251105.mbx

251105.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, November 5, 2025, Vol. 28, No. 221 Headlines A U S T R A L I A EMECO HOLDINGS: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable TTRV PTY: First Creditors' Meeting Set for Nov. 10 I N D I A ADITYAMAN ENTERPRISES: Liquidation Process Case Summary DROPKAFFE FOOD: Voluntary Liquidation Process Case Summary FALCON AUTO: Insolvency Resolution Process Case Summary G.A.V. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating GARIMA REAL ESTATE: Insolvency Resolution Process Case Summary GEI INDUSTRIAL: Liquidation Process Case Summary GINGER ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating GRJ DISTRIBUTORS: Insolvency Resolution Process Case Summary GVK Transportation: Liquidation Process Case Summary JAGAT JAGDAMBA: CRISIL Keeps D Debt Rating in Not Cooperating KORDASH HANDLERS: Liquidation Process Case Summary KRISHNA ABODES: CRISIL Keeps B Debt Rating in Not Cooperating MSA (INDIA): Voluntary Liquidation Process Case Summary OSSL AGRI LOGISTICS: Insolvency Resolution Process Case Summary SN CINEMA: Liquidation Process Case Summary SS INNOVATIONS: Reports $3.72 Million Net Loss in Fiscal Q3 SUMARROW IMPEX: Insolvency Resolution Process Case Summary T&V HOLDINGS: Voluntary Liquidation Process Case Summary TAKEOFF INTERNATIONAL: Voluntary Liquidation Process Case Summary TESNA TECH: CRISIL Keeps B Debt Ratings in Not Cooperating TULI MOTORS: CRISIL Keeps B- Debt Ratings in Not Cooperating UJALA PUMPS: CRISIL Keeps D Debt Ratings in Not Cooperating UNIVERSAL SEAPORT: CRISIL Keeps B Debt Rating in Not Cooperating V. N. PETHE: CRISIL Keeps B Debt Ratings in Not Cooperating VIKAS COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating VINAY POULTRY: CRISIL Keeps B- Debt Rating in Not Cooperating VMAX POWER: CRISIL Keeps B Debt Ratings in Not Cooperating WAVE DISTILLERIES: CRISIL Keeps B Debt Ratings in Not Cooperating WINDOW TECHS: CRISIL Keeps B Debt Ratings in Not Cooperating WOOGA CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating N E W Z E A L A N D AAA PLUMBING: Creditors' Proofs of Debt Due on Nov. 24 E & E JEWELLERY: Creditors' Proofs of Debt Due on Nov. 20 FIRMA FLOORING: Court to Hear Wind-Up Petition on Nov. 13 VCOMMS CONNECT: Creditors' Proofs of Debt Due on Nov. 25 S I N G A P O R E ALFASI HOLDINGS: Creditors' Proofs of Debt Due on Nov. 25 APAC ENERGY: Creditors' Proofs of Debt Due on Nov. 24 DISTRIBUTED LEDGER: Court to Hear Wind-Up Petition on Nov. 7 HIF INTERNATIONAL FUND: Creditors' Proofs of Debt Due on Nov. 24 NEW HAIRSTORY: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= EMECO HOLDINGS: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Australia-based Emeco Holdings Limited's Long-Term Issuer Default Rating (IDR) at 'BB-'. The Outlook is Stable. At the same time, Fitch has affirmed the rating on the AUD250 million 6.25% senior secured notes due July 2026 issued by Emeco's wholly owned subsidiary, Emeco Pty Ltd, at 'BB'. Emeco's ratings reflect revenue diversification by commodity and customer, exposure to a high-margin mining equipment rental business, and the operation of an integrated rebuild and in‑field maintenance workshop network that also supports its core rental business and provides greater flexibility in managing operating and capital expenses. However, the company's refocusing on rental operations increases its exposure to more cyclical earnings. EBITDA net leverage remained below Emeco's long‑term target of 1.0x in the financial year ended June 2025 (FY25), and Fitch forecasts it will remain low in FY26 as the company assesses its capital allocation options. Fitch does not expect leverage to stay at current levels over the longer term, but Fitch expects the company to maintain the metric near its long-term target, which is reflected in the Stable Outlook. Key Rating Drivers Strong Profitability: Emeco's Fitch‑adjusted EBITDA margin expanded to 34% in FY25, from 31% in FY24, reflecting its exit from low-margin underground contracting, contract repricing and delivery on management's cost management programme. Fitch forecasts the margin will rise to 35% in FY26, driven by improving utilisation of its underground fleet after an increase to 65% in early FY26 from around 40% at FYE24. Fitch expects the margin to remain relatively flat thereafter, provided demand for mining equipment in Australia is sustained. Moderate Revenue Visibility: Emeco's revenue visibility has improved with higher service revenue, as service contracts tend to be longer term and closely integrated into miners' operations. The company signed an agreement with XCMG Mining Equipment Australia in FY25 