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251203.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, December 3, 2025, Vol. 28, No. 241 Headlines A U S T R A L I A AUSTRALIAN HONEY: First Creditors' Meeting Set for Dec. 10 ELECTROPULSE PROJECTS: Second Creditors' Meeting Set for Dec. 9 KEY DATA: First Creditors' Meeting Set for Dec. 11 SAINT GEORGE: Pronto Restaurant Debt Soars to Nearly AUD1.8-Mil. TRU RECOGNITION: First Creditors' Meeting Set for Dec. 8 VERMONT AUS: Blue Owl Marks AUD12.8MM First Lien Loan at 34% Off ZONE MANUFACTURING: Enters Administration; 250 Jobs at Risk ZONE MANUFACTURING: First Creditors' Meeting Set for Dec. 10 C H I N A CHINA VANKE: Proposes One-Year Extension to USD20M Onshore Bond SENMIAO TECHNOLOGY: CEO Wen Xi and Director Trent Davis Step Down SENMIAO TECHNOLOGY: Raises $2.8MM in Stock & Pre-Funded Warrants H O N G K O N G VPOWER GROUP: CRRC Hongkong Files Winding-Up Petitions I N D I A ACCORD CHEMCORP: Ind-Ra Affirms BB+ Bank Loan Rating AGROHA COLOURTEC: CARE Keeps D Debt Ratings in Not Cooperating AIRTECH CRYOGENIC: Ind-Ra Hikes Bank Loan Rating to BB- ALP NONWOVEN: CARE Keeps D Debt Ratings in Not Cooperating ALPHAGREP FINVEST: Voluntary Liquidation Process Case Summary AMBANI PAPER: Ind-Ra Affirms BB+ Bank Loan Rating APNA GHAR: Insolvency Resolution Process Case Summary ARGOID ANALYTICS: Voluntary Liquidation Process Case Summary ARUNODAY SALES: CARE Keeps D Debt Rating in Not Cooperating AXXELENT PHARMA: Ind-Ra Affirms BB+ Bank Loan Rating BAJRANG REALTORS: Insolvency Resolution Process Case Summary BALAJI INSTITUTE: Ind-Ra Withdraws B+ Bank Loan Rating BIL VYAPAR: Insolvency Resolution Process Case Summary CHAKRADHARI PROPERTIES: Insolvency Resolution Process Case Summary DHAMU CHETTIAR: Ind-Ra Cuts Bank Loan Rating to BB DWARKA TEXTILE: CARE Keeps D Debt Rating in Not Cooperating ELITIST REALTORS: Insolvency Resolution Process Case Summary EMPRESS INFRA: Insolvency Resolution Process Case Summary FOSSIL LOGISTICS: Liquidation Process Case Summary GANPATI STRUCTURES: CARE Keeps B- Debt Ratings in Not Cooperating GAURISANKAR ELECTRO: CARE Keeps D Debt Rating in Not Cooperating GHARONDHA REALTORS: Insolvency Resolution Process Case Summary GREATWALL CORPORATE: CARE Keeps D Debt Ratings in Not Cooperating HMT MACHINE: CARE Lowers Rating on INR72.90cr ST Loan to D ICON BUILDCON: Insolvency Resolution Process Case Summary IVRCL LTD: Liquidation Takes a Hit as Bidder Defaults on Payment J S DESIGNER: Insolvency Resolution Process Case Summary KAILASH REALTORS: Insolvency Resolution Process Case Summary KARANJA TERMINAL: Insolvency Resolution Process Case Summary KATRA REAL ESTATES: Insolvency Resolution Process Case Summary KATRA REALTORS: Insolvency Resolution Process Case Summary KAVERI REALTORS: Insolvency Resolution Process Case Summary KAYTX INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating KPC FLEXI: CARE Keeps C Debt Rating in Not Cooperating Category KUSHMANDA PROPERTIES: Insolvency Resolution Process Case Summary LALCHAND BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating MAC CHARLES: Ind-Ra Assigns BB+ NonConvertible Debt Rating MAHAJYOTI FIBERS: CARE Keeps D Debt Rating in Not Cooperating MONALISA CERAMICS: CARE Keeps D Debt Rating in Not Cooperating NEW PRINT: CARE Keeps D Debt Rating in Not Cooperating Category NEXG SPACE: Ind-Ra Withdraws BB Bank Loan Rating NEXUS FEEDS: CARE Keeps D Debt Ratings in Not Cooperating Category PACIFIC ACADEMY: CARE Keeps D Debt Ratings in Not Cooperating PARQUET FURNISHERS: Insolvency Resolution Process Case Summary PAVANA KEERTI: Liquidation Process Case Summary PHILIP DCOSTA: Ind-Ra Cuts Bank Loan Rating to D S A PLYWOOD: Insolvency Resolution Process Case Summary S.G. POLYPLAST: CARE Keeps D Debt Ratings in Not Cooperating SARVATRA REALTORS: Insolvency Resolution Process Case Summary SHANMUGA MODERN: Voluntary Liquidation Process Case Summary SHLOGAM AGRO: CARE Keeps D Debt Rating in Not Cooperating Category SINDHU TRADE: Ind-Ra Withdraws B+ Bank Loan Rating SPADS RED: CARE Keeps B- Debt Rating in Not Cooperating Category SREEKANTH PIPES: CARE Keeps D Debt Ratings in Not Cooperating SURGICOIN MEDEQUIP: CARE Keeps D Debt Ratings in Not Cooperating SYNERGY REMEDIES: Ind-Ra Withdraws D Bank Loan Rating UNITED COTTON: CARE Keeps D Debt Rating in Not Cooperating UNIVERSAL STEEL: CARE Keeps B- Debt Ratings in Not Cooperating VAIBHAV COTEX: CARE Keeps B- Debt Ratings in Not Cooperating VISHNUSHIVA INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating VOLTAS LIMITED: NCLAT Dismisses Insolvency Plea Against Company WEL INTERTRADE: Liquidation Process Case Summary M A L A Y S I A GREENPRO CAPITAL: Acquires 0.99% Stake in GTL for $1.2MM Stock HO HUP: Shareholders Block Re-Election of Datin Chan Bee Leng N E W Z E A L A N D ACCORD PRECISION: Court to Hear Wind-Up Petition on Dec. 16 HOBSONVILLE DENTISTS: Grant Bruce Reynolds Appointed as Liquidator IAL CAPITAL: Court to Hear Wind-Up Petition on Feb. 4 PEARCE AG: Creditors' Proofs of Debt Due on Dec. 23 UBIQUETHERM LIMITED: Creditors' Proofs of Debt Due on Jan. 15 S I N G A P O R E AGV GALVANIZING: Court to Hear Wind-Up Petition on Dec. 12 BAYFRONT PTE: Court to Hear Wind-Up Petition on Dec. 12 ONE OXELLEO: Creditors' Meetings Set for Dec. 12 SLATER PTE: Creditors' Proofs of Debt Due on Dec. 26 TACMEE CONSTRUCTION: Court Enters Wind-Up Order S O U T H K O R E A HANWOOL & JEJU: K Partners Takes Majority Shares in Company - - - - - ================= A U S T R A L I A ================= AUSTRALIAN HONEY: First Creditors' Meeting Set for Dec. 10 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Australian Honey Ventures Pty Ltd will be held on Dec. 10, 2025 at 11:00 a.m. via virtual meeting only. Gregory Paul Quin of HLB Mann Judd Insolvency was appointed as administrator of the company on Dec. 1, 2025. ELECTROPULSE PROJECTS: Second Creditors' Meeting Set for Dec. 9 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Electropulse Projects Pty Ltd has been set for Dec. 9, 2025, at 11:30 a.m. at Level 30, 140 William Street in Melbourne. 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 Dec. 8, 2025 at 4:00 p.m. Glenn Anthony Crisp and Clifford Stuart Rocke of Jirsch Sutherland were appointed as administrator of the company on Nov. 5, 2025. KEY DATA: First Creditors' Meeting Set for Dec. 11 -------------------------------------------------- A first meeting of the creditors in the proceedings of Key Data Consulting Pty Ltd will be held on Dec. 11, 2025 at 11:00 a.m. via virtual meeting. Adam Edward Farnsworth of Farnsworth Carson was appointed as administrator of the company on Dec. 1, 2025. SAINT GEORGE: Pronto Restaurant Debt Soars to Nearly AUD1.8-Mil. ---------------------------------------------------------------- Matt Hampson at skynews.com.au reports that debts associated with popular Sydney radio host Mark Levy's collapsed restaurant have spiraled into seven-figures as he attempts to push back on liquidation proceedings. Saint George Hospitality, the company behind Mr. Levy's closed Pronto Sylvania eatery, owed nearly AUD1.8 million, skynews.com.au discloses citing a report lodged with the Australian Securities and Investments Commission (ASIC). That figure involved AUD1.66 million owed to unsecured creditors, which included himself, as well as at least AUD99,000 to secured creditors, The Daily Telegraph reported, skynews.com.au relays. The report, filed by liquidator Mitchell Ball, showed the company also owed AUD237,500 to Ainscough Holdings and AUD241,000 to the tax office. skynews.com.au says the revealed debt did not include nearly 40 staff being owed pay and entitlements. It comes after a Winding Up Order for Saint George Hospitality was ordered by the NSW Supreme Court, with a notice of the order published on October 20, according to skynews.com.au. Mr. Ball's recent report outlined Mr. Levy's intention to apply for a reversal to the wind-up order to allow the company to be put into administration. "The director has indicated that he is in the process of refinancing his real property in order to fund a Deed of Company Arrangement proposal with the aim of maximising return to creditors," the report, as cited by skynews.com.au, said. Mr. Levy's collapsed restaurant dramatically shut its doors earlier this year before Saint George Hospitality entered liquidation, skynews.com.au recalls. Pronto Sylvania, which served Italian and Balkan cuisine at its Princess Highway spot in Sydney's south, told its social media followers on August 7 that its kitchen would be closed for several days "due to some issues". "Thank you for your understanding," the eatery captioned the post. "We'll see you next week." skynews.com.au relates that the restaurant appeared not to have reopened, however, and the eatery's Facebook has not posted again since the announcement. Mr. Levy is currently host of the 2GB Mornings show, broadcast between 9:00 a.m. and 12:00 p.m. weekdays. The broadcaster replaced veteran radio host Ray Hadley in December 2024 after Mr. Hadley announced his retirement the month before. A lawyer for Mr. Levy, Sam Saadat, previously said that the radio host shut the eatery to focus on his broadcasting career, according to The Daily Telegraph. TRU RECOGNITION: First Creditors' Meeting Set for Dec. 8 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Tru Recognition Holdings Limited will be held on Dec. 8, 2025 at 10:00 a.m. by Microsoft Teams. Atle Crowe-Maxwell of DBA Advisory was appointed as administrator of the company on Nov. 13, 2025. VERMONT AUS: Blue Owl Marks AUD12.8MM First Lien Loan at 34% Off ---------------------------------------------------------------- Blue Owl Technology Finance Corp. has marked its AUD12,875,000 loan extended to Vermont Aus Pty Ltd to market at AUD8,533,000 or 66% of the outstanding amount, according to Blue Owl's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Blue Owl is a participant in a first lien senior secured AUD term loan to Vermont Aus Pty Ltd. The loan accrues interest at a rate of 5.75% per annum. The loan matures on February 2029. Blue Owl is a Maryland corporation formed on July 12, 2018. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, technology-related companies, specifically software companies, based primarily in the United States. The Company originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. The Company's investment objective is to maximize total return by generating current income from its debt investments and other income producing securities, and capital appreciation from its equity and equity-linked investments. Blue Owl is led by Craig W. Packer as Chief Executive Officer and Jonathan Lamm as Chief Operating Officer and Chief Financial Officer. The Company can be reach through: Craig W. Packer Blue Owl Technology Finance Corp 399 Park Avenue New York, NY 10022 Telephone: (212) 419-3000 About Vermont Aus Pty Ltd Vermont Aus Holdco Pty Ltd is a foreign-owned company that provides pet wellness products and services including veterinary services in Australia and New Zealand. ZONE MANUFACTURING: Enters Administration; 250 Jobs at Risk ----------------------------------------------------------- News.com.au reports that hundreds of Aussie workers are in limbo after a major RV manufacturer was plunged into voluntary administration weeks before Christmas. Zone Manufacturing Pty Ltd, which trades as Zone RV in Coolum Beach, one of Queensland's largest luxury off-road manufacturers, filed for voluntary administration on Dec. 2. Rahul Goyal, Catherine Margaret Conneely and Stephen Earel of Cor Cordis were appointed administrators, with the first creditor's meeting scheduled for December 10, news.com.au discloses. According to news.com.au, employees arrived at work on Dec. 2 morning to learn the business had been plunged into administration and sent home, weeks before Christmas. About 250 employees are owed pay and entitlements following the collapse, news.com.au. News.com.au says online, customers and employees expressed their disappointment with the business' collapse. News.com.au relates that one customer said they received the phone call about the collapse and owed funds for the warranty repair. Another said they were driving up from Melbourne to Coolum to collect their RV, only to turn around and return home. "We are fully paid and was having handover on Friday [Nov. 28]," they said. "Turning around and heading home now." "I just drove overnight from Sydney to Coolum for a warranty repair to find out this news," another customer said. The business' Facebook page was deactivated on Monday afternoon [Dec. 1], news.com.au adds. Zone Manufacturing Pty Ltd designs and manufactures premium off-road caravans. ZONE MANUFACTURING: First Creditors' Meeting Set for Dec. 10 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Zone Manufacturing Pty Ltd and Zone RV Holdings Pty Ltd will be held on Dec. 10, 2025 at 11:00 a.m. via virtual meeting only. Rahul Goyal, Catherine Margaret Conneely and Stephen Earel of Cor Cordis were appointed as administrators of the company on Dec. 1, 2025. ========= C H I N A ========= CHINA VANKE: Proposes One-Year Extension to USD20M Onshore Bond --------------------------------------------------------------- Yicai Global reports that China Vanke has formulated a plan to extend the repayment of a CNY2 billion (USD280 million) onshore bond coming due in the middle of this month by one year, according to a source. Vanke is seeking to delay the repayment of principal and interest accrued before the extension of the bond by 12 months, without compound interest during the period, an informed source told Yicai. The coupon rate will remain unchanged at 3 percent during the extension period, and the newly accrued interest will be paid with the principal on the new maturity date. According to Yicai, Vanke said on Nov. 26 that it will hold a bondholders' meeting on Dec. 10 to consider extending the CNY2 billion onshore bond, 22 Vanke MTN004, which will fall due on Dec. 15. The voting deadline is midnight on Dec. 12. Since the announcement, Vanke's shares [SHE: 000002; HKG: 2202] have fallen sharply because of the risk of a debt default in case the extension proposal is rejected, Yicai notes. They declined 11 percent to CNY5.23 (73 US cents) and 7.2 percent to HKD3.60 (46 US cents), respectively, as of 10:40 a.m. Dec. 2 from Nov. 26. The company's bond prices have dropped much more sharply during the period. Onshore bond extension plans previously proposed by other large real estate developers facing repayment difficulties usually adopted phased repayment methods, and rarely extended both principal and interest directly by one year, Yicai states. Vanke had initially discussed a phased repayment plan with bondholders, but the final decision is to extend the entire principal and interest for one year, the source, as cited by Yicai, explained. Vanke had repaid onshore and offshore bonds worth CNY28.9 billion (USD4.1 billion) this year as of Sept. 30, with another medium-term note with an outstanding balance of CNY3.7 billion maturing at the end of December, while the company still has about CNY12.4 billion in on shore bonds maturing in 2026, as well as CNY7 billion worth of offshore bonds and over CNY3 billion in onshore bonds maturing in 2027, according to Yicai. Plagued by tight liquidity, Vanke has relied on loans from its controlling shareholder Shenzhen Metro Group to