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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, September 19, 2025, Vol. 28, No. 188

                           Headlines



A U S T R A L I A

ANGLE ASSET 2025-2: Moody's Assigns (P)B3 Rating to Class F Notes
IC TRUST 2024-1: Moody's Upgrades Rating on Class D Notes to Ba3
JS & WJ INVESTMENTS: First Creditors' Meeting Set for Sept. 25
MA MONEY: S&P Assigns B (sf) Rating to Class F Notes
PB 111: First Creditors' Meeting Set for Sept. 24

PUCH CONSTRUCTION: First Creditors' Meeting Set for Sept. 24
RPM INVESTMENT: Second Creditors' Meeting Set for Sept. 23
TWO Q'S: First Creditors' Meeting Set for Sept. 23
UNIVERSITY OF TECHNOLOGY: To Axe 1,100 Subjects, Cut 134 jobs


C H I N A

FUTURE FINTECH: All Five Proposals Approved at Annual Meeting
PLANET GREEN: Divests Promising Prospect HK


I N D I A

AJINKYA BIG: CRISIL Keeps B Debt Ratings in Not Cooperating
ANUGRAH STOCK: CRISIL Keeps D Debt Ratings in Not Cooperating
ARUPPUKOTTAI SRI: CRISIL Keeps D Debt Ratings in Not Cooperating
ATMASTCO LTD: Insolvency Resolution Process Case Summary
AUTOLINE: CRISIL Keeps D Debt Ratings in Not Cooperating Category

AZURE POWER: Fitch Hikes Rating on USD Bond to 'B+', Outlook Stable
BHAGWAT PARDESHI: CRISIL Keeps D Debt Rating in Not Cooperating
BHARATH HI-TECCH: CRISIL Keeps B Debt Rating in Not Cooperating
CONFIDENT SALES: CRISIL Keeps B Debt Rating in Not Cooperating
CREAATIVE POWERTECH: CRISIL Keeps D Ratings in Not Cooperating

FABRIMECH ENGINEERS: CRISIL Keeps B Ratings in Not Cooperating
GAAP TUFF: CRISIL Keeps B Debt Ratings in Not Cooperating
GMR HYDERABAD: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Pos.
JAIPRAKASH ASSOCIATES: Vedanta Seeks CCI Nod to Acquire Company
JAYAAM GALVANIZERS: CRISIL Cuts Rating on INR17.5cr Loan to B

KAILASANADHA COTTON: CRISIL Keeps D Ratings in Not Cooperating
KASUKURTHI SUJATHA: CRISIL Keeps D Ratings in Not Cooperating
MAHOTSAV CREATION: CRISIL Keeps B Debt Ratings in Not Cooperating
PADMAVATI JEWELLERS: CRISIL Keeps B Ratings in Not Cooperating
PIONEER MOTORS: CRISIL Keeps C Debt Ratings in Not Cooperating

RAMRAGHAV ECOMILLS: CRISIL Cuts Rating on INR85cr New Loan to B
SAS TRADING: CRISIL Keeps C Debt Ratings in Not Cooperating
SEVEN SEAS: CRISIL Keeps D Ratings in Not Cooperating Category
SMPRIMAL PROCESS: CRISIL Reaffirms D Rating on INR80cr Term Loan
SRIKARA PARENTERALS: CRISIL Keeps D Ratings in Not Cooperating

SULTANIA OIL: CRISIL Keeps B Debt Ratings in Not Cooperating
SUSHITEX INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
VIJAYAVANI PRINTERS: CRISIL Keeps B Ratings in Not Cooperating
VIMCO SOLAR: CRISIL Keeps B- Debt Ratings in Not Cooperating


J A P A N

MARELLI AUTOMOTIVE: Two Creditors Step Down as Committee Members


N E W   Z E A L A N D

ALEXANDERS APPAREL: Creditors' Proofs of Debt Due on Sept. 21
BABASIGA HOMES: Court to Hear Wind-Up Petition on Oct. 2
GUARDIANS OF GOLD: Placed Under Receivership
KITCHEN THINGS: Faces Liquidation; Owes Creditors NZD16.6MM
SATAY VILLAGE: Malaysian Restaurant to Close Doors After 30 Years

TITAN HIRE: Court to Hear Wind-Up Petition on Oct. 23
VEGGIE GUY: Creditors' Proofs of Debt Due on Oct. 15


S I N G A P O R E

KRYZANE SERVICES: Court Enters Wind-Up Order
PINNACLE LAND: Avery Corporate Appointed as Liquidators
PRB TRADING: Court to Hear Wind-Up Petition on Sept. 26
RTI JGA: Creditors' Meeting Set for Sept. 24
SIGNAL HILL: Creditors' Proofs of Debt Due on Oct. 10


                           - - - - -


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A U S T R A L I A
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ANGLE ASSET 2025-2: Moody's Assigns (P)B3 Rating to Class F Notes
-----------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the ABS notes to be issued by Perpetual Corporate Trust Limited as
trustee of Angle Asset Finance - Radian Trust 2025-2.

Issuer: Perpetual Corporate Trust Limited as trustee of Angle Asset
Finance - Radian Trust 2025-2

AUD296.00 million Class A Notes, Assigned (P)Aaa (sf)

AUD39.20 million Class B Notes, Assigned (P)Aa2 (sf)

AUD16.00 million Class C Notes, Assigned (P)A2 (sf)

AUD11.20 million Class D Notes, Assigned (P)Baa2 (sf)

AUD17.20 million Class E Notes, Assigned (P)Ba2 (sf)

AUD8.80 million Class F Notes, Assigned (P)B3 (sf)

The AUD5.80 million Class G1 Notes and AUD5.80 million Class G2
Notes (together, the Class G Notes) are not rated by Moody's.

Angle Asset Finance - Radian Trust 2025-2 is a securitisation of
auto and equipment loans and operating leases originated by A.C.N
603 303 126 Pty Ltd trading as Angle Asset Finance (Angle Asset
Finance). The obligors in the pool are mainly small-to-medium-sized
enterprises (SME), and also include corporates and government
entities. All borrowers are domiciled in Australia. The underlying
assets are comprised of, among others, cars (49.0%), trucks (14.2%)
and other wheeled assets (21.0%).

Angle Asset Finance originated about 98.9% of the receivables in
this portfolio, with around 85.9% and 13.0% originated via broker
and vendor channels, respectively. Capital Finance Australia
Limited (CFAL), a wholly owned subsidiary of Westpac Banking
Corporation (Westpac, Aa1/P-1), originated the remaining 1.1% of
the receivables in this portfolio through its then vendor finance
business. All receivables are serviced by Garrison Lending
Operations Pty Limited, a wholly owned subsidiary of Angle Asset
Finance.

Angle Asset Finance is a non-bank lender providing asset financing
to SMEs, corporates and government entities via brokers and vendor
relationships. Angle Asset Finance has been in operation since
October 2019, and started originating auto and equipment loans to
SMEs via brokers in significant volumes from October 2020. As of
August 31, 2025, its assets under management totaled around AUD1.84
billion. Angle Asset Finance is privately owned by an affiliate
company of Cerberus Capital Management, L.P. as a majority
shareholder and Deutsche Bank AG, Sydney Branch.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, (1)
Moody's evaluations of the underlying receivables and their
expected performance; (2) evaluation of the capital structure and
credit enhancement provided to the rated notes; (3) availability of
excess spread over the transaction's life; (4) the liquidity
facility in the amount of 1.5% of all notes other than the Class G
Notes; (5) the legal structure; (6) experience of Garrison Lending
Operations Pty Limited as servicer; and (7) the presence of
Perpetual Corporate Trust Limited as the back-up servicer.

According to Moody's analysis, the transaction benefits from a
relatively high level of excess spread. The portfolio yield of 9.1%
- relative to the transaction expenses - results in a relatively
high level of excess spread available to cover losses arising from
the portfolio.

The key weaknesses in the transaction are the limited availability
of historical data and higher-than-expected variability in
performance to date. Firstly, Angle Asset Finance started its
originations via brokers in January 2020, with significant volumes
only beginning in October 2020. Its originations via vendors
started in August 2021. Secondly, receivables originated between Q3
2022 to Q3 2023 are showing higher early cumulative defaults than
prior origination vintages. As such, the performance of the
portfolio could be subject to greater variability in the future
than the observed performance to date indicates. Moody's have taken
this into account in Moody's asset analysis.

TRANSACTION STRUCTURE AND POOL CHARACTERISTICS

Key transactional features are as follows:

-- The notes will be repaid on a sequential basis initially. On
and after the payment date occurring twelve months after the deal
closing date, all notes, other than the Class G Notes, will receive
their pro-rata share of principal, provided step-down conditions
are satisfied. These include, among others, no unreimbursed
charge-offs and the payment date occurring prior to the call option
date. If step-down conditions are no longer met, the repayment of
principal will revert to sequential. The call option date will
occur on the earlier of the payment date in October 2028 and the
invested amount of the notes falling below 10% of the initial
invested amount of the notes.