to act as a preferred service provider for up to 100 zero‑emission heavy mobile units slated for delivery in the Pilbara. Nevertheless, Emeco remains primarily focused on equipment hire and related services, leaving it more vulnerable than higher‑rated peers offering integrated or full‑service solutions. Visibility in its core segment is partially supported by diversification across a broad customer base and commodities — especially gold, at about 27% of revenue — and by a commodity‑agnostic fleet that can be redeployed across projects, regions and commodities to meet shifting demand. Defensive Cost Structure: Fitch believes the flexibility built into Emeco's asset base and cost structure will allow the company to protect its financial profile during commodity downturns. The company's in-house rebuild and maintenance functions allow it to control its maintenance schedule, reduce downtime and improve planning for large capex. It can reduce maintenance costs and keep capex at an appropriate level during commodity downturns and periods of weak demand. This allows it to remain profitable and minimise cash outflow to protect its balance sheet. Strong Financial Profile: Fitch expects Fitch-adjusted EBITDA net leverage to continue to improve in FY26 (FY25: 0.5x, FY24: 0.8x), supported by strong cash flow from operations and extended suspension of dividends. Emeco plans to decide on the use of its built-up cash by FYE26. Fitch does not expect leverage to stay low in the medium term, but believe the company will maintain a conservative balance sheet through the cycle, with net debt/EBITDA leverage remaining close to its long-term target of below 1x. Secured Notes Notched Up: The AUD250 million senior notes are rated one notch above Emeco's IDR, as noteholders benefit from a first-ranking security over all obligors - which are the issuer and guarantor - and over the property. The obligors represent at least 90% of Emeco's consolidated total assets. The notes are considered Category 2 first lien under Fitch's criteria, but rank behind other permitted financial debt, and have consequently been assigned a lower Recovery Rating and notching. Peer Analysis Emeco is the largest rental operator in Australia providing open-cut and underground mining equipment. Its revenue is well diversified across commodities and customers. The company integrates large in-house rebuilding and maintenance functions, enhancing its ability to manage through the cycle. Still, Emeco's focus on rentals leads to larger exposure to short-term contracts, weakening its revenue visibility in comparison with its contract mining peers, PT Bukit Makmur Mandiri Utama (BB-/Stable) and Perenti Limited (BB+/Stable). Emeco has a better financial profile than its peers. Its profitability surpasses that of peers, driven by its focus on rentals, which generate higher margins. Emeco has also demonstrated its commitment to maintaining a conservative balance sheet, with EBITDA net leverage remaining below the company's long-term target of 1.0x. Key Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Stable gross utilisation rate of 85% for surface fleet in FY26-FY28. - Improving utilisation rates of underground fleet to 80% by FY27. - Fitch-calculated EBITDA margin of 35% on average in FY26 - FY29. - Net capex at around 23% of revenue on average in FY26-FY28. - 40% of operating net profit after tax to be returned to shareholders from FY27. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A deterioration in operating performance, including a decline in the operating utilisation rate and loss of major contracts. - EBITDA net leverage exceeding 1.5x for a sustained period. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade is unlikely while Emeco maintains its exposure to the more cyclical equipment rental and related services sub-segment and its smaller scale than higher-rated peers. Liquidity and Debt Structure Emeco's next significant debt maturity is in July 2026 for the AUD250 million 6.25% senior secured notes. The company has a committed undrawn revolving facility of AUD95 million due in December 2025, with an option for a two-year extension at its discretion. It also had cash on hand of AUD126 million at FYE25. Fitch expects Emeco to continue building up cash in FY26 following the suspension of dividends. The company also has good access to capital markets for refinancing its approaching maturities Issuer Profile Emeco, founded in 1972, is one of the leading earthmoving equipment rental companies listed on the Australian Securities Exchange. The company has operations in all key mining regions of Australia and its customers include mining companies and contractors across gold, coal, copper, bauxite and iron ore. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Emeco Holdings Limited LT IDR BB- Affirmed BB- Emeco Pty Ltd senior secured LT BB Affirmed BB TTRV PTY: First Creditors' Meeting Set for Nov. 10 -------------------------------------------------- A first meeting of the creditors in the proceedings of TTRV Pty Ltd will be held on Nov. 10, 2025 at 1:00 p.m. via Microsoft Teams Meeting. Stephen Dixon of HM Advisory was appointed as administrator of the company on Oct. 28, 2025. ========= I N D I A ========= ADITYAMAN ENTERPRISES: Liquidation Process Case Summary ------------------------------------------------------- Debtor: Adityaman Enterprises Private Limited C/O Minakshi Kamble, H No.4 A/P-Mhaisal Tal-Miraj, Sangli, Maharashtra, India, 416409 Liquidation Commencement Date: September 24, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: Vivek Murlidhar Dabhade Flat No.27, Rosewood-A, Riddhi Siddhi Paradise, Dhayari, Pune-411 041, Maharashtra Email: ipvivekdabhade@gmail.com Email: adityamancirp@gmail.com Last date for submission of claims: October 30, 2025 DROPKAFFE FOOD: Voluntary Liquidation Process Case Summary ---------------------------------------------------------- Debtor: Dropkaffe Food and Beverages Private Limited 470/A, Srikanteshwara Nilaya, DSMR Building 4th Main Road Adugodi Road, Koramangala, 8th Block, Bangalore, Karnataka, India, 560095 Liquidation Commencement Date: October 10, 2025 Court: National Company Law Tribunal, Bangalore Bench Liquidator: Vinod Sunder Raman B-703, Arvind Skylands Apartments, Shivanahalli, Jakkur Main Road, Yelahanka, Bengaluru 560064 Email: vinod@vrconsulting.biz Telephone number: +91-9845884410 Last date for submission of claims: November 9, 2025 FALCON AUTO: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: FALCON AUTO ENGINEERING PRIVATE LIMITED Plot No. 429, Sector-8, IMT Manesar, Gurgaon, Gurugram, Haryana – 122052, INDIA Insolvency Commencement Date: October 9, 2025 Estimated date of closure of insolvency resolution process: April 6, 2026 (180 Days) Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: SHASHI BHUSHAN PRASAD G-4/9, 1ST Floor, Malviya Nagar, New Delhi – 110017 Email: shashibpd@gmail.com E-43, LGF, Panchsheel Park, New Delhi – 110017 Email: cirp.falconautoengineering@gmail.com Last date for submission of claims: October 22, 2025 G.A.V. AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of G.A.V. Agro Private Limited (GAVPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Long Term Loan 10 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with GAVPL 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 GAVPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on GAVPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of GAVPL continues to be 'Crisil D Issuer not cooperating'. GAVPL was set up in 2013, by the promoter, Mr Pradeep Kumar and Mr Om Prakash. The company processes non-basmati rice for customers in the domestic and overseas markets. Processing facilities are located at Lucknow. GARIMA REAL ESTATE: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: GARIMA REAL ESTATE & ALLIED LIMITED 403, Souraw Plaza, Gole Ka Mandir, Gwalior, Madhya Pradesh 474011 Insolvency Commencement Date: October 9, 2025 Estimated date of closure of insolvency resolution process: April 7, 2026 (180 days) Court: National Company Law Tribunal, Indore Bench Insolvency Professional: Mr. Gagan Gulati A-179, First Floor, Sudershan Park, New Delhi, West, National Capital Territory of Delhi, 110015 Email: advocategulati@gmail.com Email: cirp.garimarealestatee@gmail.com Last date for submission of claims: October 23, 2025 GEI INDUSTRIAL: Liquidation Process Case Summary ------------------------------------------------ Debtor: GEI lndustrial Systems Limited 26-A, lndustrial Area Govindpura, Bhopal - 462023, Madhya Pradesh Liquidation Commencement Date: October 9, 2025 Court: National Company Law Tribunal, Indore Bench Liquidator: Mr. Chirag Rajendrakumar Shah 208 Ratnaraj Spring, Besides Navnirman Co. Op. Bank, Opp. HDFC Bank House, Navrangpura, Ahmedabad - 380009 Email: chirag.irp@gmail.com Email: liq.gei@gmail.com Last date for submission of claims: November 8, 2025 GINGER ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Shree Ginger Enterprises Limited (SGEL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 20 CRISIL D (Issuer Not Cooperating) Cash Credit 30 CRISIL D (Issuer Not Cooperating) Cash Credit 4.9 CRISIL D (Issuer Not Cooperating) Proposed Long Term 7.1 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SGEL 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 