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251111.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, November 11, 2025, Vol. 28, No. 225 Headlines A U S T R A L I A BYRON BAY: First Creditors' Meeting Set for Nov. 11 E3SIXTY NSW: First Creditors' Meeting Set for Nov. 12 HD ALLIANCE: First Creditors' Meeting Set for Nov. 12 LIBERTY PRIMARY: First Creditors' Meeting Set for Nov. 13 MINERAL RESOURCES: AustralianSuper Increases Share in Miner NEXUS COUPLERS: First Creditors' Meeting Set for Nov. 12 RIBBON HAIRSALON: First Creditors' Meeting Set for Nov. 12 SIRCEL LIMITED: First Creditors' Meeting Set for Nov. 12 SIRCEL REFINING: First Creditors' Meeting Set for Nov. 12 TICKETEK ENTERTAINMENT: Gave Owners a AUD310MM Interest-Free Loan C H I N A VIVIC CORP: Director Chuen-Huei Lee Resigns From Board I N D I A ALI ENTERPRISES: CARE Keeps B- Debt Ratings in Not Cooperating BABA SATYANARAYAN: CARE Keeps B- Debt Rating in Not Cooperating BUDS TEA: CARE Keeps D Debt Ratings in Not Cooperating Category BYJU'S: SC Upholds NCLAT Order Allowing AESL to Hold EGM GOAL EDUCATIONAL: CARE Keeps B+ Debt Rating in Not Cooperating HEMA ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating J AND B ENGINEERING: CARE Lowers Rating on INR14cr LT Loan to D JAGATH MILK: CARE Keeps C Debt Rating in Not Cooperating Category JERAI FITNESS: NCLAT Allows Khan's Insolvency Plea Withdrawal MAHAGUN INDIA: NCLAT Sets Aside Insolvency Proceedings vs Company PARASMANI BUILDWELL: CARE Keeps C Debt Rating in Not Cooperating R. P. RESORTS: CARE Keeps B- Debt Rating in Not Cooperating R. R. PIPES: CARE Keeps D Debt Rating in Not Cooperating Category RAM AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category S. S. OIL: CARE Keeps B- Debt Rating in Not Cooperating Category SAI BALAJI: CARE Keeps C Debt Rating in Not Cooperating Category SANTKRUPA MILK: CARE Keeps B- Debt Rating in Not Cooperating SRM HOTELS: CARE Keeps D Debt Ratings in Not Cooperating Category SS CONVENTION: CARE Lowers Rating on INR30cr LT Loan to B- ST. JOHN'S EDUCATIONAL: CARE Keeps D Rating in Not Cooperating ST. JOHN'S RAJAKUMAR: CARE Keeps D Debt Rating in Not Cooperating STARKE ROCKSAND: CARE Keeps B- Debt Rating in Not Cooperating SWASTIK GINNING: CARE Keeps B- Debt Rating in Not Cooperating THREE SIXTY: CARE Lowers Rating on INR5.75cr LT Loan to D VENKATESH ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating VENTO POWER: CARE Keeps D Debt Rating in Not Cooperating Category VINTAGE HOME: CARE Keeps D Debt Rating in Not Cooperating Category [] INDIA: Bankruptcy Spillover Hits Healthy Stocks, Study Says J A P A N NISSAN MOTOR: To Sell HQ Building in Yokohama for JPY97 Billion M A L A Y S I A HO HUP: Avoids Trading Suspension After Submitting Annual Report N E W Z E A L A N D BAYS CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 14 KAREHANA LOGGING: Court to Hear Wind-Up Petition on Nov. 14 KOCHI FOODS: Creditors' Proofs of Debt Due on Nov. 28 OMEGA HUTT: Creditors' Proofs of Debt Due on Nov. 25 ZANE BECKETT: Creditors' Proofs of Debt Due on Nov. 21 S I N G A P O R E ART WORKS: Placed in Provisional Liquidation GROWY SINGAPORE: KPMG Appointed Provisional Liquidators HANYANG GROUP: Commences Wind-Up Proceedings MARBLETURE PTE: Court to Hear Wind-Up Petition on Nov. 21 MIZUHO RESEARCH: Creditors' Proofs of Debt Due on Dec. 4 - - - - - ================= A U S T R A L I A ================= BYRON BAY: First Creditors' Meeting Set for Nov. 11 --------------------------------------------------- A first meeting of the creditors in the proceedings of Byron Bay Wildlife Sanctuary Operations Pty Ltd will be held on Nov. 11, 2025 at 1:30 p.m. at Ramada Hotel & Suites by Wyndham Ballina Byron, at 2 Martin St, in Ballina, NSW, via video conference and teleconference. Aaron Kevin Lucan of Worrells was appointed as administrator of the company on Oct. 30, 2025. E3SIXTY NSW: First Creditors' Meeting Set for Nov. 12 ----------------------------------------------------- A first meeting of the creditors in the proceedings of E3Sixty (NSW) PTY LTD will be held on Nov. 12, 2025 at 11:00 a.m. via via Microsoft Teams. Richard Tucker and Ryan Rabbitt of KordaMentha were appointed as administrators of the company on Nov. 3, 2025. HD ALLIANCE: First Creditors' Meeting Set for Nov. 12 ----------------------------------------------------- A first meeting of the creditors in the proceedings of HD Alliance Pty Ltd (trading as Take me to the Hamptons, Pocket Fit) will be held on Nov. 12, 2025 at 3:30 p.m. via Microsoft Teams. Ian Currie and James Taplin of BRI Ferrier were appointed as administrators of the company on Nov. 3, 2025. LIBERTY PRIMARY: First Creditors' Meeting Set for Nov. 13 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Liberty Primary Metals Australia Pty Ltd will be held on Nov. 13, 2025 at 2:00 p.m. via virtual facilities. Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of the company on Nov. 3, 2025. MINERAL RESOURCES: AustralianSuper Increases Share in Miner ----------------------------------------------------------- The Australian Financial Review reports that the nation's biggest superannuation fund, AustralianSuper, has ploughed cash back into Chris Ellison's Mineral Resources, marking a change of heart after last year's decision to shy away from the miner over a series of corporate governance failures. According to the Financial Review, AusSuper on Oct. 31 paid AUD50 million for 1.1 million shares in the miner, making the superannuation fund MinRes' third-largest shareholder with a 5.5 per cent stake. Mr. Ellison remains the top shareholder with 11.5 per cent, while Melbourne hedge fund L1 Capital is second with 6.4 per cent, despite recently booking profits by selling down its holding from 7.8 per cent. A handful of superannuation funds, including AusSuper, slashed their shareholdings in MinRes in the fallout from a series of corporate governance scandals that have engulfed the miner, the Financial Review notes. The Financial Review says AusSuper's U-turn was attributed to improved governance at MinRes following the appointment of Malcolm Bundey to head the boardroom. "Since the new chair started in May, there has been improved governance, more rigorous capital allocation processes and increased disclosure," AusSuper said in a statement. "Meaningful board renewal has also taken place under the new chair. We know there is more to be done, and we support the chair and the board as they continue the turnaround of Mineral Resources." Superannuation fund HESTA attributed "serious governance concerns" as the reason it sold its stake in the iron ore and lithium miner in May, the Financial Review relays. It said any decision to reinvest in MinRes hinged on the exit of Mr. Ellison. "A future re-inclusion of MinRes shares in HESTA's portfolio would be contingent on there being a demonstrated pathway to address our serious governance concerns, an effective mechanism to prevent similar issues occurring in future, and a timely and orderly succession of the managing director," HESTA said. In contrast, L1 has been vocal in its backing of Mr. Ellison to remain as MinRes managing director, despite the New Zealander being probed by the corporate watchdog. According to the Financial Review, Mr. Ellison has admitted his participation in an alleged offshore tax rort that enriched him and several executives at the expense of shareholders. He disclosed this to the Australian Taxation Office and paid nearly AUD4 million in unpaid taxes, penalties, and interest. The Australian Securities and Investments Commission is investigating MinRes and Mr. Ellison, with its focus on related-party transactions, the use of company resources, and share trading in lithium minnow Kali Metals, the Financial Review says. Shares in the mining group have been on a roller coaster. In May last year, they were trading as high as AUD78.61, but had more than halved