---

       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

          Monday, September 15, 2025, Vol. 28, No. 184

                           Headlines



A U S T R A L I A

CENTRAL RESTO: First Creditors' Meeting Set for Sept. 18
EVERMIL PTY: First Creditors' Meeting Set for Sept. 17
EYEON IT: First Creditors' Meeting Set for Sept. 18
FOX RESOURCES: First Creditors' Meeting Set for Sept. 18
HEI SCHOOLS: Goes Into Liquidation Amid AUD21 Million Debts

LIBERTY FUNDING 2023-2: Moody's Ups Rating on Class F Notes to Ba2
PEPPER RESIDENTIAL 41: Moody's Assigns (P)B2 Rating to Cl. F Notes
TINGEY DEVELOPMENT: In Liquidation With 15 Unfinished Projects
YINGGIRRA PTY: First Creditors' Meeting Set for Sept. 18


C H I N A

CHINA EVERGRANDE: Gets Initial Offers for Majority Stake in Unit
PLANET GREEN: Stockholders OK All Proposals at Annual Meeting


I N D I A

AMIDEEP AUTOMOBILES: CRISIL Keeps B Rating in Not Cooperating
BIOCON BIOLOGICS: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable
BIYANI SHIKSHAN: CRISIL Keeps D Debt Ratings in Not Cooperating
COUPLE INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
D. P. FOODS: CRISIL Keeps B Debt Rating in Not Cooperating

DHARAMPAL PIPE: CRISIL Keeps B Debt Rating in Not Cooperating
DIVINE MISSION: CRISIL Keeps D Debt Ratings in Not Cooperating
EMPIRE INFRASTRUCTURE: CRISIL Keeps B+ Rating in Not Cooperating
EXPOTEC INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
HOLIDAY VILLAGE: CRISIL Keeps D Debt Ratings in Not Cooperating

J. M. FEED: CRISIL Keeps D Rating in Not Cooperating Category
JRB STRIPS: CRISIL Keeps B Debt Rating in Not Cooperating
MARUTI INTERNATIONAL: CRISIL Keeps B Rating in Not Cooperating
MEET ELECTRONICS: CRISIL Keeps B Debt Rating in Not Cooperating
MORINDA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating

MS COPPER: CRISIL Moves B- Debt Ratings to Not Cooperating
NANDAN COTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
NEW HARYANA: CRISIL Keeps B Debt Ratings in Not Cooperating
NINANIYA ESTATES: CRISIL Keeps D Debt Rating in Not Cooperating
OVEL LAMINATE: CRISIL Keeps B Debt Ratings in Not Cooperating

PCP INTERNATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
PGSD AGRO: CRISIL Keeps B+ Debt Rating in Not Cooperating
RUBYKON MANUFACTURING: CRISIL Keeps D Ratings in Not Cooperating
SHIVAM ENTERPRISE: CRISIL Keeps B Debt Ratings in Not Cooperating
SHIVAM MASALA: CRISIL Keeps B- Debt Ratings in Not Cooperating

SSMP INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
TIAZO TRADE: CRISIL Keeps B Debt Rating in Not Cooperating
ZEE ENTERTAINMENT: IDBI Bank Moves NCLT With Fresh Insolvency Plea


N E W   Z E A L A N D

BEST NEWS: Major Shareholder Purchased Firm Out of Insolvency
CAFE CUBA: Owes More Than NZD1.5MM in Tax, Liquidators Reveal
FIELD DEVELOPMENTS: Creditors' Proofs of Debt Due on Sept. 25
K AND L EARTHWORKS: Court to Hear Wind-Up Petition on Oct. 6
ONYX ROOFING: Court to Hear Wind-Up Petition on Oct. 16

PET NUTRITION: Wound Up After Receivers Sell Business for NZD5.7MM
YX CONSULTING: Placed in Administration
ZERO NINE: Creditors' Proofs of Debt Due on Sept. 29
[] NEW ZEALAND: Construction Insolvencies Remain High, BWA Says


S I N G A P O R E

365 MOVERS: Court to Hear Wind-Up Petition on Sept. 26
ATOMIC TECHNOLOGIES: Court to Hear Wind-Up Petition on Sept. 19
ELAN ENGINEERING: Court Enters Wind-Up Order
FLOORS EMPORIUM: Court Enters Wind-Up Order
MADRONE ENTERPRISES: Court Enters Wind-Up Order



T H A I L A N D

MUANGTHAI CAPITAL: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable

                           - - - - -


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

CENTRAL RESTO: First Creditors' Meeting Set for Sept. 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Central
Resto Pty Ltd (trading as "Central Panel Paint & Restoration") will
be held on Sept. 18, 2025 at 10:00 a.m. via Zoom only.

Andrew Michael Smith and Robert Allan Jacobs of Auxilium Partners
were appointed as administrators of the company on Sept. 8, 2025.


EVERMIL PTY: First Creditors' Meeting Set for Sept. 17
------------------------------------------------------
A first meeting of the creditors in the proceedings of Evermil Pty
Ltd will be held on Sept. 17, 2025 at 10:00 a.m. at Hotel TOTTO, 60
Market Street, in Wollongong, NSW, and via Zoom meeting.

Danny Vrkic and Daniel O'Brien of DV Recovery Management were
appointed as administrators of the company on Sept. 8, 2025.


EYEON IT: First Creditors' Meeting Set for Sept. 18
---------------------------------------------------
A first meeting of the creditors in the proceedings of Eyeon It
Investments Pty Ltd will be held on Sept. 18, 2025 at 10:00 a.m. at
the offices of DVT Mcleods, at Level 5, 145 Eagle Street, in
Brisbane, QLD.

Bill Karageozis of DVT Mcleods was appointed as administrator of
the company on Sept. 8, 2025.


FOX RESOURCES: First Creditors' Meeting Set for Sept. 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Fox
Resources Limited will be held on Sept. 18, 2025 at 11:00 a.m. at
the offices of BRI Ferrier WA, at Level 4, 673 Murray Street, in
West Perth, WA, and via virtual meeting technology.

Shaun William Boyle of BRI Ferrier WA was appointed as
administrator of the company on Sept. 8, 2025.


HEI SCHOOLS: Goes Into Liquidation Amid AUD21 Million Debts
-----------------------------------------------------------
Aussie Childcare Network reports that a group of companies
operating childcare centres under the HEI Schools brand across
Victoria and New South Wales has plunged into liquidation, leaving
behind AUD21 million in debts and triggering widespread disruption
for families, educators, and communities.

HEI Schools, originally founded in Finland and celebrated for its
play-based, research-driven pedagogy, expanded into Australia with
ambitious plans. But behind the glossy branding and pedagogical
promise, the local operating companies struggled to stay afloat,
Aussie Childcare Network says.

According to Aussie Childcare Network, recent reports reveal that
three Geelong centers - Lara, Norlane, and Armstrong Creek -
accumulated AUD2.4 million in debt over five years. Parents have
begun withdrawing children amid fears of sudden closures, and staff
face job insecurity with little clarity from administrators.

As with other recent collapses in the sector, educators are again
bearing the brunt, Aussie Childcare Network notes. Many have
continued working despite missed wages and mounting uncertainty,
driven by their commitment to children and families. Yet their
dedication is met with silence from ownership and slow-moving
investigations.

This echoes the broader crisis seen in the Genius Childcare
collapse, where unpaid superannuation, wage theft, and opaque
financial dealings left hundreds of educators stranded, adds Aussie
Childcare Network.

The childcare chain trades under the names HEI Schools as well as
ILO Early Learning, and has centres across Victoria and New South
Wales.

The chain was placed into administration in February 2025.  The
voluntary administration covers 16 entities including 11 centres
that are operating. These include regional Victorian sites in
Dandenong North, Ballarat and Emerald, Charlotte in Brisbane's CBD,
Gosford on the Central Coast in NSW, St Leonards in the north of
Sydney, as well as Brunswick East in Melbourne.


