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250930.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 Tuesday, September 30, 2025, Vol. 28, No. 195 Headlines A U S T R A L I A AUSTRALIAN HEALTHCARE: Placed Into Voluntary Administration AUSTRALIAN RETIREMENT: Empty Seattle Towers Trigger Loan Default CONQUEST 2025-2: S&P Assigns Prelim BB(sf) Rating to Class E Notes CYPRUS COMMUNITY: Creditors Approve DOCA DESORDRE: Goes Into Liquidation ERIC INSURANCE: Gilbert + Tobin Advises McGrathNicol on DOCA KONARZEWSKI FAMILY: First Creditors' Meeting Set for Oct. 1 MARV PAKENHAM: Second Creditors' Meeting Set for Oct. 2 MULTIPLE SCLEROSIS: First Creditors' Meeting Set for Oct. 2 OPTIMISED ENGINEERING: Second Creditors' Meeting Set for Oct. 1 SHIELD MASTER: Macquarie to Pay AUD321 Million to Affected Members VITRUVIAN INVESTMENTS: First Creditors' Meeting Set for Oct. 1 C H I N A HO WAN KWOK: Summary Judgment Ruling in Greenwich Land Suit Upheld ORIGIN AGRITECH: Board Names Two Directors After Four Resignations H O N G K O N G NEW WORLD: Gets HK$5.9BB Loan by Pledging Victoria Dockside I N D I A ANJANI COTGIN: CARE Keeps B- Debt Rating in Not Cooperating BHUSHAN POWER: Supreme Court Approves JSW Steel's Takeover Bid BILTECH BUILDING: CARE Keeps D Debt Rating in Not Cooperating CHD DEVELOPERS: CARE Keeps D Debt Ratings in Not Cooperating COLUMBUS OVERSEAS: CARE Keeps D Debt Rating in Not Cooperating DHARANI SUGARS: CARE Keeps D Debt Ratings in Not Cooperating FSD BUILDING: CARE Keeps D Debt Ratings in Not Cooperating GAGAN MEDIA: CARE Keeps B- Debt Rating in Not Cooperating Category GANESH COLD: CARE Keeps D Debt Rating in Not Cooperating Category GOYAL ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating GREENLAND MOTORS: CARE Keeps D Debt Rating in Not Cooperating HINDUSTAN NATIONAL: INSCO Completes Company Acquisition Under IBC IDEAL CARPET: CARE Keeps C Debt Rating in Not Cooperating Category IMPERIAL FASTNERS: CARE Keeps D Debt Ratings in Not Cooperating INFINITY INFRATECH: CARE Keeps C Debt Rating in Not Cooperating KAMA METALS: CARE Keeps D Debt Rating in Not Cooperating Category MCNALLY BHARAT: CARE Keeps D Debt Rating in Not Cooperating MISHAL CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating MODERN ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating NEHA EXPORTS: CARE Keeps C Debt Ratings in Not Cooperating PANNU STONE: CARE Keeps C Debt Rating in Not Cooperating Category RAJIVA EXPORTS: CARE Keeps C Debt Rating in Not Cooperating RASHI DALL: CARE Keeps C Debt Rating in Not Cooperating Category RAYAT & BAHRA: CARE Moves D Ratings to Not Cooperating Category REETHU TOBACCO: CARE Keeps D Debt Rating in Not Cooperating S. M. AUTOSTAR: CARE Keeps D Debt Rating in Not Cooperating SHUBH MANGAL: CARE Keeps D Debt Ratings in Not Cooperating SICO INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category SURYA COTTON: CARE Keeps D Debt Rating in Not Cooperating Category ZENITH PRECISION: CARE Keeps D Debt Rating in Not Cooperating M A L A Y S I A CAPITAL A: To Complete Airline Business Disposal in October N E W Z E A L A N D AMURI TRANSPORT: Creditors' Proofs of Debt Due on Oct. 20 DANNA LIMITED: Creditors' Proofs of Debt Due on Oct. 3 KERVELLA CHEESE: To Close as Costs Crush Small Producers NEW HORIZON: Court to Hear Wind-Up Petition on Oct. 6 OFF ROAD: Blacklock Rose Limited Appointed as Administrators SMITHS CITY: Liquidation Pushed as Claims Reach NZD25 Million SYNLAIT MILK: To Sell Assets to Abbott for USD170 Million UBCO HOLDINGS: Court to Hear Wind-Up Petition on Oct. 16 S I N G A P O R E CHINA RAILWAY: Court to Hear Wind-Up Petition on Oct. 2 DJETAIR PTE: Court to Hear Wind-Up Petition on Oct. 3 FLAIRGROUND LLP: Court to Hear Wind-Up Petition on Oct. 3 FUSEPROJECT PTE: Court to Hear Wind-Up Petition on Oct. 3 WILMAR INT'L: Guilty of Corruption, Indonesia's Supreme Court Says XIN HO: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= AUSTRALIAN HEALTHCARE: Placed Into Voluntary Administration ----------------------------------------------------------- McGrathNicol Restructuring on Sept. 29 announced the appointment of partners Barry Kogan and Shane O'Keeffe as voluntary administrators of Australian Healthcare and Hospitals Association Limited (AHHA) on Sept. 29, 2025. "Due to the financial and operational position of AHHA, the Administrators are unable to trade the business and are undertaking an orderly wind-down of operations," McGrathNicol said in a statement. "A first statutory meeting of creditors must be held within eight business days after the administration begins and is expected to take place on Oct. 10, 2025. Meeting notices setting out the time for the first meeting of creditors will be distributed to AHHA's creditors over the coming days." The Australian Healthcare and Hospitals Association (AHHA) is the national peak membership body for public and not-for-profit hospitals and health services - across hospital, primary and community care. AUSTRALIAN RETIREMENT: Empty Seattle Towers Trigger Loan Default ---------------------------------------------------------------- Bloomberg News reports that Australian Retirement Trust, the nation's no. 2 pension fund, is defaulting on a loan that funded the purchase of a US office complex once occupied by Microsoft Corp., underscoring the continued fallout for global investors as companies revise their office space. Bloomberg relates that the two towers in a Seattle suburb seemed like a safe bet for their Australian buyer in early 2020, packed with thousands of Microsoft workers. But the tech giant vacated the complex as hybrid work trends and job cuts allowed it to consolidate offices in the years following the pandemic, leaving both buildings empty in an area where nearly a fifth of space is now vacant. The mortgage on the Bravern complex in Bellevue was transferred to a special servicer this month after Microsoft's lease expired in August, according to filings on the debt. ART has no plans to refinance the property, the filings show, leading to a likely foreclosure or distressed sale at a steep discount and potentially exposing bondholders to losses, Bloomberg relays. Defaulting on the loan will probably wipe out a roughly US$300 million (AUD457 million) equity investment for ART, according to Bloomberg calculations. A spokesman for the pension fund, which manages about AUD350 billion in Australians' retirement savings, declined to comment. A spokesperson for Microsoft also declined to comment. Although the Bravern complex represents a tiny portion of ART's sprawling portfolio, the loss is a cautionary tale for Australia's pension funds as they step up their offshore investments in private markets, according to Bloomberg. About half of the biggest funds' assets are now overseas as the fast-growing AUD4.3 trillion industry outgrows its own backyard and is increasingly seen as a global investment powerhouse. Debt filings show the Bravern complex was valued at US$605 million just before its January 2020 purchase by QSuper, which later merged with Sunsuper to form ART, Bloomberg discloses. The deal was partly funded by a US$304 million loan that was packaged into a commercial-mortgage backed securitization. The asset is now worth closer to US$268 million, ratings service Morningstar DBRS reported in August. According to Bloomberg, the wipeout illustrates the continuing US office carnage, as debt defaults surge. About 16.9 per cent of US office CMBS deals were in special servicing as of August - the highest of any property type and up from 2.5 per cent in late 2019, Commercial Real Estate Finance Council data show. While there are some signs of office recovery in Seattle and Bellevue, they haven't come fast enough for owners holding buildings in some cases worth a fraction of their loan value, Bloomberg adds. Established in 2022, Australian Retirement Trust is an Australia-based superannuation fund formed through the merger of QSuper and Sunsuper. CONQUEST 2025-2: S&P Assigns Prelim BB(sf) Rating to Class E Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to six classes of prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee of ConQuest 2025-2 Trust. ConQuest 2025-2 Trust is a securitization of prime residential mortgage loans originated by MyState Bank Ltd. The preliminary ratings reflect the following factors. S&P said, "We have assessed the credit risk of the underlying collateral portfolio, including the fact that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. "The credit support is sufficient to withstand the stresses we apply. This credit support comprises note subordination for all rated notes and mortgage insurance covering 17.3% of the portfolio." The various mechanisms to support liquidity within the transaction, including an excess revenue reserve, principal draws mechanism, and an amortizing liquidity facility equal to 1.0% of the invested amount of all notes are sufficient under our stress assumptions to ensure timely payment of interest. There is an extraordinary expense reserve of A$150,000, funded from day one by MyState Bank, available to meet extraordinary expenses. The reserve will be topped up via excess spread, to the extent available, if drawn. A fixed- to floating-rate interest-rate swap is provided by ING Bank N.V. to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS. S&P has also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets its criteria for insolvency remoteness. Preliminary Ratings Assigned ConQuest 2025-2 Trust Class A1, A$460.00 million: AAA (sf) Class AB, A$21.25 million: AAA (sf) Class B, A$8.15 million: AA (sf) Class C, A$5.05 million: A (sf) Class D, A$2.15 million: BBB (sf) Class E, A$1.80 million: BB (sf) Class F, A$1.60 million: Not rated CYPRUS COMMUNITY: Creditors Approve DOCA ---------------------------------------- The Greek Herald reports that the drawn-out saga surrounding the Cyprus Community of NSW has reached a turning point, with creditors voting overwhelmingly in favor of a Deed of Company Arrangement (DOCA) following the AUD55 million sale of its Stanmore club property to Conquest Property Group. In August, the Supreme Court of NSW ruled that the administrators, Morgan Kelly and David Kennedy of EY Australia, could finalise the sale without seeking member approval, despite strong objections, The Greek Herald recalls. Justice Black held that the powers of voluntary administrators under the Corporations Act override the Registered Clubs Act provisions requiring a members' vote, a decision with potential ramifications for more than 1,300 registered clubs across the state. According to The Greek Herald, the ruling has allowed the AUD55 million transaction - which administrators maintain was the best offer among seven bids - to proceed. The deal will extinguish the Community's debts of over AUD20 million, clear years of litigation expenses, and leave tens of millions in surplus for future operations. At a creditors' meeting on Sept. 10, 2025, the DOCA was approved by an overwhelming majority, formally setting the course for the organization's financial recovery. The Greek Herald relates that the key features include: * Creditor repayments: Creditors are expected to be repaid in full, though distributions will not begin for about 12 months. * Surplus funds: Once the property sale is completed and debts and costs settled, between AUD22 million and AUD26 million is projected to remain. * Administrators' remuneration: EY's administrators and deed administrators will collectively recover about AUD2.5 million in fees and costs. Their ongoing remuneration (for their role as deed administrators) is capped at AUD255,979.20, except in the event of litigation or extraordinary work. * Directors reinstated: Control of the company is being handed back to the existing directors, although their powers remain limited by the terms of the DOCA. Any