by September. They dipped to as low as AUD14 in April this year but have since recovered some of those losses to be trading around AUD45. About MinRes Based in Osborne Park, Australia, Mineral Resources Limited (ASX:MIN) -- https://www.mineralresources.com.au/ -- is an ASX-listed company operating across mining services, as well as mining of iron ore and lithium minerals. As reported in the Troubled Company Reporter-Asia Pacific in late September 2025, Moody's Ratings has assigned a Ba3 rating to Mineral Resources Limited's proposed US$700 million senior unsecured notes issuance. The TCR-AP reported in March 2025, Fitch Ratings downgraded Mineral Resources Limited's (MinRes) Issuer Default Rating (IDR) to 'BB-' from 'BB'. The Outlook is Negative. Fitch has also downgraded MinRes' US dollar senior unsecured notes to 'BB-' from 'BB'. The rating downgrade reflects MinRes' high leverage and increased deleveraging risks over the medium term. Fitch expects EBITDA net leverage to worsen to 7.3x in the financial year ending June 2025 (FY25), from 4.9x in FY24, and remain above 3.0x in FY26-FY28, considering Fitch's mid-cycle price assumptions. Reported net debt increased by AUD656 million to AUD5.1 billion at end-December 2024, despite AUD1.9 billion in cash proceeds from the sale of a 49% stake in the Onslow Iron haul road and gas assets. Around AUD320 million of the increase in the company's debt was related to the revaluation of its USD3.1 billion in bonds. The Negative Outlook reflects the execution risks associated with its planned cost improvements, capex discipline and production ramp-up at its Onslow iron ore project that may keep leverage above its expectations, which could lead to negative rating action. NEXUS COUPLERS: First Creditors' Meeting Set for Nov. 12 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Nexus Couplers Pty Ltd will be held on Nov. 12, 2025 at 11:00 a.m. at the offices of Grant Thornton Cairns Office, at Level 13, Cairns Corporate Tower, 15 Lake Street, in Cairns, QLD, and via Microsoft Teams. Anthony James Jonsson and Matthew Jarvis Mullen of Grant Thornton Australia Limited were appointed as administrators of the company on Nov. 3, 2025. RIBBON HAIRSALON: First Creditors' Meeting Set for Nov. 12 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Ribbon Hairsalon Darwin Pty Ltd will be held on Nov. 12, 2025 at 10:00 a.m. via virtual meeting only. Mathieu Tribut of Mackay Goodwin was appointed as administrator of the company on Oct. 31, 2025. SIRCEL LIMITED: First Creditors' Meeting Set for Nov. 12 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Sircel Limited and Sircel Recycling Pty Ltd will be held on Nov. 12, 2025 at 11:00 a.m. via Microsoft Teams. Richard Tucker and Ryan Rabbitt of KordaMentha were appointed as administrators of the company on Oct. 31, 2025. SIRCEL REFINING: First Creditors' Meeting Set for Nov. 12 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Sircel Refining Pty Limited will be held on Nov. 12, 2025 at 11:00 a.m. via Microsoft Teams. Richard Tucker and Ryan Rabbitt of KordaMentha were appointed as administrators of the company on Nov. 3, 2025. TICKETEK ENTERTAINMENT: Gave Owners a AUD310MM Interest-Free Loan ----------------------------------------------------------------- The Australian Financial Review reports that Ticketek has transferred more than AUD310 million to its Singaporean parent company as an interest-free loan, despite the local ticketing and touring giant posting deep losses locally in the last financial year. The Financial Review, citing company accounts filed with corporate regulator, reveals that Ticketek's owner TEG, controlled by global private equity giant Silver Lake, made AUD912 million in revenue in the 12 months to June and reported a AUD160 million loss. TEG's long-time chief executive Geoff Jones stepped down this year and was replaced by former Woolworths chief executive Brad Banducci. But before he stepped down, it appears Mr. Jones approved a huge loan to Silver Lake, the Financial Review says. The Financial Review relates that the accounts reveal TEG transferred AUD311 million to Singaporean company Amplify HoldCo in 2024, a loan which has "no fixed repayment terms and is not interest bearing". In 2025, Amplify HoldCo repaid AUD3,700 of the loan. The Financial Review notes that the loan comes at a time when Ticketek faces stiff competition from global players like Live Nation - the owner of Ticketmaster. Last month, Ticketek lost the lucrative Venues NSW contract worth an estimated AUD100 million to Ticketmaster, which includes ticketing rights to the Sydney Cricket Ground and six other stadiums. The company owns a group of live content businesses, including TEG Dainty, TEG Van Egmond, TEG Touring, TEG Sport, St Jerome's Laneway and a majority stake in the Michael Cassel Group. It has about 600 employees, the accounts reveal. The vast majority of its revenue comes from its dominance in Australia, where it made AUD736 million in the most recent financial year, the Financial Review discloses. The company's expansion into Britain and Europe, however, has stalled. Revenue in those markets almost halved from AUD118 million in 2024 to AUD63 million in 2025. This was mostly offset by its US operations more than doubling to AUD86 million. Events accounted for most of TEG's revenue – AUD614 million. Ticketing operations made up AUD276 million, while digital revenue was AUD13 million. According to the Financial Review, the most recent financial year was the second steep loss for TEG, which reports its accounts through an Australian holding company called Amplify BidCo. In 2024, it lost AUD97 million. Silver Lake tried hard to sell its investment in TEG in 2023, running a sales process through Jefferies and attracting interest from Blackstone and KKR, the Financial Review recalls. They could not settle on a price, and Silver Lake instead refinanced the company's debt and cut itself a cheque. Two Silver Lake executives, managing directors Stephen Evans and Michael Widmann, sit on the TEG board alongside Mr. Banducci, who replaced Mr. Jones as a director on July 1. Mr. Banducci has previously said his mandate was to invest heavily in technology and incremental ticketing features at TEG and grow the company's share of the event sector in the face of tougher competition. "Our job at Ticketek Entertainment Group is to get some cool acts into every possible venue in Australia that we ticket," he said in July. TEG competes with Live Nation, which merged with Ticketmaster in 2010 and is the world's largest live entertainment company valued at AUD53 billion. It is behind some of the biggest concerts globally for artists including Paul McCartney, Ariana Grande, Coldplay and Harry Styles. It also competes with AXS, the ticketing arm of multinational AEG, which owns half of Australia's Frontier Touring. Silver Lake acquired TEG from Asia-based private equity firm Affinity Equity Partners for close to AUD1.3 billion in 2019, just as the business was expanding into the UK and Europe, the Financial Review notes. About Ticketek Ticketek is an Australian event ticketing company. Founded in 1990, the company is part of TEG Pty Ltd with its headquarters in Sydney. As reported in the Troubled Company Reporter-Asia Pacific on March 21, 2023, S&P Global Ratings upgraded its issuer credit rating on Ticketek (rated parent company Amplify MidCo Pte. Ltd.) to 'B' from 'B-'. At the same time, S&P upgraded its issue rating on the group's US$285 million first-lien term loan B (consisting of a US$205 million tranche and AUD118.2 million tranche) to 'B' from 'B-' with a recovery rating of '3'. S&P also upgraded its issue rating on the group's US$100 million second-lien term loan B to 'CCC+' from 'CCC' with a recovery rating of '6'. ========= C H I N A ========= VIVIC CORP: Director Chuen-Huei Lee Resigns From Board ------------------------------------------------------ Vivic Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors accepted the resignation of Mr. Chuen-Huei Lee from his position as a Director of the Company. Mr. Lee's decision to resign was not the result of any disagreement with the Company, the Board, management, or any matter relating to the Company's operations, policies or practices. The resignation letter of Mr. Chuen-Huei Lee is available at https://tinyurl.com/ms7r49vs About Vivic Vivic Corp. was established under the corporate laws of the State of Nevada on February 16, 2017. Beginning with a change in management resulting from a change in control of the Company at the end of 2018, the Company has explored and initiated operations in various business areas related to the pleasure boat industry. These included yacht sales, marine tourism, development of electric-powered yachts, development and operation of yacht marinas in Asia, and development of a yacht rental and timeshare service. The Company's headquarters are maintained at its branch in the Republic of China, Vivic Corp. It is mainly engaged in yacht procurement, sales, and leasing services in Taiwan and other countries. As of June 30, 2025, the Company had $3.86 million in total assets, $2.05 million in total liabilities, and $1.81 million in total stockholders' equity. Irvine, California-based YCM CPA INC., the Company's auditor since 2022, issued a "going concern" qualification in its report dated September 30, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company had an accumulated deficit of $5.75 million as of June 30, 2025, and negative cash flows from operations. The Company does not have sustained and stable income, and there is also significant uncertainty in the income for the next 12 months. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ========= I N D I A ========= ALI ENTERPRISES: CARE Keeps B- Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ali Enterprises (AE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.25 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 8, 2024, placed the rating(s) of AE under the 'issuer non-cooperating' category as AE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AE 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 AE was established in 2003 by Mr. Syed Abrar Ali based in Nagpur, Maharashtra. The firm is engaged in trading of basmati and non-basmati rice. Apart from the same, the entity also exports cashew nuts and non-basmati rice. The major export destinations of the entity are Srilanka, Vietnam and African countries. The entity has recently started trading of basmati rice under the brand name of "Haider". BABA SATYANARAYAN: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Baba Satyanarayan Himghar Private Limited (BSHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.25 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 23, 2024, placed the rating(s) of BSHPL under the 'issuer non-cooperating' category as BSHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BSHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 9, 2025, August 19, 2025, August 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). Analytical approach: Standalone Outlook: Stable Baba Satyanarayan Himghar Private Limited (BSHPL) was incorporated in May 1978. Since its inception the company is engaged in cold storage services. The company provides cold storage services primarily for potatoes to the farmers and traders on a rental basis. The cold storage unit of the company is located at Sahapur, Tarkeshwar, Hooghly -712410, with a storage capacity of 196265 quintals. Besides providing cold storage facility, the unit also works as a mediator between the farmers and marketers of potato, to facilitate sale of potatoes stored and it also provides interest bearing advances to farmers for farming purpose against potatoes stored. Currently, the company is renovating its existing cold storage unit which was damaged due to fire on February 16, 2018. The day to day operations of the company are looked after by Mr. Deoshankar Shaw, Mr. Hemanta Kheto, Mr. Naba Kumar Das, Mr. Badal Chandra Patra, Mr. Arup Kumar Ghosh, Mr. Gagan Chandra Aru, Mr. Sanat Kumar Adak, Mr. Tapas Dey Kumar, who have significant experience in cold storage and trading of potatoes business. BUDS TEA: CARE Keeps D Debt Ratings in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Buds Tea Industries Limited (BTIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 2.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 11, 2024, placed the rating(s) of BTIL under the 'issuer non-cooperating' category as BTIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BTIL 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 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 Buds Tea Industries Limited (BTIL), incorporated in 2013, is engaged in processing (4,500 tpa) and sale of tea. For this it has a bought leaf factory in Jalpaiguri, West Bengal. The operations of BTIL are managed by directors and brothers Mr. Gopal Poddar, Mr. Shankar Poddar and Mr Subhash Poddar. BTIL is a part of the Limtex Group of Industries which is promoted by Kolkata based Poddar family which is mainly into tea industry. BYJU'S: SC Upholds NCLAT Order Allowing AESL to Hold EGM -------------------------------------------------------- Press Trust of India reports that the Supreme Court on Nov. 3 dismissed a plea filed by Glas Trust, the US-based largest creditor of Think & Learn Pvt Ltd (holding company of Byju's), challenging an order of the NCLAT that allowed the Aakash Educational Services Ltd (AESL) to hold its Extraordinary General Meeting (EGM) for a rights issue. A bench of Justices P S Narasimha and A S Chandurkar upheld the October 28 order of the National Company Law Appellate Tribunal (NCLAT), according to PTI. Reacting to the order, Sanjay Garg, Head-Legal of AESL, said, "Akash Educational Services Limited has a proud legacy of empowering students and shaping India's academic excellence for over three decades, PTI relays. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than US$3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's US$1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. GOAL EDUCATIONAL: CARE Keeps B+ Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Goal Educational Services Private Limited (GESPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 25, 2024, placed the rating(s) of GESPL under the 'issuer non-cooperating' category as GESPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GESPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 11, 2025, August 21, 2025, August 31, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of GESPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable GESPL was initially established as a proprietorship entity in the name of Goal Practice Centre in the year 1997 and reconstituted as a partnership firm in the year 2000 and finally it was converted into private limited company in November 2010 with its current name. The company was promoted and managed by Mr. Bipin Kumar and Dr. Mamta Singh based out of Patna, Bihar. Since its inception, the company has been engaged in imparting non-formal education (tuition classes) in the fields of Medical and Engineering entrance examination. HEMA ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Hema Engineering Industries Limited (HEIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 296.91 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 93.50 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 25, 2024, placed the rating(s) of HEIL under the 'issuer non-cooperating' category as HEIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HEIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 10, 2025, September 20, 2025 and September 30, 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 HEIL was established by