LIBERTY FUNDING 2023-2: Moody's Ups Rating on Class F Notes to Ba2
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on two classes of notes
issued by Liberty Funding Pty Ltd in respect of Liberty Series
2023-2.

The affected ratings are as follows:

Issuer: Liberty Series 2023-2

Class E Notes, Upgraded to Baa2 (sf); previously on Jan 20, 2025
Upgraded to Baa3 (sf)

Class F Notes, Upgraded to Ba2 (sf); previously on Jan 20, 2025
Upgraded to Ba3 (sf)

A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by (1) an increase in credit enhancement
(via note subordination and the Guarantee Fee Reserve) available to
the affected notes and (2) the collateral performance to date.

No actions were taken on the remaining rated classes in the deal as
credit enhancement remains commensurate with the current ratings
for the respective notes.

The now fully-funded and non-amortising Guarantee Fee Reserve
Account provides credit support of 0.3% of the original balance of
the notes (or 0.6% of the current balance). The account can be used
to cover charge-offs against the notes and liquidity shortfalls
that remain uncovered after drawing on the liquidity facility and
principal.

Following the August 2025 payment date, note subordination
available for the Class E and Class F Notes has increased to 2.6%
and 2.0% respectively, from 2.4% and 1.9% at the time of the last
rating action for these notes in January 2025. Principal
collections have been distributed on a pro-rata basis among the
outstanding notes since the March 2025 payment date. The current
total outstanding balance of the notes represents 49.0% of the
total closing balance.

As of August 2025, 3.1% of the outstanding pool was 30-plus days
delinquent and 1.2% was 90-plus days delinquent. The deal has not
incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's have updated Moody's expected loss assumption to 1.39% of
the outstanding pool balance (equivalent to 0.7% of the original
pool balance) from 1.40% of the outstanding pool balance
(equivalent to 1.0% of the original pool balance) at the time of
the last rating action in January 2025. Moody's have maintained
Moody's MILAN CE assumption at 5.0%.

The transaction is an Australian RMBS originated and serviced by
Liberty Financial Pty Ltd, an Australian non-bank lender. A small
portion of the portfolio consists of loans extended to borrowers
with impaired credit histories or loans made on a limited
documentation basis.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

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

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.

PEPPER RESIDENTIAL 41: Moody's Assigns (P)B2 Rating to Cl. F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
notes to be issued by Permanent Custodians Limited as trustee of
Pepper Residential Securities Trust No. 41.

Issuer: Permanent Custodians Limited as trustee of Pepper
Residential Securities Trust No. 41

AUD187.50 million Class A1-s Notes, Assigned (P)Aaa (sf)

AUD427.50 million Class A1-a Notes, Assigned (P)Aaa (sf)

AUD66.00 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD31.50 million Class B Notes, Assigned (P)Aa2 (sf)

AUD8.25 million Class C Notes, Assigned (P)A2 (sf)

AUD8.25 million Class D Notes, Assigned (P)Baa2 (sf)

AUD6.00 million Class E Notes, Assigned (P)Ba2 (sf)

AUD9.75 million Class F Notes, Assigned (P)B2 (sf)

The Class G1 and G2 Notes (together, the Class G Notes), totalling
AUD5.25 million, are not rated by Moody's.

The transaction is a securitisation of residential mortgage loans
originated by Pepper Homeloans Pty Limited (Pepper Homeloans) and
serviced by Pepper Money Limited (Pepper). Pepper is an Australian
non-bank lender, traditionally specializing in non-conforming
residential lending, with a broad geographical presence and a
national distribution network.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

-- Evaluation of the underlying receivables and their expected
performance;

-- Evaluation of the capital structure and credit enhancement
provided to the notes;

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

-- The liquidity facility in the amount of 1.5% of the notes
balance with a floor of AUD1,125,000;

-- The experience of Pepper as the servicer; and

-- The presence of BNY Trust Company of Australia Limited (BNY) as
the back-up servicer in this transaction.

According to Moody's analysis, the transaction benefits from credit
strengths such as relatively high subordination to the Class A1-s
and Class A1-a Notes, and turbo repayment of the junior notes,
starting from the Class F Notes. However, Moody's notes that the
transaction features some credit weaknesses such as 62.5% of loans
are granted to self-employed borrowers, 50.9% are underwritten with
alternative documentation, and 10.4% of the portfolio is extended
to borrowers with prior credit impairments.

Moody's Individual Loan Analysis (MILAN) Stressed Loss for the
collateral pool — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 7.1%. Moody's median expected loss for this transaction is 1.2%,
which represents a stressed, through-the-cycle loss relative to
Australian historical data.

The key transactional features are as follows:

-- Principal collections will be distributed on a sequential basis
at first, with allocation to the Class A1-a and Class A2 Notes
ranking pari passu in relation to principal payments before the
call option date. Starting from the second anniversary from
closing, all notes (except for Class G Notes) may participate in
proportional principal collections distribution, subject to the
step-down criteria being satisfied. The step down criteria include,
among others, full repayment to the Class A1-s Notes, no
unreimbursed charge-offs on any of the notes and Class A2 Notes
subordination is at least doubling since closing. While any of the
other notes are outstanding, the Class G Notes' share of principal
will be allocated in reverse sequential order starting from the
Class F Notes. If step-down criteria are breached, principal
allocation will revert to sequential.

-- In accordance with the retention amount mechanism, on each
payment date until the call option date, excess spread of up to
0.20% per annum of the outstanding principal balance of the
portfolio will be used to repay junior notes, starting from the
Class F Notes. The subordination to the senior notes will be
preserved by maintaining a ledger equivalent to the excess spread
used towards the retention amount.

-- A yield enhancement reserve account will be funded by trapping
excess spread at a rate of 0.30% per annum of the outstanding
principal balance of the portfolio, subject to a maximum balance of
AUD1.5 million. While the Class A Notes (Class A1-s, Class A1-a and
Class A2 notes) and Class B Notes are outstanding, the reserve is
available to meet the required payments. Once Class A and Class B
Notes are repaid in full, the yield enhancement reserve will be
used to pay the junior notes, starting from the Class F Notes.

The key portfolio characteristics are as follows:

-- The portfolio has a weighted average scheduled loan-to-value
(LTV) ratio of 67.1%.

-- Based on Moody's classifications, 62.5% of the portfolio
comprises loans to self-employed borrowers.

-- A total of 50.9% of the portfolio consists of loans
underwritten on an alternative documentation basis.

-- Investment loans make up 36.1% of the portfolio, including
12.9% that are loans to self-managed superannuation funds (SMSFs),
based on Moody's classifications.

-- Loans with an interest-only term represent 11.7% of the
portfolio.

-- The portfolio has a weighted average seasoning of 18.3 months.

-- Loans granted to borrowers with prior credit impairment account
for 10.4% of the portfolio.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

This methodology relates to Australian transactions.

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. The Australian jobs
market and housing market are major drivers of performance. Other
reasons for worse performance than Moody's expects include poor
servicing, error on the part of transaction parties, deterioration
in credit quality of transaction counterparties, fraud and lack of
transactional governance.

TINGEY DEVELOPMENT: In Liquidation With 15 Unfinished Projects
--------------------------------------------------------------
News.com.au reports that a Perth-based residential builder has gone
bust with 15 incomplete projects after two years of operation.

Liquidators were appointed to wind up Tingey Development Group at
Hillarys, in Perth's north, on Sept. 10, news.com.au discloses.

The company's LinkedIn profile states directors Geoff and Brooke
Tingey have more than 30 years of construction experience.

It is the third registered building contractor to enter insolvency
in Western Australia this financial year, news.com.au notes.

According to news.com.au, the company advertised it had three
decades of combined experience, with records showing it registered
as a building contractor in 2023.

Homeowners with incomplete or defective work who have been affected
by the liquidation have been told to contact QBE about home
indemnity insurance arrangements.

News.com.au relates that Building and Energy executive director
Daniel Kearney said home indemnity insurance provided financial
protection for homeowners in situations such as the insolvency of
their builder.

