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250924.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, September 24, 2025, Vol. 28, No. 191 Headlines A U S T R A L I A ALERTVALE PTY: First Creditors' Meeting Set for Sept. 30 BOD SCIENCE: Awaits Shareholder Meeting for DOCA Execution ERIC INSURANCE: Creditors Back Deed of Company Arrangement GLOBAL INVESTMENT: ASIC Gets Travel Restraint Orders vs. Director MAGUIRE SHOTCRETE: First Creditors' Meeting Set for Sept. 25 MARKFRAN PTY: First Creditors' Meeting Set for Sept. 29 MYER HOLDING: Retail Expert Issues Grim Warning for Retail Chain NOD GLOBAL: First Creditors' Meeting Set for Sept. 26 QCOAL GROUP: Cook Colliery Coal Mine to Close Half of Operation RESIMAC BASTILLE 2025-2NC: Moody's Assigns B2 Rating to Cl. F Notes THREADHEAD PTY: First Creditors' Meeting Set for Sept. 30 C H I N A PLANET GREEN: Divests Promising Prospect HK PLANET GREEN: Increases Authorized Shares to 1.6 Billion I N D I A ACTIVE TOOLS: CRISIL Keeps D Debt Ratings in Not Cooperating APEETEX FABRICS: CARE Keeps D Debt Rating in Not Cooperating ARYA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating ASO AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category BEEPEE HOSPITALITY: CARE Keeps D Debt Rating in Not Cooperating BLUE DUCK: CARE Keeps D Debt Rating in Not Cooperating Category DEEPAK COSMO: CRISIL Keeps D Debt Ratings in Not Cooperating DIVYA SHREE: CARE Keeps B- Debt Rating in Not Cooperating Category EASTERN MATTRESSES: CRISIL Keeps C Ratings in Not Cooperating GENSOL ENGINEERING: Evera in Talks with IRP to Lease 1,000 Cars HIMALAYA CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating HYDROBATHS RAMCO: CRISIL Keeps D Debt Ratings in Not Cooperating IMPERIAL HOTELS: CARE Lowers Rating on INR12.50cr LT Loan to B- JOHAR AUTOMOBILES: CRISIL Keeps D Debt Rating in Not Cooperating JUMBO FIREWORKS: CRISIL Keeps D Debt Ratings in Not Cooperating KAPCO ELECTRIC: CARE Keeps C Debt Ratings in Not Cooperating KUBER INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating LAXMI METAL: Insolvency Resolution Process Case Summary MOHIJULI TEA: CARE Keeps D Debt Rating in Not Cooperating Category NEXTGEN INFRATEL: Insolvency Resolution Process Case Summary NOOR IMPEX: CARE Keeps D Debt Ratings in Not Cooperating Category OSCAR INVESTMENTS: Ind-Ra Keeps C Loan Rating in NonCooperating P.K. SULPHIKER: CRISIL Keeps D Debt Ratings in Not Cooperating PAWAR ELECTRO: CARE Keeps D Debt Ratings in Not Cooperating POSHMARK ONLINE: Voluntary Liquidation Process Case Summary QUADRANT TELEVENTURES: Insolvency Resolution Process Case Summary R M BHUTHER: Insolvency Resolution Process Case Summary RENEW PRIVATE: Moody's Affirms 'Ba2' CFR, Alters Outlook to Neg. S&J GRANULATE: CARE Keeps D Debt Ratings in Not Cooperating SAIGON INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating SAMBHAV EXIM: CARE Keeps D Debt Ratings in Not Cooperating SANGHAVI EXPORTS: CARE Keeps D Debt Rating in Not Cooperating VENKATESWARA POULTRY: CARE Keeps B- Rating in Not Cooperating VINCO CONSTRUCTION: CARE Assigns D Rating to INR3.00cr ST Loans WIND WORLD: CRISIL Withdraws D Rating on INR15.4cr Proposed Loan M A L A Y S I A PHARMANIAGA BHD: On Track to Exit PN17 by 1Q2026, MBSB Says N E W Z E A L A N D ALPHA DECORATORS: Creditors' Proofs of Debt Due on Oct. 11 AOTEAROA ABEL: Court to Hear Wind-Up Petition on Oct. 16 SIGN FOUNDRY: Creditors' Proofs of Debt Due on Oct. 11 SUMMIT PROJECT: Creditors' Proofs of Debt Due on Oct. 10 TOP FINANCE: Court to Hear Wind-Up Petition on Sept. 26 S I N G A P O R E BONSEY JADEN: Commences Wind-Up Proceedings GOLDEN ARIE: Placed in Provisional Liquidation HIN LEONG: Da Hui Fails to Halt Ship Sale Proceeds Payout LE HOME: Court Enters Wind-Up Order MICDAL PTE: Court Enters Wind-Up Order PROCARE CLEANING: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= ALERTVALE PTY: First Creditors' Meeting Set for Sept. 30 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Alertvale Pty Ltd (trading as SMW Group) will be held on Sept. 30, 2025 at 11:00 a.m. via Microsoft Teams. Darryl Kirk and Stephen Earel of Cor Cordis were appointed as administrators of the company on Sept. 18, 2025. BOD SCIENCE: Awaits Shareholder Meeting for DOCA Execution ---------------------------------------------------------- TipRanks reports that Bod Science Limited is awaiting shareholder approval at an upcoming extraordinary general meeting to proceed with the execution of a Deed of Company Arrangement (DOCA). TipRanks says the company is currently under a DOCA with Biortica Agrimed Limited. The company continues to operate under the administration of Andrew Barnden. According to TipRanks, the execution of the DOCA is pending the completion of certain conditions, including shareholder resolutions at an upcoming extraordinary general meeting expected to be held in late November 2025. This meeting has been delayed due to audit completion issues, but it is crucial for the company's restructuring process. About Bod Science Bod Science Limited (ASX:BOD), formerly trading as Bod Australia Ltd, is a cannabis focused drug development and product innovation company. Brent Morgan and Andrew Barnden of Rodgers Reidy were appointed Joint and Several Voluntary Administrators of the Company on Nov. 29, 2023. On April 8, 2024, creditors resolved that the Company execute a DOCA proposed by Biortica Agrimed Limited. The DOCA was subsequently executed on April 24, 2024. In March 2025, the DOCA period was extended until June 30, 2025. ERIC INSURANCE: Creditors Back Deed of Company Arrangement ---------------------------------------------------------- insuranceNEWS.com.au reports that Eric Insurance's creditors have voted for a deed of company arrangement as an alternative to it entering liquidation. At a meeting last week, they approved the deed proposed by voluntary administrators, establishing arrangements that took effect from Sept. 19. "The [deed] is designed to provide a superior, more certain and timely return to policyholders, employees and other creditors than would be available in an immediate liquidation," the administrators said in an update published Sept. 22. According to insuranceNEWS.com.au, all current policyholders will continue to have cover for claimable losses that occur until October 17, with notifications required by December 19. Customers are also entitled to claim for unearned premium from October 18 to the time of their policy's expiration. Eric, which sold add-on motor insurance products through vehicle dealers, stopped underwriting new policies and entered a voluntary solvent run-off from October 2023. insuranceNEWS.com.au notes that the company expected to have sufficient funds to meet existing and future claims, but a surge in dispute resolution cases and cost obligations to the Australian Financial Complaints Authority led to the appointment of administrators on July 28. The Federal Court last month adjourned an Australian Prudential Regulation Authority application to wind up Eric, allowing time for creditors to vote on the deed of arrangement, recalls insuranceNEWS.com.au. The meeting on Sept. 16 also led to formation of a committee of inspection to consult with administrators in the deed process, with members comprising an employee of Eric, a policyholder, and the law firm Colin Biggers & Paisley as a trade creditor, insuranceNEWS.com.au adds. Eric Insurance Limited provides general insurance for the automotive insurance industry. Katherine Sozou and Shaun Fraser of McGrathNicol were appointed as administrators of the company on July 28, 2025. GLOBAL INVESTMENT: ASIC Gets Travel Restraint Orders vs. Director ----------------------------------------------------------------- The Australian Securities & Investments Commission (ASIC) has secured travel restraint orders from the Federal Court against Gold Coast-based director of Global Investment Marketing Pty Ltd (GIM), Darren Geddes. The orders prevent Mr. Geddes from leaving or attempting to leave Australia until March 16, 2026. Those orders were made upon an application by ASIC and were not opposed by Mr. Geddes. ASIC sought the orders as part of its investigation into GIM and its current and former directors for their roles in the alleged misappropriation of funds deposited by customers for investment purposes. ASIC sought the orders over concerns that Mr. Geddes might leave the country and be unavailable to assist ASIC with the investigation. ABC News last week revealed that GIM Trading had raised millions of dollars from customers who believed they were buying corporate or government bonds. However, customers suspect the bonds were never purchased and their money is now missing, feared stolen. The former public face of the company, Stephen Cubis, told the ABC he believed GIM Trading had operated a fraudulent scheme. The National Anti-Scam Centre has received reports of almost AUD8 million in losses related to the company since the beginning of last year, the ABC relates. MAGUIRE SHOTCRETE: First Creditors' Meeting Set for Sept. 25 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Maguire Shotcrete Pty Ltd will be held on Sept. 25, 2025 at 11:00 a.m. via Microsoft Teams. Joshua Philip Taylor of Taylor Insolvency was appointed as administrator of the company on Sept. 16, 2025. MARKFRAN PTY: First Creditors' Meeting Set for Sept. 29 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Markfran Pty Ltd (formerly trading as 'South East Fire') will be held on Sept. 29, 2025 at 11:00 a.m. via teleconference/online video conference. Shane Justin Cremin and Brent Leigh Morgan of Rodgers Reidy were appointed as administrators of the company on Sept. 16, 2025. MYER HOLDING: Retail Expert Issues Grim Warning for Retail Chain ---------------------------------------------------------------- Daily Mail Australia reports that the next 12 months will make or break the future of longstanding department store Myer, a retail expert warns, after plunging profits, store closures and a share-market bloodbath. According to Daily Mail, the 124-year-old chain revealed on Sept. 23 that its operating profit had collapsed by almost a third in the 12 months to July 26, blaming sluggish consumer spending and tough economic conditions. Investors dumped Myer stock after the results, sending shares down 15 per cent at the open of the day's trade, and the freefall accelerated to a 29 per cent loss by midday, trading at just AUD0.46. Daily Mail relates that the retailer's operating profit after tax fell to AUD36.8 million, down 30 per cent on the previous year, but its bottom line result was a AUD211.2 million statutory loss as it booked a writedown in the value of the five fashion brands it bought from Premier Investments: Just Jeans, Jay Jays, Jacqui E, Portmans and Dotti. As a result, the company declared no final dividend to shareholders. Daily Mail says executive chairwoman Olivia Wirth tried to steady nerves, insisting 2024-25 was a 'transition year' as the group bedded down its new brands and slashed AUD30 million in costs. 