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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
Monday, November 10, 2025, Vol. 28, No. 224
Headlines
A U S T R A L I A
PUBLIC HOSPITALITY: Jon Adgemis' Rose Bay Home Sells for AUD12MM
YEEDA PASTORAL: Sale of Business to TLP4 Completed
H O N G K O N G
JPEX: Hong Kong Charges 16 People in USD205MM Crypto Fraud Probe
I N D I A
CHOTTA SHIMLA: ICRA Keeps D Debt Ratings in Not Cooperating
FUTURE LIFESTYLE: CRISIL Keeps D Debt Ratings in Not Cooperating
GANESH COTTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
GURU STONE: CRISIL Keeps B Debt Ratings in Not Cooperating
KRISHNA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MAHALAXMI INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
P NARASIMHA: CRISIL Keeps D Debt Ratings in Not Cooperating
P. C. INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
PARAMESHWAR WEAVES: CRISIL Keeps B Ratings in Not Cooperating
PLANET PR: CRISIL Keeps D Debt Rating in Not Cooperating Category
PRABIR FOODSTUFF: CRISIL Keeps D Debt Ratings in Not Cooperating
PRAGATI FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating
PRAYOSHA HEALTHCARE: CRISIL Keeps B Ratings in Not Cooperating
PREM INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
QULUX TILES: CRISIL Keeps D Debt Ratings in Not Cooperating
R. PRIYA: CRISIL Keeps B Debt Rating in Not Cooperating Category
RAJPAL CARGO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RUTUJA INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
S. K. INDUSTRIES: CRISIL Lowers Rating on INR7cr Cash Loan to D
SAMAY COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SANJAY COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating
SAOMYA FORTUNE: CRISIL Keeps D Debt Rating in Not Cooperating
SARAF REAL: CRISIL Keeps B Debt Ratings in Not Cooperating
SARDAR COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating
SHIV COTTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
VIBRANT CONTENT: CRISIL Lowers Rating on INR21.85cr Loan to D
J A P A N
NIDEC CORP: Secures US$3.9BB Credit Line, Easing Liquidity Fears
L A O S
LAOS: S&P Rates New US Dollar-Denominated Sr. Unsec. Notes 'CCC+'
N E W Z E A L A N D
COMPLETE CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 25
HAMBLY HAULAGE: Waterstone Insolvency Appointed as Receivers
LOCKER FILMS: Creditors' Proofs of Debt Due on Dec. 5
PEACOCKS NZ: Creditors' Proofs of Debt Due on Nov. 25
WIMPEX LINK: Creditors' Proofs of Debt Due on Nov. 19
S I N G A P O R E
FASTLANE MOTORING: Court to Hear Wind-Up Petition on Nov. 14
PINNACLE WRAP: Court to Hear Wind-Up Petition on Nov. 14
PK GENERAL: Court to Hear Wind-Up Petition on Nov. 14
STYLETHEORY PRIVATE: Commences Wind-Up Proceedings
VICTORY SHIPPING: Aiming to Set Aside Bankruptcy Court Process
- - - - -
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A U S T R A L I A
=================
PUBLIC HOSPITALITY: Jon Adgemis' Rose Bay Home Sells for AUD12MM
----------------------------------------------------------------
The Greek Herald reports that the Rose Bay investment property of
bankrupt hospitality entrepreneur Jon Adgemis has been sold for
AUD12 million, after nearly two months on the market, according to
a now-removed listing on the Cotality website.
According to The Greek Herald, the six-bedroom, five-bathroom home,
purchased by Mr. Adgemis and his mother Rose in 2018 for AUD4.45
million, had been occupied by family members. Mr. Adgemis'
bankruptcy trustee, Andrew Yeo of Pitcher Partners, has advised
that an update to creditors is expected in early November.
The Greek Herald notes that the windfall sale is unlikely to
significantly reduce Mr. Adgemis' debts, which currently exceed
AUD1.8 billion.
The property had been listed as a mortgagee in possession sale,
following a repossession notice posted in July.
The Greek Herald says two registered mortgages and nine caveats
remain on the title, mostly from hospitality trade creditors
related to Mr. Adgemis' half-interest.
One caveat, lodged in March last year, is from the NSW Chief
Commissioner of State Revenue seeking unpaid land tax.
Mr. Adgemis, who rents at Bondi Beach, built a hospitality empire
spanning roughly two dozen properties before the Federal Court
declared him bankrupt, the report notes.
About Public Hospitality
Public Hospitality Group is an Australian hospitality company that
focused on operating a large portfolio of pubs, hotels, and bars
across Sydney and Melbourne
As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group
has taken another hit with receivers and external managers
appointed at five of his Sydney hotels, including Oxford House and
The Strand Hotel.