-- Westpac Banking Corporation (Aa1/P-1/Aa1(cr)/P-1(cr)) will
provide a fixed rate swapin this transaction. The swap will hedge
the interest rate mismatch between the assets bearing a fixed rate
of interest, and floating rate liabilities. As at closing, the
total swap notional will correspond to all notes, other than the
Class G2 Notes. The total swap notional will follow a schedule
based on the amortisation of the assets assuming a certain
prepayment rate.

Key pool features are as follows:

-- The pool has a weighted average seasoning of 8.1 months.

-- The proportion of loans with a balloon payment is 31.0%.

-- Interest rates in the portfolio range from 4.5% to 25.0%, with
a weighted average interest rate of 9.1%.

-- Loans underwritten on the basis of 'no financials' verification
represent around 88.3% of the pool.

MAIN MODEL ASSUMPTIONS

Moody's portfolio credit enhancement ("PCE") is 26.5%. Moody's
expected default rate for this transaction is 6.0% and expected
recovery is 22%, resulting in an expected loss of around 4.7%.

The expected loss captures Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expects the portfolio to suffer in the event of a
severe recession scenario. The expected default rate, recovery and
PCE are parameters used by us to calibrate its lognormal portfolio
loss distribution curve and to associate a probability with each
potential future loss scenario in Moody's cash flow model.

Moody's have estimated an expected default rate and PCE for this
deal on the basis of:

-- Cumulative default rates observed to date, and in particular
receivables originated between Q3 2022 to Q3 2023 are showing
higher early cumulative defaults than prior origination vintages.

-- Benchmarking with other SME auto and equipment receivable
portfolios in the market, in view of the relatively short
performance history of receivables originated by Angle Asset
Finance.

Moody's asset assumptions also reflect qualitative analysis
including portfolio characteristics, the limited operational track
record of Angle Asset Finance as an originator and servicer and the
current economic environment in Australia.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations" published in June 2025.

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian economy
is the primary driver of performance.

Factors that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.

IC TRUST 2024-1: Moody's Upgrades Rating on Class D Notes to Ba3
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on three classes of notes
and affirmed the rating on one class of notes issued by IC Trust
Series 2024-1.

The affected ratings are as follows:

Issuer: IC Trust Series 2024-1

Class A Notes, Affirmed A1 (sf); previously on Nov 29, 2024
Definitive Rating Assigned A1 (sf)

Class B Notes, Upgraded to A3 (sf); previously on Nov 29, 2024
Definitive Rating Assigned Baa2 (sf)

Class C Notes, Upgraded to Ba1 (sf); previously on Nov 29, 2024
Definitive Rating Assigned Ba2 (sf)

Class D Notes, Upgraded to Ba3 (sf); previously on Nov 29, 2024
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes and the collateral performance to
date. Class A rating affirmation at A1 (sf) takes into account
operational risks. The servicer is relatively small and has low
durability, posing higher risk of servicing transfer and volatility
in pool losses, in particular if the substitute servicer does not
have the same specialised approach to servicing as the current
servicer.

The now fully-funded and non-amortising Yield Reserve provides
credit support of 1.5% of the original note balance to the deal.
The account can be used to cover interest payment shortfalls on the
required payments and any losses not covered by excess spread.

Following the August 2025 payment date, the credit enhancement
available for the Class A, Class B, Class C and Class D Notes has
increased to 42.6%, 36.3%, 23.2%, and 18.4%, respectively, from
30.7%, 26.1%, 16.7%, and 13.2% at closing.

Principal collections have been distributed on a sequential basis
starting from the Class A Notes. Current outstanding notes as a
percentage of the total closing balance is 72.0%.

As of end-July 2025, 8.4% of the outstanding pool was 30-plus day
delinquent, and 3.0% was 90-plus day delinquent. The portfolio has
incurred 0.03% of gross losses to date, which have been covered by
excess spread. In addition, the seller has repurchased 0.18% of
delinquent loans at par since closing. Moody's have incorporated
these repurchases in Moody's observed cumulative gross loss
assessment which adds up to 0.21% (as a percentage of original
portfolio balance).

Based on the observed performance to date and loan attributes,
Moody's have decreased Moody's expected default assumption to 14.7%
as a percentage of the original portfolio balance (equivalent to
20.2% of the current portfolio balance) from 17.0% at closing while
maintaining the Aaa PCE at 50%.

Moody's analysis has also considered various scenarios involving
higher default rate, higher index rate and back-loaded losses to
evaluate the resiliency of the note ratings.

The transaction is a cash securitisation of consumer and commercial
auto loan receivables extended to non-conforming borrowers in
Australia originated by Fin One Pty Ltd and Finance One Commercial
Pty Ltd (collectively, Fin One).

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
June 2025.

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

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, (2) an increase in the notes' available
credit enhancement, and (3) a decrease in operational risk of Fin
One.

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

JS & WJ INVESTMENTS: First Creditors' Meeting Set for Sept. 25
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of JS & WJ
Investments Pty Ltd (trading as West Tamworth Newsagency) will be
held on Sept. 25, 2025 at 3:00 p.m. via Virtual Meeting only.

Stephen Wesley Hathway and Shijun Chan of Helm Advisory were
appointed as administrators of the company on Sept. 15, 2025.


MA MONEY: S&P Assigns B (sf) Rating to Class F Notes
----------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Perpetual Corporate Trust Ltd. as trustee of MA
Money Residential Securitisation Trust 2025-2. MA Money Residential
Securitisation Trust 2025-2 is a securitization of nonconforming
and prime residential mortgages originated by MA Money Financial
Services Pty Ltd. (MA Money).

The ratings S&P has assigned to the floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk considers
MA Money's underwriting standards and approval process as well as
its servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, the yield reserve,
retention amount built from excess spread, and the provision of an
extraordinary expense reserve. Our analysis is on the basis that
the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and we assume the notes are not called at or beyond
the call-option date.

S&P said, "Our ratings also consider the counterparty exposure to
National Australia Bank Ltd. as bank account provider and liquidity
facility provider. The transaction documents for the facilities
include downgrade language consistent with S&P Global Ratings'
counterparty criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Ratings Assigned

  MA Money Residential Securitisation Trust 2025-2

  Class A1S, A$268.88 million: AAA (sf)
  Class A1L, A$331.12 million: AAA (sf)
  Class A2, A$45.38 million: AAA (sf)
  Class B, A$25.87 million: AA (sf)
  Class C, A$46.50 million: A (sf)
  Class D, A$15.00 million: BBB (sf)
  Class E, A$7.50 million: BB+ (sf)
  Class F, A$5.63 million: B (sf)
  Class G1, A$2.06 million: Not rated
  Class G2, A$2.06 million: Not rated


PB 111: First Creditors' Meeting Set for Sept. 24
-------------------------------------------------
A first meeting of the creditors in the proceedings of PB 111 Pty
Ltd will be held on Sept. 24, 2025 at 11:30 a.m. via Microsoft
Teams.

Dane Skinner of Raft Consulting was appointed as administrator of
the company on Sept. 13, 2025.


PUCH CONSTRUCTION: First Creditors' Meeting Set for Sept. 24
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Puch
Construction & Building Pty Ltd will be held on Sept. 24, 2025 at
10:00 a.m. at Puch Construction & Building Pty Ltd, at Unit 27,
13-15 Baker St, in Banksmeadow, NSW, and via virtual meeting
technology.

Martin Walsh of Walsh & Associates was appointed as administrator
of the company on Sept. 15, 2025.


RPM INVESTMENT: Second Creditors' Meeting Set for Sept. 23
----------------------------------------------------------
A second meeting of creditors in the proceedings of RPM Investment
Group Pty Ltd (trading as Dunyazud) has been set for Sept. 23,
2025, at 10:30 a.m. at the offices of Magnetic Insolvency, 50/41-49
Norcal Road, in Nunawading, Victoria.

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.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of the company on Aug. 18, 2025.



TWO Q'S: First Creditors' Meeting Set for Sept. 23
--------------------------------------------------
A first meeting of the creditors in the proceedings of Two Q's Pty
Ltd (trading as Danbury & Kippaloo) will be held on Sept. 23, 2025
at 10:30 a.m. via videoconference only.

Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Sept. 12, 2025.


UNIVERSITY OF TECHNOLOGY: To Axe 1,100 Subjects, Cut 134 jobs
-------------------------------------------------------------
ABC News reports that the University of Technology Sydney (UTS)
will close its schools of international studies, education and
public health under a multi-million-dollar restructure that will
cut more than 1,100 subjects and 134 jobs.