'Despite challenging macroeconomic conditions and tough retail markets in Australia and New Zealand, we achieved positive sales growth in our first period as a combined group,' she said. Despite company optimism that better times lay ahead, retail expert Dr Gary Mortimer warns the clock is ticking for Myer. He said that sales for Myer's newly acquired brands Just Jeans, Jay Jays, Jacqui E, Portmans and Dotti were either flat or declined during the second half of 2024-25, Daily Mail relays. 'It's only year one of the acquisition, so it will be interesting to see how the next 12-24 months play out,' Dr Mortimer told Daily Mail. 'It's been a challenging time for department stores, which have struggled in recent years. 'It's early days for Myer, so the next 12 months will be telling.' According to Daily Mail, Dr Mortimer warned that Myer's fashion and homewares brands could continue to struggle due to continued inflation - particularly the burgeoning cost of housing - savaging consumer spending, pushing customers toward budget alternatives like Target and Kmart and online portals. 'Discretionary spending is down because people are more focused on paying their rent or mortgages and getting food on the table,' he said. 'Brands such as Dotti are highly exposed to international fast fashion retail killers such as Shein and Temu.' 'If they want people to spend in-store, it will require some cost-of-living relief. 'Myer also needs a clearer value proposition on their breadth of apparel brands.' It's not all not doom and gloom with Myer Retail recording a 22.9 per cent jump in online sales in the financial year. Daily Mail relates that the retail giant also revealed that group sales for the first seven weeks of the 2025-26 year were 3.1 per cent up compared to the same period last year. 'We are cautiously optimistic about the year ahead, with emerging pockets of improving consumer strength,' Ms Wirth said. 'We also expect to see a return on the enhancements and investments we have made to strengthen the group and offset ongoing cost of doing business headwinds.' The former Qantas loyalty chief executive is also leading a new group strategy to slash AUD30 million in costs and expansion of the retailer's popular Myer One loyalty scheme to the new apparel brands. 'In executing our Myer Group growth strategy, we are moving at pace and gaining early traction, including the launch of Myer One at Apparel Brands in August, the overall Myer One relaunch on track for October, Just Jeans' new format store rollout, as well as introducing new brand partners and welcoming back brands returning to Myer,' Ms. Wirth added. Myer Holdings Limited -- https://www.myer.com.au/ -- operates department stores in Australia and New Zealand. The company's stores offer various product categories that include women's wear; men's wear; youth wear; children's wear; intimate apparel; beauty, fragrance, and cosmetics; home wares; electrical goods; toys; women's footwear, handbags, and accessories; and general merchandise. NOD GLOBAL: First Creditors' Meeting Set for Sept. 26 ----------------------------------------------------- A first meeting of the creditors in the proceedings of NOD Global Pty Limited will be held on Sept. 26, 2025 at 3:30 p.m. at the offices of Worrells, at Level 2, 1 Hobart Place, in Canberra, ACT, and via virtual meeting technology. Stephen John Hundy of Worrells was appointed as administrator of the company on Sept. 16, 2025. QCOAL GROUP: Cook Colliery Coal Mine to Close Half of Operation --------------------------------------------------------------- ABC News reports that a third Queensland coal miner has confirmed job cuts as it prepares to close one of its underground mine sites, with the company also putting the blame on rising costs and state government royalties. The ABC relates that QCOAL announced on Sept. 19 that one of its two underground sites at the Cook Colliery mine, near Blackwater in central Queensland, would shut down in the coming weeks. The project employs about 170 people and is operated by contractor Core Crew. According to the ABC, QCOAL said the closure at Cook Colliery would mean redundancies for workers or changes to existing positions, with employees to be consulted over the next two weeks before closure in early October. The number of job losses remains unclear but it is understood that about half the workforce may be affected. The ABC says the looming shutdown comes just days after BHP Mitsubishi Alliance (BMA) announced the closure of Saraji South mine at Dysart and Anglo American confirmed job losses at its Brisbane offices and across its Bowen Basin operations. The ABC relates that Isaac Regional Council Mayor Kelly Vea Vea said the BMA and Anglo job cuts would cost about 1,020 jobs in total. In a statement, QCOAL said market conditions led to the decision, the ABC relays. "Cook Colliery has contributed AUD25 million in royalties to the Queensland government since its March 2022 reopening despite never making a profit." The mine has had a troubled history, according to the ABC. QCOAL bought the mine from Bounty Mining in 2020 after that company was forced into voluntary administration. QCOAL reopened the sites in 2022. Bounty purchased the site after Cook's previous owner Caledon Coal Group was also put into liquidation in 2017. The mine sits about 27 kilometers south of Blackwater and produces both coking coal for steelmaking and thermal coal for energy. QCoal Group focuses on coal exploration and mining in Queensland, Australia. RESIMAC BASTILLE 2025-2NC: Moody's Assigns B2 Rating to Cl. F Notes ------------------------------------------------------------------- Moody's Ratings has assigned the following definitive ratings to the notes issued by Perpetual Trustee Company Limited as trustee of the RESIMAC Bastille Trust in respect of the RESIMAC Series 2025-2NC. Issuer: Perpetual Trustee Company Limited as trustee of the RESIMAC Bastille Trust in respect of the RESIMAC Series 2025-2NC AUD250 million Class A1 Notes, Assigned Aaa (sf) AUD570 million Class A2 Notes, Assigned Aaa (sf) AUD75 million Class AB Notes, Assigned Aaa (sf) AUD50 million Class B Notes, Assigned Aa2 (sf) AUD17 million Class C Notes, Assigned A2 (sf) AUD11 million Class D Notes, Assigned Baa2 (sf) AUD10 million Class E Notes, Assigned Ba2 (sf) AUD10 million Class F Notes, Assigned B2 (sf) The AUD7 million Class G Notes are not rated by Moody's. The transaction is a securitisation of first-ranking mortgage loans secured over residential properties located in Australia. The loans were originated and are serviced by Resimac Limited (RESIMAC). RESIMAC is an Australian non-bank lender, specialising in non-conforming and prime residential mortgage lending. In 2020, RESIMAC expanded its lending into asset finance, providing auto and equipment loans to commercial and consumer obligors. As of June 30, 2025, RESIMAC's Australian assets under management were around AUD15.9 billion. RATINGS RATIONALE The definitive ratings take into account, among other factors, an evaluation of the underlying receivables and their expected performance, evaluation of the capital structure and credit enhancement provided to the notes, availability of excess spread over the life of the transaction, the liquidity facility in the amount of 1.5% of the rated notes balance, the legal structure, the experience of RESIMAC as servicer and the presence of Perpetual Trustee Company Limited as the backup servicer. Moody's MILAN Stressed Loss — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 8.4%. Moody's expected loss for this transaction is 1.1%. According to Moody's analysis, the Class A Notes benefit from 18% subordination, compared with the 8.4% MILAN Stressed Loss. The transaction challenges include a relatively high proportion of loans to self-employed borrowers at 84.6% (based on Moody's classifications), with further 11.1% of loans to company borrowers and high proportion of alternative documentation loans of around 94.8% of the pool. Transactional features are as follows: -- Initially, principal payments will be made sequentially, starting with the Class A1 Notes until fully repaid, and then Class A2 Notes. All classes of notes, excluding Class G and Class Z Notes, will start receiving their pro-rata share of principal, provided that step-down test is met. The step down conditions include, among others, no unreimbursed charge-offs and payment date falling on or after 24 months after closing. -- Under the retention mechanism, prior to the call date, a certain proportion of excess spread remaining after reimbursement of losses and carry-over charge-offs will be used to repay principal on the junior notes, starting with the Class F Notes, thereby limiting their exposure to losses. Issuance of an equivalent amount of subordinated Class Z Notes at the same time will preserve the level of credit enhancement available to the more senior ranking notes. -- The servicer is required to maintain the weighted average interest rates on the mortgage loans at a level sufficient for the trust to meet the required payments when due, plus 0.25%. Other pool features are as follows: -- The pool has a weighted average scheduled LTV of 72.2%. -- The pool has a weighted average seasoning of 12.9 months. -- The pool has a relatively high exposure to Gold Coast, Queensland (5.6%). Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's current expectations of loss could be better than its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. The Australian job and the housing markets are primary drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, or lack of transactional governance, and fraud. THREADHEAD PTY: First Creditors' Meeting Set for Sept. 30 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Threadhead Pty Ltd (formerly trading as "The Tshirt Mill") will be held on Sept. 30, 2025 at 10:30 a.m. via Teleconference. Jarvis Lee Archer of Business Reset was appointed as administrator of the company on Sept. 18, 2025. ========= C H I N A ========= 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. PLANET GREEN: Increases Authorized Shares to 1.6 Billion -------------------------------------------------------- Planet Green Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on September 9, 2025, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of the State of Nevada to increase the total number of shares of all classes of stock which the Company has authority to issue to 1,600,000,000 consisting of: (a) 1,500,000,000 shares of common stock, par value $0.001 per share, and (b) 100,000,000 shares of preferred stock, par value $0.001 per share, to be issued from time to time with such rights, preferences and priorities as the Board of Directors shall designate. About Planet Green Planet Green Holdings Corp., headquartered in Flushing, New York, functions as a Nevada-incorporated holding company rather than an operating entity in mainland China. Its business operations are conducted through subsidiaries based in the PRC, Hong Kong, and Canada. The Company engages in diverse sectors, including consumer goods, chemical products, and online advertising. In an April 11, 2025 report, auditor YCM CPA Inc. issued a "going concern" qualification, citing Planet Green's accumulated deficit, working capital deficit, continued net losses, and negative operating cash flows. These conditions raise substantial doubt about the company's ability to continue as a going concern. As of June 30, 2025, the Company had $28.14 million in total assets, $18.07 million in total liabilities, and $10.07 million in total stockholders' equity. ========= I N D I A ========= ACTIVE TOOLS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ Crisil Ratings said the ratings on bank facilities of Active Tools Private Limited (ATPL) continue to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 16 CRISIL D (ISSUER NOT Credit COOPERATING) Long Term Loan 1 CRISIL D (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with ATPL 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 ATPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on ATPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of ATPL continues to be 'Crisil D Issuer not cooperating'. ATPL, incorporated in 2004 in Jalandhar (Punjab) and promoted by Mr Pritam Singh and his sons, Mr.Narinder Singh, Mr.Rajinder Singh, and Mr.Gurnam Singh, manufactures hand tools such as Lhandles, hammers, hacksaws, and vices; and carpentry tools. APEETEX FABRICS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Apeetex Fabrics Private Limited (AFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.21 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 13, 2024, placed the rating(s) of AFPL under the 'issuer non-cooperating' category as AFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AFPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 30, 2025, August 9, 2025, August 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Apeetex Fabrics Private Limited (AFPL) was incorporated in the year 1997 by the Pareek family and it is engaged in manufacturing of grey fabric. The manufacturing unit is situated at Bhiwandi, Thane. ARYA EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Arya Educational and Cultural Society (AECS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 9, 2024, placed the rating(s) of AECS under the 'issuer non-cooperating' category as AECS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AECS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 26, 2025, August 5, 2025, August 15, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Arya Educational and Cultural Society (AECS) was registered in April 2015 under the Societies Registration Act, 1860 for establishing and operating educational institute in Purnia, Bihar with an objective to provide education services. AECS is setting up a school from pre-nursery up to VII standard and has applied for a franchisee with 'Delhi Public School Society, Delhi' (DPS)wherein the society will manage the school in accordance with the guidelines (relating to fees, infrastructure, teacher student ratio, faculty etc.) issued by DPS and the day-to-day management of the school will be looked after by the society. The school will be affiliated to Central Board of Secondary Education (CBSE) and would commence its first academic session (2019- 20) up to Class VII with effect from Apr. 2019 and expansion up to standard XII will take place in the subsequent years. The initial intake capacity will be 950 students and it will gradually increase in line with extension of the higher classes. ASO AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Aso Agro Private Limited (AAPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 6, 2024, placed the rating(s) of AAPL under the 'issuer non-cooperating' category as AAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 23, 2025, August 2, 2025, August 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Incorporated in April 2017, Aso Agro Private Limited (AAPL) was promoted by the Agarwal family of West Bengal to set up a rice milling and processing plant. The company has successfully set up its milling and processing plant and started its commercial operations from March 2019. The plant of the company is located at Gurap, West Bengal. The company procures its raw material from local farmers and traders and finished products sells to the local traders and wholesales. BEEPEE HOSPITALITY: CARE Keeps D Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Beepee Hospitality LLP (BHL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.23 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 16, 2024, placed the rating(s) of BHL under the 'issuer non-cooperating' category as BHL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BHL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 2, 2025, August 12, 2025, August 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Beepee Hospitality LLP (BHL) is established on November 04, 2011 as a Limited Liability Partnership. BHL is promoted by Mr. Anup Poddar and Mr. Anil Poddar. The company is engaged in the business of processing of fabrics (viz. Polyester and cotton) i.e. spinning, combing, cleaning, weaving and dyeing on job work basis as well as through own production. The product finds its application in hospitality industry (hotels, hospital and airlines). BLUE DUCK: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Blue Duck Textiles Private Limited (BDTPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.35 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 12, 2024, placed the rating(s) of BDTPL under the 'issuer non-cooperating' category as BDTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BDTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 29, 2025, August 8, 2025, August 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Ghaziabad-based (Uttar Pradesh) BDTPL was originally incorporated in the year 1948 as a private limited company under the name of Webbing and Belting Factory Private Limited for carrying out the business of fabric dyeing and printing industry. It was later rechristened to BDTPL in April, 2013, to engage in the business of printing and dyeing of white fabric. BDTPL is promoted by Mr. Shantanu Kaul and Mrs. Gitanjali Kaul and currently operates from its sole manufacturing unit located in Sikandrabad (Uttar Pradesh). DEEPAK COSMO: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Deepak Cosmo Limited (DCL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (Issuer Not Cooperating) Proposed Short Term 0.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with DCL 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 DCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on DCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of DCL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1990 in Nalagarh, Himachal Pradesh, and promoted by Mr. Sandeep Garg, Mr. Sanjay Garg, and Mr. Gian Chand Garg, DCL manufactures synthetic yarns at its unit in Nalagarh, Himachal Pradesh. DIVYA SHREE: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Divya Shree Industries (DSI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 3, 2024, placed the rating(s) of DSI under the 'issuer non-cooperating' category as DSI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DSI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 20, 2025, July 30, 2025, August 9, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Divya Shree Industries, established in February 2012, was promoted by Agarwal family of Raipur to set up an aluminum profile and billets manufacturing business. The manufacturing facility is located at industrial area Rawabhata, Raipur. Since its inception, Divya Shree Industries has been engaged in manufacturing of aluminum profiles & billets. The commercial operation has been started from March 2014. Further, the firm have undertaken a project expansion of 6900 MTPA which have stated operation from June, 2018. The day to day affairs of the firm are looked after by Mr. Mukesh Agarwal, with adequate support from other partners and a team of experienced personnel. EASTERN MATTRESSES: CRISIL Keeps C Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Eastern Mattresses Private Limited (EMPL) continue