       

   Long Term-         38.87       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Radheya Machining Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Radheya Machining Limited, incorporated on December 13, 1999, has
two manufacturing units in Sanaswadi, Pune (Maharashtra). RML is
headed by Mr. Dhananjay Bhargav (MD) and Mr. Santosh Joshi (WTD).
The company is an engineering company, manufacturing various
automobile parts and specialized in variety of Gears Manufacturing.
The Company is manufacturing Engine Gears, Transmission Gears, Arms
and levers, Drive Line Components,
Ball Valves, and many other automobile parts. The Company is mainly
a tier-1 vendor to major OEM automobile industries and as per
management, it is the sole supplier for many items required by the
customers. The business is received directly from OEM customers
spread over PAN India under open orders for regular supply. The
main business is driven by the Engine and Transmission Gears, which
have been contributing almost 80 to 90% of total revenue. Over the
years, the company has a track record of supplying materials to
reputed OEM players like Mahindra & Mahindra, Escorts Ltd and
Carraro India Pvt Ltd.


RIYAN PAPER: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of Riyan Paper Mill (RPM) in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.90        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with RPM, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is base don't he best available information.

RPM was incorporated as a partnership firm in April 2015, by Mr.
Nasinbanu Suhil Lakhani and Mr. Sohil Barkatali Lakhani withequal
profit-sharing ratio. The firm manufactures kraft paper with an
installed capacity of 26,000 metric tonne per annum (MTPA). The
manufacturing facility of the firm, located in the Surat district
of Gujarat, started operations in February–March 2017. Before
this, it was involved in the trading of various paper types.


S.B. CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of S.B. Cars Private Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         26.25       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.75       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with S.B. Cars Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

S.B. Cars Private Limited was incorporated in March 2008 and had
been operating as an authorized dealer for vehicles of Maruti
Suzuki India Limited (MSIL) in Kanpur, Unnao, Orai and Kalyanpur.
The company is promoted by Oberoi family namely Mr. Hari Kishan
Oberoi and his wife Mrs. Sanjana Oberoi. The day-to-day management
of the company is take care by Mr. Hari Kishan Oberoi along with
support from other directors.


SHOBHAGLOBS ENGINEERS: ICRA Cuts Rating on INR3.40cr LT Loan to C
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Shobhaglobs Engineers Hub Pvt Ltd (SEHPL), as:

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         3.40      [ICRA]C; ISSUER NOT COOPERATING;
   Fund based                   Rating Downgraded from
   Term Loan                    [ICRA]B(Stable); ISSUER NOT
                                COOPERATING and continues to
                                remain under the 'Issuer Not
                                Cooperating' category

   Long-term-         0.90      [ICRA]C; ISSUER NOT COOPERATING;
   Fund based                   Rating Downgraded from
   Cash Credit                  [ICRA]B(Stable); ISSUER NOT
                                COOPERATING and continues to
                                remain under the 'Issuer Not
                                Cooperating' category

   Long Term-         5.30      [ICRA]C; ISSUER NOT COOPERATING;
   Unallocated                  Rating Downgraded from
                                [ICRA]B(Stable); ISSUER NOT
                                COOPERATING and continues to
                                remain under the 'Issuer Not
                                Cooperating' category

   Short Term-         0.40        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

Rationale

The rating is downgrade because of lack of adequate information
regarding SEHPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Shobhaglobs Engineers Hub Pvt Ltd, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 2014, SEHPL is an engineering company manufacturing
sheet metal structural component, cable trays and control panels
catering majorly to orders secured from engineering, procurement
and construction (EPC) players in the solar energy sector.The
company was involved in trading of solar panels till 2017 and
commenced the manufacturing operations in August 2017.


SHRINATH ROTOPACK: Ind-Ra Cuts Bank Loan Rating to BB+
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shrinath
Rotopack Private Limited's (SRPL) bank facilities to ‘IND
BB+/Negative (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT
COOPERATING)' from 'IND BBB+/Negative (ISSUER NOT COOPERATING)'/
'IND A2+ (ISSUER NOT COOPERATING)'. The issuer did not participate
in the rating exercise despite continuous requests and follow-ups
by the agency through emails and phone calls. Thus, the ratings are
based on the best available information. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.