SGEL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SGEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SGEL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SGEL was incorporated as Ginger Enterprises Ltd in 2002 and is promoted by Mr Sanjay Kumar Tayal and his family members. The company manufactures partially oriented yarn (POY), polyester texturised yarn (PTY), and knitted fabric in Silvassa. Operations are managed by Mr Keshav Tayal. GRJ DISTRIBUTORS: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: GRJ DISTRIBUTORS & DEVELOPERS PRIVATE LIMITED House No. 288, Shivaji Market Pritampura, Saraswati Vihar, North West Delhi, Delhi, India, 110034 Insolvency Commencement Date: September 29, 2025 Estimated date of closure of insolvency resolution process: April 11, 2026 (180 Days) Court: National Company Law Tribunal, New Delhi Bench Insolvency Professional: Mr. Harish Taneja Basement, A-1/228, Safdarjung Enclave, New Delhi 110029 Email: harishtaneja78@gmail.com Email: cirp.grjdistributor@gmail.com Classes of Creditors: Financial Creditors in Class Representative of creditors in a class: 1. Mr. Rabindra Kumar Mintri 2. Mr. Dharmendra Kumar Bhasin 3. Mr. Rajiv Bajaj Last date for submission of claims: October 27, 2025 GVK Transportation: Liquidation Process Case Summary ---------------------------------------------------- Debtor: GVK Transportation Private Limited Plot No 54, Second Floor, Sri Amba Tara Residency Viman Nagar Colony, Beside Mamatha High School, Sardar Patel Road, Secunderabad, Hyderabad, Telangana, India, 500003 Liquidation Commencement Date: October 7, 2025 Court: National Company Law Tribunal, Hyderabad Bench Liquidator: Mr. Harish Kant Kaushik Aegis Resolution Service Private Limited 106, 1ST floor, Kanakia Atrium 2, Cross Road 'A' Chakala MIDC Andheri East ,Mumbai 400093 Email: irp.gvk@aegisipe.com Last date for submission of claims: November 6, 2025 JAGAT JAGDAMBA: CRISIL Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Jagat Jagdamba Flour Private Limited (JJRFPL) continues to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with JJRFPL 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 JJRFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on JJRFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of JJRFPL continues to be 'Crisil D Issuer not cooperating'. JJRFPL, incorporated in 2009, is part of the Jagdamba group, headed by Mr. Krishna Murari Choudhary. The group has been trading in rice, pulses, and flour since 1988, and has been processing food grains since 2003. JJFPL manufactures wheatbased products at its unit in Hazipur, Bihar; the unit has a capacity to process 300 tonnes per day of wheat. KORDASH HANDLERS: Liquidation Process Case Summary -------------------------------------------------- Debtor: Kordash Handlers and Logistics Private Limited No.129/18, 4th Floor, 1st Main, Opp. Ayyappa Temple, SF Road, Wilson Garden, Bangalore- 560027, Karnataka Liquidation Commencement Date: October 6, 2025 Court: National Company Law Tribunal, Bengaluru Bench Liquidator: Rashmi Chhawchharia 2A, Nandlal Jew Road, Kolkata -700026, West Bengal Email: rashmi.chhawchharia@gmail.com Annapurna Apartments, Flat 1A, 12A, Suhasini Ganguly Sarani, Kolkata-700025 Email: cirp.kordash@gmail.com, Registered Email: rashmi.chhawchharia@gmail.com Last date for submission of claims: November 5, 2025 KRISHNA ABODES: CRISIL Keeps B Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Shree Krishna Abodes Private Limited (SKAPL) continues to be 'Crisil D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with SKAPL 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 SKAPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SKAPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SKAPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2005 and promoted by Mr Jitendra Singh Shekhawat and Mr Rajendra Singh Shekhawat, SKAPL undertakes residential and commercial real estate projects. MSA (INDIA): Voluntary Liquidation Process Case Summary ------------------------------------------------------- Debtor: MSA (INDIA) LIMITED Room No. 5 & 6, Surabhi Building, 3rd floor 8/1/2, Dr. U.N. Brahmachari Street, Kolkata, Kolkata, West Bengal, India, 700017 Liquidation Commencement Date: October 6, 2025 Court: National Company Law Tribunal, Mumbai Bench Liquidator: ANAGHA ANASINGARAJU 1-2, AISHWARYA SANKUL, 17 G.A. KULKARNI PATH, OPP. JOSHI'S RAILWAY MUSEUM, KOTHRUD, PUNE – 411038 Email id: rp.anagha@kanjcs.com TELEPHONE NO: 020-25466265/25461561 Last date for submission of claims: November 5, 2025 OSSL AGRI LOGISTICS: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: OSSL Agri Logistics