changes to the board must be approved by the deed administrators. This does not include legal costs associated with litigation to date. * Employee protection: Employees will receive priority for eligible entitlements, in line with the Corporations Act. * No requirement for AGMs/EGMs: The DOCA contains no provision requiring an Annual General Meeting or Extraordinary General Meeting to be held while it remains in force. The Greek Herald says settlement of the Stanmore sale is expected in twelve months, with funds flowing first to creditors and administration costs before the Community receives its surplus. Once creditors are paid in full and administrators' costs are discharged, the Community will return to ordinary operations under its directors. Opponents of the deal continue to argue that the sale undervalued the property and eroded the democratic rights of members. Nonetheless, for now, the Cyprus Community of NSW appears to have secured both financial stability and a roadmap forward, even as debates continue over the cultural and emotional cost of selling its historic Stanmore home, The Greek Herald relates. David A Kennedy and Morgan Kelly of Ernst & Young were appointed as administrators of Cyprus Community of N.S.W. Limited on Sept. 24, 2024. DESORDRE: Goes Into Liquidation ------------------------------- Ashley Nickel at Daily Mail Australia reports that Australian fashion powerhouse Desordre has collapsed under millions of dollars of debt. The expensive retailer, which was began as a pop-up store in Sydney's Darlinghurst in 2009, plunged into liquidation earlier this month. Desordre had stores in Darlinghurst and Bondi Beach in Sydney, Armadale in Melbourne and Fortitude Valley in Brisbane. It also maintained an international presence through its global online boutique. However, ASIC records seen by the Daily Mail show that the company entered liquidation on September 4, with the boutique suddenly turning the comments off on posts going back months. Insolvency firm Mackay Goodwin has been appointed as Desordre's liquidator. Daily Mail relates that the company owes 85 creditors, including Ralph Lauren and Alex Perry which is owed AUD729,000, as well as 13 influencers, models and stylists including Byron Baes star Abbey Steanes and Perth model Holly Young. Other creditors include fashion brands, model management companies, landlords, TikTok and even rubbish removal, pest control and mowing businesses. According to Daily Mail, founder Shannon Thomas said she was forced to liquidate the company amid piling bills. 'In an effort to save the business, we have actively worked with advisers to consolidate operations and reduced overheads,' Ms Thomas told News.com.au. 'Unfortunately, after 15 years of operations, this culminated in the appointment of liquidators.' She added she was 'deeply disappointed' to say goodbye to her business. Ms. Thomas had launched her store more than 15 years ago with the goal of making runway fashion quickly accessible in Australia. Desordre's website states it is currently 'under maintenance' and is no longer taking orders, adds Daily Mail. ERIC INSURANCE: Gilbert + Tobin Advises McGrathNicol on DOCA ------------------------------------------------------------ Gilbert + Tobin's Restructuring and Insolvency team has advised McGrathNicol partners Kathy Sozou and Shaun Fraser on the successful implementation of a novel claims resolution scheme for general insurer Eric Insurance. The scheme, implemented via a deed of company arrangement (DOCA) executed on September 19, 2025, is a novel precedent for a distressed general insurer in Australia. Eric entered voluntary administration in July 2025 following mounting complaint-handling costs and a winding up application brought by APRA. With over 77,000 active policyholders, the question before the Federal Court was whether Eric should be placed into liquidation (triggering the Commonwealth Government's Financial Claims Scheme) or whether a DOCA could deliver a more efficient and cost-effective outcome for policyholders and creditors. Drawing on actuarial support from Eric, the McGrathNicol and G+T teams designed a DOCA that preserved key protections of the Financial Claims Scheme while introducing a more streamlined process for assessing claims and distributing available funds. After consultation with APRA, ASIC, the Australian Financial Complaints Authority and securing the Court's imprimatur, Eric's creditors unanimously approved the proposal. The DOCA is estimated to deliver a materially better return to policyholders and creditors than a liquidation. The G+T team was led by partner Orla McCoy, supported by special counsel Mikhail Glavac and lawyer Jing Zhang. For McGrathNicol, Kathy Sozou and Shaun Fraser were supported by director Chania Rodwell and senior manager Karen San. APRA was advised by Emanuel Poulos and Lucinda Blue of Ashurst. Orla McCoy commented: "We are proud to have supported Kathy Sozou and Shaun Fraser in delivering a positive outcome for Eric's stakeholders. This transaction demonstrates the value of innovative restructuring solutions in regulated industries and highlights the exceptional collaboration between our team and McGrathNicol." About Eric Insurance 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. Eric Insurance's creditors have voted for a deed of company arrangement as an alternative to it entering liquidation. The creditors approved the deed proposed by voluntary administrators, establishing arrangements that took effect from Sept. 19, 2025. "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. KONARZEWSKI FAMILY: First Creditors' Meeting Set for Oct. 1 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Konarzewski Family Retirement Investments Pty Ltd will be held on Oct. 1, 2025 at 11:30 a.m. via telephone conference facilities. Jason Tang and Ian Niccol of KPT Restructuring were appointed as administrators of the company on Sept. 19, 2025. MARV PAKENHAM: Second Creditors' Meeting Set for Oct. 2 ------------------------------------------------------- A second meeting of creditors in the proceedings of MARV Pakenham Group Pty Limited ATF MARV Property Trust has been set for Oct. 2, 2025, at 10:30 a.m. via virtual facilities only. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Oct. 1, 2025 at 5:00 p.m. Graeme Robert Beattie of Worrells was appointed as administrator of the company on Aug. 28, 2025. MULTIPLE SCLEROSIS: First Creditors' Meeting Set for Oct. 2 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of The Multiple Sclerosis Society of South Australia and Northern Territory Inc. will be held on Oct. 2, 2025 at 11:00 a.m. via Microsoft Teams. Anthony Phillips and Andrew Heard of Heard Phillips Lieberenz were appointed as administrators of the company on Sept. 22, 2025. OPTIMISED ENGINEERING: Second Creditors' Meeting Set for Oct. 1 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Optimised Engineering Solutions Pty Ltd has been set for Oct. 1, 2025, at 11:00 a.m. at the offices of SV Partners, at 22 Market Street, in Brisbane, Qld and via electronic facilities. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Sept. 30, 2025 at 4:00 p.m. Abdul Chambal and Matthew Hudson of SV Partners were appointed as administrators of the company on Aug. 27, 2025. SHIELD MASTER: Macquarie to Pay AUD321 Million to Affected Members ------------------------------------------------------------------ Macquarie Investment Management Ltd (MIML) has committed to paying thousands of Australians who invested hundreds of millions in retirement savings in the Shield Master Fund (Shield) and has admitted it contravened the Corporations Act. ASIC has commenced proceedings in the Federal Court against MIML following admissions that it did not act efficiently, honestly and fairly by failing to place Shield on a watch list for heightened monitoring.  ASIC has also accepted a court-enforceable undertaking from MIML to ensure Macquarie pays to members 100% of the amounts they invested in Shield less any amounts withdrawn. ASIC Deputy Chair Sarah Court said, 'This is an important outcome that stems the significant losses that threatened thousands of members' retirement savings after they used Macquarie's platform to invest their super in Shield. 'Many members thought their funds were safe when they used Macquarie's super platform to invest in Shield, which had no track record. 'ASIC's investigation will see Macquarie return these members to the position they were in before their retirement savings were eroded.' As superannuation trustee, MIML oversaw approximately AUD321 million in super investments into Shield by around 3,000 of its members between 2022 and 2023. Macquarie has admitted the allegations in the proceeding. It is a matter for the Court to determine whether the declarations are appropriate. ASIC has determined not to seek the imposition of a civil penalty in the exceptional circumstances of this matter, including: * the strong public interest in obtaining a timely court-based outcome which will encourage other superannuation trustees to comply with their legal obligations in the context of choice platforms; * the interests of providing affected members who invested into Shield through a regulated superannuation fund with certainty in a timely manner; and * the level of cooperation demonstrated by Macquarie in agreeing to pay members 100% of the amounts invested in Shield less any amounts withdrawn, without waiting for an outcome of the Shield liquidation or proceedings against other parties involved. 'Superannuation trustees offering choice platforms are on notice. They are gatekeepers for retirement savings. ASIC expects them to take active steps to monitor the funds they make available to members through their platforms,' the Deputy Chair said. 'ASIC is continuing to investigate misconduct relating to the Shield and First Guardian Master Funds to hold those involved to account.' MIML is a subsidiary of Macquarie Group Ltd. MIML is the superannuation trustee of the Macquarie Superannuation Plan and operates the Macquarie wrap platform. About Shield Shield Master Fund is a registered managed fund whose responsible entity is Keystone Asset Management Ltd. It was registered in May 2021. Shield remains closed to new investments. ASIC took action in February 2024 to halt new offers of investments in Shield by making interim stop orders on four product disclosure statements for Shield. Macquarie Super members who invested in Shield have not been able to redeem their funds since February 2024 after Keystone froze redemptions. In June 2024, ASIC took action to secure the assets held within Shield. ASIC sought orders to preserve the assets of the scheme so that they may be recovered, to the extent available, for the benefit of investors while the investigation is continuing. ASIC understands that, since February 2022, funds totalling more than AUD480 million have been invested in Shield by at least 5,800 consumers, who accessed Shield primarily through superannuation platforms, the trustees for which were Macquarie Investment Management Limited and Equity Trustees. The investigation to date suggests that potential investors were typically called by lead generators and referred to personal financial advice providers who advised investors to roll their superannuation assets into a retail superannuation fund available on a choice platform and then to invest part or all of their superannuation into Shield. ASIC is investigating the circumstances surrounding Shield. ASIC is investigating Keystone Asset Management Ltd (in liquidation) (the responsible entity for Shield), its directors and officers, the role of the superannuation trustees, certain financial advisers who recommended investors invest in Shield, the lead generators, and the research house which rated Shield. This action follows