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

                     A S I A   P A C I F I C

          Friday, October 31, 2025, Vol. 28, No. 218

                           Headlines



A U S T R A L I A

ALTERNATIVE LENDING: Second Creditors' Meeting Set for Nov. 5
AUSTRALIAN HEALTHCARE: Second Creditors' Meeting Set for Nov. 4
BOD SCIENCE: Adrian Sturrock Steps Down as CFO
GFG ALLIANCE: Future Uncertain for Tahmoor Mine Stood Down Workers
HEALTHSCOPE NEWCO: Offers to Pay Back Months of Deferred Rents

JDH CAPITAL: May Have Been Insolvent Upon Acquiring Sirius Block
NAUTI-CRAFT LTD: First Creditors' Meeting Set for Nov. 5
NEXUS INTELLIGENCE: Second Creditors' Meeting Set for Nov. 5
TRIMVIEW CERAMICS: Second Creditors' Meeting Set for Nov. 5
TT-LINE: Was Days from Insolvency During Tasmania State Election



C H I N A

FINGERMOTION INC: Issues 4M Warrants Under Consulting Agreement
GOTION INC: Unit Abandons Plan to Build Michigan Plant, State Says
RETO ECO-SOLUTIONS: Inks Deal to Sell $1.43M Class A Shares


H O N G   K O N G

SCHOLZ GROUP: Buyers Sought for HK Co's Shares in Two German Units


I N D I A

ABAN OFFSHORE: Insolvency Resolution Process Case Summary
AMIR EDUCATION: CARE Keeps B- Debt Rating in Not Cooperating
ASMITHA MICROFIN: CRISIL Keeps D Debt Rating in Not Cooperating
BHAGABAN MOHAPATRA: CRISIL Keeps D Ratings in Not Cooperating
CKOMPAX METATECH: CRISIL Keeps D Debt Ratings in Not Cooperating

ECO POLYMERS: CARE Keeps C Debt Rating in Not Cooperating Category
EGO FLOORING: Insolvency Resolution Process Case Summary
EMS AND EXPORTS: CARE Keeps C Debt Rating in Not Cooperating
EPITOME PETROCHEMICAL: CRISIL Keeps D Ratings in Not Cooperating
GROWING OPPORTUNITIES: CARE Keeps B Debt Rating in Not Cooperating

GURU NANAK: CRISIL Keeps B- Debt Ratings in Not Cooperating
HARSHIL TEXTILES: CRISIL Keeps B- Debt Rating in Not Cooperating
HONEST DERIVATIVES: Liquidation Process Case Summary
INDITRADE BUSINESS: Insolvency Resolution Process Case Summary
JAMSHEDPUR MINERALS: CRISIL Keeps B Ratings in Not Cooperating

JOUELANA CONSTRUCTION: Liquidation Process Case Summary
KAMANI FOODS: Insolvency Resolution Process Case Summary
MAA BHAGWATI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
METALORE OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
NARMADA CEREAL: CRISIL Keeps D Debt Ratings in Not Cooperating

NAVEEN RICE: CARE Keeps B- Rating in Not Cooperating Category
NEOLITE BUILDCON: CARE Keeps B- Debt Rating in Not Cooperating
NILE OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating
OMSAI UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
P.S. ASSOCIATES: CARE Keeps B-/A4 Debt Rating in Not Cooperating

PADMAJA POLY: CRISIL Keeps B Debt Ratings in Not Cooperating
PGS EXIMS: CARE Lowers Ratings on INR5cr LT Loan to D
PIYUSH INFRATECH: Ind-Ra Cuts Bank Loan Rating to B+
PRASAD EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
PURE MILK: CRISIL Keeps D Debt Ratings in Not Cooperating

QUADSEL SYSTEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAMDEV COTSPIN: CARE Keeps B- Debt Rating in Not Cooperating
ROLTAS PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
ROYAL PRESSING: CRISIL Keeps D Debt Ratings in Not Cooperating
SHYAMSHREE RESIDENCY: CARE Keeps B- Debt Rating in Not Cooperating

SIDHANT CREATIONS: CARE Keeps D Debt Ratings in Not Cooperating
SUPERIOR FILMS: Ind-Ra Moves BB+ Loan Rating to NonCooperating
URBAN TRANSIT: CARE Keeps D Debt Rating in Not Cooperating


M A L A Y S I A

JAGASOLUTION BHD: Auditors Flags Uncertainty Over Going Concern
KNM GROUP: Bursa Files Suit Over Proposed EUR270MM German Unit Sale


N E W   Z E A L A N D

GWB ENTERTAINMENT: Creditors' Proofs of Debt Due on Nov. 17
HAPPY SPROUTS: Court to Hear Wind-Up Petition on Nov. 3
IBBOTSON 2020: Creditors' Proofs of Debt Due on Nov. 14
KHULU LIMITED: Creditors' Proofs of Debt Due on Nov. 28
SARAN CONTRACTING: Court to Hear Wind-Up Petition on Nov. 10



S I N G A P O R E

BRAWN VIETNAM: Commences Wind-Up Proceedings
FINQUEST PTE: Creditors' Meeting Set for Nov. 7
LIBERTY HOUSE: Court to Hear Wind-Up Petition on Nov. 7
PINHEADS INTERACTIVE: Court Enters Wind-Up Order
SIMPLIIFY PTE: Court Enters Wind-Up Order



S O U T H   K O R E A

HOMEPLUS CO: MBK Vows to Prevent Liquidation, Safeguard Jobs

                           - - - - -


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A U S T R A L I A
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ALTERNATIVE LENDING: Second Creditors' Meeting Set for Nov. 5
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Alternative
Lending Ltd has been set for Nov. 5, 2025, at 3:00 p.m. at Quality
Hotel Mildura Grand, 129-137 Seventh Street, in Mildura, Victoria.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 4, 2025 at 4:00 p.m.

Andrew Langshaw and Stephen Duncan of were appointed as
administrators of the company on Sept. 30, 2025.


AUSTRALIAN HEALTHCARE: Second Creditors' Meeting Set for Nov. 4
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Australian
Healthcare and Hospitals Association Limited has been set for Nov.
4, 2025 at 11:30 a.m. via virtual facilities.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 3, 2025 at 4:00 p.m.

Barry Frederic Kogan and Shane Norman O'Keeffe of McGrathNicol were
appointed as administrators of the company on Sept. 29, 2025.


BOD SCIENCE: Adrian Sturrock Steps Down as CFO
----------------------------------------------
TipRanks reports that Bod Science Limited announced the resignation
of its Chief Financial Officer, Adrian Sturrock, after four years
of service. This change comes as the company is under a Deed of
Company Arrangement, indicating potential restructuring or
financial adjustments, which could impact its operations and
stakeholder relations.

Bod Science Limited (ASX:BOD), formerly trading as Bod Australia
Ltd, is a cannabis focused drug development and product innovation
company.

Brent Morgan and Andrew Barnden of Rodgers Reidy were appointed
Joint and Several Voluntary Administrators of the Company on Nov.
29, 2023.

On April 8, 2024, creditors resolved that the Company execute a
DOCA proposed by Biortica Agrimed Limited. The DOCA was
subsequently executed on April 24, 2024.

GFG ALLIANCE: Future Uncertain for Tahmoor Mine Stood Down Workers
------------------------------------------------------------------
ABC News reports that about 250 labour hire and contractor staff at
Tahmoor coal mine have been stood down without pay, raising
concerns for families and the community.

Operator Mark Bryant is one of 250 contractors who have been told
they will no longer be receiving a pay cheque.

"It's going to get very difficult for families, especially
depending on their situations if they haven't been able to put
extra money away," the ABC quotes Mr. Bryant as saying. "Me
personally, I can absorb it for a couple of weeks, beyond that I'm
not too sure. That's only because during the situation I've
realised that this could have happened at any time."

According to the ABC, labour hire workers on Oct. 24 received an
email from mining contractor RStar explaining the decision to stand
down workers without pay.

"Over the past 36 weeks, RStar has explored every possible avenue
to avoid taking this step. Unfortunately, we can no longer continue
operating under the current condition," the email read.

Tahmoor Colliery has been closed for the past nine months since the
mine ran out of critical materials after it failed to pay its
suppliers, the ABC notes.

The mine is owned by a subsidiary of GFG Alliance, the company
owned by billionaire metals magnate Sanjeev Gupta.

The consortium, which includes the Whyalla Steelworks, has faced a
financial reckoning since the collapse of its largest lender,
Greensill Capital.

According to the ABC, the Mining and Energy Union has called on
Natural Resources Minister Courtney Houssos to revoke Mr. Gupta's
lease on the mine, saying he was not a fit and proper person under
state law.

"I'm calling on the state government to intervene and, under
whatever powers they can apply, take the lease off Sanjeev Gupta,
force him into administration, do something," the union's Bob Timms
said.

The ABC relates that GFG Alliance said it was finalising funding
arrangements to restart the mine and remained committed to
resolving payment delays.

Ms. Houssos said she was monitoring the situation at Tahmoor
Colliery and had taken steps to protect taxpayers and workers, but
had not responded to calls to revoke GFG Alliance's mining lease,
the ABC relays.

"I am deeply concerned about the ongoing uncertainty at GFG's
Tahmoor Colliery and the impact it is having on workers, their
families and the local community," she said in a statement.

She said she would meet with the Mining and Energy Union again next
week on the issue.

"I share the frustration many are feeling," the ABC quotes Ms.
Houssos as saying.  "The lack of progress is unacceptable and there
is urgent need for clarity about the future of the mine."

The ABC relates that Ms. Houssos said she made an order last month
under the Mining Act placing a charge on the Tahmoor mining lease
to secure the royalty liability owed.