Insolvency specialist FTI Consulting has stepped in as receivers
and managers to operate Public's hip Redfern pub The Norfolk,
Oxford House in Paddington and Darlinghurst's The Strand Hotel, as
well as Alexandria's Camelia Grove Hotel and The Exchange Hotel,
also in Darlinghurst, Good Food said. The pubs will be sold as soon
as possible.
Duncan Club and Andrew Sallway of BDO were appointed Voluntary
Administrators on Sept. 13, 2024, of Public Lifestyle Management
Pty Ltd; 146 Henderson Street Pty Ltd and Camelia Grove Operations
Pty Ltd.
YEEDA PASTORAL: Sale of Business to TLP4 Completed
--------------------------------------------------
ABC News reports that two large-scale meatworks are set to reopen
in northern Australia, with the sale of the Kimberley Meat Company
now complete and a deal for Darwin's dormant abattoir edging
closer.
According to the ABC, embattled cattle enterprise Yeeda Pastoral
Company and its subsidiaries, including the Kimberley Meat Company
(KMC), have been sold to TLP4 Australian Holdings, a subsidiary of
Canadian government-owned investment fund Alberta Investment
Management Corporation.
TLP4 entered into a Deed of Company Arrangement to acquire the
business in August last year, following Yeeda's entry into
voluntary administration.
The ABC notes that located about 100 kilometres east of Broome, the
Kimberley Meat Company was once the only abattoir in northern
Western Australia.
It opened in 2016 to process local cattle but was mothballed in
2021 amid record-high cattle prices and tight supply before finally
closing in February 2024.
By the time it shut its doors, Yeeda Pastoral Company - which
controls Yeeda Station and Mount Jowlaenga Station as well as KMC -
was more than AUD100 million in debt and facing allegations of
serious animal welfare and environmental noncompliance, the ABC
says.
According to the ABC, Yeeda's administrators, KordaMentha,
confirmed on Nov. 3 that the AUD55 million sale to TLP4 Australian
Holdings was completed on Oct. 31.
Meanwhile, Darwin's dormant Livingstone Beef abattoir could change
hands within weeks, the ABC reports.
About Yeeda Pastoral
Yeeda Pastoral Company Pty Ltd was founded in 2000. The company's
line of business includes operating farms primarily livestock and
animal specialties.
David Osborne, Richard Tucker and Tony Miskiewicz of KordaMentha
were appointed as administrators of Kimberley Meat Company on Feb.
27, 2024 and to its parent company Yeeda Pastoral Company and
several associated companies on Feb. 29, 2024.
=================
H O N G K O N G
=================
JPEX: Hong Kong Charges 16 People in USD205MM Crypto Fraud Probe
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Decrypt.com reports that Hong Kong authorities have charged 16
people, including influencer and former lawyer Joseph Lam Chok,
over their alleged involvement in the US$205 million (HK$1.6
billion) JPEX crypto fraud.
The suspects were accused of fraud, conspiracy to defraud, and
money laundering under Hong Kong's anti-money-laundering law after
a two-year investigation into the unlicensed exchange, Decrypt.com
relates citing a report from South China Morning Post.
According to Decrypt.com, police said more than 2,700 investors
were defrauded through JPEX's network of social media promoters and
retail crypto shops, which funneled deposits into the unlicensed
platform.
Decrypt.com relates that Mr. Lam was among several influencers
arrested in September 2023 after promoting JPEX to his social media
followers. His arrest came shortly after the Securities and Futures
Commission warned that JPEX was unlicensed and misleading
investors, prompting police to launch a fraud probe as users
reported frozen withdrawals.
Investigators have since made more than 80 arrests since 2023,
seizing US$28 million (HK$228 million) in assets and securing
Interpol red notices for three suspected ringleaders who remain at
large, per SCMP, Decrypt.com relays.
The JPEX case is a "straightforward" one, with section 53ZRG of
Hong Kong's anti-money laundering ordinance AMLO leaving "no
ambiguity," Joshua Chu, lawyer, lecturer, and co-chair of the Hong
Kong Web3 Association, told Decrypt.
"KOLs who repeatedly promoted false claims about JPEX being safe
and have backings of regulatory licenses, despite explicit warnings
from the SFC, expose themselves to liability whether they actively
knew those claims were false or simply failed to perform basic due
diligence," Mr. Chu explained.
JP-EX Crypto Asset Platform Pty Ltd (JPEX) operated as a private
cryptocurrency exchange, predominately in Hong Kong.
=========
I N D I A
=========
CHOTTA SHIMLA: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Chotta Shimla Projects Pvt.