proceedings ASIC launched in the Federal Court against Equity Trustees Superannuation Limited in August. That matter is continuing through the legal process. VITRUVIAN INVESTMENTS: First Creditors' Meeting Set for Oct. 1 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Vitruvian Investments Pty Ltd will be held on Oct. 1, 2025 at 4:00 p.m. at Merchants Advisory, at Level 15, 175 Pitt Street, in Sydney, NSW, and via video conference facilities. Louisa Sijabat of Merchants Advisory was appointed as administrator of the company on Sept. 22, 2025. ========= C H I N A ========= HO WAN KWOK: Summary Judgment Ruling in Greenwich Land Suit Upheld ------------------------------------------------------------------ In the appeal styled as GREENWICH LAND, LLC and HING CHI NGOK, Appellants, v. LUC A. DESPINS, CHAPTER 11 TRUSTEE, Trustee-Appellee, Case No. 3:24-cv-01185-KAD (D. Conn.), Judge Kari A. Dooley of the United States District Court for the District of Connecticut affirmed the order of the United States Bankruptcy Court for the District of Connecticut granting Chapter 11 Trustee Luc A. Despins' motion for summary judgment, in which the Bankruptcy Court determined that: (a) Greenwich Land is the alter ego of the Individual Debtor Ho Wan Kwok; (b) the Debtor equitably owns Greenwich Land; and (c) Greenwich Land's assets, as well as Ms. Hing Chi Ngok's membership interest in Greenwich Land, are property of the Debtor's bankruptcy estate. Greenwich Land is a Delaware LLC which owned, inter alia, property at 373 Taconic Road in Greenwich, Connecticut, which it purchased in February 2020. Greenwich Land has maintained an address at 162 East 64th Street, New York, New York, which has also been used by: the Debtor; the Debtor's attorney, Aaron Mitchell; the Debtor's adjudged alter egos, Golden Spring and HK USA; Hudson Diamond NY LLC, and numerous other entities associated with the Debtor. Ms. Ngok is the Debtor's wife, and previously resided at the Taconic Road Property. Though Yanping "Yvette" Wang, Max Krasner, and Daniel Podhaskie have each, at times, served as officers of Greenwich Land, Ms. Ngok is presently the sole member of Greenwich Land. Ms. Ngok has admitted that she did not participate directly in any banking or other financial transactions of Greenwich Land, and indeed, does not know at which banks Greenwich Land has or had bank accounts, or the source(s) of the funds in those accounts. Nevertheless, Ms. Ngok, as well as Mr. Krasner, Mr. Podkaskie, Ms. Ngok's daughter ("Ms. Guo"), and even the Kwok family chef, used debit cards in their names under Greenwich Land's Bento for Business bank account. Additionally, though Mr. Krasner resigned from his position as Vice President of Greenwich Land in November 2022, he continued to use his Bento Account debit card for several months thereafter. On appeal of the MSJ Order, Appellants argue that: (1) the Bankruptcy Court erred in its threshold evidentiary rulings, to include its determinations regarding law of the case and the Debtor and Ms. Guo's invocations of the Fifth Amendment; (2) without the evidence and other considerations upon which the Bankruptcy Court wrongly relied, the Trustee cannot meet his burden on summary judgment; and (3) regardless, the evidentiary record fails to establish that Greenwich Land is the Debtor's alter ego, or that the Debtor equitably owns Greenwich Land. In response, the Trustee argues that: (a) the Bankruptcy Court did not abuse its discretion in ruling on the parties' threshold evidentiary objections; and (b) the Bankruptcy Court did not err in concluding, on the basis of the undisputed facts, that Greenwich Land is the Debtor's alter ego and that the Debtor equitably owns Greenwich Land. The District Court agrees with the Trustee. On appeal, Appellants do not contest the Bankruptcy Court's reliance on applicable Delaware law or the general framework it sets out regarding alter ego determinations. Rather, they broadly challenge the sufficiency of the evidence adduced on summary judgment. In response, the Trustee argues that the record evidence supports the Bankruptcy Court's alter ego determination, and that Appellants have otherwise "proffered no evidence that might come close to establishing a genuine dispute of material fact preventing summary judgment on the Trustee's claims." The District Court agrees with the Trustee. Applying Delaware's alter ego framework, the District Court concludes that there is no genuine issue of material fact that Greenwich Land is the alter ego of the Debtor, and that reverse veil piercing is appropriate under the circumstances. The District Court also finds that the Bankruptcy Court properly concluded as a matter of law that the Debtor is the beneficial owner of Greenwich Land. Appellants principally argue that the Bankruptcy Court erred in its reliance on, and application of, the Dordevic factors. The court in Dordevic explained that "courts consider several factors in determining whether a titleholder is actually serving as a nominee for the benefit of another, including whether: (1) there is a close personal relationship between the nominee and the transferor; (2) the nominee paid little or no consideration for the property; (3) the parties placed the property in the name of the nominee in anticipation of collection activity; (4) the parties did not record the conveyance; and (5) the transferor continues to exercise dominion and control over the property. Regarding the first factor, the Bankruptcy Court observed that the Debtor's close relationship with the nominee (i.e., his wife) is uncontested. Then, as to the second, third, and fifth factors, the Bankruptcy Court incorporated by reference its extensive prior discussion regarding the alter ego analysis, specifically as to: (a) Ms. Ngok's complete lack of knowledge and responsibility for the funding of Greenwich Land and its real estate transactions; (b) the Debtor's dominion and control over Greenwich Land; and (c) Greenwich Land's corporate form being used to shield assets from the Debtor's creditors, thereby frustrating collection efforts. According to the District Court, the Bankruptcy Court thoroughly examined the record evidence and the undisputed facts and accurately concluded that four of the five Dordevic factors support the Debtor's equitable ownership of Greenwich Land. The District Court affirms in its entirety the Bankruptcy Court order granting summary judgment in favor of the Trustee. A copy of the Court's Memorandum of Decision dated September 11, 2025, is available at https://urlcurt.com/u?l=BmbAe6 from PacerMonitor.com. About Ho Wan Kwok Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge Julie A. Manning oversees the case. Dylan Kletter, Esq., is the Debtor's legal counsel. Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman. According to Reuters, Guo was a former real estate magnate who fled China for the U.S. in 2014 ahead of corruption charges. Guo filed for bankruptcy after a New York court ordered him to pay lender Pacific Alliance Asia Opportunity Fund $254 million stemming from a contract dispute. PAX had initially loaned two of Guo's companies $100 million in 2008 for a construction project in Beijing and sued Guo when he failed to pay off the loan. An Official Committee of Unsecured Creditors has been appointed in the case and is represented by Pullman & Comley, LLC. Luc A. Despins was appointed Chapter 11 Trustee in the case. ORIGIN AGRITECH: Board Names Two Directors After Four Resignations ------------------------------------------------------------------ Origin Agritech Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Dr. Changqing Mao, 53, joined the Board of Directors as an independent board member, effective September 12, 2025. Dr. Changqing Mao has been the Co-Chairman of the Innovation and Entrepreneurship Research Center of China Agricultural University since 2023. Dr.Mao has served as the General Manager of CITIC AgriScience Co., LTD. From 2016 to 2023, the chairman of Yuan Longping Agricultural High-Tech Co., LTD., from 2019 to 2023, and the chairman of CITIC Agricultural Industry Fund Management Co., LTD. from 2016 to 2023, among others. He has successively worked in the Policy System Reform and Legal Affairs Department of the Ministry of Agriculture, Xiangcai Securities, Guosen Securities, CITIC Securities, and other units. Dr. Changqing Mao has a BA from China Agricultural University in Economics, an MBA from Guanghua School of Management, Peking University, and a Doctor of Law degree from Jilin University. Mr. Siu Laam Hau, 40, also joined the Board of Directors of Origin Agritech Limited as an independent board member, effective on the same day. Mr. Siu Laam Hau is currently an executive director of Asian Capital Limited, a corporation licensed to carry on Type 1 (dealing in securities), Type 4 (advising on securities), and Type 6 (advising on corporate finance) regulated activities under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). Mr. Hau has over 15 years of experience in corporate finance, corporate advisory services, and auditing. Mr. Hau obtained a degree of Bachelor of Arts with a major in Accountancy and a minor in Corporate Finance from The Hong Kong Polytechnic University in December 2006 and is a member of the Hong Kong Institute of Certified Public Accountants. Accordingly, Ms. Fei Wang, Dr. Michael Trimble, and Dr. Min Lin resigned, as of September 12, 2025, as independent directors of the Company to pursue other business and personal endeavors. Mr. Chi Kin Cheng has resigned from his position as a director but will remain as Chief Financial Officer of the Company. About Origin Agritech Headquartered in Beijing, China, Origin Agritech Limited, along with its subsidiaries, is focused on agricultural biotechnology, operating in the PRC. The Company's seed research and development activities specialize in crop seed breeding and genetic improvement. Origin believes that it has built a solid capacity for seed breeding technologies, including marker-assisted breeding and doubled haploids technologies, which it believes, along with its rich germplasm resources, will allow it to become a significant seed technology company in China. Singapore-based Enrome LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated July 31, 2024, citing that the Company has negative operating cashflow of RMB15 million in the year ended September 30, 2024, has net current liabilities of RMB84.5 million as of September 30, 2024 and accumulated deficit of RMB580.86 million as of September 30, 2024 that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2024, the Company had RMB132 million (US$18.8 million) in total assets, RMB190 million (US$27 million) in total liabilities, and a total shareholders' deficit of RMB59 million (US$19 million). ================= H O N G K O N G ================= NEW WORLD: Gets HK$5.9BB Loan by Pledging Victoria Dockside ----------------------------------------------------------- The Standard reports that New World Development said it has reached an agreement for a HK$5.9 billion loan facility from Deutsche Bank by pledging Victoria Dockside as collateral. The local developer has agreed with the lender for an up to 5.9 billion term loan facility, with an initial committed tranche of up to HK$3.95 billion, according to a filing on Sept. 25. The initial tranche will be used for the group's ordinary course financing activities, it said. The Standard relates that the facility is secured by a first-ranking mortgage over Victoria Dockside, which comprises five major components, namely "K11 ARTUS", "K11 ATELIER", "K11 MUSEA", Rosewood Hong Kong, and certain carparks and assets that are related to Victoria Dockside, New World said. The group retains the ability to use the property as security to obtain additional financing to support its ongoing