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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
Thursday, November 6, 2025, Vol. 28, No. 222
Headlines
A U S T R A L I A
ABLE FUTURES: First Creditors' Meeting Set for Nov. 10
AURA LABS: First Creditors' Meeting Set for Nov. 11
CENTRA MEDICAL: First Creditors' Meeting Set for Nov. 10
MARIAKITA PTY: First Creditors' Meeting Set for Nov. 11
SCENIC GROUP: First Creditors' Meeting Set for Nov. 10
C H I N A
RETO ECO-SOLUTIONS: Board OKs 5-for-1 Share Combination
ZW DATA: Subsidiary to Acquire 9.9% Stake in Modest Attack for $1M
I N D I A
BUDDHA ENGINEERING: CARE Lowers Rating on INR10cr LT Loan to D
GIGAFUN STUDIOS: Voluntary Liquidation Process Case Summary
H K LUMBERS: CARE Keeps D Debt Ratings in Not Cooperating
H K TIMBERS: CARE Keeps D Debt Ratings in Not Cooperating
HYDERABAD WINE: CRISIL Keeps D Debt Ratings in Not Cooperating
J. S. GROVER: CRISIL Keeps D Debt Ratings in Not Cooperating
KRISHNA EDUCATIONAL: CARE Keeps C Debt Rating in Not Cooperating
LABHANSHI MULTITRADE: Insolvency Resolution Process Case Summary
MOBME WIRELESS: Voluntary Liquidation Process Case Summary
PANKAJ STEEL: CARE Keeps C/A4 Debt Ratings in Not Cooperating
PERFECT INFRAENGINEERS: CRISIL Keeps D Ratings in Not Cooperating
R V GLOBAL: Insolvency Resolution Process Case Summary
RAGHAV INDUSTRIES: CRISIL Cuts Rating on INR16.87cr Loans to D
RAHUL WIRE: CARE Keeps C Debt Rating in Not Cooperating Category
RBEP ENTERTAINMENT: Insolvency Resolution Process Case Summary
SANT DAMAJI: CRISIL Keeps D Debt Ratings in Not Cooperating
SAVITRI SWADESHI: CARE Keeps B- Debt Rating in Not Cooperating
SHESHADRI INDUSTRIES: CRISIL Keeps 'D' Ratings in Not Cooperating
SHIV SHAKTI: CARE Keeps C Debt Rating in Not Cooperating Category
SUICH INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
SYNERGY FOOD: Insolvency Resolution Process Case Summary
TARA SALES: CRISIL Keeps D Debt Rating in Not Cooperating Category
TORNADO MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
UNITECH TRANSFORMERS: Liquidation Process Case Summary
UTTARAYAN FOODS: CARE Keeps C Debt Rating in Not Cooperating
VARDHMAN BUILDPROP: CARE Keeps D Debt Rating in Not Cooperating
VARDHMAN INFRAHEIGHTS: CARE Keeps D Debt Rating in Not Cooperating
VINDHYAWASHINI MARINE: Insolvency Resolution Process Case Summary
VIPRAH TECHNOLOGIES: Insolvency Resolution Process Case Summary
VIZAG COMPANYS: CRISIL Keeps D Debt Ratings in Not Cooperating
YADAV TRACTOR: CARE Keeps D Debt Ratings in Not Cooperating
N E W Z E A L A N D
AMAZING KITCHENS: Creditors' Proofs of Debt Due on Dec. 4
AUTO AVANTGARDE: Creditors' Proofs of Debt Due on Dec. 1
CASHMERE ENGINEERING: Creditors' Proofs of Debt Due on Nov. 28
EX HML: Court to Hear Wind-Up Petition on Nov. 27
PUBLISHER PRIME: Blacklock Rose Appointed as Administrators
S I N G A P O R E
AUTO GUARD: Court to Hear Wind-Up Petition on Nov. 14
FANTASIUM SENSES: Creditors' Proofs of Debt Due on Nov. 24
NEREUS MARINE: Court to Hear Wind-Up Petition on Nov. 7
SINGAPORE NEWS: Creditors' Proofs of Debt Due on Nov. 24
UIL (SINGAPORE): Court to Hear Wind-Up Petition on Nov. 7
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A U S T R A L I A
=================
ABLE FUTURES: First Creditors' Meeting Set for Nov. 10
------------------------------------------------------
A first meeting of the creditors in the proceedings of Able Futures
Pty Ltd will be held on Nov. 10, 2025 at 11:00 a.m. via Microsoft
Teams.
Daniel Jon Quinn and Ian James Purchas of SV Partners were
appointed as administrators of the company on Oct. 29, 2025.
AURA LABS: First Creditors' Meeting Set for Nov. 11
---------------------------------------------------
A first meeting of the creditors in the proceedings of Aura Labs
Pty Ltd (trading as 'Unbnd Communications') will be held on Nov.
11, 2025 at 10:00 a.m. via virtual meeting.
Rajiv Ghedia of Westburn Advisory was appointed as administrator of
the company on Oct. 30, 2025.
CENTRA MEDICAL: First Creditors' Meeting Set for Nov. 10
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Centra
Medical Pty Ltd (trading as Eastwood X-Ray) will be held on Nov.
10, 2025 at 11:00 a.m. via virtual meeting facilities.
Grahame Ward and Edwin Narayan of Mackay Goodwin were appointed as
administrators of the company on Oct. 29, 2025.
MARIAKITA PTY: First Creditors' Meeting Set for Nov. 11
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Mariakita
Pty Ltd will be held on Nov. 11, 2025 at 11:00 a.m. at the offices
of HM Advisory, at Level 3, 16 Victoria Avenue, in Perth, WA.
