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250912.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 Friday, September 12, 2025, Vol. 28, No. 183 Headlines A U S T R A L I A BEEU2DAY PTY: First Creditors' Meeting Set for Sept. 16 FIRST MUTUAL: Court Extends Freezing Orders vs. Company, Director FORTIFIED FINANCIAL: First Creditors' Meeting Set for Sept. 18 LODDON CAMPASPE: First Creditors' Meeting Set for Sept. 16 MARKETING ZOO: First Creditors' Meeting Set for Sept. 16 PAINTBALL DEVELOPMENTS: First Creditors' Meeting Set for Sept. 16 RESIMAC BASTILLE 2025-2NC: Moody's Assigns (P)B2 Rating to F Notes SRI FIDUCIARIES 2: Federal Court Freezes Assets; Appoints Receivers C H I N A NIO INC: Raises USD1BB in Second Discounted Stock Sale This Year ZHONGLIANG HOLDINGS: Reports August 2025 Sales Performance I N D I A AASTHA ALUMINA: Ind-Ra Gives BB+ Bank Loan Rating AFFLATUS GRAVURES: Ind-Ra Affirms BB+ Bank Loan Rating ARCHANA FLOUR: CARE Keeps B- Debt Rating in Not Cooperating B M G CHEMICALS: Insolvency Resolution Process Case Summary BARWA ADDA: Ind-Ra Hikes Bank Loan Rating to BB+ CELEBRITY FASHIONS: CRISIL Cuts Rating on INR21cr Loan to B+ DHANLAXMI ELECTRICALS: Insolvency Resolution Process Case Summary FLOW BANGALORE: Liquidation Process Case Summary FOXDOM TECHNOLOGIES: Liquidation Process Case Summary GEE EMM: CARE Keeps B- Debt Rating in Not Cooperating Category HANUMAN WEAVING: CARE Keeps C Debt Rating in Not Cooperating INTERJEWEL DESIGNS: CARE Keeps D Debt Ratings in Not Cooperating JAGRITI SOLVEX: CARE Keeps D Debt Rating in Not Cooperating JALARAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating JDC INFRATECH: CRISIL Lowers Rating on INR5.94cr Loan to B+ K.G.P. GOLD: CARE Keeps B- Debt Rating in Not Cooperating Category K.G.P. JEWELLERS: CARE Keeps B- Debt Rating in Not Cooperating KALLAM BROTHERS: Insolvency Resolution Process Case Summary KAMALA BOARD: Insolvency Resolution Process Case Summary LAKSHMI MOTORS: Ind-Ra Cuts Bank Loan Rating to D LILY JEWELLERY: Insolvency Resolution Process Case Summary LOGIX INFRA: NCLAT Upholds NCLT Order Dismissing Insolvency Plea M. R. EDUCATION: CRISIL Keeps B Debt Ratings in Not Cooperating MITTAL LUMBER: CRISIL Keeps D Debt Ratings in Not Cooperating MS GORDHANBHAI: CRISIL Reaffirms B+ Rating on INR10cr Cash Loan NV AUTOSPARES: Insolvency Resolution Process Case Summary PRISM ENTERPRISE: CARE Keeps C/A4 Debt Rating in Not Cooperating PROLIFIC SYSTEMS: CRISIL Lowers Rating on LT/ST Loans to D PROLIFIC SYSTEMS: Insolvency Resolution Process Case Summary PUNJAB RICE: CARE Keeps B- Debt Rating in Not Cooperating Category RAN INDIA: CRISIL Lowers Ratings on LT/ST Loans to D RRR CONSTRUCTIONS: Ind-Ra Keeps B+ Loan Rating in NonCooperating SAI BHARATHI: CARE Keeps B- Debt Rating in Not Cooperating SAMRAT FERRO: CRISIL Keeps B- Debt Rating in Not Cooperating SHANTI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating SHIVAM MASALA: CRISIL Keeps B- Debt Ratings in Not Cooperating SHOELINE: CARE Keeps B- Debt Rating in Not Cooperating Category SHYAM TEX: CRISIL Reaffirms B+ Rating on INR19cr Term Loan SILVEROAK HOME: Insolvency Resolution Process Case Summary SIRI GANESH: CRISIL Keeps B Debt Ratings in Not Cooperating SMT. MALTI: CARE Keeps B- Debt Rating in Not Cooperating Category SVS MOOKAMBIKA: Ind-Ra Keeps D Loan Rating in NonCooperating WIN HIDE: Insolvency Resolution Process Case Summary M O N G O L I A TRANSPORT AND DEVELOPMENT: Fitch Assigns 'B-' IDR, Outlook Stable N E W Z E A L A N D CRANKY GOAT: Biz Rescue Appointed as Liquidators JLF CONSTRUCTION: Court to Hear Wind-Up Petition on Sept. 29 JVC AUTO: Court to Hear Wind-Up Petition on Oct. 9 LIVESTOCK VISIBILITY: Creditors' Proofs of Debt Due on Oct. 6 MADSEN & GREEN: Creditors' Proofs of Debt Due on Oct. 10 UPSTREAM MEDICAL: Placed Into Liquidation WIMPEX LTD: Placed In Voluntary Liquidation ZXT LIMITED: Pritesh Patel Appointed as Receiver S I N G A P O R E BROWN WINDOW: Commences Wind-Up Proceedings GREY STAIRS: Commences Wind-Up Proceedings JUNIPER TREAT: Commences Wind-Up Proceedings RHEEM INT: Court Enters Wind-Up Order TOWN CORP: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= BEEU2DAY PTY: First Creditors' Meeting Set for Sept. 16 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Beeu2day Pty Ltd will be held on Sept. 16, 2025 at 11:00 a.m. via videoconference only. Roberto Crispino and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Sept. 4, 2025. FIRST MUTUAL: Court Extends Freezing Orders vs. Company, Director ----------------------------------------------------------------- The Federal Court has extended orders, first made on Aug. 15, 2025, freezing the bank accounts of Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd until further order. The orders, made by consent, also continue to bar Mr. Cotton and First Mutual from incurring new liabilities or transferring any monies in any bank account until further order. Mr. Cotton is required to file affidavit evidence setting out the assets and liabilities of himself and First Mutual by Sept. 25, 2025. ASIC sought these orders to safeguard investor funds while an investigation is underway. ASIC's concerns include that Mr Cotton and First Mutual are suspected by ASIC to have received around AUD53 million, potentially for investment purposes, from March 2024 to July 2025; that a significant proportion of the funds is suspected to have been used for gambling purposes; and that, so far, no underlying investment of those monies can be identified by ASIC. Mr. Cotton is aware of ASIC's concerns. As part of its ongoing investigation, ASIC is obtaining information in relation to any monies paid by investors to Mr. Cotton and First Mutual in the period prior to March 2024. ASIC intends to provide investors with further information regarding the status of their investments as soon as it is in a position to do so. FORTIFIED FINANCIAL: First Creditors' Meeting Set for Sept. 18 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Fortified Financial Planning Pty Ltd will be held on Sept. 18, 2025 at 10:00 a.m. at the offices of Vincents, at Level 34, 32 Turbot Street, in Brisbane, QLD, and via virtual meeting technology. Nick Combis of Vincents was appointed as administrator of the company on Sept. 8, 2025. LODDON CAMPASPE: First Creditors' Meeting Set for Sept. 16 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Loddon Campaspe Multicultural Services Inc. will be held on Sept. 16, 2025 at 11:30 a.m. via virtual meeting only. Matthew James Byrnes and David Mark Hodgson of Grant Thornton were appointed as administrators of the company on Sept. 4, 2025. MARKETING ZOO: First Creditors' Meeting Set for Sept. 16 -------------------------------------------------------- A first meeting of the creditors in the proceedings of The Marketing Zoo Pty Limited, Digital Stampede Pty Limited, and The Zoo Republic Pty. Limited will be held on Sept. 16, 2025 at 10:00 a.m. at the offices of WLP Restructuring, at Suite 19.02, Level 19, 1 Castlereagh Street, in Sydney, NSW, and via virtual meeting technology. Glenn Livingstone and Benjamin Ho of WLP Restructuring were appointed as administrators of the company on Sept. 4, 2025. PAINTBALL DEVELOPMENTS: First Creditors' Meeting Set for Sept. 16 ----------------------------------------------------------------- A first meeting of the creditors in the proceedings of Paintball Developments Pty Ltd will be held on Sept. 16, 2025 at 11:00 a.m. at the offices of Teneo, at Suite 2 Level 20, 60 Castlereagh Street, in Sydney, NSW. Andrew John Scott and Melissa Humann of Teneo were appointed as administrators of the company on Sept. 4, 2025. RESIMAC BASTILLE 2025-2NC: Moody's Assigns (P)B2 Rating to F Notes ------------------------------------------------------------------ Moody's Ratings has assigned the following provisional ratings to the notes to be issued by Perpetual Trustee Company Limited as trustee of the RESIMAC Bastille Trust in respect of the RESIMAC Series 2025-2NC. Issuer: Perpetual Trustee Company Limited as trustee of the RESIMAC Bastille Trust in respect of the RESIMAC Series 2025-2NC AUD250 million Class A1 Notes, Assigned (P)Aaa (sf) AUD570 million Class A2 Notes, Assigned (P)Aaa (sf) AUD75 million Class AB Notes, Assigned (P)Aaa (sf) AUD50 million Class B Notes, Assigned (P)Aa2 (sf) AUD17 million Class C Notes, Assigned (P)A2 (sf) AUD11 million Class D Notes, Assigned (P)Baa2 (sf) AUD10 million Class E Notes, Assigned (P)Ba2 (sf) AUD10 million Class F Notes, Assigned (P)B2 (sf) The AUD7 million Class G Notes are not rated by us. The transaction is a securitisation of first-ranking mortgage loans secured over residential properties located in Australia. The loans were originated and are serviced by Resimac Limited (RESIMAC). RESIMAC is an Australian non-bank lender, specialising in non-conforming and prime residential mortgage lending. In 2020, RESIMAC expanded its lending into asset finance, providing auto and equipment loans to commercial and consumer obligors. As of June 30, 2025, RESIMAC's Australian assets under managment were around AUD15.9 billion. RATINGS RATIONALE The provisional ratings take into account, among other factors, an evaluation of the underlying receivables and their expected performance, evaluation of the capital structure and credit enhancement provided to the notes, availability of excess spread over the life of the transaction, the liquidity facility in the amount of 1.5% of the rated notes balance, the legal structure, the experience of RESIMAC as servicer and the presence of Perpetual Trustee Company Limited as the backup servicer. Moody's MILAN Stressed Loss — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 8.5%. Moody's expected loss for this transaction is 1.1%. According to Moody's analysis, the Class A Notes benefit from 18% subordination, compared with the 8.5% MILAN Stressed Loss. The transaction challenges include a relatively high proportion of loans to self-employed borrowers at 84.1% (based on Moody's classifications), with further 11.1% of loans to company borrowers and high proportion of alternative documentation loans of around 94.2% of the pool. Transactional features are as follows: -- Initially, principal payments will be made sequentially, starting with the Class A1 Notes until fully repaid, and then Class A2 Notes. All classes of notes, excluding Class G and Class Z Notes, will start receiving their pro-rata share of principal, provided that step-down test is met. The step down conditions include, among others, no unreimbursed charge-offs and payment date falling on or after 24 months after closing. -- Under the retention mechanism, prior to the call date, a certain proportion of excess spread remaining after reimbursement of losses and carry-over charge-offs will be used to repay principal on the junior notes, starting with the Class F Notes, thereby limiting their exposure to losses. Issuance of an equivalent amount of subordinated Class Z Notes at the same time will preserve the level of credit enhancement available to the more senior ranking notes. -- The servicer is required to maintain the weighted average interest rates on the mortgage loans at a level sufficient for the trust to meet the required payments when due, plus 0.25%. Other pool features are as follows: -- The pool has a weighted average scheduled LTV of 72.3%. -- The pool has a weighted average seasoning of 12.5 months. -- The pool has a relatively high exposure to Gold Coast, Queensland (5.3%). Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's current expectations of loss could be better than its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. The Australian job and the housing markets are primary drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, or lack of transactional governance, and fraud. SRI FIDUCIARIES 2: Federal Court Freezes Assets; Appoints Receivers ------------------------------------------------------------------- On Sept. 4, 2025, following an application made by the Australian Securities & Investments Commission (ASIC), the Federal Court has ordered that Matthew Charles Hudson and Terry van der Velde of SV Partners be appointed receivers to the property of SRI Fiduciaries 2 Pty Ltd and SRI Fiduciaries 3 Pty Ltd - related entities of Australian Fiduciaries Limited (Australian Fiduciaries) - and made orders freezing their assets. These orders follow the Court's appointment on Sept. 2, 2025 of the same receivers and the making of similar freezing orders to six other related entities. The receivers are ordered to, among other things, conduct investigations into how those funds were used and provide a report to the Court within 45 days. ASIC took this action due to concerns about the recoverability of funds that had been invested into the related entities. The appointments means that Australian Fiduciaries and 30 related entities are now either in liquidation, subject to Court orders or undertakings to preserve assets, or have Court appointed receivers. On June 13, 2025, ASIC applied to the Federal Court, seeking asset preservation orders and the appointment of receivers to Australian Fiduciaries and numerous related entities. ASIC understands that around 600 Australian retail investors have invested approximately AUD160 million into managed investment schemes offered by Australian Fiduciaries since February 2020, predominantly through self-managed super funds (SMSFs). Australian Fiduciaries ceased distributing units in the schemes in September 2023. ASIC's application sought to preserve the assets of the scheme and obtain a clearer picture of the financial position of Australian Fiduciaries and its schemes while ASIC continues its investigation. ASIC is investigating concerns around: * inadequate management of conflicts of interest' * the ways investors were sold units in the schemes and how their funds were ultimately invested into a complex group of entities controlled by related parties' * suspected failure by Australian Fiduciaries to conduct regular valuations of its schemes, and * loss of value in the underlying assets. Investors can find further information and a full list of the entities ASIC is seeking orders against on the Australian Fiduciaries webpage on ASIC's