to be 'CRISIL C Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 17 CRISIL C (Issuer Not Cooperating) Long Term Loan 3.48 CRISIL C (Issuer Not Cooperating) Proposed Long Term 3.02 CRISIL C (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with EMPL 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 EMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on EMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of EMPL continues to be 'Crisil C Issuer not cooperating'. Incorporated in 1999, EMPL manufactures and sells rubberised coir mattresses, spring mattresses and polyurethane foam mattresses under its own brand, Sunidra & Ruby. EMPL is based in Thodupuzha, Kerala and its operations are managed by Mr Firoz Meeran and Mr Nawas Meeran. GENSOL ENGINEERING: Evera in Talks with IRP to Lease 1,000 Cars --------------------------------------------------------------- The Economic Times reports that Delhi-based all-electric taxi service company Evera is in discussions with Gensol's insolvency resolution professional (IRP) and its committee of creditors (CoC) to lease 1,000 cars from Gensol's fleet of 4,000 vehicles, which are currently under the National Company Law Tribunal (NCLT). The Ahmedabad bench of the NCLT had admitted the solar engineering, procurement, and construction (EPC) firm Gensol's insolvency case on June 13 after the Indian Renewable Energy Development Agency (IREDA) filed a petition alleging that the company defaulted on loans worth INR510 crore. "We are exploring options to lease the cars so that we can operate them and generate revenue until the NCLT reaches a decision. We'll assess the cars in different lots and make an offer accordingly," ET quotes Evera's cofounder and chief executive Nimish Trivedi as saying. According to ET, Gensol initially evaluated an option of selling the cars, but Evera has instead proposed taking them on lease. The IRP, Keshav Khaneja, and the CoC are reviewing both proposals. Unless the idle vehicles are put back into use, their value could deteriorate, and they may become unserviceable. ET relates that Mr. Trivedi said the vehicles will be deployed for the company's newly rolled out hourly rental service and that it plans to present a "very competitive" lease proposal to the NCLT. He added that the industry remains optimistic, noting BluSmart's collapse was driven by governance problems rather than market conditions. "The idea is to use those cars for these rental services as well, because there is a huge market to tap. Earlier, that option wasn't available with us, but with the increased fleet, we can now offer it. We also plan to further strengthen this service and use it to cater to B2B clients," he added. ET notes that Evera serves both B2C and B2B segments, with most of its B2C customers coming from the airport category, while its B2B clients are primarily corporates seeking a pickup and drop-off facility for their employees. The company currently operates 500 electric vehicles (EVs) that were leased from BluSmart's lenders, including banks and NBFCs, before BluSmart entered insolvency proceedings. This was after the Securities and Exchange Board of India (Sebi) barred BluSmart cofounders Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities markets and holding board positions over allegations of fund siphoning and document forgery in Gensol Engineering, which is closely linked to BluSmart, according to ET. In July, Gensol's IRP advertised for bids from companies interested in taking 4,000 cars on a monthly lease. Khaneja did not respond to ET's query. According to Ritesh Prakash Adatiya, the IRP of BluSmart, the cars should be leased through BluSmart rather than directly by Gensol to avoid a deadlock during the resolution process, ET relays. "If the lease rights to the EV vehicles are no longer with BluSmart, the overall resolution of BluSmart Mobility as a business could be harmed. Having the rest of the assets but not the cars or the rights to them would be detrimental to the resolution process of BluSmart Mobility Limited," ET quotes Ritesh Prakash Adatiya as saying. When operational, BluSmart had around 8,000 electric cars in its fleet. Close to 5,000 of the vehicles were owned or leased from lessors by Gensol Engineering - these were then leased or subleased to BluSmart. The ride-hailing company also owned a few hundred EVs. About Gensol Engineering Gensol Engineering is a part of the Gensol Group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants. In May 2025, SMAS Auto Leasing India Pvt. Ltd had moved the Delhi high court, which restrained Gensol and its affiliated entity, BluSmart Mobility, from creating any third-party rights over the leased vehicles. The court also appointed receivers to take custody of the fleet. Gensol's insolvency was admitted on June 13, 2025, by the National Company Law Tribunal (NCLT) in Ahmedabad, following a petition by the Indian Renewable Energy Development Agency (Ireda), which alleged loan defaults of INR510 crore. Its EV leasing subsidiary, Gensol EV Leasing Pvt. Ltd, was also brought under CIRP. HIMALAYA CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Himalaya Construction Co. Pvt. Limited (HCCPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 20 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HCCPL 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 HCCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HCCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HCCPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 1979 in Delhi and promoted by Mr Manjit Singh, HCCPL is a 'Class A' civil contractor that constructs tunnels for hydroelectric projects for irrigation purposes, power houses, dams, roads, and railways. It also undertakes other types of heavy construction work. HYDROBATHS RAMCO: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Hydrobaths Ramco Marketing Private Limited (HRMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9.25 CRISIL D (Issuer Not Cooperating) Import Letter 2.50 CRISIL D (Issuer Not of Credit Limit Cooperating) Term Loan 1.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with HRMPL 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 HRMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on HRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of HRMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 2000 as a proprietorship firm by Mr Vineet Bhutani and reconstituted as a private limited company in 2009, HRMPL trades in tiles and sanitary ware products. The company owns a showroom in Gurugram. IMPERIAL HOTELS: CARE Lowers Rating on INR12.50cr LT Loan to B- --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Imperial Hotels and Resorts (IHR), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 5, 2024, placed the rating(s) of IHR under the 'issuer non-cooperating' category as IHR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IHR continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 22, 2025, August 1, 2025, August 11, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of IHR have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable IHR is a partnership firm, established in December 2019, by Mr. Govind Khaitan, Mr. Jitendra Agarwal and Mr. Santosh Tibrewal. IHR has developed a 3-star hotel in Tezpur, Assam, built over an area of 47,700 Sq. ft. across 5 floors, which includes 44 rooms, 1 restaurant, 1 mini conference hall, 1 banquet halls, spa, gym, etc. with a back office and service area in a commercial building in Tezpur. JOHAR AUTOMOBILES: CRISIL Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Johar Automobiles (JA) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft Facility 6 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JA 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 JA, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JA is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JA continues to be 'Crisil D Issuer not cooperating'. JA, based in Noida (Uttar Pradesh), deals in commercial vehicles of TML. The firm is promoted by Mr. Charanpreet Singh Johar and Mr. Jaspreet Singh Johar. JUMBO FIREWORKS: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jumbo Fireworks India Private Limited (JFIPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 11 CRISIL D (Issuer Not Cooperating) Term Loan 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JFIPL 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 JFIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JFIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JFIPL continues to be 'Crisil D Issuer not cooperating'. JFIPL, incorporated in 2011, manufactures pyrotechnics. The company is based in Sivakasi, Tamil Nadu, and is managed by Mr Raja Singh and Mr Subash Singh. KAPCO ELECTRIC: CARE Keeps C Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Kapco Electric Private Limited (KEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.09 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Long Term/Short 7.00 CARE C; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 17, 2024, placed the rating(s) of KEPL under the 'issuer non-cooperating' category as KEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 3, 2025, August 13, 2025 and August 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Delhi-based Kapco Electric Private limited (KEPL); a private limited company was incorporated in 1983 and is currently being managed by Mr Shantanu Kulkarni, Mr Sharad Damodar Kulkarni and Mrs Shashi Kulkarni. KEPL is engaged in manufacturing of power & distribution transformers KUBER INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Kuber Industries (SKI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 16.01 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 3, 2024, placed the rating(s) of SKI under the 'issuer non-cooperating' category as SKI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SKI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 20, 2025, July 30, 2025, August 9, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Shri Kuber Industries (SKI) was established as a partnership