fund the repayment of maturing bonds' principal and interests, Yicai notes. Shenzhen Metro has provided Vanke with unsecured loans worth nearly CNY30.8 billion so far this year. Since the shareholder loan has reached to the up-limit Shenzhen Metro Group promised early this year, Vanke is required to provide collateral for these loans. Otherwise, Shenzhen Metro reserves the right to demand early repayment of the principal and interest, according to an announcement the company issued last week. According to Yicai, despite Shenzhen Metro's efforts, there are no signs of improvement in Vanke's financial performance. Net loss widened 56 percent to CNY28 billion in the first three quarters of the year from a year earlier, with third-quarter net loss nearly doubling to CNY16.1 billion, according to the company's latest financial report. Vanke's operating revenue fell 27 percent to CNY161.4 billion (USD22.6 billion) in the nine months ended Sept. 30 from a year earlier, the lowest since 2018, Yicai discloses. Third-quarter operating revenue also dropped 27 percent to CNY56.1 billion from the same period last year. About China Vanke China Vanke Co., Ltd. operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 2, 2025, S&P Global Ratings lowered its long-term issuer credit ratings on China Vanke Co. Ltd. and its subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK), to 'CCC-' from 'CCC'. S&P also lowered its long-term issue ratings on Vanke HK's senior unsecured notes to 'CCC-' from 'CCC'. At the same time, S&P placed these ratings on CreditWatch with negative implications. The TCR-AP reported on May 20, 2025, Fitch Ratings has downgraded China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'CCC+', from 'B-'. Fitch has also downgraded the Long-Term IDR on China Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK), to 'CCC', from 'CCC+', and its senior unsecured rating and the rating on its outstanding senior notes to 'CCC', from 'CCC+', with a Recovery Rating of 'RR4'. The ratings are removed from Rating Watch Negative. SENMIAO TECHNOLOGY: CEO Wen Xi and Director Trent Davis Step Down ----------------------------------------------------------------- Senmiao Technology Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Wen Xi resigned to the Board of Directors, as the Chief Executive Officer and Chairman of the Board of the Company, effective November 21, 2025. On the same date, Trent D. Davis resigned from his directorship of the Board of the Company, effective immediately. Mr. Wen and Mr. Davis's decisions are due to personal reasons and are not a result of any disagreement with the Company on any matter relating to its operations, policies or practices. The Company thanks them for their years of service. About Senmiao Technology Limited Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees and other automobile transaction services in China. As of September 30, 2025, the Company had $4.7 million in total assets, $4.8 million in total liabilities, and $132,073 in total equity. In an audit report dated July 10, 2025, Marcum Asia CPAs LLP issued a "going concern" qualification citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SENMIAO TECHNOLOGY: Raises $2.8MM in Stock & Pre-Funded Warrants ---------------------------------------------------------------- Senmiao Technology Limited announced on Nov. 20, 2025, the closing of its registered direct offering. The Company has sold 1,350,000 shares of common stock and pre-funded warrants to purchase 905,000 shares of common stock at a purchase price of $1.26 per share, for aggregate gross proceeds of approximately $2.8 million, before deducting offering expenses. In connection with the Offering, Senmiao may have a separate private placement to issue warrants to purchase up to 4,510,000 shares of common stock. The Warrants may be issued by the Company upon the receipt of the stockholders' approval and will have a term of five and a half years, exercisable immediately upon issuance at an exercise price of $1.26 per share. "Completing this financing strengthens our financial foundation and provides the resources needed to pursue our growth strategy," said Haitao Liu, Senmiao's Chief Operating Officer. "We are focused on exploring new business opportunities that can diversify our revenue streams and create long-term shareholder value. We appreciate the confidence our investors have shown in our vision and remain committed to disciplined execution of our strategic plan." The Shares are being offered pursuant to a "shelf" registration statement on Form S-3 (File No. 333-274749), which was declared effective by the United States Securities and Exchange Commission on September 29, 2023. The Shares may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement related to the offering was filed with the SEC on November 14, 2025 and available on at https://tinyurl.com/2xx24kht. The Warrants and the Warrants Shares being offered in a separate private placement will be offered pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended provided in Section 4(a)(2) and/or Rule 506(d) of Regulation D of the Securities Act. After the issuance of the Warrants, the Company shall file with the SEC certain registration statement on Form S-1 solely for the purpose of registering the resale of the Warrant Shares within 30 days after the date of a special meeting of the stockholders, assuming the Stockholder Approval is obtained. About Senmiao Technology Limited Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees and other automobile transaction services in China. As of September 30, 2025, the Company had $4.7 million in total assets, $4.8 million in total liabilities, and $132,073 in total equity. In an audit report dated July 10, 2025, Marcum Asia CPAs LLP issued a "going concern" qualification citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ================= H O N G K O N G ================= VPOWER GROUP: CRRC Hongkong Files Winding-Up Petitions ------------------------------------------------------ TipRanks reports that VPower Group International Holdings Limited has announced that winding-up petitions have been filed against the company and its subsidiary, VPower Group Holdings Limited, by CRRC Hongkong Capital Management Co., Limited. The petitions relate to an alleged non-payment of over US$31 million concerning finance lease agreements and a guarantee. TipRanks relates that the company is taking legal advice and opposes the petitions, with the first court hearing scheduled for February 2026. According to TipRanks, the announcement highlights the potential impact on share transfers and the company's operations if a winding-up order is granted, although no such order has been issued yet. VPower Group International Holdings Limited, an investment holding company, designs, integrates, sells, and installs engine-based electricity generation units in Hong Kong, Mainland China, other Asian countries, Latin America, and internationally. It operates in two segments, System Integration (SI); and Investment, Building and Operating (IBO). The company designs, invests in, builds, and operates distributed power generation (DPG) stations to provide distributed power solutions. It also engages in trading of engines and components; manufacturing, sale, and installation of power generation systems; and provision of technical services. ========= I N D I A ========= ACCORD CHEMCORP: Ind-Ra Affirms BB+ Bank Loan Rating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Accord Chemcorp Private Limited's (ACPL) bank loan facilities as follows: -- INR1.0 bil. Bank loan facilities affirmed with IND BB+/Stable/ IND A4+ rating. Analytical Approach Ind-Ra continues to fully consolidate ACPL's group company - Accord Chemical Corporation (ACC; debt rated at IND BBB-/Stable), to arrive at the ratings, together called the ACC group, on account of the strong operational linkages between them. However, the ratings are differentiated from ACC's ratings on account of ACPL's small scale of operations. Detailed Rationale of the Rating Action The ratings are constrained by the group's thin trading margins, being subject to forex and commodity price risk. The ratings reflect an expectation of sustained growth in the group's turnover over the medium term (around 2%), supporting comfortable credit metrics, given the group's debt comprises only working capital debt. ACC's policy to execute order-backed trades and maintain minimal inventory level has supported business momentum and business profitability. This has stabilized its credit metrics with the interest coverage being over 2x over FY24-FY25 along with a net cash position (including Letter of Credit backed creditors as payables). Correspondingly, ACC has enjoyed a net cash cycle as well during these years. Treating the LC payables as debt, the net adjusted leverage stood at 5.66x whereas the working capital cycle remained short at around 37 days in FY25. The maximum average utilization of fund-based limits and non-fund-based limits of around 45% and 80%, respectively, over the 12 months ended August 2025, along with cash and equivalents of INR1,684 million as of March 31, 2025, indicate the company's adequate liquidity cushion. Ind-Ra expects the use of working capital limits to have been on similar lines since then. Detailed Description of Key Rating Drivers Thin Trading Margins; Likely to Remain Range Bound: Ind-Ra expects ACC's margins to remain range bound at 1%-2% given the trading nature of its business. Also, the price sensitivity due to fragmented industry structure, translates into pricing pressure to retain customer base, leading to lower trading margins. In FY25, the top five customers accounted for around 15% of its sales. Forex Fluctuation and Commodity Price Risk: In FY25, 45% of ACC's purchases were imports, whereas exports were minimal (around 1%), exposing the company to significant forex risk. ACC partly mitigates this risk by hedging around 70% of imports through 45-60 days forward contracts. Also, the commodity price risk is mitigated by executing order-backed trades, while maintaining minimal inventory to meet ad-hoc client needs. Consequently, the management has been able to maintain positive absolute profitability while containing the ongoing price and forex fluctuations. Modest Credit Metrics: ACC's credit metrics reflect a working capital-intensive business, with no term debt and repayments. Around 91% debt was reflective of LC-backed payables, indicating roll-over debt and interest cost covering the service charges for maintaining such facility. Consequently, at FYE25, the interest coverage and net adjusted leverage (taking LC creditors as debt and adding lien marked fixed deposits to cash) stood at 2.41x (FY24: 3.3x) and 5.66x (negative 1.08x) respectively. Ind-Ra believes given the working capital debt is rollover debt, leverage is analyzed in tandem with the working capital utilization levels. To that extent, ACC's standalone maximum average fund-based and non-fund-based utilization was around 45% and around 80%, respectively, over the 12 months ended August 2025, indicating adequate liquidity. The group had a net cash position in FY25, if LC payables are considered as payables. Ind-Ra expects the interest coverage to be maintained around 2x over the medium term, given stable trading business profitability and interest charges being for working capital facility only. Established Customer Base in a Competitive Industry: ACC operates in a highly fragmented and price-sensitive bulk chemicals industry. Nevertheless, its established customer base and the management's trading track record have supported sustained business growth over the years (around 1% CAGR over FY22-FY25 to INR13,699 million). Order-backed trade execution and minimal inventory levels (15-20 days) have ensured profitability in the commodity trading business with thin margins (1%-2% range), thereby ensuring business profitability and sustainability. Revenue Growth Likely to Revive over the Medium Term, Amidst Slight Slump in the Global Demand: Ind-Ra expects ACC's turnover to grow at a steady rate of 2% yoy over the medium term, even though FY25's revenue declined slightly to INR13,697 million (FY24: INR13,742 million) and sales volumes to 109,869MT (136,318MT) due to global oversupply and a weakening of import currency. Consequently, the EBITDA margins dipped marginally to below 1% in FY25 (FY24: 1.44%) However, the demand for the company's products is likely to have a pull from end-user paints industry, being the major clientele (around 60% of ACC's revenue) for the company, thereby supporting growth. FY25 financials are provisional. Adequate Liquidity: Ind-Ra expects ACC's liquidity to remain comfortable, given effective working capital management. Even as the working capital cycle lengthened to 37 days at FYE25 (FYE24: 12 days), this was primarily due to lower payables cycle. However, ACC's strategy to shift towards LC procurement (FY22: around 68% of debt, FY25: 91% of debt) provides the company 90 days credit, thereby cushioning operational liquidity. The company has no term debt and at FYE25, 91% of the company debt was attributable to LC-backed payables being INR2,398.77 million at the group level. Against this, the company held cash and equivalents of INR1,684 million. An average maximum utilization of the fund-based and non-fund-based facilities was of 45% and 80%, respectively. Liquidity Adequate: ACC group's average maximum utilization of the fund-based limits and non-fund-based facilities was around 45% and 80%, respectively, over the 12 months ended August 2025. The current ratio and interest coverage of more than 1x and more than 2x, respectively, over FY24-FY25 also indicate the group's adequate liquidity. The company has only working capital debt of INR2,645.4 million (FY24:INR1,683 million), mainly representing LC-backed creditors (91%). Against this ACC maintains restricted cash of INR1364 million (INR1,272 million). Ind-Ra expects the liquidity to remain adequate over the medium term, given significant working capital limits (unutilized at FYE25: INR567 million) to facilitate the average trade working capital cycle of around 45 days. Rating Sensitivities Negative: A decline in the scale of operations or deterioration in the liquidity position or the credit metrics or the interest coverage reducing below 2.25x, on a sustained and consolidated basis, could be negative for the ratings. Positive: A significant increase in the scale of operations, along with maintaining the credit metrics and liquidity, on a sustained and consolidated basis, could be positive for the ratings. About the Company Established in 2014, ACPL is a sister concern, engaged in a similar business as ACC and managed by the same promoter group. Established in 2009, ACC is as a partnership firm, engaged in the trading, indenting, distribution, imports and exports of various petrochemicals. The company is led by Jinesh Shah and Meghna Shah, who have over a decade of experience in the trading business. AGROHA COLOURTEC: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Agroha Colourtec Private Limited (ACPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 14.