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250918.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, September 18, 2025, Vol. 28, No. 187 Headlines A U S T R A L I A AREAWEALTH ADMINISTRATION: Accused of Insolvent Trading LINECREST PTY: First Creditors' Meeting Set for Sept. 23 MR YIP: Dumpling House to Close End of September MY RIGHT: First Creditors' Meeting Set for Sept. 23 NEWSTEAD CAPITAL: Second Creditors' Meeting Set for Sept. 23 RED LANTERN: Vietnamese Restaurant to Close After 23 Years RIDGEPEAK HOLDINGS: First Creditors' Meeting Set for Sept. 23 ROTADYNE PTY: First Creditors' Meeting Set for Sept. 23 STARLEATON HOLDINGS: Liquidators Provide Update to Creditors TINGEY DEVELOPMENT: Liquidation to Trigger Warranty Claims C H I N A CHINA EVERGRANDE: Liquidators Named as Receivers Over Hui's Assets H O N G K O N G MELCO RESORTS: Moody's Rates New Senior Unsecured USD Notes 'Ba3' I N D I A AGASTI SAHAKARI: CARE Keeps D Debt Rating in Not Cooperating ANAND MINE: CARE Keeps D Debt Ratings in Not Cooperating Category ANNAPURNA COTTON: CARE Keeps B- Debt Rating in Not Cooperating ARCOTECH LIMITED: CARE Keeps D Debt Ratings in Not Cooperating BALAJI ELECTRICAL: CARE Keeps D Debt Ratings in Not Cooperating BALWAN POULTRY: CARE Keeps D Debt Ratings in Not Cooperating BMB FOAM: CARE Keeps B- Debt Rating in Not Cooperating Category CAPTAB BIOTEC: ICRA Keeps D Debt Ratings in Not Cooperating CHAUDHARY RICE: CARE Keeps C Debt Rating in Not Cooperating CHIRAYU CHARITABLE: ICRA Keeps B+ Debt Ratings in Not Cooperating CITIZEN CARS: ICRA Keeps D Debt Ratings in Not Cooperating CONSOLIDATED CONSTRUCTION: ICRA Withdraws D Rating on Bank Loans DEEPAK AUTOMOBILES: CARE Keeps B- Debt Rating in Not Cooperating FATEHPURIA TRANSFORMERS: CARE Keeps D Rating in Not Cooperating GEETA TEXTILE: CARE Keeps D Debt Rating in Not Cooperating GOVINDAM PROJECTS: CARE Keeps B- Debt Rating in Not Cooperating GULSHAN FASHIONS: CARE Keeps B- Debt Rating in Not Cooperating MEWAR UNIVERSITY: CARE Keeps D Debt Rating in Not Cooperating NAGA ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating OM COTTEX: CARE Keeps D Debt Rating in Not Cooperating Category OM SAI: CARE Keeps B- Debt Rating in Not Cooperating Category PANKAJ C: CARE Keeps D Debt Ratings in Not Cooperating Category PHARANDE PROMOTERS: CARE Keeps B- Debt Rating in Not Cooperating QUADSEL SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating RAHEJA DEVELOPERS: Insolvency Resolution Process Case Summary SHIVAM COTEX: CARE Keeps B- Debt Rating in Not Cooperating SIDDHIVINAYAK REALHOMES: CARE Keeps D Rating in Not Cooperating SUNRISE INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating J A P A N CHOSHI ELECTRIC: Uses Self-Deprecating Humor to Cope w/ Fin'l. Woes NISSAN MOTOR: To Shut Design Studios in Calif. and Sao Paulo N E W Z E A L A N D AIKA & CO: Creditors' Proofs of Debt Due on Oct. 6 AUTO TRADING: Creditors' Proofs of Debt Due on Oct. 6 CARTER HOLT: To Close Tokoroa Plant, Over 100 Jobs Affected HINGAIA ESTATE: Creditors' Proofs of Debt Due on Oct. 14 NEBULA BUILDING: Court to Hear Wind-Up Petition on Sept. 19 PULAN FOODS: Court to Hear Wind-Up Petition on Sept. 29 S I N G A P O R E E INTERIOR: Court to Hear Wind-Up Petition on Sept. 19 FERNVALE DEVELOPMENT: Creditors' Proofs of Debt Due on Oct. 8 GAMES ANIMATION: Court to Hear Wind-Up Petition on Sept. 19 HK.JUAN RENOVATION: Court Enters Wind-Up Order KHONG LIENG: Creditors' Proofs of Debt Due on Oct. 8 - - - - - ================= A U S T R A L I A ================= AREAWEALTH ADMINISTRATION: Accused of Insolvent Trading ------------------------------------------------------- Geelong Advertiser reports that Areawealth Administration, a Geelong West based portfolio management business that lost investors millions, has been accused of insolvent trading by a liquidator, who also alleges that the company's boss refuses to co-operate. Areawealth Administration was place into liquidation on April 17, 2025, owing staff and creditors millions. Brendan Copeland of HoganSprowles has been appointed as the company's liquidator. Areawealth Administration Services provided a digital platform for the financial services industry. The company offered a cloud-based investment management platform that supports account management, workflow consolidation, and process automation. Dean Lupton co-founded AreaWealth in 2019. LINECREST PTY: First Creditors' Meeting Set for Sept. 23 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Linecrest Pty Ltd will be held on Sept. 23, 2025 at 11:30 a.m. via virtual facilities. Clifford Rocke and Jimmy Trpcevski of WA Insolvency Solutions, a division of Jirsch Sutherland, were appointed as administrators of the company on Sept. 12, 2025. MR YIP: Dumpling House to Close End of September ------------------------------------------------ Shania OBrien at Daily Mail Australia reports that Neutral Bay favourite Mr Yip confirmed it would close at the end of September. The dumpling house, run by Hong Kong–trained chef Kirk Yip, had become a go-to for handmade dim sum since opening in 2021. The news came only weeks after another Neutral Bay staple, Green Sprouts Vegan Chinese Restaurant, served its final yum cha on August 31, Daily Mail Australia says. Known for its plant-based take on Hong Kong dining, complete with roaming dim sum carts, the venue became a cult hit among vegans and non-vegans alike. These closures follow a string of other high-profile goodbyes this year, including Manly Wharf institutions Sake and El Camino Cantina, which shut down in June after 15 years, and Darlinghurst's Lankan Filling Station, which announced it will serve its final hoppers after seven years. Daily Mail Australia relates that industry insiders said it's the perfect storm of rising rents, soaring produce costs, tighter consumer budgets and shifting dining habits that has left many venues struggling. Diners are increasingly selective, with many saving their money for special-occasion meals or the next Instagram-hyped opening rather than returning to long-time favorites. MY RIGHT: First Creditors' Meeting Set for Sept. 23 --------------------------------------------------- A first meeting of the creditors in the proceedings of My Right Choice Pty Ltd will be held on Sept. 23, 2025 at 11:00 a.m. at the offices of O'Brien Palmer, at Level 9, 66 Clarence Street, in Sydney, NSW, and via Zoom teleconferencing facilities. Daniel Frisken of O'Brien Palmer was appointed as administrator of the company on Sept. 11, 2025. NEWSTEAD CAPITAL: Second Creditors' Meeting Set for Sept. 23 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Newstead Capital Group Pty Ltd has been set for Sept. 23, 2025, at 4:00 p.m. via teleconference only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Sept. 22, 2025 at 5:00 p.m. Kathleen Vouris and Richard Albarran of Hall Chadwick were appointed as administrators of the company on Aug. 19, 2025. RED LANTERN: Vietnamese Restaurant to Close After 23 Years ---------------------------------------------------------- Shania OBrien at Daily Mail Australia reports that one of Sydney's most celebrated Vietnamese restaurants has announced it will close its doors after more than two decades of service, joining a growing list of much-loved venues lost to the city's punishing dining climate. According to the report, Darlinghurst institution Red Lantern, co-founded by celebrity chef Luke Nguyen alongside his sister Pauline Nguyen and partner Mark Jensen, will serve its final meals on Saturday, November 22. Daily Mail Australia says the decision will mark the end of a 23-year chapter that reshaped the way many Australians viewed Vietnamese dining. When the restaurant first opened in 2002, it was a revelation. At the time, Vietnamese food was often associated with formica tables and budget eats, but Red Lantern changed that narrative by offering the cuisine with polished service, premium produce and a fine-dining touch. Dishes like caramelised pork and prawn-and-pork rice cakes quickly became signatures, winning critical acclaim and a loyal following. But even icons aren't immune to the current pressures crushing Sydney hospitality. Co-owner and chef Mark Jensen told the Sydney Morning Herald dwindling customer numbers during a particularly harsh winter, the rising cost of living, relentless bouts of wet weather, and Sydneysiders' growing tendency to chase the next new thing as key reasons behind the closure, Daily Mail Australia relays. The restaurant will celebrate its final months with special events and collaborations before closing the chapter on its Riley Street site. While Red Lantern winds down, the trio behind it aren't disappearing from food entirely. Luke Nguyen remains busy with his Sydney