Ltd. (CSPPL) in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D; ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term 2.14 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Cash Credit 'Issuer Not Cooperating'
Category
Long-term 0.75 [ICRA]D; ISSUER NOT COOPERATING;
Non Fund based Rating Continues to remain under
Others 'Issuer Not Cooperating'
Category
Long-term 15.00 [ICRA]D; ISSUER NOT COOPERATING;
Fund based Rating Continues to remain under
Term Loan 'Issuer Not Cooperating'
Category
As part of its process and in accordance with its rating agreement
with CSPPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Incorporated in 2010, CSPPL is a special purpose vehicle (SPV)
promoted by Mr. Parmod Sood, and Mr. Kawaljeet Singh Duggal formed
for implementing a multilevel vehicle parking cum commercial
development project in the Chotta Shimla, Secretariat area of
Shimla (Himachal Pradesh) on design, building, operation and
transfer (DBOT) basis. The project involves construction of an
8-storey building, in which the bottom three floors will be
designed for the commercial property, whereas the top five floors
will be used as parking facility, canteens and other services. The
project involved a total cost of INR20.04 crore, which was funded
by INR15 crore from term loan and the remaining INR5.04 crore from
promoters. The project has a concession period of 30 years,
including the construction period.
FUTURE LIFESTYLE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities and Non
Convertible Debentures of Future Lifestyle Fashions Limited (FLFL)
continue to be 'Crisil D/Crisil D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Rating 1025 CRISIL D (ISSUER NOT
COOPERATING)
Short Term Rating 475 CRISIL D (ISSUER NOT
COOPERATING)
Non Convertible 500 CRISIL D (ISSUER NOT
Debentures COOPERATING)
Crisil Ratings has been consistently following up with FLFL through
letters and emails dated September 25, 2025, among others, for
obtaining information. However, the issuer has remained
non-cooperative.
Investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING' as the rating lacks a
forward-looking component and is arrived at without any management
interaction and is based on best-available or limited or dated
information on the company. Such non-cooperation by a rated entity
may be a result of deterioration in its credit risk profile.
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 FLFL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on FLFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities and
Non Convertible Debentures of FLFL continues to be 'Crisil D/Crisil
D Issuer not cooperating'.
Analytical Approach
Crisil Ratings has combined the business and financial risk
profiles of FLFL and all its subsidiaries, as they are in the same
business. The company's networth has been adjusted for revaluation
reserve.
Incorporated in 2012, FLFL is the retail apparel venture of the
Future group. The company was set up by combining the retail
apparel and fashion brands divisions demerged from Pantaloon Retail
India Ltd and Future Ventures India Ltd, respectively.
GANESH COTTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Shree Ganesh
Cottex Mill (SGCM) continue to be 'Crisil B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.25 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 2 CRISIL B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SGCM for
obtaining information through letter and email dated October 16,
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 SGCM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SGCM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SGCM continues to be 'Crisil B/Stable Issuer not cooperating'.
SGCM was establish in 2016 as partnership firm, located in Rajura
(Maharashtra). The Firm is constituted of 6 partners and is engaged
in cotton ginning and pressing business.
GURU STONE: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Guru
Stone Crusher Private Limited (SGSCPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 3 CRISIL B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SGSCPL for
obtaining information through letter and email dated October 16,
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 SGSCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on
SGSCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of SGSCPL continues to be 'Crisil B/Stable Issuer not
cooperating'.
Incorporated in 2012, the Rudrapur (Uttarakhand)-based SGSCPL is
promoted by Mr. Satnam Singh Bedi. It crushes boulders, picked up
from Kosi and Dabka river beds, at its crushing unit into stones of
various sizes (up to 65 millimetres); the unit began commercial
operations from September 2014. The company is managed by Mr.
Satnam Singh Bedi, Mr. Jasvinder Singh Bedi, and Mr. Hemant
Dwivedi.
KRISHNA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Krishna
Rice Mill - Kolkata (SKRM) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.0 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Fund- 0.6 CRISIL B+/Stable (Issuer Not
Based Bank Limits Cooperating)
Working Capital 0.4 CRISIL B+/Stable (Issuer Not
Term Loan Cooperating)
Crisil Ratings has been consistently following up with SKRM for
obtaining information through letter and email dated October 16,
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 SKRM, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SKRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SKRM continues to be 'Crisil B+/Stable Issuer not cooperating'.
Incorporated in 1966, SKRM is owned and managed by Mr Partha
Sarathi Ghosh. The firm, based in Birbhum, West Bengal, produces
various types of parboiled rice with an installed capacity of
around 4 tonne per hour.