Private Limited Infront of IIITM College Near Hazira Police Station, Morena Link Road, Gwalior, Madhya Pradesh, India, 474015 Insolvency Commencement Date: October 9, 2025 Estimated date of closure of insolvency resolution process: April 7, 2026 Court: National Company Law Tribunal, Indore Bench Insolvency Professional: Mangesh Vitthal Kekre 607, Chetak Center, RNT Marg, Near Hotel Shreemaya, Indore, Madhya Pradesh – 452001 Email: ca.mangesh@gmail.com Email: ip.osslagri@gmail.com Last date for submission of claims: October 23, 2025 SN CINEMA: Liquidation Process Case Summary ------------------------------------------- Debtor: SN Cinema Advertising Private Limited Current Registered Office Address: A 419 B, 4th Floor, Somdatt Chambers 1, 5 Bhikaji Cama Place, New Delhi 110066 Previous Registered Office Address: A 210 & A-211/5, IInd Floor, Somdatt Chambers 1, Bhikaji Cama Place, New Delhi 110066 Liquidation Commencement Date: October 9, 2025 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Rakesh Kumar Jain E-205, Basement, Greater Kailash, Part II, New Delhi -110048 Email: sirshree.rakesh@gmail.com Email: nclt.sncinema@gmail.com Last date for submission of claims: November 8, 2025 SS INNOVATIONS: Reports $3.72 Million Net Loss in Fiscal Q3 ----------------------------------------------------------- SS Innovations International, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $3.72 million and $3.25 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company reported net losses of $9.66 million and $17.23 million, respectively. The Company reported total revenue of $12.83 million for the three months ended September 30, 2025 and $4.39 million for the same period in 2024. For the nine months ended September 30, 2025 and 2024, the Company had total revenue of $27.95 million and $12.53 million, respectively. The Company had an accumulated deficit of $53.32 million as of September 30, 2025. As of September 30, 2025, the Company had $69.58 million in total assets, $29.93 million in total liabilities, and $39.65 million in total stockholders' equity. Dr. Sudhir Srivastava, Chairman of the Board and Chief Executive Officer of SS Innovations, commented, "We delivered strong revenue growth in the third quarter of 2025, driven by higher unit sales of our advanced, cost-effective SSi Mantra 3 surgical robotic system in India and abroad. The SSi Mantra's rapidly expanding installed base and increasing utilization reflect its cost advantages, ease of use, differentiated features, and compelling surgical outcomes." Dr. Srivastava continued, "We've become a leader in the large and growing India market and remain committed to democratizing access globally to cutting edge surgical robotic care. We now have regulatory approval for the SSi Mantra in seven countries and are taking steps to enter the U.S. and European Union markets. In September 2025, we successfully completed a human factors validation study at Johns Hopkins Hospital. This study will be an integral component of our upcoming 510(k) premarket notification, which we anticipate submitting to U.S. Food and Drug Administration (the "FDA") in the fourth quarter of 2025. We also continue along the pathway towards a European Union CE marking certification in the first half of 2026. In conclusion, we are making good progress towards important regulatory milestones and remain well positioned for continuing robust organic growth in our existing markets." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/6zvf555z About SS Innovations International SS Innovations International, Inc. (OTC: SSII) is a developer of innovative surgical robotic technologies headquartered in Gurugram, Haryana, India. The company's vision is to make robotic surgery benefits more affordable and accessible globally. SSII's product range includes its proprietary "SSi Mantra" surgical robotic system and "SSi Mudra," a broad array of surgical instruments for various procedures, including robotic cardiac surgery. The company plans to expand its presence with technologically advanced, user-friendly, and cost-effective surgical robotic solutions. Gurugram, India-based BDO India, LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has negative cash flows from operating activities during the year ended December 31, 2024. The Company is dependent on further funding to meet its obligations to sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SUMARROW IMPEX: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Sumarrow Impex LLP 403-1, 4TH Floor, EDEN Ceramic City, 8A-National Highway, Lalpar, Morbi-363642, Gujarat Insolvency Commencement Date: October 10, 2025 Estimated date of closure of