UTS had previously announced 400 job losses as part of a
cost-cutting initiative to save AUD100 million.

In an updated proposal, released on Sept. 17, the university said
it would combine its trans-disciplinary school, business school and
Faculty of Law to create a new merged faculty of Business and Law,
the ABC relates.

Under the change, the number of schools will shrink from 24 to 15
with the closure of its International Studies and Education and
Public Health schools, as well as its teacher training program.

This would lead to the discontinuation of 167 courses, including
1,101 subjects, and 134 full-time job losses, according to the
proposal.

According to the ABC, the move is part of UTS' plan to reduce its
expenditure by AUD100 million across 2026 and return it to surplus
after five years of deficits since COVID-19.

The ABC relates that Vice-Chancellor Andrew Parfitt said policy
restrictions on domestic and international students had led to
limited revenue growth.

"UTS is focused on achieving a sustainable future where students
can continue to get the quality of education they expect, and we
can continue to deliver research outcomes for the communities that
benefit from our work," the ABC quotes Professor Parfitt as saying
in a statement.

"Our commitment to public education and focus on the student
experience is paramount."

Vince Caughley, from the National Tertiary Education Union,
described the proposal as "poorly managed," according to the ABC.

"At a time when health and education have never been more
important, when there is shortage of teaching and health
professionals in the community, it seems curious that a public
institution would make this decision and be allowed to make this
decision," he said.

He argued UTS management was not putting the needs of the public
first and called for greater scrutiny and renewed governance, the
ABC relays.

"There is nothing in the financial state affairs relating to the
university that means they are of imminent risk of collapse," he
said.

"Yet the scale of the cuts, almost a third of teaching to go, 400
staff to be thrown to the scrap heap . . . the vice chancellor is
all about financial optics."

The proposal will be subject to a consultation period until October
15.

The ABC adds UTS said any approved changes would come into effect
in 2026.




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FUTURE FINTECH: All Five Proposals Approved at Annual Meeting
-------------------------------------------------------------
Future FinTech Group Inc. held its Special Meeting of Shareholders.
Of the 3,450,770 shares outstanding and entitled to vote as of the
record date, 1,750,034 shares, or 50.71%, were represented in
person or by proxy at the Special Meeting, thereby satisfying the
quorum requirement.

The results for each of the proposals submitted to a vote of the
Company's shareholders at the Special Meeting are set forth below.
Each proposal is described in more detail in Definitive Schedule
14A, filed with the Securities and Exchange Commission on August 8,
2025.

As disclosed in the Schedule 14A, each of the proposals voted by
the shareholders at the Special Meeting required the affirmative
vote of a majority of the votes cast, either in person or by proxy,
at the Special Meeting, provided a quorum is present. Abstentions
and broker non-votes were not be counted as votes cast and will
have no effect on the outcome of the vote.

Proposal One: Amendment and Restatement of the Company's Amended
and Restated Articles of Incorporation, as Amended: the approval to
amend and restate the Company's Articles of Incorporation, as
amended, to increase the Company's authorized shares of common
stock, $0.001 par value from 6,000,000 shares to 600,000,000
shares.

     * FOR: 1,622,713
     * AGAINST: 16,965
     * ABSTAIN: 575

Once the Share Increase Amendment Proposal is approved by the
shareholders at the Special Meeting, the Share Increase Amendment
will become effective upon the filing of a certificate of amendment
to the Company's Articles of Incorporation with the Secretary of
State of the State of Florida. The Company is in the process of
arranging for the filing of the Share Increase Amendment and
expects the filing to be completed and the Share Increase Amendment
to become effective in the next few days.

Proposal Two: Issuance of Shares Upon Conversion of the Remaining
Balance of the Streeterville Note: the approval to issue shares of
the Company's Common Stock upon conversion of the remaining balance
of a Convertible Promissory Note previously issued to Streeterville
Capital, LLC on December 27, 2023, which, when fully converted, may
exceed 20% of the issued and outstanding Common Stock, which
issuance requires shareholder approval in accordance with Nasdaq
Listing Rule 5635(d) and (2) result in a change of control of the
Company, in accordance with Nasdaq Listing Rules 5635(d) (the "20%
Rule") and 5635(b) (the "Change-of-Control Rule")

     * FOR: 1,285,183
     * AGAINST: 354,412
     * ABSTAIN: 658

Proposal Three: Unregistered Offshore Equity Financing Transaction:
the approval to issue up to 15,000,000 shares of the Common Stock
to non-U.S. investors in an unregistered offering pursuant to
Regulation S of the Securities Act of 1933, under the terms of a
Securities Purchase Agreement, which, when fully consummated, will
(1) exceed 20% of the Company's issued and outstanding Common
Stock, and (2) result in a change of control of the Company, in
accordance with the 20% Rule and Change-of-Control Rule.

     * FOR: 1,285,145
     * AGAINST: 354,476
     * ABSTAIN: 632

Proposal Four: Unregistered Prepaid Financing Transactions: the
approval of the issuance of up to $10,000,000 worth of Common Stock
to Avondale Capital, LLC in a non-public pre-paid financing
transaction, which, when fully consummated, may exceed 20% of the
Company's issued and outstanding Common Stock, in accordance with
the 20% Rule and Change-of-Control.

     * FOR: 1,626,636
     * AGAINST: 12,964
     * ABSTAIN: 653

Proposal Five: Adjournment of the Special Meeting: the approval to
adjourn the Special Meeting, if necessary or advisable, to solicit
additional proxies in favor of the foregoing proposals if there are
not sufficient votes to approve the foregoing proposals.

     * FOR: 1,396,475
     * AGAINST: 350,156
     * ABSTAIN: 3,403

                    About Future FinTech Group

New York, N.Y.-based Future FinTech Group Inc. is a holding company
incorporated under the laws of the State of Florida. The Company
historically engaged in the production and sale of fruit juice
concentrates (including fruit purees and fruit juices) and fruit
beverages (including fruit juice beverages and fruit cider
beverages) in the PRC. Due to drastically increased production
costs and tightened environmental laws in China, the Company
transformed its business from fruit juice manufacturing and
distribution to financial technology-related service businesses.
The main business of the Company includes supply chain financing
services and trading in China, asset management business in Hong
Kong, and cross-border money transfer service in the UK.

Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 15, 2025, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2024, citing that the Company
has suffered losses from operations. Therefore, the Company has
stated substantial doubt about its ability to continue as a going
concern.

The ability of the Company to continue as a going concern is
dependent upon its ability to successfully execute its new business
strategy and eventually attain profitable operations.

As of Dec. 31, 2024, the Company had $25.9 million in total assets,
$13.3 million in total liabilities, and a total stockholders'
equity of $12.6 million.


PLANET GREEN: Divests Promising Prospect HK
-------------------------------------------
As previously disclosed, in the best interests of Planet Green
Holdings Corp., the Board resolved on April 30, 2025, to
discontinue the operations of Shandong Yunchu Supply Chain Co.,
Ltd.

Subsequently, on September 1, 2025, the Company disposed of its
100% equity interest in Promising Prospect HK Limited for nominal
consideration. Promising HK holds the 100% equity interest in
Shandong Yunchu through Jiayi Technologies (Xianning) Co., Ltd. and
does not own any other operating assets of the Company.

                         About Planet Green

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

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

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



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I N D I A
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AJINKYA BIG: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ajinkya Big
Bazar (ABB) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.82        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Rupee Term Loan       0.68        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Working Capital       2.50        CRISIL B/Stable (Issuer Not
   Demand Loan                       Cooperating)

Crisil Ratings has been consistently following up with ABB for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ABB, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ABB
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ABB continues to be 'Crisil B/Stable Issuer not cooperating'.  

Established in 1996, Baramati, Maharashtra-based ABB is a
partnership firm of Mr Avinash Gandhi and family. It operates a
departmental store, an electronics and home furnishing store and
has recently ventured into edible oil distributorship for Cargill
India.


ANUGRAH STOCK: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anugrah Stock
And Broking Private Limited (Anugrah) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         7.5        CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee         3.5        CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility    14.0        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with Anugrah for
obtaining information through letter and email dated August 21,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Anugrah, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Anugrah is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Anugrah continues to be 'Crisil D/Crisil D Issuer not
cooperating'.  

Incorporated in 1996, Mumbai-based Anugrah undertakes retail equity
broking. The company operates through five branches and 300
franchises. Its margin financing business is carried out through a
promoter-related company. Mr Paresh Kariya is the promoter of
Anugrah.