MAHALAXMI INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Shri Mahalaxmi
Industries - Jodhpur (SMIJ) continues to be 'Crisil D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL D (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with SMIJ for
obtaining information through letter and email dated October 16,
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 SMIJ, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SMIJ
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SMIJ continues to be 'Crisil D Issuer not cooperating'.
SMIJ is a proprietorship that manufactures and processes blanched
peanut and groundnut (plain and roasted) in shell and related
products. Additionally, it trades in maitra seed, sabudana, garlic,
castor seed, raida, and spices, such as haldi, mirchi, jeera, old
bardana, and so on. Manufacturing facility is in Jodhpur, and end
product is supplied all over India, mainly to Mumbai and Kolkata.
P NARASIMHA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P Narasimha
Rao and Company (PNRC) 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 2.5 CRISIL D (Issuer Not
Cooperating)
Long Term Loan 1.33 CRISIL D (Issuer Not
Cooperating)
Proposed Long Term 3.67 CRISIL D (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with PNRC for
obtaining information through letter and email dated October 16,
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 PNRC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PNRC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PNRC continues to be 'Crisil D/Crisil D Issuer not cooperating'.
PNRC was set up in 2004 by Mr. P Narasimha Rao and his family
members. The firm constructs roads and bridges in Andhra Pradesh
and Telangana, and undertakes contract work for the Railways, such
as laying and maintenance of railway tracks. It is based in
Hyderabad.
P. C. INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P. C.
Industries (PCI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.50 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 1.99 CRISIL B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PCI for
obtaining information through letter and email dated October 16,
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 PCI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PCI continues to be 'Crisil B/Stable Issuer not cooperating'.
Established in 1996, Ahmedabad, Gujarat-based PCI, a proprietorship
concern of Mr Mayur Shah, manufactures electrical utilities such as
switch gear, fuse gear, re-wireable kit-kat fuses, fuse links,
bases, fittings and pullers; link disconnectors, bus bar support,
cut-outs, and distribution box assemblies. These are used in power
transmission and distribution infrastructure, industrial, and other
applications. Mr Shah and his sons, Mr Falun Shah, and Mr Honey
Shah manage the operations.
PARAMESHWAR WEAVES: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Parameshwar
Weaves (PW) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Loan Against 10 CRISIL B/Stable (Issuer Not
Property Cooperating)
Loan Against 3 CRISIL B/Stable (Issuer Not
Property Cooperating)
Proposed Long Term 5 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with PW for
obtaining information through letter and email dated October 16,
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 PW, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PW is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of PW
continues to be 'Crisil B/Stable Issuer not cooperating'.
PW, a partnership firm, set up in 2002, by Mr Kirti Patel, Mr.
Arvind Patel and Mr Mohan Patel, manufactures polyester fabric. The
firm has an installed capacity of around 22000 metres per day in
Surat (Gujarat).
PLANET PR: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Planet PR
Private Limited (Planet PR) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with Planet PR
for obtaining information through letter and email dated October
16, 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 Planet PR, which restricts
Crisil Ratings' ability to take a forward looking view on the
entity's credit quality. Crisil Ratings believes that rating action
on Planet PR is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the rating on bank
facilities of Planet PR continues to be 'Crisil D Issuer not
cooperating'.
Planet PR, promoted by Odisha-based Mr. Ranjan Kumar Pattanayak and
Mr. Pradyumna Singh, trades in iron ore and coal. Its operations
are primarily managed by Mr. Ranjan Kumar Pattanayak.
PRABIR FOODSTUFF: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prabir
Foodstuff Factory (PFF) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 13 CRISIL D (Issuer Not
Cooperating)
Warehouse Financing 15 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PFF for
obtaining information through letter and email dated October 16,
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 PFF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PFF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PFF continues to be 'Crisil D/Crisil D Issuer not cooperating'.
PFF, set up in 2005 by Mr. Kuljit Singh, mills and sorts basmati
and non-basmati rice. It sells its rice under the brands Victoria,
777, KR, and Flying Horse. The firm has a rice milling and sorting
facility in Amritsar (Punjab), with a capacity of 12 tonnes per
hour.
PRAGATI FOODS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Pragati Foods
(PF) continues to be 'Crisil B/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 18 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Long Term Loan 3.8 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 20.5 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Warehouse Receipts 20 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Crisil Ratings has been consistently following up with PF for
obtaining information through letter and email dated October 16,
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 PF, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of PF
continues to be 'Crisil B/Stable Issuer not cooperating'.
Established in 2013, PF, a partnership concern of Mr Rasmeet
Malhotra, Mr Mayank Dudaan, is engaged in the processing and
distribution of basmati rice. Its milling facility in Piparaiya
(Madhya Pradesh) has an installed capacity of 70000 tonne per
annum.