website. ========= C H I N A ========= NIO INC: Raises USD1BB in Second Discounted Stock Sale This Year ---------------------------------------------------------------- Yicai Global reports that Nio Inc.'s shares tumbled after the Chinese electric vehicle startup raised USD1 billion from a second discounted share sale this year -- priced following a strong rally in its stock price -- so as to fund new model development as the business pushes to become profitable next quarter. Nio sold just over 181.8 million class A ordinary shares priced at USD5.57 per ADR, or HKD43.36 per ordinary share, the Shanghai-based company announced on Sept. 10, Yicai relays. That was an 11.3 percent discount on its Sept. 9 closing price in New York of USD6.28. A softer share price following a stock offering is not uncommon, as the additional shares issued dilute existing shareholder equity, often leading to a perceived loss of value in their holdings and triggering a near-term sell-off. According to Yicai, the proceeds of the sale will be used to research and develop smart EV technologies, develop technology platforms and models across Nio's brands, expand the firm's battery swapping and charging network, and strengthen the balance sheet, it said. Nio named Morgan Stanley Asia, UBS Securities, UBS' Hong Kong branch, and Deutsche Bank as underwriters, granting them a 30-day option to purchase up to an additional 27.3 million ADS, the carmaker noted. In March, Nio raised HKD4 billion (USD514.4 million) from the discounted sale of 136.8 million Class A ordinary shares priced at HKD29.46 apiece, recalls Yicai. Its stock tumbled to the lowest level this year in the following days, sinking to USD3.02 in New York and HKD23.70 in Hong Kong. Yicai notes that Nio has not turned a profit since its was set up in 2014. Its net loss narrowed 1 percent to CNY5 billion (USD697.2 million) in the three months ended June 30 from a year earlier, while revenue jumped 9 percent to CNY19 billion (USD2.7 billion), the firm's earnings report showed on Sept. 2. Vehicle deliveries surged 26 percent to 72,056 units. But Nio was bullish on this quarter thanks to strong demand for the All-New ES8, a six-to-seven-seat luxury sport utility vehicle, and the similar but cheaper L90, released by its sub-brand Onvo. "The strong market reception of the Onvo L90 and the Nio All-New ES8 has reinforced our overall sales momentum," Yicai quotes William Li, founder, chairman, and chief executive officer of Nio, as saying. The carmaker expects to deliver between 87,000 and 91,000 vehicles this quarter, up 41 percent to 47 percent from a year earlier, to set a new company record, he added. For this quarter, Nio expects revenue to rise 17 percent to 23 percent to between CNY21.8 billion and CNY22.9 billion from a year ago, Li noted, adding that the goal is to achieve its first profit based on non-generally accepted accounting principles in the fourth quarter, adds Yicai. About NIO Inc. NIO Inc. designs, develops, manufactures, and sells smart electric vehicles in China. It offers five and six-seater electric SUVs, as well as smart electric sedans. The company also offers power solutions, including Power Home, a home charging solution; Power Swap, a battery swapping service; Power Charger and Destination Charger; Power Mobile, a mobile charging service through charging vans; Power Map, an application that provides access to a network of public chargers and their real-time information; and One Click for Power valet service. In addition, it provides repair, maintenance, and bodywork services through its NIO service centers and authorized third-party service centers; statutory and third-party liability insurance, and vehicle damage insurance through third-party insurers; repair and routine maintenance; courtesy vehicle services; roadside assistance; data packages; and auto financing and financial leasing services. Further, the company involved in the provision of energy and service packages to its users; design and technology development activities; manufacture of e-powertrains, battery packs, and components; and sales and after sales management activities. Additionally, it offers NIO Certified, a used vehicle inspection, evaluation, acquisition, and sales service. Nio Inc. reported three consecutive annual net losses of CNY10.57 billion, CNY14.56 billion and CNY21.15 billion for the years ended Dec. 30, 2021, 2022 and 2023, respectively. Nio's net loss was CNY22.4 billion in the 12 months ended Dec. 31, 2024. ZHONGLIANG HOLDINGS: Reports August 2025 Sales Performance ---------------------------------------------------------- TipRanks reports that Zhongliang Holdings Group Company Limited announced its unaudited operating statistics for August 2025, reporting aggregated contracted sales of approximately RMB8.29 billion and a contracted gross floor area of 790,000 square meters from January to August 2025. In August alone, the company achieved contracted sales of RMB0.96 billion with a gross floor area of 96,000 square meters. The average selling price for the year up to August was RMB10,500 per square meter, while in August it was RMB9,900 per square meter, TipRanks discloses. These figures are based on preliminary internal data and may differ from future audited financial statements, highlighting the need for investors to exercise caution. Zhongliang Holdings Group Company Limited operates as a real estate development company. The Company develops and markets high-rise residential buildings, low-rise apartments, villas, commercial facilities, office buildings, and other related areas. Zhongliang Holdings Group provides property management services. Zhongliang announced the successful completion of its debt restructuring plan with an effective date of March 20, 2024. The company issued a total of USD1.4 billion of senior notes and convertible bonds to the creditors of the plan as part of the consideration for the plan. ========= I N D I A ========= AASTHA ALUMINA: Ind-Ra Gives BB+ Bank Loan Rating ------------------------------------------------- India Ratings and Research has rated Aastha Alumina Private Limited's (AAPL) bank loan facilities as follows: -- INR400 mil. Bank loan facilities assigned with IND BB+/Stable/ IND A4+ rating. Detailed Rationale of the Rating Action The rating reflects AAPL's small scale of operations, which is likely to sustain over the medium term, and stretched liquidity in FY25. However, the rating is supported by the promoter's two decades of experience in the aluminum glazing industry, comfortable EBITDA margins and comfortable credit metrics in FY25. In FY26, Ind-Ra expects the EBITDA margins and credit metrics to remain stable. Detailed Description of Key Rating Drivers Small Scale of Operations: AAPL's scale of operations remained small with its revenue remaining almost flat at INR1,239.46 million in FY25 (FY24: INR1,219.79 million) and the EBITDA at INR64.55 million (INR53.01 million), primarily due to the continuation of contracts initiated in the previous fiscal year. In FY25, AAPL had secured new contracts, which are in progress currently. In FY26, Ind-Ra expects a significant improvement in the revenue supported by the execution of pending orders and securing of new orders. For 4MFY24, AAPL booked revenue of INR600 million and had work-in-progress contracts worth INR1,600 million, providing revenue visibility of 1.78x. Its FY25 numbers are provisional in nature. Stretched Liquidity: Please refer to the liquidity section below. Comfortable EBITDA Margins: In FY25, AAPL's EBITDA margins slightly improved to 5.21% (FY24: 4.35%), due to better margin projects and favorable negotiations on raw material prices. The return on capital employed stood at 26.6% in FY25 (FY24: 46.1%). In FY26, Ind-Ra expects the EBITDA margins to remain at similar level due to continuation of same project. Comfortable Credit Metrics: In FY25, AAPL's credit metrics remained comfortable, with the gross interest coverage (operating EBITDA/gross interest expenses) reducing to 4.06x in FY25 (FY24: 49.08x) and the net leverage (total adjusted net debt/operating EBITDAR) increasing to 2.56x (0.14x), due to an increase in its total debt following the sanction of banking facilities for working capital requirement and bank guarantee. In FY26, Ind-Ra expects the credit metrics to remain comfortable on account of the absence of any debt-funded capex coupled with schedule debt repayments. Promoters Experience: The rating is supported by the promoters' experience of nearly two decades in aluminum glazing industry, leading to an established relationship with customers and suppliers. Liquidity Stretched: AAPL's average maximum utilization of its fund-based limits was 99.84% and that of the non-fund-based limit was 86.55% during the 12 months ended July 2025. Furthermore, the free cash flow turned negative INR167.90 million in FY25 (FY24: Negative INR15.32 million), due to its cashflow from operations turning negative INR163.39 million (Negative INR64.62 million) and an increase in its working capital requirement. The net working capital cycle increased to 67 days in FY25 (FY24: negative 10 days), mainly on account of an increase in its inventory days to 59 days (11 days), debtor days to 129 days (84 days) and payable days to 121 days (105 days). AAPL has debt repayment obligations of INR13.7 million and INR11.3 million in FY26 and FY27, respectively. The cash and cash equivalents stood at INR0.73 million at FYE25 (FYE24: INR0.64 million). Furthermore, AAPL does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. Rating Sensitivities Negative: A decline in the scale of operations, leading to deterioration in its overall credit metrics along with the liquidity profile all on a sustained basis, would lead to a negative rating action. Positive: An increase in the scale of operations along with an improvement in the overall credit metrics with the interest coverage sustaining above 3x along with liquidity profile all on a sustained basis, could lead to a positive rating action. About the Company AAPL was incorporated in November 2008, engaged in aluminum glazing and building facade systems, with registered office in Delhi. The company has set up three units in Haryana and one unit in Mumbai for aluminum fabrication. AFFLATUS GRAVURES: Ind-Ra Affirms BB+ Bank Loan Rating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has revised the Outlook on Afflatus Gravures Private Limited's (AGPL) bank facilities to Positive from Stable while affirming the rating at 'IND BB+' as follows: -- INR1,236.41 bil. Bank loan facilities affirmed; Outlook revised to Positive with IND BB+/Positive/IND A4+ rating. Detailed Rationale of the Rating Action The Outlook revision to Positive reflects Ind-Ra's expectation of an improvement in AGPL's credit metrics from FY25, despite muted growth in revenue, stable operating margins and continued high debt levels. The affirmation reflects AGPL's continued working capital intensive nature of operations and intense competition in the packaging industry. However, the ratings continue to be supported by medium scale of operations and the company's long operational track record as well as longstanding relationships with its customers and suppliers. Detailed Description of Key Rating Drivers Modest Credit Metrics: AGPL's gross interest coverage (operating EBITDA/gross interest expense) remained modest at 1.80x in FY25 (FY24: 1.70x; FY23: 2.10x; FY22: 2.15x) on account of muted sales growth and largely similar EBITDA of INR291.90 million (INR291.80 million; INR313.60 million; INR284.07 million). The marginal improvement in the gross interest coverage was due to a decline in the interest expense to INR160 million in FY25 (FY24: INR171 million; FY23: INR150.80 million; FY22: INR132.18 million). The net leverage (total adjusted net debt/operating EBITDA) improved to 3.94x in FY25 (FY24: 4.29x; FY23: 4.61x; FY22: 4.90x), due to the repayment of long-term debt. Despite the improvement, the credit metrics remained modest and Ind-Ra expects a further improvement in the medium term with the repayment of term debt and no large debt-funded capex planned in the medium term. Working Capital Intensive Operations: AGPL's working capital cycle remained elongated at 160 days in FY25 (FY24: 137days; FY23: 141 days; FY22: 143 days) attributable to a long debtor period of 134-144 days over FY21-FY25. Most of the receivables are realizable, thereby requiring little-to-no provisions for bad debt. It receives a credit period of 30-60 days from its suppliers but early payments lead to cash discount. The company's ability to efficiently manage its working capital operations will remain a key monitorable in the medium term. Intense Competition: Large flexible packaging players operating in India also own captive cylinder divisions. Despite the technical expertise needed to operate, the industry has several small unorganized flexible packaging players operating at a subpar scale. However, these small players have limited access to capital to expand. Medium Scale of Operations; Muted Revenue Growth in FY25: The revenue remained muted at INR1,862.20 million in FY25 (FY24: INR1,838.10 million, FY23: INR1,921.80 million, FY22: INR1,906.74 million) due to a decline in the overall demand for rotogravures cylinders and flexo plates, leading to lower capacity utilizations of 59.29% (60.27%; 68.23%; 77%), partially offset by improved realizations. Amid the volatility in demand, Ind-Ra expects slow growth in the revenue in FY26, supported by the company's longstanding relationships with existing customers, repeat orders and a pan-India presence. As per management, the realization has improved during FY26 with the company recording revenue of INR650 million till July 2025. Stable, Modest Operating Margins; Although Likely to Improve in the Medium Term: The EBITDA margins remained stable at 15.68% in FY25 (FY24: 15.88%,FY23: 16.32%, FY22: 14.90%) owing to stable revenue and the stabilization of the newly added capacity being under process. The return on capital employed was 4.6% in FY25 (FY24:4.5%; FY23: 5.8%; FY22: 5.7%). The margins are susceptible to fluctuations in raw material prices, particularly copper as well as the degree of