"Contacting the insurance provider enables homeowners to begin the
process of engaging another registered builder to complete the work
or managing other remedies they may be entitled to," he said.

Unpaid subcontractors were advised to contact the appointed
liquidators at Hall and Chadwick, news.com.au relays.

ASIC statistics show more than 2,600 construction companies became
insolvent in the 12 months to March 2025, adds News.com.au.


YINGGIRRA PTY: First Creditors' Meeting Set for Sept. 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Yinggirra
Pty Ltd (trading as 'Care Shelf Aged Care Support', 'Care Shelf
Cleaning Services', 'Care Shelf Lawn & Maintenance', 'Care Shelf
Support Services' & 'Care Shelf') will be held on Sept. 18, 2025 at
10:00 a.m. via Microsoft Teams platform.

Rajiv Ghedia of Westburn Advisory was appointed as administrator of
the company on Sept. 8, 2025.





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

CHINA EVERGRANDE: Gets Initial Offers for Majority Stake in Unit
----------------------------------------------------------------
Reuters reports that the liquidators of China Evergrande Group have
received non-binding indicative offers for the developer's majority
stake in its property management arm, and potential bidders will be
invited to submit final offers as soon as November, a filing
showed.

Evergrande's liquidators control a 51.016% holding in Evergrande
Property Services Group, according to the filing by the unit on
Sept. 11, Reuters relays. Evergrande Services had a market value of
about HK$9.95 billion ($1.28 billion) before the announcement, LSEG
data showed.

According to Reuters, the filing said the liquidators have signed
confidentiality agreements with multiple parties and received
non-binding offers from some of them.

Citing people familiar with the matter, Bloomberg News reported
that subsidiaries of state-owned China Overseas Holdings and China
Resources Holdings are among the bidders who have indicated
interest in Evergrande Services, Reuters relays.

China Overseas Property Holdings told Reuters it has not bid for
Evergrande Services. China Overseas Holdings and China Resources
Holdings did not respond to requests for comment.

Evergrande Services, like its parent, has been hit hard by China's
prolonged real estate crisis, which has persisted despite repeated
efforts by Beijing to shore up demand, Reuters notes. Its shares
have plunged more than 95% since peaking in 2021.

Under a "liquidator's auction", it appears nothing firm will occur
until at least November, said David Blennerhassett, an analyst at
Smartkarma, according to Reuters.

"It will also be interesting to see if the investor - if a single
bidder - seeks to maintain EPS's (Evergrande Services') listing, or
aims for compulsory acquisition."

Reuters adds that Evergrande's liquidators are seeking buyers for
its stakes in Evergrande Services and electric vehicle maker
Evergrande New Energy Vehicle Group its two most valuable assets.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group. Edward Middleton and Tiffany Wong of
Alvarez & Marsal were appointed as the liquidators.

PLANET GREEN: Stockholders OK All Proposals at Annual Meeting
-------------------------------------------------------------
At the Annual Meeting of Stockholders of Planet Green Holdings
Corp., each of the proposals described was approved by the
Company's stockholders of record. Each of the proposals is
described in detail in the Company's Proxy Statement.

Final results for the votes regarding each proposal:

Proposal 1: Approval of electing five directors to serve as members
of the Board of Directors to hold office until the next annual
meeting of stockholders or until their respective successors have
been elected and qualified:

1. Bin Zhou

   * For: 4,596,116
   * Withheld: 819

2. Lili Hu

   * For: 4,596,217
   * Withheld: 718

3. Luojie Pu

   * For: 4,596,112
   * Withheld: 823

4. King Fai Leung

   * For: 4,596,213
   * Withheld: 722

5. Yang Cao

   * For: 4,596,112
   * Withheld: 823

Proposal 2: Approval of ratifying the appointment of YCM CPA, INC.
as the Company's independent registered public accounting firm for
the fiscal year ending December 31, 2025:

   * For: 5,802,327
   * Against: 23,957
   * Abstain: 5,294

Proposal 3: Approval, on an advisory basis, a non-binding
resolution of the compensation of our named executive officers as
disclosed in the Proxy Statement.:

   * For: 4,595,440
   * Against: 1,335
   * Abstain: 160

Proposal 4: Approval and adoption of a proposal for amendment to
the Company's Articles of Incorporation to increase the total
number of common shares which the Company has authority to issue to
1,500,000,000 shares, par value $0.001 per share as well as to
increase the total number of preferred shares which the Company has
authority to issue to 100,000,000 shares, par value $0.001 per
share, each class of shares to be issued from time to time with
such rights, preferences and priorities as the Board of Directors
shall designate:

   * For: 4,595,440
   * Against: 1,422
   * Abstain: 73

Proposal 5: Approval of the 2025 Equity Incentive Plan, a copy of
which is attached to the accompanying proxy statement as Annex A:

   * For: 4,595,462
   * Against: 1,311
   * Abstain: 162

Proposal 6: Approval of an adjournment of the Annual Meeting to a
later date or dates to permit further solicitation of proxies:

   * For: 5,797,516
   * Against: 28,768
   * Abstain: 5,294

                         About Planet Green

Planet Green Holdings Corp., headquartered in Flushing, New York,
functions as a Nevada-incorporated holding company rather than an
operating entity in mainland China.  Its business operations are
conducted through subsidiaries based in the PRC, Hong Kong, and
Canada.  The Company engages in diverse sectors, including consumer
goods, chemical products, and online advertising.

In an April 11, 2025 report, auditor YCM CPA Inc. issued a "going
concern" qualification, citing Planet Green's accumulated deficit,
working capital deficit, continued net losses, and negative
operating cash flows.  These conditions raise substantial doubt
about the company's ability to continue as a going concern.

As of June 30, 2025, the Company had $28.14 million in total
assets, $18.07 million in total liabilities, and $10.07 million in
total stockholders' equity.



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

AMIDEEP AUTOMOBILES: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Amideep
Automobiles (AA) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              9.9        CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

Established in 2012 as a partnership firm, AA is an authorised
dealer of two-wheeler vehicles of Honda Motorcycle and Scooter
India Pvt Ltd. The firm also services vehicles and sells spare
parts and accessories. AA operates through one showroom, two outlet
showrooms and one service centre in Surat, Gujarat. It is owned and
managed by Mr Amitkuamar P. Kachhadiya and his family members.


BIOCON BIOLOGICS: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed India's Biocon Biologics Limited's (BBL)
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'.
The Outlook is Stable. Fitch has also affirmed the 'BB' rating on
USD800 million secured notes issued by BBL's subsidiary, Biocon
Biologics Global Plc.

BBL's rating is based on the credit profile of its stronger parent,
Biocon Limited (BL), under its Parent and Subsidiary Linkage Rating
Criteria. Fitch thinks BL has high strategic and operational
incentives to support its subsidiary.

BBL's rating is backed by its position as a leading biosimilar
company globally, although it is small relative to global
pharmaceutical peers. Higher barriers to entry in the biosimilar
industry from larger R&D needs, and a more complex and longer
approval cycle, limit BBL's exposure to pricing pressure compared
with companies focused on small molecule generics. BL's 52.7% stake
in Syngene International Limited aids diversification, as the
subsidiary's contract research and manufacturing business has
stable margins and steady customer relationships.

The Stable Outlook reflects its expectation that BL's leverage will
fall after rising in the financial year ended 31 March 2023 (FY23)
due to its acquisition of Viatris Inc.'s (BBB/Negative) biosimilar
business. Fitch's forecast has not accounted for risks from
potential tariffs or change in drug pricing policy in the US,
considering the evolving situation.

Key Rating Drivers

Tariff Exposure: Escalating trade tensions or new tariffs in the
US, particularly those targeting pharmaceutical imports, could pose
additional risks to BL, although the recently announced tariffs and
policies do not have a significant impact. BBL derives around 40%
of its sales from the US, mostly from production sites in India and
Malaysia.