business needs, it added. About New World Development New World Development Company Limited -- https://www.nwd.com.hk/ -- an investment holding company, operates in the property development and investment business in Hong Kong and Mainland China. Its property portfolio includes residential, retail, office, and industrial properties. The company is also involved in the loyalty program, fashion retailing and trading, and land development businesses; and development and operation of sports park. In addition, it operates club houses, golf and tennis academies, and shopping malls; constructs and operates Skycity complex; and operates department stores. New World is still facing challenges even after it pulled off one of Hong Kong's biggest refinancing deals worth US$11 billion earlier this year. It has also been trying to secure a loan of as much as HKD15.6 billion led by Deutsche Bank, though it recently missed a self-imposed target for that effort, Bloomberg News. Controlled by Hong Kong's Cheng family, New World carries the heaviest debt burden among major developers in the city, amid a prolonged real estate downturn in the financial hub and mainland China. Its net debt reached 95.5 per cent of shareholders' equity as at December, according to Bloomberg Intelligence. ========= I N D I A ========= ANJANI COTGIN: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Anjani Cotgin (AJC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.02 CARE B-; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 11, 2024, placed the rating(s) of AC under the 'issuer non-cooperating' category as AC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AC 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 Anjani Cotgin (AC) was established as a partnership firm in 2003 by Mr. Subhash Goyal along with family members Mrs. Geeta Devi, Mr. Dipesh Goyal, and Mrs. Vanita Kumari. The firm is primarily engaged in cotton ginning & pressing, however, also undertakes in house cotton seed oil extraction and refining. In addition to this, AJC started manufacturing guar powder and guar meal w.e.f FY13 after taking over the operations of a group firm, Goyal Guar Gum & Chemical Industries. AC has an associate concern, namely, Gautam Swami Fabric (GSF), established in 2015 as a partnership firm and engaged in the manufacturing of woven sacks. BHUSHAN POWER: Supreme Court Approves JSW Steel's Takeover Bid -------------------------------------------------------------- Reuters reports that India's Supreme Court said on Sept. 26 that JSW Steel's $2.3 billion takeover of Bhushan Power and Steel (BPSL) could go ahead, reversing its own earlier decision to reject the deal. In May, the country's top court rejected the deal six years after it was first approved, unsettling buyers of other distressed assets and casting a shadow over Indian bankruptcy reforms introduced in 2016. On Sept. 26, the court said JSW had revived BPSL by investing heavily in modernization and safeguarded thousands of livelihoods by keeping the company a going concern, Reuters relates. The purpose of the Insolvency and Bankruptcy Code - to help transform a loss-making entity into a profit-making one - has been achieved, the court said. According to Reuters, the company said in an exchange filing that the Supreme Court has dismissed appeals filed by the promoters and some operational creditors of BPSL. The Supreme Court cited major procedural lapses for its decision in May to scrap one of the most successful insolvency deals in India's history - the takeover of Bhushan Power by the country's biggest steelmaker in 2019, Reuters adds. About Bhushan Power Bhushan Power and Steel Limited manufactures and markets steel products. It offers flat products, such as coated products, galvanized/galvalume, color coated products, cable tapes, and cold rolled products; and long products, including iron making and sponge iron products. The company also provides steel pipes, hollow steel sections, grooved pipes, and carbon steel tubes. Mahendra Kumar Khandelwal was appointed as the IRP in the case under an order passed by the National Company Law Tribunal (NCLT) on July 26, 2017. Bhushan Power, which owes over INR37,000 crore to a consortium of lenders led by Punjab National Bank, was among 12 large companies identified by the Reserve Bank of India against which banks were directed to initiate insolvency proceedings. Barring Era Infra Engineering Ltd, petitions have been admitted in all other cases. As reported in the Troubled Company Reporter-Asia Pacific on March 29, 2021, JSW Steel group on March 26, 2021, closed the INR19,350-crore transaction with lenders to acquire Bhushan Power, bringing down the curtain on a corporate insolvency resolution process (CIRP) that has stretched over three-and-a-half years. Business Standard said the transaction was funded through a mix of equity and debt. As part of the payment, a sum of INR8,614 crore in Piombino Steel (PSL) was arranged through a mix of equity, optionally convertible instruments and debt. Of this, INR8,550 crore was invested in a special purpose vehicle (SPV), Makler, the bidding company. The remaining INR10,800 crore was funded through debt. JSW informed the stock exchanges that following the implementation of the resolution plan, which included payment of INR19,350 crore to financial creditors of BPSL and the merger of the SPV, PSL holds 100 per cent equity shares in BPSL. Seshagiri Rao, joint managing director and chief financial officer, JSW Steel, said the company took charge of the asset on March 26, according to Business Standard. In early May 2025, the Supreme Court initially nullified JSW Steel's acquisition and directed the liquidation of the debt-laden company, but later put the liquidation process on hold. BILTECH BUILDING: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Biltech Building Elements Limited (BBEL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 62.99 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 18, 2024, placed the rating(s) of BBEL under the 'issuer non-cooperating' category as BBEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BBEL 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 Biltech Building Elements limited (BBEL), an Avantha group company, was incorporated in 2004. It is engaged in manufacturing 'Autoclaved Aerated Concrete Blocks, i.e. AAC-Blocks for 'green building' process by utilizing fly-ash, lime, cement, gypsum and aluminium powder as major raw materials. CHD DEVELOPERS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of CHD Developers Limited (CDL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 235.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Fixed Deposit 38.15 CARE D; ISSUER NOT COOPERATING Rating continues to remain under ISSUER NOT COOPERATING category Fixed Deposit 7.37 CARE D; ISSUER NOT COOPERATING Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated December 4, 2019, placed the ratings of CDL under the 'issuer non-cooperating' category as CDL had failed to provide information for monitoring of the rating. CDL continues to be noncooperative despite repeated requests for submission of information through e-mails dated May 19, 2025, May 29, 2025, and June 8, 2025, and numerous phone calls. 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 Rating's opinion is not sufficient to arrive at a fair rating. Further all bankers could not be contacted. Users of these ratings (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The rating has been reaffirmed by taking into account non-availability of information and no due diligence conducted due to noncooperation by CDL with CareEdge Rating's efforts to undertake a review of the rating outstanding. CareEdge Ratings views information availability risk as a key factor in its assessment of credit risk. Further, the ratings continue to remain constrained owing by delays in servicing of debt obligations. Analytical approach: Consolidated For arriving at the ratings, CareEdge Ratings has combined the business and financial risk profiles of CDL and its nine subsidiaries. Outlook: Not applicable Detailed description of key rating drivers: At the time of last rating on July 3, 2024, the following was the rating weakness. Key weaknesses * Delays in servicing of debt obligations: There are continuous delays in the servicing of debt obligations and as per MCA (Ministry of Corporate Affairs) and annual report for FY22 (refers to April 01 to March 31), the company is in under Corporate Insolvency Resolution Process under NCLT (National Company Law Tribunal). Liquidity: Poor The liquidity position of the company continues to remain poor on account of weak financial performance, leading to ongoing delays in debt servicing. CDL incorporated in 1990, is promoted by Rajinder Kumar Mittal (Chairman), having more than three decades of experience in the real estate industry. CDL is listed on Bombay Stock Exchange (BSE) since 1995. The company is engaged in development of real estate (residential and commercial) in the National Capital Region (NCR) including Karnal, Gurgaon and Sohna (Haryana). The company has long-standing presence and established brand in Gurgaon and Karnal. In the past, the company has completed several residential and commercial real estate projects with total saleable area of 54.92 lsf. COLUMBUS OVERSEAS: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Columbus Overseas LLP (COL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.90 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 20, 2024, placed the rating(s) of COL under the 'issuer non-cooperating' category as COL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. COL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 6, 2025, August 16, 2025, August 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jaipur (Rajasthan) based Columbus Overseas LLP (COL) was formed as a limited liability partnership concern in January 2015 by Sawalka family and is engaged into real estate business. DHARANI SUGARS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Dharani Sugars and Chemicals Limited (DSCL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 573.71 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 27.11 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 1, 2024, placed the rating(s) of DSCL under the 'issuer non-cooperating' category as DSCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DSCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 17, 2025, June 27, 2025, July 7, 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 Dharani Sugars and Chemicals Limited (ISIN Number: INE988C01014), part of the PGP group of companies based in Tamil Nadu was established in the year 1987 by Dr Palani G Periyasamy and his NRI Associates. The company is engaged in the manufacture of sugar, industrial alcohol, and co-generation of power. DSCL has three sugar mills located across Tamil Nadu. These units are in Dharani Nagar (Tirunelveli Dist.), Sankarapuram (Villupuram Dist.) and Polur (Thiruvannamalai Dist). Aggregate capacity of the company as on March 31, 2018, was 10,000 tonnes of cane crushed per day (TCD), 160 Kilo Liter per day (KLPD) Distillery and 37 MW cogeneration plant. FSD BUILDING: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of FSD Building Materials Private Limited (FBMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/Short 27.00 CARE D/CARE D; ISSUER NOT Term Bank COOPERATING; Rating continues Facilities 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 FBMPL under the 'issuer non-cooperating' category as FBMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FBMPL 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 FSD Building Materials Private Limited was incorporated as a private limited company in 2010, however the commercial operations started in 2014. The company is engaged in