Fish Market venture and TV projects, Jensen is focusing on his Tiger Purrr Chai start-up, and Pauline Nguyen continues to build her career as an author and keynote speaker, Daily Mail Australia adds. RIDGEPEAK HOLDINGS: First Creditors' Meeting Set for Sept. 23 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Ridgepeak Holdings Pty Ltd will be held on Sept. 23, 2025 at 10:30 a.m. via virtual facilities. Clifford Rocke and Jimmy Trpcevski of WA Insolvency Solutions, a division of Jirsch Sutherland, were appointed as administrators of the company on Sept. 12, 2025. ROTADYNE PTY: First Creditors' Meeting Set for Sept. 23 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Rotadyne Pty Ltd will be held on Sept. 23, 2025 at 10:00 a.m. via Microsoft Teams. Geoffrey Trent Hancock and Trent Andrew Devine of Jirsch Sutherland were appointed as administrators of the company on Sept. 11, 2025. STARLEATON HOLDINGS: Liquidators Provide Update to Creditors ------------------------------------------------------------ Sprinter reports that a report to creditors has been prepared by the liquidators of two Starleaton companies that entered liquidation earlier this year. The companies that entered liquidation were known as Starleaton Holdings Pty Ltd and SDS Bidco Pty Ltd. Sprinter relates that the report, prepared by Andrew Blundell and Simon Cathro of Cathro & Partners, is designed to provide creditors with "an update on the progress of the Liquidations, the likelihood of a dividend and other matters as required under the law". According to Sprinter, the estimated return to staff for their wages and annual leave is estimated to be between 40.86 cents in the dollar and 100 cents in the dollar, while superannuation, redundancy and payment in lieu of notice of termination is estimated to be anywhere from 0-100. According to the liquidators, the ability to pay a dividend to a creditor in a liquidation and the timing of that dividend is affected by many factors, including the size and complexity of the administration, the amount of assets realisable, the costs of realising assets, potential recoveries and the commercial benefits of pursuing them, the number and value of creditors, the volume of enquiries from creditors and stakeholders and the impact of statutory priorities. "Whilst we have provided an estimated dividend range below, this estimate may change as there are likely to be factors not yet resolved. The dividend estimate below should be considered in conjunction with the analysis of assets and liabilities and our investigations findings," the report, as cited by Sprinter, said. Sprinter says the report references the time frame of the businesses, that originally went into voluntary administration on Jan. 18, 2024 and were initially saved from liquidation on March 15, 2024 with a Deed of Company Arrangement (DOCA) that was executed on March 28. The businesses then entered liquidation on June 11, 2025 after failing to make the promised repayments to staff for their entitlements of AUD33,333.33 per month even after a breach notice was issued on April 30. "As outlined in the Administrators' Reports, Starleaton Holdings and SDS Bidco (together, the Companies) owed in excess of AUD6 million to Peter Eaton, the late Leanne Eaton (parents of the directors), and other related entities, including Starleaton Pty Limited prior to our appointment," the creditors report said, Sprinter relays. "Mr. Peter Eaton is the father of the directors and was the former owner of the business of the Companies. He and his related parties hold a registered ALLPAP security interest over the Companies, which appears to relate to the sale of the business to the current owners in 2016/2017. As part of the DOCA, the related parties, namely Peter & Leanne Eaton, Starleaton Pty Ltd, and SDS Distributions Pty Ltd executed a Priority Deed. This Priority Deed effectively granted the Deed Administrators a first-ranking security interest over the assets of the Companies, with the balance of the related creditors agreeing to subordinate their interests. Accordingly, the rights of the noted related party creditors under their securities were subordinated to the rights of the Deed Administrators, to the extent necessary to give effect to the terms of the DOCA." Following the appointment of the liquidators, the first-ranking security interest held by the Deed Administrators remains in effect. As such, the liquidators now hold the first-ranking security interest over the Companies' assets. According to Sprinter, as part of the original sale agreement between the related parties and SDS Bidco, the following assets were excluded assets: * The "Starleaton" name; * All domain names incorporating the "Starleaton" branding, logos, and livery. * All registered and unregistered "Starleaton" trademarks; And * Items of plant and equipment listed in the schedules to the Deed, which included Bmec Model STB45, Slitter/Re-roller, Avantec log slitter, Robart Slitter, Crown CGC30E ride-on forklift. Under the terms of the agreement, these assets were licensed back to the business of the Companies by Starleaton Pty Ltd and do not form part of the assets available to creditors subject to the liquidation. As reported previously by Sprinter, these assets have been used to allow Starleaton to re-commence trading as Starleaton Pty Ltd, using the same website and branding of the business. Sprinter adds that the report to creditors also outlines the causes of the company's failure. "The Director has not advised a reason for the failure of the Companies. However, as we mentioned earlier, the Companies were placed into liquidation due to the Breach of the DOCA terms by their inability to continue to make the promised contributions. We consider the additional reasons for failure to be: Deterioration in trading performance, Inadequate cash flow or high cash use and Under capitalisation." About Starleaton Starleaton was established in 1978 and describes itself as one of the industry's leading suppliers of technology and consumables to the graphic imaging market including outdoor and indoor signage, display, point of purchase, window and floor-mounted graphics. Andrew Thomas Blundell and Simon John Cathro of Cathro & Partners were appointed as voluntary administrators of Starleaton Holdings Pty Ltd and SDS Bidco Pty Ltd on Jan. 18, 2024. On June 11, 2025, both companies were placed into liquidation after failing to meet the monthly repayments set out in the Deed of Company Arrangement (DOCA). TINGEY DEVELOPMENT: Liquidation to Trigger Warranty Claims ---------------------------------------------------------- insuranceNEWS.com.au reports that a WA regulator has told homeowners affected by the collapse of Tingey Development Group to contact builders' warranty insurer QBE. Tingey appointed liquidators on Sept. 10, becoming the third WA-registered building contractor to enter insolvency this year. According to insuranceNEWS.com.au, oversight department Building and Energy said it understands the company is yet to complete 15 projects. "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," the report quotes Building and Energy executive director Daniel Kearney as saying. Builders' warranty insurance is mandatory cover taken out by construction companies that protects homeowners against financial loss for incomplete or defective workmanship if a builder dies, disappears or becomes insolvent, the report notes. Tingey Development Group is a custom residential builder based in Hillarys, WA. Cameron Shaw and Richard Albarran of Hall Chadwick were appointed as liquidators of the company on Sept. 10, 2025. ========= C H I N A ========= CHINA EVERGRANDE: Liquidators Named as Receivers Over Hui's Assets ------------------------------------------------------------------ Reuters reports that China Evergrande Group's liquidators have been appointed to identify and preserve the assets of founder Hui Ka Yan, the Hong Kong High Court said in a ruling on Sept. 16. Hui, once one of China's richest people, has not been seen in public since he was detained by Chinese authorities in 2023 and has not complied with a court order to disclose his assets in Hong Kong and overseas, Reuters notes. Evergrande, the most high-profile casualty of China's prolonged property crisis, began defaulting on some of its bonds in 2021 and collapsed with more than $300 billion in liabilities. According to Reuters, the appointment of receivers is the liquidators' latest effort to recover $6 billion in dividends and remuneration paid to Hui and other former executives, as they fight court battles to freeze offshore assets of the founder and his former spouse, among others. Evergrande received a liquidation order from a Hong Kong court in 2024, and was kicked off the Hong Kong stock exchange last month in one of the largest delistings by market value and volume in recent years, marking an end to what's been a tumultuous boom-and-bust saga for its investors. Edward Simon Middleton and Tiffany Wong of Alvarez & Marsal are the joint liquidators of Evergrande. Hong Kong High Court Judge Herbert Au-Yeung said in the ruling on Sept. 16 there is a real risk of dissipation on Hui's part, as he breached the court order to disclose his assets, hence appointing receivers was the only way the company can obtain the information, Reuters reports. The Hong Kong court last year also made an injunction against Hui, prohibiting him from disposing of his assets worldwide worth up to $7.7 billion, Reuters recalls. On Sept. 16, the court also appointed Keith Ho of Wilkinson & Grist as supervising solicitor, Reuters discloses. The receivers are required to report to the supervising solicitor on a regular basis and answer all questions "reasonably" raised by him. 