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251030.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, October 30, 2025, Vol. 28, No. 217 Headlines A U S T R A L I A BLOCKCHAIN GLOBAL: ASIC Gets Travel Restraint Orders vs. Director BRISK AIR: First Creditors' Meeting Set for Nov. 4 CANNIM AUSTRALIA: First Creditors' Meeting Set for Nov. 6 COMFORT CARE: First Creditors' Meeting Set for Nov. 4 GFG ALLIANCE: White Oak Eyeing Off Liberty Bell Bay Smelter INFRABUILD AUSTRALIA: Posts AUD250MM Loss for Year Ended June 30 LIBERTY FUNDING 2024-1: Moody's Ups Rating on Class F Notes to B1 MELMV PROPERTIES: Second Creditors' Meeting Set for Nov. 5 MME AUTOPAY 2025-1: Fitch Assigns 'B(EXP)sf' Rating to Cl. F Notes PRO-PAC PACKAGING: First Creditors' Meeting Set for Nov. 3 REDZED TRUST 2025-3: Fitch Assigns B+sf Final Rating to Cl. F Notes I N D I A BHATTER INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating BRILLIANT ALLOYS: CRISIL Keeps D Debt Ratings in Not Cooperating DASMESH MECHANICAL: CRISIL Keeps B+ Ratings in Not Cooperating EGITA NETWORK: Liquidation Process Case Summary ETERNITY GLOBETEX: CRISIL Keeps D Debt Rating in Not Cooperating EURO TECH: Insolvency Resolution Process Case Summary GANPATI MEGA: CRISIL Lowers Rating on Long/Short Term Loans to D GIGA PIPE SYSTEMS: Insolvency Resolution Process Case Summary GREENCARE AGROVET: CRISIL Keeps D Debt Ratings in Not Cooperating KAMESHWAR INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating KIRPA FOODS: CRISIL Keeps B- Debt Ratings in Not Cooperating M. M. AUTOMOBILES: CRISIL Keeps D Debt Ratings in Not Cooperating MAHA AGRICULTURAL: CRISIL Keeps B+ Ratings in Not Cooperating MAHADEV PROFILES: CRISIL Keeps D Debt Ratings in Not Cooperating MJ AND SONS: CRISIL Keeps B- Debt Ratings in Not Cooperating MOUNT SHIVALIK: CRISIL Keeps D Debt Ratings in Not Cooperating PARSHURAM CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating PINK ROSE: CRISIL Keeps D Debt Ratings in Not Cooperating PRAVISTA INFRA: Insolvency Resolution Process Case Summary QUEST LIFE: CRISIL Keeps D Debt Ratings in Not Cooperating R. P. PRINTERS: CRISIL Keeps D Debt Ratings in Not Cooperating R. S. ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating R. S. MIRGANE: CRISIL Keeps D Debt Ratings in Not Cooperating RAJ POLY: CRISIL Keeps D Debt Rating in Not Cooperating Category RBD INTERNATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating REDHU FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating RIDDHI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating SATYA WAREHOUSE: CRISIL Keeps D Debt Ratings in Not Cooperating SSPP PETRO: Ind-Ra Cuts Bank Loan Rating to D SUMITA TEX: CRISIL Keeps D Debt Ratings in Not Cooperating UNIVERSAL JOURNEYS: Insolvency Resolution Process Case Summary VIRATRA EXPORT: Insolvency Resolution Process Case Summary WIND WORLD (INDIA): Insolvency Resolution Process Case Summary I N D O N E S I A [] INDONESIA: OJK Shuts Down Five Banks This Year L A O S LAOS: S&P Assigns 'CCC+' LT Sovereign Credit Rating, Outlook Pos. N E W Z E A L A N D A2TAHI DAIRIES: Court to Hear Wind-Up Petition on Nov. 3 DZ LOGISTICS: Creditors' Proofs of Debt Due on Nov. 17 EASY EARTHMOVERS: Court to Hear Wind-Up Petition on Nov. 20 INTEGRATED PACKAGING: First Creditors' Meeting Set for Nov. 5 ORGANIC THAI2GO: Thai Restaurant Placed in Liquidation REDEMPTECH SUPPORTERS: Creditors' Proofs of Debt Due on Nov. 18 S I N G A P O R E KGH HOLDINGS: Creditors' Proofs of Debt Due on Nov. 22 LIVET COMPANY: Creditors' Proofs of Debt Due on Nov. 20 MYDOCLAB PTE: Creditors' Meeting Set for November 6 RECOMN TECHNOLOGIES: Court to Hear Wind-Up Petition on Nov. 7 TENDCARE MEDICAL: Court to Hear Wind-Up Petition on Nov. 14 S O U T H K O R E A HOMEPLUS CO: Faces Liquidation Risk as Sale Deadline Approaches HOMEPLUS CO: NPS Sees US$630MM Loss From Investment in Retailer - - - - - ================= A U S T R A L I A ================= BLOCKCHAIN GLOBAL: ASIC Gets Travel Restraint Orders vs. Director ----------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has secured interim travel restraint orders against Blockchain Global Limited (in liquidation) director Zijing Xu, also known as Ryan Xu. The Federal Court's orders made on Oct. 20, 2025 prohibit Mr Xu from leaving or attempting to leave Australia until 20 December 2025. ASIC applied for the Court orders on an ex parte basis, which means that Mr Xu has not yet had the opportunity to be heard by the Court or respond to ASIC's application. All parties will have the opportunity to be heard at the next Court date. ASIC is currently investigating Mr Xu in connection with the collapse of a crypto asset exchange that Blockchain Global operated. ASIC applied for travel restraint orders over its concerns while it continues its investigation. The matter is next due before court on Oct. 30, 2025 for an inter partes hearing. From around January 2016 until its collapse in around December 2019, Blockchain Global operated a crypto asset exchange known as the ACX Exchange, facilitating customers to buy, sell and store crypto assets. On Feb. 11, 2022, Liquidators were appointed to Blockchain Global. BRISK AIR: First Creditors' Meeting Set for Nov. 4 -------------------------------------------------- A first meeting of the creditors in the proceedings of Brisk Air Solutions Pty Ltd will be held on Nov. 4, 2025 at 11:00 a.m. at the offices of Rodgers Reidy, at Level 2A, 181 Elizabeth Street, in Brisbane, QLD and via virtual meeting technology. Nicholas David Lancaster of Rodgers Reidy was appointed as administrator of the company on Oct. 23, 2025. CANNIM AUSTRALIA: First Creditors' Meeting Set for Nov. 6 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Cannim Australia Pty Ltd and Cannim Group Pty Ltd will be held on Nov. 6, 2025 at 11:00 a.m. via virtual facilities. Michael James Billingsley, Neil Robert Cussen and Rajiv Goyal of Olvera Advisors were appointed as administrators of the company on Oct. 27, 2025. COMFORT CARE: First Creditors' Meeting Set for Nov. 4 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Comfort Care Foundation Inc. will be held on Nov. 4, 2025 at 10:00 a.m. via teleconference only. John Vouris and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Oct. 23, 2025. GFG ALLIANCE: White Oak Eyeing Off Liberty Bell Bay Smelter ----------------------------------------------------------- ABC News reports that a US private credit provider reported to be eyeing off Tasmania's troubled Liberty Bell Bay smelter met with the state government as recently as August, though the smelter's owner said "no purchase proposal" has been made. Representatives from White Oak met with Tasmania's Industry Minister Felix Ellis for the third time, on August 26, notes the report. In the months since, the Australian Financial Review newspaper reported the firm has been working on an $80 million takeover proposal. While both the federal and state governments remain aware that White Oak has an interest in Liberty Bell Bay, the smelter owned by Sanjeev Gupta's GFG Alliance has said "no purchase proposal has been put before [us]," the ABC relays. Liberty Bell Bay is Australia's only manganese alloy smelter and has been in limited operations since May, which has placed uncertainty over the future of about 350 jobs. The ABC says the Tasmanian government has become increasingly vocal in its frustrations with GFG and has accused it of not meeting the conditions of a $20 million loan. The company accepted the loan in August - after facing financial issues and difficulty obtaining manganese ore because of supply disruptions - but failed to restart operations when the shipment arrived in October. According to the ABC, corporate law professor at the University of Sydney, Jason Harris, said financial issues at the northern Tasmanian smelter mirrored troubles across Mr. Gupta's other businesses. "We've seen various GFG companies in Europe and in the UK go into insolvency or be basically taken over by the government," the ABC quotes Professor Harris as saying. "Even here in Australia, we've seen [at] the Tahmoor coal mine (in NSW) . . . all the workers have been placed on stand-by because of financial problems. "And of course, we've seen the Whyalla Steelworks go into administration and basically be taken over by the South Australian government, so the group has had significant financial problems for some time." The ABC relates that Professor Harris said any proposal by White Oak would likely correspond with "the standard distressed debt playbook". "They'll seize the business assets and then take over the running of the business, try and make it more profitable, try and fix some of the problems, and then basically sell it off in a couple of years. "White Oak is known for engaging in that strategy, but they are also operating just as a commercial lender, albeit in distressed scenarios." Independent mining analyst Peter Strachan has concerns about the sustainability of working with private credit providers. "They'll be looking to take their pound of flesh and I think the government needs to look at . . . all the downsides of any potential deal as well," he said. 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. INFRABUILD AUSTRALIA: Posts AUD250MM Loss for Year Ended June 30 ---------------------------------------------------------------- The Australian Financial Review reportst that losses at Sanjeev Gupta's InfraBuild steel business more than doubled in the past year, causing directors and the company's auditors KPMG to question its future amid rising debt, soaring energy costs, and as cheaper Asian steel imports flood the Australian market. InfraBuild, just a year ago considered the best business in Gupta's crumbling global empire, tumbled to a loss of AUD250 million for the year ended June 30, 2025, compared with a loss of AUD121 million a year ago, the Financial Review discloses citing Infrabuild's latest financial accounts. The Financial Review relates that both the company's directors and KPMG said there was "material uncertainty" whether the business could continue as a going concern, in part because of the high cost of servicing debts, which have risen above AUD1 billion. The Financial Review notes that InfraBuild's troubles come as Mr. Gupta's global GFG business, which once employed 35,000 people, is increasingly fraying. The South Australian government forced its Whyalla steelworks into administration in February and the British government took control of UK steelmaking business Speciality Steel in August. The Whyalla steelworks is a major supplier to InfraBuild, selling AUD382 million worth of steel to the business in 2024-25, down from AUD451 million a year earlier, with the decline due to production outages at the plant, the Financial Review says. According to the Financial Review, InfraBuild chief executive Francisco Irazusta, who took the helm in October 2023, said there had been some marginal improvements in the first four months of the 2025-26 financial year. "We're seeing some improvement in volumes . . . 