Stephen Dixon of HM Advisory was appointed as administrator of the
company on Oct. 30, 2025.
SCENIC GROUP: First Creditors' Meeting Set for Nov. 10
------------------------------------------------------
A first meeting of the creditors in the proceedings of The Scenic
Group Adelaide Pty Ltd will be held on Nov. 10, 2025 at 10:00 a.m.
at Level 8, 50 Pirie Street, in Adelaide, SA, and via virtual
meeting technology.
Andrejs Janis Strazdins of BRI Ferrier was appointed as
administrator of the company on Oct. 29, 2025.
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C H I N A
=========
RETO ECO-SOLUTIONS: Board OKs 5-for-1 Share Combination
-------------------------------------------------------
ReTo Eco-Solutions, Inc. disclosed that on October 29, 2025, that
its board of directors approved a combination of its Class A
shares, no par value on a five-to-one basis. The Class A Shares
began trading on a post combination basis on November 3, 2025.
As a result of the Share Combination, each five pre-combination
Class A Shares will be automatically combined into one Class A
Share without any action on the part of the holders, with the
number of issued and outstanding Class A Shares reduced from
7,327,491 to approximately 1,465,498.
There will be no change to the par value of the Class A Shares,
which will remain as no par value following the Share Combination.
The Class A Shares will continue to trade on the Nasdaq Capital
Market under the symbol "RETO" under a new CUSIP number –
G75271133. The Share Combination is intended to increase the market
price per share of the Class A Shares to allow the Company to
maintain its Nasdaq listing.
No fractional shares will be issued as a result of the Share
Combination. Shareholders who otherwise would be entitled to a
fractional share because they hold a number of Class A Shares not
evenly divisible by five will automatically be entitled to receive
an additional share of the Class A Shares.
The Share Combination will not be submitted to a vote of the
Company's shareholders as shareholder approval is not required
under the laws of the British Virgin Islands.
The Company's transfer agent, VStock Transfer, LLC, will act as the
exchange agent. Adjustments made to Class A shares represented by
physical stock certificates can be made upon surrender of the
certificate to the transfer agent. Please contact VStock Transfer,
LLC for further information at (212) 828-8436.
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.
ZW DATA: Subsidiary to Acquire 9.9% Stake in Modest Attack for $1M
------------------------------------------------------------------
ZW Data Action Technologies Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that on
October 28, 2025, CNET Technology Limited, a wholly owned
subsidiary of the Company in the British Virgin Islands, entered
into a Purchase Agreement with Fun Star Group INC. and Modest
Attack Limited, both a British Virgin Islands company, pursuant to
which the Seller will sell its 9.9% equity interests in Modest to
the Purchaser.
In consideration for the Equity Interests, the Purchaser shall pay
to the Seller $625,000 in cash and cause the Company to issue
150,000 shares of common stock of the Company, having a total value
of $375,000 and valued at $2.50 per share, to the Seller. The
closing of the acquisition is subject to customary terms and
conditions as set forth in the Acquisition Agreement.
A copy of the Acquisition Agreement is available at
https://tinyurl.com/5abwks3z
About ZW Data Action Technologies
Beijing, China-based ZW Data Action Technologies Inc., established
in 2003, is an ecological enterprise that provides digital services
to sales and marketing channels through blockchain, big data, and
precision marketing. ZW Data Action is committed to empowering SMEs
to achieve more efficient and accurate operations and management,
resulting in additional value for clients.
As of Dec. 31, 2024, the Company had US$9.7 million in total
assets, US$6 million in total liabilities, and a total equity of
US$3.7 million. As of June 30, 2025, the Company had US$9.25
million in total assets, US$5.67 million in total liabilities, and
a total equity of US$3.57 million.
Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, 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 accumulated deficit of $63.5 million from recurring net
losses and significant net operating cash outflow for the year
ended December 31, 2024. All these factors raise substantial doubt
about its ability to continue as a going concern.
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I N D I A
=========
BUDDHA ENGINEERING: CARE Lowers Rating on INR10cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sri Buddha Engineering and Constructions Private Limited (SBEC),
as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING;
Facilities Downgraded from CARE BB;
Positive and moved to ISSUER
NOT COOPERATING category
Rationale and key rating drivers
CARE Ratings Ltd. has been seeking information from SBEC vide e
mail dated August 20, 2025 to October 21, 2025 and No default
statement (NDS) for the month ended on September 30, 2025 to
monitor the rating. However, despite repeated requests, the company
has not provided the requisite information for monitoring the
rating.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. The rating on Sri Buddha Engineering and
Constructions Private Limited's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders, and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating has been revised on account of reported delays in debt
servicing, with the account classified as Non-Performing Asset
(NPA) based on confirmation received during interaction with the
banker. The rating action is in line with CARE's policy on default
recognition.
Analytical approach: Standalone
Outlook: Not Applicable
Detailed description of key rating drivers:
At the time of last rating assignment on April 3, 2025, the
following were the rating strengths and weaknesses (updated for the
information available based on conduct).
Key weaknesses
* Delay in debt servicing: As per feedback from SBEC's lender,
there were delays reported in the debt servicing of its rated
facilities and the account has been classified as NPA.
* Geographical concentration risk: SBEC's clients are all
concentrated in 2 states, that is, Maharashtra and Odisha exposing
the company to geographical concentration risks. The company's
performance is heavily tied to the economic conditions of those two
states. If either state experiences an economic downturn,
recession, or a slowdown in construction activities, it could
significantly impact the company's revenue and profitability. Any
adverse regulatory changes in either state could pose significant
challenges, leading to increased costs or project delays. To
mitigate these risks, the company is trying to expand its
operations to additional regions, diversifying its client base
across various industries. Diversification will reduce regional
economic and regulatory vulnerabilities, enhancing the company's
stability and growth potential.