PRAYOSHA HEALTHCARE: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prayosha
Healthcare Private Limited (PHPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.0 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 0.5 CRISIL B/Stable (Issuer Not
Cooperating)
Rupee Term Loan 3.5 CRISIL B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PHPL for
obtaining information through letter and email dated October 16,
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 PHPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PHPL continues to be 'Crisil B/Stable Issuer not cooperating'.
PHPL was incorporated in 2005, promoted by Mr. R.M. Patel, Mr.
Tushar Patel and Ms. Chetnaben Patel. The company, based in
Ankleshwar, Gujarat, is into manufacturing of Active Pharmaceutical
Ingredient (API).
PREM INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Prem
Industries - Karnal (PI) continues to be 'Crisil B/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 10 CRISIL B/Stable (Issuer Not
Cooperating)
Term Loan 2 CRISIL B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with PI for
obtaining information through letter and email dated October 16,
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 PI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on PI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of PI
continues to be 'Crisil B/Stable Issuer not cooperating'.
Set up in 1995 by Mr Prem Lal as a proprietorship concern, PI was
converted into a partnership in April 2013. PI mills basmati and
non-basmati rice at its facility, with a capacity of 5 lakh quintal
per annum, in Karnal, Haryana. Mr Ram Lal and Mr Sham Lal, sons of
Mr. Prem Lal, are the partners in the firm and also look after its
operations.
QULUX TILES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Qulux Tiles
LLP (QTL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.2 CRISIL D (Issuer Not
Cooperating)
Bank Guarantee 0.5 CRISIL D (Issuer Not
Cooperating)
Cash Credit 4.3 CRISIL D (Issuer Not
Cooperating)
Term Loan 12.5 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with QTL for
obtaining information through letter and email dated October 16,
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 QTL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on QTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
QTL continues to be 'Crisil D/Crisil D Issuer not cooperating'.
Established in October 2017, QTL is setting up a unit for
manufacturing ceramic wall tiles. The manufacturing facility in
Morbi has installed capacity of 45,000 tonne per annum. The firm
has 16 partners, including Mr Anilbhai Laljibhai Varmora, Mr Hardik
Premjibhai Patel, and Mr Sandip Prabhulal Merja. Commercial
operations are estimated to have started in January 2019.
R. PRIYA: CRISIL Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. Priya (RP)
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long 0.37 CRISIL B/Stable (Issuer Not
Term Bank Cooperating)
Loan Facility
Term Loan 1.63 CRISIL B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RP for
obtaining information through letter and email dated October 16,
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 RP, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of RP
continues to be 'Crisil B/Stable Issuer not cooperating'.
RP, based in Chennai, was established in 2017 by Ms R Priya. The
firm rents out cameras and allied equipment used in the media
industry.
RAJPAL CARGO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rajpal Cargo
Movers Private Limited (RCMPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 2.23 CRISIL B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with RCMPL for
obtaining information through letter and email dated October 16,
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 RCMPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RCMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RCMPL continues to be 'Crisil B+/Stable Issuer not cooperating'.
RCMPL was incorporated in 2000 as Rajpal Cargo Movers South Pvt Ltd
by Mr. Surinder Singh and his family members and was renamed as
Rajpal Cargo Movers Pvt Ltd in 2004. It provides inland logistics
(by road) services, mainly to steel manufacturing companies in
Karnataka and Maharashtra.
RUTUJA INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shri Rutuja
Industries (SRI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 16 CRISIL B+/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with RI for
obtaining information through letter and email dated October 16,
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 RI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on RI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of RI
continues to be 'Crisil B+/Stable Issuer not cooperating'.
Set up as a partnership firm in 2003 by Ms Sangita Sharad Sarda, Mr
Narsing Somani, and Mr Sachin Musale, SI gins cotton and extracts
and refines cotton seed oil at its unit in Beed, Maharashtra.
S. K. INDUSTRIES: CRISIL Lowers Rating on INR7cr Cash Loan to D
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of S. K. Industries - Faridkot (SKIF), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 Crisil D (ISSUER NOT
COOPERATING; Downgraded from
'Crisil B/Stable ISSUER NOT
COOPERATING')
Cash Term Loan 0.92 Crisil D (ISSUER NOT
COOPERATING; Downgraded from
'Crisil B/Stable ISSUER NOT
COOPERATING')
Proposed Term Loan 0.08 Crisil D (ISSUER NOT
COOPERATING; Downgraded from
'Crisil B/Stable ISSUER NOT
COOPERATING')
Crisil Ratings has been consistently following up with SKIF for
obtaining information through letters and emails dated November 3,
2025 and September 05, 2025 apart from telephonic communication.