ARUPPUKOTTAI SRI: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aruppukottai
Sri Jaya Vilas Private Limited (ASJVL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit           10.9         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit           10.8         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Term Loan        20.7         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Term Loan         7.12        CRISIL D (Issuer Not
                                      Cooperating)

   Inland/Import          3.0         CRISIL D (Issuer Not
   Letter of Credit                   Cooperating)

   Inland/Import          2.6         CRISIL D (Issuer Not
   Letter of Credit                   Cooperating)

Crisil Ratings has been consistently following up with ASJVL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of ASJVL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on ASJVL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ASJVL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


Incorporated in 1951 in Aruppukottai, Tamil Nadu, ASJVL
manufactures cotton and polyester-blended cotton yarn used for
knitting and weaving. Unit has installed capacity of about 70,000
spindles. The company also runs an Indian Oil Corporation Ltd
petrol pump in Madurai, along with operating a bus service on local
route. Operations are managed by Mr. TRS Karthikeyan


ATMASTCO LTD: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Atmastco Ltd
157-158, Light Industrial Area, Nandini Road,
        Opp. Karuna Hospital, Durg, Bhilai
        Chattisgarh - 490026

Insolvency Commencement Date: August 29, 2025

Estimated date of closure of
insolvency resolution process: February 25, 2026 (180 Days)

Court: National Company Law Tribunal, Cuttack Bench

Insolvency
Professional: Mr. Sambhu Lal Agarwal
       Sambhu & Associates
              2nd Floor, Kolkata Bazaar Building,
              Nayapara, Sambalpur, Odisha - 768001
              Email: sambhuandassociates@gmail.com
              Email: cirpatmastco@gmail.com

Last date for
submission of claims: September 12, 2025


AUTOLINE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Autoline
(Autoline) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         3.9        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.09       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with Autoline for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of Autoline, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Autoline is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of Autoline continues to be 'Crisil D Issuer not
cooperating'.  

Autoline, promoted by the Desphande, Vyas, and Kulkarni families,
was established in 1996 in Kolhapur (Maharashtra). The firm
manufactures auto components and components for diesel pumps.


AZURE POWER: Fitch Hikes Rating on USD Bond to 'B+', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded Azure Power Energy Ltd's (Azure RG3) US
dollar bond rating to 'B+' from 'B'. The Outlook is Stable.

RATING RATIONALE

The upgrade reflects the resolution of a key legal suit, limiting
Azure RG3's downside risks. The resolution also reflects
substantial improvement in the corporate governance of Azure Power
Global Limited (APGL), the ultimate parent of Azure RG3, and the
group's continued access to funding. AGPL on 9 September 2025
announced the court approval for the full and final USD23 million
settlement of the class action suit filed by its public
shareholders.

The group's governance improvement is also evident from the
restoration of timely financial disclosures at both APGL and the
restricted group over the last two financial years. In addition,
APGL's latest audit report removes the qualifications related to
its internal controls, one of its key governance weaknesses in the
past. Fitch expects the company to remain committed to further
strengthening its corporate governance and internal controls.

APGL has also demonstrated adequate funding access following the US
indictment of a former executive and board member in November 2024,
supporting the group's liquidity position. Azure RG3's financial
profile continues to remain stronger than that indicated by its
current rating. Fitch will continue to monitor the ongoing
investigations for any new material evidence that shows weakness in
the entities' governance practices and internal controls, and the
impact on Azure RG3's financial flexibility.

KEY RATING DRIVERS

Proven Technology, Experienced Team: Operation Risk - Midrange

The technology deployed is proven and has a long history of
commercial use. All solar modules were supplied by reputable
manufacturers, and operation and maintenance is carried out by
experienced in-house engineers. Azure RG3 does not have a
maintenance reserve account, which Fitch does not regard as a risk.
The operating cost forecast is based on historical data and
favourably benchmarked against that of peers, although it is not
validated by an independent technical advisor. The lack of cost
validation and the absence of fixed-price operation and maintenance
contracts constrain operation risk to 'Midrange'.

Low Forecast Variation: Revenue Risk (Volume) - Midrange

The energy yield forecast produced by third-party experts indicates
an overall P50 and one-year P90 spread of about 9%, leading to a
'Midrange' assessment for volume risk. The portfolio has a
capacity-weighted average record of about nine years, and all
assets have been operating for more than seven years. The actual
load factors recorded by the portfolio were rather stable, with
portfolio-level performance largely tracking the one-year P90
forecast. Curtailment risk is limited in India due to the
"must-run" status of renewable projects.

Long-Term Fixed-Priced PPAs: Revenue Risk (Price) - Midrange

Azure RG3 contracts 66% of its capacity with state distribution
companies (discoms) and the balance with Solar Energy Corporation
of India and NTPC Limited under long-term fixed-price
power-purchase agreements (PPAs). These protect the portfolio from
merchant price volatility and have a capacity-weighted residual
life of about 16 years. The only PPA with a shorter tenor of 12
years and a remaining life of about one year is a 10MW project
signed with the Uttar Pradesh state discom. However, management has
assumed a conservative price of INR2/kWh beyond the PPA tenor. This
potential merchant exposure, though limited, constrains its
assessment to 'Midrange'.

Protective Covenants, Manageable Refinancing Risk: Debt Structure -
Midrange

Noteholders are protected by a ring-fenced structure and covenants,
and benefit from a standard cash distribution waterfall and a
lock-up test at a backward-looking 1.3x debt service coverage ratio
(DSCR) for distribution. The notes will pay a fixed interest rate
and will be partially amortising at 12.9% via scheduled
amortisation and 18.5% via a mandatory cash sweep, with a 68.6%
principal repayment at the end. Azure RG3 will not maintain a
debt-service reserve account, which is a weakness. Refinancing risk
is mitigated by the Azure Power group's adequate access to funding
and a reasonable balance tenor of the PPAs beyond the maturity of
the notes.

The issuer has substantially hedged the foreign-currency exposure
by using a combination of coupon-only swaps, principal-only swaps
and call spreads for 4.5 years. The issuer expects to roll over the
hedge for the last six months if the notes are not prepaid prior to
maturity.

ESG - Management Strategy: APGL's weak internal controls and
compliance issues have resulted in management's failure to
anticipate and manage timely regulatory financial disclosure,
leading to the company's delisting from the New York Stock
Exchange. Timely submission of the group's and Azure RG3's
financial reports is a key covenant, according to the US dollar
note indenture. There has also been multiple key management and
board member turnover at the group level in the last two years.

AGPL has affirmed its commitment to strengthening its financial
disclosure, corporate governance and internal control framework and
has demonstrated improvement with the timely publishing of its and
Azure RG3's audited financial statement for the financial year
ended March 2025. The removal of the qualifications relating to
APGL's internal controls from its audit report reflects the
company's efforts in improving its governance and controls.

Financial Profile

Azure RG3's financial profile continues to remain stronger than
required for the current rating level. Fitch assumes outstanding
debt at the end of the bond's life will be refinanced by fully
amortising debt across the remaining PPA terms at a refinancing
interest rate of 11%, given the partially amortising nature of the
notes. Fitch's base case reflects average performance data and
incorporates 0.5% to 0.7% annual degradation. The base case also
escalates operating and maintenance costs in line with historical
rates by 3% annually and adopts a higher refinancing rate.

The US dollar note's bullet repayment is currently hedged for only
up to 4.5 years. Fitch has assumed a rupee exchange rate of 85.5
per dollar and 87.0 per dollar at years 4.5 and five of the US
dollar note, respectively, in line with Fitch's June 2025 Global
Economic Outlook.

Fitch's rating case incorporates more conservative assumptions,
including a 6% production haircut from the base case, 0.7% annual
solar degradation, and a 10% stress on operating expenses, with a
higher annual escalation of 4%. Refinancing interest rate and
foreign-exchange assumptions are consistent with the base case.

The financial profile has weakened slightly, primarily due to
higher-than-expected rupee depreciation. The average DSCR in
Fitch's base case has declined to 1.60x from 1.64x at the previous
review, while the rating case DSCR has decreased to 1.41x from
1.43x.

PEER GROUP

Fitch views Azure RG3 as comparable to India Cleantech Energy (Acme
RG1; BB-/Stable), as both are pure solar portfolios with 'Midrange'
volume, price and operational risk assessments. Acme RG1 benefits
from exposure to stronger counterparties, with 55% of its capacity
contracted with sovereign-owned utilities, compared with only 34%
for Azure RG3, which is contracted with sovereign-backed
off-takers. Acme RG1 has a weaker financial profile and an orphan
issuance structure, while Azure RG3's rating is constrained by
Fitch's assessment of its governance.