* Fragmented nature of construction sector with tender-based nature
of operations and execution challenges: The infrastructure sector
in India is highly fragmented and competitive with many small and
mid-sized players. This coupled with tendering process in order
procurement results in intense competition within the industry,
fluctuating revenues, and restrictions in profitability.
Additionally, continued increase in execution challenges including
delays in land acquisition, regulatory clearances, aggressive
bidding, interest rate risk and delays in project due to
environmental clearance are other external factors that affect the
credit profile of industry players. All these are tender- based and
the revenues are dependent on the ability of the company to bid
successfully for these tenders. Profitability margins come under
pressure because of competitive nature of the industry.
* Leveraged capital structure with moderate debt coverage
indicators: The capital structure of the company consists of term
loans, working capital borrowing and unsecured loans from the
promoters. The overall gearing ratio of the company deteriorated to
3.17x as on March 31, 2025 (from 2.56x as on March 31, 2024). This
is primarily on account of additional construction equipment loans
and enhanced working capital limits availed during the fiscal, to
execute the new orders resulted in high debt levels.
Net worth of the company improved and stood at INR51.47 crore as on
March 31, 2025 (FY24: INR 10.81 crores) at the back of equity of
infusion of promoters to meet the capex and working capital
requirements. Despite, increase in net worth levels, significant
increase in debt levels with resulted in leveraged financial risk
profile. The debt coverage indicator marked by PBILDT/ Interest
coverage remains comfortable at 5.41x whereas TDGCA remained high
at 5.59x in FY25.
* Elongation in operating cycle: The operating cycle of the company
has elongated to 94 days in FY25 (88 days in FY24). The company has
managed to reduce its average inventory period to 36 days as
compared to 67 days in FY24. However, there are delays in terms of
recovery of bills resulting in increased collection period.
Collection period increased to 81 days from 51 days in FY24
resulting in slight elongation of operating cycle. Delay in
recovery of bills resulted in stretched liquidity position and
subsequent delays in meeting the debt obligations.
Key strengths
* Healthy order book position providing long term revenue
visibility: As of July 31, 2025, order book position stood at
INR1876.76 crores which provides long term revenue visibility of
about 8.74x based on Gross billing for FY25. The work order
consists of order received from Western coal fields for amount INR
1900 crores in the month of December 2024 for Over burden removal
and extraction of coal with execution timeline of 63 months
providing strengthening the order book position. To support the
increased orders, company has invested in fixed assets in current
fiscal which was funded through debt and infusion of funds by
promoters.
* Improved scale of operations in FY25: Revenue of the company
witnessed growth by about 2.71x i.e., to INR214.65 crore on account
of high value orders added to the order book, faster execution of
bagged orders and supply of construction material to reputed
clients such as Ultratech cements, Megha Engineering, PSK Infra
etc. In line with TOI, PBILDT and PAT levels of the company
improved to INR43.34 crore and INR18.31 crores respectively. PBILDT
and PAT margins of the company stood comfortable at 20.19% and
8.53% respectively.
* Experienced promoters: The company is promoted by Mrs. Kodithem
Varalakshmi, Mr. Kodithem Rajasekhar and Mrs. Vannam Sravani. Mrs.
Kodithem Varalakshmi is also the proprietor of M/s. Lakshmi Sainath
Stone Crushers and Maabagala Transport. She has more than 10 years
of experience in this line of business. Mr Koditham Rajasekhar
looks after the marketing activities of the company and Mrs Vannam
Sravani looks after the day-to-day operation of the company. The
family has been in the construction and allied business for more
than 2 decades and owns the first stone crusher unit in the Kurnool
district. The promoters of the company have established their
presence in the industry which helps the company to get more
orders.
* Stable industry outlook: The construction industry is growing at
a compound annual growth rate (CAGR) of over 6% and is expected to
reach a massive $1.4 trillion by 2025. Government initiatives like
National Infrastructure Pipeline (NIP) with a $1.4 trillion budget
are propelling growth across various sectors like roads, railways,
and renewable energy. India's rapid urbanization is a key driver.
The government's focus on developing smart cities and tier 2 & 3
cities is creating significant demand for infrastructure
development. By 2030, 70% of India's GDP is expected to come from
cities, creating a massive demand for housing and infrastructure.
This translates to a need for 25 million new mid-end and affordable
housing units by 2030 itself. Rapid infrastructure development in
India is expected to have a significant positive impact on the
construction sector. The increased project volume, demand for
building materials and equipment, job creation, and economic
benefits all contribute to a thriving construction industry. The
confluence of government support, demographic shifts, and a growing
economy presents a significant opportunity for companies involved
in construction and building material supply.
Liquidity: Poor
The liquidity position of the company remained poor with ongoing
delays in debt servicing.
Sri Buddha Engineering and Constructions Private Limited (SBEC) was
incorporated on August 26, 2019, with a head office in Kurnool,
Andhra Pradesh. The company is engaged in the business of
construction and supply of construction materials to individuals,
businesses, government bodies and non-government organisations
(NGOs). The company has a unit located in Gooty, Anantapur, Andhra
Pradesh to supply stones in different sizes to road contractors and
builders throughout Anantapur and Kurnool district. The company has
also entered into quarry sub lease agreement with M/s Lakshmi
Sainath Stone Crushers for 10 years from January 27, 2021, to
January 27, 2031, for supply of raw materials for stone crushing.