"Placing the charge on the mining lease is an important action to
protect the interests of NSW taxpayers and the mine's workers, as
it safeguards the asset and provides a clearer path to the mine's
reopening," she said.

"It is in everyone's best interests for GFG to resolve its
financial issues, end the uncertainty, and either recommence
operations or facilitate a sale of the mine to a capable
operator."

                        About GFG Alliance

GFG Alliance is a global group of businesses in industries
including steel, aluminium, and energy.

GFG Alliance has had significant operations in Australia, including
the Whyalla Steelworks in South Australia run by OneSteel
Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and
Liberty Bell Bay in Tasmania.

On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams,
Michael Korda and Lara Wiggins were appointed voluntary
administrators of OneSteel Manufacturing.

The appointment was made by the South Australian Government. The
state government took the decision to place OneSteel in
administration, after losing confidence in the financial capability
of GFG Alliance to pay its bills as and when they fall due, and in
GFG's ability to secure funding needed for the ongoing operation of
the steelworks, according to Department for Energy and Mining.


HEALTHSCOPE NEWCO: Offers to Pay Back Months of Deferred Rents
--------------------------------------------------------------
Michael Smith at The Australian Financial Review reports that
Healthscope's lenders have written to the hospital operator's two
landlords with an offer to pay back tens of millions of dollars in
deferred rent and interest that has accrued since March, as the
company seeks to clear the decks ahead of negotiations for
permanent rent reductions.

According to the Financial Review, the company sent letters to its
biggest landlord Toronto-listed Northwest Healthcare Properties
Real Estate Investment Trust and property funds controlled by David
Di Pilla's HMC Capital on Oct. 30, confirming it would not seek an
extension of rent deferrals which expire at the end of the month.

The Financial Review relates that Healthscope would also offer to
pay the rent and interest which has accrued since the deferrals
started in March. The hospital operator, which had been owned by
Brookfield, fell into receivership with $1.6 billion of debt in
May.

People familiar with the situation but not authorised to speak
publicly said the move was to smooth the path for final
negotiations with the landlords for "meaningful" rent concessions,
the Financial Review relays. If the landlords refused to negotiate,
Healthscope's receivers would stop paying rent.

The Financial Review adds that the company said the process to sell
the hospital operator by receivers McGrathNicol was expected to
conclude in late November.

Northwest owns 12 hospitals in the Healthscope portfolio, while HMC
interests own 11. Healthscope could seek to halve the rent it pays
on some hospitals.

According to the Financial Review, Healthscope pays Northwest $80
million in rent annually but the hospitals lose $40 million a year,
suggesting they would need the Canadian company to agree to halve
rents for them to be viable.

The letter said Healthscope and McGrathNicol could pay back
deferred rents but only as a precursor for talks which would result
in permanent reductions. If they do not negotiate, receivers plan
to stop paying rent.

"The tenant does not intend to use the rent deferral arrangement in
the future, including during the next phase of negotiations with
the landlords as part of the sale process conducted by the
receivers, which is expected to conclude by late November," the
letter, signed by Healthscope's chief financial officer Jeff Sells,
said, the Financial Review relays.

"The tenant expects that any solution will require meaningful rent
concessions from the landlords, including for the period between
the signing and completion of any transaction."

The Financial Review says the landlords have previously pushed back
against rent reductions.

HMC has told investors it has conditional agreements with
alternative tenants for the 11 Healthscope hospitals that its
interests own if the sale process fails to find a buyer, the
Financial Review says.

The hospital operator's major lenders include British credit
manager Polus Capital and Dallas-based hedge fund Canyon Partners.
Commonwealth Bank and Westpac are part of the 30-plus strong
lending syndicate backing the move to pressure landlords.

                         About Healthscope

Healthscope provides healthcare services. The Company manages a
network of hospitals, clinics, and physicians for the provision of
emergency care, women's services, cancer care, and pediatric
services. Healthscope operates 38 hospitals across Australia.

On May 26, 2025, Keith Crawford, Matthew Caddy, Jason Ireland &
Katherine Sozou of McGrathNicol Restructuring were appointed as
Receivers and Managers of ANZ Hospitals Pty Ltd and Healthscope
NewCo Pty Ltd. The appointments are limited to these two entities
only, which are 'holding companies' within the Healthscope Group
corporate structure.

Craig Shepard, Mark Korda, Andrew Knight and Lara Wiggins of
KordaMentha were appointed as administrators of Healthscope Newco
Pty Ltd and ANZ Hospitals Pty Ltd on May 26, 2025.

According to Sky News Australia, the lenders behind Healthscope
have opted to call in receivers to find a buyer for the private
hospital operator. Healthscope was purchased by Canadian asset
management firm Brookfield in 2019, however, it handed control of
the health company to the lenders earlier in May 2025. This
syndicate of hedge funds and banks voted on May 26 to put the
company into receivership, Sky News Australia said.

JDH CAPITAL: May Have Been Insolvent Upon Acquiring Sirius Block
----------------------------------------------------------------
Campbell Kwan at The Australian Financial Review reports that the
developer behind the transformation of Sydney's landmark Sirius
building into luxury apartments may have been insolvent when it
controversially acquired the property six years ago from the former
Coalition government, documents circulated to creditors show.

The Financial Review relates that the then-Berejiklian government
sold the housing estate in The Rocks, beside the Sydney Harbour
Bridge, in June 2019 for AUD150 million to JDH Capital subsidiary
Sirius Developments. The process had been drawn out over four years
amid community opposition and a fight to maintain the building as
social housing for its residents.

According to The Age/Sydney Morning Herald in 2020, a NSW
Department of Planning spokesperson said a range of due diligence
measures had confirmed JDH Capital possessed the "credibility,
capability and capacity" to complete the venture and it offered the
state "best value for money and economic benefits," The Financial
Review recalls.

At the time, then-housing minister Melinda Pavey described the deal
as a "great outcome" and said the AUD150 million would be used to
build an extra 300 social housing dwellings. The refurbished
apartments, many with views of the Opera House, were sold by the
developer for a reported AUD435 million, including a AUD35 million
penthouse.

The Financial Review says current Labor Housing Minister Rose
Jackson has slammed the deal, vowing not to sell "any more landmark
public assets like this one".

"I've always said this was a dud deal and this is just the cherry
on top. The former government's agenda of sell-offs and
privatisation has failed NSW too many times to count," the
Financial Review quotes Ms. Jackson as saying.

JDH Capital, run by former Macquarie banker Jean-Dominique Huynh,
was wound up in July after the company failed to repay millions of
dollars to the family of a Chinese billionaire, the Financial
Review notes.

The Financial Review, citing a statutory report by JDH Capital's
liquidator, Andrew Quinn, relates that the company may have been
trading while insolvent since as early as June 2018 - 12 months
before it acquired the Sirius building.

As revealed by The Australian Financial Review in May, Mr. Huynh's
various companies have been overwhelmed by mounting debts, which
have led to many of his prized assets being seized by lenders.

The lender that sought the wind-up of JDH Capital, AWF Capital, is
ultimately owned by the two sons of Song Zuowen, the co-founder of
Nanshan Group, one of the largest manufacturing, finance and
education conglomerates in China, according to the Financial
Review. Mr. Song is one of China's richest men, with a fortune of
US$2.5 billion (AUD3.9 billion), according to Forbes.

The Financial Review adds that the company may have also spent more
than AUD11.5 million in transactions that potentially broke laws
due to being "uncommercial" or "unreasonable director-related
transactions".

"These transactions may also be considered unreasonable
director-related transactions. We intend to issue the director with
correspondence for an explanation of the identified transactions,"
Mr. Quinn wrote in the statutory report.

A JDH Capital spokesperson rejected the liquidator's preliminary
findings, saying that the company's transactions were all made
after receiving accountant advice, the Financial Review relays.

"All transactions have been documented and recorded as commercial
dealings following advice from accountants and I have asked the
liquidator to correct the record and will make no further comment
while that process is underway," a JDH Capital spokesman said.

According to the Financial Review, the preliminary findings by the
liquidator found that the company had accumulated AUD6.7 million
worth of trading losses over the period between July 2022 and when
it collapsed in July.

The Financial Review adds that the liquidator is also scrutinising
more than AUD8.2 million that is owed to the company, noting that
most of the money is associated with entities linked to Mr. Huynh.
The liquidator has also found that the company has about AUD15.7
million worth of unpaid loans.


NAUTI-CRAFT LTD: First Creditors' Meeting Set for Nov. 5
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Nauti-Craft
Ltd will be held on Nov. 5, 2025 at 1:00 p.m. at the offices of 101
Advisory at Level 3, 101 St Georges Tce, in Perth, WA and via
virtual meeting technology.

Barry Frederic Kogan and Shane Norman O'Keeffe of McGrathNicol were
appointed as administrators of the company on Oct. 24, 2025.



NEXUS INTELLIGENCE: Second Creditors' Meeting Set for Nov. 5
------------------------------------------------------------
A second meeting of creditors in the proceedings of Nexus
Intelligence Pty Ltd (trading as "Nexus Automation Systems", "Nexus
Fire Protection", "Nexus Security Services", "Nexus Vision Phone
and Data") has been set for Nov. 5, 2025, at 2:00 p.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 Nov. 4, 2025 at 5:00 p.m.

Aaron Kevin Lucan of Worrells was appointed as administrator of the
company on Oct. 3, 2025.