Azure RG3 also compares well with Clean Renewable Power (Mauritius)
Pte. Ltd (Hero RG1, BB-/Stable), as both have significant bullet
repayment at bond maturity. Azure RG3 has a stronger portfolio
configuration (100% solar) while Hero RG1 comprises a mix of solar
(54% of total alternative current (AC) capacity) and wind (46% of
total AC capacity) projects. Hero RG1 benefits from 46% of its
capacity being contracted with sovereign-owned utilities, while
only 34% of Azure RG3's total capacity is contracted with
sovereign-owned utilities. Azure RG3 has a stronger financial
profile than Hero RG1, but Azure RG3's rating is one notch lower
due its corporate governance weaknesses.

RATING SENSITIVITIES

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

- Any new and material evidence that shows weakness in APGL and
Azure RG3's governance practices and internal controls;

- Impairment of financial flexibility, which would be evident from
increased funding costs or restricted funding access, could lead to
a negative rating action.

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

- Record of continued improvement in effective governance, and
strong internal controls could lead to a positive rating action.

CREDIT UPDATE

APGL and its restricted groups published FY25 audited financial
statements in July 2025, a second consecutive year of timely
disclosure consistent with bond covenants. The audit opinion
remains qualified, reflecting uncertainty over potential US
penalties related to bribery allegations voluntarily disclosed by
AGPL. No new governance incidents were reported, and none of the
allegations relate to Azure RG3.

APGL has received the final order from the US District Court in the
class action lawsuit filed against the company and certain former
directors and officers alleging violation of US security laws. APGL
has paid the agreed USD23 million settlement. It also plans to exit
a 150MW hybrid project in India due to weak returns.

Azure RG3's generation declined 6% in FY25 yoy (FY24: -3% yoy),
with most assets underperforming one-year P90 estimates. The
portfolio was about 5% below one-year P90 (FY24: about 1% below)
due mainly to weaker solar resource and reduced availability from
grid tripping during monsoon conditions.

Receivable days remained elevated for Karnataka and Andhra Pradesh
assets in FY25 due to historical tariff disputes with the two
state's discoms. Karnataka's outstanding receivables have since
been reduced in FY26 following payments received from the state's
discoms.

ESG Considerations

Azure RG3 has an ESG Relevance Score of '5' for Management Strategy
due to identified internal control and compliance framework
deficiencies, which have resulted in management's failure to
anticipate and manage timely regulatory financial disclosures. This
has a negative impact on the credit profile, and is highly relevant
to the rating, resulting in multiple notches of downgrade in FY23.

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

   Entity/Debt                Rating         Prior
   -----------                ------         -----
Azure Power
Energy Ltd

   Azure Power
   Energy Ltd/Project
   Revenues - First
   Lien/1 LT               LT B+  Upgrade    B

BHAGWAT PARDESHI: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bhagwat
Pardeshi Realty (BPR) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              7.5        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with BPR for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BPR, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BPR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BPR continues to be 'Crisil D Issuer not cooperating'.  

BPR was set up on Jan 28, 2013 by Bhagwat and Pardeshi family of
Pune. The firm is the part of Janki construction group and Bhama
Constructions group and is engaged in real estate development
largely in Pune.


BHARATH HI-TECCH: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bharath
Hi-Tecch Builders Private Limited (BHBPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Rupee Term Loan        10        CRISIL B/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with BHBPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of BHBPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on BHBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BHBPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

Incorporated in 1984 and promoted by Mr Chetan Prakash Tayal and
his family members, BHBPL is a part of the Bharath group of
companies. It develops residential and commercial real estate
projects in Karnataka.


CONFIDENT SALES: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Confident
Sales India Private Limited (CSIPL) continues to be 'Crisil
B/Stable Issuer not cooperating'.  

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

Crisil Ratings has been consistently following up with CSIPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of CSIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CSIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CSIPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

CSIPL was incorporated on 15th December 2006 by Dr. B.
Subhashchandra Shetty. It is based in Bangalore and is engaged in
the trading of dental instruments, materials and spares.


CREAATIVE POWERTECH: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Creaative
Powertech Private Limited (CPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.8        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       0.6        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         1.84       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         4.37       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    19.39       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with CPPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of CPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

Incorporated in 2008, CPPL is promoted by Mr Lalit Palwe, Mr Chhabu
Dagadu Nagare and Mr Bhagwat Dhudale. The company manufactures
isolators, fabricated structures and epoxy-cast moulded components
used in the switchgear industry. It has initiated large capex to
venture into new products such as breaker assemblies and radiators,
large structural assemblies for the electrical industry, and to
consolidate operations.


FABRIMECH ENGINEERS: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Fabrimech
Engineers Private Limited (FEPL) continue to be 'Crisil B/Stable
Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             3         Crisil B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      2         Crisil B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with FEPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of FEPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on FEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
FEPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

Based out of Chennai, FEPL was incorporated in 2009. FEPL is owned
& managed by Mr. Stephen K Thomas and Mr. Thomas K Varghese. FEPL
is engaged in manufacturing of Pressure Vessels, Stainless Steel
Fabricators, Pressed Components & Assemblies and Rail Coach
components.


GAAP TUFF: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gaap Tuff
Glass LLP (GTGL) continue to be 'Crisil B/Stable Issuer not
cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        1.55        Crisil B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan        6.45        Crisil B/Stable (Issuer Not
                                     Cooperating)

   Open Cash Credit      2           Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with GTGL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of GTGL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GTGL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
GTGL continues to be 'Crisil B/Stable Issuer not cooperating'.  

Established in 2015, GTGL is based in Vishakhapatnam, Andhra
Pradesh. The firm is owned and managed by Mr B. Praveen Kumar, Mr
Gangireddy, Mr Ajay Ramkrishna and Mr V Avinash. The firm
manufactures toughened glass, which is commonly used in buildings,
houses, stairways, doorways, standard windows, sliding doors and
floor level, among others.


GMR HYDERABAD: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Pos.
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on GMR Hyderabad
International Airport Limited's (GHIAL) Long-Term Issuer Default
Rating (IDR) and outstanding senior secured notes to Positive from
Stable, and affirmed the ratings at 'BB+'.

RATING RATIONALE

The Positive Outlook reflects its expectation that GHIAL's net
debt/EBITDA will be sustained below 5x - its upgrade sensitivities
- supported by passenger growth and a likely rise in the tariff for
the fourth control period (CP4) for the financial years ending
March 2027 (FY27) to FY31. The tariff is likely to be higher due to
the proposed capex for revamping the existing terminal to increase
passenger capacity to 50 million from 34 million as well as for
developing the airport's northern precinct to further enhance
capacity and operational efficiency. A tariff revision in line with
its assumptions in the CP4's final tariff could lead to positive
rating action.

The rating affirmation reflects the regulated nature of GHIAL's
business, with the tariff structure allowing returns on the
regulatory asset base and a long concession period up to 2068.
GHIAL benefits from a relatively stable regulatory regime with
revenue and capex determined by the Airports Economic Regulatory
Authority of India (AERA).

KEY RATING DRIVERS

Revenue Risk - Volume - High Midrange

Growth Momentum to Continue

Fitch expects total passenger traffic at GHIAL to rise to 33
million in FY26 from 29 million in FY25. Traffic in FY25 exceeded
Fitch's previous rating case projection of 25 million, with strong
growth across both domestic and international passengers. Fitch
expects the passenger volumes to grow by 8%-10% a year over the
medium term. GHIAL is exposed to significant carrier concentration
risk, with IndiGo dominating the domestic market. Still, the
airport is a major international gateway for the states of
Telangana and Andhra Pradesh, with limited competition from other
cities and transport modes.

Revenue Risk - Price - Midrange

Regulated Aeronautical Tariffs

The CP4 tariff is likely later this year, with Fitch expecting an
uptick due to GHIAL's proposed capex supporting an expanded asset
base. CP3 (FY22-FY26) tariffs continue to follow AERA's hybrid till
framework, allocating 30% non-aeronautical revenue for
cross-subsidisation for GHIAL. CP3 doubled the user development fee
- GHIAL's primary aeronautical revenue - resulting in a significant
rise in aeronautical revenue. It also incorporated resolution of
several pending legal and regulatory issues.

A recent tribunal ruling addressed key outstanding issues raised by
GHIAL, which may be incorporated into CP4, subject to any further
litigation. GHIAL has entered into sub-concession agreements with
its parent to operate and manage duty-free, car parking, retail
stores and related services. The sub-concession agreements became
effective from FY25. GHIAL's share of revenue from the concession
remains similar or is marginally higher under the new
sub-concession agreements.