firm in January 2015 by Mr. Shyam Lal Garg, Mr. Pawan Kumar Garg and Mr. Pawan Tantia for setting up a manufacturing unit of MS wire, tubes & pipes. Currently, the firm has installed a manufacturing plant at Raipur, Chhattisgarh for MS wire and MS tubes & pipes. The unit has started its commercial operation from June 2018. Mr. Shyam Lal Garg (aged, 51 years), has around two decades of experience in the same line of business. He will look after the day to day operations of the entity supported by other partners. SKI has two associate concerns which are engaged in same line of business. LAXMI METAL: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Laxmi Metal Syndicate LLP Plot No. A l0/l1 Gurukrupa Soc, Tulsidham Char Rasta Majalpur, Vadodara, Gujarat, India, 390011 Insolvency Commencement Date: September 3, 2025 Estimated date of closure of insolvency resolution process: March 2, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Kashyap Ashwinbhai Shah 8-203, Manubhai Tower, Opp. Faculty of Arts, Sayajigunj, Vadodara, Gujarat 390020 Email id: kashvap.cs@gmail.com Email id: lmscirp@gmail.com Last date for submission of claims: September 16, 2025 MOHIJULI TEA: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Mohijuli Tea Co Private Limited (MTCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.52 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 2, 2024, placed the rating(s) of MTCPL under the 'issuer non-cooperating' category as MTCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MTCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 19, 2025, July 29, 2025, August 8, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Mohijuli Tea Company Private Limited (MTCPL) was established in 1991 by Mrs. Rumena Rehman, Mr. Nilufar Rehman and Mr. Atikur Rehman. The company is engaged in the processing of black tea and has installed capacity of 15 lakh kg per annum. The manufacturing facility is located at Guwahati, Assam. NEXTGEN INFRATEL: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Nextgen Infratel Private Limited E-2, Sector 63, Gautam Buddha Nagar, Noida, Uttar Pradesh, India, 202421 Insolvency Commencement Date: August 28, 2025 Estimated date of closure of insolvency resolution process: February 24, 2026 Court: National Company Law Tribunal, Allahabad Bench Insolvency Professional: Pranav J. Damania 407, Sanjar Enclave, Above Mahindra Showroom, Opposite to Milap Cinema, SV Road, Kandivali, Mumbai, Maharashtra, 400067 Email: pranav@winadvisors.co.in Last date for submission of claims: September 15, 2025 NOOR IMPEX: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Noor Impex Private Limited (NIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 18.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 18, 2024, placed the rating(s) of NIPL under the 'issuer non-cooperating' category as NIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 4, 2025, August 14, 2025, August 24, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Gandhidham-based (Gujarat), NIPL was incorporated in the year 2009 by Latiwala family by Mr Allaudin Latiwala, his two sons Mr Shabbir Latiwala and Mr Yusuf Latiwala and his wife, Mrs Shaheda Latiwala which afterwards operated by Mr. Shabbir Latiwala and Ms. Arvaben Shabbir Latiwala. The wood logs are imported from Malaysia, New Zealand and Africa while the processed timbers are sold to the customers based in Maharashtra, Gujarat, Madhya Pradesh and Uttar Pradesh. OSCAR INVESTMENTS: Ind-Ra Keeps C Loan Rating in NonCooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Oscar Investments Limited's (Oscar) non-convertible debentures and bank loan facilities in the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The detailed rating actions are: -- INR1.50 bil. Non-convertible debentures * (Long-term) maintained in non-cooperating category with IND C (ISSUER NOT COOPERATING) rating; and -- INR5.0 bil. Bank Loan Facilities (Long term) maintained in non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information *Unutilized Non-Cooperation by the Issuer Ind-Ra has not received adequate information and has not been able to conduct management interaction with Oscar while reviewing the ratings. Ind-Ra had consistently followed up with Oscar. The issuer has not submitted a no-default statement to Ind-Ra. Limitations regarding Information Availability Ind-Ra has reviewed the credit ratings of Oscar on the basis of best available information and is unable to provide a forward-looking credit view. Hence, the current outstanding rating might not reflect Oscar's credit strength. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in 'Transparency of Financial Information'. The ratings were last reviewed on November 17, 2020. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. The rating on the NCDs has been maintained at 'IND C (ISSUER NOT COOPERATING)' as they were unutilized as per the last data available to the agency. About the Company Oscar is a listed group company of RHC Holding Private Limited. RHC Holding, along with Malav Holdings Private Limited and Shivi Holdings Private Limited, holds 69% of Oscar's equity shares. On March 31, 2017, Oscar held stakes in several unlisted subsidiaries and group companies. P.K. SULPHIKER: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of P.K. Sulphiker (PKS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 8 CRISIL D (Issuer Not Cooperating) Bank Guarantee 2 CRISIL D (Issuer Not Cooperating) Cash Credit 8 CRISIL D (Issuer Not Cooperating) Cash Credit 1 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 3.25 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PKS 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 PKS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PKS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PKS continues to be 'Crisil D/Crisil D Issuer not cooperating'. PKS was set up as a proprietorship firm in 1993 by Mr P K Sulphiker. The firm undertakes civil construction, including construction and improvement of roads and bridges, in Kerala. PAWAR ELECTRO: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Pawar Electro Systems Private Limited (PESPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 49.89 CARE D; Issuer not cooperating; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term 55.50 CARE D; Issuer not cooperating; Bank Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 11, 2024, placed the rating(s) of PESPL under the 'issuer non-cooperating' category as PESPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PESPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 28, 2025, August 7, 2025, August 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Pawar Electro Systems Private Limited (PESPL) [erstwhile proprietary concern since 1998] was incorporated in 2006 by Mr. Kailash Pawar, Mrs. Manisha Pawar and Mr. Hemant Wagh. PESPL is engaged in manufacturing and assembly of blood bank equipments and cold storage medical equipment. PESPL is an ISO 9001:2003 certified company and its products comply with medical devices standards of ISO 13485:2003. PESPL has a network of around 35 dealers across India. POSHMARK ONLINE: Voluntary Liquidation Process Case Summary ----------------------------------------------------------- Debtor: Poshmark Online Marketplace Private Limited H-63, Ground Floor Vijay Chowk, Laxmi Nagar, East Delhi, Delhi, Delhi, India, 110092 Liquidation Commencement Date: August 18, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Bhuvan Madan A-103, Ashok Vihar Phase - 3, Delhi 110052 102-103, Surya Kiran Building, 19 K G Marg, CP, New Delhi 110001 Email: madan.bhuvan@gmail.com Contact Number:9582252006 For claim submission: Email Id: shishpal@acgasso.com Contact No: 8010435106 Last date for submission of claims: September 17, 2025 QUADRANT TELEVENTURES: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Quadrant Televentures Limited Registered Address: Flat no. 8, B-Type, Sadafuli Building, Tirupati Park, Gurusahani Nagar, N-4, CIDCO, Aurangabad City, Aurangabad, Aurangabad, Maharashtra, India- 431001 Address where books of accounts are maintained: B-71, Industrial Area Phase-VII, Mohali, Punjab, India- 160055 Insolvency Commencement Date: September 2, 2025 Estimated date of closure of insolvency resolution process: March 1, 2026 (180 Days) Court: National Company Law Tribunal, Mumbai Bench Court-I Insolvency Professional: Atul Kumar Kansal Ground Floor, 221-A/19, Onkar Nagar-B, Tri Nagar, North West, National Capital Territory of Delhi, 110035 Email: advatulkansal@gmail.com Immaculate Resolutions LLP Unit No. 112, First Floor, Tower-A, Spazedge Commercial Complex, Sector-47, Sohna Road, Gurgaon-122018 Email Id: Qtl.ibc@gmail.com Last date for submission of claims: September 16, 2025 R M BHUTHER: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: R M Bhuther And Company Limited 104 BAJAJ BHAWAN NARIMAN POINT, MUMBAI, Maharashtra, India, 400021 Insolvency Commencement Date: September 4, 2025 Estimated date of closure of insolvency resolution process: March 3, 2026 Court: National Company Law Tribunal, Mumbai Bench Insolvency Professional: Gajesh Labhchand Jain D-501, Clifton Society, Raviraj Oberoi Marg, Shastri Nagar, Andheri (west), Mumbai 400053 Email: gajeshjain@gmail.com C-602, Remi Biz Court, Off Veera Desai Road, Azad Nagar, Andheri West, Mumbai 400053 Email: cirp.rmbhuther@gmail.com Classes of Creditors: Allottees under Real Estate Project Authorised Representative of creditors in a class: 1. Jitender Kothari Address: 02, Orchid A Wing, Evershine Park Off Veera Desai Road Andheri West, Mumbai City 400053 Email: jitenderkothari@rediffmail.com 2. Sachin Rajendra Singhvi Address: 450-451, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai City 400013 Email: sachin@mehtasinghvi.in 3. Mr. Anil Vrijdas Rajkotia Address: 501, Balkrishna CHS Tilak Road, Santacruz (West) Mumbai City, Maharashtra 00054 Email: anilrajkotia@gmail.com Last date for submission of claims: September 18, 2025 RENEW PRIVATE: Moody's Affirms 'Ba2' CFR, Alters Outlook to Neg. ---------------------------------------------------------------- Moody's