insolvency resolution process: April 8, 2026 (180 Days) Court: National Company Law Tribunal, Ahmedabad Division Bench-II Insolvency Professional: Mr. Krishna Gopal Ratanlal Maheshwari Primus Insolvency Resolution & Valuation Pvt. Ltd. C-4 e/135, Janak Puri, New Delhi 110058 Email: info@primusresolution.in Email: cirp.sumarrow@gmail.com Last date for submission of claims: October 24, 2025 T&V HOLDINGS: Voluntary Liquidation Process Case Summary -------------------------------------------------------- Debtor: T&V Holdings Private Limited. Old 173/2, New 361, Avvai Gopalapuram, Chennai 600086 Sha Liquidation Commencement Date: October 7, 2025 Court: National Company Law Tribunal, Chennai Bench Liquidator: M.Alagar Temple Tower, H-5, 7th Floor, 672 Anna Salai Nandanam, Chennai – 600035 Email: alagarcs@gmail.com 9003199947 Last date for submission of claims: November 6, 2025 TAKEOFF INTERNATIONAL: Voluntary Liquidation Process Case Summary ----------------------------------------------------------------- Debtor: Takeoff International Subco India Private Limited 2501 Lightbridge, Hiranandani Meadows, Gladys Alwares Road, Vasant Vihar, Thane, Thane, Maharashtra, India, 400610 Liquidation Commencement Date: September 30, 2025 Court: National Company Law Tribunal, Allahabad Bench Liquidator: Pawan Lohia A 505, Gardenia Greens, C-10, Sector 18, Vasundhara, Ghaziabad, Uttar Pradesh-201012 Email Id: liquidation.takeoff@gmail.com Phone no: 9818995299 Last date for submission of claims: October 30, 2025 TESNA TECH: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Tesna Tech Private Limited (TTPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 Crisil B/Stable (Issuer Not Cooperating) Long Term Bank 0.78 Crisil B/Stable (Issuer Not Facility Cooperating) Proposed Long Term 0.22 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with TTPL 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 TTPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TTPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TTPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2005, TTPL manufactures high-density polyethylene and polypropylene woven bags, with the manufacturing facility in Baddi, Himachal Pradesh. Mr Navesh Narula and Ms Narinder Narula are the promoters. TULI MOTORS: CRISIL Keeps B- Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Tuli Motors Private Limited (TMPL) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Fund- 4.7 CRISIL B-/Stable (Issuer Not Based Bank Limits Cooperating) Working Capital 1.8 CRISIL B-/Stable (Issuer Not Facility Cooperating) Working Capital 6 CRISIL B-/Stable (Issuer Not Loan Cooperating) Crisil Ratings has been consistently following up with TMPL 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 TMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of TMPL continues to be 'Crisil B-/Stable Issuer not cooperating'. Incorporated in 2012, TMPL is a dealer for Tata Motors Limited's (TML's) passenger cars. It operates one showroom cum service station in Delhi. The company is promoted by Delhi based Singh family. Mr. Arvinder Singh manages its day to day operations. UJALA PUMPS: CRISIL Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Ujala Pumps Private Limited (UPPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 21 CRISIL D (Issuer Not Cooperating) Cash Credit 9 CRISIL D (Issuer Not Cooperating) Letter of Credit 6 CRISIL D (Issuer Not Cooperating) Letter of Credit 12 CRISIL D (Issuer Not Cooperating) Rupee Term Loan 7 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with UPPL 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 UPPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UPPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of UPPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 1992 by the Gupta family of Rajasthan, UPPL manufactures water pumps, which it sells under its Ujala brand. The company primarily manufactures mini mono-bloc pumps and submersible pumps, along with jet pumps and centrifugal pumps. UNIVERSAL SEAPORT: CRISIL Keeps B Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Universal Seaport Private Limited (USPL) continues to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 20 CRISIL B/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with USPL 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 USPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on USPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of USPL continues to be 'Crisil B/Stable Issuer not cooperating'. USPL, part of the Seapol group, is into cargo handling at the Haldia port and Mangalore port. Mr Mohammed Shamsudeen Tajudeen, managing director, manages