Infrastructure Development & Renewal - Midrange

Next Expansionary Capex from FY27

Under Fitch's rating case, GHIAL will reach maximum capacity of 34
million by FY27. GHIAL proposes around INR130 billion for
expansionary capex in CP4 to increase capacity to 50 million
passengers and to develop the airport's northern precinct to
further enhance capacity. The capex requires the authorities'
approval, which can result in a corresponding tariff increase under
CP4. GHIAL plans to largely fund the capex by debt, with the rest
funded via internal accruals. Fitch believes GHIAL's sponsor has
adequate capabilities to execute this capex plan.

Debt Structure - Midrange

Protection for Debt Holders, Manageable Refinance Risk

GHIAL's total debt comprises two US dollar senior secured notes and
four Indian rupee non-convertible debentures (NCDs) that all share
security on a pari passu basis. The US dollar bonds have protective
structural covenants, including a defined cash waterfall,
restrictions on dividends and a fixed-charge cover ratio test for
additional debt as required. GHIAL has reduced average interest
cost by partially prepaying the US dollar bonds with cheaper
onshore bonds. A long concession tenor until 2068, well-spread
maturity profile and healthy financial profile mitigate refinancing
risk.

Financial Profile

Under Fitch's base case, the traffic assumptions are broadly in
line with management estimates. GHIAL will reach its maximum
capacity of 34 million passengers by FY26. Only contracted revenue
from commercial property development has been considered. The net
debt/EBITDA ratio is likely to average 3.7x over FY26-FY30 (FY25:
4.4x). The EBITDA/net interest is likely to average 2.9x over
FY26-FY30 (FY25: 2.3x).

The rating case assumes traffic will reach its maximum capacity by
FY27. Only contracted revenue from commercial property development
has been considered. The net debt/EBITDA ratio is projected to
average 4.1x over FY26-FY30. The EBITDA/net interest is likely to
average 2.7x over FY26-30.

PEER GROUP

GHIAL can be compared with Delhi International Airport Limited
(DIAL, BB+/Stable), which has a 'High Stronger' volume risk
assessment due to the strategic location and status as the largest
airport in India. Both airports have a 'Midrange' price risk
assessment. The base airport charges for DIAL mitigate any downside
risk to the aeronautical tariff determination.

DIAL's leverage is likely to remain high in the short term, before
reaching 5.4x by FY26 and 4.3x by FY27, relative to GHIAL's
leverage of 4.3x in FY26 and 3.8x in FY27. DIAL's higher leverage
is partly offset by its larger catchment area and its stronger
volume risk assessment. The debt structure is similar for both
airports, mainly consisting of US dollar bullet notes and rupee
NCDs with cash waterfall mechanisms.

Mumbai International Airport Limited (MIAL, senior secured rating:
BBB-/Stable) is also one of GHIAL's closest Indian peers. MIAL has
a larger catchment area than GHIAL, as Mumbai is a bigger and
economically more vibrant city than Hyderabad. Fitch assesses the
price risk for both airport operators as 'Midrange'. Fitch
estimates GHIAL's leverage to average 4.1x over the five years from
FY25, marginally higher than MIAL's 3.7x over the same period.

RATING SENSITIVITIES

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

- The rating Outlook can be revised back to Stable if Fitch's
forecast net debt/EBITDA remains above 5.0x or EBITDA/net interest
falls below 2.0x for a sustained period.

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

- An uptick in the tariff for CP4 leading to Fitch's forecast net
debt/EBITDA below 5.0x on a sustainable basis;

- Fitch's forecast EBITDA/net interest sustained above 2.0x.

CREDIT UPDATE

Total passenger traffic from 1 April to 31 July 2025 increased by
16% yoy to 10.5 million from 9.1 million, supported by both
domestic and international passengers.

Revenue increased by around 28% to INR34.7 billion in FY25 from
INR27.2 billion in FY24. EBITDA increased by 23% in FY25 to INR18.8
billion from INR 15.4 billion in FY24.

GHIAL had cash and cash equivalents (including financial
investments) of about INR15 billion at end-March 2025.

SECURITY

The security package consists of:

- First charge of the lenders on all the company's immovable
properties including all leasehold rights, titles and interest
which are a part of the site;

- First charge of the lenders on the moveable assets, both present
and future;

- First charge on the accounts, revenue, book debt and any reserves
created in the future under the security documents;

- Security will rank equally with rupee lenders and external
commercial borrowing lenders.

For the bond, security includes:

- First charge of the lenders on all the company's immovable
properties, including all leasehold rights, titles and interest
which are a part of the site;

- First charge of the lenders on the moveable assets, both present
and future, and intangible assets;

- First charge on the accounts, revenue, book debt and any reserves
created in the future under the security documents.

ESG Considerations

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

   Entity/Debt                Rating           Prior
   -----------                ------           -----
GMR Hyderabad
International
Airport Limited         LT IDR BB+  Affirmed   BB+

   GMR Hyderabad
   International
   Airport Limited/
   Airport Revenues
   - First Lien/1 LT    LT     BB+  Affirmed   BB+

JAIPRAKASH ASSOCIATES: Vedanta Seeks CCI Nod to Acquire Company
---------------------------------------------------------------
The Economic Times reports that Vedanta has sought the Competition
Commission of India's approval for its proposal to acquire 100% in
stressed infrastructure firm Jaiprakash Associates (JAL).

Vedanta has emerged as the highest bidder to acquire JAL under the
corporate insolvency resolution process (CIRP) with a net present
deal value of INR12,505 crore, beating Adani Group's offer,
according to ET.

Under the insolvency law, the CCI's clearance is a must before
resolution plans by suitors are approved by the committee of
creditors of the stressed company, ET relates.

                             About JAL

Jaiprakash Associates Ltd (JAL) is the flagship company of the
Jaypee group and is engaged in engineering and construction,
cement, real estate and hospitality businesses. JAL was one of the
leading cement manufacturers with an installed capacity of ~28
million tonnes per annum (mtpa) and under implementation capacity
of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is
also engaged in the construction business in the field of civil
engineering, design and construction of hydro-power, river valley
projects. JAL is also undertaking power generation, power
transmission, real estate, road BOT, healthcare and fertilizer
businesses through its various subsidiaries/SPVs.

JAL featured in Reserve Bank of India's second list of at least 26
defaulters with which it wants creditors to start the process of
debt resolution before initiating bankruptcy proceedings.

In September 2018, ICICI Bank had filed an insolvency petition
against JAL under Section 7 of IBC, claiming a default of more than
INR16,000 crore.

On June 3, 2024, the Allahabad bench of National Company Law
Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank.
The tribunal also appointed Bhuvan Madan as Interim Resolution
Professional of JAL after suspending the board of the company.

Bhuvan Madan is the resolution professional (RP) for the JAL. SBI
has also moved NCLT against JAL, claiming a total default of
INR6,893.15 crore as of Sept. 15, 2022.

JAYAAM GALVANIZERS: CRISIL Cuts Rating on INR17.5cr Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Jayaam Galvanizers Private Limited (JGPL), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Fund-        17.5        Crisil B/Stable (ISSUER NOT
   Based Bank Limits                 COOPERATING; Revised from
                                     'Crisil BB+/Stable ISSUER
                                     NOT COOPERATING')

Crisil Ratings has been consistently following up with JGPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of JGPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JGPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JGPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB+/Stable Issuer not cooperating'.

JGPL, incorporated in 2009, is involved in the fabrication and
hot-dipped galvanising of power-transmission towers. The company is
based in Chennai and the operations are managed by Mr. Jayaram
Chetty.


KAILASANADHA COTTON: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Kailasanadha Cotton Syndicate Private Limited (SKS) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             2         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash           2         CRISIL D (Issuer Not  
   Credit Limit                      Cooperating)

Crisil Ratings has been consistently following up with SKS for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SKS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SKS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SKS continues to be 'Crisil D Issuer not cooperating'.  

Set up as a private limited company in 2004 by Mr. T Ramkalyan, Ms.
T. Vijaya Lakshmi and Mr. T Surya Raghvendra, SKS is engaged in
ginning and pressing of raw cotton. The company's ginning unit is
based in Guntur (Andhra Pradesh).


KASUKURTHI SUJATHA: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kasukurthi
Sujatha Constructions Private Limited (KSCPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         80         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            70         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Bank          70         CRISIL D (Issuer Not
   Guarantee                         Cooperating)

   Proposed Cash          30         CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

Crisil Ratings has been consistently following up with KSCPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of KSCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on KSCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KSCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.


Set up as a partnership concern in 1999 by Mr. K Jagan Mohan Rao
and his wife Mrs. K Sujatha, KSCPL was reconstituted as a private
limited company in 2004. The company primarily installs gas
pipelines, high-density polyethylene cables, and high-tension
electricity lines. It is based in Hyderabad (Telangana).