However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'
Detailed Rationale
Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of SKIF, which restricts Crisil
Ratings' ability to take a forward-looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SKIF
is consistent with 'Assessing Information Adequacy Risk'.
As per the information shared by the management on October 31,
2025, Crisil Ratings understands that there has been irregularity
in firm's account conduct and the firm has been classified as
insolvent as on date. Hence, the ratings on bank facilities of SKIF
have been downgraded to 'Crisil D Issuer Not Cooperating' from
'Crisil B/Stable Issuer Not Cooperating'.
Set up by brothers Mr Rajiv Kumar, Mr Rakesh Kumar, Mr Sanjiv
Kumar, and Mr Naresh Kumar in 1997, SKI mills rice. The firm's
manufacturing facility is in Faridkot, Punjab.
SAMAY COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Samay Cotton
(SC) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B+/Stable (Issuer Not
Cooperating)
Long Term Loan 0.87 CRISIL B+/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SC for
obtaining information through letter and email dated October 16,
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 SC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SC
continues to be 'Crisil B+/Stable Issuer not cooperating'.
Established in March 2014, SC manufactures cotton oil from cotton
seeds at its unit in Wankaner, Gujarat, which has installed
capacity to manufacture 15 tonne per day. It caters to the domestic
market and its operations are managed by Mr Ravi.
SANJAY COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sanjay Cotton
(Gondal) (SC) continue to be 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 1.0 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Proposed Long Term 0.05 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Proposed Working 2.0 CRISIL B/Stable (ISSUER NOT
Capital Facility COOPERATING)
Crisil Ratings has been consistently following up with SC for
obtaining information through letter and email dated October 16,
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 SC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SC
continues to be 'Crisil B/Stable Issuer not cooperating'.
Established in May 2005 as a partnership, SC has a cotton ginning
and pressing unit with capacity to produce 200 bales per day in
Gondal. The firm's operations are managed by Mr. Dineshkumar J
Bhalodi, who has experience of 10 years in cotton ginning and
pressing.
SAOMYA FORTUNE: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Saomya Fortune
Infra Ventures (SFIV) continues to be 'CRISIL D Issuer Not
Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 15 CRISIL D (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SFIV for
obtaining information through letter and email dated October 16,
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 SFIV, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SFIV
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SFIV continues to be 'Crisil D Issuer not cooperating'.
SFIV is a partnership firm between Leofortune Infrabuildcon Pvt.
Ltd and Saomya Infra Pvt. Ltd. The firm is undertaking development
of a residential complex, 'Fortune Belleza' in Panvel, Navi
Mumbai.
SARAF REAL: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Saraf Real
Infra Private Limited (SRI) continue to be 'Crisil B/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.75 CRISIL B/Stable (Issuer Not
Cooperating)
Cash Credit 2.75 CRISIL B/Stable (Issuer Not
Cooperating)
Long Term Loan 1.75 CRISIL B/Stable (Issuer Not
Cooperating)
Crisil Ratings has been consistently following up with SRI for
obtaining information through letter and email dated October 16,
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 SRI, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SRI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SRI continues to be 'Crisil B/Stable Issuer not cooperating'.
Incorporated in 2012, SRI, promoted by Mr Basudeo Prasad, was into
construction and thermo-mechanically-treated steel business till
2014. From 2015, it started installing machinery for setting up a
steel corrugated sheet unit under 'Kamdhenu Ispat' brand, which
finds use in pre-engineered buildings and industry roofing. The
plant was ready in April, 2016. It currently has an installed
capacity of 11,500 tonne per month of corrugated sheet.
SARDAR COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Sardar Cotton
Private Limited (SCPL) 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 Loan 1.62 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Proposed Long Term 7.38 CRISIL B/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Crisil Ratings has been consistently following up with SCPL for
obtaining information through letter and email dated October 16,
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 SCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SCPL continues to be 'Crisil B/Stable Issuer not cooperating'.
SCPL, incorporated in 2014 at Morbi, manufactures cotton seeds and
cotton bales; it commenced operations in December 2016. Mr Hiren
Gunedrabhai Prasadiya, Mr Kantilal B Bhagiya, Mr Hasmukh, Mr
Tapubhai Gosara and Mr Bipinkumar A Boda are the promoters.
SHIV COTTEX: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Shiv Cottex -
Kadi (SC) continues to be 'Crisil B+/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 Crisil B+/Stable (Issuer Not
Cooperating)
Long Term Loan 1.8 Crisil B+/Stable (Issuer Not
Cooperating)
Proposed Long Term 1.2 Crisil B+/Stable (Issuer Not
Bank Loan Facility Cooperating)
Crisil Ratings has been consistently following up with SC for
obtaining information through letter and email dated October 16,
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 SC, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on SC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SC
continues to be 'Crisil B+/Stable Issuer not cooperating'.