2025 has probably been the low in this cycle," he said, notes the report. However, he highlighted industry-wide concerns that more cheap Chinese steel could flood the Australian market amid global trade disruptions. "Our operations are continually threatened by the persistent increase in cheap imports arising from an oversupply of steel internationally, coupled with protectionist trade measures across Europe, Asia and the US," the Financial Review quotes Mr. Irazusta as saying. Rising energy costs were also putting pressure on margins because InfraBuild could not pass on those increases, he said. Gas costs were up 20 per cent in the past two years and electricity up 12 per cent. Revenues declined 8 per cent in 2024-25 to AUD4.44 billion, the Financial Review discloses. In the latest accounts, the directors, who include Mr. Gupta, said the business should have "sufficient cash to pay its debts as and when they become payable, for a period of at least 12 months," the Financial Review relays. But over the medium term, the outlook is more bleak, especially ahead of a refinancing of $US350 million (AUD531 million) of senior notes which mature in November 2028 and have a punishing coupon rate of 14.5 per cent. "There remains material uncertainty as to whether the Consolidated Group can continue to operate as a going concern," they said, noting the uncertain outlook for global economic and trade conditions. InfraBuild's total debts reached AUD1.07 billion at September 30, 2025, up from AUD1 billion at June 30. The Financial Review adds that auditors KPMG also said there was "significant doubt" as to the company's ability to continue as a going concern over the longer term. About InfraBuild InfraBuild Australia runs two electric-arc steelmaking furnaces in Sydney and Melbourne, 10 manufacturing mills on the eastern seaboard, and a network of steel distribution sites and recycling operations around Australia, employing 4500 people. InfraBuild is a private company and is ultimately owned by the GFG Alliance, a UK-based international industrial, energy, natural resources and financial services group. As reported in the Troubled Company Reporter-Asia Pacific in early August 2025, Fitch Ratings has upgraded the Long-Term Issuer Default Rating (IDR) on InfraBuild Australia Pty Ltd. to 'CCC' from 'CC'. The rating on InfraBuild's USD700 million senior secured US dollar notes has also been upgraded to 'B-' from 'CCC-', with a Recovery Rating of 'RR2'. Fitch rates InfraBuild based on the consolidated profile of its 100% holding company, Liberty InfraBuild Ltd. (InfraBuild Group), which does not generate any revenue, nor hold any cash or debt. The rating upgrade is driven by Fitch's assessment that InfraBuild's liquidity has improved following a refinancing exercise in April 2025. The refinancing also facilitated the publication of InfraBuild's audited financial statements for the financial year ended June 2024 (FY24). Nonetheless, InfraBuild's rating is constrained due to its expectation of weak EBITDA and sustained negative free cash flow (FCF), which could result in a liquidity shortfall beyond FY27. LIBERTY FUNDING 2024-1: Moody's Ups Rating on Class F Notes to B1 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on two classes of notes issued by Liberty Funding Pty Ltd in respect of Liberty Series 2024-1. The affected ratings are as follows: Issuer: Liberty Funding Pty Ltd in respect of Liberty Series 2024-1 Class E Notes, Upgraded to Ba1 (sf); previously on Mar 14, 2024 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to B1 (sf); previously on Mar 14, 2024 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by (1) an increase in credit enhancement (via notes subordination and the Guarantee Fee Reserve) available to the affected notes and (2) the collateral performance to date. No action was taken on the remaining rated classes in the deal as credit enhancement remains commensurate with the current rating for the respective notes. The now fully-funded and non-amortising Guarantee Fee Reserve Account provides credit support of 0.3% of the original balance of the notes (or 0.5% of the current notes balance). The account can be used to cover charge-offs against the notes and liquidity shortfalls that remain uncovered after drawing on the liquidity facility and principal. Following the October 2025 payment date, notes subordination available for the Class E and Class F Notes has increased to 1.9%, and 1.3%, respectively, from 1.5% and 1.0% at closing. Principal collections have been distributed on a pro-rata basis among all notes since the March 2025 payment date. The current total outstanding balance of the notes represents 57.4% of the total closing balance. As of end-September 2025, 2.7% of the outstanding pool was 30-plus days delinquent and 1.3% was 90-plus days delinquent. The deal has not incurred any losses to date. Based on the observed performance to date and loan attributes, Moody's have updated Moody's expected loss assumption to 1.2% of the outstanding notes balance (equivalent to 0.7% of the original notes balance) from 1.1% of the outstanding notes balance (equivalent to 0.9% of the original notes balance) at the time of the last rating action in December 2024. Moody's have maintained Moody's MILAN CE assumption at 4.9%. The transaction is an Australian RMBS originated and serviced by Liberty Financial Pty Ltd, an Australian non-bank lender. A portion of the portfolio consists of loans extended on an alternative documentation basis, and a small portion to borrowers with impaired credit histories. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations and (2) an increase in credit enhancement available for the notes. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the credit enhancement available for the notes and (3) a deterioration in the credit quality of the transaction counterparties. MELMV PROPERTIES: Second Creditors' Meeting Set for Nov. 5 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Melmv Properties Pty Ltd has been set for Nov. 5, 2025, at 10:00 a.m. at the offices of Vincents, at Level 34, 32 Turbot Street, in Brisbane, QLD and via Zoom. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Nov. 4, 2025 at 5:00 p.m. Nick Combis of Vincents Chartered Accountants was appointed as administrator of the company on Sept. 30, 2025. MME AUTOPAY 2025-1: Fitch Assigns 'B(EXP)sf' Rating to Cl. F Notes ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings to MME Autopay ABS 2025-1 Trust's pass-through floating-rate notes. The notes are backed by a pool of first-ranking Australian automotive loan receivables originated by MoneyMe Financial Group Pty Ltd. The notes will be issued by Perpetual Corporate Trust Limited as trustee for the trust. Entity/Debt Rating ----------- ------ MME Autopay ABS 2025-1 Trust Commission AU3FN0103560 LT AAA(EXP)sf Expected Rating A AU3FN0103578 LT AAA(EXP)sf Expected Rating B AU3FN0103594 LT AA(EXP)sf Expected Rating C AU3FN0103602 LT A(EXP)sf Expected Rating D AU3FN0103610 LT BBB(EXP)sf Expected Rating E AU3FN0103628 LT BB+(EXP)sf Expected Rating F AU3FN0103636 LT B(EXP)sf Expected Rating G LT NR(EXP)sf Expected Rating Transaction Summary The total collateral pool as of the 31 August 2025 cut-off date was AUD439.5 million and consisted of 11,986 receivables with weighted-average (WA) seasoning of 7.2 months, WA remaining maturity of 66.8 months and an average contract balance of AUD36,669. KEY RATING DRIVERS Stress Commensurate with Ratings: Fitch derived default base-case expectations for borrowers with Equifax scores of 600-799 and 800+. Its default assumptions (and 'AAAsf' default multiples) are 7.40% (5.00x) and 2.75% (5.50x), respectively, for each sub-pool, with a weighted-average (WA) of 4.32% (5.21x). The recovery base case is 30.0%, with a 'AAAsf' recovery haircut of 55.0%, for both sub-pools. Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.8% in the year to June 2025, and unemployment was 4.5% in September 2025. Fitch forecasts GDP growth of 1.8% in 2025, rising to 2.1% in 2026, with unemployment at 4.2% and 4.1%, respectively. Excess Spread Limited by Commission Note Repayment: The transaction includes a commission note to fund the purchase-price component related to the unamortised commission paid to introducers for the origination of the receivables. The note will not be collateralised, and will amortise in line with an amortisation schedule. Its repayment limits the availability of excess spread to cover losses, as it ranks senior in the interest waterfall, above the class B to F notes. Structural Risks Addressed: Counterparty risk is mitigated by documented structural mechanisms that ensure remedial action takes place should the ratings of the transaction account bank or liquidity facility provider fall below a certain level. The class A to F notes will receive principal repayments pro rata upon satisfaction of the step-down conditions. The percentage of credit enhancement provided by the G notes will increase as the A to F notes amortise. Fitch's cash flow analysis incorporates the transaction's structural features and tests the robustness of each note by stressing default and recovery rates, prepayments, interest-rate movements and default timing. All notes have passed their relevant rating stresses. Low Operational and Servicing Risk: All receivables were originated by MoneyMe, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by standby servicing arrangements. The nominated standby servicer is Perpetual Corporate Trust Limited. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with those of other auto lenders. No Residual Value Risk: There is no residual value exposure in this transaction. However, 15.5% of the portfolio by loan balance has balloon amounts payable at maturity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce credit enhancement available to the notes. Downgrade Sensitivities Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. The rating sensitivity section provides insight into the model-implied sensitivities the transaction faces when assumptions - defaults or recoveries - are modified, while holding others equal. The modelling process uses the modification of default and loss assumptions to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. Notes: Commission / A / B / C / D / E / F Expected Ratings: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf / Bsf 10% increase in defaults: AAAsf / AA+sf / AA-sf / Asf / BBB-sf / BBsf / less than Bsf 25% increase in defaults: AAAsf / AA+sf / A+sf / BBB+sf / BB+sf / BBsf / less than Bsf 50% increase in defaults: AAAsf / AA-sf / A-sf / BBBsf / BBsf / B+sf / less than Bsf 10% decrease in recoveries: AAAsf / AAAsf / AA-sf / Asf / BBBsf / BB+sf / Bsf 25% decrease in recoveries: AAAsf / AAAsf / AA-sf / Asf / BBBsf / BB+sf / less than Bsf 50% decrease in recoveries: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BBsf / less than Bsf 10% increase in defaults / 10% decrease in recoveries: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf / less than Bsf 25% increase in defaults / 25% decrease in recoveries: AAAsf / AAsf / Asf / BBB+sf / BB+sf / BB-sf / less than Bsf 50% increase in defaults / 50% decrease in recoveries: AAAsf / A+sf / BBB+sf / BBB-sf / BB-sf / Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The commission and class A notes are at the highest level on Fitch's scale and cannot be upgraded. Notes: B / C / D / E / F Expected Rating: AAsf / Asf / BBBsf / BB+sf / Bsf 10% decrease in defaults / 10% increase in recoveries: AA+sf / A+sf / BBB+sf / BBB-sf / B+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY MoneyMe provided Fitch with a comprehensive set of data that includes a majority of data fields generally used in the agency's analysis of auto loan receivables. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of MoneyMe's origination files and found the file information to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Prior to the transaction closing, Fitch sought to receive a third-party assessment of the asset portfolio information, but none was made available. Overall, Fitch's assessment of the information relied upon for the agency's rating analysis, according to its applicable rating methodologies, indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. PRO-PAC PACKAGING: First Creditors' Meeting Set for Nov. 3 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Pro-Pac Packaging Limited - Pro-Pac Group Pty Ltd (formerly Integrated Packaging Australia Pty Ltd) - Perfection Packaging Pty Ltd - Integrated Packaging WA Pty Ltd - Integrated Recycling Pty Ltd - Pro-Pac Packaging (Aust) Pty Ltd - Pro-Pac Packaging Manufacturing (Syd) Pty Ltd - Pro-Pac Packaging Manufacturing (Melb) Pty Ltd - Pro-Pac Packaging Manufacturing (Bris) Pty Ltd - Pro-Pac Finance Pty Ltd - Integrated Packaging Group Pty Ltd - Goodstone International Pty Ltd - Pro-Pac Industrial Group Pty Limited - Integrated Machinery Pty Ltd - Creative Packaging Pty Ltd - Pro-Pac (GLP) Pty Ltd - ACN 003 940 921 Pty Limited - Great Lakes Moulding Pty Ltd - ACN 002 431 898 Pty Limited - Finpact Pty Ltd - ACN 002 029 852 Pty Limited - ACN 108 620 506 Pty Limited - ACN 087 226 631 Pty Limited will be held on Nov. 3, 2025 at 11:00 a.m. via virtual facilities. Robert Bruce Smith and Keith Alexander Crawford of were appointed as administrators of the company on Oct. 23, 2025. REDZED TRUST 2025-3: Fitch Assigns B+sf Final Rating to Cl. F Notes ------------------------------------------------------------------- Fitch Ratings has assigned final ratings to RedZed Trust STC Series 2025-3's mortgage-backed pass-through floating-rate bonds. The issuance consists of notes backed by a pool of first-ranking Australian conforming and non-conforming residential full- and low-documentation mortgage loans as well as small-ticket commercial (STC) loans originated by RedZed Lending Solutions Pty Limited. The notes were issued by Perpetual Trustee Company Limited in its capacity as trustee of RedZed Trust STC Series 2025-3. This is a separate and distinct series created under a master trust deed. The final rating on the class F note is one notch higher than the expected rating. This is due to the reduction in the transaction's weighted-average (WA) note margin from the indicative WA note margin previously modelled, which increases the excess spread available. Entity/Debt Rating Prior ----------- ------ ----- RedZed Trust STC Series 2025-3 A AU3FN0102539 LT AAAsf New Rating AAA(EXP)sf B AU3FN0102547 LT AAsf New Rating AA(EXP)sf C AU3FN0102554 LT Asf New Rating A(EXP)sf D AU3FN0102562 LT BBBsf New Rating BBB(EXP)sf E AU3FN0102570 LT BBsf New Rating BB(EXP)sf F AU3FN0102588 LT B+sf New Rating B(EXP)sf G1 LT NRsf New Rating NR(EXP)sf G2 LT NRsf New Rating NR(EXP)sf Transaction Summary The collateral pool is unchanged from when the expected ratings were assigned. As of the 31 August 2025 cut-off date, it totalled AUD800 million and consisted of 1,089 obligors. KEY RATING DRIVERS Sufficient Credit Enhancement: The class A, B, C, D, E and F notes benefit from credit enhancement of 14.2%, 9.4%, 6.5%, 3.8%, 1.7% and 0.4%, respectively. The transaction is backed by residential loans, which form 80.0% of the pool, and STC loans, which form 20.0%. The combined 'AAAsf' portfolio loss is 13.0% (residential 8. 2% and STC 32.3%), against 13.3% (residential 8.8% and STC 32.7%), for the previous STC transaction, RedZed Trust STC Series 2025-1. The decrease in residential portfolio loss is primarily due to a smaller share of loans with current loan/value ratios (LVR) equal to or greater than 80% in the pool, and under Fitch's methodology, a lower proportion of non-conforming loans. The STC component of the portfolio loss remains broadly in line with the previous deal. STC Borrower Credit Risk: Historical data analysis for the STC portion of the pool was performed to derive a one-year probability of default (PD) assumption of 1.7%, based on the underlying portfolio's annual average historical 90 days past due. This is the same as that in RedZed STC 2025-1. Fitch added the PD assumption to its proprietary Portfolio Credit Model (PCM), which also considers other key variables, such as portfolio amortisation profile, obligor concentration and industry distribution. Empirical data show that not all loans that become 90 days past due will end in foreclosure. Fitch has analysed the cure rate for RedZed's STC portfolio for loans that entered 90 days past due and concluded that around 50% of these loans were cured. In line with the SME Balance Sheet Securitisation Rating Criteria, Fitch has capped the base expected cure rate assumption at 40% and tiered it for higher rating scenarios. The cure rates are then applied to the PD from the PCM. The STC portfolio's 'AAAsf' default probability after applying the cure rate drops to 53.0%. STC Recovery Rate Lower than for Residential: Fitch applied collateral haircuts for the STC portion of the pool that are in line with the SME Balance Sheet Securitisation Rating Criteria. The 'AAAsf' WA recovery rate (WARR) for the STC portion of 39.0% is lower than the 52.7% 'AAAsf' WARR for the residential portion. Exposure to Obligor Concentration: Its PCM modelling, which stresses default probability, correlation and recovery assumptions for large groups of obligors, found that the pool's largest obligor and the top-10 obligors account for 2.4% and 17.3%, respectively, of the STC asset balance. Limited Liquidity Risk: Fitch's payment interruption risk is mitigated by a liquidity facility sized at 1.5% of the invested note balance (excluding class G1 and G2 notes), with a floor of AUD1.2 million. Other structural features include retention amounts that redirect excess available income to repay note principal in reverse sequential order (excluding class G1 and G2 notes) with a limit of AUD500,000, and post-call amortisation amounts that redirect after-tax excess income to repay note principal through the principal priority of payments waterfall. Low Operational and Servicing Risk: RedZed, established in 2006, is an experienced specialist lender for self-employed borrowers. Fitch undertook an operational review and found that the operations of the originator and servicer were comparable with the market. Tight Labour Market to Support Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.8% in the year to June 2025, and unemployment was 4.5% in September 2025. Fitch forecasts GDP growth of 1.8% in 2025, rising to 2.1% in 2026, with unemployment at 4.2% in 2025 and 4.1% in 2026. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade could stem from portfolio composition migrating towards STC loans, as the STC loans attract a higher portfolio loss than residential loans. Portfolio migration may occur if residential loans were to have a higher prepayment rate, increasing the concentration of STC loans. Transaction performance may also be affected by changes in market conditions and the economic environment. Downgrade Sensitivities Unanticipated deterioration in the frequency of defaults and recoveries could produce loss levels higher than Fitch's base case and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Note: A/ B/ C/ D/ E/ F Ratings: AAAsf/ AAsf/ Asf/ BBBsf/ BBsf/ B+sf Increase defaults by 15%: AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf / Bsf Increase defaults by 30%: AA+sf / A+sf / BBB+sf / BB+sf / B+sf / B-sf Reduce recoveries by 15%: AA+sf / A+sf / BBB+sf / BBB-sf / B+sf / less than B-sf Reduce recoveries by 30%: AA+sf / Asf / BBBsf / BB+sf / Bsf / less than B-sf Increase defaults by 15% and reduce recoveries by 15%: AA+sf / Asf / BBB+sf / BB+sf / B+sf / less than B-sf Increase defaults by 30% and reduce recoveries by 30%: A+sf / BBB+sf / BB+sf / BB-sf / less than B-sf / less than B-sf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. Upgrade Sensitivities The class A notes' ratings are at the highest level on Fitch's scale and cannot be upgraded. Note: B / C / D / E / F Ratings: AAsf / Asf / BBBsf / BBsf / B+sf Reduce defaults by 15% and increase recoveries by 15%: AA+sf / AAsf / BBB+sf / BB+sf / BBsf Upgrades of the class D and E notes are constrained to one notch, due to the pro rata amortisation concentration test as per the SME Balance Sheet Securitisation Rating Criteria. CRITERIA VARIATION The transaction features a threshold rate mechanism. This is a common feature in Australian RMBS and is therefore contemplated under the APAC Residential Mortgage Rating Criteria. However, 20% of the pool consisted of STC loans, respectively, which were analysed under the SME Balance Sheet Securitisation Rating Criteria, which do not contemplate the concept of a threshold rate and, instead, WA margin compression is generally modelled. Fitch has applied the threshold rate for both the residential and STC portions of the pool given the similar characteristics between both loan types and Fitch's view that the servicer will have the legal ability to increase interest rates to meet required payments. The similarities include variable rate loan products, pricing of loans based on the applicable standard variable rate constructed by RedZed, which is not linked to any particular index, and RedZed's contractually documented ability to reprice loans at its discretion. Fitch has cash flow modelled the threshold rate with a maximum increase to asset margins of 2.0%, consistent with the APAC Residential Mortgage Rating Criteria. The impact of the variation was a one-notch higher assigned rating for the class F notes. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available for this transaction. As part of its ongoing monitoring, Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. ========= I N D I A ========= BHATTER INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the rating on bank facilities of Shree Bhatter Industries (SBI) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SBI 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 SBI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SBI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SBI continues to be 'Crisil D Issuer not cooperating'. SBI was established in 2011 as a partnership firm based out of Jodhpur (Rajasthan). The firm is engaged in processing of guar seeds to produce guar gum splits and the bye-products, guar korma, and guar churi. The firm has an installed capacity to process about 40 tonnes per day (TPD). BRILLIANT ALLOYS: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Brilliant Alloys Private Limited (BAPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12.00 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.16 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Rupee Term Loan 12.