TRIMVIEW CERAMICS: Second Creditors' Meeting Set for Nov. 5
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Trimview
Ceramics Pty Ltd has been set for Nov. 5, 2025, at 11:30 a.m. at
the offices of WA Insolvency Solutions, a division of Jirsch
Sutherland, at Suite 6.02, Level 6, 109 St Georges Terrace, in
Perth, WA, and via teleconference facilities.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 4, 2025 at 4:00 p.m.

Jimmy Trpcevski and Greg Prout of WA Insolvency Solutions were
appointed as administrators of the company on Nov. 5, 2025.


TT-LINE: Was Days from Insolvency During Tasmania State Election
----------------------------------------------------------------
PulseTasmania.com reports that Tasmania's government-owned ferry
operator was on the brink of insolvency during July's state
election, forcing an emergency bailout from the caretaker
government, a parliamentary inquiry has heard.

PulseTasmania.com relates that TT-Line informed the Liberal
government on July 25 that it was facing a liquidity crisis and
couldn't wait until after the election for financial support.

The following day, the government provided a guarantee that allowed
state lending authority Tascorp to lift the company's loan limit.

According to PulseTasmania.com, new TT-Line chair Ken Kanofski told
the Public Accounts Committee on Oct. 28 the company had initially
believed it could hold off on the request.

"We changed our advice to the government and said 'we no longer
think we can wait until after caretaker'," the report quotes Mr.
Kanofski as saying.

Then-treasurer Guy Barnett had described the approval as a "routine
requirement as part of the ordinary course of business".

PulseTasmania.com says the hearing also revealed a costly design
blunder that will set taxpayers back AUD9 million to fix.

In mid-2023, TT-Line ordered changes to fender specifications at
the new Devonport berth being built by TasPorts.

When TasPorts questioned the alterations and sought to confirm them
with the shipbuilder, TT-Line refused permission.

"TT-Line insisted and said, 'Dunno, we're right, they're our ships
and we know what we're doing'," Mr. Kanofski said.

The mistake means AUD5 million will be spent replacing the fenders
and another AUD4 million reinforcing the hulls of both new vessels,
PulseTasmania.com states.

Kanofski admitted the project had been plagued by weak oversight
for much of its life.

"The project . . . did not have what I would call the normal checks
and balances and governance that I would expect to see in a project
of this scale," he said.

TT-Line's debt is now close to its original ceiling of AUD1.045
billion, PulseTasmania.com notes.

According to PulseTasmania.com, the company received a AUD400
million borrowing increase in July and is set to get a further
AUD75 million to AUD100 million equity injection in next month's
interim state budget.

PulseTasmania.com relates that Mr. Kanofski said the current
support would keep the company afloat for 18 to 24 months, but more
government funding was likely to be needed after that.

PulseTasmania.com adds that the inquiry also heard that AUD60
million of the government's promised AUD100 million in "local
content" spending went towards Finnish, Swedish, UK and
US-manufactured items ordered through an Australian intermediary.

Spirit of Tasmania V will leave Finland for Scotland this week,
where it will be berthed at a cost of AUD600,000 a month.

Spirit IV is currently anchored off Geelong. Both vessels are due
to begin Bass Strait services in October next year.




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C H I N A
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FINGERMOTION INC: Issues 4M Warrants Under Consulting Agreement
---------------------------------------------------------------
FingerMotion, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company issued an
aggregate of 4,000,000 common stock purchase warrants to a
consultant pursuant to a consulting services agreement with respect
to investor relations services.

3,000,000 of the Warrants entitle the holder to purchase up to
3,000,000 shares of common stock at an exercise price of $1.65 per
Warrant Share until April 20, 2027, and 1,000,000 of the Warrants
entitle the holder to purchase up to 1,000,000 Warrant Shares at an
exercise price of $2.15 per Warrant Share until April 20, 2027.

FingerMotion relied upon the exemption from the registration
requirements of the United States Securities Act of 1933, as
amended, provided by Rule 506(b) of Regulation D and/or Section
4(a)(2) under the U.S. Securities Act for the issuance of the
Warrants to the one entity, which is a U.S. person.

                      About FingerMotion Inc.

FingerMotion Inc. is an evolving technology Company with a core
competency in mobile payment and recharge platform solutions in
China.

As of August 31, 2025, the Company had $51.9 million in total
assets, $36.82 million in total liabilities, and a total
stockholders' equity of $15.08 million.

San Francisco, California-based CT International LLP, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated May 29, 2025, attached to the Company's Annual Report
on Form 10-K for the fiscal year ended February 28, 2025 citing
that the Company has suffered recurring losses from operations that
raise substantial doubt about its ability to continue as a going
concern.

GOTION INC: Unit Abandons Plan to Build Michigan Plant, State Says
------------------------------------------------------------------
Reuters reports that a subsidiary of Chinese battery company Gotion
has abandoned a plan to build a $2.4 billion plant in Michigan to
produce key materials for electric vehicle batteries, the state
said on Oct. 23.

Reuters relates that the plan, first announced in October 2022, was
expected to create 2,350 factory jobs but came under criticism from
some lawmakers for the company's Chinese ownership.

According to Reuters, the Michigan Economic Development Corporation
(MEDC) said none of a $125 million state grant for the project was
ever disbursed and it will pursue repayment of another $23.6
million state award that went toward purchase of the property.

Germany's Volkswagen is the largest single shareholder in Gotion
Inc's parent company, owning about 30% of Gotion High-Tech. U.S.
lawmakers said last month China maintains "effective control"
through multiple individual shareholders, Reuters relays.

Gotion Inc's head of corporate and public affairs, Benjamin Howes,
would not address specific questions on the plant but said in a
statement the firm "remains firmly committed to its mission of
driving America's clean energy future" including at a plant in
Illinois, according to Reuters.

In March 2024, Gotion sued Green Township in Michigan for allegedly
breaching an agreement to build the plant, recalls Reuters.

Reuters notes that the MEDC last month sent Gotion a letter saying
it was in default on its grant agreement because there had been no
actions on the project site in more than 120 days. The state had
given Gotion 30 days to resolve the default.

A lawyer acting for Gotion Inc said in a letter to the MEDC seen by
Reuters that it was "utterly false" to accuse the company of
abandoning the project.

He added because of a "barrage of attacks that Gotion has had to
endure at this site" and Green Township's opposition, that a better
course of action was to suspend the default for six months to have
"an open and candid discussion about the viability of the project
and the long-term plan for this site."

Over the last year, Americans' waning enthusiasm for electric cars
led automakers to delay or scrap factory projects. After recent EV
policy changes by the Trump administration, automakers are further
retrenching.

Representative John Moolenaar, a Michigan Republican who chairs a
select committee on China, praised the withdrawal of state support
for the project. He had worked with residents in Green Township to
oppose the project and bar U.S. government subsidies for
Chinese-affiliated battery companies like Gotion.


RETO ECO-SOLUTIONS: Inks Deal to Sell $1.43M Class A Shares
-----------------------------------------------------------
ReTo Eco-Solutions, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that it entered into a
Securities Purchase Agreement with certain purchasers in connection
with the offer and sale of an aggregate of 1,373,625 class A shares
of the Company with no par value, at a price of US$1.16 per share,
with the sale being made at US$1.04 per share, for an aggregate
offering amount of US$1,428,571.

The net proceeds from the Offering is expected to be approximately
$1,397,571.

The Company intends to use the net proceeds to fund the growth of
its business in China or other regions, acquire or invest in
technologies, products and/or businesses that it believes will
enhance its value as well as for working capital and general
corporate purposes.

The Securities Purchase Agreement contains customary
representations, warranties, and covenants made by the Company and
the Purchaser.

These representations, warranties, and covenants are made solely
for the purpose of the Agreement and as of specific dates and are
for the exclusive benefit of the parties involved. They are subject
to any limitations or conditions mutually agreed upon by the
parties and should not be construed as creating rights for any
third parties.

A full text copy of the Form of Securities Purchase Agreement is
available at https://tinyurl.com/3n8dmbae

                       About Reto Eco-Solutions

Reto Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers and
tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. Headquartered in Beijing, Peoples Republic
of China, the Company also provides consultation, design, project
implementation and construction of urban ecological protection
projects through its operating subsidiaries in China. It also
provides parts, engineering support, consulting, technical advice
and service, and other project-related solutions for its
manufacturing equipment and environmental protection projects.

Irvine, California-based YCM CPA Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 8, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended December 31, 2024, citing that the Company
reported a net loss of approximately $8.4 million and $16.1 million
for the years ended December 31, 2024 and 2023, respectively, and
the Company had a working deficit of approximately $2.6 million as
of December 31, 2024. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.




=================
H O N G   K O N G
=================

SCHOLZ GROUP: Buyers Sought for HK Co's Shares in Two German Units
------------------------------------------------------------------
Mr. Fok Hei Yu and Mr. Chow Wai Shing Daniel of FTI Consulting
(Hong Kong) Limited were appointed as the Joint and Several
Receivers and Managers over, among other things, the entire issued
shares of two Hong Kong companies, which together directly and
indirectly own 100% shares in two German companies ("Target
Companies") within Scholz Group.

The Receivers are now seeking expressions of interest for the
acquisition of the shares in the Target Companies in part or in
whole. The Receivers, the Target Companies and Scholz Group will
not provide any representations and warranties in relation to the
state, fitness or condition of the shares. Interested parties are
expected to conduct and rely on their own due diligence.

The deadline for submission of an expression of interest is on Nov.
21, 2025, at 5:00 p.m. (Hong Kong time).