customization required. Ind-Ra expects the margins to remain modest and range between 14% and 16% during FY26, owing to the similar nature of operations. However, the likely improvement in the operating margins with increased capacity utilizations and cost optimization methods and technological advancements adopted by the management will remain a key monitorable in the medium term. Growing Flexible Packaging Industry: The manufacturing of rotogravure printing cylinders is directly linked to the flexible packaging industry. Ind-Ra expects the shift to flexible packaging from traditional/rigid packaging to continue in the medium term, mainly due to its convenience, attractiveness, cost-effectiveness and strength. Flexible packing is the fastest-growing segment of the packaging industry, backed by high demand from organized retail, food and beverage, and fast-moving consumer goods segments. Hence, demand for quality printing cylinders, which play a vital role in the production of high-quality flexible packaging materials, has been consistently increasing. Flexographic and rotogravure printing shall continue to compete for market share in the flexible packaging industry. Long Operational Track Record; Experienced Promoters: The promoters have over three decades of experience in the flexible packaging industry, which has helped the company to establish strong relationships with its customers and suppliers. Liquidity Stretched: AGPL's average utilization of the fund-based limits was high at around 91% for the 12 months ended June 2024. Furthermore, the company does not have any capital market exposure and relies on banks and financial institutions to meet its funding requirements. AGPL had cash and cash equivalents of INR5.60 million at FYE25 (FYE24: INR0.9 million; FYE23: INR1.80 million). The cash flow from operations declined to INR58.30 million in FY25 (FY24: INR246.30 million; FY23: INR191.10 million; FY22: INR32.84 million), driven by unfavorable changes in working capital. Consequently, the free cash flow declined to INR31.50 million in FY25 (FY24: INR205.40 million; FY23: negative INR81.90 million; FY22: negative INR385.15 million) despite no large capex undertaken by the company. With the expected improvement in operational performance, Ind-Ra expects the free cash flow to remain positive in the medium term. The company has scheduled debt repayment obligations of INR164.4 million and INR 173.40 million in FY26 and FY27, respectively. Rating Sensitivities Negative: Deterioration in the scale of operations or operating profitability or liquidity profile, with the net leverage exceeding 4.0x, on a sustained basis, will be negative for the ratings. Positive: An improvement in the scale of operations leading to an improvement in the credit metrics with the net leverage remaining below 4.0x, along with an improvement in the liquidity position on a sustained basis, will be positive for the ratings. About the Company Incorporated in 2003, AGPL manufactures rotogravure printing cylinders, which are used for the printing and transfer of desired images on plastic film substrates, which is ultimately used in the manufacturing of flexible packaging materials. The company has a total annual production capacity of 2,16,150 of rotogravures printing cylinders. It has four facilities, one each in Noida, Vapi, Chennai and Kolkata and a capacity of 80,000 flexo plates/sleeves at its facility in Noida. ARCHANA FLOUR: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Archana Flour Mill (AFM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.30 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 4, 2024, placed the rating(s) of AFM under the 'issuer non-cooperating' category as AFM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AFM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 21, 2025, July 31, 2025, August 10, 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 AFM was established as a proprietorship concern on June 11, 2015 by Mr. Shri Pradeep Bhimashankar Pedde. The firm is engaged in processing of wheat at its processing facility located at Latur, Maharashtra. The product profile of AFM includes atta, maida, suji, rawa and other by products. B M G CHEMICALS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: BMG Chemicals Private Limited Registered Office: 216 a Gokul Arcade, Subhas Road, Vile Parle East Mumbai, Maharahstra, India 400057 Principal Office: 504/505 Anand Milan Complex Opposite Navrangpura Jain Densar Navrangpura Ahmedabad -380 009 Insolvency Commencement Date: August 25, 2025 Estimated date of closure of insolvency resolution process: February 21, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Palak Swapni Desai Flat No. 901, 9th floor, Park Vistas Opposite Lallubhai Park, Near MTNL, Andheri (w) Mumbai - 400 058 Email: palakdesai77@gmail.com Email: cirp.bmgchemicals@gmail.com Last date for submission of claims: September 8, 2025 BARWA ADDA: Ind-Ra Hikes Bank Loan Rating to BB+ ------------------------------------------------ India Ratings and Research (Ind-Ra) has upgraded Barwa Adda Expressway Limited's (BAEL) bank loan facilities to 'IND BB+' from 'IND D' with a Stable Outlook as follows: -- INR6,131.60 bil. (reduced from INR6,772.50 bil.) Bank loan facilities upgraded with IND BB+/Stable rating. Analytical Approach Ind-Ra continues to analyses BAEL's standalone credit profile including the rated bank loan facilities and secured non-convertible debentures (NCDs) held by external lenders. The agency has excluded any debt from the sponsor, Roadstar Infra Investment Trust (RIIT), when calculating the debt service coverage ratio (DSCR), as RIIT lacks the right to declare an event of default for any delay in interest or principal payments. Dues towards RIIT can be paid post meeting the dues towards the rated bank loan facilities and secured NCDs subscribed by external lenders, and its impact has been included in the liquidity analysis. Furthermore, any surplus after meeting operational and senior debt obligations must be used to maintain an internal rate of return (IRR) of 8% (a 2% coupon per annum applies; the 8% IRR will be applicable post approval of the concession period extension by National Highways Authority of India (NHAI; debt rated at 'IND AAA'/Stable)) and prepayment of the rated bank loan facilities. Thus, Ind-Ra has not considered any cash upstreaming to RIIT during the tenor of rated bank loan facilities, except for 2% coupon payment on INR1,327.8 million NCDs outstanding as of June 30, 2025 from RIIT. Detailed Rationale of the Rating Action The upgrade factors in BAEL's timely debt servicing since December 2024, operational track record of over 10 years, and improvement in toll collections to INR2,910 million in FY25 (FY24: INR2,631; FY23: INR2,480 million). The rating is further supported by BAEL's INR1,549 million internal liquidity, debt service reserve (DSR) equivalent to one quarter of debt servicing amounting to INR450 million, partial creation of a major maintenance reserve (MMR) to the extent of INR560 million by end-June 2025 and infusion of financial support from sponsor RIIT as envisaged in the financing documents. However, the rating is constrained by the balance outlay for construction and major maintenance of INR1,227 million during FY26 and INR2,760 million during FY26-FY28, delays in the receipt of completion certificate due to land-related issues, operations and maintenance (O&M)-related concerns regarding service lane highlighted in the due diligence report, and inherent revenue risk in a toll project. The average DSCR is constrained in Ind-Ra's analysis which assumes reasonable toll rate growth from the FY25 level. Ind-Ra considers BAEL's ability to fund the project outlays on a timely basis and retaining liquidity buffers as a key monitorable. The company implemented the resolution plan (RP) on December 24, 2024 with effect from April 1, 2021. As part of RP, BAEL paid past dues to the lenders and settled premium claims with NHAI. RIIT acquired BAEL in October 2024. RIIT holds six assets in SPVs and was listed during March 2025. There is no debt at the InvIT level, rather it is at the SPV level. The SPV debt is ring fenced, and cash can be up streamed to the InvIT only after meeting the restricted payment conditions and subject to any other covenants/restrictions. This ultimately restricts the full cash flow fungibility among the SPVs. Elsamex Maintenance Services Limited (EMSL) serves as the project manager for the InvIT and the O&M contractor for all SPVs, including BAEL. Seniority of external debt in the escrow mechanism and debt from the parent RIIT being payable depending on the availability of cashflows post maintenance of reserves support BAEL's credit profile. Detailed Description of Key Rating Drivers Residual Completion Risk: A longer-than-expected completion timeline for balance works could risk penalties; however, BAEL believes this is unlikely due to the right of way delays. BAEL has applied for a completion certificate subject to undertakings to complete the works constrained by the right of way as it becomes available. According to the independent engineer's report for April 2025, the total progress is 100% for the main carriage way (length: 122.88km) and 99% for the service road (length: 135.730km completed out of 137.01km). Cumulative physical progress was 95.78% as of April 2025. Management expects to receive a completion certificate by September 2025. BAEL has engaged SkyLark Constructions Private Limited for road works and various local sub-contractors for other works. The total revised capex is INR5,170 million, of which about INR3,943 million has already been met till April 2025. The balance INR1,227million related to bus bays/shelters, truck lay byes, toilet block works, slope protection works and drains will be met through internal cash balance and toll collections. Moderate O&M Risk: BAEL has entered into a fixed-price contract with EMSL, a group company of IL&FS Transportation Networks Limited; (ITNL, 'IND D'), for taking up the routine road O&M. The company has been mandated to maintain the road stretch per the terms of the concession agreement and hence, there is an element of O&M risk inherently associated. ESML is the engineering, procurement, and construction (EPC) arm of ITNL group, having considerable experience in handling road projects. However, being part of ITNL group, its credit profile remains weak and the comfort from the fixed price contract is low. Satisfactory Completion of Major Maintenance in FY26-FY28 Crucial: Timely and adequate completion of major maintenance (MM) works in FY26 – FY28 is a key monitorable. Execution risk and funding visibility given the stretched liquidity are key constraints. The first cycle MM (estimated cost: INR2,760 million) is planned during FY26-FY28. Management has stated that INR250 million expenditure has been incurred for MM till July 2025, and the contractor for INR1,500 million MM works to be completed in FY26 and FY27 has been finalized. Thus, the first cycle of MM is being funded from the internal liquidity and cash accruals in the project. RIIT had infused INR560 million in March 2025 to create an MM reserve. Management has represented that the main carriageway road quality is adequate based on the Road Quality Index in report dated January 2025, and hence, provides flexibility in the phasing of expenses during FY26-FY28. The due diligence report of April 2025 captures many deviations in service road quality. While management has clarified that NHAI has not imposed any penalty relating to maintenance from FY23, the risk of penalties, their adverse impact as per the concession agreement provisions, timely capex completion and timely addressal of maintenance-related observations are key monitorable. Low DSCR: The RP implementation has led to an improvement in the company's debt metrics, although near-term DSCR and liquidity are stretched. The financing documents stipulate the maintenance of one quarter of DSR throughout the facility tenor. As per the revised terms, the principal for rated bank loan facilities is to be repaid in 32 quarterly instalments ending in FY32, while the interest rate is linked to a one-year marginal cost of funds-based lending rate. The financing documents also stipulate the creation of a DSR for one quarter's interest, and principal instalments in the form of fixed deposits, which has been created. As per RP, Ind-Ra has considered only a 2% per annum coupon pay out for NCD-I-A and NCD-I-B until the tenor of the rated bank loan facilities (term loan). If an 8% IRR becomes applicable following approval of concession extension, the payout to lenders will come from surplus after retaining reasonable cash for operations and maintaining the DSCR level. Ind-Ra has not considered interest payouts beyond the 2% coupon for NCD-I-A and NCD-I-B in the DSCR calculation till the rated loan tenor. This is because the RP indicates that payouts to meet the 8% IRR will occur only after the full repayment of rated bank loan facilities. Any contribution by the sponsor, RIIT, in the form of unsecured loans will be subordinate to the rated senior debt and any interest/principal payable on the same from the project cash flows shall be made only after complying with the restricted payment conditions. Also, as per RP, INR411 million deducted by all lenders from BAEL's escrow account during October 2018 to March 2020 must be adjusted from their respective outstanding amounts. INR66.2 million is still to be adjusted by a lender, an asset reconstruction company (ARC), since the former lender when transferring the loan to ARC had not given effect to the same. While the dispute appears to be between the current lender and former lender, any impact of the same on BAEL is monitorable. In January 2025, one of the lenders of BAEL claimed interest accrued of INR16.3 million pertaining to 1 October to 15 October 2018. Management has stated that all claims up to RP have been recognized and considered during resolution. The recently claimed interest is a minor amount compared to BAEL's internal liquidity, and the said amount has been raised post the RP implementation of RP. Hence, the management expects there could be a