GIGAFUN STUDIOS: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: GIGAFUN STUDIOS PRIVATE LIMITED
No. 233, Opp to Park, Ideal Homes,
Bangalore, Bengaluru,
Karnataka, India, 560098
Liquidation Commencement Date: October 17, 2025
Court: National Company Law Tribunal, Bengaluru Bench
Liquidator: Ms. Manisha Rawat
A-1/B, Third Floor, T-02, Sector-16,
Noida, Uttar Pradesh-201301
Email: manisharawatfcs@gmail.com
Ph. 0120-4227699
Last date for
submission of claims: November 15, 2025
H K LUMBERS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of H K
Lumbers LLP (HKLL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 1.35 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 4.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 8, 2024, placed the rating(s) of HKLL under the
'issuer non-cooperating' category as HKLL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. HKLL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
24, 2025, September 3, 2025, September 13, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Gandhidham (Gujarat) based HKLL was incorporated in 2014 by Rudani
and Patel Family and currently managed by Mr. Rajeshkumar Rudani
and other family members. Mr. Rajeshbhai Rudani possesses 10 years
of experience in wood and wood products industry. HKLL is engaged
into saw milling and planning of wood. H K Timbers Private Limited
is the group entities of HKLL, which is engaged in manufacturing of
veneer sheets, manufacturing of plyboard, particle board and other
plyboard products.
H K TIMBERS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of H K
Timbers Private Limited (HKTPL) continue to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 7.50 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 8, 2024, placed the rating(s) of HKTPL under the
'issuer non-cooperating' category as HKTPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. HKTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
24, 2025, September 3, 2025, September 13, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Not Applicable
Gandhidham (Gujarat) based HKTPL was incorporated in 2012 by Rudani
and PatelFamily and currently managed by Mr. Rajeshkumar Rudani and
other family members. Mr. Rajeshbhai Rudani possesses 10 years of
experience in wood and wood products industry. HKTPL is engaged
into manufacturing of veneer sheets, manufacturing of plyboard,
particle board and other plyboard products. H K Lumbers LLP is the
group entities of HTPL, which is engaged in same line of business
saw milling and planning of wood.
HYDERABAD WINE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hyderabad
Wine Mart (HWM) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL D (Issuer Not
Cooperating)
Cash Credit 3 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with HWM 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 HWM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HWM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HWM continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Established in Oct 2017, HWM is engaged in the retailing of
alcohol. It has 4 stores in Hyderabad.
J. S. GROVER: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J. S. Grover
Constructions (JSGC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 25 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 32.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 17.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 25 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with JSGC 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 JSGC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on JSGC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JSGC continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Established in May 2010 and based in Pathankot (Punjab), JSGC is a
partnership firm managed by Mr Sunil Grover and his brother Mr
Sanjay Grover. The firm is engaged in construction of roads.
KRISHNA EDUCATIONAL: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Krishna Educational Trust (SKET) continues to remain in the 'Issuer
Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 15.00 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 7, 2024, placed the rating(s) of SKET under the
'issuer non-cooperating' category as SKET had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SKET continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
23, 2025, September 2, 2025, September 12, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Gurgaon-Haryana based Shree Krishna Educational Trust (SKET) is a
non-profit trust incorporated in October, 2007 by Mr. Vijay Gupta
and family members. The trust is currently running educational
institute named as 'Gurgaon College of Engineering for Women' in
Bilaspur-Tauru Road, near Manesar (district –Gurgaon), Haryana.
In Feb 2015, trust has entered into an agreement with Great Lakes
Institutes of Management (GLIM) for giving entire college premises
on lease for 30 years (i.e. till Jan 2046).
LABHANSHI MULTITRADE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Labhanshi Multitrade Private Limited
206, Sonam Plaza Chitawad Road,
Sajan Nagar, Indore,
Madhya Pradesh, India, 452001
Insolvency Commencement Date: October 9, 2025
Estimated date of closure of
insolvency resolution process: April 12, 2026 (180 days)
Court: National Company Law Tribunal, Indore Bench
Insolvency
Professional: Mrs. Chaya Gupta
1, Bima Nagar,
202, Almas Dreams Apartment,
Near Anand Bazaar, Indore 452018, MP
E-mail: guptachayacs@gmail.com
911, Apollo Premier,
Near Vijay Nagar Square,
Indore 452010, M.P.
E-mail: cirp.lmtpl@gmail.com
Last date for
submission of claims: October 28, 2025
MOBME WIRELESS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: MOBME WIRELESS SOLUTIONS LIMITED
67/1737, 8th Floor, Bhageeratha Square,
Banerjee Road, Emakulam, Kochi,
Kerala, India, 682018
Liquidation Commencement Date: September 29, 2025
Court: National Company Law Tribunal Kochi Bench
Liquidator: CA. Rajmohan R.
Rajbhavan, Krishnapuram
St No 6, HS 175A & 514-12/1,
Ollukkara, Thrissur-680655
Email: fcarajmohan@gmail.com
Mobile: 9946823989
Last date for
submission of claims: October 29, 2025
PANKAJ STEEL: CARE Keeps C/A4 Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pankaj
Steel Corporation (PSC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term/ 8.00 CARE C; Stable/CARE A4;
Short Term ISSUER NOT COOPERATING;
Bank Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 4, 2024, placed the rating(s) of PSC under the
'issuer non-cooperating' category as PSC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PSC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
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
Pankaj Steel Corporation (PSC) was established in the year 1978 as
proprietorship entity by Mrs. Usha Agarwal. The entity is into
trading of iron and steel, mainly of alloy steel having application
in heavy engineering. It also does processing jobs like heat
treatment, bending, etc. or gets it done on job work basis as per
customer requirements. The entity is also involved in demolition
activities of PSU discarded assets; prior it was into ship
breaking.
PERFECT INFRAENGINEERS: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Perfect
Infraengineers Limited (PIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 5.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 6 CRISIL D (Issuer Not
Cooperating)
Letter of Credit 1 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 2 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Term Loan 1.5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PIL 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 PIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PIL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Incorporated in 1993, PIL is a turnkey project contractor for the
supply, installation, testing, commissioning and maintenance of
mechanical, electrical and plumbing and heating, ventilation and
air conditioning equipment. In addition, it undertakes annual
maintenance contracts and supplies air conditioners on rental. It
is listed on the National Stock Exchange.
R V GLOBAL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: RV GLOBAL PRIVATE LIMITED
Office 88A, 8th Floor, Plot-227,
Nariman Bhavan, Vinayak Kumar Shah Marg,
NCPA, Nariman Point, Mumbai,
Maharashtra, India, 400021
Insolvency Commencement Date: October 10, 2025
Estimated date of closure of
insolvency resolution process: April 8, 2026
Court: National Company Law Tribunal, Maharashtra Bench
Insolvency
Professional: MADAN BAJARANG LAL VAISHNAWA
341/704 Kalpataru, Srishti Sector 3
Mira Road East Distt.
Thane, Maharashtra-401107
Email: madan.vaishnawa@icai.org
Email: cirprvglobal@gmail.com
Last date for
submission of claims: October 24, 2025
RAGHAV INDUSTRIES: CRISIL Cuts Rating on INR16.87cr Loans to D
--------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Raghav
Industries Limited (RIL) continue to be 'Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 15.93 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 10 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 2.57 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 16.87 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Crisil Ratings has been consistently following up with RIL 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 RIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RIL continues to be 'Crisil D Issuer not cooperating'.
RIL was set up in 1987 in Coimbatore, by the promoter, Mr Rajendra
Kumar Kanodia. The company manufactures textile yarn in polyester,
viscose, cotton, and various blends, and trades in polyester staple
fibre (PSF) and viscose staple fibre.
RAHUL WIRE: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rahul Wire
Ropes (RWR) continues to remain in the 'Issuer Not Cooperating'
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 7.39 CARE C; 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 7, 2024, placed the rating(s) of RWR under the
'issuer non-cooperating' category as RWR had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RWR continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
23, 2025, September 2, 2025, September 12, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Bhiwadi, Rajasthan based RWR is a partnership firm established in
2011. The firm was initially established as a proprietorship firm
"Rahul Wire Ropes" in 1999 and later on, the constitution was
changed to partnership in 2011, The partners of the firm are Mr
Krishan Kumar Gandhi and his son Mr Rahul Gandhi. The firm
manufactures various types of automotive control cables such as
accelerator cables, clutch cable, gear cables, speedometer and
other cables for two wheelers and four wheelers. The firm is tier-2
vendor for various renowned automobile brands.
RBEP ENTERTAINMENT: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: RBEP Entertainment Private Limited
502, Plot No. 91/94, Prabhat Colony,
Santacruz (East), Mumbai, Maharashtra 400055
Insolvency Commencement Date: October 14, 2025
Estimated date of closure of
insolvency resolution process: April 12, 2026
Court: National Company Law Tribunal, Mumbai Bench-II
Insolvency
Professional: Mr. Ritesh Prakash Adatiya
NVP Insolvency Professionals Private Limited
(Formerly known as Mantrah Insolvency
Professionals Private Limited)
H-35, 1st Floor Jangpura Extension,
Jungpura, South Delhi, New Delhi - 110014
Email id: ipe@npvca.in
10th Floor, 1003, Zion Z1,
Near Avalon Hotel, Sindhu Bhavan Road,
Thaltej, Ahmedabad – 380054
Email id: cirp.rbep@npvinsolvency.in
Last date for
submission of claims: October 28, 2025
SANT DAMAJI: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Sant
Damaji Sahakari Sakhar Karkhana Limited (SSDSSKL) continue to be
'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 12.5 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 0.5 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with SSDSSKL 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 SSDSSKL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
SSDSSKL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of SSDSSKL continues to be 'Crisil D Issuer not
cooperating'.
SSDSSKL, set up in 1989, is a cooperative sugar mill situated at
Mangalveda in Solapur (Maharashtra). It manufactures sugar and
allied products. The day-to-day operations of the society are
managed by its chairman, Mr. Shivajirao Kalunge, along with support
from other functional personnel.
SAVITRI SWADESHI: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Savitri
Swadeshi Bikri Kendra (SSBK) continues to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 10.00 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 8, 2024, placed the rating(s) of SSBK under the
'issuer non-cooperating' category as SSBK had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSBK continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
24, 2025, September 3, 2025, September 13, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Gurgaon-based (Haryana) SSBK was established as a proprietorship
firm in 2012 by Mrs Nutan Sharma. The firm is currently being
managed by Mr Trilok Sharma and Mr Shyam Sunder Sharma. SSBK has
distributorship of Patanjali Ayurvedic Limited (PAL) and Divya
Pharmacy (DP).
SHESHADRI INDUSTRIES: CRISIL Keeps 'D' Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sheshadri
Industries Limited (SIL) continue to be 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.94 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 11.52 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 10.09 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 0.16 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 9.49 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 10.36 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 4.44 CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with SIL 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 SIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SIL continues to be 'Crisil D Issuer not cooperating'.
SIL was incorporated in 2013 and manufactures and sells cotton,
blended polyester, polyester yarn, etc.; readymade garments for
men, ladies, and kids; and specialty yarn products, such as
melange, grindle, doubled, and slub/fancy yarns. Its manufacturing
unit is located at Rajna (Madhya Pradesh) with a capacity of 34608
spindles and garment manufacturing plant with a total capacity of
10000 pcs/day. The company is listed on the Bombay Stock Exchange.