MAHOTSAV CREATION: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Mahotsav
Creation Private Limited (MCPL) continue to be 'Crisil B/Stable
Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           19.75       Crisil B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     3          Crisil B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital        2          Crisil B/Stable (Issuer Not
   Term Loan                         Cooperating)

Crisil Ratings has been consistently following up with MCPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of MCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
MCPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

MCPL was set up in fiscal 2001 by Mr Naresh Kumar Chopra as a
proprietorship firm, Mahotsav Sarees. It got reconstituted as a
private-limited company with the present name in fiscal 2005. The
company is based in Surat (Gujarat) and designs and markets
designer and embroidered sarees and dress materials for women.


PADMAVATI JEWELLERS: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Padmavati
Jewellers Private Limited (PJPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

   Proposed Cash         1.5        CRISIL B/Stable (Issuer Not
   Credit Limit                     Cooperating)

Crisil Ratings has been consistently following up with PJPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of PJPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PJPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

Incorporated in April 2010, PJPL manufactures and trades in all
types of gold jewellery. The Mumbai-based company is promoted by
Mr. Kiran Ramani and Mrs. Rashila Ramani.


PIONEER MOTORS: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pioneer
Motors (Kannur) Private Limited (PMPL) continue to be 'CRISIL C
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL C (Issuer Not
                                     Cooperating)

   Inventory Funding       3         CRISIL C (Issuer Not
   Facility                          Cooperating)

   Long Term Loan          0.4       CRISIL C (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with PMPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of PMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PMPL continues to be 'Crisil C Issuer not cooperating'.  

PMPL, incorporated in 1997, is an authorised dealer of vehicles and
spare parts manufactured by Piaggio and HMSI. Wayanad Vehicles, a
subsidiary of PMPL, is one of the dealers for Piaggio vehicles. The
group is based in Kannur (Kerala).


RAMRAGHAV ECOMILLS: CRISIL Cuts Rating on INR85cr New Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Sri Ramraghav Ecomills Private Limited (SREPL), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Fund-          85        Crisil B/Stable (ISSUER NOT
   Based Bank Limits                 COOPERATING; Revised from
                                     'Crisil BB-/Stable ISSUER
                                     NOT COOPERATING')

Crisil Ratings has been consistently following up with SREPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SREPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SREPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SREPL revised to 'Crisil B/Stable Issuer not cooperating' from
'Crisil BB-/Stable Issuer not cooperating'.

SREPL was incorporated in December 2021. It is based in
Jaipur-Rajsthan and currently setting up a unit for manufacturing
of recycled polyester staple fibre and PET flakes by recycling used
PET bottles.


SAS TRADING: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SAS Trading
Company (STC) continue to be 'CRISIL C Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5           CRISIL C (Issuer Not
                                     Cooperating)

   Term Loan             1.92        CRISIL C (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with STC for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of STC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on STC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
STC continues to be 'Crisil C Issuer not cooperating'.  

STC, set up in August 2014 in Kollam (Kerala), trades in polyvinyl
chloride (PVC) pipes, sanitary items, tiles, home improvement
products, and construction products. The firm is promoted by Mr.
Ajithkumar K, Ms. Mini Kumari D, and Mr. Sarju S.


SEVEN SEAS: CRISIL Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Seven Seas
Hospitality Private Limited (SSHPL) continue to be 'CRISIL D Issuer
Not Cooperating'

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility      4         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     11         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      6.25      CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      4.75      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Working       13.74      CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

   Term Loan              83.18      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              36.81      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              62.27      CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SSHPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SSHPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SSHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSHPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 2006 and promoted by the Dang group, SSHPL offers
banqueting and catering services at three banquet halls at Lawrence
Road, Delhi, with combined seat



SMPRIMAL PROCESS: CRISIL Reaffirms D Rating on INR80cr Term Loan
----------------------------------------------------------------
Crisil Ratings has reaffirmed its 'Crisil D' rating on the
long-term bank facility of SMPRIMAL Process Pvt Ltd (SPPL).        
    

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            80         CRISIL D (Reaffirmed)

The rating continues to reflect delay by SPPL in debt servicing.
The company is in nascent stage and is expected to be highly
leveraged due to reliance on external debt. It will benefit from
the strong domain expertise of the promoters, ready demand for
ethanol and assured offtake arrangement with oil marketing
companies (OMCs).

Analytical Approach

Crisil Ratings has evaluated the standalone business and financial
risk profiles of SPPL.

Unsecured loan of INR12.76 crore as on March 31, 2025, has been
treated as neither debt nor equity as the loan is subordinate to
bank debt and is expected to remain in the business over the medium
term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Nascent stage of operations: SPPL has set up a grain-based
distillery to produce ethanol with capacity of 60 kilolitre per day
(KLPD), which will commence operations in September 2025. The large
project has been funded through a term loan of INR80 crore, which
has been fully drawn. Demand risk is low as the company has signed
offtake agreements with OMCs. However, exposure to intense
competition could limit scalability. Timely and successful ramp-up
of operations is a key rating sensitivity factor.

* Expected leveraged capital structure: The financial risk profile
may remain constrained by the highly leveraged capital structure
and modest debt protection metrics. Operational and financial
commitments are significant, resulting in high dependence on
external debt. The total project cost is estimated at INR95.65
crore, of which, INR80 crore was funded through term loan and the
remaining INR15.65 crore through funds infused by the promoter.
Ramp-up in scale of operations and generation of significant
accrual, ensuring smooth repayment of debt, remain monitorable.

Strengths:

* Ready demand for ethanol and assured offtake arrangement with
OMCs: OMCs shall use fuel-grade ethanol manufactured by SPPL for
the ethanol blending programme (EBP). The Government of India's
target of E20 petrol (20% ethanol blended in petrol) by 2025
through its National Policy of Biofuels 2018 has created a huge
opportunity for fuel-grade ethanol manufacturers, given the huge
gap between demand and supply. SPPL has signed bipartite agreements
with OMCs, assuring supply of 0.99 crore litre of ethanol per day
from its plant. Significant demand, along with assured offtake by
OMCs, should support the business risk profile.

* Strong domain expertise of the promoters: Extensive experience of
the promoters (as part of a larger group) across multiple
industries and their strong understanding of the ethanol industry
have resulted in successful execution of the project. The plant is
expected to commence operations in September 2025.

Liquidity: Poor

Expected cash accrual and funds infused by the promoter via
unsecured loans and equity will be used to meet financial
obligations. The need for working capital will arise as the plant
will commence operations from September 2025. To meet the
requirement, the company has availed working capital of INR11 crore
limits for the same, which was partly disbursed in July 2025. Going
forward, net cash accrual should suffice to cover the term debt
obligation over the medium term.

Rating sensitivity factors

Upward factors:

* Ramp up in scale of operations, leading to revenue of over INR50
crore with healthy profitability, leading to healthy cash accrual
* Timely track record of debt servicing of at least 90 days
* Significant improvement in the cushion between net cash accrual
and term debt obligation

SPPL was incorporated in July 2021 and has set up an ethanol unit
(60 KLPD) along with a co-generation plant of 2 MW in Shahdol,
Madhya Pradesh. The unit will commence operations in September
2025. Mr Sanjay Kumar Madhwani and Mr Manoj Singh Parihar are the
promoters.


SRIKARA PARENTERALS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Srikara
Parenterals Private Limited (SPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Funded Interest         2.58      CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Long Term Loan          2.52      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.72      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital         2.18      CRISIL D (Issuer Not
   Term Loan                         Cooperating)

Crisil Ratings has been consistently following up with SPPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SPPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SPPL continues to be 'Crisil D Issuer not cooperating'.  

Incorporated in 2006 and based in Vijayawada (Andhra Pradesh), SPPL
manufactures intravenous fluids used in the healthcare industry.
The company is promoted by Mr. Gorla Naga Manikyala Rao, and its
day-to-day operations are managed by Mr. Prem Raj Rayepudi.


SULTANIA OIL: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sultania Oil
Industries Private Limited (SOIPL) continue to be 'Crisil B/Stable
Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12          Crisil B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     4.09       Crisil B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              1.71       Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SOIPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SOIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SOIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SOIPL continues to be 'Crisil B/Stable Issuer not cooperating'.  

SOIPL was set up by the Nagpur, Maharashtra-based Shah family, in
1993. The Nagpur-based company gins cotton and mills oil.
Operations are managed by brothers, Mr Bhavesh Shah, Mr Kunal Shah,
Mr Suresh Shah, and Mr Manish Shah.


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

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing        13.5        CRISIL D (Issuer Not
   Credit                            Cooperating)

   Proposed Long Term    4.57        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan            18           CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SIPL for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SIPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIPL continues to be 'Crisil D/Crisil D Issuer not cooperating'.  

SIPL, set up in 2011, manufactures fabric used for making shirts.
Its manufacturing facilities are in Tarapur (Maharashtra) and
operations are managed by Mr. Harish Arya and his family members.