dispute resolution through a forum approached by the lender. Any impact of such claim is monitorable. Inherent Traffic Risk: Toll projects have inherent traffic-related risks. The traffic composition has a considerable share of both passenger vehicles and multi axle vehicles. The concession agreement is valid till FY32 and BAEL has requested an extension of the concession by four years, based on lower traffic than the target traffic. Toll hike is defined as 3% plus 40% of Wholesale Price Index. Any significant decrease in traffic over and above Ind-Ra expected levels due to the upgradation of an alternate route would be a key rating monitorable. However, the project life coverage ratio is adequate factoring in diversion in its base case traffic estimates. The base toll rates are revised every year on 1 April and are linked to the Wholesale Price Index, with a permitted increase of 3% plus 40% of the index. The latest toll revision was implemented in April 2025. Long Operational Track Record and Reasonable Toll Collections: BAEL's toll revenue grew at a CAGR of 10% from FY18 to FY25. The toll revenue collection increased to INR2,910 million in FY25 (FY24: INR2,631 million). While the traffic growth of 17% yoy in 1QFY26 (FY25: 11%) is comfortable, it depends on local industries, commodity movement, among others. The increase in the revenue is attributable to growth in the traffic volume, along with an increase in the toll rate. The project commenced of toll collection in April 2014 for toll plaza 1 and in October 2017 for in toll plaza 2. BAEL Transfer to RIIT is Positive: RIIT has infused in BAEL the support requirement defined in RP. RIIT was established by Infrastructure Leasing & Financial Services (IL&FS) group as a mechanism for the resolution and monetization of assets, as directed by the National Company Law Appellate Tribunal. Through this, the IL&FS group transferred six operational assets including BAEL to RIIT, and the shares were acquired by issuing its units, which are subsequently allocated to the eligible creditors of the respective IL&FS group entities. The assets are spread across six states, and the total length of all projects combined is around 685km. Four of the six assets are toll road assets, whereas two are annuity assets. As of March 31, 2025, 15.1% of the total units were held by Roadstar Infra Private Limited (RIPL, a wholly owned subsidiary of ITNL), which is the sponsor for RIIT. Of the balance 84.9%, around 78% has been distributed among the creditors of the IL&FS Group and the rest 7% (held by IL&FS group entities) will be transferred to creditors of the IL&FS Group in the due course. RIIT's standalone income was INR4,718.09 million during FY25 (FY24: INR2,363.5 million), EBITDA was INR4,050.98 million (INR1,725.43 million), and EBITDA margins were 85% (73%). The InvIT also made its first distribution during FY25 amounting to INR4,053.75 million from the cash flows of FY25 and net distributable cash flow from earlier years. Liquidity Stretched: BAEL's cashflows are constrained due to the requirement for completing the entire capex by FY26 and incurring of MM in FY26-FY28. While the concession agreement allows BAEL to prioritize operating expenses and debt service before payments of premium, management does not expect to delay premium payments. BAEL had cash and fixed deposit of INR116.1 million and INR1,999 million, respectively, on 30 June 2025. Fixed deposit included INR450 million of debt service reserve and INR560 million of MM reserve. The interest and principal obligations in FY26 total INR90 million. The scheduled repayment is low in FY26 to enable part funding of MM. About the Company BAEL has been granted a 20-year concession by NHAI to widen the Barwa-Adda-Panagarh section of National Highway-2 from 398.240km to 521.120km to six lanes including Panagarh Bypass in Jharkhand and West Bengal on a design, build, fund, operate, and transfer basis. BAEL shall pay an annual premium amount of INR420 million from the appointed date in FY15 and an escalation of 5% thereafter. CELEBRITY FASHIONS: CRISIL Cuts Rating on INR21cr Loan to B+ ------------------------------------------------------------ Crisil Ratings has downgraded its ratings on the bank facilities of Celebrity Fashions Ltd (CFL) to 'Crisil B+/Stable/Crisil A4' from 'Crisil BB-/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.25 Crisil A4 (Downgraded from 'Crisil A4+') Export Packing 30 Crisil B+/Stable (Downgraded Credit from 'Crisil BB-/Stable') Foreign Bill 21 Crisil B+/Stable (Downgraded Discounting from 'Crisil BB-/Stable') Letter of Credit 6.25 Crisil A4 (Downgraded from 'Crisil A4+') Term Loan 12.62 Crisil B+/Stable (Downgraded from 'Crisil BB-/Stable') The ratings reflect the continuous weakening of the business risk profile over fiscal 2025 and the first quarter of fiscal 2026, as pressure on profitability has led to negative cash accrual. Order book as of August 2025 is highly concentrated with the US accounting for over 80%. Financials remain constrained due to weaker interest coverage ratio and net cash accrual to debt obligation. Amid headwinds seen currently in global trade and high concentration in the orderbook, liquidity may continue to be under strain. Developments regarding global tariffs, concentration of order book, improvement in operating performance in the ensuing quarters, and resultant improvement in the financial risk profile will remain key monitorables. The ratings continue to reflect the extensive experience of the promoters in the readymade garment export business and the moderate working capital cycle of the company. These strengths are partially offset by the average financial risk profile and exposure to intense competition. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profile of CFL. Key rating drivers & detailed description Weaknesses: * Average financial risk profile: Financial risk profile is marked by moderate capital structure and debt protection metrics. Capital structure is leveraged, marked by gearing and total outside liabilities to tangible networth ratios of 1.58 time and 3.20 time, respectively, as on March 31, 2024. Debt protection metrics are moderate, marked by interest coverage of 1.95 times and net cash accrual to adjusted debt ratio of 0.19 time in fiscal 2024. The ratios are likely to be impacted during fiscal 2025, owing to earnings before interest, tax, depreciation and amortisation losses incurred during the first three quarters. * Exposure to intense competition: Intense competition from readymade garment exporters, not only within in India, but also from Bangladesh and Southeast Asia, will continue to constrain scalability, pricing power and profitability of players such as CFL. Strengths: * Extensive experience of the promoters: Presence of over two decades in the readymade garment export industry, their strong understanding of market dynamics, and healthy relationships with customers and suppliers should continue to support the business. The company has achieved revenue of INR364.24 crore in fiscal 2023 and INR342.62 crore in fiscal 2024. * Moderate working capital cycle: Gross current assets (GCAs) stood at 107 days as on March 31, 2024, led by receivables of 60 days and inventory of 41 days. Liquidity: Stretched Estimated net cash accrual in fiscal 2025 may not suffice to cover the debt obligation. However, the same will be met through existing liquidity. Unencumbered cash and bank balance stood at INR1.9 crore as on August 31, 2025. Outlook: Stable Crisil Ratings believes CFL will continue to benefit from the extensive experience of its promoters in the readymade garment export business. Rating sensitivity factors Upward factors * Better order inflow from existing customers and/or addition to new customers, aiding recovery in revenue and leading to operating margin of over 4% and higher cash accrual * Improvement in financial risk profile, especially capital structure Downward factors * Continued pressure on profitability or further decline in revenue, leading to cash accrual of less than INR2.5 crore * Sizeable stretch in the working capital cycle or any large, debt-funded capital expenditure, weakening liquidity * Materialisation of contingent liabilities significantly weakening the financial risk profile, especially liquidity Incorporated as a private limited company in 1988 and reconstituted as a public limited company in 2005, CFL manufactures and exports woven cotton garments for men and women. The company is listed on National Stock Exchange and Bombay Stock Exchange. DHANLAXMI ELECTRICALS: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Dhanlaxmi Electricals Private Limited Plot No. 66A, Office 905, 9th Floor Sector-11, CBD Belapur, Thane, Navi Mumbai, Maharashtra, India, 400614 Insolvency Commencement Date: August 26, 2025 Estimated date of closure of insolvency resolution process: February 22, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Dhaval Jitendrakumar Mistry 9-B, Vardan Complex, Near Vimal House, Lakhudi Circle, Navrangpura, Ahmedabad, Gujarat, 380009 Email: cadhavalmistry@yahoo.com 4th Floor, Oriental Mansion Building Extn. Next to Woodsside Inn Restaurant, Opposite Regal Cinema, Madame Cama Road, Near Dr Ambedkar Statue Chowk, Colaba, Mumbai, Maharashtra – 400001 Email: cirp.dhanlaxmi@gmail.com Last date for submission of claims: September 9, 2025 FLOW BANGALORE: Liquidation Process Case Summary ------------------------------------------------ Debtor: Flow Bangalore Waterjet Private Limited 6/12, Primrose Road, Gurappa Avenue, Bangalore-560025, Karnataka, India Liquidation Commencement Date: August 25, 2025 Court: National Company Law Tribunal Bengaluru Bench Liquidator: Srinivas Thatikonda Flat No. 006, Nanda Ashirwad Apartments No.1, Canara Bank Colony, 2nd Main, Chandra Layout, Bengaluru - 560072, Karnataka, India Email: srinivas@srinivasthatikonda.com Email: flowbangaloreibe@gmail.com Last date for submission of claims: September 24, 2025 FOXDOM TECHNOLOGIES: Liquidation Process Case Summary ----------------------------------------------------- Debtor: M/S Foxdom Technologies Pvt. Ltd. Rz-81, F/F Indra Park Uttam Nagar, Delhi 110059 Liquidation Commencement Date: August 21, 2025 Court: National Company Law Tribunal New Delhi Bench-III Liquidator: Mr. Parveen Kumar Jain 501, Lane No. 3A (Band Gali), Chanderlok, Behind Sanatan Dharam Mandir New Delhi, National Capital Territory of Delhi - 110093 Email: parveen 2871@yahoo.co.in 279, Gali No. 1, Chanderlok, Shahdara, Delhi - 10093 Email: liq.foxdom@gmail.com Last date for submission of claims: September 20, 2025 GEE EMM: CARE Keeps B- Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gee Emm Overseas (GEO) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.25 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 September 3, 2024, placed the rating(s) of GEO under the 'issuer non-cooperating' category as GEO had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GEO continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 20, 2025, July 30, 2025 and August 9, 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 Gee Emm Overseas (GEO) started its operations in 2010 with Mr. Nitin Gupta, Mr. Vikas Gupta and Mr. Archit Goyal as its partners. The firm is engaged in the processing of paddy to rice and also sells its by-products like bardana, bran, husk, etc. at its sole facility in Moga, Punjab. HANUMAN WEAVING: CARE Keeps C Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Hanuman Weaving Factory (HWF) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.70 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.55 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 30, 2024, placed the rating(s) of HWF under the 'issuer non-cooperating' category as HWF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HWF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 15, 2025, June 25, 2025, July 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 Hanuman Weaving Factory (HWF), a partnership firm, established in 1965 was promoted by six partners namely Shri TV Maruthi, Shri T.V. Sriram, Shri T.V Srinivasamurthy, Shri T.V. Prabhu, Shri R.V. Vijaya Bhaskar and Shri M.V. Vijayanand. In FY14, two more partners joined the firm namely Mr. M V Mukund and Mr. P V Shalivahan. The partners are close family members with a mix of first and second generation. The firm is engaged into manufacturing and export of cotton and silk fabrics & made ups. HWF is recognized as Golden export house by Government of India for outstanding exports in silk fabrics & made ups. HWF has a capacity to produce 15 lakh meters of silk and cotton fabrics per annum. INTERJEWEL DESIGNS: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Interjewel Designs (ID) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 36.50 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 3, 2024, placed the rating(s) of ID under the 'issuer non-cooperating' category as ID had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ID continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 20, 2025, July 30, 2025, August 9, 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 M/s Interjewel Designs (ID) was established as a partnership firm in September 2009 by Mr. Rupen Kothari and Mr. Shrenik Choksi and is engaged in the business of manufacturing and export of studded gold, silver and platinum jewellery. The firm is based within SEEPZ, Mumbai. JAGRITI SOLVEX: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Jagriti Solvex Private Limited (SJSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.88 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 August 20, 2024, placed the rating(s) of SJSPL under the 'issuer non-cooperating' category as SJSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SJSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 6, 2025, July 16, 2025, July 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Shri Jagriti Solvex Private Limited was incorporated in November 2011 with an objective to enter into the extraction of rice bran oil business. However, the company started its commercial operation from April 2017. The company procures raw material i.e. rice bran from the rice millers. The company also sells its