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated November 12, 2024, placed the rating(s) of ACPL under the 'issuer non-cooperating' category as ACPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 28, 2025, October 8, 2025 and October 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Agroha Colourtec Private Limited (ACPL) is promoted by Mr Devendra Kumar Aggarwal, Mr Ravinder Kumar Aggarwal and their family members. The company belongs to the Prayag group, which also includes Prayag Polytech Private Limited (PPPL). ACPL is engaged in manufacturing of black masterbatches and has one manufacturing facility located in Bhiwadi, Rajasthan. ACPL also undertakes job-work for PPPL incorporated in 1982, PPPL is engaged in manufacturing and export of masterbatches. The company manufactures colour, white and additive masterbatches and has two manufacturing facilities located in Bhiwadi. AIRTECH CRYOGENIC: Ind-Ra Hikes Bank Loan Rating to BB- ------------------------------------------------------- India Ratings and Research (Ind-Ra) has upgraded Airtech Cryogenic Gases Private Limited's (ACGPL) long-term bank loan facilities to 'IND BB-' from 'IND B+' with a Stable Outlook, and short-term bank loan facilities to 'IND A4+' from 'IND A4', as follows: -- INR450 mil. Bank loan facilities upgraded with IND BB-/Stable/ IND A4+ rating. Detailed Rationale of the Rating Action The upgrade reflects an expected improvement in the overall profitability in FY26, as argon gas yields significantly higher margins than nitrogen and oxygen gases. ACGPL commenced its liquid oxygen, nitrogen and liquid argon gas manufacturing plant in the early July 2025 and earned revenue of INR118 million as of October 2025. FY27 will be the company's first full year of operations. Ind-Ra expects revenue, EBITDA margins, and credit metrics to improve due to the full operations of the argon gas plant and the installation of a 9MW solar power plant for captive use in FY26-FY27. However, the rating is supported by the promoters' two decades of experience in the gas and engineering industry. Detailed Description of Key Rating Drivers First Full Year of Operations: ACGPL's manufacturing unit for liquid oxygen, nitrogen and liquid argon gas in Ahmedabad, Gujarat, started operations in early July 2025. ACGPL achieved revenue of INR118 million as of October 2025. Ind-Ra expects the revenue to improve during FY26, and FY27 will be the first full year of operations. Modest Credit Metrics: Ind-Ra expects the company's debt service coverage ratio to improve in FY26, with the improvement in the overall credit metrics in line with the scale of operations. Stretched Liquidity: ACGPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. The company has availed a fund-based working capital limit of INR25 million, but it is yet to be utilized. ACGPL was managing its working capital requirement through own funds. Experienced Promoter: The rating is supported by the promoters' four decades of experience in the gas and engineering industry which would help ACGPL in setting up and running of the plant. Liquidity Stretched: The company has a scheduled debt repayment of INR37.65 million in FY26. ACGPL has availed an overdraft limit of INR25 million for day-to-day operations, but it is yet to be utilized. ACGPL manages its working capital requirement through own funds. Rating Sensitivities Negative: A decrease in the scale of operations with deterioration in the overall credit metrics and liquidity profile would be negative for the rating. Positive: An improvement in the scale of operations and credit metrics with the net leverage falling below 5x, and an improvement in the liquidity profile, all on sustained basis, would be positive for the rating. About the Company Incorporated in Ahmedabad in April 2024, ACGPL is setting up a manufacturing unit for liquid oxygen, nitrogen and liquid argon gas with an installed capacity of 2,750 cubic meter per hour, 1,650 cubic meter per hour and 83 cubic meter per hour, respectively. ALP NONWOVEN: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Alp Nonwoven Private Limited (ANPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.41 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 28, 2024, placed the rating(s) of ANPL under the 'issuer non-cooperating' category as ANPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ANPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 13, 2025, September 23, 2025, October 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Modasa-based (Gujarat) ANPL was incorporated in 2012, by Mr Hareshkumar Dahyabhai Patel and is currently managed by Mr Mahendrakumar Hansarajbhai Patel and Mr Jagdish Ratilal Patel. The company is engaged into the manufacturing of nonwoven technical fabrics. ANPL operates from its sole manufacturing facility located in Modasa (Gujarat). ALPHAGREP FINVEST: Voluntary Liquidation Process Case Summary ------------------------------------------------------------- Debtor: Alphagrep Finvest Private Limited 801, Iconic Shyamal, Opposite City Gold Cinema, Shyamal Crossroads, Shyamal, Manekbag, Ahmedabad, Ahmedabad City, Gujarat, India, 380015 Liquidation Commencement Date: November 3, 2025 Court: National Company Law Tribunal, Ahmedabad Bench Liquidator: Dakshesh Pravinchandra Choksi Agarwal & Choksi 303-305 Vrajbhumi Complex, Near Prarthana Flats, B/H Shilp Bldg, Off C G Road Navrangpura, Ahmedabad, Gujarat, 380009 Email: Ca.dakshesh@gmail.com, voluntary.alphagrep@gmail.com Number: 98792 00147 Last date for submission of claims: December 2, 2025 AMBANI PAPER: Ind-Ra Affirms BB+ Bank Loan Rating ------------------------------------------------- India Ratings and Research (Ind-Ra) has taken the following rating actions on Ambani Paper LLP's (AP) bank facilities: -- INR178 mil. Bank loan facilities assigned with IND BB+/Stable/ IND A4+ rating; and -- INR732 mil. Bank loan facilities affirmed with IND BB+/Stable/ IND A4+ rating. Detailed Rationale of the Rating Action The affirmation reflects AP's average credit metrics on account of its high debt levels with a debt-to-equity ratio of more than 3x in FY25 as well as stretched liquidity. Furthermore, the company is planning to incur a capex of INR500 million in FY27, of which around 80% will be debt funded. Thus, an improvement in the credit metrics and liquidity profile is a key monitorable. The ratings also reflect AP's modest EBITDA margins. The ratings are further constrained by the intense price competition among domestic players and AP's partnership nature. The ratings drive support from promoter's extensive experience in varied industries and its proximity to domestic customers in the Morbi region of Gujarat. Detailed Description of Key Rating Drivers Average Credit Metrics; Improvement is Key Monitorable due to Debt-led Capex Plan: In FY25, the gross interest coverage (operating EBITDA/gross interest expense) improved to 3.09x (FY23: 2.54x) and the net leverage (adjusted net debt/operating EBITDA) to 4.05x (4.27x). The credit metrics improved marginally during the year on account of an increase in the overall EBITDA, supported by schedule debt repayment. The credit metrics are average due to high debt levels of INR874.36 million in FY25 (FY24: INR925.14 million). In FY27, AP is planning to incur INR500 million for the installation of a boiler for burning waste plastic material, the power generated from which will be captively consumed by the company itself leading to savings in the power cost in the medium term. 80% of the capex is debt funded. Ind-Ra expects the credit metrics to improve marginally in FY26; however, due to the debt-led capex plan in FY27, the improvement in the metrics is key monitorable. Modest EBITDA Margin: In FY25, AP's modest EBITDA margin stood at 7.34% (FY24: 7.92%; FY23: negative 4.84%) with a return on capital employed of 9.9% (8.1%, negative 17.9%) due to high debt levels. Waste paper, the major raw material for manufacturing duplex paper board, which is being procured domestically as well as through imports, constituted 71.23% of the total purchases in FY25 (FY24: 71.96%). The EBITDA margins are susceptible to volatility in raw material prices. During 4MFY25, AP's EBITDA margins remained modest at 4.06%; however, the management asserts the EBITDA margins will be range bound at 5%-6.5% in FY26. In FY27, Ind-Ra expects the EBITDA margins to increase due savings in the power cost by the boiler installation. Inherent Industry Risk: AP faces competition from organized and unorganized players, due to the increased imports from China and other Asian nations. The paper industry is cyclical in nature and players are exposed to volatility in raw material prices as well as the threat of imports, which could prevent companies from pass-through. Furthermore, lumpy capacity additions that are not commensurate with demand growth could exert an upward pressure on raw material prices and a downward pressure on finished product prices, leading to a weakening of the profit margins. Partnership Nature of Constitution: Being a partnership firm, AP is exposed to inherent risk of partners' capital being withdrawn at the time of personal contingency, and firm being dissolved upon the death/retirement/insolvency of partners. Continuous Growth in the Medium Scale of Operations: In FY25, AP's revenue improved to INR2,929.11 million (FY24: INR2,705.52 million; FY23: INR1,334.59 million) due to an increase in the capacity utilization, backed by an increase in the order execution of existing customers as well as a rise in new customers. In FY25, the overall EBITDA stood at INR214.97 million (FY24: INR214.34 million; FY23: negative INR64.62 million). The company commenced its operations in 2022 and FY24 was the first full year of operations. AP's sells white duplex board, which is mainly used for packing of electrical products, garments, glassware, stationery items, ceramic, clocks and so on. Domestic sales contributed 86% to the total revenue in FY25 (FY24: 79%), with the rest coming from exports. The customers are well diversified. AP earned a revenue of around INR1,800 million in 1HFY26. In FY26, Ind-Ra expects a marginal improvement in the scale of operations due to sustained demand. Experienced Promotors: The promotors have more than 10 years of experience across industries. Some of the promotors of Ambani Vitrified Pvt. Ltd, which engages in ceramic and tiles manufacturing, and Sunlex Fabrics Pvt. Ltd., which manufactures flex banner and allied products, are common promoters in AP. Ambani Vitrified and Sunlex Fabrics are operational in respective industries since 2011 and 2015, respectively. Liquidity Stretched: AP has debt repayments of INR74.5 million and INR107 million in FY26 and FY27, respectively. The average monthly utilization of the fund-based working capital limits was around 80.67% over the 12 months ended July 2025. Ind-Ra expects the utilization to have remained at similar levels over August-September 2025. In FY25, the net working capital days increased to 86 (FY24: 78) due to an increase in the inventory days to 78 (74) and a decline in the creditor days to 29 (33). In FY25, the cash flow from operations remained positive but reduced to INR54.79 million (FY24: INR162.41 million) due unfavorable changes in the working capital; the free cash flow too declined to INR41.13 million in FY25 (FY24: INR160.16 million). The company does not have any exposure to the capital markets and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: Any decline in the revenue or the EBITDA margins, any significant debt-led capex leading to deterioration in the credit metrics as well as the liquidity position, on a sustained basis, will be negative for the ratings. Positive: A significant increase in the scale of operations, leading to an improvement in the overall credit metrics with the net leverage reducing below 3.5x, along with an improvement in the liquidity profile, all on a sustained basis, could lead to a positive rating action. About the Company AP is a partnership firm, established in Morbi, Gujarat, for manufacturing white-coated duplex paper board that is used in the packaging industry. The promotors have experience in ceramics and manufacturing of flexible banner and allied products. It has a manufacturing capacity of 105,000 metric tons per annum. It started commercial production in July 2022. APNA GHAR: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Apna Ghar Properties Private Limited Registered Address: Half Mezzanine no. 2, Sandhya Deep Building 15, East of Kailash Near Community Centre, South Delhi, New Delhi, Delhi, India 110065 Insolvency Commencement Date: November 13, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: 180 days from the commencement of Insolvency Resolution process Insolvency professional: Chandra Prakash Interim Resolution Professional: Chandra Prakash 1111, 11th Floor, Indra Prakash Building, Barakhamba Road, New Delhi - 110001 Email: cppumba2409@gmail.com Email: cirp.apnaghar@gmail.com Last date for submission of claims: November 27, 2025 ARGOID ANALYTICS: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Argoid Analytics Private Limited Raj Alkaa Park, Sy. No. 29/3 & 32/2, 4th Floor, Kalena Agrahara Village, Hulimavu, Bangalore 560076 Liquidation Commencement Date: November 18, 2025 Court: National Company Law Tribunal Hyderabad Bench Liquidator: Vinod Sunder Raman B-703, Arvind Skylands Apartments, Shivanahalli, Jakkur Main Road, Yelahanka, Bengaluru 560064 Email: vinod@vrconsulting.biz Tel No: +91-9845884410 Last date for submission of claims: December 18, 2025 ARUNODAY SALES: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Arunoday Sales (AS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 8, 2024, placed the rating(s) of AS under the 'issuer non-cooperating' category as AS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 24, 2025, October 4, 2025, October 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable AS was incorporated as a partnership firm in March 2011 by Mr. Pushpak Agrawal and his sons - Mr. Pankaj Agrawal and Mr. Pravin Agrawal. The firm is engaged in the business of trading of yarn. AXXELENT PHARMA: Ind-Ra Affirms BB+ Bank Loan Rating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Axxelent Pharma Science Private Limited's (APSPL) bank loan facilities at 'IND BB+'/Stable and has simultaneously withdrawn the rating, as follows: -- INR1,624.46 bil. Bank loan facilities affirmed and withdrawn. *Affirmed at IND BB+/Stable before being withdrawn Analytical Approach Ind-Ra continues to fully consolidate APSPL and its group company Shasun Leasing and Finance Private Limited (SLFL) to arrive at the rating, as National Company Law Tribunal (NCLT) has accepted the application for merger and the merger process is scheduled to be completed in FY26. The affirmation reflects APSPL's improved operational performance in FY25, and Ind-Ra's expectation of enhanced financial performance in FY26 and medium term. The operating margins remained healthy in FY25 and sustainability in the medium term being a key monitorable. APSPL successfully obtained the United States Food and Drug Administration (USFDA) approval in June 2024 for oral solid dosage form at its non-sterile plant in Sricity Tada, Andra Pradesh. Timely USFDA approval for other non-sterile facilities and the sterile plant remains critical. Also, the company plans a new INR2,250.0 million project, funded a through mix of bank loans, equity capital and internal accruals, with timely equity infusion essential. Furthermore, the rating is supported by the promoters' experience of almost three decades in the pharmaceutical industry. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lenders and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Detailed Description of Key Rating Drivers Stretched Liquidity: APSPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. As of now, the repayments are managed through investors' and promoters' funds. The company has debt repayments of INR177.57 million in FY26 and INR238.91 million in FY27. Ind-Ra expects the debt service coverage ratio to be weak during the initial years of operations. However, the debt serviceability is likely to be supported by investors and promoters till the company starts to generate sufficient operational cash flows. Moderate Credit Metrics, Capex Plans: APSPL's credit metrics remained moderate in FY25, with the net leverage (net debt/EBITDA) of 4.6x and gross interest coverage (EBITDA/gross interest cost) of 3.44x. The company plans to start a new project in Andhra Pradesh for manufacturing vials and ophthalmic ointment by FY28. The cost of this project is at INR2,250 million and will be funded by way of term loans of INR1,000 million, equity, and internal accruals. The company has already received an in-principal sanction of INR1,000.0 million from bank. As per the management, the reason for starting the new project, despite the existing plant not being fully functional, is the time taken for the construction of a new project and approval time required in the pharma sector. Ind-Ra expects the new debt to affect the credit metrics until the new plant successfully generates cash flows. Ind-Ra expects the overall credit metrics to be weak during the initial years of commencement of operations, before an improvement could be seen in the ratios in line with the improvement in the scale of operations. Operational Risk: The US, which will be a major revenue contributor to the company, is a regulated market subject to continuous regulatory scrutiny and inspection. Also, any delay in the company obtaining the USFDA approval for its sterile plant will delay the operating cash flow. Significant Improvement in Revenue in FY25: APSPL's consolidated revenue surged 249% yoy to INR622.52 million in FY25 (FY24: INR178.24 million; FY23: INR64.28 million), due to the receipt of a higher number of service-based contracts. This is because APSPL received USFDA approval in June 2024 for an oral solid dosage form for its non-sterile plant in Sricity Tada, Andra Pradesh and FY25 was the first full year of operations for the company. In FY25, majority revenue came from CDMO (contract development and manufacturing organization) and CDMO -partnership business. Also, the entire revenue is from export sales to regulated markets, with 86% of the revenue derived from the US, 8% from Europe, and the rest from other countries. Also, the management expects to receive USFDA approvals for other facilities in the non-sterile plant by December 2025, which is a key monitorable. For sterile block (injectables and ophthalmic (solutions & suspensions)), USFDA approval is likely to be received by September 2026. Until then, the validation process, media fill, exhibition batches, temperature control checks are under process for the sterile plant. Ind-Ra expects the revenue to further improve in FY26 and FY27, on the back of an order book of INR15,270 million as of April 2025, to be executed till FY30. It also has contracts worth INR1,891 million under advance stage of discussions with different parties. The consolidated EBITDA margins grew to 48.86% to INR304.15 million in FY25 (FY24: 5.68%; FY23: negative 25.03%), and their sustainability is a key monitorable. The sharp increase in margins in FY25was due to pure service revenue. Ind-Ra expects the margins to deteriorate slightly in the medium term as the commencement of overall operations will lead to stabilization of margins. Infusion of Equity Proceeds in FY25 and Infusion Plans for FY26: In FY25, the company increased its equity share capital (including premium) by INR1,900 million by 1) converting compulsorily convertible preference shares into equity of INR1,020.13 million, 2) converting the unsecured loans from SLFL into equity of INR368.7 million, and 3) receiving funding from the promoters and investors. Furthermore, its plans to raise equity of INR1,040 million in FY26 and INR195 million in FY27. The timely infusion of equity from the promoters and investors is a key monitorable. Planned Merger with SLFL: The NCLT accepted the application for merger of SLFL with APSPL on 29 April 2025, and the merger is likely to be completed in FY26. SLFL is owned by APSPL's promoters. It is an investment company and does not have any independent operations. The objective of this merger is to convert all the loan extended by SLFL to APSPL into equity and use the latter's cash and bank balance (including fixed deposits) for APSPL's operations. The consideration for the same will also be in the form of equity shares of APSPL. Experienced Promoters: The rating is supported by APSPL's promoter's experience of over three decades in the pharmaceutical industry. The company is leveraging the promoter's operating track record to establish strong relationships with its customers and thus obtain contracts. Liquidity Stretched :The average maximum utilization of the fund-based limits was 81.29% and that of the non-fund-based limits was 57.90% during the 12 months ended September 2025. The company plans to enhance its fund-based limits by INR200.0 million in FY26. Also, Ind-Ra expects free cash to remain negative in the medium term as the company is planning for new capex. Ability of the company to timely repay using internal accruals and investors funds is a key monitorable. Rating Sensitivities Negative: Deterioration in liquidity or time/cost overrun in the proposed capex will be negative for the rating. Positive: Timely completion of the proposed capex along with profitable operations and improvement in credit metrics and in liquidity could lead to a positive rating action. About the Company Incorporated in October 2019, APSPL is a research and service-driven pharmaceutical company focused on contract development and contract manufacturing of oral solid, injectable, oral liquid and topical dosage forms for clients across the US, Europe, and Asia. The head office is in Chennai. BAJRANG REALTORS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Bajrang Realtors Private Limited Registered Address: Half Mezzanine no. 1, Sandhya Deep Building 15, East of Kailash Near Community Centre, South Delhi, New Delhi, Delhi, India 110065 Insolvency Commencement Date: November 13, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: 180 days from the commencement of Insolvency Resolution process Insolvency professional: Chandra Prakash Interim Resolution Professional: Chandra Prakash 1111, 11th Floor, Indra Prakash Building, Barakhamba Road, New Delhi - 110001 Email: cppumba2409@gmail.com Email: cirp.bajrang@yahoo.com Last date for submission of claims: November 27, 2025 BALAJI INSTITUTE: Ind-Ra Withdraws B+ Bank Loan Rating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained Shri Balaji Institute of Medical Sciences Pvt Ltd.'s (SBIMSPL) bank loan facilities rating in the non-cooperating category and has simultaneously withdrawn the same on issuer's request. The detailed rating action is: -- INR687.64 mil. Bank loan facilities maintained to non- cooperating category and withdrawn. *Maintained at 'IND B+/Negative (ISSUER NOT COOPERATING)' before being withdrawn Detailed Rationale of the Rating Action The rating has been maintained in the non-cooperating category before being withdrawn as the issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls, and has not provided information about latest audited financial statement, sanctioned bank facilities, business plans and projections for the next three years. This is in accordance with Ind-Ra's policy of 'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no longer required to maintain the rating, as the agency has received a no-objection certificate from the lenders and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with SBIMSPL while reviewing the rating. Ind-Ra had consistently followed up with SBIMSPL over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of SBIMSPL, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company SBIMSPL operates a 436-bed multi specialties hospital in Raipur, Chhattisgarh. The set-up has all the modalities under one roof; the total area is around 25,000 sf. The hospital also has its own nursing college. In August 2015, the company started its own trauma center in Korba with 100 beds. BIL VYAPAR: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: BIL Vyapar Limited (formerly Binani Industries Limited) Registered Address: 37/2, Chinar Park, New Town, Rajarhat Main Road P.O-Hatiara, Kolkata- 700157, West Bengal, India. Corporate Address: Mercantile Chambers 12, J.N. Heredia Marg, Ballard Estate, Mumbai- 400001, Maharashtra, India Insolvency Commencement Date: November 13, 2025 Estimated date of closure of insolvency resolution process: May 11, 2026 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: CA Subodh Kumar Agrawal 1, Ganesh Chandra Avenue, 3rd Floor, Room No 301, Kolkata - 700013 Email: subodhka@gmail.com Email: ibc.binani@gmail.com Last date for submission of claims: December 5, 2025 CHAKRADHARI PROPERTIES: Insolvency Resolution Process Case Summary ------------------------------------------------------------------ Debtor: Chakradhari Properties Pvt Ltd Registered Address: Half Mezzanine no. 2, Sandhya Deep Building 15, East of Kailash Near Community Centre, South Delhi, New Delhi, Delhi, India 110065 Insolvency Commencement Date: November 13, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: 180 days from the commencement of Insolvency Resolution process Insolvency professional: Chandra Prakash Interim Resolution Professional: Chandra Prakash 1111, 11th Floor, Indra Prakash Building, Barakhamba Road, New Delhi - 110001 Email Address: cppumba2409@gmail.com Email: cirp.chakaradhari@gmail.com Last date for submission of claims: November 27, 2025 DHAMU CHETTIAR: Ind-Ra Cuts Bank Loan Rating to BB -------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Dhamu Chettiar Nagai Maaligai's (DCNM) bank facility rating to 'IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)' from 'IND BBB-/Negative (ISSUER NOT COOPERATING)/IND A3 (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency through phone calls and emails. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The instrument-wise rating action is: -- INR400 mil. Bank loan facilities downgraded with IND BB/ Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. NOTE: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action Ind-Ra has downgraded the rating and maintained the Negative Outlook in accordance with the agency's Guidelines on What Constitutes Non-Cooperation. As per the guidelines, if an issuer has an investment grade rating outstanding while being noncooperative for more than six months with Ind-Ra, then Ind-Ra will necessarily downgrade such rating to the non-investment grade, while maintaining the Issuer Not Cooperating status. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interactions with KHCPL while reviewing the ratings. Ind-Ra had consistently followed up with KHCPL over emails starting March 3, 2025, apart from phone calls. The issuer has submitted the no default statement until September 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of DCNM, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. DCNM has been non-cooperative with the agency since March 3, 2025. About the Company Started in 1992, DCNM is a proprietorship firm having retail business of jewelry under G.D. Sekar. DCNM has four showrooms for retail jewelry business deals in gold, silver and other gems. DCNM is based in Gobichettipalayam, Tamil Nadu. DWARKA TEXTILE: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dwarka Textile Park (DTP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 8, 2024, placed the rating(s) of DTP under the 'issuer non-cooperating' category as DTP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DTP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 24, 2025, October 04, 2025, October 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable DTP was established in the year 2014 and is promoted by Mr. Deepak Samandariya and Mr. Gokul Marda. The firm is in process of setting up a terry towel manufacturing unit having four sections for cone dyeing, fabric dyeing, sizing and printing of the yarn. The manufacturing facility of the firm is located at Solapur, Maharashtra. ELITIST REALTORS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Elitist Realtors Private Limited Registered Address: Half Mezzanine no. 2, Sandhya Deep Building 15, East of Kailash Near Community Centre, South Delhi, New Delhi, Delhi, India 110065 Insolvency Commencement Date: November 13, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: 180 days from the commencement of Insolvency Resolution process Insolvency professional: Chandra Prakash Interim Resolution Professional: Chandra Prakash 1111, 11th Floor, Indra Prakash Building, Barakhamba Road, New Delhi - 110001 Email Address: cppumba2409@gmail.com Email: cirp.elitist@gmail.com Last date for submission of claims: November 27, 2025 EMPRESS INFRA: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Empress Infra Projects Private Limited Registered Office: Plot No-249 A, Old No-377 (Rampura) Shakurpur, New Delhi, Delhi - 110035, India Principal Office: 109, Aman Palace, Pillar No. 72 Delhi Garh Road, Axis Bank Building, Pilakhua, District Hapur, 245304 Insolvency Commencement Date: November 12, 2023 Estimated date of closure of insolvency resolution process: May 11, 2026 Court: National Company Law Tribunal, Delhi Bench Insolvency Professional: Sudhanshu Gupta 311, Agarwal Chamber-2, Plot No. 30, 31, Veer Savarkar Block, Opposite Metro Pillar No. 58 Shakarpur, East Delhi - 110092 Email: sg_1973@rediffmail.com Email: empress.cirp@rediffmail.com Last date for submission of claims: November 27, 2025 FOSSIL LOGISTICS: Liquidation Process Case Summary -------------------------------------------------- Debtor: Fossil Logistics Private Limited 2nd Floor, Azeema Sheriff Centre, No. 538 Anna Salai, Teynampet, Chennai 600018, Tamil Nadu Liquidation Commencement Date: November 11, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: Radhakrishnan Dharmarajan c/o RDH Co., Flat No. 31, 59, 'Krishna', 1st Avenue, 100-Ft. Road, Ashok Nagar, Chennai - 600083 Email: cirp.fossil@gmail.com Last date for submission of claims: December 19, 2025 GANPATI STRUCTURES: CARE Keeps B- Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ganpati Structures Private limited (GSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 19.00 CARE B-; Stable; Issuer not Facilities cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 14, 2024, placed the rating(s) of GSPL under the 'issuer non-cooperating' category as GSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 30, 2025, September 9, 2025, September 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Indore (Madhya Pradesh) based Ganpati Structures Private Limited (GSPL) was incorporated as a private limited company in June 24, 1996 by three directors Mr. Amit Joshi, Mr. Omprakash Joshi and Mr. Ashok kumar Joshi. GSPL is engaged into manufacturing of structural units like TMT (Thermo Mechanically Treated Steel) Bars, MS (Mild Steel) Bars, MS Angles, MS flat Bars, MS Rod. The manufacturing unit of the company is located near Indore, Madhya Pradesh. GAURISANKAR ELECTRO: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gaurisankar Electro Castings Private Limited (GECPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.26 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 28, 2024, placed the rating(s) of GECPL under the 'issuer non-cooperating' category as GECPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GECPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 13, 2025, September 23, 2025, October 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable GECPL, incorporated in 2001 by Mr. Ramjeet Prasad and Mr. Sunil Kumar based out of Jharkhand with the objective of manufacturing of iron & steel products. Since inception, the company is engaged in manufacturing of mild steel (MS) bars and the facility of the company is located at Giridih, Jharkhand. GHARONDHA REALTORS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Gharondha Realtors Private Limited Registered Address: Half Mezzanine no. 1, Sandhya Deep Building 15, East of Kailash Near Community Centre, South Delhi, New Delhi, Delhi, India 110065 Insolvency Commencement Date: November 13, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: 180 days from the commencement of Insolvency Resolution process Insolvency professional: Chandra Prakash Interim Resolution Professional: Chandra Prakash 1111, 11th Floor, Indra Prakash Building, Barakhamba Road, New Delhi - 110001 Email: cppumba2409@gmail.com Email: cirp.gharondha@gmail.com Last date for submission of claims: November 27, 2025 GREATWALL CORPORATE: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Greatwall Corporate Services Private Limited (GCSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.79 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 1.