Ratings has affirmed ReNew Private Limited's (ReNew, RPL) Ba2 corporate family rating, and the Ba3 ratings on three senior secured bonds issued by ReNew, India Clean Energy Holdings (ICEH) and Diamond II Limited on a standalone basis (holdco bonds). At the same time, Moody's have also affirmed the Ba3 ratings on two senior secured bonds issued by India Green Power Holdings (IGPH) and ReNew Wind Energy (AP 2) Private Limited (RPL RG5) to fund restricted groups comprising ReNew's operating subsidiaries. The outlooks on the CFR, holdco bonds and IGPH bonds were revised to negative from stable. Whilst the outlook on bonds issued by RPL RG5 remains stable. "The negative outlook on the CFR and the holdco bonds reflects Moody's expectations that ReNew's consolidated financial metrics will likely remain below the minimum tolerance level set for the rating over the next 12-18 months under Moody's base case scenario, before factoring in any potential management countermeasures to support the rating," says Spencer Ng, a Moody's Ratings Vice President and Senior Credit Officer. The outlook change on IGPH reflects its close credit linkage with RPL, including the guarantee provided by RPL covering the non-convertible debentures (NCDs) issued by the RPL restricted group (RPL RG4) to IGPH, and the regular contracted interest payments RPL RG4 receives from the parent. On the other hand, the stable outlook on the bonds issued by RPL RG5 reflects its standalone fundamental credit quality and financial profile, which Moody's expects to remain consistent with that of a Ba3 rating. RATINGS RATIONALE Moody's expects ReNew's consolidated funds from operations (FFO)/debt could remain below the minimum tolerance level of 3.5% over the next 12-18 months, despite an expected strengthening in the group's EBITDA on the back of scheduled commissioning of developing renewable projects and increasing contribution from its solar module and cell manufacturing business. "ReNew reported FFO/debt of 2.5% in the fiscal year ended March 2025 with higher than expected capital expenditure and slower than expected progress in its deleveraging initiatives," adds Ng. Moody's base case financial projections incorporate additional debt needed to complete around 3.2GW of contracted generation projects that have already secured power purchase agreements (PPAs) over the next two years, incremental investments to deliver some additional projects in ReNew's overall development pipeline of more than 7GW as Moody's expects more PPAs will likely be signed over time, as well as non-cash interest expense associated with debentures provided by minority shareholders in two of its projects. The group's financial profile could benefit if its manufacturing business continues to outperforms Moody's base case expectation, if the prevailing favorable conditions in the solar component market were to persist. That said, a material and sustained ramp up in earnings contribution from manufacturing over time could increase variability in RPL's cashflow. This reflects the manufacturing segment's greater exposure to potential shifts in domestic content requirements, competition as domestic equipment capacity develops, and technology obsolescence risk, when compared to the established renewable generation business. Earnings in the manufacturing business contributed to around 5% of the group's EBITDA in fiscal 2025 in its first year of operations. The strong performance was driven by a rapid margin expansion on the back of strong demand and supportive policies implemented in support of domestically manufactured solar components. Management have outlined plans to divest or sell down its stake in other renewable energy projects and businesses beyond those already announced, and to apply a meaningful portion of the proceeds to retire debt. Moody's have not factored in these additional initiatives in Moody's base case due to the limited public disclosure, uncertainty over their timing and the extent of any resultant debt reduction. A successful delivery of these additional initiatives could help support a sustained improvement in the group's financial leverage relative to the set tolerance level. ReNew's Ba2 CFR reflects (1) the group's predictable cash flow, backed by its large and diversified portfolio of solar, wind and hydro power projects with long-term power purchase agreements (PPAs); (2) likely support from its two largest shareholders – Canada Pension Plan Investment Board's (CPPIB, Aaa stable) and Abu Dhabi Investment Authority (ADIA) – to meet its growth funding needs and liquidity if required; and (3) manageable exposure to resource risk considering its growing solar operations and the output assumptions used in Moody's forward-looking projections. Despite its sizable cash balance and deposit as of June 2025, ReNew will require additional debt for its planned capital expenditure over the next 12-18 months. The group has a track record of accessing domestic and international markets for funding, and Moody's expects ReNew's shareholders to support its equity funding needs and liquidity if required. The Ba3 ratings on the holdco bonds issued by India Clean Energy Holdings and Diamond II Limited reflect subordination considerations, given that proceeds from these bonds were on-lent to the holding company and other group entities. The Ba3 rating assigned to IGPH's senior secured bonds consider the guarantee provided by ReNew on the restricted subsidiaries' payment obligations. The Ba3 rating assigned to RPL RG5's senior secured bonds reflects the restricted group's underlying credit quality, which in turn, is underpinned by the predictable cash flow from their portfolio of renewable projects with long term PPAs. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the expected weakening in RPL's consolidated financial metrics, an upgrade to the CFR and the ratings of the holdco and IGPH bond are unlikely in the near term. Moody's could stabilize the outlook on these ratings if there is a clear and committed path to improving the group's consolidated FFO/debt metric to between 3.5%-4% on a sustained basis. Stabilization will also be predicated on no material adverse change in the group's business profile – such as a material and sustained increase in contribution from its merchant or manufacturing business - or its shareholder mix. On the other hand, Moody's could downgrade RPL's CFR and the Ba3 ratings on the holdco and IGPH bonds if (1) its consolidated FFO/debt remains below 3.5% or its FFO/net debt remains below 3.75%-4% beyond fiscal 2026; (2) support from CPPIB and ADIA weakens; or (3) the credit quality of its off-takers materially deteriorates. Moody's could downgrade the IGPH's bond rating if ReNew's rating is downgraded. Moody's could upgrade the ratings on the RPL RG5 bonds if there is a sustained improvement in its financial profile, as indicated by FFO/debt rising above 8% on a sustained basis. Conversely, RPL RG5's bond rating could be downgraded if FFO/debt was to fall below 4% on a sustained basis. LIST OF AFFECTED RATINGS Issuer: ReNew Private Limited Affirmations: LT Corporate Family Rating, Affirmed Ba2 Senior Secured (Foreign Currency), Affirmed Ba3 Outlook Actions: Outlook, Changed To Negative From Stable Issuer: Diamond II Limited Affirmations: Backed Senior Secured (Foreign Currency), Affirmed Ba3 Outlook Actions: Outlook, Changed To Negative From Stable Issuer: India Clean Energy Holdings Affirmations: Senior Secured (Foreign Currency), Affirmed Ba3 Outlook Actions: Outlook, Changed To Negative From Stable Issuer: India Green Power Holdings Affirmations: Senior Secured (Foreign Currency), Affirmed Ba3 Outlook Actions: Outlook, Changed To Negative From Stable Issuer: ReNew Wind Energy (AP 2) Private Limited Affirmations: Backed Senior Secured (Foreign Currency), Affirmed Ba3 Outlook Actions: Outlook, Remains Stable The principal methodology used in rating ReNew Private Limited, India Clean Energy Holdings and Diamond II Limited was Unregulated Utilities and Power Companies published in August 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ReNew Private Limited is a leading renewable energy company based in India. It has an operating capacity of more than 11 gigawatts (GW) and is focused on developing another 3 GW of capacity in the next 2-3 years. Around 94% of the company's equity interest is held by its listed parent ReNew Energy Global PLC (RNW). Canada Pension Plan Investment Board (CPPIB) held a 53% economic stake (of which 33% carried voting rights) across ReNew and RNW as of August 2025. ICEH and Diamond II are wholly owned subsidiaries of RNW established to facilitate the issuance of rated USD bonds and the on-lending of bond proceeds to other entities within the RNW group. IGPH is a special purpose vehicle formed to facilitate USD bond issuances, the proceeds from which were used to subscribe to INR-denominated non-convertible debentures issued by restricted group RPL RG4, which comprises ReNew Private Limited operating subsidiaries. ReNew Wind Energy (AP 2) Private Limited is part of restricted group RPL RG5 -- along with nine other RPL subsidiaries -- formed for the purpose of issuing a USD bond. S&J GRANULATE: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of S&J Granulate Solutions Private Limited (SGSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.82 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 11, 2024, placed the rating(s) of SGSPL under the 'issuer non-cooperating' category as SGSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 28, 2025, August 7, 2025, August 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2010 (commercial operations were started in December, 2012), S & J Granulate Solutions Private Limited was promoted by Mr. Amit Agarwal and Mr. Kunal Jiwarajka and is an ISO 9001:2008 certified company with its plant situated at Valsad, Gujarat. S&J is engaged in manufacturing of Crumb Rubber Granules (from scrap from truck, bus or OTR (Off the Road) radial tyres of up to 20 mesh size), steel wire and nylon fiber. SAIGON INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Saigon Infratech Private Limited (SIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 26.