SHIV SHAKTI: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shiv
Shakti Fibre Udyog (SSFU) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 2.50 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 5.00 CARE A4; 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 7, 2024, placed the rating(s) of SSFU under the
'issuer non-cooperating' category as SSFU had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSFU continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
23, 2025, September 2, 2025, September 12, 2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Analytical approach: Standalone
Outlook: Stable
Shiv Shakti Fibre Udyog (SSFU) was established in 2001 as a
proprietorship concern by Mr. Vinay Bansal, which was later
converted into partnership firm in 2007 with inclusion of Mr.
Rajesh Prasad as a partner. SSFU is engaged in manufacturing of
Fibre Reinforced Plastic (FRP) sheets under the brand name
"Rooffit". The Product profile largely comprises of FRP roofing
sheets, turbo ventilators, water gutters, doors frames etc. The
company has two manufacturing facilities located in Faridabad and
Sampla in Haryana State.
SUICH INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Suich
Industries Limited (SIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 7 CRISIL D (ISSUER NOT
COOPERATING)
Term Loan 8 CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with SIL 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 SIL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Incorporated on July 17, 2008, SIL is a Delhi-based company
promoted by Mr Gunnit Singh. It manufactures mobile batteries, LED
bulbs, and battery power banks under the Fusion and Everplus
brands. The company started manufacturing operations with a
Delhi-based unit, which has been shifted to Haridwar, Uttarakhand.
SYNERGY FOOD: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Synergy Food And Agro Processors Private Limited
384-385 GIDC Dediyasan, Mahesana,
MEHSANA, Gujarat, India, 384002
Insolvency Commencement Date: October 13, 2025
Estimated date of closure of
insolvency resolution process: April 11, 2026
Court: National Company Law Tribunal, Ahmedabad Bench
Insolvency
Professional: Mr. Keshav Khaneja
C-7, Parth Apartment, Ramdev Nagar,
Ahmedabad, Gujarat 380015
Email: khanejakes@gmail.com
824, 1st Floor, Sector 14,
Gurugram, 122001
Email: cirpsynergyagro@gmail.com
Last date for
submission of claims: October 27, 2025
TARA SALES: CRISIL Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Tara Sales
Limited (TSL) continues to be 'CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 18 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with TSL 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 TSL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TSL continues to be 'Crisil D Issuer not cooperating'.
TSL was incorporated in 2010 by Mr. Jaswant Singh and Mr. Balwant
Singh in Ludhiana. It trades in rice bran and mustard DOC, maize,
bajra, and other agricultural products.
TORNADO MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tornado
Motors Private Limited (Tornado) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 13 CRISIL D (Issuer Not
Cooperating)
Cash Credit 17 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with Tornado 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 Tornado, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
Tornado is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Tornado continues to be 'Crisil D/Crisil D Issuer not
cooperating'.
Tornado, incorporated in September 2010, is promoted by Mr.
Jitendra Pal Singh Chadha, and his wife, Mrs. Amanpreet Chaddha.
The company is an authorised dealer of Volkswagen passenger
vehicles, and has one showroom and workshop in Mumbai
(Maharashtra).
UNITECH TRANSFORMERS: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Unitech Transformers Pvt Ltd
1/41 Bhandup Industrial Estate
B S Marg Bhandup (w) Mumbai- 400078
Maharashtra
Liquidation Commencement Date: October 16, 2025
Court: National Company Law Tribunal, Mumbai Bench
Liquidator: Manish Lalji Dawda
205-A 2nd Floor, Plot No. 408,
Hiren Light Industrial Estate,
Bhagoji Keer Marg, Neer Paradise Cinema,
Mahim Mumbai City Maharahstra 40016
Email: ip.dawdamanish@gmail.com
liquidator.unitech@gmail.com
Last date for
submission of claims: November 15, 2025
UTTARAYAN FOODS: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Uttarayan
Foods Private Limited (UFPL) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 4.86 CARE C; Stable; ISSUER NOT
Facilities COOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category
Short Term Bank 0.16 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 30, 2024, placed the rating(s) of UFPL under the
'issuer non-cooperating' category as UFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. UFPL 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: Stable
Incorporated in December 2008, Uttarayan Foods Private Limited
(UFPL) was promoted by Mr. Madhab Chandra Pal, Mr. Uttam Kumar Das,
Mr. Anil Paul and Mr. Amit Baran Pramanick for setting up a cold
storage facility. The company has been engaged in cold storage
services for beat root, carrot, apple and dry fruits (like date,
raisins etc.) to farmers and traders on a rental basis. The
cold-storage facility of the company is located at Nadia, West
Bengal.
VARDHMAN BUILDPROP: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Vardhman Buildprop Private Limited (SVBPL) continues to remain in
the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 35.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings) had, vide its press release
dated December 27, 2019, placed the rating of SVBPL under the
'issuer non-cooperating' category, as SVBPL had failed to provide
information for monitoring of the rating. SVIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 20, 2025; September 30,
2025 and October 10, 2025. In line with the extant Securities and
Exchange Board of India (SEBI) guidelines, CARE Ratings has
reviewed the rating on the basis of the best available information,
which however, in CARE 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
Detailed description of key rating drivers:
CARE Ratings has not received any information except the financials
for FY21 (extracted from the Registrar of Companies [RoC]).
Key strengths
* Experienced promoters: SVBPL is a real estate development
company, incorporated in 2010. It belongs to 'Shree Vardhman group'
and is promoted by Sandeep Jain who has an experience of about two
decades in the real estate industry. The promoter through other
group companies have launched and successfully delivered several
real estate development projects through different special purpose
vehicles (SPVs) in Sonepat, Kurukshetra and Gurgaon (constituting a
total saleable area of 13.34 lsf).