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 11, 2024, placed the rating(s) of GCSPL under the 'issuer non-cooperating' category as GCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 27, 2025, October 7, 2025, October 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2003, Pune-based (Maharashtra) GCSPL is engaged in providing security services, facility management services and manpower & staffing services to corporate and government entities. HMT MACHINE: CARE Lowers Rating on INR72.90cr ST Loan to D ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of HMT Machine Tools Limited (HMTMTL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 49.82 CARE D Downgraded from Facilities CARE C; Stable Short Term Bank 72.90 CARE D Downgraded from Facilities CARE A4 Rationale and key rating drivers The revision in ratings assigned to the bank facilities of HMTMTL takes into account the regular overdrawals in working capital facilities for more than 30 days, owing to delays in receipt of payment from its customer. Further the operations continue to remain loss making with company deferring its dues on long-term loans extended by Government of India (GOI). The rating continues to be constrained by weak financial risk profile of the company with negative networth on account of continued losses. However, the company derives strength from the funding support from GOI/holding company. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Improvement in the liquidity position of the company thereby no overdrawals/delays in rated facilities for minimum of three consecutive months and also turnaround in operations which would ensure such instances does not recur. Negative factors: Not applicable Analytical approach: Standalone Outlook: Not applicable, as the rating is in default category Detailed description of key rating drivers: Key weaknesses * Regular overdrawals in working capital facilities for more than 30 days: During due diligence, exercise dated November 21, 2025, banker has confirmed that there are regular overdrawals of more than 30 days in working capital limits primarily due delay in receipt of payments from its customers. Although, the NDS shared does not mention regarding overdrawals of more than 30 days, however, during our management call, the management has confirmed that the overdrawals of more than 30 days was witnessed in September 2025, which has been cleared in October 2025. Post that no overdrawals have been observed. * Weak financial risk profile: The company continued to incur losses and the losses at net level widened to INR164 crore in FY25 as against INR155 crore in FY24. The company continued to incur losses on account of consistent decline in sales and rising employee costs and overhead expenses. Key strengths * Support from Government of India/Holding company: Being a part of HMT Ltd, a central Government entity, HMTMTL has received support from GOI/HMT Ltd. As on March 31, 2025, the total borrowing from GoI including preference share capital stood at INR1385.37 crore (INR1322.98 crore as of March 31, 2024). This apart, the company has received loans from holding company which stood at INR346.68 crore as on March 31, 2025 (PY: INR305.82 crore as on March 31, 2023). Timely receipt of further support would be key to company's prospects. Liquidity: Poor The company's gross cash accruals (GCA) continued to remain negative during FY25 owing to continuing losses, the GCA further deteriorated to negative INR155 crore in FY25(PY: Rs.149 crore), lead by higher continued overheads and continued lower revenue; albeit some improvement witnessed in FY25. The company meets its repayment and other obligations as and when they receive the money from the government and from operations. As per the confirmation from one of the lender, there are regular overdrawals in working capital facilities of over 30 days. HMTMTL is a 100% subsidiary of HMT Limited, incorporated in 1953 by the GoI. HMTMTL is engaged in the manufacturing of turning, grinding, gear cutting, special purpose machines, die casting machines and plastic injection molding machines, presses and press brakes, printing machines, CNC control systems and precision components. Its manufacturing plants are located at Bengaluru, Pinjore (Haryana), Hyderabad (Telangana), Ajmer (Rajasthan), and Kalamassery (Kerela). ICON BUILDCON: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Icon Buildcon Private Limited Registered Address: Half Mezzanine no. 2, Sandhya Deep Building 15, East of Kailash Near Community Centre, South Delhi, New Delhi, Delhi, India 110065 Insolvency Commencement Date: November 13, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: 180 days from the commencement of Insolvency Resolution process Insolvency professional: Chandra Prakash Interim Resolution Professional: Chandra Prakash 1111, 11th Floor, Indra Prakash Building, Barakhamba Road, New Delhi - 110001 Email: cppumba2409@gmail.com Email: cirp.icon@yahoo.com Last date for submission of claims: November 27, 2025 IVRCL LTD: Liquidation Takes a Hit as Bidder Defaults on Payment ---------------------------------------------------------------- The Economic Times reports that the six-year-old liquidation process of the IVRCL Ltd has hit a wall after successful bidder P Prasad Reddy failed to pay the agreed INR1,200 crore in the promised timeline. According to ET, banks led by State Bank of India (SBI) have also replaced the liquidator in the case, restarting the insolvency process. This underscores slow recoveries in the engineering sector. IVRCL owes creditors over INR14,500 crore, ET discloses. Banks are seeking recovery from land assets and considering part-by-part asset sales. Hyderabad-based IVRCL Ltd provides engineering, procurement, and construction services to the sectors of irrigation, water supply, transportation, buildings and industrial structures. IVRCL has gone through insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 at the National Company Law Tribunal, Hyderabad. The Tribunal had ruled that the company would go through the liquidation process as a going concern and appointed Sutanu Sinha as Liquidator of IVRCL. He has earlier represented as the Insolvency Professional for the company after the Board was suspended. J S DESIGNER: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: J S Designer Limited 178, F.I.E, Industrial Area Patparganj, East Delhi, Delhi, India 110092 Insolvency Commencement Date: November 20, 2025 Estimated date of closure of insolvency resolution process: November 8, 2026 (180 Days) Court: National Company Law Tribunal, New Delhi Bench-VI Insolvency Professional: Sanjay Kumar Aggarwal # C-20, Block-C, Wave Estate, Sector 85 SAS Nagar, Mohali - 160 055 (Punjab) Email: sanjayaggarwal.fcs@gmail.com Email: cirp.jsdesigner@yahoo.com Last date for submission of claims: December 7, 2025 KAILASH REALTORS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Kailash Realtors Private Limited Registered Address: Half Mezzanine no. 2, Sandhya Deep Building 15, East of Kailash Near Community Centre, South Delhi, New Delhi, Delhi, India 110065 Insolvency Commencement Date: November 13, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: 180 days from the commencement of Insolvency Resolution process Insolvency professional: Chandra Prakash Interim Resolution Professional: Chandra Prakash 1111, 11th Floor, Indra Prakash Building, Barakhamba Road, New Delhi - 110001 Email: cppumba2409@gmail.com Email: cirp.gharondha@gmail.com Last date for submission of claims: November 27, 2025 KARANJA TERMINAL: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Karanja Terminal & Logistics Private Limited Registered Address: Office No. 705 & 706, 7th Floor, Shelton Cubix, Chilu Phalwe Deore Marg, Sector 15, CBD Belapur, Navi Mumbai, Thane, Maharashtra, India 400614 Insolvency Commencement Date: November 17, 2025 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: May 16, 2026 Insolvency professional: Vijay Pitambar Lulla Interim Resolution Professional: Vijay Pitambar Lulla 201, Satchitanand Bldg, 12th Road, Opposite Ram Mandir, Khar (West), Mumbai - 400052 Email: vijayplulla@rediffmail.com -- and -- 203-B, Arcadia Building, 2nd Floor Nariman Point, Mumbai 400021 Email: cirp.karanjaterminal@gmail.com Last date for submission of claims: December 2, 2025 KATRA REAL ESTATES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Katra Real Estates Private Limited Registered Address: Half Mezzanine no. 2, Sandhya Deep Building 15, East of Kailash Near Community Centre, South Delhi, New Delhi, Delhi, India 110065 Insolvency Commencement Date: November 13, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: 180 days from the commencement of Insolvency Resolution process Insolvency professional: Chandra Prakash Interim Resolution Professional: Chandra Prakash 1111, 11th Floor, Indra Prakash Building, Barakhamba Road, New Delhi - 110001 Email: cppumba2409@gmail.com Email: cirp.katrarealestate@yahoo.com Last date for submission of claims: November 27, 2025 KATRA REALTORS: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Katra Realtors Private Limited Registered Address: Half Mezzanine no. 2, Sandhya Deep Building 15, East of Kailash Near Community Centre, South Delhi, New Delhi, Delhi, India 110065 Insolvency Commencement Date: November 13, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: 180 days from the commencement of Insolvency Resolution process Insolvency professional: Chandra Prakash Interim Resolution Professional: Chandra Prakash 1111, 11th Floor, Indra Prakash Building, Barakhamba Road, New Delhi - 110001 Email: cppumba2409@gmail.com Email: cirp.gharondha@gmail.com Last date for submission of claims: November 27, 2025 KAVERI REALTORS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Kaveri Realtors Private Limited Registered Address: Half Mezzanine no. 2, Sandhya Deep Building 15, East of Kailash Near Community Centre, South Delhi, New Delhi, Delhi, India 110065 Insolvency Commencement Date: November 13, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: 180 days from the commencement of Insolvency Resolution process Insolvency professional: Chandra Prakash Interim Resolution Professional: Chandra Prakash 1111, 11th Floor, Indra Prakash Building, Barakhamba Road, New Delhi - 110001 Email: cppumba2409@gmail.com Email: cirp.gharondha@gmail.com Last date for submission of claims: November 27, 2025 KAYTX INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kaytx Industries Private Limited (KIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 21, 2024, placed the rating(s) of KIPL under the 'issuer non-cooperating' category as KIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated October 7, 2025, October 17, 2025 and October 27, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable KIPL was incorporated in 2005 by Mr Satish Dutt to undertake manufacturing and trading of steel structures including channels, angles, joists, etc. Subsequently, the company was acquired by the current promoters on April 1, 2011. KIPL is promoted by Mr. Parshotam Lal Aggarwal and Mr. Salil Aggarwal. The company has an integrated manufacturing facility and offers manufacturing, fabrication and galvanization of structured steel products. KPC FLEXI: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of KPC Flexi Tubes (KFT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.20 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 12.00 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 11, 2024, placed the rating(s) of KFT under the 'issuer non-cooperating' category as KFT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KFT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 27, 2025, October 7, 2025 and October 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable KPC Flexi Tubes (KFT) was established in 1988 as a partnership firm by Mr K.P. Chandhok and Mr Gaurav Chandhok. The firm is engaged in manufacturing and export of turned and machined components, rubber moulded goods, sheet metal components and metal flexible hose. Its manufacturing facility is located in Faridabad, Haryana. KUSHMANDA PROPERTIES: Insolvency Resolution Process Case Summary ---------------------------------------------------------------- Debtor: Kushmanda Properties Private Limited Registered Address: Half Mezzanine no. 2, Sandhya Deep Building 15, East of Kailash Near Community Centre, South Delhi, New Delhi, Delhi, India 110065 Insolvency Commencement Date: November 13, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: 180 days from the commencement of Insolvency Resolution process Insolvency professional: Chandra Prakash Interim Resolution Professional: Chandra Prakash 1111, 11th Floor, Indra Prakash Building, Barakhamba Road, New Delhi - 110001 Email: cppumba2409@gmail.com Email: cirp.gharondha@gmail.com Last date for submission of claims: November 27, 2025 LALCHAND BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Lalchand Builders Private Limited (LBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.44 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 30, 2024, placed the rating(s) of LBPL under the 'issuer non-cooperating' category as LBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 15, 2025, September 25, 2025, October 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable LBPL incorporated in December, 1996, was promoted by the Hans family of Bhubaneswar, Odisha for