Adverse developments - if sustained over the medium term - could
affect the pace of deleveraging and BL's credit profile. More
clarity is needed to assess the overall impact on BBL in the medium
term, but debt reduction from a recent equity issuance may help to
cushion the potential impact.

Equity Issuance Aids Deleveraging: BL's EBITDA net leverage, after
proportional consolidation of Syngene and assuming no US tariff
impact, will fall close to Fitch's positive rating threshold of
4.0x in FY26, from 6.1x at FYE25, which reflected the Syngene
acquisition and in-progress sales ramp-up. The drop will be due to
its expectation that BL's EBITDA will rise 12% yoy in FY26,
assuming no US tariff impact, and BL's plan to use proceeds from
the INR45 billion equity issuance and to repay debt and other
structured instruments.

Fitch expects BL to sustain positive free cash generation in light
of its prudent approach towards new growth investments after the
completion of existing projects and stable dividends. BL's EBITDA
net leverage was around 2.0x before the acquisition, and it has
said it will focus on returning leverage to below 3.0x.

Leading Position in Biosimilars: BBL's proven R&D record and
in-house manufacturing and commercialisation capabilities underpin
its competitive advantage, despite a moderate scale. BBL has the
third-largest share by volume for trastuzumab and second-largest
for both pegfilgrastim and insulin glargine in the US market, with
the share rising in recent years. BBL is one of the five biggest
sellers of trastuzumab, pegfilgrastim, bevacizumab, adalimumab, and
etanercept in Europe. BBL also has robust market shares in several
products in emerging markets.

Healthy Pipeline: BBL's biosimilar pipeline of two under-review and
10 under-development assets targets high-value opportunities. New
launches and rising penetration, particularly in the US, should
support healthy sales growth despite some price erosion in existing
products. BBL's approved portfolio expanded to eight biosimilars,
from six last year, in the US and nine in Europe, underscoring its
robust R&D record. BL's pipeline of generic formulations includes
high-growth glucagon-like-peptide products, including liraglutide,
for which it was the first company to get UK approval.

Rating Based on Parent's Profile: BBL's large financial
contribution and favourable long-term growth prospects underpin the
parent's high strategic incentive to support its subsidiary, which
is reflected in regular financial support. Management and
decision-making are also integrated. Fitch believes their common
brand and synergies in R&D, compliance and manufacturing processes
drive high avoidance costs, resulting in high operational incentive
to provide support. Fitch assesses BL's legal incentive to support
BBL as 'Low'.

Notes Rated Above IDR: The secured notes are unconditionally and
irrevocably guaranteed by BBL and some of its subsidiaries. They
are secured by a pledge of equity shares in BBL's subsidiaries that
hold intellectual property rights for key biosimilar products. The
collateral qualifies as a Category 2 first lien, as defined in
Fitch's Corporate Recovery Ratings and Instrument Ratings Criteria,
supporting a one-notch uplift from the guarantor's rating, which is
BBL's IDR.

No Constraint on Recovery Rating: The holders of the notes have
recourse to a guarantee by BBL, an Indian entity, but this does not
subject the notes to a cap on the Recovery Rating as described
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria. Its view is based on the flexibility bondholders will
have in enforcing the collateral without having to pursue BBL's
guarantee first. Fitch believes the part of collateral that is not
subject to completion of any insolvency process in India is
sufficient to warrant the rating uplift.

Regulatory Risks: BBL has made progress in resolving US Food and
Drug Administration issues recently, but its limited
production-facility diversification exposes it to above-average
risk from adverse regulatory actions that could hurt sales and
delay new product approvals. Any US policy shifts on drug pricing
could also affect BL negatively.

Peer Analysis

BL's focus on biosimilar drugs positions its business profile well
against pharmaceutical companies focused on small molecule
generics, considering the higher entry barriers and lower pricing
pressure. Nonetheless, BL has a smaller scale and narrower pipeline
than larger pharmaceutical companies with a focus on speciality and
branded drugs, such as Teva Pharmaceutical Industries Limited
(BB+/Stable) and Jazz Pharmaceuticals Public Limited Company
(BB/Stable).

Teva also benefits from wider business diversification and lower
leverage than BL, although it is exposed to persistent pricing
pressure in generic products and litigation costs. These factors
lead to BBL's two-notch lower IDR. Jazz's one-notch higher rating
than BBL factors in its stronger competitive position and margins,
backed by a focus on novel drugs, and lower financial leverage,
which is partly counterbalanced by Jazz's narrower geographic and
product diversification.

Hikma Pharmaceuticals PLC (BBB/Stable) is rated four notches above
BBL due to its larger size and robust position in the US generic
injectables market, with stronger profitability. Hikma also has
significantly lower leverage than BL.

BL has a similar scale as Grunenthal Pharma GmbH & Co.
Kommanditgesellschaft (BB/Stable) and its leading market position
in key biosimilar products position it well against Grunenthal's
leading positions in the niche pain management category. BL also
has a better pipeline profile than Grunenthal, which remains
focused on selective acquisitions. Nonetheless, this is more than
offset by BL's markedly higher leverage, justifying BBL's one-notch
lower rating.

Key Assumptions

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- BL's consolidated revenue to increase by 10%-11% annually over
FY26 and FY27 on new product launches and ramp-up of existing
products;

- BL's EBITDA margin to remain between 20% and 21% over FY26-FY27
(FY25: 20.1%);

- BL's capex to moderate to around 10% of sales over FY26-FY27 on
completion of ongoing expansion projects (FY25: 15%);

- Dividend payout below 25% of net income.

RATING SENSITIVITIES

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

- BL's net EBITDA leverage (after proportional consolidation of
Syngene) sustained above 5.0x.

- A weaker competitive position, or an adverse regulatory action
that has the potential to affect sales or delay launches of new
biosimilar products.

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

- Sustained reduction in BL's net EBITDA leverage (after
proportional consolidation of Syngene) to close to 4.0x.

Liquidity and Debt Structure

BL had ready cash (after proportional consolidation of Syngene) of
INR41.7 billion at end-March 2025, which adequately covered INR2.3
billion of remaining long-term debt maturities over FY26 after
excluding INR16.1 billion in structured instruments that were
repaid from proceeds of the INR45 billion equity issuance in June
2025. BL also had INR34 billion in short-term working capital debt
at end-March 2025, which Fitch expects the company to roll over in
the normal course of business.

Reported debt maturities in FY27 are manageable at INR6.8 billion.
BL may face repayment obligations of more than INR35 billion in
FY27 associated with equity put options and other structured
instruments, but Fitch believes the remaining equity proceeds and
available cash at end-March 2025 should cover them adequately. BL's
annual debt maturities will exceed INR80 billion in FY30, including
the USD800 million bond due October 2029. Fitch believes BL's
improving leverage will support timely refinancing as its positive
free cash generation after FY25 is unlikely to fully cover the
repayment obligations.

Issuer Profile

BBL is a vertically integrated manufacturer of biosimilar
medicines, with presence across the value chain in key markets
globally.

Summary of Financial Adjustments

Fitch has treated BBL's USD1 billion of compulsorily convertible
preference shares as non-debt.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

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

   Entity/Debt              Rating          Prior
   -----------              ------          -----
Biocon Biologics
Limited               LT IDR BB- Affirmed   BB-

Biocon Biologics
Global Plc

   senior secured     LT     BB  Affirmed   BB

BIYANI SHIKSHAN: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Biyani
Shikshan Samiti (BSS) continue to be 'Crisil D Issuer not
cooperating'.  

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility      4        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital         7.52     CRISIL D (Issuer Not
   Term Loan                        Cooperating)

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

Set up in 1997 by Mr Rajeev Biyani, Dr Sanjay Biyani and Dr Manish
Biyani, BSS was initially a coaching institute. The society set up
its first institute, Biyani Girls College, in Jaipur, Rajasthan, in
2003. It currently operates six institutes under the brand Biyani
in Vidhyadhar Nagar and Kalwar, Jaipur. The institutes offer
courses in the fields of commerce, nursing, education, technology,
information technology and management. BSS has more than 4,300
students.


