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251001.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, October 1, 2025, Vol. 28, No. 196 Headlines A U S T R A L I A ADACHI DISABILITY: Director Flees as Company Racks Up AUD6MM Debt AZORA ABS 2025-1P: Moody's Assigns B2 Rating to AUD6MM Cl. F Notes BIOV8 PTY: First Creditors' Meeting Set for Oct. 3 GROW FIT: First Creditors' Meeting Set for Oct. 6 H.I.C INTERNATIONAL: First Creditors' Meeting Set for Oct. 2 LIBERTY FUNDING 2025-2: Moody's Assigns B1 Rating to Class F Notes PUBLIC HOSPITALITY: Five Venues Placed Into Receivership REED MINING: Second Creditors' Meeting Set for Oct. 2 RMA ENERGY: Second Creditors' Meeting Set for Oct. 3 STAR ENTERTAINMENT: Secures Loan Covenant Waiver C H I N A DALIAN WANDA: China Court Curbs Spending by Wanda Group, Founder I N D I A APOLLO GREEN: CRISIL Lowers Long & Short Term Ratings to D ATMANUSANDHAN KENDRA: Voluntary Liquidation Process Case Summary BANGALORE-GOA ESTATES: Voluntary Liquidation Process Case Summary CYPET TECHNOLOGIES: Insolvency Resolution Process Case Summary D C TEXTILE: CRISIL Reaffirms B+ Rating on INR30cr Cash Loan ECHAAR EQUIPMENTS: CRISIL Cuts Long & Short Term Ratings to D FORTUNE SPIRIT: Insolvency Resolution Process Case Summary GLOBAL KNITFAB: CRISIL Keeps B Debt Ratings in Not Cooperating ICHALKARANJI POWERLOOM: CRISIL Keeps D Ratings in Not Cooperating JAI MATA: CRISIL Keeps D Debt Ratings in Not Cooperating Category JAYABHERI AUTOMOTIVES: CRISIL Keeps B- Rating in Not Cooperating KANTA STRUCTURAL: Voluntary Liquidation Process Case Summary LAMIYA SILKS: CRISIL Keeps D Debt Ratings in Not Cooperating LAXMI STEELS: CRISIL Keeps B+ Debt Rating in Not Cooperating LIZMONTAGENS INDIA: CRISIL Withdraws B Rating on INR21.5cr Loan MOBISMART CARD: CRISIL Cuts Rating on INR20.3cr Term Loan to B NAGREEKA BRIJ: CRISIL Keeps B Debt Ratings in Not Cooperating NOBLE EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating NORTH WESTERN: CRISIL Keeps B- Debt Ratings in Not Cooperating PALAMOOR PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating PALLAVA GRANITE: CRISIL Keeps B- Debt Ratings in Not Cooperating PHOTON ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating PRATHMESH ENTERPRISES: CRISIL Moves D Ratings to Not Cooperating PRETTY JEWELLERY: CRISIL Keeps D Debt Ratings in Not Cooperating QUALIT AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating RYATAR SAHAKARI: CRISIL Keeps D Debt Ratings in Not Cooperating SHIVAM ENTERPRISE: CRISIL Assigns B Rating to INR8cr Cash Loan SNEHA MACTCS: CRISIL Keeps D Debt Ratings in Not Cooperating SS ALUMINIUM: Insolvency Resolution Process Case Summary TRUSHNA EXIM: CRISIL Moves B+ Debt Ratings to Not Cooperating UNITRIVENI OVERSEAS: CRISIL Keeps D Ratings in Not Cooperating URANUS STONE: CRISIL Keeps B- Debt Ratings in Not Cooperating VANYA EDIBLE: Insolvency Resolution Process Case Summary M A L A Y S I A VANTRIS ENERGY: PN17 Exit in Sight, 2Q Loss Within Expectations N E W Z E A L A N D DELTA BOATS: Creditors' Proofs of Debt Due on Oct. 29 HAWK ASIA: Creditors' Proofs of Debt Due on Oct. 31 KITCHEN THINGS: Staff Get Payments, Customers Likely to Miss Out LUMBERJAX LIMITED: Court to Hear Wind-Up Petition on Oct. 21 PRO DRAINS: Creditors' Proofs of Debt Due on Oct. 17 SUPERIOR WINDOWS: Court to Hear Wind-Up Petition on Oct. 6 S I N G A P O R E AMBROSIA MANAGEMENT: Court Enters Wind-Up Order CORDLIFE GROUP: Faces One-Year Suspension Over Service Lapses GPW ASIA: Creditors' Proofs of Debt Due on Oct. 19 NATURE ONE: Court to Hear Wind-Up Petition on Oct. 3 NSR SEA: Creditors' Proofs of Debt Due on Oct. 21 WINSYS PTE: Court to Hear Wind-Up Petition on Oct. 3 S O U T H K O R E A [] SOUTH KOREA: FSC Urges Petrochem Sector on Restructuring Plans - - - - - ================= A U S T R A L I A ================= ADACHI DISABILITY: Director Flees as Company Racks Up AUD6MM Debt ----------------------------------------------------------------- News.com.au reports that a disability services provider director with a penchant for luxury cars has gone overseas for family reasons after his company, Adachi Disability Services, racked up AUD6 million in debts - including AUD3 million owed to the tax office. According to news.com.au, a liquidator's report filed with ASIC found company funds were used to purchase a AUD1 million Ferrari and sent offshore to overseas bank accounts, to buy a shopping center and fund a football club in Zimbabwe. The liquidator suspects 22 offenses were committed under the Corporations Act, including using their position to dishonestly gain advantage. No action has been taken, news.com.au relates. News.com.au says company directors Adrian Mtungwazi and Chiedza Mtungwazi were advised they owed the Australian Taxation Office (ATO) AUD4 million in 2022, but only made about four payments before they ceased two years later. The company employed up to 300 staff members at its peak before it was banned for two years by the NDIS Quality and Safeguarding Commission in 2024 over compliance concerns it misused NDIS funding and mishandled customer complaints, according to news.com.au. They subsequently lost a contract with the Department of Communities, which meant the main reason for their business had failed. A liquidator found poor strategic management and a failure to make allowances for "very significant amounts owed to the ATO" led to the company's collapse, news.com.au relays. The company went into liquidation earlier this year with a Statutory Report by the Liquidator showing it owes up to 80 employees about AUD495,751 in unpaid superannuation and annual leave entitlements, news.com.au recalls. Mr. Mtungwazi was awarded the Zimbabwe Association of Western Australia award for Innovation and Entreprenurship in 2021. The following year he was featured in a Zimbabwean media outlet for being the benefactor of the Zimbabwe Saints Football Club, giving them a US$30,000 injection (AUD45,686), paying winning bonuses to players and buying land. A video posted to social media shows Mr Mtungwazi boasting about owning dozens of luxury cars worth millions of dollars. In his report, Pitcher Partner Liquidator Andrew Yeo said he has not been able to communicate with Mr. Mtungwazi, who travelled overseas for family reasons in May, according to news.com.au. News.com.au adds that the report also stated the directors used several related businesses and a complicated asset ownership structure to purchase a Ferrari and properties purely for the directors personal use. The liquidator is continuing its investigation, news.com.au says. AZORA ABS 2025-1P: Moody's Assigns B2 Rating to AUD6MM Cl. F Notes ------------------------------------------------------------------ Moody's Ratings has assigned the following definitive ratings to ABS notes issued by AMAL Trustees Pty Limited as trustee of Azora ABS 2025-1P Trust. Issuer: AMAL Trustees Pty Limited as trustee of Azora ABS 2025-1P Trust AUD210.00 million Class A Notes, Assigned Aaa (sf) AUD31.50 million Class B Notes, Assigned Aa2 (sf) AUD13.20 million Class C Notes, Assigned A2 (sf) AUD12.90 million Class D Notes, Assigned Baa2 (sf) AUD17.10 million Class E Notes, Assigned Ba2 (sf) AUD6.00 million Class F Notes, Assigned B2 (sf) The AUD4.65 million Class G1 Notes and AUD4.65 million Class G2 Notes are not rated by us. Azora ABS 2025-1P Trust is a cash securitisation of Australian automobile and equipment-backed consumer and commercial loans originated by Azora Finance Group Pty Ltd and Azora Personal Loans Pty Ltd (collectively, Azora), and serviced by Azora Finance (Services) Pty Limited (Azora Finance). Azora is an Australian non-bank lender and is a subsidiary of ASX-listed FSA Group Ltd (FSA). FSA was initially founded as a debt solution provider assisting clients with payment arrangements, and transitioned to become primarily a lending business in 2024. FSA's lending portfolio includes home loans and consumer car loans which began origination in 2006 and 2014, respectively. Its commercial asset lending portfolio is a result of the acquisition of Azora Asset Finance in 2021. All these lending businesses have since been rebranded under the Azora name. As of June 2025, Azora had total loan receivables of AUD912 million. This is Azora's second ABS transaction in Australia and first ABS transaction for this year. The receivables are extended to commercial (66.1%) and consumer (33.9%) obligors based in Australia. Loans backed by motor vehicles, trucks and commercial vehicles, and other assets represent 68.3%, 11.9%, and 19.8% of the securitized pool respectively. RATINGS RATIONALE The definitive ratings take into account, among other factors, (1) Moody's evaluations of the underlying receivables and their expected performance; (2) evaluation of the capital structure and credit enhancement provided to the rated notes; (3) availability of excess spread over the transaction's life; (4) the liquidity facility in the amount of 2.5% of invested balance of rated notes; (5) the legal structure; and (6) experience of Azora Finance as servicer; and (7) the presence of Verofi Pty Limited (Verofi) as the back-up servicer. According to Moody's analysis, the transaction benefits from a high level of excess spread. The portfolio yield of 13.4% - relative to the transaction expenses - results in a high level of excess spread available to cover losses arising from the portfolio. At the same time, Moody's notes that the transaction features credit weaknesses such as high proportion of borrowers with prior credit impairment (8.3%) and exposure to balloon loans. Approximately 10.9% of the portfolio comprises loans requiring a balloon payment at the end of the receivable term. The back-up servicer in this transaction, Verofi, is a small entity which is a challenge. While Verofi's team is experienced, the company employs a limited number of core staff, posing key-person risk. This weakens the back-up servicing arrangements. The ability of the trustee to promptly appoint a replacement servicer should Verofi be unable for any reason to step in as the servicer somewhat mitigates this risk. Furthermore, the risk of payment disruption is mitigated by the liquidity facility, covering around five months of stressed fees and interest payments. Key transactional features are as follows: -- The notes will be repaid on a sequential basis initially. However, all notes (other than the Class G1 and G2 Notes), will receive their pro-rata share of principal, provided step-down conditions are satisfied. These include, among others, 37.5% subordination to the Class A Notes, and no unreimbursed charge-offs. If step-down conditions are no longer met, the repayment of principal will