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. ================= H O N G K O N G ================= MELCO RESORTS: Moody's Rates New Senior Unsecured USD Notes 'Ba3' ----------------------------------------------------------------- Moody's Ratings has assigned a Ba3 rating to the proposed senior unsecured USD notes to be issued by Melco Resorts Finance Limited (MRF, Ba3 stable). The outlook is stable. MRF will use the proceeds mainly for refinancing purposes. RATINGS RATIONALE MRF's ratings reflect the consolidated credit quality of Melco group under Melco Resorts & Entertainment Limited (MRE), because MRF is a 100%-owned subsidiary by MRE with limited ring-fencing, and MRE relies heavily on MRF and its subsidiaries for profit generation and funding. "MRF's Ba3 rating primarily reflects MRE's established operations and high-quality assets, as well as Moody's expectation that its financial leverage will gradually improve over the next 12-18 months, underpinned by continued growth in Macao's overall gaming revenues and their strengthening market position," says Stephanie Lau, a Moody's Ratings Vice President and Senior Credit Officer. These considerations mitigate the risk associated with the company's geographic concentration in Macao SAR, China (Aa3 negative) where gross gaming revenue (GGR) is subject to policy changes in Macao and China (A1 negative). Moody's expect MRE's adjusted EBITDA will improve to around $1.3 billion in 2026 from $1.1 billion in 2024. This will be largely driven by higher gaming volumes and revenues across all segments, including VIP and premium mass, as well as steady profitability. With increased earnings and the completion of major capital spending projects, MRE will continue to generate free cash flow and gradually reduce its debt over the next 12-18 months. As a result, Moody's expect MRE's adjusted debt/EBITDA will improve to around 5.4x in 2026 from 6.7x in the last 12 months ended June 30, 2025. The projected ratio is in line with the Ba3 rating category. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The stable rating outlook reflects Moody's expectation that MRE's financial leverage will improve further over the next 12-18 months, driven by a continued recovery in earnings and reduction in debt. MRF's ratings could be upgraded if MRE further improves its earnings and reduces its debt such that its adjusted debt/EBITDA declines to below 4.5x-5.0x on a sustained basis, while maintaining good liquidity. MRF's ratings could be downgraded if MRE's adjusted debt/EBITDA exceeds 5.5x-6.0x on a sustained basis or if MRE's liquidity weakens. This situation can result from a weaker-than-expected earnings recovery, a failure to reduce debt or an aggressive financial policy. In addition, the ratings of MRF's senior unsecured notes could be downgraded if the amount of priority claims at MRF's subsidiaries increases on a sustained basis compared with MRF's own senior unsecured debt at the holding company level. The principal methodology used in these ratings was Gaming published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Melco Resorts Finance Limited is a wholly-owned subsidiary of Melco Resorts & Entertainment Limited, which is listed on the NASDAQ exchange and majority-owned by the Hong Kong-listed Melco International Development Ltd. Through Melco Resorts (Macau) Limited, Melco Resorts Finance operates two wholly-owned casinos in Macao – City of Dreams and Altira Macau. ========= I N D I A ========= AGASTI SAHAKARI: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Agasti Sahakari sakhar Karkhana Limited (ASSKL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. had, vide its press release dated September 11, 2024, placed the rating(s) of ASSKL under the ‘issuer non-cooperating’ category as ASSKL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ASSKL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 28, 2025, August 7, 2025, August 17, 2025 among others. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.’s opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable ASSKL was incorporated under Maharashtra Co-Operative Societies Act 1960 in a year 1992-93, to undertake sugar and sugar related production by Mr. Madhukarrao Kashninath Pichad (Chairman) and Mr. Sitaram Gaikar (Vice Chairman). ANAND MINE: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Anand Mine Tools Private Limited (AMTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.95 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 11, 2024, placed the rating(s) of AMTPL under the ‘issuer non-cooperating' category as AMTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AMTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 28, 2025, August 7, 2025, August 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Nagpur, Maharashtra based Anand Mine Tools Private Limited (AMTPL), was incorporated in the year 2010 by Mr. Tukaram Jawade along with his son Mr. Hemant Jawade. The company is engaged in the trading of pumps, spare parts and earthmoving machineries and also provides workshop for repairing of mining machineries. ANNAPURNA COTTON: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Annapurna Cotton Impex (ACI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 11, 2024, placed the rating(s) of ACI under the ‘issuer non-cooperating' category as ACI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 28, 2025, August 7, 2025, August 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable ACI is established in May 2012 as a partnership firm by the members of Goyal family. ACI is engaged in cotton ginning and pressing activities. The manufacturing facilities of the firm is in Sendhwa (Madhya Pradesh) with installed capacity for cotton bales of 76,500 MTPA and cotton seeds of 15,000 MTPA as on March 31, 2017. ARCOTECH LIMITED: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Arcotech Limited (AL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 266.81 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 205.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 17, 2024, placed the rating(s) of AL under the ‘issuer non-cooperating' category as AL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 2, 2025, June 12, 2025 and June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Arcotech Limited (ISIN Number: INE574I01035) was incorporated as Shri Krishna Strips Ltd in 1984 and started its operations with a unit at New Delhi to manufacture cold rolled copper/brass strips & foils with a capacity of 1,666 MT. In 2006, the company relocated its unit to Bawal, Haryana and its shares were listed on the Bombay Stock Exchange Ltd (NSE & BSE) with effect from December 28, 2007. The company undertakes manufacturing of brass & copper foils, strips and sheets including radiator brass foils and radiator copper foils at its facility in Bawal (Haryana). BALAJI ELECTRICAL: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Balaji Electrical and Hardware (BEH) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 6, 2024, placed the rating(s) of BEH under the 'issuer non-cooperating' category as BEH had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BEH continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 23, 2025, August 2, 2025, August 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Noida-based (Uttar Pradesh) BEH was incorporated in 2000 by Mr Arun Goyal. BEH is engaged in the trading of electrical goods such as fans, wires, cables, etc. In FY16, the firm has also entered into civil construction business. BALWAN POULTRY: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Balwan Poultry and Breeding Farm (BPBF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 9, 2024, placed