The detailed rating action is:

-- INR3,042.60 bil. Bank loan facilities downgraded with IND
     BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
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, the ratings of
non-cooperative ratings issuers may be downgraded during subsequent
reviews, if they remain non-cooperative. With the passage of time
and absence of updated information, the risk of sustaining the
rating at the current levels by relying on dated information
increases, which may be reflected through a downgrade rating
action. The Negative Outlook reflects the likelihood of a further
downgrade of the entity's ratings on continued non-cooperation.

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of SRPL on the basis of the
best available information and is unable to provide a
forward-looking credit view. 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. SRPL has been
non-cooperative with the agency since April 2025.

About the Company

Promoted by the Rathi family, SRPL is a manufacturer of flexible
laminated packaging materials. It operates through its two units,
one each in Mankhal and Burgul in Hyderabad, and it has a total
capacity of 57,540mtpa.

SIPAI INDUSTRIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings of Sipai Industries (SI) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         14.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.30       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.50       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with SI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Established in 1995 as a partnership firm, Sipai Industries (SI) is
involved in the business of ginning and pressing of raw cotton as
well as crushing of cottonseeds. Its manufacturing facility,
located in Rajkot in Gujarat, is equipped with 36 ginning machines,
1 pressing machine and 5 expellers with an installed capacity of
150 MT per day. The partners of the firm have extensive experience
in the cotton industry.


SODE VADIRAJA: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Shri Sode Vadiraja Mutt
Education Trust in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term          21.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with Shri Sode Vadiraja Mutt Education Trust, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Shri Sode Vadiraja Mutt Education Trust was incorporated in the
year 2009 and manages an engineering college named by Shri Madhwa
Vadiraja Institute of Technology and Management (SMVITM), in Udupi
district, Karnataka. The college started functioning from July 2011
and is affiliated to Visvesvaraya Technological University (VTU)
and is also AICTE approved (All India Council for Technical
Education) and recognized by Government of Karnataka. The trust was
formed by Shree Vishwa Vallabha Theertha Swamiji for undertaking
educational and research activities. The members of the trust are
Shree Vishwa Vallabha Theertha Swamiji, Shri P. Srinivas Tantry and
Shri Rathna Kumar. The main objective of the trust is to set up and
operate government aided and private courses/programs in the field
of technical education, training and research in engineering and
technology.


UNIVERSAL INDIA: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Universal India Agro Foods
(UIAF) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with UIAF, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

UIAF was incorporated in 2013 and currently operates a rendering
plant in Meerut. The unit was commissioned in FY2014 and produces
Tallow and Meat and Bone Meal (MBM) from animal waste. The unit
procures animal waste such as bones, fat, and offal from slaughter
houses and produces Tallow which finds usage in soap manufacturing,
lubricants etc. and MBM which is used in cattle/poultry feed. The
company is promoted by Mr. Haji Aas Mohd and Mrs. Shabana Parveen.
The promoter's family has been engaged in trading of meat products
in the unorganized sector for past several years.




=========
J A P A N
=========

NIDEC CORP: Faces Delisting Risk as TSE Exchange Boosts Scrutiny
----------------------------------------------------------------
The Japan Times reports that Nidec Corp., already mired in a
deepening accounting crisis, now faces the risk of being delisted
after the Tokyo Stock Exchange said on Oct. 27 it will apply
special oversight to the company.

The Japan Times relates that the manufacturer of precision motors
has been designated as a "security on special alert," starting Oct.
28, the TSE said in a statement. That kicks off a potentially
yearslong process in which Nidec must show an internal management
system that's adequately developed and implemented. If the exchange
sees no improvement after follow-up periods, the firm may be
delisted.

In a separate statement, Nikkei said its shares will be removed
from its blue-chip Nikkei 225 Stock Average due to the designation,
The Japan Times reports. It will be replaced by electronics maker
Ibiden.

According to The Japan Times, Nidec was thrown into crisis last
month, when it announced it had found evidence that senior
executives may have been involved in a number of accounting issues
at subsidiaries. The company has an external committee
investigating the cases after an internal probe of a payment of
approximately JPY200 million ($1.3 million) by Nidec Techno Motor
in Zhejiang raised red flags.

Its turmoil deepened last week when it withdrew its annual profit
guidance and canceled its share buyback program, The Japan Times
states. It also said it won't be paying an interim dividend for the
fiscal year ending in March 2026, its first suspension of a midterm
payout in at least a quarter century.