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with BAPL 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 BAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on BAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of BAPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2011 and promoted by Mr. R Indrajit, BAPL manufactures mild steel billets at its facility in Thirvannamalai Tamil Nadu. DASMESH MECHANICAL: CRISIL Keeps B+ Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Dasmesh Mechanical Works (DMW) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (Issuer Not Cooperating) Long Term Loan 3.5 CRISIL B+/Stable (Issuer Not Cooperating) Term Loan 13 CRISIL B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DMW 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 DMW, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DMW is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of DMW continues to be 'Crisil B+/Stable Issuer not cooperating'. DMW was set up in 1972 as a proprietorship firm by Mr Sawaranjit Singh. The firm manufactures tractor-mounted agricultural implements such as seed drills, rotary tillers, double-notched coulters, and straw reapers. Its manufacturing facility is in Amargarh, Punjab. EGITA NETWORK: Liquidation Process Case Summary ----------------------------------------------- Debtor: Egita Network and Media Private Limited 129/18 4th floor, 1st main road, opp Ayyapa Temple Wilson Garden Bangalore, Karnataka India 560027 Liquidation Commencement Date: September 23, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Sanjit Kumar Nayak 30E, Haramohan Ghosh Lane, Suryadeep Beliaghata Kolkata-700085 Email: sknayak31@gmail.com Email: cirp.egita@gmail.com Last date for submission of claims: October 22, 2025 ETERNITY GLOBETEX: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Eternity Globetex Private Limited (EGPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with EGPL 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 EGPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EGPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EGPL continues to be 'Crisil D Issuer not cooperating'. EGPL, incorporated in 2016, by Mr Sanjay Juneja and Mr Nikunj Kapadia, manufactures dress material mostly on job work basis. The manufacturing facility is at Vasai, Maharashtra. EURO TECH: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: EURO TECH MARITIME ACADEMY PRIVATE LIMITED 37/2746 Vakil S Buildingopp TVS Near Deshabhimani Junction Ernakulam, Kerala, India Insolvency Commencement Date: October 22, 2025 Estimated date of closure of insolvency resolution process: April 7, 2026 Court: National Company Law Tribunal, Kochi Bench Insolvency Professional: HEMANT SETHI AAA Insolvency Professionals LLP 64, near Modi Mill, Okhla Phase III, Okhla Industrial Estate, New Delhi, Delhi 110020 Email: anilgoel@aaainsolvency.com Email: hemantmlsethi60@gmail.com Email: eurotech.cirp@gmail.com Last date for submission of claims: October 23, 2025 GANPATI MEGA: CRISIL Lowers Rating on Long/Short Term Loans to D ---------------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Ganpati Mega Builders India Private Limited (GMB), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING') Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with GMB for obtaining information through letter and email dated October 20, 2025 and others, apart from telephonic communication. However, the issuer has remained non-cooperative. 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 has been arrived at without any interaction with the management and is based on best available, limited or dated information regarding the company. Such non-cooperation by a rated entity may be a result of weakening of its credit risk profile. Ratings with the 'issuer not cooperating' suffix lack a forward-looking component. Detailed Rationale Despite repeated attempts to engage with the management of GMB, Crisil Ratings did not receive any information on the financial performance or strategic intent of the entity. This restricts the ability of Crisil Ratings to take a forward-looking view on the credit quality of the company. The rating action on GMB is consistent with the criteria detailed in 'Assessing information adequacy risk'. Crisil Ratings has downgraded its ratings on the bank facilities of GMB to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B/Stable/Crisil A4 Issuer not cooperating' as the entity has delayed servicing its debt obligation, as per publicly available information. GMB, established in 2007, is a civil contractor and undertakes projects, such as redevelopment of buildings, construction of housing for the poor, and canal construction, for government authorities. The company, based in Agra, Uttar Pradesh, is managed by Mr. Piyush Jain and Mr. Parag Jain. GIGA PIPE SYSTEMS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: GIGA PIPE SYSTEMS INDIA PRIVATE LIMITED DSIIDC SHED NO. 103, SCHEME - I OKHLA INDUSTRIAL AREA, PHASE-II, South Delhi, NEW DELHI, Delhi, India, 110020 Insolvency Commencement Date: October 7, 2025 Estimated date of closure of insolvency resolution process: April 5, 2026 (180 Days) Court: National Company Law Tribunal, New Delhi, Court-IV Insolvency Professional: Manoj Kumar Anand 2, Community Centre, 3rd Floor, (Near PVR/McDonald), Naraina, New Delhi-110028 Email: anandmanoja@gmail.com Email: gigacirp2025@gmail.com Last date for submission of claims: October 23, 2025 GREENCARE AGROVET: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Greencare Agrovet (GA) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (Issuer Not Cooperating) Term Loan 8.35 CRISIL D (Issuer Not Cooperating) Working Capital 1.1 CRISIL D (Issuer Not Demand Loan Cooperating) Crisil Ratings has been consistently following up with GA 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 GA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GA continues to be 'Crisil D Issuer not cooperating'. Established in 2013, Lucknow (Uttar Pradesh)-based GA, a proprietorship firm of Ms Rinkie Singh, is engaged in the trading of poultry feed and in poultry business i.e. produces eggs from layer chicken. Its farm has a layer bird capacity of 50,000 slayer birds. KAMESHWAR INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Kameshwar Industries (KI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Proposed Long Term 3.78 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.22 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with KI 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 KI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KI continues to be 'Crisil D Issuer not cooperating'. Set up in 2013, KI is a partnership firm located in Kadi (Gujarat). Mr Parshottam Shantilal Patel manages operations on behalf of the six other partners. The firm has a facility for cotton ginning and pressing. It also sells cotton seeds. Operations commenced in December 2013. KIRPA FOODS: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Kirpa Foods (KF) continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B-/Stable (ISSUER NOT COOPERATING) Long Term Loan 7.5 CRISIL B-/Stable (ISSUER NOT COOPERATING) Warehouse Financing 5 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with KF 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 KF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on KF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of KF continues to be 'Crisil B-/Stable Issuer not cooperating'. KF, established in 2013 and promoted by Mr. Sahil Tinna and Mr. Rahul Tinna, has set up an 8-tonne-per-hour par-boiled rice milling unit in Fazilka (Punjab). The firm started its commercial operations in December 2014. M. M. AUTOMOBILES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of M. M. Automobiles (MMA) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL D (Issuer Not Cooperating) Standby Line of Credit 0.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MMA 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 MMA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MMA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MMA continues to be 'Crisil D Issuer not cooperating'. MMA was set up in 2003 as a proprietorship concern by Mr. Mutchu Mithi. It is an authorized dealer for passenger vehicles of Hyundai Motor India Ltd. The firm operates a showroom in Itanagar (Arunachal Pradesh). MAHA AGRICULTURAL: CRISIL Keeps B+ Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Maha Agricultural Products Private Limited (MAPPL) continues to be 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit/ 2 Crisil B+/Stable (Issuer Not Overdraft facility Cooperating) Export Packing 7.5 Crisil B+/Stable (Issuer Not Credit Cooperating) Proposed Long Term 0.5 Crisil B+/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MAPPL 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 MAPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MAPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MAPPL continues to be 'Crisil B+/Stable Issuer not cooperating'. MAPPL, incorporated in 2013, processes and exports gherkins. AI was set up in 2015 and is involved in process and export of coco peat. These Chennai-based entities are owned and managed by Mr M Pandiyarajan. MAHADEV PROFILES: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mahadev Profiles Private Limited (MPPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL D (Issuer Not Cooperating) Long Term Loan 5.4 CRISIL D (Issuer Not Cooperating) Proposed Long Term Bank Loan Facility 1.1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MPPL for obtaining information through letter and email dated September 5, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MPPL continues to be 'Crisil D Issuer not cooperating'. MPPL was set up in 2007 by Mr. G Mahadev Naidu and his family members. The company designs and manufactures pre-cast and pre-stressed concrete elements, such as blocks, beams, roofs, and columns. It is based in Hyderabad, Telangana. MJ AND SONS: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of MJ and Sons Distilliery and Breweries Private Limited (MJS) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 Crisil B-/Stable (Issuer Not Cooperating) Cash Credit 5 Crisil B-/Stable (Issuer Not Cooperating) Long Term Loan 15 Crisil B-/Stable (Issuer Not Cooperating) Long Term Loan 23 Crisil B-/Stable (Issuer Not Cooperating) Proposed Long Term 9 Crisil B-/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with MJS 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 MJS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MJS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MJS continues to be 'Crisil B-/Stable Issuer not cooperating'. MJS was established in October 2005 by Mr. Shiv Kumar to manufacture extra-neutral alcohol and country liquor from food grains. Its plant is in Patna. MOUNT SHIVALIK: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mount Shivalik Industries Limited (MSIL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Cash Credit 10 CRISIL D (Issuer Not Cooperating) Letter of Credit 3 CRISIL D (Issuer Not Cooperating) Term Loan 3.47 CRISIL D (Issuer Not Cooperating) Term Loan 2.