COUPLE INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Couple
International Private Limited (CIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing        5.9         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Term Loan             0.1         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             0.02        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             0.36        CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital       0.09        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

CIPL, incorporated in 1998, manufactures and exports ready-made
garments, primarily shirts, tops, skirts, and blouses, among
others. It has a manufacturing capacity of 1 million pieces per
annum at its facility in Noida (Uttar Pradesh). The operations are
managed by the promoter, Mr. Rituraj Gupta.


D. P. FOODS: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
Crisil Ratings said the rating on bank facilities of D. P. Foods
Private Limited (DPFPL; part of the Bansal group) continues to be
'Crisil B/Stable Issuer not cooperating'.  

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

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

The Bansal group is based in Sitapur, Uttar Pradesh, and processes
non-basmati rice and masoor dal (red lentils). It is promoted and
managed by Mr Sanjay Kumar Agarwal and his family members.

DPFPL was incorporated in 1997. BRMPL was set up in 2006 as a
proprietorship firm; it was reconstituted as a private limited
company in 2011.


DHARAMPAL PIPE: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Dharampal Pipe
and Tubes Private Limited (DPTPL) continues to be 'Crisil B/Stable
Issuer not cooperating'.  

                     Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          7        CRISIL B/Stable (ISSUER NOT
                                 COOPERATING)

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

DPTPL, incorporated on February 14, 2013, commenced operations from
April 1, 2013. The company, promoted by Mr Ajay Kumar Singhal, Ms
Rinky Singhal, and Surge Exim Pvt Ltd, trades in round steel tubes,
mild steel pipes, and galvanised iron pipes.


DIVINE MISSION: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Divine
Mission Educational Trust (DMET) continues to be 'Crisil D/Crisil D
Issuer not cooperating'.  

                         Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility       3        Crisil D (Issuer Not
                                     Cooperating)

   Term Loan                9        Crisil D (Issuer Not
                                     Cooperating)

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


DMET is a Haryana-based educational trust that was registered in
2012. It runs the Divine International Public School at Fatehabad.
It is affiliated to the CBSE board and provides education from
nursery to senior secondary level. Mr. JP Hayer is the promoter of
the trust.


EMPIRE INFRASTRUCTURE: CRISIL Keeps B+ Rating in Not Cooperating
----------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Empire
Infrastructure (EI) continues to be 'Crisil B+/Stable Issuer not
cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan            12.5        Crisil B+/Stable (Issuer Not
                                    Cooperating)

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

EI was established in 2021 by 19 partners, including Mr. Bhavesh
Kundariya, Mr Prakash Patel, Mr Prakashkumar Bhakshiram, Mr Bharat
Gami, Mr Dilip Gami, Mr Savji Sadathiya, Mr Jignesh Kela, Mr
Jignesh Sanghani, Mr Mehulkumar Dekhwadiya and Mr Hirendar
Sawariya.

The firm is developing a commercial project that comprises 132
units covering 4,633.92 square metres of land in Morbi. The project
began in March 2022 and is expected to be completed by
August-September 2023.


EXPOTEC INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Expotec
International Private Limited (EIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing          8         CRISIL D (Issuer Not  
   Credit & Export                   Cooperating)
   Bills Negotiation/
   Foreign Bill
   discounting             
                                    
   Letter of credit       14         CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

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

Incorporated in 1995, EIPL executes engineering projects under a
line of credit issued by the Government of India. It exports
equipment and implements projects in industries such as
fertilisers, healthcare, textile, sugar and power transmission.
EIPL has representative offices in the UAE, Sudan, Ethiopia,
Senegal, Togo, Cote D'Ivoire and the Russian Federation.


HOLIDAY VILLAGE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Holiday
Village Resorts Private Limited (HVRPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Term Loan            15.12        CRISIL D (Issuer Not
                                     Cooperating)

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

HVRPL, based in Gandhidham (Gujarat), was incorporated in 2001. It
operates a three-star ethnic resort, Holiday Village Resorts, and a
club, Holiday Club.


J. M. FEED: CRISIL Keeps D Rating in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of J. M. Feed
Mills Private Limited (JMF) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9.8        CRISIL D (Issuer Not
                                     Cooperating)

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

JMF, incorporated in 2010, manufactures concentrated poultry feed
and cattle feed. The manufacturing facility is at Jind (Haryana).
The company is promoted by Mr Baljit Singh and family.


JRB STRIPS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of JRB Strips
Private Limited (JRB) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

Incorporated in 1999, Ludhiana-based JRB manufactures electric
resistance welding pipes. Mr Surender Kumar and his family members
are the promoters.


MARUTI INTERNATIONAL: CRISIL Keeps B Rating in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Maruti
International - New Delhi (MI) continues to be 'Crisil B/Stable
Issuer not cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         Crisil B/Stable (Issuer Not
                                    Cooperating)

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

MI was set up in 2006, by the proprietor, Mr Harish Goyal. The New
Delhi-based firm trades in dry fruits and poppy seeds.


MEET ELECTRONICS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Meet
Electronics Junction Private Limited (MEJPL) continues to be
'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10         CRISIL B/Stable (Issuer Not
                                    cooperating)

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

Incorporated in 2012, MEJPL is promoted by Ahmedabad-based Mr Amit
Patel and Mr Sandip Patel. The company is a wholesale distributor
of consumer electronics and appliances in Ahmedabad and Kheda. In
2012, the business of another entity, Meet Marketing (MMG), was
transferred to MEJPL. MMG was set up as a sole proprietorship
concern in 2001 and had distributorship rights of Godrej and
Videocon Industries Ltd.


MORINDA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Morinda Rice
and Gen. Mills (MRGM) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.25       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.75       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

Established in 1981 as a proprietorship entity and promoted by Mr.
Prem Singh, MRGM is engaged in the milling and processing of paddy
into non-basmati rice. It has an installed paddy milling capacity
of 10 tonnes per hour (tph) at Ropar district in Punjab.


MS COPPER: CRISIL Moves B- Debt Ratings to Not Cooperating
----------------------------------------------------------
Crisil Ratings has migrated the ratings on bank facilities of MS
Copper And Alloys Private Limited (MSCAAPL) to 'Crisil B-/Stable
Issuer not cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           15         Crisil B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             12         Crisil B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with MSCAAPL for
obtaining NDS through letters/emails dated June 30, 2025, July 31,
2025 and August 29, 2025 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, Crisil also sent a letter dated August 26, 2025
reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. Crisil Ratings has also tried to reach
out to the lenders of MSCAAPL to confirm timely debt servicing
during these months, but awaits any feedback.

'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 NDSs from MSCAAPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

Crisil Ratings believes that rating action on MSCAAPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of MSCAAPL
migrated to 'Crisil B-/Stable Issuer not cooperating'.  

MSCAAPL was incorporated in 2021. It is located in Bari Brahmana,
Jammu, Jammu & Kashmir. MSCAAPL is engaged in manufacturing of
copper & brass sheets, circle and strips in various grades & sizes
and sale of scrap. MSCAAPL is owned & managed by Mr. Sanjay Kumar
Jain and Mr. Vidhu Goyal.


NANDAN COTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
Crisil Ratings the ratings on bank facilities of Nandan Cotex
Private Limited (NCPL) continues to be 'Crisil B/Stable Issuer not
cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           15         Crisil B/Stable (Issuer Not
                                    Cooperating)

   Working Capital        1.44      Crisil B/Stable (Issuer Not
   Term Loan                        Cooperating)

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

Incorporated in 2012, NCPL is promoted Mr Bipinkumar Nathubhai
Bodar and Mr Viralbhai Jaysukhbhai Parvadiya, based in Rajkot,
Gujarat. It gins and presses cotton and extracts oil.