the rating(s) of BPBF under the 'issuer non-cooperating' category as BPBF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BPBF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 26, 2025, August 5, 2025, August 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Balwan Poultry and Breeding Farm (BPBF) was established in 2000 as a proprietorship firm. The operations of the firm are currently being managed by Mr. Balwan Singh. BPBF is engaged in poultry farming business from its processing facility located at Karnal, Haryana. BMB FOAM: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of BMB Foam Products Industry (BFPI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.42 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 4, 2024, placed the rating(s) of BFPI under the 'issuer non-cooperating' category as BFPI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BFPI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 21, 2025, July 31, 2025, August 10, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable BMB Foam Products Industry (BFPI), established on July 30, 2018, was promoted by Mr. Navin Birmiwal and Mrs. Megha Birmiwal for setting up a manufacturing plant for expanded polypropylene (EXP) foam and sheets in Dibrugarh, Assam. CAPTAB BIOTEC: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA has kept the Long-Term and Short-Term rating for the Bank facilities of Captab Biotec Unit - II in the 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 1.53 [ICRA]D ISSUER NOT COOPERATING; Fund Based- Rating continues to remain under Term Loan 'Issuer Not Cooperating' Category Long Term- 1.47 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating continues to remain under 'Issuer Not Cooperating' Category Long-term- 6.50 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Short-term 3.80 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Rating continues to remain under Others 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Captab Biotec Unit - II, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Captab, incorporated in 2015, manufactures formulations of generics in oral dosage forms such as capsules, tablets and dry syrup. It also manufactures injectables. Promoted by Mr. Sushil Goel, Mr. Pawan Goel and Mr. Kapish Goel, the firm's manufacturing facilities are located in Baddi, Himachal Pradesh. Associate concerns – Total Healthcare and Shiv Industries – are also involved in the same line of business. CHAUDHARY RICE: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Chaudhary Rice Mills (CRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.40 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 6, 2024, placed the rating(s) of CRM under the 'issuer non-cooperating' category as CRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 23, 2025, August 2, 2025 and August 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Chaudhary Rice Mills (CRM) was established in 1981 as a partnership firm and is currently being managed by Mr. Anil Kumar and Mrs. Vijeta Rani sharing profit and losses equally. The firm is engaged in processing of paddy at its manufacturing facility located in Fatehabad. CHIRAYU CHARITABLE: ICRA Keeps B+ Debt Ratings in Not Cooperating ----------------------------------------------------------------- ICRA has kept the long-term ratings of Chirayu Charitable Foundation in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 12.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category Long Term- 83.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based- COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term- 9.50 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based- COOPERATING; Rating continues Others to remain under 'Issuer Not Cooperating' category As part of its process and in accordance with its rating agreement with Chirayu Charitable Foundation, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. CCF was established in 2001 and is a registered society, operating a medical college, a nursing college and a hospital at Bhopal in Madhya Pradesh, under the names of 'Chirayu Medical College & Hospital' and 'Chirayu College of Nursing'. The trust is managed by Dr. Ajay Goenka, who is the managing trustee and dean of the college. The society started with a 200- bed multi- speciality hospital, which increased to 990 beds in FY2017. It started out as the 'Chirayu Medical College & Hospital (CMCH)' in Bhopal in 2011, with Oncology and Cardiac as the only two super speciality departments; and subsequently diversified into various other specialities. In August 2016, the trust started its new cancer unit with 60 dedicated beds at CMCH. The trust currently has 196 in-house consultants in different specialties such as oncology, cardiac, radiology and pathology. The trust also operates an institute for diploma in general nursing and midwifery courses. CCF started its school of nursing in 2013. The colleges have close to 3,418 students enrolled in all its different courses. CITIZEN CARS: ICRA Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- ICRA has kept the long-term ratings of Citizen Cars in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 7.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Rating Continues to remain under Cash Credit 'Issuer Not Cooperating' Category Long Term- 3.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Rating Continues to remain under 'Issuer Not Cooperating' Category As part of its process and in accordance with its rating agreement with Citizen Cars, ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been continued to the "Issuer Not Cooperating" category. The rating is based on the best available information. Established in 1998 by Mr. Haneef Sait as a proprietorship firm in Bangalore, Citizen Cars is a private pre-owned car (POC) dealer which primarily deals in high-end range of cars. The major car brands include- Ford, Honda, Hyundai, Rolls Royce, Bentley, Land Rover, Toyota, Benz, BMW, Audi, Bugatti, Harley Davidson, Lamborghini, Jaguar, Volkswagen, Chevrolet and Skoda. It has one leased showroom in Hebbal which has a capacity of keeping ~110 cars. Prior to 2013, it was operating in an owned showroom in Banaswadi which had a capacity of keeping ~60 cars. It has a sister concern, called, New Citizen Cars, which is also a private POC dealer and operates out of a showroom with a capacity of keeping ~60 cars in Banswadi, Bangalore. CONSOLIDATED CONSTRUCTION: ICRA Withdraws D Rating on Bank Loans ---------------------------------------------------------------- ICRA has withdrawn the ratings on certain bank facilities of Consolidated Construction Consortium Limited (CCCL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term- 10.00 [ICRA]BB-(Stable); assigned Fund based- Proposed Short-term 1275.00 [ICRA]D; ISSUER NOT COOPERATING; Non-fund based Withdrawn Others Bonds/NCD/LTD 50.00 [ICRA]D; ISSUER NOT COOPERATING; Withdrawn Short-term- 190.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Long-term- 72.05 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Term Loan Long-term- 380.00 [ICRA]D; ISSUER NOT COOPERATING; Fund based Withdrawn Cash Credit Long Term- 45.00 [ICRA]D; ISSUER NOT COOPERATING; Unallocated Withdrawn Rationale The assigned rating considers the long track record of CCCL of over three decades in the civil construction industry and established relationships with its clients, reflected in its ability to secure fresh orders. As on August 31, 2025, its order book (OB) position was healthy at INR584.0 crore. The order book translates into OB/OI of 3.3 times based on FY2025 revenues and provides medium-term revenue visibility. The rating is, however, constrained by modest scale of operations with revenues of INR178.1 crore in FY2025 and loss-making operations over the past two years, primarily due to higher fixed expenses. Nevertheless, the operating margins are expected to turn positive in the near term with an expected increase in the scale of operations and the extent of improvement remains a key monitorable factor. The order book of the company is also exposed to high geographic concentration risk with orders from three states, Tamil Nadu, Karnataka, and Andhra Pradesh and absence of banking facilities constraining its working capital position. ICRA also notes that insolvency proceedings were initiated against CCCL in 2021 and the promoters settled it under Section 12A of the Insolvency and Bankruptcy Code (IBC). The settlement included INR175 crore in upfront cash payment, payment of INR80 crore within seven years from arbitration receivables and an additional INR85.42 crore to cover any invoked bank guarantees and 50% of future proceeds from arbitration claims, if received before