Mr. Krishan Kumar Jajoo (Chairman) in 1984. The company was rechristened into its present name in 1987. Mr K. K. Jajoo, an Engineer from BITS Pilani, has over 35 years of experience and is supported by Mr Chandresh Jajoo (Managing Director), having more than two decades of experience. The company is engaged in manufacturing of chassis parts, frames, sheet metal parts, silencers, etc for 2-wheelers and has 13 operational plants. J AND B ENGINEERING: CARE Lowers Rating on INR14cr LT Loan to D --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of J and B Engineering and Construction Company (JBEC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.00 CARE D; Rating removed from Facilities ISSUER NOT COOPERATING category and Downgraded from CARE B+; Stable Short Term Bank 8.50 CARE D; Rating removed from Facilities ISSUER NOT COOPERATING category and Downgraded from CARE A4 Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings), vide its press release dated March 19, 2025, had placed the rating of JBEC under the 'Issuer non-cooperating' category as JBEC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. The firm has now cooperated for undertaking the review. Revision in the rating assigned to the bank facilities of JBEC considers the delays in debt servicing as ascertained during CareEdge Ratings' due diligence process. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Satisfactory track record of timely repayment and servicing of debt obligations for a continuous period of 90 days. Analytical approach: Standalone Detailed description of key rating drivers: Key weaknesses * Delay in debt servicing: As per the lender feedback, part of due diligence exercise conducted by CareEdge Ratings, there has been instances of delay in repayment of term loan obligations. * Decline in scale of operations, with geographically concentrated orderbook: The firm had reported decline in scale of operations over the years from INR29.79 crore in FY23 to INR12.17 crore in FY25, due to slowdown in execution of the projects for Kerala Water Authority (KWA). * Moderate capital structure and debt coverage indicators: The capital structure of the firm marked by overall gearing stood moderate at 1.41x as on March 31, 2025 (PY: 1.55x). The debt coverage indicators marked by total debt/GCA stood at 17.37x as on March 31, 2025 (PY: 14.06x). * Stretched operating cycle: The firm had a stretched operating cycle of 810 days in FY25 (previous year: 1089 days), primarily due to prolonged receivable days at 508 (PY: 659), attributed to delayed payments from the Kerala Water Authority. Key strengths * Experienced promoters with long track record of operations: Established in 1991 by K A Abraham, JBEC benefits from his four decades of experience in the construction industry. He is supported by family members with relevant qualifications and over a decade of industry experience. The firm's three-decade operational track record and experienced leadership continue to support its long-term growth. Liquidity: Poor The liquidity is poor marked by delays in repayment obligations. The average utilization of working capital limits stood over the 95% for the past 12 months ended September 2025. JBEC was established as a partnership firm on April 30, 1991, promoted by K A Abraham along with his family members viz Jessy Abraham, Jeby Abraham, Juby Abraham and Jobin Joseph Abraham. The firm is engaged in designing and constructing pipelines, water treatment plant for Kerala Water Authority (State Government of Kerala). JAGATH MILK: CARE Keeps C Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jagath Milk Dairy (JMD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.87 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 26, 2024, placed the rating(s) of JMD under the 'issuer non-cooperating' category as JMD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JMD continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 12, 2025, August 22, 2025, September 1, 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 Jagath Milk Dairy (JMD) was established in the year 2013. Currently, the partners of the firm are Mr. Bhuma Jagath Vikhyath Reddy and Ms. Bhuma Akkhila Priya (D/o. Mr Bhuma Nagi Reddy). The firm is engaged in processing and trading of the milk and milk products like Milk, Curd, and Butter Milk. The firm purchases the milk from local traders and sells the products in Mahabunagar, Kadapa, Anantapur Kurnool District. JERAI FITNESS: NCLAT Allows Khan's Insolvency Plea Withdrawal ------------------------------------------------------------- TaxScan.com reports that the National Company Law Appellate Tribunal (NCLAT) recorded the consent terms by Bollywood superstar Salman Khan and Jerai Fitness on mutual settlement. TaxScan.com relates that the bench allowed the withdrawal of his INR7.24 crore insolvency application bringing an end to the protracted legal battle between the two parties. TaxScan.com notes that Salman Khan was named the brand ambassador for Jerai Fitness under a brand endorsement deal, which gave rise to the disagreement. Last month, Salman Khan withdrew his insolvency plea against Jerai Fitness after reaching a settlement in a INR7.24 crore payment dispute. Jerai Fitness is an Indian-based manufacturer and supplier of premium fitness equipment. MAHAGUN INDIA: NCLAT Sets Aside Insolvency Proceedings vs Company ----------------------------------------------------------------- The Economic Times reports that the National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against realty firm Mahagun India and directed the NCLT to hear the petition afresh, considering the fresh status report filed before it over the projects. A two-member bench of the appellate tribunal said the NCLT should have taken into consideration the directions issued by the Supreme Court in the Mansi Brar Fernandes case, where it was held that real-estate insolvency should be project-specific, ET relates. Moreover, the NCLAT also noticed an intervention application filed by different sets of homebuyers of other projects of Mahagun, where they prayed to set aside the NCLT order directing insolvency against the realty firm. Some of them also suggested continuing the Corporate Insolvency Resolution Process (CIRP) against Mahagun, and a set of group members argued that it should be confined to only the project Mahagun Manorialle, according to ET. In this matter, Aditya Birla Capital Ltd (ABCL) also filed an intervention stating that it has advanced finance to Mahagun for four other projects, which are operational, and no default has been committed. According to ET, the Delhi-based bench of the National Company Law Tribunal (NCLT), on August 5, 2025, allowed the insolvency plea filed by IDBI Trusteeship Services Ltd against Mahagun over a default of INR256.48 crore on redemption of debentures by the realty firm. This was challenged by a member of the suspended board of Mahagun before the appellate tribunal. Considering the submissions, the NCLAT said: "Order, dated August 5, 2025, is set aside and petition IB112(ND)/2025 revived before the Adjudicating Authority for fresh consideration". ET adds that the NCLAT also granted Mahagun India one week's time to file a detailed reply to the insolvency plea filed under Section 7 of IBC, with a status report filed before it. "Both parties are given liberty to place this order before the Adjudicating Authority (NCLT) and request for fixing a date in the Section 7 petition, after two weeks, for hearing and consideration. No further opportunity be granted to the CD to file a reply," said the 39-page-long NCLAT order passed on Nov. 6. Mahagun India is a real estate builder and developer offering flats, luxurious villas, and apartments in Noida. PARASMANI BUILDWELL: CARE Keeps C Debt Rating in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Parasmani Buildwell Private Limited (PBPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated October 11, 2024, placed the rating(s) of PBPL under the 'issuer non-cooperating' category as PBPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PBPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 27, 2025, September 6, 2025 and September 16, 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 Parasmani Buildwell Private Limited (PBPL) was incorporated in April 2010 by Mr. Vikas Passi and Ms Jyoti Passi. The company is currently developing a commercial project named 'Apple's Height' at Zirakpur, Punjab on 4.15 acres of land. The project got launched in FY10 and Phase I has been successfully completed in FY15. Phase II got launched in July 2016 and is expected to be completed by October 2019. R. P. RESORTS: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of R. P. Resorts & Hotels (RPRH) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 11, 2024, placed the rating(s) of RPRH under the 'issuer non-cooperating' category as RPRH had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RPRH continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 27, 2025, September 6, 2025 and September 16, 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 R. P. Resorts & Hotels (RPRH) was formed in July 2018 as a partnership firm by two brothers Mr. Rajesh Bhati and Mr. Pawan Bhati with an objective to establish a resort at Pushkar (Rajasthan) which is around half km away from bus stand. The project consist total 36 rooms and other amenities like restaurant, banquet hall, swimming pool, marriage garden etc. R. R. PIPES: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree R. R. Pipes (SRRP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 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 8, 2024, placed the rating(s) of SRRP under the 'issuer non-cooperating' category as SRRP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRRP 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 Shree R.R. Pipes, a unit of RKD Pipes Private Limited (RKD) established as a firm in 2012 by Mr. Sharad Gupta. The firm was taken over by RKD pipes Private Limited (incorporated in 2012). SRRP is operating under RKD which has no other business activity. Mr. Sharad Gupta and Ms. Ritu Agarwal are managing the operations of RRP who are also director in RKD. The firm is primarily engaged in trading of PVC tubes, GI pipes, Mild steel tubes etc. RAM AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shri Ram Agro Sciences Private Limited (SRASPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated October 15, 2024, placed the rating(s) of SRASPL under the 'issuer non-cooperating' category as SRASPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRASPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 31, 2025, September 10, 2025 and September 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Rudrapur-based (Uttarakhand) Shri Ram Agro Sciences Private Limited (SRASPL) was incorporated in 2011 by Mr Jasvinder Singh, Mrs Jasmeet Kaur, Mr Jeetender Singhal, and Mr Manpreet Singh. The company is engaged in processing and trading of wheat, paddy, vegetables, green manure, and fodder seeds. S. S. OIL: CARE Keeps B- Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of S. S. Oil Refinery (SSOR) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 7, 2024, placed the rating(s) of SSOR under the 'issuer non-cooperating' category as SSOR had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSOR 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 S. S. Oil Refinery (SSOR), a partnership firm, was established in the year 1999 and was promoted by Mr. Sarfaraz Chini and Mr. Salim Chini. SSOR engaged in the business of extraction and refining of cotton seed oil and soya bean solvent oil (crude oil). SAI BALAJI: CARE Keeps C Debt Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sai Balaji Constructions (SBC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 26, 2024, placed the rating(s) of SBC under the 'issuer non-cooperating' category as SBC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 12, 2025, August 22, 2025, September 1, 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 Andhra Pradesh based, Sai Balaji Constructions (SBC) was established as a partnership firm in the year 2007 and promoted by Mr. Maramreddy Satish Reddy and Mrs. Maramreddy Hymavathamma. The firm is engaged in civil constructions works like construction of roads for state government of Andhra Pradesh and private organizations also. The firm receives the work order from government organization by participating in the tenders. The firm purchases the raw materials like metal, cement and bitumen among others from local traders of Andhra Pradesh. SANTKRUPA MILK: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Santkrupa Milk and Milk Products (SMMP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.61 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 4, 2024, placed the rating(s) of SMMP under the 'issuer non-cooperating' category as SMMP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SMMP 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 SMMP is a Satara (Maharashtra) based firm, incorporated in May 16, 2006. The firm is engaged in processing of milk and milkbased products viz. flavoured milk, paneer, butter, ghee, curd and lassi at its facilities located at Aljapur in Satara. SRM HOTELS: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of SRM Hotels Private Limited (SHPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 62.68 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 25, 2024, placed the rating(s) of SHPL under the 'issuer non-cooperating' category as SHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 11, 2025, August 21, 2025, August 31, 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 SHPL, promoted by Mr P Ravi, belongs to the SRM group based in Chennai which has diversified interests in educational institutions, transport services, engineering and construction, hotels and others. SHPL primarily owns and operates two budget categories i.e., three-star hotels in the name of SRM Hotels (erstwhile Royal Southern Hotels) situated at Maraimalai Nagar, Chennai and Trichy with an aggregate capacity of 170 rooms as at the end of March 2020. The company also operates two other hotels on lease basis in Tuticorin and Trichy. SHPL has also opened a new hotel property under five-star category with a room inventory of 134 rooms at Guindy, Chennai named Ramada Plaza Chennai. SS CONVENTION: CARE Lowers Rating on INR30cr LT Loan to B- ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of SS Convention and resort (SSCR), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Downgraded from CARE B; Stable and moved to ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has been seeking information from SSCR to monitor Ratings vide e-mail communications dated July 23, 2025, August 5, 2025, and October 23, 2025, among others and numerous phone calls. However, despite repeated requests, the entity has not provided the requisite information for monitoring the rating. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating basis best available information which, however in CareEdge Ratings opinion, is not sufficient to arrive at a fair rating. The rating of SSCR bank facility will now be denoted as CARE B-; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using these ratings. The ratings have been revised on account of non-availability of requisite information due to non-cooperation by SSCR with CareEdge Rating's efforts to undertake a review of the outstanding ratings as CareEdge Rating's views information availability risk as key factor in its assessment of credit risk profile. The ratings assigned to the bank facility of SS Convention and resort (SSCR) continue to be constrained by the business stabilisation risk post commencement of operations, relatively inexperienced promoters, and highly competitive and cyclical hospitality industry. The ratings, however, derives strength from the financial closure and the progress in the project implementation. Analytical approach: Standalone Outlook: Stable Detailed description of key rating drivers: At the time of previous rating published on August 30, 2024, the following were the key rating drivers, which has been updated with latest available information. Key Weaknesses * Business stabilization risk: Hotel business inherently requires initial few months to establish stability and attain consistent occupancy rate. Situated nearly 10KM away from Dindigul town, firm faces competition from premium category hotels and banquet halls within the town limits. Firm is not planning to tie-up with any brand rather plans to operate under its own brand name “SS Convention & Resort”. Any delay in achieving stability in occupancy and business can adversely affect the overall financial profile of the firm. * Highly competitive and cyclical industry: The hospitality industry is highly fragmented with many local and international players operating across different hotel segments leading to a high level of competition in the business. The performance of the sector is driven by macroeconomic factors and susceptible to downturn in the economy. Key Strengths * Financial closure of the project: The total cost of the project is estimated at INR49.17 Cr, out of which INR30.00 Cr is tied up by way of Term Loan from bank. Remaining amount of INR19.17 Cr constitutes promoters' contribution which is expected to be brought in as own capital (INR9.00 crores) and unsecured loan from friends and relatives (INR10.17 crores). The 15 Acres of land earmarked for the project is owned by the partners and they have executed 75 years lease agreement favouring the firm to run the hotel business. * Mid-stage of project implementation: Project is in mid stage and as of July 2024, 65.28% of the structural construction is completed. As of July 2024, firm has spent INR31.65 crores in the project, of which promoters had infused INR15.15 crores and debt drawl was INR16.50 crores. Project was originally scheduled to commence commercial operations by March 2025, although operations have not yet commenced and are expected to start in the near future. Constituted as a partnership firm on September 1, 2022, SSCR is proposed to develop a non-star hotel and convention centre at Agaram Village, Dindigul (TN). The firm is promoted Mr. G. Sivakumar and Mrs. S. Vijayalakshmi. Mr. Sivakumar has been into the business of trading hardware goods since 1987 while SSCR marks his first venture into hospitality sector. ST. JOHN'S EDUCATIONAL: CARE Keeps D Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of St. John's Educational Trust (SJET) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.00 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 SJET under the 'issuer non-cooperating' category as SJET had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SJET 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 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 revised from Combined For arriving at the ratings, CARE has considered a combined view of – St. John's Educational Trust (SJET) and St. John's Rajakumar Education & Research Trust (SJRERT) as both the trusts are owned and managed by same promoter family, are in same line of business and are co-borrowers for each other's bank loans. However, updated information is not available to ascertain managerial and financial linkages that warrant a continuation of combined approach. Outlook: Not Applicable SJET was established by Late Mr. G. Rajakumar in 1968 and currently operates 9 schools in Chennai (of which 5 schools are affiliated to CBSE and 4 schools to Tamil Nadu State Board). The trust is managed by Dr. Kishore Kumar Rajakumar (son of Late Mr. G. Rajakumar) along with his two brothers Mr. Suresh Kumar R and Mr. Ramesh Kumar R SJRERT was set up by Dr. Kishore Kumar Rajakumar in 2010 to set up new high-quality schools. It has Dr. Kishore Kumar Rajakumar and his wife - Mrs Caroline Kishore as trustees. SJRERT currently operates 2 schools in Chennai (1 fully operational and one partially operational and under construction), both of them affiliated to CBSE. ST. JOHN'S RAJAKUMAR: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of St. John's Rajakumar Education & Research Trust (SJRERT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 73.00 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 SJRERT under the 'issuer non-cooperating' category as SJRERT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SJRERT 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 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 revised from Combined For arriving at the ratings, CARE has considered a combined view of – St. John's Educational Trust (SJET) and St. John's Rajakumar Education & Research Trust (SJRERT) as both the trusts are owned and managed by same promoter family, are in same line of business and are co-borrowers for each other's bank loans. However, updated information is not available to ascertain managerial and financial linkages that warrant a continuation of combined approach. Outlook: Not Applicable SJET was established by Late Mr. G. Rajakumar in 1968 and currently operates 9 schools in Chennai (of which 5 schools are affiliated to CBSE and 4 schools to Tamil Nadu State Board). The trust is managed by Dr. Kishore Kumar Rajakumar (son of Late Mr. G. Rajakumar) along with his two brothers Mr. Suresh Kumar R and Mr. Ramesh Kumar R. SJRERT was set up by Dr. Kishore Kumar Rajakumar in 2010 to set up new high-quality schools. It has Dr. Kishore Kumar Rajakumar and his wife - Mrs Caroline Kishore as trustees. SJRERT currently operates 2 schools in Chennai (1 fully operational and one partially operational and under construction), both of them affiliated to CBSE. STARKE ROCKSAND: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Starke Rocksand LLP (SRL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.24 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 23, 2024, placed the rating(s) of SRL under the 'issuer non-cooperating' category as SRL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SRL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 9, 2025, August 19, 2025, August 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). Analytical approach: Standalone Outlook: Stable Starke Rocksand LLP (SRL) was established in 2016 promoted by Mr. D J Jagannadha Raju, Mr. Purnachand Potluri, Mr. Srinavas Veluri and Mrs Vijayalakshmi. The firm has set up a manufacturing unit for making of rocks and and stones in three types of sizes i.e. 40 mm, 20mm, 10mm, which are used for construction purpose in 7 acres of land at Rachloor village in Kadukur mandal of Ranga Reddy district of Telangana state for a period of 10 years. The commencement of operations started in August 2017 and the installed capacity of the unit is 792,000 tonnes per annum (TPA). The firm has taken the land on lease for 10 years. SRL has got all the necessary approvals for undertaking operations of crushing and breaking of stone at the leased site location, from Ministry of Micro Small and Medium Enterprises (MSME) and the pollution clearance from the respective government authorities. SWASTIK GINNING: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Swastik Ginning and Pressing Industries (SGPI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues To remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 7, 2024, placed the rating(s) of SGPI under the 'issuer non-cooperating' category as SGPI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SGPI 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 Yavatmal (Maharashtra) based SGPI was established as a partnership concern in the year 2008. The