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MSIL 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 MSIL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MSIL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MSIL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Established by Mr. B D Bali in 1995, MSIL manufactures and markets beer. Its facility, located at Behror (Rajasthan), has an installed capacity to produce 400,000 hectolitres of beer per annum. Most of its beer sales are made under the Thunderbolt brand. PARSHURAM CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Parshuram Construction (PC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.83 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.67 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PC 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 PC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PC continues to be 'Crisil D/Crisil D Issuer not cooperating'. PC is a proprietorship firm established by Mr. Nitin Parshuram Warghade in 2005-06 (refers to financial year, April 1 to March 31). The firm undertakes civil construction contracts for roads, footpaths, and laying of drainage pipes for the Pune Municipal Corporation. PINK ROSE: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pink Rose Lingerie Private Limited (PRLPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (Issuer Not Cooperating) Letter of Credit 2.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PRLPL 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 PRLPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PRLPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PRLPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. PRLPL is a private limited company incorporated in 2008. The company is engaged in manufacturing of women's lingerie undergarments in woven, knitted and hosiery fabric under its own brands 'Laavian' and contract manufacturing for other leading brands in the country. The group is promoted by Bangalore based Mr Santosh Kumar and has been in the business for over past 2 decade. The registered office of the company is Bangalore where its manufacturing facility is located. PRAVISTA INFRA: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: PRAVISTA INFRA PRIVATE LIMITED SY NO 95/B, PRAVISTA HEIGHTS, Bommakal, Durgammagadda, Karimnagar, District Karimnagar, Telangana, India, 505001 Insolvency Commencement Date: October 7, 2025 Estimated date of closure of insolvency resolution process: April 5, 2026 Court: National Company Law Tribunal, Hyderabad Bench Insolvency Professional: Kalvakota Venkat Narsinga Rao Flat No. 103 Balaji Vishwam Vihar Apartment, Madhuranager, Ramanthapur, Hyderabad- 500 013- TS Mobile: 9550142087 Email: kvnrassociates@gmail.com Email: cirp.pravistainfra@gmail.com Last date for submission of claims: October 27, 2025 QUEST LIFE: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Quest Life Sciences Private Limited (Quest) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.35 CRISIL D (Issuer Not Cooperating) Long Term Loan 2.5 CRISIL D (Issuer Not Cooperating) Overdraft Facility 1.45 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Quest 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 Quest, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Quest is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Quest continues to be 'Crisil D Issuer not cooperating'. Quest, incorporated in 2005 at Chennai, is a contract research organisation that provides services such as clinical trials and bio-equivalent studies. Mr T S Jayashankar and his wife, Ms Rajam Jayashankar, are the promoters. R. P. PRINTERS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R. P. Printers (RPP) 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) Term Loan 2.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RPP 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 RPP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RPP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RPP continues to be 'Crisil D/Crisil D Issuer not cooperating'. RPP was set up as a partnership firm in 2005 and is owned and managed by Mr. Nitin Gupta. The firm prints colouring books and notebooks at its printing facility at Noida, Uttar Pradesh. R. S. ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R. S. Enterprises (Ludhiana) (RSE) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Foreign Exchange 3 CRISIL D (Issuer Not Forward Cooperating) Proposed Long Term 2.95 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 6.05 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RSE 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 RSE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RSE is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RSE continues to be 'Crisil D/Crisil D Issuer not cooperating'. RSE was established in 2001 as a proprietorship concern in Ludhiana (Punjab) by Mr. Rachit Tuli. The firm manufactures textiles and trades in fabric and has a knitting capacity of 8 tonnes per day. The proprietor's family has over six decades of experience in the textiles industry. R. S. MIRGANE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of R. S. Mirgane (RSM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL D (Issuer Not Cooperating) Cash Credit 8 CRISIL D (Issuer Not Cooperating) Term Loan 0.75 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RSM 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 RSM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RSM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RSM continues to be 'Crisil D/Crisil D Issuer not cooperating'. RSM is a Solapur based, proprietorship firm of Mr. Rajendra S. Mirgane. The firm is a class I contractor for irrigation projects in Maharashtra. In 2011-12 the firm has also entered into real estate business, and is currently in process of building a 3, 25,000 square feet township in Barshi, Solapur. RAJ POLY: CRISIL Keeps D Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Raj Poly Products Limited (RPPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RPPL 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 RPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RPPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 1992, RPPL trades in plastic granules such as low-, linear low- and high-density polyethylene (LDPE, LLDPE & HDPE), polyvinyl chloride (PVC) etc. used in manufacturing buckets, pens, and pipes. Mr. Rajendra Salot, Ms. Hema Salot and Mr. Pankaj Salot are the promoters. RBD INTERNATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of RBD International (RBD) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Bill 11 CRISIL D (Issuer Not Purchase Cooperating) Foreign Bill 5 CRISIL D (Issuer Not Purchase Cooperating) Packing Credit 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with RBD 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 RBD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RBD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of RBD continues to be 'Crisil D/Crisil D Issuer not cooperating'. The RBD group started trading in 1993. All the entities in the group were trading in readymade garments (more than 80 percent of revenue), hosiery, handicrafts, fabrics, leather goods, and miscellaneous products. They have common customers and suppliers, and also the same banker, Punjab National Bank, and auditors. REDHU FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Redhu Farms Private Limited (RFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.32 CRISIL D (Issuer Not Cooperating) Funded Interest 1.01 CRISIL D (Issuer Not Term Loan Cooperating) Working Capital 16.67 CRISIL D (Issuer Not Term Loan Cooperating) Crisil Ratings has been consistently following up with RFPL 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 RFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RFPL continues to be 'Crisil D Issuer not cooperating'. RFPL, which was set up in 2002, is engaged in the poultry and hatchery business, and sells day-old chicks and eggs. The hatchery units and broiler farms are located at Jind (Haryana) and Chirawa (Rajasthan). RFPL is owned and managed by Mr Mohinder Singh & family. RIDDHI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- Crisil Ratings said the rating on bank facilities of Riddhi Agro Industries (RAI) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 18 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with RAI 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 RAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RAI continues to be 'Crisil D Issuer not cooperating'. RAI was established as a partnership firm in 2006 by the Jain family. It is involved in the processing of varieties of pulses in Raipur, Chhattisgarh. The firm has an annual production capacity of 21,000 MT for processing bengal gram (chana dal), yellow peas (matar dal), pigeon pea (tuar dal), and an annual production capacity of 7,200 MT for processing red lentil (masoor dal). SATYA WAREHOUSE: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Satya Warehouse (SATYA) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 4.83 CRISIL D (Issuer Not Cooperating) Term Loan 7.67 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with Satya 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 Satya, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Satya is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Satya continues to be 'Crisil D Issuer not cooperating'. Set up in 2012, Satya is a partnership firm promoted by Mr. Ram Kumar Yadav, Mr. Ashok Yadav, and their friends. The firm has constructed a warehouse with capacity of 70,000 tonne for agricultural products in Hisar (Haryana). It has signed a 10-year offtake agreement with HAFED. SSPP PETRO: Ind-Ra Cuts Bank Loan Rating to D --------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded SSPP Petro Products Pvt Ltd.'s (SPPPL) bank loan facilities to 'IND D' from 'IND BBB-'. The Outlook was Stable. The detailed rating action is: -- INR800 mil. Bank loan facilities (long-term/short-term) downgraded with IND D rating. Detailed Rationale of the Rating Action The downgrade reflects multiple instances of delays in servicing debt repayment obligations under SPPPL's term loan. This is consistent with Ind-Ra's Default Recognition and Post-Default Curing Period Policy. Detailed Description of Key Rating Drivers Delay in Debt Servicing: The downgrade reflects multiple instances of delays in servicing debt repayment obligations under SPPPL's term loan in May, June 2024 and February 2025. This is consistent with Ind-Ra's Default Recognition and Post-Default Curing Period Policy. About the Company SPPPL is into business of importing or trading of bitumen and since 2023. It has built 14 storage tanks for bitumen and edible oil in Mangaluru from which it shall earn rental income. It has also