seven years from the date of IBC settlement. The company had paid a total of INR175.0 crore to the lenders as part of the settlement before January 30, 2024 and paid the entire INR80 crore by November 2024 from the receipt of arbitration amounts. ICRA notes that the company had additionally paid INR2.5 crore to lenders as a share of 50% of future receivables as on August 31, 2025. Despite this, the company had cash balances of INR233.0 crore as on August 31, 2025, which is likely to support its working capital requirements. The cash balances sizeably improved from INR12.5 crore as on March 31, 2024 owing to receipt of income tax refund in FY2025, and sale of its wholly-owned subsidiary, CCCL Infrastructure Limited (CIL). The company sold CIL and its subsidiaries for a consideration of INR225 crore and the sale consideration was received in May 2025. ICRA also notes that the company has an outstanding BG of INR85.8 crore given in favour Oil and Natural Gas Corporation Limited (ONGC), which is backed by 100% collateral. Nevertheless, ICRA takes comfort from no BG invocation in the last one year and any invocation of the BGs would remain a key rating monitorable factor. ICRA has also withdrawn the outstanding rating of [ICRA]D; ISSUER NOT COOPERATING assigned to INR1,962.05- crore bank facilities and non-convertible debenture (NCD) of INR50.0 crore of CCCL at the request of the company and based on receipt of no-due certificate received from the bankers and in accordance with ICRA's policy on withdrawal. Key rating drivers and their description Credit strengths * Healthy order book position: CCCL has an order book of INR310.9 crore as on June 30, 2025, and the company received new orders of ~INR304.0 crore in July and August 2025. This led to the order book improving to INR584.0 crore as on August 31, 2025. The order book translates into OB/OI of 3.3 times based on FY2025 revenues and provides medium-term revenue visibility. * Experienced promoters with long track record in the construction industry: CCCL has long track record of over three decades in the construction industry with major presence in the building segment. CCCL had successfully executed more than 900 projects, encompassing over 150 million square feet of built-up area across industrial, commercial, residential, and public infrastructure segments. The established relationships with clients yield repeat orders. Credit challenges * Modest scale of operations: CCCL's scale of operations remains modest with revenues of INR178.1 crore in FY2025. The revenues of the company increased to INR178.1 crore in FY2025 from INR127.0 crore in FY2024 on account of healthy order execution and it reported revenues of INR51.6 crore in Q1 FY2026 compared with INR27.4 crore Q1 FY2025. The revenues are likely to increase to more than INR280.0 crore in FY2026, supported by a healthy order book and its execution. * Weak profit margins: The company has reported loss-making operations over the last two years ending in FY2025, primarily due to higher fixed expenses. However, with the expected increase in the scale of operations, operating margins are expected to turn positive in the near term and the extent of improvement remains a key rating monitorable. * Order book exposed to high geographic and segment concentration risks: The order book of the company is exposed to high geographic risk with the entire order book predominantly concentrated in three states - Tamil Nadu, Karnataka, and Andhra Pradesh - which together accounted for 99% of the order book. Further, the entire order book comprises construction of buildings across educational, residential, infrastructure, industrial and commercial with majority of orders from private clients exposing it to counterparty credit risk. Liquidity position: Adequate CCCL's liquidity position is adequate with cash and bank balances of INR233.0 crore as on August 31, 2025. It has expected annual repayment obligation of ~Rs. 2.0 crore and moderate capex plans of ~Rs. 30.0 crore in FY2026, which can be funded by cash flow from operations, proposed term loan and existing cash balances. Rating sensitivities Positive factors - The rating could be upgraded in case of significant scale-up in revenues and earnings of the company, along with diversification in its geographic and customer profiles on a sustained basis. Negative factors – The rating could witness a downward revision in case of any adverse impact on the revenue/earnings of the company. Further, any higher working capital requirement, adversely impacting the liquidity position of the company can trigger a downward rating revision. Consolidated Construction Consortium Limited was incorporated in 1997 as a public limited company. Since its inception, the company has concentrated on construction works in commercial, infrastructure, industrial and residential sectors. At present, CCCL has three subsidiaries, including Consolidated Interiors Limited (for interior contracting and fit-out services), Noble Consolidated Glazings Limited (for glazing services) and CCCL Power Infrastructure Limited (for undertaking BOP orders for power projects). However, these are not operational and are expected to be closed in the near term. DEEPAK AUTOMOBILES: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Deepak Automobiles (DA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.71 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 11, 2024, placed the rating(s) of DA under the 'issuer non-cooperating' category as DA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 28, 2025, August 7, 2025, August 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Established in January 1984, Gondia (Maharashtra) based DA, a proprietorship entity and is currently managed by Mr. Jayant D Jasani. The entity is an authorized dealer of Hero MotoCorp Ltd. for selling of its two wheelers, spare parts for the entire Gondia district of Maharashtra with its single showroom located at Gondia, Maharashtra and seven display centres across Gondia district. Furthermore, it also provides after sales services (repair and refurbishment) for HML's products. FATEHPURIA TRANSFORMERS: CARE Keeps D Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Fatehpuria Transformers and Switchgears Private Limited (FTSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 10.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 28.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 12, 2024, placed the rating(s) of FTSPL under the 'issuer non-cooperating' category as FTSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FTSPL continues to be noncooperative despite repeated requests for submission of information through e-mails dated July 29, 2025, August 8, 2025, August 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jaipur based, FTSPL was incorporated as a partnership firm in 1981 and was converted into private limited company in 1995. Since inception, the company is engaged in manufacturing of power & distribution transformers. FTSPL operates out of its manufacturing facility located at Kalwar road, Jaipur. Further, the company also has two wind mills of 0.8 MW each located at Karnataka and Maharashtra. GEETA TEXTILE: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Geeta Textile Mills Private Limited (SGTMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 43.81 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 17, 2024, placed the rating(s) of SGTMPL under the 'issuer non-cooperating' category as SGTMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGTMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 2, 2025, June 12, 2025, June 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable SGTMPL was established in 2008 by Madhya Pradesh based Mittal family. SGTMPL has completed its project in phase wise and started commercial operations of cotton ginning & pressing and spinning from November, 2015 and knitting of cotton yarn from February 2016. The company manufactures 100% cotton yarn of 28 counts (average) which finds application in the manufacturing of hosiery garments and bed sheets. The plant of the company has total installed capacity 10 tons per day for manufacturing of cotton yarn and 10 tons per day for knitting of cotton yarn. GOVINDAM PROJECTS: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Govindam Projects and Marketing (SGPM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 6, 2024, placed the rating(s) of SGPM under the 'issuer non-cooperating' category as SGPM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGPM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 23, 2025, August 02, 2025 and August 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jaipur (Rajasthan) based SGPM was formed