Key weaknesses
* Ongoing delays in debt servicing: As per the information received
from the debenture trustee, the company has delayed in debt
servicing of the interest payments.
* Subdued industry scenario: With the on-going economic conditions,
the real estate industry is currently facing issues on many fronts,
including subdued demand, curtailed funding options, rising costs,
restricted supply due to delays in approvals, etc., thereby
resulting in stress on cash flows of developers. The industry has
seen low demand in the recent past, primarily due to factors like
sustained high level of inflation leading to high interest rates
and adverse impact on the buying power and affordability for the
consumers.
Liquidity: Not Applicable
SVBPL, incorporated in 2010, is engaged in the development of real
estate through construction of residential and commercial
properties in the Delhi/NCR region. SVBPL, a part of 'Shree
Vardhman group', is currently involved in the execution of a
residentialcum-commercial project 'Mantra', with the total saleable
area of 9.95 lakh square feet (lsf), located at Sector-67, Gurgaon.
The group has an experience of execution and successful completion
of real estate development projects, viz., township at Kurukshetra,
and group housing project at Sonepat constituting total saleable
area of 13.34 lsf.
VARDHMAN INFRAHEIGHTS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Vardhman Infraheights Private Limited (SVIPL) continues to remain
in the 'Issuer Not Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 140.00 CARE D; ISSUER NOT COOPERATING
Debentures Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale and key rating drivers
CARE Ratings Limited (CARE Ratings) had, vide its press release
dated December 27, 2019, placed the rating of SVIPL under the
'issuer non-cooperating' category, as SVIPL had failed to provide
information for monitoring of the rating. SVIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 20, 2025; September 30,
2025, and October 10, 2025.
In line with the extant Securities and Exchange Board of India
(SEBI) guidelines, CARE Ratings has reviewed the rating based on
the best available information, which however, in CARE 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
Detailed description of key rating drivers:
CARE Ratings has not received any information except the financials
for FY22 (extracted from the Registrar of Companies [RoC]). The
following were the weaknesses and strengths (updated for the
information available from the RoC).
Key weaknesses
* Ongoing delays in debt servicing: As per the information received
from the debenture trustee, the company has delayed in debt
servicing of the interest payments.
* Subdued industry scenario: With the on-going economic conditions,
the real estate industry is currently facing issues on many fronts,
including subdued demand, curtailed funding options, rising costs,
restricted supply due to delays in approvals, etc., thereby
resulting in stress on cash flows of developers. The industry has
seen low demand in the recent past, primarily due to factors like
sustained high level of inflation leading to high interest rates
and adverse impact on the buying power and affordability for the
consumers.
Key strengths
* Experienced promoters: SVIPL is a real estate development firm,
incorporated in 2011, and is a part of 'Shree Vardhman group'. The
company was founded by Sandeep Jain and Sachin Jain, who have
experience in the real estate industry. 'Shree Vardhman group' has
been engaged in real estate development and is developing several
projects through different special purpose vehicles (SPVs).
Liquidity: Not Applicable
SVIPL is a real estate development firm, incorporated in 2011. It
belongs to 'Shree Vardhman group' and is incorporated for the
residential project 'Victoria' located in Sector-70, Gurgaon,
having total saleable area of 13.42 lakh square feet (lsf), out of
which SVIPL's share is 11.73 lsf. The group has an experience of
execution and successful completion of real estate development
projects, viz., township at Kurukshetra, and group housing project
at Sonepat constituting total saleable area of 13.34 lsf.
VINDHYAWASHINI MARINE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Vindhyawashini Marine Services Private Limited
B-15, Shree Nandham, Plot No. 59, Sector-11,
CBD Belapur, Navi Mumbai-400614, Maharashtra
Insolvency Commencement Date: October 14, 2025
Estimated date of closure of
insolvency resolution process: April 15, 2026
Court: National Company Law Tribunal, Mumbai Bench
Insolvency
Professional: Umesh Balaram Sonkar
Flat No. 10, Om Shanti CHS,
Plot No. 8/10/12, Sector 11, Road no. 4,
New Panvel, Navi
Mumbai Maharashtra-410206
Email: rosonkar1603@gmail.com
Office No. 25, 3rd Floor
at 146-B, Chikhal House, Princess Street
Kalbadevi, Mumbai, Maharashtra 400002
Email: cirp.vindhyavasini10@gmail.com
Last date for
submission of claims: October 30, 2025
VIPRAH TECHNOLOGIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Viprah Technologies Limited
S.F.No:79, Alampalayam Road,
Thakkalur, Coimbatore,
Avinashi Taluk, Tiruppur- 641 654
Insolvency Commencement Date: October 10, 2025
Estimated date of closure of
insolvency resolution process: April 9, 2026
Court: National Company Law Tribunal, Chennai Bench
Insolvency
Professional: CA. S. Prabhu
2nd Floor, CODISSIA,
G.D.Naidu Towers, Huzur Road,
Coimbatore 641018
Ph.no: +91-94888-10404
Email: carpprabhu@gmail.com
Email: viprah.ibc@gmail.com
Last date for
submission of claims: October 25, 2025
VIZAG COMPANYS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vizag
Companys Steel (VCS) continue to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with VCS 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 VCS, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VCS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VCS continues to be 'Crisil D Issuer not cooperating'.
VCS was set up in 2002 as a partnership firm by Mr. Ashok Chaudhary
and Mr. Yashwant. The firm trades in thermomechanically treated
bars and billets. It is based in Visakhapatnam, Andhra Pradesh.