by-products i.e. rice bran crude oil; rice bran fatty acid etc. in open market. The company sales rice bran oil (refined) under the brand name of "Johar". The manufacturing unit of the company is located at Village: Mohandi, Bagbahra, Mahasamund, Chhattisgarh with an installed capacity of 60000 metric tons per annum. Mr. Kamal Kumar, Mr. Shashank Srivastava and Mr. Harshwardhan Kaushik who have around 20 years, 12 years and 5 years of experience in similar line of business, look after the day to day operation of the company. JALARAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jalaram Industries (JI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.90 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 5, 2024, placed the rating(s) of JI under the 'issuer non-cooperating' category as JI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 22, 2025, August 1, 2025, August 11, 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 JI based out of Wardha, Maharashtra is a partnership concern was established in January 2001. The entity is engaged in the business of processing of pulses at its processing facility located at Wardha, Maharashtra. JDC INFRATECH: CRISIL Lowers Rating on INR5.94cr Loan to B+ ----------------------------------------------------------- Due to inadequate information, Crisil Ratings, in line with the guidelines of the Securities Exchange Board of India, had migrated its rating on the bank facilities of JDC Infratech Private Limited (JIPL) to 'Crisil BB-/Stable/Crisil A4+ Issuer Not Cooperating'. However, the management has subsequently started sharing the information necessary for carrying out a comprehensive review of the ratings. Consequently, Crisil Ratings is migrating the ratings of JIPL to 'Crisil B+/Stable/Crisil A4' from 'Crisil BB-/Stable/Crisil A4+ Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 10 Crisil A4 (Migrated from 'Crisil A4+ ISSUER NOT COOPERATING') Cash Credit 5.39 Crisil B+/Stable (Migrated from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Proposed Working 5.94 Crisil B+/Stable (Migrated Capital Facility from 'Crisil BB-/Stable ISSUER NOT COOPERATING') The ratings continue to reflect the extensive industry experience of the partners and moderate capital structure. These strengths are partially offset by exposure to intense competition, modest scale of operations in a highly competitive industry and Customer concentration in revenue. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of JIPL. Key Rating Drivers & Detailed Description Weaknesses: * Exposure to high fragmentation: The electrical engineering and contracting industry is intensely competitive, which limits the pricing flexibility and bargaining power of players. It also restrains any passthrough mechanism, leading to a volatile operating margin. * Modest scale of operations in a highly competitive industry: Net sales were modest at around INR15 crore for fiscal 2024, restricting bargaining power with suppliers and customers. The low capital requirement in the sector has attracted many domestic contractors, which exposes the company to intense competition from various organised and unorganised players in the industry. * Customer concentration in revenue: Revenue is mainly derived from Odisha Power Transmission Company Limited (OPTCL), Tata Power Central Odisha Distribution Limited (TPCODL) and West Bengal State Electricity Transmission Company Limited (WBSETCL). Current orders are also from these two clients, OPTCL and TPCODL, thus exposing the business to high counterparty risks, as delays in these projects or any change in the policy of the clients may significantly impact the company's credit risk profile. Strengths: * Extensive experience of the partners: Presence of over a decade in the electrical engineering and contracting industry has enabled the promoters to develop a strong understanding of market dynamics and establish healthy relationships with suppliers and customers. Clientele for the company includes Odisha Power Transmission Corporation Limited (OPTCL) and Tata Power Central Odisha Distribution Limited (TPCODL), etc. with an outstanding order book over INR156 crore as on March 31, 2024. * Moderate capital structure: Networth is expected to be moderate at around INR9 crore as of March 31, 2024 yielding a gearing and total outside liability to tangible networth (TOLTNW) ratio of over 0.63 times and 0.88 times, respectively, as of March 31, 2024 (0.91 times and 1.12 times, respectively, as on March 31, 2023). The interest cover and NCAAD of the company has remained moderate at around 1.71 times and 0.09 times for FY24. The financial risk profile of the company is expected to remain stable over the medium term with no major debt funded capex plans. Liquidity: Stretched Average bank limit utilisation was 90.60% in the last 12 months ended July 25. The net cash accruals are expected to be over INR0.45 crore which will be sufficient against term debt obligation of INR0.20 crore, over the medium term; the remaining will cushion liquidity. The current ratio was moderate at 2.27 times for FY24. Outlook: Stable The company will continue to benefit from the extensive experience of its promoters and established relationships with clients Rating sensitivity factors Upward factors: * Significant and sustainable increase in revenue with stable operating margin leading to higher cash accrual over INR1 crore * Improvement in working capital with lower GCA days Downward factors: * Decline in revenue and fall in profitability below 5% resulting in lower-than-expected net cash accrual * Large, debt-funded capex further weakening capital structure JIPL was established as a proprietorship firm, JD Construction, in 2008 by Mr Binapani Jena. The firm was reconstituted as a private limited company under the current name in fiscal 2017. The company primarily undertakes construction of transmission lines and substations and related electrical and civil works; its major clients are WBSETCL and OPTCL. K.G.P. GOLD: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of K.G.P. Gold Palace (KGP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 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 July 25, 2024, placed the rating(s) of KGP under the 'issuer non-cooperating' category as KGP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KGP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 10, 2025, June 20, 2025, June 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Davangere (Karnataka) based K.G.P. Gold Palace (KGP) was originally formed as a partnership concern in the name of Khazana Gold Palace by Mr. Ganesh D. Shet and Mrs. Surekha G. Shet in 2013. Later in April 2014, the partnership deed was reconstituted with addition of Mr. Santosh G. Shet, Mrs. Vidya M. Shet, Mr. Ganesh M. Revankar, Mr. Maruthi C. Raikar, Mr. Sandesh Raikar and Mrs. Sharda Raikar as new partners and name of the firm was changed to its present name. Subsequently, Mrs. Vidya M. Shet and Mr. Ganesh M. Revankar retired from the partnership in June, 2014 and Mr. Maruthi C Raikar retired in 2011. KGP is engaged in the business of retailing of gold, diamond, silver and precious stones studded jewellery. The firm offers wide range of products that include rings, earrings, pendants, necklaces, bracelets, bangles and medallions. KGP procures raw materials from local market and outsources its manufacturing activities on job work basis to manufacturers in local markets. KGP has an associate firm, K.G.P. Jewellers (KGPJ) which is engaged in similar business. K.G.P. JEWELLERS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of K.G.P. Jewellers (KGPJ) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.60 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 July 25, 2024, placed the rating(s) of KJ under the 'issuer non-cooperating' category as KJ had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KJ continues to be non-cooperative despite repeated requests for submission of information through emails dated June 10, 2025, June 20, 2025, June 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Davangere based (Karnataka) K.G.P. Jewellers (KJ) was originally formed as a partnership concern by the name of M.G. Jewellers by Mr. Ganesh D Shet, Mrs. Surekha G Shet, Mrs. Vidya M Shet and Mr. Ganesh M Revankar in 2011. Later, in April, 2014, partnership deed was reconstituted with Mr. Santosh G Shet, Mr. Maruthi C Raikar, Mr. Sandesh Raikar and Mrs. Sharda Raikar joining as new partners and name of the firm changed to K.G.P Jewellers. The firm has 2 outlets; in Davangere and Hubli. KJ is engaged in the business of retailing of gold, diamond, silver and precious stones studded jewellery. KJ procures raw materials from local market and outsources its manufacturing activities on job work basis. KJ has an associate firm, K.G.P. Gold Palace (KGP) which is engaged in similar business. KALLAM BROTHERS: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Ms. Kallam Brothers Cottons Private Limited D. No. 1608, Dhulipalla Village, Sattanapalli Andra Pradesh India - 522414 Insolvency Commencement Date: August 6, 2025 Estimated date of closure of insolvency resolution process: February 2, 2026 (180 days) Court: National Company Law Tribunal, Amaravati Bench Insolvency Professional: Chillalle Rajesh B-725, Western Plaza O.U Colony H.S Darga Hyderabad 50008 Telangana Email: chillalerajesh@yahoo.com.in Email: kbc.cirp@gmail.com Last date for submission of claims: September 11, 2025 KAMALA BOARD: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Kamala Board Box Private Limited Jagnnathpur, Barbaria, Barasat, Jagannathpur, North 24 Parganas Jagannathnur West Bengal India 700126 Insolvency Commencement Date: August 19, 2025 Estimated date of closure of insolvency resolution process: February 15, 2026 Court: National Company Law Tribunal, Kolkata Bench Insolvency Professional: Mr. Sandip Mitra 53/C, Harish Mukherjee Road, Kolkata - 700025 Email: sasoso@gmail.com Email: cirp.kbbpl@gmail.com Last date for submission of claims: September 9, 2025 LAKSHMI MOTORS: Ind-Ra Cuts Bank Loan Rating to D ------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Sri Lakshmi Motors Service Pvt. Ltd.'s (SLMSPL) bank facilities to 'IND D (ISSUER NOT COOPERATING)' from IND B-/Negative (ISSUER NOT COOPERATING)/'IND A4 (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: -- INR128.70 mil. Bank Loan Facilities (Long-term/Short term) downgraded with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on the best available information. Detailed Rationale of the Rating Action The downgrade reflects delays in debt servicing by SLMSPL. Ind-Ra has relied on information available through from public domain. However, Ind-Ra has not been able to ascertain the reason for the delays, as the company has been non-cooperative. The ratings continue to be maintained in 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 SLMSPL while reviewing the rating. Ind-Ra had consistently followed up with SLMSPL over emails 11 October 2017, apart from phone calls. The issuer has also not been submitting their monthly no default statement. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of SLMSPL, 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 SLMSPL has been non-cooperative with the agency since September 2, 2016. About the Company SLMSPL was incorporated in 2002, and was initially an authorized service provider for Eicher trucks and buses manufactured by VE Commercial Vehicle Ltd. The company now also concentrates on sales of Eicher buses and trucks. M Shankar is the managing director of the company and T.C Mariah and Renuka Shankar are the other directors. LILY JEWELLERY: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Lily Jewellery Private Limited Unit No. 503, Block No. II, Seepz Sez, Andheri (E), Mumbai, Maharashtra, India - 400096 Insolvency Commencement Date: August 25, 2025 Estimated date of closure of insolvency resolution process: February 21, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mukesh Khathuria 6B/1105 Sapphire Heights, Lokhandwala Township, Akurli Road, Kandivali East, Mumbai Suburban, Maharashtra, 400101 Email: khathuria@hotmail.com Email: cirp.lily@gmail.com Last date for submission of claims: September 10, 2025 LOGIX INFRA: NCLAT Upholds NCLT Order Dismissing Insolvency Plea ---------------------------------------------------------------- Hindustan Times reports that the National Company Law Appellate Tribunal (NCLAT) has upheld a February 2025 order by the National Company Law Tribunal (NCLT), which cancelled the initiation of insolvency proceedings against Noida-based Logix Infrastructure, developer of the delayed Blossom County project in Noida Sector 137. Hindustan Times relates that the tribunal called the IBC petition a fraudulent misuse of the insolvency law and recalled the corporate insolvency proceedings against Logix Infrastructure. It observed that Experts Realty Professionals and Logix were "related parties," and the plea was merely "a guise" to shield the developer from financial liabilities. The appeal was filed by Experts Realty Professionals, the financial creditor that started the corporate insolvency resolution process (CIRP). "We find that the underlying loan agreement, commercial transaction, or financial debt was either fraudulent or malicious in nature. We find that there are clear fraudulent activities and collusion in the business transactions and (the NCLT) order under Section 65 (of IBC) is maintainable." the tribunal order stated. "Furthermore, it is to be noted that Logix candidly admitted debt and default without raising any objection. In the above background, we are compelled to come to the conclusion that this is nothing else but collusion between Logix and Experts Realty," the order, as cited by Hindustan Times, said. With this new order, the INR55 lakh penalty imposed earlier by NCLT, stayed during the appeal, must now be paid by Experts Realty to the Prime Minister's National Relief Fund (PMNRF), Hindustan Times says. The costs of Corporate Insolvency Resolution Process (CIRP) will also be borne by the financial creditor, the order said. According to Hindustan Times, a bench of Justice N Seshasayee and Arun Baroka dismissed the appeal, saying: "The petition under the Insolvency and Bankruptcy Code (IBC) was fraudulent and aimed at protecting Logix from its dues to homebuyers and the Noida authority." Ketan Madan advocate on behalf of Experts Realty Professionals who filed a case against Logix, said on Sep 9 that "It's a pervasive and completely misconceived order. We are going to challenge this order in the Supreme Court." M. R. EDUCATION: CRISIL Keeps B Debt Ratings in Not Cooperating --------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of M. R. Education Trust (MRET) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B/Stable (Issuer Not Cooperating) Term Loan 10.5 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MRET for obtaining information through letter and email dated August 6, 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 MRET, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MRET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MRET continues to be 'Crisil B/Stable Issuer not cooperating'. MRET was incorporated in 2014 in Ludhiana by Mr. Rajesh Kalra and his family members. The Trust provides educational service through Manav Rachna International School. MITTAL LUMBER: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Mittal Lumber Private Limited (MLPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.25 CRISIL D (Issuer Not Cooperating) Letter of Credit 4.4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with MLPL for obtaining information through letter and email dated August 6, 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 MLPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MLPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of MLPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. MLPL, incorporated in 1991, processes timber, especially pine wood and softwood, and trades in plywood. The company is promoted by Mr. Pradeep Kumar Jain and Ms. Poonam Jain. MS GORDHANBHAI: CRISIL Reaffirms B+ Rating on INR10cr Cash Loan --------------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank facility of MS Gordhanbhai M Patel (MGMP). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 Crisil B+/Stable (Reaffirmed) The rating continues to reflect the extensive experience of MGMP partner in the civil construction sector. This strength is partially offset by modest financial risk profile and working capital-intensive operations. Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of MGMP. Key rating drivers and detailed description Weaknesses: * Modest financial risk profile: The financial risk profile is weak led by modest estimated networth of INR5 crore. Total outside liabilities to adjusted networth (TOLANW) ratio stood high at 4.94 times as on March 31, 2025 (4 times a year earlier). Debt protection metrics remained modest with net cash accrual to adjusted debt ratio of 0.04 time in fiscal 2025. Improvement in the financial risk profile will be a key rating sensitivity factor. * Working capital-intensive operations: Operations of the firm remained working capital intensive as reflected in estimated gross current assets at above 412 days as on March 31, 2025, driven by receivables of 120 days. The working capital requirement is supported by bank limit and payables. Strength: * Extensive experience of the partner in the construction industry: The partner has experience of over two decades in the civil construction industry, which has given him a strong understanding of the market dynamics and enabled him to establish healthy relationships with suppliers and customers. This has enabled the firm to clock increase in revenue by 93% from INR11.6 crore in fiscal 2024 to INR22.5 crore in fiscal 2025. Liquidity: Stretched Bank limit utilisation was at 41% on average for the 12 months ended July 30, 2025. Annual cash accrual is expected at INR0.65 crore against yearly term debt obligation INR0.05 crore over the medium term. The current ratio was moderate at 1.45 times as on March 31, 2025. Outlook: Stable Crisil Ratings believes MGMP will continue to benefit from the extensive experience of its partner and established relationships with clients. Rating sensitivity factors Upward factors * Sustained increase in revenue and sustenance of operating margin, leading to higher-than- expected net cash accrual * Improvement in the financial risk profile, resulting in in overall TOLANW ratio below 2.5 times Downward factors * Decline in net cash accrual to below INR0.5 crore on account of dip in revenue or operating profit * Substantial increase in working capital requirement, weakening liquidity and financial risk profiles Established in 2001, MGMP is engaged in civil construction works such as building of underground electrical cables, electrification and allied works. It is based in Ahmedabad, Gujarat, and owned and managed by Rakesh G Patel. NV AUTOSPARES: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: NV Autospares Private Limited Plot No. 36/1&2, MIDC, Satpur, Nashik, Maharashtra, India 422007 Insolvency Commencement Date: August 25, 2025 Estimated date of closure of insolvency resolution process: February 21, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Ashish Vyas B-1A Viceroy Court CHS, Thakur Village, Kandivali (East), Mumbai Suburban, Maharashtra - 400101 Email: info@dimax.in A-402 Suashish IT Park, Dattapada Road, Borivali (East) Mumbai - 400066 Email: cirp.nvautospares@gmail.com Last date for submission of claims: September 8, 2025 PRISM ENTERPRISE: CARE Keeps C/A4 Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Prism Enterprise (PE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/Short 7.00 CARE C; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 3, 2024, placed the rating(s) of PE under the 'issuer non-cooperating' category as PE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 20, 2025, July 30, 2025 and August 9, 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 Rajkot-based (Gujarat), Prism Enterprise (PE) is a proprietorship firm established in 2016 by Ms. Kiran Ghanva with a main objective of sizing and warping of cotton yarn. Manufacturing plant is located at Rajkot. PROLIFIC SYSTEMS: CRISIL Lowers Rating on LT/ST Loans to D ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Prolific Systems and Technologies Private Limited (PSTPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable; Issuer not cooperating) Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 Issuer not cooperating') Crisil Ratings has been consistently following up with PSTPL for obtaining information through letter and email dated December 9, 2024 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 PSTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PSTPL is consistent with 'Assessing Information Adequacy Risk'. The ratings on the bank facilities of PSTPL have been downgraded to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B/Stable Issuer not cooperating' due to delay in debt service obligations to its lenders as per publicly available information. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of PSTPL. PSTPL, incorporated in 1996 in Thane, Maharashtra provides turnkey electrical, instrumentation, and automation solutions for industries such as pharmaceuticals, cement, and transformers. It also offers technical training programmes for fresh engineering graduates and working professionals in the manufacturing industry. It is currently managed by four technocrats: Mr Vijay Baoney (Managing director), Mr Vasudev Joshi (Chairman), Mr Rajesh Ballamwar (Director), and Mr Ganesh Ballamwar (Director). PROLIFIC SYSTEMS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Prolific Systems and Technologies Private Limited Plot No. A-267, MIDC, Near ESIS Hospital Road No. l6-A, Wagle Industrial Estate, Thane, Thane West, Maharashtra, India, 400604 Insolvency Commencement Date: August 26, 2025 Estimated date of closure of insolvency resolution process: February 22, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Mr. Raghunath Sabanna Bhandari Flat No. 50l Raj Atlantis 2, Opposite SYP High School, Kanakia, Mira Road, Thane, Maharashtra 401 107 Email: raghunathsb@yahoo.com 402, 4th Floor, "A" Wing, Pushp Vinod No.2, S. V. Road, Borivali West, Mumbai - 400092 Email: cirp.prolific@gmail.com Last date for submission of claims: September 9, 2025 PUNJAB RICE: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Punjab Rice and General Mills (PRGM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 2, 2024, placed the rating(s) of PRGM under the 'issuer non-cooperating' category as PRGM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PRGM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 19, 2025, July 29, 2025 and August 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Punjab Rice and General Mills (PRGM) was established as a partnership firm in 1987 and it is currently being managed by Mr. Amrik Singh and Mr. Harpal Singh. The firm is engaged in processing of paddy at its manufacturing facility located in Zira, Punjab. RAN INDIA: CRISIL Lowers Ratings on LT/ST Loans to D ---------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Ran India Steels Private Limited (RISPL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable; Issuer not cooperating) Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 Issuer not cooperating') Crisil Ratings has been consistently following up with RISPL for obtaining information through letters and emails dated June 5, 2025 and September 4, 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 RISPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RISPL is consistent with 'Assessing Information Adequacy Risk'. Corporate Insolvency Resolution Process (CIRP) has been initiated against RISPL by a financial creditor and petition is admitted as per National Company Law Tribunal (NCLT) order dated September 1, 2025. Based on the last available information, rating on bank facilities of RISPL have been downgraded to 'Crisil D/Crisil D Issuer not cooperating' from 'Crisil B/Stable/Crisil A4 Issuer not cooperating', owing to delay in debt servicing and classification of the account as a non-performing asset. RISPL was set up in 1995, by the promoters, Mr R Radha and Mr R Nagarajan. The company manufactures cold-twisted deformed bars and TMT bars; it has integrated operations with a melting furnace for manufacture of ingots and owns windmills. RRR CONSTRUCTIONS: Ind-Ra Keeps B+ Loan Rating in NonCooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained RRR Constructions & Projects Private Limited's (RRR) bank loan facilities' rating in the non-cooperating category and has simultaneously withdrawn the same. The detailed rating action is: -- INR500 mil. #Bank Loan Facilities maintained in non- cooperating category and withdrawn. #Maintained at 'IND B+ (ISSUER NOT COOPERATING)/IND A4 (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 because the issuer did not participate in the rating exercise despite repeated requests by the agency through phone calls and emails, and has not provided information about latest audited financial statement, sanctioned bank facilities and utilization, business plans and projections for the next three years, and management certificate. 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 ratings, as the agency has received a request for withdrawal of ratings and no-objection certificate issued by the bankers. 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 interactions with RRR while reviewing the rating. Ind-Ra had consistently followed up with RRR over emails since August 2024, apart from phone calls. The issuer has submitted the monthly no default statement until July 2025. Limitations regarding Information Availability Ind-Ra is unable to provide an updated forward-looking view on the credit rating of RRR, 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. RRR has been non-cooperative with the agency since August 2024. About the Company Established in 2015, Hyderabad-based RRR focuses mainly on roads, pipes, buildings, flyover projects, structure projects, national highways, irrigation and canals, road-over-bridges and related maintenance works. It has presence in Telangana, Andhra Pradesh and Karnataka. SAI BHARATHI: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sai Bharathi Homes (SBH) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.60 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 July 24, 2024, placed the rating(s) of SBH under the 'issuer non-cooperating' category as SBH had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBH continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 9, 2025, June 19, 2025, June 29, 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 Sai Bharathi Home (SBH) was incorporated on April 01, 2014 with its corporate office in Guntur, Andhra Pradesh (AP). The firm was formed by two partners, Mr. G. Sudhakar and his wife Mrs. G. Bharathi. SBH is engaged in developing real estate land and building residential homes in and around Guntur, Mangalagiri and Amravati in AP. The partners have nearly a decade of experience in the real estate industry which translates to expertise and efficient management resulting in timely completion of projects, customer-centric layout of projects and benefits across the supply chain. SAMRAT FERRO: CRISIL Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the rating on bank facilities of Samrat Ferro Alloys Private Limited (SFAPL) continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SFAPL for obtaining information through letter and email dated August 6, 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 SFAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SFAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SFAPL continues to be 'Crisil B-/Stable Issuer not cooperating'. SFAPL, incorporated in 1995 and based in Jammu & Kashmir, is owned and managed by Mr Sandeep Gulati, Ms Sadhna Gupta and Ms Ritu Gupta. The company has a pipe manufacturing facility in Sidco Industrial Complex, Jammu and Kashmir, with capacity of 70,000 tonne per annum. SHANTI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shanti Agro Foods Private Limited (SAFPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 24.5 CRISIL D (Issuer