NEW HARYANA: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of New Haryana
Overseas (NHO) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B/Stable (Issuer Not
                                    Cooperating)
   Export Packing
   Credit                 6         CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

NHO was established in 1971 as a partnership firm by Mr. Navdeep
Khosla and Mr. Vikas Khosla. The firm mills basmati rice. It has an
installed paddy milling and sorting capacity of 12 tonne per hour
at Ambala, Haryana.


NINANIYA ESTATES: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ninaniya
Estates Limited (NEL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan             32.5        CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in fiscal 2005 and promoted by Mr Vijay Singh Rao, NEL
operates in the real estate development and construction industry.
It is developing two projects, Prism and Prism Portico, in
Gurugram, Haryana. Prism comprises Tower A (commercial space),
Tower B (hotel), and Tower C (executive suites). The hotel will
have 162 rooms for which the company has pre-defined agreements
with M/s Starwood Hotels and Resorts Pte Ltd, Singapore, for use of
its registered brand, Four Points by Sheraton.



OVEL LAMINATE: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ovel Laminate
LLP (OLL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan             6.35       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

Established in April, 2017, OLL, a partnership firm of Mr Amit
Ughreja, Mr Jayanti Ughreja, Mr Jasmin Patel and Mr Sandip Patel,
is engaged in the manufacture of laminate sheets.


PCP INTERNATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PCP
International Limited (PCPIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         37          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            15          CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan          2.73       CRISIL D (Issuer Not
                                      Cooperating)

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


Incorporated in 1969 by promoter, Mr HS Meijee, Chandigarh-based
PCPIL erects, fabricates, and commissions boiler turbines for power
plants under a boiler, turbine, and generator package.


PGSD AGRO: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Pgsd Agro
Industries Private Limited (PAIPL) continues to be 'Crisil
B+/Stable Issuer not cooperating'.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         Crisil B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Working       5         Crisil B+/Stable (Issuer Not
   Capital Facility                 Cooperating)

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

PAIPL was incorporated in the year 2014 by Mr. Sharvan Kumar. It is
based at Gorakhpur, Uttar Pradesh and is into milling of rice.


RUBYKON MANUFACTURING: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rubykon
Manufacturing Company (RMC) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            13         CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Letter          5.7       CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Letter of Credit        0.1       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan          6.7       CRISIL D (Issuer Not
                                     Cooperating)

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

Established in 2011 as a partnership firm by Mr. Ashok Mehta and
his wife Mrs. Bharti Mehta, RMC is engaged in manufacturing of 3
ply and 5 ply corrugated boxes and cardboard cartons widely ranging
in thickness, shapes and sizes. The firm has manufacturing plant
set up at Kala Amb, Himachal Pradesh.


SHIVAM ENTERPRISE: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivam
Enterprise - Morbi (SE) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     4.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

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

SE, based in Morbi, Gujarat, was established in 2012. The firm
trades in coal, wall tiles, ink, Abrasive, and oil lubricants used
in the ceramic machinery. It started commercial operations in
December 2013.


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.


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

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

   Packing Credit        10.5        CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2007 in New Delhi, SSMP is a closely held
public-limited company. SSMP processes fruit pulp, largely mango
pulp. The company generates majority of its revenue via export of
pulp, under the brand Garden Fresh, to the Middle East countries.


TIAZO TRADE: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Tiazo Trade
Private Limited (SNG) continues to be 'Crisil B/Stable Issuer not
cooperating'.  

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Warehouse Receipts       30       Crisil B/Stable (Issuer Not
                                     Cooperating)

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

SNG, incorporated in 1995, in Punjab, trades in agro commodities
specially sugar. The company is promoted by Mr. Kunal Yadav, Mr.
Pankaj Sharma and Mr. DK Tyagi.


ZEE ENTERTAINMENT: IDBI Bank Moves NCLT With Fresh Insolvency Plea
------------------------------------------------------------------
The Economic Times reports that IDBI Bank has filed a fresh plea in
the National Company Law Tribunal (NCLT) seeking insolvency against
media and entertainment firm ZEE.

In its petition at the Mumbai bench of NCLT, IDBI Bank, claiming to
be a financial creditor of the company, has claimed a purported
default of INR225.22 crore, ET discloses citing a regulatory filing
from the Zee Entertainment Enterprises Ltd (ZEEL).

ET relates that IDBI Bank's claim, filed under section 7 of the
Insolvency & Bankruptcy Code (IBC), arises under a Debt Service
Reserve Agreement entered into by the private sector lender and the
company for credit facilities availed by Siti Networks Ltd.

Terming the new application as "malicious, fraudulent and
meritless", ZEE in the regulatory updates said it has been filed
"with mala fide intent to harass and cause disrepute" to the
company, ET relays.

"The company vehemently disputes the bank's claims and is taking
necessary and appropriate steps to contest the same. The company
may also adopt legal remedies against the bank, including for
malicious prosecution, defamation and damages, as may be advised to
it," it said.

In 2022, IDBI Bank had filed a Section 7 plea to initiate the
Corporate Insolvency Resolution Process (CIRP) against the company
for the same purported debt forming subject-matter of the present
application, ET recalls.

"The said application filed by the Bank in 2022 was dismissed by
the NCLT vide its order dated May 19, 2023. An appeal filed by the
bank before the National Company Law Appellate Tribunal, Delhi,
challenging the said order dated May 19, 2023, was also dismissed
vide an order dated 7th April 2025," it said.

The company does not expect any financial implications from IDBI's
plea, ET notes.

                      About Zee Entertainment

Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.

As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, the National Company Law Appellate Tribunal (NCLAT)
on Aug. 31, 2023, issued notice to Zee Entertainment Enterprises
Ltd (ZEEL) in a plea by IDBI Bank to initiate insolvency
proceedings against the company.

According to Hindu BusinessLine, IDBI Bank, in its plea, said it
was unable to recover unpaid dues of around INR150 crore from Zee.

Many banks, including IndusInd, Standard Chartered, Axis Bank and
IDBI, have initiated insolvency proceedings against Zee ahead of
its merger with Sony. So far, Zee has reached a settlement with
IndusInd and Standard Chartered.




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

BEST NEWS: Major Shareholder Purchased Firm Out of Insolvency
-------------------------------------------------------------
Newsroom reports that the majority shareholder of New Zealand's
largest Chinese-language media firm has purchased the company out
of receivership and liquidation.

Best News Entertainment operated the Chinese Voice and Love FM
Chinese language radio stations, as well as digital news outlet
NZ936 which it describes as Stuff for the Chinese community.

It also operated Freeview channel TV32 (formerly TV28), which
broadcasts original content, news programmes and Taiwanese, Hong
Kong and Chinese state programming.

It also briefly operated English language channel Panda TV, which
shut down in October 2021.

Receivers were appointed to Best News Entertainment by Taiwanese
businessperson Fu-nu Tsai, the company's largest shareholder, in
June 2025, recalls Newsroom.

Tsai has now purchased the business out of receivership through a
new entity called Metro Capital Holdings, according to
documentation seen by Newsroom.

The business is directed by Taiwan based Chia-ling Lin and
Queensland based Hsueh-lan Huang.  Lin is a former director of
World TV.

Newsroom understands jobs have been lost as a part of the sale and
insolvency process, but the company and its receivers did not
respond to questions in time for publication.

According to Newsroom, the first report from joint receivers Steven
Khov Keiran Jones of Khov Jones said they had been advised the
failure of the company was due to loan arrears and default.

The receivers report, published on August 30 before the sale took
place, said the company owed Tsai NZD4,771,052, Newsroom
discloses.

The amount owing to other preferential (including Inland Revenue
and employees) and secured creditors totalled NZD1,243,233.

The purchase price is unknown, Newsroom adds.


CAFE CUBA: Owes More Than NZD1.5MM in Tax, Liquidators Reveal
-------------------------------------------------------------
Stuff.co.nz reports that Palmerston North hospitality "institution"
Cafe Cuba went into liquidation owing over NZD1.5 million in tax,
it has been revealed in the liquidators report.

The business announced its closure earlier last month after 29
years, saying they were "grateful for everything", including the
"countless memories and wonderful customers".