entity is engaged in the business of cotton ginning and pressing at its manufacturing facility located at Yavatmal, Maharashtra. THREE SIXTY: CARE Lowers Rating on INR5.75cr LT Loan to D --------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Three Sixty Textiles Private Limited (TSTPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.75 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 25, 2024, placed the rating(s) of TSTPL under the 'issuer non-cooperating' category as TSTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TSTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 11, 2025, August 21, 2025, August 31, 2025, October 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of TSTPL have been revised on account of non-availability of requisite information. The revision further considers the delays in debt servicing as recognized from lender's feedback as well as CIBIL fillings. Analytical approach: Standalone Outlook: Not Applicable Three Sixty Business Process India Private Limited was established in the year 2007 and promoted by Mr. Kasi V Thiagarajan and Mr. T. Nagappan as first directors of the company. During May 2012, the company name has changed to current nomenclature "Three Sixty Textiles Private Limited" (TSTPL). Later in the year 2013, the company was taken over by Mr. S Sethuramasamy, Mr. S. Parimalam, Mr. A. Selvakumar along with their friends and family members. The Company's registered office and factory are located in Thanneerpanthal, Coimbatore and is engaged in trading of cotton yarn and cloth. The company has availed moratorium from March to August 2020 amid COVID-19 RBI guidelines. VENKATESH ASSOCIATES: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Venkatesh Associates (VA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 20.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 4, 2024, placed the rating(s) of VA under the 'issuer non-cooperating' category as VA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VA 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 VA is a partnership firm formed on August 7, 2012 and belongs to Venkatesh Oxy Group. VA was developing two residential projects named 'Venkatesh Oxy Evolve', and 'Venkatesh Oxy Desire' with a total saleable area of 2.34 lakh square feet (lsf), situated at Wagholi (Pune). CARE does not have any update on the latest developments in this regard. VENTO POWER: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vento Power Infra Private Limited (VPIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 196.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 16, 2024, placed the rating(s) of VPIPL under the 'issuer non-cooperating' category as VPIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VPIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 1, 2025, September 11, 2025 and September 21, 2025 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 Vento Power Infra Private Limited is a Special purpose vehicle (SPV) of Essel Green Energy Private Limited and has developed solar PV project with total capacity of 40 MW in Balangir District of Odisha. The project has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI). VINTAGE HOME: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Vintage Home Fashions (VHF) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.75 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 8, 2024, placed the rating(s) of VHF under the 'issuer non-cooperating' category as VHF had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VHF 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 VHF was established in April 1999 as a proprietorship firm by Mr Puneet Chugh. The firm is engaged in the manufacturing of textile home furnishing products which includes bed sheets, curtains, quilts, blankets, carpets, etc, at its manufacturing unit located in Panipat, Haryana. [] INDIA: Bankruptcy Spillover Hits Healthy Stocks, Study Says -------------------------------------------------------------- The Free Press Journal reports that a new study by the Indian Institute of Management (IIM)-Indore has found that corporate bankruptcies can have far-reaching consequences beyond the failed firms themselves - potentially destabilising even financially healthy companies within the same industry. Published in the reputed journal Finance Research Letters, the study, titled "Bankruptcy Spillovers and Stock Price Crash Risk of Non-Bankrupt Firms," is co-authored by Prof. Radha Mukesh Ladkani of IIM-Indore. According to the Free Press Journal, the research, which analyses data from listed Indian firms between 2010 and 2021, suggests that waves of bankruptcies create ripple effects through investor sentiment, credit markets and managerial decision-making. As borrowing costs rise and credit access tightens, managers often delay revealing bad news to protect their reputation or stabilise short-term performance. When this suppressed information eventually surfaces, the market reaction is typically sharp and severe -- manifesting as a stock price crash. "The study shows that bankruptcy contagion doesn't stop at the failing firms -- it spills over to others in the ecosystem, influencing investor confidence and management behaviour," said Ladkani. A key contribution of the study is introducing Stock Price Crash Risk (SPCR) as a new channel through which bankruptcy spillovers operate, the report says. Earlier studies largely focused on reduced lending or investment constraints, but this research connects the dots to capital market volatility and systemic risk. Importantly, the study has also found that the Insolvency and Bankruptcy Code (IBC) introduced in 2016 played a stabilising role, the Free Press Journal relates. During the IBC period (2017–2021), the crash risk among non-bankrupt firms declined significantly. Stronger creditor rights and faster resolution processes under the IBC improved credit access and encouraged managers to disclose bad news promptly, thereby reducing abrupt market shocks. The Free Press Journal says firms already facing financial constraints were found to be more vulnerable to these spillover effects, while financially robust firms showed greater resilience. The study's conclusions were further reinforced through tests ruling out broader economic downturns or crises like the Covid -19 pandemic as alternate explanations. The findings carry vital lessons for regulators, investors and corporate leaders. Industry-level financial distress, the researchers argue, must be treated as a collective risk rather than an isolated event. Strengthening insolvency frameworks and encouraging transparency can prevent cascading failures and enhance market stability. By uncovering the link between bankruptcy clusters and stock market fragility, IIM-Indore's study offers an important perspective on how policy reforms can build resilience in emerging economies, the Free Press Journal notes. ========= J A P A N ========= NISSAN MOTOR: To Sell HQ Building in Yokohama for JPY97 Billion --------------------------------------------------------------- Japan Today reports that Nissan Motor Co said Nov. 6 it was selling its headquarters building in Yokohama for JPY97 billion (US$630 million), as part of its revival efforts. Nissan will lease the building and continue to use it as its headquarters, while recording JPY73.9 billion (US$480 million) as gains from the sale to Tokyo-based real estate operator MJI Godo Kaisha, it said in a statement, Japan Today relays. Japan Today relates that the funds will be used to modernize internal systems at its headquarters, speeding up the use of AI-driven systems and digital modernization in various operations, according to Nissan, which makes the March subcompact and Infiniti luxury models. MJI Godo is a special purpose trust owned by the Minth Group, a major auto parts maker whose shares are listed in Hong Kong. The cost of the