trading of wood logs, plywood, sawn timber and veneer. Plywood is sold under its brand name 'Kingdom Plywood'. Further, w.e.f from April 1, 2018, FSDBMPL has commenced manufacturing of plywood through backward integration at the manufacturing plant of Kanhaiya Wood Products, located at Rampur and taken on lease (engaged in manufacturing of plywood). GAGAN MEDIA: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Gagan Media Private Limited (GMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.16 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 August 7, 2024, placed the rating(s) of GMPL under the 'issuer non-cooperating' category as GMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 23, 2025, July 3, 2025, July 13, 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 Gagan Media Private Limited (GMPL) was incorporated on 10th May 2000, under companies' act 1956. It is a Chennai based company engaged in the trading of computer peripherals such as Desktop, Laptop, servers & storages, software, multifunction copiers/printers, LCD/DLP projectors, LCD/LED TV's consumables for printers/copiers, telecom products, applications, mobile devices, wireless systems, information security devices, telecommunication devices and other devices. GANESH COLD: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Ganesh Cold Storage (SGCS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 18, 2024, placed the rating(s) of SGCS under the 'issuer non-cooperating' category as SGCS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGCS 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 About the firm Established in 1999 as a partnership firm, SGCS is engaged into providing cold storage facility to farmers for storing potatoes on a rental basis. The firm has controlled atmosphere cold storage facility located at Deesa; Gujarat. The firm is managed by Mr. Popatlal Chamanaji Kachhawa, Mr. Kalidas Chamanaji Kachhawa and Mr. Lalabhai Chamanaji Kachhawa. Besides providing cold storage facility, the firm also provides interest bearing advances to farmers for potato farming purposes against the stock of potato stored. GOYAL ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Goyal Enterprises Merrut (GE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.25 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 17, 2024, placed the rating(s) of GE under the 'issuer non-cooperating' category as GE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GE 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: Not Applicable Meerut based Goyal Enterprises (GE) was established as proprietorship firm by Mr. Ambuj Goyal in 2001. GE is engaged in the wholesale trading of surgical equipment such as sputum container, urine container, slide box, dropping bottle etc and various type of scientific chemicals. GREENLAND MOTORS: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Greenland Motors (GRM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 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 20, 2024, placed the rating(s) of GRM under the 'issuer non-cooperating' category as GRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 6, 2025, August 16, 2025 and August 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Greenland Motors (GRM), constituted as a partnership firm in 2005 is an authorized dealer of Maruti Suzuki India Limited (MSIL) in select regions of Uttar Pradesh. Currently partnered by Mr Anil Khetrapal, Mr Sunil Khetrapal, Mr Arun Khetrapal and Mr Ranjan Khetrapal, GRM operates through its E-dealer outlets located at Pratapgarh and Kaushambi, its main showroom, true value outlet and workshops in Allahabad and its 8 rural outlets spread across different villages in the state of UP. The firm derives its revenue from sales of new cars, servicing of vehicles, sales of spare parts and trading of pre-owned cars. HINDUSTAN NATIONAL: INSCO Completes Company Acquisition Under IBC ----------------------------------------------------------------- The Economic Times reports that Independent Sugar Corporation Limited (INSCO), part of the Uganda-based Madhvani Group, on Sept. 27 announced that it has completed the acquisition of Hindustan National Glass & Industries Limited (HNGIL) through the Insolvency and Bankruptcy Code (IBC). ET relates that the transition was formally recorded at a meeting of HNGIL's newly constituted board on Sept. 26, following which INSCO assumed full control. The acquisition was led by Kamlesh Madhvani and Shrai Madhvani, with financial support from Cerberus Capital Management and the International Finance Corporation (IFC). According to ET, the INR2,250 crore resolution plan was approved by the National Company Law Tribunal (NCLT) on August 14, 2025, and later received clearances from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI). A 45-day monitoring phase was completed before the Monitoring Committee stepped down and a new board nominated by INSCO took charge. ET says the process concludes one of India's high-profile insolvency cases, which began with the Corporate Insolvency Resolution Process (CIRP) in October 2021 and involved seven years of litigation. The Committee of Creditors (CoC) cleared INSCO's plan with a 96.16% majority. Under the plan, INSCO will pay INR1,901.55 crore upfront to financial creditors, operational creditors, and workmen, in addition to INR356.28 crore over three years, ET notes. A 5% equity stake has also been allocated to assenting financial creditors. ET adds that the NCLT order noted, "The Plan value is 72% of the Average Fair Value and 114% of the Average Liquidation Value. It is also noted that through this proposed financial proposal, 60% of the admitted claim is being recovered by the Creditors." "We firmly believe that employees and workers are the foundation of any successful turnaround. HNGIL's dedicated workforce has shown remarkable resilience during the insolvency period, and we are committed to working closely with them to shape a secure, safe and sustainable future for the company," ET quotes Shrai Madhvani, chairman of HNGIL's new board, as saying. He further added, "The revival of HNGIL will require the collective support of employees, workers, customers, suppliers, regulators, and both state and central governments. Our vision is not only to restore HNGIL to its former glory but also to align our efforts with the 'Viksit Bharat' vision of Hon'ble Prime Minister Shri Narendra Modi ji, contributing to India's growth ambitions as a global industrial powerhouse." With the transition complete, INSCO has announced plans to modernise furnaces and equipment, invest in operations, expand product lines, and strengthen competitiveness in domestic and export markets, ET adds. About Hindusthan National Hindusthan National Glass & Industries Ltd is engaged in the manufacturing and selling of Container Glass Bottles. Geographically, it derives a majority of its revenue from India. The company primarily serves the pharmaceuticals, liquor, beer, beverages, cosmetics, and processed food industries. It also serves the overseas market. Hindusthan National Glass & Industries commenced corporate insolvency resolution process October 10, 2021 and Girish Siriram Juneja was appointed the RP. IDEAL CARPET: CARE Keeps C Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Ideal Carpet Industries (ICI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.08 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 8.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 20, 2024, placed the rating(s) of ICI under the 'issuer non-cooperating' category as ICI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ICI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 6, 2025, August 16, 2025 and August 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Uttar Pradesh-based ICI was established in 1971 as a partnership firm by Maurya family. The firm is being managed by Mr L R Maurya, Mr S R Maurya, Mr Tushar, Mr Kundan Arya and Mr Sudhir. The firm was primarily engaged into manufacturing of hand-knotted carpets. Besides, ICI also entered into the hotel industry and running hotel under the name of "Rivatas by Ideal" since October 2012 in Varanasi (Uttar Pradesh). IMPERIAL FASTNERS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Imperial Fastners Private Limited (IFPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.15 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 17, 2024, placed the rating(s) of IFPL under the 'issuer non-cooperating' category as IFPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IFPL 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: Not Applicable Gurgaon (Haryana) based Imperial Fastners Private Limited (IFPL) was incorporated in 1982 by Mr. Jugal Kishore, Mr. Naval Kishore, Mr. Sanjeev Sagar and Mr. Puneet Sagar. The company is engaged in manufacturing of fasteners such as nuts and bolts that finds its application in the automobile industry. The company has its manufacturing facility located at Gurgaon, Haryana. INFINITY INFRATECH: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Infinity Infratech (II) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.91 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.60 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 16, 2024, placed the rating(s) of II under the 'issuer non-cooperating' category as II had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. II 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 Vapi-based (Gujarat), II was established by the proprietor, Mr Pratik Desai in 2010. The firm is engaged mainly in stone crushing activity and manufacturing of RCC (Reinforced Cement Concrete) Hume pipes and service tenders of government in civil projects. The proprietor owns a quarry from which stone is extracted and then extracted material is crushed and transformed in the form of various stones and artificial crushed sand. II owns two plants for stone crushing in Karajgam, located near Vapi (Gujarat). The major customers of II are located in Gujarat, Maharashtra and Dadra & Nagar Haveli. KAMA METALS: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kama Metals and Alloys Private Limited (KMAPL) continue 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 & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 17, 2024, placed the rating(s) of KMAPL under the 'issuer non-cooperating' category as KMAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KMAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 3, 2025, August 13, 2025, 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 Delhi based Kama Metals and Alloys Private Limited (KMAPL) was incorporated in August, 2004 as a private limited company and started its commercial operations from May, 2008. The company is currently promoted by Mr. Sunil Kumar and Mr. Sajal Mittal. The company operates as a rolling mill and is engaged in the manufacturing of Mild steel billets, mild steel flats and mild steel pipes. The manufacturing facility of the company is located at Haridwar, Uttarakhand. MCNALLY BHARAT: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of McNally Bharat Engg Co Limited (MBECL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cumulative Redeemable 43.50 CARE D; ISSUER NOT Preference Shares COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE had, vide its press release dated June 24, 2024, continued the ratings of MBECL under the 'issuer non-cooperating' category as MBECL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. MBECL continues to be non-cooperative despite repeated requests for submission of information through phone calls and letters/emails dated May 10, 2025 and May 20, 2025, among others. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. Analytical approach: Standalone Detailed description of key rating drivers: At the time of last rating on June 24, 2025, the following were the rating strengths and weaknesses (updated for the information available from stock exchange filings): Key Rating Weaknesses: * Delays in debt servicing by the company: The liquidity position of the company continues to be stressed due to losses incurred and stretched operating cycle. This has led to continued delays in servicing of debt obligations. The operating cycle has been stretched due to high collection period. MBECL is currently under corporate insolvency resolution process (CIRP). On December 19, 2023, NCLT pronounced its order in favour of one of the Successful Resolution Applicants i.e., BTL EPC Limited (BTL), who had proposed to pay over Rs.441 crore against MBECL's admitted liabilities of Rs 5,015 crore. The lenders had approved BTL's resolution plan. BTL nominated Mandal Vyapar Private Limited as its Special Purpose Vehicle for the purpose of implementing the approved Resolution Plan. * Leveraged capital structure: The capital structure of MBECL is highly leveraged due to erosion of net worth resulting from continuing losses and high debt level. MBECL, incorporated in 1961, based in Kolkata, is engaged in engineering turnkey project execution. It belongs to the B. M. Khaitan group. MBECL has completed large number of turnkey projects in different areas of its operations like bulk material handling, ash handling, port handling, mineral beneficiation plant, water management, road construction and maintenance, structural fabrication, erection, piping, utilities, etc. MISHAL CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Mishal Construction Private Limited (MCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 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 18, 2024, placed the rating(s) of MCPL under the 'issuer non-cooperating' category as MCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MCPL 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 Incorporated in 2008, Mishal Construction Private Limited (MCPL) is engaged in real estate developments in Mumbai. The company was founded by Mr. Ajit Kumar Jain & Mr. Navin Kumar Jain and has been primarily focusing on redevelopment project in and around Mumbai. MODERN ENGINEERING: CARE Keeps C Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Modern Engineering Enterprise (MEE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 10, 2024, placed the rating(s) of MEE under the 'issuer non-cooperating' category as MEE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MEE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 27, 2025, August 6, 2025, August 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Modern Engineering Enterprise was established in 1995 by Smt. Khetoli Yepthomi with an objective to enter into undertaking infrastructure and civil construction business. Since its inception, the entity has been engaged in civil construction business in the segment like roads, bridges and building works. The entity is registered and enlisted by various Government Department as PWD (Nagaland) class 'A', ministry of Telecom class 'A1' and BSNL class 'A'. Class 'A' and class 'A1' contractor can bid for all types and higher value of contracts of Public Works Department (PWD) in Nagaland. The registered address of the entity is located at H/No. 129, Circular Road, Middle point, Dimapur, Nagaland- 797112. NEHA EXPORTS: CARE Keeps C Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Neha Exports (NE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 14.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 12, 2024, placed the rating(s) of NE under the 'issuer non-cooperating' category as NE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. NE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 29, 2025, August 8, 2025 and 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 Neha Exports was incorporated on December 20, 2006 by Ms Madhu Gulati. The firm is involved in the manufacturing, assembling and export of public address (PA) systems and components, including loud speakers, amplifiers, microphones, and woofers, and related electronic and electrical equipment's. The firm commenced operation in 2008 and its manufacturing facility is located in Dharuhera, Haryana. PANNU STONE: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Pannu Stone Crusher (PSC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.75 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 20, 2024, placed the rating(s) of PSC under the 'issuer non-cooperating' category as PSC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PSC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 6, 2025, August 16, 2025 and August 26, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Nainital, Uttarakhand based Pannu Stone Crusher (PSC) was established in July, 2016. The firm is currently being managed by Mr. Arvind Gusain, Mr. Ramesh Chandra Singh, Mr. Deshraj Singh and Mr. Sukhveer Singh Pannu. The firm was established with the objective of stone crushing, washing, grading & natural screening of stones. RAJIVA EXPORTS: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rajiva Exports (RE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE C; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 13, 2024, placed the rating(s) of RE under the 'issuer non-cooperating' category as RE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 30, 2025, August 9, 2025 and 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 Delhi based Rajiva Exports (RE) was established in 1993 as a proprietorship concern by Mr. Rajiva Maheshwari. The firm is engaged in trading of iron and steel scrap, pulses and cashew nuts. RASHI DALL: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rashi Dall Mills (RDM) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.64 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 16, 2024, placed the rating(s) of RDM under the 'issuer non-cooperating' category as RDM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RDM 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: Stable Ranchi (Jharkhand) based, RDM was established as a partnership firm in 2006 by Mr. Hari Shankar Agarwal and Mr. Rajesh Kumar Kanodia for setting up a processing unit for pulses. The firm started its commercial operation from October 2010. Since its inception, the firm has been engaged in milling and processing of pulses. RAYAT & BAHRA: CARE Moves D Ratings to Not Cooperating Category --------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Rayat & Bahra Group of Institutes (RBGI) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 76.47 CARE D; ISSUER NOT COOPERATING Facilities Rating moved to ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE D; ISSUER NOT COOPERATING; Facilities Rating moved to ISSUER NOT COOPERATING category Rationale and key rating drivers RBGI has not paid the surveillance fees for the rating exercise agreed to in its Rating Agreement. In line with the extant SEBI guidelines, CARE Ratings Ltd. (CareEdge Ratings) rating on RBGI's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. 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 reaffirmation in the ratings assigned to the bank facilities of RBGI factors in the ongoing delays in the servicing of the debt obligations. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: Key weaknesses * Ongoing delays in servicing of debt obligation: According to the verbal feedback received from the banker, there are ongoing delays in the servicing of the debt obligation, and the account is currently being classified as SMA-2 category (with overdue of 61-90 days). Liquidity: Poor The liquidity of the society is poor, leading to delays in debt servicing. Rayat & Bahra Group of Institutes (RBGI), an educational & charitable society was established in 2003. Currently, RBGI is running two campuses having twelve colleges located in Mohali and Hoshiarpur, Punjab. Apart from the above, the society is also running two K-12 schools, one each under the Mohali and Hoshiarpur campus. The Society was established with an objective to provide education in the field of engineering and technology, management, and pharmacy. The different courses offered are duly approved by AICTE (All India Council of Technical Education), PTU (Punjab Technical University) - Jalandhar, SCERT (State Council of Educational Research and Training) - Punjab, PU (Punjab University) - Chandigarh and PSBTE (Punjab State Board of Technical Education) - Chandigarh. REETHU TOBACCO: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Reethu Tobacco Traders (RTT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.60 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 17, 2024, placed the rating(s) of RTT under the 'issuer non-cooperating' category as RTT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RTT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 3, 2025, August 13, 2025, 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: Not Applicable Andhra Pradesh based, Reethu Tobacco Traders (RTT) was established in the year 2010 as a proprietorship concern by Mr. Gogineni Venkateswara Rao. Mr. Gogineni Venkateswara Rao is an authorized licensed holder from Government of Andhra Pradesh for processing and selling of Virginia tobacco. RTT is mainly engaged in processing and selling of Virginia tobacco. The processing unit for separation of tobacco leaves is located at Tangutur (Andhra Pradesh) which is 25 km away from Ongole (Andhra Pradesh) where tobacco is one of the major crops. The firm has reputed client base like Godfrey Phillips India Limited and Premier Tobacco Packers Private Limited. S. M. AUTOSTAR: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of S. M. Autostar Private Limited (SMAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.99 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 23, 2024, placed the rating(s) of SMAPL under the 'issuer non-cooperating' category as SMAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 9, 2025, August 19, 2025, August 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SMAPL was incorporated in 2007 and is currently being managed by Mrs Anisha Agarwal and Mrs Kusum Singh. SMAPL is primarily engaged in manufacturing of diverse products namely clutches, brake pads, clutch plates etc., wind operative generator parts, construction equipment parts and agricultural equipment. SHUBH MANGAL: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shubh Mangal Textile Industries LLP (SMTIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 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 16, 2024, placed the rating(s) of SMTIL under the 'issuer non-cooperating' category as SMTIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMTIL 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 Shubh Mangal Textile Industries LLP (SMTIL) was established in 2013 as limited liability partnership firm by Mr. Anuj Mahesh Gupta and Mrs. Lata Gupta. The firm is engaged in manufacturing and trading of polyester viscose (PV) fabrics. SICO INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sico India (SI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 13, 2024, placed the rating(s) of SI under the 'issuer non-cooperating' category as SI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 30, 2025, August 9, 2025 and 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 Delhi based, SICO India (SI) was established in 1982 as a proprietorship firm and is currently being managed by Mr. Savir Madan. The firm is engaged in trading of ball-bearings from its office located in Rajouri Garden, Delhi. SURYA COTTON: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Surya Cotton Industries (SCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.83 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 17, 2024, placed the rating(s) of SCI under