revert to sequential. -- National Australia Bank Limited (Aa2/P-1/Aa1(cr)/P-1(cr)), will provide fixed rate swaps as of closing date. The swaps will hedge the interest rate mismatch between the assets bearing a fixed rate of interest, and floating rate liabilities. As at closing, the total swap notional will correspond to total portfolio amount. The total swap notional will follow a schedule based on the amortisation of the assets assuming a certain prepayment rate. Key pool features are as follows: -- The pool has a weighted average seasoning of 12.1 months. -- The proportion of loans with a balloon payment is 10.9%. -- Interest rates in the portfolio range from 7.3% to 28.0%, with a weighted average interest rate of 13.4%. -- Loans are to either consumer (33.9%) or commercial (66.1%) borrowers based in Australia. -- Customers with adverse credit histories make up 7.8% of total receivables, with around half of these receivables originating from clients previously assisted by FSA with debt agreement services. MAIN MODEL ASSUMPTIONS Moody's portfolio credit enhancement ("PCE") is 31%. Moody's expected default rate for this transaction is 8.2% and expected recovery is 24%, resulting in an expected loss of around 6.2%. The expected loss captures Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. The expected default rate, recovery and PCE are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in Moody's cash flow model. Moody's have estimated an expected default rate and PCE for this deal on the basis of: -- Cumulative default rates observed to date. For commercial loans, Moody's have focused Moody's extrapolations analysis on vintages since 2018 Q3 due to low origination volumes prior to this period. For consumer loans, Moody's have utilized the dataset from 2014 to 2024. -- Benchmarking the historical data for Azora to data and assumptions from comparable originators. The assumed default rate and PCE are higher than that for other Australian auto ABS, reflecting the non-conforming nature of the securitised portfolio and the limited amount of historical data. Methodology Underlying the Rating Action The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the notes include a rapid build-up of credit enhancement due to sequential amortization or a better-than-expected collateral performance. The Australian economy and job market are primary drivers of performance. Factors that could lead to a downgrade of the notes is a worse-than-expected collateral performance, poor servicing, error on the part of transaction parties, a deterioration in the credit quality of transaction counterparties, a lack of transactional governance, or fraud. BIOV8 PTY: First Creditors' Meeting Set for Oct. 3 -------------------------------------------------- A first meeting of the creditors in the proceedings of BIOV8 Pty Limited will be held on Oct. 3, 2025 at 11:00 a.m. via Teams videoconferencing facility. Liam Bellamy, John Kukulovski and Domenic Calabretta of Mackay Goodwin were appointed as administrators of the company on Sept. 23, 2025. GROW FIT: First Creditors' Meeting Set for Oct. 6 ------------------------------------------------- A first meeting of the creditors in the proceedings of Grow Fit Fund Pty Limited will be held on Oct. 6, 2025 at 10:00 a.m. at the offices of Bernardi Martin, at 195 Victoria Square, in Adelaide, SA. Hugh Sutcliffe Martin of Bernardi Martin was appointed as administrator of the company on Sept. 25, 2025. H.I.C INTERNATIONAL: First Creditors' Meeting Set for Oct. 2 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of H.I.C International Constructions Pty Ltd will be held on Oct. 2, 2025 at 11:00 a.m. at O'Brien Palmer, at Level 9, 66 Clarence Street, in Sydney, NSW. Daniel Frisken of O'Brien Palmer was appointed as administrator of the company on Sept. 23, 2025. LIBERTY FUNDING 2025-2: Moody's Assigns B1 Rating to Class F Notes ------------------------------------------------------------------ Moody's Ratings has assigned the following definitive ratings to the notes issued by Liberty Funding Pty Ltd in respect of Liberty Series 2025-2. Issuer: Liberty Funding Pty Ltd in respect of Liberty Series 2025-2 AUD437.50 million Class A1a Notes, Assigned Aaa (sf) AUD900.00 million Class A1b Notes, Assigned Aaa (sf) JPY14,700.00 million Class A1c Notes, Assigned Aaa (sf) AUD185.50 million Class A2 Notes, Assigned Aaa (sf) AUD19.25 million Class B Notes, Assigned Aa1 (sf) AUD24.50 million Class C Notes, Assigned A2 (sf) AUD3.50 million Class D Notes, Assigned Baa2 (sf) AUD19.25 million Class E Notes, Assigned Ba1 (sf) AUD7.00 million Class F Notes, Assigned B1 (sf) The AUD3.50 million Class G Notes are not rated by us. The transaction is a securitisation of first-ranking mortgage loans secured over residential properties located in Australia. The loans were originated and are serviced by Liberty Financial Pty Ltd (Liberty). Liberty is an Australian non-bank lender that started originating non-conforming residential mortgages in 1997. It subsequently expanded into prime residential mortgage origination, as well as auto loans, small commercial mortgage loans and personal loans. As of June 2025, Liberty had total receivables of AUD14.8 billion. RATINGS RATIONALE The definitive ratings take into account, among other factors: -- Evaluation of the underlying receivables and their expected performance; -- Evaluation of the capital structure and credit enhancement provided to the notes; -- The liquidity facility in the amount of 1.50% of the note balance subject to a floor of AUD1,750,000; -- The experience of Liberty as the servicer; and -- The presence of Perpetual Trustee Company Limited as the back-up servicer. According to Moody's analysis, the transaction benefits from credit strengths such as subordination to the Class A notes in excess of the Moody's individual loan analysis (MILAN) Stressed Loss. However, around 28.2% of the loans in the portfolio are to self-employed borrowers, which is a credit challenge. Moody's MILAN Stressed Loss for the collateral pool — representing the loss that Moody's expects the portfolio to suffer in the event of a severe recession scenario — is 3.5%. Moody's median expected loss for this transaction is 0.8%, which represents a stressed, through-the-cycle loss relative to Australian historical data. The key transactional features are as follows: -- The notes benefit from a guarantee fee reserve available to cover losses arising from the portfolio and shortfalls in interest payments on the notes. Unfunded at closing, the reserve will build up through the trapping of excess spread up to a maximum of AUD5,250,000, equivalent to 0.30% of the initial invested amount of the notes. -- The notes will be initially repaid sequentially. The Class A1 to Class F Notes will start receiving their pro-rata share of principal collections if certain step down conditions are satisfied on or after the payment date in March 2027. The step down conditions include, among others, no unreimbursed charge-offs and the subordination to the Class A2 Notes at least doubling since closing. While the Class G Notes do not receive principal payments until the other notes are fully repaid, once the step down conditions are satisfied, their pro-rata share of principal collections will be allocated in a reverse sequential order, starting from the Class F Notes. The principal paydown will revert to sequential pay once the aggregate invested amount of all notes is less than or equal to 10.0% of the aggregate initial invested amount of all notes on the issue date, or following the payment date in October 2029. Key pool features are as follows: -- The portfolio has a relatively low weighted average scheduled LTV ratio of 62.0%. -- The portfolio has a weighted-average seasoning of 24.8 months. -- Around 28.2% of the loans in the portfolio were extended to self-employed borrowers. -- Based on Moody's classifications, 15.9% of the loans in the portfolio were extended on an alternative documentation basis. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Levels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Moody's expectations of loss could improve from its original expectations because of fewer defaults by underlying obligors or higher recoveries on defaulted loans. The Australian job market and the housing market are primary drivers of performance. A factor that could lead to a downgrade of the notes is worse-than-expected collateral performance. Other reasons that could lead to a downgrade include poor servicing, error on the part of transaction parties, a deterioration in credit quality of transaction counterparties, fraud or lack of transactional governance. PUBLIC HOSPITALITY: Five Venues Placed Into Receivership -------------------------------------------------------- Molly Nicholas at Australian Hotelier reports that Public Hospitality Group has seen five further Sydney pubs and accommodation venues placed into receivership, marking the latest development in the breakdown of Jon Agdemis' group. McGrathNicol Restructuring has announced the appointment of partners Jonathan Henry, Damien Pafield and Katherine Sozou as receivers and managers of the Empire Hotel, the Hotel Diplomat Sydney, the Exchange Hotel, Claridge House and South Bondi Hotel. While Public Hospitality and its creditors are the landlords of both the Empire Hotel in Annandale and Hotel Diplomat Sydney in Potts Point - formerly Bayswater Sydney Hotel, the two venues have more recently been operated by Linchpin Hospitality, Australian Hotelier says. Australian Hotelier relates that the Empire Hotel features a bar, two food concepts – Dale's Pizza and newly-launched Australian-Chinese restaurant Double Happy, 19 gaming machine entitlements and a 21-room boutique accommodation offering. Hotel Diplomat Sydney also offers a boutique accommodation offering comprising 51 rooms, plus on-street food and beverage opportunity. In a statement to Australian Hotelier at the time of the Double Happy unveiling in February, Linchpin Hospitality CEO Terry Soukoulis stated: "There has been a lot of incorrect reporting. Linchpin Hospitality is an entirely separate company with absolutely no operational connection to Jon Adgemis or Public Hospitality. We are a dedicated hospitality management company that operates and provides services to venues and accommodation on behalf of landlords and owners." The receivers will commence an immediate sale process for the Empire Hotel and Hotel Diplomat Sydney while continuing to operate both venues on a business-as-usual basis, according to Australian Hotelier. Linchpin Hospitality had also shared plans to reopen the Exchange Hotel in Balmain as a ground-floor