The Japan Times says the move by the exchange may deal another blow
to Nidec's shares, which have tumbled roughly 20% since the start
of September as its accounting issues came to light.

"If any issues that warrant delisting are found, there is a
possibility that the company will be delisted," The Japan Times
quotes Yugo Tsuboi, chief strategist at Daiwa Securities, as
saying. The designation "indicates that some kind of problem has
occurred, and the market may start to price in the risk of
delisting," he said.

The Japan Times relates that Nidec said that it will fully
cooperate to ensure the third-party committee's investigation
concludes promptly and will formulate and implement a companywide
improvement plan. The company apologized for the inconvenience and
concern the events have caused for stakeholders.

Still, it would be extraordinary for a company of Nidec's size to
be delisted and the exchange's process can span years, giving the
firm ample runway to improve its oversight. Major Japanese brand
Olympus, which was also placed on alert after an accounting scandal
was exposed in 2011, has remained listed after improving its
corporate governance.

"The company will need to carry out a fundamental overhaul of its
internal accounting controls to address regulators' concerns,"
Bloomberg Intelligence analysts Masahiro Wakasugi and Takumi Okano
wrote in a note. "If Nidec's accounting reforms proceed smoothly,
the designation could eventually be lifted — as was the case with
Olympus in the past."

Nidec is one of Japan's most acquisitive manufacturers, but the
recent turmoil has raised questions about whether decades of rapid
expansion under its founder came at the cost of oversight and
internal controls, according to The Japan Times.

Under Shigenobu Nagamori's leadership, Nidec became one of the
world's leading suppliers of motors used to power everything from
server fans, car transmissions and elevators to electric vehicle
charging systems and wind turbines. But more recently, the company
has struggled with lackluster demand for some products.

Nagamori stepped down from the chief executive officer post last
year, entrusting new CEO Mitsuya Kishida to spearhead a turnaround,
The Japan Times notes.

The Japan Times says Nidec has already announced plans to cut
headcount and slash half its roughly 250 production sites by March
2028, while pivoting to more lucrative arenas in data centers and
energy generation. The world's top maker of mini motors is eyeing
higher-margin areas such as machine tools, power generation and
energy storage, while it expands into water-cooling systems used in
artificial intelligence data centers.

NIDEC Corporation manufactures and sells electric motors and
related components and equipment worldwide.  The company was
founded in 1973 and is headquartered in Kyoto, Japan.



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

HO HUP: Low Family Ceases to be Substantial Shareholder
-------------------------------------------------------
The Edge Malaysia reports that Ho Hup Construction Co Bhd's
founding Low family has ceased to be a substantial shareholder in
the company amid a boardroom tussle.

Just days prior, substantial shareholder Omesti Holdings Bhd issued
a notice on Oct. 22 calling for an extraordinary general meeting
(EGM) to replace executive directors Low Kheng Lun and Datuk Wong
Kit-Leong on the company's board, according to The Edge.

In bourse filings on Oct. 24, Ho Hup said Kheng Lun's parents,
former managing director Datuk Low Tuck Choy and director Datin
Chan Bee Leng, ceased to be substantial shareholders on Oct. 22,
The Edge relays.

This came after the Low family vehicle, Low Chee Group Sdn Bhd,
disposed of its entire 22.91 million shares or a 4.42% stake on
Oct. 21 and Oct. 22 for MYR458,673. Chan still holds an indirect
2.48% stake.

A check with the Companies Commission Malaysia showed that the Low
Chee Group is 32.95%-owned by Tuck Choy, and 18.72% by Kheng Lun.
Another 32.95% is owned by Low Lai Yoong, while the remainder is
held by the estate of Tang Sau Kuan @ Tang Sow Keng and Amelia
Chong, The Edge discloses.

Kheng Lun and Lai Yoong ceased to be substantial shareholders of Ho
Hup on Oct. 16, after a 4.19% stake disposal by the Low Chee Group
trimmed the vehicle's stake to 4.9% then.

Just a year ago, the Low Chee Group was the company's
second-largest shareholder with a 9.09% stake, behind Omesti's
10.93%, The Edge notes.

Now, Omesti is calling for Ho Hup to hold an EGM to replace Kheng
Lun and fellow executive director Wong with their appointees, Ong
Koon Loong and Bernard Chen Tong Liang.