Interested parties who wish to submit an expression of interest or
obtain further information may contact the Receivers at
Project_Marble@fticonsulting.com or:

          Ms. Munan Jiang
          Tel: +852 3768 4713
          Email: munan.jiang@fticonsulting.com

          Ms. Zili Wang
          Tel: +852 3768 4644
          Email: zili.wang@fticonsulting.com

          Mr. Alex Chan
          Tel: +852 3768 4644
          Email: alex.chan@fticonsulting.com

                        About Scholz Group

Scholz Group mainly engages in metal scrap recycling and trading
business. The Group operates globally with a strong presence in
Europe, including operations in Germany, Poland, Austria, Slovenia,
and other countries. The Group generated a revenue of approximately
EUR1.7 billion in the financial year of 2024.

Scholz Group is a member of Chiho Environmental Group Limited and
is headquartered in London, United Kingdom.




=========
I N D I A
=========

ABAN OFFSHORE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Aban Offshore Limited

        Registered Address:
        Janpriya Crest, 96, Pantheon Road,
        Egmore, Chennai, Tamil Nadu 600008

Insolvency Commencement Date: September 1, 2025

Court: National Company Law Tribunal, Chennai Bench (Court-l)

Estimated date of closure of
insolvency resolution process: February 28, 2026

Insolvency professional: Shailesh Desai

Interim Resolution
Professional: Shailesh Desai
              Headway Resolution and Insolvency Services Pvt. Ltd.
              708, Raheja Centre, Nariman Point,
              Mumbai 400021, Maharashtra
              Email: ip10362.desai@gmail.com
              Email: cirpaban@gmail.com

Last date for
submission of claims: October 28, 2025


AMIR EDUCATION: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of The Amir
Education Society (TAES) continue to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank       5.50      CARE B-; Stable; ISSUER NOT
   Facilities                     COOPERATING; Rating continues to

                                  Remain under ISSUER NOT
                                  COOPERATING category

   Short Term Bank     14.50      CARE A4; ISSUER NOT
   Facilities                     COOPERATING; Rating continues to

                                  Remain under ISSUER NOT
                                  COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 15, 2024, placed the rating(s) of TAES under the
'issuer non-cooperating' category as TAES had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. TAES continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
31, 2025, September 10, 2025 and September 20, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Incorporated in 2004, The Amir Education Society (TAES) is promoted
by Mr Rajeev Girdhar for developing and operating education
institutes. TAES is currently operating one school named, Modern
Delhi Public School (Modern DPS), located in Sector 87-Faridabad
(Haryana). Established in 2006, Modern DPS provides primary and
secondary education from Nursery to Class XII standard are
affiliated with CBSE (Central Board of Secondary Education).

ASMITHA MICROFIN: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Asmitha
Microfin Limited (Asmitha Microfin) continues to be 'CRISIL D
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Long Term Rating        1,000       CRISIL D (ISSUER NOT
                                       COOPERATING)

Crisil Ratings has been consistently following up with Asmitha
Microfin for obtaining information through letter and email dated
September 25, 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 Asmitha Microfin, which
restricts Crisil Ratings’ ability to take a forward looking view
on the entity's credit quality. Crisil Ratings believes that rating
action on Asmitha Microfin is consistent with 'Assessing
Information Adequacy Risk’. Based on the last available
information, the rating on bank facilities of Asmitha Microfin
continues to be 'Crisil D Issuer not cooperating’.  

Set up in 2002 as a non-banking financial company, Asmitha microfin
is an MFI offering microcredit to women. The company follows the
microcredit model of Grameen Bank (Bangladesh). As on September 30,
2020, Asmitha microfin had an outstanding loan portfolio of
INR777.4 crore. The entire portfolio was based in AP and Telengana.
Reserve Bank of India (RBI) has cancelled NBFC license of Asmitha
microfin on February 22, 2019.


BHAGABAN MOHAPATRA: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhagaban
Mohapatra Constructions and Engineers Private Limited (BMCEPL)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Letter Of Guarantee   30          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         0.47       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash          0.13       CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

Crisil Ratings has been consistently following up with BMCEPL for
obtaining information through letter and email dated September 5,
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 BMCEPL, which restricts Crisil
Ratings’ ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
BMCEPL is consistent with 'Assessing Information Adequacy Risk’.
Based on the last available information, the ratings on bank
facilities of BMCEPL continues to be 'Crisil D/Crisil D Issuer not
cooperating’.  

Incorporated in 2001, BMCEPL is promoted by Paradeep, Orissa based
Mr. Bhagaban Mohapatra. The company undertakes execution of civil
and mechanical construction projects, with a primary focus on
piling activities. The company also undertakes construction of
industrial, commercial and institutional buildings.


CKOMPAX METATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ckompax
Metatech Private Limited (CMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit            10         CRISIL D (Issuer Not       
                                     Cooperating)

   Proposed Working       30         CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

Crisil Ratings has been consistently following up with CMPL for
obtaining information through letter and email dated September 5,
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 CMPL, which restricts Crisil
Ratings’ ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on CMPL
is consistent with 'Assessing Information Adequacy Risk’. Based
on the last available information, the rating on bank facilities of
CMPL continues to be 'Crisil D Issuer not cooperating’.  

CMPL, incorporated in October 2011 promoted by Zaveri family, CMPL
was acquired in July 2016 by its current promoters, Mr. Atul
Kshirsagar and Mr. Sachin Singare. Since then, the company changed
its operations from lock assembly to sugar and ethanol trading.


ECO POLYMERS: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Eco
Polymers (EP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.70       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 15, 2024, placed the rating(s) of EP under the
'issuer non-cooperating' category as EP had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. EP continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
31, 2025, September 10, 2025 and September 20, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Eco Polymers (EP) was established in May, 2016 as a partnership
firm and is currently being managed by Mr Ashok Goyal, Mr. Vinod
Goyal, Mr Ayush Goyal and Mr Aman Goyal as its partners sharing
profit and loss in the ratio of 11%, 33%, 23% and 33% respectively.
EP is established with an aim to set up a manufacturing unit at
Panipat, Haryana for manufacturing of Propylene (PP) fabrics and
woven sacks.


EGO FLOORING: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Ego Flooring Private Limited

        Registered Address:
        Gala No. A/1, Sagar Ind Estate 1,
        S. No. 35 Dhumal Nagar, Waliv, IP-9859,
        Vasai East, Thane, Maharashtra, India 401208

Insolvency Commencement Date: October 13, 2025

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 10, 2026

Insolvency professional: Santanu T Ray

Interim Resolution
Professional: Santanu T Ray
              144, 14th Floor, Mittal Court, B wing,
              Nariman Point, Mumbai, Maharashtra 400021
              Email id: santanutray@aaainsolvency.com
              Email id: egoflooring.ibc@gmail.com

Last date for
submission of claims: October 27, 2025


EMS AND EXPORTS: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of EMS and
Exports (EE) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     43.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 14, 2024, placed the rating(s) of EE under the
'issuer non-cooperating' category as EE had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. EE continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
30, 2025, September 9, 2025 and September 19, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

EMS and Exports (EE) was incorporated on January 1, 2009 by Mr.
Amarjit Singh Kalra. The firm is involved in the manufacturing and
assembling of public address (PA) systems and components, including
loud speakers, amplifiers, microphones, and woofers, and related
electronic and electrical equipment. The firm commenced operations
in January 2009 and its manufacturing facility is located in
Kashipur, (Uttaranchal).

EPITOME PETROCHEMICAL: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Epitome
Petrochemical Private Limited (EPPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            10         CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest         1.47      CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Funded Interest         0.36      CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Funded Interest         1.06      CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Letter of Credit        5         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               7         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               6.56      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               3         CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        14.02      CRISIL D (Issuer Not
   Term Loan                         Cooperating)
  
Crisil Ratings has been consistently following up with EPPL for
obtaining information through letter and email dated September 5,
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 EPPL, which restricts Crisil
Ratings’ ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on EPPL
is consistent with 'Assessing Information Adequacy Risk’. Based
on the last available information, the ratings on bank facilities
of EPPL continues to be 'Crisil D/Crisil D Issuer not
cooperating’.  

EPPL was incorporated in 2007 and started commercial production in
January 2009. It manufactures poly-ethylene terephthalate (PET)
preforms for bottlers of carbonated soft drinks, and has capacity
of 6900 tonnes per annum at its unit in Sikkim.


GROWING OPPORTUNITIES: CARE Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Growing
Opportunities Consultants Private Limited (GOC) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      102.68      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated March 10, 2021, placed the rating(s) of GOC under the 'issuer
non-cooperating' category as GOC had failed to provide
information for monitoring of the rating. GOC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 1, 2025; September 11,
2025, and September 21, 2025. In line with the extant SEBI
guidelines, CareEdge Ratings has reviewed the rating based on best
available information, which however, in its opinion is not
sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and public at
large) are hence requested to exercise caution while using above
rating(s).

The rating considers business transfer agreement (BTA) with Pahal
Financial Services Private Limited (PFSPL) and subsequently
surrendering the certificate of registration with RBI as the
company exited the non-banking financial company (NBFC) business in
FY23.

Analytical approach: Standalone

Outlook: Stable

Detailed description of key rating drivers:

At the time of last rating on October 16, 2024, following were
rating strengths and weaknesses (updated with information available
from Registrar of Companies (FY24 [refers to April 1 to March 31]
audited financials and other public information).

Key Weaknesses

* Scale of operations: The company's total assets declined in FY24
and stood at INR32 crore as on March 31, 2024, against INR31 crore
as on March 31, 2023, majorly considering business transfer
agreement for assets and liabilities from GOC to PFSPL in FY23.

* Resource profile: The company did not have short-term or
long-term borrowings outstanding as on March 31, 2024, as a result
of the business transfer agreement with PFSPL.