the operations. V. N. PETHE: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of V. N. Pethe Bros (VN) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.05 CRISIL B/Stable (Issuer Not Cooperating) Cash Credit 3.50 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 0.25 CRISIL B/Stable (Issuer Not Cooperating) Term Loan 1.2 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VN 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 VN, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VN is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VN continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 1957, V N Pethe Bros (VN) is a partnership concern. The firm trades in grocery items such as wheat, sugar, pulses and maida, in addition to pesticides and fertilisers.. The firm also grows mango, coconut and cashew in its farms. VIKAS COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Vikas Cotton Industries Private Limited (VCIPL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8.5 CRISIL B/Stable (Issuer Not Cooperating) Proposed Long Term 0.3 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating) Term Loan 1.2 CRISIL B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VCIPL 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 VCIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VCIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VCIPL continues to be 'Crisil B/Stable Issuer not cooperating'. VCIPL, based in Kadi (Gujarat), was incorporated in 2005 and promoted by the Patel family. The company is engaged in ginning and pressing of raw cotton. It has its facility at Kadi, with a capacity of more than 350 bales of cotton per day. VINAY POULTRY: CRISIL Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Vinay Poultry Farm Private Limited (VPFPL) continues to be 'Crisil B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 8 CRISIL B-/Stable (ISSUER NOT COOPERATING) Crisil Ratings has been consistently following up with VPFPL 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 VPFPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VPFPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VPFPL continues to be 'Crisil B-/Stable Issuer not cooperating'. VPFPL, which commenced operations in July 2018, is involved in hatching of eggs through layering farm with 5 sheds of 75,000 birds each. Mr V Palanisamy and Mr P Thilagam manage the operations VMAX POWER: CRISIL Keeps B Debt Ratings in Not Cooperating ---------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Vmax Power Controls Private Limited (VPCPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 3 Crisil B/Stable (Issuer Not Cooperating) Open Cash Credit 2.2 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with VPCPL 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 VPCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on VPCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of VPCPL continues to be 'Crisil B/Stable Issuer not cooperating'. Established in 2007 as a private limited company, Vmax Power Control Pvt Ltd (VPCPL) is a manufacturer of electrical control panels. Based in Hyderabad (Telangana), the company is promoted and managed by Mr.N V Rao. WAVE DISTILLERIES: CRISIL Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Wave Distilleries and Breweries Limited (WDBL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 50 Crisil B/Stable (Issuer Not Cooperating) Proposed Long Term 50 Crisil B/Stable (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with WDBL 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 WDBL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on WDBL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of WDBL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2009, WDBL acquired the business of UBIO Chemical Ltd. It is a part of the Wave group and operates a distillery (country liquor) and brewery in Aligarh, Uttar Pradesh. It undertakes contract manufacturing of beer for UBL and also manufactures and sells beer under its own brand, Wave. WINDOW TECHS: CRISIL Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Window Techs India Private Limited (WTIPL) continue to be 'Crisil B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2.75 Crisil B/Stable (Issuer Not Cooperating) Term Loan 2.75 Crisil B/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with WTIPL 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 WTIPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on WTIPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of WTIPL continues to be 'Crisil B/Stable Issuer not cooperating'. Incorporated in 2007, in Faridabad, and promoted by Mr Vishal Khandelwal