leasing out commercial space. The company, after remaining dormant till March 2013, started developing a mid-scale shopping mall at Vani Vihar, Bhubaneswar (Odisha). The company has developed the shopping mall at a total cost of INR24.12 crore, funded at debt equity of 1.64x and the mall became operation from March 2016. The shopping mall is spread over 0.5 acre of land and comprises of G+3 building. The total leasable area of the shopping mall is 45,900 square feet. The company has leased out its entire commercial space to the Future Lifestyle Fashion Limited (FLFL). The company had entered into lease out agreement with FLFL for a period of 9 years effective from the date of commencement of the shopping mall (i.e. March 2016). MAC CHARLES: Ind-Ra Assigns BB+ NonConvertible Debt Rating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated MAC Charles Hub Projects Private Limited's (MCHPPL) non-convertible debentures (NCDs) as follows: -- INR5.40 bil. Proposed non-convertible debentures assigned with IND BB+/Stable rating. Analytical Approach Ind-Ra has taken a standalone view of MCHPPL while assigning the ratings while factoring in the strong operational and legal linkages and moderate strategic linkages between MCHPPL and its 100% parent, Mac Charles India Ltd (MCIL), which is part of the Embassy group. Detailed Rationale of the Rating Action The rating reflects MCHPPL's project being in the early stages, with the company being in the process of acquiring the pending land parcels required for its ongoing development. Given the nascent stage of the project, which is yet to be launched, MCHPPL remains exposed to market risks. The company plans to raise INR5,400 million through proposed NCDs at a higher cost of borrowing, which will be largely used to acquire land for its ongoing project. Of the balance funds, INR900 million-1,000 million would be used for refinancing a loan from the parent, and the remainder toward meeting the construction costs of phase 1 (north residential) of the ongoing project . Additionally, the company will require construction finance debt of INR3,855 million to fund subsequent phases of the project. The rating also remains constrained by geographical and asset concentration risks, and the project's susceptibility to cyclicality in the real estate sector. The rating, however, is supported by Ind-Ra's expectation that MCHPPL, which will be using the Embassy group's brand name for the project, will benefit from the strong brand image of the group. The project is located in an emerging micro-market with proximity to the airport and improving transportation connectivity. The Stable Outlook reflects Ind-Ra's opinion that the company will be able to achieve reasonable sales velocity and adequate construction progress in the project, supported by the favorable location and the Embassy group's development track record in Bengaluru. Detailed Description of Key Rating Drivers High Project Execution Risk: MCHPPL's project is in the early stages, and the company is in the process of obtaining approvals for the same. The project shall be launched in phases – first north residential phase 1 and 2, and then south residential phase 1 and 2. The north residential phase 1 of project would be launched in June 2027, and north residential phase 2 would be launched in December 2027. South residential phase 1 would be launched in June 2028, and south residential phase 2 in December 2028. The company also plans to launch south commercial phase in June 2027. The company expects the project to be completed by June 2032. The gross development value (GDV) is estimated to be about INR74,601 million, while the total project cost is estimated to be around INR43,499 million. The project will be funded through a mix of debt, internal accruals, and customer advances. The company has proposed issuance of NCDs worth INR5,400 million to investors managed or identified by Tor Investment Management (Hong Kong) Limited. As per the proposed terms, INR3,500 million will be utilized for acquiring land and related costs in Yelahanka Village, adjacent to the existing land acquired by the company. Up to INR1,000 million will be used for the development of the purchased land, approvals, and design costs, and INR900 million will be allocated for the repayment of existing debt. The proposed tenor of the NCDs is 60 months, with bullet repayment at maturity. Project and Geographic Concentration; New Project Risk: The company's standalone credit profile is constrained by the fact that it has only project, which is coming up in Bengaluru. This exposes the company to project as well as geographical concentration risks. In addition, at a standalone level, MCHPPL faces inherent real estate industry risks related to customer reception, project execution and construction. However, Ind-Ra believes MCHPPL's experienced promoters would help the company deal with any challenges. Cyclicality and Regulatory Risk: The real estate sector is directly linked to economic cycles. Players in the real estate industry have volatile cash flows, as demand is affected severely during downturns. Moreover, the real estate sector is exposed to several regulatory requirements, including local bodies' clearances/master plans, which are subject to frequent changes. Furthermore, majority of the construction cost has to be funded from collections from the sale of residential development. Any decline in sale velocity or the company's inability to achieve its expected sales realization can lead to a liquidity shortfall. Part of Established Group: MCHPPL is a wholly owned subsidiary of MCIL, which is promoted by the Embassy Group. The group holds 73.41% stake in MCIL through Embassy Property Developments Pvt Ltd (EPDPL). The Embassy group is a leading real estate developer, with a strong track record in commercial and residential projects. Furthermore, EPDPL is engaged in the development of commercial, residential and retail projects. The group has developed over 55 million square feet (msf) over 25 years across India. Favorable Project Location: MCHPPL's project has a saleable area of 5.5msf (4.9msf excluding joint development agreement share). The project is coming up in Yelahanka village in north Bengaluru, which is well-connected to several key locations in Bengaluru city, such as the Hebbal Junction (10-12km away), MG Road, which is part of the Central Business District (17-18km), and Trumpet Junction (18-19km). Also, the Kempegowda International Airport is 19-20km from the site. Thus, the project benefits from convenient access to both city centers and major transit points. Liquidity Stretched: MCHPPL had free cash and bank balances of INR2.43 million at FYE25 (FYE24: INR99.83 million). As of March 2025, the company has not availed any external debt from banks. However, its outstanding debt from the parent stood at INR2,797 million as of March 2025, with INR1,000 million due for repayment in January 2027 and the balance in April 2027. The company plans to undertake refinancing of INR900 million through the proposed NCD issuance, where the cost of borrowing remains relatively high. It has also lined up capex of INR3,500 million over FY26–FY27 toward land purchase, which is likely to be funded through the first tranche of the proposed INR5,400 million NCDs. The company will require further term funding for meeting the construction cost for its subsequent phases. The agency expects the company to start generating operating cashflows from FY28. Rating Sensitivities Negative: Delays in receiving approvals for the project or lower-than-Ind-Ra-expected sales and/or collections could lead to a negative rating action. Positive: The timely receipt of approvals for the project or sales and/or collections being in line with Ind-Ra's expectations could lead to a positive rating action. About the Company MCHPPL, a wholly owned subsidiary of MCIL, was incorporated in 2019. The company is developing a project named Embassy Business Hub on a land parcel in Yelahanka, North Bangalore, with a total saleable area of about 4.9msf. As per the management, the project is likely to be launched in five phases, starting from 1QFY28. MAHAJYOTI FIBERS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahajyoti Fibers Private Limited (MFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.45 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 8, 2024, placed the rating(s) of MFPL under the 'issuer non-cooperating' category as MFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 24, 2025, October 4, 2025, October 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sendhwa (Madhya Pradesh) based, Mahajyoti Fibers Private Limited (MFPL, CIN: U17111MH2008PTC187544) was promoted by Agrawal family in 2008. MFPL is currently managed by Mr. Sanjay Agrawal, Mr. Mukeshkumar Agrawal, Mr. Sachin Joshi and Mr. Dwarkaprasad Agrawal. The company is engaged in trading of ginned cotton and cotton seeds and also produces cotton bales by ginning and pressing of raw cotton. The ginning facility is located at Prakasha (Maharashtra) with an installed capacity of 31,500 Metric tonnes per annum (MTPA) as on March 31, 2016. MONALISA CERAMICS: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Monalisa Ceramics India Private Limited (MCIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 29, 2024, placed the rating(s) of MCIPL under the 'issuer non-cooperating' category as MCIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MCIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 14, 2025, September 24, 2025, October 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in September 2010, as a private limited company, by Mr. Shaikh Mashooq Safi and Mr. Suraj Parekh, Monalisa Ceramics India Private Limited (MCIPL) is engaged in trading of ceramic tiles, mainly porcelain flooring tiles under the brand name of "Monalisa". NEW PRINT: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of New Print India Private Limited (NPIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.22 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.78 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated November 12, 2024, placed the rating(s) of NPIPL under the 'issuer non-cooperating' category as NPIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NPIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 28, 2025, October 8, 2025 and October 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable New Print India Private Limited (NPIPL) was incorporated in 1979 by Mr. Subhash Goel and Mr Suresh Goel. New Prints Private Limited (NPIPL) is engaged in manufacturing of paper products like books, calendar, diary etc. The company is into offset printing, pre-press and post-press (i.e. binding, stitching, lamination etc) activities. NEXG SPACE: Ind-Ra Withdraws BB Bank Loan Rating ------------------------------------------------ India Ratings and Research (Ind-Ra) has withdrawn Nexg Space Creators' (NSC) bank loan facilities' rating as follows: -- The 'IND BB/Stable' rating on the INR500 mil. Proposed bank loan facilities is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the rating, as the agency has received a withdrawal request from the issuer along with a declaration from the issuer stating that the rating has not been used to obtain any bank facilities. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. About the Company NSC, incorporated as partnership firm in 2012, provides interior contracting services. The partners of the firm are K Vadivelan and C Sudhakar. It is headquartered in Chennai and has branches at Hyderabad and Bengaluru. NEXUS FEEDS: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Nexus Feeds Limited (NFL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 100.86 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 25, 2024, placed the rating(s) of NFL under the 'issuer non-cooperating' category as NFL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NFL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 10, 2025, September 20, 2025, September 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Nexus feed Limited (NFL) was incorporated as Gold City Limited (GCL) on December 21, 2006, with operations in real estate business. The company was renamed NFL on March 02, 2010, with change in business profile to manufacturing and sales of Fish feed (pellet form), Prawns Feeds and Shrimp feeds. The company is engaged in manufacturing of fish feeds (commenced commercial production from November 18, 2011) having installed capacity of 158,400 TPA; and prawn feeds (commenced commercial production from September 13, 2013) having installed capacity of 95,040 TPA. NFL has in place a 20-year licensing and technology transfer agreement (signed on December 22, 2011) with Hanaqua Tech Inc., a Taiwan based Aqua feed manufacturing company which has significant brand presence in India. The products of NFL are sold under the trademark and logo "Nexus" and "Hanaqua 4S" as per arrangement with Hanaqua. PACIFIC ACADEMY: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Pacific Academy of Higher Education & Research Society (PAHERS) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 43.09 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 6.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 11, 2024, placed the rating(s) of PAOHERS under the 'issuer non-cooperating' category as PAOHERS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAOHERS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 27, 2025, October 7, 2025, October 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Udaipur-based (Rajasthan) PAOHERS was formed as Pacific Education Society in October 1995 with an objective to set up educational institutions. In March 2007, its name was changed to the current form. PAOHERS was founded by Mr B.R. Agarwal who is the founder Chairman of Pacific Group (PG). The other society members are Mrs Leela Devi Agarwal, Mr Rahul Agarwal and Mr Ashish Agarwal. PAHERS offers courses in varied fields including pharmacy, dental, engineering, management, education, media and mass communication, information technology, hospitality and fashion technology. PARQUET FURNISHERS: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: M/s Parquet Furnishers Pvt. Ltd D-48, First Floor, Ajay Enclave, Near Subash Nagar Crossing, New Delhi - 110018 Insolvency Commencement Date: November 14, 2025 Estimated date of closure of insolvency resolution process: May 13, 2026 Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Abhimanyu Mittal 29FF, The White House, Sector - 57, Gurgaon, Haryana 122003 Email: ca.mittalabhi@gmail.com Osrik Resolution Private Limited 109, Surya Kiran Building, KG Marg, New Delhi-110001 Email: cirp.parquetfurnishers@gmail.com Last date for submission of claims: December 5, 2025 PAVANA KEERTI: Liquidation Process Case Summary ----------------------------------------------- Debtor: M/s. Sri Pavana Keerti Hotels India Private Limited M.NO: 3-6-552 TO 558 & 558/1, Main Road 5,6,7, Himayathanagar, Hyderabad, Telangana, India, 500029 Liquidation Commencement Date: November 20, 2025 Court: National Company Law Tribunal Hyderabad Bench Liquidator: Govada Venkata Subbarao Rajiv Swagruha Apartments Flat No. 106 Block A - 05 Classic Diamond Towers Anand Nagar, GSI Bandlaguda Next to D-Mart Hyderabad, Telangana 500068 Email: govada.subbarao1@gmail.com Email: sripavanakeertihotels.rp2@gmail.com Last date for submission of claims: December 22, 2025 PHILIP DCOSTA: Ind-Ra Cuts Bank Loan Rating to D ------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Philip DCosta & Co (PDCL) bank loan facilities to 'IND D (ISSUER NOT COOPERATING)' from 'IND B-/Negative (ISSUER NOT COOPERATING/INDA4 (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating review despite continuous requests and follow-ups by the agency. The rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The detailed rating action is: -- INR56.60 mil. Bank loan facilities (Long term/short term) downgraded with IND D/ (ISSUER NOT COOPERATING) rating. Detailed Rationale of the Rating Action The downgrade reflects delays in debt servicing by PDC. Ind-Ra has relied on information available in the public domain. However, Ind-Ra has not been able to ascertain the reason for the delays, as the company has been non-cooperative. The rating is maintained in the non-cooperating category in accordance with Ind-Ra's Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with PDC while reviewing the rating. Ind-Ra had consistently followed up with PDC over emails, apart from phone calls. The issuer has also not been submitting their monthly no default statements. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of PDC, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. KKMAP has been non-cooperative with the agency since 2023. About the Company In May 2014, PDC commenced operations as a partnership firm based out of Karwar, Karnataka. It is an EPC contractor that undertakes government projects (construction of bridges and flyovers) in Karnataka. S A PLYWOOD: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: S A Plywood Industry Private Limited Pachagarh, Mathabhanga - 736146, West Bengal, India Insolvency Commencement Date: November 13, 2025 Estimated date of closure of insolvency resolution process: May 11, 2026 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: CA Subodh Kumar Agrawal 1, Ganesh Chandra Avenue, 3rd Floor, Room No 301, Kolkata - 700013 Email: subodhka@gmail.com Email: bc.saplywood@gmail.com Last date for submission of claims: December 5, 2025 S.G. POLYPLAST: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of S.G. Polyplast Private Limited (SPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated November 8, 2024, placed the rating(s) of SPPL under the 'issuer non-cooperating' category as SPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 24, 2025, October 4, 2025 and October 14, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable S. G. Polyplast Private Limited (SPPL), incorporated on April 15, 2009 at Delhi by Mr. Ajit Kumar Gupta carry out the trading of resins, polymers and other plastic raw materials. However, in the year July 2014 the company was taken over by the Jindal Group been promoted by Mr. Dalip Jindal along with his wife Mrs. Shaloo Jindal. The company is engaged in import of pulses (Red Lentils, Chickpeas, Green Peas, Yellow Peas, Pigeon Peas, Black Matpe, Green Moong and Lentils) from countries like Singapore, China, Canada, Australia, New Zealand and Russia. SPPL sells its product mostly in the domestic market through a network of wholesale dealers and brokers. SARVATRA REALTORS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Sarvatra Realtors Private Limited Registered Address: Half Mezzanine no. 2, Sandhya Deep Building 15, East of Kailash Near Community Centre, South Delhi, New Delhi, Delhi, India 110065 Insolvency Commencement Date: November 13, 2025 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: 180 days from the commencement of Insolvency Resolution process Insolvency professional: Chandra Prakash Interim Resolution Professional: Chandra Prakash 1111, 11th Floor, Indra Prakash Building, Barakhamba Road, New Delhi - 110001 Email: cppumba2409@gmail.com Email: cirp.gharondha@gmail.com Last date for submission of claims: November 27, 2025 SHANMUGA MODERN: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Sree Shanmuga Modern Rice Mills Private Limited Desihalli, KGF Road, Bangarpet, Karnataka 563114 India Liquidation Commencement Date: August 25, 2025 Order served on liquidator on NOv. 6, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Vishwanath K S 705C, 25th Main, 6th Phase, J P Nagar, Bangalore 560 078 Email: vishwanathks@mail.ca.in Email: ssmrmpll@gmail.com Last date for submission of claims: December 5, 2025 SHLOGAM AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shlogam Agro Private Limited (SAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 30.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 12, 2024, placed the rating(s) of SAPL under the 'issuer non-cooperating' category as SAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 28, 2025, October 8, 2025, October 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Shlogam Agro Private Limited (SAPL), incorporated in May 2008 is a closely held family business engaged in trading of rice, millet, maize, groundnut meal, soya bean meal, millet, barley and chickpeas among other agro commodities since inception. SAPL is managed by Mr. Rahul Bakliwal and Mr. Nikhil Bakliwal. SINDHU TRADE: Ind-Ra Withdraws B+ Bank Loan Rating -------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn the rating of Sindhu Trade Links Limited's (STLL) bank loan facilities as follows: -- The 'IND B+/Rating Watch with Negative Implications/IND A4/ Rating Watch with Negative Implications' rating on the INR15 mil. Bank loan facilities is withdrawn. Detailed Rationale of the Rating Action Ind-Ra has withdrawn the rating of STLL's bank loan facilities following a withdrawal request by the issuer and the receipt of no-dues certificate from the lender. This is in accordance with Ind-Ra's Policy on Withdrawal of Ratings. The agency will no longer provide analytical and rating coverage on the company. About the Company STLL is engaged in the business of transportation services, along with the trading of oil and lubricants. Its subsidiaries are engaged in automobiles and spare parts, bio-power generation and coal mining and trading operations. SPADS RED: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Spads Red Fields Exim Private Limited (SRFEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 28, 2024, placed the rating(s) of SRFEPL under the 'issuer non-cooperating' category as SRFEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRFEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 13, 2025, September 23, 2025, October 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Spads Red Fields Exim Private Limited (SRFEPL) was incorporated in June 2012, by Mr Sundeep Krishna Mohan Badiga and Mr S. Rohit Rao. The company is engaged in export trading of cotton and related products like cotton, cotton linter, cotton yarn and other textile products, etc. SRFEPL is a 100% EOU (Export Oriented Unit); procures all its products through domestic suppliers and exports to the customers located at China, South Korea and Japan; The Company has one of its offices located at Beijing, China. SRFEPL has two associate companies; Spads Textiles Limited and Jayshree Trading, which are into similar line of industry. SREEKANTH PIPES: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sreekanth Pipes Private Limited (SPPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 8.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 28, 2024, placed the rating(s) of SPPL under the 'issuer non-cooperating' category as SPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 13, 2025, September 23, 2025, October 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sreekanth Pipes Private Limited (SPPL), incorporated in 2002, is part of Nandyal (Andhra Pradesh) based Nandi Group of companies. Promoted by Mr. Sajjala Sreedhar Reddy, SPPL is engaged in the business of manufacturing of rigid Polyvinyl Chloride (PVC) pipes and fittings at its facility located at Medak District, Telangana. The products are widely used in irrigation, telecommunication, potable water supplies, electrical industry, construction industry, sewerage, and drainage etc. SURGICOIN MEDEQUIP: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Surgicoin Medequip Private Limited (SMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated November 12, 2024, placed the rating(s) of SMPL under the 'issuer non-cooperating' category as SMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 28, 2025, October 8, 2025 and October 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sonipat-based (Haryana) Surgicoin Medequip Private Limited (SMPL) was incorporated January 27, 1986 under the name of Super Cardiac Breaths Private Limited by Mr Naresh Grover. Later on, February 02 2006, the name of the entity was changed to Surgicoin Medequip Private Limited. The company is currently managed by Mr Naresh Grover. The firm is engaged in manufacturing and trading of medical equipment like operation Theatre Equipment, Respiratory Apparatus, Electro Medical Equipment, Patients ward Equipment and other medical products. SYNERGY REMEDIES: Ind-Ra Withdraws D Bank Loan Rating ----------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Synergy Remedies Private Limited's bank facility rating as follows: -- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR283.90 mil. Bank loan facilities is withdrawn. Detailed Rationale of the Rating Action Ind-Ra is no longer required to maintain the rating, as the agency has received no-dues certificate from the lenders and a withdrawal request from the issuer. This is consistent with Ind-Ra's Policy on Withdrawal of Ratings. About the Company Incorporated in 2011, Synergy Remedies manufactures active pharmaceutical ingredients at a 413 tons/year plant in Chittoor district, Andhra Pradesh. UNITED COTTON: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of United Cotton Extract Private Limited (UCEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.49 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 7, 2024, placed the rating(s) of UCEPL under the 'issuer non-cooperating' category as UCEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UCEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 23, 2025, October 3, 2025, October 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable United Cotton Extract Private Limited (UCEPL) was incorporated in 2007 by Mr. Ghansham M. Bafna, Mr. Naseem M. Yaqub and Mr. Upendra V. Mehta and is engaged in cotton ginning & pressing (since 2008) and processing of cotton seeds to produce cotton seed oil and oil cake since (since 2011). Its plant is located at Malegaon, Nasik. UNIVERSAL STEEL: CARE Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Universal Steel (US) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 7.00 CARE B-; Stable; Issuer Not Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 28, 2024, placed the rating(s) of US under the 'issuer non-cooperating' category as US had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. US continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 13, 2025, September 23, 2025, October 03, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Universal Steel (US) was established on 2002 by Mr. Inayat Ali Ainulla Khan as a proprietary firm. US is engaged in the business of wholesale trading of all kinds of Ferrous & Non-Ferrous Metal scraps. US generates its entire revenue by the selling its products in the local market. The entity's registered office situated in Kurla (Mumbai) and stock yard is at Taloja, Thane. VAIBHAV COTEX: CARE Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vaibhav Cotex Private Limited (VCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 10.70 CARE B-; Stable; Issuer Not Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated November 7, 2024, placed the rating(s) of VCPL under the 'issuer non-cooperating' category as VCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 23, 2025, October 3, 2025, October 13, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in 2008, VCPL is engaged in ginning and pressing of cotton and extraction of oil from cotton seeds. The ginning and pressing unit and oil extraction unit is located at Yavatmal, Maharashtra. VISHNUSHIVA INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vishnushiva Infrastructures (VI) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Letter Of Guarantee 0.75 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with VI for obtaining information through letter and email dated October 16, 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 VI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of VI continues to be 'Crisil D/Crisil D Issuer not cooperating'. VI, incorporated in March 2008, is a partnership firm, promoted by Mr. B S Rana and family members and engaged in mining of coal. VOLTAS LIMITED: NCLAT Dismisses Insolvency Plea Against Company --------------------------------------------------------------- Business Standard reports that appellate tribunal NCLAT has rejected a plea against Voltas, which sought to initiate insolvency proceedings against the Tata Group firm by one of its operational creditors. A two-member NCLAT bench has upheld the earlier orders of the Mumbai-bench of the National Company Law Tribunal (NCLT), which had on May 27, 2025 rejected the petition on the grounds of a pre-existing dispute, Business Standard relates. According to Business Standard, NCLAT upheld the findings of NCLT, saying it "has committed no mistake" in finding that the email chain between appellant Air Wave Technocrafts and Voltas "reflects ongoing disputes" regarding work certification, amounts, and supporting documentation. "We see no reason to take a different view in the matter from that of the Adjudicating Authority (NCLT) in rejecting the Section 9 application on valid grounds of pre-existing disputes. In result, we find no merit in the Appeal. We find no reasons to interfere with the impugned order. The Appeal is dismissed," said NCLAT. Business Standard relates that NCLAT order came over a petition filed by Air Wave Technocrafts, which was engaged by Voltas for providing services to their clients for operation and maintenance ofC (heating, ventilation and air-conditioning) systems located at various work sites. A running account was maintained with Voltas for this purpose. Elucidating on the payment mechanism, the Operational Creditor raised invoices for the payment for services rendered, supported by necessary documents like ESI/PF challans and Wages Register etc. to Voltas, which, after necessary verification, would forward these invoices/documents to their clients, Business Standard says. Once the clients released payments to Voltas, after making TDS deduction, the Tata group firm would in turn, release payments to the appellant after holding back some amount as retention money. In the petition, it was submitted that Voltas later failed to discharge its payment obligations, Business Standard relates. Subsequent correspondence with Voltas regarding the outstanding invoices only yielded a response that the outstanding dues have been put up for commercial verification. Business Standard notes that the operational creditor claimed a total debt of INR1.20 crore and sent a demand notice on Feb. 17, 2024. However, Voltas did not make further payments and instead disputed the outstanding liability, including raising the issue of limitation. Following that, Air Wave Technocrafts filed a