wine bar with boutique accommodation; Claridge House in Darlinghurst as a boutique hotel with a ground-floor dining/drinking venue; and the South Bondi Hotel (formerly Noah's Backpackers) as a luxury boutique hotel with multiple dining options, including a rooftop. All three assets are currently under construction, and the receivers intend to continue construction of the Exchange Hotel and Claridge House with a view to progressing the works before bringing both assets to market early next year. Australian Hotelier says development plans for the South Bondi Hotel – which was acquired by Public Hospitality in 2022 for AUD68.5 million – could come to a halt as the receivers explore options for the venue with intentions to bring it to market later in the year, or early 2026. According to Australian Hotelier, McGrathNicol partner and appointed receiver and manager, Jonathan Henry, said: "The receivers' have secured funding to support their strategy and are focused on working constructively with all key stakeholders, including employees, patrons, suppliers and subcontractors to continue trading and constructing venues to maximise value. We are actively pursuing options for the sales process and anticipate a high level of interest in these iconic Sydney venues." Public Hospitality Group's financial struggle was first made public in mid-2024, when months of speculation about its finances culminated in a AUD400 million refinancing deal with KPMG and the placement of several venues into receivership. Since then, the Kurrajong Hotel in Erskineville, the Rose, Shamrock and Thistle in Paddington - also known as the Three Weeds - and the Town Hall Hotel in Balmain have all been sold on behalf of receivers looking after Public Hospitality assets, Australian Hotelier relates. Meanwhile, Solotel has taken over the management of The Norfolk in Redfern, Oxford House in Paddington and Camelia Grove Hotel in Alexandria, and The Strand Hotel in Darlinghurst. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group has taken another hit with receivers and external managers appointed at five of his Sydney hotels, including Oxford House and The Strand Hotel. Insolvency specialist FTI Consulting has stepped in as receivers and managers to operate Public's hip Redfern pub The Norfolk, Oxford House in Paddington and Darlinghurst's The Strand Hotel, as well as Alexandria's Camelia Grove Hotel and The Exchange Hotel, also in Darlinghurst, Good Food said. The pubs will be sold as soon as possible. Duncan Club and Andrew Sallway of BDO advisory firm have also been appointed voluntary administrators at affiliated companies including Public Lifestyle Management Pty Ltd, Good Food added. REED MINING: Second Creditors' Meeting Set for Oct. 2 ----------------------------------------------------- A second meeting of creditors in the proceedings of Reed Mining Services Pty Ltd has been set for Oct. 2, 2025, at 10:30 a.m. via Teleconference and Video Conference 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. Hayden Gregory Asper and Aaron Kevin Lucan of Worrells were appointed as administrators of the company on Aug. 28, 2025. RMA ENERGY: Second Creditors' Meeting Set for Oct. 3 ---------------------------------------------------- A second meeting of creditors in the proceedings of RMA Energy Limited has been set for Oct. 3, 2025, at 10:00 a.m. via Video Conference (Zoom Meeting). 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. 2, 2025 at 4:00 p.m. Danny Vrkic of DV Recovery Management was appointed as administrator of the company on Aug. 26, 2025. STAR ENTERTAINMENT: Secures Loan Covenant Waiver ------------------------------------------------ Reuters reports that Star Entertainment Group said on Sept. 30 it has finalised discussions with lenders, securing a loan covenant waiver for September 30 under its syndicated facility agreement. Reuters relates that the waiver, subject to the exchange of signed documentation, follows Star's disclosure in its unaudited preliminary financial report for 2025, released on August 29, where it noted ongoing talks with lenders regarding waivers for future financial covenant testing. According to Reuters, the Australian Financial Review reported on Sept. 29 that Star is in negotiations with lenders under the group's syndicated facility agreement in respect of potential covenant waivers. The covenant waiver mitigates immediate risks of breaching financial agreements, which could have impacted liquidity or triggered repayment obligations. Reuters says the waiver comes as Star Entertainment has been facing scrutiny - including regulatory reviews and reduced patronage at its casinos - over its financial stability following declining revenues and regulatory challenges in recent years. The development aligns with the impending release of the company's audited financial report for fiscal 2025, which Star confirmed will be lodged on Sept. 30 by the end of the day. About Star Entertainment The Star Entertainment Group Limited (ASX:SGR) -- https://www.starentertainmentgroup.com.au/ -- is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The Company operates through three segments: Sydney, Gold Coast and Brisbane. Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast segment consists of The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other entertainment facilities. Brisbane segment includes Treasury's casino operations, including hotel, restaurants and bars. The Company also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. The Company also owns Broadbeach Island on which the Gold Coast casino is located. The Star Entertainment Group posted three consecutive annual net losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for the years ended June 30, 2022, 2023, and 2024, respectively. The casino operator posted a statutory net loss after tax of AUD471.5 million for the year ended June 30, 2025. As reported in the the Troubled Company Reporter-Asia Pacific on Jan. 21, 2025, Star Entertainment has warned that it faces "material uncertainty" over its ability to stay afloat unless it finds a solution to its worsening financial woes. In a quarterly update to investors on Jan. 20, ASX-listed Star said its revenue had fallen 15 per cent in the December quarter, citing ongoing weakness in its operating performance. It pointed to a "challenging" consumer environment, the impact of carded play in NSW, and expenses caused by a series of regulatory and compliance problems. ========= C H I N A ========= DALIAN WANDA: China Court Curbs Spending by Wanda Group, Founder ---------------------------------------------------------------- Caixin Global reports that a Chinese court has imposed high consumption restrictions on debt-laden Dalian Wanda Group Co. Ltd. and its billionaire founder Wang Jianlin, according to business registration database Qichacha on Sept. 28. Caixin relates that the order, issued by the Lanzhou Intermediate People's Court in West China's Gansu province, also applies to Wanda's core property arm Wanda Real Estate Group Co. Ltd., and subsidiaries Wuhan Wanda Cultural and Tourism Real Estate Co. Ltd. and Wuhan Chuhehanjie Cultural Tourism Investment Co. Ltd. Dalian Wanda Group Co., Ltd. operates real estate business. The Company develops commercial property including commercial centres, urban pedestrian streets, hotels, office buildings, and apartments. Dalian Wanda Group also operates tourism investment, cultural, and department store businesses. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 11, 2024, Fitch Ratings has downgraded Dalian Wanda Commercial Management Group Co., Ltd.'s (Wanda Commercial) and Wanda Commercial Properties (Hong Kong) Co. Limited's (Wanda HK) Long-Term Foreign-Currency Issuer Default Ratings to 'C', from 'CC'. Fitch has also downgraded the rating on the US-dollar notes guaranteed by Wanda HK and issued by Wanda Commercial's subsidiaries to 'C' with Recovery Rating of 'RR5', from 'CC' with 'RR4'. Fitch has removed the Rating Watch Negative (RWN) from all the ratings. ========= I N D I A ========= APOLLO GREEN: CRISIL Lowers Long & Short Term Ratings to D ---------------------------------------------------------- CRISIL Ratings has revised the ratings on certain bank facilities of Apollo Green Energy Limited (AGEL), as: Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil B/Stable ISSUER NOT COOPERATING) Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Downgraded from 'Crisil A4 ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with AGEL for obtaining information through letters and emails dated September 9, 2025 and September 19, 2025 apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of AGEL, which restricts Crisil Ratings' ability to take a forward-looking view on the entity's credit quality. Crisil Ratings believes that rating action on AGEL is consistent with 'Assessing Information Adequacy Risk'. Based on the publicly available information, Crisil understands that the company had irregularity in its account conduct. Hence, the ratings on bank facilities of AGEL have been downgraded to 'Crisil D/Crisil D Issuer Not Cooperating' from 'Crisil B/Stable/Crisil A4 Issuer Not Cooperating'. Analytical Approach Crisil Ratings has combined the business and financial risk profiles of AGEL and its subsidiary, Apollo International FZC (AIF), together referred to herein as the Apollo group, due to business synergies between the companies and commonality in business segment. Furthermore, AGEL has 99.8% shareholding in AIF. Crisil Ratings has not consolidated the business and financial risk profiles of AGEL with its subsidiaries -- Apollo LogiSolutions Ltd, Cosmic Investments Ltd, Adsal Exim Pvt Ltd, BI Proex Ltd, Apollo Lycos Netcommerce Ltd and Encorp E-Service Ltd. This is because these are engaged in different and unrelated lines of business. Furthermore, no incremental financial support (direct or indirect) is expected to be extended by AGEL to its subsidiaries. AGEL was incorporated on 25th August 1994. It is promoted by Mr. Raaja Kanwar. AGEL has diversified business operations - it operates in three broad segments: (i) leather accessories and garments, (ii) EPC segment, and (iii) trading segment (wherein it is engaged in trading of multiple products including tyres, tubes, flaps, white goods, industrial machinery, etc. ATMANUSANDHAN KENDRA: Voluntary Liquidation Process Case Summary ---------------------------------------------------------------- Debtor: Atmanusandhan Kendra Kalyanpuri Baharvani-Baharwani, Paurachandauli, Paura, Uttar Pradesh, India 232103 Liquidation Commencement Date: September 1, 2025 Court: National Company Law Tribunal, Allahabad Bench Liquidator: Ankit Misra