lease was not disclosed. Nissan, set to report first half financial results later in the day [Nov. 6], has been struggling to return to profitability, after posting a JPY670.9 billion ($4.4 billion) loss for the fiscal year through March, Japan Today notes. It has promised a turnaround under a new chief executive, Ivan Espinosa, a Mexican with two decades of experience at Nissan, who took the helm earlier this year. "This move reflects a disciplined approach to capital efficiency unlocking value from non-core assets to support transformation during the challenging years," the company said of the sale. It said the move reflects the company's strategy to innovate, stay competitive and aggressively carry out research for future growth. Japan Today adds that Nissan has said it's cutting 15% of its global work force, or about 20,000 employees. It's also closing its flagship factory in Oppama, Kanagawa Prefecture. About Nissan Motor Japan-based Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. As reported in the Troubled Company Reporter-Asia Pacific in mid-July 2025, Fitch Ratings has assigned a rating of 'BB' to Nissan Motor's (BB/Negative) proposed senior unsecured US dollar and euro notes. The proposed notes are rated in line with Nissan's Long-Term Foreign-Currency Issuer Default Rating (IDR), as they represent the company's direct, unsecured and unsubordinated obligations, and rank pari passu with all its other unsecured and unsubordinated debt. The proceeds will be used for general corporate purposes. The company expects the proceeds from the new notes to be used to prefund the refinancing of maturing notes. Fitch does not expect the company's net debt balance after issuance to change materially, leaving the company's financial structure unchanged. Fitch Ratings, in April 2025, downgraded Nissan Motor's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. The TCR-AP reported on July 9, 2025, S&P Global Ratings assigned its 'BB' issue credit rating to Nissan Motor's (BB/Negative/B) three proposed U.S.-dollar denominated senior unsecured notes and two proposed euro-denominated senior unsecured notes. The notes differ in maturities. In March 2025, S&P lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. =============== M A L A Y S I A =============== HO HUP: Avoids Trading Suspension After Submitting Annual Report ---------------------------------------------------------------- The Malaysian Reserve reports that Ho Hup Construction Co Bhd has submitted its annual report for FY2025 by the Nov. 7 deadline, avoiding a suspension of its shares yesterday, Nov. 10. However, its external auditor UHY Malaysia flagged a material uncertainty over the group's ability to continue as a going concern, citing MYR447.37 million in group net loss, capital deficiency, PN17 status, loan defaults and an ongoing winding-up petition, the Malaysian Reserve relates. Shares in Ho Hup closed unchanged at 4 sen, valuing the company at MYR20.73 million. About Ho Hup Construction Based in Malaysia, Ho Hup Construction Company Berhad -- https://www.hohupgroup.com.my/ -- engages in foundation engineering, civil engineering, building contracting works and hire of plant and machinery. The Company operates in four segments: construction, which is engaged in foundation and civil engineering, building contracting works and engineering, procurement, construction and commissioning of pipeline system; property development, which includes the development of residential and commercial properties, manufacturing, which includes manufacturing and distribution of ready-mixed concrete, and other business segment, which represents hire of plant and machinery. The Company's subsidiaries include H2Energy Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd. On April 18, 2025, Ho Hup Construction Co Bhd said it had been classified as a Practice Note 17 (PN17) issuer after its wholly-owned Bukit Jalil Development Sdn Bhd defaulted on MYR112.69 million in loan facilities, for which Ho Hup is the guarantor. ===================== N E W Z E A L A N D ===================== BAYS CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 14 ------------------------------------------------------------ A petition to wind up the operations of Bays Construction Services Limited will be heard before the High Court at Auckland on Nov. 14, 2025, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Aug. 28, 2025. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 KAREHANA LOGGING: Court to Hear Wind-Up Petition on Nov. 14 ----------------------------------------------------------- A petition to wind up the operations of Karehana Logging Limited will be heard before the High Court at New Plymouth on Nov. 14, 2025, at 2:15 p.m. CRV Equipment Limited filed the petition against the company on Sept. 30, 2025. The Petitioner's solicitor is: Edward John Unsworth Horsley Christie 14 Victoria Avenue Whanganui KOCHI FOODS: Creditors' Proofs of Debt Due on Nov. 28 ----------------------------------------------------- Creditors of Kochi Foods 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. 29, 2025. The company's liquidator is: Hamish Pryde CS Insolvency C/- Coombe Smith (PN) Limited 168 Broadway Avenue PO Box 788 Palmerston North OMEGA HUTT: Creditors' Proofs of Debt Due on Nov. 25 ---------------------------------------------------- Creditors of Omega Hutt Valley Limited and Dreamm Contracting 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. 28, 2025. The company's liquidator is: John Scutter Fervor Limited Level 1 17–19 Seaview Road Paraparaumu Beach ZANE BECKETT: Creditors' Proofs of Debt Due on Nov. 21 ------------------------------------------------------ Creditors of Zane Beckett Construction Limited are required to file their proofs of debt by Nov. 21, 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: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 ================= S I N G A P O R E ================= ART WORKS: Placed in Provisional Liquidation -------------------------------------------- Ms. Ellyn Tan Huixian of Forvis Mazars Consulting on Oct. 30, 2025, was appointed as provisional liquidator of Art Works Pte. Ltd. The provisional liquidator may be reached at: Ellyn Tan Huixian 135 Cecil Street #10-01 Philippine Airlines Building Singapore 069536 GROWY SINGAPORE: KPMG Appointed Provisional Liquidators ------------------------------------------------------- Mr. Chan Kwong Shing, Adrian, Ms. Toh Ai Ling, Ms. Tan Yen Chiaw of KPMG Services on Oct. 28, 2025, were appointed as provisional liquidators of Growy Singapore Pte. Ltd. The provisional liquidators may be reached at: Mr. Chan Kwong Shing, Adrian Ms. Toh Ai Ling Ms. Tan Yen Chiaw KPMG Services Pte. Ltd. 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 HANYANG GROUP: Commences Wind-Up Proceedings -------------------------------------------- Members of Hanyang Group Pte. Ltd. on Oct. 28, 2025, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Ms. Lim Soh Yen Ms. Tan Suah Pin c/o Acutus Advisory 133 New Bridge Road #24-01/02 Chinatown Point Singapore 059413 MARBLETURE PTE: Court to Hear Wind-Up Petition on Nov. 21 --------------------------------------------------------- A petition to wind up the operations of Marbleture Pte. Ltd. will be heard before the High Court of Singapore on Nov. 21, 2025, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Oct. 29, 2025. The Petitioner's solicitors are: M/s Advent Law Corporation 111 North Bridge Road #25-03 Peninsula Plaza Singapore 179098 MIZUHO RESEARCH: Creditors' Proofs of Debt Due on Dec. 4 -------------------------------------------------------- Creditors of Mizuho Research & Technologies Asia Pte. Ltd. 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 Nov. 4, 2025. The company's liquidator is: Junichi Naganawa 18 Robinson Road #20-02 18 Robinson Singapore 048547 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***