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 12, 2024, placed the rating(s) of SIPL under the 'issuer non-cooperating' category as SIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 29, 2025, August 8, 2025, August 18, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 2011, SIPL is promoted by Mr. Abhimanyu Pratap Singh Tyagi and Mr. Anirudh Singh. The company started its commercial operations in June 2012 and is engaged in execution of civil construction projects like construction of commercial building, office complex, hard-scaping stone work and residential projects for both private organizations and government departments. SAMBHAV EXIM: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sambhav Exim (SE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.97 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 6.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 13, 2024, placed the rating(s) of SE under the 'issuer non-cooperating' category as SE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 30, 2025, August 09, 2025, August 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Established in September, 2015, Ahmedabad (Gujarat) based Sambhav Exim (SE) is a partnership firm managed by two partners viz. Mr. Vijaykumar P. Shah and Mr. AnkitKumar P. Shah. SE is setting up a plant in Ularia, Ahmedabad to manufacture woven sack bags, BOPP woven bags and flexible pouches with a proposed manufacturing capacity of 3,600 metric tons of packaging material per annum as on March 31, 2017. The products manufactured by SE are used in various industries such as agriculture, chemical, fertilizers, food etc. Both the partners have over a decade of experience in packaging industry. SANGHAVI EXPORTS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sanghavi Exports International Private Limited (SEIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 544.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 11, 2024, placed the rating(s) of SEIPL under the 'issuer non-cooperating' category as SEIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SEIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 28, 2025, August 7, 2025, August 17, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Sanghavi Exports International Pvt. Ltd (SEIPL) was established as, a partnership firm in 1984 by the late Mr. Vasantlal R. Sanghavi, Mr. Kirtilal R. Sanghavi, Mr. Rameshchandra R Sanghavi and Mr. Chandrakant R Sanghavi (Chairman). In April 2007, the firm was converted to a private limited company. SEIPL is engaged in the business of processing and exports of cut and polished diamonds. The company also undertakes trading of diamonds on a limited scale. SEIPL's manufacturing facility is located at Surat, Gujarat. VENKATESWARA POULTRY: CARE Keeps B- Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sri Venkateswara Poultry Complex (SVPC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.25 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated July 31, 2024, placed the rating(s) of SVPC under the 'issuer non-cooperating' category as SVPC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVPC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 16, 2025, June 26, 2025, July 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Peddapuram (A.P) based Sri Venkateswara Poultry Complex (SVPC) is a partnership firm established in 1994 by Mr B Timmaraju, Ms B Sarojini, Mr B Sri Rama Rao and Mr B Srinivasa Rao. The firm is engaged in layer poultry farming and wholesale trading of eggs. The firm has existing capacity of 4,00,000 layers and actual capacity of 3,83,000 layers. The firm sells its products, eggs, cull birds, majorly to intermediaries in Andhra Pradesh, who in turn sell in West Bengal, Assam and Bihar. The firm purchases inputs for feeding of birds like maize, soya, broken rice, shell grit and minerals from local traders. VINCO CONSTRUCTION: CARE Assigns D Rating to INR3.00cr ST Loans --------------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Vinco Construction, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term bank facilities 2.50 CARE D Assigned Short-term bank facilities 3.00 CARE D Assigned Rationale and key rating drivers The ratings assigned to the bank facilities of Vinco Construction take into account the delay in servicing of its debt repayment obligation on term loans. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Track record of timely servicing of debt obligations for at least 90 days. * Improvement in financial risk profile. Negative factors Not Applicable Analytical approach: Combined CARE Ratings has combined the business of Vinco Construction and Vinco Enterprise, being the business units under the same proprietor, having operational and financial linkages. Outlook: Not Applicable Detailed description of key rating drivers: Key weaknesses * Delay in servicing of debt: There was delay in servicing of debt repayment obligation of term loan accounts in the month of July 2025. Liquidity: Poor Liquidity is marked poor on account of delay in servicing of debt repayment obligation of term loan accounts. Vinco Construction (VC) was established as a sole proprietorship by Mr. R. Vanlalhluna, based in Edenthar Veng, Aizawl. The firm specializes in the construction of roads and buildings across various districts in Mizoram. It is registered as a 1st Class Contractor under the Mizoram Public Works Department (PWD), VC's primary client is the PWD, Government of Mizoram. WIND WORLD: CRISIL Withdraws D Rating on INR15.4cr Proposed Loan ---------------------------------------------------------------- Due to inadequate information, Crisil Ratings, in line with SEBI guidelines, had migrated the rating of Wind World Wind Farms (Karnataka) Ltd (WWWFL) to 'Crisil D Issuer Not Cooperating'. Crisil Ratings has withdrawn its rating following a request from the company and on receipt of a 'no dues certificate' (NDC) from the banker. Consequently, Crisil Ratings is migrating the rating on bank facilities of WWWFL to 'Crisil D'. The rating action is in line with CRISIL Ratings' policy on withdrawal of bank loan rating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 15.4 Crisil D (Migrated from Based Bank Limits 'Crisil D ISSUER NOT COOPERATING'; Rating Withdrawn) Term Loan 12.6 Crisil D (Migrated from 'Crisil D ISSUER NOT COOPERATING'; Rating Withdrawn) Analytical approach Crisil Ratings has evaluated the standalone business and financial risk profiles of WWWFL. WWWFL was formed in 2000 as a special purpose vehicle between Wind World India Ltd (WWIL; 51% stakeholder) and Enercon GmbH (49% stakeholder) to set up windmills. The company has its windmills in Chitradurga and Gadag districts in Karnataka with total of 24.2MW of installed capacity. Operations are managed by Yogesh Mehra and Ajay Mehra. =============== M A L A Y S I A =============== PHARMANIAGA BHD: On Track to Exit PN17 by 1Q2026, MBSB Says ----------------------------------------------------------- The Edge Malaysia reports that Pharmaniaga Bhd's completion of its regularisation plan positions the group for a PN17 exit by 1QCY2026, according to MBSB Research. The house, in a note on Sept. 23, upgraded its call on the counter to a "buy" with a target price of 32 sen, the Edge says. "We revised Pharmaniaga's valuation to include this update, as well as its long-term plans for its logistics & distribution, and manufacturing operations moving forward," said MBSB. According to the Edge, Pharmaniaga's regularisation plans involved a capital reduction and a massive private placement. This exercise saw 19 new investors come on board, swelling the number of issued shares to 6.557 billion, from 1.441 billion previously. While this diluted substantial shareholders' stakes from 55% to 44%, it successfully recapitalised the company. The Edge notes that Pharmaniaga has guided that it is expecting stock-keeping-unit (SKU) volumes for its logistics & distribution business to be between 10%-12% year-on-year (y-o-y) for 2HFY2025, subsequently guiding revenue for the segment to grow at 15%-20% y-o-y. MBSB expects Pharmaniaga to show improved performance under the basis of uninterrupted operations and expansion, strong cash flow post-regularisation plan, and continuous government support from regulations and concessions, the Edge relays. "We believe that ongoing concession with the MOH (Ministry of Health), as well as continuous expansion in the group's logistics & distribution, and manufacturing segments, will continue to contribute to Pharmaniaga's growth potential." The Edge relates that MBSB said as governments and healthcare providers focus on reducing healthcare costs, Pharmaniaga's generic drug portfolio offers an attractive upside, being cheaper and readily available, while its biopharmaceutical products are expected to contribute significantly from 2HFY2026 onwards. The house said Pharmaniaga is expected to add over 91 new biopharmaceutical products in the next five years. "In addition to this, we opine that biopharmaceuticals will provide additional margins to its existing generic drugs," it added. MBSB said Pharmaniaga has not been producing many generic drugs in comparison to its peers. As such, the company's manufacturing business is set to launch at least 10 products per year (as opposed to 2-3 products previously), the Edge relays. "We believe this is a sound decision, as NPRA (National Pharmaceutical Regulatory Agency) and MOPI (Malaysian Organisation of Pharmaceutical Industries) are now improving their efforts to fast-track certain drugs from manufacturer to market, while maintaining compliance and due diligence," it added. About Pharmaniaga Pharmaniaga Berhad is an investment holding company. The Company is principally engaged in the research and development, manufacturing of generic drugs and medical devices, logistics and distribution, sales, and marketing, as well as community pharmacy. It was reported in February 2023 that Pharmaniaga had been classified as an