in 2006 as a proprietorship concern by Mr. Sachin Goyal. SGPM is registered as 'A' (highest scale in A to D grade) class approved government electric contractor with Public Works Department (PWD), Rajasthan. It executes electric contracts for government departments as well as also takes orders on sub contract basis from other players. The firm takes the contracts from government departments through participating in tenders. The firm participates in the electric orders like electric wiring, transformers assembling and installation and all type of other electric works. GULSHAN FASHIONS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Gulshan Fashions (GF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 5, 2024, placed the rating(s) of GF under the 'issuer non-cooperating' category as GF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GF continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 22, 2025, August 1, 2025 and August 11, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jaipur based (Rajasthan) GF was formed in 2009. GF is engaged in the business of manufacturing of ladies' readymade garments. The manufacturing facility of the firm is located at 'Malviya Industrial Area, Jaipur'. MEWAR UNIVERSITY: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mewar University (MU) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.72 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 11, 2024, placed the rating(s) of MU under the 'issuer non-cooperating' category as MU had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MU continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 28, 2025, August 7, 2025 and August 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Mewar University (MU) is an autonomous body promulgated by the Government of Rajasthan through an Act passed by Rajasthan Assembly in 2009 and is also approved by the UGC with the right to confer degrees. MU was set up with an objective of providing higher and technical education to the people of Mewar region of Rajasthan in particular and India in general. MU is promoted by the Mewar Education Society (MES), Chittorgarh and is controlled by a Board of Management constituted by MES. The Board of Management is headed by the Chancellor Mr. Ashok Kumar Gadiya. NAGA ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Naga Enterprises (NE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 30, 2024, placed the rating(s) of NE under the 'issuer non-cooperating' category as NE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 15, 2025, June 25, 2025, July 05, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Naga Enterprises was established in the year 2017 by Ms. D. Rathamma as a proprietorship concern. Initially, the firm was engaged in the business of trading of Tobacco, Pulses and Shrimp. At present the firm is engaged in the wholesale and retail trading of different kinds of pulses and shrimp. The firm mostly generates 95% of the revenue from the trading of pulses only and remaining 5% from sale of shrimp. The firm sells both pulses and shrimp in the districts of Andhra Pradesh and purchases the same from the farmers located around Prakasham district, Andhra Pradesh. OM COTTEX: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Om Cottex (OC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 11, 2024, placed the rating(s) of OC under the 'issuer non-cooperating' category as OC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 28, 2025, August 7, 2025, August 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Botad (Gujarat) based Om Cottex (OC) was established in 2008 as a partnership firm. Currently, OC is managed by six partners with unequal profit and loss sharing agreement between them. OC is into the business of cotton ginning & pressing and crushing of cotton seeds. While cotton bales are used in manufacturing of cotton yarn, cotton seeds are further processed for extraction of edible oil. OC operates from its sole manufacturing facility located in Botad (Gujarat). OC markets its products in the states of Gujarat, Tamil Nadu and Maharashtra. OM SAI: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Om Sai Auto (SOSA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.75 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 2, 2024, placed the rating(s) of SOSA under the 'issuer non-cooperating' category as SOSA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SOSA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 19, 2025, July 29, 2025, August 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shri Om Sai Auto (SOSA) is a partnership firm established in August 2014 by one Mr Sidhi Nath of Gaya along with other partners Mrs Urmila Sharma. Afterwards the firm started to initiate an auto dealership business and has setup a selling and servicing facility at Gaya in Bihar. The firm as taken dealership authority from Hero Motocorp Ltd for selling and servicing two wheelers. The firm has started commercial operation from April 2016.The day-to-day affairs of the firm are looked after by Mr. Sidhi Nath (Managing Partner) with adequate support from other partner and a team of experienced personnel. PANKAJ C: CARE Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pankaj C. Patel (PCP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 10, 2024, placed the rating(s) of PCP under the 'issuer non-cooperating' category as PCP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PCP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 27, 2025, August 6, 2025 and August 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Nadiad (Gujarat) based Pankaj C. Patel (PCP) was established as a partnership firm by the Patel family in November 1979. However, in 2019, Mrs. Shantaben Patel has retired, and Mrs. Sinali M. Patel has joined as a partner. The firm is engaged in civil construction work, mainly road construction work for Government and semi-Government departments in Gujarat. The firm operates largely in Gujarat, with specific focus on the Anand, Nadiad and Kheda regions. PCP is an approved 'AA' class contractor with the State Government of Gujarat. PHARANDE PROMOTERS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Pharande Promoters and Builders (PPB) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 200.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 6, 2024, placed the rating(s) of PPB under the 'issuer non-cooperating' category as PPB had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PPB continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 23, 2025, August 2, 2025, August 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Pharande Promoters & Builders (PPB) is a partnership firm with Mr. Anil Jayram Pharande and Mr. Ramesh Jayram Pharande as the main partners. PPB primarily constructs projects in the Pimpri Chinchwad area and is a renowned builder within the area. QUADSEL SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Quadsel Systems Private Limited (QSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.35 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 23, 2024, placed the rating(s) of QSPL under the 'issuer non-cooperating' category as QSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. QSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 8, 2025, June 18, 2025, June 28, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Quadsel Systems Private Limited (QSPL) is a Chennai based company which was incorporated in the year 1995 by Mr. Girish Madhavan (Managing Director) and other 3 directors. Later in the year 1998, the constitution of QSPL changed and the current directors are Mr. Girish Madhavan and Mrs. Dhanamani Madhavan. The registered office of QSPL is located at Chennai, whereas the company has branches in Hyderabad, Kerala and Bengaluru. QSPL is engaged in the business of IT Infrastructure i.e., software development and various IT services such cloud management, network management, printing services, DBMS, ERP's etc., providing end to end solutions and products and services to various organizations. DSPL is an ISO 9001:2015 Certification and ISO 27001:2013 Certification certified company. QSPL is a dealer and channel partner of HewlettPackard, Microsoft, and DELL etc. RAHEJA DEVELOPERS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: RAHEJA DEVELOPERS LIMITED Registered office: W4D, 204/5, Keshav Kunj Cariappa Marg, Western Avenue, Sainik Farms, South Delhi, New Delhi, Delhi, India, 110062 Corporate office: Ground Floor, Collative, Global Foyer, White House, NBCC Tower 3, Sector 5, Pushp ViharNew Delhi - 110017 Insolvency Commencement Date: August 21, 2025 Estimated date of closure of insolvency resolution process: February 17, 2026 (180 Days) Court: National Company Law Tribunal, New Delhi-Bench IV Insolvency Professional: Mr. Brijesh Singh Bhadauriya C-II/ 08, Mangal Apartment, Vasundhara Enclave, Delhi 110096 Email: bsb@bsbandassociates.in Email: cirp.raheja.developers.limited@gmail.com Classes of creditors: Allotees Under Real Estate Project (Except Raheja Shilas Low Rise) Authorized Representative of creditors in a class: Homebuyer: a) Mr. Sanjay Mehra b) Mr. Nitish Kumar Chugh c) Mr. Sapan Mohan Garg Last date for submission of claims: September 4, 2025 SHIVAM COTEX: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shivam Cotex (SC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 11, 2024, placed the rating(s) of SC under the 'issuer non-cooperating' category as SC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 28, 2025, August 7, 2025, August 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Sendhwa (Madhya Pradesh) based Shivam Cotex (SC) was formed in 2006 as a proprietorship concern by Mr. Raj Kumar Mangal. The firm is engaged in the business of cotton Ginning & Pressing along with the production of cotton seed and cake as well as trading of cotton bales. The firm operates its business from two offices located at Sendhwa (Madhya Pradesh) and Dhule (Maharashtra). The manufacturing unit located at Dhule has installed capacity to manufacture cotton bales. SIDDHIVINAYAK REALHOMES: CARE Keeps D Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Siddhivinayak Realhomes Private Limited (SSRPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 395.00 CARE D; Issuer not cooperating debentures Rating continues to remain under 'Issuer not cooperating' category Rationale and key rating drivers Care Ratings Limited (CareEdge Ratings) vide its press release dated January 27, 2025, has continued to place the rating of SSRPL under the 'issuer non-cooperating' category as SSRPL failed to provide information for monitoring the rating as agreed in its rating agreement. SSRPL continues to be non-cooperative despite repeated requests for submission of information through e-mails and phone calls. Per information available in National Securities Depository Limited (NSDL), the rated non-convertible debentures (NCDs) bearing ISIN INE301V07033 have undergone restructuring. The ISIN has been revised to INE301V07041 and the allotment amount reduced to INR325 crore from INR395 crore, while all other instrument details remain unchanged. Aligned with the extant Securities and Exchange Board of India (SEBI) guidelines, CareEdge Ratings has reviewed the rating based on best available information, which in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders, and the public at large) are hence requested to exercise caution while using the above rating. Rating sensitivities: Factors likely to lead to rating actions: Not applicable Analytical approach: Combined SSRPL has invested in real estate projects in other group companies, including Shree Siddhivinayak Infrastructure & Realty (SSIR) and Ruparel Infra & Realty Private Limited (RIRPL). SSRPL holds 98.98% stake in RIRPL and 99% in SSIR. Outlook: Not applicable Detailed description of key rating drivers: At the time of the last rating on January 27, 2025, following were the rating weaknesses: Key weaknesses * Ongoing delays in debt servicing: The rating has been reaffirmed due to ongoing delays in the company's debt servicing. Liquidity: Poor The liquidity profile of the company is poor as reflected by ongoing delays in debt servicing. Incorporated in November 2016, SSRPL is part of the Ruparel group, a Mumbai-based real estate developer that has invested in real estate projects in SSIR and RIRPL. SSRPL has no standalone projects. As on December 2019, it had six residential and commercial projects including Elara, Skygreens, Palacio (executed in SSIR), Optima-Phase I and II, and West Park (executed in RIRPL) under the Slum Rehabilitation Authority (SRA) scheme at Kandivali, Mumbai. As on December 2019, Real Estate Regulatory Authority (RERA)-registered projects had a total saleable area of 10.68 lakh sq ft and non-RERA registered projects had a saleable area of 52.70 lakh sq ft, with a total cost of INR3,999.93 crore and revenue potential of INR9,573 crore. The Ruparel group has completed five projects with a total built-up area of 3.63 lakh sq ft and, as on December 2019, had multiple ongoing projects across prime locations in Mumbai. SUNRISE INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sunrise Industries (Delhi) (SI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 6, 2024, placed the rating(s) of SI under the 'issuer non-cooperating' category as SI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 23, 2025, August 2, 2025, August 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable New Delhi based, Sunrise Industries was established in 2011 as a partnership. The firm is currently being managed by Mr. Dinesh Kumar, Mr. Nirmal Kumar and Mr. Prem Sagar. The firm is engaged in manufacturing of tobacco products such as catechu (katha) its manufacturing facility located in Haridwar, Uttarakhand. The key raw material for manufacturing of katha is Khair wood (scientifically called senegalia catechu) (in which white substance catechu is found); which the firm solely procures via auctions conducted by Uttarakhand Forest Development Corporation. ========= J A P A N ========= CHOSHI ELECTRIC: Uses Self-Deprecating Humor to Cope w/ Fin'l. Woes ------------------------------------------------------------------- The Japan Times reports that a Japanese local railway operator has seized on its financial difficulties as a public relations opportunity by using self-deprecating humor to attract more tourists to the area. Choshi Electric Railway, based in the city of Choshi in Chiba Prefecture, operates just one train line, which has experienced persistent deficits, The Japan Times says. After regaining profitability for a time, the company registered its first red ink in four years in the business year that ended in March due to rising prices, according to The Japan Times. Hoping to overcome the situation, the company in April this year said that the 6.4-kilometer railway line running between Choshi and Tokawa stations will now be nicknamed the "Inubo Gakeppuchi Line," or "Inubo cliff edge line." The Japan Times says the nickname reflects the company being on a "cliff edge," referencing both its dire financial situation and a stretch of cliffs in the prefecture. The Cape Inubo and Byobugaura coastal cliffs are among the scenic spots near the line. Since the announcement, the nickname has been widely used, including in announcements and transit guidance for trains stopping at JR Choshi station, as well as online train route search services. "Laughter is important when you're in a difficult situation," The Japan Times quotes Katsunori Takemoto, president of Choshi Electric Railway, as saying. "We won't be able to attract customers if we remain uncreative." In July, Choshi Electric Railway hosted a "G7 summit," with the "G" standing for Gakeppuchi, The Japan Times recalls. Seven groups, including the railway operator, a local beer manufacturer and a company based outside of Chiba Prefecture agreed to strengthen their cooperation despite financial hardships to work on selling collaboration products and on joint promotional activities. "We'll aim for a G20 summit," the report quotes Takemoto as saying. According to The Japan Times, Choshi Electric Railway's unique PR strategy is based on Takemoto's own motto that a local train line's mission is to become an advertising tower for a local community. By creating public buzz through the company's use of puns and self-deprecating humor, it hopes to attract more people to the local area and promote its mainstay food products, the report says. The Japan Times notes that the company has yet to run out of ideas, currently selling "Mazui-bo," a puffed corn snack named after the company's mazui, or "bad," financial situation. Noting that railway operators and local communities have a symbiotic relationship, Takemoto said, "We need to think about giving back to the local community by continuing to exist." While joking that the company "can't quite part ways from self-deprecating humor," Takemoto said, "We aim to be the best entertainment-focused railway operator in Japan," The Japan Times Relays. Revenues from its side hustles, which include selling its famous nuresenbei (wet rice crackers), account for about 80% of the railway operator's overall income, The Japan Times notes. The company is also supported by public funds. The Japan Times adds that Takemoto said that the company sometimes worries about covering repair costs for its train cars and railway tracks. "Although