Established in August 2013 as a partnership firm, SC has a cotton
ginning unit. Operations are managed by Mr Jayendra Ramesh Patel.
The processing facility is in Kadi, Gujarat.
VIBRANT CONTENT: CRISIL Lowers Rating on INR21.85cr Loan to D
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Vibrant Content Private Limited (VCPL), as:
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 10.1 Crisil D (ISSUER NOT
Bank Loan Facility COOPERATING; Downgraded from
'Crisil B+/Stable Issuer Not
Cooperating')
Term Loan 21.85 Crisil D (ISSUER NOT
COOPERATING; Downgraded from
'Crisil B+/Stable Issuer Not
Cooperating')
Crisil Ratings has been consistently following up with VCPL for
obtaining information through letter and email dated April 4, 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 VCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on VCPL
is consistent with 'Assessing Information Adequacy Risk'.
The rating on the bank facilities of VCPL have been downgraded to
'Crisil D Issuer not cooperating' from 'Crisil B+/Stable Issuer not
cooperating' due to delay in debt service obligations to its
lenders as per publicly available information.
Analytical Approach
Crisil Ratings has evaluated the standalone business and financial
risk profiles of VCPL
Mumbai-based VCPL, incorporated in July 2012 and promoted by Mr
Parthasarathi Iyer and Ms Chitra Deshmukh, trades in content for
television, primarily television series, movies, and music. It
mainly deals in television content in Hindi and Marathi
=========
J A P A N
=========
NIDEC CORP: Secures US$3.9BB Credit Line, Easing Liquidity Fears
----------------------------------------------------------------
Bloomberg News reports that Nidec Corp. secured a JPY600 billion
(US$3.9 billion) credit line from MUFG Bank Ltd. and SMBC, easing
concerns about potential liquidity strains at the maker of
precision motors amid an ongoing probe into accounting issues.
According to Bloomberg, the commitment line agreement comprises two
bilateral contracts of JPY300 billion each, unsecured and
unguaranteed, with a contract period valid for one year from Nov.
7.
Bloomberg says Nidec's shares and bonds had come under pressure
after the company found evidence in September that senior
executives may have been involved in a number of accounting issues
at subsidiaries. The company's long-term rating was downgraded by
Moody's to Baa1 from A3 and remains on negative watch by the rating
agency. The company has also been removed from both the Topix and
the Nikkei 225 Stock Average.
"This commitment line agreement should ease equity market concerns
about Nidec's liquidity," Citigroup analyst Takayuki Naito wrote in
a note, says the report. "This agreement appears to be separate
from the company's existing but unused borrowing framework."
Bloomberg notes that Nidec faces the risk of being delisted after
the Tokyo Stock Exchange last month applied special oversight to
the company.
The manufacturer was deemed a "security on special alert" - a
designation that took effect in late October, Bloomberg says. This
carries the potential to kick off an onerous process that could
last years, in which Nidec has to prove that it's willing and able
to put in place an internal management system that's functional and
adequate.
If TSE finds these changes are lacking after follow-up periods, it
could move to delist the company, notes Bloomberg.
Separately, Nikkei Inc. removed Nidec from its blue-chip Nikkei 225
Stock Average due to the new designation, and replaced it with
electronics maker Ibiden Co, according to Bloomberg.
Nidec was cast into crisis in September, after it revealed evidence
that senior executives might have participated in a number of
accounting issues at subsidiaries, according to Bloomberg. The
company has an external committee investigating the cases after an
internal probe of a payment of approximately JPY200 million ($1.3
million) by Nidec Techno Motor in Zhejiang raised red flags.
Bloomberg relates that the firm's woes deepened in October, when it
withdrew its annual profit guidance, and canceled its share buyback
program. It also said it won't be paying an interim dividend for
the fiscal year ending March 2026, its first suspension of a
midterm payout in at least a quarter century.
About NIDEC
NIDEC Corporation manufactures and sells electric motors and
related components and equipment worldwide. The company was
founded in 1973 and is headquartered in Kyoto, Japan.
=======
L A O S
=======
LAOS: S&P Rates New US Dollar-Denominated Sr. Unsec. Notes 'CCC+'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' long-term foreign currency
issue rating to U.S. dollar-denominated senior unsecured notes that
Laos proposes to issue.
The amortizing notes represent direct, general, unconditional,
unsecured, and unsubordinated external indebtedness of the
sovereign (CCC+/Positive/C). They rank equally with the sovereign's
other senior unsecured external debt.