YADAV TRACTOR: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Yadav
Tractor Company (YTC) continue to remain in the 'Issuer Not
Cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 3.43 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Short Term Bank 3.00 CARE D; ISSUER NOT COOPERATING
Facilities Rating continues to remain
under ISSUER NOT COOPERATING
category
Rationale & Key Rating Drivers
CARE Ratings Limited (CareEdge Ratings) had, vide its press release
dated October 11, 2024, placed the rating(s) of YTC under the
'issuer non-cooperating' category as YTC had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. YTC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
27, 2025, September 6, 2025, September 16, 2025 and October 29,
2025 among others.
In line with the extant SEBI guidelines, CareEdge Ratings has
reviewed the rating on the basis of the best available information
which however, in CareEdge Ratings' opinion is not sufficient to
arrive at a fair rating.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on account of non-availability of
requisite information. The rating revision also considers instances
of delays in debt servicing as recognized from publicly available
information.
Analytical approach: Standalone
Outlook: Not Applicable
Lucknow (Uttar Pradesh) based Yadav Tractor Company (YTC) was
formed in 1990 by Mr. Dwarika Prasad Yadav and Mr. Ram Singh Yadav
as a partnership concern and shares equal profit & loss. YTC is an
authorized dealer of Mahindra tractors and operates total four
showrooms along with workshops for after sale services at Lucknow.
Also, the firm is engaged in the trading of implements, spare
parts, insecticides and pesticides.
=====================
N E W Z E A L A N D
=====================
AMAZING KITCHENS: Creditors' Proofs of Debt Due on Dec. 4
---------------------------------------------------------
Creditors of Amazing Kitchens and Renovations Limited are required
to file their proofs of debt by Dec. 4, 2025, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Oct. 22, 2025.
The company's liquidators are:
Derek Ah Sam
Lynda Smart
Rodgers Reidy (NZ) Limited
PO Box 45220
Te Atatu
Auckland 0651
AUTO AVANTGARDE: Creditors' Proofs of Debt Due on Dec. 1
--------------------------------------------------------
Creditors of Auto Avantgarde Limited are required to file their
proofs of debt by Dec. 1, 2025, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 20, 2025.
The company's liquidator is:
Bryan Edward Williams
c/o BWA Insolvency Limited
PO Box 609
Kumeu 0841
CASHMERE ENGINEERING: Creditors' Proofs of Debt Due on Nov. 28
--------------------------------------------------------------
Creditors of Cashmere Engineering & Electrical Company Limited are
required to file their proofs of debt by Nov. 28, 2025, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 22, 2025.
The company's liquidator is:
Brenton Hunt
PO Box 13400
City East
Christchurch 8141
EX HML: Court to Hear Wind-Up Petition on Nov. 27
-------------------------------------------------
A petition to wind up the operations of Ex Hml Limited will be
heard before the High Court at Auckland on Nov. 27, 2025, at 10:00
a.m.
The Petitioner's solicitor is:
Aaron Louis Harlowe
Couch Harlowe Kovacevich
Level 8
29 Shortland Street
Auckland 1010
PUBLISHER PRIME: Blacklock Rose Appointed as Administrators
-----------------------------------------------------------
Benjamin Brian Francis and Garry Cecil Whimp of Blacklock Rose on
Oct. 24, 2025, were appointed as Administrators of Publisher Prime
Limited, Publisher Prime NZ Limited, Publisher Prime IP Limited and
Publisher Prime Nominee Limited.
The Administrators may be reached at:
Benjamin Brian Francis
Garry Cecil Whimp
Blacklock Rose Limited
PO Box 6709
Victoria Street West
Auckland 1142
=================
S I N G A P O R E
=================
AUTO GUARD: Court to Hear Wind-Up Petition on Nov. 14
-----------------------------------------------------
A petition to wind up the operations of Auto Guard Insurance Pte.
Ltd. will be heard before the High Court of Singapore on Nov. 14,
2025, at 10:00 a.m.
Sunrise Packaging Material (Singapore) Pte Ltd filed the petition
against the company on Oct. 21, 2025.
The Petitioner's solicitors are:
Sim Chong LLC
1 North Bridge Road
#14-06 High Street Centre
Singapore 17909
FANTASIUM SENSES: Creditors' Proofs of Debt Due on Nov. 24
----------------------------------------------------------
Creditors of Fantasium Senses 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. 21, 2025.
The company's liquidators are:
Lau Chin Huat
Yeo Boon Keong
c/o Technic Inter-Asia Pte Ltd
50 Havelock Road #02-767
Singapore 160050
NEREUS MARINE: Court to Hear Wind-Up Petition on Nov. 7
-------------------------------------------------------
A petition to wind up the operations of Nereus Marine Services 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:
Gabriel Law Corporation
50 Raffles Place
#13-07 Singapore Land Tower
Singapore 048623
SINGAPORE NEWS: Creditors' Proofs of Debt Due on Nov. 24
--------------------------------------------------------
Creditors of Singapore News and Publications Limited 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. 16, 2025.
The company's liquidators are:
Gary Loh Weng Fatt
Seah Roh Lin
Dev Kumar Harish Nandwani
c/o BDO Advisory Pte Ltd
No. 600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
UIL (SINGAPORE): Court to Hear Wind-Up Petition on Nov. 7
---------------------------------------------------------
A petition to wind up the operations of UIL (Singapore) Pte. Ltd.
will be heard before the High Court of Singapore on Nov. 7, 2025,
at 10:00 a.m.
Tan Wei filed the petition against the company on Oct. 6, 2025.
The Petitioner's solicitors are:
Quahe Woo & Palmer LLC
510 Thomson Road
#08-00 SLF Building
Singapore 298135
*********
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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*** End of Transmission ***