taken five storage tanks on lease in Chennai region, of which four have been subleased and the remaining one for its own use. Two tanks in Mangaluru were also taken on lease, in which one has been subleased, and the other is being used for internal operations. SPPPL is headed and managed by Srinivasa Babu, who has more than 25 years of experience in bitumen industry. SUMITA TEX: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Sumita Tex Spin Private Limited (Sumita) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (ISSUER NOT COOPERATING) Bank Guarantee 0.5 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 11.5 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 5.5 CRISIL D (ISSUER NOT COOPERATING) Funded Interest 4.53 CRISIL D (ISSUER NOT Term Loan COOPERATING) Funded Interest 2.24 CRISIL D (ISSUER NOT Term Loan COOPERATING) Letter of Credit 2.5 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 13.61 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 11.78 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 102.28 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Working Capital 29.18 CRISIL D (ISSUER NOT Term Loan COOPERATING) Working Capital 14.38 CRISIL D (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with Sumita 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 Sumita, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Sumita is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of Sumita continues to be 'Crisil D/Crisil D Issuer not cooperating'. Sumita was set up in 1982 by Mr. Anurag Poddar, Mr. Omprakash Poddar, and their family members. The company manufactures texturised yarn from partially-oriented yarn, and its manufacturing unit is in Silvassa (Dadra and Nagar Haveli). UNIVERSAL JOURNEYS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: M/S Universal Journeys India Private Limited FLAT NO. 713, 7TH FLOOR, DEVIKA TOWER 6, Nehru Place, South Delhi, New Delhi, Delhi, India-110019 Insolvency Commencement Date: October 9, 2025 Estimated date of closure of insolvency resolution process: April 7, 2026 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Mr. Ashok Arora 13/8, Pant Nagar, Jangpura Extn., opp. Jangpura post office, New Delhi – 110014 Email ID: ashok.arora79@yahoo.com C-100, Sector 2, Noida, Uttar Pradesh 201301 E-mail ID: universaljourneys.ibc@gmail.com Last date for submission of claims: October 23, 2025 VIRATRA EXPORT: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: VIRATRA EXPORT PRIVATE LIMITED A-190, Saraswati Nagar, Basni, Jodhpur, Rajasthan-342001 Insolvency Commencement Date: September 26, 2025 Estimated date of closure of insolvency resolution process: March 25, 2026 Court: National Company Law Tribunal, Jaipur Bench Insolvency Professional: Ajay Kumar Atolia 889, Mahaveer Nagar First, near Durgapura Railway Station, Tonk Road, Jaipur, Rajasthan-302018 Email: ajay@srgoyal.com 109, Surya Kiran Building, 19, Kasturba Gandhi Marg, New Delhi- 110001 Email: ip.viratraexport@gmail.com Last date for submission of claims: October 22, 2025 WIND WORLD (INDIA): Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: WIND WORLD (INDIA) INFRASTRUCTURE PRIVATE LIMITED Enercon Tower, Plot No 9-A Veera Industrial Estate Veera Desai Road, Andheri (West), Mumbai City, Mumbai, Maharashtra, India, 400053 Insolvency Commencement Date: October 7, 2025 Estimated date of closure of insolvency resolution process: April 5, 2026 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: IP Megha Agrawal 001, Shivranjini Apartments in Circle of Congress Nagar Garden, Congress Nagar, Nagpur -440012 (M.S.) Email: ip.meghaagrawal@gmail.com Plot No. 72, Anjaneya Niwas, opp. Dew and Trinity Hospital, Hindustan Colony, Wardha Road Nagpur -440015 (M.S.) Email: wwiipl.cirp@gmail.com Last date for submission of claims: October 21, 2025 ================= I N D O N E S I A ================= [] INDONESIA: OJK Shuts Down Five Banks This Year ------------------------------------------------- Jakarta Globe reports that Indonesia's financial services authority, Otoritas Jasa Keuangan (OJK), has revoked the business licenses of five microcredit banks, both conventional (BPR) and sharia (BPRS), this year after the banks failed to maintain adequate liquidity and meet minimum capital requirements as set by regulation. According to Jakarta Globe, the most recent case involved Bank Perekonomian Rakyat Artha Kramat, whose license was revoked on Oct. 14. The move followed a self-liquidation request from shareholders, who decided to focus on developing another bank under the same ownership group, BPR Bumi Sediaguna. "The license revocation of BPR Artha Kramat was made upon the shareholders' request to focus on developing BPR Bumi Sediaguna," OJK said in a statement on Oct. 28. Earlier on Sept. 9, OJK also revoked the license of BPRS Gayo Perseroda in Central Aceh, after the sharia microcredit bank failed to improve its capital adequacy and liquidity despite being placed under a rehabilitation program, Jakarta Globe reports. "This revocation is part of OJK's supervisory efforts to maintain public confidence in the sharia banking industry," the regulator said. According to Jakarta Globe, three other microcredit banks have also lost their licenses this year for similar violations: - BPRS Gebu Prima – Medan, North Sumatra (April 17) - BPR Dwicahaya Nusaperkasa – Batu, East Java (July 24) - BPR Disky Surya Jaya – Deli Serdang, North Sumatra (August 19) All were found unable to restore their capital positions or meet minimum liquidity ratios despite repeated regulatory warnings, Jakarta Globe relates. Jakarta Globe says OJK stressed that the actions are part of an ongoing cleanup and consolidation to strengthen the microcredit banking system and ensure financial stability. OJK assured the public that all customer deposits in the affected banks remain guaranteed by the Deposit Insurance Agency (LPS). "The closure of unfit banks is intended to maintain industry stability and protect depositors," OJK said. The regulator added that the increase in license revocations this year should serve as a warning for other microcredit banks to strengthen their capital base and improve corporate governance, Jakarta Globe relays. Jakarta Globe adds that OJK reaffirmed its commitment to ensuring a healthy, transparent, and trustworthy banking industry amid ongoing restructuring in the financial sector. ======= L A O S ======= LAOS: S&P Assigns 'CCC+' LT Sovereign Credit Rating, Outlook Pos. ----------------------------------------------------------------- On Oct. 23, 2025, S&P Global Ratings assigned its 'CCC+' long-term and 'C' short-term sovereign credit ratings on Laos. The outlook on the long-term rating is positive. The transfer and convertibility assessment is 'CCC+'. Outlook The positive outlook on Laos reflects S&P's view that the country's fiscal and current account surpluses over the next 12 months could strengthen foreign currency reserves and liquidity conditions. This could support debt service on the government's high foreign currency debt stock and underpin declining inflation and exchange rate stability. Downside scenario S&P could revise the outlook to stable if foreign currency liquidity diminishes and access to refinancing deteriorates. Indications of downward pressure on the rating would include a weakening of the government's fiscal position into a sustained deficit, or a reversal of the country's current account surplus into deficit. A rapid depreciation of the Lao kip, or a significant increase in inflation would be additional indications of downward pressure. Upside scenario S&P said, "Upward pressure on the ratings could emerge if the Laos government's debt stock declines faster than we anticipate, likely under a scenario of high growth, balance of payments surpluses, and an appreciating exchange rate. Faster accumulation of foreign exchange reserves than we anticipate, and improvements in Laos' debt payment culture and data quality, could also put upward pressure on the ratings." Rationale Laos' high foreign currency debt obligations make it vulnerable to potential balance of payments and exchange rate shocks. The debt also makes the country dependent on access to debt refinancing in domestic or external markets. Laos is emerging from a period of difficult macroeconomic, fiscal, and external rebalancing but continued improvements will be necessary in order to more fully restore debt sustainability, in S&P's view. The economy's post-pandemic recovery has been hampered by the government's highly burdened balance sheet and a steep depreciation of the Lao kip, contributing to a period of very high inflation during 2022-2024. Laos authorities have undertaken significant measures to stabilize conditions, including balancing the government's fiscal position, and allowing the Lao kip to trade more in line with fundamentals. These changes have contributed to a current account surplus and a nascent decline in the government's debt stock, and S&P expects these trends to persist for at least the next year. S&P believes that Laos is currently vulnerable and dependent upon favorable economic conditions to meet its financial commitments. Additionally, its ratings on Laos reflect its high external debt stock and the associated risk stemming from elevated debt service over the next two to three years. Laos' evolving institutional settings and limited monetary policy capacity owing to a high degree of dollarization in the economy are additional rating factors. S&P believes the country's debt sustainability will be determined in part by continued favorable developments over the next two to three years. Institutional and economic profile: Evolving institutional settings, bilateral debt deferral, and slower economic growth reflect steep challenges -- Laos' GDP per capita is low, at about US$2,100. -- S&P forecasts real GDP growth to average around 3% per year from 2026-2028. -- The government is making strides in improving its macroeconomic and fiscal policy frameworks. Institutional settings are characterized by broad political stability, highly centralized decision-making, and limited transparency of the policymaking process, alongside data-quality constraints. S&P said, "Laos' economy has sustained momentum so far this year, and we expect real GDP growth to be about 4% in 2025. Bright spots for the economy include the tourism sector, which is seeing increased foreign arrivals over the past two years, and the electricity generation, mining, and quarrying sectors. Consumption conditions are likely to remain more subdued following a period of very high inflation, and amid strict fiscal expenditure discipline. Notably, Laos' economy has not recovered to its pre-pandemic growth rates of greater than 6%. We believe that this downshift reflects in part the economy's major rebalancing, which is still in progress, to a more sustainable fiscal and external position." S&P expects Laos' economy to grow at about 3% over 2026-2028. Steady external and domestic demand conditions should support moderate export and consumption growth. A high U.S. tariff that has been applied to some of Laos' goods exports, at 40%, could act as a near-term