Stuff, citing the liquidators report, discloses that the company,
which traded as Castro Limited, owed NZD1,561,000 to preferential
and secured creditors, and NZD67,806 to unsecured creditors.

Most of the money owed was to the IRD, including NZD992,000 in PAYE
tax on staff wages and NZD512,000 on GST. Staff were also owed
about NZD24,000 in holiday pay.

Company assets were listed as fit-out and plant and equipment,
however, liquidators say it is too early to determine the
realisable value of these assets.

According to Stuff, the liquidator's report from Khov Jones said
the closure was due to the company having "insufficient assets to
satisfy its liabilities".

They have now sent out requests for the company's books, records
and legal files, while they have also frozen its bank account and
issued notices to the secured creditors asking for details of their
debt and securities, Stuff relays.

Work was underway by the liquidator to identify and realise any
company assets. At the same time, they continued to investigate the
company's affairs to determine if there were any insolvent
transactions or breaches of any relevant legislation.

They said in a statement it was too early to comment on any
recoveries and the likelihood of a distribution at this stage,
Stuff relays.

While the business had ceased trading, liquidators were still
hopeful of finding a buyer for it.

First opened in 1996, Cafe Cuba was owned by Darlene and Paul
"Woody" Woodhead, with the former described as the "brains, face
and heart behind the whole operation".


FIELD DEVELOPMENTS: Creditors' Proofs of Debt Due on Sept. 25
-------------------------------------------------------------
Creditors of Field Developments Limited are required to file their
proofs of debt by Sept. 25, 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:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua 5240


K AND L EARTHWORKS: Court to Hear Wind-Up Petition on Oct. 6
------------------------------------------------------------
A petition to wind up the operations of K AND L Earthworks Limited
will be heard before the High Court at Hamilton on Oct. 6, 2025, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 27, 2025.

The Petitioner's solicitor is:

          Christina Anne Hunt
          Inland Revenue, Legal Services
          21 Home Straight (PO Box 432)
          Hamilton


ONYX ROOFING: Court to Hear Wind-Up Petition on Oct. 16
-------------------------------------------------------
A petition to wind up the operations of Onyx Roofing Limited will
be heard before the High Court at Auckland on Oct. 16, 2025, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 31, 2025.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


PET NUTRITION: Wound Up After Receivers Sell Business for NZD5.7MM
------------------------------------------------------------------
The Press reports that receivers have wound up the receivership of
a Christchurch-based pet food exporter after selling the business
to an Australasian conglomerate for NZD5.7 million.

Pet Nutrition NZ Limited Partnership, which produced pet food under
the Kiwi Kitchens brand and was majority owned by Calvin and Jo
Smith, was one of two of the couple's businesses put into the hands
of receivers in November, The Press notes.

Earlier this year, receivers BDO sold Kiwi Kitchens - including
stock, assets and goodwill - to fellow pet food maker Masterpet, a
subsidiary of the Ebos Group, for NZD5.7 million.

Colin Gower and Diana Matchett of BDO Christchurch on Nov. 6, 2024,
were appointed as receivers and managers of Pet Nutrition NZ
Limited Partnership and Vital Petfoods Limited.


YX CONSULTING: Placed in Administration
---------------------------------------
Benjamin Francis and Garry Whimp of Blacklock Rose Limited on Sept.
11, 2025, were appointed as Administrators of YX Consulting Limited
and Shuttleworth Chartered Accountants Limited.

The Administrator may be reached at:

          Benjamin Francis
          Garry Whimp
          c/o Blacklock Rose Limited
          PO Box 6709
          Auckland 1142


ZERO NINE: Creditors' Proofs of Debt Due on Sept. 29
----------------------------------------------------
Creditors of Zero Nine Customs Limited are required to file their
proofs of debt by Sept. 29, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 1, 2025.

The company's liquidators are:

          Gareth Russel Hoole
          Raymond Paul Cox
          Ecovis KGA Limited, Chartered Accountants
          Level 2, 5–7 Kingdon Street
          Newmarket
          Auckland 1023


[] NEW ZEALAND: Construction Insolvencies Remain High, BWA Says
---------------------------------------------------------------
New data shows construction continues to lead New Zealand's
insolvency statistics, with 187 cases recorded in Q2 2025, the
highest of any industry, according to BWA Insolvency.

Figures from the latest BWA Insolvency Quarterly Market Report
reveal that while overall insolvency numbers have plateaued,
sector-specific pressures remain. The construction sector has seen
a 13% increase in business failures this quarter compared to Q2
2024, with cases dropping from 192 cases in Q1 2025 or 3%.

BWA Insolvency principal Bryan Williams says the construction
sector is continuing to feel the brunt of economic challenges, with
business services and retail trade also facing significant
challenges.

"Despite a slight quarterly dip, construction insolvencies remain
elevated. Project delays, cost overruns and cashflow constraints
are still hitting builders and contractors hard," says Williams.

"Many firms are operating on razor-thin margins. When one job falls
over, it can trigger a domino effect."

Business services also saw a sharp rise in insolvencies, jumping
56% from Q1 to Q2. Retail trade followed with a 26% increase, while
food and beverage, manufacturing, and property sectors saw modest
declines.

Mr. Williams said the data highlights the uneven nature of economic
recovery.

"Some sectors are adapting and consolidating, while others are
still under pressure. Insolvency trends are no longer just about
macro conditions, it's about how each industry is responding to
change."

While total insolvencies fell 1.6% from Q1 and 5.5% year-on-year,
Mr. Williams cautioned that the figures reflect a stabilisation at
elevated levels, not a full recovery.

"We're seeing a plateau, not a turnaround. Businesses are still
vulnerable, especially those that haven't adapted to new operating
models."

Mr. Williams said the rise of AI and digital tools is reshaping the
business landscape.

"New entrants are leveraging technology to run leaner, more agile
operations. That's where growth is happening. Older businesses that
haven't evolved are struggling to keep up."

Industry-specific insolvency trends:

* Construction: down 3% from Q1, from 192 to 187, up 13% year-on
year

* Business Services: up 57% from Q1, from 53 to 83, up 14%
year-on-year

* Retail Trade: up 26% from Q1 from 38 to 48, up 33% year-on-year

* Food & Beverage: down 18% from Q1, from 76 to 62, up 24%
year-on-year

* Manufacturing: down 16% from Q1, from 49 to 4, down 2%
year-on-year

* Property & Real Estate: down 5% from Q1, from 64 to 6, down 34%
year-on-year

Mr. Williams said early intervention remains critical: "Whether
you're in construction or consulting, the message is the same: seek
help early. Waiting too long limits your options."

Key Q2 2025 findings:

* Total insolvencies: 666 (down 1.6% from Q1, down 5.5%
year-on-year)

* Liquidations: 616 (down 3.6% from Q1, down 3.8% year-on-year )

* Receiverships: 46 (up 35.3% from Q1, up 9.5% year-on-year)

* Voluntary administrations: 4 (flat from Q1, down 82.6%
year-on-year)




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

365 MOVERS: Court to Hear Wind-Up Petition on Sept. 26
------------------------------------------------------
A petition to wind up the operations of 365 Movers & Services Pte.
Ltd. will be heard before the High Court of Singapore on Sept. 26,
2025, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on Sept. 3,
2025.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542  


ATOMIC TECHNOLOGIES: Court to Hear Wind-Up Petition on Sept. 19
---------------------------------------------------------------
A petition to wind up the operations of Atomic Technologies Pte.
Ltd. will be heard before the High Court of Singapore on Sept. 19,
2025, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company.

The Petitioner's solicitors are:
          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555


ELAN ENGINEERING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Aug. 22, 2025, to
wind up the operations of Elan Engineering Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


FLOORS EMPORIUM: Court Enters Wind-Up Order
-------------------------------------------

The High Court of Singapore entered an order on Aug. 22, 2025, to
wind up the operations of The Floors Emporium Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


MADRONE ENTERPRISES: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on Aug. 22, 2025, to
wind up the operations of Madrone Enterprises Limited.