the 'issuer non-cooperating' category as SCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 3, 2025, August 13, 2025, 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: Not Applicable Surya Cotton Industries (SCI) was established in October, 2011 as a partnership concern by five partners. SCI is engaged in cotton ginning and pressing. SCI is into the business of manufacturing of cotton bales, cotton seed cake and cotton seed oil with installed capacity of 1,500 Metric Tonnes Per Annum (MTPA), 2,800 MTPA and 336 MTPA respectively. ZENITH PRECISION: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Zenith Precision Private Limited (ZPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.69 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 8, 2024, placed the rating(s) of ZPPL under the 'issuer non-cooperating' category as ZPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ZPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated June 24, 2025, July 4, 2025, July 14, 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 Bangalore based Zenith Precision Private Limited (ZPPL) was incorporated in 1986 as a Private Limited Company by Mr J.F.Pinto. The company is engaged in the manufacturing of precision components and sub-assemblies which find application in variety of industries such as locomotive, automobile, medical components and aerospace industries. The company has three manufacturing units located in the suburbs of Bangalore of which 2 units manufacture aerospace components. The company has diversified revenue base with majority of sales (about 90%) being exports (to USA) and deemed exports. It procures its raw materials domestically from Karnataka. Currently, Mr. Deepak Pinto, the Managing Director of the company looks after the day to day operations. =============== M A L A Y S I A =============== CAPITAL A: To Complete Airline Business Disposal in October ----------------------------------------------------------- The Malaysian Reserve reports that Capital A Bhd is optimistic of completing the disposal of its airline business to AirAsia X Bhd (AAX) by October, paving the way for the group to seek removal of its Practice Note 17 (PN17) status by year-end. According to the report, chief executive officer Tan Sri Tony Fernandes said the three conditions to facilitate the disposal include securing MYR1 billion in capital, finalising six consent letters and obtaining a waiver from the Thai Stock Exchange on the general offer requirement. "I can say again that we are making good progress there. "The trigger point is for us to say we have completed the three conditions precedent to make the disposal. Once we announce that, the rest is just paperwork which will take three to four weeks. I'm optimistic that in October we can make the announcement," he told Bernama in an exclusive interview on the sidelines of the ongoing ASEAN Economic Ministers' Meeting 2025, The Malaysian Reserve relays. He said Capital A has already cleared several hurdles and is now nearing take-off in its journey towards exiting PN17. Using an aircraft as an analogy, he said: "If I take it to an aircraft, we're off the aerobridge, we're on the runway, taxied and about to take off," underscoring his confidence that the long-awaited restructuring is finally taking shape. The Malaysian Reserve relates that Mr. Fernandes said that once the transfer of the airline business is completed, Capital A will move quickly to apply to Bursa Malaysia to exit PN17 classification. Capital A was classified as a PN17 company in January 2022 following the severe impact of the COVID-19 pandemic on air travel. "I'm hoping that by the end of November or December, we can finally put the COVID-19 episode behind us and show that we have turned the corner," he added. During the pandemic which began in 2020, all borders were closed and air travel came to a complete halt, affecting all airlines including AirAsia. Mr. Fernandes noted that the pandemic, combined with PN17, created 'a monstrous handicap' for the company, but expressed confidence that the latest restructuring marks a new beginning, according to The Malaysian Reserve. The disposal is also a key step towards Capital A's longer-term ambition of creating a regional aviation group that is more streamlined and better positioned for growth. Beyond aviation, Mr. Fernandes highlighted the group's success in building six new companies during the pandemic years, which now form the backbone of Capital A's diversified portfolio, The Malaysian Reserve relates. These include Asia Digital Engineering (ADE), its aircraft maintenance, repair and overhaul unit; Teleport, its logistics and cargo arm; AirAsia Move, Malaysia's first homegrown online travel agency; Santan, an ASEAN food brand that has successfully marketed AirAsia's in-flight meals on the ground; BigPay, its financial technology platform; and ABC, a new venture focused on branding, loyalty and digital assets. "These companies didn't exist before COVID-19, but today they are real businesses contributing to the Malaysian economy. People were questioning whether we would survive, and now we have built businesses that will create long-term value. The aviation group is going to be stronger," he said. He added that Capital A is also exploring capital market opportunities beyond Malaysia. A dual listing in Hong Kong is under consideration, with strong interest from investors in the China market. "There is a lot of capital in that part of the world, and Hong Kong is an important gateway. In addition, American underwriters have approached us to consider listing in the United States. It's good to be wanted again," he said. The Malaysian Reserve adds that Mr. Fernandes said that while the immediate focus remains on completing the disposal and exiting PN17, the group's trajectory is clear - to emerge stronger post-COVID with a more diversified base of businesses and greater regional reach. About Capital A Capital A Bhd, formerly known as AirAsia Group Bhd, provides low-cost air carrier service. The company provides services on short-haul, point-to-point domestic and international routes. Capital A, headquartered in Malaysia, operates from hubs in Malaysia, Thailand, Indonesia, Philippines and India. The airline's Malaysia and Thailand operations are undertaken via AirAsia Bhd and Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines operations are managed under PT Indonesia AirAsia and Philippines AirAsia Inc. Capital A triggered the PN17 suspended criteria in July 2020 after its external auditors, Ernst & Young PLT, issued an unqualified audit opinion with material uncertainty relating to going concern in respect of its audited financial statements for the financial year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a consolidated basis was 50% or less of its share capital. Capital A also triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market Listing Requirements (Main LR), where AirAsia's shareholders' equity on a consolidated basis was 25% or less of its share capital and the shareholders' equity is less than MYR40 million based on the audited financial statements for FY20. Following relief measures introduced by Bursa and the Securities Commission Malaysia, Capital A was not classified as a PN17 listed issuer and was not required to comply with the obligations under Paragraph 8.04 and PN17 of the Main LR for a period of 18 months from the date of the first relief announcement, theedgemarkets.com said. The date of the first relief announcement was July 8, 2020, and the 18-month period ended on Jan. 7, 2022. Under the relief measures, companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 and Guidance Note 3 (GN3) company for 12 months. As reported in the Troubled Company Reporter-Asia Pacific in mid-October 2024, shareholders have backed plans for budget carrier AirAsia to be bought by its long-haul associate, AirAsia X paving the way for the Malaysian-based airlines to finalise their consolidation by the end of the year. AirAsia X shareholders approved the proposed acquisition of Capital A's equity interest in AirAsia units for MYR6.8 billion (US$1.6 billion) on Oct. 16, 2024, after Capital A shareholders gave the nod on Oct. 14 to the deal, company statements said, according to Reuters. Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia units in Thailand, Indonesia, Philippines, and Cambodia, will pave the way for Capital A's restructuring and exit from PN17 status. ===================== N E W Z E A L A N D ===================== AMURI TRANSPORT: Creditors' Proofs of Debt Due on Oct. 20 --------------------------------------------------------- Creditors of Amuri Transport (1989) Limited are required to file their proofs of debt by Oct. 20, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 18, 2025. The company's liquidators are: Kristal Pihama Luke Norman KPMG 18 Viaduct Harbour Avenue PO Box 1584 Shortland Street Auckland 1140 DANNA LIMITED: Creditors' Proofs of Debt Due on Oct. 3 ------------------------------------------------------ Creditors of Danna Limited are required to file their proofs of debt by Oct. 3, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 10, 2025. The company's liquidator is: Yunus Ahmed Musa TFS Chartered Accountants 214 Main Road Tawa Wellington 5028 KERVELLA CHEESE: To Close as Costs Crush Small Producers -------------------------------------------------------- The Press reports that after near two decades of producing artisan cheese in Golden Bay, one of the country's only accredited raw cheesemakers has announced this summer will be its last. According to The Press, Kervella Cheese owners Gabrielle Kervella and Alan Cockman said years of rising costs, regulatory hurdles and the sheer workload of running the business well into retirement had made the operation unsustainable. The Press says the announcement comes on the heels of Marlborough's Cranky Goat cheese company going into liquidation, leaving a potential NZD100,000 shortfall for unsecured creditors. The Press relates that New Zealand Specialist Cheesemakers Association chairperson Simon Berry said the struggle for producers was being seen "right across our industry", with seven member businesses closing in the past three years. "It's a tragedy," he said, notes the report. The costs of living and owning a business were rising, and tariff-free subsidized European imports were flooding the New Zealand market while local cheesemakers faced steep export tariffs, he said. Ms. Kervella, who produces boutique cheese from the fromagerie in East Takaka with her partner, Mr. Cockman, said it was "just criminal" that small cheesemakers were being forced out, according to The Press. "We make our own cultures, and these traditional ways are going to be lost," The Press quotes Ms. Kervella as saying. "There's very few people now that know how to make these . . . It's just such a crime to lose it in this wonderful country and climate and land. "It's just heartbreaking." The couple had explored community ownership, crowdfunding and part-share models, but the financial demands were too great. The Press relates that Ms. Kervella said that while France and other countries subsidized traditional cheesemakers, in New Zealand, small producers were weighed down by Ministry for Primary Industries certification costs without similar support. Ms. Kervella trained with master cheesemakers in France in the early 1980s before moving to Western Australia, where she founded Kervella Cheese in 1984 on the southern hemisphere's first biodynamic goat farm, according to The Press. She twice won Australia's Best Cheese Award in the late 1990s. Her passion has always been to revive "lost cheeses" by cultivating wild cultures, moulds and yeasts to create complex flavours. NEW HORIZON: Court to Hear Wind-Up Petition on Oct. 6 ----------------------------------------------------- A petition to wind up the operations of New Horizon Construction Limited will be heard before the High Court at Hamilton on Oct. 6, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 7, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton OFF ROAD: Blacklock Rose Limited Appointed as Administrators ------------------------------------------------------------ Benjamin Francis and Garry Whimp of Blacklock Rose Limited on Sept. 15, 2025, were appointed as Administrators of Off Road Caravans New Zealand Limited. The Administrators may be reached at: Benjamin Francis Garry Whimp C/- Blacklock Rose Limited PO Box 6709 Auckland 1142 SMITHS CITY: Liquidation Pushed as Claims Reach NZD25 Million ------------------------------------------------------------- The Post reports that Smiths City administrators are pushing creditors to tip the company into liquidation at this week's watershed meeting after it fell into voluntary administration this month and racked up almost NZD26 million in creditor claims. But NZD10.5 million of the claims were owing to unsecured creditors who weren't likely to see anything, administrators said, The Post relays. The 107-year-old company went into voluntary administration on September 2 with BDO's Colin Gower and Diana Matchett appointed joint administrators. At the time of administration Smiths City ran nine stores, mostly in the South Island, and employed around 137 staff. All stores had been shut since then, except the chain's Colombo St store in Christchurch. In their first report released on Sept. 24, Mr. Gower and Ms. Matchett said the company was insolvent so didn't have a deed of company arrangement (DOCA) which would keep the company trading through the administration as with most other cases, The Post reports. Instead, the only options were liquidation or returning the company to sole director Colin Neal, The Post relates. They ruled out the latter, recommending liquidation as the "orderly wind-up" path after selling off all company assets. According to The Post, Mr. Neal told other media he would "absolutely not" buy the assets and try again to revive the business. "As the company is insolvent and with no DOCA proposed, an orderly wind up needs to occur," administrators said. That would let secured and preferential creditors recover amounts due. But unsecured creditors with claims at more than NZD10.5 million weren't likely to get anything back, Mr. Gower and Ms. Matchett said. Based on accounting records, total creditor claims were at NZD25.7 million, including NZD9 million in secured claims due to ASB Bank, Polar Capital (director Colin Neal's vehicle) and Smiths City Finance, The Post discloses. The bank was claiming NZD2.2 million, while Smiths City Finance claimed NZD651,000. The company's 100% shareholder Polar Capital is claiming more than NZD6 million after injecting the funds into the company since 2020 to keep it running, Mr. Neal said in the report, The Post relays. The company also owed gift card holders NZD362,000, but Mr. Gower and Ms. Matchett said it didn't have their contact details. Gift card holders would only get what's owed to them by contacting the administrators directly. Secured creditor claims were more than NZD5 million, with Australasia's biggest mattress and foam manufacturer, Comfort Group, claiming the most at NZD2.9 million. Other secured creditors included Electrolux, Samsung and Bosch. Meanwhile, 106 preferential creditors were claiming NZD1 million, The Post discloses. The company's watershed meeting is set for October 1 in Christchurch when creditors would decide whether to tip it into liquidation at the recommendation of administrators, The Post adds. Smiths City Group Limited -- https://www.smithscity.co.nz/ -- is a retail chain selling furniture and home appliances. Smiths City was founded in Christchurch in 1918 and was floated on the stock exchange in 1972. SYNLAIT MILK: To Sell Assets to Abbott for USD170 Million --------------------------------------------------------- Yicai Global reports that Bright Dairy & Food, a major Chinese dairy company, plans to sell part of its New Zealand assets to US pharmaceutical giant Abbott Laboratories for USD170 million due to losses caused by underutilized production capacity. Bright Dairy's New Zealand subsidiary Synlait Milk will sell its manufacturing site in Pokeno and a blending and canning facility and a warehouse in Auckland to Abbott's local unit Abbott Nutrition NZ, the Shanghai-based firm announced on Sept. 28, Yicai relays. The transaction is expected to be completed by April 1, next year. Yicai says the Pokeno factory is a state-of-the-art nutrition powder production base with an annual capacity of 40,000 tons. It can produce high-quality industrial powder, nutritional formula milk powder, and other products. The blending and canning facility and the warehouse complement the Pokeno factory, creating a whole supply chain. Yicai relates that the deal will help Synlait address operational challenges while generating substantial cash flow for debt repayment, reducing further working capital loan requirements, and significantly lowering interest costs, said Bright Dairy, which holds a 39.1 percent stake in the New Zealand firm. "The sale will strengthen the company's financial position, with the proceeds used to significantly reduce debt," Synlait said in its fiscal year 2025 financial statement released on Sept. 28. "We are equally pleased Abbott will onboard the vast majority of those who work across these sites at completion." Synlait's net loss after tax shrank 78 percent to NZD39.8 million (USD23 million) in the year ended July 31 from the previous year, Richard Wyeth, the company's chief executive officer, said during the earnings conference call. Revenue rose 12 percent to record NZD1.8 billion (USD1.1 billion). About Synlait Milk Headquartered in Rakaia, New Zealand, Synlait Milk Limited (NZX:SML) -- https://www.synlait.com/ -- together with its subsidiaries, manufactures and sells dairy products in China, rest of Asia, the Middle East, Africa, New Zealand, Australia, and internationally. It operates through Synlait and Dairyworks segments. The company is also involved in the processing, packaging, and marketing of dairy products, including cheese, butter, and milk powder. It offers liquid milk; milk powder related products; nutritional products, such as infant and adult nutritional powders; ingredients comprising whole milk powders, skim milk powders, butter milk powders, and anhydrous milk fat; and specialized nutritional ingredients, such as lactoferrin. Synlait Milk Limited posted net losses of NZD182.11 million and NZD4.29 million for the years ended July 31, 2024 and July 31, 2023, respectively. UBCO HOLDINGS: Court to Hear Wind-Up Petition on Oct. 16 -------------------------------------------------------- A petition to wind up the operations of Ubco Holdings Limited will be heard before the High Court at Auckland on Oct. 16, 2025, at 10:45 a.m. The Petitioner's solicitor is: James McMillan Dentons 18 Viaduct Harbour Avenue Auckland ================= S I N G A P O R E ================= CHINA RAILWAY: Court to Hear Wind-Up Petition on Oct. 2 ------------------------------------------------------- A petition to wind up the operations of China Railway Tunnel Group Co., Ltd. (Singapore Branch) will be heard before the High Court of Singapore on Oct. 2, 2025, at 2:30 p.m. Henan Foreign Economic (South Pacific) filed the petition against the company on Aug. 1, 2025. The Petitioner's solicitors are: Invictus Law Corporation 2 Havelock Road #01-20 Havelock II Singapore 059763 DJETAIR PTE: Court to Hear Wind-Up Petition on Oct. 3 ----------------------------------------------------- A petition to wind up the operations of Djetair Pte. Ltd. will be heard before the High Court of Singapore on Oct. 3, 2025, at 10:00 a.m. Elizabeth Liau Lin Li filed the petition against the company on Aug. 6, 2025. The Petitioner's solicitors are: UniLegal LLC 160 Robinson Road #08-03 SBF Center Singapore 068914 FLAIRGROUND LLP: Court to Hear Wind-Up Petition on Oct. 3 --------------------------------------------------------- A petition to wind up the operations of Flairground LLP will be heard before the High Court of Singapore on Oct. 3, 2025, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Sept. 10, 2025. The Petitioner's solicitors are: Messrs Harry Elias Partnership LLP SGX Centre 2, #17-01 4 Shenton Way Singapore 068807 FUSEPROJECT PTE: Court to Hear Wind-Up Petition on Oct. 3 --------------------------------------------------------- A petition to wind up the operations of Fuseproject Pte. Ltd. will be heard before the High Court of Singapore on Oct. 3, 2025, at 10:00 a.m. DBS Bank Ltd. filed the petition against the company on Sept. 15, 2025. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 WILMAR INT'L: Guilty of Corruption, Indonesia's Supreme Court Says ------------------------------------------------------------------ The Business Times reports that Wilmar International has been found guilty of corruption after Indonesia's Supreme Court overturned the company's previous acquittal in a graft case involving cooking oil export permits during the 2021-2022 shortage crisis. Founded by Singaporean tycoon Kuok Khoon Hong, the mainboard-listed company said in a bourse filing on Sept. 25 that the Supreme Court overturned the previous acquittals of the group and two Indonesian palm oil companies - Permata Hijau and Musim Mas, BT relates. According to BT, the companies were accused of illegally profiting from the evasion of state-imposed export controls on cooking oil and palm oil. The controls were implemented to address Indonesia's cooking oil crisis and domestic palm oil shortage in 2021 and 2022, as global palm oil prices surged. In a ruling seen by The Business Times, Indonesia's Supreme Court has ordered the company to pay a one billion rupiah fine, warning that the defendants' assets could be seized and auctioned if the payment is not made. BT relates that the court also ruled that IDR11.8 trillion (SGD907 million) previously handed by the company to the Attorney General's Office (AGO) in June be confiscated and handed over to the state. Permata Hijau faced a fine of one billion rupiah and was ordered to pay IDR937 billion in compensation. Musim Mas was also fined one billion rupiah and ordered to pay IDR4.8 trillion in compensation. BT says suspects in the case were first named in 2022, including a government official and executives of the three companies or their subsidiaries. In March 2025, the lower court acquitted the three companies of all charges, but by April, the AGO had arrested all four judges handling the case on charges of taking at least US$1.1 million in bribes to arrange a favourable verdict, BT recalls. In June, the Supreme Court began reviewing the case, as the AGO seized IDR11.8 trillion from Wilmar as compensation for state losses arising from the case, according to BT. In a statement, the group said: "While Wilmar respects the decision of the Indonesian Supreme Court, it maintains that the actions taken by the Wilmar Respondents, during the period of a shortage of cooking oil in the Indonesian market, were done in compliance with prevailing regulations and in good faith." Wilmar International Ltd. is an investment holding company, which engages in the processing, merchandising, and distribution of agricultural products. XIN HO: Court Enters Wind-Up Order ---------------------------------- The High Court of Singapore entered an order on Sept. 5, 2025, to wind up the operations of Xin Ho Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani BDO Advisory Pte Ltd 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. 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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