=====================
N E W Z E A L A N D
=====================
COMPLETE CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 25
---------------------------------------------------------------
Creditors of Complete Construction (Auckland) 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. 23, 2025.
The company's liquidators are:
Kristal Pihama
Leon Francis Bowker
KPMG
18 Viaduct Harbour Avenue
PO Box 1584
Shortland Street
Auckland 1140
HAMBLY HAULAGE: Waterstone Insolvency Appointed as Receivers
------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Oct.
30, 2025, were appointed as receivers and managers of Hambly
Haulage and Excavations Limited.
The receivers and managers may be reached at:
Adam Botterill
Damien Grant
Waterstone Insolvency
PO Box 352
Auckland 1140
LOCKER FILMS: Creditors' Proofs of Debt Due on Dec. 5
-----------------------------------------------------
Creditors of Locker Films Limited, Tevaga Limited (trading as Razor
Room Barbershop) and Norwest Aluminium Window and Door Solutions
Limited are required to file their proofs of debt by Dec. 5, 2025,
to be included in the company's dividend distribution.
Locker Films commenced wind-up proceedings on Oct. 17, 2025.
Tevaga Limited commenced wind-up proceedings on Oct. 20, 2025.
Norwest Aluminium Window and Door Solutions commenced wind-up
proceedings on Oct. 23, 2025.
The company's liquidators are:
Derek Ah Sam
Paul Vlasic
Rodgers Reidy (NZ) Limited
PO Box 45220
Te Atatu
Auckland 0651
PEACOCKS NZ: Creditors' Proofs of Debt Due on Nov. 25
-----------------------------------------------------
Creditors of Peacocks NZ 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. 23, 2025.
The company's liquidators are:
Kristal Pihama
Leon Francis Bowker
KPMG
18 Viaduct Harbour Avenue
PO Box 1584
Shortland Street
Auckland 1140
WIMPEX LINK: Creditors' Proofs of Debt Due on Nov. 19
-----------------------------------------------------
Creditors of Wimpex Link Limited are required to file their proofs
of debt by Nov. 19, 2025, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 20, 2025.
The company's liquidators are:
Judith Shields
Malcolm Hollis
C/o PwC
PwC Christchurch
PO Box 13244
City East
Christchurch 8141
=================
S I N G A P O R E
=================
FASTLANE MOTORING: Court to Hear Wind-Up Petition on Nov. 14
------------------------------------------------------------
A petition to wind up the operations of Fastlane Motoring 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 179094
PINNACLE WRAP: Court to Hear Wind-Up Petition on Nov. 14
--------------------------------------------------------
A petition to wind up the operations of Pinnacle Wrap 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 179094
PK GENERAL: Court to Hear Wind-Up Petition on Nov. 14
-----------------------------------------------------
A petition to wind up the operations of PK General Services Pte.
Ltd. will be heard before the High Court of Singapore on Nov. 14,
2025, at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
Oct. 21, 2025.
The Petitioner's solicitors are:
Shook Lin & Bok LLP
1 Robinson Road
#18-00, AIA Tower
Singapore 048542
STYLETHEORY PRIVATE: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Styletheory Private Limited on Oct. 23, 2025, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Goh Wee Teck
Ng Kian Kiat
RSM SG Corporate Advisory
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
VICTORY SHIPPING: Aiming to Set Aside Bankruptcy Court Process
--------------------------------------------------------------
The Manifold Times reports that a virtual hearing between Victory
Shipping Pte Ltd. and Integr8 Fuels Pte Ltd., organised by the High
Court of the Republic of Singapore, is scheduled to take place on
Nov. 14.
The event is to set aside a statutory demand served on Oct. 3, 2025
by Integr8 Fuels lawyers under Section 125(2)(c) and Section 10 of
the Insolvency, Restructuring and Dissolution Act 2018 (IRDA)
against Victory Shipping, according to court documents obtained by
the bunkering publication.
Under Singapore Statutes Online, Section 125(2)(c) provides "a
company is deemed unable to pay its debts if it is proved to the
satisfaction of the Court that the company is unable to pay its
debts; and in determining whether a company is unable to pay its
debts the Court must take into account the contingent and
prospective liabilities of the company."
Section 10 of Singapore's IRDA deals with the procedure to be
followed when no specific procedure is provided for a matter. It
states that where the IRDA does not specify a procedure, the court
may adopt any procedure it considers appropriate. This is a general
provision that grants courts the flexibility to manage proceedings
that fall outside the specific rules laid out in the Act.
Victory Shipping, with representations in Malaysia, India and the
U.A.E., operate dry bulk shipping contracts around the globe with
voyages performed mainly in the Middle East and Southeast Asia.
*********
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
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*** End of Transmission ***