* Moderation in asset quality in FY22: The company's asset quality
deteriorated in FY22. Portfolio at risk (PAR) over 30 days and PAR
over 90 days stood at 25.83% and 20.39% respectively as on March
31, 2022, against 15.25% and 8.64% respectively as on March 31,
2021. As the company has fully exited its NBFC operations, asset
quality metrics are no longer relevant to its current business
profile.

* Moderate profitability: The company reported profit after
taxation (PAT) of INR0.49 crore on total income of INR1.39 crore in
FY24 against loss of INR12.72 crore on total income of INR6.61
crore in FY23. The losses in FY23 were primarily losses recognized
due to business transfer amounting to INR19.58 crore in FY23.
Key strengths

* Experienced promoters and senior management team: GOC is promoted
by Dia Vikas Capital Private Limited (Dia Vikas) and four Mutual
Benefit Trusts (MBT). Dia Vikas is a subsidiary of Opportunity
International –Australia. Dia Vikas was started in 2008 as a
social investment fund of OI and primarily invests in
the microfinance sector in India. It provides loans and equity
funding and management support to microfinance institutions. GOC
has experienced senior management team in microfinance, which has
been associated with the company since inception.

* Adequate loan appraisal and risk management systems: GOC operates
under joint liability group (JLG) model with defined credit
appraisal mechanisms that include client selection, documents
verification, group training and recognition tests, loan
sanctioning and disbursement. It has also improved credit
discipline among borrowers through centre meetings, training
programs, proper documentation to ensure smooth functioning of
operations. GOC has reasonable MIS and IT systems to enable
day-to-day activities, where branches are connected with head
office through network. The MIS is well-integrated with accounting
systems of the company. Since all branches are well-connected with
HO, tracking all information such as group formation, enrolment,
disbursement, and collections, among others is facilitated. Various
reports such as branch wise debit-credit reports, daily collection
report, overdue and PAR reports, and audit reports can be generated
through MIS in real time.

* Adequate capitalization: The company's capitalisation remains
adequate with total capital adequacy ratio (CAR) of 50.47% as on
March 31, 2022, against 43.36% as on March 31, 2021. The CAR ratio
is no longer applicable, as the company surrendered its NBFC
license in FY23.

GOC was an NBFC registered with the RBI as a non-deposit taking
loan company in 2006. The company received approval from RBI for
NBFC-MFI in April 2015. The company's registration was cancelled by
the RBI in March 2024, as they surrendered their certificate of
registration to RBI as the company exited non- banking financial
company (NBFC) business. GOC is held by Dia Vikas Capital Private
Limited (the Indian Investment arm for Opportunity International -
49.38%), four Mutual Benefit Trusts (MBT49.41%) and others (1.21%)
as on March 31, 2021.


GURU NANAK: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Guru Nanak
Rice Mill - Bilaspur (GNRM) continue to be 'Crisil B-/Stable Issuer
not cooperating’.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Bank         1         CRISIL B-/Stable (ISSUER NOT
   Facility                         COOPERATING)

Crisil Ratings has been consistently following up with GNRM for
obtaining information through letter and email dated September 5,
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 GNRM, which restricts Crisil
Ratings’ ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on GNRM
is consistent with 'Assessing Information Adequacy Risk’. Based
on the last available information, the rating on bank facilities of
GNRM continues to be 'Crisil B-/Stable Issuer not cooperating’.


Established as a partnership firm in Bilaspur, Uttar Pradesh, by
Mr. Gurjeet Singh and Mr. Amreet Pal Singh in 1994, GNRM mills and
sorts basmati and non-basmati rice and sells in the domestic market
under its brand, Sardar Rice.


HARSHIL TEXTILES: CRISIL Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Harshil
Textiles (HT) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     3         CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

Crisil Ratings has been consistently following up with HT for
obtaining information through letter and email dated September 5,
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 HT, which restricts Crisil
Ratings’ ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HT is
consistent with 'Assessing Information Adequacy Risk’. Based on
the last available information, the rating on bank facilities of HT
continues to be 'Crisil B-/Stable Issuer not cooperating’.  

HT, set up in 2012 as a partnership firm, trades in cotton shirting
fabric. Mr. Pravin Shah, Mrs. Vandana Shah, and Mr. Harshil Shah
are partners in the firm. Mr. Harshil Shah manages its operations.
The firm is based in Mumbai.


HONEST DERIVATIVES: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Honest Derivatives Private Limited
        E-43, Second Floor, Sumel Business Park
        Near New Cloth Market, Outside Raipur Gate,
        Ahmedabad, Gujarat, India 380002

Liquidation Commencement Date: October 10, 2025

Court: National Company Law Tribunal, Ahmedabad Bench, Court-I

Liquidator: Akhil Ahuja
            Floor No. 8, Flat No. 803,
            Chandak Cornerstone,
            David S Barretto Road, Worli,
            Mumbai, Maharashtra -400018
            Email Id: caakhilahuja@gmail.com

            Communication Address:
            Mavent Restructuring Services LLP
            S-376, Panchshila Park, Panchsheel Enclave,
            South Delhi, New Delhi - 110017
            Email Id: liq.honestderivative@gmail.com

Last date for
submission of claims: November 12, 2025


INDITRADE BUSINESS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Inditrade Business Consultants Limited

        Registered Office:
        Second Floor, MES Building
        Kaloor, Ernakulam
        Kochi, Kerala 682017

        Branch Office:
        T-7C, 5th Floor
        A-Wing, Phoenix House
        Senapati, Bapat Marg
        Lower Parel (West), Mumbai 400013

Insolvency Commencement Date: October 10, 2025

Court: National Company Law Tribunal, Kochi Bench

Estimated date of closure of
insolvency resolution process: April 8, 2026

Insolvency professional: CA Vibin Vincent

Interim Resolution
Professional: CA Vibin Vincent
              No. 253, 2nd Floor
              Shapurjat, New Delhi - 11004
              Email:  vibinvchackiath@yahoo.com

              -- and --

              Chakiath House, Elavoor P O
              Angamaly 683572
              Email: inditradecirp@gmail.com

Last date for
submission of claims: October 24, 2025


JAMSHEDPUR MINERALS: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Jamshedpur
Minerals & Chemicals (JMC) continue to be 'Crisil B/Stable Issuer
not cooperating’.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Credit            3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Foreign Letter         3         CRISIL B/Stable (ISSUER NOT
   of Credit                        COOPERATING)

   Foreign Letter         2         CRISIL B/Stable (ISSUER NOT
   of Credit                        COOPERATING)

   Term Loan              1         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

Crisil Ratings has been consistently following up with JMC for
obtaining information through letter and email dated September 5,
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 JMC, which restricts Crisil
Ratings’ ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JMC
is consistent with 'Assessing Information Adequacy Risk’. Based
on the last available information, the rating on bank facilities of
JMC continues to be 'Crisil B/Stable Issuer not cooperating’.  

Set up in 2014 in Jamshedpur as a partnership firm by Mr Manoj
Kumar Gutgutia, Mr A K Gutgutia, Mr Shiv Kumar Agarwal, and Mr.
Ramjanam Singh, JMC manufactures ferro alloys such as low carbon
ferro manganese, ferro molybdenum, and ferro titanium. Commercial
operations began in February 2015.


JOUELANA CONSTRUCTION: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Jouelana Construction Private Limited
        1st Floor, Plot 336/10, F/F Service,
        Motilal Mansion, Matunga, Mumbai,
        Maharashtra 400019

Liquidation Commencement Date: September 30, 2025

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Debi Prasanna Sarangi
            Office No. 125, Bhoomi Mall,
            Plot No. 9, Sector 15, CBD Belapur
            Navi Mumbai, Maharashtra 400614
            Email: debi.sarangi@judilegalcombine.com

            -- and --

            C/o M/s Waterfall Insolvency Professionals
             Private Limited
            1221, Maker Chamber V
            Nariman Point, Mumbai 400021
            Email: rp.jcpl7@gmail.com

Last date for
submission of claims: November 10, 2025


KAMANI FOODS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Kamani Foods Private Limited

        Registered Address:
        B 1106, Flr-11, Plt Fp 616, Naman Midtown,
        Senapati Bapat Marg, Near Indiabulls,
        Elphinstone Road, Prabhadevi, Delisle Road,
        Mumbai - 400013, Maharashtra

Insolvency Commencement Date: October 9, 2025

Court: National Company Law Tribunal, Mumbai Bench-VI

Estimated date of closure of
insolvency resolution process: April 7, 2026

Insolvency professional: Tehseen Fatima Khatri

Interim Resolution
Professional: Tehseen Fatima Khatri
              Navjivan Commercial Premises
              12th Floor, Office No 1204
              Lamington Road, Mumbai Central (East)
              Mumbai - 400008
              Email: tfkhatriassociates@gmail.com
              Email: cirp.kamanifoods@gmail.com

Last date for
submission of claims: October 27, 2025



MAA BHAGWATI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Maa Bhagwati
Rice Mill (MBRM) continue to be 'Crisil B+/Stable Issuer not
cooperating’.  

                     Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          6.5      CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING)

   Proposed Long Term   4.9      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility            COOPERATING)

Crisil Ratings has been consistently following up with MBRM for
obtaining information through letter and email dated September 5,
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 MBRM, which restricts Crisil
Ratings’ ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MBRM
is consistent with 'Assessing Information Adequacy Risk’. Based
on the last available information, the rating on bank facilities of
MBRM continues to be 'Crisil B+/Stable Issuer not cooperating’.


MBRM was set up as a partnership firm by Mr Pawan Kumar Goyal and
Mr Joginder Pal in 2006. The firm mills and processes basmati rice
at its facility in Cheeka, Haryana.


METALORE OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Metalore
Overseas Private Limited (MOPL; part of the Metalore group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating.'