headwind to trade growth. However, Laos' direct export exposure to the U.S. is limited, at just about 3% of its total exports. Recent U.S. tariff hikes on a variety of other trade partners in the region, including China and Thailand, could act as an additional drag on external demand conditions. Over time, continued investment into large hydropower projects should also help generate higher export receipts and a broader economic base. S&P said, "While we expect these dynamics to partially offset high external debt repayments over the coming years, we note that risks are likely to remain elevated. Laos' total installed hydropower generation capacity may rise to 12,000 megawatts (MW) in 2025, and the government intends to increase this to 20,000 MW by 2030." If achieved, this could add to government revenues and would also contribute to investment growth over the next five years. That said, these expectations are contingent upon external demand conditions, precipitation volumes, as well as the ability of the projects to begin generation as planned. Laos' economic growth, and particularly domestic demand, could be constrained by the government's weak balance sheet. The government has maintained strict controls on its fiscal program over recent years following a period of rapid debt accumulation, and this has contributed to a cyclical downshift in economic growth that is likely to persist over the next three years, in S&P's view. With the government facing high debt-servicing pressures, particularly associated with its high external debt stock, S&P anticipates only moderate growth in domestic demand, in part due to the negative fiscal impulse from the government. S&P estimates Laos' GDP per capita at about US$2,100. Given the high contribution of the agriculture sector to the economy, coupled with the hydropower sector's sensitivity to precipitation volumes, Laos' economic performance is also vulnerable to volatility in weather patterns, natural disasters, and longer-term climate change risks. S&P said, "In our opinion, Laos' political system is characterized by a highly centralized decision-making process, which hampers the predictability and visibility of future policy outcomes. Laos ranks 150th out of 180 countries in the 2025 World Press Freedom Index, reflecting its heavily state-controlled media. Laos' ranking of 114th out of 180 surveyed countries in the Corruption Perceptions Index also indicates a moderate to high degree of perceived corruption, though we note that the current government's higher degree of emphasis on fighting corruption may bear fruit over the coming years. Laos' single-party dominated political system means that continued political stability is highly likely over the next several years, although the succession process is unclear, in our opinion." Flexibility and performance profile: Fiscal surpluses help temper very high government debt stock; liquidity remains key to debt sustainability -- The Laos government is likely to maintain a roughly balanced fiscal position over the forecast period, with the potential for continued modest surpluses as the government attempts to pare down its very high debt stock. -- Laos' foreign currency liquidity position will remain paramount to its debt sustainability over the next two to three years, given that the foreign currency-denominated market and concessional debt service remain elevated. -- Weak domestic demand conditions and rising goods and services exports are driving Laos' current account surplus and improving foreign exchange reserve position. These conditions are likely to remain in place over the next one to two years. The government of Laos has considerable foreign currency debt maturities due on an annual basis, and it is attempting to manage these through a combination of fiscal prudence, domestic mobilization of foreign currency resources, asset sales, and deferrals of bilateral debt. The government's external debt obligations are likely to remain high over the next two to three years. Laos has begun to consolidate its very high debt stock following a period of rapid accumulation to fund previously high budgetary shortfalls and large borrowings by state owned enterprises such as Electricite du Laos (EDL). The Laotian economy was also hit hard by the COVID-19 pandemic, adding further strain to public finances and underlying growth potential. The government's high foreign currency borrowing proportion of its overall debt stock, in addition to the economy's highly dollarized financial position, contributes to a relatively weak overall external position. Long-term public external debt service requirements, including principal repayment plus interest, will average about US$1.2 billion over 2026-2028, following a spike to US$1.8 billion in 2025. S&P said, "This compares with usable foreign exchange reserves that we estimate at about US$1.8 billion currently. Notably, the Laos government may refinance some of its longer-term foreign currency denominated debt into shorter-term commercial bank borrowings, potentially pushing its annual debt service requirements higher. In our base case, we expect these borrowings to be primarily refinanced and re-profiled over time, with a higher reliance on the shorter-term commercial financing." The government and EDL have extensive borrowings from Chinese creditors, including The Export-Import Bank of China and China Development Bank, among others. S&P said, "We understand that Laos has agreed with bilateral creditors from China to defer debt service on a significant portion of its concessional borrowings from them, which has driven a lower total debt service requirement over recent years. Laos is restarting interest payments on these debts, but it is unclear when full principal and interest payments would resume. Laos' total debt service requirements could be moderately lower over the next one to two years, to the extent that it is able to maintain debt deferral or additional restructuring with creditors from China. We include these obligations as part of our debt service assumptions, given the high degree of uncertainty regarding the bilateral arrangements. It is likely that debt service on these obligations will increase over the coming years compared to the 2022-2024 period." Laos has been very successful in consolidating its fiscal position over the past three years, and this posture should support the government's efforts to pare down its debt stock as a proportion of GDP over the next two to three years. With limited funding access, the government has maintained strict fiscal controls, allowing recurring revenues to roughly meet its expenditure needs. Rising foreign exchange reserves and an increase in the government's liquid assets provide additional buffers to meet commercial debt obligations in the short-term, if necessary. Nevertheless, Laos' liquidity remains heavily reliant upon its ability to refinance maturing debt over the coming years. S&P forecasts the government's total net debt stock, including guarantees, to decline to just below 90% of GDP this year, with public and publicly guaranteed debt averaging 86% of GDP through 2028, on a net basis. Laos' high external refinancing obligations, and the economy's high overall external liabilities position, raise its vulnerability to a sudden deterioration in external financing conditions. Opacity surrounding the government's contingent liabilities vis-à-vis public-private partnership hydropower projects further escalates the government's debt risk, in our view. A significant proportion of the government's debt has been on-lent to state-owned power firm EDL. The majority of the additional direct borrowings by EDL are guaranteed by the sovereign. S&P adds this to the government's debt stock owing to EDL's weak financial position, and the high likelihood that the government would support the obligations. More than 40% of Laos' public and publicly guaranteed external borrowings are on a bilateral basis from China, with financing earmarked for infrastructure and power projects across the country. In addition, Laos maintains sizable commercial bond liabilities in the Thai bond market; total outstanding bonds in that market are more than US$810 million, with approximately US$180 million set to mature in December 2025. Laos' external position, characterized by high external debt and relatively weak liquidity, is gradually improving. Gross external financing needs as a proportion of current account receipts and usable reserves (a measure of liquidity) are elevated, averaging nearly 120% during 2025-2028. S&P expects this ratio to continue to decline modestly over the next three years, assuming that Laos maintains its current account surplus, providing further support to foreign exchange reserves. Narrow net external indebtedness will average about 110% of current account receipts, reflecting high but generally stable public and financial sector external indebtedness, balanced against rising goods and services exports and remittances. Laos' banking system is broadly split between domestic banks and foreign banks, the latter of which typically focus primarily on servicing customers from their countries of origin. Domestic banks are generally privately owned. Asset quality across the sector is generally stable, though non-performing loan ratios may be higher than the system average when taking into account accuracy in reporting, and special mention or otherwise delayed stressed credit that has not been formally booked. The banking sector is large relative to the size of the economy, particularly at this stage of development. Therefore, S&P thinks that banking-sector related contingent liabilities to the government are moderate. The banking sector currently has ample foreign exchange liquidity, supporting the government's ability to conduct borrowings in the domestic market presently. In S&P's opinion, the Bank of Laos has relatively limited capacity to effectively enact monetary policymaking, owing to its limited scope of independence from the government, and the high degree of dollarization in the economy. More than 50% of total banking system credit and deposits are denominated in foreign currency, constraining the ability of the central bank to effectively manage financial system conditions through monetary policy instruments. Inflation and monetary aggregate targets must be approved by the government. S&P said, "Though the Lao kip is described as an "other managed arrangement", we note that the currency appears to have traded more in line with fundamentals over recent years and is facing less depreciatory pressure than in the past, signaling a moderated level of intervention by the central bank. We believe that the central bank has shown improvements in its capacity to manage the exchange rate regime, which in turn has supported a stabilization of inflation and a shift to a current account surplus from a deep deficit previously." In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee's assessment of the key rating factors is reflected in the Rating Component Scores above. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. Ratings List New Rating Laos Sovereign Credit Rating CCC+/Positive/C Transfer & Convertibility Assessment Local Currency CCC+ ===================== N E W Z E A L A N D ===================== A2TAHI DAIRIES: Court to Hear Wind-Up Petition on Nov. 3 -------------------------------------------------------- A petition to wind up the operations of A2tahi Dairies Limited will be heard before the High Court at Hamilton on Nov. 3, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 19, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton 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 EASY EARTHMOVERS: Court to Hear Wind-Up Petition on Nov. 20 ----------------------------------------------------------- A petition to wind up the operations of Easy Earthmovers Limited will be heard before the High Court at Auckland on Nov. 20, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 12, 2025. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 INTEGRATED PACKAGING: First Creditors' Meeting Set for Nov. 5 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Integrated Packaging Limited and Pro-Pac Finance (NZ) Limited will be held on Nov. 5, 2025 at 10:00 a.m. at the offices of Buddle Findlay, at Level 18, HSBC Tower, 188 Quay Street, in Auckland. Keith Crawford, Andrew Grenfell and Kare Johnstone of McGrathNicol were appointed as administrators of the company on Oct. 23, 2025. ORGANIC THAI2GO: Thai Restaurant Placed in Liquidation ------------------------------------------------------ Otago Daily Times reports that a Cromwell organic Thai restaurant business, connected to a failed North Otago organic vegetable operation, has been placed in liquidation. Brenton Hunt, of Insolvency Matters, was appointed liquidator of Organic Thai2Go Ltd earlier this month after the company was placed in liquidation by special resolution of shareholders, according to ODT. In his first report, Mr. Hunt said the company ceased trading on September 21, three years after it was incorporated, ODT relays. The reasons given for the insolvency included the main supplier of vegetables being placed in liquidation and steadily declining revenue. In June-July, staff members went on annual leave and working cashflow became constrained, as the firm continued to pay operating costs while not open. Staff members resigned and returned overseas and, with no staff to run the restaurant, the director decided to place the company in liquidation. The company bank account held modest funds at liquidation while restaurant equipment was to be collected and sold at auction, ODT notes. Initial investigations did not indicate an overdrawn shareholder current account. Inland Revenue Department GST and PAYE was estimated at NZD15,000, and unsecured creditors were also estimated at NZD15,000. Atsuko Porteous was listed as the sole shareholder while James Porteous was the sole director, ODT discloses. Mr. Porteous was also director of vegetable growing business Organic Solutions Ltd, which traded as Oamaru Organics, and which went into voluntary liquidation in May owing more than NZD1 million. Associated company Southern Organics was placed in voluntary liquidation the same day, owing more than NZD300,000. REDEMPTECH SUPPORTERS: Creditors' Proofs of Debt Due on Nov. 18 --------------------------------------------------------------- Creditors of Redemptech Supporters LP are required to file their proofs of debt by Nov. 18, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 16, 2025. The company's liquidator is: Victoria Toon Corporate Restructuring Limited PO Box 10100 Dominion Road 1446 Auckland ================= S I N G A P O R E ================= KGH HOLDINGS: Creditors' Proofs of Debt Due on Nov. 22 ------------------------------------------------------ Creditors of KGH Holdings Pte. Ltd. are required to file their proofs of debt by Nov. 22, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 31, 2025. The company's liquidators are: Chua Hwee Kiang Goh Tien Chi c/o Jennesis Management Consultants Block 709 Hougang Avenue 2 #05-99 Singapore 530709 LIVET COMPANY: Creditors' Proofs of Debt Due on Nov. 20 ------------------------------------------------------- Creditors of Livet Company (Private) Limited are required to file their proofs of debt by Nov. 20, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 15, 2025. The company's liquidators are: Mr. Aaron Loh Cheng Lee Ernst & Young Solutions LLP Ms. Ee Meng Yen Angela EY Corporate Advisors c/o One Raffles Quay North Tower, Level 18 Singapore 048583 MYDOCLAB PTE: Creditors' Meeting Set for November 6 --------------------------------------------------- Mydoclab Pte Ltd will hold a meeting for its creditors on Nov. 6, 2024, at 11:30 a.m., via video conference. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to confirm the appointment of liquidators; c. to form a committee of inspection of not more than 5 members, if thought fit; and d. any other business. Hubert Jen Wei Chang of AP Transaction Services was appointed as provisional liquidator of the Company on Oct. 15, 2025. RECOMN TECHNOLOGIES: Court to Hear Wind-Up Petition on Nov. 7 ------------------------------------------------------------- A petition to wind up the operations of Recomn Technologies Pte. Ltd. will be heard before the High Court of Singapore on Nov. 7, 2025, at 10:00 a.m. Asgari Bin Mohd Fuad Stephens filed the petition against the company on Oct. 15, 2025. The Petitioner's solicitors are: Sim Chong LLC 1 North Bridge Road #14-06 High Street Centre Singapore 179094 TENDCARE MEDICAL: Court to Hear Wind-Up Petition on Nov. 14 ----------------------------------------------------------- A petition to wind up the operations of Tendcare Medical Group Holdings Pte. Ltd. (formerly known as Tian Jian Hua Xia Medical Group Holdings Pte. Ltd.) will be heard before the High Court of Singapore on Nov. 14, 2025, at 10:00 a.m. The Petitioner's solicitors are: Sim Chong LLC 1 North Bridge Road #14-06 High Street Centre Singapore 179094 ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Faces Liquidation Risk as Sale Deadline Approaches --------------------------------------------------------------- Pulse reports that South Korean big-box retailer Homeplus Co. is facing a concern over the possibility of liquidation as it has not yet secured a potential buyer amid a looming deadline to submit its court-led restructuring plan. According to retail industry sources on Oct. 28, the Seoul Bankruptcy Court and sale manager Samil PricewaterhouseCoopers will accept letters of intent (LOIs) from potential buyers to acquire Homeplus until the end of October, Pulse relays. The company must submit its rehabilitation plan by November 10, which means a buyer needs to be identified before then. With no clear candidate emerging, uncertainty is mounting over both the submission of the plan and the prospects for a successful sale, Pulse notes. Formal bids are due on November 26, but only those who submit an LOI will be allowed to conduct due diligence. Pulse says Homeplus initially sought to sell itself through a stalking horse merger and acquisition process, in which a preferred bidder signs a conditional deal before an open auction. The company switched to a public auction this month after failing to secure an initial bidder. The change is widely viewed as an acknowledgment that finding a lead bidder has become increasingly difficult. Given the bleak outlook for brick-and-mortar retail and the heavy financial commitment required to acquire Homeplus, potential buyers have been hesitant to step forward. Homeplus continues efforts to find an acquirer, but the process remains challenging, Pulse notes. According to Pulse, Kim Kwang-il, vice chairman of MBK Partners and Chief Executive Officer of Homeplus, acknowledged during a National Assembly audit that "the situation is not easy," despite ongoing efforts for the sale. As the risk of liquidation grows, some lawmakers are urging the National Agricultural Cooperative Federation (NACF), or Nonghyup, to participate in the rehabilitation, citing potential synergies between the two companies' distribution networks and customer bases. Representative Song Ok-joo of the Democratic Party said during a National Assembly audit of the Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee on Oct. 28 that acquiring Homeplus could be an "important opportunity to expand sales channels for farmers and supply fresh produce to urban consumers," Pulse relays. She noted that the transaction volume between Nonghyup and Homeplus already amounts to KRW407.2 billion ($283.86 million). NACF Chairman Kang Ho-dong, however, dismissed the suggestion. "We understand Homeplus's difficulties, but Nonghyup has its own challenges as well," he said. If Homeplus is liquidated, roughly 100,000 workers could lose their jobs, a scenario that would also weigh heavily on the political establishment, Pulse says. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. HOMEPLUS CO: NPS Sees US$630MM Loss From Investment in Retailer --------------------------------------------------------------- The Korea Economic Daily reports that the National Pension Service (NPS) has estimated potential losses of about KRW900 billion (US$630 million) from its investment in MBK Partners-owned retailer Homeplus Co. and pledged tighter oversight in the selection of external managers and the monitoring of fund managers' operations. Homeplus, which entered court-led restructuring in March, is frequently cited in South Korea's political and labor circles as a case of profit-driven management by buyout firms, prioritizing short-term gains over long-term business growth, according to KED. "We invested KRW612.1 billion (in Homeplus) including equity, and have so far recovered KRW313.1 billion," KED quotes Kim Tae-hyun, chairman of the South Korean pension scheme, as saying at an annual audit by the National Assembly Health and Welfare Committee audit on Oct. 24. "The fair-value estimate of what remains to be collected is around 900 billion won. Considering the current status (of Homeplus) in the corporate rehabilitation process, recovery remains uncertain," he added. NPS has invested KRW612.1 billion in Homeplus, including KRW582.6 billion through redeemable convertible preferred shares (RCPS), to back MBK's 7.2-trillion-won acquisition of the retailer from Tesco in 2015. Asked whether NPS would reconsider its private equity investment approach, Kim said the fund will strengthen evaluation standards of general partners, or external investment managers. "When selecting fund managers, we will set the evaluation criteria based on whether past profits were generated by selling assets or by growing the business," he told lawmakers, KED relays. Baek Hye-ryun, a lawmaker of the ruling Democratic Party, criticized the NPS for awarding a new mandate to MBK in February. In September, MBK issued a public apology over the financial crunch at Homeplus, saying it failed to fulfill its social responsibility for the South Korean hypermarket chain, KED recalls. It marked an unprecedented move for the private equity firm in the country. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. ********* 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 ***