we're a railway operator, our business is in the situation known as jitensha sogyo," a condition similar to that of a bicycle, or jitensha in Japanese, which will fall over if its wheels aren't moving, he said. NISSAN MOTOR: To Shut Design Studios in Calif. and Sao Paulo ------------------------------------------------------------ Reuters reports that Nissan Motor will close its design centers in California and Sao Paulo and scale back operations in London and Japan as part of a realignment of its global design organization, the company said on Sept. 16. Reuters relates that the Japanese automaker said the restructuring, which will be completed by the end of fiscal 2025, is aimed at streamlining its design operations. The changes, part of its broader "Re:Nissan" plan, will consolidate its design organization into five hubs: Los Angeles, London, Shanghai, Tokyo and Japan's Atsugi. According to Reuters, Nissan said its Los Angeles "Studio Six" will become its primary U.S. design hub, while London will continue to support the automaker's Africa, Middle East, India, Europe and Oceania regions in collaboration with partner Renault. The company did not disclose how many jobs would be affected. Nissan CEO Ivan Espinosa, who took over in April, in May unveiled the "Re:Nissan" turnaround plan to restore profitability, Reuters notes. It included measures such as cutting global production capacity to 2.5 million vehicles from 3.5 million and manufacturing sites to 10 from 17 by fiscal 2027. About Nissan Motor Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. As reported in the Troubled Company Reporter-Asia Pacific on July 10, 2025, Fitch Ratings has assigned a rating of 'BB' to Nissan Motor Co., Ltd.'s (BB/Negative) proposed senior unsecured US dollar and euro notes. The proposed notes are rated in line with Nissan's Long-Term Foreign-Currency Issuer Default Rating (IDR), as they represent the company's direct, unsecured and unsubordinated obligations, and rank pari passu with all its other unsecured and unsubordinated debt. The proceeds will be used for general corporate purposes. The company expects the proceeds from the new notes to be used to prefund the refinancing of maturing notes. Fitch does not expect the company's net debt balance after issuance to change materially, leaving the company's financial structure unchanged. Fitch Ratings, in April 2025, downgraded Nissan Motor Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. The TCR-AP reported on July 9, 2025, S&P Global Ratings assigned its 'BB' issue credit rating to Nissan Motor Co. Ltd.'s (BB/Negative/B) three proposed U.S.-dollar denominated senior unsecured notes and two proposed euro-denominated senior unsecured notes. The notes differ in maturities. In March 2025, S&P lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. ===================== N E W Z E A L A N D ===================== AIKA & CO: Creditors' Proofs of Debt Due on Oct. 6 -------------------------------------------------- Creditors of Aika & Co. (2016) Limited are required to file their proofs of debt by Oct. 6, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 5, 2025. The company's liquidators are: Trevor Laing Emma Laing Laing Insolvency Specialists Limited PO Box 2468 Dunedin 9044 Email: solutions@lainginsolvency.nz AUTO TRADING: Creditors' Proofs of Debt Due on Oct. 6 ----------------------------------------------------- Creditors of Auto Trading Limited, Vehicle Direct Limited and Auto Compliance & Repairs Limited are required to file their proofs of debt by Oct. 6, 2025, to be included in the company's dividend distribution. Auto Trading commenced wind-up proceedings on Sept. 3, 2025. Vehicle Direct Limited and Auto Compliance & Repairs commenced wind-up proceedings on Sept. 4, 2025. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 CARTER HOLT: To Close Tokoroa Plant, Over 100 Jobs Affected ----------------------------------------------------------- Radio New Zealand reports that more than 100 staff from Tokoroa's local plywood manufacturing plant are set to lose their jobs as the company looks to source supply from overseas. Carter Holt Harvey is looking to close its Tokoroa-based plant and import ply from overseas, with the loss of up to 119 full-time jobs. According to RNZ, South Waikato Mayor Gary Petley told Midday Report he was shocked at the news of more possible job losses in the district. "This doesn't help us one little bit," RNZ quotes Mr. Petley as saying. "I believe that staff were notified yesterday and were given time to go home and go over those issues with their family . . .. It sounded like it was a done deal." Mr. Petley added that Tokoroa was resilient, but central government needed to do more to help the community, RNZ relays. This follows OJI Fibre Solutions cutting 130 jobs after it closed the country's last paper making machine at the neighbouring Kinleith site this year in June, according to RNZ. RNZ adds that Carter Holt Harvey's site in Eves Valley near Nelson is also being closed from next month, with the loss of 140 jobs. The plywood manufacturing plant redundancies are set to take effect in November, Mr. Petley said. Auckland, New Zealand-based Carter Holt Harvey Limited is a forestry and wood products company. The Company operates softwood plantation forests, sawmills, and manufactures panel and engineered wood products such as particleboard, medium density fiberboard, plywood and laminated veneer lumber. Carter also processes logs, chips and waste paper into softwood pulp, linerboard, and cartonboard. HINGAIA ESTATE: Creditors' Proofs of Debt Due on Oct. 14 -------------------------------------------------------- Creditors of Hingaia Estate Limited and Swaad Foods NZ Limited are required to file their proofs of debt by Oct. 14, 2025, to be included in the company's dividend distribution. Hingaia Estate commenced wind-up proceedings on Aug. 22, 2025. Swaad Foods NZ commenced wind-up proceedings on Sept. 1, 2025. The company's liquidators are: Daran Nair Heiko Draht Nair Draht Limited 97 Great South Road Epsom Auckland 1051 NEBULA BUILDING: Court to Hear Wind-Up Petition on Sept. 19 ----------------------------------------------------------- A petition to wind up the operations of Nebula Building Limited will be heard before the High Court at Auckland on Sept. 19, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 17, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 PULAN FOODS: Court to Hear Wind-Up Petition on Sept. 29 ------------------------------------------------------- A petition to wind up the operations of Pulan Foods Limited will be heard before the High Court at Tauranga on Sept. 29, 2025, at 10:00 a.m. Livingstone Building NZ Limited filed the petition against the company on July 4, 2025. The Petitioner's solicitor is: Hasaan Z. Malik MinterEllisonRuddWatts PwC Tower 15 Customs Street West Auckland 1010 ================= S I N G A P O R E ================= E INTERIOR: Court to Hear Wind-Up Petition on Sept. 19 ------------------------------------------------------ A petition to wind up the operations of E Interior Studio Pte. Ltd. will be heard before the High Court of Singapore on Sept. 19, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Aug. 29, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 FERNVALE DEVELOPMENT: Creditors' Proofs of Debt Due on Oct. 8 ------------------------------------------------------------- Creditors of Fernvale Development Pte. Ltd. are required to file their proofs of debt by Oct. 8, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 5, 2025. The company's liquidator is: Lee Chong Xiang 26 Eng Hoon Street Singapore 169776 GAMES ANIMATION: Court to Hear Wind-Up Petition on Sept. 19 ----------------------------------------------------------- A petition to wind up the operations of Games Animation Collectibles Pte. Ltd. will be heard before the High Court of Singapore on Sept. 19, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Aug. 29, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 HK.JUAN RENOVATION: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on Aug. 29, 2025, to wind up the operations of HK.Juan Renovation Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidator is: Gary Loh Weng Fatt BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 KHONG LIENG: Creditors' Proofs of Debt Due on Oct. 8 ---------------------------------------------------- Creditors of Khong Lieng Marine Pte. Ltd. are required to file their proofs of debt by Oct. 8, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 1, 2025. The company's liquidator is: Mitani Masatoshi c/o 10 Anson Road #14-06 International Plaza Singapore 079903 ********* 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 ***