Flat No. 401 3rd Floor Siddhi Sona Apartment House No. 127/784/42 W-1 Block Saket Nagar Uttar Pradesh 208014 Email: ankit99900@gmail.com Tel: 9792200692 Last date for submission of claims: October 1, 2025 BANGALORE-GOA ESTATES: Voluntary Liquidation Process Case Summary ----------------------------------------------------------------- Debtor: Bangalore-Goa Estates Private Limited No.29/1, 7th Cross Road, Vasanthnagar, Bangalore, Karnataka, India, 560052 Liquidation Commencement Date: September 3, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Ganesh Panduranga Pai No. 68, 6B, 6th Floor, Chitrapur Bhawan 8th Main, 15th Cross Malleshwaram Bangalore 560055 Email: pragnya.cas@gmail.com Tel: 9845666596 080-23565641 Last date for submission of claims: October 3, 2025 CYPET TECHNOLOGIES: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Cypet Technologies India Pvt. Ltd Reg. Office: 34-A, Akshar Industrial Park, Opp. Zydus Cadila, Sarkhej Bavla Highway, Changodar, Ahmedabad, Sanand, Gujarat, India, 382213 Insolvency Commencement Date: September 10, 2025 Estimated date of closure of insolvency resolution process: March 9, 2026 Court: National Company Law Tribunal, Ahmedabad Bench Insolvency Professional: Mr. Mukesh Laddha Office no-311, 3rd floor, Pratik Mall, Koba-Gandhinagar Highway, Near Swaminaryan dham, Gandhinagar, Gujarat 382421 Email: mukeshladdha@rediffmail.com Email: cirp.ctipl@gmail.com Last date for submission of claims: September 24, 2025 D C TEXTILE: CRISIL Reaffirms B+ Rating on INR30cr Cash Loan ------------------------------------------------------------ Crisil Ratings has reaffirmed its 'Crisil B+/Stable' rating on the long-term bank loan facilities of D C Textile Mills Private Limited (DCTMPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 30 Crisil B+/Stable (Reaffirmed) The rating continues to reflect the extensive experience of DCTMPL's promoters in the textile industry. These strengths are partially offset by modest scale of operations amidst intense competition, large working capital requirement and moderate financial risk profile of the company. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profile of DCTMPL. Unsecured loan of INR6.3 crores as of March 2025 is treated as neither debt nor equity as the loan is expected to remain in the business. Key Rating Drivers - Weaknesses * Modest scale of operations amid intense competition: The company faces intense competition from small players given the low entry barriers to the textile industry and limited differentiation in end-products. Scale of operations, though increasing continues to remain moderate over the past two fiscals through in fiscal 2025 at around INR104.9 crore. The scale is expected to improve but remain moderate over the medium term. * Large working capital requirement: Gross current assets (GCAs) stood at around 245-250 days as on March 31, 2025, driven by large inventory and receivables of 185-190 days and 50-55 days, respectively. The working capital cycle was supported by payables of 80-85 days as on same date. GCAs are estimated to remain in similar range in the medium term, given the low bargaining power with customers. In the absence of any change in working capital policies, operations are expected to remain working capital intensive. * Moderate financial risk profile: Net worth remains modest at INR11.2 crore as on March 31, 2025. Net worth is expected to improve over the medium term, with steady accretion to reserve and stable operating margin. Capital structure is levered, as reflected in gearing and total outside liabilities to adjusted net worth (TOL/ANW) ratios of 4.0-4.1 times and 5.4-5.5 times, respectively, as on March 31, 2025. Debt protection metrics were marked by interest coverage and net cash accruals to adjusted debt ratios at 1.75-1.80 times and 0.05-0.10 time, respectively, for fiscal 2025. In the absence of any major debt-funded capital expenditure (capex) plans, the capital structure is expected to improve over the medium term Key Rating Drivers - Strengths * Extensive experience of the promoters: The promoters of the company have been in the industry for more than 4 decades, leading to strong understanding of market dynamics which has helped them in establishing healthy relationships with customers and suppliers. The same is expected to help them grow in the competitive industry going forward. Liquidity: Stretched Liquidity is marked by high bank limit utilisation averaging around 98.6% for the 12 months ended July 31, 2025. Expected annual net cash accrual of INR3-4 crore should suffice to cover the term debt obligation of INR2-3 crore per fiscal. Unsecured loans of INR6.3 crore as on March 2025. Unencumbered cash and bank balance was at around INR25 lakhs as on March 31, 2025, current ratio stood at 1.3 times as on same date. Outlook: Stable Crisil Ratings believe DCTMPL will continue to benefit from the extensive experience of its promoters in the textile industry Rating Sensitivity Factors Upward factors * Sustained growth in revenue while maintaining margins, leading to higher cash accrual. * Steady improvement in financial risk profile leading to TOLANW of less than 3 times Downward factors * Decline in revenue, leading to lower-than-expected net cash accrual below INR3 crores. * Stretch in working capital cycle weakening the financial risk profile and liquidity DCTMPL incorporated in the year 1988, is engaged in the business processing and selling raw fabric. The company has 2 revenue streams, i.e. i) Undertaking jobwork activity where processing charges are received ii) Processing and selling the company's own fabric. Processing involves printing, dyeing, digital printing etc. The company is owned and managed by Mr. Nitin Agarwal, Mr. Sachin Agarwal, Mr. Deepak Agarwal, and Mrs. Madhu Agarwal. ECHAAR EQUIPMENTS: CRISIL Cuts Long & Short Term Ratings to D ------------------------------------------------------------- Crisil Ratings has downgraded its ratings on the bank facilities of Echaar Equipments Pvt Ltd (EEPL) to 'Crisil D/Crisil D' from 'Crisil BB/Stable/Crisil A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (Downgraded from 'Crisil BB/Stable') Short Term Rating - Crisil D (Downgraded from 'Crisil A4+') The rating action is driven by the reported delay of six days by EEPL in meeting its debt obligation in August. There has been a delay in the debt servicing in September, too, due to insufficient funds on account of delayed payment from some customers. The company has large working capital requirement and average financial risk profile. These weaknesses are partially offset by the extensive experience of the promoter in the precision components and industrial equipment industry and the company's growing scale of operations. Analytical Approach Crisil Ratings has considered the standalone business and financial risk profiles of EEPL. Key Rating Drivers - Weaknesses * Delay in debt servicing: EEPL's large working capital requirement resulted in inadequate funds to service its debt in August and September 2025. * Large working capital requirement: The working capital cycle of EEPL is stretched as reflected in substantial receivables and inventory. This is primarily because the time to manufacture and deliver the manufactured goods for some industries, such as nuclear, is long. Due to high working capital, the bank limit was utilised extensively at ~100% on average over the 12 months through August 2025. * Average financial risk profile: The financial risk profile is constrained by modest networth of ~INR31 crore as on March 31, 2025. The financial metrics, including interest coverage and total outside liabilities to tangible networth ratio, are weak but improving on the back of increased scale and better operating margin. Key Rating Drivers - Strengths * Growing scale of operations and diversified end-user segments: The revenue has grown steadily to INR100 crore in fiscal 2025 from ~INR25 crore in fiscal 2021. Consequently, the profit after tax has increased to ~INR10 crore from ~INR1 crore. Also, the company offers various products catering to a diversified end-user industry base, which includes energy, printing, nuclear and construction equipment. The company recently tied up with a leading Italian player to manufacture printing machines. * Extensive industry experience of the promoters: Experience of over 40 years in the precision components and industrial equipment industry has given the promoters a healthy understanding of the business and industry dynamics and has helped overcome business cycles over the years. Backed by the promoters' strong experience, EEPL has established its position in the domestic testing machine manufacturing segment, with healthy relationships with customers and suppliers. This has resulted in repeat orders and should support the company in growing its scale over the medium term. Liquidity: Poor Liquidity is poor as indicated by instances of delay in meeting term loan obligations due to stretched working capital cycle. Bank limit utilisation has averaged 95-100% so far in fiscal 2026. For fiscal 2024, the net cash accrual was lower than the current portion of long-term debt and the shortfall was met by the sale of a fixed asset and other liquid investments. For fiscal 2025, net cash accrual was, at INR12 crore, higher than the current portion of long-term debt (INR4.2 crore). With increasing scale of operations, net cash accrual is expected to be greater than the current portion of long-term debt in fiscal 2026. Rating sensitivity factors Upward factors * Proven track record of timely debt servicing for 90 days or more * Significant improvement in the working capital cycle resulting in moderate utilisation of working capital limits Incorporated in 2005, EEPL manufactures critical machinery and precision components for various industries including energy, rolling mills and printing. The company has its manufacturing facilities in Thane, Bhiwandi and Ambarnath in Maharashtra. FORTUNE SPIRIT: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Fortune Spirit Limited Plot No-31, Kharavela Nagar Unit-III, Khordha, Bhubaneswar, Orissa, 751001 Insolvency Commencement Date: September 9, 2025 Estimated date of closure of insolvency resolution process: March 8, 2026 (180 Days) Court: National Company Law Tribunal, Cuttack Bench Insolvency Professional: Mr. SambhuLal Agarwal Sambhu & Associates 2nd Floor, Kolkata Bazaar Building, Nayapara, Sambalpur, Odisha - 768001 Email: sambhuandassociates@gmail.com Email: cirp.fortunespirit@gmail.com Last date for submission of claims: September 23, 2025 GLOBAL KNITFAB: CRISIL Keeps B Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Global Knitfab (GKF) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 Crisil B/Stable (Issuer Not Cooperating) Term Loan 6.69 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GKF for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of GKF, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GKF is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GKF continues to be 'Crisil B/Stable Issuer not cooperating'. Set up in 2014 in Surat, Gujarat, as a partnership between Mr Prabin Khakholia, Mr Ankit Agarwal, and their families, GKF knits fabrics. Currently, it has six knitting machines. ICHALKARANJI POWERLOOM: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ichalkaranji Powerloom Mega Cluster Limited (IPMCL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 4.93 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 25.07 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with IPMCL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of IPMCL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on IPMCL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of IPMCL continues to be 'Crisil D Issuer not cooperating'. IPMCL, incorporated in 2012, is currently setting up a unit for sizing, warping, processing of fabric and yarn dyeing in Ichalkaranji, Maharashtra. The plant is expected to be commissioned in April 2020. The company is promoted by Mr. Prakash K. Awade and managed by Mr. Sunil S. Patil, Mr. Satish S. Koshti, Mr. Satyanarayan Dalya, Mr. Laximikant Purohit and Mr. Jadhavji Patel. JAI MATA: CRISIL Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Jai Mata Di Paper Mills Private Limited (JMD) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.7 CRISIL D (Issuer Not Cooperating) Cash Credit 0.3 CRISIL D (Issuer Not Cooperating) Cash Credit 3 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JMD for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JMD, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JMD is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JMD continues to be 'Crisil D Issuer not cooperating'. JMD, set up by Raipur (Chhattisgarh)-based Sharma family in 2008, manufactures kraft paper. Its manufacturing unit started commercial operations in May 2011. JMD's day-to-day operations are looked after by its promoter-director Mr. Aditya Sharma. JAYABHERI AUTOMOTIVES: CRISIL Keeps B- Rating in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Jayabheri Automotives Private Limited (JAPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL B-/Stable (ISSUER NOT COOPERATING) Term Loan 11.5 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with JAPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of JAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JAPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated by the Duggirala and the Maganti families in 2011, JAPL is an authorised dealer for Maruti Suzuki India Ltd's passenger cars and multi-utility vehicles. The company operates three car showrooms and four workshops in Visakhapatnam, Vizianagaram, and Narsipatnam (all in Andhra Pradesh). KANTA STRUCTURAL: Voluntary Liquidation Process Case Summary ------------------------------------------------------------ Debtor: Kanta Structural Equipments Private Limited Plot No. 5-52, SY No. 303, Ram Reddy Nagar, Hyderabad, Telangana, India 500055 Liquidation Commencement Date: September 3, 2025 Court: National Company Law Tribunal, Hyderabad Bench Liquidator: Manjeet Bucha 5-9-91 & 93, D. No. 204, 2nd Floor, Shakti Sai Complex, Near Udai Clinic, Chapel Road, Abids, Hyderabad, Telangana 500001 Email: manjeetbucha@gmail.com Tel: +919346955001 Last date for submission of claims: October 3, 2025 LAMIYA SILKS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Lamiya Silks (LS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.5 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LS for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LS continues to be 'Crisil D Issuer not cooperating'. LS is based out of Kerala and is engaged in the retailing of readymade garments. The firm was established in 2008 by Mr.Abdul Jabbar. The firm has 6 showrooms in Kerala. LAXMI STEELS: CRISIL Keeps B+ Debt Rating in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the rating for the bank facilities of Laxmi Steels (LS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 Crisil B+/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with LS for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of LS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on LS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of LS continues to be 'Crisil B+/Stable Issuer not cooperating'. LS was set up in 1995-96 (refers to financial year, April 1 to March 31) as a proprietorship firm by Ashok Patel. The firm is a trader of steel products in Bhopal. The firm trades in steel products like thermo-mechanically treated bars, round, angels, channels, pipes, sheets, flats, plates, and steel scrap. LIZMONTAGENS INDIA: CRISIL Withdraws B Rating on INR21.5cr Loan --------------------------------------------------------------- Crisil Ratings has withdrawn its rating on bank loan facilities of INR21.5 crores of Lizmontagens India Private Limited (LIPL) on the request of the company and after receiving no dues certificate from the bank. The rating action is in-line with Crisil Rating's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Working Capital Facility 21.5 Crisil B/Stable (Withdrawn) Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Lizmontagens India Private Limited (LIPL). This restricts Crisil Ratings' ability to take a forward looking view on the credit quality of the entity. Crisil Ratings believes that rating action on LIPL is consistent with 'Assessing Information Adequacy Risk'. LIPL, incorporated in 2010, is engaged in the supply, construction and repair of industrial furnaces and chimneys, for various industries such as iron and steel, glass, cement and power generation. It also undertakes supply of composite materials for repairs of pipelines and tanks. Mr Sanjeev Prabhu manages the operations. The company is a 51% step down subsidiary of Lizmontagens Thermal Technologies SA, which is an assembler of industrial furnaces in various industrial sectors globally. The remaining 49% is owned by Sunag Corporation (USA), which is a group concern of Maco Corporation (India) Pvt. Ltd. It provides industrial equipments, solutions and services. MOBISMART CARD: CRISIL Cuts Rating on INR20.3cr Term Loan to B -------------------------------------------------------------- Crisil Ratings has revised the rating on bank facilities of Mobismart Card Technology Limited (MCTPL) to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.7 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Term Loan 20.3 Crisil B/Stable (ISSUER NOT COOPERATING; Revised from 'Crisil BB-/Stable ISSUER NOT COOPERATING') Crisil Ratings has been consistently following up with MCTPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of MCTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on MCTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of MCTPL revised to 'Crisil B/Stable Issuer not cooperating' from 'Crisil BB-/Stable Issuer not cooperating'. MCTPL was incorporated in 2016 and started its commercial operation from November 2019. It is engaged in manufacturing of smart cards such as magnetic striped and chip cards which are used in the industries of banking, telecom, retail, government. Company has manufacturing facility located Chennai, Tamil Nadu and promoted by Mr. T. Chandramohan and Ms. Aishwarya Srinivasan. NAGREEKA BRIJ: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Nagreeka Brij Hotels Vadodara Private Limited (NBHV) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 7.87 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 2.13 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with NBHV for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NBHV, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NBHV is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NBHV continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2012, NBHV owns and operates a four-star, 42-room boutique hotel in Vadodara,Gujarat. The company is an equal joint venture between the Delhi-based Clarks group and the Kolkata-based Nagreeka group. The hotel operates under the brand name: 1589 Generation X Hotel - Member of Clarks Collection. It began operations in November 2013. NOBLE EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Noble Educational Trust (NET) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Line of Credit 1 CRISIL D (Issuer Not Cooperating) Overdraft Facility 0.25 CRISIL D (Issuer Not Cooperating) Proposed Long Term 0.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 6.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with NET for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NET, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NET is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NET continues to be 'Crisil D Issuer not cooperating'. NET was founded in 2003 by Dr. A S A Jerald Gnanarathinam. The trust runs a K-12 school, Noble Matriculation Higher Secondary School, in Aruppukottai, Tamil Nadu. The school is affiliated to the Directorate of Matriculation Schools, Tamil Nadu. NORTH WESTERN: CRISIL Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of North Western Karnataka Road Transport Corporation (NWKRTC) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 12.89 CRISIL B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Proposed Long Term 11.14 CRISIL B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Proposed Long Term 49.93 CRISIL B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Proposed Long Term 100 CRISIL B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 47.04 CRISIL B-/Stable (ISSUER NOT COOPERATING) Term Loan 54 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with NWKRTC for obtaining information through letters and emails dated May 28, 2024 and July 21, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of NWKRTC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on NWKRTC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of NWKRTC continues to be 'Crisil B-/Stable Issuer not cooperating'. NWKRTC was set up in 1997, under provision of the Road Transport Corporation Act, 1950, following the bifurcation of the Karnataka State Road Transport Corporation. NWKRTC is wholly owned by GoK. The sole purpose of its creation is to provide extensive bus transport services in North-West Karnataka, including to remote and non-profitable locations across the region. PALAMOOR PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Palamoor