LK Ang Corporate Pte Ltd and Ang Liang Kim filed the petition
against the company.

The company's liquidators are:

          Jason Aleksander Kardachi
          Poon Alton Murray Chun-Wen
          c/o Kroll Pte Limited
          10 Collyer Quay #05-04/05
          Ocean Financial Centre
          Singapore 049315




===============
T H A I L A N D
===============

MUANGTHAI CAPITAL: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Muangthai Capital Public Company
Limited's (MTC) Long-Term Issuer Default Rating (IDR) at 'BB' and
its National Long-Term Rating at 'A-(tha)'. The Outlooks on these
ratings are Stable. Fitch has also affirmed the 'BB' and 'A-(tha)'
issue ratings on MTC's US dollar-denominated senior unsecured bonds
and Thai baht-denominated senior unsecured bonds, respectively.

Key Rating Drivers

Standalone Profile Drives Ratings: MTC's ratings reflect its
established franchise in vehicle title lending, acceptable asset
quality, satisfactory earnings and moderate leverage. These
strengths are offset by a niche business model; its focus on
higher-risk, low-income individuals; a less institutionalised
set-up; a thin liquidity buffer; and a less-diversified funding
profile. The National Long-Term Rating also takes into
consideration MTC's credit profile relative to other rated entities
on the Thai national scale.

Subdued Economic Environment: Fitch projects Thailand's GDP growth
to slow to 1.9% in 2025 and 1.8% in 2026, from 2.5% in 2024. The
subdued economic outlook, combined with persistently high household
debt (87.5% of GDP), is likely to continue to moderate loan growth
for vehicle title lenders in the near term. However, Fitch believes
the risk of a further major deterioration in asset quality is less
likely, supported by labour market conditions which are still
adequate and tightened underwriting standards adopted by larger
lenders in recent years.

Largest Vehicle Title Lender: MTC's business profile remains
supported by its established franchise as the largest vehicle title
lender in Thailand by gross loans and branches. The company is also
one of the leading providers of land title loans, and extends
unsecured lending and hire purchase to existing title-lending
customers as supplementary products. However, the rating profile is
constrained by the niche nature of these products within the
broader financial sector and MTC's focus on lower-income
individuals.

Collateralised Lending Mitigates Risks: MTC primarily serves
semi-urban and rural borrowers, who typically have lower and less
stable incomes than the urban population. The company mitigates the
higher credit risk associated with this clientele by focusing on
secured, smaller-ticket loans, and maintaining adequate collateral
coverage relative to the loan amount.

Containable Asset-Quality Pressure: MTC's impaired-loan and credit
cost ratios may edge up slightly in 2026 (1H25 annualised: 2.6% and
2.5%, respectively; 2024: 2.7% and 3.0%) as the broader economic
effects of higher US tariffs take hold. However, Fitch does not
envisage a material weakening from 2024 levels, supported by MTC's
tightened underwriting since 2023 and a steady domestic labour
market. Its assessment on MTC's asset quality also takes into
consideration the company's relatively high loan growth appetite in
the past.

Broadly Steady Profitability: Fitch forecasts MTC's pre-tax ROAA to
decline marginally but remain well above 4% over the next two
years, supported by broadly stable lending yields and controlled
operating expenses. Annualised pre-tax ROAA was stable at 4.6% in
1H25 (2024: 4.5%), with lower credit costs offsetting a narrower
net interest margin (NIM). Fitch expects MTC's higher proportion of
costlier funding to continue to weigh on NIM through 2025, before
stabilising in 2026 as the benefits of declining domestic borrowing
rates are realised.

Leverage to Improve Gradually: MTC's debt/tangible equity ratio
declined to 3.4x by end-1H25 from 3.5x at end-2024. Fitch expects
this gradual reduction to continue over the next two years,
supported by slower loan growth and sustained profit retention. The
current leverage ratio remains below the 'bb' benchmark range of
4x-7x, reflecting its consideration of MTC's higher-risk clientele,
limited revenue diversity, greater susceptibility to unexpected
events, and financing covenants.

Gradual Funding Diversification: Its assessment of MTC's funding
and liquidity profile remains constrained by its modest liquidity
buffer and less diverse funding than higher-rated regional peers.
Debt-repayment capacity is therefore underpinned by cash inflows
from loan receivables, and refinancing.

Increased efforts to secure foreign funding over the past two years
have widened MTC's lender pool and reduced its reliance on domestic
debentures. However, Fitch expects domestic funding - particularly
through THB bonds - to remain MTC's primary funding source in the
near term, given generally more favourable onshore financing
conditions.

RATING SENSITIVITIES

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

IDRs:

The Long-Term IDR could be pressured if there are signs that
heightened asset-quality risks such that its impaired-loan ratio
approaches 5% along with the debt/tangible equity ratio surging
significantly beyond 4x without a clear path to improvement due to
sustained credit losses. Alternatively, there could also be
negative rating action if there is significant deterioration in
MTC's funding or liquidity profile, including a sustained decline
in creditor confidence.

A downgrade in the company's sector risk operating environment
score could also lead to a re-assessment of its business prospects
and lead to negative rating action. For example, this could stem
from adverse regulatory changes, material economic shocks, or
substantial weakening in household sector finances.

National Ratings:

Any negative rating action on MTC's Long-Term IDR would have a
similar effect on the National Long-Term Rating. The assessment
would also take into account the relative credit strength of peers
on the Thai National Rating scale.

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

IDRs and National Ratings:

There could be positive rating action on the National Long-Term
Rating if MTC pursues a more measured growth approach while
maintaining a steady asset quality through the cycle. This is
provided that MTC adopts a more conservative asset-liability
management - as demonstrated by a stronger liquidity buffer against
short-term funding at no less than 0.25x.

An upgrade on the IDR is less likely in the medium term, unless
there is a material and sustained improvement in multiple factor
scores.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

MTC's US dollar-denominated senior bonds and its USD3.0 billion
global medium-term note (GMTN) programme ratings are equalised with
the entity's Long-Term IDR of 'BB', and its baht-denominated senior
notes ratings are rated at the same level as the company's National
Long-Term Rating of 'A-(tha)', as they constitute the company's
unsubordinated and unsecured obligations.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The ratings on MTC's US dollar senior unsecured GMTN programme and
US dollar senior unsecured bonds will move in tandem with the
company's Long-Term IDR.

The ratings on MTC's Thai baht senior unsecured debentures will
align with its National Long-Term rating.

ADJUSTMENTS

The Sector Risk Operating Environment score has been assigned above
the implied score due to the following adjustment reason(s):
Sovereign rating (positive).

The Business Profile score has been assigned below the implied
score due to the following adjustment reason(s): Business model
(negative).

The Asset Quality score has been assigned below the implied score
due to the following adjustment reason(s): Growth (negative).

The Earnings & Profitability score has been assigned below the
implied score due to the following adjustment reason(s): Revenue
diversification (negative).

The Capitalization & Leverage score has been assigned below the
implied score due to the following adjustment reason(s): Risk
profile and business model (negative).

ESG Considerations

MTC has an ESG Relevance Score of '3' for Customer Welfare,
compared with the standard score of '2' for the finance company
sector. This reflects its retail-focused operations, which expose
it to risks around fair lending practices, pricing transparency,
repossession, foreclosure and collection practices, whereby
aggressive practices in these areas may subject the company to
legal or regulatory and reputational risk that may damage its
credit profile. The score of '3' for this factor reflects its view
that such risks are adequately managed and have a low impact on the
company's credit profile.

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

   Entity/Debt                    Rating              Prior
   -----------                    ------              -----
Muangthai Capital Public
Company Limited            LT IDR  BB      Affirmed   BB
                           Natl LT A-(tha) Affirmed   A-(tha)

   senior unsecured        LT      BB      Affirmed   BB

   senior unsecured        Natl LT A-(tha) Affirmed   A-(tha)


                           *********


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

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

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

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

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



                *** End of Transmission ***