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Cash Credit             0.75        CRISIL D (Issuer Not
                                       Cooperating)

   Cash Credit             5.75        CRISIL D (Issuer Not
                                       Cooperating)

   Foreign Bill           19.50        CRISIL D (Issuer Not
   Exchange                            Cooperating)

   Inland/Import           0.25        CRISIL D (Issuer Not
   Letter of Credit                    Cooperating)

   Packing Credit          1.50        CRISIL D (Issuer Not
                                       Cooperating)

   Proposed Long Term     22.25        CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

Crisil Ratings has been consistently following up with MOPL for
obtaining information through letter and email dated September 5,
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 MOPL, which restricts Crisil
Ratings’ ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on MOPL
is consistent with 'Assessing Information Adequacy Risk’. Based
on the last available information, the ratings on bank facilities
of MOPL continues to be 'Crisil D/Crisil D Issuer not
cooperating’.  

The Metalore group, set up in 2001, exports steel utensils,
polyester yarn, cosmetics and standard toiletries, and agricultural
commodities, mainly to the UAE. The group also trades in these
commodities in the domestic market. Recently, it started processing
and selling edible oil (mustard and soya bean) in the domestic
market.


NARMADA CEREAL: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Narmada
Cereal Private Limited (NCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            52         CRISIL D (Issuer Not
                                     Cooperating)

   Pre Shipment Credit     3.8       CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan         4.2       CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with NCPL for
obtaining information through letter and email dated September 5,
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 NCPL, which restricts Crisil
Ratings’ ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on NCPL
is consistent with 'Assessing Information Adequacy Risk’. Based
on the last available information, the ratings on bank facilities
of NCPL continues to be 'Crisil D/Crisil D Issuer not
cooperating’.  

NCPL was established in February 2007 by Mr Arun Mittal and Mr
Surendra Gupta. The company commenced commercial production on
April 1, 2008. NCPL mills Pusa 1121 basmati rice, mainly sold in
bulk; a part of the produce is also sold domestically under the
in-house brand, Narmada Rice.


NAVEEN RICE: CARE Keeps B- Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Naveen Rice
Mills (NRM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 21, 2024, placed the rating(s) of NRM under the
'issuer non-cooperating' category as NRM had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. NRM continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated September 6, 2025, September 16, 2025 and September 26, 2025
among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Haryana based Naveen Rice Mills (NRM) was established in 1986 as
partnership firm. Currently, the firm is managed by partners namely
Mr. Charanji lal, Mr. Deep Chand, Mr. Manoj Kumar and Mrs. Shanti
Devi. NRM is engaged in milling, processing and trading of Basmati
and Non- Basmati rice at its manufacturing facility located at
Karnal, Haryana.


NEOLITE BUILDCON: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Neolite
Buildcon Private Limited (NBPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.48       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 1, 2024, placed the rating(s) of NBPL under the
'issuer non-cooperating' category as NBPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NBPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
17, 2025, August 27, 2025, September 6, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Neolite Buildcon Private Limited (NBPL) was incorporated on
September; 2007 as Anukampa Steel Pvt. Ltd. by Mr. Gandhi and later
it was taken over by Chavan and Deshpande families in January 2014
the name was changed to the current one. NBPL is engaged in the
business of manufacturing of autoclaved aerated blocks (AAC Blocks)
with its manufacturing facility located in MIDC, Kolhapur.

NILE OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nile
Overseas (NO) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 4, 2024, placed the rating(s) of NO under the 'issuer
non-cooperating' category as NO had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NO continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 20, 2025,
August 30, 2025, September 9, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Panipat-based (Haryana) Nile Overseas (Nile) was established in
2014 as partnership firm by Mr Jasbir Singh and Mrs Jyoti Jaglan.
Nile is engaged in manufacturing of mink blankets like double bed,
single bed and baby blankets. Nile's manufacturing facility is
located at Panipat (Haryana).

OMSAI UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of OmSai Udyog
India Private Limited (OSUIPL) continue to be 'Crisil D/Crisil D
Issuer not cooperating’.  

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         5          Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit           12          Crisil D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with OSUIPL for
obtaining information through letter and email dated September 5,
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 OSUIPL, which restricts Crisil
Ratings’ ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
OSUIPL is consistent with 'Assessing Information Adequacy Risk’.
Based on the last available information, the ratings on bank
facilities of OSUIPL continues to be 'Crisil D/Crisil D Issuer not
cooperating’.  

Established in 2011, OSUIPL is a Delhi based company which is
engaged in the manufacture of copper wires and enameled copper
wires. The company started operations in December 2013 and FY14 was
the first year of operation. The key promoter is Mr. Archit Sharma
who has extensive experience of more than a decade in the
industry.


P.S. ASSOCIATES: CARE Keeps B-/A4 Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of P.S.
Associates (PA) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      8.00       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 15, 2024, placed the rating(s) of PA under the
'issuer non-cooperating' category as PA had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PA continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
31, 2025, September 10, 2025 and September 20, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Delhi based P.S. Associates (PA) was incorporated in 2009 as a
partnership firm Mr. Pankaj Singh, Mr. Bharat Pahwa and Mr. Nikhil
Jain. They manage the overall business operations of the firm. PA
is engaged in execution of civil construction projects such as
construction of roads and bridges, building mainly for PWD (Public
Works Department) in Haryana, Delhi and Uttar Pradesh.


PADMAJA POLY: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Padmaja Poly
Packs Private Limited (Padmaja Poly Packs; part of Padmaja group)
continue to be 'Crisil B/Stable Issuer not cooperating’.  

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             8        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Fund-          4        CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING)

   Term Loan              14        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

Crisil Ratings has been consistently following up with Padmaja Poly
Packs for obtaining information through letter and email dated
September 5, 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 Padmaja Poly Packs, which
restricts Crisil Ratings’ ability to take a forward looking view
on the entity's credit quality. Crisil Ratings believes that rating
action on Padmaja Poly Packs is consistent with 'Assessing
Information Adequacy Risk’. Based on the last available
information, the rating on bank facilities of Padmaja Poly Packs
continues to be 'Crisil B/Stable Issuer not cooperating’.  

Padmaja Polymers was incorporated in 1996. It is engaged in
manufacturing of polypropylene woven sacks used majorly in cement,
sugar and fertilizers industry. Promoters of the company are Mr.
Suresh Reddy, Mrs. Padmaja Reddy and family.

Padmaja Poly Packs was incorporated in 2011. It is engaged in
manufacturing of polypropylene woven sacks used majorly in cement,
sugar and fertilizers industry. Promoters of the company are Ms.
Jupally Madhubala, Mr. Suresh Reddy, Mrs. Padmaja Reddy and
family.


PGS EXIMS: CARE Lowers Ratings on INR5cr LT Loan to D
-----------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
PGS Exims Private Limited (PEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE D; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE C; Stable

   Long Term/           5.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain Under ISSUER NOT
                                   category and Revised from
                                   CARE C; Stable/CARE A4

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated August 16, 2024, placed the rating(s) of PEPL under the
'issuer non-cooperating' category as PEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
2, 2025, July 12, 2025, July 22, 2025, and October 27, 2025 among
others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings assigned to the bank facilities of PEPL have been
revised on account of non-availability of requisite information.
The rating revision also considers ongoing delays in debt servicing
as recognized from publicly available information i.e. CIBIL
filings made by the lender.

Analytical approach: Standalone

Outlook: Not Applicable

Delhi based, PGS Exim Private Limited (PEPL) is a private limited
company established in 1989 by Mr. Ram Praksh Gupta and Mr. Nitin
Gupta. PEPL is engaged in wholes ale trading of Paper and
Paperboard. The firm has its storage facility located at Lal Dora,
Alipur, Northwest Delhi.


PIYUSH INFRATECH: Ind-Ra Cuts Bank Loan Rating to B+
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Piyush Infratech
Private Limited rating to 'IND B+/Negative (ISSUER NOT
COOPERATING)'. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Thus, the rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.

The detailed rating action is:

-- INR400 mil. Bank Loan Facilities downgraded with 'IND
     B+/Negative (ISSUER NOT COOPERATING)'/'IND A4 (ISSUER NOT
     COOPERATING)'

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy, Guidelines on
What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative issuers may get downgraded during subsequent
reviews, if the issuer continues to remain non-cooperative. With
passage of time and absence of updated information, the risk of
sustaining the rating at current levels by relying on dated
information increases, which may be reflected through a downgrade
rating action. The Negative Outlook reflects the likelihood of
further downgrade of the entity's ratings on continued
non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Piyush Infratech Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Piyush Infratech Private Limited over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Piyush Infratech Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Piyush Infratech Private
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Incorporated in 1999, PIPL undertakes construction tenders for
irrigation projects, dams, storage tanks, roads and bridges,
earthwork of railway BG lines. The company's registered office is
in Aurangabad, Maharashtra.  Pralhad Hariram Panhale, Mandakini
Prahlad, Piyush Pralhad and Arvind Venkatrao are the promoters.

PRASAD EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prasad
Education Trust (PET) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      43.82       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 15, 2024, placed the rating(s) of PET under the
'issuer non-cooperating' category as PET had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PET continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
31, 2025, September 10, 2025 and September 20, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Uttar Pradesh based PET was established in 1997 with an objective
to provide education services. The society is managed by Mr. B. P.
Singh (Chairman), Mrs. Anita Yadav (Trustee) and Mr Palash P Yadav
(Vice Chairman). PET provides undergraduate and post-graduate
courses in various fields of Engineering, Computers Science,
Management and Pharma. The college is affiliated to Uttar Pradesh
Technical University, Dr. Ram Manohar Lohia Avadh University and is
approved by the All-India Council for Technical Education (AICTE).
The society also operates a CBSE school in the name of Prasad
International School providing primary and secondary education from
Nursery to class XIIth. The school is affiliated to Central Board
of Secondary Education (CBSE).