Paper Products Limited (PPPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 11 CRISIL D (Issuer Not Cooperating) Proposed Cash 4 CRISIL D (Issuer Not Credit Limit Cooperating) Crisil Ratings has been consistently following up with PPPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PPPL continues to be 'Crisil D Issuer not cooperating'. PPPL, incorporated in January, 2012, is setting up a facility for manufacturing kraft paper. Based out of Hyderabad (Telangana), PPPL is promoted by Mr Rajendra Prasad Uppalapati, Mr Chandra Shekhar, Ms Prasanna Maipalli, and others. PALLAVA GRANITE: CRISIL Keeps B- Debt Ratings in Not Cooperating ---------------------------------------------------------------- Crisil Ratings said the ratings on bank facilities of Pallava Granite Industries Chennai Private Limited (PGICPL) continue to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 CRISIL B-/Stable (ISSUER NOT COOPERATING) Proposed Long Term 5.0 CRISIL B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Working Capital 2.5 CRISIL B-/Stable (ISSUER NOT Term Loan COOPERATING) Crisil Ratings has been consistently following up with PGICPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PGICPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PGICPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PGICPL continues to be 'Crisil B-/Stable Issuer not cooperating'. GICPL processes and exports granite; its day-to-day operations are managed Mr. Subba Reddy. PGICPL was set up in 1983. Processing unit is located near Pondicherry in Tamilnadu. PHOTON ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Photon Energy Systems Limited (PESL; part of Photon group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 15 CRISIL D (Issuer Not Cooperating) Cash Credit 6 CRISIL D (Issuer Not Cooperating) Letter of Credit 15 CRISIL D (Issuer Not Cooperating) Proposed Working 32.8 CRISIL D (Issuer Not Capital Facility Cooperating) Rupee Term Loan 1.2 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with PESL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PESL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PESL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of PESL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Photon Group was set up by Mr N Purushottam Reddy and his family members in 1995. The group manufactures and assembles solar energy systems and has solar power plants. Manufacturing facility of the group is located in Hyderabad. PRATHMESH ENTERPRISES: CRISIL Moves D Ratings to Not Cooperating ---------------------------------------------------------------- Crisil Ratings has migrated the ratings on bank facilities of Prathmesh Enterprises (PE) to 'Crisil D/Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Rating - Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Short Term Rating - Crisil D (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with PE for obtaining information through letter and email dated August 7, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PE is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the ratings on bank facilities of PE to 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in the year 2010, PE is engaged in the business of manufacuring metallic parts for the automobiles, which are used for fittings of seats, doors, bonnet etc. It is a proprietorship firm managed by Mr. Sudhakar Shinde. PRETTY JEWELLERY: CRISIL Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Pretty Jewellery Private Limited (PJPL, Part of Araska Group (AG)) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Documentary 5 CRISIL D (Issuer Not Bills Purchase Cooperating) Packing Credit 5 CRISIL D (Issuer Not Cooperating) Proposed Short Term 5.3 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with PJPL for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of PJPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on PJPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of PJPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2007, ADPL is engaged in trading of polished diamonds mainly exports. The company derives around 90% of its revenues through export trading of polished diamonds while diamond studded jewellery contribute 10% of the revenues. It was established as a proprietorship firm in 1976 under the name of S. R. Diamond. Incorporated in 2002, PJPL is engaged in manufacturing and exporting of gold and diamond studded jewellery. The company derives 100% of its revenues from exports. The firm has its manufacturing facility in Seepz, Mumbai with a total strength of 120-125 artisans. QUALIT AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Qualit Agro Processors (QAP) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Line of Credit 13 CRISIL D (Issuer Not Cooperating) Packing Credit 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with QAP for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of QAP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on QAP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of QAP continues to be 'Crisil D Issuer not cooperating'. QAP is a proprietorship firm engaged in the processing and trading of agro commodities. The firm is based out of Rajapalayam, TN. It was established in 2009 by Mr. Valliyin selvan. RYATAR SAHAKARI: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ryatar Sahakari Sakkare Karkhane Niyamit (RSSKN) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit-Stock 20 CRISIL D (Issuer Not Cooperating) Long Term Bank 26 CRISIL D (Issuer Not Facility Cooperating) Crisil Ratings has been consistently following up with RSSKN for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RSSKN, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on RSSKN is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of RSSKN continues to be 'Crisil D Issuer not cooperating'. RSSKN, set up in 1999, is a co-operative society manufacturing sugar. The society is based in Bagalkot (Karnataka). Its operations are managed by Chairman Mr. R S Talewad who has more than three decades' experience in the industry. SHIVAM ENTERPRISE: CRISIL Assigns B Rating to INR8cr Cash Loan -------------------------------------------------------------- Crisil Ratings has assigned its 'Crisil B/Stable' rating to the long-term bank facilities of Shivam Enterprise - Ahmedabad (SEA). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 Crisil B/Stable (Assigned) The rating reflects SEA's modest scale of operations, susceptibility to fuel and coal price fluctuations and average capital structure. These weaknesses are partially offset by the extensive industry experience of the proprietor and moderate debt protection. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of SEA. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operations: Operating income declined sharply to INR18.78 crore in fiscal 2025 from INR43.79 crore in fiscal 2024 on the back of execution delays and high order concentration risk. Notably, the value of orders in earlier projects was inflated due to the inclusion of diesel costs, whereas the work executed in fiscal 2025 did not have these costs factored in, resulting in lower order values and in turn in lower revenue. Also, the firm remains a small player in the mining subcontracting space. The modest scale limits its bargaining power with principals and suppliers, operating leverage and the ability to withstand project-specific risks. Hence, improvement in revenue profile remains a key monitorable. * Susceptibility to fuel and coal price fluctuations: Operating margin is susceptible to fuel price movements in the mining and transportation business, and to volatile coal prices in the trading business, due to the limited ability of the firm to pass these costs to customers. In addition, the firm faces intense competition from both organised and unorganised players. Operating margin has been volatile at 15-30% for the three fiscals through 2025. Though with orders having fuel cost included, the margin may improve going forward, sustainable improvement in the same will remain key monitorable. * Average capital structure: SEA has average financial profile marked by high total outside liabilities to tangible networth (TOLTNW) of over 3 times and gearing of 2.82 times as on March 31, 2025. And going forward, the same is expected to remain average. Strengths: * Extensive industry experience of the proprietor: The proprietor has over two decades of experience in the mining industry and does subcontracting for some of the large players in India, from whom regular orders are received. The extensive experience of the proprietor and a longstanding presence in the industry will continue to support the business. This has given him an understanding of the dynamics of the market and enabled the establishment of healthy relationships with suppliers and customers. * Moderate debt protection: Despite leverage debt protection measures have remained comfortable due to moderately healthy profitability. The estimated interest coverage ratio stood at 2.6 times for fiscal 2025. Debt protection measures are expected to remain at a similar level over the medium term. Liquidity: Stretched Bank limit utilisation averaged a high 94.59% and 100.7% for the 12 and 6 months ended August 2025, respectively. Cash accrual is expected to be tightly matched against repayment obligation of INR3.62 crore in fiscals 2026 and 2027. An unsecured loan from the proprietor of INR6.5 crore as on March 31, 2025 is expected to remain in the business. In addition, it will act as a cushion to the liquidity of the firm. The current ratio is estimated at a healthy 1.37 times as on March 31, 2025. Outlook: Stable Crisil Ratings believes SEA will continue to benefit from the extensive experience of its proprietor, and established relationships with clients. Rating sensitivity factors Upward factors: * Improvement in revenue and margins, leading to higher net cash accrual of over INR5 crore * Improvement in working capital cycle and financial risk profile Downward factors: * Sustained decline in revenue or profitability margin below 12%, hence leading to lower-than-expected net cash accrual * Large debt-funded capital expenditure weakens capital structure * A substantial increase in the working capital requirements thus weakening the liquidity and financial risk profiles SEA, a proprietorship concern established in 2001, is in Ahmedabad, Gujarat. Owned and managed by Mr Vajshibhai Govabhai Ambaliya, SEA is engaged in coal mining and works as a sub-contractor. SNEHA MACTCS: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sneha MACTCS continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL D (Issuer Not Cooperating) Long Term 0.69 CRISIL D (Issuer Not Bank Facility Cooperating) Proposed Long Term 0.31 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with Sneha MACTCS for obtaining information through letter and email dated August 21, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of Sneha MACTCS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on Sneha MACTCS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of Sneha MACTCS continues to be 'Crisil D Issuer not cooperating'. Sneha Mutually Aided Cooperative Thrift and Credit Society Ltd. (MACTCS), located at Ibrahimpatnam village of Ranga Reddy district and known as Mahila Bank, was formed by more than 459 SHGs constituting 2405 active members. This organisation was started in the year 2000, and now operating with 13 branches in Ranga Reddy district of Telangana. Society has 15 director who look after the lending to SHG groups, these 15 directors have an operational period of 3 years; after every 3 years, there is rotation of board of directors. Society has been operating in MFI segment for more than 2 decades with loan portfolio of INR3.6 crore. SS ALUMINIUM: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: SS Aluminium Pvt Ltd Beside Sahadebkhunta, At/PO./P.S.: Sahadebkhunta, Baleshwar, Balasore, Orissa, India, 756001 Insolvency Commencement Date: September 9, 2025 Estimated date of closure of insolvency resolution process: March 7, 2026 (180 Days) Court: National Company Law Tribunal, Cuttack Bench Insolvency Professional: Suresh Chandra Pattanayak GKV-38, Gati Krushna Villa, Tankapani Road, Bhubaneswar, Dist. Khorda, Odisha, PIN 751018, Email id: suresh_pattanayak@yahoo.co.in Email id: ssaluminiumcirp@gmail.com Last date for submission of claims: September 23, 2025 TRUSHNA EXIM: CRISIL Moves B+ Debt Ratings to Not Cooperating ------------------------------------------------------------- Crisil Ratings has migrated the rating on bank facilities of Trushna Exim (TE) to 'Crisil B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Credit Exposure 1 Crisil B+/Stable (ISSUER NOT Limits/Loan COOPERATING; Rating Migrated) Exposure Risk Limits Term Loan 55 Crisil B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Crisil Ratings has been consistently following up with TE for obtaining information through letter and email dated August 7, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TE, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TE is consistent with 'Assessing Information Adequacy Risk'. Therefore, on account of inadequate information and lack of management cooperation, Crisil Ratings has migrated the rating on bank facilities of TE to 'Crisil B+/Stable Issuer not cooperating'. Set up in June 2020, TE manufactures lab-grown diamonds. Rajesh Trivedi and Manishkumar Patel manage the operations. The firm is a part of the Maitri group. UNITRIVENI OVERSEAS: CRISIL Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Unitriveni Overseas (UTROS) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 4.5 CRISIL D (Issuer Not Credit Cooperating) Foreign Bill 4 CRISIL D (Issuer Not Discounting Cooperating) Proposed Long Term 1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with UTROS for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of UTROS, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UTROS is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of UTROS continues to be 'Crisil D Issuer not cooperating'. Set up as a partnership firm in May 2008 by Mr. Arijit Bhattacharya and Mr.Indrajit Bhattacharya, UTROS processes and exports frozen marine products such as shrimp and shrimp seeds. The firm also processes seafood for other processing units on jobwork basis. URANUS STONE: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Uranus Stone Products and Co. (USPC) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B-/Stable (Issuer Not Cooperating) Term Loan 5 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with USPC for obtaining information through letter and email dated August 6, 2025 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of USPC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on USPC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of USPC continues to be 'Crisil B-/Stable Issuer not cooperating'. Operations beginning in March, 2017, USPC is engaged in stone crushing activity in Meghalaya. Mr Ankit Mittal, Mr. Rohit Mittal and Mr. Comforme Mukhim are the partners of the firm. USPC's stone crushing unit with a capacity of 300 tonnes per hour is situated near Killing, Meghalaya. VANYA EDIBLE: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Vanya Edible Oils & Refineries Private Limited Registered Address: DESK NO 19 65-A, U G FLOOR Plot No. 65, Gali No. - 4, Kundan Nagar Laxmi Nagar, New Delhi, Delhi, India, 110092 Insolvency Commencement Date: September 2, 2025 Court: National Company Law Tribunal, New Delhi, Bench-IV Estimated date of closure of insolvency resolution process: March 1, 2026 Insolvency professional: Shailendra Singh Interim Resolution Professional: Shailendra Singh 1112, 11th Floor, Ansal Bhawan, 16 K.G. Marg, Connaught Place, New Dehi-110001 Email: shailendralaw@gmail.com Email: cirp.veorpl@omail.com Last date for submission of claims: September 16, 2025 =============== M A L A Y S I A =============== VANTRIS ENERGY: PN17 Exit in Sight, 2Q Loss Within Expectations --------------------------------------------------------------- The Edge Malaysia reports that Vantris Energy Bhd could post two consecutive quarters needed to exit Practice Note 17 (PN17) status, said BIMB Securities, after another loss-making quarter by the oil and gas services outfit. Vantris, which recently completed its debt haircut as part of a restructuring exercise, is expected to post a one-off gain of about MYR2.4 billion in the third quarter ending Oct. 31 (3QFY2026), according to The Edge. Finance costs will fall sharply to MYR75-80 million, from around MYR200 million currently, based on management guidance, BIMB said. Forex risk is also limited post-debt restructuring, it said. "Despite the successful debt restructuring plan announcement, the share price remains depressed," the research house, one of only two covering Vantris, noted in a report on Sept. 30, The Edge relays. "At current level, we believe there's limited downside as it has fully reflected the dilution risk from the regularisation plan," said BIMB, which has a 'buy' call on the stock at 72 sen. Shares of Vantris slid as much as 1.5 sen or 2.7% to 55 sen on Sept. 30, after posting a 2QFY2026 net loss of MYR231 million on MYR239 million forex loss, The Edge discloses. The stock later pared some losses to trade at 55.5 sen, valuing the group at MYR1.27 billion. According to The Edge, BIMB said the results were 'within expectations'. Excluding the forex loss, Vantris' core profit after tax and minority interests (Patami) stood at MYR8 million, reversing a core loss of MYR465 million in 1QFY2026, it said. While revenue fell 12% year-on-year to MYR1.1 billion on weaker engineering and construction contributions, operations and maintenance remained profitable, delivering profit before tax of MYR19 million despite margin pressures, The Edge discloses. Vantris' order book, meanwhile, eased to MYR7.1 billion for subsidiaries and MYR4.1 billion for joint ventures, reflecting slower replenishment, BIMB noted. About Vantris Energy Vantris Energy Bhd, formerly known as Sapura Energy Berhad, engages in investment holding and the provision of management services to its subsidiaries. The Company's segments include Engineering and Construction (E&C), Drilling, Energy and Corporate. Vantris Energy announced on May 31, 2022, that it has been classified as a PN17 listed issuer due to going concerns on its shareholders' equity position less than 50% of its share capital. The company has become an affected listed issuer under PN17 on the basis that its shareholders' equity position of MYR85 million as at Jan. 31, 2022 was less than 50% of its share capital of MYR10.9 billion. ===================== N E W Z E A L A N D ===================== DELTA BOATS: Creditors' Proofs of Debt Due on Oct. 29 ----------------------------------------------------- Creditors of Delta Boats NZ Limited are required to file their proofs of debt by Oct. 29, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 18, 2025. The company's liquidator is: Bryan Edward Williams c/o BWA Insolvency Limited PO Box 609 Kumeu 0841 HAWK ASIA: Creditors' Proofs of Debt Due on Oct. 31 --------------------------------------------------- Creditors of Hawk Asia Holdings NZ Limited and Wolverine Asia Holdings NZ Limited are required to file their proofs of debt by Oct. 31, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 19, 2025. The company's liquidators are: Jared Waiata Booth Tony Leonard Maginness Baker Tilly Staples Rodway Auckland Limited PO Box 3899 Auckland 1140 KITCHEN THINGS: Staff Get Payments, Customers Likely to Miss Out ---------------------------------------------------------------- Radio New Zealand reports that employees of Kitchen Things and SolarZero have received their full preferential entitlement, the liquidator and receiver for both organizations said. But he said customers of Kitchen Things in particular are likely to lose out. SolarZero was put into liquidation by its directors late last year, while Kitchen Things was put into receivership last month. According to RNZ, receiver and liquidator Stephen Keen from Grant Thornton New Zealand said the Kitchen Things staff received their maximum entitlement on Sept. 25 and SolarZero employees followed on Sept. 26. The maximum is NZD31,820 per employee before tax and other deductions. Employees rank ahead of many other creditors when a company is being wound up. "We're really pleased with this result," RNZ quotes Mr. Keen as saying. "Being able to provide the full entitlement to employees isn't always possible as it depends on the level of recovery appointees can make during the liquidation or receivership process. "In both cases, the recoveries made so far have meant we can pay employees the full amount of their respective entitlements under schedule 7 of the Act". He acknowledged that SolarZero staff had faced a longer wait, RNZ relays. "Some appointments are more complex than others. The recoveries needed to fund the distributions to employees can take months to work through. In the case of SolarZero, this involved complex tax recoveries and a slower sale of solar panels to avoid flooding the market and reducing their retail value." Many customers, however, have been frustrated to find themselves as unsecured creditors with no stock allocated to their orders. RNZ relates that Mr. Keen said he could understand their concerns but when a retail business failed, receivers faced "tough challenges" around who was entitled to the stock. "The tracing requirements of specific items to customer sales orders is complex and time consuming, often resulting in issues where the tracing cannot be completed because the product is not held by the Company, which means the customer is the one to lose out," Mr. Keen said. "Under the Companies Act 1993, employees of insolvent businesses are to be prioritised ahead of unsecured creditors; now that we've achieved this milestone for Kitchen Things' employees, our goal is to ensure the best outcome for all stakeholders through the sale of stock and assets." About Kitchen Things Kitchen Things is a New Zealand family-owned retailer of premium kitchen and laundry appliances. Malcolm Russell Moore, Stephen Speers Keen and Adele Irene Hicks of Grant Thornton New Zealand Limited on Aug. 20, 2025, were appointed as receivers and managers of: - Kitchen Things IP Limited - Kitchen Things Holdings Limited; - Jones Family Investments Limited; - Kitchen Things NZ Limited; - Appliance Works (2015) Limited; - Applico Limited; and - Baumatic Appliances Limited George Bannerman and Rees Logan of BDO were also appointed as administrators of the company on Aug. 20, 2025. LUMBERJAX LIMITED: Court to Hear Wind-Up Petition on Oct. 21 ------------------------------------------------------------ A petition to wind up the operations of Lumberjax Limited will be heard before the High Court at Rotorua on Oct. 21, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 27, 2025. The Petitioner's solicitor is: Charles David Walmsley Inland Revenue, Legal Services 21 Home Straight (PO Box 432) Hamilton PRO DRAINS: Creditors' Proofs of Debt Due on Oct. 17 ---------------------------------------------------- Creditors of Pro Drains Limited are required to file their proofs of debt by Oct. 17, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 17, 2025. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 SUPERIOR WINDOWS: Court to Hear Wind-Up Petition on Oct. 6 ---------------------------------------------------------- A petition to wind up the operations of Superior Windows and Doors 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 ================= S I N G A P O R E ================= AMBROSIA MANAGEMENT: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Singapore entered an order on Sept. 12, 2025, to wind up the operations of Ambrosia Management Pte. Ltd. Kredens Capital Management Pte. Ltd. filed the petition against the company. The company's liquidators are: Lee Yi Ying, Marie Khor Boon Hong c/o Baker Tilly Singapore 600 North Bridge Road #05-01 Parkview Square Singapore 188778 CORDLIFE GROUP: Faces One-Year Suspension Over Service Lapses ------------------------------------------------------------- The Business Times reports that Cordlife Group has been served a notice of intent for a one-year suspension of its cord-blood banking services by the Ministry of Health (MOH), after a recent audit uncovered significant failures in its operations. According to BT, the suspension was triggered by an MOH audit in July this year, which found that Cordlife had failed to maintain compliance with regulatory requirements in several key areas. This inspection came after the company had been allowed to resume limited operations in September 2024, following an earlier suspension. BT relates that the notice, issued on Sept. 29, requires the cord-blood bank to stop collecting, testing, processing and storing new cord blood units and to focus solely on safeguarding its existing inventory. Cordlife has 14 days to submit its representations. This is the latest setback for the company, whose mishandling of cord-blood units first came to light in November 2023, when MOH conducted unannounced audits on the company, according to BT. Then, it was revealed that seven of the 22 tanks at Cordlife were exposed to temperatures above acceptable limits during different periods from November 2020. This damaged the cord-blood units belonging to at least 2,150 clients. In December 2023, Cordlife was ordered to halt its services for six months, BT recalls. This restriction was extended by three months in June 2024. The company was allowed to resume limited services on Sept. 15, 2024. Following the audit in July this year, and in line with the latest notice of intent, MOH has directed the company to review all laboratory records of new cord-blood units collected since the resumption of its cord-blood banking services in January 2025, and to identify and resolve deviations from Cordlife's established policies. Cordlife must inform clients if their cord-blood units have been affected, and offer counselling by a haematologist on the implications on the potential clinical uses of the cord-blood unit. In a statement, MOH said it "recognises that these findings may be distressing to many Cordlife clients, and they may now be contemplating withdrawal of their cord-blood units from Cordlife," BT relays. BT adds that the ministry has urged Cordlife to proactively engage with clients and address their concerns, including on issues relating to their contracts. "Cordlife's clients may wish to transfer cord-blood units to alternate providers," MOH said, noting that it had "initiated discussions" with other cord-blood banks in Singapore on their plans if they are approached to receive such transfers. MOH advised, however, that the transfer of cord-blood units - to both local and overseas banks - carries risks and should be considered carefully. "Alternative sources of stem cells, such as donated cord blood or transplant of bone marrow or peripheral blood stem cells, remain available for children who require transplants," it added. The ministry's midpoint audit found that Cordlife had sustained its improved temperature-monitoring practices, and had kept an accurate inventory of its cord-blood units. However, the audit also revealed lapses in Cordlife's governance, incident management and processes for collecting and testing about 160 new cord-blood units since January 2025. About Cordlife Headquartered in Singapore, Cordlife Group Limited, an investment holding company, provides cord blood banking services in Singapore, Hong Kong, India, Malaysia, the Philippines, and internationally. The company operates through two segments, Banking and Diagnostics. It offers cord blood, cord lining, and cord tissue banking services, including processing and storage of stem cells; and various diagnostics services, such as newborn genetic screening, pediatric vision and ear screening, pediatric allergen test, genetic talent test, preimplantation genetic screening, endometrial receptivity test, non-invasive prenatal testing, and newborn metabolic screening. The company also provides Moms Up, a mobile app for pregnancy and parenting resources for moms and moms-to-be. In addition, it provides medical laboratory, marketing, and property investment services. As reported in the Troubled Company Reporter-Asia Pacific in late in April 2024, Cordlife's former internal auditor KPMG had submitted a disclaimer of opinion in its independent auditor's report dated April 24, stating that it had not been able to obtain "sufficient appropriate audit evidence" to provide a basis for an audit opinion on several areas. These areas included the company's compliance with laws and regulations, given Cordlife's ongoing investigations by the Ministry of Health (MOH) and the Commercial Affairs Department (CAD). KPMG also addressed uncertainties in providing an audit opinion on the subject of Cordlife's refunds and claims, after the company said it would waive all future annual fees and initiate a refund for clients affected by its recent case of damaged cord-blood units, BT related. GPW ASIA: Creditors' Proofs of Debt Due on Oct. 19 -------------------------------------------------- Creditors of GPW Asia Pte. Ltd. are required to file their proofs of debt by Oct. 19, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 15, 2025. The company's liquidators are: Timothy James Reid Ng Yau Yee Theresa c/o Baker Tilly Reid 600 North Bridge Road #05-01 Parkview Square Singapore 188778 NATURE ONE: Court to Hear Wind-Up Petition on Oct. 3 ---------------------------------------------------- A petition to wind up the operations of Nature One Dairy (Australia) Pte. Ltd. will be heard before the High Court of Singapore on Oct. 3, 2025, at 10:00 a.m. Sig Combibloc Australia Pty Ltd filed the petition against the company on Sept. 4, 2025. The Petitioner's solicitors are: K&L Gates Straits Law LLC 9 Raffles Place #32-00 Republic Plaza Singapore 048619 NSR SEA: Creditors' Proofs of Debt Due on Oct. 21 ------------------------------------------------- Creditors of NSR Sea Master Fund Pte. Ltd. are required to file their proofs of debt by Oct. 21, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 10, 2025. The company's liquidators are: Chek Khai Juat c/o Tricor Singapore Pte. Ltd. 9 Raffles Place #26-01 Republic Plaza Singapore 048619 WINSYS PTE: Court to Hear Wind-Up Petition on Oct. 3 ---------------------------------------------------- A petition to wind up the operations of Winsys Pte. Ltd. will be heard before the High Court of Singapore on Oct. 3, 2025, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on Sept. 11, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 ===================== S O U T H K O R E A ===================== [] SOUTH KOREA: FSC Urges Petrochem Sector on Restructuring Plans ----------------------------------------------------------------- Yonhap News Agency reports that the financial regulator said on Sept. 30 the ailing petrochemical sector should draw up restructuring measures, including an output cut, in exchange for financial support. Yonhap relates that Kwon Dae-young, vice chairman of the Financial Services Commission (FSC), said petrochemical companies have not shown sincere, concrete restructuring plans so far, adding there would be no financial support if they do not offer detailed action plans. Earlier in the day, 17 banks and state-run policy lenders agreed to provide financial support, including a cut in lending rates, extension of loan maturities and fresh loans, in exchange for the sector's voluntary restructuring measures, Yonhap reports. Yonhap says the local petrochemical sector has been facing a prolonged oversupply leading to low prices, especially amid the economic slowdown. The government wants local businesses in the sector to sharply cut their output and streamline their business portfolio. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***