VIJAYAVANI PRINTERS: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Vijayavani
Printers (VP) continues to be 'Crisil B/Stable Issuer not
cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with VP for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of VP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of VP
continues to be 'Crisil B/Stable Issuer not cooperating'.  

VP, is a partnership firm based in Chittoor, Andhra Pradesh. VP is
engaged in publishing study materials, GK Books and monthly
magazine in English and Telugu editions under its own brand
Patasala &  Maabadi. They are also engaged in printing books and
materials for various state Government departments. VP was
established in 1988, it is owned and managed by N Krishna Murthy &
Family.


VIMCO SOLAR: CRISIL Keeps B- Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vimco Solar
(VS) continue to be 'Crisil B-/Stable Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.26       Crisil B-/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     9.74       Crisil B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with VS for
obtaining information through letter and email dated August 6, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.    

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of VS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of VS
continues to be 'Crisil B-/Stable Issuer not cooperating'.  

VS was established in 2015, it's engaged in distributorship and
installation of solar panels and allied works. VS is owned &
managed by Raghav Vij.




=========
J A P A N
=========

MARELLI AUTOMOTIVE: Two Creditors Step Down as Committee Members
----------------------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a court filing the
resignation of Robert Bosch, LLC and Johnson Matthey, Plc from the
official committee of unsecured creditors in the Chapter 11 cases
of Marelli Automotive Lighting USA, LLC and its affiliates.

The remaining members of the committee are:

   1. Nissan North America, Inc.
      Attn: Joseph Hession
      1 Nissan Way
      Franklin, TN 37067
      Phone: 615-725-1000
      Email: joseph.hession@nissan-usa.com

   2. Mazda North American Operations
      Attn: Christopher Wilson
      200 Spectrum Center Drive, Suite 100
      Irvine, CA 92618
      Email: cwilso70@mazdausa.com

   3. Tesla, Inc.
      Attn: Keith Porapaiboon
      Giga Texas, 1 Tesla Road
      Austin, TX 78725
      Phone: 650-681-5000
      Email: contractnotices@tesla.com  

   4. Avnet, Inc.
      Attn: Dennis Losik
      2211 S. 47th Street
      Phoenix, AZ 85034
      Phone: 847-396 7401
      Email: dennis.losik@avnet.com

               About Marelli Automotive Lighting USA

Marelli Automotive Lighting USA, LLC is a global automotive parts
supplier based in Saitama, Japan. The company designs and
manufactures advanced technologies for leading automakers,
including lighting systems, electronic components, software
solutions, and interior products. Operating in 24 countries with a
workforce of over 46,000, Marelli also collaborates with
motorsports teams and industry partners on high-performance
component development.

Marelli and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on
June 11. 2025. In its petition, Marelli reported between $1 billion
and $10 billion in assets and liabilities.

Judge Brendan Linehan Shannon handles the cases.

The Debtors are represented by Kirkland & Ellis LLP, Kirkland &
Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP.
Alvarez & Marsal North America, LLC is the Debtors' restructuring
advisor.  PJT Partners Inc. is the Debtors' investment banker.
Kurtzman Carson Consultants, LLC, doing business as Verita Global,
is the Debtors' notice and claims agent.

The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Paul Hastings, LLP and Morris James, LLP as legal
counsel and FTI Consulting, Inc. as its financial advisor.



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

ALEXANDERS APPAREL: Creditors' Proofs of Debt Due on Sept. 21
-------------------------------------------------------------
Creditors of Alexanders Apparel Limited are required to file their
proofs of debt by Sept. 21, 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:

          Larissa Helen Logan
          17B Farnham Street
          Parnell
          Auckland 1052


BABASIGA HOMES: Court to Hear Wind-Up Petition on Oct. 2
--------------------------------------------------------
A petition to wind up the operations of Babasiga Homes Limited will
be heard before the High Court at Auckland on Oct. 2, 2025, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 17, 2025.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


GUARDIANS OF GOLD: Placed Under Receivership
--------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Sept.
2, 2025, were appointed as Receivers and Managers of Guardians of
Gold Limited.

The Receivers and Managers may be reached at:

          Damien Grant
          Adam Botterill
          Waterstone Insolvency
          16 Piermark Drive
          Rosedale
          Auckland 0632


KITCHEN THINGS: Faces Liquidation; Owes Creditors NZD16.6MM
-----------------------------------------------------------
The New Zealand Herald reports that the outlook for creditors of
Kitchen Things looks grim as administrators recommend the company
be liquidated.

The first administrators' report, released on Sept. 18, shows
Kitchen Things and its related entities owe 396 creditors more than
NZD16.6 million.

Kitchen Things is a New Zealand family-owned retailer of premium
kitchen and laundry appliances.

Malcolm Russell Moore, Stephen Speers Keen and Adele Irene Hicks of
Grant Thornton New Zealand Limited on Aug. 20, 2025, were appointed
as receivers and managers of:

     - Kitchen Things IP Limited
     - Kitchen Things Holdings Limited;
     - Jones Family Investments Limited;
     - Kitchen Things NZ Limited;
     - Appliance Works (2015) Limited;
     - Applico Limited; and
     - Baumatic Appliances Limited

George Bannerman and Rees Logan of BDO were also appointed as
administrators of the company on Aug. 20, 2025.


SATAY VILLAGE: Malaysian Restaurant to Close Doors After 30 Years
-----------------------------------------------------------------
Radio New Zealand reports that the owners of Malaysian restaurant
Satay Village on Ghuznee Street, Wellington, say they will close
their doors next month.

"Thank you for supporting us over the last few decades," the owners
wrote on Facebook on Sept. 17.

"It has been a privilege to share meals with you and be part of
your lives. We're grateful for our wonderful regulars and the
community that has grown around our restaurant.”

According to RNZ, food critic David Burton said Satay Village was
part of the original wave of Malaysian restaurants to be
established in the city.

"It's a bit of a tragedy really, that we're losing yet another
restaurant, let alone a Malaysian restaurant. Perhaps a bit of a
victim to changing fashions, as fashion moves towards Korean food
and away from Malaysia and Thai."

It had a menu combining Malay and Chinese food, he says.

"It's just a very competent, reasonably priced restaurant that you
might go to before a show or a cinema."

Visa Wellington On a Plate manager Beth Brash says the owners have
had an amazing run and impact on the city's hospitality industry.

When it closes on 6 October, Satay Village joins a growing list of
the city's establishments which have been shuttered including
Hiakai, Field & Green, Shepherd and The Bresolin.


TITAN HIRE: Court to Hear Wind-Up Petition on Oct. 23
-----------------------------------------------------
A petition to wind up the operations of Titan Hire Limited will be
heard before the High Court at Auckland on Oct. 23, 2025, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 14, 2025.

The Petitioner's solicitor is:

          Gareth Neil
          Meredith Connell
          Level 7
          8 Hardinge Street
          Auckland 1010


VEGGIE GUY: Creditors' Proofs of Debt Due on Oct. 15
----------------------------------------------------
Creditors of The Veggie Guy Limited are required to file their
proofs of debt by Oct. 15, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 6, 2025.

The company's liquidator is:

          Geoff Falloon
          Biz Rescue Limited
          PO Box 27
          Nelson 7040




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

KRYZANE SERVICES: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Aug. 29, 2025, to
wind up the operations of Kryzane Services Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


PINNACLE LAND: Avery Corporate Appointed as Liquidators
-------------------------------------------------------
Don M Ho and David Ho Chjuen Meng of Avery Corporate Advisory on
Sept. 5, 2025, were appointed as liquidators of Pinnacle Land Pte
Ltd.

The liquidators may be reached at:

          Don M Ho
          David Ho Chjuen Meng
          Avery Corporate Advisory
          9 Raffles Place
          #08-04 Republic Plaza
          Singapore 048619



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

Maybank Singapore Limited filed the petition against the company on
Sept. 1, 2025.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098



RTI JGA: Creditors' Meeting Set for Sept. 24
--------------------------------------------
RTI JGA Pte. Ltd. will hold a meeting for its creditors on Sept.
24, 2024, at 11:00 a.m., via electronic means.

Agenda of the meeting includes:

   a. to receive a full statement of the company's affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to appoint liquidators;

   c. to form a committee of inspection of not more than
      5 members, if thought fit; and

   d. any other business.

Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were
appointed as provisional liquidators of the Company on Sept. 5,
2025.


SIGNAL HILL: Creditors' Proofs of Debt Due on Oct. 10
-----------------------------------------------------
Creditors of Signal Hill Private Equity VCC are required to file
their proofs of debt by Oct. 10, 2025, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Lin Yueh Hung
          Goh Wee Teck
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095



                           *********


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 ***