PURE MILK: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pure Milk
Products Private Limited (PMPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Cash Credit            37.48        CRISIL D (Issuer Not
                                       Cooperating)

   Proposed Long Term      0.98        CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Term Loan               8.54        CRISIL D (Issuer Not
                                       Cooperating)

   Term Loan               5           CRISIL D (Issuer Not
                                       Cooperating)

   Working Capital        11           CRISIL D (Issuer Not
   Demand Loan                         Cooperating)

Crisil Ratings has been consistently following up with PMPPL for
obtaining information through letter and email dated September 5,
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 PMPPL, which restricts Crisil
Ratings’ ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PMPPL
is consistent with 'Assessing Information Adequacy Risk’. Based
on the last available information, the rating on bank facilities of
PMPPL continues to be 'Crisil D Issuer not cooperating’.  

PMPPL was established in 1989 as a partnership firm, and was
reconstituted as a private limited company. It was acquired by Mr.
Charanjit Singh and his wife in 1993. PMPPL processes milk at its
plant in Ludhiana (Punjab), which has capacity of 0.4 million
litres per day.


QUADSEL SYSTEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Quadsel
Systems Private Limited (QSPL) continues to be 'Crisil D Issuer not
cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         Crisil D (Issuer Not
                                     Cooperating)
   
   Long Term Loan          2         Crisil D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with QSPL for
obtaining information through letter and email dated September 5,
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 QSPL, which restricts Crisil
Ratings’ ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on QSPL
is consistent with 'Assessing Information Adequacy Risk’. Based
on the last available information, the rating on bank facilities of
QSPL continues to be 'Crisil D Issuer not cooperating’.  

Established in 1996, Chennai-based QSPL is a dealer and channel
partner of HP. Operations are managed by the promoter, Mr Girish
Madhavan.


RAMDEV COTSPIN: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shri
Ramdev Cotspin (SRC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.15       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 3, 2024, placed the rating(s) of SRC under the
'issuer non-cooperating' category as SRC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SRC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
19, 2025, August 29, 2025, September 8, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

SRC was established as a partnership firm in the year 2007 by Mr
Pawan R. Gupta, Mrs Rekha P. Chandak, Mrs Rita A. Gupta, and Mrs
Kavita N. Chandak. SRC is engaged in cotton ginning & pressing and
extraction of oil from cotton seed.

ROLTAS PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Roltas
Paper LLP (RPL) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.64        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Migrated)

   Cash Credit           3           CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Migrated)

   Term Loan             8.1         CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Migrated)

   Working Capital       0.26        CRISIL D (Issuer Not
   Term Loan                         Cooperating; Rating
                                     Migrated)

   Working Capital       2.99        CRISIL D (Issuer Not
   Term Loan                         Cooperating; Rating
                                     Migrated)

Crisil Ratings has been consistently following up with RPL for
obtaining information through letter and email dated September 5,
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 RPL, which restricts Crisil
Ratings’ ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RPL
is consistent with 'Assessing Information Adequacy Risk’. Based
on the last available information, the ratings on bank facilities
of RPL continues to be 'Crisil D/Crisil D Issuer not
cooperating’.  

RPL was set up in March 2020 by members of Dalsaniya, Moradiya and
Kanjiya families (Dalsaniya and Moradiya families are major
stakeholders) and started commercial operations in December 2020.
The firm manufactures kraft paper in Morbi, Gujarat.


ROYAL PRESSING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Royal
Pressing and Components - Kashipur (RPC) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.0        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       1.5        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with RPC for
obtaining information through letter and email dated September 5,
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 RPC, which restricts Crisil
Ratings’ ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RPC
is consistent with 'Assessing Information Adequacy Risk’. Based
on the last available information, the ratings on bank facilities
of RPC continues to be 'Crisil D/Crisil D Issuer not
cooperating’.  

Set up in 2010, RPC, a proprietorship concern of Mr Surendra Pal
Singh Tomar, manufactures sheet metal and molding components for
automotive companies.


SHYAMSHREE RESIDENCY: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ShyamShree
Residency Private Limited (SRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.70       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      7.10       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 27, 2024, placed the rating(s) of SRPL under the
'issuer non-cooperating' category as SRPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SRPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
13, 2025, August 23, 2025, September 2, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Stable

Bhubaneswar (Orissa) based Shyamshree Residency Private Limited
(SRPL) was incorporated in 2006 by Mr. Saket Agarwal along with his
family members. The company is engaged in the business of erection
and commissioning of transmission and distribution of electrical
lines for government departments such as Madhya Pradesh Poorv
Kshetra Vidyut Vitaran Company Limited (MPPKVVCL) and also
manufactures PCC poles. It is registered A class contractor with
MPPKVVCL.


SIDHANT CREATIONS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sidhant
Creations Private Limited (SCPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.56       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          15.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 27, 2024, placed the rating(s) of SCPL under the
'issuer non-cooperating' category as SCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
13, 2025, August 23, 2025, September 02, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Surat-based (Gujarat) SCPL was incorporated in 2008 as a private
limited company by Dhingra family. SCPL is into the business of
manufacturing of designer sarees and lehengas. SCPL is operating
from its sole manufacturing plant located in Surat (Gujarat) with
an installed capacity of manufacturing 40,000 pieces of designer
sarees p.a. and 40,000 pieces of lehengas p.a. as on March 31,
2018. The promoters also run another entity Sidhant Fabrics which
undertakes embroidery related job work for
SCPL.


SUPERIOR FILMS: Ind-Ra Moves BB+ Loan Rating to NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Superior Films Private Limited's (SFPL) bank loan facilities to
Negative from Stable and has simultaneously migrated the rating to
the non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through phone calls and emails. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND BB+/Negative (ISSUER
NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is

-- INR645 mil. Bank loan facilities Outlook revised to Negative
     and migrated to non-cooperating category with IND
     BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

Detailed Rationale of the Rating Action

The migration of rating to the non-cooperating category and the
Outlook revision to Negative are in accordance with Ind-Ra's
policy, Guidelines on What Constitutes Non-Cooperation. The
Negative Outlook reflects the likelihood of a downgrade of the
entity's ratings on continued non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with SFPL while reviewing the
rating. Ind-Ra had consistently followed up with SFPL over emails
during August 22, 2025 to October 3, 2025, apart from phone calls.
The issuer has submitted its monthly no default statement till July
2025.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SFPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. SFPL has been
non-cooperative with the agency since August 2025.

About the Company

SFPL was incorporated in 1980 and is engaged in the business of
commercial malls cum multiplexes. In December 2008, the company
transferred its multiplexes operations along with the associated
moveable assets to its sister concern, Satyam Cineplexes Ltd, as
part of a business transfer agreement. The company owned three
prime multiplexes in Delhi: Satyam Cineplex Nehru Place, Satyam
Cinexplex Patel Nagar and Satyam Cineplex JanakPuri.

URBAN TRANSIT: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Urban
Transit Private Limited (UTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      152.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      10.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated September 30, 2024, placed the rating(s) of UTPL under the
'issuer non-cooperating' category as UTPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. UTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
16, 2025, August 26, 2025, September 5, 2025 among others.

In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Analytical approach: Standalone

Outlook: Not Applicable

Urban Transit Private Limited (UTPL) is a wholly owned subsidiary
of Scomi Engineering Berhad, Malaysia (SEB). UTPL was executing a
subcontract of Mumbai Monorail Project which entails supply of
Telecommunications, Signalling and Communication Equipment and
Installation, Testing and Commissioning (ITC) of these systems and
the rolling stock including Operation and Maintenance of Monorail
System in Mumbai Metropolitan Region, Mumbai. The subcontract was
awarded to UTPL by the unincorporated consortium of Larsen & Toubro
Ltd. (L&T) and SEB, hereafter called LTSE, which is the contractor
for 19.7 km Mumbai Monorail appointed by Mumbai Metropolitan Region
Development Authority (MMRDA). SEB's portion of the contract
relates to provision of train cars and its related electrical
systems and L&T's part pertains to civil and structural
construction works. The original value of the contract for UTPL was
INR292 crore.




===============
M A L A Y S I A
===============

JAGASOLUTION BHD: Auditors Flags Uncertainty Over Going Concern
---------------------------------------------------------------
The Malaysian Reserve reports that Jagasolution Bhd, formerly known
as Red Ideas Holdings Bhd, said its external auditors, Crowe
Malaysia PLT, have raised a material uncertainty related to its
ability to continue as a going concern in the company's audited
financial statements for the financial year ended June 30, 2025.

In their report, the auditors drew attention to the group's
financial position, noting that while it posted a profit after tax
of MYR608,036, the company itself recorded a loss after tax of
MYR186,202.

As at June 30, the group's current liabilities exceeded its current
assets by MYR229,106, although the company generated positive
operating cash flows, The Malaysian Reserve discloses.

"These events or conditions indicate that a material uncertainty
exists which may cast significant doubt on the ability of the Group
and the Company to continue as going concerns," Crowe said, adding
that its opinion was not modified in respect of this matter.

To address the issue, Jagasolution said it is implementing several
measures, including cost-saving initiatives such as reducing system
maintenance expenses and streamlining operations. These efforts
have helped the group achieve profitability in the first quarter
ended Sept. 30, 2025, according to The Malaysian Reserve.

A director and substantial shareholder has also agreed to provide
financial support when necessary to ensure sufficient cash flow for
daily operations.