affected listed issuer under PN17. The pharmaceutical company said it had triggered the PN17 criteria pursuant to its audited consolidated financial statements for the period ended Dec. 31, 2022. ===================== N E W Z E A L A N D ===================== ALPHA DECORATORS: Creditors' Proofs of Debt Due on Oct. 11 ---------------------------------------------------------- Creditors of Alpha Decorators Limited, All Diesel Services Limited and Pits4u Limited are required to file their proofs of debt by Oct. 11, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 11, 2025. The company's liquidator is: Heath Gair Palliser Insolvency PO Box 57124 Mana, Porirua 5247 AOTEAROA ABEL: Court to Hear Wind-Up Petition on Oct. 16 -------------------------------------------------------- A petition to wind up the operations of Aotearoa Abel Tasman Limited will be heard before the High Court at Whanganui on Oct. 16, 2025, at 9:30 a.m. Andrew McPhee, Arie McPhee, and MK Trustee (McPhee) Limited (as trustees of the McPhee Family Trust) filed the petition against the company on Aug. 19, 2025. The Petitioner's solicitors are: David Abricossow Hayden Rumble JB Morrison Lawyers Floor 7, 126 Lambton Quay Wellington Central Wellington SIGN FOUNDRY: Creditors' Proofs of Debt Due on Oct. 11 ------------------------------------------------------ Creditors of Sign Foundry (Auckland) Limited are required to file their proofs of debt by Oct. 11, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 11, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 SUMMIT PROJECT: Creditors' Proofs of Debt Due on Oct. 10 -------------------------------------------------------- Creditors of Summit Project Exponents Limited are required to file their proofs of debt by Oct. 10, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 5, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 TOP FINANCE: Court to Hear Wind-Up Petition on Sept. 26 ------------------------------------------------------- A petition to wind up the operations of Top Finance Limited will be heard before the High Court at Auckland on Sept. 26, 2025, at 10:45 a.m. Janaki Limited filed the petition against the company on June 27, 2025. The Petitioner's solicitor is: Andrew Swan Level 3 175 Queen Street Auckland ================= S I N G A P O R E ================= BONSEY JADEN: Commences Wind-Up Proceedings ------------------------------------------- Members of Bonsey Jaden Pte. Ltd. on Sept. 3, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Ms. Muk Siew Peng c/o Guardian Advisory 531A Upper Cross Street #03-118 Singapore 051531 GOLDEN ARIE: Placed in Provisional Liquidation ---------------------------------------------- Don M Ho and David Ho Chjuen Meng of DHA+ pac on Sept. 5, 2025, were appointed as provisional liquidators of Golden Arie Hi-Tech Investments Pte Ltd. The provisional liquidators may be reached at: Don M Ho David Ho Chjuen Meng DHA+ pac 9 Raffles Place #08-04 Republic Plaza Singapore 048619 HIN LEONG: Da Hui Fails to Halt Ship Sale Proceeds Payout --------------------------------------------------------- The Business Times reports that the High Court has rejected an attempt by a shipping company connected to the collapsed Hin Leong oil trading giant to delay the distribution of millions of dollars to creditors from the sale of two vessels. BT relates that the company, Da Hui Shipping, had applied to temporarily halt payments to other creditors who were seeking to collect money they were owed from the vessel sale proceeds. This was Da Hui's second attempt to claim money from the vessel sales, after the court rejected its earlier legal challenge seeking the same funds. According to BT, the dispute stems from a loan that Bank of America (BOA) had provided to both Da Hui and An Rong Shipping. Both companies were subsidiaries of Ocean Tankers, Hin Leong's shipping arm, and the loan was secured by mortgages on their vessels. Following the companies' default, one of Da Hui's vessels, the Sea Equatorial, was sold for US$21.4 million to partially repay the debt. The bank then commenced admiralty proceedings against An Rong's two remaining vessels, the Ocean Goby and the Ocean Jack. Admiralty actions are maritime legal proceedings that allow creditors to arrest vessels and sell them to recover debts. Both vessels were subsequently sold, with proceeds paid into court, BT notes. Other creditors intervened in the admiralty actions to assert claims against the sale proceeds, including PetroChina International Singapore, the local unit of state-owned Chinese oil company PetroChina, and French bank Societe Generale (SocGen). BT relates that Da Hui subsequently sought to claim a higher priority to the remaining proceeds, arguing that An Rong owed it US$12.4 million because Da Hui had helped pay off part of An Rong's debt. Da Hui filed what is called an "in personam" legal action against An Rong - a lawsuit targeting the company directly rather than its assets. In this lawsuit, Da Hui sought a court declaration that it was entitled to "subrogation" to BOA's mortgages on the vessels. This means the company was allowed to step into the bank's position and claim the same mortgage rights after helping to pay off the debt. In this case, Da Hui argued that because it had helped pay BOA's loan, it should inherit the bank's mortgage rights over An Rong's ships. However, both the High Court and Court of Appeal rejected this claim, ruling that BOA's mortgage rights had already been extinguished when the vessels were sold. Following the courts' decision, Da Hui started new "in rem" admiralty actions, meaning it was now suing the vessels themselves rather than the company that owned them. This is a different type of maritime lawsuit that targets the ship as property, allowing creditors to make claims directly against the vessel and its sale proceeds. Concurrently, PetroChina and SocGen filed applications to have the sale proceeds paid out to them, as they had already obtained court judgments against the vessels for cargo claims. Da Hui then filed stay applications to halt these payments, arguing that the funds would be dissipated before its new legal actions could be resolved. The company essentially wanted the court to freeze the money until it could prove its entitlement to a share, according to BT. In his judgment delivered on Sept. 15, Justice Kwek Mean Luck dismissed Da Hui's stay applications, finding that there was no "real risk of overlapping issues" between Da Hui's new admiralty claims and the existing payment applications, BT relays. The judge ruled that Da Hui's fundamental legal premise - that it could be subrogated to BOA's mortgage rights - had already been definitively rejected by higher courts. Since the Court of Appeal had upheld the High Court's finding that the bank's mortgage rights were extinguished when the vessels were sold, there was no viable basis for Da Hui to start a new type of lawsuit targeting the same funds. While companies have the right to choose how and where they want to sue someone, they do not get unlimited chances to keep trying different approaches if their first attempt fails, he added. According to BT, Justice Kwek also found that even if there had been overlapping legal issues, he would have refused the stay application because Da Hui's conduct had been prejudicial to other creditors. The judge noted that PetroChina and SocGen had acted promptly to secure their claims, while Da Hui was "very late in the day" and had already been given one opportunity to pursue its case, which it lost. Further, PetroChina and SocGen's claims were "far more advanced" than Da Hui's admiralty actions. It would thus be grossly unfair to deny them finality and payment of their legitimate claims due to mistakes they did not make, after having already waited more than two years for Da Hui's first case to be resolved. "Therefore, although Da Hui may be disadvantaged if the stay applications were not granted, I assessed that whatever prejudice or disadvantage that Da Hui may suffer would be entirely self-inflicted," said Justice Kwek. "Such prejudice would also not outweigh the prejudice suffered by PetroChina and SocGen occasioned by yet another delay to their fruits of litigation." About Hin Leong and Ocean Tankers Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed for court protection from creditors on April 17, 2020, as the former struggles to repay debts of almost US$4 billion. Hin Leong posted a positive equity of US$4.56 billion and net profit of US$78 million in the period ended October 31, according to the people, who asked not to be identified as the matter is sensitive, according to Bloomberg News. But Hin Leong told its creditors that total liabilities reached US$4.05 billion as of early April, while assets were just US$714 million, leaving a hole of at least US$3.34 billion, according to screenshots of the presentation to a group of bankers seen by Bloomberg News. The balance sheet of the company showed no equity at all as of April 9, 2020, and warned that "figures obtained from the company are subject to verification," Bloomberg News added. On April 27, 2020, the Company was granted interim judicial management by the Singapore High Court. Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have been appointed as interim judicial managers. The High Court of Singapore entered an order on Aug. 16, 2021, to wind up the operations of Ocean Tankers (Pte.) Ltd. LE HOME: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on Sept. 5, 2025, to wind up the operations of Le Home Concepts Pte. Ltd. DBS Bank Ltd 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 MICDAL PTE: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on Sept. 3, 2025, to wind up the operations of Micdal 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 PROCARE CLEANING: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on Aug. 29, 2025, to wind up the operations of Procare Cleaning 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 ********* 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. 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