and his wife Ms Ritu Khandelwal, WTIPL manufactures home furnishing products such as motorised and non-motorised curtains, drapes, window blinds and upholstery fabrics. WOOGA CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Wooga Ceramic Private Limited (WCPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 1.25 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2.25 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 4.50 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with WCPL 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 WCPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on WCPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of WCPL continues to be 'Crisil D Issuer not cooperating'. Incorporated in 2017, Gujarat-based WCPL has set up a plant to manufacture sanitary wares. The company is promoted by Mr Ketan Patel and Mr Vishal Parecha, and their families. Operations commenced in February 2019. ===================== N E W Z E A L A N D ===================== AAA PLUMBING: Creditors' Proofs of Debt Due on Nov. 24 ------------------------------------------------------ Creditors of AAA Plumbing & Gasfitter Limited and Skins Apparel Limited are required to file their proofs of debt by Nov. 24, 2025, to be included in the company's dividend distribution. AAA Plumbing & Gasfitter commenced wind-up proceedings on Oct. 17, 2025. Skins Apparel Limited commenced wind-up proceedings on Oct. 22, 2025. The company's liquidators are: Adam Botterill Damien Grant Waterstone Insolvency PO Box 352 Auckland 1140 E & E JEWELLERY: Creditors' Proofs of Debt Due on Nov. 20 --------------------------------------------------------- Creditors of E & E Jewellery Limited are required to file their proofs of debt by Nov. 20, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 16, 2025. The company's liquidator is: Brenton Hunt PO Box 13400 City East Christchurch 8141 FIRMA FLOORING: Court to Hear Wind-Up Petition on Nov. 13 --------------------------------------------------------- A petition to wind up the operations of Firma Flooring Limited will be heard before the High Court at Auckland on Nov. 13, 2025, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 4, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 VCOMMS CONNECT: Creditors' Proofs of Debt Due on Nov. 25 -------------------------------------------------------- Creditors of Vcomms Connect Limited are required to file their proofs of debt by Nov. 25, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 21, 2025. The company's liquidators are: Iain Bruce Shephard Jessica Jane Kellow BDO Wellington Limited Level 1 50 Customhouse Quay Wellington 6011 ================= S I N G A P O R E ================= ALFASI HOLDINGS: Creditors' Proofs of Debt Due on Nov. 25 --------------------------------------------------------- Creditors of Alfasi Holdings Asia Group Pte. Ltd. are required to file their proofs of debt by Nov. 25, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 24, 2025. The company's liquidator is: Seah Chee Wei c/o 60 Paya Lebar Road #04-03 Paya Lebar Square Singapore 409051 APAC ENERGY: Creditors' Proofs of Debt Due on Nov. 24 ----------------------------------------------------- Creditors of APAC Energy Rental Pte. Ltd. are required to file their proofs of debt by Nov. 24, 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: Lee Yi Ying Marie Khor Boon Hong Baker Tilly Consultancy (Singapore) 600 North Bridge Road #05-01 Parkview Square Singapore 188778 DISTRIBUTED LEDGER: Court to Hear Wind-Up Petition on Nov. 7 ------------------------------------------------------------ A petition to wind up the operations of Distributed Ledger Technologies (DLT) Pte. Ltd. will be heard before the High Court of Singapore on Nov. 7, 2025, at 10:00 a.m. Suji Mannattu Thampi filed the petition against the company on Oct. 6, 2025. The Petitioner's solicitors are: Omni Law LLC 4 Shenton Way #14-02, SGX Centre 2 Singapore 068807 HIF INTERNATIONAL FUND: Creditors' Proofs of Debt Due on Nov. 24 ---------------------------------------------------------------- Creditors of HIF International Fund Pte. Ltd. are required to file their proofs of debt by Nov. 24, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 31, 2025. The company's liquidators are: Tan Lye Heng Paul c/o Nexia Solutions 36 Robinson Road #11-01 City House Singapore 068877 NEW HAIRSTORY: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Oct. 17, 2025, to wind up the operations of New Hairstory Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Gary Loh Weng Fatt Dev Kumar Harish Nandwani c/o BDO Advisory Pte Ltd No. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***