In addition, the board said it is exploring collaborations with
other parties to expand into new geographical markets and broaden
its customer base, which could enhance profitability going forward,
The Malaysian Reserve relays.

The company expects to resolve the matters highlighted by the
auditors within the next year, barring unforeseen circumstances.

JaGaSolution Berhad, an investment holding company, provides a
mobile application platform to deliver community services and
solutions related to security, communication, and convenience in
Malaysia.


KNM GROUP: Bursa Files Suit Over Proposed EUR270MM German Unit Sale
-------------------------------------------------------------------
New Straits Times reports that KNM Group Bhd has been taken to
court by Bursa Malaysia Securities Bhd over a dispute involving the
company's planned sale of its German unit.

In a filing with the exchange, KNM said the group and its
wholly-owned subsidiary KNM Process Systems Sdn Bhd were served
with an originating summons from Bursa on Oct. 28, NST relates.

The case also names MAA Group Bhd as the first defendant and CIMSEC
Nominees (Tempatan) Sdn Bhd as the second defendant.

According to NST, Bursa is seeking a court order to stop MAA Group
and CIMSEC Nominees from calling an extraordinary general meeting
(EGM) to discuss a proposal to sell KNM Process Systems' entire
stake in Deutsche KNM GmbH.

The proposed deal involves the disposal of Deutsche KNM for EUR270
million (MYR1.32 billion) in cash.

Bursa wants the EGM postponed until all requirements under the Main
Market Listing Rules are met. The High Court fixed Oct. 29 for the
hearing.

KNM said it will announce further updates as the case develops,
adds NST.

                          About KNM Group

KNM Group Berhad (KLSE:KNM) -- https://www.knm-group.com/ -- is
engaged in the investment holding and the provision of management
services. It operates through three geographical segments: Asia and
Oceania, Europe and America.  The Asia and Oceania segment includes
Malaysia, Thailand, Indonesia, Myanmar, Australia and Mauritius.
The Europe segment includes Germany, Italy, United Arab Emirates,
United Kingdom, British Virgin Islands, Netherlands, Saudi Arabia,
and Isle of Man.  The America segment includes the United States of
America and Canada.  Its subsidiary KNM Process Systems Sdn. Bhd.
is engaged in the design, manufacture, assembly and commissioning
of process equipment, pressure vessels, heat exchangers, skid
mounted assemblies, process pipe systems, storage tanks,
specialized structural assemblies and module assemblies for the
oil, gas and petrochemical industries. Its other subsidiaries
include KNM International Sdn. Bhd., KNM Capital Sdn. Bhd. and KNM
Renewable Energy Sdn. Bhd.

On Oct. 31, 2022, KNM Group Bhd said it had become an affected
listed issuer under the Practice Note 17 (PN17) on the basis that
Paragraph 2.1(e) of the note was triggered in its audited
consolidated financial statements for the period ended June 30,
2022, which were published on Oct. 31, 2022.  The company said its
auditor had highlighted a material uncertainty over its ability to
continue as a going concern.




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

GWB ENTERTAINMENT: Creditors' Proofs of Debt Due on Nov. 17
-----------------------------------------------------------
Creditors of GWB Entertainment NZ Limited are required to file
their proofs of debt by Nov. 17, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 17, 2025.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


HAPPY SPROUTS: Court to Hear Wind-Up Petition on Nov. 3
-------------------------------------------------------
A petition to wind up the operations of Happy Sprouts Hamilton
Limited and Happy Sprouts Hamilton Limited will be heard before the
High Court at Hamilton on Nov. 3, 2025, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Sept. 24, 2025.

The Petitioner's solicitor is:

          Christina Anne Hunt
          Inland Revenue, Legal Services
          21 Home Straight (PO Box 432)
          Hamilton



IBBOTSON 2020: Creditors' Proofs of Debt Due on Nov. 14
-------------------------------------------------------
Creditors of Ibbotson 2020 Limited are required to file their
proofs of debt by Nov. 14, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 15, 2025.

The company's liquidators are:

          Trevor Laing
          Emma Laing
          Laing Insolvency Specialists
          PO Box 2468
          Dunedin 9044


KHULU LIMITED: Creditors' Proofs of Debt Due on Nov. 28
-------------------------------------------------------
Creditors of Khulu Limited, Ran Holdings Limited and Gitaj Holdings
Limited are required to file their proofs of debt by Nov. 28, 2025,
to be included in the company's dividend distribution.

Khulu Limited and Ran Holdings commenced wind-up proceedings on
Oct. 20, 2025.

Gitaj Holdings Limited commenced wind-up proceedings on Oct. 21,
2025.

The company's liquidator is:
  
          Pritesh Patel
          PO Box 23296
          Manukau City
          Auckland 2241


SARAN CONTRACTING: Court to Hear Wind-Up Petition on Nov. 10
------------------------------------------------------------
A petition to wind up the operations of Saran Contracting Limited
will be heard before the High Court at Tauranga on Nov. 10, 2025,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 26, 2025.

The Petitioner's solicitor is:

        Timothy Saunders
       Inland Revenue, Legal Services
       21 Home Straight
       PO Box 432
       Hamilton




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

BRAWN VIETNAM: Commences Wind-Up Proceedings
--------------------------------------------
Members of Brawn Vietnam Pte. Ltd. on Oct. 17, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Jason Aleksander Kardachi
          Alton Murray Chun-Wen Poon
          Kroll Pte. Limited
          10 Collyer Quay
          #05-04/05 Ocean Financial Centre
          Singapore 049315


FINQUEST PTE: Creditors' Meeting Set for Nov. 7
-----------------------------------------------
Finquest Pte. Ltd. will hold a meeting for its creditors on Nov.7,
2025, at 3:30 p.m., via electronic means.

Agenda of the meeting includes:

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

   b. to appoint liquidators;

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

   d. any other business.

Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) were
appointed as provisional liquidators of the Company on Oct. 17,
2025.


LIBERTY HOUSE: Court to Hear Wind-Up Petition on Nov. 7
-------------------------------------------------------
A petition to wind up the operations of Liberty House Group Pte.
Ltd. will be heard before the High Court of Singapore on Nov. 7,
2025, at 10:00 a.m.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542


PINHEADS INTERACTIVE: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on Oct. 17, 2025, to
wind up the operations of Pinheads Interactive Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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



SIMPLIIFY PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Oct. 17, 2025, to
wind up the operations of Simpliify (Pte. Ltd.).

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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




=====================
S O U T H   K O R E A
=====================

HOMEPLUS CO: MBK Vows to Prevent Liquidation, Safeguard Jobs
------------------------------------------------------------
Chosunbiz reports that Vice Chairman Kim Gwang-il of MBK Partners,
who also serves as Homeplus Co. co-CEO, said on Oct. 30 regarding
the "Homeplus Co. crisis," "In every step, we will put worker job
security first and work to prevent liquidation."

According to Chosunbiz, Kim made the remark at a National Assembly
inspection held by the Climate, Energy, Environment and Labor
Committee, after Democratic Party of Korea lawmaker Kim Tae-seon
noted, "If Homeplus Co. is liquidated, workers will be harmed."

Kim appeared in place of Chairman Kim Byung-joo that day, the
report notes. Although the climate and labor committee had
originally summoned Chairman Kim as a witness, he submitted a
statement saying he would not attend because he is only responsible
for raising investment funds and does not take part in managing
individual portfolio companies such as Homeplus Co. Chairman Kim
leads MBK Partners, the largest shareholder of Homeplus Co.

Chosunbiz relates that Democratic Party lawmaker Kang Deuk-gu said
to Kim, "There are several Picasso prints in the MBK conference
room, and Vice Chairman Kim, whose hobby is collecting luxury cars,
owns several cars," adding, "While MBK enjoyed Picasso prints and
rode in luxury cars, living it up, Homeplus Co. workers were
sleepless and on pins and needles. Small business owners struggled
for fear they would not be paid for deliveries."

In response, Kim bowed his head and said, "We are currently selling
(the prints, luxury cars, and so on). I am sorry and apologize for
the Homeplus Co. situation. I offer my deep apologies to everyone
suffering due to Homeplus Co.'s rehabilitation." He added, "We will
do our best to ensure there are no unpaid wages and that small
suppliers are paid for deliveries."

Warnings were also raised about the possibility that MBK Partners
could liquidate Homeplus Co, Chosunbiz notes. Homeplus Co. is
currently up for sale. However, if no acquiring corporations
emerge, liquidation will be unavoidable. There are concerns that if
it is liquidated, more than 100,000 people -- including Homeplus
Co. employees and in-store tenants -- will lose their jobs.

Asked by People Power Party lawmaker Yoon Sang-hyun about the
possibility of NongHyup acquiring Homeplus Co., Kim replied, "It is
not my place to speak to a particular buyer's position, but it is
true there would be synergy," Chosunbiz relays.

Kim said, "From rehabilitation through mergers and acquisitions
(M&A), prioritizing worker job security in every step is the shared
view of everyone at MBK Partners, including Chairman Kim
Byung-joo."

Lastly, Kim said, "Once again, I offer my deep apologies to the
workers, stakeholders, suppliers, and the public who are suffering
because of Homeplus Co.'s rehabilitation."

                         About Homeplus Co

Homeplus Co. operates discount store chain in South Korea. It
currently operates 126 stores nationwide.

Homeplus entered court-led rehabilitation process on March 4, 2025,
after a Seoul court approved the request by MBK Partners, the
private equity fund that owns the discount store chain.

The decision came after Korea Investors Service and Korea Ratings
Inc. downgraded the company's rating, citing the company's lack of
efforts to improve its financial health.   



                           *********


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
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