Section 9 application for initiation of Corporate Insolvency Resolution Process against Voltas before NCLT on Aug. 29, 2024, which was dismissed on May 27, 2025, Business Standard recalls. This was subsequently challenged before the NCLAT. About Voltas Limited Voltas Limited (BSE:500575) -- https://www.voltas.com/ -- designs, develops, manufactures and sells products including air conditioners, air coolers, refrigerators, washing machines, dishwashers, microwaves, air purifiers, water dispensers. Voltas was established in 1954 through a partnership between Tata Sons and Volkart Brothers. WEL INTERTRADE: Liquidation Process Case Summary ------------------------------------------------ Debtor: Wel Intertrade Private Limited S-2, 2nd Floor, Manish Chambers, L.S.C., Plot No. 6, Mayur Vihar Phase II, East Delhi, Delhi, India, 110091 Liquidation Commencement Date: September 29, 2025 Order received on Nov. 8, 2025 Court: National Company Law Tribunal New Delhi Bench Liquidator: IP Kailash Shah 505, 21st Century Business Center, Near World Trade Centre, Ring Road, Surat, Gujarat - 395002 Email: ipktshah@gmail.com Email: liq.wipl@gmail.com Last date for submission of claims: December 8, 2025 =============== M A L A Y S I A =============== GREENPRO CAPITAL: Acquires 0.99% Stake in GTL for $1.2MM Stock -------------------------------------------------------------- Greenpro Capital Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 18, 2025, it entered into an Acquisition Agreement with Lim Chee Yin, an individual. Pursuant to the Acquisition Agreement, subject to the satisfaction or waiver of the conditions set forth therein, upon consummation of the transaction contemplated in the Acquisition Agreement, the Company will acquire 0.99% of Seller's shareholdings in Greenophene Technologies Limited, a company incorporated in the British Virgin Islands, equivalent to 10 shares of GTL. Closing Consideration: Subject to the terms and conditions of the Acquisition Agreement, at the effective time of the Acquisition, the aggregate closing consideration to be issued by the Company to the Seller shall be US$1,200,000, to be satisfied with the issuance of 800,000 shares of the Company's common stock, par value $0.0001 per share, valued at US$1.50 per share. Such shares shall be restricted under Rule 144 of the Securities Act of 1933. Pursuant to Article 6.4 of the Acquisition Agreement, all 800,000 shares to be issued as Consideration will be held in escrow and will remain under the control of the Company until the Closing. The shares of Greenpro Common Stock to be issued by the Company to the Seller pursuant to the Acquisition Agreement will be issued in a transaction exempt from the registration requirements in reliance upon Regulation D promulgated under the Securities Act. The Acquisition Agreement contains customary representations, warranties, and covenants made by both parties, including authorization, enforceability, compliance with securities laws, absence of undisclosed liabilities, and the Seller's obligation to assist with Schedule 13D and other required SEC beneficial ownership filings. A full-text copy of the Acquisition Agreement is available at https://tinyurl.com/mfdsvfcv About Greenpro Capital Corp. Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China, and Malaysia. Greenpro offers a range of services as a package solution to its clients, believing that this approach can reduce business costs and improve revenues. As of September 30, 2025, the Company had $6,124,159 in total assets, $1,793,849 in total liabilities, and $4,330,310 in total stockholders' equity. Kuala Lumpur, Malaysia-based JP Centurion & Partners, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 9, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that for the years ended December 31, 2024, the Company incurred a negative cash flow from operating activities of $1,360,454 and as of December 31, 2024, the Company incurred an accumulated deficit of $37,264,379. These conditions raise substantial doubt about the Company's ability to continue as a going concern. HO HUP: Shareholders Block Re-Election of Datin Chan Bee Leng ------------------------------------------------------------- Justin Lim at theedgemalaysia.com reports that Ho Hup Construction Company Bhd's shareholders have rejected the re-election of the founding family's last board member Datin Chan Bee Leng and blocked RM500,000 in directors' fees at Dec. 1's annual general meeting. Chan is the wife of Datuk Low Tuck Choy, the son of the founder of Ho Hup, who ceased to be a substantial shareholder of the company on Oct. 22, 2025, theedgemalaysia.com says. Her son, Kheng Lun, was removed from the board via an extraordinary general meeting (EGM) called by substantial shareholder Omesti Holdings Bhd. A filing with the bourse showed that 17 shareholders, representing 96.1% of the votes, voted against the motion to re-elect Chan as director. This was versus 10 shareholders, holding 3.9% of the votes, supporting her re-election as director, according to theedgemalaysia.com. theedgemalaysia.com relates that Ho Hup's 12 shareholders, representing nearly 70% of votes, rejected directors' fees for January-June 2025 and the 2026 financial year, while 13 shareholders, holding 30.08%, supported it. Chan's rejection and the move to refuse directors' fees come on the heels of a boardroom tussle involving the founding Low family and Omesti, theedgemalaysia.com notes. theedgemalaysia.com says the dispute escalated after Omesti issued a notice on Oct. 22 calling for an EGM to remove executive directors Kheng Lun and Datuk Wong Kit-Leong from the board. The Nov. 20 EGM saw the two replaced with Omesti's appointees Ong Koon Loong and Bernard Chen Tong Liang. Low Chee Group, the Low family's investment vehicle, stopped being a major Ho Hup shareholder on Oct. 16, theedgemalaysia.com recalls. A year ago, it held 9.09%, making it the second-largest shareholder after Omesti's 10.89%. Ho Hup, which has been in the red since 2021, became a Practice Note 17 company in April after its wholly owned Bukit Jalil Development Sdn Bhd defaulted on RM112.69 million in loan facilities, for which Ho Hup is the guarantor. About Ho Hup Construction Based in Malaysia, Ho Hup Construction Company Berhad -- https://www.hohupgroup.com.my/ -- engages in foundation engineering, civil engineering, building contracting works and hire of plant and machinery. The Company operates in four segments: construction, which is engaged in foundation and civil engineering, building contracting works and engineering, procurement, construction and commissioning of pipeline system; property development, which includes the development of residential and commercial properties, manufacturing, which includes manufacturing and distribution of ready-mixed concrete, and other business segment, which represents hire of plant and machinery. The Company's subsidiaries include H2Energy Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd. On April 18, 2025, Ho Hup Construction Co Bhd said it had been classified as a Practice Note 17 (PN17) issuer after its wholly-owned Bukit Jalil Development Sdn Bhd defaulted on MYR112.69 million in loan facilities, for which Ho Hup is the guarantor. ===================== N E W Z E A L A N D ===================== ACCORD PRECISION: Court to Hear Wind-Up Petition on Dec. 16 ----------------------------------------------------------- A petition to wind up the operations of Accord Precision Limited will be heard before the High Court at Auckland on Dec. 16, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Oct. 7, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 HOBSONVILLE DENTISTS: Grant Bruce Reynolds Appointed as Liquidator ------------------------------------------------------------------ Grant Bruce Reynolds of Reynolds & Associates on Nov. 25, 2025, was appointed as liquidator of Hobsonville Dentists Limited. The liquidator may be reached at: Grant Bruce Reynolds Reynolds & Associates Limited PO Box 259059 Botany Auckland 2163 IAL CAPITAL: Court to Hear Wind-Up Petition on Feb. 4 ----------------------------------------------------- A petition to wind up the operations of IAL Capital Limited will be heard before the High Court at Auckland on Feb. 4, 2026, at 10:45 a.m. Speakman Law Limited filed the petition against the company on Oct. 6, 2025. The Petitioner's solicitor is: Jeffrey Gray Ussher United Legal Limited 110 Carlton Gore Road Newmarket Auckland 1023 PEARCE AG: Creditors' Proofs of Debt Due on Dec. 23 --------------------------------------------------- Creditors of Pearce AG Contracting Limited are required to file their proofs of debt by Dec. 23, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 25, 2025. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 UBIQUETHERM LIMITED: Creditors' Proofs of Debt Due on Jan. 15 ------------------------------------------------------------- Creditors of Ubiquetherm Limited are required to file their proofs of debt by Jan. 15, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 26, 2025. The company's liquidator is: Larissa Helen Logan 17B Farnham Street Parnell Auckland 1052 ================= S I N G A P O R E ================= AGV GALVANIZING: Court to Hear Wind-Up Petition on Dec. 12 ---------------------------------------------------------- A petition to wind up the operations of AGV Galvanizing (Singapore) Pte. Ltd. will be heard before the High Court of Singapore on Dec. 12, 2025, at 10:00 a.m. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 BAYFRONT PTE: Court to Hear Wind-Up Petition on Dec. 12 ------------------------------------------------------- A petition to wind up the operations of Bayfront Pte. Ltd. will be heard before the High Court of Singapore on Dec. 12, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Nov. 21, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ONE OXELLEO: Creditors' Meetings Set for Dec. 12 ------------------------------------------------ One Oxelleo Pte. Ltd. will hold a meeting for its creditors on Dec. 12, 2025, at 10:00 a.m. via Zoom. Agenda of the meeting includes: a. to nominate liquidator(s) or to confirm members' nomination of liquidator(s); b. to receive a full statement of the Company's affairs together with a list of its creditors and the estimated amount of their claims; c. to consider and if thought fit, appoint a Committee of Inspection for the purpose of such winding up; and d. to consider any other matters which may be brought before the meeting. Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as provisional liquidator of the Company on Nov. 19, 2025. SLATER PTE: Creditors' Proofs of Debt Due on Dec. 26 ---------------------------------------------------- Creditors of Slater Pte. Limited are required to file their proofs of debt by Dec. 26, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 21, 2025. The company's liquidator is: Mr. Liew Khee Soon 60 Paya Lebar Road #04-51, Paya Lebar Square Singapore 409051 TACMEE CONSTRUCTION: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Singapore entered an order on Nov. 21, 2025, to wind up the operations of Tacmee Construction Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ===================== S O U T H K O R E A ===================== HANWOOL & JEJU: K Partners Takes Majority Shares in Company ----------------------------------------------------------- ChosunBiz reports that HanWool & Jeju welcomed a new owner about a year after last December. It is the third change of majority shareholder in a year and a half since the largest shareholder changed to Double HM in May last year and to HanWool Semiconductor in November last year, ChosunBiz notes. Massive investments made over the past year ended in failure, effectively leaving the company insolvent and transferring control once again. It is reported that behind the investment group that invested this time is Won Young-sik, chairman of Ocean In W (formerly the chairman of Chorokbaem Group), who was recently imprisoned. According to the Financial Supervisory Service electronic disclosure system, K Partners No. 1 investment association secured 6,472,491 shares of HanWool & Jeju through a third-party allotment rights offering, ChosunBiz relays. The price per share was KRW1,854, totaling KRW12 billion. With payment completed as of Nov. 25, K Partners No. 1 investment association became the largest shareholder of HanWool & Jeju. HanWool & Jeju listed on the KOSDAQ market in 2021 riding the craft beer boom, but its ownership has changed repeatedly as business performance deteriorated, according to ChosunBiz. Beginning with the company's sale in May last year to Double HM, a company engaged in automobile repair and parts distribution due to management difficulties, HanWool Semiconductor, a semiconductor inspection equipment firm, became the largest shareholder again in December last year, six months later. HanWool Semiconductor changed the company name from Jeju Beer Company to HanWool & Jeju at the time and sought to diversify beyond beer brewing, but there were no results, ChosunBiz relates. Since early this year it has successively acquired Frozen Kimbap maker Olgod, venture capital firm KIB Ventures, and REIT operator STAR SM REIT, but these did not lead to actual business improvement. Despite making large investments during this period, the company's operating performance worsened, ChosunBiz says. Cash and cash equivalents of about KRW10.4 billion at the end of last year fell to about KRW5.3 billion in the third quarter this year, nearly halving. Most of the decreased cash and cash equivalents appear to have been used as investment assets. HanWool & Jeju's other current financial assets rose about fivefold from KRW2.7 billion to KRW13.6 billion over the same period. This essentially means the company's financial strategy focused more on investment than on operations. Nonetheless, the company has only recorded losses instead of investment gains. ChosunBiz relates that Olgod, in which HanWool & Jeju invested KRW5 billion, recorded a net loss of KRW744 million last year, making it difficult to expect investment returns. KIB Ventures, which changed its name to JK Ventures, has shown no notable activity, and STAR SM REIT, acquired through a subsidiary, failed the Ministry of Land, Infrastructure and Transport's key investor eligibility screening and now faces having to resell part of the 13.05% equity it had already secured. Meanwhile, the core beer-brewing business has steadily worsened, ChosunBiz says. HanWool & Jeju's operating loss for the third quarter this year was about KRW962 million, nearly double the KRW500 million operating loss in the same period last year, ChosunBiz discloses. With growing pressure from borrowings, net loss for the period also rose nearly threefold from about KRW700 million to KRW2.2 billion over the same period. This is largely due to financial costs, including interest expenses from capital raising and valuation losses on assets, increasing from KRW258 million to KRW1.067 billion, ChosunBiz adds. About HanWool & Jeju HanWool & Jeju, Inc. (KQ:276730) engages in the manufacture of alcoholic beverages in South Korea. It offers craft beer. The company was formerly known as Jeju Beer Company, Limited and changed its name to HanWool & Jeju, Inc. in April 2025. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. 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 ***