Not Cooperating) Proposed Long Term 1.46 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.04 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SAFPL for obtaining information through letter and email dated August 6, 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 SAFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SAFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SAFPL continues to be 'Crisil D Issuer not cooperating'. SAFPL was established as a partnership firm, Shanti Agro Foods, in 2008 by Mr Sahil Verma and Mr Bishanbar Lal. In 2014, the business operations were taken over by SAFPL with Mr Sahil Verma and Mr Bishanbar Lal as directors. The company mills and processes basmati and non-basmati rice. Its facility at Nilokheri in Karnal, Haryana, has milling and sorting capacity of around 10 tonne per hour. SHIVAM MASALA: CRISIL Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shivam Masala Private Limited (SMPL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.75 CRISIL B-/Stable (Issuer Not Cooperating) Cash Credit 0.25 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SMPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SMPL continues to be 'Crisil B-/Stable Issuer not cooperating'. SMPL, incorporated in 1999 and promoted by Mr. Venugopal Khanna and his family members, processes and distributes spices and pickles under its registered brand, Paras. SHOELINE: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shoeline (S) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.15 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 July 26, 2024, placed the rating(s) of S under the 'issuer non-cooperating' category as S 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 June 11, 2025, June 23, 2025, July 1, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shoeline was established as a proprietorship frim by Mr. Manish Kawlra in November 2002 at Chennai, Tamil Nadu. The firm is engaged in manufacturing of leather shoe uppers. Shoeline imports 80% of raw materials from Germany and Italy and remaining 20% from Agra and Chennai. The process includes raw leather into pattering in different size and colors and then finished product. The firm exports (100%) the finished products to German, France, United Kingdom, Portugal and Austria. Shoeline has four manufacturing branches located at Chennai, Tamil Nadu. SHYAM TEX: CRISIL Reaffirms B+ Rating on INR19cr Term Loan ---------------------------------------------------------- Crisil Ratings has reaffirmed its 'Crisil B+/Stable/Crisil A4' ratings on the bank facilities of Shyam Tex Exports Ltd (STEL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 Crisil B+/Stable (Reaffirmed) Letter of Credit 4 Crisil A4 (Reaffirmed) Overdraft Facility 2 Crisil B+/Stable (Reaffirmed) Packing Credit in Foreign Currency 16 Crisil A4 (Reaffirmed) Term Loan 19 Crisil B+/Stable (Reaffirmed) The ratings continue to reflect the large working capital requirement and the average financial risk profile. These weaknesses are partially offset by the extensive experience of the promoters in the readymade garments industry and the improving scale of operations of the company. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of STEL. Unsecured loan (~INR19.51 crore as on March 31, 2025) extended by the promoters, has been fully treated as debt because of inconsistent withdrawals by the promoters. Key Rating Drivers & Detailed Description Weaknesses: * Large working capital requirement: Gross current assets (GCAs) have been substantial, ranging from 200-260 days over the past three fiscal years, primarily due to large receivables and inventory. As on March 31, 2025, receivables and inventory stood at 126 days and 59 days, respectively. Going forward too, GCAs may remain high at 190-210 days, driven by the growing business and large receivables. Liquidity remains constrained by outstanding receivables, particularly INR11 crore from BMI Wholesale Trading Pvt Ltd, due for over six months. Though the company may recover the amount during fiscal 2026, following court proceedings, dependence on bank lines has increased, with average utilisation exceeding 90% over the 12 months through July 2025. As a result, the management's ability to manage the working capital cycle, particularly during periods of business growth, will be closely monitored. Average financial risk profile: Financial risk profile remains moderate, primarily due to the debt-funded capital expenditure of INR9 crore. Despite steady increase in reserves and moderate reliance on debt, the capital structure remains leveraged. Gearing and total outside liabilities to adjusted networth ratios are estimated to be in the range of 3-3.2 times and 4-4.3 times, respectively, as on March 31, 2025. The ratios are expected to remain stable over the medium term, reflecting the company's leveraged capital structure. The debt protection metrics are moderate, with debt coverage ratio of 1.97 times in fiscal 2025. However, this metric could improve to 2.1-2.3 times over the medium term, driven by adequate profitability. Strengths: * Extensive experience of the promoters in the apparel and hosiery goods industry: The two-decade-long experience of the promoters in the apparel and hosiery goods industry, their strong understanding of market dynamics and healthy relationships with suppliers and customers will continue to aid the business risk profile. The promoters have been associated with the textile business since 2004 and ventured into readymade garment exports through STEL in 2007. Longstanding association with top customers ensure a regular inflow of orders. The company caters to demand from the US, Canada, Germany, Netherlands and UK, with clients such as Guess, French Connection and Pall Mall. It also caters to Arvind Ltd (U.S. Polo Assn) in the domestic market. * Improving scale of operations: Revenue has grown by 30% to INR113.5 crore in fiscal 2025, from INR87 crore in fiscal 2024. The company expects to achieve revenue of INR140-150 crore over the medium term, with exports contributing INR100-120 crore and domestic sales contributing INR35-40 crore. As of July 2026, the company has already booked revenue of INR33 crore. Yet, the scale of operations remains moderate, indicating further room for expansion and growth. Sustained and significant revenue growth, leading to an overall improvement in the business risk profile, will remain a key monitorable. Liquidity: Poor Estimated cash accrual of INR3.5-4 crore in fiscal 2025, is insufficient to cover the maturing debt of INR6.8 crore. This has increased reliance on the bank limit, with utilisation averaging 92.78% over the 12 months through July 2025. Current ratio stood at 1.48 times as on March 31, 2025, and is expected to remain in the range of 1.4-1.5 times. To address the shortfall, the promoters are likely to provide need-based aid, via equity and unsecured loans. Outlook: Stable STEL will continue to benefit from the extensive experience of its promoters in the apparel and hosiery goods business and their longstanding relationship with various clients both in India and abroad. Rating sensitivity factors Upward factors * Substantial and sustainable growth in revenue and profitability, leading to net cash accrual to repayment obligation ratio of 1.3-1.5 times * Improvement in working capital cycle, leading to moderation in bank limit utilisation Downward factors * Decline in revenue and operating margin, resulting in cash accrual lower than INR3-4 crore * Weakening of debt protection metrics or increase in gearing ratio * Further stretch in the working capital cycle, leading to higher reliance on the bank limit STEL, incorporated in 2004, manufactures readymade garments (t-shirts, jackets and pyjamas) and sells to reputed fashion brands such as French Connection, Gaastra International Sportwear, Guess, Crew Clothing, Just, Pall Mall and Vanity Fair. The production unit is in Faridabad. Mr Vikas Aggarwal and Mr Vinod Aggarwal are the promoters. SILVEROAK HOME: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Silveroak Home Appliances Private Limited Row House No 6, Pratap Nagar, Osmanpura Aurangabad, Maharahstra, India - 431005 Insolvency Commencement Date: August 25, 2025 Estimated date of closure of insolvency resolution process: February 21, 2026 Court: National Company Law Tribunal, Napur Bench Insolvency Professional: Siddhant Agrawal 164, Shree, Tikekar Road, Dhantoli, Nagpur Maharahstra - 440012 Email: ip.siddhantagrawal@gmail.com Email: irp.silveroak@aegisipe.com Last date for submission of claims: September 8, 2025 SIRI GANESH: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Siri Ganesh Rice and Oil Mills (SGRM) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 5.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SGRM for obtaining information through letter and email dated August 6, 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 SGRM, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGRM is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SGRM continues to be 'Crisil B/Stable Issuer not cooperating'. SGRM was incorporated by Mahajan family of Amritsar (Punjab) in 1972 as a proprietorship firm and was reconstituted as a partnership firm in 2002. It mills and processes paddy into basmati rice, rice bran, broken rice, and husk. Mr. Krishan Lal Mahajan, Mr. Sumit Mahajan, and Ms. Saroj Mahajan are partners in the firm and manage its operations. SMT. MALTI: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Smt. Malti Devi Memorial Trust (SMDMT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.55 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 September 3, 2024, placed the rating(s) of SMDMT under the 'issuer non-cooperating' category as SMDMT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMDMT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 20, 2025, July 30, 2025 and August 9, 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 Bareilly-based (Uttar Pradesh), SMDMT was established in May 2010 as an education trust by Mr. Rajesh Singh Yadav and Ms. Kusum Yadav, primarily with an objective to impart education. SMDMT runs school in the name of 'Mothers Public School' affiliated by The Central Board of Secondary Education (CBSE) Board, imparting education from pre-school till high School i.e. till 9th Standard. SVS MOOKAMBIKA: Ind-Ra Keeps D Loan Rating in NonCooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has maintained SVS Mookambika Constructions Private Limited's instrument(s) rating in the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency through emails and phone calls. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The detailed rating action is: -- INR138 mil. Fund Based Working Capital Limit maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information Detailed Rationale of the Rating Action The ratings are maintained in the non-cooperating category in accordance with Ind-Ra's policy, Guidelines on What Constitutes Non-Cooperation. Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with SVS Mookambika Constructions Private Limited while reviewing the rating. Ind-Ra had consistently followed up with SVS Mookambika Constructions Private Limited over emails, apart from phone calls. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of SVS Mookambika Constructions Private Limited on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect SVS Mookambika Constructions Private Limited's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The agency may also consider this as symptomatic of a possible disruption/distress in the issuer's credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. About the Company SVS Mookambika, incorporated in 2009, is located in Vizianagaram, Andhra Pradesh. It undertakes road development and maintenance contracts floated by the governments of Telangana, Andhra Pradesh, Karnataka and Odisha. WIN HIDE: Insolvency Resolution Process Case Summary ---------------------------------------------------- Debtor: M/s. Win Hide Private Limited Present Registered Office: 5/A2, Vanikar Street, Thiruvalam, Tiruvalam, Vellore, Walajapet, Tamil Nadu, India, 632515 Previous Previous Registered Office: No:8B/1, Old Thiruthani Road, Ranipet Walajah Taluk, 632402 Insolvency Commencement Date: August 22, 2025 Estimated date of closure of insolvency resolution process: February 18, 2026 (180 Days) Court: National Company Law Tribunal, Chennai Bench Insolvency Professional: Sudhir GS 11, Subham, Jayalakshmi Street, Keelkattalai, Chennai 600117 Email: sudhircaip@gmail.com 7 Floor, 7C&7D, KRD Gee Gee Crystal, Dr. Radha krishnan Salai, Mylapore, Chennai 600004 Email: ibc.winhide@gmail.com Last date for submission of claims: September 9, 2025 =============== M O N G O L I A =============== TRANSPORT AND DEVELOPMENT: Fitch Assigns 'B-' IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has assigned Transport and Development Bank CJSC (TransBank) a Long-Term Issuer Default Rating (IDR) of 'B-'. The Outlook is Stable. Fitch has also assigned TransBank a Viability Rating (VR) of 'b-' and Government Support Rating (GSR) of 'no support'. Key Rating Drivers IDR Driven by VR: TransBank's Long-Term IDR is driven by its intrinsic credit profile, as indicated by the VR. The VR reflects the bank's weak market position, a narrow business model with significant concentration risks, a large risk appetite, as well as loan quality that is significantly weaker and more volatile than the system average. These are counterbalanced by a capital ratio that is above the system average and low but steady risk-adjusted profitability. The Short-Term IDR of 'B' is mapped from the Long-Term IDR under Fitch's Bank Rating Criteria. Favourable Operating Environment: Fitch anticipates favourable business prospects for the banking sector, driven by Mongolia's (B+/Stable) strong medium-term economic growth, which Fitch projects at about 5.5% annually in 2025-2026. Growth is underpinned by robust mining activity, faster construction of infrastructure projects and rising per capita income. That said, banks in Mongolia remain vulnerable to abrupt changes in the economic environment and government policy. Weak Franchise, Narrow Business Model: TransBank has a weak market position with less than 2% share of loans and deposits in Mongolia's small, underdeveloped and highly competitive banking system. The bank's strategic focus has been on private and international banking, but Fitch believes it has yet to establish a durable competitive advantage. The bank's concentrated business model, combined with a large risk appetite, has resulted in volatile loan-quality performance in recent years. Aggressive Risk Appetite: Fitch assesses the bank's concentration risk as significantly higher than that of higher-rated local peers, with 59% of its loan portfolio exposed to the highly cyclical mining and construction sectors at end-2024. Moreover, Fitch expects TransBank's loan growth to remain materially above the system average over the medium term. The bank has demonstrated a strong growth appetite by expanding its loan book by about 20% in 1H25. Intensifying competition in Mongolia - particularly among smaller banks - and TransBank's low profitability, in part due to its small scale, are likely to drive rapid loan growth. Considerably Weaker Loan Quality: Fitch forecasts a moderate improvement in the bank's asset-quality metrics in the near term, based on its expectation of rapid loan growth and the relatively benign credit environment in Mongolia. The bank's stage 3 loan ratio of 13.3% at end-2024 was significantly higher than the system average of about 5%. Credit costs were higher than peers, but the bank's loan-loss allowance coverage for stage 3 loans was low at 57%. Profitability Below System Average: Fitch does not expect any material improvement in TransBank's risk-adjusted profitability over the next few years due to the bank's limited pricing power amid intense competition. The bank's funding cost and operating expenses are structurally high, which hampers profitability too. TransBank's risk-adjusted profitability has been well below that of the banking system average. Its operating profit/risk-weighted asset (RWA) ratio was 1.8% in 2024, compared with an average of about 5.7% among the major banks. Growth Pressures Capitalisation: Fitch forecasts TransBank's capitalisation to weaken moderately over the next few years, in the absence of capital injections, as the bank resumes rapid loan growth. Its assessment reflects the bank's concentrated loan portfolio in the mining and construction sectors, which are vulnerable to economic shocks, its large risk appetite and its small absolute capital base, with total equity of around USD61 million as of end-2024. Fitch views TransBank's access to capital as constrained, reflecting its modest franchise, lack of public listing and the 20% regulatory limit on single-shareholder ownership. Nevertheless, Fitch assesses the bank's capital adequacy ratio of 21% at end-1H25 as providing a reasonable buffer above the regulatory capital requirement of 12% in the near term. Funding and Liquidity Less Stable: The loan/customer deposits ratio of 117% at end-2024 was significantly above the average of about 80% for major banks. Fitch expects the ratio to remain broadly steady over the next few years, although deposit growth may marginally outpace loan growth. TransBank has high reliance on term deposits from its private banking customers, which reflects significant concentration in its funding structure, which is common among small banks. No Government Support: Fitch does not expect TransBank to receive extraordinary support from the government, due mainly to the bank's limited systemic importance. The statutory resolution approach under Mongolia's banking law for a bank that is not designated as systemically important is to liquidate upon failure, with recapitalisation by the government only applicable to banks that are officially designated as systemically important. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The Long-Term IDR will be downgraded if the VR is downgraded. The VR may be downgraded if Fitch perceives a significant deterioration in the bank's financial profile, such as reflected in a combination of the following: - the Tier 1 capital ratio falling below 16% (end-1H25: 20.7%); - the stage 3 loan ratio rising and staying above 15% (end-2024: 13.3%); and/or - the gross loan/customer deposit ratio rising and staying above 140% (end-2024: 117%). The Short-Term IDR will be downgraded to 'C' if the Long-Term IDR is downgraded to 'CCC+'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The Long-Term IDR will be upgraded if the VR is upgraded. The VR is sensitive to developments in Mongolia's operating environment. A sovereign rating upgrade, combined with steady progress towards stronger legal and regulatory framework in the banking sector, could open up the possibility of a higher operating environment score. The VR could also be upgraded in the longer term if Fitch perceives a significant improvement in the bank's business and risk profiles, accompanied by significant and sustained improvement in financial performance. This would most likely be reflected in the stage 3 loan ratio and operating profit/RWA ratio outperforming system averages - although such developments appear unlikely in the near term. Fitch may assigns a GSR above 'no support' if Fitch believes there are credible prospects of extraordinary state support. This could be reflected in TransBank being designated a systemically important bank, or by regulatory changes that set up institutional mechanisms for recapitalising failed non-systemically important banks. VR ADJUSTMENTS The capitalisation and leverage score of 'b-' has been assigned below the 'bb' category implied score for the following adjustment reason: internal capital generation and growth (negative). Date of Relevant Committee 01-Sep-2025 ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Transport and Development Bank CJSC LT IDR B- New Rating ST IDR B New Rating Viability b- New Rating Government Support ns New Rating ===================== N E W Z E A L A N D ===================== CRANKY GOAT: Biz Rescue Appointed as Liquidators ------------------------------------------------ Stuff.co.nz reports that dairy company Cranky Goat has gone into liquidation. According to Stuff, the business, based in Blenheim, Marlborough and known for making hand-crafted goat cheeses, announced the news in a social media post. "After 11 incredible years of crafting our beloved cheeses, the time has come to close our doors at Cranky Goat," owners Hellene and Simon Lamb said. "We've poured our souls into this business, fighting through three major weather events and the unprecedented challenges of Covid-19 with brave faces and unwavering determination." The pair said they had "fought as hard as we possibly could" and thanked their loyal customers. "Your support, your enthusiasm, and your love for Cranky Goat have been the fuel that kept us going through thick and thin," the statement said. "We wouldn't have made it this far without you.This isn't the goodbye we ever imagined, but we leave with full hearts, immensely proud of what we've built together." Biz Rescue Limited chartered accountant Geoff Falloon has been appointed the company's liquidator, Stuff discloses. Mr. Falloon has set October 10 as the last day for creditors to make their claims and establish any priority their claims may have. Cranky Goat is the second dairy company to be placed into liquidation in recent weeks, following the closure of Denheath Desserts in Timaru, Stuff notes. JLF CONSTRUCTION: Court to Hear Wind-Up Petition on Sept. 29 ------------------------------------------------------------ A petition to wind up the operations of JLF Construction Limited will be heard before the High Court at Tauranga on Sept. 29, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on July 18, 2025. The Petitioner's solicitor is: Timothy Saunders Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton JVC AUTO: Court to Hear Wind-Up Petition on Oct. 9 -------------------------------------------------- A petition to wind up the operations of JVC Auto Export Limited (trading as Waikato Car Removal) will be heard before the High Court at Auckland on Oct. 9, 2025, at 10:45 a.m. BOC Limited filed the petition against the company on July 10, 2025. The Petitioner's solicitor is: Gregory David Trainor Hill Lee & Scott Lawyers Unit 4, 31 Tyne Street Addington Christchurch LIVESTOCK VISIBILITY: Creditors' Proofs of Debt Due on Oct. 6 ------------------------------------------------------------- Creditors of Livestock Visibility Solutions Limited are required to file their proofs of debt by Oct. 6, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 28, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 MADSEN & GREEN: Creditors' Proofs of Debt Due on Oct. 10 -------------------------------------------------------- Creditors of Madsen & Green Contracting Limited are required to file their proofs of debt by Oct. 10, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 26, 2025. The company's liquidator is: Derek Ah Sam Rodgers Reidy (NZ) Limited PO Box 45220 Te Atatu Auckland 0651 UPSTREAM MEDICAL: Placed Into Liquidation ----------------------------------------- National Business Review reports that Upstream Medical Technologies has been put into liquidation. The move followed a special resolution by shareholders, NBR relates. Backers of the company included venture capital firm Pacific Channel, Otago Innovation and Booster Innovation Fund. Upstream Medical Technologies -- https://www.upstreamdx.com/ -- developed novel biomarkers that will rapidly identify patients with cardiac ischemia. WIMPEX LTD: Placed In Voluntary Liquidation ------------------------------------------- Insurance Business reports that Wimpex Ltd has been placed in voluntary liquidation, potentially leaving 55 people without work unless a buyer comes forward. Rising insurance costs were among the factors spurring the liquidation, according to WImpex founder Vladan Vukovic. The decision to liquidate marks the end of a 45-year journey that began in Yugoslavia with an egg farm run by Vukovic and his wife, Nataša. According to The Press, the couple moved to New Zealand in 2004 and rebuilt the business from the ground up, eventually turning it into the country's largest manufacturer of dry food packaging, Insurance Business relays. "That was a 20-year-old business that got bombed and wiped out by physical force, and then we came here and created something very good from nothing again – took us one-and-a-half decades," Vukovic told The Press. The firm's collapse was driven by a combination of factors, with the COVID-19 pandemic hitting hardest. Exports to China fell from NZD20 million to NZD5 million a year. According to Insurance Business, Vukovic said he had retained the company's 120 employees for as long as possible in the hope the export market would recover. "It simply didn't happen," he said. The company reduced its workforce and pivoted to the domestic market, but local demand could not replace lost Asian orders. Rising costs, particularly for rent, rates, and insurance, further strained the business. "Everything just kept going up – rent, rates, insurance – and we couldn't keep up," Vukovic said. Wimpex had been operating at a loss for months before Vukovic made the "unbearable" decision to liquidate. He described the affected employees as "personal friends" and "close family." "Unfortunately, I didn't find support from anyone and this is what hurts the most," Insurance Business quotes Vukovic as saying. "It sounds ironic, but the only sort of people that help are actually banks. Starting again at 55? I'm not sure that's going to happen." Insurance Business relates that PwC liquidator Malcolm Hollis said the business had attracted "quite strong interest" from potential buyers. If the right buyer emerges, some staff may be retained. A first report from PwC was due this week. Judith Shields and Malcolm Hollis, both licensed insolvency practitioners, were appointed as joint and several liquidators on September 4, Insurance Business discloses. Creditors have until Oct. 17 to submit claims and establish any priority for distributions under the Companies Act 1993. Based in New Zealand, Wimpex Ltd manufactures dry powder and granule food packaging. ZXT LIMITED: Pritesh Patel Appointed as Receiver ------------------------------------------------ Pritesh Patel of Patel & Co. on Aug. 29, 2025, was appointed as receiver and manager of ZXT Limited. The Receiver and Manager may be reached at: Pritesh Patel Patel & Co 344 Great South Road Papatoetoe Auckland ================= S I N G A P O R E ================= BROWN WINDOW: Commences Wind-Up Proceedings ------------------------------------------- Members of Brown Window Pte. Ltd. on Aug. 26, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Ms. Toh Ai Ling Ms. Tan Yen Chiaw Mr. Chan Kwong Shing, Adrian KPMG Services 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 GREY STAIRS: Commences Wind-Up Proceedings ------------------------------------------ Members of Grey Stairs Pte. Ltd. on Aug. 26, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Ms. Toh Ai Ling Ms. Tan Yen Chiaw Mr. Chan Kwong Shing, Adrian KPMG Services 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 JUNIPER TREAT: Commences Wind-Up Proceedings -------------------------------------------- Members of Juniper Treat Pte. Ltd. on Aug. 26, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Ms. Toh Ai Ling Ms. Tan Yen Chiaw Mr. Chan Kwong Shing, Adrian KPMG Services 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 RHEEM INT: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Aug. 22, 2025, to wind up the operations of Rheem Int Pte. Ltd. Global Consolidators Pte. Ltd. filed the petition against the company. The company's liquidator is: Ng Hoe Kiat Keith c/o Reliance 3P Advisory 7500A Beach Road #05-303/304 The Plaza Singapore 199591 TOWN CORP: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Aug. 29, 2025, to wind up the operations of Town Corp Pte. Ltd. The Hongkong and Shanghai Banking Corporation Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt and Dev Kumar Harish Nandwani BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. 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