The Edge notes that the company has been in the red since 2021.

The loss streak was extended to its latest three-month period ended
June 30, 2025, when Ho Hup posted a net loss of MYR275.9 million on
a revenue of MYR2.31 million, due to the recognition of hefty
impairments.

The Edge says the company shifted its financial year-end from
end-December to end-June in February this year. For the 18-month
period ended June 30, 2025, Ho Hup's net loss stood at MYR473.25
million with revenue of MYR57 million.

                     About Ho Hup Construction

Based in Malaysia, Ho Hup Construction Company Berhad --
https://www.hohupgroup.com.my/ -- engages in foundation
engineering, civil engineering, building contracting works and hire
of plant and machinery.  The Company operates in four segments:
construction, which is engaged in foundation and civil engineering,
building contracting works and engineering, procurement,
construction and commissioning of pipeline system; property
development, which includes the development of residential and
commercial properties, manufacturing, which includes manufacturing
and distribution of ready-mixed concrete, and other business
segment, which represents hire of plant and machinery.  The
Company's subsidiaries include H2Energy Corporation Sdn Bhd,
Tru-Mix Concrete Sdn Bhd, Bukit Jalil Development Sdn Bhd and Ho
Hup Equipment Rental Sdn Bhd.

On April 18, 2025, Ho Hup Construction Co Bhd said it had been
classified as a Practice Note 17 (PN17) issuer after its
wholly-owned Bukit Jalil Development Sdn Bhd defaulted on MYR112.69
million in loan facilities, for which Ho Hup is the guarantor.




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

DZ LOGISTICS: Creditors' Proofs of Debt Due on Nov. 17
------------------------------------------------------
Creditors of DZ Logistics Limited (previously known as Auslink
Logistics Limited) 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. 17, 2025.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


IDIENS SHEETMETAL: Creditors' Proofs of Debt Due on Nov. 21
-----------------------------------------------------------
Creditors of Idiens Sheetmetal & Roofing Limited are required to
file their proofs of debt by Nov. 21, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 16, 2025.

The company's liquidators are:

          Wendy Somerville
          Malcolm Hollis
          C/o PwC
          PO Box 13244
          City East
          Christchurch 8141


NEW BEE: Court to Hear Wind-Up Petition on Nov. 6
-------------------------------------------------
A petition to wind up the operations of New Bee Limited will be
heard before the High Court at Auckland on Nov. 6, 2025, at 10:45
a.m.

Bremner Residential Limited filed the petition against the company
on Aug. 27, 2025.

The Petitioner's solicitor is:

          Anna Fuiava
          Denham Bramwell
          Level 4, 3 Osterley Way
          Manukau
          Auckland


SEAL GROUP: Court to Hear Wind-Up Petition on Nov. 13
-----------------------------------------------------
A petition to wind up the operations of Seal Group NZ Limited will
be heard before the High Court at Auckland on Nov. 13, 2025, at
10:45 a.m.

LG Home Trading Limited filed the petition against the company on
Sept. 5, 2025.

The Petitioner's solicitor is:

          Yang Yang
          Level 1, Building 4
          195 Main Highway
          Ellerslie
          Auckland 1051


UBCO HOLDINGS: Creditors' Proofs of Debt Due on Dec. 18
-------------------------------------------------------
Creditors of Ubco Holdings Limited are required to file their
proofs of debt by Dec. 18, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 13, 2025.

The company's liquidator is:

          Andrew McKay
          BDO Auckland
          Level 4 BDO Centre
          4 Graham Street
          Auckland 1010




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

APEX TRADING: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Oct. 10, 2025, to
wind up the operations of Apex Trading Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

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


CSCT PTE: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Oct. 10, 2025, to
wind up the operations of CSCT Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

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



E2 FOOD: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on Oct. 10, 2025, to
wind up the operations of E2 Food Concepts Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

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


TANDBERG DATA: Creditors' Proofs of Debt Due on Nov. 17
-------------------------------------------------------
Creditors of Tandberg Data (Asia) 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. 9, 2025.

The company's liquidator is:

          Xerxes J. Medora
          JK Medora PAC
          22 Malacca Street
          #03-02 RB Capital Building
          Singapore 048980


TJ SEAFOOD: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Oct. 10, 2025, to
wind up the operations of TJ Seafood Soup (639) Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

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



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2025.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***